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260702.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, July 2, 2026, Vol. 27, No. 131 Headlines A R G E N T I N A ARGENTINA: INDEC Says Unemployment Rate Stood at 7.8% in 1Q ARGENTINA: Milei Settles US$15-Million UN Debt B R A Z I L BRASKEM SA: Fitch Lowers LongTerm IDR to 'C' RIO OIL: Fitch Affirms 'BB' Rating on Series 2014-3 & 2018-1 Notes C A Y M A N I S L A N D S BURJEEL SUKUK: Moody's Rates New Senior Unsecured Certs 'Ba2' J A M A I C A JAMAICA: Study Shows AI Could Put 60,000 Local Jobs at Risk P U E R T O R I C O DORADO PUTT: Promethean Fund Wins Dismissal of Bankruptcy Case SPANISH BROADCASTING: IRS, FCC Say Chapter 11 Plan Falls Short V E N E Z U E L A [] VENEZUELA: IDB Will Engage With Government Under a New Governor - - - - - ================= A R G E N T I N A ================= ARGENTINA: INDEC Says Unemployment Rate Stood at 7.8% in 1Q ----------------------------------------------------------- Buenos Aires Times reports that Argentina's unemployment rate edged up to 7.8 percent in the first quarter of 2026, according to new data from the INDEC national statistics bureau – a slight rise from 7.5 percent in the final quarter of last year, though marginally below the 7.9 percent recorded in the same period of 2025. The figures, drawn from INDEC's Permanent Household Survey (Encuesta Permanente de Hogares) across 31 urban agglomerations, put the number of people out of work at 1.1 million – those who have no employment, are available to work and are actively seeking a job, according to Buenos Aires Times. The agency noted, however, that neither the quarterly nor the year-on-year variation was statistically significant, the report notes. Activity and employment rates also held steady, at 48.6 percent and 44.8 percent respectively, with 13.5 million people in work across the country, the report relays. INDEC reported that of a total of 30.1 million people counted across the country (63.4 percent), 51.4 percent (15.5 million) form part of the inactive population – meaning they are neither in work nor actively seeking it – while 48.6 percent (14.6 million) make up the Economically Active Population (EAP), meaning they hold at least one job or, if not, are actively seeking one and are available to work, the report notes. The employment rate stood at 44.8 percent, equivalent to 13.5 million people holding at least one job and working a minimum of one hour, the report discloses. As for the unemployment rate, 1.1 million people are out of work, representing 7.8 percent of the EAP, the report says. These individuals have no employment but are actively seeking work and are available to take it up, the report relays. Of the 13.5 million people in employment, 71.8 percent are salaried workers, some 9.7 million people, of whom 62.1 percent have pension contributions deducted and 37.9 percent do not, the report discloses. Among the self-employed and non-salaried (28.2 percent, or 3.8 million people), 85.5 percent work independently, 13 percent have an employer and 1.1 percent are unpaid family workers, the reportsays. As is often the case, INDEC’s employment report highlights the staggering size of Argentina's "black" or "off the books" economy - only 55.7 percent of workers are formally employed, as opposed to 44.2 percent informally, the report notes. Buenos Aires City In a separate report, the Buenos Aires City government said that 13.5 percent of the capital's active population were looking for work in the first quarter, the report says. IDECBA, City Hall's data institute, said that 136,500 people were without work between January and March and classified as unemployed, representing 7.9 percent of the economically active population (EAP) in the capital, the report relates. That was a slight rise year-on-year of just 0.1 points from 2025, the report notes. Compared with the fourth quarter of last year, unemployment rose by 0.6 percentage points from 7.3% of the EAP - a figure that at the time represented 126,000 residents without registered employment, 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. ARGENTINA: Milei Settles US$15-Million UN Debt ---------------------------------------------- Buenos Aires Times reports that Argentina has settled US$15.6 million in outstanding contributions to the United Nations, bringing its account up to date at a time when President Javier Milei's government is lobbying for experienced diplomat Rafael Grossi to become the organisation's next secretary-general. According to UN records, a payment of US$15,589,175 from Argentina was received on June 22, making the nation one of 61 member states that have fully paid their annual contributions this year, according to Buenos Aires Times. The payment marks a shift in tone from Milei's administration, which has frequently criticised the United Nations and other multilateral organisations, the report notes. Since taking office in December 2023, President Milei has accused the UN of promoting what he describes as a global "socialist agenda," while Argentine officials have called for leaner and more accountable international institutions, the report relays. The move comes as Buenos Aires steps up its campaigning on behalf of Grossi, the respected head of the International Atomic Energy Agency (IAEA), who is seeking to succeed Antonio Guterres when the Portuguese politician's second term expires on December 31, the report notes. Argentina formally nominated Grossi for the post last year and has established a unit in the Foreign Ministry to coordinate support for the candidacy among UN member states and the UN Security Council's five permanent members, who hold crucial sway over the decision, the report says. Foreign Minister Pablo Quirno reiterated Argentina's backing for Grossi during a visit to Panama, describing him as the candidate best placed to promote a more efficient and results-oriented form of multilateralism, the report relays. Grossi has himself argued that the UN requires significant reform. In recent interviews, he has called for a "leaner" organisation and said member states are increasingly unwilling to finance what he sees as bureaucratic duplication within the UN system, the report discloses. The race to lead the United Nations formally began in late 2025 and will enter a decisive phase later this year, the report says. Candidates have already presented their platforms in public hearings at UN headquarters, after which the 15-member Security Council will begin a series of private consultations and straw polls, the report relays. Any successful candidate must secure at least nine votes in the council and avoid a veto from any of its five permanent members: the United States, Russia, China, Britain and France, the report discloses. The council then recommends a single candidate to the 193-member General Assembly for appointment, the report notes. The new secretary-general will take office on January 1, 2027, for a five-year term, the report says. The report relays that Grossi is one of the leading contenders in a field that also includes former Chilean president Michelle Bachelet, former Costa Rican vice-president Rebeca Grynspan and former Senegalese president Macky Sall. The payment was made while Quirno was in the United States for a series of meetings, including participation in the UN Special Committee on Decolonisation, where Argentina renews its sovereignty claim each year over the Malvinas (Falkland) Islands, 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. =========== B R A Z I L =========== BRASKEM SA: Fitch Lowers LongTerm IDR to 'C' -------------------------------------------- Fitch Ratings has downgraded Braskem S.A.'s (Braskem) Issuer Default Ratings (IDRs) to 'C' from 'CC'. Fitch has also downgraded Braskem America Finance Company's senior unsecured rating to 'C' with a Recovery Rating of 'RR4' from 'CC'/'RR4' and Braskem Netherlands Finance B.V.'s senior unsecured rating to 'C'/'RR4' from 'CC'/'RR4'. Fitch affirmed the subordinated rating at 'C'/'RR6'. Fitch has downgraded Braskem's National Scale rating to 'C(bra)' from 'CC(bra)'. On June 25, 2026, Braskem filed for precautionary injunctive relief before the Second Bankruptcy and Judicial Reorganization Court of the Judicial District of São Paulo. In Fitch's view, this indicates that a default-like process has begun. On the date of this publication, the court granted the requests. The requests are limited to financial obligations and do not include any obligations of the company and its subsidiaries to its suppliers, customers, or other counterparties. The ratings will be downgraded to 'RD' to reflect a restricted default when Braskem misses any financial obligation or formally announces a restructuring plan, or to 'D' when the company files for bankruptcy protection. Key Rating Drivers Injunction Petition: The injunction petition allows Braskem to suspend debt payments requested by creditors that have been invited to participate in the mediation proceeding initiated by the company and certain of its subsidiaries, which Fitch views as a default-like process. The measures apply only to the company's financial creditors and were filed to preserve stability while Braskem continues negotiations with those creditors. The goal is to reach a consensual, structural, and orderly solution for the company's capital structure that aligns with its liquidity position and conditions in the global petrochemical industry. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b+', Moderate), sector characteristics ('b+', Moderate), market and competitive positioning ('bb', Moderate), diversification and asset quality ('bbb', Lower), company operational characteristics ('b+', Moderate), profitability ('ccc-', Moderate), financial structure ('ccc-', Higher), and financial flexibility ('ccc-', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. 'B+' to 'CC' considerations apply in its analysis and results in an adjustment of -2 notches. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'bbb-' has no impact. The other risk elements adjustment applies and results in an adjustment of -1 notch. The SCP is 'c'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in Local and Foreign currency IDRs of 'C'. Recovery Analysis The recovery analysis for Braskem America Finance's senior unsecured notes and Braskem Netherlands Finance B.V.'s senior unsecured and subordinated notes assumes that Braskem would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: - A 10% administrative claim; - The GC EBITDA is estimated at USD1 billion. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of Braskem; - Enterprise value (EV) multiple of 5.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior unsecured and subordinated notes is in the 'RR4' and the 'RR6' band, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A missed payment of any financial obligations during the preliminary injunction period; - The formal announcement of a distressed debt exchange or bankruptcy protection process. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action is unlikely in the short term. Fitch will reassess the IDRs if and when a debt restructuring occurs; the IDRs would reflect the new capital structure and credit profile. Liquidity and Debt Structure Braskem reported a cash balance of USD1 billion (excluding Braskem Idesa) as of March 2026. Given Fitch's projected negative FCF, this position could decline materially over the coming quarters, further weakening liquidity. It may also complicate negotiations with creditors over a debt restructuring. Issuer Profile Braskem S.A. produces and sells chemicals, petrochemicals, fuels, steam, water, compressed air and industrial gases. The company's plants in Brazil, the U.S., Germany and Mexico produce thermoplastic resins such as polyethylene, polypropylene and polyvinyl chloride. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate VS screener did not indicate an elevated risk for Braskem S.A. ESG Considerations Braskem S.A. has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to the reparation costs incurred following the geological event in Alagoas for relocating over 14,000 families from neighboring areas, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Braskem S.A. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the operations' disruption and large cash outflows triggered by the geological event in Alagoas, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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 Recovery Prior ----------- ------ -------- ----- Braskem Netherlands Finance B.V. senior unsecured LT C Downgrade RR4 CC subordinated LT C Affirmed RR6 C Braskem America Finance Company senior unsecured LT C Downgrade RR4 CC Braskem S.A. LT IDR C Downgrade CC LC LT IDR C Downgrade CC Natl LT C(bra) Downgrade CC(bra) senior unsecured Natl LT C(bra) Downgrade RR4 CC(bra) RIO OIL: Fitch Affirms 'BB' Rating on Series 2014-3 & 2018-1 Notes ------------------------------------------------------------------ Fitch Ratings has affirmed the long-term series 2014-3 and 2018-1 notes issued by Rio Oil Finance Trust at 'BB'. The Rating Outlook is Stable. The ratings are not directly linked to the originator's credit quality. The ratings are based on potential production and generation risk and are ultimately linked to Petroleo Brasileiro S.A.'s (Petrobras) Issuer Default Rating (IDR), as it is the main source of cash flow generation. The ratings are capped at Petrobras' rating (BB/Stable) because it is the largest obligor of royalties and special participations payments. The ratings are also capped at Banco do Brasil S.A.'s rating (Bdb, BB/Stable), which serves as the collection account bank and cannot be replaced. The ratings address timely payment of interest and principal on a quarterly basis. Entity/Debt Rating Prior ----------- ------ ----- Rio Oil Finance Trust 2014-3 76716XAB8 LT BB Affirmed BB 2014-3 regs USU76673AB55 LT BB Affirmed BB 2018-1 76716XAC6 LT BB Affirmed BB Transaction Summary The notes are issued by Rio Oil Finance Trust, a Delaware-based special purpose vehicle (SPV) constituted for the sole purpose of this transaction. They are backed by the royalty flows owed by oil concessions, predominantly operated by Petrobras, to the government of the state of Rio de Janeiro (RJS), which has assigned 100% of the flows to RioPrevidencia (RP). For the purpose of this transaction, RP sold its rights to Rio Oil Finance Trust. KEY RATING DRIVERS Ratings Not Directly Linked to Originator: RP is an autonomous government agency that is part of the Secretary of State for Planning and Management of RJS (BB/Stable). Performance of the originator will not affect the collateral as the generation of the cash flow needed to pay debt service on time does not depend on either RP or RJS. Largest Obligor Rating Cap: Petrobras' rating is the ultimate cap for the transaction, as the company is the main source of cash flow generation. Petrobras's Local and Foreign Currency IDRs are 'BB'/Stable and 'AAA(bra)'/Stable, respectively. The company is majority controlled by the federal government of Brazil and has E&P rights for most of Brazil's oil fields. Future Production Risk: The transaction benefits if production rises, because higher production increases royalty payments. Petrobras has cut its production targets several times because oil prices were low. However, its latest 2026-2030 business shows steady planned capital spending. Higher production levels would benefit the transaction in the near to medium term. Cash Flows Support Rating: The expected high levels of quarterly debt service coverage ratios (QDSCRs) and annualized average debt service coverage ratios (AADSCRs) partially mitigate the transaction's exposure to fluctuations in oil prices and production levels at the current rating level. Fitch expects QDSCRs and AADSCRs to be over 10.0x for the life of the transaction, assuming that Law 12,734 is implemented. Dedicated Account Change Mitigates Redirection Risk: Pursuant to the Oil Revenues Dedicated Account Modification Legislation, the RioPrevi Oil Revenues initially deposited to the RJS Oil Revenues Dedicated Account are no longer required by legislation to be deposited into a state-owned account. Oil revenues assigned to this transaction are instead deposited into an account under the name of the issuer. This change mitigates potential redirection of flows to RJS. BdB cannot be replaced as the collection bank, so the transaction rating is directly linked to the credit quality of BdB. Ample Liquidity for Timely Payment: The transaction benefits from liquidity, in the form of a debt service reserve account and a liquidity reserve account. Funds on deposit in these accounts must always be sufficient to cover three P&I payments, which is sufficient to keep debt service current on the notes under different stress scenarios. Potential Risk Partially Mitigated: The state's liquidity constraints, evidenced by various delays in commercial and other payments, have heightened the transaction's political risk exposure. However, provisions included in the sixth rescission waiver and amendment, such as the rescission of the trapping of excess cash and of the early amortization period, will increase the cash flows returned to the state. This will, in turn, decrease the transaction's exposure to political risk. Legal Changes May Affect Collateral Stability: Amendments affecting the distribution of royalties for the existing concession Regime have not been implemented, but provisions regarding the change in allocation percentages incorporated in Law 12,734 are under review. Fitch analyzed the transaction assuming the law will change and DSCRs will remain sufficiently robust and commensurate with the ratings. True Sale Valid under Brazilian Law: RJS transferred the collateral backing this transaction to RP through a state decree, making RP the legal owner of the royalties. This transfer gives RP the right to sell the collateral into the trust. Transfer and Convertibility Risk: The series 2014-3 and 2018-1 notes are exposed to transfer and convertibility risk as royalty flows are paid in an account in Brazilian reais. This exposure caps the transaction's rating at the country ceiling of Brazil, which is currently 'BB+'. The transaction includes reserve funds that cover three P&I payments to mitigate operational risk that may arise from transferring and converting flows on a daily basis to an off-shore account. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The transaction is exposed to oil price and production volume risks. Sustained low prices or declines in prices or production levels significantly below Fitch's expectations may trigger downgrades; - The ratings are capped by the credit quality of Petrobras, the main obligor generating cash flows to support the transaction, and to the sovereign rating and country ceiling assigned to Brazil. A downgrade of Petrobras or the sovereign would trigger a downgrade of the notes; - The ratings are sensitive to BdB's rating given the excessive counterparty exposure to the transaction; therefore, a downgrade of BdB would trigger a downgrade of the notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The main constraints to the program rating are the ratings of Petrobras and BdB. An upgrade of both Petrobras and BdB, together with sustained high oil prices that supports growth of production levels, could trigger a positive rating action. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. =========================== C A Y M A N I S L A N D S =========================== BURJEEL SUKUK: Moody's Rates New Senior Unsecured Certs 'Ba2' ------------------------------------------------------------- Moody's Ratings has assigned a Ba2 rating to the benchmark-sized senior unsecured sukuk issuance (the certificates) to be issued under Burjeel Sukuk Limited's (P)Ba2 rated backed senior unsecured trust certificate issuance programme. Burjeel Sukuk Limited serves as a special purpose vehicle to issue sukuk for Burjeel Holdings PLC (Burjeel, Ba2 stable). A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE The assigned Ba2 senior unsecured rating on the sukuk certificates is aligned with Burjeel's Ba2 corporate family rating (CFR) and Burjeel Sukuk Limited's (P)Ba2 sukuk programme rating. The Ba2 CFR reflects the company's (1) strong market position in the Emirate of Abu Dhabi with expanding market presence across the UAE, Saudi Arabia and Oman; (2) good profitability across the Burjeel Hospital brand and growing contribution from the complex care super-specialty division; (3) favorable demographic trends and supportive regulatory environment with health insurance coverage being mandatory in the UAE; (4) solid credit metrics for the current rating level, with Moody's adjusted Debt/EBITDA trending below 3.0x in 2026F, and RCF/Net Debt and EBITA/Interest Expense trending towards 30% and 4.0x respectively; and (5) an improving liquidity profile following the completion of its planned sukuk issuance. The rating also incorporates Burjeel's (1) small scale and revenue concentration, with the Burjeel Hospital brand contributing around 75% of revenue in 2025; (2) low capacity utilization compared to industry benchmarks and associated ramp-up execution risks, albeit gradually improving at Burjeel Medical City (BMC); (3) sustained negative working capital movement and weak cash conversion cycle that exposes the company to liquidity risks; and (4) moderate risk of elevated employee turnover and high overhead costs for specialized talent in the super-specialty segment. OUTLOOK The stable outlook reflects Moody's expectations that Burjeel's operational performance will remain robust over the next 12-18 months, and that the company will continue to maintain good liquidity during the current investment cycle. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Burjeel's rating could be upgraded should the company meaningfully increase its scale, diversify its revenue profile and demonstrate over time a robust operating track record in generating positive free cash flow, while maintaining a good liquidity profile. Upward pressure would also require the company to exhibit strong credit metrics, such that Moody's adjusted Debt/EBITDA is sustained below 3.0x, and RCF/Net Debt and EBITA/Interest Expense are sustained above 30% and 4.5x respectively. Burjeel's rating could be downgraded if the company's liquidity position weakens or the operating environment deteriorates, which could cause revenue and gross margin declines. The rating could also come under pressure if the company's positive cash flow generating ability is impacted by a prolonged period of negative working capital movement. Downward pressure could also arise if the company's credit metrics weaken on a sustained basis, such that Moody's adjusted Debt/EBITDA is sustained above 4.0x, and RCF/Net Debt and EBITA/Interest Expense are sustained below 20% and 3.5x respectively. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Business and Consumer Services published in February 2026. 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: Study Shows AI Could Put 60,000 Local Jobs at Risk ----------------------------------------------------------- RJR News reports that a study by economist Dr. Paul Golding suggests that the introduction of artificial intelligence could put about 60,000 jobs in Jamaica at risk. The study, which uses the International Labour Organization's methodology, indicates that positions most vulnerable include data entry clerks, call centre agents, secretaries and bank tellers, according to RJR News. Dr. Golding says between 112,000 men and 144,000 women in Jamaica are employed in areas that could be affected by artificial intelligence, with women likely to be disproportionately affected, the report notes. He says about 22 per cent of Jamaica's workforce is exposed to AI-related changes and that some jobs could eventually be eliminated as technology becomes more widely adopted, the report relays. Dr. Golding notes, however, that there is a difference between job elimination and job augmentation, with augmentation occurring when artificial intelligence is used to improve efficiency and enhance the work being done rather than replace workers, the report says. The study also found that some sectors and occupations requiring higher levels of complexity and specialized skills are likely to be more resilient as AI adoption increases, the report notes. 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 ===================== DORADO PUTT: Promethean Fund Wins Dismissal of Bankruptcy Case -------------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico granted the motion filed by Promethean Fund IV, LP to dismiss Dorado Putt PR LLC's Chapter 11 bankruptcy case. Puttshack Ltd. and Puttshack USA own a luxury miniature golf company with operations in the United Kingdom and the United States. Puttshack borrowed funds pursuant to a certain credit facility dated October 6, 2022 extended by entities affiliated with BlackRock Financial Management Inc. The Credit Agreement provides BlackRock with certain default remedies if Puttshack's debt obligations are not met, including, but not limited to, foreclosing upon Puttshack and its assets, and taking all equity ownership in the company. Promethean was formed for the purpose of making investments in the consumer, leisure, entertainment and hospitality sectors in the United States and United Kingdom. Promethean's primary purpose is to act as guarantor or backstop to Puttshack's debt obligations. To that end, Promethean entered into a credit support agreement dated October 4, 2022, whereby it is required to secure capital in the event Puttshack defaults under the terms of the senior loan facility. The Credit Support Agreement provides BlackRock with certain default remedies if Puttshack's repayment obligations are not met. The Debtor was created for the business purpose of making investments on behalf of Frank "Buddy" Gadams and Katherine Gadams. The Debtor's first investment was in Promethean. In addition to its investment in Promethean, the Debtor manages and owns various assets. To formalize the Debtor's investment in Promethean, the Debtor entered into an Amended and Restated Limited Partnership Agreement of Promethean Fund IV, LP dated October 4, 2022, with other limited partners. The Debtor's Capital Commitment under the Limited Partnership Agreement is $40,000,000. The Debtor is the largest single LP in Promethean. The Gadamses are the Debtor's "Beneficial Owners". The Debtor and the Gadamses as Beneficial Owners executed a look-through letter dated October 4, 2022, to personally guarantee the Debtor's debt obligations under the Limited Partnership Agreement. Prior to commencing this chapter 11 case, the Gadamses transferred their ownership interest in the Debtor into two trusts -- the Frank T. Gadams Puerto Rico Revocable Trust and the Katherine W. Gadams Puerto Rico Revocable Trust -- which hold 99.0% and 1.0% of the Debtor, respectively. Default In 2024, BlackRock declared Puttshack in default under the Credit Agreement but did not demand repayment. On May 27, 2025, Mr. Gadams executed a promissory note in the amount of $39,600,000, plus interest, for the benefit of the Debtor. The alleged purpose of the Promissory Note is to ensure the Debtor had enough capital, over time, to meet Promethean's capital commitment call. Although Mr. Gadams believed or understood that the Limited Partnership Agreement required the Debtor to satisfy Promethean's capital commitment call within 30 days, he nevertheless structured the Promissory Note to defer payment for seven years. In May 2025, BlackRock declared Puttshack in default under the Credit Agreement and demanded payment of 55% of the backstop by September 15, 2025. On June 2, 2025, following Puttshack's default, Promethean issued a Drawdown Notice to the LPs, including the Debtor, due on or before September 12, 2025. The Drawdown Notice issued to the Debtor is in the amount of $22,156,652.00 -- which was 55% of the Debtor's capital commitment. The Debtor did not meet its funding obligation under the Drawdown Notice by September 12, 2025. Thereafter, Promethean initiated an arbitration proceeding against the Debtor under the terms of the LPA. On October 28, 2025, the Debtor wired $221,567.00 to Promethean, representing a portion of its capital commitment. To date, the Debtor has not fully complied with its funding obligations under the Drawdown Notice. The Debtor and Promethean engaged in settlement negotiations but were unable to negotiate an agreement prior to the Debtor filing for bankruptcy. Mr. Gadams experienced a change in circumstances from 2022 -- when the Loan Documents were executed -- to present day. Although Mr. Gadams knew a capital call was forthcoming, he was nevertheless surprised by the magnitude of Promethean's capital commitment call. As a result of his change in circumstances, Mr. Gadams does not have the liquidity to meet Promethean's capital commitment call or to comply with the Drawdown Notice. Mr. Gadams has sufficient illiquid assets at his disposal to meet the Debtor's debt obligations, the Drawdown Notice. Mr. Gadams' illiquid assets consist of private equity, venture capital, and real estate interests held through, or distributed among, various entities, some of which include third party investors. Although Mr. Gadams testified that he has only $90,000.00 in liquid assets, the record is devoid of documentary evidence regarding the Gadamses' capacity to pay Dorado Putt's debt obligations. The Bankruptcy Case In Amended Schedule A/B, the Debtor identified the Promissory Note issued by Frank Gadams in the amount of $39,600,000.00. In Amended Schedule E/F, the Debtor identified Promethean as having an unsecured claim in the amount of $22,127,085.00, which corresponds to the "Capital Call from Partnership Agreement" and constitutes 98.73% of the total unsecured claims identified. In Amended Schedule G, the Debtor identified the Limited Partnership Agreement as an executory contract to be rejected. On October 30, 2025, following the Debtor's bankruptcy filing, Promethean increased the non-defaulting LPs' capital call obligations from 55% to 80%, to cover the Debtor's share of the capital call (the "Replacement Call Notice"). On November 6, 2025, the Debtor filed a Motion to Reject Limited Partnership Agreement to reject the Limited Partnership Agreement. Promethean filed an objection thereto on November 17, 2025. The Debtor seeks to reject the Limited Partnership Agreement because of Mr. Gadams' change in circumstances. On December 2, 2025, the Debtor filed a Plan of Reorganization, which contemplates the successful rejection of the Limited Partnership Agreement, as follows: "Promethean as a holder of a rejection damages claim estimated in the amount of $250,000 (comprised basically of legal fees) will receive 100% of its allowed claim, together with interest at 5.5% per annum, or at such other rate as is determined to be a market rate by the Bankruptcy Court, funded from capital contributions to be made by Debtor's majority Member, as detailed in Exhibit E, on the Effective Date." The proposed Plan of Reorganization will be funded by capital contributions made by the Gadamses. It contemplates payment of all creditors in full, except Promethean's claim. It does not contemplate the Debtor demanding payment from the Gadamses. Motion to Dismiss Promethean seeks dismissal for "cause" under 11 U.S.C. Sec. 1112(b)(4) based on the Debtor's alleged bad faith filing. Prometehan argues that the bankruptcy was filed to protect the Debtor's principal, Mr. Gadams, who is financially distressed (in the form of lack of immediate liquidity), not for a proper bankruptcy purpose. Promethean argues that the Motion to Reject, the proposed plan, and the disclosure statement likewise support a finding of bad faith as they evince that the purpose of this bankruptcy case is to protect the Debtor's principals, the Gadamses, not to reorganize. Promethean further argues that dismissal is in the best interest of creditors and the estate because irreparable harm would befall Promethean and, by extension, the Debtor and the estate. Assuming arguendo that "cause" to dismiss exists under 11 U.S.C. Sec. 1112(b), the Debtor submits that dismissal is neither mandatory nor appropriate because the following "unusual circumstances" within the meaning of Sec. 1112(b)(2) are present: (1) there is a reasonable likelihood that a plan will be confirmed within a reasonable period of time; (2) there is no continuing loss or diminution of the estate (and none has been alleged); and (3) there is no act or omission that is improper, or violative of the Bankruptcy Code. The Debtor contends that this bankruptcy case was filed to reorganize its debt obligations through the rejection of the Limited Partnership Agreement, characterizing its condition as one of "imminent financial distress". The record supports otherwise. According to the court, the Debtor's asserted financial distress is not the product of creditor pressure or an inability to meet obligations as they come due. Rather, it arises from the Debtor's dispute with Promethean and its decision not to pursue repayment rights that could benefit the estate. Moreover, the funding of all payments under the proposed plan seems to be from one source – the Gadamses -- and not from any revenue generated by the Debtor. The court finds the Debtor has the ability to meet its current expenses and is not in imminent or immediate financial distress. The Debtor's schedules reflect that its assets exceed its liabilities. The Debtor's alleged inability to meet its current expenses therefore results not from a lack of available assets, but from its decision not to pursue those rights. The court concludes that Promethean has established prima facie that the Debtor filed this bankruptcy petition in bad faith, which constitutes "cause" for dismissal under 11 U.S.C. Sec. 1112(b)(1). The court further concludes that the Debtor's lack of financial distress constitutes an abuse of the bankruptcy process which may not be cured or justified under 11 U.S.C. Sec. 1112(b)(2)'s exceptions to dismissal. Dismissal, and not conversion, is in the best interest of the estate. The court finds and concludes that the bankruptcy petition was filed to protect the Gadamses' assets rather than those of the Debtor, effectively reducing the case to a two-party dispute. For these reasons, the Motion to Dismiss is granted and the case is dismissed. A copy of the Court's Opinion and Order dated June 22, 2026, is available at http://urlcurt.com/u?l=re1aQTfrom PacerMonitor.com About Dorado Putt PR LLC Dorado Putt PR LLC operates as an investment company engaged in financial and investment activities, based in San Juan, Puerto Rico, serving the local financial services industry. Dorado Putt PR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04894) on October 29, 2025. In its petition, the Debtor reported total assets of $39,696,936 and total liabilities of $22,389,444. The Debtor is represented by Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, LLC. SPANISH BROADCASTING: IRS, FCC Say Chapter 11 Plan Falls Short -------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that federal regulators have challenged the Chapter 11 plan of Spanish Broadcasting System, with both the IRS and FCC telling a Delaware bankruptcy judge that key provisions require clarification. The agencies argue that the debtor's proposed restructuring does not sufficiently address tax and communications-related obligations. The IRS objected on the grounds that the plan appears to gloss over the handling of priority tax claims, which are entitled to specific protections under federal bankruptcy law. The FCC separately argued that any transfer, modification, or treatment of broadcast licenses remains subject to its regulatory jurisdiction regardless of the bankruptcy process, the report cites. The objections could complicate the confirmation process for the media company, which entered Chapter 11 with a prepackaged restructuring agreement. Court approval may depend on whether the debtor can revise the plan to satisfy both agencies' concerns, according to report. About Spanish Broadcasting System Spanish Broadcasting System Inc. operates Spanish-language radio stations and media properties serving Hispanic communities across the U.S. and Puerto Rico. The company's business includes radio broadcasting, digital advertising, music programming and live entertainment initiatives. Through its portfolio of stations and online brands, the company delivers music, news, talk and cultural programming tailored to Latino listeners. Spanish Broadcasting System and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10708) on May 11, 2026. In its petition, Spanish Broadcasting System disclosed estimated assets and liabilities between $100 million and $500 million each. The case is jointly administered in Case No. 26-10708. Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Robert J. Dehney, of Morris, Nichols, Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson LLP was retained as general bankruptcy counsel, while GLC Advisors & Company is serving as investment banker. Financial advisory and chief restructuring officer duties are being handled by Riveron Management Services LLC and Jesse York, and Kroll Restructuring Administration LLC is serving as claims agent and administrative advisor. ================= V E N E Z U E L A ================= [] VENEZUELA: IDB Will Engage With Government Under a New Governor ------------------------------------------------------------------ The Inter-American Development Bank Group (IDB Group) will engage with the government of Venezuela under a new Governor, after a consultation with its member countries. The IDB Group has taken note of the appointment of Calixto José Ortega Sánchez as Governor to the Boards of Governors. As Venezuela advances its recovery, the IDB Group will focus on efforts to support the people of Venezuela, drawing on years of data, analysis, and regional experience. 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