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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 29, 2026, Vol. 27, No. 107

                           Headlines



A R G E N T I N A

ARGENTINA: IMF OKs US$1 Billion Disbursement From US$20BB Facility
ARGENTINA: Milei Cuts Export Duties For Wheat, Barley, Soy


B A H A M A S

FTX GROUP: Fenwick Reaches $54MM Deal to Exit Litigation


B R A Z I L

NEW FORTRESS: Brazil Unit Gets Commitments for $885MM Secured Notes


C H I L E

TELEFÓNICA MOVILES: Fitch Alters Outlook on 'BB-' IDRs to Stable


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS XXI: Fitch Affirms BB+ Rating on 2034 Notes


J A M A I C A

FINANCIAL SELECT: Incurs $50.6MM Net Loss for 3 Mos. Ended March
JAMAICA: To Raise Funds to Help Finance National Budget


P A N A M A

BANCONAL: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
BANISTMO SA: Fitch Keeps 'BB+' LongTerm IDR on Watch Negative
CAJA DE AHORROS: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
MULTIBANK INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


P U E R T O   R I C O

BLD REALTY: Latin Investment, et al., Win Partial Summary Judgment
PUERTO RICO: Mujica Says PREPA Bankruptcy Unlikely to End in 2026

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IMF OKs US$1 Billion Disbursement From US$20BB Facility
------------------------------------------------------------------
IMF Executive Board Completes Second Review of the Extended
Arrangement Under the Extended Fund Facility and Concludes 2026
Article IV Consultation with Argentina
May 21, 2026

   * IMF Executive Board completed the second review of Argentina's
48‑month Extended Fund Facility (EFF) arrangement, and concluded
the 2026 Article IV consultation.

   * Reform momentum has strengthened with approval of key fiscal,
trade and labor legislation and refinements to the monetary and FX
framework, contributing to a buildup in reserve buffers and
improving Argentina's capacity to manage shocks.

   * The Board's decision unlocks about US$1 billion (SDR 0.8
billion), under Argentina's US$20 billion (SDR 15.267 billion) EFF
arrangement approved on April 11, 2025 (479 percent of quota)

   Washington, DC: The Executive Board of the International
Monetary Fund (IMF) completed on May 21, 2026 the second review of
the extended arrangement under the Extended Fund Facility (EFF) for
Argentina and concluded the 2026 Article IV consultation. This
marks a further milestone under the program, which aims to entrench
disinflation, strengthen external stability, and lay the foundation
for stronger and more sustainable private sector‑led growth.

Despite a more challenging global and domestic backdrop, the
Executive Board assessed that program implementation has remained
strong, reflecting appropriately prudent policies and adjustments
to the policy framework. While the end‑December quantitative
target for net international reserves (NIR) accumulation was
missed, most key performance criteria and indicative targets were
met, and corrective measures have been implemented to bring
reserves closer to the NIR target and further reduce sovereign
spreads. The Executive Board welcomed progress on the structural
reform front and the authorities' commitment to implement a
balanced set of policies consistent with the program’s
objectives.

The Board's decision enables an immediate disbursement of about
US$1 billion (SDR 0.8 billion), bringing total disbursements under
the arrangement to about US$15.8 billion (SDR 11.452 billion).
Argentina's 48‑month EFF arrangement, with access to about US$21
billion (SDR 15.267 billion, equivalent to 479 percent of quota),
was approved on April 11, 2025.

Following the Executive Board discussion on Argentina, Ms.
Kristalina Georgieva, Managing Director, issued the following
statement:

"The Argentine authorities have continued to make strong progress
in stabilizing and creating a more market-based economy under the
Extended Fund Facility arrangement. Heightened political
uncertainty in 2025 temporarily weighed on growth, disinflation and
external stability, but policy adjustments have been implemented
since, which have led to a buildup in reserves, renewed
disinflation, and improved market confidence, despite a more
complex global backdrop. The authorities remain committed to
sustaining stability through a balanced policy package that
supports disinflation while strengthening external sustainability
and fostering growth, including to secure timely and durable
international market access.

"The authorities are committed to continue to target an overall
cash fiscal balance through further reductions in energy subsidies,
improved targeting of social transfers, and containment of
discretionary spending to offset the impact of congressional
spending initiatives. Over time, reforms to enhance the equity and
efficiency of the tax and pension systems, together with
strengthened fiscal frameworks across all levels of government,
will be essential to sustain the fiscal anchor while preserving
space for priority social spending, which will be critical to
further consolidate the impressive reduction in poverty.

"The sustained implementation of the central bank's FX purchase
program, combined with continued exchange rate flexibility, remains
essential to decisively rebuild external buffers and strengthen
Argentina's capacity to manage shocks. This should be complemented
by the implementation of a multi-pronged financing strategy to
restore timely and durable international market access, including
to refinance large near-term public sector FX obligations and
gradually reduce Fund exposure.

"The monetary framework should continue evolving to support
disinflation and enhanced exchange rate flexibility. This will
require continued efforts to strengthen central bank transparency
and communication, as well as measures to further contain interest
rate volatility to improve monetary transmission and credit
allocation. At the same time, regulatory and supervisory frameworks
need further strengthening to support capital market deepening
while containing financial vulnerabilities. Over time, the central
bank's balance sheet and governance framework should continue to be
enhanced.

"Progress in deregulating the economy and adopting reform
legislation in the fiscal, trade and labor areas have been
impressive . Efforts should continue in creating a more competitive
and open economy, including by improving the predictability of tax
and regulatory frameworks, to unlock the potential of Argentina's
strategic sectors in agriculture, energy, mining, and the knowledge
economy.

"Against elevated external and domestic risks, agile policy making
and contingency planning remain essential to safeguarding program
objectives. Clear policy communication, together with well-targeted
social support to mitigate near-term adjustment costs, will be
critical to sustaining policy continuity and societal support for
Argentina's reform program."

Executive Board Assessment[1]

Executive Directors agreed with the thrust of the staff appraisal.
They welcomed the overall progress achieved in stabilizing and
creating a more market‑based economy under the Extended Fund
Facility arrangement, which has delivered a sharp decline in annual
inflation, the first fiscal primary surplus in years, and important
foreign direct investment announcements. Directors noted however
that program performance was mixed until end‑2025, with delays in
the critical area of rebuilding external buffers. They acknowledged
the subsequent important refinements to the monetary and FX
frameworks, which have supported reserve accumulation and
strengthened market confidence. Given remaining vulnerabilities,
Directors encouraged the authorities to decisively implement a
balanced policy package that supports disinflation while
strengthening external stability and sustaining growth, including
to secure timely and durable international market access.

Directors praised the authorities' continued adherence to a strong
fiscal anchor. They supported the objective of achieving an overall
cash fiscal balance in 2026, underpinned by further reductions in
energy subsidies, improved targeting of social transfers, and
containment of discretionary spending. Directors underscored the
importance of sustaining the fiscal anchor over time by enhancing
the equity and efficiency of the tax and pension systems and
strengthening fiscal frameworks across all levels of government,
while preserving adequate space for priority social spending, which
will be critical to safeguard the impressive progress made in
reducing poverty.

Directors welcomed the central bank's FX purchase program and
called for a sustained implementation, combined with continued
exchange rate flexibility, to decisively rebuild external buffers
and strengthen Argentina’s capacity to manage shocks. They
welcomed the authorities' multi‑pronged near‑term financing
strategy and emphasized the importance of securing timely and
durable access to international capital markets to refinance large
public sector FX obligations and gradually reduce Fund exposure.
Directors encouraged the authorities to accelerate reserve
purchases and deliver on their ambition of exceeding this year’s
target for NIR accumulation. Good faith efforts to resolve
outstanding claims should continue.

Directors emphasized the need for the monetary framework to
continue evolving to further support disinflation and enhanced
exchange rate flexibility. They underscored that this would require
enhanced transparency and communication, including through the
regular publication of quarterly reports, as well as efforts to
further contain interest rate volatility and improve monetary
policy transmission and credit allocation. Directors encouraged the
authorities to take further steps to strengthen the central
bank’s balance sheet, governance and mandate, alongside measures
to continue to enhance the quality and dissemination of inflation
data. They underscored the importance of deepening capital markets,
while containing financial risks, including those arising from FX
and maturity mismatches, through improvements in regulatory and
supervisory frameworks.

Directors commended the impressive progress in deregulating the
economy and adopting reform legislation in the fiscal, trade and
labor areas, reflected in a surge in planned FDI. They encouraged
the authorities to deepen reforms to create a more competitive and
open economy and emphasized the importance of strengthening the
independence of oversight institutions, ensuring transparency in
procurement and privatization, and improving governance
frameworks.

Directors concurred with staff's assessment that the exceptional
access criteria continue to be met. They noted that the program
continues to be subject to elevated risks but welcomed the
mitigating policy measures put in place. Directors emphasized the
importance of maintaining strong contingency plans and called on
the authorities to implement them promptly should external or
domestic downside risks materialize, to safeguard program
objectives. They stressed that continued support for the most
vulnerable, together with measures to mitigate the near‑term
adjustment costs, will be critical to sustaining societal support
for Argentina’s reform program.

It is expected that the next Article IV consultation with Argentina
will be held in accordance with the Executive Board decision on
consultation cycles for members with Fund arrangements.

          Argentina: Selected Economic Indicators
       (Percent of GDP, Unless Otherwise Indicated)

                                                  Proj
                              2024      2025      2026
                              ----      ----      ----
Output
Real GDP (% change)          -1.3       4.4       3.5

Unemployment
Unemployment rate (percent)   7.2       7.4       7.2

Prices
Consumer prices,
end of period (% change)    117.8      31.5      25.0

Federal Government operations
Revenues                     16.8      15.9      15.5
Primary expenditure          15.0      14.6      14.1
Primary fiscal balance        1.8       1.4       1.4
Federal government debt      84.7      80.3      73.2

Monetary and credit
Monetary base                 5.1       5.1       5.2
Credit to the private sector,
  real (eop, % change)        51.7      32.3      16.8

Balance of payments
Current account balance       0.9      -1.1      -0.8

Sources: National authorities and Fund staff estimates and
projections.

[1] At the conclusion of the discussion, the Managing Director, as
Chairman of the Board, summarizes the views of Executive Directors,
and this summary is transmitted to the country's authorities. An
explanation of any qualifiers used in summings up can be found
here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm

                        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: Milei Cuts Export Duties For Wheat, Barley, Soy
----------------------------------------------------------
AFP News reports that President Javier Milei announced a new
reduction in export duties on wheat and barley starting next month,
and on soy from January onwards, during a speech to rural business
leaders in Buenos Aires.

The measure is another gesture from the La Libertad Avanza leader
to the nation's powerful agricultural sector, which accounted for
more than 60 percent of the country's exports in 2025, according to
official data from the INDEC national statistics bureau, AFP News
relates.

"We are going to lower export duties on wheat and barley from 7.5
to 5.5 percent starting in June 2026," Milei said, according to AFP
News.

"But that's not all. It would be unfair if we forgot about soy.
Starting in January 2027, depending on how tax revenues perform, we
are going to lower [export duties] by between a quarter of a point
and half a point per month continuously through to 2028," he
declared, the report notes.

AFP News discloses that Milei indicated that the scheme would
depend on the continuity of his administration – a reference to
his upcoming re-election bid in 2027.

The President also announced cuts to export duties affecting the
automotive, petrochemical and machinery industries, the report
notes.

Gustavo Idigoras, president of Argentina's Camara de Aceiteros
industry group, welcomed the government's decision to lower export
duties on grains, but warned that changes affecting soy would need
careful management to avoid the disruption of trade flows, the
report says.

"We welcome the reduction in export duties because it is always
positive. It is the right path," Idigoras told local media, the
report discloses.

The report relays that he said the cut to wheat and barley export
taxes was "a major sign to producers to encourage planting amid a
complex cost and price environment."

AFP News relates that on soy, however, he cautioned that the plan
remained "conditional on tax revenues and we will have to see how
the situation evolves."

Milei's new benefits were announced one day after INDEC reported
that Argentine exports reached a "historic record" of US$8.914
billion in April, the report says.

Official data shows that Argentina's economic activity grew 5.5
percent year-on-year in March, the report says.

Since taking office in December 2023, Milei has pursued a policy of
deep spending cuts that allowed his government to post fiscal
surpluses during its first two years in office, the report notes.

"We are going to continue shrinking public spending so we can
return to decent Argentines the money that rightfully belongs to
them. Let the state shrink and the market grow," he said during his
speech at the Buenos Aires Grain Exchange, the report discloses.

Milei has implemented sweeping cuts in areas such as healthcare,
education and science as he has sought to balance Argentina's
budget, 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.




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B A H A M A S
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FTX GROUP: Fenwick Reaches $54MM Deal to Exit Litigation
--------------------------------------------------------
Aislinn Keely at law360.com reports that Fenwick & West LLP will
pay $54 million to resolve claims from spurned FTX Trading Ltd.
investors, according to a new set of settlements that will also end
investors' disputes with the collapsed cryptocurrency exchange's
former auditor and a former NBA star who promoted the platform.

                      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.




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B R A Z I L
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NEW FORTRESS: Brazil Unit Gets Commitments for $885MM Secured Notes
-------------------------------------------------------------------
New Fortress Energy Inc. related in a press release that its
subsidiary NFE Brazil Financing Limited, a private limited company
incorporated under the laws of England and Wales ("NFE Brazil") has
received commitments (the "Commitments") for the proposed offering
(the "Offering") of $885 million aggregate principal amount of
senior secured notes due 2029 (the "Notes") to be issued by NFE
Brazil. The Notes will bear interest at a rate of 12.00% per annum,
payable in kind semi-annually on May 15 and November 15, and will
mature three years from the issue date. The Notes will not be
subject to any call protection or financial covenants. The Offering
includes a commitment premium, payable in kind (the "Commitment
Premium").

Syndication

The Commitments were provided by certain holders of the 12.00%
senior notes due 2029 (the "Existing 2029 Noteholders") issued by
NFE Financing LLC. Each Existing 2029 Noteholder has the
opportunity to subscribe for its ratable share of the Notes. Any
Existing 2029 Noteholder that provides a commitment to subscribe
for its share of the Notes by May 18, 2026 will receive its pro
rata share of the Commitment Premium upon the closing of the
financing. Existing 2029 Noteholders can obtain further details
about participating in the Notes through the notes trustee or by
contacting Houlihan Lokey at NFEfinancing@hl.com or Perella
Weinberg Partners at ProjectNatural@pwpartners.com.

Conditions Precedent

The issuance of the Notes is subject to certain conditions
precedent, including completion of definitive documentation, the
receipt of certain consents, and other customary conditions, but
the issuance of the Notes is not conditioned on the consummation of
the transactions contemplated by that certain Restructuring Support
Agreement, dated as of March 17, 2026 (the “RSA”), by and among
NFE, each of NFE’s directly and indirectly owned subsidiaries,
each other Obligor (as defined in the RSA each of the holders or
lenders of, or the investment advisor or manager to a beneficial
holder(s) or lender(s) of, the Debt (as defined in the RSA) party
thereto and Kroll Issuer Services Limited, in its capacity as
information agent, as amended, restated, amended and restated,
supplemented, or modified from time to time as permitted thereby.

Use of Proceeds

NFE Brazil intends to use the net proceeds from the Offering for
the following purposes: (i) up to approximately $368 million for
operations, capital expenditures, working capital, letter of credit
and similar needs, transaction costs, and payment in full of all
trade payables owed to NFE as of the issue date, (ii) approximately
$52 million to refinance the existing bridge term loan held by NFE
Brazil Holdings Limited (the “Brazil Bridge Term Loan”), (iii)
approximately $420 million to refinance certain existing notes
issued by NFE Brazil (the “Brazil Financing Notes”), and (iv)
approximately $45 million to certain cash reserves established in
connection with the UK RP (as defined below).

Security and Credit Support

The Notes will be secured by first priority liens substantially
consistent with the existing Brazil Financing Notes. NFE and NFE
Brazil Funding LP will not provide any credit support or be a party
to the financing documents in respect of the Notes.

Conversion and Exchange

The Notes will be convertible or exchangeable into debt and/or
equity of NFE Brazil (or another parent company of the Brazil
operations) upon the approval of (i) the new board of the
applicable BrazilCo (as defined in the RSA) parent entity, (ii)
holders of at least 66.67% of the outstanding principal amount of
the Notes, and (iii) NFE Brazil.

Listing

The parties will cooperate to list the Notes on a recognized stock
exchange for purposes of Section 987 of the Income Tax Act 2007 of
the United Kingdom.

Transaction Details

The Offering is being contemplated in parallel with a broader
recapitalization of NFE (the "UK RP"). As part of the UK RP, the
Brazil operations will be separated from NFE and owned by a
consortium of leading global institutional investors. The
transaction is expected to close by the third quarter of 2026,
subject to customary conditions and regulatory approvals.

                       About BrazilCo

Following the separation, the Brazilian entity will operate as an
independent energy infrastructure platform focused on liquefied
natural gas (LNG) importation, regasification, and power
generation. With strategic assets in Barcarena and Santa Catarina
and a strong and well-capitalized financial foundation, it will be
committed to delivering reliable, cleaner energy solutions that
support Brazilian industry and economic growth.




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C H I L E
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TELEFÓNICA MOVILES: Fitch Alters Outlook on 'BB-' IDRs to Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Telefónica Moviles Chile S.A.'s (TMCH)
Long-Term Foreign Currency and Local Currency Issuer Default
Ratings (IDRs) and senior unsecured bonds at 'BB-'. Fitch has also
affirmed TMCH's and Telefónica Chile S.A.'s (TCH) national
long-term ratings and national senior unsecured notes at
'BBB+(cl)', TCH's short-term national rating at 'N2(cl)', and the
equity rating at 'Primera Clase Nivel 4(cl)'. The Outlook was
revised to Stable from Negative.

The ratings reflect TMCH's linkage with Millicom International
Cellular S.A. (Millicom; BB+/Stable). A joint vehicle (JV) owned by
NJJ Holding SAS (NJJ) and Millicom has acquired 100 of TMCH's
shares. Fitch believes operational and strategic incentives support
a one-notch uplift from TMCH's Standalone Credit Profile (SCP) of
'b+', resulting in a 'BB-' rating. The Stable Outlook reflects
TMCH's strong market position, gradual EBITDA improvement, and
expected deleveraging.

Key Rating Drivers

Millicom-NJJ Acquisition: TMCH's ratings reflect its linkage with
Millicom, which Fitch assesses under its Parent and Subsidiary
Linkage Criteria (PSL) using the Strong Parent path. TMCH has been
acquired by a JV owned by NJJ Holding (51%) and Millicom (49%),
both backed by French entrepreneur Xavier Niel. Millicom's
operational and financial control of TMCH, notwithstanding its 49%
ownership, support Fitch's PSL approach.

Fitch views legal linkage as weak given the absence of guarantees
from Millicom, offset by medium operational linkage based on shared
management, full board control, and expected brand integration.
This implies a one-notch uplift from TMCH's SCP of 'b+'. TMCH and
TCH have similar SCPs. Fitch equalizes the companies' ratings given
their shared operational and administrative functions and the
complementary nature of their product portfolios.

Deleveraging Trend: TMCH's high leverage is a rating constraint.
Net leverage deteriorated to 6.9x in 2025 (5.0x in 2024) due to an
EBITDA decline. Fitch expects deleveraging of about 3.6x in 2026,
mainly driven by the repayment of a CLP340 billion intercompany
loan with TEF, used to refinance bank debt. This payment was funded
by the OnNet stake sale (CLP168 billion), the Telefónica Brazil
stake sale (CLP11 billion), a CLP133 billion loan repayment from
OnNet, and a capital increase of CLP29 billion. Gradual
improvements thereafter should be supported by cost-reduction
efforts in line with Millicom's strategy, limited capex, and
minimal dividend distributions.

Cost Reduction Expected: TMCH's strategy following the Millicom
acquisition will focus on achieving positive FCF through cost
reductions in programming, salaries, advertising, commissions, and
outsourced services. Fitch forecasts a gradual EBITDA margin
recovery, reaching about 16% by 2028. Failure to achieve this could
pressure the rating. Revenue declined 3.9% in 2025, with the EBITDA
margin falling to 8.5% (9.2% in 2024) after leasing adjustments.

FCF Improvement Expected: Fitch expects TMCH to achieve positive
FCF from 2027, driven by improved operational performance, gradual
capex reduction, and minimal dividend distributions. This should
result in an FCF margin of about 4% in the medium term. Capex
intensity will remain at about 10% (11.8% in 2025) and is focused
mainly on improving mobile network quality and growing the FTTH
subscriber base.

Diversified Competitive Position: TMCH's diverse revenue streams
and strong market positions in both fixed and mobile segments
mitigate its lack of geographic diversification. TMCH ranks third
in mobile broadband (19% as of December 2025) and first in fixed
broadband and fiber-optic connections (33% and 28%, respectively).
It also holds a 20% share in pay-TV services. Competition in the
Chilean telecom market remains intense, though dynamics have become
more rational with operators focusing on profitability

TCH Equity Rating: TCH's equity rating reflects the company's
limited free float, as its listed stock accounts for less than 1%
of total equity, with the rest held by TMCH. The equity rating of
'Primera Clase Nivel 4(cl)' is based on TMCH's majority ownership,
mitigated by TCH's solvency and long history in the Chilean stock
market.

Peer Analysis

TMCH has higher leverage and smaller scale than Latin American
peers such as Millicom and América Móvil, S.A.B. de C.V. (AMX;
A-/Stable). Both peers benefit from geographic diversification
across Latin America and market leadership in most of their
markets, which supports their higher ratings.

Among Chilean peers, TMCH has similar product diversification to
Empresa Nacional de Telecomunicaciones S.A (Entel; BBB-/AA-(cl)/
Stable) and VTR Finance N.V (VTR ; B+ /Stable) in a combined
operation with Claro Chile SpA. TMCH leads in fixed broadband,
while Entel leads in mobile services. Entel also has stronger
margins, lower leverage, and benefits from geographic
diversification into Peru.

DB Terra Chile Holdco SpA (Mundo; BB-/Stable) is third place in
fixed broadband and second in fiber subscribers. It has a better
leverage profile but less product diversification than TMCH.

Compared with GTD Grupo Teleductos S.A (A(cl) /Stable), TMCH has
strong service diversification and scale, despite its higher
leverage and weaker EBITDA margin, considering GTD focus on
connectivity services in B2B segment.

TMCH's business model is similar to Millicom's sister companies
Colombia Telecomunicaciones S.A. E.S.P. BIC (BB+/Stable) and UNE
EPM Telecomunicaciones S.A. (BB+/Stable), with strong local
presence and broad service diversification. However, both have
better profitability and stronger financial profiles than TMCH.

Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. (ETB;
BB/Stable) has better leverage and profitability, though TMCH has a
stronger national footprint and greater diversification.

Fitch expects competition in Colombia to be lower than in Chile in
the medium term, following the consolidation of Millicom
affiliates. Chile's more fragmented market is offset by its higher
GDP per capita.

Fitch’s Key Rating-Case Assumptions

- Mobile subscribers remain near 6.0 million as post-paid
penetration continues to increase; ARPU increase of around 2%;

- Fiber subscribers move to around 1.4 million in 2029 with the
take-up rate (homes connected/homes passed) of around 30%, while
fixed voice, BAM and OMV revenue declines;

- Overall revenue grows at the low single-digit level, mainly
driven by slight gains in ARPU growth;

- EBITDA margin after leases gradually moves to 16% by 2028;

- Capex intensity of 10% over revenue,

- There is no dividends distribution.

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-', Moderate), sector characteristics
('bbb', Lower), market and competitive positioning ('bbb-',
Moderate), diversification and asset quality ('bb+', Moderate),
company operational characteristics ('bb+', Moderate),
profitability ('b', Higher), financial structure ('bb-', Moderate),
and financial flexibility ('bb', Moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weigh for the historical year
2025, 20% for the forecast year 2026, 20% for the forecast year
2027, 20% for the forecast year 2028 and 20% for the forecast year
2029.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'bbb+' has no impact.

The SCP is 'b+'.

To derive the Long-Term IDR:

Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in a bottom up +1 approach.

RATING SENSITIVITIES

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

- Inability to return to EBITDA margin above 10%;

- A deterioration in market position and persistent negative FCF
generation;

- Net leverage higher than 6.0x;

- Inability to sustain a positive trend in CFO-capex/debt ratio,
moving toward positive territory in the medium term;

- Weaken linkage in Fitch's PSL approach with Millicom.

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

- EBITDA margin sustained above 16% in the medium term;

- Sustained Positive FCF in the medium term;

- CFO minus capex to debt ratio above 6%, while maintaining the
company's market position;

- Stronger Linkage in Fitch's PSL approach with Millicom.

Liquidity and Debt Structure

TMCH improved its liquidity position, with cash of CLP333 billion
as of December 2025 and short-term debt of CLP290 billion,
comprising CLP58 billion of bank debt, CLP83 billion of national
bonds and CLP139 billion of factoring debt. An intercompany loan
from Telefónica S.A.(TEF) of CLP340 billion supported the cash
position. This amount, combined with new bank loans, helped
refinance 2025 and 2026 maturities. TEF's intercompany loan was
fully paid in February 2026 with funds from asset sales and capital
increase.

In 2025 and early 2026, the company repaid CLP70 billion in Series
O bonds, CLP260 billion of bank debt and CLP80 billion Series Q
bond. Following this refinancing process, the next relevant
maturities are CLP55 billion of bank debt in 2H26 and CLP100
billion in 2027. TMCH has UF2.0 million (CLP80 billion) available
under its national bond program and an undrawn revolving credit
facility of USD65 million.

As of December 2025, TCH held CLP107 billion in cash, compared with
short-term debt of CLP77 billion, mainly factoring obligations.
TCH's bank debt of CLP25 billion matures in May 2026. In keeping
with the group's strategy, debt is concentrated at TMCH.

Issuer Profile

Telefonica Móviles Chile is an integrated Chilean
telecommunications provider that operates mobile and fixed-line
platforms under the Movistar brand. TMCH and TCH offer services to
consumers, businesses, and government clients. The company was
recently acquired by Millicom.

Summary of Financial Adjustments

- Adjustments for hedge derivatives over financial debt;

- Lease and factoring adjustments.

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 Telefonica Moviles Chile S.A.

ESG Considerations

Telefonica Moviles Chile S.A. has an ESG Relevance Score of '4' for
Governance Structure due to ownership concentration, 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
   -----------             ------           --------   -----
Telefonica Chile S.A.

                 Natl LT           BBB+(cl)Affirmed      BBB+(cl)
                 Natl ST           N2(cl)  Affirmed      N2(cl)
                 Nat Equity Rating Primera Clase Nivel 4  
                                           Affirmed      Primera   
             
                                                         Clase
                                                         Nivel 4

   senior
   unsecured     Natl LT           BBB+(cl)Affirmed      BBB+(cl)

Telefonica
Moviles
Chile S.A.  

                 LT IDR            BB-     Affirmed      BB-
                 LC LT IDR         BB-     Affirmed      BB-  
                 Natl LT           BBB+(cl)Affirmed      BBB+(cl)

   senior
   unsecured     LT                BB-     Affirmed      BB-

   senior
   unsecured     Natl LT           BBB+(cl)Affirmed      BBB+(cl)




===================================
D O M I N I C A N   R E P U B L I C
===================================

AEROPUERTOS DOMINICANOS XXI: Fitch Affirms BB+ Rating on 2034 Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed Aeropuertos Dominicanos Siglo XXI,
S.A.'s (Aerodom) USD500 million notes due in 2034 at 'BB+'. The
Rating Outlook has been revised to Negative from Stable. The rated
notes coexist on a pari passu basis with one USD400 million bullet
term loan which matures in June 2029.

The Negative Outlook reflects uncertainty around Aerodom's
near-term traffic performance following two consecutive years of
results below Fitch's rating case expectations, amid a
still-challenging operating environment for the air transportation
sector. This, together with Aerodom's relevant capex commitment
during the construction of the new terminal through 2028, increases
pressure on the issuer's liquidity.

Fitch had previously expected Aerodom to be able to fund the new
terminal construction with internal cash flows while maintaining a
healthy debt service coverage ratio (DSCR) profile. However, the
traffic weakening has led Fitch to revise its projections. Fitch
now forecasts DSCRs at or below 1.0x in 2027 and 2028, increasing
the project's reliance on reserves, under rating case assumptions.

This reflects temporary pressure during the peak construction
period, and Aerodom could also consider obtaining additional
funding.

Fitch views Aerodom's financial flexibility or eventual market
access as sufficient to absorb these pressures. However, further
traffic weakness or a recovery that is materially slower than
expected could weaken the company's credit profile to a level no
longer commensurate with the current rating.

The rating reflects Aerodom's six-airport portfolio in the
Dominican Republic, led by Santo Domingo Airport (SDQ), which
accounts for over 85% of total traffic and benefits from relatively
stable demand. The concession allows for periodic tariff increases
based on inflation in the U.S. and requires a capex investment plan
(CIP) of USD830 million through maturity, which encompasses the
construction of a new terminal at SDQ.

The rating also reflects the transaction's exposure to refinancing
risk and interest rate volatility, both of which are adequately
mitigated in Fitch's view. Under Fitch's rating case, maximum
leverage, measured as net debt to EBITDA, is 4.4x and is expected
to remain around 3x through debt maturity. While these metrics are
strong for the rating, projected pressures on the project's
liquidity are currently weighing on the rating. The rating is
ultimately constrained by risks related to general economic
conditions in the Dominican Republic and by the Country Ceiling.

KEY RATING DRIVERS

Revenue Risk - Volume - Midrange

Leisure-Oriented Portfolio Anchored by Capital City Airport
(Revenue Risk - Volume: Midrange)

Aerodom's six airports manage over 30% of the Dominican Republic's
passenger volume, primarily leisure travelers and the Dominican
diaspora who exhibit low volatility and, according to management's
latest figures, represent around 45% of traffic at SDQ. Traffic
fully recovered from the pandemic by 2022. SDQ, the portfolio's
main airport, serves a diverse range of carriers and offers growth
potential through the establishment of low-cost carrier Arajet's
hub. Traffic is concentrated among international passengers,
heavily reliant on North American demand and somewhat exposed to
competition from neighboring tourist destinations.

Revenue Risk - Price - Midrange

Inflation Adjusted Tariffs (Revenue Risk - Price: Midrange)

The concession agreement allows for periodic tariff increases from
2024, consistent with changes in the U.S. consumer price index.
Aerodom was granted an additional 18.4% real tariff increase to be
implemented between 2023 and 2025 to make up for the suspension of
tariffs between 2017 and 2023, which has already been applied. More
than 90% of revenues are U.S. dollar-denominated, and around 75% of
total revenues are collected in offshore accounts.

Infrastructure Dev. & Renewal - Midrange

Well-Defined Capex Plan for Regional Airports (Infrastructure
Development and Renewal: Midrange)

Aerodom's infrastructure has a well-defined CIP to be funded by its
cash flow. The project also benefits from a capex investment
account, funded with 20% shareholder's distributions. The
concession extension includes a commitment to build and operate a
new terminal at SDQ with a capacity of four million passengers, to
be completed by 2028, along with other capex and replacement
expenditure obligations.

The budgeted capex exceeds the contractual USD830 million required
by the concession through 2060 and is deemed adequate by the
independent engineer. The portfolio benefits from management by
Vinci Airports, a reputable global operator with proven experience
in the sector and in Latin America.

Debt Structure - 1 - Midrange

Bullet Debt, Adequate Covenants (Debt Structure: Midrange)

The rated debt is pari passu with an unrated U.S.
dollar-denominated five-year floating-rate term loan, which is
included in Fitch's financial projections. The risk of foreign
currency variations is mitigated by the high proportion of revenues
in U.S. dollars (over 90%). The debt structure is exposed to
refinancing risk and interest rate volatility given the term loan
carries a floating rate tied to the SOFR.

Refinancing risk is mitigated by Aerodom's proven market access and
long concession tail. Rate volatility risk is substantially
mitigated, with only 44% of debt affected for five years, and minor
interest rate hikes are expected to be covered with cash flow. Debt
holders benefit from a six-month offshore debt service reserve
account (DSRA) and a covenant package that limits additional
indebtedness if leverage reaches 5x.

Peer Analysis

Aerodom's closest regional peer is ACI Airport SudAmerica, S.A.
(ACI; BB+/Stable), which operates the Carrasco International
Airport in Uruguay. ACI is also an origin and destination airport
with mostly international passengers. While ACI's volume and price
risk assessments are similar to Aerodom's, it has a stronger
infrastructure assessment and a fully amortizing debt structure
with a partial cash-sweep and a springing guarantee. However, ACI's
metrics are lower than Aerodom's.

ACI's rating also reflects its dependence on structural liquidity
to meet obligations and a delayed recovery from the pandemic. In
contrast, Aerodom's projected leverage is strong for the rating but
is constrained by the Dominican Republic's Country Ceiling and the
company's buffer to support short-lived capital controls.

RATING SENSITIVITIES

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

- Passenger volume below Fitch's rating case expectations of 6.1
million and 6.4 million passengers in 2026 and 2027, respectively,
which would press issuer liquidity through the completion of the
new terminal;

- Fitch's projected DSCR at levels below 1.0x beyond 2027 under
Fitch's Rating Case assumptions;

- Deterioration on Fitch's view regarding the Dominican Republic's
risk of imposing capital controls, affecting the ability to
transfer currency, and/or offshore revenue collection reduces over
time.

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

- The Outlook could be revised to Stable if passenger volume is in
line with Fitch's base case expectations of 6.4 million in 2026 and
6.7 million in 2027, leading to an improvement in revenue
generation through the completion of the new terminal;

- Improvement in Fitch's view regarding the Dominican Republic's
risk of imposing capital controls, provided the issuer's financial
profile is still consistent with a higher rating and offshore
revenue collection remains above 75% of total revenues.

Financial Profile

The most relevant financial metric for this project is leverage
given the debt's bullet payment structure. Under the rating case,
maximum leverage is 4.4x and Fitch expects it to remain around 3x
through debt maturity. The rating also reflects Aerodom's capacity
to incur additional debt, if required, to complete the new
terminal, supported by headroom under the 5.0x covenant, available
internal liquidity and flexibility in managing capex.

Fitch believes Aerodom has sufficient offshore liquidity to
continue servicing debt under temporary capital controls. This
assessment is supported by a six-month offshore DSRA, more than 90%
of revenue denominated in U.S. dollars, and 75% of collections held
offshore. Together with Aerodom's strong leverage profile, support
from a strong ultimate parent, and concession protections against
current or future exchange controls and transfer restrictions,
these factors support a two-notch uplift above the Dominican
Republic's 'BB-' Country Ceiling.

SECURITY

The debt is secured on a first priority basis by a pledge of 100%
of Aerodom's shares.

Climate Vulnerability Signals

The Climate.VS for 2035 for Aeropuertos Dominicanos Siglo XXI, S.A.
is 51 out of 100. The VS Screener pointed to an exposure to
physical climate risks stemming from extreme winds, precipitation
and heat. Aerodom is particularly exposed to hurricanes, which can
disrupt airport operations and damage relevant infrastructure.
These risks are typical of airports across the Caribbean and do not
currently constrain the rating. Fitch notes the ongoing investment
in climate-resilient infrastructure and contracted insurance for
climate risks, which are viewed as risk mitigants.

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.




=============
J A M A I C A
=============

FINANCIAL SELECT: Incurs $50.6MM Net Loss for 3 Mos. Ended March
----------------------------------------------------------------
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 adds.


JAMAICA: To Raise Funds to Help Finance National Budget
-------------------------------------------------------
RJR News reports that the Government of Jamaica is set to raise
billions of dollars on the local market this week through two
benchmark investment note offerings as it moves to help finance its
$1.44 trillion national budget.

The government will seek on Wednesday, May 27, to raise $3 billion
from a 7.5 per cent benchmark investment note, according to RJR
News.

The minimum purchase amount is one thousand dollars, and interest
payments will begin on August 28, with the payments made every six
months thereafter until the note matures on February 28, 2035, the
report notes.

In a separate offer, the government is also aiming to raise a
further three billion dollars through an 11.25 per cent per annum
benchmark investment note, which will mature on February 12, 2046,
the report relates.

The minimum investment is also one thousand dollars, the report
says.  For this instrument, the first interest payment, less, 25
per cent withholding tax, will be made on August 11, with
semi-annual payments continuing until maturity or full repayment in
2046, 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 A N A M A
===========

BANCONAL: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer
Default Rating (IDR) of Banco Nacional de Panamá (Banconal) and
its senior debt ratings at 'BB+'. It has also affirmed its
Governmental Support Rating (GSR) and Viability Rating (VR), both
at 'bb+'. The Rating Outlook for the Long-Term IDR remains Stable.
In addition, Fitch has affirmed Banconal's Long-Term National
Rating at 'AAA(pan)' with a Stable Outlook.

Key Rating Drivers

Government Support: Banconal´s IDR, GSR and National Ratings are
driven by the potential support it would receive from the Republic
of Panama (BB+/Stable) if needed. Fitch's assessment of support is
highly influenced by the general subsidiary state guarantee for all
Banconal's liabilities established under its organic law (Article
3).

Policy Role: The bank's policy role is of high importance in
Fitch's assessment and is a key factor in the government's
willingness to provide support. Banconal serves as the financial
arm of the Panamanian government, manages the banking system's
clearinghouse, and has historically acted as an unofficial lender
of last resort. These functions are considered difficult to
transfer and, together with its funding base of mainly government
deposits, strengthen the likelihood of government support.

Business Profile: Banconal's business profile reflects its model
and nature as a government institution. Its role as a state
financial arm also impacts its business model. This profile
includes a specific mix of assets that favors liquidity and access
to public funds.

Good Asset Quality: Banconal's good asset quality benefits from a
balance sheet structure with a sizable share of liquid assets and
investments. The bank maintains the largest liquidity reserve in
Panama. Its investment portfolio is of good credit quality, and
interbank deposits are placed with highly rated financial
institutions. Stage 3 loans accounted for 2.5% of total loans in
December 2025, slightly above the 2021-2024 average of 2.2%, which
Fitch considers appropriate. Fitch expects the impaired loans ratio
to remain broadly stable in the short term.

Good Profitability: Banconal's profitability remains good and above
that of most local peers. As of YE25, the operating
profit-to-risk-weighted assets (RWA) ratio was 3.7%, above the
2021-2024 average of 3.5%, although down from 4.4% in 2024 due to
lower income from deposits with banks and investment securities.
Fitch views the bank's profitability as supported by its low
funding cost and controlled operating expenses, which have helped
maintain net interest margins above 3.0% in recent years. Fitch
expects Banconal's profitability to remain consistently good,
supported by funding costs that are lower than those of peers.

Sound Capital Metrics and Favorable Funding Structure: Banconal's
capitalization, funding, and liquidity remain sound, supported by
strong earnings generation, a high share of lower-risk assets, and
solid internal capital formation. At YE25, the CET1-to-RWA ratio
was 20.8%, rising to 22.2% including dynamic reserves, and Fitch
expects capital ratios to remain strong in the near term.

Funding is mainly deposit-based, supporting a sound loan-to-deposit
ratio of 63.2% at YE25, despite a 14.5% decline in customer
deposits driven by lower public sector term deposits. Although
deposits are concentrated by depositor and in the public sector,
they have proven stable through the cycle while the bank's
liquidity remained good, with liquid assets covering 39.1% of total
deposits at YE25.

Rating Sensitivities

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

- Banconal's IDR, GSR and VR would be downgraded following a
downgrade of the sovereign or a downward revision of the operating
environment (OE);

- Banconal's VR could be negatively affected by a material increase
in nonperforming loans and a consistent decline in profitability
(operating profit-to-RWAs consistently below 2%) and/or a decline
in capitalization (CET1 consistently below 12%).

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

- Banconal's IDR, GSR and VR have limited upside potential, which
would originate from a similar action on the sovereign and the OE
assessment.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior unsecured debt is rated at the same level as Banconal's
Long-Term IDR. Fitch views the default risk of the senior notes and
the bank as equivalent and believes the senior obligations have
average recovery prospects. The subsidiary guarantee enforceable
under Panamanian law is not a direct guarantee of the notes, which
are governed by the laws of the state of New York.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- The senior unsecured debt ratings would be downgraded if
Banconal's Long-Term IDR is downgraded.

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

- The senior unsecured debt ratings would be upgraded if Banconal's
Long-Term IDR is upgraded.

VR ADJUSTMENTS

The Operating Environment Score of 'bb+' has been assigned below
the 'bbb' category implied score due to the following adjustment
reason: Sovereign Rating (negative).

The Funding and Liquidity Score of 'bbb-' has been assigned above
the 'bb' category implied score due to the following adjustment
reason: Deposit Structure (positive).

Public Ratings with Credit Linkage to other ratings

Banco Nacional de Panama's ratings are driven by Panamá's
Sovereign Ratings.

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 Nacional de Panama

                  LT IDR         BB+       Affirmed   BB+
                  ST IDR         B         Affirmed   B
                  Natl LT        AAA(pan)  Affirmed   AAA(pan)
                  Natl ST        F1+(pan)  Affirmed   F1+(pan)
                  Viability      bb+       Affirmed   bb+
                  Gov't Support  bb+       Affirmed   bb+
sr unsecured     LT             BB+       Affirmed   BB+


BANISTMO SA: Fitch Keeps 'BB+' LongTerm IDR on Watch Negative
-------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Banistmo, S.A.'s (Banistmo) Long-Term Issuer Default Rating (IDR)
of 'BB+', Shareholder Support Rating (SSR) of 'bb+', Viability
Rating (VR) of 'bb' and the National Long- and Short-Term Ratings
for Banistmo of 'AA+(pan)' and 'F1+(pan)'. Fitch also affirmed
Banistmo's Short-Term (ST) IDR at 'B'.

The RWN on Banistmo's ratings continues to reflect the potential
credit implications of the announced changes in its shareholder
structure. Fitch will monitor the transaction completion and assess
its implications for Banistmo's profile.

Key Rating Drivers

Support-Driven Rating, Sale Announcement: Following the announced
sale to Inversiones Cuscatlán Centroamérica S.A. (ICC), Fitch
placed Banistmo S.A.'s Long-Term IDR of 'BB+', SSR of 'bb+', VR of
'bb', national-scale ratings of 'AA+(pan) and 'F1+(pan)' and debt
ratings on RWN on Dec. 22, 2025. The RWN on Banistmo's ratings
reflects the potential credit implications of the announced changes
in its shareholder structure. Banistmo's IDRs and SSR currently
reflect support from its holding company, Grupo Cibest, which is
expected to continue until the transaction closes.

High Reputational Risk: Fitch's assessment gives significant weight
to the substantial reputational risk Bancolombia and the recently
incorporated Grupo Cibest could face if Banistmo defaults. This a
key factor in assessing the group's propensity to provide support
and aligns Banistmo's IDR with its parent's.

Operating Environment with Moderate Influence: Panama's banking
system continues to demonstrate adequate credit growth at the
systemic level, supported by sound asset quality and favorable
profitability, despite slower GDP expansion. Fitch expects key
operating indicators, including GDP per capita and the operational
risk index (ORI), to remain broadly stable in the near term, which
should help preserve operating conditions for banks.

Sound Domestic Franchise: Banistmo's current 'bb' VR reflects its
robust business profile and established presence in Panama's
private banking system, where it is the second-largest bank. The
bank's franchise is supported by a strong corporate and retail
banking business and benefits significantly from being part of a
large regional banking group, which strengthens its loan and
deposit base.

Following the anticipated transaction, Banistmo is expected to lose
certain operational and reputational benefits associated with its
affiliation with Bancolombia. Nevertheless, Fitch expects the bank
to preserve its core strengths, including its revenue-generating
capacity, market position, and well-established franchise. Fitch
does not expect material changes to its business model over the
medium term.

Asset Quality Still Pressured: Banistmo's asset quality remains
broadly stable, although it is still under pressure. The Stage 3
loan ratio increased marginally to 9.8% as of December 2025 from
9.5% a year earlier, mainly reflecting negative portfolio growth
driven by loan prepayments and a strategic reduction in exposure to
the government-subsidized preferential mortgage segment. Asset
quality has also been affected by the deterioration of specific
client exposures, which continue to weigh on overall metrics.

These exposures are normalizing, although recovery may take longer
than initially expected. Nonetheless, Fitch anticipates gradual
improvement over the medium term, with the Stage 3 ratio
stabilizing within a range of 9.0% to 9.5%. The bank's solid
collateralization, covering approximately 60.1% of the portfolio,
helps mitigate potential weaknesses in borrowers' repayment
capacity.

Improvements in Profitability Metrics: Banistmo's operating profit
to risk-weighted assets (RWA) ratio improved to 1.7% as of YE 2025
from 0.6% at YE 2024, supported by declining loan impairment
charges (LICs) and a relatively stable net interest margin (NIM).
Fitch does not expect a material increase in LICs in 2026, as loan
growth is projected to remain moderate at around 4.0%, with no
significant additional deterioration in asset quality anticipated.
This outlook is further supported by the banks' initiatives in
recent years, including enhancements to its collection processes.

Consequently, Fitch expects profitability to gradually strengthen
over the medium term, with the operating profit to RWA ratio
trending to about 2.0%, although it will likely remain slightly
below that level.

Sufficient Capital Buffers: Fitch views Banistmo's capitalization
as adequate for its current balance sheet risks. The bank's common
equity Tier 1 (CET1) to RWA of 12.2% and regulatory ratio of 14.0%
at December 2025 are above the regulatory requirements. Fitch
expects the bank to maintain its ratios in the near term, given
expected modest loan expansion, adequate reserve coverage ratios,
and expected steady internal capital generation. A change in
business profile or risk appetite due to the change in its
shareholder structure could impact the bank's performance and
capitalization, but this is not its base case scenario.

Sound and Diversified Funding Structure: Fitch views Banistmo's
funding structure as stable and robust, supported by its No. 2
position by customer deposits in the local financial industry. As
of December 2025, customer deposits accounted for approximately
80.4% of its total funding and its loans-to-deposits ratio remained
stable at 105.8%. Banistmo's diversified funding profile benefits
from good access to local and international institutions, as well
as to local and global markets.

Currently, Banistmo's funding and liquidity profile benefit from
its affiliation with Grupo Cibest and Bancolombia. While these
benefits will fade after Banistmo leaves the group, Fitch does not
anticipate the transaction to have a material impact on the bank's
overall funding and liquidity profile because of its established
market position and independent funding capacity.

Rating Sensitivities

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

- Banistmo's ratings could be downgraded after the transaction
closes, depending on Fitch's assessment of Banistmo's profile after
the closing;

- Any negative action on Grupo Cibest's IDRs would lead to a
similar action on Banistmo's SSR. In addition, IDRs, SSR and
national ratings could be downgraded if Fitch's assessment of its
parent's propensity and ability to provide support to the bank
diminishes;

- A deterioration in asset quality that denotes a weakening in the
bank's risk profile could pressure Banistmo's VR. The VR could also
be downgraded because of a sustained deterioration of profitability
and asset quality ratios that undermines the bank's financial
performance, driving a decline in its CET1 ratio consistently below
10% and/or its operating profitability/RWA metric consistently
below 0.5%.

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

- The RWN on the bank's ratings could be removed if the transaction
does not close, in which case the ratings would be affirmed at
their current level with a Stable Outlook;

- A positive rating action Grupo Cibest's IDRs would trigger
similar rating action on Banistmo's IDRs, SSR and national
ratings;

- Over the medium to long term, an upgrade of Banistmo's VR would
require its CET1, including counter cyclical buffer (CCB), to
improve and be maintained at 16% of RWAs or higher, accompanied by
a consistent and substantial strengthening of its core
profitability ratio to levels closer to 2%, and a significant
improvement in asset quality (with a Stage 3 ratio at levels closer
to 5%).

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Banistmo's senior unsecured debt rating is equal to the bank's
ratings on both the international and local scales. This is due to
Fitch's belief that the debt probability of default is the same as
that of the issuer, since senior obligations have average recovery
prospects.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- Banistmo's senior unsecured debt would mirror any potential
downgrade on the bank's international and national ratings.

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

- Banistmo's senior unsecured debt would mirror any potential
upgrade on the bank's international and national ratings.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason:
sovereign rating (negative).

The earnings & profitability score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason:
earnings stability (negative).

The Viability Rating of 'bb' is above the 'bb-' implied Viability
Rating due to the following adjustment reason: business profile
(positive).

Public Ratings with Credit Linkage to other ratings

Banistmo's ratings are based on Fitch's opinion on the ability and
propensity of its ultimate parent, Grupo Cibest, to provide
support, if needed.

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
   -----------           ------                         -----
Banistmo S.A.  

                LT IDR    BB+      Rating Watch        BB+
                                   Maintained

                ST IDR    B        Affirmed            B

                Natl LT   AA+(pan) Rating Watch
                                   Maintained          AA+(pan)

                Natl ST   F1+(pan) Rating Watch
                                   Maintained          F1+(pan)

               Viability  bb       Rating Watch        bb
                                   Maintained
               Shareholder
               Support    bb+      Rating Watch        bb+
                                   Maintained    

sr unsecured  LT         BB+      Rating Watch        BB+
                                   Maintained

sr unsecured  Natl LT    AA+(pan) Rating Watch        AA+(pan)
                                   Maintained   


CAJA DE AHORROS: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
------------------------------------------------------------------
Fitch Ratings has affirmed Caja de Ahorros' Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'BB+' with a Stable
Outlook. Fitch has also affirmed the bank's short-term IDR at 'B',
governmental support rating (GSR) at 'bb+', and Viability Rating
(VR) at 'bb-'. Additionally, Fitch affirmed Caja de Ahorros'
national long- and short-term ratings at 'AAA(pan)' with a Stable
Outlook and 'F1+(pan)', respectively, and its long-term senior
unsecured and subordinated debt ratings at 'AAA(pan)'.

Key Rating Drivers

Government Support: Caja de Ahorros' IDR, GSR, and national scale
ratings are backed by the support it could receive from the
Republic of Panama (BB+/Stable), if needed. Fitch's support
assessment is strongly influenced by the government's explicit
guarantee for all of the bank's obligations, established in its
founding law, which is a key factor in its support opinion.

Policy Role: The bank's role in policy significantly influences the
government's willingness to provide support. The bank's mandate is
to promote savings and access to housing for Panamanian. It serves
as the government's main vehicle for national housing policy. This
role is reflected in the bank's mortgage portfolio and savings
accounts. Fitch believes the institution's role is difficult to
transfer to other government agencies; the bank has a long history
and consolidated experience in low-value mortgages, and serving
these segments requires a broad branch infrastructure.

Key Development Bank: Caja de Ahorros operates as a universal
commercial bank owned by the Panamanian State. Its defined mission
is to foster a savings culture among the population and facilitate
access to homeownership. Despite its balance sheet profile, the
bank holds a strong market presence, commanding a 5.4% share of
total system assets and ranking as the Panama's second-largest
mortgage lender. However, its financial performance is somewhat
limited by its policy-driven mandate, which places greater emphasis
on generating social value for the local economy than on purely
commercial objectives.

Caja de Ahorros' government-owned status confers a positive
standing in the domestic market, further bolstered by an explicit
state guarantee. The bank's balance sheet benefits from public
sector deposits, which strengthen its liquidity position and
provide room for future growth.

Improvement in Asset Quality: Caja de Ahorros' asset quality has
consistently improved. The stage 3 loan ratio declined to 4.1% by
December 2025, from 5.6% at year-end 2024 and 6.1% at close of
2023. The change reflets the gradual normalization of the portfolio
following the unwinding of pandemic relief measures since 2022.

In the assessment of asset quality, Fitch revised the Outlook to
Positive because current metrics are more representative of the
bank's underlying credit risk profile. Fitch expects asset quality
indicators to remain broadly stable over the medium term, supported
by a more normalized operating environment and continued portfolio
seasoning. Fitch's forecasts consider a moderate increase in
impaired loans consistent with projected loan growth, which does
not reflect a deterioration in credit quality trends.

Profitability Recovering, Consolidating in Structural Levels: Caja
de Ahorros' profitability has stabilized at a level broadly
commensurate with its business profile and social mandate,
following a period of gradual recovery since 2023. Its operating
profit over risk-weighted assets (RWA) ratio was 1.1% at YE25,
improving from 1.0% at YE24 and comparing favorably with the bank's
four-year average (2022-2025) of 0.9%. The change was supported by
continued loan portfolio growth and a gradual improvement in net
interest margins.

Fitch has upgraded the profitability and earnings score to 'b+'.
This reflects the bank's more stable earnings generation and
profitability metrics that are now more consistent with the current
rating level.

Capitalization with Support: Caja de Ahorros' capitalization and
leverage assessment is underpinned by ordinary support from the
Panamanian government. The bank's Common Equity Tier 1 (CET1) ratio
was 8.7% at YE25. Tier 2 capital instruments brought the total
regulatory capital ratio to 14.4%, providing an adequate buffer
above minimum regulatory thresholds. While the CET1 ratio remains
constrained relative to similarly rated peers, it reflects the
bank's social mandate and the structural characteristics of its
balance sheet, including a large and growing loan portfolio that
continuously weighs on RWAs.

Fitch expects Caja de Ahorros' low dividend payout and projected
net income growth to offset the pressure on RWAs from continued
loan growth, which should lift the CET1 ratio gradually to above
9%.

Government-Related Funding: Government-related entities are
currently among the bank's main funding providers, reflecting Caja
de Ahorros' role as financial agent and liquidity manager for
public-sector entities. This supports the bank's sound
loan-to-deposit ratio of 87.8% at end-2025. Fitch estimates that
Caja de Ahorros' funding and liquidity will maintain a similar
dynamic and does not expect significant changes in the medium
term.

Rating Sensitivities

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

- Caja de Ahorros' IDR and GSR would be downgraded following a
downgrade of the sovereign.

- Caja de Ahorros' VR could be negatively affected by an inability
to maintain controlled impairment levels, along with a consistent
decline in profitability (operating profit to RWAs consistently
below 0.5%) and a sustained decline in capitalization (CET1 and
regulatory dynamic reserves consistently below 9% of RWAs).

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

- Caja de Ahorros' IDR and GSR have limited upside potential and
positive action would stem from a positive action on the sovereign
rating.

- Caja de Ahorros' VR also has limited upside potential given the
bank's challenges in terms of profitability, asset quality and
capitalization.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior and Subordinated Debt: The USD400 million revolving bond
program debt can be issued in both senior and subordinated debt
tranches. The senior tranches have the same payment priority as the
bank's other obligations. The subordinated tranches have low
subordination and no coupon flexibility, as a coupon default would
trigger a bank default. The senior and subordinated debt ratings
reflect the State of Panama's guarantee for all the bank's
obligations, as established in its founding law, and therefore
their ratings equal the long-term national rating.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- The bond program ratings would be downgraded if Caja de Ahorros'
national long-term rating were downgraded.

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

- The ratings have no room for improvement as they are at the
highest level on the rating scale.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason(s):
sovereign rating (negative).

The business profile score of 'bb' is above the 'b & below'
category implied score due to the following adjustment reason(s):
group benefits and risks (positive), and market position
(positive).

The capitalization & leverage score of 'bb-' is above the 'b &
below' category implied score due to the following adjustment
reason(s): capital flexibility and ordinary support (positive).

Public Ratings with Credit Linkage to other ratings

Caja de Ahorros' ratings are linked to the Panamanian Sovereign
Ratings (IDR of 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
   -----------                      ------            -----
Caja de Ahorros     LT IDR             BB+ Affirmed   BB+
                    ST IDR             B   Affirmed   B
                    Natl LT       AAA(pan) Affirmed   AAA(pan)
                    Natl ST       F1+(pan) Affirmed   F1+(pan)
                    Viability          bb- Affirmed   bb-
                    Government Support bb+ Affirmed   bb+

   senior
   unsecured        Natl LT       AAA(pan) Affirmed   AAA(pan)

   subordinated     Natl LT       AAA(pan) Affirmed   AAA(pan)

MULTIBANK INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Multibank, Inc.'s (Multibank) Long-Term
Issuer Default Rating (IDR) at 'BB+, Long-Term National Rating at
'AA+(pan)', Shareholder Support Rating (SSR) at 'bb+' and Viability
Rating (VR) at 'bb-'. Fitch also affirmed Multibank's senior
unsecured Long-Term rating at 'BB+', senior unsecured national
Long-Term rating at 'AA+(pan)', and subordinated national Long-Term
rating at 'AA-(pan)'. Fitch has also affirmed Multibank's
Short-Term IDR at 'B', Short-Term National Rating at 'F1+(pan)',
and Senior Unsecured Debt Short-Term National Rating at 'F1+(pan)'.
The Rating Outlook on the Long-Term ratings is Positive.

Multibank's ratings and Outlook align with those of BAC
International Bank, Inc. (BIB), BAC International Corporation's
(BIC) main subsidiary, which are underpinned by BIB's intrinsic
credit profile as captured in its VR. The Positive Outlook on BIB's
Long-Term IDRs reflects BIB's increased share of earning assets in
Panama after it acquired Multi Financial Group, Inc., including
Multibank, Inc. For more information, see "Fitch Revises BAC
International Bank's Outlook to Positive; Affirms IDR at 'BB+'."

Multibank was acquired by BIC in March 2026 through the purchase of
Multi Financial Group and is currently being integrated within the
BAC group. Multibank and BIB continue to operate separately pending
final regulatory approval for their legal merger in Panama. For
more information, please see "Fitch Upgrades Multibank's LT IDR to
'BB+'; Outlook Positive."

Fitch removed the Rating Watch Positive (RWP) on Multibank's VR
because it does not foresee any potential uplift within the time
frame estimated for the completion of the merger.

Key Rating Drivers

Shareholder Support from BIB: Multibank's IDRs and national ratings
reflect Fitch's view that, if needed, the bank would receive
support from its sister company, BIB (BB+/Positive), as captured in
Multibank's SSR of 'bb+'. Multibank's SSR was affirmed at 'bb+'.
Multibank's Long-Term Foreign- and Local-Currency IDRs and Outlook
are aligned with those of BIB.

High Integration; Strategic Subsidiary: Fitch's support assessment
is driven by Multibank's progress in management and operational
integration with the group, BIC's 99.6% ownership stake, and the
bank's strategic importance to BIB's franchise in Panama. Fitch
views Multibank's acquisition as a strategic move to increase BIB's
market share in the country, with Multibank playing a key role in
supporting the group's growth and expanding its local and regional
presence. The assessment also considers the potential reputational
risk BIB could face if the subsidiary defaults.

Integration with BAC Influences Financial Metrics: Fitch views
Multibank's December 2025 (YE 2025) financial profile in the
context of the pending integration with BAC because several key
metrics were affected by actions taken ahead of closing. These
include portfolio remediation, liability restructuring, balance
sheet adjustments and other pre-closing measures aimed at aligning
the bank with the post-acquisition structure. Therefore, YE 2025
indicators across asset quality, profitability, capitalization and
funding should be interpreted in light of these extraordinary
actions, which in some cases may not fully reflect the bank's
underlying recurring profile.

Strained Asset Quality: Fitch's assessment of Multibank's asset
quality reflects weak credit fundamentals, high impaired loans,
weak reserve coverage and meaningful borrower concentration
relative to similarly rated peers. Current metrics also incorporate
the effects of a deliberate portfolio clean-up process, which
contributed to the elevated impaired loan ratio. As of December
2025, Stage 3 loans/gross loans represented 7.3% and Stage 2 loans
11.4%. Reserve coverage remained very weak, with allowances
covering 26.4% of impaired loans. Problem assets remain
concentrated in vulnerable sectors, particularly construction,
while borrower concentration also remains relatively high.

Weak Profitability: Multibank's profitability remained weak at YE
2025, with an operating profit/risk weighted assets (RWA) ratio of
0.6%. Reported earnings were affected by non-recurring items and
therefore do not fully capture the bank's normalized recurring
earning capacity. Core profitability metrics improved, with net
interest margin (NIM) increasing to 1.9% and the non-interest
expense/gross revenue ratio declining to 57.1% at YE25 from 74.0%
at YE24. However, profitability continued to be pressured by
elevated provisioning needs, as loan impairment
charges/pre-impairment operating profit remained high at 62.5%,
despite improving from 84.9%.

Ordinary Support Supports Moderate Capitalization: Fitch expects
Multibank's capitalization assessment to continue benefiting from
potential ordinary support from its parent, BIC, if needed. At YE
2025, capitalization remained adequate, though only moderate,
reflecting pressures from the bank's weak asset quality profile and
limited loss-absorption capacity. Multibank reported a core equity
tier 1 (CET1)/RWA ratio of 10.1% at December 2025, which Fitch
views as reasonable from a regulatory perspective. Dynamic
provisions remain a positive factor in Fitch's assessment,
increasing the CET1 ratio to 11.7%, while the inclusion of
subordinated debt raises the measure further to 12.8%. However,
capital remains constrained by weak reserve coverage and
still-pressured asset quality metrics, while subordinated debt
provides lower loss-absorption capacity than common equity.

Reasonable Funding Profile: Multibank's funding continues to rely
mainly on customer deposits, which represented 76.8% of non-equity
funding at YE 2025. Gross loans/customer deposits increased to
114.5%, remaining reasonable but weaker than local peers. The 1.3%
decline in customer deposits was driven mainly by the withdrawal of
a related counterparty and reflects a planned liability
recomposition rather than franchise erosion. The funding profile
remains concentrated in institutional deposits, which increases
costs and limits flexibility relative to more granular peers.
Liquidity remains adequate, supported by cash, bank deposits and
securities.

Rating Sensitivities

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

- Negative rating actions on BIB's IDRs and national ratings would
trigger similar actions on Mulitbank's IDRs, SSR, and national
ratings;

- Execution risk from the merger with BIB and Fitch's perception of
Multibank's reduced strategic role.

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

- Positive rating actions on BIB's IDRs and national ratings would
trigger similar actions on Mulitbank's IDRs, SSR, and national
ratings;

- Multibank's Short-Term National Rating has no upside potential
because it is at the highest level of the rating scale.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Unsecured Debt: The ratings of Multibank's outstanding
long-term global-scale and national-scale senior unsecured
obligations are equal to the issuer's ratings because the
obligations' likelihood of default is the same as Multibank's.

Subordinated Debt: The ratings of Multibank's outstanding long-term
national scale subordinated obligations are two notches below the
anchor ratings, the Long-Term National Scale Rating, reflecting
loss severity given the instrument characteristics, including no
coupon flexibility.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- Multibank's senior unsecured and subordinated debt would reflect
any downgrade of the bank's ratings.

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

- Multibank's senior unsecured and subordinated debt would reflect
any upgrade of the bank's ratings.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason:
sovereign rating (negative).

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

Public Ratings with Credit Linkage to other ratings

The ratings are support-driven from BAC International Bank, Inc.

ESG Considerations

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

   Entity/Debt                       Rating           Prior
   -----------                       ------           -----
Multibank, Inc.

                   LT IDR              BB+      Affirmed  BB+
                   ST IDR              B        Affirmed  B
                   Natl LT             AA+(pan) Affirmed  AA+(pan)

                   Natl ST             F1+(pan) Affirmed  F1+(pan)

                   Viability           bb-      Affirmed  bb-
                   Shareholder Support bb+      Affirmed  bb+
senior unsecured  LT                  BB+      Affirmed  BB+
senior unsecured  Natl LT             AA+(pan) Affirmed  AA+(pan)

subordinated      Natl LT             AA-(pan) Affirmed  AA-(pan)

senior unsecured  Natl ST             F1+(pan) Affirmed  F1+(pan)





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

BLD REALTY: Latin Investment, et al., Win Partial Summary Judgment
------------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted the motion for partial summary
judgment filed by Latin Investment Corp., Ramon Clas Vazquez and
Productos La Perfecta Corp. in the adversary proceeding captioned
as BLD REALTY INC, Plaintiff(s) v. MICHAEL A. PABON, et al.,
Defendant(s) ADVERSARY NUMBER: 22-00034-MCF (Bankr. D.P.R.).

Codefendants, Latin Investment Corp., Ramon Clas Vazquez and
Productos La Perfecta Corp. (collectively, the Codefendants"), move
the court for a partial summary judgment as to them regarding the
first and eighth causes of action in the complaint. The Plaintiff,
BLD Realty Inc., opposes the motion for partial summary judgment.

The Plaintiff, BLD Realty Inc., filed a ten-count complaint against
various defendants. In a prior opinion and order, the court
dismissed the second, third, fourth, fifth, sixth, and seventh
counts of the complaint. Recently, the court dismissed the first
and eighth counts as to codefendant Michael A. Pabon. Relying on
the recent court order, the Codefendants request a partial summary
judgment dismissing the first and eighth counts as to them as
well.


The first cause of action seeks a declaratory judgment that the
monies owned by codefendants Perfecto Price, Inc. and
Mr. Perfecto Rivera constitute property of the estate, pursuant to
11 U.S.C. Sec. 541. The eighth cause of action involves a turnover
of property, pursuant to 11 U.S.C. Sec. 542.

It is undisputed that the first count centers around a local court
judgment entered against codefendants  Perfect Price and Mr. Rivera
regarding past due rents owed to BLD. Latin Investment, Clas
Vazquez and Productos La Perfecta are not named as codefendants in
the first cause of action. The eighth count seeks the turnover of
rent monies by Perfect Price and Mr. Rivera and the turnover of two
real properties by Latin Investment. The Court finds in relation to
the first cause of action, Latin Investment, Clas Vazquez and
Productos La Perfecta were never sued in the local court case nor
was judgment entered against them. Nor are Latin Investment, Clas
Vazquez and Productos La Perfecta named in the allegations of the
first cause of action of the complaint. According to the Court, as
to the eighth cause of action, Clas Vazquez and Productos La
Perfecta were not named in the complaint; Latin Investment was
indeed named but only to request the turnover of two real
properties relying on the fifth, sixth and seventh counts which
relate to the avoidance of transfer of properties to Latin
Investment and that already have been dismissed as well.

Accordingly, the Court concludes Latin Investment Corp., Ramon Clas
Vazquez and Productos La Perfecta Corp., are entitled to a partial
summary judgment in their favor for the first and eighth counts of
the complaint.

A copy of the Court's Opinion and Order dated May 21, 2026, is
available at http://urlcurt.com/u?l=hUi3i7from PacerMonitor.com.

                       About BLD Realty

BLD Realty, Inc. is the fee simple owner of two real properties
located at Barrio Espinosa in Vega Alta, P.R., having an aggregate
value of $1.34 million. The company is based in Guaynabo, P.R.

BLD Realty filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.P.R. Case No. 22-00802) on
March 24, 2022, listing $1,900,571 in assets and $3,834,736 in
liabilities. Roberto Santos Ramos serves as Subchapter V trustee.

Carmen D. Conde Torres, Esq., at C. Conde & Assoc. serves as the
Debtor's legal counsel.


PUERTO RICO: Mujica Says PREPA Bankruptcy Unlikely to End in 2026
-----------------------------------------------------------------
Robert Mujica said the bankruptcy case involving Puerto Rico
Electric Power Authority is unlikely to conclude in 2026 as
mediation efforts remain stalled by disputes with bondholders
seeking full recovery on their investments. The official said both
litigation and settlement discussions remain active, but legal
proceedings could drag the case out further, reports The San Juan
Star.

According to Mujica, mediation offers the quickest route to
resolving PREPA's debt restructuring if creditors and the
oversight board can agree on acceptable repayment terms. However,
he warned that continued litigation introduces significant
uncertainty and could extend the process for months beyond current
expectations. The oversight board continues evaluating risks tied
to potential court outcomes while balancing what PREPA can
realistically afford.

The comments came after Magistrate Judge Judith Gail Dein issued a
partial ruling on renewed discovery requests from PREPA
bondholders. The judge allowed some requests for documents and
testimony while rejecting others tied to historical financial
reports and bond disclosures from 2012 and 2013. She also approved
a limited interrogatory concerning differences between PREPA
revenue calculations and oversight board accounting methods.

The court additionally directed the oversight board to turn over
records concerning PREPA's federal funding requests and use of
relief money before operations shifted to LUMA Energy and Genera
PR. Discovery deadlines now extend into the fall, with summary
judgment briefing scheduled through November and oral arguments
expected at a later omnibus hearing, the report relays.

                     About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio Rossello Nevares, the son of
former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act (PROMESA). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf             

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies; Employees Retirement System of
the Government of the Commonwealth of Puerto Rico and Puerto Rico
Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) commenced Title III
cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.



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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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