260605.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
Friday, June 5, 2026, Vol. 27, No. 112
Headlines
A R G E N T I N A
EDEMSA: Fitch Rates Up to New USD300MM Sr. Unsecured Notes 'B'
B E R M U D A
APEX STRUCTURED: Moody's Cuts CFR to B3, Outlook Remains Stable
BORR DRILLING: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
B R A Z I L
AMAGGI MAGGI: Fitch Puts 'BB-' LongTerm IDRs on Watch Negative
BRAZIL: Faces 25% Tariff From U.S. Due to Unfair Trade Practices
D O M I N I C A
DOMINICA: Debt Above 60% of GDP, Vulnerable to Shocks, IMF Says
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Senate OKs US$600MM for Climate Action
J A M A I C A
JAMAICA: Grant Warns of Massive Job Losses in Coffee Industry
M E X I C O
TPI COMPOSITES: Court Confirms Second Amended Joint Ch 11 Plan
P E R U
AUNA SA: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
PETROPERU SA: S&P Affirms 'B-' ICR, Off CreditWatch Negative
P U E R T O R I C O
SPANISH BROADCASTING: June 25 Plan Confirmation Hearing Set
V E N E Z U E L A
VENEZUELA: Hires Hogan Lovells as Counsel for Debt
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A R G E N T I N A
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EDEMSA: Fitch Rates Up to New USD300MM Sr. Unsecured Notes 'B'
--------------------------------------------------------------
Fitch Ratings has assigned Empresa Distribuidora de Electricidad de
Mendoza S.A.'s (EDEMSA) proposed senior unsecured notes for up to
USD300 million a rating of 'B' with a Recovery Rating of 'RR3'.
Proceeds will be used to refinance existing debt and for general
corporate purposes.
EDEMSA's 'B-' Foreign Currency Long-Term Issuer Default Ratings
(IDRs) and 'B' Local Currency IDR are not affected by today's
actions. The Rating Outlooks on the IDRs are Stable.
Key Rating Drivers
Local Currency IDR and Security Ratings: EDEMSA's 'B' LC IDR
reflects its exposure to the local economy, improved regulatory
risk, financial strength, and strong debt profile, which are all
consistent with the higher rating category. Following the upgrade
of Argentina's sovereign rating to 'B-' from 'CCC+', the previous
variation in the recovery cap no longer applies. Argentina's
sovereign rating is no longer consistent with a distressed
environment.
For rated Argentine corporates whose LC IDR exceeds their FC IDR,
Fitch aligns the foreign-currency issue rating with the issuer's LC
IDR. Fitch believes exchange and capital controls, rather than
issuer-specific credit weakness, would most likely drive any
foreign-currency default or default-like process, based on
historical precedents in Argentina. In these cases, Fitch assigns
Recovery Ratings above Argentina's Recovery Ratings of 'RR3',
allowing for a one-notch uplift from the FC IDR.
Regulatory Update: Fitch expects EDEMSA's EBITDA to reach around
ARS200 billion in 2026. In November 2025, the VAD (aggregate
distribution value) adjustment was nearly 19%, followed by a VAD
adjustment of 5.5% in February 2026. Quarterly tariff adjustments
have consistently been applied since the company's tariff revision
was finalized in February 2024, including a basket of indices that
consider cost components, exchange rate variations and
inflation-linked variations.
EDEMSA has a natural hedge against the peso depreciation through
the tariff adjustment currently in place, and the company's cash
position is denominated in the same currency as its structural
debt, which avoids further depreciation. When the tariff periods
end in 2028, the company expects an additional increase in VAD,
remunerating additional assets incorporated in recent years to
EDEMSA's Regulatory Asset Base.
Moderate Leverage Profile: Fitch estimates EBITDA leverage at 3.2x
in 2026 and then declining to 2.4x by FY 2028, which is
commensurate with the 'a' category. Fitch expects the company's
interest coverage to average over 4.0x over the rating horizon,
assuming no incremental debt issued. Fitch assumes neutral to
positive FCF over the rating horizon, driven by assumptions of
USD90 million in capex annually.
Peer Analysis
EDEMSA's business profile compares with regional peers such as
Empresa Distribuidora y Comercializadora Norte S.A. EDENOR is
Argentina's largest electricity distribution company based on the
number of customers and the volume of electricity sold. It has an
exclusive concession to distribute electricity in the northwest of
Greater Buenos Aires and the northwest area of the Autonomous City
of Buenos Aires, serving about 3.4 million clients.
In Peru, Luz del Sur S.A.A. (BBB+/Stable) is among the largest in
electricity distribution and transmission. The company operates in
an efficient, high-density area with a high-income consumer base
that allows it to operate with costs and energy losses below
regulatory standards that are incorporated in the tariffs. Fitch
estimates the company's leverage ratio at 2.9x in 2026.
Over the rating horizon, EDEMSA's expected average gross leverage,
measured as total gross debt to EBITDA, over the rating horizon
averages around 3.0x, similar to EDENOR. EDEMSA has a lower scale
of operations compared with European integrated utilities such as
Engie S.A. (BBB+/Stable), Enel S.p.A. (BBB+/Stable), e-netz
Suedhessen AG (BBB+/Stable) and EDF Energy Holdings Limited
(BBB-/Stable). These are all well-diversified utilities operating
in energy and natural gas distribution, as well as networks, energy
solutions and nuclear assets.
Fitch’s Key Rating-Case Assumptions
- Annual average FX rate of USD/ARS of 1,595 in 2026 and 1,843 in
2027 and 1,980 in 2028;
- Inflation rate of 26.1% in 2026 and 17.7% in 2027 and 7.5% in
2028;
- Five-year tariff review process through 2028 including quarterly
adjustments increasing by inflation;
- CAMMESA debt recognition of ARS25,515 million to be paid for
remaining about seven years included in tariff;
- Energy losses around 16% over the rating horizon;
- No dividend payments during 2026 to 2028.
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', Lower), sector characteristics
('b+', Higher), market and competitive positioning ('bb',
Moderate), diversification and asset quality ('bbb-', Moderate),
company operational characteristics ('b+', Higher), profitability
('bb', Moderate), financial structure ('a+', Lower), and financial
flexibility ('b+', Moderate).
The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the historical year
2025, 40% for the forecast year 2026 and 20% for the forecast year
2027.
The governance assessment of 'good' has no impact.
The operating environment assessment of 'b-' results in an
adjustment of -1 notch(es).
The SCP is 'b'.
To derive the Long-Term IDR:
Country Ceiling considerations apply and result in an adjustment of
-1 notch for the FC IDR.
Recovery Analysis
- The recovery analysis assumes that EDEMSA would be a going
concern (GC) in bankruptcy and that it would be reorganized rather
than liquidated.
- A 10% administrative claim
- The GC EBITDA is estimated at ARS140,000 million. The GC EBITDA
estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level on which Fitch bases the valuation
of EDEMSA.
- Enterprise value multiple of 4.0x.
Following the upgrade of Argentina's sovereign rating to 'B-' from
'CCC+', the previous variation applied to recovery cap no longer
applies, as Argentina's sovereign rating is no longer considered to
be consistent with a distressed environment.
Under the country groups specified in Fitch's "Country-Specific
Treatment of Recovery Ratings Criteria", Argentina falls under
group D, where Recovery Ratings are capped at 'RR4'. Fitch
believes, based on its bespoke recovery analysis, that EDMSA's
recovery prospects comfortably exceed the range implied for an
'RR4' under the criteria.
In addition, given that capital controls remain in place in
Argentina, Fitch believes that a default or default-like process
would more likely occur due to capital controls rather than
idiosyncratic corporate reasons. Based on historical precedents,
Fitch has observed that recoveries from defaults driven by capital
controls in Argentina have exceeded the 'RR4' threshold, therefore,
the senior unsecured notes are rated 'B'/'RR3'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Worsening of the regulatory environment, such as negative changes
to the regulated framework that do not allow EDEMSA to implement
the tariff structure, resulting in erosion of the company's
liquidity, cash flow and capital structure;
- A downgrade to Argentina's sovereign rating and/or changes to the
operating environment of Argentina;
- Adverse change of control at EDEMSA that affects the company's
business and financial strategy, dividends distribution and cash
extraction or changes in corporate governance practices;
- Inability to pass through tariff components, creating an FX
mismatch to repay hard currency debt.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Improvement in the regulatory framework migrating to a
constructive scheme, with low government interference in utility
regulations with a clear tariff structure, enabling companies to
recover costs of service from end users through tariffs;
- An upgrade of Argentina's sovereign rating and/or changes in the
operating environment of Argentina.
Liquidity and Debt Structure
As of 1Q2026, EDEMSA had cash on hand and short-term investments of
ARS237,137 million (USD172 million) with short-term debt maturities
of ARS100,545 million (USD72 million). At 1Q2026, EDEMSA had
ARS27,297 million debt with CAMMESA, which the company has been
paying on time as of February 2024. The company plans to issue
USD300 million in senior secured notes, to cancel debt maturities
for USD220 million and use the remaining for general corporate
purposes.
Issuer Profile
Empresa Distribuidora de Electricidad de Mendoza S.A. (EDEMSA)
oversees the supply and marketing of electricity in 11 departments
of Mendoza, Argentina. Energy distribution is regulated through the
Ente Provincial Regulador de la Energía Électrica (EPRE).
Date of Relevant Committee
13 May 2026
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 Empresa Distribuidora de Electricidad de Mendoza S.A.
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 Recovery
----------- ------ --------
Empresa Distribuidora
de Electricidad de
Mendoza S.A.
senior unsecured LT B New Rating RR3
=============
B E R M U D A
=============
APEX STRUCTURED: Moody's Cuts CFR to B3, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of Apex
Structured Intermediate Holdings Ltd. (Apex) to B3 from B2. Moody's
also downgraded Apex's probability of default rating to B3-PD from
B2-PD. Concurrently, Moody's downgraded to B3 from B2 the
instrument ratings of the senior secured first-lien term loans
issued by Apex Group Treasury LLC and Apex Group Treasury Limited.
Further, Moody's downgraded the senior secured first-lien revolving
credit facility (RCF) issued by Apex Group Treasury Limited to B3
from B2. The outlook on all entities remains stable.
RATINGS RATIONALE
The rating action reflects weaker-than-expected operating
performance, which has limited deleveraging, and continued negative
free cash flow generation. The ratings downgrade is driven
primarily by the company's materially softer performance in 2025,
with organic revenue growth of around 4.5%, significantly below its
historical double-digit trajectory and that Moody's do not expect
to recover quickly. Profitability growth has also weakened, with
EBITDA margins flat year on year in the high 20% range. Although
EBITDA adjustments have declined modestly, they remain substantial,
resulting in persistently negative free cash flow.
Another key factor underpinning the downgrade is Apex's inability
to deleverage in line with Moody's prior expectations. Moody's
estimates Moody's-adjusted leverage at approximately 8.0x for
FY2025, compared with Moody's earlier expectations of around 6.5x.
In addition, these leverage figures incorporate significant
pro-forma and non-recurring add-backs, reducing the transparency
and credit quality of reported earnings.
Structural and financial risks also weigh on the ratings. While
acquisition activity has slowed considerably compared to prior
years, it remains ongoing, with spending of $116 million in 2025
and $79 million in 2024 following significantly higher levels in
earlier years. A small new transaction has been announced in 2026,
although management has indicated that no new acquisitions are
planned and management is focused on operational efficiency and
integrating existing acquisitions. In addition, the capital
structure includes a large shareholder-level payment-in-kind
instrument of approximately $2.6 billion, accruing annual dividends
of approximately 13% and redeemable in 2054. This instrument
introduces additional structural subordination and increases
overall financial risk.
Despite these challenges, Apex continues to benefit from several
credit strengths. The company is one of the largest independent
fund services providers globally and generates a high proportion of
recurring revenues, with limited direct exposure to market
volatility. Its diversified customer base and high client retention
rates support revenue stability, while its underlying profitability
remains solid, offering potential for meaningful free cash flow
generation once performance stabilises and acquisition activity
continues to be curtailed. Also positively, in 2025 Apex
strengthened its senior management team through a number of senior
executive appointments, which are intended to support the
integration of prior acquisitions and improve overall operational
performance.
ESG
Governance considerations were a key driver of this rating action,
reflecting both the management team turnover and the limited
transparency of financial reporting. The latter is characterised by
a substantial number of adjustments to reported EBITDA that fall
outside the scope of independent audit verification.
LIQUIDITY
Liquidity remains adequate but has weakened due to ongoing negative
free cash flow after capturing integration costs and other
operational pressures. Apex had an operating cash balance of
approximately $95 million at YE 2025 and close to $370 million
available on the RCF with no near-term maturities.
RATING OUTLOOK
The stable outlook encompasses Moody's expectations that Apex's
performance improves gradually over 2026 and its liquidity remains
adequate with no short term maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the rating if Apex sustainably reduces its
Moody's-adjusted debt/EBITDA to below 6.5x, after adjusting for
exceptional items considered to be recurring in nature. An upgrade
would also require the company to maintain strong operating
profitability, generate meaningful positive free cash flow on a
sustained basis, and demonstrate successful integration of recently
acquired businesses, including the realisation of expected
synergies and a corresponding reduction in one-off items and other
pro forma EBITDA adjustments.
Moody's could downgrade the rating if revenue growth continues to
decelerate, EBITDA margins deteriorate materially, or the company's
liquidity position fails to improve, as evidenced by an inability
to reduce revolving credit facility drawings by year-end 2026.
STRUCTURAL CONSIDERATIONS
The company's debt facilities consist of a senior secured
first-lien term loan, divided into tranches of $2,987 million and
EUR883 million, as well as a pari passu ranking $460 million senior
secured RCF. The B3 rating on the senior secured first-lien
facilities is in line with the B3 CFR.
The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
Apex is one of the largest independent providers of fund
administration services, financial and corporate solutions, founded
in 2003 by its current CEO and headquartered in Bermuda. The group
is a global operator with presence in 50 countries across the
world, serving more than 10,000 clients with $3.4 trillion of
assets on its platforms. Apex is majority-owned by private equity
firm Genstar (56%), with minority shareholders TA Associates (24%),
founder Peter Hughes, Mubadala and Carlyle holding most the
remaining equity.
BORR DRILLING: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Borr Drilling Limited's Long-Term Issuer
Default Rating (IDR) and senior secured debt at 'B-'. The Outlook
on the IDR is Stable. The Recovery Rating is 'RR4'. Fitch has also
assigned a 'B-(EXP)' expected rating to the proposed senior secured
notes to be co-issued by Borr IHC Limited and Borr Finance LLC. The
Recovery Rating is 'RR4'.
The IDR is constrained by the inherent cyclicality of the offshore
drilling market and high leverage after the acquisition of five
jack-up rigs from Noble Corporation plc (BB-/Stable) this year.
Rating strengths include the company's moderate scale, the
geographic diversification of its high-specification and
high-quality jack-up rigs fleet, some near-term revenue visibility
from its contracted order backlog and proactive liquidity
management. The Stable Outlook reflects its expectation that EBITDA
leverage will remain within the rating sensitivities over the next
four years.
The final senior secured rating is contingent on the receipt of
final documentation conforming to documentation already reviewed.
Key Rating Drivers
Acquisition Increases Leverage: The acquisition of five jack-up
rigs from Noble in January 2026 was funded largely by senior
secured debt, including a USD165 million tap on the company's
existing 2030 notes and USD150 million six-year senior secured
vendor financing. Two of the acquired rigs with long-term contracts
are under the restricted group, backing Borr's super senior
revolving credit facility (RCF), senior secured RCF, and senior
secured bonds. Three uncontracted rigs are pledged to the vendor
financing facility until they are put on contracts and can be
rolled into the broader restricted group through additional bond
issues.
Borr's EBITDA leverage was at 4.5x in 2025 and Fitch expects it to
rise towards the negative sensitivity of 5.5x in 2026, before
settling to 4.4x on average during 2027-2029. This improvement will
be driven by earnings recovery and contractual amortisation of its
senior secured notes. Healthy earnings generation, low capex and
the absence of dividends may enable some discretionary gross debt
reduction, but Fitch does not include this in its rating case.
Active Liquidity Management: The proposed senior secured notes will
extend the nearest large debt maturities into 2032 from 2028 while
annual bond amortisations will be slightly above USD100 million.
Borr plans to refinance all outstanding USD1.1 billion 2028 notes
and USD385 million outstanding 2030 notes with two new notes of
USD800 million each, maturing in 2032 and 2034. It also plans to
merge its two current RCFs into one super senior RCF and extend its
maturity accordingly. Borr has recently refinanced most of its 2028
convertible notes with a similar instrument with 2033 maturity,
increasing the outstanding convertibles amount by USD104 million.
Fitch expects Fitch-defined free cash flow (FCF) to remain positive
during 2026-2029, due to low maintenance capex and no further
shareholder distributions, comfortably covering debt amortisation.
Any excess cash will further strengthen liquidity over time.
Limited Impact from Iran Conflict: Borr has four contracted rigs
and one non-contracted rig in the Middle East region, out of 29
total rigs. All four rigs have now returned to full operations
while the contract for one of the rigs has recently expired, after
having suspended operations at the start of the Iran conflict. The
company expects that once the Strait of Hormuz is reopened,
contracting activity in the region will recover and more rigs will
be required than previously.
Some Revenue Visibility: Borr's backlog was USD1.2 billion as of
March 2026. At that date, 71% of fleet availability was covered by
firm contracts at an average day rate of USD137,000 for 2026 and
29% was covered at USD142,000 for 2027. Fitch expects Borr's rig
utilisation to remain adequate; however, Fitch expects some of the
rigs to be acquired to have low near-term utilisation, particularly
as all five will have lower utilisation than Borr's existing fleet.
Fitch assumes the new rigs will be able to secure similar day rates
to Borr's existing fleet, at about USD125,000/day on average
through to 2029 for new contracts.
Uncontracted Rigs Excluded from Recoveries: Three of the five rigs
to be acquired are uncontracted and will initially be excluded from
the collateral package backing the company's RCFs and bond and will
instead be pledged to the USD150 million vendor loan. Its IDR
analysis is based on a consolidated approach as Fitch believes the
acquired rigs are strategic in nature and their associated opex and
debt service will be funded by the broader Borr group. However,
Fitch excludes from its recovery analysis the vendor loan and the
EBITDA and asset values associated with these three rigs.
High-Specification Jack-Up Fleet: Borr's jack-up fleet, after the
acquisition from Noble, remains among the newest on the market,
with an average age of about 9.4 years. Fitch expects the fleet of
high-specification rigs to have fairly low run-rate capex
requirements averaging about USD65 million a year, with assets able
to service complex projects in a variety of geographies. Fitch
expects the company's assets to be sought by customers looking to
develop higher complexity, shallow-water projects where the
efficiency and technical specifications of rigs are vital. This
should partly insulate it against competition from standard-spec
rigs and allow for more resilient day rates.
Mixed Customer Base: Borr has healthy customer and geographic
diversification, but retains some exposure to Petroleos Mexicanos
(PEMEX, BB+/Stable), which has a weak financial profile and has
suspended rigs and delayed payments to Borr in the past, as well as
some privately-owned independent upstream producers. This is partly
offset by strong relationships with other, higher quality
customers, such as Saudi Aramco (A+/Stable), QatarEnergy (AA/RWN),
PTT Exploration and Production Public Company Limited
(BBB+/Negative), and European oil and gas majors.
Peer Analysis
Fitch rates Borr one notch below Viridien S.A. (B/Stable) due to
similar order book volatility, but Fitch expects the latter to
generate stronger FCF and maintain lower leverage and generally
greater rating headroom. This is offset by Borr's higher EBITDA and
access to more varied funding sources.
Fitch rates Borr two notches below Valaris Limited (B+/Rating Watch
Negative) due to the latter's higher mid-cycle EBITDA, stronger
liquidity, and lower mid-cycle leverage, alongside a more
diversified asset base. This is partly offset by Borr's higher
EBITDA margins. Valaris's rating was put on Rating Watch Negative
following the announcement that it will be acquired by Transocean
Ltd., potentially leading to a weaker combined credit profile.
Fitch’s Key Rating-Case Assumptions
- Utilisation rate averaging 85% for 2026-2029
- Day rates averaging around USD130,000 for 2026-2029
- EBITDA margin averaging about 44% for 2026-2029
- Capex averaging USD65 million a year for 2026-2029
- No dividend payments
- Contractual amortisation of senior secured bonds and repayment of
the outstanding 5% convertibles in 2028
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', Lower), sector characteristics
('bb-', Moderate), market and competitive positioning ('b',
Moderate), diversification and asset quality ('b+', Moderate),
company operational characteristics ('b-', Higher), profitability
('bb', Lower), financial structure ('b-', Higher), and financial
flexibility ('b', Moderate).
The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 30% for the forecast year
2027, 30% for the forecast year 2028 and 20% for the forecast year
2029.
B+ to CC considerations apply in its analysis and result in no
adjustment.
The governance assessment of 'good' has no impact.
The operating environment assessment of 'bbb-' has no impact.
The SCP is 'b-'.
Recovery Analysis
The recovery analysis assumes that Borr would be liquidated in a
bankruptcy rather than reorganised as a going concern. This is
driven by Borr's new assets, with several decades of useful life
left and no large investment needs. Other oilfield services
companies in its rating universe, such as Valaris, have assets that
are older, have less useful remaining life or require more
substantial investments leading to lower asset valuations, although
EBITDA generation within its forecast horizon may be similar to or
even higher than that of Borr.
For the purpose of the recovery calculation, Fitch includes
going-concern EBITDA attributable only to the existing rig fleet
and the two newly acquired contracted rigs, which are pledged to
the restricted group backing the bonds and RCFs. The other three
rigs are pledged to the vendor financing facility, which
constitutes a separate creditor group. Fitch therefore only
includes asset values associated with the contracted rigs in its
calculation of liquidation value.
Fitch assumes the new USD250 million super senior secured RCF
(which will refinance the existing USD200 million super senior and
USD34 million senior secured RCFs) are fully drawn. The new super
senior RCF is senior to the existing and new senior secured bonds.
The senior unsecured convertible bonds of USD344 million in total
are subordinated to the senior secured bonds.
Its waterfall analysis, after a deduction of 10% for administrative
claims, led to a waterfall-generated recovery computation in the
'RR4' band, indicating a 'B-' instrument rating. While not
applicable at the moment, Borr's revenue base is strongly
concentrated in countries under Country Group D, which will cap
Recovery Rating at 'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Weakening liquidity and increasing refinancing risk
- EBITDA interest coverage below 1.5x on a sustained basis
- EBITDA gross leverage above 5.5x on a sustained basis
- Significant deterioration in the tenor, quality, or size of
contract backlog or failure to maintain adequate fleet utilisation
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA gross leverage below 3.5x on a sustained basis
- EBITDA interest coverage above 3x on a sustained basis
- Maintaining adequate liquidity with no near-term refinancing
risk
Liquidity and Debt Structure
Borr's liquidity is adequate, with cash and equivalents of USD246
million as of end-1Q26 versus USD129 million short-term debt. At
end-3M26, the company had USD234 million of availability under its
RCFs, and sufficient positive FCF to cover the contractual
amortisation of its senior secured notes. It has no major
maturities until 2028 and the new refinancing will push its first
major maturities into 2030 and thereafter, apart from the
contractual amortisation of about USD101 million after
refinancing.
Issuer Profile
Borr is a contract drilling company operating a fleet of jack-up
drilling rigs.
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
Borr's Climate.VS for 2035 is 60, suggesting high exposure to
climate-related risks. This is the average for pure oilfield
services providers.
Key transition risks arise due to the oilfield services sector's
reliance on exploration activities and oil and gas project capex,
which may begin to structurally reset to substantially lower levels
when oil and gas companies accelerate the shift in their business
models towards low-carbon options. This risk does not have a
material influence on the rating given the long timescale over
which the transition may take place, uncertainty regarding the
extent and nature of changes, and the reaction of markets and
companies.
Borr's fleet as one of the youngest in the industry is a positive
as modern rigs are less carbon-intensive, per barrel extracted,
than older assets. However, its offshore focus and limited
diversification into other business segments adds to the overall
Climate.VS.
Any potential future impact on the rating may differ from the
illustrative rating impact in the Climate.VS framework, reflecting
the evolution of Fitch's assessment of the global risks, action the
entity might take to adapt to or mitigate the exposure, and any
other relevant factors.
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 Recovery Prior
----------- ------ -------- -----
Borr Drilling
Limited LT IDR B- Affirmed B-
Borr Finance
LLC
senior
secured LT B-(EXP) Expected Rating RR4
senior
secured LT B- Affirmed RR4 B-
Borr IHC
Limited
senior
secured LT B-(EXP) Expected Rating RR4
senior
secured LT B- Affirmed RR4 B-
===========
B R A Z I L
===========
AMAGGI MAGGI: Fitch Puts 'BB-' LongTerm IDRs on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed on Rating Watch Negative (RWN) Andre Maggi
Participacoes S.A.'s (Amaggi) 'BB-' Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) as well as Amaggi Luxembourg
International S.a r.l.'s 'BB-' senior debt and Amaggi's 'AA(bra)'
Long-Term National Scale Rating.
The RWN follows the recently announced acquisition of a 40% stake
in FS Industria de Combustiveis Ltda. and related companies,
financed with USD700 million of new debt. Fitch believes the
transaction weakens Amaggi's credit profile and financial
flexibility. RMI leverage and net leverage will rise to 7.1x and
4.0x, respectively, levels not commensurate with the 'BB' category.
Metrics will likely remain elevated longer than previously expected
as deleveraging progresses. Although the deal supports
diversification, Amaggi's access to FS's cash flow will be limited
to dividend distributions.
The acquisition is still pending antitrust approvals and, if
completed, the ratings will likely be downgraded by one notch.
Key Rating Drivers
Prolonged High Leverage: The acquisition of a 40% stake in FS will
substantially increase Amaggi's leverage and reduce its financial
flexibility. Fitch expects the transaction to weaken the company's
credit metrics relative to previous expectations, with RMI-leverage
of 7.1x in 2026, 6.6x in 2027 and 6.1x in 2028, and RMI net
leverage remaining above 4.0x during the same period. This compares
unfavorably with the current rating sensitivities and increases
downside risks if operating performance is weaker than expected or
deleveraging is delayed.
Strategic Benefits Support Business Profile: Fitch believes the
acquisition could strengthen Amaggi's business profile because it
enhances diversification and increases integration in the corn
value chain. The investment should expand the issuer's exposure to
value-added products and support a broader operating platform.
These benefits, however, are offset in the near to medium term by
the additional pressure on the financial profile.
Stable Soybeans Outlook: Fitch's base case assumes that soybean
production in Mato Grosso in 2026 will be in line with 2025 at
around 51 million tons. After a challenging 2024, expected
production provides healthier competition for origination by
improving margin spreads and diluting logistics expenses for
traders, as well as improving margins for farmers in the region.
However, El Niño developments in 2H26 add downside risk to Fitch's
assumptions due to potential drought and irregular rainfall and
could affect production and yields. For 2027, Fitch expects soybean
production to decline due to higher fertilizer and freight costs
from the Iran conflict.
Commodities Prices: Fitch assumes soybean prices of USD11.30 per
bushel in 2026 and USD11.10 per bushel in 2027, as well as corn
prices of USD4.47 per bushel in 2026 and 2027. These prices should
not pressure the working capital needs of commodity trading
companies. However, fertilizer prices in the second half of 2026
warrant monitoring because they will affect soybean crop costs for
harvest in the first quarter of 2027.
Competitive Structure in Mato Grosso: Amaggi's capacity to process
large volumes, thanks to its logistics, enables the group to
compete with large multinational grain companies such as Archer
Daniels Midland Company (ADM; A/Negative), Cargill Incorporated,
and Bunge Global S.A. (Bunge; BBB+/Stable) in the acquisition of
grains in Mato Grosso, which is the largest soy and corn producing
region in Brazil.
Counterparty Risks: Financing provided to farmers is subject to
strict criteria and is secured by rural credit notes. No single
producer represents more than 1.4% of Amaggi's annual origination.
As a large agricultural producer with farmlands in different
locations, the company follows the development of the crop over
different locations in the state.
EBITDA Margins Around 5.3%: Fitch forecasts EBITDA margins of
around 5.3% in 2026 versus 3.6% in 2024 and 6.1% in 2025. The crop
failure in Mato Grosso in 2024 impacted the group's overall
performance, but the strong performance of the 2025 crop season was
important for margin recovery. Fitch projects cash flow from
operations of USD209 million in 2026 and USD252 million in 2027.
Peer Analysis
Fitch views Amaggi's business risk profile as weak relative to its
peers Bunge, Cargill and ADM. Amaggi has a smaller operational
scale, lower diversification, and substantial concentration in one
region. Although Amaggi's consolidated profitability is adequate,
it remains exposed to intense industry competition from large
international groups with strong credit profiles.
Fitch’s Key Rating-Case Assumptions
- Soybeans prices of USD11.30 per bushel in 2026 and USD11.10 per
bushel in 2027;
- Corn prices of USD4.47 per bushel in 2026 and in 2027;
- Cotton prices of USD71 cents per pound in 2026 and USD74 cents
per pound in 2027;
- Total investments of USD416 million in 2026 and USD425 million in
2027.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): management (bbb-, Lower), sector characteristics (bb+,
Moderate), market and competitive positioning (bb-, Higher),
diversification and asset quality (bb, Moderate), company
operational characteristics (bbb-, Moderate), profitability (a-,
Lower), financial structure (b-, Moderate), 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-'.
To derive the Long-Term IDR:
- Fitch made no adjustments to the SCP, resulting in Foreign
Currency and Local Currency IDRs of 'BB-'.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Loss of business diversification;
- RMI-adjusted net leverage (RMI adjusted total net debt to
operating EBITDA) above 4.0x on a sustainable basis;
- RMI-adjusted gross leverage (RMI adjusted total gross debt to
operating EBITDA) above 4.5x on a sustainable basis;
- Liquidity ratio (cash and marketable securities + RMI + account
receivables/total short liabilities) below 0.8x at year-end;
- RMI-adjusted EBITDA/interest paid below 2.3x;
- Secured debt/EBITDA above 2.5x;
- A multi-notch downgrade of Brazil's Country Ceiling and inability
to cover hard currency interest expenses by offshore cash and
exports.
The RWN would be resolved with a downgrade upon confirmation of the
transaction's closing and funding from a new USD700 million
facilities plus up to USD150 million in an intercompany loan from
its sister company in Europe.
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Improved scale and geographical diversification;
- RMI-adjusted net leverage (RMI adjusted total net debt to
operating EBITDA) below 3.0x on a sustained basis;
- RMI-adjusted gross leverage (RMI adjusted total gross debt to
operating EBITDA) below 3.5x on a sustainable basis;
- Liquidity ratio (cash and marketable securities + RMI + account
receivables/total short-term liability) above 1x on a sustainable
basis;
- Secured debt/EBITDA below 1x.
Liquidity and Debt Structure
Amaggi's financial flexibility weakens post-transaction following
an increase in gross leverage and higher medium-term refinancing
risks. Liquidity headroom to absorb shocks inherent to the business
have also diminished. However, the company has demonstrated access
to diversified sources of external liquidity for short-term working
capital along with cash, short-term marketable securities, and high
levels of liquid RMI, .
As of Dec. 31, 2025, Amaggi reported consolidated cash and
marketable securities of USD870 million and USD890 million of
short-term debt. The company also has access to several uncommitted
bank lines and maintains a minimum cash policy of USD400 million.
The company's liquidity ratio, based on cash, receivables, RMI and
derivatives divided by total current liabilities, was 1.0x as of
Dec. 31, 2025. On a pro forma basis, Amaggi's debt amortization
profile would be USD1.2 billion in 2026, USD765 million in 2027 and
USD1.3 billion in 2028.
Issuer Profile
Amaggi is Brazil's fourth largest soft commodity trader, trading
around 18 million tons of grains annually. It is the third largest
agricultural producer with 386,000 hectares of farmland. Amaggi
operates across the agribusiness chain including farming, trading,
processing and logistics.
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 Amaggi.
ESG Considerations
Andre Maggi Participacoes S.A. has an ESG Relevance Score of '4'
for Waste & Hazardous Materials Management; Ecological Impacts due
to the ecological impact of its land use. A large amount of the
grain in its commodity business comes from the Amazon and Cerrado
biomes. This has a negative impact on the company's credit profile
and is relevant to the ratings in conjunction with other factors.
Andre Maggi Participacoes S.A. has an ESG Relevance Score of '4'
for Group Structure due to due to the existence of related-party
transactions, which has a negative impact on the credit profile and
is relevant to the ratings in conjunction with other factors.
Andre Maggi Participacoes S.A. has an ESG Relevance Score of '4'
for Governance Structure due to the lack of board independence
given that the company is privately controlled, 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 Prior
----------- ------ -----
Amaggi Luxembourg
International S.a r.l.
senior unsecured LT BB- Rating Watch On BB-
Andre Maggi
Participacoes S.A.
LT IDR BB- Rating Watch On BB-
LC LT IDR BB- Rating Watch On BB-
Natl LT AA(bra)Rating Watch On AA(bra)
BRAZIL: Faces 25% Tariff From U.S. Due to Unfair Trade Practices
----------------------------------------------------------------
globalinsolvency.com, citing New York Times, reports that the Trump
administration on Monday proposed a 25 percent tariff on a broad
range of Brazilian imports, concluding after a trade investigation
that Brazil had engaged in unfair practices that imposed burdens on
American businesses.
The U.S. Trade Representative Jamieson Greer said in a press
release that the investigation found that Brazil had failed to
adequately enforce intellectual property rights and had not taken
sufficient measures to combat corruption and bribery, according to
globalinsolvency.com.
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.
===============
D O M I N I C A
===============
DOMINICA: Debt Above 60% of GDP, Vulnerable to Shocks, IMF Says
---------------------------------------------------------------
Dominica is a small developing state confronting large economic
imbalances, natural disasters (NDs), and substantial development
needs amid slowing potential growth since the 1980s. Its narrow
economic base and concentrated trade linkages leave it vulnerable
to shocks that have pushed debt well above the 60 percent of GDP
regional benchmark, heightening debt distress risks. The country is
highly reliant on citizenship-by-investment (CBI) flows to fund
strategic development projects, which have supported growth while
exacerbating external imbalances given the high degree of imported
inputs. With no independent monetary policy, fiscal policy is the
primary policy tool, but weak institutional capacity hampers policy
formulation, monitoring, and execution.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Senate OKs US$600MM for Climate Action
----------------------------------------------------------
Dominican Today reports that the Dominican Republic Senate has
approved two financing agreements totaling US$600 million to
strengthen climate resilience and expand critical water and
sanitation infrastructure in the country's fastest-growing tourism
region, Punta Cana-Bavaro.
The first loan, valued at US$200 million, will be provided by the
Andean Development Corporation (CAF) and will serve as budgetary
support for government initiatives aimed at enhancing climate
action policies and improving the country's ability to adapt to the
impacts of climate change, according to Dominican Today.
A second financing agreement worth US$400 million was approved for
the National Institute of Drinking Water and Sewerage (INAPA), the
report notes. The funds, provided by the Inter-American
Development Bank (IDB), will finance the third phase of the Punta
Cana-Bávaro Sanitation and Wastewater Reuse Program in La
Altagracia province, the report relays.
According to the agreement, the project seeks to improve public
health, protect the region's aquifer system, and expand access to
safe drinking water in eastern Dominican Republic, the report says.
The initiative is also expected to support the long-term
sustainability of Punta Cana, one of the Caribbean’s leading
tourism destinations, the report discloses.
The investment comes as the Dominican Republic continues to
prioritize infrastructure modernization and environmental
sustainability to accommodate growing tourism demand and population
growth in the eastern region, the report notes.
Following Senate approval, both financing agreements will be sent
to President Luis Abinader and the Executive Branch for final
review and enactment, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
=============
J A M A I C A
=============
JAMAICA: Grant Warns of Massive Job Losses in Coffee Industry
-------------------------------------------------------------
RJR News reports that President of the Jamaica Coffee Exporters
Association and Managing Director of the Mavis Bank Coffee Factory,
Dr. Norman Grant, is warning that the coffee industry faces massive
job losses unless urgent government support is provided.
Speaking on Radio Jamaica's Real Business on Tuesday (June 2), Dr.
Grant said, coffee production is projected to fall to a 35-year low
of just 155,000 boxes this year, down from 225,000 boxes in 2024
and 288,000 in 2023, according to RJR News.
He said the decline has already resulted in losses of some $1.5
billion for the industry's 5,000 farmers, the report notes.
Dr. Grant also noted that the average weight of a box of coffee has
fallen from 9 pounds to 8 pounds due to adverse weather,
deteriorating infrastructure and other environmental challenges
affecting the sector, the report relays.
According to Dr. Grant, that reduction has translated into an
additional $2.5 billion in losses for coffee farmers, the report
relates.
He has again called for the government to provide the $350 million
annually requested under the Crop Restoration and Expansion
Programme, which he says the industry has been seeking for the last
five years, the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2. The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
===========
M E X I C O
===========
TPI COMPOSITES: Court Confirms Second Amended Joint Ch 11 Plan
--------------------------------------------------------------
Judge Christopher Lopez of the U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division, approved the
Disclosure Statement and confirmed the Second Amended Joint Chapter
11 Plan of TPI Mexico V, LLC and TPI Mexico VI, LLC.
The Disclosure Statement is approved on a final basis as having
adequate information as contemplated by section 1125(a)(1) of the
Bankruptcy Code.
The Plan and each of its provisions, including the Sale Transaction
and all other transactions contemplated thereby, are confirmed
pursuant to section 1129 of the Bankruptcy Code.
Any objections to final approval of the Disclosure Statement or
confirmation of the Plan have been settled, withdrawn, resolved, or
overruled on the merits by this Court.
As shared by the Troubled Company Reporter, the U.S. Bankruptcy
Court for the Southern District of Texas, Houston Division,
permitted TPI Composites Inc. to sell Property, free and clear of
all liens, claims, interests, and encumbrances.
The Debtors are wind-blade manufacturer and the only independent
wind blade manufacturer with a global footprint.
The Debtor sought approval for the sale of certain Transferred
Assets of a Debtor, including the assignment of Finished Goods
Inventory and accounts Receivables by APAC II.
The Court authorized the Debtor to sell the Property to Vestas Wind
Technology India Private Limited.
A copy of the Court's Findings of Fact, Conclusions of Law and
Order dated May 21, 2026, is available at
https://urlcurt.com/u?l=5x3oDd from PacerMonitor.com.
About TPI Composites, Inc.
TPI Composites, Inc., is a global company focused on innovative and
sustainable solutions to decarbonize and electrify the world. TPI
delivers high-quality, cost-effective composite solutions
through long-term relationships with leading OEMs in the wind
markets. TPI is headquartered in Scottsdale, Arizona and operates
factories in the U.S., Mexico, Turkiye and India. TPI operates
additional engineering development centers in Denmark and Germany
and global service training centers
in the U.S. and Spain.
On August 11, 2025, TPI Composites, Inc., and several subsidiaries
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
25-34655).
TPI disclosed $591,709,000 in total assets against $1,077,146,000
in total debt as of June 30, 2025.
The Hon. Christopher M Lopez is the case judge.
Weil, Gotshal & Manges LLP is serving as legal counsel, Jefferies
LLC. is serving as financial advisor, and Alvarez & Marsal North
America, LLC is serving as restructuring advisor to TPI. Kroll is
the claims agent.
Sullivan & Cromwell LLP and Moelis & Company are serving as
advisors to senior secured lenders.
The official committee of unsecured creditors tapped Lowenstein
Sandler LLP as counsel, Munsch Hardt Kopf & Harr, P.C. as
co-counsel., and Berkeley Research Group, LLC, as its financial
advisor.
=======
P E R U
=======
AUNA SA: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Auna S.A.'s (Auna) Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'B+', and its 2029
and 2032 (co-issued with Oncosalud S.A.C.) senior secured notes at
'B+' with a Recovery Rating of 'RR4'. The Rating Outlook on the
IDRs is Stable.
The ratings reflect Auna's solid market position and geographic
diversification across Spanish-speaking Latin America and adequate
margins relative to peers. Fitch expects Peru's mature operations
to continue to support consolidated profitability despite a more
challenging payor environment. In Mexico, higher-than-anticipated
execution challenges have slowed margin improvement and
deleveraging. In Colombia, Fitch expects operating performance to
remain flat.
The ratings also reflect Auna's successful USD825 million liability
management transaction completed at YE 2025, which reduced
refinancing risk, improved liquidity, and extended the debt
maturity profile. Fitch expects gross and net leverage to remain
between 4.0x-4.5x and 3.5x-4.0x, respectively, over the next two
years.
Key Rating Drivers
Slower Deleveraging: The slower-than-anticipated ramp-up in Mexico,
together with flat operating performance in Colombia, has delayed
Auna's deleveraging. Fitch forecasts total debt/EBITDA (pre-IFRS)
around 4.0x-4.5x in 2026 and 2027, while net leverage should range
from 3.5x-4.0x in the period. These compared to 4.3x and 3.9x,
respectively, in 2025. Successful execution of the Mexican growth
strategy, while managing a challenging operating environment in
Colombia, will be key to resuming leverage reduction over time. The
maintenance of gross and net leverage below 4.0x and 3.5x,
respectively, would be credit positive.
Softer But Still Adequate Margins: Fitch forecasts consolidated
EBITDA margins of 18%-19% in 2026-2027, lower than in recent years
but still adequate relative to industry peers. Auna's operating
margin fell to 19.8% in 2025 from 21.5% in 2024, mainly due to
challenges to grow top line in Mexico and improve profitability.
Fitch expects EBITDA margins in Mexico to be in the 25%-26% range
over the next two years, lower than the previous estimate of above
30%. Consolidated EBITDA margins in Peru should remain around 21%,
supported by Oncosalud's higher 23%-24% margins, which should
offset healthcare services margins of about 17%.
Operating margins in Peru have been strained due to a more
challenging payor environment, as higher medical loss ratios across
the industry have led payors to push harder on providers. In 1Q26,
Auna recorded a PEN10 million impact from penalties by certain
payors for delayed invoicing. In Colombia, prioritizing cash
generation over revenue growth should keep EBITDA margins broadly
flat at about 13%. Auna reduced exposure to government-intervened
payors to 14% of revenue in 1Q26 from 19% in 1Q25.
Improving CFO Generation: Fitch expects Auna to generate EBITDA
(pre-IFRS) of about PEN870 million in 2026 and PEN930 million in
2027, from PEN867 million in 2025. CFO should range from PEN285
million to PEN315 million in 2026-2027, supported by lower interest
expenses after liability management, while working capital needs
should remain under control at around 2.6% of revenue. FCF should
remain positive in 2026 but turn slightly negative to neutral in
2027 following a projected expansion capex for Lima network. Fitch
assumes capex of PEN164 million in 2026 and PEN330 million in 2027
and no dividend distributions in the rating horizon.
Solid Business Profile: Auna has maintained a leading 24.7% market
share in Peru through oncology plan sales by Oncosalud. Fitch
estimates Auna holds a 35% market share by number of beds in
Monterrey, Mexico. Prior acquisitions in Colombia and Mexico have
improved geographic diversification, scale, and profitability,
while preserving a strong position in Peru. About 44% of revenue
came from Peru, 33% from Colombia, and 24% from Mexico in 2025,
compared with 65% from Peru and 35% from Colombia in 2021. Auna's
network comprised 15 hospitals with 2,337 beds and 16 outpatient
units.
Challenging Operating Environment: Regulatory frameworks shaped by
social security systems in Latin America increase cash flow
volatility for healthcare providers. Consolidation and vertical
integration across the region have also increased competition.
Auna's scale, vertically integrated model, and brand recognition
help mitigate these risks. Demand fundamentals remain solid,
supported by aging populations, rising chronic disease prevalence,
and broader access to healthcare. The 2026 presidential elections
in Peru and Colombia could also add some market volatility and
policy uncertainty, although Fitch does not currently assume
material disruption to Auna's operations.
Peer Analysis
Auna's business model that combines healthcare facilities with
insurance operations is similar to Latin American peers such as
Rede D'Or São Luiz S.A. (Foreign-Currency IDR BB+/Stable) and
Hapvida Participações e Investimentos S.A. (National Long-Term
Rating AA+(bra)/Stable). Despite greater geographical
diversification, Auna's business scale is smaller than those of
Rede D'Or and Hapvida, which also hold leadership positions in
their respective key markets. In addition, Auna's higher leverage
and more limited financial flexibility relative to peers constrain
its ratings.
Fitch's Key Rating-Case Assumptions
- Revenue growth reflects organic growth and integration of
acquired assets, reaching around PEN4.7 billion in 2026 and PEN5.0
billion in 2027;
- EBITDA margins between 18.5% and 19.0% for 2026-2027;
- Average capex of PEN247 million in 2026-2027;
- No dividend payments during the rating horizon.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb, Moderate), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (bbb-,
Lower), Financial Structure (b, 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 Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'bb+' results in
no adjustment.
- The SCP is 'b+'.
Fitch made no adjustments to the SCP, resulting in Local and
Foreign Currency IDRs of 'B+'.
Recovery Analysis
Key Recovery Rating Assumptions
The recovery analysis assumes that Auna would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim.
Going Concern Approach
Auna's going concern EBITDA is based on pro forma results
reflecting its recent acquisitions. The going concern EBITDA
estimate reflects Fitch's expectation of a sustainable,
post-reorganization EBITDA level, upon which Fitch bases the
valuation of the company. The enterprise value/EBITDA multiple
applied is 6.0x, reflecting Auna's strong brand and market position
in the regions it operates in.
Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of the debt in the capital
structure. Its debt waterfall assumptions reflect the company's
total debt on Dec. 31, 2025. These assumptions result in a recovery
rate for the secured bonds within the 'RR2'. However, according to
Fitch's "Country-Specific Treatment of Recovery Ratings Criteria",
the Recovery Rating for corporate issuers in group D, which
includes Peru, Mexico and Colombia, is capped at 'RR4'.
Consequently, Auna's secured notes are rated 'B+'/'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA margins below 15% on recurring basis;
- Total Debt/ EBITDA above 5.0x and net debt/ EBITDA above 4.5x on
a recurring basis;
- Maintenance of aggressive growth strategy or shareholder-friendly
policies limiting expected improvements in its capital structure;
- Reduced financial flexibility;
- Major legal contingency issues that disrupt operations or
significantly impact the company's credit profile.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Successful execution of the Mexican business strategy;
- Fitch's adjusted EBITDA margins consistently above 20%;
- Total debt/EBITDA below 4.0x and net debt/EBITDA below 3.5x on a
recurring basis;
- EBITDA interest coverage above 2.5x.
- Cash to short-term debt ratio around to 1.0x, on recurring
basis.
Liquidity and Debt Structure
Auna's liquidity is manageable. The debt refinancing completed at
YE 2025 reduced Auna's refinancing risks, extending major debt
amortization to 2029 and onwards. The company's upcoming short-term
debt maturities can be addressed with RCFs and cash flow
generation. As of March 31, 2026, cash and cash equivalents was
PEN409 million, compared with short-term debt maturity of PEN501
million, including PEN74 million of factoring. RCFs totaled PEN175
million in 1Q26, of which PEN109 million remained withdrawn at the
end of March.
Total debt was PEN3.7 billion in the period, mainly composed of the
senior secured notes due 2029 and 2032 (42%) and the secured term
loans due 2030 (42%). Foreign-currency exposure remains manageable.
As of March 2026, 45% of total debt (excluding factoring and net
derivatives) was denominated in U.S. dollars, of which 85% was
hedged, limiting the company's exposure to exchange-rate
volatility.
Issuer Profile
Auna offers prepaid oncology and general healthcare plans in Peru
and operates 15 hospitals with 2,337 beds and 16 outpatient units
across Peru, Colombia, and Mexico. It is controlled by the private
equity group Enfoca (72.9% of shares).
Summary of Financial Adjustments
- Fitch uses EBITDA pre-IFRS-16 metric and adjusts its EBITDA with
non-recurring or non-cash items.
- Total debt includes factoring adjustments and excludes leases
obligations.
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 Auna.
ESG Considerations
Auna S.A. has an ESG Relevance Score of '4' for Management
Strategy, reflecting management's appetite for debt-financed
growth. While this strategy supports business diversification, it
also indicates higher-than-expected event risk and a greater
tolerance for elevated leverage over a longer period than
anticipated. This has a negative impact on the credit profile and
is relevant to the ratings in combination 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
----------- ------ -------- -----
Oncosalud S.A.C.
senior secured LT B+ Affirmed RR4 B+
Auna S.A.
LT IDR B+ Affirmed B+
LC LT IDR B+ Affirmed B+
senior secured LT B+ Affirmed RR4 B+
PETROPERU SA: S&P Affirms 'B-' ICR, Off CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit and issue-level
ratings on Petroleos del Peru Petroperu S.A. and removed them from
CreditWatch. It had placed them on CreditWatch with negative
implications on Dec. 22, 2025.
The negative outlook reflects the uncertainty regarding Petroperu's
future operating structure and its ability to ensure business
continuity, which would enable it to generate sufficient cash flow
on a consistent basis to meet its future financial obligations.
The ratings affirmation reflects S&P's view that Petroperu has the
financial flexibility to meet its short-term debt obligations. A
new emergency decree--announced on May 11, 2026--authorizes the
Ministry of Energy and Mines to assume a contingent financial
commitment for the creation of an about $2.0 billion
special-purpose vehicle to support the company's operational
continuity--for example, its financing of working capital needs,
its replenishment of fuel inventories, and its carrying out
services necessary for hydrocarbon production.
The announced decree will provide support to Petroperu and
alleviates its short-term liquidity issues. S&P now expects that
Proinversion will focus its restructuring plan on operational
strategies.
The negative outlook reflects the lack of clarity regarding
Petroperu's operational objectives for maintaining business
continuity. The Peruvian government had previously issued an
emergency decree on Dec. 31, 2025, authorizing Proinversion to
formulate a new business plan for Petroperu. However, the plan
hasn't materialized. Therefore, the company's strategic direction
remains undefined--and coupled with the lack of clarity on
execution timelines and specific operational objectives, it creates
uncertainty. That, in turn, limits S&P's ability to forecast the
trajectory of the company's recovery and form a view on the
implementation of its new operating structure.
S&P said, "We believe it'll take time for the plan to be
implemented, since it will likely require the approval of both
bondholders and CESCE (Compañía de Seguros de Crédito a la
Exportación) creditors, given the possible involvement of asset
dispositions and the limitations on asset sales in Petroperu's debt
obligations. Once the plan is released, we will analyze the effects
that it may have on the company's operational and financial
performance.
"Our assessment of the likelihood of government support remains
unchanged. We maintain our view of a moderately high likelihood of
extraordinary support from the government to Petroperu in the event
of financial distress. The government has released several decrees
establishing extraordinary economic and financial measures for the
assurance of the local fuel market.
"We expect that the government will continue to view Petroperu as a
strategic asset for the country--one that plays an important role
with respect to the country's fuel supply. And that's why we think
the government would take necessary measures to avoid a payment
default at Petroperu. While a default of Petroperu would have a
major impact on the government, in our view, we think the
consequences of nonintervention would still be manageable.
"The 'ccc' stand-alone credit profile continues to reflect our view
that Petroperu's capital structure is unsustainable. Petroperu has
a high level of debt (adjusted debt of $5.047 billion) and only
$282 million in EBITDA as of March 31, 2026. This leads to debt
leverage of 17.9x and EBITDA interest coverage below 1.0x."
Additionally, Petroperu has significant debt amortizations in the
short term, with:
-- Semiannual amortizations of the CESCE loan of $84 million,
-- About $24 million of interest from its international bond due
2032 (including interest), and
-- $56 million of interest from its bond due 2047.
S&P anticipates that the company will service its June 2026 debt
maturities through cash generated during the quarter or the $500
million short-term debt facility established in the emergency
decree issued in May 2026.
S&P said, "The negative outlook reflects the lack of clarity we
have on Petroperu's future operational structure. But once the plan
for that is implemented, we will analyze the effects that it may
have on the company's operational and financial performance."
S&P could lower the ratings if:
-- There's a continued delay in materializing the operational
plan,
-- S&P was to revise down our assessment of the likelihood of
government support, or
-- S&P senses that there's uncertainty about the government's
ability to implement sustainable corrective measures amid
persistent vulnerabilities.
S&P could revise the outlook to stable once it has more visibility
into the operating plan and structure--things that would allow the
company to maintain its ongoing business.
=====================
P U E R T O R I C O
=====================
SPANISH BROADCASTING: June 25 Plan Confirmation Hearing Set
-----------------------------------------------------------
On May 11, 2026 (the "Petition Date"), Spanish Broadcasting System,
Inc. and its debtor affiliates, as debtors and debtors in
possession (collectively, the "Debtors"), each commenced a case
under chapter 11 of title 11 of the United States Code (the
"Bankruptcy Code") in the United States Bankruptcy Court for the
District of Delaware (the "Court").
On the Petition Date, the Debtors filed the Joint Prepackaged
Chapter 11 Plan of Reorganization of Spanish Broadcasting System,
Inc. and Its Debtor Affiliates, dated as of May 11, 2026 (as it may
be amended, supplemented, or modified from time to time, the
"Plan"), and a disclosure statement for the Plan, dated as of May
11, 2026 (as it may be amended, supplemented, or modified from time
to time, the "Disclosure Statement") pursuant to sections 1125 and
1126(b) of the Bankruptcy Code. Copies of the Plan and Disclosure
Statement may be obtained free of charge by visiting the website
maintained by the Claims and Noticing Agent, Kroll Restructuring
Administration, LLC, at https://cases.ra.kroll.com/SBS. Copies of
the Plan and Disclosure Statement may also be obtained by calling
(888) 411-8178 (USA/Canada Toll-Free) or (332) 230-1128
(International).
Information Regarding the Plan
On May 11, 2026, prior to the filing of the chapter 11 petitions,
the Debtors commenced solicitation of votes to accept the Plan from
the holders of record, as of May 7, 2026 (the "Voting Record
Date"), of Claims in Class 2 (Existing Notes Claims) (the "Voting
Class") via physical and/or electronic mail. Following the Petition
Date, the Debtors intend to continue solicitation of votes to
accept the Plan from holders of Claims in the Voting Class. Only
Holders of Claims in Class 2 are entitled to vote to accept or
reject the Plan. All other Classes of Claims and Interests are
either presumed to accept or deemed to reject the Plan and,
therefore, are not entitled to vote. The deadline for the
submission of votes to accept or reject the Plan is June 18, 2026,
at 5:00 p.m. (Prevailing Eastern Time).
A combined hearing to consider compliance with the Bankruptcy
Code's disclosure requirements and any objections thereto and to
consider confirmation of the Plan and any objections thereto will
be held before the Honorable Brendan L. Shannon, United States
Bankruptcy Judge, at the United States Bankruptcy Court for the
District of Delaware, 824 North Market Street, 6th Floor, Courtroom
#1, Wilmington, Delaware 19801, on June 25, 2026, at 10:00 a.m.
(Prevailing Eastern Time) (the "Combined Hearing"). The Combined
Hearing may be adjourned from time to time without further notice
other than by filing a notice on the Court's docket indicating such
adjournment and/or an announcement of the adjourned date or dates
at the Combined Hearing. The adjourned date or dates will be
available on the electronic case filing docket and the Claims and
Noticing Agent's website at https://cases.ra.kroll.com/SBS.
The deadline for filing objections to the adequacy of the
Disclosure Statement or confirmation of the Plan is June 18, 2026,
at 4:00 p.m. (Prevailing Eastern Time)(the "Objection Deadline").
Any objections to adequacy of the Disclosure Statement and
confirmation of the Plan must: (a) be in writing, (b) comply with
the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local
Rules, (c) state the name and address of the objecting party and
the amount and nature of the Claim or Interest beneficially owned
by such entity, (d) state with particularity the legal and factual
basis for such objections, and, if practicable, a proposed
modification to the Plan that would resolve such objections be
filed with the Court, together with proof of service, and (e) be
filed with this Court with proof of service thereof and served upon
the following parties so as to be actually received by the
Objection Deadline:
(a) the Debtors, Spanish Broadcasting System, Inc., 7007 NW 77th
Ave., Miami, Florida 33166, Attn: Richard D. Lara [
rlara@sbscorporate.com ];
(b) proposed counsel to the Debtors, Fried, Frank, Harris,
Shriver & Jacobson LLP, One New York Plaza, New York, New York
10004, Attn: Jennifer L. Rodburg [ jennifer.rodburg@friedfrank.com
];
(c) proposed co-counsel to the Debtors, Morris, Nichols, Arsht &
Tunnell LLP. 1201 N. Market Street, 16th Floor, Wilmington,
Delaware 19801, Attn: Robert J. Dehney, Sr. [
rdehney@morrisnichols.com ];
(d) counsel to the Ad Hoc Committee, Milbank LLP, 55 Hudson
Yards, New York, New York 10001, Attn: Adam Moses [
amoses@milbank.com ], Michael Price (mprice@milbank.com), Andrew
Harmeyer [ aharmeyer@milbank.com ]; and
(e) counsel to the Office of the United States Trustee, 844 N
King St. #2207, Wilmington, Delaware 19801, Attn: Jane M. Leamy [
jane.m.leamy@usdoj.gov ].
UNLESS AN OBJECTION IS TIMELY FILED AND SERVED IN ACCORDANCE
WITH THIS NOTICE (THIS "COMBINED NOTICE"), IT MAY NOT BE
CONSIDERED BY THE COURT.
If you have questions about this Combined Notice, please contact
Kroll Restructuring Administration LLC.
Telephone: (888) 411-8178 (US and Canada Toll-Free) or
(332) 230-1128 (International) Email: SBSInfo@ra.kroll.com
Website: https://cases.ra.kroll.com/SBS
Non-Voting Status of Holders of Certain Claims and Interests
Certain holders of Claims and Interests are not entitled to vote on
the Plan. As a result, such parties did not receive any Ballots or
other related solicitation materials to vote on the Plan. The
holders of Claims in Class 1 (Other Priority Claims), Class 3
(Other Secured Claims), and Class 4 (General Unsecured Claims), are
Unimpaired under the Plan and, therefore, are presumed to have
accepted the Plan pursuant to section 1126(f) of the Bankruptcy
Code. Holders of Claims and Interests in Class 5 (Intercompany
Claims) and Class 6 (Intercompany Interests) are either Unimpaired
or not expected to receive any recovery on account of their Claims
or Interests (as applicable) and, therefore, are either presumed to
accept or deemed to reject the Plan (as applicable). Holders of
Interests in Class 7 (Issuer Preferred Equity Interests), Class 8
(Issuer Common Equity Interests), and Class 9 (Section 510(b)
Claims against Issuer) are Impaired, will receive no distributions
under the Plan and, therefore, are conclusively deemed to have
rejected the Plan pursuant to section 1126(g) of the Bankruptcy
Code. Upon request, the Claims and Noticing Agent will provide you,
free of charge, with copies of the Plan, the Disclosure Statement,
and this Combined Notice.
Important Information Regarding the Discharges, Injunctions,
Exculpations, and Release
If you (i) vote to accept the Plan, or (ii) affirmatively opt into
the releases provided by the Plan, you shall be deemed to have
consented to the releases contained in Article IX of the Plan.
YOU ARE ADVISED AND ENCOURAGED TO CAREFULLY REVIEW AND
CONSIDER THE PLAN, INCLUDING THE RELEASE, EXCULPATION, AND
INJUNCTION PROVISIONS, AS YOUR RIGHTS MAY BE AFFECTED.
Section 341(a) Meeting
A meeting of creditors pursuant to section 341(a) of the Bankruptcy
Code (the "341 Meeting") has been deferred. The 341 Meeting will
not be convened if the Plan is confirmed and becomes effective by
September 25, 2026, or such later date as may be ordered by the
Court. If the 341 Meeting will be convened, the Debtors will file,
serve on the parties on whom it served this Combined Notice and any
other parties entitled to notice pursuant to the Bankruptcy Rules,
and post on the website at https://cases.ra.kroll.com/SBS not less
than 21 days before the date scheduled for such meeting, a notice
of, among other things, the date, time, and place of the 341
Meeting.
UNLESS AN OBJECTION IS TIMELY FILED AND SERVED IN ACCORDANCE WITH
THIS COMBINED NOTICE, IT MAY NOT BE CONSIDERED BY THE BANKRUPTCY
COURT.
About Spanish Broadcasting System
Spanish Broadcasting System Inc. operates Spanish-language radio
stations and media properties serving Hispanic communities across
the U.S. and Puerto Rico. The company's business includes radio
broadcasting, digital advertising, music programming and live
entertainment initiatives. Through its portfolio of stations and
online brands, the company delivers music, news, talk and cultural
programming tailored to Latino listeners.
Spanish Broadcasting System sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10708) on May 11,
2026. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million each.
Bankruptcy Judge Brendan Linehan Shannon handles the case.
The Debtor is represented by Robert J. Dehney, of Morris, Nichols,
Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson LLP was
retained as general bankruptcy counsel, while GLC Advisors &
Company is serving as investment banker. Financial advisory and
chief restructuring officer duties are being handled by Riveron
Management Services LLC and Jesse York, and Kroll Restructuring
Administration LLC is serving as claims agent.
=================
V E N E Z U E L A
=================
VENEZUELA: Hires Hogan Lovells as Counsel for Debt
--------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Venezuela
has retained Hogan Lovells US LLP as legal counsel for what is
expected to be one of the largest sovereign debt restructurings in
decades.
The hiring - made public in a filing published by the Justice
Department's Foreign Agents Registration Act unit - comes less than
a month after the government announced it was starting the process
to rework an estimated $170 billion of debt that's been in default
since 2017, according to globalinsolvency.com.
About Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is
a country on the northern coast of South America, consisting of
a continental landmass and a large number of small islands and
islets in the Caribbean sea. The capital is the city of
Caracas.
Hugo Chavez was president to Venezuela from 1999 to
2013. The Chavez presidency was plagued with challenges,
which included a 2002 coup d'etat, a 2002 national strike and a
2004 recall referendum. Nicolas Maduro was elected president
in 2013 after the death of Chavez. Maduro won a second term
at the May 2018 Venezuela elections, but this result has been
challenged by countries including Argentina, Chile, Colombia,
Brazil, Canada, Germany, France and the United States who deemed
it fraudulent and moved to recognize Juan Guaido as
president.
The presidencies of Chavez and Maduro have challenged
Venezuela with a socioeconomic and political crisis. It is
marked by hyperinflation, climbing hunger, poverty, disease,
crime and death rates, social unrest, corruption and emigration
from the country.
On January 3, 2026, the United States launched a military
operation in Venezuela and Maduro and his wife were captured and
were flown
out of the country. As of January 4, 2026, the government formerly
led by Maduro remains in control, with Vice President Delcy
Rodriguez having been appointed acting president.
Moody's has withdrawn 'C' local currency and foreign
currency ceilings for Venezuela in September 2022. Standard &
Poors has also withdrawn its 'SD/D' foreign currency sovereign
credit ratings and 'CCC-/C' local currency ratings on Venezuela
in September 2021 due to lack of sufficient
information. Fitch withdrew its own 'RD/C' Issuer Default
Ratings on Venezuela in June 2019 due to the imposition of U.S.
sanctions on the country's government.
*********
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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Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2026. All rights reserved. ISSN 1529-2746.
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