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260625.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, June 25, 2026, Vol. 27, No. 126 Headlines A R G E N T I N A ARGENTINA: Mining Threatens Scarce Water Resources in the Andes ARGENTINA: MSCI Review Holds Key to Foreign Investment Surge B E R M U D A DIGICEL HOLDINGS: Moody's Ups CFR to B1 & Alters Outlook to Stable J A M A I C A JAMAICA: Wignal Wants Unions to Have Bigger Role in MSME Financing P U E R T O R I C O CONSEJO DE TITULARES: Hires Nelson Robles-Diaz as Counsel WILSON 1350: Seeks to Hire Landrau Rivera & Assoc. as Attorney U R U G U A Y URUGUAY: IDB Approves Country Strategy for 2026 to 2030 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Mining Threatens Scarce Water Resources in the Andes --------------------------------------------------------------- Tomas Viola at AFP News reports that San Juan's once-sparkling rivers have shrivelled due to drought and residents in the rugged, western province fear that prospective mining projects in the Andes will make matters worse. According to one popular saying, Andean provinces are so arid that fish kick up clouds of dust as they swim through their rivers, the report notes. San Juan Province is no different. The region, made up of mountains surrounded by a desert steppe, receives just over 100 millimetres of annual rainfall, classifying it as a desert, according to AFP News. Despite arable land making up just three percent of the territory, it is one of Argentina's main producers of olive oil, grapes, tomatoes and pistachios, the report relays. But water scarcity means that only about a third of that area can actually be cultivated, the report discloses. Snowfall and more than 4,000 glaciers feed San Juan's two main rivers, which provide most of the province's irrigation water, the report says. Both waterways have shrunk significantly, however, and their flow rates are at historic lows, the report notes. "We are in a scenario of permanent scarcity," said San Juan Province Production Minister Gustavo Fernandez, the report relates. 'Chaos' "From an environmentalist point of view, this is chaos," said Silvio Pastore, a geology professor at the Universidad Nacional de San Juan, the report notes. Meanwhile, a new trade is booming: mining. Although local residents are hopeful about subsequent job prospects, they also voiced concern about the use and treatment of the area's meagre water resources, the report discloses. Mining ventures could eat into scarce water flows, while nothing will arrive to replenish dam reserves, which are at minimum capacity, the report relays. In 2000, the United Nations made projections for the San Juan River – the province's main waterway – under different scenarios of rising temperatures, the report recalls. Since then, the worst of those models "has been surpassed by reality," argues Pastore, noting that the river's flow has dropped to almost half its historical average, the report says. Less snowfall caused the decrease, the climate expert said, while high temperatures have transformed any solid snow into its gaseous form, the report relays. Northwest Argentina's glaciers meanwhile have shrunk by 17 percent this past decade, according to glaciologists, the report notes. Politicisation Unlike Patagonia's imposing white walls, San Juan's glaciers are icy formations covered by sediment, rocks or debris, and almost blend into the mountain itself, the report discloses. Experts debate the extent of their role in water provision, the report says. Pastore believes that the icy formations "do not contribute more than 20 percent" of water flow, even during the most severe droughts, the report relates. But glaciologist Juan Pablo Milana says their contribution requires further study, the report discloses. "The glacier, when you don't have snow, gives you two to three times more water," he added. Either way, glaciers entered political debate this year when Argentina's President Javier Milei amended a law that protects the icy formations, the report notes. Environmentalists legally challenged the new regulation, which authorises provincial governments to redefine protected areas as a way to expand mining activity, the report relays. Mineral extraction projects looking for copper, lithium and more have proliferated across the Argentine Andes, the report notes. These minerals are key to the energy transition, but paradoxically, the water used and glaciers destroyed in the process could worsen the effects of climate change for many local communities, the report discloses. 'Ecocide' Mining requires significantly less water than agriculture, but every drop counts when resources are running so low, the report discloses. Lawyer and activist Raúl Orduna was scathingly critical of the government's environmental policy, the report relays. "Our water system is in intensive care, and there are politicians who don't listen," he told AFP in his backyard in the town of Barreal. "Would you have a person who is in intensive care donate blood?" Orduna denounced giving water – a "resource that doesn't exist" in San Juan – to transnational organisations rather than saving it for vital uses, the report notes. "That's called ecocide," he added. According to Fernandez, "around 40 percent of the water used in agriculture could be saved" through public investment in infrastructure and more efficient irrigation methods, the report relays. Both the companies involved and the local government claim that the new mining projects will take place under strict environmental standards, the report says. But previous incidents have instilled mistrust, the report notes. Three toxic spills from a Barrick Gold mine between 2015 and 2017 contaminated provincial rivers to varying degrees, the report says. "The greatest danger of mining is the lack of oversight," said Milana, who believes that "the state today is completely in the grip of and aligned with the mega-mining companies." About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: MSCI Review Holds Key to Foreign Investment Surge ------------------------------------------------------------ David Feliba at Bloomberg News reports that MSCI Inc will decide whether to set Argentina on the road back to membership in global stock indexes, a move that could trigger a rush of funds into the illiquid local market. The index compiler will release its Classification Review indicating whether it will leave Argentina on Standalone status, or start consultations over its return to frontier, or even emerging market rank, according to Bloomberg News. Morgan Stanley expects MSCI to place Argentina under formal consultation to become an emerging market, a move it estimates would attract about US$5 billion into local shares, Bloomberg News relays. That would be a big inflow for a market where daily trading volume has averaged less than US$60 million this year. Still, Balanz Capital forecasts that Argentina will be left on Standalone status, Bloomberg News says. "It seems very likely that Argentina could qualify for a double upgrade into emerging markets over the course of the next year or year and a half," said Nikolaj Lippmann, Latin America equity strategist at Morgan Stanley, Bloomberg News notes. "The most likely scenario is that Argentina will get included in the early stages of 2028," he added. Bloomberg News relays that investors may get their first clue Thursday, June 25, when MSCI publishes its annual Market Accessibility Review. While the report does not define classifications, any changes to its assessment of Argentina's conditions could offer hints about the country's prospects ahead of the MSCI report, Bloomberg News discloses. Regaining Momentum An upgrade would be the latest vote of confidence in President Javier Milei’s plan to remake the Argentine economy, which has already earned several nods from credit assessors, Bloomberg News says. Country risk is sitting at an eight-year low, and both S&P Global Ratings and Fitch Ratings recently lifted the country’s sovereign rating, Bloomberg News relates. Argentina's equity market has also gone through a dramatic cycle since Milei came to office in December 2023, Bloomberg News recalls. Stocks nearly doubled during his first year in office as investors cheered efforts to tame inflation, slash the fiscal deficit and stabilise the economy, Bloomberg News notes. The rally, which stalled ahead of uncertainty around midterms, has since resumed, Bloomberg News notes. The S&P Merval index is near a 17-month high in dollar terms, supported by elevated oil prices, stronger earnings from energy companies and growing optimism over MSCI's decision, Bloomberg News discloses. Argentina's Stock Index Hit a 17-Month High This Month Recent gains have been fueled by a renewed influx of foreign investors, Bloomberg News says. About $103 million has flowed into the Global X MSCI Argentina ETF this year, according to data compiled by Bloomberg. Index Share Morgan Stanley estimates that an upgrade to emerging market could give Argentina a weighting of 0.28 percent in the EM index and 4.1 percent in the Latin America index, with most of the demand focused on energy and financial stocks, Bloomberg News relates. MSCI last upgraded Argentina to Emerging Market status in 2018 during the administration of former president Mauricio Macri, Bloomberg News relays. Back then, the government dismantled capital controls and reopened financial markets to foreign investors – putting Argentina back into the global investment world following years of market isolation, Bloomberg News notes. But the return proved short-lived. Following a deepening crisis in 2019, Argentina reimposed controls and expanded them further after a left-wing administration was ushered in, Bloomberg News notes. MSCI eventually removed the country from the index and relegated it to the Standalone category it has held since 2021, Bloomberg News discloses. Since taking office, Milei's administration has reversed several of those restrictions, easing access to foreign-exchange markets and loosening dividend repatriation rules, Bloomberg News says. It has continued to dismantle some of those barriers gradually, including by relaxing regulations governing local stockbroker operations, Bloomberg News notes. Still, important limitations affecting foreign institutional investors remain in place and Central Bank officials have indicated they are in no rush to fully remove them, Bloomberg News relays. Those lingering restrictions are one reason some investors remain unconvinced that MSCI is ready to move, Bloomberg News discloses. "The most likely outcome is that nothing happens and Argentina remains as Standalone," said Ezequiel Fernandez, head of equity research at Balanz Capital, a local broker, Bloomberg News says. "The kickstart of a revision for EM inclusion is still possible, but capital controls for hot money remain the key issue," he added. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B E R M U D A ============= DIGICEL HOLDINGS: Moody's Ups CFR to B1 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has upgraded Digicel Holdings (Bermuda) Limited ("Digicel")'s corporate family rating to B1 from B2. Moody's also upgraded Digicel International Finance Limited (DIFL)'s senior secured 1st lien term loan B, senior secured revolving credit facility, and senior secured notes ratings to B1 from B2. The outlook on both entities was changed to stable from positive. The ratings upgrade reflects Digicel's evolving track record of adequate liquidity management and credit metrics. The rating action also incorporates Digicel's ability to absorb external shocks driven by the company's geographic diversification and leading market positions in the markets in which it operates. The stable outlook incorporates Moody's expectations that the company will maintain a conservative approach towards liquidity management and credit metrics consistent with the rating category including EBITDA margin -as adjusted by Moody's- above 40% and a leverage converging towards the company's medium-term net leverage target of 2.9x. RATINGS RATIONALE Digicel's B1 CFR takes into consideration the company's sound market position in several of its largest markets, and Moody's expectations of Moody's adjusted leverage below 4x and positive FCF (free cash flow) generation. The CFR is also supported by the experienced management team and board members that promote balanced financial policies and long-term growth. The B1 CFR incorporates Digicel's presence in emerging markets with a history of instability, exposure to adverse political and weather events, and currency depreciation against the US dollar, namely Haiti, which accounts for 15% of the company's revenues. The company recently used $100 million in cash to reduce debt while executing the repricing of the company's term loan. Moody's expects Digicel to use excess cash to reduce debt and that these initiatives will continue yielding improvements in cash flow generation and credit metrics, supported by Digicel ongoing cost saving initiatives and financial policies that include a medium-term net leverage target of 2.9x, as reported by the company and measured as (debt and leases minus cash)/Adj EBITDA. The company reported a 3.2x net leverage ratio for the last twelve months that ended March 2026. Digicel's liquidity is good, supported by $340 million in cash as of March 2026, Moody's expectations of positive FCF generation and a $200 million fully available revolving credit facility (RCF) available until 2030. These sources can comfortably cover the term loan amortization payments of around $8 million per year through 2032. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains a steady growth in EBITDA and funds from operations, while maintaining an adequate liquidity profile. Quantitatively, the ratings could be upgraded if the company maintains consolidated adj. debt/EBITDA below 3.5x, EBITDA-capex/interest expense above 2x. Longer term, Digicel's rating progression would be subject to its relative position to the sovereign ratings of Digicel's main markets. The ratings could be downgraded if Digicel's liquidity worsens with FCF turning negative. Quantitatively, negative pressure could arise if Digicel's adj. debt/EBITDA increases above 4.25x without clear prospects of improvement or EBITDA-capex/interest expense declines towards 1.5x. Incorporated in Hamilton, Bermuda, Digicel is the largest provider of wireless telecommunication services in the Caribbean. The company operates in 25 markets in the Caribbean. Digicel provides a range of business solutions, mobile, cable TV and broadband, and other related products and services. The company generated revenue of $1.8 billion for the last twelve months ended March 2026. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ============= J A M A I C A ============= JAMAICA: Wignal Wants Unions to Have Bigger Role in MSME Financing ------------------------------------------------------------------ RJR News reports that Former Economic Programme Oversight Committee (EPOC) member and immediate past president of the MSME Alliance, Donovan Wignal, says credit unions are now in a stronger position to expand financing to micro, small and medium-sized enterprises (MSMEs). Mr. Wignal argues that credit unions should be given a larger role in the Development Bank of Jamaica approved financial institution (AFI) program, through which concessionary loans are channelled to MSMEs at rates often lower than those offered by commercial banks, according to RJR News. His comments followed the decision by the Bank of Jamaica to allow credit unions direct access to the Real-Time Gross Settlement (RTGS) system in the Automated Clearing House (ACH) network, enabling electronic transfers between financial institutions, the report notes. Previously, credit unions and their members had to rely on commercial banks to process and clear transactions, resulting in longer transfer times, the report relays. Jamaica's credit union movement now serves roughly one million members and manages assets exceeding $218 billion, 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 ===================== CONSEJO DE TITULARES: Hires Nelson Robles-Diaz as Counsel --------------------------------------------------------- Consejo De Titulares Del Cond Touchvision Plaza seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Nelson Robles-Diaz as counsel. The firm's services include: a. prosecuting the motions and applications filed; b. advising/ representing the Debtor with respect to its duties, rights and powers; c. advising/representing the Debtor in negotiations with creditors; d. advising/representing the Debtor in analyzing the claims; e. advising/representing the Debtor with respect to its various investigations of claims, causes of action and other matters; f. advising/representing the Debtor with respect to any negotiations and litigation that may be necessary, and at hearing and other proceedings; g. advising/representing the Debtor with respect to pleadings and applications as may be necessary in furtherance of Debtor's interests and objectives; and h. advising/representing the Debtor with respect to such other matters as may be required and are deemed to be in the interests of the Debtor in accordance with the applicable law. The firm will be paid at these rates: Nelson Robles-Diaz $300 per hour Paralegals and law clerks $60 to 80 per hour The firm was paid a retainer in the amount of $9,000 upon execution of the engagement letter and a separate payment of $1,738 for the filing fees of the case. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Nelson Robles-Diaz, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nelson Robles-Diaz Nelson Robles-Diaz Law Offices PSC P.O. Box 192302 San Juan, PR 00912 Tel: (787) 294-9518 Fax: (787) 924-9519 Email: nroblesdiaz@gmail.com About Consejo de Titulares del Condominio Consejo de Titulares del Condominio Touchvision Plaza sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-02205) on May 14, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Nelson Robles Diaz, Esq. at Nelson Robles Diaz Law Offices Psc represents the Debtor as bankruptcy counsel. WILSON 1350: Seeks to Hire Landrau Rivera & Assoc. as Attorney -------------------------------------------------------------- Wilson 1350 LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Landrau Rivera & Assoc. as attorney. The firm will provide these services: a. advise DIP with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which the debtor in possession conducts its business, or is involved in litigation; b. advise DIP in connection with a determination whether a reorganization is feasible and if not, aiding debtor in the orderly liquidation of its assets; c. assist DIP with respect to negotiation with creditors for the purpose of proposing a viable plan of reorganization; d. prepare on behalf of the DIP the necessary complaints, answers, orders, reports, memoranda of law and/or any other legal papers or documents; e. appear before the Bankruptcy Court, or any court in which DIP asserts a claim interest or defense directly or indirectly related to this bankruptcy case; f. perform such other legal services for DIP as may be required in this proceedings or in connection with the operation of/and involvement with debtor's business, including but not limited to notarial services; g. employ other professional services as necessary to complete debtor's financial reorganization with Chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Noemi Landrau Rivera, Esq. $250 per hour Legal and Financial Assistants $75 per hour The firm received an agreed retainer in the amount of $20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Noemi Landrau Rivera, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Tel No: (787) 774-0224 Fax No: (787) 919-7713 Email: nlandrau@landraulaw.com About Wilson 1350 LLC Wilson 1350 LLC is a San Juan, Puerto Rico- based company engaged in residential real estate development. Wilson 1350 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.PR Case No. 26-02372) on May 27, 2026. In its petition, the Debtor reports estimated assets between $10 million to $50 million and estimated liabilities between $1 million to $10 million. The Debtor is represented by Noemi Landrau Rivera, Esq. of Landrau Rivera & Associates. ============= U R U G U A Y ============= URUGUAY: IDB Approves Country Strategy for 2026 to 2030 ------------------------------------------------------- The Inter-American Development Bank Group (IDB Group) approved the Country Strategy (CS) for Uruguay for 2026–2030, a plan developed jointly with the Government of Uruguay that envisages investments of US$4.2 billion and seeks to consolidate the country as a hub for innovation and a benchmark for security, building on its stability and institutional and macroeconomic strength. Under this new agenda, the IDB will allocate US$2.7 billion to support public sector initiatives, while IDB Invest, the private sector institution of the IDB Group, will allocate US$1.5 billion to strengthen business investment. IDB Lab, the Group's innovation and venture arm, will continue to promote the entrepreneurial ecosystem and early-stage investment. "The 2026–2030 Country Strategy expands its scope through public-private solutions, strategic partnerships, and innovative financial mechanisms, while maintaining IDB Group's historic hallmark: being the country's leading multilateral partner through strategic support, high technical value, and alignment with national priorities, generating scalable learning for the region," said Luiz Ros, IDB Group Representative in Uruguay. Within the framework of the IDBStrategy+, the pillars of the new Country Strategy for Uruguay over the next four years are: -- Innovation and business climate: The new roadmap aims to stimulate productive modernization, private investment in R&D, and trade openness by strengthening innovation initiatives, promoting digitalization and agricultural productivity, and leveraging the advantages of new trade agreements. Under this objective, the CS seeks to improve the business climate, promote competition, deepen capital markets, and expand access to financing, particularly for micro, small, and medium-sized enterprises. The venture capital industry will also be promoted to channel financing and strategic support to technology-based ventures, through IDB Lab and the IDB. At the regional level, the IDB Group will strengthen capacities in artificial intelligence and high-performance computing (HPC). In addition, the plan will modernize public finances, contributing to greater macroeconomic stability. In this way, the CS aims to encourage investment and generate new growth opportunities. -- Security and well-being: The strategy will prioritize citizen security through the modernization of justice and security systems and the strengthening of childhood and youth policies, especially for the most vulnerable groups, by expanding educational opportunities and designing more targeted social policies. -- Mobility and basic services: The new agenda aims to achieve more efficient, accessible, sustainable, and equitable mobility, with a focus on the public transportation system in the Montevideo metropolitan area. Likewise, the plan seeks to improve urban development and ensure access to housing, develop efficient and resilient infrastructure, guarantee universal and safe access to basic services such as drinking water, and expand energy infrastructure. The document deepens the strategic relationship between Uruguay and the IDB Group and will be implemented through a multisectoral and synergistic programmatic approach using the full range of available instruments, including regional initiatives such as South Connection and the Alliance for Security, Justice, and Development. The IDB will also provide financial and technical cooperation to strengthen engagement with the OECD and to support the ratification and implementation of trade agreements. ********* 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 * * *