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260602.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 Tuesday, June 2, 2026, Vol. 27, No. 109 Headlines B R A Z I L BRAZIL: IDB OKs $52.9MM Maranhao State Sustainability Loan C A Y M A N I S L A N D S AMBIPAR EMERGENCY: Plan Exclusivity Period Extended to June 1 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Monetary Poverty Rate Drops to 15% in 1Q 2026 E C U A D O R BANCO DEL PACIFICO: Fitch Assigns 'B-' LongTerm Foreign Currency ID J A M A I C A JAMAICA: Trade Deficit Narrowed to US$458.3 Million in January P U E R T O R I C O BRIGHT BEGINNINGS: Hires C. Conde & Associates as Legal Counsel T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: 25 Mineral Operators Get 'Holdover' Letters TRINIDAD & TOBAGO: Stakeholder Says Tourism Sector Must Act Faster - - - - - =========== B R A Z I L =========== BRAZIL: IDB OKs $52.9MM Maranhao State Sustainability Loan ---------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) approved a $52.9 million loan for the state of Maranhao in Brazil to strengthen fiscal revenue and public expenditure management. The operation will modernize Maranhao's fiscal management by aligning systems and processes with the country's consumption tax reform as well as enhance the state's ability to deliver services and support sustainable economic and social development. This new plan is part of the third phase of the PROFISCO Program, a national IDB-supported initiative to strengthen fiscal sustainability at the subnational level in Brazil. The program will finance measures to strengthen fiscal governance, modernize technology and operational processes, and build institutional capacity. It will improve cybersecurity, procurement and logistics, and promote transparency and fiscal citizenship, with a strong focus on inclusion. Additional measures will strengthen taxpayer registration, enforcement, and disputes resolution, improve budget and financial management, and reinforce systems to manage fiscal risks and recover public revenues. These efforts are expected to facilitate tax compliance while increasing transparency and enabling higher-quality public spending and ultimately suport better public services for the population. The loan has a 24-year maturity, a six-year grace period, and an interest rate based on SOFR. Counterpart financing totals $5.9 million. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. =========================== C A Y M A N I S L A N D S =========================== AMBIPAR EMERGENCY: Plan Exclusivity Period Extended to June 1 ------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Ambipar Emergency Response's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 1 and July 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has used its time in chapter 11 to stabilize the operating business of its subsidiaries, protect estate assets, and productively and efficiently to work with its stakeholders and its affiliates (including in the RJ Proceeding) to begin development of a comprehensive restructuring. Accordingly, application of the relevant factors to the facts of this chapter 11 case demonstrates that ample cause exists to grant the reasonable extension of the Exclusivity Periods requested herein. The Debtor claims that the global scope and unusual posture of Ambipar Group's restructuring efforts, involving dual plenary insolvency proceedings in both Brazil and the United States, is sufficient alone to justify a first extension of the Exclusivity Periods. While the Debtor has a limited number of creditors and is party to very few contracts, it is part of the larger Ambipar Group, which is engaged in a complex, multi-jurisdictional restructuring that arose out of a free-fall into court protection. Since the Petition Date, the Debtor, along with the other RJ Parties, has made substantial progress in negotiating a global restructuring with its stakeholders, warranting an extension of the Exclusivity Periods. The Debtor's substantial progress toward a consensual restructuring in working with its creditors and administering its case support the extension of the Exclusivity Periods. The Debtor asserts that it seeks to maintain exclusivity so parties with competing interests do not impede the Debtor's pursuit of emergence from this chapter 11 case. Extending the Exclusivity Periods benefits all parties in interest by preventing the drain on time and resources that inevitably occurs when multiple parties with potentially diverging interests vie for the consideration of their own respective plans. Ambipar Emergency Response is represented by: Jason S. Brookner, Esq. Lydia R. Webb, Esq. Gray Reed 1300 Post Oak Blvd., Suite 2000 Houston, TX 77056 Telephone: (713) 986-7000 Facsimile: (713) 986-7100 Email: jbrookner@grayreed.com lwebb@grayreed.com - and - David R. Zylberberg, Esq. Nicholas E. Baker, Esq. Moshe A. Fink, Esq. Rachael L. Foust, Esq. Zachary J. Weiner, Esq. Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY 10016 Telephone: (212) 455-2000 Facsimile: (212) 455-2502 Email: david.zylberberg@stblaw.com nbaker@stblaw.com moshe.fink@stblaw.com rachael.foust@stblaw.com zachary.weiner@stblaw.com About Ambipar Emergency Response Ambipar Emergency Response (OTCMKTS: AMBWQ) is a global environmental and emergency response firm. Ambipar Emergency Response is a holding company incorporated under the laws of the Cayman Islands. Ambipar Emergency Response became a public company through a de-SPAC transaction, which closed on March 3, 2023. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the Chapter 11 case. The Debtor is represented by Simpson Thacher & Bartlett LLP and Gray Reed & McGraw LLP. Quinn Emanuel Urquhart & Sullivan, LLP serves as counsel to the Independent Special Committee of the Board of Directors of the Debtor. Kurtzman Carson Consultants, LLC DBA Verita Global serves as the Debtor's noticing agent. White & Case LLP represents an ad hoc group of lenders and financing providers. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Monetary Poverty Rate Drops to 15% in 1Q 2026 ----------------------------------------------------------------- Dominican Today reports that the Dominican government reported that the country's overall monetary poverty rate fell to 15.4% during the first quarter of 2026, marking a 2.6 percentage-point decrease compared to the 18.1% recorded during the same period in 2025. According to preliminary figures released by the Ministry of Finance and Economy of the Dominican Republic and validated by the National Statistics Office (ONE) and the Central Bank of the Dominican Republic, the decline in poverty was linked to economic growth and higher labor income, the report notes. The country’s Monthly Indicator of Economic Activity (IMAE) registered cumulative growth of 4.1% during the period, according to Dominican Today. Authorities also attributed the improvement to increases in sectoral and non-sectoral minimum wages implemented between April 2025 and February 2026, benefiting lower-income households, the report relays. The report noted that labor income growth contributed 3.74 percentage points toward reducing poverty, helping offset the effects of inflation, the report says. Despite the progress, the bulletin highlighted persistent disparities between urban and rural areas. Rural monetary poverty stood at 18.8%, compared to 14.8% in urban communities, leaving a 4 percentage-point gap, the report discloses. The report defines monetary poverty as the condition in which household income is insufficient to cover the cost of a basic basket of goods and services, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= E C U A D O R ============= BANCO DEL PACIFICO: Fitch Assigns 'B-' LongTerm Foreign Currency ID ------------------------------------------------------------------- Fitch Ratings has published Banco del Pacifico, S.A.'s (Pacifico) Long-Term Foreign Currency Issuer Default Rating (IDR) of 'B-', Short-Term Foreign Currency IDR of 'B', Viability Rating (VR) of 'b-', and Government Support Rating (GSR) of 'ns'. The Rating Outlook for the Long-Term IDR is Stable. Key Rating Drivers IDR and VR Standalone Assessment: Pacifico's VR of 'b-' underpins its IDR and reflects Fitch's view of Pacifico's leading position within the Ecuadorian financial system, adequate asset quality, improving profitability, robust capitalization, stable funding, ample liquidity, and government ownership. Operating Environment: Ecuador's sovereign rating of 'B-' and the broader operating environment considerations support the bank's intrinsic creditworthiness. Pacifico's Operating Environment (OE) score is 'b-', reflecting Fitch's view that the sovereign rating level supports the banking system's OE through lower country risk, which helps contain risk premiums and funding costs, improve access to wholesale funding markets, provide a more stable macroeconomic and policy backdrop, support investor appetite, and foster capital inflows. Strong Business Profile: Pacifico's business profile score of 'b+' reflects its strong domestic franchise as Ecuador's second-largest bank by assets, with a 12.9% market share at 1Q26, a diversified universal banking model, and a broad nationwide service network. The bank maintains a consistent financial profile within Ecuador and leading positions across key banking products. Its business model has supported stable operating revenue generation, with a four-year average of USD605 million. Business volumes expanded by 19.3% YoY at YE 2025. Adequate Asset Quality: Pacifico's asset quality score of 'b' reflects manageable asset deterioration, moderate borrower concentrations, and strong reserve coverage. At YE 2025, the bank's regulatory NPL ratio, based on a stricter past-due criterion than the 90-day measure, was 2.6%, comparing favorably with its four-year average of 3.4%. Reserve coverage remains a key strength, with loan loss allowances covering 240.2% of impaired loans at YE 2025. Fitch expects asset quality metrics to remain broadly stable, supported by a more favorable operating environment, although still influenced by growth in productive and commercial lending. Sound Profitability Metrics: Pacifico's profitability score of 'b' reflects solid earnings generation, underpinned by stable core revenues, sound efficiency and diversified income sources. At YE 2025, its operating profit to risk-weighted assets was 2.4%, above the average of recent years (2022-2025: 2.0%) and supportive of solid internal capital generation. Profitability continued to benefit from a stable net interest margin of 5.6%, adequate cost control, as reflected in an efficiency ratio of 43.2%, and a substantial contribution from non-interest income, which accounted for 36.7% of gross revenues at YE 2025. Fitch views this revenue diversification as consistent with Pacifico's universal and transactional banking model. Profitability, however, remains influenced by the cost of risk. Fitch expects profitability metrics to remain broadly stable, supported by continued growth in service revenues through various electronic and digital channels. Ample Capitalization Metrics: Fitch's capitalization and leverage score of 'b' reflects Pacifico's adequate capital buffers, supported by consistent internal capital generation and a conservative dividend policy, albeit constrained by strong loan growth and a high proportion of risk-weighted assets. At YE 2025, Pacifico's Fitch Core Capital to FCC-adjusted risk-weighted assets was 12.6%, while the total capital ratio was 13.8%, indicating sound capitalization that remains supportive of the bank's risk profile. These metrics are influenced by dividend distributions and the use of retained earnings to build loan loss reserves. Even so, Fitch views Pacifico's capital position as strong, with sufficient capacity to absorb unexpected losses and support credit growth, while remaining favorable relative to peers. Stable Funding and Good Liquidity: Pacifico's funding and liquidity score of 'b' reflects its adequate and stable funding structure, supported by a granular deposit base and sound liquidity buffers. At YE 2025, the gross loans-to-customer deposits ratio improved to 78.7% from 80.0% at YE 2024, as deposit growth outpaced loan expansion, benefiting from ample liquidity in the banking system. Customer deposits continued to represent the main funding source, covering 94.7% of gross loans, while the bank also maintained access to debt capital markets and wholesale funding. In addition, Pacifico's liquidity profile remained sound, with high-quality available funds representing approximately 40% of customer deposits, providing a comfortable cushion to meet short-term obligations and support business growth. Government Support Rating (GSR) The GSR of 'ns' reflects that despite Pacifico's important market share and local franchise, Fitch believes there is no reasonable assumption of support being forthcoming from the sovereign due to Ecuador's limited financial flexibility and the lack of a lender of last resort. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDR, VR and GSR - The IDRs are sensitive to changes in the sovereign rating or to deterioration of the local operating environment; - The IDRs and VR could be downgraded if there is significant deterioration in the banks' intrinsic credit profile, although downside potential due to intrinsic financial deterioration is somewhat limited, given the low VR level imposed by the sovereign constraint. - The GSR has no downgrade potential, as it is at the lowest possible level. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Pacifico's ratings upside potential is limited. In the long term, an upgrade would require improved prospects for the operating environment and a meaningful and sustained improvement of core profitability, combined with improvements in the bank's asset quality and profitability. - The government of Ecuador's propensity and ability to provide timely support to Pacifico are unlikely to change in the near future, given the sovereign's low speculative-grade IDR. However, Fitch will continue to assess over the medium term whether any change in the sovereign's propensity to support the bank could lead to a different assessment from 'ns', given the bank's state ownership. VR ADJUSTMENTS The Viability Rating of 'b-' is below the 'b' implied Viability Rating due to the following adjustment reason(s): operating environment / sovereign rating constraint (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Banco del Pacifico SA LT IDR B- Publish ST IDR B Publish Viability b- Publish Gov't Support ns Publish ============= J A M A I C A ============= JAMAICA: Trade Deficit Narrowed to US$458.3 Million in January -------------------------------------------------------------- RJR News reports that Jamaica's trade deficit - the difference between the country's imports and exports - narrowed in January this year as both import spending and export earnings declined. Latest figures show the country imported goods valued at US$573.1 million during the month, while exports earned US$114.8 million, according to RJR News. That resulted in a trade deficit of approximately US$458.3 million, the report notes. Import spending fell 11.5 per cent compared with January last year, mainly due to lower imports of raw materials and intermediate goods, consumer goods, and fuels and lubricants, the report says. The largest decline came from fuels and lubricants, which dropped by 30.7 per cent, the report discloses. Meanwhile, export earnings declined 14.4 per cent, largely due to a sharp fall in earnings from crude materials excluding fuels, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== BRIGHT BEGINNINGS: Hires C. Conde & Associates as Legal Counsel --------------------------------------------------------------- Bright Beginnings Day Care Center and Learning Academy Corp seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire C. Conde & Associates as its legal counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which the Debtor conducts operations, does business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, help the Debtor in the orderly liquidation of its assets; (c) assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and any legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform other services as may be required; (g) provide any and all notary services allowed under Notary Law; and (h) employ other professional services, if necessary. The firm will charge these hourly rates: Carmen Conde Torres, Esq. $400 Associates $350 Junior Attorney $300 Legal Assistants $150 Conde received a retainer of $15,000 from the Debtor, plus $1,738 filing fee. Carmen Conde Torres, Esq., disclosed in a court filing that she and other employees of the firm do not represent or hold any interest adverse to the Debtor and its estate. The firm can be reached through: Carmen D. Conde Torres, Esq. C. Conde & Associates 254 San Jose Street, 5th floor Old San Juan, PR 00901 Tel: (787) 729-2900 Fax: (787) 729-2203 Email: condecarmen@condelaw.com About Bright Beginnings Day Care Center and Learning Academy Corp Bright Beginnings Day Care Center and Learning ACA filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-02112) on May 8, 2026, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Mildred Caban Flores presides over the case. Carmen D. Conde Torres, Esq. at C. Conde & Associates serves as the Debtor's counsel. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: 25 Mineral Operators Get 'Holdover' Letters -------------------------------------------------------------- Trinidad and Tobago Guardian reports that the Ministry of Energy and Energy Industries (MEEI) has issued "hold over" letters to 25 operators in the minerals sector, allowing them to continue mining and processing activities while applications for renewed licences are being reviewed. The ministry said the letters were issued on May 22 to bona fide operators with active operations whose mining and processing licences had expired and were in the process of renewal, according to Trinidad and Tobago Guardian. Under the arrangement, the operators will be allowed to continue operating under the same terms and conditions as their previous licenses for a period of one year, the report notes. In a release issued, the ministry said the move was aimed at ensuring there was an adequate supply of minerals at affordable prices to support the country's infrastructure and industrial development programs, the report relays. The ministry pointed to the Government's Revitalization Blueprint programme, rolled out in November 2025, which includes 129 major construction projects across T&T, the report discloses. According to the MEEI, maintaining aggregate supply is critical to ramping up construction activity and keeping prices stable for consumers and contractors, the report says. The ministry also said the decision was expected to have a positive impact on employment, with increased construction activity likely to create jobs not only in construction but also in related sectors, including transportation, building materials, food services, and professional services, the report notes. Additionally, the ministry said it was reviewing a list of inactive operators with expired licences to determine whether they were interested in resuming operations as part of efforts to further increase aggregate production, the report relays. The MEEI also said it remained committed to assisting new applicants seeking licences for mining and processing activities. As part of that initiative, the ministry will host quarterly "Open House Sessions" in June for persons seeking to renew expired licences or apply for new ones. Dates for those sessions are expected to be announced in the coming weeks, the report notes. TRINIDAD & TOBAGO: Stakeholder Says Tourism Sector Must Act Faster ------------------------------------------------------------------ Andrea Perez-Sobers at Trinidad and Tobago Guardian reports that President of the Tourism Industry Association of T&T (TIATT) Lisa Shandilya says the country's tourism sector must move beyond planning and act faster if it wants to compete in an increasingly digital and fast-moving global market. Speaking at the association's Tourism 2026 forum, Shandilya said the tourism landscape was being reshaped by digital influences, strategic partnerships, authentic storytelling and data-driven marketing, according to Trinidad and Tobago Guardian. "The destinations that win are not necessarily the biggest. The winners are the most agile, the most connected, the most authentic and the most coordinated," she said, the report notes. Shandilya said the association had spent the last three months engaging diplomatic missions and international stakeholders to explore new tourism opportunities, cultural exchanges and market access for T&T, the report relays. She revealed that discussions were also underway with airlines, wholesalers and tourism marketers as part of efforts to unlock new source markets and strengthen airlift into the country, the report discloses. The TIATT president also stressed the importance of alignment between the private sector and Government, the report notes. She said the association recently met with officials from the Ministry of Trade, Investment and Tourism to better understand Government's priorities and identify areas where the private sector could support sustainable tourism development, the report says. Shandilya added that TIATT also contributed recommendations and stakeholder feedback during Tourism Trinidad Ltd's recent business planning exercise, the report relates. Among the proposals put forward was the creation of a verified tourism stakeholder registry aligned with the Tourism Development Act. She described the registry as critical to building a safer and more structured tourism industry, the report discloses. Shandilya also addressed concerns affecting accommodation providers in the region, including high commission fees charged by online booking platforms and the growing influence of short-term rental operators, the report relates. Through the Caribbean Hotel and Tourism Association (CHTA), she said TIATT had raised issues involving booking.com and called for balanced policy treatment for Airbnb, the report says. "We must protect both our international visitors and our legitimate tax-paying tourism stakeholders," she added. Shandilya pointed to the recent visit by internet personality iShowSpeed as an example of the power of influencer-driven tourism marketing, the report notes. She described the visit as one of the most impactful destination marketing moments T&T had experienced in years, the report adds. "The real opportunity was not just the live stream. It was the data behind it," she added. Shandilya warned that tourism opportunities linked to viral exposure now have a very short shelf life, the report relays. "In today's digital landscape, the window for converting that kind of attention into actual bookings is no longer measured in years. It is measured in weeks. Sometimes even days," she added. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *