260615.mbx

260615.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 15, 2026, Vol. 27, No. 118 Headlines B R A Z I L TRANSPORTADORA ASSOCIADA: Fitch Affirms 'BB+' Foreign Currency IDR C A Y M A N I S L A N D S MUCH WOW: Creditors' Proofs of Debt Due on July 27 C O L O M B I A BOGOTA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Pres. Guarantees Support for Flour Industry H O N D U R A S HONDURAS: IDB OKs $100MM-Loan to Strengthen Fiscal Sustainability J A M A I C A JAMAICA: Labour Minister Touts Greater Use of Productivity Centre M E X I C O GRUPO MEXICO: U.S. Partner Eye Argentina Grain Freight Network NUEVA ELEKTRA: Moody's Cuts Rating on $350MM 2024-1 A Notes to B1 P U E R T O R I C O BITCOIN DEPOT: Gets Interim OK to Use Cash Collateral MALO ES NA: Seeks Subchapter V Bankruptcy in Puerto Rico - - - - - =========== B R A Z I L =========== TRANSPORTADORA ASSOCIADA: Fitch Affirms 'BB+' Foreign Currency IDR ------------------------------------------------------------------ Fitch Ratings has affirmed Transportadora Associada de Gas S.A.'s (TAG) Long-Term Foreign Currency Issuer Default Ratings (IDR) at 'BB+' and Local Currency IDR at 'BBB-'. Fitch also affirmed TAG's Long-Term National Scale Rating at 'AAA(bra)' and its unsecured debenture issuance at 'AAA(bra)'. The corporate Rating Outlook is Stable. The ratings reflect TAG's solid business model, supported by natural gas transportation contracts with no volumetric risk, which protect the company's revenue and high operating margins. Fitch believes TAG will adequately manage the maturity of one of its contracts, whose renewal was postponed to September 2026, to sustain low financial leverage and record positive FCF, even assuming a material dividend distribution. Brazil's Country Ceiling of 'BB+' limits TAG's Foreign-Currency IDR since all revenues are collected in local currency; therefore, there are no protections to cover Brazil's transfer and convertibility risk. Key Rating Drivers Predictable Sector: TAG's revenue and operating cash generation are solid, stemming from long-term gas transportation agreements (GTAs) with Petroleo Brasileiro S.A. (Petrobras, Foreign and Local Currency IDRs BB and National Scale Rating AAA(bra)/Stable Outlooks). These contracts do not carry volumetric risk and are annually adjusted based on Brazilian inflation or indexed to the U.S. dollar and the U.S. Producer Price Index. The closest GTA maturity was December 2025 related to Malha Nordeste. The company continues to operate the Malha Nordeste under the same tariff scheme until the ANP, a regulatory agency, concludes the process. This contract provides an equivalent of about 23% of revenue as of YE2025. Fitch projects a 50% price reduction on a new contract starting September 2026. The other GTAs mature from 2030 onwards. Strategic Asset for Brazil: TAG operates a strategic pipeline network for the north, northeast and southeast regions of Brazil. Gas distributors in those regions rely on TAG's infrastructure to receive natural gas. The infrastructure also connects the gas transportation network in the southeast, which is crucial for the operational flexibility of the gas sector, especially after regulatory updates. TAG is focused on diversifying its customer base and expanding its transport infrastructure to serve new shippers subject to the same contractual conditions. Conservative Leverage: Fitch expects TAG's total debt/EBITDA ratio to be around 2.1x in 2026, even with the assumed revenue decline from the Malha Nordeste pipeline from 2026. This leverage profile is conservative, particularly given the low business risk of TAG's operations and its reduced cash flow volatility. At YE 2025, total debt/EBITDA and net debt/EBITDA were 2.1x and 2.0x, respectively. Solid CFO: Fitch estimates TAG's EBITDA at BRL7.5 billion in 2026-2027, with strong margins of about 84% over the period. The base case scenario considers average annual cash flow from operations (CFO) of BRL5.2 billion in 2026-2028. These amounts support estimated capex of around BRL470 million per year during 2026 and 2027 and excludes any major expansionary investments. Average annual FCF is expected to be BRL1.6 billion in 2026 and 2028, despite projected dividend distributions of BRL2.2 billion in 2026 and BRL3.7 in 2027. Revenue Concentration Risk Mitigated: TAG's revenue is exposed to concentration risk because Petrobras is the sole counterparty to the GTAs. A guarantee structure partly mitigates this risk. It includes receivables from a group of gas distributors and thermal power generators, which are Petrobras' clients. The receivables must equal at least 120% of the monthly payment to TAG. The gas distributors have robust credit profiles, which also help mitigate default and concentration risk. The possibility of Petrobras discontinuing gas supply to its customers is reduced, since there are limited alternatives for the company to use this gas. Peer Analysis TAG's sound business profile is similar to that of Brazilian power transmission companies like Transmissora Aliança de Energia Elétrica S.A. (Taesa; BB+/BB+/AAA(bra)/Stable) and Alupar Investimento S.A. (BB+/BBB-/AAA(bra)/Stable), with revenues based on the availability of the network rather than the volume transported. Long-term contracts that automatically adjusted for inflation is another common feature for these companies. TAG's financial leverage should remain lower than that of the transmission companies, which benefits from greater dilution of operating risks due to asset diversification compared to TAG. Regional peers include Colombia-based Transportadora de Gas Internacional S.A. ESP's (TGI; BBB-/Stable) and Transportadora de gas del Peru, S.A. (TGP; BBB+/Stable) in Peru. TGI and TGP also have low business risk profiles, predictable revenue and robust cash flow generation, with limited demand risk because revenue is based on available infrastructure capacity under long-term contracts. These companies also present strong credit metrics. The main difference between the IDRs of the Brazilian companies and those of their regional peers is the country where they generate revenue and where their assets are located. TGP operates in a higher-rated country, while TAG's, Taesa's and Alupar's ratings are constrained by Brazil's Country Ceiling of 'BB+' and the domestic operating environment. Similarly, TAG's ratings are below TC Energy Corporation (BBB+/Stable) TC Energy operates in the U.S. without Country Ceiling limitations. TC Energy also has solid credit and financial operating metrics, and a credit profile anchored by solid investment-grade counterparties. Fitch’s Key Rating-Case Assumptions - Revenues based on contracted amounts and adjusted annually for inflation, with part of the tariffs linked to exchange-rate variations, according to GTAs; - 10.8% reduction in total revenues in 2026 due the expiration of the GTA for Malha Noroeste. The contract renewal has been postponed to September 2026. - Average annual investments of BRL470 million during 2026 and 2027; - Annual dividend distributions of BRL2.2 billion in 2026 and BRL3.7 billion in 2027 and a reduction of BRL1.7 billion in 2027 in the capital transaction reserve account. 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 ('bbb', Moderate), market and competitive positioning ('bbb', Higher), diversification and asset quality ('bbb', Moderate), company operational characteristics ('bbb', Moderate), profitability ('bbb', Moderate), financial structure ('a+', Moderate), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'bb' results in an adjustment of -1 notch(es). The SCP is 'bbb-'. To derive the Long-Term IDR: Fitch has made no adjustment to the SCP, resulting in a Local Currency IDR of 'BBB-'. Country Ceiling considerations apply and result in an adjustment of -1 notch to the Foreign Currency IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Lower Brazil's Country Ceiling; - A persistent weakening of Petrobras' receivables guarantee structure with clients that deposit into a collection account; - Leverage above 3.5x, on a sustainable basis; - Inability to recontract the capacity of the GTA for the northeast network; - Regulatory or contractual changes that affect the fundamentals of the gas transportation sector or TAG's business model. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating actions are limited by Brazil's Country Ceiling of 'BB+' and sovereign rating of 'BB'; - An upgrade to the Long-Term National Scale Rating does not apply as it is at the top of the national scale. Liquidity and Debt Structure TAG's cash/short-term debt ratio has historically been moderate. This is mitigated by projected positive FCF, the company's proven strong access to the capital and debt markets and its flexibility in dividend distribution. The company's liquidity position was BRL655 million at YE 2025, compared with BRL2.0 billion of short-term debt. At the same date, TAG's total debt was BRL16.9 billion and consisted mainly of debentures (BRL4.5 billion) and a U.S. dollar loan (BRL10.5 billion) from a syndicate of banks. Issuer Profile TAG operates Brazil's largest gas pipeline network, with about 4,500 km in the country's North and Northeast regions. Engie group and Caisse de Dépôt et Placement du Québec (CDPQ), an institutional investor, each own 50% of the company. 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 Transportadora Associada de Gas S.A. - TAG. 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 ----------- ------ ----- Transportadora Associada de Gas S.A. – TAG LT IDR BB+ Affirmed BB+ LC LT IDR BBB- Affirmed BBB- Natl LT AAA(bra) Affirmed AAA(bra) senior unsecured Natl LT AAA(bra) Affirmed AAA(bra) =========================== C A Y M A N I S L A N D S =========================== MUCH WOW: Creditors' Proofs of Debt Due on July 27 -------------------------------------------------- The creditors of Much Wow Limited, in Official Liquidation, are required to file their proofs of debt by July 27, 2026, to be included in the company's final dividend distribution. The company, which is under official liquidation, intends to declare a final dividend. Any creditor who has not already lodged a proof of debt with the Joint Official Liquidators must do so by the deadline. Creditors who fail to submit their proof of debt by the specified date may be excluded from the final distribution. The company's joint official liquidator is: Nicola Cowan Joint Official Liquidator c/o JTC Special Situations Limited 6th Floor, 60 Nexus Way, Camana Bay Grand Cayman Tel No: +1 (345) 947 5854 Email: taj.lee@jtcgroup.com david.pitcairn@jtcgroup.com Address for service: 10 Market Street, #769 Camana Bay Grand Cayman KY1-9006 Cayman Islands =============== C O L O M B I A =============== BOGOTA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed Bogota, the Capital District of Colombia's (Bogota) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB' with a Stable Outlook. Fitch has also affirmed Bogota's senior unsecured bonds at 'BB'. Fitch has additionally affirmed Bogota's National Scale Long-Term and Short-Term Ratings at 'AAA(col)' with a Stable Outlook and 'F1+(col)', respectively. The affirmation of the IDRs is supported by Bogota's 2025 operating performance, which was broadly in line with Fitch's scenarios. The rating case reference payback ratio is close to 7.6x, very similar to that of the previous rating review. Therefore, Bogota's Standalone Credit Profile (SCP) remains at 'bbb-', which is higher than Colombia's ratings (BB/Stable). KEY RATING DRIVERS Standalone Credit Profile Bogota's 'bbb-' SCP reflects a 'Low Midrange' risk profile and a financial profile that Fitch assesses at the lower end of the 'aa' category. The latter is derived from a payback ratio near the middle of the 'aa' category range and a relatively weaker synthetic debt service coverage ratio (SDSCR) in the 'bb' range. The positioning of the SCP at the lower end of the 'bbb' category also reflects peer comparisons. The SCP assessment is not impacted by any asymmetric risk factors. Risk Profile: 'Low Midrange' Fitch assesses Bogota's risk profile at 'Low Midrange', reflecting a combination of key risk factors (KRFs), with five assessed as 'Midrange' and one as 'Weaker'. Revenue Robustness: 'Midrange' This assessment is supported by Bogota's revenue structure, which consists mainly of locally collected taxes with low-to-moderate cyclicality and a highly diversified base. National transfers represent around 29% of operating revenue and close to 26% of total revenue on average between 2021 and 2025, meaning the assessment is not constrained by the sovereign rating. Revenue Adjustability: 'Midrange' Bogota can independently adjust its tax rates within nationally defined legal limits. Most current rates are well below those limits; however, implementing significant increases may not be feasible in practice. Fitch estimates that applying the full legal leeway on rates for the Gross Receipts Tax (Impuesto de Industria y Comercio) and the Real Estate Property Tax would offset more than 200% of an expected revenue decline during a typical economic downturn, which supports a 'Stronger' Revenue Adjustability assessment. Nonetheless, Fitch caps the assessment at 'Midrange' because Bogota's GDP per capita is relatively low compared to international peers and Colombia's corporate tax burden is high, leading Fitch to view the affordability of additional taxation as moderate rather than strong. Expenditure Sustainability: 'Midrange' Bogota's expenditure is moderately correlated with the economic cycle. It has grown broadly in line with revenue over 2021-2025, with CAGRs of 13.1% and 12.6%, respectively. Bogota's most cyclical expenditure items are social spending and healthcare insurance subsidies, which jointly represent nearly 25% of operating expenditure. Fitch believes a significant portion of social spending is largely discretionary, while increases in healthcare insurance subsidies have historically been matched by additional transfers from the central government. Expenditure Adjustability: 'Midrange' Fitch estimates that mandatory expenditure represents between 70% and 90% of Bogota's total expenditure. Capital expenditure (capex) accounted for around 26% of total spending in 2022-2025, although part of this comprised unavoidable commitments, such as multiyear infrastructure project obligations. The city could cut discretionary social programs or raise bus fares to limit increases in grants to the transportation system. While these measures could prove unpopular, Fitch believes they would be feasible if the administration determines that the city's financial stability is under pressure. Liabilities and Liquidity Robustness: 'Midrange' Bogota operates under a moderate national and sub-national debt management framework. The city has negligible foreign-exchange risk, with less than 1% of its debt outstanding at YE 2025 denominated in foreign currency. Interest rate risk is moderate, with variable-rate debt representing close to 52% of direct debt. As of April 2026, the city has a new borrowing limit of approximately COP16.1 trillion in April 2026 prices, which Fitch partially incorporated into its scenarios based on the city's projections. Bogota's direct debt at YE 2025 was approximately COP14.5 trillion. The city's adjusted debt includes an estimate of its share of the debt of Empresa Metro de Bogota S.A. (EMB; AAA(col)/Stable), valued at close to COP974 billion at YE 2025. This results in adjusted debt of COP15.5 trillion at YE 2025. Bogota's net adjusted debt equals its gross adjusted debt, as Fitch considers the city's entire COP5.0 trillion cash balance at YE 2025 to be restricted. Fitch estimates that the weighted-average life of Bogota's debt at YE 2025 was close to nine years, reflecting the long-term nature of the city's debt portfolio. Inflation is the main variable that could affect Bogota's debt stock. However, Fitch considers this risk manageable given Colombia's central bank inflation target and the natural hedge provided by revenue's tendency to adjust in line with price changes. There is no significant maturity concentration, as the debt portfolio comprises a mix of bullet bonds — with maturities spread across different time horizons — and amortizing loans. Liabilities and Liquidity Flexibility: 'Weaker' In Fitch's view, Bogota's available liquidity is low. At YE 2025, the city's total cash exceeded its reported accounts payable and other short-term commitments by approximately COP205 billion, indicating that the vast majority of its cash balance is committed to meeting near-term obligations. The city also has no committed credit lines with counterparties rated above 'BB+'. Financial Profile: 'aa category' Fitch classifies Bogota as a Type B LRG under its International Local and Regional Government (LRG) rating criteria. The city is required to cover its debt service from cash flow on an annual basis. Therefore, the primary metric to assess financial profile is the payback ratio. Bogota's average payback ratio would be 7.6x for 2029-2030 in Fitch's rating case, compared with 6.1x in 2025 and a reference of 7.7x in the previous review's rating case, still indicative of a 'aa' assessment. The SDSCR would be in the 'bb' range, between 1.0x and 1.2x. Ultimately, the financial profile assessment is defined by the payback ratio, which is the primary metric. Fitch does not apply an override to the FP score due to the relatively weaker SDSCR as Fitch believes that Bogota has the capacity to refinance its debt easily. According to Fitch's rating case, operating margins would increase slightly from 9.6% in 2025 to 11.0% in 2030, which corresponds to an increase in the operating balance from COP2.5 trillion to COP4 trillion. This is mostly the result of transportation grants remaining relatively flat in nominal terms throughout the scenario, as a result of the city securing funding from the national government for the new electric bus fleet, and of slightly declining discretionary social spending. Net adjusted debt would increase to around COP30 trillion in 2030 from 15.5 trillion in 2025. This is a result of new borrowing of COP17.8 trillion throughout the scenario, which is above the District's estimates for the next five years. The difference corresponds to the funding gap created by the scenario stresses. Additionally, other Fitch-Classified debt, which is added to direct debt to arrive at the adjusted bet figure would increase to approximately COP2.4 trillion in 2030, as debt for the metro lines and BRT corridors is disbursed. Other Rating Factors Sovereign Cap: Bogota's IDRs are capped by the sovereign rating of 'BB'. National Ratings Bogota's 'AAA(col)' National Long-Term Rating corresponds to its 'BB' Long-Term Local-Currency IDR, which is capped by the sovereign. Its 'F1+(col)' National Short-Term Rating is the only one that corresponds to the National Long-Term Rating. Debt Ratings The rating of Bogota's senior unsecured bonds is aligned with Bogota's Foreign-Currency IDR of 'BB'. The local bond program is senior unsecured and therefore rated at 'AAA(col)', the same level as the issuer. Peer Analysis At the local level, Bogota's rating profile is comparable to that of the Distrito Especial Industrial y Portuario de Barranquilla and the City of Medellin. However, the financial profile scores of both peers are subject to a downward override due to a weaker SDSCR, as Fitch considers that Barranquilla and Medellin do not possess the same structural strengths as Bogota to withstand weaker debt service coverage. Nonetheless, Medellin's stronger financial profile metrics warrant an SCP of 'bbb', one notch above Bogota's. Barranquilla, by contrast, has one additional KRF assessed as 'Weaker' relative to Bogota, placing its SCP at the same level as Bogota's. International peers include the Metropolitan Municipality of Lima, Peru, whose risk profile assessment and financial profile metrics place it in the same SCP category as Bogota. However, Lima's financial profile metrics — particularly its payback ratio, which falls in the 'aaa' category — are considerably stronger than Bogota's, leading to an SCP of 'bbb+'. The Romanian city of Buzau has a very similar KRF mix and financial profile metrics to those of Bogota, supporting a 'bbb-' SCP assessment for both entities. The City of Rio de Janeiro also has a 'Low Midrange' risk profile and slightly stronger financial profile metrics than Bogota. However, the less developed nature of Brazil's subnational debt markets leads to a downward override of Rio's financial profile score to 'a', resulting in an SCP in the 'bb' category. Issuer Profile Bogota is Colombia's capital city and its most important economic hub. As of 2025, its population is estimated at close to eight million. Bogota's GDP per capita is more than 1.6x the national average. Key Assumptions Qualitative Assumptions: Risk Profile: 'Low Midrange' Revenue Robustness: 'Midrange' Revenue Adjustability: 'Midrange' Expenditure Sustainability: 'Midrange' Expenditure Adjustability: 'Midrange' Liabilities and Liquidity Robustness: 'Midrange' Liabilities and Liquidity Flexibility: 'Weaker' Financial Profile: 'aa' Asymmetric Risk: 'N/A' Support (Budget Loans): 'N/A' Support (Ad Hoc): 'N/A' Rating Cap (LT IDR): 'BB' Rating Cap (LT LC IDR) 'BB' Rating Floor: 'N/A' Quantitative assumptions - Issuer Specific Fitch's rating action is driven by the following assumptions for reference metrics under its 2026-2030 rating case scenario: - Payback ratio: 7.6x (average of 2029 and 2030) - Synthetic coverage ratio: 1.1x (2030) - Fiscal debt burden: 82.3% (2030) Fitch's rating case is a "through-the-cycle" scenario, which is based on 2021-2025 figures. The key assumptions for the scenario for 2026-2030 include: - Average growth of operating revenue of 6.6%, slightly below national nominal GDP growth, reflecting a drag from less buoyant taxes, such as excise taxes on beer and tobacco. - Average growth of operating expenditure of 6.3%, 1.6 percentage points above lagged inflation, reflecting the stabilization of transfers to the transportation system in nominal terms and a slight reduction in discretionary social spending. - Average capital balance of approximately negative COP4.2 trillion per year, following the expenditure trend reflected in the issuer's projections through 2028 and fixing capex per capita at 40% of the historical average, similar to the median for Colombian municipalities and districts rated by Fitch. - Average cost of debt of 9.9%, assuming that 50% of new borrowing is contracted at variable interest rates and that the cost of new borrowing is 250 basis points above Colombia's financial sector short-term interest rate. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Colombia's IDRs would lead to a downgrade of Bogota's IDRs; - Bogota's IDRs could be downgraded if its SCP is lowered to 'bb-' or below, which would be triggered by a payback ratio approaching 11.0x in the final years of Fitch's rating case. Although considered unlikely, this could result from a combination of persistently high capex beyond 2027 deviating from the city's long-term projections, a sustained failure to increase revenues, and an inability to control expenditure — particularly if transportation grants deviate materially from their expected trend. - Bogota's National Long-Term Rating could be downgraded if the payback ratio were significantly above 9.0x in the last years of the rating case. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Colombia's IDRs would lead to an upgrade of Bogota's IDRs, as long as its payback ratio remains in the 'aa' category, supporting an SCP above the current sovereign ratings; - An upgrade of Bogota's national scale ratings is impossible, as they are the highest ratings possible. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Bogota, Distrito Capital. 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. Summary of Financial Adjustments - Fitch's analysis considers the city's annual budget, which includes Bogota's public establishments. Fitch does not consider the revenue and expenditure of Universidad Distrital in its analysis, but considers Bogota's transfers to the university as part of operating expenditure. - Revenues collected on behalf of CAR de Cundinamarca are excluded from revenues, and transfers of these revenues to CAR de Cundinamarca are excluded from expenditure. - Ordinary dividends from Grupo de Energia de Bogota S.A. E.S.P. (GEB; BBB-/Stable) are reclassified from capital revenue to operating revenue. - Non-recurring transfers reported as current transfers are reclassified as capital transfers. - Fiscal surplus from previous fiscal years is excluded from revenues, and payment of expenses committed during previous fiscal years is excluded from expenditure. - Bogota's operating expenditure is based on a Fitch estimate and includes items reported under "investment expenditure" that Fitch believes to be recurring in nature. These include staff and other operating costs of the education sector, subsidies and grants for utilities, health insurance, and transportation, among others. - Personnel expenses include social security contributions to the National Fund for Teachers' Benefits (FOMAG; Fondo Nacional de Prestaciones Sociales del Magisterio) postponed due to insufficient resources. Additionally, payments made for debts from previous fiscal years are excluded. - The analysis excludes pass-through withdrawals from the National Fund for Territorial Pensions (FONPET; Fondo Nacional de Pensiones de las Entidades Territoriales) used to cover pension obligations, as well as the expenses covered with these resources. - Some other items of minor significance are reclassified between revenue accounts according to Fitch's opinion of their true nature. Public Ratings with Credit Linkage to other ratings Bogota's IDRs are capped by the Colombian sovereign Entity/Debt Rating Prior ----------- ------ ----- Bogota, Distrito Capital LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Natl LT AAA(col) Affirmed AAA(col) Natl ST F1+(col) Affirmed F1+(col) senior unsecured LT BB Affirmed BB senior unsecured Natl LT AAA(col) Affirmed AAA(col) =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Pres. Guarantees Support for Flour Industry --------------------------------------------------------------- Dominican Today reports that President Luis Abinader reaffirmed his administration's support for the flour-processing sector during the XXXVII Ordinary General Assembly of the Union of Medium and Small Flour Industries (UMPIH), pledging continued assistance through equipment, technical support, and collaboration aimed at keeping bread prices affordable for Dominican consumers. Addressing industry representatives, Abinader highlighted the sector's contribution to the national economy and reiterated the government's commitment to working alongside producers to overcome challenges and ensure the stable supply of essential food products, according to Dominican Today. He also expressed confidence in the country's economic outlook, pointing to continued growth in tourism, free trade zones, and foreign investment, the report notes. Industry, Commerce and MSMEs Minister Eduardo "Yayo" Sanz Lovatón underscored the government's close relationship with the sector, noting that more than 500 training sessions on business automation have been delivered to help modernize and strengthen small and medium-sized enterprises, the report relays. He described the flour industry as strategic to the country's development and emphasized that government support will help businesses expand while maintaining fair and sustainable bread prices, the report says. During the assembly, UMPIH President Jose Radhames Bruno praised the government's support and dedicated this year's event to the organization's historic leader, Rafael Sanchez, the report notes. Meanwhile, Dominican Confederation of Micro, Small and Medium Enterprises (CODOPYME) President Fernando Pinales recognized President Abinader for maintaining open dialogue with the sector, the report discloses. The president, along with Minister Sanz Lovaton and INABIE Executive Director Rafael Adolfo Perez, received recognition plaques for their contributions to the development of the flour industry, 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. =============== H O N D U R A S =============== HONDURAS: IDB OKs $100MM-Loan to Strengthen Fiscal Sustainability ----------------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a $100 million programmatic policy-based loan to support structural reforms that will strengthen fiscal sustainability in Honduras. The loan is the first of two standalone, but technically linked operations, designed to strengthen regulatory and institutional capacity that improve the country’s fiscal resilience to external shocks. The first IDB operation will strengthen the country's fiscal responsibility framework and enhance institutional capacity for macrofiscal management within the Ministry of Finance. It will also support reforms to improve efficiency, oversight, and transparency of tax incentives, and promote key improvements in public expenditure management, particularly in public procurement, treasury management, and public investment. The program aims to reduce public debt, strengthen the primary balance, rationalize tax expenditures, enhance the quality of public investment projects, and improve capital expenditure execution. These reforms are expected to bolster fiscal sustainability and improve the overall business environment in the country, benefiting both firms and the population at large. The $100 million IDB financing consists of $60 million from the Bank’s Ordinary Capital, with a 20-year maturity, a 5.5-year grace period, and an interest rate based on SOFR. The remaining $40 million will be provided from the IDB’s Concessional Ordinary Capital, with a 0.25% interest rate and a 40-year maturity and grace period. This operation is aligned with the ongoing 2023 agreement with the International Monetary Fund (IMF) and complements fiscal policy programs supported by the World Bank and the Development Bank of Latin America and the Caribbean (CAF). ============= J A M A I C A ============= JAMAICA: Labour Minister Touts Greater Use of Productivity Centre ----------------------------------------------------------------- RJR News reports that Labor & Social Security Minister Pernel Charles Jr. says the Jamaica Productivity Centre will be the focal point of national efforts to improve productivity, as the country seeks to raise output relative to input. Mr. Charles, speaking on Radio Jamaica's Real Business, said the Centre, which operates within his ministry, is already undertaking significant work toward the development of a national productivity index, according to RJR News. He said the initiative will also involve education and training to ensure productivity is understood, not as a buzzword, but as a practical tool to drive economic growth while helping to contain inflation, the report notes. The minister also emphasised that artificial intelligence will play a major role in boosting productivity for those who are trained and prepared to use it effectively, the report relays. He warned, however, that it could also lead to displacement and job losses for those who are not adequately prepared for the technological shift, the report says. He disclosed that he has undergone extensive training in the productive use of AI, himself, noting that the training has also been extended to staff within his ministry, the report notes. Minister Charles is encouraging other employers to provide similar training opportunities for their workers, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== GRUPO MEXICO: U.S. Partner Eye Argentina Grain Freight Network -------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Mexico's Grupo Mexico Transportes USA has struck a deal with U.S. rail technology company Wabtec to ‌jointly bid for Argentina's state-run freight operator Belgrano Cargas y Logistica (BCYL). The proposed privatization of BCYL is part of President ⁠Javier Milei's drive to transfer state-owned companies into private hands, according to globalinsolvency.com. Argentina will publish the tender documents for the privatization of BCYL, which operates the country's three largest freight train lines, in the coming days, the report adds. About Grupo Mexico Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its ownership of Asarco and the Southern Peru Copper Company, is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. NUEVA ELEKTRA: Moody's Cuts Rating on $350MM 2024-1 A Notes to B1 ----------------------------------------------------------------- Moody's Ratings has downgraded the rating on the following notes issued by Nueva Elektra del Milenio -Mexico Remittances Funding Fiduciary Estate Series - Public Credit Rating: US$350M Series 2024-1 Fixed Rate Notes, Class A Notes, Downgraded to B2; previously on Jan 12, 2026 Downgraded to B1 and Remained On Review for Downgrade The Notes are backed by remittance reimbursement receivables that are Mexican peso-denominated reimbursement rights that arise from money transfer agreements and all other reimbursement-based contracts Nueva Elektra del Milenio, SA de CV. ("NEM") has entered in with the remitters whether now in existence or entered into in the future. The issuer is a Luxemburg SPV fiduciary estate that is managed by Mexico Remittances Funding Fiduciary Estate Management (the "Fiduciary"), a private limited liability company incorporated under Luxemburg law. The Fiduciary is entirely owned and operated by a foundation ("Stichting"), incorporated under the laws of the Netherlands. The action concludes the rating review on the 2024-1 Notes initiated on January 12, 2026 ("Moody's Ratings downgrades Nueva Elektra del Milenio -Mexico Remittances Funding Fiduciary Estate Series 2024-1 Notes to B1; rating remains under review for downgrade"). RATINGS RATIONALE The rating action taken is the result of a rating action on NEM' rating, which was downgraded to B2 on June 01, 2026. The remittances backing the securitization include all rights, titles and interests (but none of the obligations) of NEM in all amounts owed or to be owed by a remitter to NEM in connection with the settlement of Peso-denominated Payment Orders paid out by NEM under any Reimbursement Remittance Transaction, excluding any commissions. The rating is mainly based on the financial and operational capacities of NEM, its fundamental importance in the Mexico remittance market, its crucial role as the premier provider of money transfers from the US in Mexico and the Guarantee provided by Grupo Elektra, S.A.B. de C.V. to unconditionally and irrevocably guarantee the full and prompt payment of any default payment due under the Notes. Methodology Underlying the Rating Action: The principal methodology used in this rating was "Future Receivables Securitizations" published in April 2024. Factors that would lead to an upgrade or downgrade of the rating: Factors that could lead to an upgrade of the rating include a strengthening in the credit quality of the sponsor and/or guarantor. Factors that could lead to a downgrade of the rating are (1) a weakening in credit quality of the sponsor and/or guarantor, (2) remittance and DSCR levels weaker than expected, and (3) the emergence of technologies that could materially change remittance trends and adversely affect future remittance collections. ===================== P U E R T O R I C O ===================== BITCOIN DEPOT: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Bitcoin Depot Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The interim order authorized the Debtors to use cash collateral during the period from the May 18 through and including the earlier of (i) the termination date or (ii) 30 days after May 18. The Debtors require the use of cash collateral to fund payroll, vendor payments, kiosk operations, and administrative costs of the bankruptcy cases. The Debtors offers to mitigate lender risk through adequate protection measures, including segregation of funds into an "adequate protection account," replacement liens on post-petition collateral, and potentially superpriority administrative claims to the extent of any diminution in value. The Debtors' principal secured debt consists of a $13.3 million term loan facility provided under a 2024 credit agreement, secured by liens on substantially all assets of the corporate group, including cash and cash equivalents, subject to certain exclusions. The secured parties include Silverview Credit Partners LP as administrative agent and the lending syndicate. As of the petition date, the Debtors also report additional liabilities including approximately $2.43 million in equipment-related obligations, about $9 million in unsecured trade payables, and potential disputed litigation claims estimated at approximately $20 million. The order is available at http://bankrupt.com/misc/BitcoinDepot_ICCOrder.pdf About Bitcoin Depot Inc. Bitcoin Depot, Inc. is a Delaware corporation with its principal place of business in Georgia that operates the largest cryptocurrency kiosk network in North America, claiming to operate more than 8,400 Bitcoin ATMs across the United States, Canada, and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In the petition signed by W. Alexander Holmes, director, the Debtor disclosed up to $50 million in both assets and liabilities. Paul E. Heath, Esq., at Vinson & Elkins LLP, represent the Debtor as legal counsel. MALO ES NA: Seeks Subchapter V Bankruptcy in Puerto Rico -------------------------------------------------------- Malo Es Na Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico on May 16, 2026. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to 1-49 creditors. The deadline for filing the Chapter 11 Subchapter V plan is August 14, 2026, while governmental units must file proofs of claim by November 16, 2026. About Malo Es Na Corp. Malo Es Na Corp. is a Puerto Rico-based corporation. Public filings provide limited details regarding the company's operations, but it conducts business as a corporate entity organized under Puerto Rico law. Malo Es Na Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02237) on May 16, 2026. In its petition, the debtor reported estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1 million. The debtor is represented by Antoan Figueroa, Esq. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. 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