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260624.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 Wednesday, June 24, 2026, Vol. 27, No. 125 Headlines B R A Z I L BANCO DE DESENVOLVIMENTO: Moody's Upgrades Issuer Rating to Ba2 BRAZIL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable C O L O M B I A GRUPO AVAL: Moody's Affirms 'Ba2' Issuer Ratings, Outlook Stable C U B A CUBA: Significant Decline in Visitors due to US Sanctions D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Basic Food Basket Has Risen 534 Pesos DOMINICAN REPUBLIC: ISC Idexation Means Higher Taxes, DGII Says E L S A L V A D O R EL SALVADOR: Partners with IDB to Boost Growth & Promote Investment J A M A I C A JAMAICA: Opposition Wants Action for Infrastructure Issues P U E R T O R I C O NBG MACHINE: Seeks Approval to Hire Milton Flores as Appraiser PUERTO RICO: Bondholders Group Now Up to 20 Members, Dechert Says - - - - - =========== B R A Z I L =========== BANCO DE DESENVOLVIMENTO: Moody's Upgrades Issuer Rating to Ba2 --------------------------------------------------------------- Moody's Ratings has upgraded Banco de Desenvolvimento de Minas Gerais S.A.'s (BDMG) long-term local currency issuer rating to Ba3, from B1, as well as its long-term local- and foreign-currency counterparty risk ratings to Ba2, from Ba3. Moody's also upgraded BDMG's baseline credit assessment (BCA) and adjusted BCA to ba3 from b1, as well as its long-term counterparty risk assessment to Ba2(cr) from Ba3(cr). At the same time, Moody's affirmed the short-term local-currency issuer rating and local- and foreign-currency counterparty risk ratings at NP and the short-term counterparty risk assessment at NP(cr). The outlook on BDMG's long-term issuer rating changed to stable from positive. RATINGS RATIONALE The upgrade of BDMG's BCA to ba3 reflects the bank's steady performance over the last five years, marked by robust capital metrics and an increased diversification of its funding sources. The ba3 BCA is limited by the bank's intrinsic business constraints stemming from its exclusive role as financial development agent for the State of Minas Gerais (Ba3 stable) with its operations confined within the state; BDMG remains highly dependent on and exposed to local economic conditions. The bank's close links to the state government also increase governance risk, including potential management changes following gubernatorial elections every four years. In addition, the BCA remains constrained by high sector and borrower concentrations in the loan portfolio. The ba3 BCA acknowledges the bank's strong portfolio expansion in the past two years and efforts to build a more diversified loan stream especially towards municipalities and smaller companies. Despite loan growth acceleration, BDMG's stage 3 loans to gross loans ratio remained stable at 5.2% as of December 2025 compared the prior year, with only a slight 20 basis point increase in 90+ days past due loans to 1.5% of gross loans, during the same period. Nonetheless, BDMG's renegotiated loans have fallen substantially to 5% of gross loans in December 2025 from 32.5% in December 2020. The bank's asset quality is supported by high collateral levels and loan loss reserves that cover 1.3x stage 3 loans, as of year-end 2025. Despite its historically volatile earnings profile associated with the bank's development mandate, BDMG has been able to maintain adequate profitability in the past three years. As of December 2025, net income to tangible assets stood 1.3% above the 1.1% in the previous year driven by its loan expansion and controlled credit costs. BDMG's capitalization remains strong with tangible common equity to risk-weighted assets (TCE/RWA) ratio at 23.7% as of December 2025, providing a substantial buffer against loan losses and potential profitability volatility. The bank's strong capitalization also supports management's growth strategy, targeting BRL10 billion ($2 billion) in total loans over the next two years. Funding and liquidity remain key strengths. The bank successfully diversified its funding structure resulting in limited exposure to less-stable funds at 20.5% to tangible banking assets, as of year-end 2025. At the same time, BDMG maintains moderate core banking liquidity to tangible assets ratio of 15.4%, as of the same period. BDMG's ratings outlook changed to stable from positive, reflecting the stable outlook on the rating of the State of Minas Gerais and Moody's views that the bank's ba3 BCA will continue to be supported by robust capitalization, a well-diversified funding structure, and stable asset quality, that will continue to offset its volatile profitability in line with its development mandate to provide financing to companies and municipalities in the state. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of BDMG's ratings and assessments could emerge if the bank sustains improvements in profitability alongside disciplined growth that does not compromise asset quality and continued progress in diversifying funding sources. In addition, upward pressure on the bank's ratings could arise from an improvement in the ratings of the State of Minas Gerais. Conversely, a downgrade of BDMG's ratings could develop if the bank's financial profile weakens materially, including extensive deterioration in asset quality and a consistent reduction in profitability, that result in the erosion of capital buffers. A weakening of the ratings of the State of Minas Gerais or a shift in the bank's strategic role could also negatively affect the ratings. The principal methodology used in these ratings was Banks published in November 2025. BDMG's "Assigned BCA" score of ba3 is set four notches below the "Financial Profile" initial score of baa2 to reflect the borrower concentration stemming from the bank's mandate and geographical concentration in the State of Minas Gerais. BRAZIL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed Brazil's Long-Term Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook is Stable Outlook. Brazil's 'BB' rating reflects its large, diverse economy, strong external finances and a flexible exchange rate, which provide resilience to shocks. Deep local markets support sovereign financing flexibility and a low foreign-currency debt share. The rating is constrained by high and rising government debt/GDP, budget rigidities, low governance scores and relatively low potential growth. Fiscal uncertainty remains a broader macroeconomic risk, and prospects for structural reforms to address underlying imbalances will likely become clearer only after the October elections. Key Rating Drivers Elections Outlook: Fitch expects a tight race between the two leading candidates, President Luiz Inacio Lula da Silva and Flavio Bolsonaro, son of former president Jair Bolsonaro, amid a polarized political backdrop. Economic and fiscal policy, including the scale and quality of fiscal adjustment, will likely differ depending on the winner. A Lula scenario would likely imply policy continuity, with social spending, progressive taxation and possibly limited appetite for expenditure reforms. A Flavio Bolsonaro administration would likely focus on a more market-friendly platform centered on tax cuts, spending efficiency and privatization, although implementation remains highly uncertain. Fiscal Deficit to Widen: Fitch forecasts the general government deficit to remain large and widen to 8.6% of GDP in 2026 from 8.1% in 2025, compared with 3.5% for 'BB' median, largely due to a higher interest burden. Fitch expects the deficit to decline to 8% in 2027 as the primary deficit eases and interest costs fall with expected rate cuts. Persistently high fiscal deficits leave Brazil exposed to shocks and shifts in investor sentiment. Fitch projects the federal primary deficit at 0.4% of GDP in 2026, down from 0.5% in 2025 and in line with the fiscal rule's upper limit, but uncertainty around the next administration's fiscal program and policy adjustments remains high. Rising Debt: General government debt rose to 78.6% of GDP in 2025 from 76.3% in 2024, and Fitch projects debt will exceed 80% in 2026. Fitch expects the high fiscal deficit to raise debt/GDP by nearly 3 pp in 2026 and 2027, highlighting the importance of credible adjust fiscal adjustments by the next administration. However, the low foreign-currency share of debt, non-resident participation in domestic markets, robust Treasury cash buffers and effective liability management reduce risk from the high and growing public debt burden. Resilient Growth: Despite restrictive monetary conditions, Fitch projects real GDP growth at a resilient 2.1% in 2026, down from 2.3% in 2025. Growth is driven by robust consumption, strong labour market, historically low unemployment, high real wage gains and the 2025 income tax reform. The reform reduced taxes for lower-income households, which have a higher propensity to consume, and raised them for higher-income households with the introduction of a minimum taxation framework and taxation of dividend income. Fitch expects growth to slow to 1.7% in 2027 due to the lagged effect of continued tight monetary policy and possibly lower fiscal stimulus. Higher Inflation, Slower Easing Pace: Inflation rose in May 2026 to 4.7%, from 4.4% in April and 4.1% in March, driven by high service inflation, higher food prices and global energy shock. Fitch expects inflation to rise to 5% by end-2026, breaching the top of the 1.5pp tolerance interval around the 3% inflation target, before easing to 4% by end-2027. Upward risks remain, reflecting El Nino and continued high services inflation amid strong demand. Since March 2026, the central bank has cut the Selic benchmark rate twice by 25 bp to 14.50%. Fitch expects a slower easing than anticipated, with the Selic reaching 13% by end-2026. Strong External Position: Brazil's current-account deficit (CAD) remained largely unchanged at 2.9% of GDP in 2025 from 3.0% in 2024, as strong domestic demand lifted goods and services imports. Fitch expects the deficit to narrow to 2.2% of GDP in 2026 as slower growth dampens imports and commodity exports rise, partly reflecting Brazil's net energy exporter position. Strong foreign direct investment fully funds the deficit. International reserves were USD371 billion in May 2026 and should cover 8.1 months of current external payments in 2026. Brazil's external metrics remain stronger than peers', supported by external liquidity and an external creditor position. ESG - Governance: Brazil has an ESG Relevance Score (RS) of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. Brazil has a medium WBGI ranking at the 40th percentile, reflecting a record of political tension but peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, moderate rule of law and a relatively high level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Public Finances: Failure to implement measures that promote fiscal consolidation, improve fiscal policy credibility and medium-term debt sustainability. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public Finances: Progress on fiscal consolidation that durably stabilizes government debt/GDP at around or modestly higher than the current level; - Macro: Evidence of an improvement in investment and economic growth prospects in the context of macroeconomic stability and improved governance. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Brazil a score equivalent to a rating of 'BBB-' on the Long-Term Foreign-Currency (LT FC) IDR scale. - Macro: -1 notch, to reflect relatively weak potential growth, largely held back by a low investment rate and structural impediments, such as a difficult business environment, which make it more challenging to consolidate public finances and address social pressure. - Public Finances: -1 notch, to reflect fiscal flexibility that is hampered by the highly rigid spending profile and heavy tax burden, which complicates adjustment to economic shocks, and high debt that Fitch projects to rise further over the medium term. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Senior Unsecured Debt Equalized: The senior unsecured long-term debt ratings are equalized with the applicable long-term IDR, as Fitch assumes recoveries will be 'average' when sovereign's long-term IDRs is 'BB-' and above. Country Ceiling The Country Ceiling for Brazil is one notch above the Long-Term Foreign Currency IDR. This reflects moderate constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of +0 notches above the IDR. Fitch's rating committee applied a +1 notch qualitative adjustment to this, under the Balance of Payments Restrictions pillar to reflect Brazil's relatively open capital account, and ongoing efforts to make the currency fully convertible, that are not reflected by the high number of capital-account restrictions recorded in the IMF's AREAER report that feed into the model score. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Brazil. ESG Considerations Brazil has an ESG Relevance Score of '5' for Political Stability and Rights as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Brazil has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Brazil has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Brazil has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile. Brazil has an ESG Relevance Score of '4+' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the WBGIs is relevant to the rating and a rating driver. As Brazil has a percentile rank above 50 for the respective Governance Indicator, this has a positive impact on the credit profile. Brazil has an ESG Relevance Score of '4+' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Brazil, as for all sovereigns. As Brazil has track record of 20+ years without a restructuring of public debt and captured in Fitch's SRM variable, this has a positive impact on the credit profile. 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 ----------- ------ ----- Brazil LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Country Ceiling BB+ Affirmed BB+ senior unsecured LT BB Affirmed BB sr unsecured - local currency LT BB Affirmed BB =============== C O L O M B I A =============== GRUPO AVAL: Moody's Affirms 'Ba2' Issuer Ratings, Outlook Stable ---------------------------------------------------------------- Moody's Ratings has affirmed all ratings and assessments assigned to Banco de Bogota S.A. (Banco de Bogota), Grupo Aval Acciones y Valores S.A. (Grupo Aval) and Grupo Aval Limited, including Banco de Bogota's Baa3 and Prime-3 long- and short-term local and foreign currency bank deposit ratings and ba1 baseline credit assessment (BCA) and adjusted BCA, and Grupo Aval's Ba2 and Not Prime long and short-term local and foreign currency issuer ratings, and the Ba2 backed senior unsecured debt rating assigned to Grupo Aval Limited. Moody's have also affirmed Banco de Bogotá's Baa3 senior unsecured debt rating, long- and short-term local and foreign currency counterparty risk ratings (CRR) at Baa3 and Prime-3, respectively, as well as its long- and short-term counterparty risk assessments at Baa3(cr) and Prime-3(cr), respectively. The outlook on Banco de Bogotá's long-term deposits and senior unsecured debt ratings, Grupo Aval's long-term issuer ratings, and Grupo Aval Limited's backed senior unsecured debt rating remain stable. RATINGS RATIONALE BANCO DE BOGOTÁ The affirmation of Banco de Bogotá's ba1 BCA reflects its adequate capitalization, which compares favorably with peers, a robust funding profile, and historically resilient earnings generation, despite challenging operating conditions in Colombia and Central America over the past three years. These strengths are partially offset by asset quality metrics that remain weaker than those of key peers in Colombia, as well as moderate liquidity buffers. The affirmation of the bank's Baa3 long-term deposit ratings reflects (i) the affirmation of its ba1 BCA and (ii) Moody's assessments of a very high probability of government support, given its systemic importance. This results in a one-notch uplift from the BCA. The stable outlook on the deposit ratings mirrors that of the Government of Colombia, as the bank's deposit ratings are aligned with the sovereign rating. As of March 2026, capitalization has strengthened, with tangible common equity rising to 16.5% of risk-weighted assets, reflecting the divestment of non-core international operations. While capital metrics currently compare favorably with peers, they are expected to normalize as the bank deploys capital to support growth in Colombia, including the integration of newly acquired portfolios. Asset risk has improved modestly over the past six quarters, despite still-elevated problem loans, with stage 3 loans declining to 5.6% as of March 2026. This improvement reflects the sale of higher-risk assets in Panama and the adoption of more disciplined underwriting standards. Although reserve coverage has increased, it remains below that of peers. Banco de Bogotá's earnings profile remains below historical levels, primarily pressured by high funding costs, still-elevated credit costs, and strong competition in Colombia, which continues to constrain margins. While high interest rates will continue to weigh on funding costs, loan loss provisions are expected to remain contained in the coming quarters, reflecting improved loan vintages. The bank reported an annualized return on tangible assets of 0.9% in the first quarter of 2026 -which was affected by an extraordinary equity tax in Colombia- up from 0.8% in 2025. Strategic actions are expected to support the bank's credit profile. The acquisition of Itaú Colombia S.A.'s (Baa3 stable, ba2) retail operations will strengthen its presence in higher-income segments, while the sale of its Panamanian subsidiary Multibank, Inc. (Ba1 stable, ba2) to BAC International Bank, Inc (Ba1 stable, ba1), completed in March 2026 has improved asset quality metrics and is expected to enhance its competitive position in Colombia. Despite increasing competition and ongoing consolidation in Colombia's banking system, Banco de Bogotá maintains a solid market position, supported by a diversified business model and strong access to domestic deposits, which account for the majority of its funding base and provide stability through the cycle. Liquidity remains adequate, although still moderate relative to peers, and is expected to normalize following temporary improvements linked to recent asset sales. GRUPO AVAL Grupo Aval Limited's Ba2 senior unsecured debt rating reflects the structural subordination of the holding company's liabilities to those of Banco de Bogotá and its other operating subsidiaries and is notched from Banco de Bogotá's ba1 BCA. The affirmation of Grupo Aval's Ba2 issuer rating reflects its close linkage to Banco de Bogotá, which remains its main subsidiary and primary source of dividends. Grupo Aval's credit profile benefits from diversified income sources, including dividends, interest from intercompany lending, and service fees. However, earnings at the holding company level have been under pressure since 2023, reflecting weaker performance across subsidiaries in a challenging operating environment characterized by higher delinquencies and margin pressures—although these have improved over the past year—and elevated funding costs. The group's double leverage remains relatively high, at around 120% as of March 2026, although it has gradually declined from previous peaks. Moody's expects it to remain broadly stable or gradually decrease in the coming years. The group maintains adequate liquidity and manageable refinancing risks, which mitigate the risks associated with its reliance on dividend income and its leveraged structure. STABLE OUTLOOK The stable outlook on Banco de Bogotá and Grupo Aval reflects Moody's expectations that Banco de Bogotá's BCA will remain at its current level, supported by stable operating conditions and a gradual improvement in profitability and asset quality, which in turn underpins the holding company's credit profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the bank's ratings would stem from an improvement in Colombia's sovereign credit profile, provided there is no negative pressure on its BCA. In addition, upward pressure on the bank's BCA would arise from a material and sustained improvement in its credit fundamentals, particularly asset quality and profitability. The bank's deposit ratings, which benefit from government support uplift, would face negative pressure in the event of a downgrade of Colombia's sovereign rating. Downward pressure on the bank's ba1 BCA could arise from a sudden reversal of recent asset quality improvements, leading to higher provisioning needs and weaker earnings and, ultimately, capitalization. However, even in the event of a BCA downgrade, the bank's long-term deposit ratings could remain unchanged, supported by Moody's assumptions of very high government support. Upward or downward pressure on Grupo Aval and Grupo Aval Limited's ratings would primarily be driven by changes in Banco de Bogotá's BCA, given that the holding company's Ba2 issuer rating is anchored to the bank. However, Grupo Aval's ratings could also face downward pressure from an increase in the holding company's double leverage or a sustained deterioration in interest coverage from dividends and interest income, as well as weaker liquidity buffers. PRINCIPAL METHODOLOGY 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. ======= C U B A ======= CUBA: Significant Decline in Visitors due to US Sanctions --------------------------------------------------------- RJR News reports that the number of foreign travelers visiting Cuba has plummeted since the beginning of the year amid tightened U.S. sanctions, figures released by Cuba's National Statistics Agency suggest. Fewer than 360,000 people visited the country in the first five months of 2026, a decrease of 58.4%, compared to the same period last year, according to RJR News. The Trump administration has targeted the tourism sector, a key source of income for Cuba's beleaguered government, as part of its pressure campaign against the country’s leadership, the report notes. As a result, a number of foreign airlines and hotel operators have stopped operating in Cuba, further driving down visitor numbers, the report relays. Earlier this month, Air Canada announced it was suspending flights to Cuba indefinitely, the report says. The move comes as a particular blow, as figures suggest visitors from Canada constituted by far, the largest contingent of foreign tourists to Cuba this year, the report adds. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Basic Food Basket Has Risen 534 Pesos --------------------------------------------------------- Dominican Today reports that the basic family food basket and inflation in the Dominican Republic have maintained upward trends so far in 2026, with significant increases between January and May, according to data from the Central Bank of the Dominican Republic (BCRD). How have inflation and the basic food basket evolved in 2026? The behavior of prices during this period reflects the challenges that Dominican families continue to face in covering their daily expenses, according to Dominican Today. At the close of May 2026, the basic family food basket averaged 49,268.36 pesos, which represents an increase of 1.1%, that is, 534.08 pesos more so far this year, when in January it cost approximately 48,734.28 pesos, according to data from the Central Bank of the Dominican Republic (BCRD), the report notes. The increase has been recorded in all quintiles, and according to the country's monetary authority, between January and May 2026, the first quintile has risen 182.56 pesos; the second 293.27 pesos; the third 428.64 pesos; the fourth 529.15 pesos, while the fifth quintile is the one with the largest increase, with about 1,378.43 additional pesos, the report relays. Regional and Sectoral Impact of Inflation In some areas of the country, the inflationary impact reflects that the increase in the cost of living has not manifested itself uniformly across the national territory; however, increases in the prices of the country's main products have been recorded, the report relays. In the regions of the country, there has also been an increase in the basic food basket between January and May 2026, with the East region being the most affected, with an increase of 681.43 pesos, followed by the North with 591.94 pesos, in the Ozama with 552.34 pesos, while in the South region, it has only increased by 265.58 pesos, the report notes. Inflation continues to be one of the main factors affecting household budgets, the report discloses. In Quisqueya, it stood at 4.98% in January 2026, rising to 5.11% in April, exceeding the Central Bank of the Dominican Republic’s (BCRD) target range (4.0% ± 1.0%), and increasing by another 0.24 percentage points to 5.35% in May, the report says. Services Too The rising cost of services, transportation, and other essential goods has put pressure on the cost of living, the report notes. In the services sector, inflation reached 0.42% in May of this year alone, due to an increase in the prices of personal care services, according to the monetary authority, the report says. Furthermore, in year-on-year terms, it increased by 6.6% through the fifth month of 2026 compared with the same period in 2025, the report discloses. Overall, the transport group was the sector with the greatest contribution to inflation, leading the price increases during the first five months of 2026, with a variation of 2.16%, followed by the services, restaurants-hotels (0.41%), and health (0.36%) sectors, the report relates. The sectors with the smallest increases are recreation and culture with a negative variation of -0.98%; food and non-alcoholic beverages with -0.58%; clothing with -0.10%; communications with -0.16%, and furniture with -0.04% until May 2026, the report notes. Finally, and as a result of this behavior, Dominican households have faced greater pressures on their purchasing power during the first five months of 2026, following the sustained increase in the cost of the basic food basket and inflation that remains above the target range set by the Central Bank of the Dominican Republic (BCRD), 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. DOMINICAN REPUBLIC: ISC Idexation Means Higher Taxes, DGII Says --------------------------------------------------------------- Dominican Today reports that the General Directorate of Internal Taxes (DGII) announced the update of the specific amounts of the Selective Consumption Tax (ISC) applicable to producers and importers of alcoholic beverages and beer, cigarettes and other products, a measure that will be in effect between July 1 and September 30, 2026. According to Resolution No. DDG-ARI-2026-00004, the ISC for products such as malt beer, wines, vermouths, ciders, spirits and liquors was set at RD$764.29 per tariff unit, which represents an adjustment in accordance with the provisions of article 375 of the Tax Code, the report notes. In the case of cigarettes, the specific amount per pack of 20 units was set at RD$64.65, while packs of 10 units will have a tax of RD$32.33, applicable to both black and blond tobacco, according to Dominican Today. Tax authorities explained that the measure seeks to maintain tax pressure on consumer sectors considered harmful to health, while strengthening state revenue and contributing to fiscal sustainability, the report adds. Regional and Sectoral Impact of Inflation In some areas of the country, the inflationary impact reflects that the increase in the cost of living has not manifested itself uniformly across the national territory; however, increases in the prices of the country’s main products have been recorded, the report relays. In the regions of the country, there has also been an increase in the basic food basket between January and May 2026, with the East region being the most affected, with an increase of 681.43 pesos, followed by the North with 591.94 pesos, in the Ozama with 552.34 pesos, while in the South region, it has only increased by 265.58 pesos, the report notes. Inflation continues to be one of the main factors affecting household budgets, the report discloses. In Quisqueya, it stood at 4.98% in January 2026, rising to 5.11% in April, exceeding the Central Bank of the Dominican Republic's (BCRD) target range (4.0% ± 1.0%), and increasing by another 0.24 percentage points to 5.35% in May, the report says. Services Too The rising cost of services, transportation, and other essential goods has put pressure on the cost of living, the report notes. In the services sector, inflation reached 0.42% in May of this year alone, due to an increase in the prices of personal care services, according to the monetary authority, the report says. Furthermore, in year-on-year terms, it increased by 6.6% through the fifth month of 2026 compared with the same period in 2025, the report discloses. Overall, the transport group was the sector with the greatest contribution to inflation, leading the price increases during the first five months of 2026, with a variation of 2.16%, followed by the services, restaurants-hotels (0.41%), and health (0.36%) sectors, the report relates. The sectors with the smallest increases are recreation and culture with a negative variation of -0.98%; food and non-alcoholic beverages with -0.58%; clothing with -0.10%; communications with -0.16%, and furniture with -0.04% until May 2026, the report notes. Finally, and as a result of this behavior, Dominican households have faced greater pressures on their purchasing power during the first five months of 2026, following the sustained increase in the cost of the basic food basket and inflation that remains above the target range set by the Central Bank of the Dominican Republic (BCRD), the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ===================== E L S A L V A D O R ===================== EL SALVADOR: Partners with IDB to Boost Growth & Promote Investment ------------------------------------------------------------------- The government of El Salvador and the Inter-American Development Bank Group (IDB Group) today launched El Salvador Crece, a strategic initiative aimed at promoting investment, accelerating reforms, and advancing high-impact policies to drive economic growth, strengthen national productivity, and create jobs. El Salvador Crece is part of the IDB Group's LAC Crece platform, introduced this year during the Annual Meetings in Asunción, Paraguay, to support Latin American and Caribbean countries in designing and implementing private-sector-led economic development agendas. The launch takes place at a time when El Salvador has achieved significant progress in public security, macroeconomic stability, tourism dynamism, and the restoration of investor confidence. These factors have contributed to strengthening the country's economic outlook: the country risk premium experienced a sharp decline, falling from more than 3,500 basis points in July 2022 to approximately 326 basis points by the end of 2025, a year in which the economy grew by 3.9%. The initiative will focus on five priority areas: macroeconomic stability, housing and urban development, tourism, financing for micro, small, and medium-sized enterprises (MSMEs), and internationalization and foreign-investment attraction, with a particular focus on developing the coastal economy. “El Salvador has created the conditions to enter a new phase of growth. The challenge now is to turn these gains into more investment, higher productivity, and greater opportunities. With El Salvador Crece, the IDB Group will work alongside the country to identify and sequence reforms, mobilize financing, and accelerate projects that support sustainable, long-term growth," said IDB Group President Ilan Goldfajn. El Salvador's minister of finance, Jerson Posada, added: “All our efforts are focused on accelerating the economy and productivity, and this is where the El Salvador Crece platform has tremendous strategic value. It acts as an accelerator and a powerful vehicle for implementing our sovereign agenda, allowing us to move from planning to execution by coordinating enabling public investment, regulatory reforms, and mobilization of large-scale private capital in a sequenced manner." The launch took place during "El Salvador Crece: Investment to Accelerate Growth," an event which brought together government authorities, business leaders, representatives of financial institutions, international investors, and academia. The event helped align public and private priorities, identify investment opportunities, and assess conditions to strengthen the business climate, expand access to financing, and accelerate the execution of strategic projects. ============= J A M A I C A ============= JAMAICA: Opposition Wants Action for Infrastructure Issues ---------------------------------------------------------- RJR News reports that Opposition Spokesperson on Health and Wellness Dr. Alfred Dawes is calling for decisive action to address the critical failure of surgical services at two of Jamaica's flagship public health institutions. The call comes as operating theatres at Kingston Public Hospital and Bustamante Hospital for Children remain offline due to recurring infrastructure failure, according to RJR News. The South East Regional Health Authority (SERHA) says the faults have led to delays in the scheduling and completion of elective surgeries across multiple specialties, the report notes. Dr. Dawes contends that the current shutdown mirrors a cycle the Ministry of Health has repeated relentlessly, the report relays. "Again, surgeries are being cancelled, life-saving medical missions are in jeopardy and once again the patients and the hospital staff are paying the price. This is not new. When I raised the alarm last year about Bustamante's theatres, the ministry responded with a PR exercise, not a fix. When mould was found at Kingston Public Hospital, they painted over it, made an announcement for the evening news and called it solved. Well, it wasn't solved because those same theatres are contaminated yet again and patients are suffering again," he contended, the report says. In light of this, Dr. Dawes has suggested a suite of measures that he believes is critical to a much-needed reform in the health system, the report discloses. He said the government must move beyond words and take action to address the care crisis affecting the country, the report says. "The Jamaican people deserve more than promises. They deserve operating theatres that are safe, functional and permanently fixed, not patched until the next collapse. I'm calling on this government to commission an independent infrastructure assessment team, publish a real remediation timeline and allocate the resources to do this properly. Our operating theatres should be the foundation of our health system. It is time, in fact, past time to stop the cycle; it is time to do the work," insisted Dr. Dawes, the report notes. The management of Kingston Public Hospital has said surgical services continue to be disrupted because of challenges with the central air conditioning system serving two operating theatres, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== NBG MACHINE: Seeks Approval to Hire Milton Flores as Appraiser -------------------------------------------------------------- NBG Machine Builders & Precision Tooling, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Milton Flores, General Certified Appraiser, to serve as appraiser for special purpose. Mr. Flores will provide these services: (a) inspect the site, its property, machinery and equipment to determine its value; and (b) make the correspondent report with all the details and the determined value. Mr. Flores will receive a single flat payment in the amount of $4,000. No retainer fee has been requested. Mr. Flores is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Court records further state that neither Mr. Flores nor any of his employees have any connection with the Debtor, creditors, parties-in-interest, attorneys, accountants, the U.S. Trustee, or personnel of the U.S. Trustee, and do not hold any interest adverse to the Debtor or the estate. The appraiser can be reached at: Milton Flores Milton Flores y Asociados, C.S. PO Box 1181 Caguas, PR 00726 Tel No: (787) 743-8383 Email: miltonflorescsp@yahoo.com About NBG Machine Builder & Precision Tooling NBG Machine Builders & Precision Tooling, Inc., a company based in Sabana Grande, Puerto Rico, delivers precision machining and custom tooling solutions for industrial clients. Its operations include manufacturing precision parts for the pharmaceutical sector and general manufacturing, repairing and maintaining critical production components, and providing technical support for automated systems and industrial equipment. Founded in 2006 and led by President Welderman Matos Alemany, the company employs a few staff. NBG filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-01087) on March 13, 2026, with $1,060,708 in assets and $862,799 in liabilities. Welderman Matos Alemany, president of NBG, signed the petition. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor is represented by: Juan C. Bigas, Esq. Juan C. Bigas Law PO Box 7011 Ponce, PR 00732-7011 Telephone: (787) 259-1000 E-mail: cortequiebra@yahoo.com PUERTO RICO: Bondholders Group Now Up to 20 Members, Dechert Says ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of the Commonwealth of Puerto Rico and Puerto Rico Electric Power Authority (PREPA) and its debtor-affiliates, Dechert LLP filed with the United States Bankruptcy Court for the District of Puerto Rico an Eleventh Verified Statement pursuant to Bankruptcy Rule 2019 and the Twenty-First Amended Notice, Case Management and Administrative Procedures Order to inform the Court that the firm continues to represent the PREPA Ad Hoc Group of beneficial holders holding bonds issued by Puerto Rico Electric Power Authority under a trust agreement between PREPA and the U.S. Bank National Association, as successor trustee, dated January 1, 1974, as amended and supplemented (the Trust Agreement), in connection with the case (PREPA Title III Case) commenced by the Financial Oversight and Management Board for Puerto Rico on behalf of PREPA on July 2, 2017. Dechert previously disclosed -- at the time of the filing of the Tenth Verified Statement -- that the Group consisted of 19 Members, with an aggregate principal amount of uninsured Bonds held of approximately $2.78 billion (including Custodial Claims). According to the Eleventh Verified Statement, the Group now consists of 20 members, holding, collectively, approximately $2.9 billion in aggregate principal amount of uninsured Bonds (including Custodial Claims), in addition to approximately $361 million in aggregate principal amount of insured Bonds. According to the Ad Hoc Group's Eleventh Verified Statement: 1. On September 11, 2023, a group of PREPA bondholders (including a member of the former Ad Hoc Group of PREPA Bondholders represented by Kramer Levin Naftalis & Frankel) decided to engage Dechert to represent their interests in the PREPA Title III Case and related litigation. 2. On September 27, 2023, Dechert submitted the First Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019, disclosing its 13 Members' holdings of approximately $2.1 billion in aggregate principal amount of uninsured Bonds. On October 4, 2023, Dechert submitted the Second Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019, disclosing the joining of a new Member. On January 24, 2024, Dechert submitted the Third Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019, disclosing the joining of another new Member. On July 8, 2024, Dechert submitted the Fourth Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019. On December 10, 2024, Dechert submitted the Fifth Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019. On March 17, 2025, Dechert submitted the Sixth Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019. On April 9, 2025, Dechert submitted the Seventh Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019. On May 19, 2025, Dechert submitted the Eighth Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019. On August 28, 2025, Dechert submitted the Ninth Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019. On March 17, 2026, Dechert submitted the Tenth Verified Statement of the PREPA Ad Hoc Group Pursuant to Bankruptcy Rule 2019 (the Tenth Verified Statement). 3. Since the filing of the Tenth Verified Statement, one new Member has joined the Group, and the Group is currently comprised of 20 Members. Dechert submits this Eleventh Verified Statement to update the PREPA Ad Hoc Group's holdings of Bonds and disclosable economic interests currently held by its Members, as of May 31, 2026. 4. As of the date of this Eleventh Verified Statement, Dechert represents the PREPA Ad Hoc Group in the Chapter 11 cases, as well as a single Member, Invesco Advisers Inc. (as investment adviser/agent on behalf of certain funds and/or accounts advised by it) (Invesco), in related litigation. Dechert does not represent the PREPA Ad Hoc Group as a committee (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and does not undertake to, and does not represent the interest of, and is not a fiduciary for, any creditor, party in interests, or entity other than the PREPA Ad Hoc Group and Invesco. For the avoidance of doubt, as of the time of this filing, Dechert represents only the PREPA Ad Hoc Group and Invesco in connection with the PREPA Title III Case. In addition, as of the time of this filing, Dechert does not represent or purport to represent any other entities in connection with the PREPA Title III Case. 5. Upon information and belief, Dechert does not hold claims against, nor interests in, the Debtor or its estate, except for potential claims for fees and expenses incurred in representing the PREPA Ad Hoc Group. Dechert does not perceive any actual or potential conflict of interest with respect to the representation of the PREPA Ad Hoc Group and its Members in this case. 6. The information outlined, which is based on information provided by the Members of the PREPA Ad Hoc Group to Dechert, is subject to change, is intended only to comply with Bankruptcy Rule 2019 and the Case Management Order and is not intended for any other purpose. Nothing contained in this Eleventh Verified Statement should be construed as -- a limitation upon, or a waiver or release of any claims filed or to be filed against or interest in PREPA held by any Member, its affiliates or any other entity, or any rights of any Member or affiliate thereto to assert, file, and/or amend its claims against PREPA in accordance with applicable law and any orders entered in the PREPA Title III Case; or -- an admission with respect to any fact or legal theory. 6. Additional holders of claims against or disclosable economic interests in the Debtor's estate may become Members of the PREPA Ad Hoc Group, and certain Members of the PREPA Ad Hoc Group may cease to be Members of the PREPA Ad Hoc Group in the future. Dechert reserves the right to amend or supplement this Eleventh Verified Statement at any time and for any reason in accordance with Bankruptcy Rule 2019 and the Case Management Order. 7. Dechert has been advised by the Members of the PREPA Ad Hoc Group that its Members either hold, or manage funds and/or accounts that hold, collectively, approximately $2.9 billion in aggregate principal amount of uninsured Bonds (including Custodial Claims), in addition to approximately $361 million in aggregate principal amount of insured Bonds. The names, addresses, and the nature and amount of all disclosable economic interests in relation to the Debtor (Puerto Rico Electric Power Authority) PREPA, reported to Dechert as of May 31, 2026, by each Member of the PREPA Ad Hoc Group, are: 1. AllianceBernstein L.P., on behalf of certain funds and accounts it manages or advises 501 Commerce Street, Nashville, TN 37203 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $5,425,000 Series 2012A -- $13,825,000 Series DDD -- $6,345,000 Series CCC -- $15,410,000 Series AAA -- $10,880,000 Series ZZ -- $16,625,000 Series XX -- $47,745,000 Series WW -- $23,895,000 Series TT -- $43,230,000 Uninsured Total -- $183,380,000 Series VV (Insured) -- $56,305,000 Insured Total -- $56,305,000 Total -- $239,685,000 2. Aristeia Capital, L.L.C., on behalf of certain funds and accounts it manages or advises One Greenwich Plaza, Suite 300, Greenwich, CT 06830 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series CCC -- $7,480,000 Series XX -- $16,470,000 Series WW -- $8,880,000 Series TT -- $8,880,000 Series SS* -- $45,430,000 Uninsured Total -- $87,140,000 3. BNY Mellon Funds Trust, on behalf of certain funds and accounts it manages or advises 201 Washington Street, 8th Floor, Boston, MA 02108 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $10,000,000 Series DDD -- $2,000,000 Series ZZ -- $2,500,000 Uninsured Total -- $14,500,000 4. Capital Research and Management Company, on behalf of certain funds and accounts it manages or advises 333 South Hope Street, 54th Floor, Los Angeles, CA 90404 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $2,370,000 Series 2012A -- $17,745,000 Series EEE -- $4,850,000 Series DDD -- $32,230,000 Series CCC -- $12,335,000 Series AAA -- $18,135,000 Series ZZ -- $37,170,000 Series YY -- $200,000 Series XX -- $23,280,000 Series WW -- $27,705,000 Series VV -- $75,000 Series TT -- $52,280,000 Series UU Variable Rate Bonds -- $8,000,000 Series SS -- $535,000 Series NN -- $350,000 Series B4 -- $450,000 Series RR* -- $9,250,000 Uninsured Total -- $246,960,000 Series VV (Insured) -- $475,000 Series UU Fixed Rate Bonds (Insured) -- $7,905,000 Series UU Variable Rate Bonds (Insured) -- $32,440,000 Series RR (Insured) -- $3,595,000 Series SS (Insured) -- $185,000 Series NN (Insured) $2,555,000 Insured Total $47,155,000 Total $294,115,000 5. Centiva Capital, LP, on behalf of certain funds and accounts it manages or advises 66 Hudson Blvd E., 56th Floor, New York, NY 10001 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $1,000,000 Series 2012A -- $1,320,000 Series EEE -- $100,000 Series DDD -- $1,219,000 Series AAA -- $10,680,000 Series ZZ -- $2,800,000 Series YY -- $5,920,000 Series XX -- $21,340,000 Series WW -- $28,895,000 Series TT -- $27,610,000 Series SS* -- $28,975,000 Series NN* -- $28,705,000 Series PP* -- $1,980,000 Series MM* -- $5,160,000 Series LL* -- $7,805,000 Uninsured Total -- $173,509,000 6. Columbia Management Investment Advisers, LLC, on behalf of certain funds and accounts it manages or advises 290 Congress Street, Boston, MA 02210 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2012A -- $6,655,000 Series CCC -- $5,000,000 Series XX -- $12,160,000 Series WW -- $3,500,000 Series TT -- $7,155,000 Uninsured Total -- $34,470,000 7. Delaware Management Company, a series of Nomura Asset Management Co., Ltd., on behalf of certain funds and accounts it manages or advises 610 Market Street, Philadelphia, PA 19106 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $4,275,000 Series 2012A -- $17,710,000 Series CCC -- $12,950,000 Series AAA -- $9,370,000 Series ZZ -- $15,265,000 Series XX -- $40,910,000 Series WW -- $37,405,000 Series TT -- $15,280,000 Uninsured Total -- $153,165,000 8. Ellington Management Group, L.L.C., on behalf of certain funds and accounts it manages or advises 711 Third Avenue, New York, NY 10017 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2012A -- $2,280,000 Series EEE -- $2,550,000 Series DDD -- $50,000 Series AAA -- $1,830,000 Series ZZ -- $6,660,000 Series WW -- $1,140,000 Series TT -- $1,410,000 Uninsured Total -- $15,920,000 9. Goldman Sachs Asset Management L.P., on behalf of certain funds and accounts it manages or advises 200 West Street, New York, NY 10282 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $50,925,000 Series 2012A -- $60,744,700 Series EEE -- $8,010,000 Series DDD -- $1,815,000 Series CCC -- $28,380,000 Series BBB -- $90,000 Series AAA -- $20,983,000 Series ZZ -- $12,596,000 Series YY -- $2,460,000 Series XX -- $84,640,000 Series WW -- $38,685,000 Series TT -- $50,655,000 Series SS* -- $35,185,000 Series A4 -- $2,415,332 Series B4 -- $2,415,332 Series E1 -- $5,627,765 Series E2 -- $5,627,765 Series E3 -- $1,875,922 Series E4 -- $1,875,922 Uninsured Total -- $415,006,738 Series VV (Insured) -- $3,285,000 Series UU Variable Rate Bonds (Insured) -- $94,467,000 Series NN (Insured) -- $1,455,000 Insured Total -- $99,207,000 Total -- $514,213,738 10. Invesco Advisers, Inc., on behalf of certain funds and accounts it manages or advises 225 Liberty Street, New York, NY 10281 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $13,385,000 Series 2012A -- $20,820,000 Series EEE -- $895,000 Series DDD -- $16,230,000 Series CCC -- $12,970,000 Series AAA -- $12,345,000 Series ZZ -- $31,510,000 Series YY -- $1,200,000 Series XX -- $41,314,000 Series WW -- $12,620,000 Series VV -- $1,575,000 Series TT -- $23,005,000 Series UU Variable Rate Bonds -- $13,040,000 Series NN -- $360,000 Series A4 -- $9,506,250 Series B4 -- $1,199,459 Series E1 -- $899,595 Series E2 -- $4,987,463 Series E3 -- $4,860,368 Series E4 -- $2,876,653 Uninsured Total -- $225,598,788 Series VV (Insured) -- $84,540,000 Series UU Fixed Rate Bonds (Insured) -- $1,435,000 Series RR (Insured) -- $9,665,000 Series NN (Insured) -- $1,700,000 Series TT (Insured) -- $435,000 Series WW (Insured) -- $500,000 Insured Total -- $98,275,000 Total -- $323,873,788 11. Luxor Capital Group, LP, on behalf of certain funds and accounts it manages or advises 7 Times Sq, New York, NY 10036 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2012A -- $31,885,000 Series ZZ -- $1,500,000 Series WW -- $7,500,000 Series TT -- $10,075,000 Series UU Variable Rate Bonds -- $19,750,000 Uninsured Total $70,710,000 12. MacKay Shields LLC, on behalf of certain funds and accounts it manages or advises 1345 Avenue of the Americas, New York, NY 10105 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $62,950,000 Series 2012A -- $55,042,000 Series EEE -- $122,375,000 Series DDD -- $18,755,000 Series CCC -- $21,905,000 Series BBB -- $12,135,000 Series AAA -- $29,790,000 Series ZZ -- $30,535,000 Series YY -- $87,925,000 Series XX -- $55,390,000 Series WW -- $66,145,000 Series TT -- $54,628,000 Series UU Variable Rate Bonds -- $4,140,000 Series SS -- $250,000 Series NN -- $670,000 Series E1 -- $165,099 Series E2 -- $165,099 Series E3 -- $55,033 Series E4 -- $555,033 Series PP* -- $15,000,000 Series RR* -- $12,500,000 Uninsured Total -- $651,075,264 Series VV (Insured) -- $9,340,000 Series UU Fixed Rate Bonds (Insured) -- $900,000 Series UU Variable Rate Bonds (Insured) -- $7,335,000 Series RR (Insured) -- $985,000 Series SS (Insured) -- $675,000 Series NN (Insured) -- $1,840,000 Series TT (Insured) -- $365,000 Insured Total -- $21,440,000 Total -- $672,515,264 13. Massachusetts Financial Services Company on behalf of certain funds and accounts it manages or advises 111 Huntington Avenue, Boston, MA 02199 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series XX -- $4,890,000 Uninsured Total $4,890,000 Series VV (Insured) -- $26,295,000 Series UU Fixed Rate Bonds (Insured) -- $3,405,000 Series RR (Insured) -- $1,385,000 Series SS (Insured) -- $1,060,000 Series NN (Insured) -- $3,360,000 Series TT (Insured) -- $135,000 Insured Total -- $35,640,000 Total -- $40,530,000 14. Old Orchard Capital Management LP, on behalf of certain funds and accounts it manages or advises 340 Madison Avenue, Suite 3B, New York, NY 10173 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series AAA -- $3,420,000 Series ZZ -- $4,150,000 Series YY -- $5,475,000 Series VV* -- $27,265,000 Series NN* -- $27,820,000 Series RR* -- $45,300,000 Uninsured Total -- $113,430,000 15. One William Street Capital Management, L.P., on behalf of certain funds it manages or advises 299 Park Ave., Fl. 25 New York, NY 10171 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $710,000 Series 2012A -- $15,040,000 Series CCC -- $6,335,000 Series AAA -- $2,415,000 Series ZZ -- $22,365,000 Series XX -- $9,355,000 Series WW -- $1,050,000 Series VV* -- $28,695,000 Series TT -- $21,125,000 Series SS* -- $26,180,000 Series A4 -- $685,000 Series B4 -- $11,541,790 Series E1 -- $11,566,367 Series E2 -- $9,935,000 Series PP* -- $43,605,000 Series MM* -- $1,615,000 Uninsured Total -- $212,218,157 16. RUSSELL INVESTMENT COMPANY, on behalf of RUSSELL INVESTMENT COMPANY TAX-EXEMPT HIGH YIELD BOND 1301 Second Avenue, 18th Floor Seattle, WA 98101 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $2,770,000 Series 2012A -- $2,190,000 Series EEE -- $190,000 Series DDD -- $50,000 Series CCC -- $895,000 Series AAA -- $1,655,000 Series ZZ -- $985,000 Series XX -- $7,745,000 Series WW -- $7,405,000 Series TT -- $4,930,000 Series SS* -- $2,000,000 Uninsured Total -- $30,815,000 Series VV (Insured)-- $100,000 Series UU Variable Rate Bonds (Insured) -- $2,560,000 Series NN (Insured) -- $355,000 Insured Total -- $3,015,000 Total -- $33,830,000 17. SIG Structured Products, LLC 401 E. City Avenue, Suite 220, Bala Cynwyd, PA 19004 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $500,000 Series 2012A -- $10,140,000 Series EEE -- $965,000 Series CCC -- $300,000 Series AAA -- $105,000 Series ZZ -- $15,000 Series YY -- $45,000 Series XX -- $2,055,000 Series WW -- $1,030,000 Series TT -- $920,000 Uninsured Total -- $16,075,000 18. T. Rowe Price, on behalf of certain funds and accounts it manages or advises 100 E. Pratt Street, BA 0754, Baltimore, MD 21202 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $36,355,000 Series 2012A -- $22,975,000 Series EEE -- $100,000 Series DDD -- $135,000 Series CCC -- $17,100,000 Series AAA -- $11,145,000 Series ZZ -- $27,499,000 Series XX -- $18,496,000 Series WW -- $24,695,000 Series VV -- $20,000 Series TT -- $35,300,000 Series UU Variable Rate Bonds -- $1,180,000 Series PP* -- $9,290,000 Uninsured Total -- $204,290,000 19. Tower Bay Asset Management LP, on behalf of certain funds and accounts it manages or advises 700 Canal Street, Ste 12E, Stamford, CT 06902 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2012A -- $815,000 Series YY -- $1,925,000 Series SS* -- $3,070,000 Series PP* -- $3,150,000 Uninsured Total -- $8,960,000 20. Verition Fund Management LLC, on behalf of certain funds and accounts it manages or advises 1 American Ln, Greenwich, CT 06831 Nature and Amount of Disclosable Economic Interest Series and Par Amount Series 2013A -- $4,675,000 Series 2012A -- $20,000,000 Series CCC -- $2,320,000 Series BBB -- $2,240,000 Series ZZ -- $7,860,000 Series XX -- $5,315,000 Series A3 -- $2,790,000 Series B1 -- $1,275,072 Series B3 -- $2,790,000 Series B2 -- $6,432,788 Series E1 -- $301,931 Series E2 -- $301,930 Series E3 -- $79,711 Series E4 -- $78,830 Uninsured Total $56,460,262 Counsel for the PREPA Ad Hoc Group: Dora L. Monserrate-Penagaricano, Esq. Fernando J. Gierbolini-Gonzalez, Esq. Richard J. Schell, Esq. MONSERRATE SIMONET & GIERBOLINI, LLC 101 San Patricio Ave., Suite 1120 Guaynabo, PR 00968 Tel: (787) 620-5300 Fax: (787) 620-5305 E-mail: dmonserrate@msglawpr.com fgierbolini@msglawpr.com rschell@msglawpr.com - and - Stephen D. Zide, Esq. G. Eric Brunstad, Jr., Esq. David A. Herman, Esq. DECHERT LLP 1095 Avenue of the Americas New York, NY 10036 Tel: (212) 698-3500 Fax: (212) 698-3599 E-mail: eric.brunstad@dechert.com stephen.zide@dechert.com david.herman@dechert.com About the Commonwealth of Puerto Rico; Puerto Rico Electric Power Authority (PREPA) PREPA is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. ********* 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 * * *