260611.mbx

260611.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 Thursday, June 11, 2026, Vol. 27, No. 116 Headlines B A H A M A S [] BAHAMAS: Develops Framework to Assess Climate Disaster Risks B R A Z I L BANCO ABC: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable BANCO BOCOM: Fitch Affirms 'BB+' Foreign Currency IDR BANCO DAYCOVAL: Moody's Affirms Ba1 Deposit Rating, Outlook Stable BANCO SAFRA: Moody's Affirms 'Ba1' Deposit Rating, Outlook Stable J A M A I C A JAMAICA: BOJ Boosts Forex Market With Another US$30MM Injection PBS: Reports Decline in Revenue and Profit For 2025 M E X I C O NUEVA ELEKTRA: Moody's Lowers CFR to B2, Alters Outlook to Stable SU CASITA 2007: Fitch Affirms 'D(mex)vra)' Rating on Class B Debt P U E R T O R I C O WILSON 1350: Case Summary & Six Unsecured Creditors T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Inflation Slows But Food Prices Rise [] IMF Completes Article IV Consultation for Trinidad and Tobago - - - - - ============= B A H A M A S ============= [] BAHAMAS: Develops Framework to Assess Climate Disaster Risks --------------------------------------------------------------- The technical assistance (TA) scoping mission to Nassau (November 2025) aimed to establish a robust framework for quantifying the macroeconomic impacts of climate-related natural disaster risks in The Bahamas. At the request of the Central Bank of The Bahamas (CBoB), the project focuses on operationalizing the DIGNAD model to assess trade-offs between debt financed resilient infrastructure, fiscal sustainability, and economic growth. The mission evaluated the authorities' readiness to incorporate these risks into medium-term projections and provided hands-on training on DIGNAD. Key outcomes include upgrading the forecasting toolkit to support evidence-based policy design and climate-resilience planning. =========== B R A Z I L =========== BANCO ABC: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Banco ABC Brasil S.A.'s (ABCBr) Long-Term Foreign and Local Currency Issuer Default Rating (IDR) at 'BB+' and Long-Term National Rating at 'AAA(bra)'. The Rating Outlook is Stable. Fitch also affirmed ABCBr's Viability Rating (VR) at 'bb' and Shareholder Support Rating (SSR) at 'bb+'. Key Rating Drivers Ratings Driven by Parental Support: ABCBr's IDRs and National Ratings are driven by its SSR, reflecting a moderate probability of support from its parent, Arab Banking Corporation B.S.C (ABC; Long Term Foreign Currency IDR BBB-/Stable; VR bbb-). ABCBr's Long-Term Foreign Currency IDR is rated one notch below ABC's, reflecting Fitch's opinion about the parent's ability and propensity to provide extraordinary support if needed. Large Management Independence: ABCBr's level of operational independence highly influences the parent's propensity to support. The subsidiary is not deeply integrated with the parent despite its high earnings contribution to the ABC Group. It also supports geographic diversification, with Brazil contributing about 50% of combined net income. The Middle East conflict does not affect Fitch's shareholder support assessment. Fitch recently affirmed ABC's ratings with a Stable Outlook. Please see "Fitch Affirms Arab Banking Corporation at 'BBB-'; Outlook Stable,". Large Size Relative to Parent: ABC owns nearly 63% of ABCBr, and both share a similar brand. The parent's propensity to provide support is enhanced by reputational risk, as a default at the subsidiary level, although unlikely, could result in significant reputational risk for ABC. However, the relatively large size of the subsidiary, which currently represents about 25% of the parent's assets, could constrain its ability to support ABCBr. Conservative Risk Profile: ABCBr maintains an adequate risk management framework, supported by disciplined underwriting. The bank has expanded in the middle market and increased service revenue, helping reduce volatility. Controlled credit growth has improved diversification across segments, geographies, and ticket sizes, reducing concentration risk. Credit standards remain conservative, with most middle market loans secured by collateral. ABCBr also holds BRL 190 million of unallocated provisions, which reinforce the bank's overall risk management discipline and provide an additional buffer against unexpected losses. Adequate Asset Quality: ABCBr has maintained adequate asset quality despite deteriorating delinquency in Brazil, supported by conservative credit standards and disciplined portfolio management. Consolidated NPLs fell to 0.5% in March 2026 from 0.9% in March 2025, while Stage 3 loans as a share of total loans were 4.2% in March 2026 from 4.0% in 2025. Fitch considers these levels consistent with the bank's risk profile. Limited middle market penetration and broader diversification across segments, geographies and ticket sizes have supported performance and moderated credit volatility. Sound Profitability: ABCBr's profitability has remained resilient, supported by expansion in the middle market segment, where spreads are higher, and by fee income growth. Although 1Q26 reflected lower DCM and M&A activity and higher provisioning expenses, the Net Interest Income rose 14.3% yoy to BRL 648 million from BRL 567 million in 1Q25. Operating profit/RWAs was 1.7% in March 2026, in line with the four-year average. Fitch expects this ratio to remain stable as middle market volumes grow and spreads on new loans widen. Stable Capitalization, Funding and Liquidity: Fitch upgraded ABCBr's funding and liquidity score to 'bb' from 'bb-', reflecting ample market access, resilient funding through cycles and a balanced mix of long-term, deposit-like instruments, including real estate and agribusiness credit bills and financial notes. Liquidity is adequate given limited near-term maturities, and Fitch does not expect material strategy changes. Capitalization remains stable, supported by profit generation and conservative loan growth. The CET1 ratio was at 11.4% at March 31, 2026, from 11.7% a year earlier, excluding 56 bp capital benefit approved by the Brazilian Central Bank in April 2026 in April 2026. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs and SSR - A deterioration in Fitch's assessment of ABC's propensity or ability (due to the material size of the subsidiary) to support ABCBr; - A negative rating action on the parent bank, ABC. However, a downgrade of the IDRs would be limited by the level ABCBr's VR; - ABCBr's IDRs are sensitive to a negative rating action on Brazil's sovereign rating, as the bank's ratings are at the Country Ceiling. VR - A significant deterioration of ABCBr's asset quality that results in credit costs that severely limit its profitability (operating profit to RWA ratio consistently below 1.0%); - A sustained decline in ABCBr's CET1 ratio below 11%; National Ratings - Unfavorable changes in ABCBr's credit profile relative to its Brazilian peers. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs and SSR - Upside potential for ABCBr's IDRs is limited, as these are at the level of Brazil's Country Ceiling and the Outlook on Brazil's Long-Term IDRs is Stable. An upgrade could be possible following a positive rating action on Brazil, provided ABCBr remains as a strategy subsidiary for its parent company. VR - The potential for positive rating action on ABCBr's VR is limited due to its operating environment, scale and representativeness in the Brazilian banking sector. National Ratings - The National Ratings are at the top of the National Rating Scale and thus further upgrades are not possible. Public Ratings with Credit Linkage to other ratings ABCBr's ratings and SSR are driven by support from the Arab Banking Corporation (ABC; LT FC IDR BBB-/Stable and VR bbb-). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Banco ABC Brasil S.A. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Natl LT AAA(bra) Affirmed AAA(bra) Natl ST F1+(bra) Affirmed F1+(bra) Viability bb Affirmed bb Shareholder Support bb+ Affirmed bb+ BANCO BOCOM: Fitch Affirms 'BB+' Foreign Currency IDR ----------------------------------------------------- Fitch Ratings has affirmed Banco BOCOM BBM S.A.'s (BOCOM BBM) Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) at 'BB+', LT Local Currency (LC) IDR at 'BBB-' and LT National Rating at 'AAA(bra)'. The Rating Outlook is Stable. Fitch has also affirmed BOCOM BBM's Shareholder Support Rating (SSR) at 'bb+ and Viability Rating (VR) at 'bb'. Key Rating Drivers IDRs and National Ratings IDRs Driven by SSR: BOCOM BBM's IDRs and National Ratings are driven by its SSR and reflect support from its ultimate parent, China's Bank of Communications Co., Ltd. (BOCOM; A/Stable). SSR Country Risk: BOCOM BBM's LT FC IDR is rated five notches below that of BOCOM's and is constrained by Brazil's 'BB+' Country Ceiling, while its LT LC IDR is currently capped at two notches above Brazil's LC sovereign rating (BB/Stable). This reflects Fitch's view that BOCOM's ability to provide support to its subsidiary's senior creditors is linked to Brazilian sovereign risk and could be reduced in case of extreme sovereign stress, despite the group's strategic commitment to the country. Strategically Important: The support assessment incorporates Fitch's view that BOCOM BBM's activities in Brazil are strategically important to the parent. This was demonstrated by the group's efforts to deepen commercial activity through ordinary support, including funding and capital, as well as BOCOM BBM's initiatives to increase synergies and operational integration with its parent. BOCOM owns close to 100% of BOCOM BBM, and the parent's IDRs are driven by the Chinese state's ownership in the bank and its systemic importance. Under Fitch's assessment, Chinese state support to BOCOM would flow through to BOCOM BBM if needed. BOCOM has a strong ability to provide support, as BOCOM BBM's size is modest relative to the overall group. VR Operating Environment at 'bb': Fitch expects growth to decelerate further in 2026 to 1.9% (2025: 2.3%) on the lagged effect of tight monetary policy and waning of past fiscal impulse, but supported by a resilient labor market, income tax changes and other credit-related policy stimulus before elections. Growing Corporate Franchise: BOCOM BBM's business profile reflects its established and growing franchise as a medium-sized Brazilian commercial bank focused on corporate lending, with total operating income of USD 185 million in 2025 (four-year average of USD 153 million) and total assets of BRL 32.6 billion. Fitch acknowledges the bank's improved franchise positioning, supported by a successful revenue diversification strategy — with non-credit-spread revenues reaching 47.5% of total bank revenues in 2025, up from 22.3% in 2016 — and consistent execution of its business expansion plans across lending, DCM, and treasury platforms. Conservative Risk Profile: BOCOM BBM's risk profile is closely linked to its corporate lending-focused business profile, with credit-related risk-weighted assets (RWA) representing approximately 88% of total RWA at year-end 2025. Conservative underwriting standards are supported by prudent risk appetite, adequate risk-based pricing, and a rigid collateral policy (approximately 40% of the portfolio; approximately 90% for SMEs) that has historically prevented material credit losses. Borrower concentrations are relatively high but mitigated by strong borrower credit profiles and bank guarantees from large Chinese institutions, resulting in consistently better asset-quality metrics than the Brazilian sector average. Resilient Asset Quality: BOCOM BBM's impaired loans (Stage 3 loans) stood at 0.9% of gross loans at year-end 2025, up from 0.6% (D-H loans) at end-2024 but below the 1.3% (D-H loans) peak in 2023. The four-year average impaired loans ratio remained low at approximately 0.9%, consistently better than Brazilian banking sector peers. Loans past due over 90 days were minimal at 0.7%, while reserve coverage strengthened to 95.6% of impaired loans. Loan impairment charges rose to 0.33% of average gross loans from 0.12% in prior years, though net charge-offs were negligible, reflecting the bank's rigid collateral framework and conservative underwriting. Strong Profitability: Strong Profitability: Core earnings have steadily strengthened in recent years, driven by growing business volumes, a wider net interest margin, improved revenue diversification and enhanced cost efficiency. The average operating profit to risk-weighted assets ratio was 3.35% for the four years from 2022 to 2025, rising to 3.7% in 2025 — the highest in the observation period. ROAE has remained consistently above 20% for four consecutive years, reaching 25.6% in 2025. Adequate Capitalization: Fitch has revised its capitalization and leverage score of BOCON BBM to 'bb' from 'bb-'. Capitalization levels are adequate considering the bank's conservative credit risk profile, well-managed market risks, good internal capital generation and capital flexibility from ordinary support from BOCOM. As of March 2026, the bank's common equity Tier 1 (CET1) capital ratio stood at 10.81% and Basel ratio at 17.30% (16.11% and 9.92%, respectively, at December 2025). Funding Diversified: Fitch has revised its funding and liquidity assessment of BOCON BBM to 'bb' from 'bb-'. BOCOM BBM's funding base is diversified across deposit-like instruments (LCA, LCI and LF), international borrowings and customer deposits, with intragroup funding from BOCOM's global branches and Institutional Offshore representing approximately 37% of the total at end-2025. The bank's liquidity buffers are adequate given limited forthcoming maturities, supported by cash and equivalents of BRL2.2 billion and government securities readily available as collateral. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDRs, SSR and National Ratings - BOCOM BBM's IDRs, National Ratings and SSR could be downgraded if BOCOM's IDRs, from which they are notched, are downgraded by multiple notches. However, BOCOM BBM's LT IDR would not be downgraded to a level below its VR. VR - The VR could be downgraded if the recovery of the Brazilian economy suffers a severe setback, causing a material weakening of the operating environment. In this scenario, pressure could stem from rapidly rising private-sector indebtedness and a permanent erosion of business prospects; - The VR could also be downgraded if, contrary to Fitch's expectations, BOCOM BBM's impaired loan ratio rises above 5%, resulting in deterioration of profitability, with operating profits to RWA ratio consistently below 1.0% and CET 1 ratio below 8.0% or total capital ratio below 14%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs, SSR and National Ratings - BOCOM BBM's IDRs could be upgraded if Brazil's sovereign rating is upgraded, provided BOCOM BBM remains strategically important to BOCOM. VR - There is limited rating upside at the current level of Brazil's sovereign rating. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Ex-Government Support Ratings - Key Rating Drivers BOCOM BBM's LT FC and LC IDRs (ex-government support [xgs]) are at 'BB(xgs)' and are one notch below its parent's LT IDR (xgs) of 'BB+(xgs)'. The Short-Term FC and LC IDRs (xgs) have been affirmed at 'B(xgs)' and is mapped from its LT IDR (xgs). The ex-government support ratings exclude assumptions of extraordinary government support from the underlying ratings. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Sensitivities BOCOM BBM's IDRs (xgs) are sensitive to changes in BOCOM's IDRs (xgs). VR ADJUSTMENTS The business profile score of 'bb' is above the 'b & below' category implied score due to the following adjustment reason(s): Group benefits and risks (positive). The capitalization and leverage score of 'bb' is above the 'b & below' category implied score due to the following adjustment reason(s): Capital flexibility and ordinary support (positive). The funding and liquidity score of 'bb' is above the 'b & below' category implied score due to the following adjustment reason(s): Liquidity access and ordinary support (positive). Public Ratings with Credit Linkage to other ratings BOCOM BBM's IDRs and National Ratings are driven by support from the BOCOM, which owns close to 100% of BOCOM BBM. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Banco BOCOM BBM S.A. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BBB- Affirmed BBB- LC ST IDR F3 Affirmed F3 Natl LT AAA(bra) Affirmed AAA(bra) Natl ST F1+(bra) Affirmed F1+(bra) Viability bb Affirmed bb LT IDR (xgs) BB(xgs) Affirmed BB(xgs) Shareholder Support bb+ Affirmed bb+ ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) BB(xgs) Affirmed BB(xgs) LC ST IDR (xgs) B(xgs) Affirmed B(xgs) BANCO DAYCOVAL: Moody's Affirms Ba1 Deposit Rating, Outlook Stable ------------------------------------------------------------------ Moody's Ratings has affirmed all ratings and assessments assigned to Banco Daycoval S.A. (Daycoval), including the bank's long and short-term local and foreign currency deposit ratings of Ba1 and Not Prime, as well as the long and short-term local and foreign currency counterparty risk ratings of Baa3 and P-3. The bank's baseline credit assessment (BCA) and adjusted BCA of ba1 were also affirmed as well as its long and short-term counterparty risk assessments of Baa3(cr) and P-3(cr). The outlook on Daycoval's long-term deposit ratings was maintained stable. RATINGS RATIONALE Daycoval's ba1 BCA incorporates the bank's established franchise as a corporate and middle-market lender in Brazil and its consistent earnings generation. These strengths have historically been supported by a disciplined risk profile, relatively low concentration risk and strong reserve buffers, which helps offset capital ratios that are tighter than those of peers. The BCA also incorporates Daycoval's conservative asset and liability management and adequate liquidity levels. As of March 2026, Daycoval's problem loans stood at 4.2% in line with the previous year and remained below the industry average. This metric reflects the bank's expertise in serving small and medium-sized companies, as well as its growing diversification into collateralized retail lending, particularly payroll and vehicle financing. Loan loss reserves covered 89% of problem loans as of March 2026 and alongside high levels of collateralization helps mitigate risks associated with the bank's 19.8% year-over-year growth. Despite strong performance over the past 24 months, still-elevated interest rates in Brazil are likely to continue pressuring Daycoval's portfolio metrics. Daycoval's net income to tangible assets reached 1.8% in December 2025, in line with prior year, sustained by the expansion of its loan book and higher net fees and commissions, which more than offset higher personnel expenses and a 36% increase in loan loss provisions in the same period. Growth in fee-based income also highlights the bank's increasing revenue diversification, reducing reliance on core lending activities. The bank was able to sustain its profitability level in March 2026, despite higher provisioning expenses for the challenging year ahead. The current rating also reflects consistent capital replenishment and shareholder commitment. In March 2026, capitalization stood at 8.4%, measured by tangible common equity as percentage of risk weighted asset, down from 11.1% in March 2025. The decrease reflects the bank's RWA expansion and extraordinary dividend payment at the end of 2025. Moody's expects internal earnings generation will continue to support Daycoval's business strategy, providing enough loss of absorption capacity. On regulatory terms the banks' capital ended March 2026 at 9.8%. assessment also reflects Daycoval's effective asset and liability management that counterbalance its reliance on institutional resources. The bank's good access to local and foreign capital markets also supports a diversified funding mix and adequate term structure. As of March 2026, less stable funds accounted for 37.2% of tangible banking assets, lower than their peers in the corporate & SME lending segment. The bank's refinancing risk is mitigated by its core liquidity that ended at 14.2% of tangible assets in the same period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Daycoval's BCA and deposit ratings are unlikely to face upward pressure, because they are constrained by Government of Brazil's Ba1 sovereign rating, which carries a stable outlook. Conversely, negative pressure on the ba1 standalone assessment could result from a deterioration in Daycoval's asset quality, combined with a significant reduction in its earnings, which could arise from a rapid deterioration in the bank's corporate and SME loan book or from increasing borrower-concentration risk. Significant loan growth could particularly compromise the bank's capital structure and asset-quality indicators, whose preservation is key at this rating level. A downgrade in Government of Brazil's sovereign debt rating could also lead to a downgrade in Daycoval's BCA and ratings. The principal methodology used in these ratings was Banks published in November 2025. 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. BANCO SAFRA: Moody's Affirms 'Ba1' Deposit Rating, Outlook Stable ----------------------------------------------------------------- Moody's Ratings has affirmed all ratings and assessments assigned to Banco Safra S.A. (Safra), including the bank's long and short-term local and foreign currency deposit ratings of Ba1 and Not Prime, the foreign currency senior unsecured MTN program rating of (P)Ba1 and (P)Not Prime for the foreign currency other short-term rating, as well as the long and short-term local and foreign currency counterparty risk ratings of Baa3 and P-3. The bank's baseline credit assessment (BCA) and adjusted BCA of ba1 were also affirmed as well as its long and short-term counterparty risk assessments of Baa3(cr) and P-3(cr). The outlook on Safra's long-term deposit ratings remains stable. At the same time, Moody's also affirmed all ratings for Banco Safra S.A. (Cayman Branch), including its (P)Ba1 senior unsecured MTN rating, as well its long and short-term local and foreign currency counterparty risk ratings at Baa3 and P-3, and the long and short-term counterparty risk assessments at Baa3(cr) and P-3(cr), respectively. RATINGS RATIONALE The affirmation of Safra's ba1 standalone assessment reflects the bank's sound financial fundamentals, supported by a diversified and established commercial banking franchise, focused on lending to large corporations as well as smaller companies and individuals strongly based on collateralized products. Safra's long-track record of disciplined risk management has historically supported the generation of recurring earnings, low cost of risk and low asset risk metrics, compared to similarly rated peers in Brazil. While Safra maintains adequate levels of liquidity, supported by high cash balances and a stable deposit base, funding has a large share of confidence-sensitive resources, which, however, have remained stable through cycles supported by its sound customer relationships. Capitalization, measured by tangible common equity (TCE) to risk-weighted assets (RWA), remains modest, but frequent dividend reinvestments from shareholders and strong capital replenishment capacity continue to support the bank's expansion. In March 2026, problem loans to gross loans ratio, measured by stage 3 assets, was 3.3%, a slight increase in the quarter, but still below its peers' average of 5.6% in the same period. Safra also maintains a conservative reserve position, with loan loss reserves covering 1.5x stage 3 loans in the same period. Safra has historically operated with a relatively leveraged balance sheet, supported by dividend reinvestment and shareholder capital injections, when needed. Moody's TCE to RWA ratio was 8.6% in March 2026, below peers, but this weakness is mitigated by consistent internal capital generation, market access and shareholder support. CET1 was 10.4%, and Moody's expects it to remain broadly stable over the next 12 to 18 months. Safra's profitability remains strong, with net income to tangible assets of 1.2% in March 2026, supported by its diversified business mix, steady growth in core businesses and high fee-based income, which offsets higher loan loss provisions over the last 5 quarters. Safra's liquidity profile is also solid with core banking liquidity to tangible banking assets ratio at 15.4%, and liquid assets mainly composed of government securities, representing 55% of liquid assets as of March 2026. The stable outlook on Safra's deposit ratings is aligned with the stable outlook on the Government of Brazil's (Brazil, Ba1 stable) sovereign rating and reflects Moody's expectations that the bank will maintain sound asset quality and adequate loss-absorption buffers. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Safra's ba1 BCA and Ba1 deposit ratings are unlikely to be upgraded at present because they are already at the same level of Brazil's Ba1 government bond rating. Conversely, Safra's BCA could be downgraded and its deposit ratings downgraded if Safra's asset quality deteriorates substantially as the bank increases its presence in riskier credit platforms to enhance business diversification, resulting in negative effects on profitability and capitalization via credit losses. The rating could also be downgraded if Brazil's sovereign rating is downgraded. The principal methodology used in these ratings was Banks published in November 2025. 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. ============= J A M A I C A ============= JAMAICA: BOJ Boosts Forex Market With Another US$30MM Injection --------------------------------------------------------------- RJR News reports that Jamaica's productive sector is still seeking an additional US$18 million to meet payments of raw materials, capital equipment and spare parts, despite another intervention by the Bank of Jamaica in the foreign exchange market on Friday. The central bank injected US$30 million into the market, one day after supplying a similar amount, when demand from the productive sector reached US$78 million, according to RJR News. Meanwhile, the Bank of Jamaica set to intensify its liquidity management measures when it mops up J$55 billion from the financial system, the report notes. The move is aimed at reducing the amount of local currency available to purchase US dollars and easing pressure on the foreign exchange market, 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. PBS: Reports Decline in Revenue and Profit For 2025 --------------------------------------------------- RJR News reports that PBS has characterised 2025 as a challenging but transformative year as the company navigates, global economic pressures, delayed government contracts, and rapid technological change. The technology solutions group has reported that revenue for the year totaled US$374.9 million, falling short of its $425 million target, according to RJR News. The company attributes the shortfall to procurement delays on major regional government technology projects, as well as currency volatility in some markets, the report notes. Net profit declined sharply to US$4.3 million, well below expectations of US$13.6 million, the report relays. PBS says the result was heavily influenced by a tax charge of US$9.9 million and that the company is now working on improved tax planning across its twenty four country footprint, with structural changes expected in 2026, the report discloses. It adds that its performance reflects a business that is maturing, adapting, and positioning itself with intention for the years ahead, the report says. Looking ahead, the group has highlighted artificial intelligence and increased digital investment across the region as expected drivers of new demand for its services, the report adds. =========== M E X I C O =========== NUEVA ELEKTRA: Moody's Lowers CFR to B2, Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Nueva Elektra del Milenio, SA de CV.'s (NEM) Corporate Family Rating to B2 from B1 and changed the outlook to stable. This rating action concludes the review for downgrade initiated on October 23, 2025. RATINGS RATIONALE The downgrade to B2 reflects Moody's views that, in the context of a more challenging operating environment in Mexico, (Government of Mexico Baa3 stable), there are increased execution risks around the company's ability to successfully turn around operations and restore credit metrics to levels consistent with the previous rating category. Mexico's economic activity remains weak, private consumption has softened, and informality has increased. Although lower-income consumer segments served by Grupo Elektra have historically demonstrated resilience to challenging economic conditions, the current environment continues to constrain purchasing power. NEM's rating continues to reflect its strong strategic importance to Grupo Elektra, including its leading market position in the Mexican retail sector and its integration with Banco Azteca's credit-led commercial model, which supports demand among mid- to low-income consumers. NEM's operating performance has weakened over the last two years, reflecting both cyclical pressures and company-specific factors. Revenue and profitability underperformed Moody's previous expectations, resulting in materially weaker credit metrics. In 2024, Moody's expected that by year-end 2025 the company would generate revenue of around MXN65.9 billion, debt/EBITDA of 2.5x, (EBITDA - capex)/interest expense of 2.2x, and RCF/net debt of 36.6%. By contrast, 2025 results remained well below those expectations, with revenue of MXN63.2 billion, debt/EBITDA of 5.0x (including approximately MXN6.3 billion of interest-bearing related-party loans; excluding these and corresponding offsetting balances, debt/EBITDA would be 3.8x), (EBITDA – capex)/interest expense of 0.4x, and RCF/net debt of -42.5%, reflecting lower EBITDA, weak margins, and significant cash outflows, including extraordinary dividend payments during 2025. During 2025, the company reclassified certain lease expenses to interest, resulting in an increase in reported interest expense of approximately MXN1.2–1.3 billion; absent this accounting change, (EBITDA – capex)/interest expense would have been closer to 0.6x. The company has implemented measures to improve operating performance, including reducing related-party transactions and discontinuing certain low-margin activities, which have supported some improvement in recent months. For the last twelve months ended March 2026, leverage declined to around 4.2x (3.2x excluding interest-bearing related-party loans) and margins improved. However, interest coverage and RCF/net debt remain weak, and revenue continued to decline to MXN60.5 billion, indicating that the recovery remains ongoing. Moody's recognizes that the settlement of Grupo Elektra's tax liabilities reduces a key source of uncertainty, and NEM is no longer expected to face related cash outflows, while extraordinary dividend payments have ceased. Despite these developments, the weaker operating environment in Mexico raises risks to the company's ability to execute its business plan. The company projects a recovery in revenues and credit metrics over 2026–2027, including revenue growth and improvement in leverage to around 3.5x and interest coverage closer to 1.0x. However, these projections remain dependent on improvements in demand conditions and execution, and are exposed to continued pressure from weak economic growth, soft consumption trends, and declining purchasing power. The rating also reflects structural constraints on NEM's credit profile, including reliance on related-party arrangements, low profitability in administrative services, and limited financial flexibility resulting from the securitization of remittance-related receivables, which reduces internally available cash for deleveraging. In addition, the company's money transfer business, while high-margin, is exposed to volatility in remittance flows, including risks related to weaker growth in remittances, the evolution of the US labor market for low-skilled workers, and potential tighter immigration or regulatory conditions, which could affect transaction volumes and cash flow generation. OUTLOOK The stable outlook reflects Moody's expectations that the resolution of the group's tax liabilities, the absence of further extraordinary dividend payments, and recent operating measures will support stabilization of credit metrics from current weak levels over the next 12–18 months. The outlook also reflects that the company will need to demonstrate sustained improvement in operating performance and cash generation before upward rating pressure could emerge, while continued exposure to weak consumer conditions in Mexico and execution risks could limit the pace of recovery. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company demonstrates sustained improvement in operating performance and credit metrics, including Moody's-adjusted debt/EBITDA below 3.5x, RCF/net debt above 10%, Moody's-adjusted (EBITDA - capex)/interest expense above 1.25x. A rating upgrade will also require a sustained positive free cash flow generation and maintenance of adequate liquidity. The ratings could be downgraded if operating performance fails to improve or credit metrics remain weak, including if Moody's-adjusted debt/EBITDA remains above 4.0x, RCF/net debt remains below 10%, Moody's-adjusted (EBITDA - capex)/interest expense remains below 1.25x on a sustained basis, while the company continues to generate negative cash flow. COMPANY PROFILE Nueva Elektra del Milenio, SA de CV. is a retail and services company in Mexico and a core subsidiary of Grupo Elektra, providing retail sales of consumer goods, administrative services to related entities, and money transfer services. ESG CONSIDERATIONS Governance risks remain a key credit consideration, reflecting the company's ownership structure, the absence of structural safeguards with its parent, and exposure of cash flows to group-level decisions, which constrain financial flexibility. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Retail and Apparel published in September 2025. 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. SU CASITA 2007: Fitch Affirms 'D(mex)vra)' Rating on Class B Debt ----------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Su Casita Trust 2007's classes A and B residential mortgage-backed securities (RMBS) as follows: - Su Casita Trust Class A International Scale Rating at 'CCsf'; - Su Casita Trust Class A National Scale Rating at 'CC(mex)vra'; - Su Casita Trust Class B at 'D(mex)vra'. KEY RATING DRIVERS Transaction Remains Dependent on Recoveries: As of April 2026, the securitized portfolio totaled 1,601 loans, consisting of 793 original loans with a balance of 56.7 million UDI and 808 restructured loans with a balance of MXN183.8 million, equivalent to 21.1 million UDI. Loans over 180 days past-due represented 7.4% of the original portfolio balance, compared to 7.9% in April 2025. However, the portfolio remains highly deteriorated, as loans over 180 days past due represented 69.5% of the current portfolio balance, versus 65.7% at prior review. As a result, the transaction remains increasingly reliant on recoveries to meet its payment obligations, particularly through the sale of foreclosed assets. As of April 2026, the transaction had 773 foreclosed properties for sale, valued at 56.0 million UDI. In the LTM, the transaction recorded 38 repossessions and 66 property sales, compared with 72 repossessions and seven sales at the previous review. Senior Class Amortization Decelerates: As of April 2026, class A's outstanding balance was 77.17 million UDI, or 11.5% of its initial balance of 668.39 million UDI. Over the last 12 months, class A amortized 1.4% of its original balance, down from 3.1% at the previous review in May 2025. The subordinated tranche remained unchanged at 82.3% of its issuance balance, as no principal payments have been made on this class since 2009. The transaction's dual-waterfall structure allocates interest collections, after expenses, to interest payments and principal collections to note amortization. Any unpaid class A interest is covered by the guarantor, MBIA, which is not rated by Fitch. Accordingly, Fitch does not give credit to this support. As of April 2026, overcollateralization levels (excluding loans over 180 days due) were -225.1% and -430.3% compared to -187.0% and -347.2% for class A and B, respectively in April 2025. Servicing Remains Stable: The portfolio is serviced by Adamantine Servicios S.A. de C.V. (Adamantine), rated as special servicer at 'AAFC3+(mex)' with a Stable Outlook. Fitch considers Adamantine's servicing capabilities to be adequate, supporting continuity in servicing operations and mitigating operational risk. Servicing performance has remained stable and uninterrupted, particularly in the execution of loan restructurings and asset sales. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Class A - A downgrade could result from a further decline in available liquidity, without a material improvement in recoveries, leading to insufficient funds to cover the payment of obligations. Class B - Since the notes are in default, a further downgrade is not possible. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Class A - An upgrade is unlikely; however, it could occur if recoveries from property sales increased on a sustained basis, resulting in a consistent strengthening of credit enhancement levels. Class B - An upgrade is viewed as unlikely, given that the current rating reflects Fitch's view of the interest default of the notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. ===================== P U E R T O R I C O ===================== WILSON 1350: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: Wilson 1350 LLC 2102 Condado Real 1700 Ave MCleary San Juan, PR 00911 Business Description: Wilson 1350 LLC is a San Juan, Puerto Rico- based company engaged in residential real estate development. Chapter 11 Petition Date: May 27, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-02372 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. P.O. Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 E-mail: nlandrau@landraulaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Al Rizet Rincon as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GPJ7H7A/Wilson_1350_LLC__prbke-26-02372__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Six Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Andrea Gonzalez Deposit $917,500 576 Ave. Arterial b Coliseum Tower #2203 San Juan, PR 00918 2. Endeavor Capital PR LLC Contested $4,000,000 350 Mendez Vigo Rd Mortgage Lien Dorado, PR 00646 3. Glen Li Xiomara Li Deposit $1,300,000 100 E 53rd Street Aptg 7-B New York, NY 10282 4. Manuel Soto Ruiz & Deposit $555,000 Grace Canetti Rodrigu Pase San Juan Calle Garita D-21 San Juan PR 00926 5. Mariano Gonzalez Diez Deposit $850,000 Urb El Paraiso Carr 129 Km H8 Hato Arriba Arecibo, PR 00612 6. Neil Kapoor Deposit $1,100,000 1364 Wilson St Apt 408 San Juan, PR 00907 ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Inflation Slows But Food Prices Rise ------------------------------------------------------- Trinidad and Tobago Guardian reports that despite a noticeable slowdown in inflation in April 2026, food inflation continued to rise. The Central Bank's Monetary Policy Report (MPR) for May 2026, stated that inflation slowed with headline inflation dropping to 0.4 per cent (y-o-y) in April 2026, according to Trinidad and Tobago Guardian. The report said, "In April 2026, core inflation slowed to 0.2 per cent, while food inflation inched up to 1.2 per cent (year-on-year)," Trinidad and Tobago Guardian relays. The MPR report noted that consumer, business and real estate mortgage lending decelerated in March 2026 by 5.2 per cent, 3.7 per cent, and 4.4 per cent, Trinidad and Tobago Guardian discloses. Trinidad and Tobago Guardian notes that despite this, the report stated banks still enjoy strong liquidity as the report outlined, "Commercial banks' excess liquidity remained stable while interest rates edged up." Trinidad and Tobago Guardian stated that the local market for foreign currency remained tight. The MPR said, "Purchases and sales of foreign exchange by authorised dealers declined over January to April 2026 compared to one year earlier (10.4 per cent and 0.6 per cent respectively)." Trinidad and Tobago Guardian says that the report said TT-US treasury differential improved to -91 bps in April 2026 while excess reserves remained steady, averaging $4.4 billion daily in April 2026. The MPR also pointed out that T&T's export earnings declined in Q4 2025 (8.1 per cent), owing to dampened performance in both the energy and non-energy sectors while economic activity softened, Trinidad and Tobago Guardian relays. In Q3 2025, the MPR noted real GDP reached 0.1 per cent, on account of expansions in the energy sector (3.4 per cent), which outweighed the decline in the non-energy sector (-1.1 per cent), Trinidad and Tobago Guardian discloses. Meanwhile, in the energy sector, the report said refining and crude oil production improved during the third quarter of 2025 to 18.8 per cent and 2.6 per cent, respectively (y-o-y), Trinidad and Tobago Guardian notes. Trinidad and Tobago Guardian says that the Central Bank report also noted government borrowing slowed as it stated, "Over the period October 2025 to April 2026, the primary debt market recorded three bond issues raising $2.3 billion." The report also confirmed that labour market conditions improved, albeit marginally, during the second half of 2025, Trinidad and Tobago Guardian notes. Pointing to data from the Central Statistical Office, the report stated there had been a modest improvement in labour market conditions over the second half of 2025, alongside continued easing in labour market participation relative to the same period in 2024, Trinidad and Tobago Guardian recalls. Trinidad and Tobago Guardian discloses that the report stated, "The unemployment rate averaged 4.6 per cent during the period July to December 2025, down from 4.8 per cent one year earlier. Over the six-month period, the labour force contracted by 7.5 thousand persons, reflecting a decline in the number of employed persons (5.9 thousand persons) and a fall in the number of persons without jobs and actively seeking work (1.7 thousand)." The Central Bank maintained the repo rate at 3.50 per cent, Trinidad and Tobago Guardian adds. [] IMF Completes Article IV Consultation for Trinidad and Tobago ---------------------------------------------------------------- The International Monetary Fund (IMF) issued a press release summarizing the views of the Executive Board as expressed during its May 15, 2026 consideration of the staff report that concluded the Article IV consultation with Trinidad and Tobago: IMF Executive Board Concludes 2026 Article IV Consultation with Trinidad and Tobago * The Executive Board of the International Monetary Fund concluded the 2026 Article IV consultation with Trinidad and Tobago. * The economy continues to recover toward pre-pandemic levels, supported by resilient nonenergy sector activity. Higher global energy prices are providing near-term support to external and fiscal positions, providing an opportunity to rebuild policy buffers. * A policy mix that combines stronger fiscal consolidation while protecting the most vulnerable, closing the interest rate differential with the US to stabilize capital outflows, and a gradual move towards greater exchange rate flexibility, is needed to address macroeconomic imbalances, safeguard macroeconomic stability, and strengthen resilience to shocks. Washington, DC –- May 18, 2026: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Trinidad and Tobago. The authorities have consented to the publication of the Staff Report prepared for this consultation. Economic activity continued its gradual recovery in 2025, with real GDP growth moderating to 0.8 percent and inflation returning to low, pre-pandemic levels. At the same time, persistent fiscal deficits led to an increase in public debt. The current account balance remained in surplus, and while international reserves are trending downwards, they are supplemented by substantial (25 percent of GDP) liquid assets in the Heritage and Stabilisation Fund (HSF). Credit growth remained steady and the banking system stayed well-capitalized, underscoring continued financial sector resilience. Looking ahead, growth is projected to remain at around 0.8 percent in 2026, and to strengthen over the medium term supported by new energy projects and continued momentum in the non-energy sector. Inflation is expected to rise temporarily to around 3.1 percent in 2026, reflecting global commodity price developments, before stabilizing around 2 percent over the medium term. The overall fiscal deficit is expected to decline to 4.6 percent of GDP in 2026 (from 5.5 percent in 2025), and international reserves are expected to remain adequate at about 5.5 months of imports. Higher energy prices are expected to support fiscal and external balances in the near term, while the authorities’ ongoing revenue and expenditure reforms, and new energy projects coming on stream underpin a gradual improvement in the fiscal and external positions over the medium term. The outlook is subject to significant uncertainty, including due to the impact of the war in the Middle East. Delays in new energy projects or disruptions to production from mature fields could weigh on growth, while faster implementation of reforms under the Revitalization Blueprint and sustained investment could lift medium-term growth prospects. Executive Board Assessment Executive Directors agreed with the thrust of the staff appraisal. They welcomed Trinidad and Tobago's continued economic recovery, low inflation, and healthy banking system. Directors agreed that the economic outlook is however subject to elevated uncertainty, including through the impact of the war in the Middle East. They encouraged the authorities to address underlying macroeconomic vulnerabilities through prudent fiscal and monetary policies and persevere in diversifying the economy and strengthening its resilience to shocks. Directors noted that persistent fiscal deficits have led to an increase in public debt. They welcomed the authorities' recent steps to strengthen the fiscal position - including by enhancing revenue mobilization, rationalizing spending, and improving investment efficiency - and emphasized that a stronger sustained fiscal consolidation effort, while protecting the most vulnerable, is needed to place public debt on a credible downward path and preserve external stability. In this regard, Directors emphasized the importance of closing tax gaps, reducing non priority transfers, and improving the targeting of social programs. They stressed that higherthan-budgeted energy revenues should be primarily used to rebuild buffers, including through resumed deposits into the Heritage and Stabilization Fund. Directors welcomed the authorities' efforts to strengthen fiscal institutions and address fiscal risks. They commended the authorities for the courageous reforms to the National Insurance System, and called for further steps to improve the long-term sustainability of the public pension system. Directors also encouraged the authorities to adopt a medium-term fiscal framework anchored by a well-designed fiscal rule and a credible debt anchor to manage volatile energy revenues and ensure intergenerational equity. Directors concurred that monetary and financial sector policies should continue to support stability. They generally supported moving the policy rate toward a neutral stance to remove the negative interest rate differential with the United States and stabilize capital outflows. Against the background of declining reserves, Directors also called for efforts to improve the functioning of the foreign exchange market and, over time, move toward greater exchange rate flexibility with appropriate supporting measures. They encouraged continued vigilance over the growing sovereign financial nexus and emerging cyber-security and climate risks. Directors congratulated the authorities for their successful removal from the EU list of noncooperative tax jurisdictions. They emphasized that structural reforms will be critical to raise potential growth and resilience, and encouraged further efforts to improve the business environment and investment climate, including by removing excessive red tape and obstacles to trade, promoting more flexible labor market policies, and harvesting digitalization and AI. Further improvements in statistical capacity and transparency should also remain a priority. It is expected that the next Article IV consultation with Trinidad and Tobago will be held on the standard 12 month cycle. ********* 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 * * *