260805.mbx

260805.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, August 5, 2026, Vol. 27, No. 155 Headlines A R G E N T I N A ARGENTINA: Snaps Dollar-Buying Streak Day After IMF Hailed Policy YPF SA: IMF Chief Visits Vaca Muerta Shale Field B E R M U D A TFP FINANCING: S&P Gives Preliminary 'B+' Rating, Outlook Positive B R A Z I L GIGA MAIS: S&P Assigns Preliminary 'B' ICR, Outlook Stable J A M A I C A DIGICEL GROUP: Earns 'B+' Upgrade From Fitch JAMAICA: Spent US$763M on Raw Materials, Goods for Jan-April M E X I C O BANCO MULTIVA: Moody's Rates New Sub. AT1 Capital Notes 'B2 (hyb)' P U E R T O R I C O FERRELLGAS PARTNERS: Extends CEO Zertuche's Employment Term to 2029 U R U G U A Y URUGUAY: IDB Expands Support w/ $5 Billion for Country Strategy - - - - - ================= A R G E N T I N A ================= ARGENTINA: Snaps Dollar-Buying Streak Day After IMF Hailed Policy ----------------------------------------------------------------- Ignacio Olivera Doll & Manuela Tobias at Bloomberg News report that Argentina's Central Bank snapped a near seven-month streak of dollar purchases, just a day after the IMF encouraged officials to keep raising foreign currency reserves. The monetary authority didn't buy greenbacks in Argentina's official currency market for the first time since January 2, according to a spokesman, according to Bloomberg News. So far this year, it has bought an average of US$97 million a day, pushing total foreign reserves to US$48.9 billion, near the highest level since 2019, Bloomberg News notes. International Monetary Fund Managing Director Kristalina Georgieva called on Central Bank Governor Santiago Bausili to "keep it up, keep buying," during a press conference in Buenos Aires, Bloomberg News relays. She visited President Javier Milei as relations between the IMF and Argentina, which owes the Fund US$57 billion, seem to have improved, Bloomberg News notes. The Central Bank of Argentina has purchased around US$13 billion since the start of the year, according to Georgieva, "exceeding the target we have in the program" with the IMF, Bloomberg News discloses. State-owned Banco Nacion appeared in the spot market, selling dollars to support the peso near 1,500 per dollar, according to people with direct knowledge of the matter, the report says. Traders said the pressure on the peso may have stemmed from an upcoming government dollar-linked bond repayment, with investors looking to push down the peso to maximise the payout, Bloomberg News notes. The currency weakened less than 0.1 percent to 1,498 per US dollar, Bloomberg News relates. Adding to pressure on the peso, a university index of government confidence published showed Argentines' confidence in Milei's administration is at its lowest level since he took office, Bloomberg News discloses. Dollar demand from Argentine savers has been one of the main sources of pressure on the peso since the start of the year, Bloomberg News relays. Residents have been buying an average of about US$2 billion a month in foreign-currency banknotes this year, according to Central Bank data, Bloomberg News says. Still, the peso is only down 3.2 percent against the dollar in 2026, significantly less than inflation after years of much steeper losses, Bloomberg News notes. 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. YPF SA: IMF Chief Visits Vaca Muerta Shale Field ------------------------------------------------ Buenos Aires Times reports that IMF Managing Director Kristalina Georgieva visited Argentina's Vaca Muerta shale formation in the southern province of Neuquen, the second day of her visit to the country. Georgieva toured the Loma Campana field, operated by state energy firm YPF in Neuquen, around 1,200 kilometres south of Buenos Aires, in the heart of the Vaca Muerta formation, according to Buenos Aires Times. "We showed her first-hand the country's energy transformation and Argentina's enormous potential to become a global energy exporter," YPF President Horacio Marín wrote on X following the visit, the report notes. Georgieva arrived at the site accompanied by Economy Minister Luis Caputo, the report says. President Javier Milei did not travel, choosing instead to visit Peru to attend the presidential inauguration of Keiko Fujimori, the report relays. "There has been outstanding performance in the oil, gas, mining and agricultural sectors. That strong performance is based on confidence in the Argentine economy," Georgieva said at a press conference alongside Caputo at Argentina's Economy Ministry, the report discloses. According to YPF, Vaca Muerta holds the world's second-largest reserves of unconventional natural gas and the fourth-largest reserves of shale oil, the report notes. With this potential, Argentina could double its crude oil production to one million barrels per day, generating annual exports worth US$18 billion, according to estimates by the state energy company, the report says. Argentina is also aiming to achieve self-sufficiency in natural gas production, the report relates. The IMF chief attended a dinner with leading Argentine business figures at a Buenos Aires hotel, a source at the fund briefed. She also led a meeting with students at the Palacio Libertad, which she described as "inspiring" in a post on X, the report notes. Argentina, the IMF's largest debtor, agreed a four-year US$20-billion lending program with the fund in 2025, the report recalls. It had previously secured a record loan of around US$57 billion in 2018, approved under the administration of former president Mauricio Macri and largely disbursed in 2019, the report notes. About YPF SA YPF SA, an energy company, engages in the oil and gas upstream and downstream activities in Argentina. Its upstream operations include the exploration, exploitation, and production of crude oil, and natural gas. The company's downstream operations include petrochemical production and crude oil refining; transportation and distribution of refined and petrochemical products; commercialization of crude oil, petrochemical products, and specialties. As reported in the Troubled Company Reporter-Latin America in June 2026, Fitch Ratings upgraded YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+'. Fitch has also upgraded YPF's outstanding senior unsecured notes to 'B-' from 'CCC+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. ============= B E R M U D A ============= TFP FINANCING: S&P Gives Preliminary 'B+' Rating, Outlook Positive ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary 'B+' rating to TFP Group Ltd. and its financing subsidiaries TFP U.S. Financing LLC and TFP Financing Bermuda Ltd. Additionally, S&P assigned its preliminary 'B+' issue rating and '3' recovery rating (rounded estimate: 60%) to the company's senior secured debt. The positive outlook reflects S&P's expectation that Fidelis will achieve high-single-digit organic growth in the next 12-24 months by maintaining its S&P Global Ratings-adjusted EBITDA margin at 60%, gradually deleveraging its debt to EBITDA below 4.0x, and generating positive free operating cash flow (FOCF) from fiscal 2026 onward. Bermuda-based managing general agent (MGA) TFP Group Ltd. (Fidelis) is raising a $2,040 million seven-year first-lien term loan B (TLB) and a $200 million five-year revolving credit facility (RCF) to refinance $1,970 million unitranche debt and transaction costs. Pro forma for the transaction, S&P forecasts S&P Global Ratings-adjusted leverage of 4.3x for fiscal 2026 (ending Dec. 31) and thereafter deleveraging toward 3.5x by fiscal 2028. Fidelis is refinancing its capital structure. Fidelis is raising a $2,040 million seven-year first-lien TLB and a $200 million five-year RCF to refinance $1,970 million unitranche debt and transaction costs. Pro forma for the transaction, S&P forecasts S&P Global Ratings-adjusted leverage of 4.3x and gradual deleveraging toward 3.5x by end of fiscal 2028. Fidelis' fair business risk profile reflects its long-term capacity, capital-light model, and high EBITDA margins of 60%. The company benefits from meaningful geographic diversification (with approximately half of earnings generated outside North America), and a balanced product mix across the specialty, bespoke, and reinsurance pillars. Fidelis' strong underlying track record, long-standing distributor relationships, growing direct-client base, and tech-enabled underwriting sophistication reinforce its competitive standing. Nevertheless, Fidelis has a limited market share in a fragmented and highly competitive MGA landscape and remains reliant on the Fidelis balance sheet company, Pelagos for capacity (53%). Revenue was $682 million as of end-fiscal 2025, the company is relatively smaller in the insurance intermediary and services portfolio, with narrow focus and limited carrier diversification. S&P thinks that Fidelis has a strong industry reputation and proven underwriting track record. Unlike traditional brokers that compete primarily on distribution, TFP's value proposition is largely based on underwriting expertise. Fidelis has operated as an independent entity separate from Pelagos Insurance Capital since 2023. Management has a proven underwriting track record and strong industry reputation. CEO and key shareholder, Richard Brindle, is widely regarded for underwriting excellence in the industry. The company's emphasis on organic growth--supported by its Pine Walk partnership and 19 existing incubated cells--reinforces stability, with only modest quasi‑acquisition activity planned (about $20 million to $30 million annually from 2026 for Pine Walk cell buyouts). Fidelis Underwriting acts as a lead underwriter on more than 90% of its $5.4 billion of gross written premium. This allows it to influence pricing, policy terms, and portfolio construction. Lead positions are typically awarded to underwriters that brokers trust to assess risk and deploy capacity effectively, making them an indicator of market standing rather than simply underwriting volume. Furthermore, management reports approximately 19 percentage points of loss ratio outperformance for TFP led underwriting on behalf of Pelagos since 2017. Strong underwriting outcomes are particularly important within the MGA model because capacity providers allocate capital based largely on underwriting profitability. Consequently, underwriting outperformance not only supports broker confidence but also improves TFP's ability to attract capacity. S&P thinks that this creates a positive feedback loop whereby strong underwriting supports greater capacity, which, in turn, allows TFP to participate in larger and more attractive risks. S&P thinks that capacity certainty through the binder agreement further mitigates concentration risk. The 10-year rolling binder structure with contracts with Pelagos and long-term capacity agreements with two Lloyd's syndicates will ensure the MGA is provided dedicated long-term capacity and substantially reduces the risk associated with carrier concentration. Though the structure creates a co-dependence on the balance sheet company, it also creates strong alignment and capacity certainty, while concurrently the right of first refusal feature provides ability to underwrite for third party capacity should there be risk appetite divergences. Fidelis' business risk is constrained by its relatively small revenue base, narrow MGA focus, and limited carrier diversification. While Fidelis' scale remains small relative to diversified peers (Brown & Brown Inc., Arthur J. Gallagher & Co., Ryan Specialty Holdings, Inc.), its geographic spread (North America 44%, Europe 17%, the U.K. and Ireland 15%, Asia 6%, Middle East and Africa 5%, and other international 13%) and product diversification (specialty 59%, bespoke 22%, and reinsurance 19%) provide meaningful breadth within its niche. While Fidelis continues to diversify its long-term capacity, Pelagos (53%) and Lloyd's (14%) still have approximately 70% of total capacity. S&P said, "In our view, Fidelis' financial risk profile reflects a supportive financial policy and an expectation of gradual deleveraging over the forecast. Pro forma for the transaction, we expect S&P Global Ratings-adjusted leverage of 4.3x in fiscal 2026, with leverage improving thereafter on the back of high-single-digit organic growth and our adjusted EBITDA margins of about 60%. We expect FOCF to turn materially positive from fiscal 2026 onward, supporting Pine Walk cell buyouts and dividends to noncontrolling shareholders. We do not forecast any dividends to equity shareholders until fiscal 2028, once the group starts to deleverage more materially. Management has indicated that there is no appetite for external acquisitions, and that they will maintain a prudent leverage profile, which is likely to be consistent with a higher financial risk profile. However, our assessment reflects S&P Global Ratings-adjusted leverage of 4.3x and limited cash generation in fiscal 2026. "Our analysis includes a negative comparable rating modifier. This reflects our view that the business risk profile is at the lower end of the fair range and the financial risk profile is at the higher end of the aggressive range in fiscal 2026 with S&P Global Ratings-adjusted leverage at 4.3x, funds from operations (FFO) to debt of 13% and FOCF to debt of about 2.5%. Although financial policy maps toward a higher financial risk profile and we forecast gradual deleveraging, the absence of a demonstrated track record at that leverage level reinforces the negative adjustment at present. As such, our assessment places greater weight on actual pro forma leverage and near-term cash generation rather than stated policy. "The final ratings will depend on the successful completion of the proposed transaction and receipt and satisfactory review of all final transaction documentation. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. If we do not receive final documentation within a reasonable time frame, or if the final documentation departs from the material reviewed, we reserve the right to withdraw or revise the ratings. Potential changes include, but are not limited to, use of loan proceeds, maturity, size, and conditions of the loans, financial and other covenants, security, and ranking. "The positive outlook reflects our expectation that Fidelis will achieve high-single-digit organic growth in the next 12-24 months by maintaining its S&P Global Ratings-adjusted EBITDA margin of about 60%, gradually deleveraging its debt to EBITDA below 4.0x and generating positive FOCF from fiscal 2027 onward. "We could revise the outlook to stable if our expectations for S&P Global Ratings-adjusted leverage decline to about 4.0x and FFO to debt of more than 16% diminish or if Fidelis is unable to generate improved FOCF to debt. This outcome could stem from weaker -than-expected organic growth and profitability, or a shift toward a more aggressive financial policy. We could also lower the rating if our adjusted EBITDA margins fall materially below 60%, which could result in a lower business risk profile assessment. "We could raise the rating on Fidelis to 'BB-' or higher if the group can sustain S&P Global Ratings-adjusted debt to EBITDA of about 4.0x or below, FFO to debt of more than 16%, and if FOCF to debt improves to about 10%, while demonstrating a consistent and supportive financial policy that maintains leverage at that level." =========== B R A Z I L =========== GIGA MAIS: S&P Assigns Preliminary 'B' ICR, Outlook Stable ---------------------------------------------------------- On Aug. 3, 2026, S&P Global Ratings assigned a preliminary 'B' global scale issuer credit rating to Giga Mais Fibra Telecomunicacoes S.A. (Giga Mais Fibra). S&P also assigned its preliminary 'B' issue-level rating and '3' recovery rating to Giga Mais Fibra Luxembourg's (Giga Mais Luxembourg) proposed senior secured notes. The preliminary ratings are contingent upon the successful issuance of the notes. The stable outlook reflects S&P's view that the planned liability management will reduce refinancing risks and strengthen liquidity, providing the company necessary flexibility to execute the ongoing operational turnaround. Giga Mais Fibra is a Brazilian independent internet service provider (ISP) that operates over 145,000 kilometers (km) of fiber optic infrastructure, with 8.3 million homes passed and 1.3 million homes connected. Following operational volatility in the second half of 2025, driven by more aggressive growth in higher-risk subscribers and the discovery of irregular sales by third-party intermediaries that led to a clean-up of the subscriber base and nonrecurring expenses and provisions, the company has implemented operational adjustments, including more rigorous credit and cost controls, aimed at enhancing subscriber quality and operating leverage. S&P said, "We expect the company to post an EBITDA margin above 50% going forward, as reported in first-quarter 2026 (up from 46.6% in 2024 and 42.1% in 2025). With the increasing EBITDA generation, we project gradual deleveraging, with gross debt to EBITDA to decline toward 3.3x by 2028 (compared with about 4.0x over the past few years) and EBITDA interest coverage of above 2x in 2028 (from 1.6x in 2025). "Our rating reflects Giga Mais' small national market share in a fragmented market, partly balanced by expected sound profitability." While the company holds a relevant position among national independent ISPs--currently the largest in terms of homes passed in Brazil--it remains far behind large national incumbents such as Claro and Vivo. The Brazilian fixed broadband market is highly fragmented, which provides opportunities for inorganic growth but also fosters intense competition among regional players, limiting the company's ability to achieve a dominant national market share. However, these competitive limitations are partially offset by the company's robust and hard-to-replicate fiber-to-the-home infrastructure of over 145,000 km, which provides a significant barrier to entry and positions the company to capture growth in the 5G ecosystem and data center connectivity. S&P expects this extensive infrastructure, combined with recent operational restructuring, to drive sound profitability, with EBITDA margins above 50% as the company realizes greater operating leverage from its existing footprint. After a significant complication in 2025, S&P believes that the company will deliver consistent operations, driven by improved customer quality and enhanced operational efficiency. In 2025, the company discovered irregular sales by third-party intermediaries, which led to a material reduction in the subscriber base and revenue. After a change in management, the company has been prioritizing organic growth with creditworthy subscribers through more rigorous credit controls, including "know your customer" protocols and facial recognition, while also internalizing network maintenance and repair activities previously managed by third parties. This led to the EBITDA margin expanding to above 50% in the first quarter of 2026 (from 46.6% in 2024 and 42.1% in 2025). S&P said, "This margin is a historical high for the company, and we believe it will be supported by the transition to an internalized sales workforce and the focus on higher-margin subscriber mix. We assume the company will be able to maintain that margin, which should support positive free operating cash flow going forward." S&P said, "We expect leverage to fall as operational efficiencies and cost controls take hold. Following a period of rapid expansion through acquisitions, Giga Mais reported high leverage over the past few years, with gross debt to EBITDA of 4.2x in 2024 and 2025. As Giga Mais prioritizes increasing the take-up of its existing fiber footprint and focuses on higher-margin segments--including business-to-business and 5G connectivity--we forecast gross adjusted debt to EBITDA to decline below 3.5x by 2028. "We also assume lower capital expenditure (capex) of Brazilian real (R$) 300 million-R$350 million (down from nearly R$490 million in 2025), focused on maintenance and activation of new clients. According to management, the company can sustain expected subscriber growth over the next two to three years with no required investments to expand the current network. Still, we will monitor the sustainability of EBITDA growth and the company's ability to generate positive free cash flow alongside reduced capital intensity. "We project the company's interest coverage will only marginally improve. Interest coverage was 1.6x in 2025, from 2.0x in 2024, owing to weaker EBITDA and very high base interest rates in Brazil. We project higher EBITDA generation but also higher interest expenses because we assume an average cost of debt of around 16% in 2026 and 2027. The still-high interest rates in Brazil would also continue pressuring interest coverage metrics until next year and would allow for an improvement to above 2.0x likely in 2028 if interest rates decline as we expect or if the company delivers stronger EBITDA generation. "Our assessment of the company's financial policy considers the influence of its controlling shareholder. Giga Mais is ultimately controlled by the private equity fund EB Capital (over 70% stake), which has driven the company's significant acquisition-led expansion since 2018 with somewhat high leverage. Still, the sponsor has not drawn any dividends, and we don't assume any in the next two to three years because we expect the company to focus on increasing cash flow generation to reduce leverage and improve its liquidity cushion, which has been tight in past years." The recent operational issues indicated some weaknesses in internal controls, but these seem to be addressed. The company failed to adequately monitor and control third-party sales practices, which led to the significant adjustments and impact last year. Management has been proactive in remediating these issues through leadership changes and the implementation of advanced technological controls, which would likely avoid the occurrence of similar impacts and volatility in company's margins. The final ratings will depend on the successful issuance of the proposed new senior secured notes. The preliminary ratings should not be construed as evidence of final ratings. S&P said, "If the company does not complete the debt issuance in a manner aligned with our assumptions or within a reasonable time frame, or if final terms depart from materials reviewed, we could withdraw or revise our ratings. Potential changes include use of debt proceeds, maturity, size and conditions, financial and other covenants, security, and ranking." S&P said, "We assume the issuance of senior secured notes totaling $350 million (approximately R$1.8 billion), intended to replace shorter-term local debt with longer-term (five-year) financing. The issuance will be secured by fiber assets with an estimated market value of R$1.374 million as of December 2025, in addition to some receivable proceeds, which will flow through a collateral account. The principal and interest will be fully hedged, with a cost we are estimating at around CDI + 5.0% per year." As of March, the company had R$400 million in short-term maturities, which would be covered with proceeds from the new issuance, as well as other debt coming due until 2030. With this liability management exercise, the company intends to obtain the necessary financial flexibility to continue executing its turnaround. S&P said, "The stable outlook reflects our view that Giga Mais will focus on margin expansion, after having addressed the operational issues that affected 2025 results. We assume a more extended debt profile through the proposed new issuance and gradual deleveraging, with no further material debt issuances in the near term. In this scenario, we expect to see gross adjusted debt to EBITDA close to 4.0x in 2026, reducing to 3.3x-3.7x in 2027 and 2028, with positive free operating cash flow (FOCF) from 2026 on. "We could lower our ratings on Giga Mais in the next 12-18 months if the company fails to sustain the recent operational improvements or if it conducts a more aggressive debt-financed growth strategy without increasing cash generation. In this scenario, we could see increasing churn rates and negative margin trend leading to leverage ratios persistently above 4.0x, EBITDA interest coverage not trending to 2.0x, negative FOCF, and weakening liquidity. "An upgrade is unlikely in the next 12-18 months. We could raise our ratings on Giga Mais if the company delivers sustainably higher-than-expected revenue and margins, sustaining controlled debt levels, and positive FOCF generation. In this scenario, we could see gross debt to EBITDA trending below 3.0x, consistently positive FOCF, EBITDA interest coverage approaching 3.0x, and comfortable liquidity." ============= J A M A I C A ============= DIGICEL GROUP: Earns 'B+' Upgrade From Fitch -------------------------------------------- RJR News reports that Digicel Group said its efforts to strengthen its financial position have been recognised with an upgrade to its credit rating by international ratings agency, Fitch Ratings. The company disclosed that Fitch has upgraded the long-term issuer default rating of Digicel International Finance to B+ from B while maintaining a stable outlook, according to RJR News. Fitch also upgraded the ratings on the company's senior secured notes and term loan, the report notes. The ratings agency cited Digicel's consistent financial improvement progress in reducing debt and continued positive cash flow as key reasons for the upgrade, the report relays. Fitch also highlighted Digicel's strong position in the Caribbean telecoms market and its operations across 25 countries and territories, the report adds. The agency noted that Digicel's voluntary US$100 million debt repayment in April this year demonstrated the company's commitment to strengthening its balance sheet, the report notes. Fitch says Digicel has also improved its debt maturity profile with no significant debt repayments due until 2032, while maintaining access to a US$200 million revolving credit facility, the report discloses. About Digicel Group Digicel Group is a mobile phone network provider operating in 33 markets across the Caribbean, Central America, and Oceania regions. The company is owned by the Irish billionaire Denis O'Brien, is incorporated in Bermuda, and based in Jamaica. As reported in the Troubled Company Reporter-Latin America in April 2020, Moody's Investors Service downgraded Digicel Group Limited's probability of default rating to Caa3-PD from Caa2-PD. At the same time, Moody's downgraded the senior secured rating of Digicel International Finance Limited to Caa1 from B3. All other ratings within the group remain unchanged. The outlook is negative. Also in April 2020, the TCR-LA reported that Fitch Ratings has downgraded Digicel Limited to 'C' from 'CCC', and its outstanding debt instruments, including the 2021 and 2023 notes to 'C'/'RR4' from 'CCC'/'RR4'. Fitch has also downgraded Digicel International Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding debt instruments, including the 2024 notes and the 2025 credit facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the Negative Rating Outlook from DIFL. JAMAICA: Spent US$763M on Raw Materials, Goods for Jan-April ------------------------------------------------------------ RJR News reports that Jamaica spent the most on raw materials and intermediate goods during the first four months of the year, as the country's import bill remained significantly higher than export earnings. Figures from the Statistical Institute of Jamaica (STATIN) show that between January and April, Jamaica imported US$763 million worth of raw materials and intermediate goods, according to RJR News. The country also spent US$682.5 million on food and consumer goods, US$596 million on fuel and lubricants, US$250 million on capital goods, and US$204 million on transport equipment, the report notes. On the export side, STATIN reports that manufactured goods accounted for the largest share of earnings at US$328.8 million, the report relays. Exports from the mining and quarrying sector totalled US$152.8 million, while agricultural exports generated US$13.7 million, 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: Moody's Rates New Sub. AT1 Capital Notes 'B2 (hyb)' ------------------------------------------------------------------ Moody's Ratings has assigned a B2 (hyb) foreign currency preferred stock non-cumulative rating to Banco Multiva, S.A.'s (Banco Multiva or Multiva) proposed perpetual callable subordinated non-preferred non-cumulative Additional Tier 1 (AT1) capital note. The perpetual notes will amount up to $300 million and will have call date in five years. RATINGS RATIONALE The B2 (hyb) preferred stock non-cumulative rating reflects Moody's assessments of the notes' deeply subordinated claim in liquidation, the non-cumulative coupon deferral features, and the limited protection from residual equity. The proposed notes will be senior only to Banco Multiva's capital instruments that qualify as Common Equity Tier 1 (CET1) and will be positioned three notches below the bank's ba2 adjusted baseline credit assessment (BCA). Under the terms of the notes, principal may be partially or fully written down in the event that the bank's capital ratio, as calculated under applicable Mexican regulatory requirements, falls to or below 5.125%; the bank's license is revoked and the bank has not cured such cause of revocation; or the Banking Stability Committee has determined that less than the full amount of all the outstanding liabilities must be paid. In the case that any of the aforementioned events occur, the notes would be written down, together with any concurrent pro rata write-down or conversion of any other subordinated non-preferred indebtedness issued by Multiva and then outstanding, to return the bank's Common Equity Tier 1 (capital básico fundamental, or CET1) ratio to the minimum level required by local regulations at that time. Under the Mexican banking regulation, the minimum CET1 ratio is 7%. As of March 2026, Multiva reported a CET1 ratio of 13.5%, which was well above the write-down trigger of 5.125%. Multiva will automatically cancel interest due on the notes if (a) the bank is classified as Class II or below pursuant Articles 121 and 122 of the Mexican Banking Law, or (b) the bank is classified as Class II or below as a result of the applicable interest payment. Based upon current regulations, the bank will be classified as Class II if its capital levels fall below the following minimum thresholds: 10.5% for the Total Capital (Capital Neto) ratio, 8.5% for the Tier 1 (Capital Básico) ratio, and 7.0% for the CET1 ratio. Multiva's capital is a key credit strength underpinning its ba2 BCA. Despite moderate profitability, with net income equivalent to 0.7% of tangible assets as of March 2026, Multiva's capitalization has remained stable due to a history of full earnings retention, allowing the bank to absorb rapid balance-sheet growth, with loans expanding by an average of 35% annually since 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Banco Multiva's B2 (hyb) rating on the proposed AT1preferred non-cumulative securities is expected to move broadly in line with changes in the bank's ba2 BCA, subject to Moody's standard notching approach for hybrid securities and any changes in the instruments' loss-absorption features or regulatory treatment. The AT1 rating could be upgraded following an upgrade of Multiva's BCA. Upward pressure on the BCA could arise if the bank demonstrates sustained reductions in single-name and sector concentrations, while improving the diversification of its funding base. Any upgrade would also require the maintenance of strong asset quality, solid capitalization, and stronger recurring earnings generation. Conversely, the AT1 rating could be downgraded following a downgrade of Multiva's BCA. Downward pressure could emerge if the bank's credit fundamentals weaken, including through a material deterioration in asset quality, increased borrower or depositor concentrations, weaker capital buffers, or a significant weakening of its funding profile or liquidity position. The principal methodology used in this rating was Banks published in November 2025. ===================== P U E R T O R I C O ===================== FERRELLGAS PARTNERS: Extends CEO Zertuche's Employment Term to 2029 ------------------------------------------------------------------- Ferrellgas Partners, L.P. said in a regulatory filing with the Securities and Exchange Commission that on July 16, 2026, Ferrellgas, Inc., the general partner of Ferrellgas Partners, L.P. and Ferrellgas, L.P., and Tamria Zertuche, the President and Chief Executive Officer of the Company, entered into a First Amendment to Executive Employment Agreement, effective as of July 16, 2026, which extends the term of Ms. Zertuche's employment as President and Chief Executive Officer and principal executive officer for purposes of the Exchange Act, through July 31, 2029, unless earlier terminated by the Company or Ms. Zertuche in accordance with the terms of the Executive Employment Agreement, as amended. Pursuant to the First Amendment, from and after August 1, 2026, as compensation for Ms. Zertuche's services, she will be paid an annual base salary of $935,000. The Company's Board of Directors may adjust Ms. Zertuche's base salary upward from time to time in its sole discretion. Ms. Zertuche is also eligible to participate in any of the general partner's incentive and benefits plans as such plans are implemented and will receive certain severance benefits in the event of termination based on the nature of such termination. Management Commentary "Tamria has been an exceptional leader for Ferrellgas, and her continued partnership is a reflection of the confidence our organization has in the direction we are headed," said Jim Ferrell, Chairman of the Board. "Her proven ability to lead with integrity, drive operational excellence, and inspire our team makes her the right person to lead Ferrellgas into its next chapter." Since assuming the role of CEO, Zertuche has guided Ferrellgas through a period of significant transformation, strengthening the company's operational foundation, expanding its customer base, and fostering a culture of accountability and service. Under her leadership, Ferrellgas has remained focused on delivering reliable, safe, and affordable propane solutions to residential, commercial, and agricultural customers across the country. "I am honored to continue serving the Ferrellgas team and customers who depend on us every day," said Zertuche. "We have built tremendous momentum, and I am excited about what lies ahead. Together, we will keep investing in our people, our infrastructure, and the communities we serve." About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. As of Jan. 31, 2026, the Company had total assets of $1.5 billion, total liabilities of $1.9 billion (calculated as current liabilities of $350.78 million + long-term debt of $1.5 billion + operating lease liabilities of $21.7 million + other liabilities of $55.9 million), mezzanine equity (Senior preferred units) of $651.3 million, and total Ferrellgas Partners, L.P. deficit of $982.3 million. * * * In October 2025, S&P Global Ratings raised its Company credit rating on Ferrellgas Partners L.P. to 'B' from 'CCC'. "The stable outlook reflects our expectation that Ferrellgas will maintain S&P Global Ratings-adjusted leverage in the 6.0x-6.5x range over our forecast period," S&P said. ============= U R U G U A Y ============= URUGUAY: IDB Expands Support w/ $5 Billion for Country Strategy --------------------------------------------------------------- The Inter-American Development Bank Group (IDB Group) plans to expand its support to Uruguay to $5 billion for 2026-2030 based on three pillars established in the new Country Strategy: accelerating investment through support for innovation and competitiveness, strengthening citizen security and public well-being, and improving mobility and public services. The ambitious Country Strategy was launched by IDB Group President Ilan Goldfajn and President of Uruguay Yamandú Orsi during a meeting in Montevideo that marked a new chapter in the Group’s close partnership with the country. "Uruguay has a unique opportunity to transform its institutional and macroeconomic stability into a platform for growth, greater well-being, and innovation. The IDB Group is ready to support this new phase with a stronger focus on impact and a shared agenda: greater security for families, enhanced competitiveness for businesses, and better opportunities for people and investment," said Goldfajn. During his visit to Montevideo, President Goldfajn also met with Minister of Economy and Finance Gabriel Oddone and Minister of the Interior Carlos Negro. The agenda also includes the event "Uruguay as a Regional Innovation Platform: Results, Challenges, and Opportunities" and a meeting with more than 100 business leaders to discuss investments and IDB Invest’s support for the private sector. The IDB Group's support for Uruguay combines sovereign financing, private-sector support, and technical cooperation under the 2026-2030 Country Strategy, which was recently approved and jointly developed with the Uruguayan government. This year, the IDB Group expects to provide a record $1.65 billion in financing, more than three times the amount approved last year. The Country Strategy envisions nearly $5 billion in investments, combining financing for the public sector, businesses, and innovation, exceeding the original projection of $4.2 billion. The IDB Group's new roadmap with Uruguay is built around three pillars: Supporting Innovation and Competitiveness -- On Monday, August 3, a $20 million financing agreement was signed for Uruguay's Internationalization Promotion Program. -- Plans also include a Bioeconomy and Agri-Food Innovation Program, which is part of an overall productivity development plan of the country. -- There are negotiations for a new policy-based program to prepare the country and businesses for the opportunities of the European Union-Mercosur Agreement and of the country’s rapprochement with the OECD. The total for this pillar amounts to $400 million. -- IDB Lab, the innovation and venture capital arm of the IDB Group, currently has a portfolio of 75 active operations in Uruguay. -- In addition, the IDB is working with Uruguay’s Central Bank (BCU) and Ministry of Economy and Finance (MEF) to develop capital markets and expand long-term financing options under more favorable conditions for investment. Strengthening Citizen Security and Well-Being -- Security is a priority for the government of Uruguay. During the visit, a $25 million operation was signed under a $200 million credit line to improve the effectiveness of the prison system, strengthen the National Police, and support police training in criminal investigation and analysis. In addition, a technical cooperation program was launched to support the National Public Security Plan and the Office of the Attorney General. -- The IDB and the government are also collaborating on a new $150 million program to support implementation of the National Public Security Plan and provide additional financing for the Comprehensive Citizen Security Program II. -- The total IDB Group support for security reaches $350 million. -- For the social welfare pillar, the IDB Group works with the Government to advance projects to contribute to reducing child poverty and advancing the quality of education. Improving Mobility and Public Services -- In June, the IDB approved a $70 million operation to support integrated development and expand access to housing, basic services, and opportunities for children, adolescents, migrants, and vulnerable households. -- This year, the IDB is working on a $200 million operation to improve the quality of spending for transportation infrastructure and support the transformation of Montevideo’s metropolitan transportation system. In addition, the Bank is seeking to advance another partnership focused on water security, with financing of $51 million. -- Collaboration is also being explored to expand electricity networks and strengthen energy security through support of approximately $80 million. Through IDB Invest, the IDB Group has a long track record of operations with the private sector in transportation, energy, and sanitation and remains open to new opportunities in these sectors. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *