260601.mbx

260601.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, June 1, 2026, Vol. 27, No. 108 Headlines B E R M U D A BORR DRILLING: S&P Affirms 'B' ICR on Refinancing, Outlook Stable C O L O M B I A RUTA AL MAR: Fitch Lowers Rating on Sr. Sec. Notes Due 2044 to CCC D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: BCRD Projects US$900MM Increase in Energy Bill G U A T E M A L A CENTRAL AMERICA BOTTLING: Fitch Affirms 'BB' LongTerm IDRs J A M A I C A JAMAICA: BOJ Gov. Disappointed With Slow JAM-DEX Uptake JAMAICA: Budgets $30B for Hurricane Recovery Work This Fiscal Year JAMAICA: Secures Placement of New Catastrophe Bond P U E R T O R I C O KKHR CONSTRUCCIONES: Hires JJ Accounting Services as Accountant MO-NA-C0-BIOMEDICAL CORP: Hires Santiago Quinones as Attorney T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: To Cut More Routes - - - - - ============= B E R M U D A ============= BORR DRILLING: S&P Affirms 'B' ICR on Refinancing, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on offshore contract drilling company Borr Drilling Ltd. (Borr). S&P also affirmed its 'B+' issue rating on the $1.128 billion senior secured bonds due in 2028 and on the $771 million senior secured notes due in 2030. S&P assigned its 'B+' issue rating to the company's new notes due 2032 and 2034. The recovery rating on the notes is '2', reflecting its expectation for substantial recovery of principal at default, with a rounded estimate of 70%, revised downward from 75%, because of the company's slightly higher priority ranking debt. The stable outlook reflects S&P's view that although Borr's debt to EBITDA will remain slightly above 5x in 2026, it anticipates it will sustainably drop below 5x from 2027. Borr has launched a $1.6 billion refinancing transaction for its senior secured notes through its subsidiary Borr IHC Ltd. The company aims to issue $800 million senior secured notes due in 2032 and $800 million senior secured notes due in 2034, and will use the proceeds primarily to repay its $1.128 billion senior secured notes due in 2028 and up to $393 million of its $771 million senior secured notes due in 2030. S&P believes the transaction will improve Borr's maturity profile. S&P said, "While the proposed debt refinancing improves Borr's maturity profile, we view the transaction as modestly leveraging in the near-term. At the same time, the company's credit metrics will be at the weaker end for its rating positioning in 2026 before improving materially in 2027. Borr intends to issue up to $1.6 billion of senior secured notes in two tranches: $800 million due in 2032 and $800 million due in 2034. The proceeds will primarily be used to refinance its $1.128 billion 10% senior secured notes due in November 2028 and about half of its $771 million 10.375% senior secured notes due in November 2030 (both amounts are net of the May 2026 amortization payments). This follows the company's April 2026 refinancing of the majority of its $239 million, 5% unsecured convertible notes due in February 2028, of which about $44 million remain outstanding, with $300 million of new 3.5% unsecured convertible notes due 2033. "While we view the transactions positively from a credit standpoint--given the resulting improved maturity profile and reduced refinancing risk--we expect credit measures will weaken such that S&P Global Ratings-adjusted debt to EBITDA will be 5.2x in 2026, compared with our previous estimate of 4.9x (and 4.3x in 2025). However, we expect metrics will improve back to levels appropriate for the current rating in 2027, including S&P Global Ratings-adjusted EBITDA of below 5x (our 2027 estimate is 4.7x)." The deterioration in credit metrics in 2026 is attributable to higher gross debt, including about $200 million from the combined refinancings and a $150 million seller's note issued to Noble Corp. in January 2026 to part-fund the five-rig acquisition. Expected lower EBITDA in 2026 due to lower utilization and day rates compared with 2025 will also weaken Borr's credit metrics. S&P said, "We anticipate Borr will prioritize deleveraging its balance sheet but meaningful improvement will depend on capturing higher day rates and utilization of its fleet, given its sizable gross debt. Under the pro forma capital structure, reflecting the senior secured notes' refinancing, we expect gross debt increases to about $2.48 billion (including the Noble seller's note), compared with $2.15 billion as of year-end 2025. We expect about $100 million in annual mandatory debt amortization payments under the pro forma capital structure, which we expect Borr to fund with internal cash flows. Under our base-case scenario, we forecast positive free operating cash flow (FOCF) of about $135 million in 2026 and $165 million in 2027 ($180 million in 2025). We note Borr's cash balance was $246 million as of March 31, 2026. S&P Global Ratings-adjusted credit ratios for Borr are calculated on a gross debt basis. "Borr's primary credit driver will remain its ability to convert favorable market conditions into higher day rates and utilization, to bring leverage in line with the current rating. Borr's recent contract awards across multiple geographies have improved 2026 utilization to more than 70%, with an average contracted day rate of about $134,000 per day, aligning with our $130,000–$140,000 forecast. While the company's 2026 backlog covers roughly two-thirds of our full-year revenue assumptions, we estimate 2027 coverage to be about 30%, which underscores the ongoing re-contracting risk. However, the current oil price environment, global utilization level of modern jack-ups (about 90%), and global refocusing on energy security, provide a supportive backdrop for the market. Although geopolitical tensions in the Middle East briefly placed four Borr's rigs on standby in March, operations on these rigs were mostly resumed in April and we expect the impact to be relatively muted in our forecast. The company's backlog as of May 20, 2026 was $1.08 billion, compared with $963 million as of Dec. 31, 2026. "Following its January 2026 acquisition of five Noble Corp. rigs, Borr is further expanding its fleet via a 50-50 joint venture (JV) to acquire five premium jack-ups in Mexico. We expect this $287 million transaction to close in third quarter 2026, financed largely through a $237 million nonrecourse seller's credit, with only a $25 million cash contribution each from Borr and its joint venture partner, Proyectos Globales de Energia y Servicos CME S.A. The transaction, which we expect will close in third quarter 2026, remains subject to approvals. "The stable outlook reflects our view that although Borr's debt to EBITDA will be slightly above 5x in 2026, we anticipate it will improve to levels in line with the 'B' rating, including debt to EBITDA to materially below 5x from 2027 onwards. However, notwithstanding a strong improvement in contracting activity, we expect Borr will only gradually reduce its leverage because its relatively high level of debt will require higher day rates and utilization to materially strengthen the balance sheet. While we think the company's young and modern fleet of rigs is attractive to customers, the overall demand for jack-ups remains key to improving day rates and deleveraging. We anticipate the company will generate positive FOCF and lower its debt-to-EBITDA ratio to within 3x-5x, which we view as commensurate with the 'B' rating. "We could lower our rating on Borr in the next six to 12 months if its credit metrics do not improve, including debt to EBITDA to below 5x and EBITDA interest coverage to above 2x on a sustained basis." This could occur if: -- Weaker commodity prices impair demand for offshore drilling services, making it more challenging for the company to recontract its rigs at favorable day rates and improve utilization; or -- Borr adopts a more aggressive financial policy on leverage, dividends, and capital expenditure (capex), notably increasing its fleet size speculatively, including through off balance sheet transactions. S&P is unlikely to take a positive rating action in the next 12 months considering Borr's relatively small size and focus on one asset class (shallow water jack-ups), despite the currently supportive oil price backdrop. A positive rating action would hinge on the company strengthening its balance sheet such that its debt-to-EBITDA ratio improved to below 3x. =============== C O L O M B I A =============== RUTA AL MAR: Fitch Lowers Rating on Sr. Sec. Notes Due 2044 to CCC ------------------------------------------------------------------ Fitch Ratings has downgraded P.A. Concesión Ruta al Mar's (Ruta al Mar) UVR-denominated senior secured notes due 2044 to 'CCC'/'CCC(col)' from 'B'/'BBB+(col)' on Rating Watch Negative (RWN). The downgrade reflects Ruta al Mar's elevated default risk in 2027 after the concession contract's early termination under a decision by the International Centre for Dispute Resolution. The concessionaire pursued this resolution after facing completion challenges. The Agencia Nacional de Infraestructura's (ANI) COP3.6 trillion termination payment exceeds the outstanding debt. However, under the concession agreement, the project may not receive this payment in the short term. Absent an alternative solution, the delay would rapidly erode Ruta al Mar's liquidity. Liquidity was about COP100 billion at April 2026, which covers the August 2026 debt service. However, it will not cover the 2027 payments or required funding of the O&M and Debt Service Reserve Accounts under the notes' indenture for a concession termination event. The RWN reflects increased uncertainty about the project's near-term ability to address its liquidity challenges amid negotiations between Ruta al Mar, its bondholders and ANI. Fitch will monitor these discussions, any agreements and potential modifications to the financing terms. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to implement a clear strategy to secure adequate liquidity while the termination payment is made; - Failure to reach an agreement with ANI during 2026 on the concessionaire's remuneration during the handover stage that ensures sufficient funds to meet debt service obligations. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action is unlikely, given the early termination of the concession agreement. However, the RWN could be removed if Fitch considers liquidity and cash generation sufficient to cover debt service until the termination payment is made. SECURITY The transaction benefits from a usual and customary security package for project financing. It includes a pledge of the project company's shares, a first-priority security interest in all of the concessionaire's assets, a pledge of all onshore and offshore accounts, the EPC contract security package, all proceeds from credit enhancements and insurance/reinsurance and a pledge of the right to receive the termination payment under the CA, if applicable. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for P. A. Concesion Ruta al Mar. ESG Considerations P. A. Concesion Ruta al Mar has an ESG Relevance Score of '4' for Exposure to Social Impacts due to social resistance to the installment of La Caimanera toll plaza, resulting in lost revenues that have not been reimbursed by ANI since 2H24. This 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 Prior ----------- ------ ----- P. A. Concesion Ruta al Mar P. A. Concesion Ruta al Mar/Toll Revenues - First Lien/1 LT LT COP 522 bln 6.75% bond/note 15-Feb-2044 31574HAA1 LT CCC Downgrade B P. A. Concesion Ruta al Mar/Toll Revenues - First Lien/1 Natl LT Natl LT COP 522 bln 6.75% bond/note 15-Feb-2044 31574HAA1 Natl LT CCC(col)Downgrade BBB+(col) =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: BCRD Projects US$900MM Increase in Energy Bill ------------------------------------------------------------------ Dominican Today reports that the Dominican Republic's energy bill is expected to climb to approximately US$5.4 billion this year, nearly US$900 million above initial projections, as rising global oil prices driven by the conflict involving Iran continue to impact fuel costs and inflation, according to the Central Bank of the Dominican Republic (BCRD). In a recent analysis, the Central Bank warned that disruptions to global oil supplies caused by the war have increased economic pressure worldwide, particularly through higher fuel and energy prices, according to Dominican Today. The institution noted that the closure of key shipping routes through the Strait of Hormuz - a major corridor for global oil and gas trade - has contributed to the surge in crude oil prices, the report notes. As a result, annual inflation in the Dominican Republic reached 5.11% in April, surpassing the official target range of 4% ±1%, the report relays. Despite the increase in inflation and energy costs, the BCRD emphasized that the Dominican economy continues to show resilience, supported by 4.1% economic growth during the first quarter of the year and international reserves exceeding US$15.8 billion, the report discloses. The bank expects inflationary pressures to ease in the coming months if international supply conditions stabilize, projecting inflation could close the year near 4.5%, while core inflation has remained within the target range for nearly three years, the report says. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ================= G U A T E M A L A ================= CENTRAL AMERICA BOTTLING: Fitch Affirms 'BB' LongTerm IDRs ---------------------------------------------------------- Fitch Ratings has affirmed The Central American Bottling Corporation's (CBC) Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) and senior unsecured notes due in 2029 at 'BB'. The Rating Outlook is Stable. The affirmation of the IDRs reflects CBC's established position as an anchor bottler of the PepsiCo system, with operations across Central America, the Caribbean, Ecuador, Peru and Argentina. CBC maintains a well-diversified product portfolio of PepsiCo and proprietary brands across its franchised territories, combined with a good distribution network in key markets. The Stable Outlook reflects Fitch's expectations that EBITDA net leverage will be in the 3.0x-4.0x range over 2026-2029, that the USD1 billion unsecured notes due in 2029 will be refinanced in a timely manner, and that profit margins will remain around 15%, supported by ongoing operational efficiency gains despite a challenging consumption environment and elevated raw material price volatility. Key Rating Drivers Diversified Product Portfolio: CBC operates a well-balanced portfolio, combining globally recognized brands, PepsiCo and Ambevwith a proprietary brand platform housed under its Beliv business unit. Carbonated soft drinks (CSDs) and non-CSD products each account for approximately 50% of total sales volume, providing flexibility to adapt to evolving consumer preferences and limiting concentration risk in any single category. Solid Position in Core Markets: CBC's ratings reflect stable market positions across its operating footprint, which support predictable cash flows. The CSD category represented approximately 51% of total sales volume in 2025. CBC has strengthened its market share in Guatemala (approximately 40% of 2025 sales) and Ecuador (approximately 12%), and holds a leading position in Jamaica. The company also has leading positions in isotonic beverages across Guatemala, El Salvador, Honduras, Jamaica, and Nicaragua. These markets collectively representing around 65% of total sales. The company also leads in energy drinks and water in Ecuador. Stable Operating Performance: CBC maintained stable operating performance despite macroeconomic headwinds in the Caribbean and higher input costs associated with geopolitical tensions. Fitch projects low-single-digit revenue growth in 2026 and low- to mid- single-digit growth in 2027-2029, driven by resilient consumption, stable volumes and a growing contribution from non-CSD products (isotonic, energy drinks and water), which represented nearly 30% of consolidated sales in 2025. Fitch expects EBITDA margins to remain around 15% over the rating horizon, reflecting disciplined commodity price hedging, proactive revenue management, and sustained operating efficiencies. Neutral FCF: CBC generated USD207 million in cash flow from operations (CFFO) in 2025. Fitch projects FCF to remain broadly neutral over the rating horizon, supported by lower capex. Fitch expects a capex to revenue of 6.0% in 2026, declining to 5.5% thereafter (from 6.7% in 2025), as the company has substantially completed its major productivity investment cycle. Without significant capital projects, pre-dividend FCF is expected to remain healthy at approximately USD70 million annually. Expected dividends of approximately USD66 million in 2026 should result in slightly negative to neutral FCF over 2026-2029. Improving Capital Structure: CBC's credit metrics are commensurate with the rating category. The capital structure is supported by lower capex, intercompany receivable cash inflows of USD40 million in 2026, and EBITDA growth. Fitch expects EBITDA net leverage to remain in the 3.0x-4.0x range over the next four years, assuming timely refinancing of the USD1 billion bond maturing in 2029, which represents approximately 60% of total debt. Exposure to Weak Economic Environments: The ratings incorporate CBC's high exposure to weak economic environments in the Caribbean and South America, given its significant contribution to consolidated revenue, EBITDA, and total assets. CBC's operating performance is closely tied to these geographies' economic stability and growth prospects. Operations in more favorable environments—such as Peru and Puerto Rico—partially offset similarly sized exposures in more challenging markets, including El Salvador and Ecuador. Peer Analysis CBC's ratings are lower than those of regional beverage peers, such as Arca Continental, S.A.B. de C.V. (Arca; A/Stable), Coca-Cola FEMSA, S.A.B. de C.V. (Coca Cola; A/Stable) and Embotelladora Andina S.A. (Andina; BBB+/Stable). This is due to its smaller scale and the weaker recognition of the PepsiCo and proprietary beverage brands compared with the Coca-Cola portfolios of its peers. CBC's ratings also reflect lower profitability margin, higher leverage and greater exposure to countries with weaker operating environments and higher political risk. However, Fitch believes CBC has a more balanced product portfolio, with lower concentration in CSD. CBC's EBITDA margin of about 15% is below that of Arca, KOF and Andina, which generally range from 17% to 20%. Also, CBC's consolidated EBITDA net leverage is projected to be in the 3.0x-4.0x range, compared with 1.5x for Andina, and around 1.0x for Arca Continental and KOF. Fitch’s Key Rating-Case Assumptions - Revenue increases by the low-single digits in 2026 and low- to mid-single digits from 2027 to 2029; - EBITDA margin averages approximately 15%; - Annual capex/revenue of 6% in 2026 and 5.5% in 2027 to 2029; - Dividend distributions of around USD66 million per year in 2026 to 2029; - Collection of USD40 million in 2026 from the intercompany loan with its controlling group. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Moderate), sector characteristics ('bbb+', Lower), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bb+', Moderate), profitability ('bb', Moderate), financial structure ('bb', Higher), and financial flexibility ('bb', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'bb' has no impact. The SCP is 'bb'. Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Persistent declines in volume and revenue; - Consistent negative FCF that weakens CBC's liquidity position and financial profile; - EBITDA net leverage above 4.0x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A neutral to positive FCF margin on a sustained basis; - EBITDA net leverage below 3.0x on a sustained basis; - Fitch's perception of more conservative financial policies; - Higher cash flow generation from investment-grade markets and operating environments, such as Peru and Puerto Rico. Liquidity and Debt Structure As of Dec. 31, 2025, CBC's liquidity was manageable, supported by cash position of USD355 million compared to short-term debt of USD159 million. Total debt reached USD1.7 billion in 2025 and is mainly composed by an international bond due in 2029 of USD1.0 billion, which Fitch expects to be refinanced. The company uses exchange-rate hedging agreements to cover obligations raw material purchases, and/or to cover interest on short- and long-term debt. Issuer Profile CBC produces and distributes CSDs and beverages in Central America, the Caribbean, Ecuador, Peru and Argentina. It has a longstanding relationship with PepsiCo and partners with Ambev to distribute beer in Central America and some countries in the Caribbean. 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 The Central America Bottling Corporation ESG Considerations The Central America Bottling Corporation has an ESG Relevance Score of '4' for Management Strategy due to a less conservative approach about its financial position following the intercompany loan transaction, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The Central America Bottling Corporation has an ESG Relevance Score of '4' for Group Structure due to intercompany loan transactions and complex group structure, which has a negative impact on the credit profile, which has a negative impact on the credit profile, and is relevant to the rating[s] 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 Prior ----------- ------ ----- The Central America Bottling Corporation LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB ============= J A M A I C A ============= JAMAICA: BOJ Gov. Disappointed With Slow JAM-DEX Uptake ------------------------------------------------------- RJR News reports that on the eve of his departure as Governor of the Bank of Jamaica, Richard Byles is expressing major disappointment with the slow adoption of the digital currency, JAM-DEX. JAM-DEX was introduced as part of a broader push to modernise payments and financial access across Jamaica, according to RJR News. But despite early momentum and continued promotion, the currency has struggled to become a routine feature in how people pay and get paid in Jamaica, the report notes. Cash still dominates large parts of the informal economy, the report relays. "We continue to knock at the door of the commercial banks to get their point of sale machines retrofitted, and I would note that as a disappointment that it has taken us years to get the banks to make that transition," lamented Mr. Byles, who was speaking at the BOJ's recently held quarterly press briefing, the report notes. Mr. Byles' term as governor comes to an end in August, the report says. Meanwhile, Division Chief for Payment System and Money Services Oversight at the BOJ, Mario Griffith, outlined the progress the currency has made over the last few months, the report relays. "We have one DTI that has come to the gate and they are working with us, and I believe by July 26th of this month we will have one DTI who would have retrofitted their point of sale device for JAM-DEX while the others have indicated a later timeframe, and that would be by Q1 2027. So we do have some traction. We have received also some timelines and costing from a few other DTIs. So there is traction, but albeit slow. In terms of NaRRA and utilisation of NaRRA to facilitate that process. That is something we will have to consider," he suggested, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: Budgets $30B for Hurricane Recovery Work This Fiscal Year ------------------------------------------------------------------ RJR News reports that the government of Jamaica says the $30 billion to be spent on recovery work this fiscal year represents about 30 per cent of the funds allocated for rehabilitation and improvement of the country's capital stock. The spending is tied to the $1.4 trillion in infrastructural damage caused by Hurricane Melissa last October, according to RJR News. The government says the funds will be managed by the National Reconstruction and Resilience Authority (NaRRA), the report notes. The agency will be headed by Major General Anthony Anderson, effective June 1, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: Secures Placement of New Catastrophe Bond -------------------------------------------------- RJR News reports that Jamaica is set to benefit from increased financial protection against natural disasters following the successful placement of a US$200 million catastrophe bond, arranged by the World Bank through the International Bank for Reconstruction & Development. The new catastrophe bond will provide insurance coverage to Jamaica in the event of major hurricanes, replacing the previous US$150 million bond that was fully paid out in 2025 arising from the impact of Hurricane Melissa, according to RJR News. The 2026 issuance has drawn strong international demand, attracting participation from 25 global investors, an increase from 15 investors in the 2024 transaction, reflecting a growing confidence in Jamaica's disaster risk financing framework, the report notes. Issued under the World Bank's Capital at Risk Notes Program catastrophe bonds allow developing countries to transfer disaster-related risks to global capital markets, the report relays. Under the arrangement, the World Bank issues the bond and enters into a risk transfer agreement with the government, the report relates. Payouts are triggered if a named storm meets predefined location and intensity thresholds, the report notes. The instrument forms part of Jamaica's broader disaster risk financing strategy, aimed at strengthening fiscal resilience, ensuring faster recovery after natural disasters, and reducing pressure on public finances, the report adds. The catastrophe bond is scheduled to mature on May 23, 2030. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== KKHR CONSTRUCCIONES: Hires JJ Accounting Services as Accountant --------------------------------------------------------------- KKHR Construcciones & Associados, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ JJ Accounting Services, PSC as accountant. The services to be provided are: a. general accounting; b. tax filings; c. employer obligations; and d. creating accounts and organizing the accounting system. The firm will charge $500 per month for its services. As disclosed in the court filings, JJ Accounting Services, PSC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Javier Vazquez JJ Accounting Services, PSC Estrella B-17, Alturas de Puerto Real Cabo Rojo, PR 00623-0212 Telephone: (787) 404-0373 Email: javier.acct.vazquez@gmail.com About KKHR Construcciones & Associados, Inc. KKHR Construcciones & Asociados Inc., doing business as KKHR Construction, provides construction services that include heavy equipment operations and concrete foundation work. KKHR Construcciones & Asociados Inc. d/b/a KKHR Construction in Ponce, PR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 26-00134) on Jan. 21, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Norhem Martinez Perez as president, signed the petition. BUFETE EMMANUELLI, C.S.P. serve as the Debtor's legal counsel. MO-NA-C0-BIOMEDICAL CORP: Hires Santiago Quinones as Attorney ------------------------------------------------------------- Mo-Na-C0 Biomedical, Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Santiago Quinones & Associates as attorney. The firm will provide these services: a. appearance at all hearings, including the arraignment scheduled on or about May 12, 2026; b. review and analysis all discovery materials produced by the Government; c. preparation and filing of pre-trial motions as appropriate; d. plea negotiations and/or trial representation; and e. any related post-conviction or appellate proceedings unless a separate agreement is executed. The firm will be paid at these rates: Peter A. Santiago Gonzalez, Esq. $300 per hour Associate $200 per hour Paralegal $75 per hour The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Santiago Gonzalez, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Peter A. Santiago Gonzalez Santiago Quinones & Associates Barrio Minilla, State Road 103, Km 38.7, Sabana Grande, PR 00637 About Mo-Na-C0 Biomedical, Corp. MO-NA-C0-BIOMEDICAL, CORP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-00578) on February 13, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $0 and $50,000. Santiago & Gonzalez Law is the Debtor's legal counsel. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: To Cut More Routes -------------------------------------- Trinidad and Tobago Guardian reports that majority state-owned Caribbean Airlines Ltd will stop flying to three destinations and reduce service to two more from June 1, as the airline seeks to cut loss-generating routes, effectively reversing the route expansion undertaken by the previous administration. Trinidad and Tobago Guardian discloses that in a statement in the Senate on May 22, Minister of Transportation and Civil Aviation, Eli Zakour, said to stem ongoing losses, CAL has been directed to undertake several adjustments to its network: -- Withdrawal from the Dominica market, which has incurred an overall loss of US$0.73 million as at April 2026; -- Withdrawal from the St Kitts market; which has incurred an overall loss of US$1.65 million as at April 2026; -- Discontinue the non-stop Guyana and Suriname service; which has incurred an overall loss of US$1.24 million as at April 2026; and -- Reduce service frequencies to Martinique and Guadeloupe from four weekly flights to two; these routes generated losses of US$1.23 million (Martinique) and US$1.86 million (Guadeloupe), respectively. In the statement, Zakour noted that in 2023, under the direction of the previous board of directors and with the support of the then Government, CAL embarked on an expansion into the Eastern Caribbean, according to Trinidad and Tobago Guardian. "While the stated objectives of strengthening regional connectivity, supporting tourism, and facilitating trade were sound in principle, the projections underpinning route selection, market sizing, and financial assumptions supporting that expansion have since proven significantly different than the actual market conditions," the minister said, the report notes. Zakour said the current administration set up a routes oversight committee last year to conduct a comprehensive review of route performance, profitability and strategic alignment, the report notes. That review has confirmed that several routes launched under the 2023 expansion programme “were introduced without adequate commercial justification and have generated sustained financial losses for the company since inception, the report discloses. The report relays that he said as part of the airline's ongoing network improvement programme, several adjustments have already been implemented. These included the discontinuation of the following routes: -- Jamaica—Ft Lauderdale from November 2, 2025, which generated US$7.2 million in losses; and -- Trinidad—Puerto Rico from January 10, 2026, which generated US$4.92 million in losses; Zakour said the combined loss sustained on these routes as at April 2026 is US$18.84 million or in excess of TT$128 million, the report notes. "The discontinuation and service adjustments to the routes will allow these losses to be converted into operational savings and improved financial stability," said the minister, the report adds. About Caribbean Airlines Caribbean Airlines Limited provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on Oct. 21, 2025, Joel Julien at Trinidad and Tobago Express said that Caribbean Airlines Limited has finally submitted its audited financial statements for the year ended December 31, 2016, nearly nine years after the financial period closed. The independent audit by KPMG Chartered Accountants, completed in April 2025, resulted in a qualified opinion after the auditors were unable to fully verify the accuracy of several key financial items reported by the airline for that year, in part due to the prolonged duration of the audit, according to Trinidad and Tobago Express. Caribbean Airlines is among many airlines whose business has been greatly affected in 2020 by the slowdown of international travel caused by the COVID-19 pandemic. The government of Trinidad & Tobago guaranteed a US$65 million loan for the airline, and that funding has helped with the airlines' cash flow shortfall since May 2020. In September 2020, the airline related it will be taking cost-cutting measures to help keep it afloat. The measures, which was to affect some 1,700 employees, included salary deductions, no-pay leaves and lay-offs. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. 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