Colombia-based oil and gas producer Gran Tierra Energy Inc. (GTE) didn?t reduce leverage as expected after its i3 Energy Inc. acquisition, and we see challenges ahead as the oil and gas industry recovery faces potential headwinds. GTE plans to refinance part of its current debt through an exchange offer and improve its maturity profile, but it still has capital expenditure planned for 2026 (to maintain stable production) that could reduce cash flows if oil prices deteriorate. On Jan. 29, 2026, S&P Global Ratings revised its outlook on GTE to negative from positive and affirmed its 'B' issuer credit rating. At the same time, we affirmed our 'B' rating on the company?s senior secured notes due 2029 and our 'B-' rating