260608.mbx

260608.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, June 8, 2026, Vol. 27, No. 113 Headlines A R G E N T I N A ARGENTINA: Dollar Buying Tops US$10 Billion Goal on Export Boom MASTELLONE HERMANOS: Fitch Hikes LongTerm Local Currency IDR to 'B' MSU GREEN: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable YPF SA: Fitch Hikes LongTerm IDRs to 'B-', Outlook Stable B E R M U D A INVESTMENT ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable B R A Z I L AXIA ENERGIA: S&P Affirms 'BB' ICRs, Outlook Stable RAIZEN: Creditors Begin Evaluating $12.8BB Debt Restructuring C A Y M A N I S L A N D S GFH BANK: Fitch Affirms 'B' LongTerm IDR, Outlook Stable C O L O M B I A GRAN TIERRA: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Mango Exports Set to Reach 10MM Boxes in 2026 J A M A I C A JAMAICA: BOJ Offers $2.5 Billion in Liquidity Support to DTIs JAMAICA: Capital Budget Underspend Slowing Economic Growth P U E R T O R I C O FERRELLGAS PARTNERS: Removes Carney Hawks from Board of Directors NOVA TERRA: Case Summary & 20 Largest Unsecured Creditors - - - - - ================= A R G E N T I N A ================= ARGENTINA: Dollar Buying Tops US$10 Billion Goal on Export Boom --------------------------------------------------------------- Manuela Tobias & David Feliba at Bloomberg News report that less than halfway through the year, Argentina's Central Bank has surpassed its US$10-billion target for dollar purchases, fuelled by a record crop harvest, an energy boom and a surge in debt issuance by provinces and local companies. The monetary authority bought US$43 million, according to official figures, enough to push purchases beyond the goal policymakers set in December, according to Bloomberg News. Daily interventions began at the start of this year, the report notes. Measured by volume, Argentine exports have reached an all-time high under President Javier Milei, 17 percent above the previous peak in 2022, according to Barclays, with energy exports up 92 percent, the report relays. Rising oil production in Patagonia has flipped Argentina’s energy deficit into a surplus, providing more hard currency year round too. Provincial governments, meanwhile, are tapping global bond markets at the fastest pace in nearly a decade, the report says. The stronger-than-expected inflow of foreign currency has allowed Milei to meet debt obligations without returning to international capital markets, easing one of investors’ main concerns: that even after the La Libertad Avanza leader erased a chronic fiscal deficit and tamed runaway inflation, the government might still lack the dollars needed to pay bondholders, the report notes. "The pace of FX purchases since the reserve accumulation program began in January has been remarkable," Barclays Latin America economist Ivan Stambulsky wrote in a June 2 note to clients, the report notes. "This ranks among the strongest USD purchase streaks of the past 25 years," he added. RJR News says that despite the record dollar purchases, Argentina's net reserves – the difference between the Central Bank's assets versus its short-term liabilities – haven’t improved significantly. Milei has so far refused to tap international markets, citing high borrowing costs, meaning the dollars have flowed back out to service debt, the report discloses. That helps explain why Argentina still missed its net reserves target in last month’s second review of its US$20-billion programme with the International Monetary Fund, the report relays. In 2027, Milei faces more than US$30 billion in debt payments, the report notes. Economy Minister Luis Caputo has repeatedly said all upcoming obligations are covered by financing that has not yet been made public, but the election is still set to test the peso’s newfound stability, the report relates. While Central Bank data shows total foreign reserves stand slightly above US$48 billion, net reserves at market prices hover around US$3 billion, according to Ramiro Blazquez, an analyst at StoneX Securities in Buenos Aires, the report says. "The relevant target is net reserves," Blazquez said. "Those are the reserves you can use eventually to stem a currency run during the electoral year, so further building up reserves would be wise," he added. As the Central Bank accelerated its dollar purchases, sovereign bond spreads narrowed and are now near their lowest levels under Milei, the report discloses. Fitch Ratings upgraded the country's debt last month, citing improved prospects for reserve accumulation, the report says. "The milestone highlights Argentina's significant progress in strengthening its external resilience, one of the areas of the macroeconomic program that had remained vulnerable through 2025," said Jimena Zuniga, Argentina economist at Bloomberg Economics, the report relates. "It is also encouraging that these purchases are taking place against the backdrop of a robust current account," he added. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country’s economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) — with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. Moody’s Ratings, on July 17, 2025 upgraded the Government of Argentina’s long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects its view that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. MASTELLONE HERMANOS: Fitch Hikes LongTerm Local Currency IDR to 'B' ------------------------------------------------------------------- Fitch Ratings has affirmed Mastellone Hermanos Sociedad Anonima's Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) at 'B-' and upgraded its Long-Term Local Currency (LC) IDR to 'B' from 'B-'. The Rating Outlook is Stable. In addition, Fitch has upgraded Mastellone's senior secured notes to 'B' with a Recovery Rating of 'RR3' from 'B-'/'RR4'. Mastellone's ratings reflect its leading position in Argentina's dairy industry, meaningful scale advantages and manageable debt maturity profile, which should support financial flexibility amid the country's evolving operating environment. The company's Long-Term FC IDR is constrained by Argentina's 'B-' Country Ceiling. The Stable Outlook is supported by the company's operational resilience and access to local funding, which will allow it to refinance short-term maturities. Key Rating Drivers LC IDR and Security Ratings: Fitch has upgraded the LC IDR to 'B' from 'B-' to reflect the company's financial strength, exposure to the local economy and manageable debt profile, consistent with the higher rating category. Following the upgrade of Argentina's sovereign rating to 'B-' from 'CCC+', 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 FC issue rating with the issuer's LC IDR as it believes exchange and capital controls, rather than issuer-specific credit weakness, would most likely drive any FC default or default-like process based on historical precedents in Argentina. In these cases, Fitch assigns Recovery Ratings above Argentina's 'RR3', allowing for a one-notch uplift from the FC IDR. Challenging Operating Environment: A more challenging macroeconomic and financial environment in 2H25 pressured the company's profitability margins as it prioritized preserving volumes over fully passing along higher costs and expenses. In addition, the depreciation of the Argentine peso, combined with high inflation, resulted in a significant FX loss due to the company's net exposure to FC-denominated assets and liabilities. Fitch expects Mastellone's operating performance to recover gradually throughout 2026, supported by Argentina's economic recovery, which is likely to benefit dairy product consumption. Fitch projects sales volume growth across all business segments and a gradual EBITDA recovery, with EBITDA around USD70 million in 2026-2027. Geographic Concentration: Mastellone remains highly concentrated in Argentina (B-/Stable), which accounted for about 80% of sales in 2025, exposing the company to inflation, FX volatility and sovereign-related risks. Brazil (BB/Stable) represented around 14% of sales and other markets, including Paraguay (BB+/Positive), about 6%. Fitch expects this geographic mix to remain broadly unchanged in 2026. Foreign Currency Exposure: Mastellone's debt structure remains exposed to FX risk, as most debt is denominated in U.S. dollars while over 80% of revenue is generated in Argentine pesos. Recent changes to Argentina's FX controls have improved domestic companies' access to U.S. dollars and reduced refinancing risk; Fitch expects this framework to remain in place in the near term. Manageable Debt Maturity Profile: Mastellone's debt maturity profile is manageable due to moderate EBITDA net leverage around 3.0x. In addition, the company has demonstrated operational resilience and access to funding alternatives to address the upcoming maturity of its USD111 million secured bond due June 2026. Fitch expects the company to meet its obligations in full and on time. Profit and Leverage Metrics Recovery: Fitch expects Argentina's economic recovery and disinflation to support profit recovery and improve leverage metrics. The company has invested in expanding capacity in recent years and expects a more stable capex program which will result in neutral FCF in the coming years. Fitch's base projections consider that EBITDA net leverage in Argentine pesos to be around 3.0x over the next two years. Volatile Raw Milk Supply: Raw milk production volatility exposes the company to potential shortages that could disrupt exports and foreign operations or increase production costs. Mastellone allocates raw milk production across domestic sales in Argentina, Brazil and Paraguay, exporting any excess supply. Potential Change of Shareholders: Fitch considers the expected change in Mastellone's shareholders positive for its credit quality due to strategic and operational incentives with Arcor S.A.I.C. On March 24, 2026, Mastellone's shareholders agreed to transfer shares under the Dec. 3, 2015, purchase and sale option agreement. Under the transaction, Bagley Argentina S.A., a joint venture formed by Arcor and Grupo Danone, would acquire class A, B, C and D shares from members of the Mastellone family and Dallpoint Investment LLC, representing 51.323% of total share capital and voting rights. The transaction remains subject to regulatory and corporate approvals. Peer Analysis Mastellone has a weaker position in scale, product diversification, profitability and geographic diversification compared with international peers like Fonterra Co-operative Group Limited (A/Stable), Sigma Alimentos, S.A. de C.V. (BBB/Stable) and Arcor (B/Stable). Its ratings are constrained by Argentina's Country Ceiling. Mastellone's business profile is broadly comparable to that of Grupo Lala, S.A.B. de C.V. (AA(mex)/Stable). However, Mastellone's EBITDA margins and leverage metrics in 2025 and 1Q26 were pressured by Argentina's challenging operating environment. Both companies also exhibit high geographic concentration in their domestic markets, which is a relevant business profile consideration and results in exposure to country-specific economic risks. Fitch's Key Rating-Case Assumptions - Revenues in USD remain similar to the prior three-year average; - EBITDA and EBITDA margins around USD80 million and 5.6% on average, respectively, for 2026-2028; - Debt to EBITDA around 2.5x in Argentine pesos or below 2.2x in USD for 2026-2028. 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 ('bb', Moderate), diversification and asset quality ('b+', Moderate), company operational characteristics ('bb-', Moderate), profitability ('b-', Higher), 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 'b' has no impact. The SCP is 'b'. To derive the Long-Term IDR: For the LC IDR, Fitch made no adjustments to the SCP, resulting in a LC IDR of 'B'. For the FC IDR, Country Ceiling considerations apply and result in an adjustment of -1 notch(es), resulting in a FC IDR of 'B-'. Recovery Analysis Fitch's criteria consider a bespoke recovery analysis for issuers with 'B+' IDRs and below. The bespoke recovery analysis assumes that Mastellone would be considered a going concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. GC Assumptions: - A 10% administrative claim; - The GC EBITDA is estimated at ARS66,481 million. The GC EBITDA estimate is a discount of 60% from Fitch's forecast 2026 EBITDA. It assumes further peso devaluation and potential stress to Mastellone's cash generation in the event of a reorganization; - The enterprise value to EBITDA multiple of 5x. Fitch applies a waterfall analysis to the post-default enterprise value based on the relative claims of debt in the capital structure. With these assumptions, Fitch's waterfall analysis results in a 'RR3' Recovery Rating for the senior unsecured notes. Following the upgrade of Argentina's sovereign rating to 'B-' from 'CCC+', 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 Mastellone'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 and, therefore, the senior unsecured notes are rated 'B'/'RR3'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Argentina's Country Ceiling would likely lead to a negative rating action on the FC and LC IDRs; - Sustained debt to EBITDA above 5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of the Argentine sovereign could result in a positive rating action for the FC IDR; - Materialization of an ownership stake above 50% by Arcor and Bagley could result in positive actions for both the FC and LC IDRs. Liquidity and Debt Structure Mastellone has adequate liquidity, with a cash position of ARS25.5 billion (approximately USD18.6 million) as of 1Q26. Its debt is mainly comprised of USD111 million secured bonds due in June 2026, a USD37.5 million long-term secured loan amortized over 15 quarters starting in September 2025, and USD53 million short-term secured and unsecured financial debt that is included in the company's ongoing refinancing process. Issuer Profile Mastellone is the largest dairy company and leading processor of dairy products in Argentina. It holds the top position in the fluid milk market based on physical volume. It ranks first or second in most of its product lines. 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 Mastellone. 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 ----------- ------ -------- ----- Mastellone Hermanos Sociedad Anonima LT IDR B- Affirmed B- LC LT IDR B Upgrade B- senior secured LT B Upgrade RR3 B- MSU GREEN: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- On June 1, 2026, S&P Global Ratings assigned a 'B-' long-term issuer credit rating to MSU Green Energy S.A. and a 'B-' issue rating to the proposed secured notes. S&P assesses the stand-alone credit profile at 'b-'. The outlook on MSU Green Energy S.A. is stable. It mirrors that on Argentina, reflecting the prevailing weak external conditions and the ongoing risks associated with potential policy shifts or a deepening of macroeconomic imbalances. The outlook on the company also reflects S&P's expectation that leverage will fall from a peak of 10x, as the new assets--which benefit from predictable cash flows--are built on time and on budget and as cash flows from El Chocon are fully captured in 2026 and 2027. The business risk profile mostly captures the exposure to Argentina's volatile macroeconomic environment and a regulatory framework that's historically been unsupportive. MSU Green Energy S.A. (MSUGE) generates all of its revenue within Argentina, a jurisdiction characterized by high volatility. But partially mitigating the country risk is the company's highly contracted profile--specifically, through long-term power purchase agreements (PPAs) denominated in U.S. dollars. These contracts are expected to ensure predictable cash flows, support stable margins, and reduce foreign exchange risk, provided the contractual terms are respected in the long term. However, there's historically been instability in the Argentine electricity market, and that market lacks a sustained track record of supportive policies. Under the current administration, there have been signs of improvement, but MSUGE's relatively high exposure to CAMMESA (the wholesale electricity market operator in Argentina) at this stage remains a key risk. In S&P's view, this exposure compares unfavorably with the exposures of some peers, whose contracts with CAMMESA under the RenovAR regime (Argentina's renewable energy projects auction plan, consisting of secured, dollar-denominated long-term PPAs with CAMMESA) include external credit enhancement that MSUGE lacks. To address this, the company's strategy focuses on transitioning toward a more diverse contracting mix, with an increasing emphasis on private offtakers through the Renewable Energy Term Market (MATER) regime. In S&P's view, MSUGE is an emerging player in the renewable energy sector. While the company's installed capacity remains concentrated in terms of technology base (80% hydro), the operational profile is more diversified in terms of EBITDA contribution. By 2026, the EBITDA breakdown is expected to be more balanced, with approximately 52% from hydro and 48% from solar assets. This diversification is supported by the recent acquisition of the El Chocon hydroelectric plant (1,418 megawatts). With this integration, the company increased its total installed capacity to 1,695 megawatts (MW); the portfolio consists of five solar assets in northern Argentina alongside the El Chocon plant, representing approximately 10% of Argentina's renewable capacity. These solar assets are already fully contracted through private offtakers as well as the RenMDI program with CAMMESA, while El Chocon operates under a 30-year concession that allows for the gradual release of energy to be sold to private offtakers. That feature will facilitate the diversification of MSUGE's revenue base in coming years. As a result of this contractual framework, S&P believes the exposure to base energy, if any, is marginal. At this stage, S&P doesn't incorporate any group influence into the rating, based on MSUGE's confirmation that the holding companies above the issuer are empty shells with the sole purpose of holding shares, with no operating assets, liabilities, or minority interests. MSUGE's financial metrics in S&P's base case are consistent with a highly leveraged financial risk profile, driven by the company's planned debt issuance and significant capital expenditure. S&P expects that MSUGE's funds from operations (FFO) to debt will remain below 6%, and S&P expects its debt to EBITDA to stay above 6x until 2027. This high leverage reflects the company's intention to issue up to $500 million in senior secured green bonds to refinance the acquisition financing for El Chocon, fund an ambitious capex plan over the next two years, manage upcoming short-term maturities, and potentially fund other initiatives. The capex would focus on the construction of two solar parks, Saenz Peña and Las Lomitas, in northern Argentina, as well as a battery energy storage system (BESS) project, Villa Rosa, in the Province of Buenos Aires. These assets would add 202 MW to the company's installed capacity (52 MW of solar power and 150 MW of BESS capacity); they're expected to enter operation in the first half of 2027 and are already fully contracted. The company would use additional proceeds above $400 million for the acquisition of operating and fully contracted renewable assets. S&P believes this would be in line with the business strategy that's in place and that it would have a manageable impact on an already highly leveraged profile. The solar parks have secured an agreement through private offtakers, whereas the BESS capacity will be contracted by EDENOR (B-/Stable/--) and guaranteed by CAMMESA. S&P said, "We project EBITDA of approximately $70 million in 2026 and $95 million in 2027, with operating margins stable at roughly 75%. Our projections assume that MSUGE executes its business plan on time and on budget. Any delays in the construction or commissioning of these assets could result in deviations from our forecast financial metrics. In addition, if other assets are included in the portfolio, they could provide upside, potentially leading to a more rapid reduction of leverage. We would assess this impact once MSUGE discloses the details." The integration and operation of these new assets and the reduction of capex from 2028 onward should drive a decline in leverage--toward a debt-to-EBITDA ratio of about 5x. This is commensurate with the company's deleveraging strategy and a guidance target for leverage (measured as net debt to EBITDA) of 4.0x-4.5x. The stable outlook mirrors that on Argentina, reflecting the prevailing weak external conditions and the ongoing risks associated with potential policy shifts or a deepening of macroeconomic imbalances (despite recent signs of stabilization). All of these factors could erode companies' ability to serve their foreign-currency obligations. In addition, access to international debt markets to roll over debt remains, in S&P's view, volatile. The outlook on the company also reflects S&P's expectation of declining leverage as the new assets--Saenz Peña, Las Lomitas, and Villa Rosa--are built on time and on budget and as they enter into operation while cash flows from El Chocon are fully captured in 2026 and 2027. Potential acquisition initiatives could further bolster EBITDA generation and accelerate deleveraging. S&P said, "We could lower the ratings in the next 12 months if restrictions on accessing the foreign exchange market are tightened or extended, and if we revise down our transfer and convertibility assessment on Argentina to where it's below 'B-'." Alternatively, S&P could lower the ratings if, in our view, MSUGE's capital structure becomes unsustainable. This could occur if: -- The capex plan deviates significantly from current estimates, leading to an increased need for debt and consistently weakening leverage metrics (specifically, FFO to debt consistently below 6%); -- New projects require larger investments that outpace cash flow generation, thereby constraining the company's liquidity; -- There's any significant delay or disruption in payments from CAMMESA or other counterparties, which could increase working capital needs; or -- The company adopts a more aggressive financial policy (including, for example, dividend payments or accelerated debt-funded investments), which would increase leverage metrics beyond expectations. An upward revision of the stand-alone credit profile is unlikely in the next 12 months and would require, for example, FFO to debt consistently above 12%, debt to EBITDA below 5x, and timely execution of the capex plan. YPF SA: Fitch Hikes LongTerm IDRs to 'B-', Outlook Stable --------------------------------------------------------- Fitch Ratings has upgraded YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+'. Fitch has also upgraded YPF's outstanding senior unsecured notes to 'B-' from 'CCC+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Fitch has raised the company's Standalone Credit Profile (SCP) to 'b+' from 'b'. Its ratings are aligned with Fitch's "Government Related Entities (GRE) Criteria," reflecting its government ownership and strategic importance. The SCP reflects improving operating metrics, and sound financial structure in an operating environment market by volatility and varying degrees of government intervention. Key Rating Drivers Links to Sovereign: YPF's linkage to Argentina reflects its ownership structure, government oversight and significance of the company in executing government policy, as is supplying most of the country's fuels and advancing the upstream and midstream hydrocarbon industry. The government of Argentina is a significant stakeholder due to its 51% ownership, and provincial government officials serve on the company's board of directors. According to Fitch's assessment of the GRE Criteria, both incentives to support and contagion risks are high. As YPF's SCP is higher than the sovereign's 'B-' IDR, the GRE criteria prescribe equalizing YPF's rating to the sovereign's. This reflects the absence of legal ring-fencing, which isolates the company's cash flows from sovereign interference. Fitch upgraded Argentina's sovereign rating to 'B-'/Stable in May 2026. This resulted in an upgrade of YPF's IDRs to 'B-'/Stable due to the prescribed equalization approach per Fitch's Government-Related Entity criteria. Key Producer in Volatile Operating Environment: Argentina's operating environment has improved but continues to be a constraint for YPF's SCP, resulting in a one notch adjustment. YPF is the market leader in the country with 56% of market share for refined products. The company's strong market position and branding give it the ability to adapt to market volatility. The convergence of local and international prices has proven positive. YPF's dominant fuel value-chain role and position as the largest licensed acreage holder for crude and gas position it to benefit from Argentina's shift from net importer to net exporter of hydrocarbons, despite a challenging macroeconomic environment. Limited Financial Flexibility: Macroeconomic challenges in Argentina affect the country's financial market, which in turn limits YPF's financial flexibility. The company has demonstrated access to local and international financial markets, but continued access to both can rapidly erode. Internationally, macroeconomic and financial sector disruptions in Argentina can have a quick effect on credit availability. Locally, market depth and overall liquidity have a track record of high volatility, which limits Fitch's view of the company's overall financial flexibility. Despite recent improvement, the issuer's foreign currency exposure, compounded by the country's track record of capital controls, hinders the assessment of financial flexibility. Production Growth Supports Stronger Metrics: Fitch's rating case assumes average production of 640,000 boe/d over the rating horizon, up from 550,000 boe/d, driven by execution of production and midstream projects. Fitch expects YPF's cost profile to improve further as it divests mature fields and increases shale output, where lifting costs are around USD4.5/boe. YPF's 2025 lifting cost declined to USD11.6/boe, 44% below 2024, while half-cycle costs are estimated at about USD18/boe. Higher production and lower costs support stronger credit metrics, with total debt/EBITDA estimated at 1.7x in 2026, versus 2.5x in 2025 (2.1x in USD), and averaging 2.1x over the rating horizon. Total debt to 1P reserves is estimated at USD7.90/boe in 2026, based on 2025 proven reserves of 1,284 mmboe. Peer Analysis YPF's linkage to the sovereign is similar to other Latin American national oil peers like Petroleos Mexicanos (PEMEX; BB+/Stable), Petroleo Brasileiro S.A. (Petrobras; BB/Stable), Ecopetrol S.A. (BB/Stable), and Empresa Nacional del Petroleo (ENAP; A-/Stable) due to their strategic importance and the significant implications of a default. YPF's closest upstream business peers are PEMEX, Petrobras, and Ecopetrol. In 2025, YPF's production averaged 527,000 boed with a reserve life of 6.7 years, lower than Ecopetrol's 745,000 boed and 7.0 years, and Petrobras' 3.0 million boed and 11.5 years, and PEMEX's 1.6 million boed and 8.7 years. YPF's capital structure is robust. Fitch calculated a gross leverage ratio of 2.5x (2.1x in USD) in 2025 and total debt/1P of USD8.7/boe, compared to Ecopetrol's 2.5x and USD15.4/boe, Petrobras' 0.6x and USD2.5/boe, and PEMEX's 5.4x and USD11.4/boe. Unlike ENAP, Petrobras, and PEMEX, YPF is not the sole refiner in its country, with a 56% market share in 2025. YPF, like Petrobras and PEMEX, is an integrated energy company, offering more financial flexibility, while ENAP is primarily a refiner. YPF has historically operated autonomously with periodic control over fuel prices and crude, implementing import parity pricing and price controls like PEMEX and Petrobras. Fitch’s Key Rating-Case Assumptions - Average gross production of 641,000boe from 2026-2029 - Realized oil price of USD87/bbl in 2026 and an average of USD60/bbl thereafter; - Natural gas prices rise to USD3.5/MMBTU in 2026 and settle at USD2.75/MMBTU thereafter; - Cost of production per barrel of USD 35 per boe in 2026, USD 33 in 2027, and USD 30 thereafter; - Average annual capex of roughly USD6.2 billion per year from 2026 to 2028; - Downstream sales volume follows Real GDP forecasts and YPF is a net purchaser of crude; - Effective tax rate of 30%; - No dividend payments over the rating horizon; - Rollover of short-term maturities at an average rate of 8% - Fitch assumes exchange rate for USD to ARS of 1,670.98 for 2026, 2,414.11 for 2027, and 2,655.52 thereafter. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Moderate), sector characteristics ('bb', Moderate), market and competitive positioning ('bbb', Lower), diversification and asset quality ('bb+', Higher), company operational characteristics ('bb+', Moderate), profitability ('bbb-', Moderate), financial structure ('bbb+', Moderate), and financial flexibility ('b', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the 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 'b' results in an adjustment of -1 notch. The SCP is 'b+'. To derive the Long-Term IDR: Application of Fitch's Government Related Entities Rating Criteria results in an equalized approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The Foreign-Currency IDR is linked to Argentina's sovereign rating, and a downgrade can occur with a downgrade of Argentina's sovereign rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Foreign-Currency IDR is linked to Argentina's sovereign rating, and an upgrade can only occur with an upgrade of Argentina's sovereign rating. Liquidity and Debt Structure YPF reported USD1,195 million in cash and cash equivalents at FYE 2025. Despite easing of capital controls and enhanced cash flow generation from favorable price environment, the company still faces material refinancing risk, with USD1.0 billion in debt maturing in 2026 (as of 1Q26, of which USD 300 million correspond to international maturities), down from USD 2.0 billion at the end of 2025, followed by USD1,9 billion in 2027. Issuer Profile YPF, S.A is the largest fully integrated energy company in Argentina. YPF participates in three segments: upstream, downstream and gas and power. YPF has been controlled by the Argentine government through its majority stake of 51% since 2012. 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 YPF S.A.. ESG Considerations YPF S.A. has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the growing importance of the continued development and execution of the company's energy-transition strategy. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The company has a Governance Structure score of '4', due to its nature as a majority government-owned entity and the inherent governance risk that arises with a dominant state shareholder, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- YPF S.A. LT IDR B- Upgrade CCC+ LC LT IDR B- Upgrade CCC+ senior unsecured LT B- Upgrade RR4 CCC+ ============= B E R M U D A ============= INVESTMENT ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Investment Energy Resources Limited's (IERL) Long-Term Foreign Currency Issuer Default Rating (IDR), Local Currency IDR, and senior secured notes at 'BB'. The Rating Outlook is Stable. IERL's ratings reflect the credit quality of the off-takers supporting its diversified renewable generation portfolio. About 60% of EBITDA is derived from distribution companies rated 'BB-' or higher. The ratings also reflect the credit quality of its main off-takers, some of which rely on government support and subsidies for liquidity. Refinancing needs will rise as debt maturities concentrate in 2029 and pressure financial flexibility. A favorable contractual position and modest capex support positive free cash flow. Key Rating Drivers Diverse Off-Taker Exposure: IERL's ratings reflect relevant geographic diversification, with exposure to off-takers across six operating environments and risk profiles ranging from 'BB' to 'B-'. Its main off-takers are state-owned distribution companies, many of which rely on subsidies and government transfers for liquidity support. EBITDA from Guatemala, which contributed 26% of total EBITDA in 2025, has generally covered hard-currency interest payments. This positions the ratings below Guatemala's 'BBB-' Country Ceiling. Honduras contributed 35% of EBITDA and represents the largest off-taker concentration risk, due to recurring growth in accounts receivable at the country's distributor (not rated), which strains working capital. As of March 2026, past-due accounts were close to USD50 million. Diversified Renewable Portfolio: IERL has a diversified portfolio of 843MW of utility-scale renewable generation assets in Central America and the Dominican Republic, with 37% hydro, 38% wind and 24% solar as of YE 2025. The portfolio includes wholly owned assets, and the company sold its 50% solar stake in El Salvador's El Bosforo in 2026. Generation rose by almost 20% in 2025 on stronger hydrology in Guatemala and solid wind asset availability. Higher generation increased revenue, reduced energy purchase costs versus 2024 and lifted EBITDA about 50% yoy. Fitch expects EBITDA to return to about USD190 million in 2026 and leverage to improve to about 4.0x on average. Contracted Cash Flows: IERL has predictable cash flow, supported by long-term U.S. dollar-denominated contracts and low marginal production costs from renewable assets. Approximately 85% of hydro capacity and all solar and wind capacity are contracted under power purchase agreements, with a weighted average remaining life of 10 years. Solar and wind off-takers under take-or-pay contracts must purchase all generation, which supports revenue stability despite output variability. Fitch expects neutral to positive free cash flow, supported by modest capex of about 3.4% of revenue. Strong Shareholder Group: IERL is rated on a standalone basis. However, its business profile and regional name recognition benefit from the reputational and logistical strength of its parent company Corporacion Multi Inversiones (CMI, not rated). CMI is a family-owned multinational conglomerate operating in 16 countries across agribusiness, restaurants, real estate, electricity generation, and finance. CMI has made significant investments in its energy business unit and provides back-office support and access to credit for CMI Energia. Peer Analysis IERL's 'BB' rating reflects a diversified and complementary asset portfolio and long-term U.S. dollar-denominated contracts, which reduce exposure to weak off-takers in challenging operating environments. Its EBITDA margin of about 50% is higher than Kallpa Generación S.A.'s (BBB-/Stable) and AES Panama Generation Holdings, S.R.L.'s (AESPGH; BB+/Stable), whose margins are about 40%, due to IERL's low variable costs from its fully renewable asset base. IERL is smaller than Kallpa and AESPGH. However, it has broader geographic diversification than both issuers. Kallpa and AESPGH also benefit from thermal assets, which reduce volatility from hydro and solar generation. Fitch expects leverage for all three companies to be broadly similar. IERL's leverage of about 4.0x is in line with Orazul Energy Peru S.A. (BB/Stable). Orazul is less diversified, as it operates a single hydroelectric asset in Peru. Fitch expects both companies to have modest capex needs. Fitch’s Key Rating-Case Assumptions - Average generation of 2,700 GWh per year through 2029, 47% from hydro assets and the balance from it solar and wind assets; - Around 83% contracted generation for the hydroelectric assets and 100% contracted for solar and wind assets through the cycle; - Successful refinancing of its USD700 million notes in 2029; - Bosforo divestment in 2026; - Average monomic price (the combined price of energy and capacity) of around USD103/MWh over 2026-2029. - Total maintenance capex at USD47 million for 2026-2029. 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 ('bbb', Moderate), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bbb-', Moderate), company operational characteristics ('bb', Higher), profitability ('bbb-', Moderate), financial structure ('bb+', Moderate), and financial flexibility ('bb-', Higher). 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 a final Foreign and Local Currency IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A material deterioration in the company's operating environment and/or applicable Country Ceiling; - Pressures over financial flexibility, including heightened refinancing risk; - Total debt/EBITDA of 5.0x on a sustained basis; - Significant lag in collections that weakens the company's liquidity position; - Unfavorable resolution of the ongoing Renace arbitration; - Sustained disruptions in generation capacity due to either technical or climatological issues. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A material improvement in the company's operating environment; - Sustained gross leverage below 4.0x through the rating cycle. Liquidity and Debt Structure Fitch expects IERL's financial flexibility to remain constrained by its concentrated funding structure. At YE 2025, the company had USD58 million of available cash and USD41 million of short-term debt maturities. Refinancing risk will rise as the USD700 million notes maturity approaches in 2029. Adequate liquidity depends on steady EBITDA generation and no material build-up in receivables from weaker off-takers that would raise working capital needs. Issuer Profile Investment Energy Resources Limited (IERL) is the entity through which the Corporacion Multi Inversiones corporate group (the CMI Group) owns the largest and most diversified private renewable energy portfolio in Central America and the Caribbean. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for IERL. ESG Considerations Investment Energy Resources Limited has an ESG Relevance Score of '4' [+] for GHG Emissions & Air Quality due to the company's advantage as a renewable generation company in Central America, which has a positive 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 ----------- ------ ----- Investment Energy Resources Limited LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior secured LT BB Affirmed BB =========== B R A Z I L =========== AXIA ENERGIA: S&P Affirms 'BB' ICRs, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit and issue-level ratings on AXIA Energia S.A. (formerly Eletrobras). And S&P revised upward its assessment of the company's management and governance (M&G). The outlook remains stable and reflects S&P's expectations that AXIA will complete its R$13 billion – R$14 billion investment this year despite energy price volatility, while reducing net debt to EBITDA to the low-4.0x area in 2027 from 4.7x in 2025 and maintaining FFO to debt of 16%–17% in the next two years. Improved governance framework and legal certainty mitigate institutional risks. Since its privatization in 2022, the company has focused on corporate derisking through the settlement of legal and environmental issues, the simplification of its corporate structure through mergers and acquisitions, and the enhancement of internal controls, such as the succession plan for CEO Ivan Monteiro. These factors support the company's operational stability and strategic continuity. In addition, the Federal Supreme Court's December 2025 approval of the agreement between AXIA and the federal government has resolved disputes between both parties. The agreements sets boundaries against the government's interference by ratifying its voting cap to 10% and raising the board's composition to 10 members—including three government appointees and one Fiscal Council member--from nine members with two government appointees. Furthermore, as part of the settlement, AXIA is no longer bound to fund the construction of the Angra III nuclear power plant, it can divest its stake in Eletronuclear, while retaining only limited financial commitments to the Angra I plant, currently capped at approximately R$2.4 billion. (AXIA agreed to sell its stake in Eletronuclear to Ambar Energia in October 2025, although the final closing is still pending.) S&P said, "As a result, we have revised our M&G score for AXIA to neutral from moderately negative. We believe these governance enhancements and legal certainty provide greater room for the company to execute its strategic objectives, limiting the government's ability to interfere in the company's operations." Substantial investment requirements will pressure free cash flow. AXIA is entering an intensive investment cycle, given its focus on expanding its transmission footprint following auction wins between 2022 and 2025, enhancing its transmission network to increase permitted revenue, and modernizing its hydro plants. S&P said, "We project capital expenditure (capex) to rise from R$7.4 billion in 2025 to R$13 billion - R$14 billion in 2026, around R$12 billion in 2027, and stabilize at between R$9 billion and R$10 billion starting in 2028. Although we expect AXIA to continue accessing capital markets to fund its investments and for refinancing purposes, we expect the company to finance part of the capex with its own cash flow--thanks to stable cash generation in its transmission and generation segments—and through lower dividend distributions in 2026. Consequently, we expect leverage to drop from 4.7x in 2025 to mid-4.0x in 2026 and low-4.0x in 2027, while FFO to net debt to remain stable at 15%–18% for the next two years. However, starting in 2028, we anticipate debt to EBITDA will rise to the 4.5x–5.0x range, following the end of the R$5.5 billion RBSE revenue flow. The RBSE (Rede Básica do Sistema Existente) payments are indemnification payments for the nondepreciated portion of transmission assets renewed under Law 12,783/2013. Conversely, we expect FFO to debt to slightly narrow to the 14%–15% range, given our projection of declining interest rates." A disciplined capital allocation will be key to stable credit quality. S&P said, "Throughout this period, we expect the company to maintain a disciplined approach to capital allocation, balancing large-scale infrastructure capex with shareholder returns. AXIA can do so through mechanisms such as stock bonuses, ensuring that its investments don't compromise liquidity. We forecast cash dividends of up to R$3.3 billion in 2026, down from R$12.3 billion in 2025. We believe disciplined capital allocation stems from the company's financial policy, through which it plans investments and dividend distributions during the five-year horizon, considering 3.0x-3.5x leverage in the generation business and 3.75x-4.25x leverage in the transmission business." These numbers diverge from its estimates, because S&P makes the following debt adjustments for AXIA as of March 31, 2026: -- R$3.6 billion in pension plan deficits; -- R$18.3 billion in financial guarantees provided to equity affiliates; and -- R$39.1 billion in contributions to the Energy Development Account (CDE). The rating on AXIA's bond is 'BB', the same as the issuer credit rating. However, pressure on the bonds' structural subordination is increasing due to the rising amount of debt at the subsidiary level. Free-market migration and transmission stability support cash flow resilience. S&P said, "Despite AXIA's lower free cash flow due to large investments, we expect operating cash generation to remain resilient thanks to the gradual migration from the quota-regime hydropower capacity to the free market and more favorable contracting conditions. The company continues to unlock value through the transition of energy volumes to the free market while maintaining a disciplined contracting strategy amid market volatility. In addition, AXIA will retain meaningful contracting flexibility for 2027 and 2028, given that more than 23% of its capacity will remain uncontracted in those years. The transmission business, which we expect will contribute more than 50% of EBITDA in the next two years, provides stable and inflation-linked cash flow that supports earnings visibility. Although RBSE revenue will decline beginning in 2028, we believe transmission investments should partially offset this headwind." The stable outlook is underpinned by AXIA's position as the nation's largest electricity utility and its predictable cash flow, with power transmission contributing over 50% of EBITDA. S&P said, "We expect the company to complete its investments—nearly R$14 billion in 2026 and R$12 billion in 2027—while it benefits from high, albeit volatile, energy prices. Consequently, we expect leverage to decrease from 4.7x in 2025 to the mid-4.0x area in 2026 and the low-4.0x area in 2027, with FFO to net debt to remain steady at 16%–17% for the next two years." S&P said, "We could lower our ratings on AXIA in the next 12 months if we lower the rating on Brazil. Otherwise, we could downgrade the company given weaker operational performance, failure to capture efficiencies and settle additional contingencies especially related to the compulsory loan, leading to debt to EBITDA consistently above 5.5x and FFO to debt below 9%." That could happen, for instance, in a scenario of persistently low energy prices, while the company increases its investments and engages in debt-financed acquisitions without offsetting cash flow, or if AXIA pursues a more aggressive dividend payout. An upgrade of AXIA within the next 12 months would require an upgrade of Brazil and an improvement in AXIA's stand-alone credit profile (SACP). The latter could occur if the company further derisks its balance sheet through corporate simplification and the settlement of contingencies. Additionally, an upgrade would depend on faster-than-expected deleveraging, specifically maintaining adjusted debt to EBITDA below 4.0x (notwithstanding the RBSE revenue loss), maintaining FFO to adjusted debt above 18%, and generating free operating cash flow. RAIZEN: Creditors Begin Evaluating $12.8BB Debt Restructuring ------------------------------------------------------------- Gabriel Araujo, Luciana Novaes Magalhaes and Oliver Griffin at Reuters report that creditors of embattled Brazilian sugar and ethanol producer ‌Raizen on June 3 began evaluating the company's final proposal for an out-of-court restructuring agreement to cover approximately 65 billion reais (US$12.8 billion) in debt, the largest such deal in Brazilian history. The joint venture between oil major Shell and Brazilian conglomerate Cosan wants to resolve debt accumulated as a result of high capital expenditures, adverse weather conditions, and wildfires that damaged sugarcane crops, according to Reuters. Raizen said early that holders of local debentures and agribusiness receivables certificates (CRA) would meet later in the day, the report notes. Raizen shares were up 5%, while the Ibovespa index was down more than 2%, the report relays. The company proposed three repayment alternatives for creditors, according to documents released, the report discloses. In all options, the baseline included an injection of 3.5 billion reais from Shell, while Raizen shareholder and Chairman Rubens Ometto would retain the option to inject an additional 500 million reais in the future, the report says. Reuters reported that creditors and bondholders were working to finalize terms, including whether Ometto could inject fresh capital at a later stage, the report discloses. Under the first scenario proposed by Raizen, creditors could support a plan to convert 45% of the company's debt into equity, with the remaining 55% restructured as new debt, the report discloses. The second would include an 80% debt reduction, with a lump-sum payment of the remaining balance due by the end of March 2047, the report says. The third proposed a payment of the lesser of either 75% of the respective credit or 9,750 reais per claim, subject to a financial cap of 150 million reais, the report relays. The documents also outlined a proposal to separate sugarcane processing from fuel distribution, with an implementation deadline of end-2027, the report notes. Raizen had previously unveiled a draft plan, including the conversion of 45% of restructured debt into equity at 0.25 real per share, a condition maintained in proposal, the report adds. About Raizen SA Raizen Group, a Brazil-based integrated energy and agribusiness company, operates in ethanol, sugar, and bioenergy production, as well as fuel, biofuel, and lubricant distribution, and during the 2024-crop year sold more than 3.4 billion liters of fuel, produced over 3 billion liters of ethanol, and generated 1.9 GWh of renewable energy. The company, which employs more than 34,000 staff alongside 2,000 apprentices, interns, and service providers nationwide, is ranked as Brazil's second-largest energy and fuel distributor and third-largest non-financial enterprise by net revenue, supplying infrastructure including gas stations, transportation networks, hospitals, and thermoelectric plants. Raizen's financial performance has been affected by macroeconomic downturns, rising interest rates, climate-related crop reductions, and commodity market volatility, which have influenced liquidity and leverage. Raizen sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-10528) on March 12, 2026. Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Raizen S.A. (Lead Case) 26-10528 Raizen Energia S.A. 26-10529 Raizen Centro-Sul Paulista S.A. 26-10530 Raizen Fuels Finance S.A. 26-10531 Blueway Trading Importacao e Exportacao S.A. 26-10532 Raizen Caarapo Acucar e Alcool Ltda. 26-10533 Raizen North America, Inc. 26-10534 Raizen Centro-Sul S.A. 26-10535 Raizen Trading S.A. 26-10536 Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtors' foreign representative is Lorival Nogueira Luz, Jr., Esq. The foreign representative's counsels include Luke A. Barefoot, Esq., David Z. Schwartz, Esq., and Richard C. Minott, Esq. of CLEARY GOTTLIEB STEEN & HAMILTON LLP. =========================== C A Y M A N I S L A N D S =========================== GFH BANK: Fitch Affirms 'B' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed GFH Bank B.S.C's (formerly GFH Financial Group B.S.C) Long- and Short-Term Issuer Default Ratings (IDRs) at 'B'. The Outlook on the Long-Term IDR is Stable. Fitch has also affirmed the senior unsecured long-term rating of the USD500 million sukuk due 2029 issued through GFH Senior Sukuk Limited (GFH SSL) at 'B', with a Recovery Rating of 'RR4'. GFH SSL is a special-purpose vehicle, incorporated in the Cayman Islands and was established solely to issue certificates (sukuk). Key Rating Drivers High Asset Risk-Weights: GFH's Long-Term IDR reflects its ongoing exposure to large individual real estate assets and other unquoted investments, which in Fitch's view carry heightened liquidity and valuation risk relative to its treasury portfolio of predominantly listed financial instruments. The rating also considers GFH's market position in Bahrain both as 83% owner of the commercial bank, Khaleeji Bank B.S.C, and at holdco level as an Islamic wholesale investment bank with a developing wealth management franchise. Low-Rated Operating Environment: GFH is incorporated and regulated in Bahrain (B/Stable). Not all of GFH's business is domestic, but in Fitch's view Bahrain's sovereign rating exerts a material influence on GFH's Long-Term IDR, both in respect of Khaleeji (substantially domestic) and significant elements of its own clients and assets at parent level. GFH also earns revenue from the US, western Europe and other parts of the MENA region. Regional Conflict a Downside Risk: Prolonged geopolitical tensions in the Middle East, leading to sustained inflationary pressures and weaker GDP growth, could result in extended capital market disruptions, tighter funding conditions and adverse asset price developments. This could weaken GFH's earnings generation and capitalisation, increasing downside risks to its ratings. This is not Fitch's base case, however, and the ratings are premised on a gradual normalisation of the regional operating environment. Illiquid Investment Exposure: In 2025 GFH made some real estate disposals both in Bahrain and abroad, but its exposure to unquoted and therefore, in Fitch's view, less liquid assets remains significant. Real estate and Level 2 and 3 financial instruments totalled USD3.7 billion at end-2025 (2024: USD2.6 billion), equivalent to 30% (2024: 23%) of total assets and 3.6x (2024: 2.6x) shareholders' equity. In addition to its own real estate, GFH has exposure via its 49.5% interest in Infracorp B.S.C. Infracorp holds a portfolio of real estate assets divested from GFH in 2022, alongside other assets. GFH also has a large volume of more liquid assets in its treasury portfolio, although these are necessary to manage its shorter-dated financial liabilities. Prudential Regulation: GFH is regulated for capital and liquidity by the Central Bank of Bahrain (CBB), in view of its wholesale banking licence. Fitch regards its end-1Q26 capitalisation as adequate for the rating but not excessive, with a common equity Tier 1 ratio of 13.5% and a total capital adequacy ratio (CAR) of 14.2%, the latter 1.7% above the CBB minimum. Reduction in the CAR from 16.6% at end-2025 mainly reflects the 1Q26 declaration of a USD80 million dividend from 2025 profit, supplemented by fair-value movements, some of which Fitch believes to have reversed since the quarter-end. Fitch expects a net rise in the ratio over 2026 from earnings generation. Restricted Fungibility of Liquidity: GFH's liquidity coverage ratio and net stable funding ratio remained above regulatory requirements at end-1Q26, at 138% and 136%, respectively. However, in Fitch's view, GFH remains exposed to longer-term liquidity risks, given the high proportion of less liquid assets it continues to hold alongside its treasury investments, and the lack of fungibility of both capital and liquidity between the parent entity and Khaleeji as a separately regulated subsidiary. Three Core Revenue Streams: GFH has reorganised, alongside its name change, its segmental income reporting into 'wealth and investment management', 'credit and financing' and 'treasury and proprietary'. In Fitch's view the presence of three complementary revenue streams provides some diversification benefits, although gains on the sale of proprietary assets remain inherently subject to market volatility. Consolidated net profit in 1Q26 increased 12% year-on-year to USD34 million, following a 13% growth in 2025 to USD146 million. Stronger Capitalisation Within Khaleeji: GFH's credit and financing activities are principally within Khaleeji, where 2025 net profit increased to USD31 million (2024: USD28 million), representing a sixth successive year of positive contribution. In 1Q26 it reported a net loss of USD6.4 million (1Q25: USD8.6 million profit) after making increased allowance for impairment on financing contracts, but its total CAR remained robust at 22.2%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Sustained reduction in GFH's regulatory capital headroom from its end-1Q26 level, for example, as a result of material impairment of its unlisted investments or other operating losses. Any liquidity strain from unexpected need to provide additional funding to investments, or evidence of reduced investor appetite for GFH as a deposit-taker or asset manager, increasing the reliance of its cash generation on illiquid assets. Downgrade of the Bahrain sovereign rating would not automatically lead to a downgrade of GFH, but would exert material downward pressure, particularly if a weaker domestic operating environment gave rise to significant asset quality problems within Khaleeji or to losses in GFH's own treasury activities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The Bahrain sovereign rating limits upside for GFH at its current level, but increased predictability of earnings, with reduced exposure to potential valuation swings from unquoted assets, could lead to an upgrade over the long term. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The USD500 million 2029 certificates ratings are driven solely by GFH's 'B' Long-Term IDR. This reflects Fitch's view that a default of these senior unsecured obligations would reflect a default of GFH in accordance with Fitch's rating definitions. The Recovery Rating of 'RR4' reflects Fitch's expectation of average recoveries in the event of a default. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES GFH SSL's sukuk rating is principally sensitive to changes in GFH's IDR. The ratings could also be sensitive to changes to the roles and obligations of GFH under the sukuk's structure and documents. ESG Considerations As an Islamic bank, GFH needs to ensure compliance of its entire operations and activities with sharia principles and rules. This entails additional costs, processes, disclosures, regulations, reporting and a sharia audit, which results in a Governance Structure Relevance Score of '4', which has a negative impact on the entity's credit profile 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 ----------- ------ -------- ----- GFH Bank B.S.C LT IDR B Affirmed B ST IDR B Affirmed B GFH Senior Sukuk Limited senior unsecured LT B Affirmed RR4 B =============== C O L O M B I A =============== GRAN TIERRA: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Gran Tierra Energy Inc.'s (GTE) and Gran Tierra Energy International Holdings GmbH's (GTE International) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed GTE's senior secured and senior unsecured notes at 'B+' with a Recovery Rating (RR) of 'RR4'. The ratings reflect GTE's small production scale and reserve base relative to higher-rated peers, with proved developed producing (PDP) and proven (1P) reserve life of about four years and seven years, respectively. These constraints are partly offset by improved geographic diversification following its expansion into Canada, a relatively low-cost production profile, and Fitch's expectation of deleveraging from positive FCF generation. Fitch forecasts production will remain broadly flat at about 45,000 barrels of oil equivalent per day (boe/d) over the rating horizon and expects gross debt/EBITDA to remain at or below 2.5x and debt/1P reserves at or below USD7/boe. Key Rating Drivers Small Scale and Reserve Base: GTE's ratings are constrained by its small production scale and limited reserve base. Fitch projects production will average approximately 45,000 boe/d over the next four years, while 1P reserves remain below 400 million barrels of oil equivalent (mmboe), both below levels Fitch associates with the 'BB' rating category of 75,000 boe/d production and 400 mmboe reserve. Reserve life remains modest at approximately four years for PDP reserves and seven years for 1P reserves over the forecast period. The Azerbaijan exploration, development and production sharing agreement (EDPSA) with the State Oil Company of the Azerbaijan Republic (BBB-/Stable) and proposed Tisquirama transaction in partnership with Ecopetrol S.A. (BB/Stable), add long-term growth optionality but are not expected to materially improve scale or reserves in the medium term. Geographic Diversification: GTE's geographic diversification improved following its expansion into Canada, which Fitch expects to contribute approximately 14,000 boe/d in 2026. Canadian operations support cash flow stability through exposure to a higher-rated operating environment and provide commodity diversification, with natural gas accounting for approximately 20% of total production. As of 1Q26, production was derived from Colombia (47%), Canada (34%), and Ecuador (19%), while 2025 1P reserves were in Colombia (45%), Canada (39%) and Ecuador (16%). Fitch views the exploration, development and production sharing agreement (EDPSA) in Azerbaijan as modestly positive for diversification. However, its effect will likely remain limited over the rating horizon given the project is at an early stage and awaits approvals. Low-cost production profile: GTE benefits from a relatively low-cost production profile. Fitch estimates half-cycle production costs were about USD26/boe in 2025 and expects costs to remain at or below this level over the rating horizon. This supports EBITDA generation of about USD390 million in 2026 and approximately USD300 million annually in 2027-2028, with the decline primary. GTE's cost position benefits primary from its onshore Colombian operations, which have relatively low exploration costs and, in certain fields, reduced transportation expenses due to wellhead sales arrangements. Fitch's rating case assumes an average realized discount of USD18/barrel (bbl) to Brent and USD8/bbl to West Texas Intermediate (WTI) over the rating horizon. Deleveraging Capacity: Fitch expects GTE's credit metrics to deleverage, supported by positive FCF generation and moderate capex. Fitch projects EBITDA leverage, including prepayments, of approximately 2.0x in 2026, down from 3.2x in 2025, and expects it to remain at or below 2.5x over the rating horizon. Fitch expects debt/1P reserves to remain at or below USD7/boe. Fitch expects GTE to maintain annual capex of approximately USD140 million, sufficient to sustain broadly flat production, with excess cash flow directed toward debt reduction. Peer Analysis GTE's credit and business profiles are comparable to those of other small independent oil producers in Colombia. The ratings of SierraCol Energy Limited (B+/Stable), GeoPark Limited (B+/Stable), and Parex Resources Inc. (B+/Stable) are constrained to the 'B' category or below due to the inherent operational risks associated with smaller scale and limited diversification in oil and gas production. Brava Energia S.A.'s (BB-/Rating Watch Positive) focus on gas and stronger reserve base are key differentiators relative to independent producers in Colombia. GTE's production profile is in line with that of other 'B' rated oil exploration and production companies operating in Colombia. Fitch estimates GTE's gross production will average 45,000 boe/d in 2026, above GeoPark's 30,000 boe/d, broadly in line with SierraCol's 44,000 boe/d, and below Parex's 84,000 boe/d. Fitch expects GTE's 1P Reserve Life Index (RLI) to remain above seven years over the rating horizon, broadly in line with its Colombian peers. GTE, SierraCol and GeoPark have leverage at or below 3.5x. Fitch expects GTE's EBITDA leverage to be close to 2.0x in 2026 and total debt/1P reserves to remain at or below USD7/boe. Fitch’s Key Rating-Case Assumptions - Colombia and Ecuador liquids linked to Fitch's Brent price deck of USD87/bbl in 2026, USD65/bbl in 2027, USD60/bbl in 2028-2029; - Canada liquids linked to Fitch's WTI price deck of USD80/bbl in 2026, USD65/bbl in 2027, USD57/bbl in 2028-2029; - Natural gas prices of USD3/ thousand cubic feet (mcf) over the rating horizon; - Average daily gross production of 45,000 boed in 2026-2029; - Average USD18/bbl discount to Brent and USD8/bbl discount to WTI over 2026-2029; - Average lifting cost at USD15/boe in 2026-2029; - Transportation cost of USD1.3/boe over the rating horizon; - SG&A cost of USD3/boe over the rating horizon; - Capex of USD140 million yearly over 2026-2029; - Average rate of 10% for rollover of short-term debt; - No dividends over the rating horizon; - Average 1P Reserve Replacement of 91% over 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 ('bbb-', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('b', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('b', Higher), profitability ('bb-', Moderate), financial structure ('a-', Lower), and financial flexibility ('bb-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'b+'. Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis The recovery analysis assumes that GTE would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: - A 10% administrative claim. - The GC EBITDA is estimated at USD240 million. The GC EBITDA estimate, excluding the acquisition, reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of GTE. - EV multiple of 4.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior secured notes is in the 'RR1' band and the senior unsecured notes are in the 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustainable production size declines to below 45,000 boed; - 1P reserve life declines to below seven years on a sustained basis; - A significant deterioration of credit metrics to EBITDA leverage of 3.5x or more and net EBITDA leverage of 3.0x or more; - A persistently weak oil and gas pricing environment that impairs the long-term value of its reserve base; - Sustained deterioration in liquidity and operating profile, particularly in conjunction with more aggressive dividend distributions than previously anticipated. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increase of 1P reserves to at least 400 million boe; - Net production rising consistently to 75,000 boed on a sustained basis while consistently maintaining 1P reserves reserve life of at least 10 years; - Maintenance of a conservative financial profile with EBITDA leverage of 2.5x or below. Liquidity and Debt Structure GTE's liquidity is adequate. As of end of March 2026, the company reported USD125 million in cash and equivalents, with USD54 million of undrawn credit facilities plus USD8.5 million available under Trafigura prepayment facility. Fitch estimates YE 2026 cash at approximately USD140 million and expects FCF to remain positive over the rating horizon. GTE's maturity profile improved following the 2025 exchange offer, with near-term maturities limited to USD24 million due in 2027 and the majority of bond maturities of USD581 million concentrated in 2029-2031. Fitch expects GTE to address this maturity concentration well ahead of due dates, supported by positive FCF generation and adequate market access. Fitch treats the amount drawn of USD316 million of the Trafigura prepayment as debt-like obligations in accordance with its corporate criteria. This obligation is incorporated into Fitch's leverage calculations and are factored into the agency's FCF projections. Issuer Profile GTE is an independent oil and gas producer in Colombia, Ecuador, and Canada, with South American blocks in Middle Magdalena, Llanos, and Putumayo basins. GTE International, formerly Gran Tierra Energy International Holdings Ltd., is a Switzerland-domiciled, wholly owned subsidiary. Summary of Financial Adjustments Fitch has incorporated the prepayment facility with Trafigura into GTE's debt balance. 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 Climate.VS for 2035 for Gran Tierra Energy Inc.Limited is 51. While elevated, this score does not affect the current ratings, given the long-time horizon over which the transition is expected to occur. Any potential future rating impact may change over time, reflecting developments in Fitch's assessment of these risks. ESG Considerations GTE and GTE International have an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the growing importance of policies designed to limit the greenhouse gas (GHG) emissions from the production of oil and gas and potentially lessening demand, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Gran Tierra Energy Inc. LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ senior secured LT B+ Affirmed RR4 B+ Gran Tierra Energy International Holdings GmbH LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Mango Exports Set to Reach 10MM Boxes in 2026 ----------------------------------------------------------------- Dominican Today reports that te Dominican Republic is on track to export nearly 10 million boxes of mangoes in 2026, reflecting the continued expansion of one of the country’s most important agricultural export industries, according to Agriculture Minister Francisco Oliverio Espaillat. Speaking at the opening of the annual Expo Mango 2026 in Bani, the minister credited the sector's growth to the combined efforts of producers, government support, technological innovation, and modernization initiatives, according to Dominican Today. He noted that the mango industry not only generates foreign exchange earnings but also creates jobs, strengthens rural communities, and contributes to national economic development, the report notes. Officials highlighted the growing international recognition of Dominican mangoes, which have become a symbol of agricultural excellence and a national brand in global markets, the report relays. Organizers reported that the sector includes more than 150,000 acres under cultivation, over 2,100 producers, and exports that surpassed 34 million kilograms in 2025, the report discloses. Industry leaders also pointed to expanding opportunities in key markets such as the United States, supported by investments in processing facilities and export infrastructure, the report notes. Expo Mango 2026 brought together producers, exporters, business leaders, and government officials to showcase the industry's achievements and future potential, the report says. The event comes as Bani further strengthens its identity as the country’s mango hub following the enactment of legislation declaring the city the "Mango Capital" of the Dominican Republic, 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: BOJ Offers $2.5 Billion in Liquidity Support to DTIs ------------------------------------------------------------- RJR News reports that the Bank of Jamaica injected $2.5 billion into the financial system after deposit-taking institutions (DTIs) sought $3.5 billion in liquidity support. According to the central bank, five bids were submitted by financial institutions, but only $2.5 billion was allocated at an average interest rate of 5.93% per annum, according to RJR News. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: Capital Budget Underspend Slowing Economic Growth ---------------------------------------------------------- RJR News reports that fiscal Commissioner Courtney Williams said the Jamaican government continues to underspend its capital budget, a situation he warns is hampering economic growth. Mr. Williams notes that the government and a group of public sector agencies spent just $104.7 billion of the $162 billion allocated for capital expenditure during the last fiscal year, according to RJR News. He says the outturn was 35 per cent below the amount budgeted, the report notes. According to the Fiscal Commissioner, the central government's capital budget for the year was projected at $62.6 billion while selected public sector agencies were allocated $99.7 billion for capital projects, the report relays. Capital expenditure typically covers infrastructure and development projects such as roads, schools, hospitals and other investments aimed at boosting economic activity and long term growth, the report discloses. Mr. Williams argues that the continued underutilisation of these funds represents a missed opportunity to stimulate the economy and improve public infrastructure, 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 ===================== FERRELLGAS PARTNERS: Removes Carney Hawks from Board of Directors ----------------------------------------------------------------- Ferrellgas Partners, L.P. announced in a regulatory filing that J. Carney Hawks was removed from the Board of Directors of Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P. Mr. Hawks' removal was not related to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Hawks was originally appointed to the Board in 2021 in accordance with the terms of the Partnership Agreement of Ferrellgas Partners, L.P., the bylaws of Ferrellgas, Inc., and a voting agreement among Ferrellgas, Inc., Ferrell Companies, Inc. (the sole shareholder of Ferrellgas, Inc.) and the holders of Class B Units of Ferrellgas Partners, L.P., pursuant to which holders of such Class B Units were permitted to designate one independent director to the Board. As previously reported, on March 16, 2026, all of the outstanding Class B Units were converted into Class A Units of Ferrellgas Partners, L.P., and therefore the right of holders of Class B Units to designate a director no longer applies. About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. As of January 31, 2026, the Company had total assets of $1.5 billion, total liabilities of $1.9 billion (calculated as current liabilities of $350.78 million + long-term debt of $1.5 billion + operating lease liabilities of $21.7 million + other liabilities of $55.9 million), mezzanine equity (Senior preferred units) of $651.3 million, and total Ferrellgas Partners, L.P. deficit of $982.3 million. * * * In October 2025, S&P Global Ratings raised its Company credit rating on Ferrellgas Partners L.P. to 'B' from 'CCC'. "The stable outlook reflects our expectation that Ferrellgas will maintain S&P Global Ratings-adjusted leverage in the 6.0x-6.5x range over our forecast period," S&P said. NOVA TERRA: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Nova Terra Inc Cabo Caribe Carr 686 Km 17.6 Vega Baja, PR 00693 Business Description: Nova Terra Inc. is an e-waste and industrial waste recycling company in Puerto Rico founded in 1996. The company provides IT recycling and reuse, asset management, data destruction, logistics and warehousing, appliance recycling, and material processing and recovery services. It also performs processing, disassembly, analysis, refurbishment, and parts recovery for electronic equipment, serving businesses and organizations in industries including pharmaceuticals and manufacturing. Its work covers computers, telecommunications equipment, manufacturing machinery, and electrical and electronic devices. Chapter 11 Petition Date: May 26, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-02364 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. PO Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 Fax: (787) 793-1004 Email: nlandrau@landraulaw.com Total Assets: $385,208 Total Liabilities: $1,259,466 The petition was signed by Vanessa Piereschi Fernandez as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ECJIPCI/NOVA_TERRA_INC__prbke-26-02364__0001.0.pdf?mcid=tGE4TAMA ********* 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 * * *