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260804.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 Tuesday, August 4, 2026, Vol. 27, No. 154 Headlines A R G E N T I N A ARGENTINA: Spokesperson Plays Down Diplomatic Spat With Brazil PROVINCE OF NEUQUEN: Fitch Puts B- Final Rating to USD500MM Notes B R A Z I L COMPANHIA SIDERURGICA: S&P Affirms 'B' ICR, Outlook Still Negative GOL LINHAS: Fitch Hikes IDRs to 'B-' Then Withdraws Rating G U A T E M A L A GUATEMALA: IMF Says Prudent Macroecon. Mgmt. Underpinned Resilience J A M A I C A JAMAICA: Advisor Urges Relaxation on How Pension Funds are Invested PORTLAND JSX: JSE Suspends Trading of Shares P U E R T O R I C O GOVASSIST LLC: Case Summary & 20 Largest Unsecured Creditors - - - - - ================= A R G E N T I N A ================= ARGENTINA: Spokesperson Plays Down Diplomatic Spat With Brazil -------------------------------------------------------------- AFP News reports that Argentina sought to downplay tensions with Brazil after President Javier Milei made derogatory comments about his Brazilian counterpart Luis Inacio Lula da Silva. President Milei visited Sao Paulo to endorse the presidential candidacy of Flavio Bolsonaro, the son of Brazil's former far-right leader Jair Bolsonaro, according to AFP News. During the event, Milei called Brazil's incumbent leader a "convict" and a "thief," without explicitly naming Lula, the report notes. He also appeared to refer to Brazilian Supreme Court Justice Alexandre de Moraes as "bald trash," the report relays. President Milei's presidential spokesperson Adrian Ravier told a press conference: "These are ideological and political differences, but at least Argentina has never taken those differences to the diplomatic level," the report notes. "It is not our intention for this to affect bilateral trade relations" between Argentina and Brazil, he added. On Sunday, Milei claimed during an interview with the local Radio Mitre station that his country was the subject of a negative "campaign" financed by Brazil and Mexico - Latin American countries with leftist leaders - and the Democratic Party in the United States, the report says. He presented no evidence for his claim, the report relays. "There have always been insults from both sides," said Ravier, the report discloses. AFP News discloses that Brazil recalled its ambassador to Argentina for consultations Sunday, while a diplomatic source told the AFP news agency it also summoned Argentina's ambassador to discuss the "insults." The report says that President Milei "insulted two branches of government, the Brazilian people and Brazilian democracy," the source said. Ravier referred to the Bolsonaros as "friends and colleagues" of Milei's efforts to "advance pro-market ideas." "Lula opposes these ideas and the differences are clear. They are part of an ideological and political issue," he added. "This is not going to affect the diplomatic relationship," Ravier insisted, the report says. 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. PROVINCE OF NEUQUEN: Fitch Puts B- Final Rating to USD500MM Notes ----------------------------------------------------------------- Fitch Ratings has assigned Province of Neuquen's (B-/Stable Outlook) USD500 million 7.35% senior unsecured U.S.-dollar notes due 2034 a final rating of 'B-'. The notes are rated at the same level as the province's Issuer Default Ratings (IDRs). The notes will be a direct, unconditional, unsecured, and unsubordinated general obligation of the province and will rank pari passu in right of payment compared with its other unsecured obligations. The notes are governed by and construed in accordance with the laws of the state of New York. The final rating is in line with the expected rating that Fitch assigned on July 20, 2026, as the receipt of final documentation conformed to the information already received. These notes are the province's first international issuance since 2017. The notes will pay principal in three installments: 33% on Aug. 25, 2032; 33% on Aug. 25, 2033, and 34% on Aug. 25, 2034. The notes will accrue at a rate of 7.350% per year, payable semi-annually in arrears on Feb. 25 and Aug. 25 of each year, beginning on Feb. 25, 2027. Additionally, it includes the possibility of early redemption from 2031. Neuquen intends to use the net proceeds of the notes after deducting commissions, fees and expenses payable by the province, as follows: up to USD350 million for the total or partial financing of public works including public infrastructure projects, in accordance with Article 4(a) of Provincial Law No. 3434 and Article 1 of Provincial Law No. 3449; and up to USD150 million for the repayment or amortization of public debt maturing on or after April 1, 2024. Argentina's market-friendly administration has strengthened the credibility of macroeconomic policy, alongside Fitch's recent upgrade of the sovereign rating. Since July 2025, Argentine provinces have issued USD4.875 billion, mainly for liability management and, to a lesser extent, to finance infrastructure projects. Key Rating Drivers The notes' final rating is the same as Neuquen's Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) of 'B-', which reflects an adequate debt service coverage ratio for the next 12 months. On June 22, 2026, Fitch upgraded the Province of Neuquen's ratings. For details, please see "Fitch Upgrades the Province of Neuquen's Ratings to 'B-'" at www.fitchratings.com. Neuquen's current Standalone Credit Profile is 'b-', which indicates relatively low refinancing risk. The province has maintained balanced fiscal results and growth in its own-source revenue amid a supportive global geopolitical environment. Medium-term uncertainty remains because key rating metrics depend heavily on the oil and gas sector relative to national peers. Direct debt at YE 2025 totaled ARS1,175.4 billion, with 92.1% denominated in FC, and total debt grew 12.9% from 2024, mainly due to currency depreciation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Argentina's IDRs; - The IDR could be lowered if Neuquen's estimated actual DSCR drops below 1.2x and the liquidity coverage ratio falls below 1.0x, driven by lower operating margins and unrestricted cash, regardless of whether the payback ratio remains below 5x, resulting in the rating being guided directly by rating definitions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Argentina's IDR; - The SCP could be raised to 'b' if the financial profile remains in line with projections for a payback ratio below 5.0x and an actual debt service coverage ratio that consistently remains above 2.0x under Fitch's rating case. Date of Relevant Committee 18-Jun-2026 ESG Considerations Neuquen has an ESG Relevance Score of '3' for Rule of Law, Institutional & Regulatory Quality, Control of Corruption as government effectiveness, such as policy formulation and implementation, and the credibility of the government's commitment to such policies, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Neuquen has an ESG Relevance Score of '4' for Biodiversity and Natural Resource Management because of the province's significant economic and financial concentration in the volatile hydrocarbon sector, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Neuquen has an ESG Relevance Score of '4' for Creditor Rights because, despite the entity's improved willingness to service and repay its debt obligations, the 2020 DDE has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Neuquen, Province of senior unsecured LT B- New Rating B-(EXP) =========== B R A Z I L =========== COMPANHIA SIDERURGICA: S&P Affirms 'B' ICR, Outlook Still Negative ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B' issuer credit ratings on Companhia Siderurgica Nacional (CSN). S&P also assigned its 'B' issue-level and '4' recovery ratings to CSN Inova Ventures' proposed senior unsecured notes due 2030. The outlook remains negative and reflects a possible downgrade if asset sales stall, keeping cash consumption and leverage high, or if liquidity continues to deteriorate because of wider-than-expected cash flow deficits and the lack of liability management actions. On July 30, 2026, CSN announced its plan to refinance its senior notes due 2028 through an exchange offer, which S&P considers as an opportunistic liability management. While this would improve the maturity profile, CSN's leverage reduction remains heavily dependent on divestments to offset heavy interest and capital expenditure-driven cash consumption for the next two years. CSN's proposed debt exchange should improve its short-term financial flexibility. The company intends to refinance up to $970 million of its senior unsecured notes due 2028 through an exchange offer. Key terms include extending the maturity to 2030 at par, providing a cash consideration of up to $330 million, and increasing the coupon to 11% from 6.75%. The terms for the remaining portion of 2028 notes will remain mostly unchanged, with the exception of the removal of current restrictive covenants. The transaction is contingent upon the acceptance by at least 70% of creditors. S&P said, "We view the exchange offer as an opportunistic liability management. This is mainly because we believe CSN would retain sufficient time to execute its divestment plan and explore alternative refinancing options before the January 2028 notes mature if the exchange does not proceed. Furthermore, the company can meet its upcoming short-term maturities and maintain its ongoing refinancing negotiations with banks. "We recognize that the successful refinancing of the 2028 notes would enhance CSN's financial flexibility while it pursues its divestment strategy. However, we continue assessing CSN's liquidity as less than adequate--based on our projections for the next 12 months following March 31, 2026. This is due to the limited visibility regarding potential improvements in cash generation and depleting cash balance. "Our view of CSN's credit quality continues to reflect our expectation of recurring cash consumption and dependence on potential asset sales to bolster the capital structure. Our base-case scenario for the company's operational performance this year remains cautious, as gradually improving results in the steel unit and solid cement operations should be offset by the likely weaker-than-expected results in the mining business, given the appreciation of the Brazilian real and higher freight and energy costs. "As a result, we expect EBITDA to rise to about R$10 billion in 2026 and 2027 from R$8.8 billion in 2025. Still, R$4.6 billion – R$4.8 billion of interest cash payments and R$6.2 billion of capital expenditure (capex) per year will cause a free operating cash flow (FOCF) deficit of R$1 billion in 2026 and R$540 million in 2027. This will keep leverage at the high end of the 5.5x-6.0x range, while funds from operations (FFO) to debt will barely reach 10% in the next two years." Under this scenario, CSN remains heavily dependent on asset sales to reduce debt and improve its cash flow and net leverage. While the sale of the cement business and a stake in CSN Infrastructure are the company's primary deleveraging paths, and negotiations are ongoing, the complexity of these transactions poses significant execution and timing risks. Any delay in these sales could intensify pressure on the rating. Furthermore, these divestments--particularly of the cement unit--could reduce overall EBITDA. S&P said, "Given CSN's substantial nominal debt close to R$50.4 billion as of March 2026, we consider asset sales, lower interest expenses and capex, prudent working capital management, and the ramp-up of the P15 project as crucial in lowering leverage closer to 3.0x. We will adjust our forecasts to reflect any potential sale once transactions are officially announced." S&P's metrics differ significantly from those reported by the company because of the following adjustments: -- S&P's debt metrics include the Transnordestina project's debt guaranteed by CSN, pension adjustments, iron ore prepayments, leasing obligations, asset retirement obligations, and tax installments. These added R$18.7 billion to CSN's debt as of March 31, 2026. -- S&P's adjusted EBITDA does not include the contribution from MRS Logistica S.A. and excludes some nonrecurrent factors, such as gains or losses from asset sales and the recognition of the PIS/COFINS tax credits. The negative outlook continues to indicate that a downgrade in the next six months is possible if asset sales stall, keeping leverage and cash consumption high amid significant interest burden and capex, or if wider-than-expected cash flow deficits strain liquidity. S&P said, "We could lower our rating on CSN in the next six months if asset-sale delays or higher cash flow deficits prevent the company from reducing leverage, with debt to EBITDA staying close to 6.0x for a prolonged period and significant FOCF shortfall amid sizable capex and interest burden. This could weaken the company's ability to maintain the liquidity cushion. "We could revise the outlook to stable if CSN deleverages in coming quarters through asset sales or better-than-expected operating performance. In this scenario, we would expect debt to EBITDA close to 5.0x by the end of 2026 (and trend lower in following years), while FOCF improves." An upside scenario would also require an improved liquidity cushion through better cash generation and ongoing refinancing of its short-term maturities. GOL LINHAS: Fitch Hikes IDRs to 'B-' Then Withdraws Rating ---------------------------------------------------------- Fitch Ratings has upgraded GOL Linhas Aereas Inteligentes S.A.'s Local Currency (LC) and Foreign Currency (FC) Issuer Default Ratings (IDRs) to 'B-' from 'CCC+' and the National Long-Term Rating to 'BB-(bra)' from 'CCC+(bra)' and subsequently withdrew the ratings following the company's dissolution. Fitch has also upgraded GOL Finance's senior secured long-term (LT) rating to 'B-'/'RR4' from 'CCC+'/'RR4'. Fitch has also assigned New GOL Parent S.A. (GOL) a LT LC and FC IDR of 'B-'. The Outlook is Stable. The ratings reflect GOL's improved operating performance and lower leverage after its restructuring plan following Chapter 11. The rating remains constrained by high airline industry volatility and the company's limited financial flexibility, including a lack of unencumbered assets, limited liquidity, and high interest payments. The ratings of GOL Linhas Aereas Inteligentes S.A. have been withdrawn because the company ceased to exist. As of April 1, 2026, GOL Linhas Aereas Inteligentes (GLAI) was merged into GOL Linhas Aereas (GLA). Following the merger, GLA became wholly owned by New GOL Parent S.A, the new reporting entity to which Fitch assigned the credit rating. Key Rating Drivers Improved Leverage, Limited Financial Flexibility: Fitch expects GOL's gross and net leverage to decline to less than 4.0x and 3.5x, respectively in 2026 and 2027, representing a significant deleveraging from 2025. Fitch forecasts GOL's debt around USD4.7 billion at year end, with leasing obligations accounting for roughly 40%. Interest burden remains high, which continues to impact on the company's CFO. GOL's reorganization following Chapter 11 improved liquidity without increasing material refinancing risk in the short to medium term. However, the company's weak unencumbered asset base and high proportion of secured debt constrain financial flexibility and are a key rating factor. Fitch expects GOL to maintain good cash balances, with cash/LTM revenue above 10% at YE 2026, not including credit card receivables, and to keep this ratio above 10% over the next three years because it operates in a highly volatile industry. Increasing Operations, Improving Cost Structure: Fitch expects GOL's operating cash flow to continue improving during 2026 due to solid domestic traffic, cost efficiencies and capacity expansion, despite higher fuel prices. Fitch forecasts GOL's adjusted EBITDAR to reach around USD1.4 billion in 2026 and 2027. The company's more efficient cost base is driving higher profitability. Fitch projects EBITDA margins reaching 29%-31% in its base case over the analysis horizon, in line with 2025. Jet Fuel Prices Volatility: Jet fuel cost pressures eased substantially after the resumption of shipping through the Strait of Hormuz, but costs could rise again by YE 2026 because tensions have re-escalated. Fitch lower fuel costs than at the peak, sustained demand and a seasonally stronger second half to increase the likelihood of higher second-half profitability, partially offsetting first-half headwinds. Favorable industry conditions and continued profitability pressure across low-cost carriers, should support recent fare increases, which could add to margins even as ticket prices moderate. GOL hedges only about 10% of its fuel costs. Interest Burden to Drive FCF: GOL's operating cash flow generation is likely to be absorbed by interest expense, which Fitch estimates at about USD400 million a year. Fitch forecasts FCF generation to remain negative at USD200 million after lower capex, which Fitch estimates at USD300 million-350 million going forward. Fitch expects GOL will remain cautious about inorganic growth, because its parent, ABRA Group Limited, would likely lead any M&A activity. Strong Local Market Position: Fitch views GOL's business position as sustainable in the medium term, based on its solid market position in Brazil, with an average market of share of 34% over the past five years. The company has a strong presence at Brazil's busiest airports, and GOL's cargo business operations are solid and have demonstrated notable resilience in recent quarters. The local addressable market is large, and the companies operate in different underserved niches. This reduces competition and supports growth in domestic traffic. Above-Average Industry Risks: The airline industry is inherently a high-risk sector because it is a cyclical, capital-intensive business with various structural challenges and is prone to exogenous shocks. High fixed costs combined with swings in demand and fuel prices typically translate into volatile profitability and cash flows. Latin American airlines' exposure to foreign exchange fluctuations adds additional risk, because most of their costs are denominated in U.S. dollars, while a large share of operating cash flow is generated in local currency. Several debt restructurings in the region's airline sector in recent years highlight these risks. Parent and Subsidiary Linkage: GOL's ratings reflect its Standalone Credit Profile (SCP), reflecting its ownership by ABRA Group and Fitch's application of its Parent and Subsidiary Linkage criteria. Fitch assesses legal ring-fencing as insulated, given the structural and contractual protections that separate GOL's obligations from those of its parent. Access and control are assessed as porous because ABRA remains the controlling shareholder and sets the overall strategy, although some separation remains. Peer Analysis Compared with regional peers LATAM Airlines Group S.A. (LATAM; BB/Positive) and Avianca Group International Limited (Avianca; B+/Stable), GOL has less geographic diversification due to its higher domestic market exposure, higher leverage and weaker financial flexibility. LATAM's broader international reach and revenue base support greater business resilience, and Avianca benefits from this as well, though to a lesser extent. LATAM's stronger credit profile reflects its lower leverage, positive FCF generation, robust liquidity and stand-by credit facilities. Azul S.A.'s (B-/Stable) rating reflects its post-restructuring capital structure and, like GOL, is constrained by limited financial flexibility. Fitch expects GOL's leverage to decline to 3.5x in 2026 and liquidity (cash/LTM revenue) to remain above 10% over the next two years. Fitch forecasts LATAM's total and net adjusted leverage/EBITDAR ratios at around 2.3x and 1.4x, respectively, in 2026, and 2.1x and 1.3x in 2027. LATAM's cash balances should remain robust, with cash plus RCF relative to LTM revenue averaging above 25%. For Avianca, Fitch expects total and net leverage to remain near 4.0x and 3.0x, respectively, with cash/LTM revenue remaining at 15%-20%. Relative to North American peers, GOL's rating is lower due to structural and financial factors. American Airlines Inc.(B+/Stable), United Airlines Inc. (BB+/Positive), and Air Canada (BB/Stable) all benefit from significant scale, global route networks, relatively lower leverage, stronger liquidity, and greater access to capital markets. Fitch’s Key Rating-Case Assumptions - Fitch's base case during 2026 and 2028 includes available seat kilometers (ASK) of around 53,000; - Load factors around 82%-83% during 2026-2028; - Jet fuel prices average around USD3.25/gallon in 2026, falling to USD2.75 in 2027 and 2028; - Effective interest rate of 14%; - Capex around USD300 million-350 million annually; - Revenue is projected at around USD4.9 billion in 2026 and roughly USD4.5 billion in 2027-2028 - Negative FCF to be refinanced with additional debt; - No dividend payments. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b+', Moderate), sector characteristics ('b+', Lower), market and competitive positioning ('b+', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('bb-', Moderate), profitability ('b', Moderate), financial structure ('b', Moderate), and financial flexibility ('b-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. 'B+' to 'CC' considerations apply in its analysis and results in an adjustment of -1 notch(es). The governance assessment of 'good' has no impact. The operating environment assessment of 'bb' has no impact. The SCP is 'b-'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach. Recovery Analysis The recovery analysis assumes that GOL would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach: GOL's going concern EBITDA is USD400 billion which incorporates the company's EBITDA post-restructuring, adjusted by lease expenses, plus a discount of 20%. The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post reorganization EBITDA level, upon which Fitch bases the valuation of the company. The enterprise value (EV)/EBITDA multiple applied is 5.5x, reflecting GOL's strong market position in Brazil. Fitch applies a waterfall analysis to the post-default EV based on the relative claims of the debt in the capital structure. The debt waterfall assumptions consider the company's total debt. These assumptions result in a recovery rate for the first lien secured debt within the 'RR3' range, but due to the soft cap of Brazil at 'RR4', GOL's senior secured are rated at 'B-'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained liquidity weakening, with cash-to-LTM revenue consistently below 6%; - Gross and net leverage consistently above 4.5x and 4.0x, respectively; - EBITDAR fixed-charge coverage sustained at or below 1.0x; - Competitive pressure resulting in a material loss of market share or yield deterioration; - Aggressive growth strategy leading to a consolidation movement financed with debt; - A weakening of GOL's ring-fencing limitations that would permit ABRA to exert greater control over cash flows. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Maintenance of strong liquidity (cash above 10% of LTM revenue) and an extended debt maturity profile with no material medium-term refinancing risks; - EBITDAR fixed-charge coverage sustained above 1.2x. - Gross and net leverage consistently below 3.5x and 3.0x, respectively; - Sustainably neutral FCF; - Sustained cost discipline, with adjusted EBITDAR margins above 33%; - Continued ability to refinance high-cost debt on more favorable terms and improve the secured and unsecured mix. Liquidity and Debt Structure GOL's liquidity position has improved following its restructuring, with approximately USD900 million in liquidity at exit in 2025 and a current cash position of USD427 million as of March 2026. GOL's financial flexibility is limited, as it does not have a relevant unencumbered asset base. Its most valuable assets (loyalty programs, airport slots, and spare parts) are now encumbered to secure exit financing and take-back debt. This limits financial flexibility and its ability to raise additional funds through asset-backed borrowing. GOL's debt maturity profile has significantly improved as a result of the Chapter 11 process. Principal debt maturities during each of the next year’s average between USD100 million to 150 million. The remaining debt matures in 2030 at around USD2.9 billion (including the exit and the take-back notes). Issuer Profile GOL is a leading Brazilian airline, with around 33% market share in the domestic market, per RPK as of June 2026. Domestic and international operations mix is around 86% and 14%, respectively. As of December 2025, GOL's fleet included 146 Boeing 747 aircraft (59 MAX 8, 66 737-800NG, 12 737-700NG, 9 737-800BCF freighters). MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener indicate elevated risk for GOL, reflecting the gradually growing costs linked to the decarbonization of the sector. Climate transition risks do not currently have a material influence on the ratings because the potentially disruptive changes due to the transition are unlikely to materialize in the next eight to 10 years. ESG Considerations GOL Linhas Aereas Inteligentes S.A. has an ESG Relevance Score of '4' for Group Structure due its relatively new and larger airline operational group (ABRA), which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. GOL Linhas Aereas Inteligentes S.A. has an ESG Relevance Score of '4' for Governance Structure due to the relatively new operational group (ABRA) that has lately demonstrated aggressive financial policies, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. GOL Linhas Aereas Inteligentes S.A. has an ESG Relevance Score of '4' for Management Strategy due to due to the recent track record of several debt restructurings, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- GOL Linhas Aereas Inteligentes S.A. LT IDR B- Upgrade CCC+ LT IDR WD Withdrawn LC LT IDR B- Upgrade CCC+ LC LT IDR WD Withdrawn Natl LT BB-(bra)Upgrade CCC+(bra) Natl LT WD(bra) Withdrawn New Gol Parent S.A. LT IDR B- New Rating LC LT IDR B- New Rating Gol Finance senior secured LT B- Upgrade RR4 CCC+ ================= G U A T E M A L A ================= GUATEMALA: IMF Says Prudent Macroecon. Mgmt. Underpinned Resilience ------------------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Guatemala and endorsed the staff appraisal without a meeting on a lapse-of-time basis. The authorities have consented to the publication of the Staff Report prepared for this consultation. The 2026 Article IV Consultation for Guatemala met the established Executive Board criteria for lapse-of-time consideration: (i) there are no acute or significant risks, or general policy issues requiring Board discussion; (ii) policies or circumstances are unlikely to have a significant regional or global impact in the near term; and (iii) the use of Fund resources is not under discussion or anticipated. Recent Developments and Outlook Prudent macroeconomic management has underpinned Guatemala's resilience. Sound fundamentals—low and stable inflation, solid fiscal and external buffers, and current account surpluses—put Guatemala in a strong position to face ongoing high uncertainty. However, growth potential remains constrained by poor public infrastructure and social indicators remain weak. Large remittances, though supporting consumption, complicate monetary policy and put pressure on competitiveness. The strong growth momentum has carried into 2026, with economic activity expanding 4.5 percent y/y through April. Driven by the oil price shocks, headline inflation increased to 2.9 percent y/y in May (1.7 percent at end-2025), with fuel-price subsidies limiting the passthrough. Core inflation and inflationary expectations are well anchored. The 2025 fiscal deficit widened to 1.9 percent of GDP, largely driven by capital spending--despite their modest execution--and tax administration gains. Public debt is low and sustainable (27 percent of GDP). The external position further strengthened as 2025 current account surplus reached 4.7 percent of GDP with a record-high remittances at 21 percent of GDP. The outlook is broadly favorable with balanced risks. Hit by the oil price shock, 2026 growth is projected to dip to 3.8 percent before converging to 4 percent in the medium term as public investment and structural reforms yield returns. Inflation is expected to stay within the monetary policy target. The current account surplus is forecast to narrow, as remittances stagnate and private investment picks up. Both external and domestic risks are broadly balanced, with El Nino posing considerable risks to the near-term outlook. Executive Board Assessment Strong macroeconomic fundamentals position Guatemala well to navigate high uncertainty and external headwinds. Prudent macroeconomic policies have underpinned resilience, delivering low and stable inflation, solid fiscal and external buffers, and current account surpluses. However, growth potential remains constrained by poor public infrastructure, which dampens private investment. Social indicators are weak, with high informality and poverty levels. In addition, large remittance inflows support consumption but complicate monetary management and weigh on competitiveness. Risks are broadly balanced. High energy prices and tighter migration and trade policies could further weaken growth and raise inflation. However, faster-than-expected decline in oil prices presents an upside risk, while progress under the bilateral trade agreement could help anchor relations with the U.S. Domestically, implementation constraints and pre-electoral pressures may delay reforms, but recent timely judicial appointments could support progress and strengthen investor confidence. A severe El Niño poses a significant near-term risk. Increasing growth potential over the medium term will require decisive policy implementation. Main areas of focus are (i) scaling up public infrastructure investment, (ii) improving public financial management and raising revenues, (iii) reinforcing monetary and financial frameworks and (iv) advancing financial integrity, governance and structural reforms. Higher public investment would reduce the current account surplus and boost productivity and competitiveness, thus supporting external rebalancing and lowering reliance on remittances. The authorities’ multi-prong infrastructure strategy is welcome, though swift progress is needed to: (i) reduce bottlenecks and improve project preparation and execution, including by implementing Public Infrastructure Management Assessment (PIMA) recommendations; (ii) streamline public procurement to reduce red tape while safeguarding transparency; (iii) resolve the impasse over the operationalization of the priority infrastructure law without exacerbating budget rigidities; and (iv) mobilize greater private sector participation in infrastructure investment. Decentralized public investment through Departmental Development Councils (CODEDEs) should become more effective and subject to adequate oversight and control. This should be achieved by containing and better targeting extraordinary allocations. Project continuity should be ensured through multi-year pipelines, and not through the automatic rollover of unexecuted funds into the following year. Project selection should be guided by stronger strategic coordination, including at the departmental level. It is essential to reinforce the oversight capacity of the Comptroller General and the Secretariat for Executive Coordination of the Presidency. Better targeted social safety nets would improve shock responsiveness. Absent reliable means-testing capacity, temporary and contained universal fuel subsidy can help alleviate the social burden of the oil price shock. However, since universal subsidies are regressive and weaken price signals, expanding the coverage and quality of the social registry would be critical to enable more targeted responses going forward. An investment-friendly consolidation should commence in the medium term, alongside improvements in spending quality. The Medium-Term Fiscal Framework (MTFF) should anchor fiscal consolidation needed to reduce fiscal deficits to 2 percent of GDP in tax policy reforms, while maintaining elevated capital spending, and preserving social spending. Better coordination among MinFin, line ministries, and SEGEPLAN on development plans, budget allocations and multiannual targets, would improve spending efficiency, targeting, and value-for-money in investment and social programs. Fiscal revenues should further be increased, building on recent gains in tax administration. Increasing revenues above 12 percent of GDP requires avoiding measures further eroding the tax base, limiting domestic and cross-border tax arbitrage, and undertaking comprehensive tax reforms. Credible medium-term fiscal planning can ensure predictability of public finances without resorting to costly revenue earmarking. The review and simplification of earmarking in tandem with strengthening the MTFF and multi-year budgeting would preserve predictability of priority spending, improve budget alignment with national priorities, and reduce costly cash balances. A new organic budget law could serve as a vehicle for these reforms. Stronger treasury–debt management coordination is essential for improving financing efficiency and reduce costs. Greater reliance on domestic funding while developing the local bond market would reduce currency risks, deepen domestic financial markets, improve the macro-policy mix, and lower Banguat’s sterilization costs. While the monetary policy stance is appropriate, monetary policy transmission and liquidity management could be strengthened. Well-anchored inflation expectations point to continued policy credibility, while ample reserve buffers provide Banguat with room for maneuver in conducting monetary policy less dependent of U.S. Fed policy movements. It will be important to improve communication of objectives underlying Banguat’s FX market participation and of the international reserves’ accumulation rule. Recent reforms to the operational framework—including narrowing the policy corridor and streamlining term-deposit maturities—should be complemented by strengthening collateral infrastructure, including through a central securities depository. Strengthening regulations and supervision would further safeguard financial stability. To this aim, adopting IFRS accounting would improve transparency and comparability, while bolstering supervisory capacity, revamping the 2002 Law on Banks and Financial Groups, and continuing investments in cybersecurity resilience would help safeguard financial sector resilience. Fast-tracking a new secondary markets law is critical. It would help mobilize domestic savings (thus reducing external imbalances), strengthen monetary policy transmission, enhance financial sector competition and deepen domestic financial markets, and also enable erecting the financial infrastructure needed to accommodate potential capital inflows should Guatemala attain investment grade. A new e-money law would provide the necessary regulatory foundation for fintech development and broaden access to formal financial services. The approval of the new AML/CFT law marks an important step toward strengthening financial integrity. A law fully aligned with FATF standards—promptly followed by the approval and implementation of accompanying regulations—should position Guatemala well for 2027 mutual evaluation by GAFILAT. The governance and structural reforms agenda should proceed apace. Recent initiatives, including the establishment of the National Anti-Corruption Commission, the adoption of a code of ethics, and the Integrity and Corruption Prevention Strategy 2025–32, should be complemented by advancing pending legislation on beneficial ownership transparency, whistleblower protection, and public procurement. In parallel, reducing non‑tariff barriers in line with commitments under the trade agreement with the U.S. would support improvements in the business environment. Guatemala should advance existing initiatives aimed at geographical and product diversification of exports, including through new trade agreements. Efforts to reduce informality would further promote more inclusive and sustainable growth. ============= J A M A I C A ============= JAMAICA: Advisor Urges Relaxation on How Pension Funds are Invested ------------------------------------------------------------------- RJR News reports that Managing director of BPM Financial Peta Rose Hall is calling for Jamaica to relax restrictions on how pension funds are invested overseas. Ms Hall, speaking on Radio Jamaica's Real Business, argued that greater geographic and currency diversification is needed because of the limited range of investment opportunities available locally, according to RJR News. She said, expanding investment options is critical to growing the country's private pension industry, which currently has about $849 billion in assets under management, the report notes. The figure excludes the $262 billion managed by the National Insurance Fund as of the end of March this year, the report relays. Of the NIF portfolio, about $137 billion was invested in fixed income securities, $30 billion in real estate and investment properties, with the remainder invested in equities, which, she said, have outpaced inflation, the report says. Ms. Hall pointed to Norway's sovereign wealth fund as a model for Jamaica, noting that the Fund invests about 70% of its assets in international stocks and is now valued at approximately US$2 trillion, the report discloses. She argued that broader international investment would help strengthen both public and private pension funds, while reducing longevity risk, which is the possibility that retirees will outlive their savings, 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. PORTLAND JSX: JSE Suspends Trading of Shares -------------------------------------------- RJR News reports that there was no trading and shares of Portland JSX's shares when the market opened. Trading in the company's shares were suspended by the Jamaica Stock Exchange after the company failed to submit its audited financial statements by the required deadline, according to RJR News. The Jamaica Stock Exchange says the suspension took effect under its main market rules governing the filing of audited annual financial statements, the report notes. The Exchange says Portland JSX's audited financial statements for the financial year ended February 28, 2026 were due on April 29, the report relays. However, the company failed to meet that deadline, and as of July 29, the statements were 91 days overdue, triggering the automatic suspension of trading in the company's shares, the report adds. Portland JSX Limited (PJX) is a private equity investment company that traded on the Jamaica Stock Exchange. It operates primarily as a limited partner in the Portland Caribbean Fund II. ===================== P U E R T O R I C O ===================== GOVASSIST LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Govassisst LLC Calle 1 Metro Officer Park 18 Suite 401 Guaynabo, PR 00968 Business Description: GovAssist LLC provides online visa, passport, immigration and travel-document assistance services from its leased office at Metro Office Park in Guaynabo, Puerto Rico. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-03377 Debtor's Counsel: Juan C Bigas, Esq. JUAN C. BIGAS LAW P.O. Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000 Fax: (787) 842-4090 E-mail: cortequiebra@yahoo.com Total Assets: $1,052,987 Total Liabilities: $15,870,949 The petition was signed by Scott Jason Zuckerman as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MVMD6ZY/GOVASSIST_LLC__prbke-26-03377__0001.0.pdf?mcid=tGE4TAMA ********* 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. 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