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260626.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 Friday, June 26, 2026, Vol. 27, No. 127 Headlines A R G E N T I N A ARGENTINA: World Bank Issues Guarantees for US$2BB Commercial Loan GENERACION MEDITERRANEA: Fitch Affirms & Then Withdraws 'RD' IDRs B A R B A D O S BARBADOS: IDB OKs $150MM Loan to Strengthen Energy Security D O M I N I C A N R E P U B L I C DOMINICAN REP: Rum Producers Back Measures for Fair Competition DOMINICAN REPUBLIC: Abinader Officializing Anti-Crisis Plan P E R U VOLCAN COMPANIA: $220MM Notes Reopening No Impact on Moody's B1 CFR P U E R T O R I C O CONSEJO DE TITULARES: Hires Monge Robertin Advisors as Advisor PUERTO RICO: 1st Circuit Denies Bankruptcy Shield for Officials X X X X X X X X LATAM: IFC Commits US$15BB to Caribbean Community Resilience Fund - - - - - ================= A R G E N T I N A ================= ARGENTINA: World Bank Issues Guarantees for US$2BB Commercial Loan ------------------------------------------------------------------ AFP News reports that the World Bank disclosed it was issuing guarantees to allow Argentina access to up to US$2 billion in commercial loans, a move designed to aid the embattled economy's access to international capital markets. Debt-strapped Argentina has private debt payments of more than US$4 billion coming due in July, according to AFP News. The new loan will have a six-year maturity, with a three-year grace period, the World Bank said, but it did not offer further details on its conditions or who was providing it, the report notes. President Javier Milei's drastic program of economic reforms has won market approval and enabled the country to return to private capital markets, the report relays. The World Bank guarantees will cover 95 percent of the debt service payments under the commercial loan, "enabling Argentina to lower borrowing costs and strengthen public debt management," the multilateral lender said in a statement, the report says. "We are committed to supporting Argentina's macroeconomic stabilisation and growth reform agenda," said Susana Cordeiro Guerra, World Bank vice president for Latin America and the Caribbean, the report notes. "This innovative guarantee structure helps bridge the country's return to international capital markets, mobilising financing on more affordable terms while supporting reforms that boost private investment, productivity, and long-term resilience," she said. Fitch and S&P have both raised Argentina's credit rating to 'B-' in recent weeks, citing the country's improved fiscal picture and progress on reforms, the report discloses. Argentina's external position has also improved in recent months as energy prices have surged, reflecting its status as a net energy exporter, the report says. Its first-quarter trade surplus hit a record US$5.5 billion, the report notes. In May, the International Monetary Fund board completed its latest review of the country's US$20-billion programme, unlocking US$1 billion in disbursements, the report adds. 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. GENERACION MEDITERRANEA: Fitch Affirms & Then Withdraws 'RD' IDRs ----------------------------------------------------------------- Fitch Ratings has affirmed and withdrawn Generacion Mediterranea S.A.'s (GEMSA) 'RD' Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs). Fitch has also affirmed and withdrawn GEMSA's 'C' senior secured and unsecured notes co-issued with Central Termica Roca S.A. Fitch has withdrawn the ratings of GEMSA and Central Termica Roca S.A. for commercial reasons and will therefore no longer conduct analytical coverage or provide ratings for the companies. Key Rating Drivers Key Rating Drivers are no longer applicable as the ratings have been withdrawn. Peer Analysis Peer Analysis is no longer applicable as the ratings have been withdrawn. Corporate Rating Tool Inputs and Scores Corporate Rating Tool Inputs and Scores are no longer applicable as the ratings have been withdrawn. Recovery Analysis Recovery Analysis is no longer applicable as the ratings have been withdrawn. RATING SENSITIVITIES Rating Sensitivities are no longer applicable as the ratings have been withdrawn. Liquidity and Debt Structure Liquidity and Debt Structure is no longer applicable as the ratings have been withdrawn. Issuer Profile GEMSA is a holding company for most of Grupo Albanesi's electricity generation assets. Operating in the sector since 2004, Albanesi owns or participates in five generation companies: Generacion Mediterranea S.A., Central Termica Roca S.A., GM Operaciones S.A., Generacion Litoral S.A., and Solalban Energia S.A. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS is no longer applicable as the ratings have been withdrawn. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Generacion Mediterranea S.A. LT IDR RD Affirmed RD LT IDR WD Withdrawn LC LT IDR RD Affirmed RD LC LT IDR WD Withdrawn senior unsecured LT C Affirmed C senior unsecured LT WD Withdrawn senior secured LT C Affirmed C senior secured LT WD Withdrawn Central Termica Roca S.A. senior unsecured LT C Affirmed C senior unsecured LT WD Withdrawn senior secured LT C Affirmed C senior secured LT WD Withdrawn =============== B A R B A D O S =============== BARBADOS: IDB OKs $150MM Loan to Strengthen Energy Security ----------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a Policy-Based Programmatic Loan (PBP) of US$150 million to strengthen energy security in Barbados. The program will help modernize Barbados’ electricity sector through reforms that foster a more competitive, resilient, and sustainable energy market, supported by coordinated regulation and private sector participation. It will also contribute to improving system stability and reducing energy imports. More than 135,000 electricity customers will directly benefit from the program through reduced exposure to international price fluctuations. In addition, independent power producers, lenders, and project developers will face lower investment risks and reduced financing costs. The population of Barbados, as well as the broader economy, will also benefit indirectly from reduced dependence on energy imports and from progress toward achieving national energy targets. The operation will accelerate the integration of new technologies into the electricity sector and promote competitiveness and private investment in energy generation and storage. The US$150 million loan has a repayment term of 20 years, a grace period of 5.5 years, and an interest rate based on SOFR. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Rum Producers Back Measures for Fair Competition --------------------------------------------------------------- Dominican Today reports that the Dominican Association of Rum Producers (Adopron) has expressed support for key provisions included in the government's anti-crisis plan, arguing that the measures will promote tax equity, legal certainty, transparency, and fair competition in regulated industries. Among the initiatives endorsed by the association is the clarification of how the Ad Valorem Selective Consumption Tax on alcoholic beverages should be calculated, according to Dominican Today. Under the proposal, the tax would apply to the total value paid by consumers, including all elements that form part of a product’s presentation and commercialization, the report notes. Adopron emphasized that the measure does not create a new tax burden but rather establishes a clear and uniform criterion for all participants in the beverage industry, the report relays. According to the organization, consistent application of tax rules is essential to preventing market distortions, protecting public revenues, and ensuring equal competitive conditions, the report says. The association also welcomed efforts to strengthen traceability systems for alcoholic beverages, cigarettes, and fuels, noting that such mechanisms can help combat illicit trade, protect consumers, reduce tax evasion, and improve oversight across regulated sectors, the report notes. Adopron stressed that traceability measures should be applied equally to all market participants, regardless of whether products are domestically produced or imported. It also called for strong enforcement, consumer education, and institutional support to maximize the effectiveness of the system, the report discloses. The organization urged the National Congress to approve the proposed provisions, arguing that they would help eliminate unequal treatment within the alcoholic beverage market and address long-standing concerns related to unfair competition, the report says. Adopron reaffirmed its willingness to work alongside government authorities and lawmakers on initiatives that strengthen transparency, formal economic activity, investment, and sustainable economic growth in the Dominican Republic, the report notes. The association concluded that a tax framework with clear and uniformly applied rules benefits the state, consumers, and the formal productive sector alike, 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: Abinader Officializing Anti-Crisis Plan ----------------------------------------------------------- Dominican Today reports that President Luis Abinader enacted Law 30-26 after its approval by the National Congress, implementing a series of measures designed to promote economic growth, strengthen public finances, and mitigate the impact of the international economic crisis on the Dominican Republic. According to the government, the new legislation aims to support sustainable development, improve citizens’ well-being, and create favorable conditions for long-term economic and social progress, the report notes. The law also reinforces responsible management of public resources and promotes tax compliance based on the principles of equity, progressivity, and taxpayers’ ability to pay, according to Dominican Today. Authorities highlighted that the measure comes at a time of growing global economic and financial uncertainty. In this context, the government considers it essential to strengthen fiscal discipline, ensure the sustainability of public finances, and maintain predictability in economic management, the report relays. Officials noted that preserving fiscal and economic stability is key to maintaining investor confidence, generating employment, and enhancing the State’s capacity to respond effectively to both domestic and international economic challenges, 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. ======= P E R U ======= VOLCAN COMPANIA: $220MM Notes Reopening No Impact on Moody's B1 CFR ------------------------------------------------------------------- Moody's Ratings comments that the ratings of Volcan Compania Minera S.A.A. y Subsidiarias ("Volcan"), including its B1 corporate family rating and B1 senior secured notes ratings, remain unchanged following the company's announcement of its proposed $220 million reopening of its $750 million senior secured notes due 2032, issued in October 2025. The stable outlook also remains unchanged. Proceeds from the proposed issuance will be for general corporate purposes, including capex, with no material effect on the company's leverage and debt protection metrics. The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by us to date and that these agreements are legally valid, binding and enforceable. The new notes will rank pari passu with all other secured debt obligations of Volcan. Proforma for the issuance of the proposed notes, Moody's expects Volcan's leverage (as adjusted by Moody's) to remain below 2x as cash flow generation improves in the second half of 2026 supported by higher production, stable ore grades and relatively lower costs per unit. Going forward, as production increases due to Romina ramp up, revenues and cash flows will increase accordingly, further supported by costs reductions. Volcan's B1 ratings reflect the company's balanced portfolio of zinc and silver, mainly, as well as lead, copper and gold. Volcan is the third largest silver producer in Peru and benefits from a portfolio of assets with organic growth opportunities and potential mineral resources conversion. The B1 rating also incorporates the company's adequate credit metrics for the rating category and adequate liquidity including Moody's expectations of positive FCF and no major maturities before 2032. Volcan's B1 ratings are constrained by its geographic concentration in Peru and Volcan's modest scale compared with that of its global peers. The B1 ratings also consider the company's exposure to commodity price volatility and its relatively high cost structure, which is expected to decrease as the company benefits from the ramp up of Romina. Adequate liquidity and no major maturities before 2032 provide the company with financial flexibility to support organic growth. During the last twelve months ended March 2026, Volcan generated $116 million in FCF, as adjusted by Moody's. Moody's expects the company to maintain the positive FCF trend. Moody's also expects Volcan to use excess cash to reduce debt, as it did in 1Q 2026 when the company repaid $68 million in debt related to its senior unsecured notes. The company's senior secured notes benefit from a collateral package that includes a trust over receivables, shares of subsidiaries and mortgages over most of the company's assets. The B1 rating of the senior secured notes is aligned with the company's B1 CFR. The stable outlook reflects Moody's views that Volcan's credit metrics will remain adequate for the B1 rating category during its investment phase while the company builds a track record of operating stability and conservative liquidity management. The outlook also assumes that the company will use excess cash to reduce debt levels. Volcan's ratings could be upgraded if the company improves its scale, operational diversity, cost position, and establishes a multi-year track record of generating positive FCF under various commodity price environments, while maintaining a good liquidity. An upgrade will be subject to the maintenance of Moody's adjusted EBIT margin above 15%, leverage below 3x and retained cash flow/debt above 25%, all at different price points. The ratings of Volcan could be downgraded if FCF was negative on a sustained basis driven by shareholders distributions, operational issues at any of its mines or with the ramp up of Romina that result in lower production and higher costs, or if the company engages in material debt-financed M&A activity. Additionally, downgrade pressure could emerge if debt/EBITDA is maintained above 4.0x and retained cash flow/debt below 20%. Volcan Compania Minera S.A.A. y Subsidiarias (Volcan) is a Peruvian mining company that produces zinc and silver, mainly, as well as lead, copper and gold. The company operates through four operating units including six mines (four underground mines and two open pits), five concentrator plants and one leaching plant. All of Volcan's operations are located in Peru, and the company reported revenue of $1,264 million for the 12 months that ended March 2026. Volcan is a company listed on the stock exchanges of Lima, Santiago and Madrid. Since May 2024 Transition Metals AG, subsidiary of Integra Capital, holds a controlling stake of 63% in Volcan's Class A voting shares, which is equivalent to a 23.3% economic interest in Volcan. ===================== P U E R T O R I C O ===================== CONSEJO DE TITULARES: Hires Monge Robertin Advisors as Advisor -------------------------------------------------------------- Consejo De Titulares Del Cond Touchvision Plaza seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Monge Robertin Advisors, LLC as insolvency and restructuring advisors. The firm's services include: a. restructuring b. accounting, tax and financing advisory services to a client. The firm will be paid at these rates: Jose M Monge Robertin, CPA, CIRA $275 per hour Maria P ena, MST, CIRA-Tax Reorganization Partner $175 per hour Brenda Ortiz, MBA, MST, CPNL-Accountant $125 per hour Accountants $55 per hour Assistant Accountant or Support Staff $45 per hour A deposit of $5,000 has been paid to the firm. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jose M Monge Robertin, 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: Jose M. Monge Robertin, CPA, CIRA Monge Robertin Advisors, LLC Innova Building, 16 Innovacion Ave, Valle Tolima Caguas, PR 00725 Telephone: (787) 745-0707 Direct Phone: (787) 305-1121 Cellphone: (787) 410-1107 Email: cpamonge@cirapr.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. PUERTO RICO: 1st Circuit Denies Bankruptcy Shield for Officials --------------------------------------------------------------- Carolyn Muyskens of Law360 Bankruptcy Authority reports that the First Circuit has ruled that government officials in Puerto Rico cannot rely on the territory's financial restructuring to avoid lawsuits alleging civil rights violations. The court rejected arguments that PROMESA proceedings effectively barred claims seeking damages from officials in their individual capacities. According to the appellate panel, the restructuring framework protects the Commonwealth and its finances but does not extend immunity to public servants facing personal liability claims. The judges emphasized that the lawsuit seeks relief from the individuals rather than the government treasury. The ruling clears the way for the plaintiffs to proceed with their case and provides guidance on the scope of legal protections available during Puerto Rico's ongoing restructuring efforts. The decision reinforces that personal-capacity claims remain viable despite broader governmental bankruptcy protections, the report states. 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. =============== X X X X X X X X =============== LATAM: IFC Commits US$15BB to Caribbean Community Resilience Fund ----------------------------------------------------------------- RJR News reports that the International Finance Corporation (IFC) says access to long-term financing remains one of the biggest obstacles to private sector growth across the Caribbean. According to the private sector arm of the World Bank, domestic credit in the region remains relatively low compared with the size of regional economies, leaving businesses struggling to access the funding needed to expand and invest, the report notes. The IFC says the financing gap across the Caribbean is estimated at more than US$22 billion, according to RJR News. In response, the corporation has committed US$15 million to the Caribbean Community Resilience Fund, helping to move the fund closer to its target size of over US$75 million, the report relays. The IFC says the investment will consist of a US$5 million senior note and a $10 million promissory note, the report says. Under the agreement, 70 per cent of the funds capital will be directed to medium-sized enterprises, while the remaining 30 per cent will support resilience and sustainability projects throughout the Caribbean, the report discloses. The IFC says the investment is intended to expand access to financing, stimulate private sector growth and strengthen the region's economic resilience, the report adds. ********* 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 * * *