260803.mbx

260803.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 Monday, August 3, 2026, Vol. 27, No. 153 Headlines A R G E N T I N A ARGENTINA: IDB OKs $300M-Loan to Strengthen Digital Capabilities EMPRESA DISTRIBUIDORA: $200MM Add-on No Impact on Moody's B3 CFR B A H A M A S BAHAMAS: Taking Action After US Imposes New Export Tariff FTX GROUP: Deal Would Route $160M+ to Victims of Korean Fraudster B R A Z I L REFINARIA DE MATARIPE: Fitch Hikes IDR to 'BB-', Outlook Stable C O L O M B I A BANCO GNB: Moody's Affirms 'Ba2' LT Deposit Ratings, Outlook Stable D O M I N I C A N R E P U B L I C BANCO DE RESERVAS: Moody's Affirms 'Ba2' Deposit Ratings G U Y A N A GUYANA: IMF Says Economy Continues to Expand at a Very Rapid Pace J A M A I C A JAMAICA: BOJ Provides $2.5 Billion in Liquidity Support to DTIs M E X I C O BANCO MULTIVA: Fitch Publishes 'BB' Long-Term IDR, Outlook Stable P U E R T O R I C O GOVASSIST LLC: Seeks Chapter 11 Bankruptcy in Puerto Rico MALO ES NA: Seeks Approval to Tap Cuevas & Aponte as Accountant - - - - - ================= A R G E N T I N A ================= ARGENTINA: IDB OKs $300M-Loan to Strengthen Digital Capabilities ---------------------------------------------------------------- The Inter-American Development Bank (IDB) approved a loan of $300 million to help Argentina improve public spending efficiency, modernize the public administration, and improve its digital government capabilities. The operation National State Transformation I will support reforms to public-sector workforce management and investments in digital systems and technology across the national administration. These reforms will help Argentina improve the management of public employment through measures including stronger merit-based recruitment processes, the implementation of a new integrated human resources management system, and voluntary separation programs, strengthening institutional capacity and improving planning and decision-making. "Modernizing the state is about building a public administration that is more efficient, more transparent, and better equipped to respond to citizens' needs. This program will support Argentina in strengthening public institutions, improving the quality of public spending, and expanding digital capabilities to deliver better public services and create the conditions for long-term development," said Viviana Alva Hart, IDB Group Representative in Argentina. The operation will also strengthen the government’s technological capabilities through investments in shared digital infrastructure, modernization of public procurement platforms, technology purchasing frameworks, and upgrades to systems used to manage public assets. Together, these actions are expected to improve efficiency, transparency, IT capacity planning, and interoperability across government operations. The program will contribute to the country’s efforts to build a more effective, modern, and citizen-focused public administration. The operation aligns with the IDB’s Country Strategy with Argentina 2025–2028 and provides a long-term framework to support successive phases of state modernization at both the national and subnational levels. The loan of US$300 million has a disbursement period of four years and will be financed with the IDB’s Ordinary Capital resources. This is the first operation of a conditional line of credit for investment projects (CCLIP) of up to $800 million. 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 countryâ€™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) â€” 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. EMPRESA DISTRIBUIDORA: $200MM Add-on No Impact on Moody's B3 CFR ---------------------------------------------------------------- Moody's Ratings said that the B3 Corporate Family Rating and B3 Senior Unsecured (Foreign Currency) debt rating of Empresa Distribuidora y Comercializadora Norte S.A. (Edenor)'s $550 million 9.50% senior unsecured notes due 2033 are unaffected by the planned additional issuance of up to $200 million, as an add-on to its existing 2033 notes. The rating's outlook remains positive. Net proceeds from Edenor's proposed up to $200 million add-on notes will be used for ongoing liability management initiatives as well as general corporate purposes including the potential business acquisition of Metrogas. The notes are denominated in US dollars with a coupon paid on a semi-annual basis. The principal amount will be payable in three equal installments, starting in 2031. Edenor's B3 rating mainly reflects the company's relatively low financial leverage and strong market position as an essential provider of electricity distribution services in the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the City of Buenos Aires. The rating is constrained by the country's regulatory framework with an inconsistent track record on the sufficiency of tariffs and returns. The positive rating outlook reflects Moody's expectations that operating conditions for Edenor will continue to improve over the next 12 to 18 months. Moody's anticipates that the timeliness and adequacy of tariff adjustments will support a gradual recovery in the company's cash flow generation and profitability. These developments are expected to strengthen the company's financial profile and reinforce its ability to meet operational and investment needs. Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), headquartered in Buenos Aires, is Argentina's largest electricity distribution company. It serves about 3.4 million customers within its exclusive concession area covering the northern part of the City of Buenos Aires and the northwestern zone of Greater Buenos Aires. Edenor supplies around 20% of the country's electricity demand and operates under a regulated monopoly within its license area. ============= B A H A M A S ============= BAHAMAS: Taking Action After US Imposes New Export Tariff --------------------------------------------------------- RJR News reports that the Bahamas government said it is taking steps to address a new 12.5 per cent tariff imposed by the United States on certain export from the country. The tariff is part of a wider US action targeting 60 countries that Washington says have failed to impose and effectively enforce bans on goods produced using forced labor, according to RJR News. The measure was introduced at the direction of US President Donald Trump, the report notes. However, Jomo Campbell, Bahamas Minister of Agriculture and Marine Resources, says that the government is seeking clarification on why recent amendments to the Customs Management Act, which prohibit the importation of goods produced using forced labour, were not recognised by the US authorities, the report says. He says the government is also seeking details on any deficiencies that need to be corrected, noting that six countries have already moved from the higher tariff rate to the lower rate after updating their laws, the report notes. The Bahamas exports to the United States totalled $110.9 million in the third quarter of 2025, up from $84.3 million in the same period a year earlier, the report adds. FTX GROUP: Deal Would Route $160M+ to Victims of Korean Fraudster ----------------------------------------------------------------- Lauren Berg at law360.com reports that the FTX Recovery Trust asked a Delaware bankruptcy judge to greenlight a settlement with the foreign representative of Junho Bang, a Korean citizen jailed over cryptocurrency fraud, that would return more than $160 million to the fraudster's victims. Bloomberg News, in a separate report, says the estate for bankrupt FTX Trading Inc. struck this settlement with a receiver representing the estate of convicted Korean fraudster Junho Bang that would allow nearly $165 million to be distributed to victims of his Ponzi schemes. The proposed settlement with Bang's court appointed receiver and foreign representative Soogeun Oh allow distributions to legitimate creditors through a Seoul bankruptcy case and prevents Bang or his affiliates from making any collections, according to a Thursday motion in the US Bankruptcy Court for the District of Delaware, relates Bloomberg News. About FTX Group 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 =========== REFINARIA DE MATARIPE: Fitch Hikes IDR to 'BB-', Outlook Stable --------------------------------------------------------------- Fitch Ratings has upgraded Refinaria de Mataripe S.A.'s (REFMAT) Long-Term Issuer Default Rating to 'BB-' from 'B+'. The Rating Outlook on the IDR is Stable. Fitch has also upgraded the senior secured notes issued by MC Brazil Downstream Trading S.a.r.l and guaranteed by REFMAT to 'BB-' from 'B+'. The upgrade reflects stronger EBITDA generation, driven by wider refining spreads, a better product mix, higher utilization and a lower cost base. These factors reduced EBITDA leverage to 3.7x in FY25 and support Fitch's view that leverage will remain well below the 3.5x sensitivity for the 'b' category, with further debt reduction supported by a cash-sweep mechanism. The rating remains constrained by REFMAT's single-asset profile and limited integration. Key Rating Drivers EBITDA Supports Upgrade: The upgrade reflects REFMAT's stronger EBITDA, driven by top-line gains and a lower cost base. In 2025 and 1Q26, EBITDA rose as spreads widened from historical levels to USD11.6/bbl and USD14.3/bbl, respectively. Higher market prices drove the improvement in later 2025 and 1Q26, even before the logistics disruptions of U.S.-Iran conflict supported higher spreads. Commercial efforts also improved fuel oil pricing and increased the share of gasoline and diesel in the sales mix, lifting weighted average spreads across the product basket. Higher utilization, at 86.6% in 2025 and 83.4% in 1Q26, raised volumes and supported revenue and EBITDA. REFMAT has historically reduced production costs to USD7.1/bbl from USD12/bbl, mainly through lower electricity and logistics costs. The stronger top line and leaner cost base reduced EBITDA leverage to 3.7x in FY25 and support Fitch's view that leverage will remain well below the 3.5x sensitivity for the 'b' category. In Fitch's base case, the cash-sweep mechanism is activated leading to a sustained leverage reduction below 2.0x over the rating horizon. Fitch also expects EBITDA to interest expense coverage to increase above 6x. Single Asset Refinery: REFMAT's operating profile as a single-asset refinery constrains the rating. Its 302,000 bbl/d capacity partly offsets this weakness, as it falls in the middle of 100,000 bbl/d to 500,000 bbl/d range commensurate with the 'bb' category. REFMAT benefits from its location in Brazil's Northeast, as most of the country's refining capacity is in the South and Southeast. This geographic position, together with Brazil's structural deficit in refined products, supports continued import parity pricing and partly mitigates the company's exposure to single-asset risk. Limited Integration: REFMAT is a pure-play refiner and is exposed to cyclical refined product and crude oil markets, as well as crude logistics disruptions. Petrobras's dominant position in Brazil's crude market also creates supplier concentration risk. REFMAT has partly mitigated this by diversifying its supplier base to include domestic and international crude producers, which improved margins in 2025. Its maritime port assets also help keep logistics costs low on imported feedstock and enhance business diversification. Asset Complexity Constraint: The company's asset complexity compares somewhat weakly with global benchmarks and constrains the rating. Nelson complexity of 8 for REFMAT is lower than 9.1 for global peers, while remaining closer to the regional average of 7.9, which is consistent with a 'bb-' category. The quality of the asset is fundamental to a high-value product mix that can sustain healthier spreads in the long term. Peer Analysis REFMAT's ratings reflect its position as a single-site, medium-complexity refiner with 302,000 bbl/d of capacity. Its scale is above CVR Energy, Inc. (B+/Stable), at about 206,500 bbl/d and ENAP at 230,000 bbl/d, and broadly in line with Delek U.S. Holdings, Inc. (B+/Stable). REFMAT has materially deleveraged, with EBITDA leverage falling to 3.7x in 2025 from 6.8x in 2024, versus 4.5x for Delek and 4.5x for CRV. This supports a stronger financial profile than peers. However, its single-asset profile and limited integration constrain the rating relative to larger and more diversified peers. REFMAT also benefits from a strategic location in Brazil, where limited regional refining supply supports pricing and market position. Its location offers advantages similar to those of some U.S. midcontinent refiners, while local sales of very low sulphur fuel oil support product mix and realized pricing. Fitch’s Key Rating-Case Assumptions - Brent oil prices of USD87/bbl 2026, USD/65 in 2027 and USD60/bbl mid-cycle; - Crack spreads in Brazil's northeast region of USD14.8 for 2026, and 9.5 per bbl over the forecast period; - Utilization rate averaging 90% through the rating horizon; - Average operating expenses of USD7.2/bbl; - Average capex of USD157 million per year over the rating cycle; - Cash sweep when cash balance exceeds USD250 million - Corporate taxes of 30% - No dividend payments through the rating horizon as per the company's expectation Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb', Moderate), market and competitive positioning ('bb-', Higher), diversification and asset quality ('bb-', Higher), company operational characteristics ('bb', Moderate), profitability ('bb', Moderate), financial structure ('bbb+', Lower), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The Governance assessment of 'Good' results in no adjustment. The operating environment assessment of 'bb' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA/interest expense below 5.0x; - Debt to EBITDA above 3.5x on a sustained basis; - Cash balance consistently below BRL2.0 billion; - Sustained deterioration of crack spreads below regional average. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Higher scale based on volume metrics or the number of facilities; - Higher integration with upstream, midstream or petrochemical businesses. Liquidity and Debt Structure REFMAT's liquidity is supported by a six-month debt service reserve account and a USD250 million cash policy, covering roughly two years of debt service and mitigating short-term cash flow disruptions from commodity price volatility. The consent approved in early 2026 allowed the company to enter LCs, releasing USD54 million in liquidity by June 2026. REFMAT's debt comprises USD1.8 billion in amortizing notes and drawn credit lines. The notes follow a sculpted amortization schedule and include a cash sweep provision: a minimum of 25% of available cash flow is swept when net leverage is below 2.5x, increasing to 50% at 2.5x-3.0x and up to 75% if leverage exceeds 3.0x. In 2025, the company did not make any cash sweeps. Debt servicing is prioritized through a cash waterfall structure covering operating expenses, purchases, capex, taxes and hedging, followed by senior debt service, reserve funding, cash sweep payments and finally distributions, subject to restricted payment tests. The senior secured notes are collateralized by assets, contracts and receivables, except a crude purchase liquidity facility. At July 17, 2026, REFMAT had USD750 million in committed lines, USD493 million in cash and total debt of USD1.82 billion. Issuer Profile MC Brazil was formed for the purpose of acquiring and operating the Landulpho Alves Refinery, now Refinaria de Mataripe S.A. (REFMAT), from Petrobras. The refinery sells its products to Brazil's north and northeast regions and also exports fuel oils. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Refineria de Mataripe S.A. is 59. This score reflects the concentration of the company's assets and its high exposure to heat and flood-related physical risks. Key transition risks include potential demand reductions driven by policies aimed at decreasing oil use in the global economy and, in the nearer term, regulations intended to limit greenhouse gas (GHG) emissions from oil and gas production. These transition risks are not considered to have a material impact on the rating, given the long-time horizon over which they may unfold and the uncertainty around the scale and nature of changes, as well as how markets and companies may respond. ESG Considerations Refinaria de Mataripe S.A. has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the nature of the refining business and the emissions associated to it which impacts the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- MC Brazil Downstream Trading S.a.r.l. senior secured LT BB- Upgrade B+ Refinaria de Mataripe S.A. LT IDR BB- Upgrade B+ LC LT IDR BB- Upgrade B+ =============== C O L O M B I A =============== BANCO GNB: Moody's Affirms 'Ba2' LT Deposit Ratings, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has affirmed Banco GNB Sudameris S.A.'s (GNB Sudameris) long- and short-term local and foreign currency deposit ratings at Ba2 and Not Prime, respectively, as well as its baseline credit assessment (BCA) and adjusted BCA at ba3. Moody's also affirmed GNB Sudameris' subordinate debt rating at B1, the long- and short-term local and foreign currency counterparty risk ratings of Ba1 and Not Prime, respectively, as well as the counterparty risk assessments of Ba1(cr) and Not Prime(cr), for long and short-term, respectively. The outlook on the long-term deposit ratings remains stable. RATINGS RATIONALE The affirmation of GNB Sudameris' ba3 BCA reflects the bank's long-track record low capitalization and modest profitability levels relative to peers. In March 2026, the tangible common equity to risk-weighted assets ratio remained below peers at 9.7% , while the average for the Colombian rated banks in the same period stood at 12.3%. Capital metrics and bottom-line results has been affected by the effect of the valuation of equity and debt instruments, particularly GNB Sudameris' equity holding in Grupo Nutresa S.A. (Baa3 negative), whose shares rose 257% in 2025. Moody's expects earnings volatility to decline, while further improvements in recurring operating profitability will depend on continued business expansion across the bank's three key markets: Colombia, Paraguay and Peru. GNB Sudameris' ba3 BCA is supported by stable asset quality metrics over the past three years and adequate loan-loss reserves. As of March 2026, the bank's problem loan ratio, measured as Stage 3 loans under IFRS to total loans, declined to 2.8% from 3.1% a year earlier and remained below the 3.3% annual average from 2022 to 2024. The bank's asset risk profile reflects its largely corporate lending operation, with lower-risk corporate borrowers, that accounted for 64% of total loans in March 2026, and secured payroll-deductible loans, which accounted for about 29% of total loans. At the same date, loan-loss reserves covered about 116% of Stage 3 loans and 213% of loans more than 90 days overdue, providing a cushion against potential losses amid a still challenging operating environment for corporate lending in Colombia. The bank's large share of stable, granular demand and savings deposits supports the stability of its funding mix. In March 2026, less-stable funding to tangible assets ratio stood at 22.6% , backed by strong liquidity over the past five years, with core banking liquidity to tangible banking assets rising to 20.4% in March 2026 from 19.4% a year earlier. GNB Sudameris' Ba2 deposit ratings incorporate Moody's assessments of a moderate probability of support from the Government of Colombia (Baa3 stable) in the event of stress, resulting in a one-notch uplift from the bank's ba3 BCA. This support assumption is based on the bank's deposit market share of approximately 3% in Colombia as of March 2026. The stable outlook on GNB Sudameris' ratings reflects Moody's expectations that the bank will maintain sound asset quality and adequate loss-absorption buffers over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of GNB Sudameris' BCA would be contingent upon the bank demonstrating a strong and sustained improvement in both capitalization and profitability metrics. Consistent reporting of asset quality metrics at low levels, coupled with growth in loan origination, could also positively impact its BCA and deposit ratings. Conversely, GNB Sudameris' BCA could face a downgrade if the bank experiences sudden deterioration in asset quality, resulting in negative effects on profitability and capital position during the upcoming outlook period. The bank's deposit rating would remain unaffected by a downgrade of Colombia's sovereign rating, which is considered unlikely at this time given the stable outlook on the rating. The principal methodology used in these ratings was Banks published in November 2025. GNB Sudameris' "Assigned BCA" score of ba3 is positioned three notches below the "Financial Profile" initial score of baa3. This adjustment reflects the bank's asset risks and inherently low profitability during a period of slow economic recovery in Colombia. Additionally, this gap also considers a qualitative adjustment related to corporate behavior attributed to the dominant ownership by a single major shareholder, as well as related-party transactions as the bank's ownership is related to large corporate and financial conglomerates in Colombia. =================================== D O M I N I C A N R E P U B L I C =================================== BANCO DE RESERVAS: Moody's Affirms 'Ba2' Deposit Ratings -------------------------------------------------------- Moody's Ratings has affirmed Banco de Reservas de la Republica Dominicana's (Banreservas) long-term local and foreign currency deposit ratings at Ba2, and its baseline credit assessment (BCA) and adjusted BCA at ba2. The bank's long-term local and foreign currency counterparty risk ratings and long-term counterparty risk assessment were also affirmed at Ba1 and Ba1(cr), respectively. At the same time, the short-term local and foreign currency deposit ratings and counterparty risk ratings were affirmed at Not Prime and the short-term counterparty risk assessment was affirmed at Not Prime(cr). The outlook on the bank's long-term deposit ratings remains stable. RATINGS RATIONALE The affirmation of Banreservas' ba2 BCA balances the bank's dominant franchise, stable low-cost deposit funding and strong capitalization against emerging asset-quality pressures from rapid credit growth and expansion into consumer lending. As the largest bank in the system, Banreservas benefits from a well-established franchise that ensures consistent access to core deposits, sourced from households and the private sector, as well as from government and affiliated entities. With a market share of around 34% of total system deposits as of March 2026, Banreservas reports a consistently growing deposit base, which reduces its need to rely on higher-cost market-based funding. The bank's diversified business model and the Dominican Republic's robust economic performance have supported asset quality despite rapid credit expansion. Gross loans have grown at an average of around 14% annually over the past three years, above nominal GDP growth, with an expansion into higher risk consumer lending that now accounts for 27% of the portfolio. While problem loans remain low at 0.8% of gross loans as of March 2026, asset quality has weakened moderately as recent vintages season and credit deepening continue. Restructured loans rose to 3.6% of gross loans from 3.0% a year earlier, and net charge-offs reached 1.3% of gross loans in 2025, from 1.1% a year earlier. Loan loss reserve coverage at 3.6% of gross loans as of March 2026 will help limit rising asset risks. Banreservas' ba2 BCA also reflects the bank's tangible common equity to risk-weighted assets at 18.0% as of March 2026, supported by internal capital generation. The bank's organic law caps dividends to the Dominican State at 40% of net earnings, supporting retention. Profitability is moderate, with net income to tangible assets at 1.8% as of March 2026, down from 1.9% in 2025. Returns are constrained by persistently high funding and operating costs, as well as by the low-yield securities portfolio. Provisioning expenses rose in 2025, reflecting loan growth in higher-risk consumer segments and a rising stock of restructured loans, and Moody's expects credit costs to remain elevated, at 1.9% of gross loans as of March 2026 up from 1.3% a year earlier. Moody's assessments of Banreservas as a government-backed institution results in no rating uplift because the bank's ba2 BCA is at the same level as the Government of Dominican Republic's Ba2 sovereign bond rating. Moody's government support assessment incorporates the bank's full government ownership, its strong financial and operational ties with the government, as well as Banreservas' significant role in the country's deposit and lending markets. The bank's long-term deposit ratings carry the same stable outlook as the Government of Dominican Republic. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The Ba2 deposit rating assigned to Banreservas is positioned at the same level as the sovereign bond rating, and therefore upward rating pressure is limited at this point. The bank's rating could be upgraded if the Dominican Republic's sovereign bond rating were to be upgraded, provided that the bank's financial profile remains sound. Factors that could lead to a BCA downgrade include: (1) a substantial and consistent deterioration in asset risk and profitability; and/or (2) weakened capitalization, particularly if linked to higher-risk segments such as consumer lending. In addition, a downgrade of the Dominican Republic's sovereign rating could lower Banreservas' supported ratings, as well as its ba2 BCA. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Banco de Reservas de la República Dominicana's "Assigned BCA" score of ba2 is set three notches below the "Financial Profile" initial score of baa2 reflecting a rise in nonperforming and restructured loans, as well as write-offs in recent quarters. These trends are expected to keep provisioning needs elevated, limiting profitability. In addition, capitalization is likely to remain vulnerable to growth in risk-weighted assets as the bank expands into higher-risk consumer lending. =========== G U Y A N A =========== GUYANA: IMF Says Economy Continues to Expand at a Very Rapid Pace ----------------------------------------------------------------- An International Monetary Fund (IMF) staff team, led by Ms. Lusine Lusinyan, held discussions virtually and in Georgetown for the 2026 Article IV Consultation during July 20–31, 2026. The team met with Finance Minister Dr. Ashni Singh, Central Bank Governor Dr. Gobind Ganga, Minister of Parliamentary Affairs and Governance Ms. Gail Teixeira, Attorney General and Minister of Legal Affairs Mr. Mohabir Anil Nandlall, and other senior officials, representatives from the private sector, banks, labor unions, and other stakeholders. At the conclusion of the visit, Ms. Lusinyan issued the following statement: Strong Growth Guyana's economy continues to expand at a very rapid pace, supported by robust oil and non-oil activity. Real GDP grew by over 19 percent in 2025, following average growth of nearly 40 percent during 2023–24. Oil production exceeded expectations and surpassed 900,000 barrels per day by the end of 2025—an impressive 35 percent increase over one year, with similar volumes recorded in the first half of 2026. Encouragingly, broad-based growth in the non-oil economy continued at about 14 percent, with construction remaining the largest driver, and agriculture, mining, and manufacturing also contributing meaningfully. These trends broadly continued in the first half of 2026 though some sectors were affected by heavy rainfall. Robust growth was also reflected in a stronger labor market, with unemployment down at 6.2 percent by the end of 2025. Average inflation was contained to 3.3 percent in 2025 but edged up by mid-2026, reflecting higher global energy and food prices. The fiscal and external positions improved in 2025, and credit growth remained strong. The overall fiscal deficit narrowed by nearly two percentage points to 5.5 percent of GDP in 2025. Large public investment continued, and oil revenue more than offset the decline in non-oil revenue. The non-oil primary deficit amounted to one third of non-oil GDP. Public sector credit helped finance the fiscal deficit, and private credit supported economic activity, especially through household credit and business lending across the real sector. Strong foreign exchange (FX) demand, especially from private investment with heavy import content, kept the FX market tight. At the same time, rising oil production and a decline in oil-related service imports strengthened the external position, which is assessed to be broadly in line with the level implied by fundamentals and desirable policies in 2025. Prudent macroeconomic policies continue to support growth. Building on the Low Carbon Development Strategy 2030, the government’s five-year development plan maintains a welcome focus on economic diversification, resilience, and sustainability. Continued accumulation of oil revenue in the Natural Resource Fund (NRF) is helping build external and fiscal buffers, while large investments in physical and human capital are supporting non-oil growth and improving outcomes, especially in health and education. Tight monetary conditions have helped maintain price and exchange rate stability, while fiscal measures have cushioned near-term price pressures. These policies, together with continued strengthening of governance frameworks, have helped sustain macroeconomic stability, support growth, and advance national development priorities. Available indicators do not point to clear signs of overheating or resource-driven competitiveness pressures. But strong wage growth and wage-based real exchange rate indicators warrant close monitoring. Outlook and Risks The economic outlook remains highly favorable. Oil production is expected to continue expanding, and the non-oil economy is projected to grow by about 7 percent on average over the next five years as the government continues its ambitious plans to address infrastructure and developmental needs. The external position is expected to remain strong over the medium term, supported by higher oil production as new fields come onstream and existing projects mature. High oil prices strengthen the outlook for export earnings and the fiscal position going forward. As oil operators complete cost recovery, a larger share of oil revenues will accrue to Guyana through higher NRF inflows. Risks around the near-term outlook are broadly balanced in the context of elevated global uncertainty. On the upside, further oil discoveries would continue to improve growth prospects, and construction growth and strong public investment may support higher than expected short-term non-oil growth. Higher oil prices would further improve fiscal and external accounts but could also intensify overheating pressures, leading to real exchange rate appreciation beyond the level consistent with a balanced expansion of the economy, with oil price volatility adding to fiscal risks. Adverse climate shocks may also negatively impact the economy. Fiscal Policy Staff commends the authorities for sustained prudent fiscal policies. The fiscal deficit is expected to widen somewhat in 2026 due to social transfers and electricity subsidies but improve in 2027 given the one-year lag in the NRF withdrawal rule. If oil prices remain persistently high, a larger share of additional oil revenue should be saved, in line with the economy’s absorptive capacity. Public spending should continue to prioritize productivity-enhancing projects and support the most vulnerable. Policy efforts should remain focused on strengthening monitoring of spending outcomes and oversight of public enterprises. Staff urged that consideration be given to improving the targeting of subsidies. Over time, broad price-mitigating measures should be gradually phased out, as they can weaken price signals. The authorities’ prudent borrowing strategy continues to support debt sustainability, with the risk of debt distress assessed as low, as in the previous assessment. Reflecting strong commitment to fiscal responsibility, policies have supported rapid accumulation of substantial NRF balances and one of the lowest debt-to-GDP ratios in the hemisphere. The budget documents already provide detailed medium-term projections, performance indicators, and macroeconomic assumptions, offering a robust foundation for further developing medium- and long-term fiscal guideposts as the economy continues to transform. To help guide the balance between spending now and the needs of future generations, the non-oil primary balance could serve as the main operational target, strengthening gradually over the next decade to a level consistent with a chosen long-run anchor. During the transition period, public spending should continue to be aligned with peer-country levels of Sustainable Development Goal-related expenditure—taking into account the higher cost of public service delivery in a low population density country such as Guyana. Staff will continue to engage with the authorities on how best to calibrate medium- and long-term fiscal guideposts to Guyana’s development needs and absorptive capacity. Monetary and Exchange Rate Policy Monetary policy should remain consistent with the stabilized exchange rate arrangement and price stability. Policy continues to operate within a reserve money targeting regime, with liquidity management—primarily through FX operations—helping moderate base money growth. Broad money growth should remain broadly aligned with nominal non-oil GDP, with liquidity managed through FX operations, as needed, in addition to greater use of treasury bills and reserve requirements. Additional tightening would be warranted if demand pressures intensify, credit accelerates, or exchange rate pressures emerge. Over time, as Guyana’s economy expands and diversifies, incomes rise, and FX demand persists, the monetary framework should be strengthened by activating the interest rate channel, deepening financial markets, improving macroprudential tools, and gradually scaling back broad price-mitigating measures. These steps would enhance monetary transmission and further support macroeconomic stability. The current stabilized exchange rate regime remains appropriate, and over the medium term, as policy frameworks mature and the economy diversifies further, consideration could be given to allowing greater exchange rate flexibility to facilitate macroeconomic adjustment and enhance resilience to shocks. Financial Stability The banking sector remains well capitalized, with robust liquidity buffers and improving asset quality. Stress tests continue to suggest that banks remain resilient under reasonable adverse scenarios. Staff welcomes the authorities’ continued vigilance in safeguarding financial stability, including concentration risks. Developing a comprehensive macroprudential framework, including through technical assistance, would further help safeguard financial stability, and enhance policy formulation and implementation. Rapid growth in the housing market, largely supported by public housing investment, warrants continued close monitoring, and developing a real estate price index would strengthen the financial stability toolkit. Data collection on corporate and household balance sheets would further support risk monitoring and banking supervision, and cybersecurity standards should be further enhanced as digitalization of services expands. Governance Staff welcomes ongoing efforts to further enhance public sector transparency and service delivery, supported by digitalization. The authorities are advancing digital solutions across key public services, including interoperability of management information systems. Timely audits of available financial accounts continue, supported also by efforts to strengthen internal audit practices. Staff acknowledges the authorities’ efforts to resolve outstanding cost-oil audits, including through arbitration. Given their fiscal and governance implications, resolving these audits in a timely manner remains important. Improving timeliness of financial accounts of public enterprises and agencies also remains a priority. The authorities are encouraged to continue strengthening audit capacity, especially in oil and gas sector. As public expenditure expands rapidly, ongoing efforts to further strengthen public procurement practices and ensure consistent compliance with the procurement framework will help safeguard spending quality, supported by the new centralized digital platform. Staff welcomes the authorities’ strong commitment to strengthening AML/CFT and anti-corruption frameworks. The authorities are pursuing a comprehensive approach to AML/CFT, including steps to address vulnerabilities identified in Guyana’s 2024 Mutual Evaluation Report by the Caribbean Financial Action Task Force and preparing new AML legislation along with modernizing the relevant legislative frameworks. Staff commends the authorities’ efforts to strengthen oversight and transparency of the gold mining sector, with the planned risk assessment of extractive industries expected to contribute to identifying remaining gaps and informing further reforms. While some beneficial ownership information is already publicly available, facilitating public access and enhancing monitoring and enforcement of reporting requirements would further support transparency. Continued strengthening of the Integrity Commission, including compliance with and enforcement of asset declaration requirements, will also reinforce the broader anti-corruption framework. Climate, Energy, and Diversification Guyana remains at the forefront of market-based forest conservation while advancing its transition to a cleaner and more cost-effective energy mix. Staff welcomes the authorities’ strong commitment to strengthening resilience to climate-related risks and protecting biodiversity. Efforts to bolster resilience to natural disasters are advancing through investments in sea defenses and drainage infrastructure alongside investments in more climate resilient agriculture. The Gas-to-Energy project is expected to significantly reduce reliance on fuel-based power generation by 2027, with limited use subsequently as demand expands, lowering energy costs and supporting long-term competitiveness. Efforts to strengthen human capital, expand job opportunities, and enhance food security remain central to the authorities’ broader diversification strategy. The Local Content framework continues to support private sector development, while higher personal income tax thresholds are helping to encourage labor force participation. Reforms to address labor shortages should continue, including to strengthen skills and better align the workforce with the needs of a rapidly expanding economy. Ongoing initiatives to boost agricultural production and reduce regional food import dependence will support export diversification and enhance food security. Economic Statistics Staff welcomes the authorities’ continued efforts to strengthen official statistics to better reflect the economy’s transformation. These efforts include enhancing external and real sector statistics, including with technical assistance, as well as resuming regular labor force surveys and publishing preliminary census results. While progress continues in these areas, advancing work on updating national accounts, price, and external sector statistics remains a key priority. Together with maintaining regular updates to the labor force survey and the planned rollout of a new household budget survey, these efforts are important to strengthen the information base for policymaking and assess the impact of policies on economic growth and living standards. ============= J A M A I C A ============= JAMAICA: BOJ Provides $2.5 Billion in Liquidity Support to DTIs --------------------------------------------------------------- RJR News reports that the Bank of Jamaica has provided another $2.5 billion in liquidity support to deposit-taking institutions (DTIs) under its supervision. The central bank said only two bids were submitted in Monday's operation and both were accepted at an average interest rate of a 5.52 per cent per annum, according to RJR News. One institution borrowed $1.52 billion at 5.51 per cent while the other secured $1.25 billion at 5.52 per cent, the report notes. The latest operation brings the total liquidity support provided by the Bank of Jamaica to deposit-taking institutions since the start of the year to $7 billion, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== BANCO MULTIVA: Fitch Publishes 'BB' Long-Term IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has published Banco Multiva, S. A., Institucion de Banca Multiple, Grupo Financiero Multiva's (Banco Multiva) 'BB' Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs), 'B' Short-Term Local and Foreign Currency IDRs, 'bb' Viability Rating (VR) and 'no support' Government Support Rating (GSR). The Rating Outlook for the Long-Term IDRs is Stable. Key Rating Drivers IDRs Driven by Intrinsic Creditworthiness: Banco Multiva's IDRs are driven by its 'bb' VR, which is in line with the implied VR and reflects its expanding business profile, supported by rapidly growing operating revenue and increasing scale, as well as sound capitalization and effective risk controls to sustain this growth. The ratings also reflect well-controlled asset quality, improving profitability and a strengthened funding and liquidity profile. Stable Operating Environment (OE): The 'bb+' OE score with a stable trend reflects the stability of fundamental metrics, such as the Operating Risk Index (ORI) and GDP per capita, which will preserve operating conditions for Mexican banks. As of April 2026, Mexico's ORI percentile rank was 46.5%, while GDP per capita was USD 14,018. Consolidating Business Profile: Banco Multiva's business profile score of 'bb' reflects a strengthening position driven by the consolidation of its specialized model and effective execution by its management team. This is reflected by the gradual improvement in financial performance and the narrowing gap in size and revenues relative to other midsized Mexican banks. In 1Q26, total operating revenues was USD89 million, representing 30.6% annual growth in local currency (2022-2025 average: USD219 million). Fitch believes the development of the fiduciary business further supports revenue stability and diversification and reinforces the bank's competitive position. The assessment is above the implied category and incorporates the bank's market position and lending specialization, particularly in government entities, states, and municipalities, where it remains competitive against larger institutions. Fitch expects Banco Multiva to maintain sustained revenue generation, aligned with the current rating level. Appropriate Risk Profile, Growth Focus: Banco Multiva's 'bb-' risk profile is supported by effective risk controls, limited market and operational risk losses, and solid capital and liquidity management. The bank's focus on longer-term loans and government entities results in concentrations above those of direct peers, while balance sheet growth exceeds industry averages. Nevertheless, Fitch believes that proven origination standards, solid collections and recovery schemes, and good capitalization levels provide adequate buffers to absorb these risks. Sustained Improvement in Asset Quality: The 'bb-' asset quality score reflects the bank's effective risk controls, which have reduced impairment metrics. As of 1Q26, stage 3 loans represented 1.9% of the total portfolio (2022-2025 average: 3.0%), which compares favorably to its close peers. Banco Multiva also demonstrates sound management of its exposure to relevant-sized borrowers, which decreased over the last 12 months despite loan growth of approximately 41% since 1Q25. Fitch expects asset quality to remain controlled, with a stage 3 portfolio metric close to 2% during the 2026-2027 period, supported by a solid risk management framework. Profitability Above Historical Average: The positive trend in the 'bb-' earnings and profitability score is driven by efficiencies in the financial margin, a lower cost of risk, and growth in non-financial income. As of 1Q26, operating profit to risk-weighted assets (RWA) was 2.5% (2022-2025 average: 1.7%). While this metric remains below that of direct peers, the bank's ability to deliver consistent results supports internal capital generation. Fitch expects this ratio to remain close to 2.5% over the medium term, absent significant portfolio deterioration. Adequate Capitalization Supported by Supplemental Capital: Capitalization improved over the past 12 months through subordinated debt issuance and earnings retention. At 1Q26, the common equity tier 1 (CET1) ratio to RWA was 13.5% and total capitalization was 16.6%, supported by MXN2,050 million of outstanding subordinated debt. Regulatory capital metrics also reflect a temporary special accounting treatment authorized by the local regulator. Fitch considers capitalization adequate and in line with similarly rated peers, providing headroom to absorb concentration risks and expected growth. This is reflected in the Capitalization and Leverage score of 'bb'. Funding Strengthened by Growing Deposits: Banco Multiva has a funding and liquidity score of 'bb'. The substantial growth of the deposit franchise — driven in part by the incorporation of fiduciary-related balances — has transformed the bank's funding structure over the last 12 months. As of 1Q26, the loans-to-deposits ratio was 79.6% (2022-2025 average: 98.1%), reflecting a lower reliance on wholesale sources. The ongoing reconfiguration of the liability structure could support a further moderation in funding costs. Balance sheet liquidity is adequate, with liquid assets representing 42.5% of the balance sheet as of 1Q26, which partially mitigates depositor concentration risk. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained deterioration in asset quality metrics, accompanied by an increase in portfolio concentrations; - Operating profit to RWA ratio consistently below 1.25%; - CET1 to RWA ratios below 12% and total capitalization below 14% on a sustained basis, without timely and credible capital restoration measures. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Substantial improvement in the bank's credit profile, marked by a sustained and significant increase in total operating income, a reduction in loan portfolio and deposit concentrations, as well as operating profit to RWA metrics consistently above 3.5%, CET1 to RWA ratios close to 15%, and total capitalization above 17% in a sustained manner. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS No Government Support Factored In: Banco Multiva's 'no support' GSR reflects Fitch assessment that there is no reasonable assumption of sovereign support. This is because the bank is not considered a domestic systemically important bank (D-SIB) and has low market share and interconnectedness within the financial system. As of March 2026, Banco Multiva's customer deposits represented 1.5% of the Mexican banking system's deposits. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES GSR: There is no downside potential for the GSR. Upside potential is limited and can only occur over time with a material growth of the bank's systemic importance. Short-Term IDRs: Banco Multiva's Short-Term IDR is linked to the Long-Term IDR through Fitch's rating mapping. The 'B' Short-Term IDR is the only option for Long-Term IDRs in the 'BB' and 'B' categories; therefore, a change in Banco Multiva's Short-Term IDR would likely require a multi-notch change in the Long-Term IDR. VR ADJUSTMENTS The business profile score of 'bb' is above the 'b & below' category implied score due to the following adjustment reason: market position (positive). Summary of Financial Adjustments Fitch's tangible capital calculation excluded prepaid expenses and other deferred assets from shareholders' equity. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Banco Multiva, S. A., Institucion de Banca Multiple, Grupo Financiero Multiva LT IDR BB Publish ST IDR B Publish LC LT IDR BB Publish LC ST IDR B Publish Viability bb Publish Government Support ns Publish ===================== P U E R T O R I C O ===================== GOVASSIST LLC: Seeks Chapter 11 Bankruptcy in Puerto Rico --------------------------------------------------------- On July 22, 2026, GovAssist LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to the court filing, the debtor reports approximately $15.9 million in liabilities, approximately $1.1 million in assets, and states that no funds are expected to be available for distribution to unsecured creditors after payment of administrative expenses. The court set November 20, 2026, as the deadline for filing the Chapter 11 plan and disclosure statement. About GovAssist LLC GovAssist LLC is a Guaynabo, Puerto Rico-based provider of global travel and immigration consulting services. The company assists individuals with immigration documentation, visa-related services, passport applications and travel support through an online platform serving customers in multiple jurisdictions. GovAssist LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-03377) on July 22, 2026. In its petition, the debtor reported estimated assets of approximately $1.1 million and estimated liabilities of approximately $15.9 million. The Honorable U.S. Bankruptcy Judge assigned to the case has not yet been identified in the available court records. The debtor is represented by Juan Carlos Bigas Valedon, Esq., of Juan C. Bigas Law Office. MALO ES NA: Seeks Approval to Tap Cuevas & Aponte as Accountant --------------------------------------------------------------- Malo Es Na Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Cuevas & Aponte Accounting Group, LLC, through its President, Edwin Javier Cuevas Rivera, as accountant. The firm will provide these services: (a) provide assistance to the Debtor in preparing the Monthly Reports of Operation; (b) prepare the necessary financial statements; (c) assist the Debtor in preparing cash flow projections and any other projections needed for the Subchapter V Plan of Reorganization; (d) assist the Debtor in all financial and accounting matters pertaining to, or in connection with, the administration of the estate; (e) assist the Debtor in the preparation and filing of federal, state and municipal tax returns; (f) assist the Debtor in any other assignment that might be properly delegated; and (g) assist the Debtor in general accounting services, tax return preparation and making tax deposits. Cuevas & Aponte Accounting Group, LLC will receive an hourly rate of $150 for bankruptcy-related matters. Cuevas & Aponte Accounting Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Edwin Javier Cuevas Rivera CUEVAS & APONTE ACCOUNTING GROUP, LLC San Sebastián, Puerto Rico Telephone: (939) 243-3890 E-mail: ecuevas@caagllc.net About Malo Es Na Corp. Malo Es Na Corp. is a Puerto Rico-based corporation. Public filings provide limited details regarding the company's operations, but it conducts business as a corporate entity organized under Puerto Rico law. Malo Es Na Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-02237) on May 16, 2026. In its petition, the Debtor reported estimated assets of up to $100,000 and estimated liabilities of up to $1 million. Judge Mildred Caban Flores oversees the case. The Debtor is represented by Antoan Figueroa Hernandez, Esq. ********* 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. 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