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260807.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 Friday, August 7, 2026, Vol. 27, No. 157 Headlines A R G E N T I N A ARGENTINA: Central Bank Reform Would Ban Financing State Spending MSU ENERGY: Fitch Hikes Long-Term IDR to 'B-', Outlook Stable B R A Z I L BRAZIL: Bankruptcies Rise as Tax Authorities Gain New Tool BRAZIL: Central Bank Cuts Rates as Inflation Eases CEMIG: S&P Alters Outlook to Stable, Affirms 'BB-' ICR D O M I N I C A N R E P U B L I C [] DOMINICAN REP: Launches Forum for Full Dev’t Under Meta RD 2036 J A M A I C A CARIBBEAN CEMENT: Posts Improved Performance for 1H of 2026 M E X I C O BANCO MULTIVA: Fitch Gives B-(EXP) Rating to Planned AT1 Notes P U E R T O R I C O ESJ TOWERS: Court Upholds Dismissal of Mikhail, et al., Case ESJ TOWERS: Court Upholds Dismissal of Wincig, et al., Case - - - - - ================= A R G E N T I N A ================= ARGENTINA: Central Bank Reform Would Ban Financing State Spending ----------------------------------------------------------------- Manuela Tobias at Bloomberg News reports that President Javier Milei presented a bill in a national TV address to reform the Central Bank so it is prohibited from financing government spending in the future. Milei's reform would also require two-thirds of lawmakers in both houses of Congress to vote in favour of removing a Central Bank governor in a push to strengthen its independence, according to Bloomberg News. The legislation stipulates the institution’s core mission is to preserve the peso’s value, unwinding a multi-pronged mandate set by his rivals in 2012, Bloomberg News notes. "The Central Bank has been a tool that allowed the political establishment to steal," Milei said from the presidential palace, flanked by his ministers and advisers, the report relays. "The reform of the Central Bank's charter seeks to put an end to the theft," he added. Bloomberg News notes that Milei's push to fortify the Central Bank contrasts with his campaign pledges in 2023 to dollarise the economy and definitively shutter the institution he described as "the worst garbage that exists on this Earth." Even a year into his Presidency, he committed to closing the Central Bank within four years, the report discloses. However, Milei made no mention of eliminating it, Bloomberg News says. Congress received the bill early, according to the lower house's press office. Milei plans to send separate legislation aimed at cutting red tape in the local capital market to incentivise investment, Bloomberg News relates. He also wants to institute a US-style government shutdown in Argentina if the country runs a deficit over multiple months, Bloomberg News relays. If Congress fails to fix the deficit, the entire presidential Cabinet and lawmakers wouldn't receive salaries, Milei said in the address, Bloomberg News notes. The Central Bank's charter, which is its governing law, until 2012 stipulated that the bank's purpose was to preserve the peso’s value, similar to most inflation-targeting central banks, Bloomberg News discloses. Former president Cristina Fernandez de Kirchner in that year broadened the mandate so that it also includes monetary and financial stability, employment and economic development with social equity, Bloomberg News relays. Those changes gave the bank greater flexibility to print money to finance government spending, Bloomberg News discloses. Milei's reform seeks to end the Central Bank's role as a lender to the government, Bloomberg News relays. For years, Argentina financed persistent fiscal deficits by printing pesos, a practice that fuelled recurring currency crises and ultimately pushed inflation into triple digits before Milei was elected, Bloomberg News says. Since Milei took office in December 2023, the administration has relied instead on deep spending cuts to eliminate the fiscal deficit while banning monetary financing through executive order, Bloomberg News notes. The proposed overhaul would enshrine those restrictions in law, making it harder for future governments to use the Central Bank to fund public spending, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The 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. MSU ENERGY: Fitch Hikes Long-Term IDR to 'B-', Outlook Stable ------------------------------------------------------------- Fitch Ratings has upgraded MSU Energy S.A.'s (MSU Energy) Long-Term Foreign Currency and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+'. Fitch also affirms the senior secured notes at 'B-'and revised the Recovery Rating to 'RR4' from 'RR3'. The Rating Outlook is Stable. The upgrade reflects an improvement in MSU Energy's business operating environment following Argentina's (B-/Stable) upgrade. MSU Energy remains exposed to the Argentine sovereign due to the electricity sector's dependence on Compania Administradora del Mercado Mayorista Electrico (CAMMESA), whose reliance on government subsidies introduces payment risk for MSU Energy. The ratings also incorporate MSU Energy's stable cash flow profile and recent positive developments in market dynamics. Key Rating Drivers Counterparty Exposure Improved: MSU Energy's counterparty exposure has improved with the upgrade of the Argentine sovereign IDR to 'B-' with a Stable Outlook from 'CCC+' has improved MSU Energy's business environment. The company relies on payments from CAMMESA, which receives government subsidies and represents electricity generators, transmission, distribution and large consumers or wholesale market participants known as Mercado Mayorista Electrico. MSU Energy derives 100% of its revenue from U.S.-dollar-denominated power purchase agreements (PPAs) with CAMMESA for the simple cycles, with 450 MW of installed capacity expiring in 2Q27 to 1Q28 and its combined cycle reaching 300 MW, due in 2035. Adequate Liquidity: Fitch believes MSU Energy's liquidity to be adequate, supported by its approved uncommitted working capital lines of up to USD60 million. These resources are expected to help the company meet debt-service payments over the coming years, contingent on timely payments from CAMMESA. As of 1Q26, MSU reported USD13 million in cash, compared to USD83 million in short-term debt. Fitch forecasts free cash flow (FCF) to remain consistently positive, averaging approximately USD100 million through 2028. The company's capital expenditure (capex) requirements are limited following recent turbine overhauls, and no dividend distributions are projected over the forecast period. Stable Cash Flow Profile: Fitch expects MSU Energy to generate EBITDA of approximately USD165 million in 2026, with EBITDA margins above 80%. The company's total installed capacity stands at 750 MW, with over 85% of revenue consistently derived from fixed-capacity payments and the remainder from variable payments from dispatch of natural gas or diesel. Fitch expects EBITDA margins to decline below 80% in 2028, reflecting the expiration of the current PPAs. During the 12 months ended in 1Q26, CAMMESA paid invoices in about 48 days, broadly in line with the 42-day contracted payment period. Fitch assumes this payment timing will persist; however, prolonged payment delays could exert financial pressure on MSU Energy. Improved Market Dynamics: Fitch does not expect material changes to MSU Energy's margins from the gradual liberalization of the electricity sector. Fitch expects the process to have a neutral effect in the medium term. Positive aspects of the process include allowing generators to manage their own fuel supply and declare variable production costs based on reference values established by CAMMESA. Remuneration mechanisms incorporate pricing for demand and the implementation of marginal cost signals for energy traded in spot markets. Additionally, generators may contract directly with private off-takers. Fitch will monitor developments as the regulatory framework evolves. Gradual Deleveraging Trajectory: Fitch forecasts MSU Energy's total debt/EBITDA will decline to 3.5x in 2026 from 4.1x in 2025, reflecting the company's ongoing strategy to pay off debt. This strategy has driven deleveraging since 2022. Total debt is expected to decrease from USD585 million in 2026 to USD424 million in 2027, with average leverage projected at 3.2x through 2028. Fitch expects EBITDA interest coverage to average around 3.0x from 2026 to 2028, compared to 2.6x in YE 2025. Peer Analysis MSU Energy's ratings reflect exposure to CAMMESA as an off-taker reliant on subsidies from the Argentine government. The same exposure applies to Argentine utility peer AES Argentina Generacion S.A. (AAG; B-/Stable). MSU Energy has only thermal operations, while AAG's portfolio is balanced between thermal, wind and hydro assets. Most of AES Argentina's installed capacity, except for 200 MW of wind capacity, is exposed to the spot market. MSU is currently 100% contracted, but 350 MW out of their total 750 MW will be exposed to the spot market in 2027 and 2028. MSU Energy's gross leverage is forecast at 3.5x for YE 2026, compared with 1.8x for AAG. On a net basis, MSU Energy's net leverage was 3.8x at 1Q26, reflecting USD13 million of cash and equivalents. Fitch estimates MSU's projected gross leverage will average 3.2x from 2026-2028. Fitch’s Key Rating-Case Assumptions - 750 MW of total installed capacity with 250 MW each at the General Rojo, Barker and Villa Maria power plants; - Simple-cycle PPAs granted under Resolution No. 21, with a fixed payment rate (USD/MW-month) of USD20,900 for General Rojo and USD19,900 for the Barker and Villa Maria plants, and a variable payment rate (USD/MWh) of USD8.50 for natural gas and USD12.50 for diesel oil; - Combined-cycle PPAs granted under Resolution 287/2018 with a fixed payment rate (USD/MW-month) of USD 18,900 for General Rojo, and USD19,900 for the Barker and Villa Maria plants, and variable payment rates (USD/MWh) of USD10.40, USD8.80, and USD12.70 for electricity dispatched at the General Rojo, Barker and Villa Maria plants, respectively; - Spot rate of USD6,800 MW/month replacing General Rojo simple-cycle PPA following expiration in June 2027 (blended capacity rate of USD14,438 in 2027); and Barker and Villa Maria (blended rate of USD7,892 in 2028) plants in 1Q28; - Dispatch remuneration of USD13/MWh starting with expiration of simple cycle PPAs; - Average projected dispatch rate of 30% in 2026 and 35% in 2027 through 2028; - Capex of USD10 million in 2026, USD4 million in 2027 and 2028; - No taxes paid throughout the rating horizon; - CAMMESA paying in 48 days 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 (bb+, Moderate), sector characteristics (bb-, Moderate), market and competitive positioning (b+, Moderate), diversification and asset quality (bb+, Moderate), company operational characteristics (b, Higher), profitability (bb+, Moderate), financial structure (bbb-, Lower), and financial flexibility (b, Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. 'B+' to 'CC' considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'b-' results in an adjustment of -1 notch. The SCP is 'b-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-'. Recovery Analysis Assumptions using the going-concern methodology: - The recovery analysis assumes that MSU Energy would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. - A 10% administrative claim - The GC EBITDA is estimated at USD100 million. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level on which Fitch bases the valuation of MSU Energy. - Enterprise value multiple of 5.0x Following the upgrade of Argentina's sovereign rating to 'B-' from 'CCC+', the previous variation applied to recovery cap no longer applies, as Argentina's sovereign rating is no longer considered to be consistent with a distressed environment. Under the country groups specified in Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," Argentina falls under group D, where Recovery Ratings are capped at 'RR4'. Therefore, the senior secured notes are rated 'B-'/'RR4'. Fitch's bespoke recovery analysis suggests that MSU Energy's recovery prospects comfortably exceed the range implied for an 'RR4' under the criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade to the ratings and/or operating environment of Argentina could result in a negative rating action; - Significant and sustained delayed payments by CAMMESA; - Sustained liquidity ratio below 1.0x; - Inability to access funding from credit lines or the local market. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade to the ratings and/or operating environment of Argentina could result in a positive rating action, as long as the SCP is in-line or above Argentina's IDR; - Reduction in exposure to CAMMESA through signed PPAs with private offtakers and through the ongoing electricity market liberalization in Argentina. Liquidity and Debt Structure As of March 2026, MSU Energy's cash and equivalents reached USD13 million. The company fulfills its daily working capital needs through operating cash flow, supplemented by approved uncommitted short-term facilities of up to USD60 million, which are currently drawn for USD2 million. Fitch expects the company's working capital line to be necessary for quarters where debt-service peaks. MSU Energy issued local notes of USD60 million in 1Q26 at a 7.5% interest rate to prepay part of its syndicate loan. The loan, which has USD135 million outstanding, amortizes quarterly from 1Q26, and matures in October 2027. The company has a USD400 million senior secured bond with partial 17.5% amortizations in December 2028 and 2029 and final maturity due November 2030. Issuer Profile MSU Energy is an Argentine electric power company that currently has 750 MW of electric generating capacity, evenly distributed among its three power plants: General Rojo, Barker and Villa Maria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for MSU Energy S.A. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- MSU Energy S.A. LT IDR B- Upgrade CCC+ LC LT IDR B- Upgrade CCC+ senior secured LT B- Affirmed RR4 B- =========== B R A Z I L =========== BRAZIL: Bankruptcies Rise as Tax Authorities Gain New Tool ---------------------------------------------------------- Valor International reports that the number of bankruptcies in Brazil resumed rising this year after remaining stable throughout 2025. Last year, there were 2,732 bankrupt companies. With 66 new bankruptcy cases recorded in the first half of this year alone, the total climbed to 2,798, a 2.42% increase, according to the report. According to Claudio Damasceno, senior partner at RGF, the trend coincides with a recent shift in case law at the Superior Court of Justice (STJ), notes Valor International. The court ruled that tax authorities may petition for bankruptcy when tax enforcement proceedings fail to recover outstanding debts. In February, the court’s Third Panel recognized the government’s legal standing and procedural interest to file such petitions after unsuccessful tax collection actions (REsp 2196073), the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. As reported in the Troubled Company Reporter-Latin America on July 31, 2026, DBRS, Inc. (Morningstar DBRS) confirmed the Federative Republic of Brazil's Long-Term Foreign and Local Currency - Issuer Ratings at BB in June 2026. At the same time, Morningstar DBRS confirmed the Federative Republic of Brazil's Short-term Foreign and Local Currency -Issuer Ratings at R-4. The trend on all ratings is Stable. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. BRAZIL: Central Bank Cuts Rates as Inflation Eases -------------------------------------------------- The Wall Street Journal reports that Brazil's central bank cut interest rates for the fourth consecutive time as inflation cools and still-elevated borrowing costs weigh on the economy. The bank's monetary committee, or Copom, cut the Selic benchmark lending rate to 14% from 14.25%, as expected, according to the report. But the monetary authority indicated that uncertainty around its inflation projections remains higher than usual, especially given conflicts in the Middle East, the report notes. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. As reported in the Troubled Company Reporter-Latin America on July 31, 2026, DBRS, Inc. (Morningstar DBRS) confirmed the Federative Republic of Brazil's Long-Term Foreign and Local Currency - Issuer Ratings at BB in June 2026. At the same time, Morningstar DBRS confirmed the Federative Republic of Brazil's Short-term Foreign and Local Currency -Issuer Ratings at R-4. The trend on all ratings is Stable. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. CEMIG: S&P Alters Outlook to Stable, Affirms 'BB-' ICR ------------------------------------------------------ S&P Global Ratings revised the outlook on Companhia Energetica de Minas Gerais (CEMIG) and its operating subsidiaries, Cemig Distribuicao S.A. (CEMIG-D) and Cemig Geracao e Transmissao S.A. (CEMIG-GT), to stable from positive. S&P also affirmed its 'BB-' ratings on these entities. The stable outlook reflects S&P's expectation of free operating cash flow (FOCF) shortfall in the next two years amid high interest expenses and shareholder returns. This will increase adjusted net debt to 3.5x and reduce funds from operations (FFO) to debt below 23%. Slower-than-expected deleveraging and continued FOCF deficits underpin S&P's outlook revision to stable. S&P said, "Given CEMIG's sizable capital plan for 2026-2030, we expect deleveraging to occur only starting in 2028, beyond our outlook horizon, reflecting a substantial debt level needed amid persistently high interest expenses that strain cash flow." CEMIG's investment plan for 2026-2030 will total R$43.7 billion, as part of the strategy to focus on operations in the state of Minas Gerais. For 2026, the company plans to invest R$6.7 billion, about 80% of which (R$5.3 billion) will be allocated to the distribution segment, but it will also invest R$1.2 billion in its generation and transmission segments, and R$250 million mostly in its gas segment. S&P said, "We believe that CEMIG will finance these investments with a combination of its own cash and new debt. We forecast nominal debt to increase to R$25 billion in 2026 and to R$29 billion - R$30 billion in 2027 from R$19 billion in 2025, given the projected increase in capital expenditure (capex) to R$6.7 billion in 2026 and R$6.8 billion in 2027. This will result in a FOCF deficit of about R$2.2 billion in 2026 and R$1.6 billion in 2027, compared with a shortfall of R$1.6 billion in 2025. As a result, this will prevent CEMIG from reducing debt before 2028, when CEMIG-D's five-year tariff review will be implemented, recognizing investments of the past cycle in the regulatory asset base and boosting EBITDA in this segment. "Our previous positive outlook reflected a possible upgrade if CEMIG deleveraged substantially. However, the pace remains overall in line with our base-case forecast. As a result and given our expectations of a steeper deleveraging starting in 2028, we revised the outlook to stable. Furthermore, the FOCF deficit amid sizable dividends of R$2.4 billion in 2026 and R$1.6 billion in 2027, will limit the company's ability to reduce debt. "CEMIG has alternatives to the renewal of its expiring hydro concessions. Despite Agencia Nacional de Energia Eletrica's (ANEEL) recent recommendation to renew the company's concessions for its hydro assets, we don't incorporate this factor in our base-case scenario, because the Ministry of Mines and Energy has yet to approve it. CEMIG's concessions for the Emborcaçao, Nova Ponte, and Sá Carvalho hydro plants, totaling 1.8 gigawatts (GW; more than half of its installed capacity) will expire between 2026 and 2027, with the Sá Carvalho concession expiring in August 2026. If CEMIG renews the concessions for all three through the quota regime, we expect an additional EBITDA of R$400 million per year, which could further improve cash flow and overall credit metrics. Nevertheless, in such a scenario, we expect CEMIG to continue purchasing 40% - 50% of its energy needs. This is because under the quota regime, the concessionaire can't sell its energy in the free market. In this sense, we expect CEMIG to remain dependent on acquiring energy in the spot market, and subject to spot-price volatility. "On the other hand, according to the Law 15,269/2025, there is the possibility of CEMIG renewing the concessions upon the payment of renewal fees. In this scenario, we believe the company would finance the fees with additional debt, further straining its credit metrics, delaying further the expected deleveraging. "Excluding cash flow from the hydro assets as their concessions are expiring soon, we forecast net revenue of R$37 billion - R$38 billion and EBITDA of R$7.9 billion - R$8.9 billion during 2026 and 2027. We believe that both figures will improve to above R$40 billion and R$10 billion, respectively, starting in 2028, as we incorporate above-inflation tariff review for CEMIG-D. We currently expect adjusted leverage to increase to 3.5x in 2026 and 2027 from 2.4x in 2024 and 3.2x in 2025, while FFO to debt will drop below 23% in 2026-2027 from 29.9% in 2024 and 22% in 2025, amid negative FOCF." CEMIG remains exposed to volatility in the power trading segment. The short position of 500 MW-600 MW could still weigh on the company's cash flow, as was the case in 2025 and the first quarter of 2026, during which CEMIG's accumulated EBITDA loss was about R$400 million, partly because of price variation between the southeast and northeast subsystems. The loss reflects the financial impact of having to procure energy at higher spot prices in one region to meet contractual obligations in another region, in which prices were lower, a dynamic that could occur if regional prices continue to diverge due to differences in hydrological conditions. For instance, El Nino could further pressure results by reducing hydroelectric generation. This could increase the company's exposure to the spot market and higher energy purchase costs, worsening global scaling factor (GSF) performance, and heighten volatility in the trading segment. S&P's rating on CEMIG continues to incorporate political risks stemming from its government control. Although the state of Minas Gerais hasn't interfered in CEMIG's operations in the past few years in a way that would erode its credit metrics or reduce the company's financial flexibility, our management and governance assessment captures political risks that stem from the company's control by the state, which owns 50.97% of CEMIG's voting shares and 17.04% of total shares. S&P continues to consider that CEMIG is exposed to political influence arising from the state's ownership stake, particularly ahead of the government transition following the election. Changes in the administration could alter the company's strategic decision regarding investments, liability management initiatives, and/or dividend distribution policies. A departure from the current financial discipline could lead to higher leverage, reduced liquidity buffers, or less predictable financial policies, weakening the company's credit quality and rating trajectory. On the other hand, the company has financial covenants to honor on its debt obligations, reducing the risk of increasing leverage beyond the covenants' thresholds. S&P said, "The stable outlook reflects our expectation of a limited near-term credit metrics improvement and FOCF shortfalls in the next two years, given CEMIG's sizable investment plan amid persistently high interest expenses and shareholder returns. In this context, we expect adjusted net debt to increase to 3.5x in 2026 and 2027, FFO to debt to drop below 23%, and the FOCF shortfall to reach R$2.2 billion in 2026 and R$1.7 billion in 2027. "We could lower our ratings on CEMIG and its subsidiaries if the company takes longer than expected to improve its credit metrics. In such a scenario, we would see adjusted net debt to EBITDA above 4.5x, FFO to debt below 13%, and prolonged FOCF deficits." This could happen if adverse hydrological conditions over the next few years hike energy costs, which could further erode CEMIG's cash flow amid elevated capex. Furthermore, if the company were unable to mitigate the risk related to its energy imbalance across various submarkets in the power trading segment, its losses would widen. Furthermore, increased dividend distributions could weaken metrics and liquidity, either due to refinancing difficulties or a limited covenant headroom. A positive rating action could occur in the next 12-24 months if CEMIG's credit metrics strengthen thanks to increased cash flow from its investments, supported by remunerative tariff adjustments and concession renewals, which could reduce volatility in the generation and distribution segments. S&P said, "In this scenario, we would expect debt to EBITDA below 3.5x, FFO to debt exceeding 23%, and positive FOCF. We could also upgrade the company if we do not consider any potential interference of the state of Minas Gerais." =================================== D O M I N I C A N R E P U B L I C =================================== [] DOMINICAN REP: Launches Forum for Full Dev’t Under Meta RD 2036 -------------------------------------------------------------------- Dominican Today reports that President Luis Abinader and Vice President Raquel Pena participated in the first National Forum for Full Development, an initiative held within the framework of Meta RD 2036, a national strategy aimed at transforming the Dominican Republic into a fully developed country by that year. During the closing ceremony, Abinader stated that the initiative seeks to achieve collective prosperity through better public services, quality education, formal employment, citizen security and greater opportunities for all Dominicans, according to Dominican Today. The president explained that Meta RD 2036 is based on sustainable development, inclusion, innovation, economic growth, institutional strengthening, increased productivity, knowledge generation and the development of human capital, the report notes. Abinader highlighted that the forum served as a consultation process with universities, civil society organizations and other sectors to gather proposals before making decisions, the report relays. He assured that the contributions collected will be incorporated into the strategy’s priorities, public policies and development plans, the report notes. “We do not want a symbolic consultation, but participation reflected in priorities, decisions and public policy instruments,” the president said, the report discloses. He also emphasized that long-term reforms require consensus and immediate action, noting that the country’s development must be the result of a joint effort among government, private sector, academia and society as a whole, the report says. Meta RD 2036 aims to double the country’s real GDP by 2036, eliminate extreme poverty, create 1.7 million new jobs, triple average salaries and achieve investment-grade status to position the Dominican Republic among the most competitive economies in Latin America, the report relays. The initiative includes 14 working committees focused on strategic sectors such as agriculture, commerce, construction, energy, finance, industry, technology, transportation, tourism, free zones and MSMEs, among others, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= CARIBBEAN CEMENT: Posts Improved Performance for 1H of 2026 ----------------------------------------------------------- RJR News reports that Caribbean Cement Company is reporting a sharp improvement in its financial performance for the first six months of 2026, driven by stronger operating efficiency, disciplined cost management and continued demand for its products. Revenue strengthened, driving gross profit to $9.31 billion - up 74.7 per cent over the previous year, according to RJR News. Caribbean Cement says the improved performance reflects a more favourable production environment compared with 2025, when a planned maintenance shutdown resulted in approximately $920 million in additional costs and required the importation of cement to maintain supplies, the report notes. Cash holdings climbed to $18.55 billion, reflecting a strong liquidity position, the report says. Caribbean Cement also achieved a record second-quarter sales volume of 110,647 metric tonnes, the report notes. The company says it remains confident about its outlook, noting that inventories have been built up ahead of its planned maintenance shutdown to ensure uninterrupted supplies to the market, the report adds. About Caribbean Cement Caribbean Cement Company Limited, together with its subsidiaries, manufactures and sells cement and clinker in Jamaica and other Caribbean countries. The company was incorporated in 1947 and is based in Kingston, Jamaica. As reported in the Troubled Company Reporter-Latin America on Aug 10, 2023, Jamaica Observer said that high cost attributed to a scheduled annual maintenance exercise done during the first quarter sent operational earnings and six months profit falling for cement manufacturer Carib Cement at the end of June. For the reporting period, net profit, which amounted to $2.4 billion, was approximately 20 per cent below the $3 billion earned for the half-year mark in 2022, according to Jamaica Observer. Operating earnings for the period also fell by about 24 per cent to total $3.6 billion when compared to the $4.8 billion seen for last year's period, the report noted. =========== M E X I C O =========== BANCO MULTIVA: Fitch Gives B-(EXP) Rating to Planned AT1 Notes -------------------------------------------------------------- Fitch Ratings has published a 'B-(EXP)' expected rating for Banco Multiva, S. A., Institucion de Banca Multiple, Grupo Financiero Multiva's (Banco Multiva) planned Additional Tier 1 (AT1) notes. The expected rating is four notches below the bank's Viability Rating (VR) and aligns with Fitch's baseline notching for AT1 instruments. The notes are perpetual AT1 debt securities, with fully discretionary, non-cumulative coupons. Proceeds will be used to support loan portfolio growth. The assignment of a final rating is contingent on receipt of final documents conforming to the information already received. Key Rating Drivers Junior Subordinated Debt: Banco Multiva's proposed USD300 million AT1 hybrid capital notes will rank junior to all senior and subordinated preferred debt, pari passu with other subordinated non-preferred obligations, and senior only to all classes of capital stock. The issue is rated four notches below the bank's 'bb' VR, with two notches for loss severity risk and two notches for non-performance risk. The loss severity notching reflects the notes' subordinated non-preferred status and expected poor recovery prospects in a liquidation event. The non-performance notching reflects the fully discretionary and non-cumulative nature of coupon payments, which the bank may cancel at any time and which will be mandatorily cancelled if the Mexican regulator classifies Banco Multiva as "Class II" or below under the Mexican Capitalization Requirements or Early Warning System. In Fitch's view, local regulations trigger interest deferral at relatively high capitalization levels before a write-down or point of non-viability occurs. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The AT1 notes are rated four notches below Banco Multiva's VR. However, a downgrade of the VR would not necessarily lead to a proportional downgrade of the AT1 notes; Fitch's Bank Rating Criteria allows for compressed notching of -3 when the anchor issuer's VR is 'bb-' or lower. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of the bank's VR would likely result in an upgrade of the AT1 notes to maintain baseline notching of -4 from the anchor issuer's VR. For further information about the drivers and rating sensitivities for Banco Multiva's ratings, please see "Fitch Publishes Banco Multiva's 'BB' IDRs; Outlook Stable" published July 24, 2026. VR ADJUSTMENTS The business profile score of 'bb' is above the 'b & below' category implied score due to the following adjustment reason: market position (positive). Summary of Financial Adjustments Fitch's tangible capital calculation excluded prepaid expenses and other deferred assets from shareholders' equity. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Banco Multiva, S. A., Institucion de Banca Multiple, Grupo Financiero Multiva junior subordinated LT B-(EXP) Publish ===================== P U E R T O R I C O ===================== ESJ TOWERS: Court Upholds Dismissal of Mikhail, et al., Case ------------------------------------------------------------ Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico denied the motion for reconsideration filed by Magdy Mikhail and Olga Garcia-Mikhail with respect to the confirmation of ESJ Towers, Inc.'s Chapter 11 plan in the adversary proceeding captioned as MAGDY MIKHAIL; OLGA GARCIA-MIKHAIL, Plaintiffs vs. FORTALEZA EQUITY PARTNERS 2, LLC; FORTALEZA HOSPITALITY L.L.C.; FORTALEZA ESJ, L.L.C.; ESJ TOWERS VACATION CLUB LLC; BLACK BRIAR PUERTO RICO LIMITED LIABILITY COMPANY; BLACK BRIAR ADVISORS LLC; and ESJ TOWERS, INC., Defendants, ADVERSARY NO. 25-00005 (Bankr. D.P.R.). The present adversary proceeding is before the court upon the motion for reconsideration filed by plaintiffs requesting that the Opinion and Order and Judgment entered on February 24, 2026 be reconsidered and vacated under Fed. R. Civ. P. 59(e), that plaintiffs be allowed to file an amended complaint, and that the motions to dismiss filed by Fortaleza Equity Partners 2, LLC ("Fortaleza Equity"), Fortaleza Hospitality L.L.C. ("Fortaleza Hospitality"), Fortaleza ESJ, L.L.C. ("Fortaleza ESJ"), and ESJ Towers Vacation Club LLC ("ESJ Towers Vacation Club", and jointly with Fortaleza Equity, Fortaleza Hospitality and Fortaleza ESJ, "Fortaleza"), Black Briar Puerto Rico LLC ("Black Briar PR") and Black Briar Advisors LLC ("Black Briar Advisors", and jointly with Black Briar PR, "Black Briar"), and ESJ Towers, Inc. ("Debtor", and jointly with Fortaleza and Black Briar, the "Defendants") be denied because Plaintiffs' claims arise directly from the administration of the bankruptcy case and the interpretation of this court's own orders. The court finds that the motion for reconsideration presents no newly discovered evidence to warrant reconsideration of prior findings, and identifies no manifest error of law. The court declines to revisit its decision dismissing this action, and reaffirms its prior conclusion, that is: In this case, pursuant to Paragraph 8.1 of the confirmed plan, "all unexpired leases, executory contracts and other contracts which (I) have not expired by their own terms on or prior to the Confirmation Date, (ii) have not been assumed and assigned to the purchaser of Debtor's assets, as indicated in the APA, prior to the Effective Date, shall be deemed rejected." Pursuant to Paragraph 8.2 of the confirmed plan, "if the rejection results in a claim for damages any claim for such damages, if not evidenced by a filed proof of claim, shall be forever barred and shall not be enforceable against Debtor, or its properties or agents, successors, or assigns, unless a proof of claim is filed with the Bankruptcy Court." The record does not reflect that the Agreements for Intervals 1264-29 and 1467-30 were formally assumed and/or assumed and assigned prior to plan confirmation or as part of the sale of Debtor's assets; that a proof of claim was timely filed by Plaintiffs in accordance with the terms of the confirmed plan; that Plaintiffs objected to either confirmation or the sale of Debtor's assets; or, that Plaintiffs petitioned the court for Debtor to assume or reject Intervals 1264-29 and 1467-30 within a specific time, or for adequate assurance of future performance. The record does reflect that both confirmation and the sale of Debtor's assets was consensual; that if unexpired leases, executory contracts and other contracts were not assumed and assigned prior to the closing of the sale, such agreement was deemed rejected under the terms of the Confirmation Order, the Plan, the Sale Order, and the APA. These facts, taken together, evince that Intervals 1264-29 and 1467-30 were deemed rejected under the terms of the confirmed plan, which has res judicata effect. To the extent Counts I, II, III, and IV seek relief against the Debtor in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, and the assets are no longer property of the Debtor or the bankruptcy estate, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Counts I, II, III, and IV are dismissed with respect to the Debtor. To the extent Count I seeks relief against (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Count I is dismissed with respect to (I) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club. To the extent any remaining counts seek relief against non-debtor third parties, namely (i) Fortaleza Equity, (ii) Fortaleza ESJ, (iii) ESJ Tower Vacation Club, (iv) Fortaleza Hospitality, (v) Black Briar PR, and (vi) Black Briar Advisors on account of alleged contractual or statutory vacation club membership rights under the Puerto Rico Vacation Ownership Act, this court is moved to exercise its discretion to permissively or discretionally abstain under 28 U.S.C. Sec. 1334(c)(1). The effect or lack thereof of any remaining counts on the administration of the Debtor's bankruptcy estate and/or the confirmed plan also moves this court to abstain. The foregoing does not bar Plaintiffs from pursuing their claims against the non-debtor parties in accordance with Puerto Rico law. A copy of the Court's Opinion and Order dated July 22, 2026, is available at https://urlcurt.com/u?l=6uD8M9 from Pacermonitor.com. About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as $50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The Court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. ESJ TOWERS: Court Upholds Dismissal of Wincig, et al., Case ----------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico denied the motion for reconsideration filed by Owen Wincig, Regina Wincig, Kyle Wincig, Ryan Wincig and Tyler Wincig with respect to the confirmation of ESJ Towers, Inc.'s Chapter 11 plan in the adversary proceeding captioned as MAGDY MIKHAIL; OLGA GARCIA-MIKHAIL, Plaintiffs vs. FORTALEZA EQUITY PARTNERS 2, LLC; FORTALEZA HOSPITALITY L.L.C.; FORTALEZA ESJ, L.L.C.; ESJ TOWERS VACATION CLUB LLC; BLACK BRIAR PUERTO RICO LIMITED LIABILITY COMPANY; BLACK BRIAR ADVISORS LLC; and ESJ TOWERS, INC., Defendants, ADVERSARY NO. 25-00006 (Bankr. D.P.R.). The present adversary proceeding is before the court upon the motion for reconsideration filed by plaintiffs requesting that the Opinion and Order and Judgment entered on February 24, 2026 be reconsidered and vacated under Fed. R. Civ. P. 59(e), that plaintiffs be allowed to file an amended complaint, and that the motions to dismiss filed by Fortaleza Equity Partners 2, LLC ("Fortaleza Equity"), Fortaleza Hospitality L.L.C. ("Fortaleza Hospitality"), Fortaleza ESJ, L.L.C. ("Fortaleza ESJ"), and ESJ Towers Vacation Club LLC ("ESJ Towers Vacation Club", and jointly with Fortaleza Equity, Fortaleza Hospitality and Fortaleza ESJ, "Fortaleza"), Black Briar Puerto Rico LLC ("Black Briar PR") and Black Briar Advisors LLC ("Black Briar Advisors", and jointly with Black Briar PR, "Black Briar"), and ESJ Towers, Inc. ("Debtor", and jointly with Fortaleza and Black Briar, the "Defendants") be denied because Plaintiffs' claims arise directly from the administration of the bankruptcy case and the interpretation of this court's own orders. The court finds that the motion for reconsideration presents no newly discovered evidence to warrant reconsideration of prior findings, and identifies no manifest error of law. The court declines to revisit its decision dismissing this action, and reaffirms its prior conclusion, that is: In this case, pursuant to Paragraph 8.1 of the confirmed plan, "all unexpired leases, executory contracts and other contracts which (I) have not expired by their own terms on or prior to the Confirmation Date, (ii) have not been assumed and assigned to the purchaser of Debtor's assets, as indicated in the APA, prior to the Effective Date, shall be deemed rejected." Pursuant to Paragraph 8.2 of the confirmed plan, "if the rejection results in a claim for damages any claim for such damages, if not evidenced by a filed proof of claim, shall be forever barred and shall not be enforceable against Debtor, or its properties or agents, successors, or assigns, unless a proof of claim is filed with the Bankruptcy Court." The record does not reflect that the Agreements for Intervals 1264-29 and 1467-30 were formally assumed and/or assumed and assigned prior to plan confirmation or as part of the sale of Debtor's assets; that a proof of claim was timely filed by Plaintiffs in accordance with the terms of the confirmed plan; that Plaintiffs objected to either confirmation or the sale of Debtor's assets; or, that Plaintiffs petitioned the court for Debtor to assume or reject Intervals 1264-29 and 1467-30 within a specific time, or for adequate assurance of future performance. The record does reflect that both confirmation and the sale of Debtor's assets was consensual; that if unexpired leases, executory contracts and other contracts were not assumed and assigned prior to the closing of the sale, such agreement was deemed rejected under the terms of the Confirmation Order, the Plan, the Sale Order, and the APA. These facts, taken together, evince that Intervals 1264-29 and 1467-30 were deemed rejected under the terms of the confirmed plan, which has res judicata effect. To the extent Counts I, II, III, and IV seek relief against the Debtor in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, and the assets are no longer property of the Debtor or the bankruptcy estate, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Counts I, II, III, and IV are dismissed with respect to the Debtor. To the extent Count I seeks relief against (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Count I is dismissed with respect to (I) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club. To the extent any remaining counts seek relief against non-debtor third parties, namely (i) Fortaleza Equity, (ii) Fortaleza ESJ, (iii) ESJ Tower Vacation Club, (iv) Fortaleza Hospitality, (v) Black Briar PR, and (vi) Black Briar Advisors on account of alleged contractual or statutory vacation club membership rights under the Puerto Rico Vacation Ownership Act, this court is moved to exercise its discretion to permissively or discretionally abstain under 28 U.S.C. Sec. 1334(c)(1). The effect or lack thereof of any remaining counts on the administration of the Debtor's bankruptcy estate and/or the confirmed plan also moves this court to abstain. The foregoing does not bar Plaintiffs from pursuing their claims against the non-debtor parties in accordance with Puerto Rico law. A copy of the Court's Opinion and Order dated July 22, 2026, is available at https://urlcurt.com/u?l=Rgoo7A from Pacermonitor.com About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as $50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The Court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. ********* 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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