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260729.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, July 29, 2026, Vol. 27, No. 150 Headlines A R G E N T I N A ARGENTINA: IMF Chief Praises Reforms as 2027 Debt Hurdle Looms ARGENTINA: Milei Outlines Reform Central Bank Bill ARGENTINA: Will 'Reach Zero Inflation,' Luis Caputo Boldly Claims RAGHSA SA: Moody's Rates Proposed Up to $120MM Sr. Unsec. Notes B1 [] Moody's Takes Action on 6 Argentinean Infrastructure Companies [] Moody's Takes Actions on 9 Argentinean Non-Financial Companies [] Moody's Upgrades Ratings on 5 Argentine Banks B A H A M A S FTX GROUP: $1.8B Clawback Suit Against Binance, Zhao Can Proceed B R A Z I L EMBRAER SA: Backlog Hits Record US$34.5 Billion GALILEO ADMINISTRACAO: Chapter 15 Case Summary C A Y M A N I S L A N D S AMBIPAR EMERGENCY: White & Case's 2nd Amended Rule 2019 Statement D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Faces Inflation, Cash Shortage and Rising Debt - - - - - ================= A R G E N T I N A ================= ARGENTINA: IMF Chief Praises Reforms as 2027 Debt Hurdle Looms -------------------------------------------------------------- Reuters reports that International Monetary Fund Managing Director Kristalina Georgieva expressed confidence on Monday, July 27, 2026, in President Javier Milei's economic reforms and the country's ability to navigate a looming debt repayment crunch next year that could coincide with his reelection bid. At a press ‌conference in Buenos Aires, Georgieva praised Argentina's accumulation of foreign reserves, decline in inflation, fiscal discipline and improved sovereign risk profile, relates Reuters. "I'm not worried about Argentina," she said, seated alongside Argentina's Economy Minister Luis Caputo, notes the report. Last week, Moody's upgraded the South American country's sovereign rating, following earlier upgrades by S&P Global and Fitch, adding to investor optimism around Milei's efforts to stabilize an economy long associated with boom-and-bust cycles, recalls Reuters. The report says investors have been keeping a close eye on what lies ahead. An IMF report had put Argentina's 2027 foreign-currency debt bill at $32.3 billion, including interest, before the central bank pushed $6 billion in repo financing into 2028 earlier this month. Milei's government has said it plans to meet those ⁠obligations through a combination of multilateral financing, privatizations and local debt issuance, while avoiding a return to international capital markets, recounts Bloomberg News. The timing is sensitive because the repayments will come due as Milei is widely expected to seek a second term, says Bllomberg. Any perception that the Argentine president could struggle to win reelection, or that a successor might change course on economic policy, could weigh on confidence and complicate financing. According to the report, Georgieva's trip, her first to Argentina as IMF chief, is set to include a meeting with Milei as well as a visit to Patagonia's Vaca Muerta shale formation, a cornerstone of the government's strategy to boost energy exports and generate the dollars needed to strengthen the country's finances. She told reporters that while Argentina has made strong gains in capital-intensive sectors such as energy, the government should focus on other industries that continue to lag, such as construction, and on improving access to credit for small businesses and households, Reuters notes. Her two-day visit took place ahead of a third review of Argentina's $20 billion IMF loan program, the report relates. Since Milei ‌took office ⁠in late 2023, the global lender has consistently backed the government's fiscal discipline, legal reforms and efforts to lower monthly inflation, which dropped from 25.5% in December 2023 to 1.9% in June. The IMF's latest staff report nevertheless warned of "exceptional risks," saying that while Argentina's debt is sustainable, there was not a high probability it would remain so, 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. Moody's Ratings, on July 21, 2026, has upgraded the Government of Argentina's long-term local and foreign-currency issuer ratings to B3 from Caa1 and changed the outlook to positive from stable. The upgrade reflects Moody's assessments that Argentina's default risk has declined materially as macroeconomic stabilization has advanced beyond the initial adjustment phase into a more durable improvement in credit fundamentals, a sign of improving governance. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. ARGENTINA: Milei Outlines Reform Central Bank Bill -------------------------------------------------- Buenos Aires Times reports that President Javier Milei outlined his proposed overhaul of Argentina's Central Bank, which is centred on strict monetary discipline and greater institutional independence - a reform he regards as a cornerstone of the second half of his Presidency. In an opinion piece published in the Clarin national newspaper, Milei set out the main pillars of the proposed reform of the Central Bank (BCRA), arguing that the institution, whose primary mission was supposed to be preserving the value of the national currency, had not only failed in that task but had performed so poorly that its very existence should be debated, according to Buenos Aires Times. "The obscenity of its record makes it unavoidable to debate whether a Central Bank should exist at all and, if so, under what rules it should operate," Milei wrote, the report notes. The article comes ahead of a visit to Argentina by International Monetary Fund (IMF) Managing Director Kristalina Georgieva, the report says. Argentina remains the IMF's largest debtor. The IMF has expressed support for the proposed reform, describing it as an important step towards helping Argentina regain access to international financial markets and credit, the report relays. The bill, which is expected to be submitted to Congress shortly, seeks to amend the Central Bank's charter by restoring its primary mission of preserving the value of the currency, Milei said. Another key provision would categorically ban Central Bank financing of the state, including the national government, provincial administrations and municipalities, as well as prohibiting purchases of national government debt in the primary market, the report notes. The proposal would also strengthen protections for the Central Bank's leadership, the report discloses. The removal of the governor or members of the board would become more difficult, requiring a two-thirds majority in both houses of Congress, the report relays. "Experience shows that every abrupt dismissal has been linked to attempts to secure a more lenient monetary policy," Milei argued, the report says. The report notes that remaining true to his confrontational style, the President claimed that reforming the monetary authority, "together with the new fiscal rules . . . will put an end to 91 years of plunder, expropriation, impunity and decline, allowing us to make Argentina great again." Since taking office in December 2023, Milei has implemented sweeping fiscal austerity measures that have helped bring annual inflation down sharply, from 161 percent when he assumed office to the current 33.5 percent, the report relays. That shift, however, has weighed heavily on employment, industrial activity and consumer spending, the report says. Milei sees the Central Bank reform bill as a key tool for finally defeating inflation by preventing excessive money creation, 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. Moody's Ratings, on July 21, 2026, has upgraded the Government of Argentina's long-term local and foreign-currency issuer ratings to B3 from Caa1 and changed the outlook to positive from stable. The upgrade reflects Moody's assessments that Argentina's default risk has declined materially as macroeconomic stabilization has advanced beyond the initial adjustment phase into a more durable improvement in credit fundamentals, a sign of improving governance. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. ARGENTINA: Will 'Reach Zero Inflation,' Luis Caputo Boldly Claims ----------------------------------------------------------------- Buenos Aires Times reports that Economy Minister Luis Caputo has boldly declared that Argentina will reach "zero inflation" during President Javier Milei's government. Minister Caputo argued that the key difference between the Milei administration and its predecessors in office is that the current government is "addressing the root cause" of Argentina's problems, namely that "the country was spending more than it collected in revenue," according to Buenos Aires Times. "There were politicians who tried to convince the country that the problems lay elsewhere, such as debt, the dollar or inflation, and they sought solutions such as defaulting on the debt, imposing currency controls or introducing price controls. But they continued running deficits, so the problems were never solved," he said, Buenos Aires Times relates. Buenos Aires Times says that during an interview with Cronica TV, Caputo argued that the severity of the economic situation inherited by the government has been underestimated, pointing to "daily inflation of 1.5 percent, poverty approaching 57 percent and shortages." "The course we are on is the right one. That doesn't mean it's easy, but it is the correct path," Minister Caputo said, Buenos Aires Times relays. Buenos Aires Times notes that official poverty figures fell sharply in the second half of 2025 after peaking early in Milei's Presidency, although critics argue the government's fiscal adjustment has continued to weigh heavily on household incomes. The report says that Minister Caputo noted that when the Milei administration took office, "the first thing we did was eliminate excess spending overnight, which was running at 30 percent above revenues, and that surprised the world." He said the government had combined deep spending cuts with fiscal, monetary and exchange rate policies that, in his view, had prevented Argentina from falling into a "terminal crisis," the report discloses. Caputo claimed that previous governments, faced with situations "far less serious than the one we inherited," had accepted economic crises and violated private property rights through measures such as "the confiscation of bank deposits and pensions," which, he argued, explains why many Argentines still keep their US dollars outside the formal financial system, the report notes. "The most important thing we did was to acknowledge the real problem, solve it through an economic program that avoided a crisis, and do so without violating private property rights," he added, the report relays. According to Caputo, Argentina faces "many years of improvement ahead." He credited the government's economic programme and Milei's backing for its implementation, saying it "would have been impossible without a president like him," the report discloses. "When I look at what is driving the economy, net exports will continue to grow - it's not just agriculture and energy. The knowledge economy is at record levels, SME exports are growing, and the stability we've achieved is creating opportunities for many businesses," argued Caputo, Buenos Aires Times relates. Buenos Aires Times says that the minister reiterated that the government's goal is "to reduce the number of people who struggle to make ends meet," adding that "poverty has now fallen by half and extreme poverty by two-thirds." The report discloses that Minister Caputo saved his strongest prediction yet on inflation, boldly proclaiming that "we're going to reach zero inflation." Annual inflation has fallen sharply since Milei took office, although monthly price increases remain above two percent and economists differ over how quickly inflation can be eliminated, the report says. Consumer prices rose 1.9 percent in June and annual inflation currently stands at 33.5 percent, the report relays. While the government's fiscal adjustment has been widely credited with helping curb inflation, economists caution that reducing monthly price hikes to zero is likely to prove considerably more difficult, 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. Moody's Ratings, on July 21, 2026, has upgraded the Government of Argentina's long-term local and foreign-currency issuer ratings to B3 from Caa1 and changed the outlook to positive from stable. The upgrade reflects Moody's assessments that Argentina's default risk has declined materially as macroeconomic stabilization has advanced beyond the initial adjustment phase into a more durable improvement in credit fundamentals, a sign of improving governance. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. RAGHSA SA: Moody's Rates Proposed Up to $120MM Sr. Unsec. Notes B1 ------------------------------------------------------------------ Moody's Ratings has assigned a B1 rating to the proposed senior unsecured notes for up to $120 million (the New Notes) to be issued by Raghsa S.A. (Raghsa), with final maturity in 2036. All other ratings remain unchanged. The outlook remains stable. The assigned rating to the New Notes is based on preliminary documentation received. Should the issuance conditions and/or final documentation of the notes deviate from the original terms submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. Out of the up to $120 million proposed issuance, $56.7 million will be used to fund a tender offer for the outstanding 8.25% Notes Class 5 due 2030, extending the company's debt maturity profile. The remaining $60 million of new proceeds will be allocated to pay down approximately $31 million of the remaining purchase price of the land bank acquired in December 2025 and cancel a $20 million bank loan maturing in 2030. The transaction is credit-neutral, as new proceeds are largely directed toward refinancing existing obligations and funding a committed acquisition, lengthening Raghsa's debt maturity profile. RATINGS RATIONALE The B1 rating assigned to the New Notes is in line with the company's B1 Corporate Family Rating (CFR) because the proposed notes are direct, unconditional, unsecured and unsubordinated obligations of Raghsa, ranking pari passu with all other senior unsecured indebtedness, including the existing senior unsecured notes. Raghsa's B1 ratings are mainly supported by its high-quality assets, high occupancy rates and healthy tenant base. The ratings reflect Raghsa's moderate leverage for the rating category compared with its high-quality assets, which are mostly unencumbered and marketable, and which support its liquidity sources. Raghsa owns five office buildings, accounting for around 135,800 square meters (sqm) of leasable area as of May 2026, and a residential property of 16,000 sqm rentable area. As of May 31, 2026, Raghsa reported total assets of ARS 1.8 trillion (around $1.3 billion). Raghsa's credit profile is also supported by its very good liquidity ($53.6 million in cash and marketable securities as of May 2026), with cash and short-term investments largely denominated in US dollars and no significant debt maturities until 2030, following active liability management executed by the company. The proposed transaction further reinforces this profile by refinancing the Class 5 notes due 2030 and the 2030 bank loan while modestly increasing the company's cash position. Raghsa's ratings are mainly constrained by its smaller size compared with global peers, portfolio concentration in Buenos Aires (51% of revenue as of May 2026), material family ownership concentration, and exposure to foreign-exchange risk, as the company generates the bulk of its revenue in Argentine pesos while its debt is predominantly denominated in US dollars. This exposure is partially mitigated by lease agreements set in US dollars and payable in Argentine pesos. Raghsa's ratings also reflect Moody's views that the company's creditworthiness cannot be completely de-linked from the credit quality of the Government of Argentina (Argentina, Caa1 stable). However, Raghsa's B1 rating surpasses Argentina's rating by more than two notches, attributed to its strong credit metrics, high-quality assets, tenant base and high occupancy. RATING OUTLOOK Raghsa's stable rating outlook reflects the company's good credit metrics for its rating category and very good liquidity. However, the company's creditworthiness cannot be completely de-linked from the credit quality of Argentina, where it generates the bulk of its revenue, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign, in line with Moody's cross-sector rating methodology Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Raghsa's ratings could be upgraded if the company maintains strong liquidity, high occupancy and conservative leverage while preserving access to funding. Given the concentration of assets in Argentina, upward rating movement would also be subject to its relative positioning versus the Government of Argentina's rating. Raghsa's ratings could be downgraded if the company's liquidity deteriorates, if occupancy or rental cash flow weakens materially, if leverage increases beyond expectations, or if it loses access to debt markets or foreign currency. The ratings could also be downgraded if the Government of Argentina's rating is downgraded. COMPANY PROFILE Founded in 1969, Raghsa S.A. is a majority family-owned, fully integrated developer in Argentina, engaged in the construction, development, ownership and leasing of premium office, commercial and residential buildings. Raghsa owns five office buildings, accounting for around 135,800 sqm of leasable area as of May 2026, and owns land bank in a high-value corridor in Buenos Aires as well as a luxury residential building in New York City. As of May 31, 2026, Raghsa reported total assets of ARS 1,772 billion (around $1.3 billion). The principal methodology used in this rating was REITs and Other Commercial Real Estate Firms published in March 2026. [] Moody's Takes Action on 6 Argentinean Infrastructure Companies ----------------------------------------------------------------- Moody's Ratings has taken rating actions on 6 infrastructure companies operating in Argentina. These actions were prompted by the upgrade of Government of Argentina (Argentina) issuer rating to B3 with positive outlook from Caa1 with stable outlook. Additionally, Argentina's local currency country ceiling was raised to Ba3 from B1, while its foreign currency country ceiling was raised to B1 from B2. ISSUERS AND RATINGS AFFECTED Transportadora de Gas del Sur S.A.'s Corporate Family Rating (CFR) and senior unsecured notes ratings were upgraded to B1 from B2. The outlook remains stable. Aeropuertos Argentina 2000 S.A.'s CFR and senior secured notes ratings were upgraded to B1 from B2. The outlook remains stable. Empresa Distribuidora de Electricidad de Mendoza S.A.'s (EDEMSA) CFR and senior unsecured notes ratings were upgraded to B1 from B2. EDEMSA's Baseline Credit Assessment (BCA) was upgraded to b1 from b2. The outlook remains stable. Genneia S.A.'s CFR and senior unsecured notes rating were upgraded to B1 from B2. The outlook remains stable. YPF Energia Electrica S.A.'s CFR and senior unsecured notes rating were upgraded to B1 from B2. The outlook remains stable. MSU Green Energy S.A.'s CFR and senior secured notes rating were affirmed at B2. The outlook remains stable. RATINGS RATIONALE The improved macroeconomic and market environment has fostered more favorable operating conditions for infrastructure issuers in the country. These issuers continue to exhibit robust fundamentals, strong credit metrics, and sound liquidity profiles. Still, the creditworthiness of these infrastructure companies cannot be completely de-linked from the credit quality of the Argentine government, and thus their ratings incorporate the risks that they share with the sovereign, in line with Moody's cross-sector rating methodology, Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. Aeropuertos Argentina 2000 S.A. Aeropuertos Argentina 2000 S.A.'s (AA2000) B1 rating reflects the company's solid asset fundamentals as the leading airport network in Argentina, supported by a concession that extends to 2038 and continues to sustain US dollar-denominated tariffs. The rating also incorporates the company's stable passenger profile, largely composed of origin and destination passengers, and ongoing traffic growth. The rating is tempered by the local operating environment for Argentine issuers. Although the company's ability to generate cash flows linked to the US dollar helps de-link its credit quality from the Government of Argentina, AA2000 remains exposed to Argentina's macroeconomic environment, local regulations and policy shifts. The stable outlook reflects Moody's expectations of a manageable debt maturity profile and adequate liquidity supported by ongoing traffic growth. The outlook also incorporates Moody's views that AA2000's asset fundamentals and cash generation capacity will support a gradual strengthening in financial metrics. Transportadora de Gas del Sur S.A. Transportadora de Gas del Sur S.A.'s (TGS) B1 rating is supported by the strategic importance of its asset base for Argentina's natural gas system and the development of Vaca Muerta, where the company plays a critical role across gas transportation, conditioning and midstream services. The rating also incorporates TGS' diversified business profile, with regulated and unregulated revenue sources, as well as strong credit metrics, moderate leverage and a solid liquidity position. The rating is constrained by TGS' exposure to the credit quality of the Government of Argentina, its local operating environment and the evolving regulatory framework for regulated companies. The rating also factors in the company's exposure to foreign currency debt, partially mitigated by a manageable amortization profile and strong cash position. The stable outlook reflects Moody's expectations that TGS' strategic asset base, diversified operations and solid liquidity will continue to support robust operating and financial performance over the next 12 to 18 months. Empresa Distribuidora de Electricidad de Mendoza S.A. Empresa Distribuidora de Electricidad de Mendoza S.A.'s rating reflects its stable and predictable regulated distribution business, adequate liquidity and financial metrics commensurate with the rating category. The rating also incorporates the company's monopoly position in its concession area, supportive tariff adjustments and the essential nature of electricity distribution services. EDEMSA is the largest electricity distribution utility in the Province of Mendoza, serving approximately 490,000 customers through an exclusive concession area. The company operates a regulated electricity distribution business that generates stable cash flows and benefits from a tariff framework that allows periodic adjustments to recover operating and investment costs. The stable outlook reflects Moody's assumptions that investors' recovery will remain consistent with the company's B1 rating over the next 12–18 months. Genneia S.A. Genneia S.A.'s rating reflects its leading position in Argentina's renewable energy sector, stable contracted cash flow generation, strong operating performance and adequate liquidity. The rating also incorporates the company's ongoing expansion plan, which is expected to support earnings growth while maintaining credit metrics consistent with the rating category. Genneia benefits from long-term power purchase agreements with a diversified mix of off-takers, including CAMMESA and large corporate customers under the MATER framework, which provides revenue visibility and supports cash flow stability. Still, its dependence on CAMMESA remains high, an entity that remains dependent on government transfers and subsidies to coverage of electricity system costs. The stable outlook reflects Moody's expectations that Genneia operating performance and liquidity will remain robust over the next 12 to 18 months. Quantitatively, the stable outlook incorporates that the company's leverage, as measured by the Debt/EBITDA and FFO/Net Debt ratios, will stand at around 3x and in the range of 20-25% respectively over the next 12-18 months. YPF Energia Electrica S.A. YPF Energia Electrica S.A.'s (YPFEE) rating reflects its strong market position in Argentina's electricity generation sector, solid operating performance, strong credit metrics and moderate leverage. The rating also incorporates the company's diversified asset base, stable contractual framework, adequate liquidity and continued growth in renewable generation capacity. YPF Luz benefits from a diversified revenue base, with cash flow generated from long-term contracts with CAMMESA and private-sector customers, as well as from merchant market exposure. The company also benefits from its strategic relationship with YPF S.A., Argentina's leading integrated energy company, which supports its business profile and competitive position within the country's power sector. The stable outlook reflects Moody's expectations that YPFEE operating performance and liquidity will remain robust over the next 12 to 18 months. Quantitatively, the stable outlook incorporates that the company's leverage will stand at around 2-3x Debt/EBITDA and FFO to net debt in the range of 20-25% over the next 12 to 18 months. MSU Green Energy S.A. MSU Green Energy S.A.'s (MSUGE) B2 rating reflects the company's largely contracted revenue base under long-term, US dollar-denominated PPAs with CAMMESA and private off-takers, the scale and strategic relevance of the El Chocón-Arroyito hydroelectric complex, and diversification from operating solar assets and contracted solar and battery energy storage system projects. These strengths are balanced by execution and integration risks, exposure to hydrological and solar resource variability, increasing market-price exposure as CAMMESA contract coverage declines, and high initial leverage. The stable outlook reflects Moody's expectations that MSU Green Energy will maintain solid operating performance, execute its contracted growth projects in a timely manner and preserve adequate liquidity. The outlook also incorporates Moody's expectations that leverage will decline over time as the contracted asset base ramps up. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Transportadora de Gas del Sur S.A. An upgrade of TGS' ratings would be subject to its rating position relative to the Government of Argentina's rating and its foreign currency country ceiling. An upward rating movement would further require the company to sustain strong credit metrics, a solid liquidity position and resilient operating performance, supported by continued stability in the regulatory framework and execution of its growth projects. A downgrade of the sovereign rating, deterioration in Argentina's operating environment or a significant negative shift in government policies or regulations would likely result in negative pressure on TGS' ratings. Downward pressure could also develop if TGS' liquidity weakens or leverage increases materially. Aeropuertos Argentina 2000 S.A. An upgrade of AA2000's ratings would be subject to its rating position relative to the Government of Argentina's rating and its foreign currency country ceiling. At the same time, an upgrade of AA2000's ratings would require verification of consistent operating performance that results in credit metrics such as a Cash Interest Coverage remaining above 4.5x and Funds From Operations to debt above 14%. A downgrade of the sovereign rating, deterioration in Argentina's operating environment or evidence of a significant negative shift in policies or regulations would likely result in negative pressure on AA2000's ratings. Downward pressure could also develop if traffic levels weaken materially, liquidity deteriorates or debt increases beyond Moody's expectations. Empresa Distribuidora de Electricidad de Mendoza S.A. An upgrade of the company's rating will be subject to the rating's position relative to the Government of Argentina's rating and its foreign currency rating ceiling. An upgrade would further require EDEMSA to demonstrate an improvement in operating results or lower leverage resulting in higher cash flow availability for debt service. EDEMSA's rating could be downgraded following a downgrade of Argentina's foreign-currency country ceiling, a deterioration in the operating environment, or a shift in policies or regulations that reduce its ability to improve cash generation and increase liquidity needs would lead to pressure on the rating. Genneia S.A. An upgrade will be subject to Genneia's rating relative position to the Government of Argentina's rating. In addition, a rating upgrade will require the company to sustain a strong credit profile such that it consistently reports a ratio of FFO/Net debt above 25% and RCF/Net debt above 18% coupled with strong liquidity and a balanced debt amortization profile. A downgrade of the sovereign rating or a significant negative shift in policies or regulations for the companies in the infrastructure sector will likely result in negative pressure on Genneia's rating. Adverse changes to the regulatory framework for the company's operations or a deterioration in CAMMESA's payments terms could also create negative pressure on the ratings. Quantitatively, FFO to net debt below 18% and RCF to net debt below 10% could prompt a negative rating action; or incurrence of additional senior secured debt that accounts for more than 30% of its total consolidated debt. YPF Energia Electrica S.A. An upgrade will be subject to YPFEE's rating relative position to the Government of Argentina's rating. In addition, a rating upgrade will require the company to sustain a strong credit profile such that it consistently reports a ratio of FFO/Net debt above 25% and RCF/Net debt above 18% coupled with strong liquidity and a balanced debt amortization profile. A downgrade of the sovereign rating or a significant negative shift in policies or regulations for the companies in the infrastructure sector will likely result in negative pressure on YPFEE's rating. Adverse changes to the regulatory framework for the company's operations or a deterioration in CAMMESA's payments terms could also create negative pressure on the ratings. Quantitatively, FFO to net debt below 18% and RCF to net debt below 10% could prompt a negative rating action. MSU Green Energy S.A. An upgrade will be subject to MSUGE's rating relative position to the Government of Argentina's rating. An upward rating movement will further require a sustained improvement in the company's credit profile, reflecting solid operating performance of its assets, timely completion and ramp-up of projects and maintenance of a largely contracted revenue base. Quantitatively, positive rating pressure could develop if MSU Green Energy S.A. sustains FFO interest coverage above 2.4x and FFO/Net Debt above 11% on a consistent basis. Downward rating pressure could emerge if operating performance weakens, capex execution is delayed or the company adopts a more aggressive financial policy, including debt-funded expansion that weakens cash flow visibility or delays deleveraging. A deterioration in the contracted position, higher-than-expected working capital needs or weaker liquidity could also pressure the rating. Quantitatively, the rating could be downgraded if FFO interest coverage fails to improve above 1.8x or FFO/Net Debt and 7.5% on a sustained basis. LIST OF AFFECTED RATINGS Issuer: Genneia S.A. Upgrades: LT Corporate Family Rating, Upgraded to B1 from B2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: YPF Energia Electrica S.A. Upgrades: LT Corporate Family Rating, Upgraded to B1 from B2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: MSU Green Energy S.A. Affirmations: LT Corporate Family Rating, Affirmed B2 Senior Secured, Affirmed B2 Outlook Actions: Outlook, Remains Stable Issuer: Empresa Distrib. De Electricidad De Mendoza Upgrades: LT Corporate Family Rating, Upgraded to B1 from B2 Baseline Credit Assessment, Upgraded to b1 from b2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: Aeropuertos Argentina 2000 S.A. Upgrades: LT Corporate Family Rating, Upgraded to B1 from B2 Senior Secured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: Transportadora de Gas del Sur S.A. Upgrades: LT Corporate Family Rating, Upgraded to B1 from B2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable The principal methodology used in rating Aeropuertos Argentina 2000 S.A. was Privately Managed Airports and Related Issuers published in November 2023. For Transportadora de Gas del Sur S.A., Aeropuertos Argentina 2000 S.A., Genneia S.A., YPF Energia Electrica S.A. and Empresa Distribuidora de Electricidad de Mendoza S.A. the difference between the scorecard-indicated outcome, both historical and projected, and the actual ratings assigned to the companies exceeds two notches. This difference results from applying the cross-sector rating methodology due to the company's exposure to the credit quality of the Government of Argentina, the local regulatory framework and operating environment. For MSU Green Energy S.A., 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. [] Moody's Takes Actions on 9 Argentinean Non-Financial Companies ----------------------------------------------------------------- Moody's Ratings has taken rating actions on several non-financial companies operating in Argentina. These actions were prompted by the upgrade of Government of Argentina's issuer rating to B3 with positive outlook from Caa1 with stable outlook; and by the raise of Argentina's local currency country ceiling to Ba3 from B1, and the foreign currency country ceiling to B1 from B2. For additional details regarding the Government of Argentina's rating upgrade and associated changes to ceilings, please consult Moody's press release dated July 21, 2026: "Moody's Ratings upgrades Argentina's ratings to B3, changes outlook to positive", available at https://urlcurt.com/u?l=k26e66 ISSUERS AND RATINGS AFFECTED Adecoagro S.A.'s Corporate Family Rating (CFR) and senior unsecured notes ratings were affirmed at B2. The outlook remains stable. Arcor S.A.I.C.'s CFR was upgraded to B1 from B2. The outlook remains stable. Pan American Energy, S.L.'s CFR was upgraded to Ba3 from B1. Similarly, Pan American Energy, S.L., Argentine Branch's backed senior unsecured notes were upgraded to Ba3 from B1, reflecting the rating of PAE, which fully and unconditionally guarantees the notes. The outlook remains stable. Pluspetrol S.A.'s CFR and senior unsecured notes ratings were upgraded to Ba3 from B1. The outlook remains stable. Raghsa S.A.'s CFR and senior unsecured notes ratings were upgraded to B1 from B2. The outlook remains stable. Tecpetrol S.A.'s CFR and senior unsecured notes ratings were upgraded to Ba3 from B1. The outlook remains stable. Telecom Argentina S.A.'s CFR and senior unsecured notes rating were upgraded to B1 from B2. The outlook remains stable. Vista Energy Argentina S.A.U.'s CFR and senior unsecured notes rating were upgraded to B1 from B2. The outlook remains stable. YPF Sociedad Anonima's CFR, senior unsecured notes ratings and senior secured notes ratings were upgraded to B1 from B2. The rating of the senior unsecured medium-term notes program was upgraded to (P)B1 from (P)B2. YPF's Baseline Credit Assessment (BCA) was upgraded to b1 from b2. The outlook remains stable. RATINGS RATIONALE The upgrade of the Government of Argentina's ratings reflects Moody's assessments that Argentina's default risk has declined materially as macroeconomic stabilization has advanced beyond the initial adjustment phase into a more durable improvement in credit fundamentals, a sign of improving governance. Sustained fiscal surpluses, declining inflation and continued economic liberalization strengthen policy credibility and reduce macroeconomic volatility. At the same time, prospects for Argentina's external position have improved markedly, supported by stronger export performance and rising foreign direct investment in the energy and mining sectors, alongside improved access to external financing. The positive outlook for Argentina's sovereign rating reflects Moody's views that Argentina's credit profile may strengthen further as structural improvements in external finances combine with ongoing macroeconomic stabilization. While political risks ahead of the 2027 general election remain, Moody's considers that the range of policy outcomes has narrowed relative to previous cycles, increasing the probability of policy continuity and sustained gains in external liquidity and debt payment capacity. Argentina's local currency country ceiling was raised to Ba3 from B1, while its foreign currency country ceiling was raised to B1 from B2. The three-notch gap between the local currency ceiling and the B3 sovereign rating balances the increasing predictability of government actions and institutions and a decreased footprint of the government in the economy and the financial system, against lingering political risks and slowly improving external imbalances. The one-notch gap between the foreign currency ceiling and local currency ceiling reflects improved policy effectiveness and relatively low external indebtedness, balanced by low capital account openness. The creditworthiness of these non-financial companies operating in Argentina cannot be completely de-linked from the credit quality of the Argentine government, and thus this rating action incorporates the risks that they share with the sovereign, in line with Moody's cross-sector rating methodology, Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. Adecoagro S.A. Adecoagro S.A.'s (Adecoagro) B2 ratings incorporate its relevant position in Brazil's sugar-ethanol sector, including its economies of scale because of the large size of its plants and high productivity levels, which allow for one of the lowest cost profiles among local peers. Its experienced management team and diversification into agricultural products in Argentina and Uruguay (Government of Uruguay, Baa1 stable) help to mitigate sector and region-specific risks. The rating is also supported by its efficient cost structure, which sustains resilient margins despite commodity-price volatility. Adecoagro has historically maintained low leverage and a conservative financial profile. However, the company's increased appetite for acquisitions, most notably the approximately $1.1 billion acquisition of Profertil completed in Q4 2025 and Caarapo mill acquisition to be completed by October 2026, has resulted in higher debt and weaker credit metrics. While the EBITDA contribution from acquired assets should support deleveraging over time, the company is now operating with a more leveraged financial profile. The affirmation of Adecoagro's B2 rating reflects the risks arising from higher leverage following debt-funded financing of acquisitions, sizable capex needs, and short-term maturities coming due. The rating also incorporates less favorable conditions for the company's sugar and ethanol business, partially offset by improved global conditions in its fertilizer segment. Adecoagro's credit profile remains constrained by commodity-sector volatility, including exposure to agricultural, sugar, ethanol and fertilizer market conditions, as well as the integration and execution risks associated with Profertil, increased exposure to fertilizer production and related carbon-transition considerations, and tight liquidity given its modest internal cash generation and refinancing needs for 2026-27 debt maturities. The stable rating outlook reflects Moody's expectations that Adecoagro will continue to benefit from its consistent sugarcane crushing capacity and steady cash generation from the fertilizer business in Argentina, which provide diversification to the food and agriculture business. The outlook also incorporates Moody's expectations that dividend payments, expansion investments and acquisition-related financing will not jeopardize the company's tight liquidity and leverage for its rating category. Arcor S.A.I.C. Arcor S.A.I.C.'s (Arcor) B1 rating is supported by its position as one of the world's largest sweets producers and a leading Argentine manufacturer of cookies, processed food and packaging. The company benefits from solid brands, good geographic and segment diversification, robust assets, good access to capital markets and a conservative financial policy. The rating is constrained by Arcor's strong exposure to Argentina, which continues to link the company's credit quality to the sovereign credit profile, and by foreign-currency debt exposure. The company's international operations partially mitigate these risks. Liquidity remains adequate, supported by cash and short-term investments and continued access to the local capital markets. The stable outlook on Arcor's rating reflects Moody's expectations that the company´s credit metrics and operations will remain robust through the next 12-18 months. Also, Arcor's creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign, in line with Moody's cross-sector rating methodology, Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. Pan American Energy, S.L. Pan American Energy, S.L. (PAE) and Pan American Energy, S.L., Argentine Branch's (PAE Argentine Branch) Ba3 ratings are supported by PAE's integrated business and solid reserve size and production profile, strong competitive position, good liquidity, strong sponsors, conservative financial policy, and sizable international operations. The company is the largest privately held and second-largest overall oil and gas producer in Argentina, and one of Argentina's largest oil exporters. PAE's strong sponsors, which provide certain operational advantages in terms of technical knowledge, administrative practices and corporate governance policies, also support the rating. PAE is 40% owned by BP p.l.c. (A1 stable) through BP SC Holdings LLC, 25% owned by CNOOC Hong Kong Limited, a subsidiary of CNOOC Limited (CNOOC, A1 stable), and 35% owned by BC E&P Uruguay S.A., a privately owned oil and gas company. The ratings are mainly constrained by PAE's geographic concentration of assets and operations in Argentina, regulatory risks within Argentina's hydrocarbon market and exposure to volatile energy commodity prices. These risks are partially mitigated by its diversified income—35% of revenue derive from operations in Mexico and Brazil and exports from Argentina—, strong sponsors, and ample liquidity, which support its capacity to manage foreign currency debt. But Given PAE's high exposure to Argentina's business environment, mainly through PAE Argentine Branch (typically about 90% of revenue and oil and gas production), its rating reflects Moody's views that PAE's creditworthiness cannot be completely de-linked from the credit quality of the Argentine government. The stable outlook reflects Moody's expectations that PAE will maintain strong credit metrics and operating performance over the next 12-18 months, supported by ample liquidity. However, given the company's significant exposure to Argentina, its ratings could be affected by changes in the country's sovereign credit profile, consistent with Moody's cross-sector rating methodology Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. Pluspetrol S.A. Pluspetrol S.A.'s (Pluspetrol) Ba3 ratings reflect its strong position in Argentina's oil and gas sector, high-quality assets, growth potential and solid execution. The company is expected to maintain adequate cash flow and credit metrics through 2028, supported by experienced management and a robust Vaca Muerta pipeline. The ratings also consider the company's exposure to Argentina's sovereign and operating environment, asset concentration, regulatory risk and commodity-price volatility. These risks are partly offset by the company's export profile and Moody's expectations of support from Pluspetrol Resources Corporation B.V. (Pluspetrol Resources). The ratings benefit from the strategic importance of Pluspetrol to the group, Pluspetrol Resources' substantial liquidity and conservative financial policy, including a fully available $500 million subordinated committed credit facility that supports the company's liquidity and financial flexibility. Pluspetrol has adequate liquidity, with $756 million in cash and equivalents as of March 2026 and expected operating cash flow sufficient to cover 2026 interest and amortizations. The June 2026 bond pre-funds investment needs, while parent liquidity provides additional support if needed. The stable outlook reflects Moody's expectations that the company's credit metrics and operations will remain robust throughout the next 12–18 months. The ratings are in line with the company's credit quality, supported by its current scale, expanding production profile, and solid operating fundamentals. The outlook also incorporates Moody's expectations of continued support from Pluspetrol Resources Corporation B.V., reflecting the strategic importance of Pluspetrol S.A. within the group and the Pluspetrol Resources' strong liquidity position. Raghsa S.A. Raghsa S.A.'s (Raghsa) B1 rating is supported by high-quality assets, high occupancy rates, a healthy tenant base and moderate leverage for the rating category. The company owns five office buildings accounting for around 135,800 square meters of leasable area as of May 2026 and a 16,000 square meter residential property. Its asset base is mostly unencumbered and marketable, supporting liquidity sources. Raghsa's credit profile is also supported by very good liquidity, with $53.6 million in cash and marketable securities as of May 2026, largely denominated in US dollars, and no significant debt maturities until 2030 following liability management. The rating is constrained by smaller scale compared with global peers, portfolio concentration in Buenos Aires, material family ownership concentration and foreign-exchange risk, partially mitigated by US dollar-linked leases payable in Argentine pesos. Raghsa's stable rating outlook reflects the company's good credit metrics for its rating category and very good liquidity. However, the company´s creditworthiness cannot be completely de-linked from the credit quality of Argentina, where it generates the bulk of its revenue, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign, in line with Moody's cross-sector rating methodology Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. Tecpetrol S.A. Tecpetrol S.A.'s (Tecpetrol) Ba3 ratings reflect its strong competitive position, high-quality assets, high profitability resulting from low operating and development costs, solid capital structure, moderate leverage and strong cash flow generation. The rating is also supported by the company's strong sponsors. The company is the third-largest gas producer in Argentina. Tecpetrol's credit profile benefits from the strong financial support of its sponsors, particularly its parent company, Tecpetrol Internacional S.L.U., as well as the broader support of the Techint Group during the development and ramp-up of the company's shale oil and gas projects. The ratings are mainly constrained by the company's geographic concentration of assets and operations in Argentina, regulatory risks within Argentina's hydrocarbon market and exposure to volatile energy commodity prices. The company is pursuing a strategic pivot toward shale oil through the Los Toldos II Este development, targeting 70,000 barrels per day by around mid-2027, while Fortín de Piedra remains central to its gas production and reserves. As a result, debt levels increased beginning in early 2025, temporarily keeping leverage, as measured by debt-to-EBITDA, at around 3.0x-3.5x in 2026. But leverage will decline to approximately 2.0x by 2027 as new shale oil production ramps up and export volumes increase. The stable outlook reflects Moody's expectations that the company will maintain strong credit metrics and operating performance over the next 12-18 months, supported by ample liquidity. However, given the company's significant exposure to Argentina, its ratings could be affected by changes in the country's sovereign credit profile, consistent with Moody's cross-sector rating methodology Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. Telecom Argentina S.A. Telecom Argentina S.A.'s (Telecom Argentina) B1 rating is supported by the company's position as one of the major telecommunications service providers in Argentina and its solid financial metrics for its rating category. Telecom Argentina is also the second largest mobile player in Paraguay and Pay TV player in Uruguay. The company's robust financial indicators, underscored by a strong cash flow, conservative financial strategy, and sufficient liquidity, further support the rating. The company's credit profile is mainly constrained by the concentration of the company's operations in Argentina, a highly competitive telecom market, and moderate exposure to foreign-currency financing risk (69% of its total debt was denominated in hard dollar as of March 2026), partially balanced by balance sheet hedging. It is important to note that the longstanding regulatory oversight of Argentina's telecom industry has been significantly reduced since 2024. The company's stable outlook reflects the company's good credit metrics for its rating category and adequate liquidity. However, the company´s creditworthiness cannot be completely de-linked from the credit quality of Argentina, where it generates the bulk of its revenue, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign, in line with Moody's cross-sector rating methodology, Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026. Vista Energy Argentina S.A.U. Vista Energy Argentina S.A.U.'s (Vista Argentina) B1 ratings reflect its strong position in Argentine crude oil production, supported by high-quality Vaca Muerta assets and significant growth prospects. The company has strong profitability due to low operational and development costs and enjoys considerable financial flexibility with proven access to both local and international debt markets. The ratings are also supported by its solid capital structure characterized by low leverage and strong cash flow generation. The company is a subsidiary of its ultimate parent Vista Energy, S.A.B. de C.V, a company organized under the laws of Mexico, that holds substantial cash reserves in foreign currency, offering financial support to Vista Argentina if needed. Vista Argentina's ratings are constrained by the concentration of its operations and asset base in Argentina, although this exposure is partially mitigated by increasing sales diversification through growing shale oil exports. The company is also exposed to regulatory and policy risks in Argentina's hydrocarbon sector; however, its large reliance on crude oil exports and limited exposure to the more heavily regulated natural gas segment help mitigate these risks. In addition, Vista's credit profile remains exposed to fluctuations in global energy commodity prices. The stable outlook reflects Moody's expectations that the company will maintain strong credit metrics and operating performance over the next 12-18 months, supported by ample liquidity. However, given the company's significant exposure to Argentina, its ratings could be affected by changes in the country's sovereign credit profile, consistent with Moody's cross-sector rating methodology, Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026 YPF Sociedad Anonima YPF Sociedad Anonima's (YPF) B1 ratings reflects its significant oil and gas production, sizable reserves, strong cash flow and credit metrics for its rating position, as well as its leading position in Argentina's energy and fuel markets. The rating also reflects the links with the Government of Argentina, its controlling shareholder. YPF's b1 baseline credit assessment (BCA) expresses the company's intrinsic credit risk and Moody's views of moderate support from the Argentine government and high dependence on the domestic market for its operations. Also supporting the ratings is YPF's export oriented growth strategy. YPF is repositioning its business model around low-cost Vaca Muerta unconventional production, infrastructure-led export growth and LNG monetization, while reducing exposure to mature conventional assets. The strategy improves cost base, reserve quality, scale and long-term export capacity, but remains capital intensive and execution sensitive. The stable outlook reflects Moody's views that YPF's main shareholder, the Argentine state, will exert no influence over the company to spend on capital expenditure or dividends beyond its operating cash flow generation capacity. The stable outlook reflects Moody's expectations that the company's credit metrics, operating performance and liquidity will remain robust over the next 12-18 months. However, given the company's significant exposure to Argentina, its ratings could be affected by changes in the country's sovereign credit profile, consistent with Moody's cross-sector rating methodology, Impact of Sovereign Credit Quality on Issuer Ratings, published in May 2026 FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Adecoagro S.A. A rating upgrade would require positive free cash flow and good liquidity on a sustained basis, with a cash balance that consistently covers Adecoagro's short-term obligations. It would also require an enhanced business profile with increased product and geographic diversification, reducing country-specific risks and event risks that are inherent to agricultural activity. An upward rating movement would also be subject to the ratings' relative position to the Government of Argentina's ratings. Ratings could be downgraded with a deterioration in the company's liquidity, profitability or credit metrics. Moreover, negative rating pressure would also increase if Adecoagro's financial policy became detrimental to its credit quality. The ratings could also be downgraded if the Government of Argentina's rating is downgraded. Quantitatively, a downgrade could occur if its: -- Debt/EBITDA remains above 5.5x -- EBITDA/interest expense remains below 2.5x -- Retained cash flow/net debt stays below 10% Arcor S.A.I.C. Given Arcor's strong dependence on the Argentinean market, an upward rating movement would be subject to the ratings' relative position to the Government of Argentina's ratings. An upgrade would require the company demonstrating a stronger resilience to the underlying macroeconomic conditions in its key markets, with a particular focus on Argentina. This resilience can be exemplified through a strategic expansion and diversification of Arcor's operations outside of Argentina. Moreover, the company would need to maintain good credit metrics and liquidity for its rating category. A downgrade to Arcor's rating could be prompted by a weakening of liquidity, indicating potential difficulties in meeting short-term obligations. Additionally, a downgrade of the Argentine government's rating could also lead to a corresponding downgrade for Arcor, given the strong interconnectedness between the company's and the country's economic health. Pan American Energy, S.L. PAE's ratings are closely linked to its exposure to Argentina, with any potential rating increase depending on the company's position relative to the Government of Argentina's rating. For an upgrade, PAE would need to sustain its strong credit metrics and maintain good access to capital and overall liquidity. Expansion and diversification of operations beyond Argentina could also contribute to positive rating changes. PAE's ratings could be downgraded if the company registers a significant deterioration in liquidity or if it loses access to debt markets or foreign currency, significantly restricting its ability to meet debt obligations. The ratings could also be downgraded if the Government of Argentina's rating is downgraded. Pluspetrol S.A. An upgrade would require a sustained reduction in leverage, alongside increasing production and continued growth and diversification of operations outside Argentina, while maintaining a good liquidity position. Stronger parent support, including through an increase in guaranteed debt, could also support upward rating pressure. Pluspetrol's ratings could be downgraded if the company experiences a significant deterioration in liquidity, loses access to debt markets or foreign currency, or faces restrictions that materially impair its ability to meet debt obligations. Downward rating pressure could also arise from a sustained deterioration in credit metrics, weaker operating performance, or reduced liquidity at Pluspetrol and/or Pluspetrol Resource Corporation B.V. The ratings could also be downgraded following a downgrade of the Government of Argentina's rating. Raghsa S.A. Raghsa's ratings could be upgraded if the company maintains strong liquidity, high occupancy and conservative leverage while preserving access to funding. Given the concentration of assets in Argentina, upward rating movement would also be subject to its relative positioning versus the Government of Argentina's rating. Raghsa's ratings could be downgraded if the company's liquidity deteriorates, if occupancy or rental cash flow weakens materially, if leverage increases beyond expectations, or if it loses access to debt markets or foreign currency. The ratings could also be downgraded if the Government of Argentina's rating is downgraded. Tecpetrol S.A. Tecpetrol's ratings could be upgraded if the company sustains strong liquidity and credit metrics consistent with the rating category while successfully executing its shale oil growth plan and preserving low leverage. Upward rating movement would also depend on its relative positioning versus the Government of Argentina's rating. Tecpetrol's ratings could be downgraded if the company registers a significant deterioration in liquidity or if it loses access to debt markets or foreign currency, significantly restricting its ability to meet debt obligations. The ratings could also be downgraded if the Government of Argentina's rating is downgraded. Telecom Argentina S.A. Given Telecom Argentina's strong dependence on the Argentinean market, an upward rating movement would be subject to the ratings' relative position to the Government of Argentina's ratings. An upgrade would depend on Telecom Argentina maintaining a leading market position, prudent financial policies, and a balanced, manageable debt maturity profile. The ratings could be downgraded if the Government of Argentina's rating is downgraded; if its operating margin or market position weakens; or if there is an excessive increase in leverage and/or a deterioration in liquidity. Vista Energy Argentina S.A.U. Vista Argentina's ratings could be upgraded if the company sustains strong liquidity and credit metrics while continuing to expand production and exports, reducing its linkage with Argentina's domestic operating environment. Upward rating movement would also depend on its relative positioning versus the Government of Argentina's rating. Vista Argentina's ratings could be downgraded if liquidity deteriorates, if leverage increases materially, if execution of growth projects materially underperforms expectations, or if access to debt markets or foreign currency becomes materially constrained. The ratings could also be downgraded if the Government of Argentina's rating is downgraded. YPF Sociedad Anonima YPF's ratings and BCA could be upgraded if the company's maintains strong credit metrics, prudent financial policies and a balanced, manageable debt maturity profile. Upward rating movement would also depend on its relative positioning versus the Government of Argentina's rating. YPF's ratings could be downgraded if the company registers a significant deterioration in liquidity or if it loses access to debt markets or foreign currency, significantly restricting the company's ability to meet debt obligations. The ratings could also be downgraded if the Government of Argentina's rating is downgraded. LIST OF AFFECTED RATINGS Issuer: Pan American Energy, S.L. Upgrades: LT Corporate Family Ratings, Upgraded to Ba3 from B1 Outlook Actions: Outlook, Remains Stable Issuer: Pan American Energy, S.L., Argentine Branch Upgrades: Backed Senior Unsecured, Upgraded to Ba3 from B1 Outlook Actions: Outlook, Remains Stable Issuer: Pluspetrol S.A. Upgrades: LT Corporate Family Rating, Upgraded to Ba3 from B1 Senior Unsecured, Upgraded to Ba3 from B1 Outlook Actions: Outlook, Remains Stable Issuer: Tecpetrol S.A. LT Corporate Family Rating, Upgraded to Ba3 from B1 Senior Unsecured, Upgraded to Ba3 from B1 Outlook Actions: Outlook, Remains Stable Issuer: Vista Energy Argentina S.A.U. Upgrades: LT Corporate Family Rating, Upgraded to B1 from B2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: YPF Sociedad Anonima Upgrades: Baseline Credit Assessment, Upgraded to b1 from b2 LT Corporate Family Rating, Upgraded to B1 from B2 Senior Unsecured Medium-Term Note Program, Upgraded to (P)B1 from (P)B2 Senior Secured, Upgraded to B1 from B2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: Adecoagro S.A. Affirmations: LT Corporate Family Rating, Affirmed B2 Senior Unsecured, Affirmed B2 Outlook Actions: Outlook, Remains Stable Issuer: Arcor S.A.I.C. Upgrades: LT Corporate Family Ratings, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: Raghsa S.A. Upgrades: LT Corporate Family Ratings, Upgraded to B1 from B2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: Telecom Argentina S.A. Upgrades: LT Corporate Family Rating, Upgraded to B1 from B2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable The principal methodology used in rating Pan American Energy, S.L. and Pan American Energy, S.L., Argentine Branch was Integrated Oil and Gas published in February 2026. For Adecoagro S.A., Pan American Energy, S.L., Pan American Energy, S.L., Argentine Branch, Tecpetrol S.A., and YPF Sociedad Anonima 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. For Arcor S.A.I.C., the difference between the scorecard-indicated outcome and the actual B1 rating assigned to the company exceeds two notches. This difference results from applying the cross-sector rating methodology due to the company's asset base concentration in Argentina. For Raghsa S.A., the difference between the scorecard-indicated outcome and the actual B1 rating assigned to the company exceeds two notches. This difference results from applying the cross-sector rating methodology due to the company's asset base concentration in Argentina, as well as its smaller size compared to global peers and portfolio concentration. For Pluspetrol S.A., the difference between the scorecard-indicated outcome and the actual Ba3 rating assigned to the company exceeds two notches. This difference reflects Pluspetrol's strategic importance to the group and the support provided by Pluspetrol Resources, evidenced by a fully available $500 million subordinated committed credit facility that enhances the company's liquidity and financial flexibility. For Telecom Argentina S.A., the difference between the scorecard-indicated outcome and the actual B1 rating assigned to the company exceeds two notches. This difference results from applying the cross-sector rating methodology due to the company's asset base concentration in Argentina. For Vista Energy Argentina S.A.U., the difference between the scorecard-indicated outcome and the actual B1 rating assigned to the company exceeds two notches. This difference results from applying the cross-sector rating methodology due to the company's asset base concentration in Argentina. [] Moody's Upgrades Ratings on 5 Argentine Banks ------------------------------------------------ Moody's Ratings has upgraded the local and foreign-currency long-term deposit, senior unsecured and subordinate debt ratings – where applicable – and Baseline Credit Assessments (BCAs) and Adjusted BCAs of five Argentine banks. The rating actions were prompted by 1) the upgrade of the Government of Argentina's (Argentina) issuer ratings to B3, from Caa1, and the change in outlook to positive, from stable; as well as by 2) the improvement in the operating environment for banks, which has resulted in an improvement in Argentina's Macro Profile to Weak-, from Very Weak+. The affected banks are: Banco de Galicia y Buenos Aires S.A. (Galicia), Banco Hipotecario S.A. (Hipotecario), Banco Macro S.A. (Macro), Banco Santander Argentina S.A. (Santander Argentina) and Banco Supervielle S.A. (Supervielle). The outlook on the long-term deposit ratings assigned to Galicia, Macro and Santander Argentina was changed to positive, from stable, while the outlook on the long-term deposit ratings assigned to Supervielle and Hipotecario remains stable. (1) CHANGE OF ARGENTINA'S MACRO PROFILE TO 'WEAK -' FROM 'VERY WEAK +' REFLECTS IMPROVING OPERATING CONDITIONS FOR BANKS The improvement of the Macro Profile to Weak- is supported by Argentina's ongoing macroeconomic stabilization, declining inflation and more consistent economic policies, which have strengthened policy credibility, reduced macroeconomic volatility and contributed to a more predictable operating environment. Operating conditions are also benefiting from a stronger external position, supported by improved export performance and by the energy sector's transition from a source of external pressure to a growing surplus. Investment inflows into hydrocarbons, mining and infrastructure are also reducing balance-of-payments risks and alleviating concerns over external debt-servicing pressures. For banks, a more stable environment is expected to continue to support business activity, particularly favoring a more sustainable expansion of lending volumes and more predictable funding conditions. Although asset quality risks have increased following the rapid expansion of credit markets in 2024-25, these pressures should become more manageable as economic activity recovers and macroeconomic volatility continues to ease, including declining inflation. (2) ENTITY-SPECIFIC CONSIDERATIONS The upgrade of the five banks' BCAs follows Argentina's sovereign rating upgrade and the improvement in the macro profile, and reflects the banks' robust financial fundamentals, despite recent negative pressure on asset quality and profitability. The sovereign rating remains the primary constraint on Argentine banks' standalone creditworthiness because of their direct and indirect links to the government through sovereign securities exposures, operating conditions and systemic risks. As a result, the BCAs of all five banks remain aligned with the sovereign rating. Within the group, Galicia, Macro and Santander Argentina benefit from stronger and more diversified franchises, broad deposit bases, substantial liquidity reserves and sound capitalization, while their BCAs are constrained by the sovereign rating. Hipotecario's credit profile is constrained by its weaker funding structure, higher sovereign exposure and greater portfolio concentration relative to larger peers, offset by ample capital buffers. Supervielle, which benefits from improving diversification and strong liquidity, continues to have lower capital buffers and more reliance on institutional funding sources relative to larger peers. -- BANCO GALICIA Y BUENOS AIRES The upgrade of Galicia's BCA to b3, from caa1, reflects the sovereign upgrade and the bank's resilient standalone credit profile, which has demonstrated its ability to withstand multiple economic cycles in Argentina. Galicia benefits from a leading private-sector banking franchise, strong deposit-gathering capabilities, adequate capitalization and ample liquidity. As of March 2026, its tangible common equity (TCE) to risk-weighted assets ratio was 18.2%, and core banking liquidity represented 38% of tangible banking assets. The acquisition and integration of HSBC Bank Argentina in 2025 has further strengthened the bank's market position and should continue to generate operational and commercial synergies. Nevertheless, rapid lending growth has contributed to higher problem loans and provisioning requirements, which have weighed on profitability since 2025. -- BANCO MACRO The upgrade of Macro's BCA to b3, from caa1, reflects the sovereign upgrade and the bank's solid financial profile. Macro has demonstrated greater resilience than most peers during the current credit cycle. Its focus on payroll lending, including to public-sector employees, has resulted in more moderate asset-quality deterioration than at most peers. Macro maintains the strongest capital position among rated Argentine banks, with a TCE ratio of 34.0% as of March 2026, and also benefits from robust liquidity and a highly granular deposit base, supported by longstanding relationships with several Argentine provinces, where it acts as a financial agent. The bank's foreign-currency subordinated debt rating of Caa1, upgraded from Caa2, remains notched down from its b3 Adjusted BCA to reflect higher expected loss severity because of contractual subordination. -- BANCO SANTANDER ARGENTINA The upgrade of Santander Argentina's BCA to b3 from caa1 and Adjusted BCA to b2 from b3 reflects the sovereign upgrade, the bank's solid standalone fundamentals and Moody's unchanged assumption of a moderate probability of support from its parent Banco Santander, S.A. (Spain) (A1 stable, baa1), resulting in one notch of uplift in the Adjusted BCA. Santander Argentina benefits from a well-diversified franchise, ample capitalization and substantial liquidity. As of March 2026, its TCE ratio stood at 26.8%, with core banking liquidity representing 31% of tangible banking assets. Although asset quality and profitability indicators have been pressured by rapid loan growth, leading to higher provisioning expenses and problem loans reaching 10.7% as of March 2026, Santander Argentina has generally outperformed local peers in terms of profitability over the past year. -- BANCO HIPOTECARIO The upgrade of Hipotecario's BCA to b3, from caa1, reflects the sovereign upgrade and the improvement in the operating environment for Argentine banks. The bank's credit profile is supported by adequate capitalization and liquidity buffers while Hipotecario continues to face structural challenges relative to larger private-sector peers, including a largely wholesale funding structure, a concentrated commercial lending portfolio and higher sovereign exposure. As of March 2026, Argentine government securities represented approximately 1.6x TCE. In addition, profitability remains weaker than that of larger peers, and asset quality indicators have deteriorated following the recovery in lending activity. These factors constrain Hipotecario's financial flexibility and differentiate its credit profile from that of the strongest banks in the system. -- BANCO SUPERVIELLE The upgrade of Supervielle's BCA to b3, from caa1, reflects the sovereign upgrade and Argentina's improved Macro Profile. The b3 BCA acknowledges the bank's strong liquidity profile and continued efforts to diversify its business model and customer base, which have gradually improved portfolio granularity and reduced concentration risks. However, Supervielle continues to face challenges related to earnings generation and capital levels compared to the largest private-sector banks in the country. In the past 12 months, profitability has been affected by elevated loan loss provisions, and also restructuring-related expenses, although these initiatives are expected to support improved operating performance over time. Rapid loan growth has also increased capital consumption, leaving capital buffers below those of larger peers. Although Supervielle's asset quality has weakened following the recent acceleration in lending, deterioration has been less pronounced than at most domestic peers. The bank's funding profile remains comparatively weaker because a significant portion of deposits is sourced from institutional and corporate customers. -- OUTLOOKS The positive outlooks on the long-term deposit ratings of Galicia, Macro and Santander Argentina are aligned with the positive outlook on Argentina's sovereign rating, which remains the principal constraint on their BCAs. The outlooks reflect Moody's expectations that continued macroeconomic stabilization, lower inflation, improving policy credibility, stronger external accounts and sustained reserve accumulation could further strengthen operating conditions and support additional improvements in the sovereign credit profile, which could translate into upward rating pressure for these banks. They also incorporate Moody's expectations that these banks will maintain ample capitalization and liquidity, and sound funding profiles while navigating current asset-quality pressures. The stable outlook on Hipotecario reflects the balance between the benefits of an improving operating environment and the bank's structural constraints relative to larger private-sector peers, including its greater reliance on wholesale funding, higher sovereign exposure and a more concentrated loan portfolio. While improving macroeconomic conditions should support financial performance, Moody's expects profitability and asset quality metrics to remain weaker than those of the strongest domestic banks over the next 12-18 months. The stable outlook on Supervielle reflects the balance between improving operating conditions and the bank's comparatively lower financial flexibility. Although ongoing business transformation initiatives should support earnings over time, the bank continues to face challenges related to capital generation and a funding base that is more concentrated in institutional and corporate deposits than that of larger peers. As a result, improvements in the operating environment will need to be coupled with improved financial performance before they can translate into upward rating pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the banks' BCAs and ratings could result from a further improvement in Argentina's sovereign credit profile and operating environment, provided that the banks maintain sound capitalization, liquidity and funding profiles while successfully managing the asset-quality risks associated with recent loan growth. For Hipotecario, positive rating pressure would additionally require sustained improvements in profitability and asset quality. For Supervielle, positive rating pressure would additionally require sustained improvements in profitability, a stabilization in asset quality and capital metrics. Downward pressure on the ratings or in the outlooks could arise from a deterioration in Argentina's sovereign creditworthiness, renewed macroeconomic instability or weaker-than-expected progress in the country's stabilization process. Ratings could also face pressure if asset quality, capitalization, profitability, liquidity or funding metrics deteriorate materially beyond Moody's current expectations. LIST OF AFFECTED RATINGS Issuer: Banco Macro S.A. Upgrades: Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1 Baseline Credit Assessment, Upgraded to b3 from caa1 LT Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr) LT Counterparty Risk Rating (Foreign Currency), Upgraded to B2 from B3 LT Counterparty Risk Rating (Local Currency), Upgraded to B2 from B3 Senior Unsecured Medium-Term Note Program (Foreign Currency), Upgraded to (P)B3 from (P)Caa1 Senior Unsecured Medium-Term Note Program (Local Currency), Upgraded to (P)B3 from (P)Caa1 Subordinate (Foreign Currency), Upgraded to Caa1 from Caa2 Senior Unsecured (Foreign Currency), Upgraded to B3 POS from Caa1 STA LT Bank Deposits (Foreign Currency), Upgraded to B3 POS from Caa1 STA LT Bank Deposits (Local Currency), Upgraded to B3 POS from Caa1 STA Affirmations: ST Counterparty Risk Assessment, Affirmed NP(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP ST Bank Deposits (Foreign Currency), Affirmed NP ST Bank Deposits (Local Currency), Affirmed NP Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Banco Santander Argentina S.A. Upgrades: Adjusted Baseline Credit Assessment, Upgraded to b2 from b3 Baseline Credit Assessment, Upgraded to b3 from caa1 LT Counterparty Risk Assessment, Upgraded to B1(cr) from B2(cr) LT Counterparty Risk Rating (Foreign Currency), Upgraded to B1 from B2 LT Counterparty Risk Rating (Local Currency), Upgraded to B1 from B2 LT Bank Deposits (Foreign Currency), Upgraded to B2 POS from B3 STA LT Bank Deposits (Local Currency), Upgraded to B2 POS from B3 STA Affirmations: ST Counterparty Risk Assessment, Affirmed NP(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP ST Bank Deposits (Foreign Currency), Affirmed NP ST Bank Deposits (Local Currency), Affirmed NP Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Banco de Galicia y Buenos Aires S.A. Upgrades: Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1 Baseline Credit Assessment, Upgraded to b3 from caa1 LT Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr) LT Counterparty Risk Rating (Foreign Currency), Upgraded to B2 from B3 LT Counterparty Risk Rating (Local Currency), Upgraded to B2 from B3 Senior Unsecured Medium-Term Note Program (Foreign Currency), Upgraded to (P)B3 from (P)Caa1 Senior Unsecured Medium-Term Note Program (Local Currency), Upgraded to (P)B3 from (P)Caa1 Senior Unsecured (Foreign Currency), Upgraded to B3 POS from Caa1 STA LT Bank Deposits (Foreign Currency), Upgraded to B3 POS from Caa1 STA LT Bank Deposits (Local Currency), Upgraded to B3 POS from Caa1 STA Affirmations: ST Counterparty Risk Assessment, Affirmed NP(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP ST Bank Deposits (Foreign Currency), Affirmed NP ST Bank Deposits (Local Currency), Affirmed NP Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Banco Supervielle S.A. Upgrades: Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1 Baseline Credit Assessment, Upgraded to b3 from caa1 LT Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr) LT Counterparty Risk Rating (Foreign Currency), Upgraded to B2 from B3 LT Counterparty Risk Rating (Local Currency), Upgraded to B2 from B3 LT Bank Deposits (Foreign Currency), Upgraded to B3 STA from Caa1 STA LT Bank Deposits (Local Currency), Upgraded to B3 STA from Caa1 STA Affirmations: ST Counterparty Risk Assessment, Affirmed NP(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP ST Bank Deposits (Foreign Currency), Affirmed NP ST Bank Deposits (Local Currency), Affirmed NP Outlook Actions: Outlook, Remains Stable Issuer: Banco Hipotecario S.A. Upgrades: Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1 Baseline Credit Assessment, Upgraded to b3 from caa1 LT Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr) LT Counterparty Risk Rating (Foreign Currency), Upgraded to B2 from B3 LT Counterparty Risk Rating (Local Currency), Upgraded to B2 from B3 LT Bank Deposits (Foreign Currency), Upgraded to B3 STA from Caa1 STA LT Bank Deposits (Local Currency), Upgraded to B3 STA from Caa1 STA Affirmations: ST Counterparty Risk Assessment, Affirmed NP(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP ST Bank Deposits (Foreign Currency), Affirmed NP ST Bank Deposits (Local Currency), Affirmed NP Outlook Actions: Outlook, Remains Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Macro's b3 BCA is positioned two notches below the "Financial Profile" initial score of b1 to reflect the impact of the sovereign's weak credit profile and the expected loan growth, which leads to an expectation of weaker capital metrics. Santander Argentina's b3 BCA is positioned two notches below the "Financial Profile" initial score of b1 to reflect the impact of the sovereign's weak credit profile and the expected loan growth, which leads to an expectation of weaker capital metrics. For Galicia, Hipotecario, and Supervielle, 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. ============= B A H A M A S ============= FTX GROUP: $1.8B Clawback Suit Against Binance, Zhao Can Proceed ---------------------------------------------------------------- Sarah Jarvis at law360.com reports that a Delaware federal bankruptcy judge has allowed FTX's bankruptcy estate to continue to try to claw back a $1.76 billion payment to the cryptocurrency platform though she trimmed certain claims. Bloomberg New, in a separate report, says Binance Holdings Ltd. and its former Chief Executive Officer Changpeng Zhao can't toss the lawsuit brought by the FTX Trading Ltd. recovery trust seeking to claw back the $1.76 billion it alleges was fraudulently transferred by Sam Bankman-Fried. Binance and Zhao, also known as CZ, successfully defeated claims for damages related to the November 2022 collapse of the rival cryptocurrency exchange, the report notes. But they must still defend against the recovery of $1.76 billion paid during a 2021 share repurchase agreement, Judge Karen B. Owens of the US Bankruptcy Court for the District of Delaware said in a July 24 opinion. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== EMBRAER SA: Backlog Hits Record US$34.5 Billion ----------------------------------------------- avitrader.com reports that Embraer SA posted a record order backlog of US$34.5 billion in the second quarter of 2026, extending seven consecutive quarters of growth. The figure rose 7% from the previous quarter and 16% year-on-year, according to avitrader.com. Commercial Aviation led the performance, with backlog climbing to US$15.1 billion, up 15%, boosted by Azorra's order for 15 E195-E2s, which pushed the E2 program beyond 500 firm orders, the report notes. The company also confirmed Fuji Dream Airlines as the previously undisclosed customer for two E175s, the report relays. The report discloses that Executive Aviation's backlog increased to US$7.8 billion as the new Praetor 500E and Praetor 600E secured certification from Brazilian, US and European regulators. Defence & Security recorded the strongest annual growth, with backlog jumping 42% to US$6.1 billion, driven by the United Arab Emirates' order for ten C-390 Millennium aircraft, with options for a further ten, marking the type's entry into the Middle East market, the report adds. Headquartered in Sao Jose dos Campos, State of Sao Paulo, Brazil, Embraer SA manufactures and markets commercial, corporate, and defense aircraft. Egan-Jones Ratings Company on January 3, 2025, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Embraer SA to B+ from B. EJR also withdrew the rating on commercial paper issued by the Company. GALILEO ADMINISTRACAO: Chapter 15 Case Summary ---------------------------------------------- Chapter 15 Debtors: Galileo Administracao de Recursos Educacionais SA and Galileo Gestora De Recebiveis SPE Avenida Rio Branco, no 114, sala 903, Centro, Rio de Janeiro - RJ, 20040-001, Brazil Business Description: Galileo Administracao, headquartered in Rio de Janeiro, is a Brazilian corporation that administered and managed higher education institutions. Incorporated in 2010 as Rio Guadiana Participacoes S.A., it managed 13 institutions by May 2012, including Universidade Gama Filho and UniverCidade. The company ceased operations after Brazil's Ministry of Education and Culture revoked the licenses of its two principal universities. Galileo SPE, established in December 2010 to finance the operations, issued approximately R$100 million in debentures backed by medical student receivables. Chapter 15 Petition Date: July 13, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-19114 Judge: Hon. Erik P Kimball Foreign Representatives: Athos de Andrade Figueira Neves and E. Ferreira Gomes Advogados Foreign Proceeding: 7th Corporate Court of Rio de Janeiro, Brazil, Case No. 0105323-98-2014.9.19. 0001 Foreign Representatives' Counsel: Nyana Abreu Miller, Esq. SEQUOR LAW, P.A. 1111 Brickell Avenue, Suite 1250 Miami, Florida 33131 Tel: (305) 372-8282 Fax: (305) 372-8202 E-mail: nmiller@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KFMOE6Y/Galileo_Administracao_de_Recursos__flsbke-26-19114__0001.0.pdf?mcid=tGE4TAMA =========================== C A Y M A N I S L A N D S =========================== AMBIPAR EMERGENCY: White & Case's 2nd Amended Rule 2019 Statement ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Ambipar Emergency Response and its debtor-affiliates, White & Case LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Second Amended Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents an ad hoc group of lenders and financing providers under debentures, working capital loans, and other financial instruments with debtor-affiliates that are also joint debtors (the RJ Debtors) in the jointly administered plenary judicial reorganization proceeding under Brazilian Federal Law No. 11.101/2005 pending before the 3rd Business Court of Rio de Janeiro. The RJ Debtors have been substantively consolidated, pursuant to their request submitted before the filing of this chapter 11 case, by order of the RJ Court, and are jointly liable for all claims against any RJ Debtor under Brazilian law. Each member of the Ad Hoc Group of Financial Creditors has indicated to Counsel that it holds disclosable economic interests, or acts as investment manager, advisor, or affiliate to funds and/or accounts that hold disclosable economic interests, in relation to the Debtor. Nothing contained in this Statement is intended or shall be construed to constitute: (i) a waiver or release of any claims against or equity interests in the Debtor by any of the members of the Ad Hoc Group of Financial Creditors or any of their respective affiliates, (ii) an admission with respect to any fact or legal theory, or (iii) a limitation or waiver of any rights of any members of the Ad Hoc Group of Financial Creditors or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim in accordance with applicable law and any orders entered in this Chapter 11 Case. The information contained in this Statement is provided only for the purposes of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. Counsel reserves the right to amend or supplement this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, nature, and amount of all disclosable economic interests of each present member of the Ad Hoc Group of Financial Creditors in relation to the Debtors, are: 1. Banco ABC Brasil S.A. SÃ£o Paulo, SP, Avenida Cidade Jardim, No. 803, 2nd floor, 01453-000 Name and Amount of Claims Loan Agreement No. LA-35.0007/25: US$ 651,857.94 Cash Flow SWAP Agreement No. 16616425: US$$ 93,650.86 Loan Agreement No. LA-35.0029/25: US$ 365,635.77 Cash Flow SWAP Agreement No. 16801625: US$32,191.10 Loan Agreement No. LA-35.0163/24: US$1,345,846.83 Cash Flow Swap Agreement No. 16166024: US$85,534.82 Loan Agreement No. LA-35.0164/24: US$1,656,426.88 Cash Flow Swap Agreement No. 16166124: US$ 105,273.63 Loan Agreement No. LA-35.0174/24: US$ 593,017.85 Cash Flow Swap Agreement No. 16246524: US$ 58,855.98 Loan Agreement No. LA-35.0177/24: US$ 8,084,073.36 Cash Flow Swap Agreement No. 16266324: US$ 889,047.31 2. Banco Bradesco S/A Osasco, SP, Cidade de Deus, s/n, Vila Yara, 06029-900 Name and Amount of Claims Bradesco Debentures: US$ 40,774,678.98 CCB 16716957: US$ 1,816,794.23 Stock Bookkeeping Service: US$ 6,417.52 Stock Bookkeeping Service: US$ 327.82 CCB 15963687: US$ 40,726.69 CCB 16158213: US$ 11,341.70 CCB 16158212: US$ 9,419.08 CCB 16205190: US$ 623,791.75 Visa Credit Card Statement: US$ 36,242.84 Elo Credit Card Statement: US$10,145.74 3. Banco Sumitomo Mitsui Brasileiro S/A SÃ£o Paulo, SP, Avenida Paulista, No. 37, 11th and 12th Floors, 01311-902 Name and Amount of Claims EESG13 Debentures: US$ 95,911,619.33 4. Banco do Brasil S.A. Brasilia, Setor de Autarquias Norte, Quadra 5, Bloco B, Asa Norte, Brasilia-DF, 70.040-912 Name and Amount of Claims BB Digital Working Capital Credit Facility 340604200: US$ 1,063,334.68 BB Corporate Financing Loan 251329767: US$ 21,804.73 BB Digital Working Capital Bank Credit Note 251331046: US$ 171,129.21 BB Digital Working Capital Bank Credit Note 251331567: US$ 149,867.16 BB FCO Commercial Development Credit 328312210: US$ 6,842.59 BB Auto Consortium 3585603: US$ 926.66 BB Export Credit 250010396: US$ 2,904,095.64 Ourocard Business Visa 172302492: US$ 7,250.29 CETIP-Registered Debentures 2385: US$ 65,743,513.81 BB Working Capital Credit Facility 191101476: US$ 65,702,692.30 BB Digital Working Capital Credit Facility 191101489: US$ 153,139.20 Import Financing Buyerâ€™s Credit 250017247: US$ 1,182,016.00 BB Digital Working Capital Bank Credit Note 808404607: US$ 158,787.65 Business Card Charges: US$ 1,598.25 BB Corporate Financing 2122278: US$ 20,173.86 BB Auto Consortium 2780595: US$ 2,981.22 BB Auto Consortium 2780634: US$ 2,981.22 BB Digital Working Capital Bank Credit Note 002.122.758: US$ 249,406.35 BB FCO Commercial Development (Banker's Acceptance): US$ 8,784.62 BB FCO Commercial Development Credit Facility 336003971: US$ 54,216.68 Checking Account Fee 316887: US$ 47.48 BB Guaranteed Account Bank Credit Note 808.405.196: US$ 194,739.06 BB Digital Working Capital Credit Facility 808405424: US$ 154,423.33 BB Digital Working Capital Credit Facility 808406261: US$ 544,901.36 BB Corporate Financing 2122089: US$ 37,270.76 Conventional Corporate Leasing (Aircraft Financing) 239751: US$ 33,969,652.58 Counsel to the Ad Hoc Group of Financial Creditors: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, TX 77002 Tel: (713) 496-9700 Email: charles.koster@whitecase.com -- and -- Richard S. Kebrdle, Esq. WHITE & CASE LLP 200 South Biscayne Boulevard, Suite 4900 Miami, FLA 33131 Tel: (305) 371-2700 Email: rkebrdle@whitecase.com -- and -- John K. Cunningham, Esq. Ricardo Pasianotto, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10022 Tel: (212) 819-8200 Email: jcunningham@whitecase.com ricardo.pasianotto@whitecase.com About Ambipar Emergency Response Ambipar Emergency Response (OTCMKTS: AMBWQ) is a global environmental and emergency response firm. Ambipar Emergency Response is a holding company incorporated under the laws of the Cayman Islands. Ambipar Emergency Response became a public company through a de-SPAC transaction, which closed on March 3, 2023. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the Chapter 11 case. The Debtor is represented by Simpson Thacher & Bartlett LLP and Gray Reed & McGraw LLP. Quinn Emanuel Urquhart & Sullivan, LLP serves as counsel to the Independent Special Committee of the Board of Directors of the Debtor. Kurtzman Carson Consultants, LLC DBA Verita Global serves as the Debtorsâ€™ noticing agent. White & Case LLP represents an ad hoc group of lenders and financing providers. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Faces Inflation, Cash Shortage and Rising Debt ------------------------------------------------------------------ Dominican Today reports that the People's Force (Fuerza del Pueblo) has warned that the Dominican economy is facing rising inflation, tighter liquidity, and growing quasi-fiscal debt, arguing that current monetary policies are placing additional pressure on households and small businesses. Speaking as the party's newly appointed Secretary of Economic Affairs, Haivanjoe Ng Cortiñas said Central Bank data through July 15, 2026 points to persistent inflationary pressures, a sharper-than-usual reduction in cash circulating among the public, and continued growth in the Central Bank’s debt instruments, according to Dominican Toda. Ng Cortinas said accumulated inflation has reached 5.7% in 2026, while food inflation stands at 7%, both above the Central Bank's target range, the report notes. He argued that rising food prices disproportionately affect lower-income families, which spend a larger share of their income on basic groceries, the report relays. The economist also said cash in circulation has declined 8.72% between December and July, compared with seasonal declines of about 5% in previous years, the report says. According to him, the reduction suggests a tighter liquidity environment that particularly affects the informal sector, small businesses, and households that rely on cash transactions, the report notes. Ng Cortinas further criticized the continued increase in the Central Bank’s quasi-fiscal debt, noting that outstanding certificates and notes have grown 6.8% so far this year, the report discloses. He argued that the associated interest costs ultimately fall on taxpayers while benefiting financial institutions holding those securities, the report notes. He also questioned the recent 7.57% appreciation of the Dominican peso, saying it favors importers but reduces the value of remittances and affects exporters and the tourism sector, whose earnings are largely generated in U.S. dollars, 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. ********* 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 * * *