/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/040113.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, January 13, 2004, Vol. 5, Issue 8 Headlines A R G E N T I N A AHOLD: 2003 Sales Amount To EUR56.1 Billion CEPA: CFI Wants Restructuring Closed DIRECTV LA: Court Approves Disclosure Statement TELECOM ARGENTINA: S&P To Reassess Rating Upon Conclusion of APE * ARGENTINA: Moody's Releases Annual Report on Banking System * IMF Exec. To Recommend Letter of Intent to Board B E R M U D A GLOBAL CROSSING: Inks Network and Access Services Pact with XO LORAL SPACE: Launches Telstar 14/Estrela Do Sul 1 Satellite TYCO INTERNATIONAL: Files Preliminary Proxy Statement B R A Z I L BRASKEM: S&P Rates Senior Unsecured Notes 'B+' CSN: $200 Million 10-Year Guaranteed Notes Rated 'B+' CSN: Fitch Rates Islands 10-year Issuance 'B+' PARMALAT BRAZIL: Head To Travel To Italy This Week TELEMIG CELULAR: Standard & Poor's Issues `B+' FC Rating C H I L E LE MANS: SVS Decides On Bankruptcy C O L O M B I A MILLICOM INTERNATIONAL: Files Preliminary Registration Statement E L S A L V A D O R TESAL: Fitch Downgrades Local Scale Rating M E X I C O CFE: Funds For Electricity Generation Projects May Be Postponed EMPRESAS ICA: Concludes $230M Capital Increase GRUPO IMSA: Acquires 49% Of Louisville Ladder Group TV AZTECA: Additional Info Regarding Unefon Debt Transactions P A N A M A BLADEX: Forms Strategic Alliance With TSI P E R U SIDERPERU: Awaits Report From Consultants V E N E Z U E L A * Fitch Assigns 'B-' Rating To Venezuela's US$1B Issue - - - - - - - - ================= A R G E N T I N A ================= AHOLD: 2003 Sales Amount To EUR56.1 Billion ------------------------------------------- Ahold announced Friday consolidated net sales for 2003 (52 weeks through December 28, 2003) of Euro 56.1 billion, a decline of 10.5% compared to Euro 62.7 billion generated in 2002. The overall impact of acquisitions and divestments on net sales growth in 2003 was 0.7% positive. In the fourth quarter (12 weeks through December 28, 2003), sales amounted to Euro 12.7 billion, a 10.8% decrease over the Euro 14.3 billion generated in the same quarter in 2002. The overall impact of acquisitions and divestments on net sales growth in the fourth quarter was negative 1.4%. Sales were significantly impacted by lower currency exchange rates, in particular that of the U.S. Dollar; sales excluding currency impact increased by 2.7% in 2003 and 0.7% in the fourth quarter. The sales numbers presented in this press release are preliminary and unaudited. USA - retail In the United States, 2003 net sales at USA retail in U.S. Dollars increased by 2.7% to USD 27.0 billion (2002: USD 26.3 billion). Comparable sales increased by 0.9% and identical sales increased by 0.1%. In the fourth quarter, net sales increased by 0.9% to USD 6.3 billion (2002: USD 6.2 billion). Comparable sales increased by 0.6% and identical sales decreased by 0.1%. Europe - retail In Europe, net sales rose 0.9% to Euro 12.9 billion (2002: Euro 12.8 billion). In the fourth quarter, net sales amounted to Euro 3.2 billion (2002: Euro 3.2 billion), a decrease of 0.4%. Excluding the impact of lower currency exchange rates, sales rose 1.7% in 2003 and 0.6% in the fourth quarter. At Albert Heijn, identical sales declined by 1.9% in 2003. In the fourth quarter, the identical sales decline was reduced to 0.4%. Foodservice Net sales at U.S. Foodservice increased by 2.3% to USD 17.8 billion (2002: USD 17.4 billion). In the fourth quarter, sales at U.S. Foodservice increased by 6.0% to USD 4.2 billion (2002: USD 3.9 billion). The acquisition of Allen Foods (December 2002) and Lady Baltimore (September 2002), contributed approximately 1.5% to the sales growth in 2003 and 0.9% in the fourth quarter. South America In South America, net sales increased by 3.5% to Euro 2.2 billion (2002: Euro 2.1 billion). The sales growth benefited from the full-year consolidation of Disco in Argentina (2002: only three quarters) and included almost full-year sales for Santa Isabel Peru and Paraguay (2002: only second half-year). Santa Isabel Chile did not materially impact the full-year sales growth because both years included one half-year of sales. The fourth quarter showed sales of Euro 517 million (2002: Euro 646 million), down 20.0%. This was mainly caused by the sale of Santa Isabel Chile in the third quarter of 2003. Asia In Asia, net sales declined 20.7% to Euro 363 million (2002: Euro 458 million) due to the sale of most of the assets of Ahold Malaysia and Ahold Indonesia in the course of the third quarter of 2003. Fourth quarter sales amounted to Euro 84 million (2002: Euro 119 million), a decrease of 29.4%. Unconsolidated joint ventures Total sales of our unconsolidated joint ventures decreased by 3.5% to Euro 11.1 billion (2002: Euro 11.5 billion). This decrease was caused by the consolidation of Disco and Santa Isabel in the course of 2002. In the fourth quarter, sales decreased by 0.3% to Euro 3.0 billion (2002: Euro 3.0 billion). Corporate Calendar 2004* Fiscal year 2004 (53 weeks): December 29, 2003 - January 2, 2005 Extraordinary General Meeting of Shareholders: March 3, 2004 2003 Full-year and Fourth Quarter Results: April 19, 2004 Annual Report & Form 20 F: May 6, 2004 Trading Statement First Quarter 2004: May 11, 2004 Annual General Meeting of Shareholders: June 2, 2004 Results First Quarter 2004: June 14, 2004 Trading Statement Second Quarter 2004: July 29, 2004 Results Second Quarter 2004: August 26, 2004 Trading Statement Third Quarter 2004: October 21, 2004 Results Third Quarter 2004: November 24, 2004 Trading Statement Full-year and Fourth Quarter 2004: January 13, 2005 * Dates are subject to change at Ahold's discretion. Definitions - Identical sales: compare sales from exactly the same stores. - - Comparable sales: are identical sales plus sales from replacement stores. - Currency impact: the impact of using different exchange rates to translate the financial figures of our subsidiaries to Euros. The financial figures of the previous year are restated using the actual exchange rates in order to eliminate this currency impact. CEPA: CFI Wants Restructuring Closed ------------------------------------ The Corporacion Financiera Internacional (CFI) wants Garovaglio & Zorraquin to stop the financial restructuring that it has started on Argentine meat exporter Compania Elaboradora de Productos Alimenticios (CEPA). In addition, the CFI is demanding that Garovaglio & Zorraquin should take back control of CEPA. If it does not, Garovaglio & Zorraquin will have to pay CEPA. But Garovaglio & Zorraquin told CFI that the sale of 70% of CEPA to Camden fund, Ascheim & Partners last year in November for US$6 million was part of the restructuring of CEPA's debt, through a Concurso, a measure that has avoided CEPA's bankruptcy. DIRECTV LA: Court Approves Disclosure Statement ----------------------------------------------- DIRECTV Latin America, LLC ("the Company") announced Friday that the U.S. Bankruptcy Court in Wilmington, Delaware has approved the Disclosure Statement filed in connection with the Company's proposed Plan of Reorganization. With this approval, DIRECTV Latin America remains on schedule to emerge from the Chapter 11 process in early 2004. As previously reported, the Company filed for Chapter 11 in March 2003 in order to aggressively address its financial and operational challenges. The filing applied only to the U.S. entity and did not include any of the operating companies in Latin America and the Caribbean, which have continued regular operations. At Friday's hearing, Judge Peter J. Walsh ruled that the Company's Disclosure Statement contained adequate information for the purposes of soliciting creditor approval for the Plan. A confirmation hearing at which the Court will consider approval of the Plan has been scheduled for February 13, 2004. By January 12, 2004, DIRECTV Latin America will mail notice of the proposed confirmation hearing together with the Plan, the Disclosure Statement and ballots and begin the process of soliciting approvals for the Plan from qualified claim holders. Assuming that the requisite approvals are received and the Court confirms the Plan under the current timetable, the Company presently expects to emerge from Chapter 11 by the end of February 2004. About DIRECTV Latin America DIRECTV is a leading direct-to-home satellite television service in Latin America and the Caribbean. Currently, the service reaches approximately 1.5 million customers in the region, in a total of 28 markets. DIRECTV is currently available in: Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Puerto Rico, Trinidad & Tobago, Uruguay, Venezuela and several Caribbean island nations. DIRECTV Latin America, LLC is a multinational company owned by DIRECTV Latin America Holdings, a subsidiary of Hughes Electronics Corporation; Darlene Investments, LLC, an affiliate of the Cisneros Group of Companies, and an affiliate of Grupo Clarin. DIRECTV Latin America and its principal operating companies have offices in Buenos Aires, Argentina; Sco Paulo, Brazil; Cali, Colombia; Mexico City, Mexico; Carolina, Puerto Rico; Fort Lauderdale, USA; and Caracas, Venezuela. Web site: www.directvla.com. Hughes Electronics Corporation is a world-leading provider of digital multichannel television entertainment, broadband satellite networks and services, and global video and data broadcasting. TELECOM ARGENTINA: S&P To Reassess Rating Upon Conclusion of APE ---------------------------------------------------------------- Telecom Argentina STET-France Telecom S.A. (TECO, D/--/--), an Argentine-based integrated telecom provider, launched Friday a restructuring proposal under the context of an out-of-court agreement, or "Acuerdo Preventivo Extrajudicial" (APE), on its entire financial debt. As of September 2003, consolidated debt counting accrued interests amounted to approximately US$3,217 million and included US$590 million of TECO's wireless subsidiary Telecom Personal. The proposal includes the capitalization and restructuring of part of the interests accrued between June 25, 2002, and Dec. 31, 2003, and gives creditors three options to restructure their current holdings including different mixes of new notes and cash. The cash payments are expected to be funded with the company's cash reserves, which as of Sept. 30, 2003, totaled about US$650 million. If the offer is successful, TECO will extend the maturity schedule, increase capitalization, and reduce debt. Therefore, Standard & Poor's Ratings Services will reassess the rating once the APE is concluded. ANALYST: Ivana Recalde Buenos Aires Phone: (54) 114-891-2127 Marta Castelli Buenos Aires Phone: (54) 114-891-2128 * ARGENTINA: Moody's Releases Annual Report on Banking System ------------------------------------------------------------- Moody's Investors Service said its credit outlook for Argentina's banks continues to hinge on the sovereign's progress in rescheduling its external debt because of the banks' high exposure to the government sector. In its annual report on Argentina's banking system entitled "Banking System Outlook: Argentina," the rating agency also noted that bank financial strength ratings remain at the lowest levels because of the banks' still weak, though improving, financial fundamentals and their continued dependence on outside support. In addition, the banks are operating within a distressed economic and legal environment that has greatly impaired the creditworthiness of both businesses and individuals. Moody's Ratings and Outlooks for the Argentine Banking System: - Long Term Foreign Currency Debt: Caa1 to Ca Stable - Long Term Foreign Currency Deposits: Caa2 Stable - Country Ceilings Debt/Deposits: Caa1/Caa2 Stable - Bank Financial Strength (BFSR): E Stable * IMF Exec. To Recommend Letter of Intent to Board -------------------------------------------------- Managing Director to Recommend to Executive Board the Letter of Intent of the Authorities for the First Review of the Stand-By Arrangement with Argentina Mr. Horst K”hler, Managing Director of the International Monetary Fund (IMF), today made the following announcement: "Progress has been made in recent days and understandings have been reached with the Argentine authorities on a letter of intent requesting the completion of the first program and financing assurances reviews under the three-year Stand-By Arrangement with the Fund. I plan shortly to recommend to the IMF Executive Board the completion of these reviews. The authorities' letter has been signed today in Buenos Aires and will be sent to the IMF Board shortly. I anticipate an Executive Board meeting later this month. "The authorities' letter notes the considerable progress made in implementing the economic program that has been supported by a Stand-By Arrangement with the IMF since September 2003. "In particular, macroeconomic developments continue to be favorable, the economic recovery in 2003 has exceeded the target in the program, and monetary and fiscal policy implementation remains in line with the program's commitments, with quantitative performance criteria for end-October 2003 met with comfortable margins. Moreover, important measures requiring Congressional approval have now been implemented, including the 2004 budget that underpins a consolidated primary surplus of 3 percent of GDP; a comprehensive anti-tax evasion package; and legislation facilitating the renegotiation of utility concessions. Considerable further progress has also been made toward eliminating quasi-monies. "The letter of intent for the first review, in addition, develops further the authorities' strategy for strengthening the banking system and making progress in private corporate debt restructuring, among other areas of structural reform. Finally, the authorities reiterate in their letter their determination to complete a public debt restructuring that attracts broad creditor support." CONTACT: IMF EXTERNAL RELATIONS DEPARTMENT Public Affairs: 202-623-7300 - Fax: 202-623-6278 Media Relations: 202-623-7100 - Fax: 202-623-6772 ============= B E R M U D A ============= GLOBAL CROSSING: Inks Network and Access Services Pact with XO -------------------------------------------------------------- Global Crossing (OTC: GLBCF) and XO Communications, Inc. (OTC Bulletin Board: XOCM) announced two commercial agreements focused on bringing both companies more effective pricing and services to better serve their customers while leveraging their individual strengths. Global Crossing will benefit from XO's alternative local and metro access facilities, while XO Communications will take advantage of Global Crossing's network capabilities, enabling both companies to deliver seamless connectivity to their customers. In the first agreement, XO Communications, a national broadband telecommunications services provider, agreed to purchase from Global Crossing voice termination and private line termination services for a guaranteed minimum of $50 million over the next five years. The agreement contains provisions for Global Crossing to sell up to an additional $50 million in services to XO Communications. The new agreement amends the scope of a previous agreement for private line services between the two companies. In a separate deal, Global Crossing and XO Communications have amended the scope of an existing agreement for the purchase of local access and private line data services. Under the revised agreement, Global Crossing will purchase a guaranteed minimum of $70 million in services from XO Communications over the next five years. The revised agreement is structured to facilitate the purchase of additional services over and above the committed amount during the term of the agreement. "These two agreements effectively leverage the synergies between our companies to benefit customers and boost our strong competitive positioning," said John Legere, chief executive officer of Global Crossing. "XO recognizes the outstanding quality and performance capabilities of our global network. Simultaneously, the access services provided by XO enable us to recognize substantial costs savings in excess of 40 percent, and to streamline and optimize our access delivery, further enhancing our ability to provide a top-of-the-line customer experience." "We're pleased to enter such mutually beneficial commercial arrangements with Global Crossing," said Carl Grivner, chief executive officer of XO Communications. "Global Crossing appreciates that XO offers an unmatched combination of high quality services, complementary network solutions and overall value. This is a win-win for XO and Global Crossing." This announcement expands a beneficial business relationship that has developed between XO Communications and Global Crossing over the past few years. The network services agreements became effective upon Global Crossing's emergence from Chapter 11. XO Communications, Inc. is a leading broadband telecommunications services provider offering a complete portfolio of telecommunications services, including: local and long distance voice, Internet access, Virtual Private Networking (VPN), Ethernet, Wavelength, Web Hosting and Integrated voice and data services. XO Communications has assembled an unrivaled set of facilities- based broadband networks and Tier One Internet peering relationships in the United States. XO Communications currently offers facilities-based broadband telecommunications services within and between more than 60 markets throughout the United States. Global Crossing provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 200 cities and 27 countries worldwide, and delivers services to more than 500 major cities, 50 countries and 5 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide. Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e- commerce to thrive. The company offers a full range of managed data and voice products including Global Crossing IP VPN Service, Global Crossing Managed Services and Global Crossing VoIP services, to more than 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Please visit http://www.globalcrossing.com/for more information about Global Crossing and http://www.xo.com/for more information about XO Communications. LORAL SPACE: Launches Telstar 14/Estrela Do Sul 1 Satellite ----------------------------------------------------------- Loral's Telstar 14/Estrela do Sul 1, a powerful and flexible satellite built by Space Systems/Loral (SS/L), was successfully launched Saturday at 11:13 pm EST. The satellite, to be operated by Loral Skynet do Brasil at 63 degrees West longitude, was sent into space on a Boeing Sea Launch Zenit-3SL rocket from the Odyssey Launch Platform, positioned on the equator in the Pacific Ocean. "The launch of Telstar 14/Estrela do Sul 1 represents an important expansion of our international fixed satellite services fleet," said Terry Hart, president, Loral Skynet. "We believe there is great growth potential in the markets - particularly Brazil - and the applications this new satellite will support. Our plans call for a further expansion of the fleet to a total of five by mid-year when we launch Telstar 18 which will serve a large portion of Asia, another growing market." Telstar 14/Estrela do Sul 1 carries 41 high-powered Ku-band transponders with five unique and interconnecting coverage beams. The satellite will serve growing markets such as broadcast video and cable programming, Internet backbone connectivity, VSAT data and other telecommunications services. More than fifty percent of the satellite's power will be dedicated to Brazil, providing dedicated Ku-band solutions for the Brazilian marketplace. The satellite's other beams will cover the Americas and the North Atlantic Ocean, where Connexion by Boeing(TM) will use the satellite to enable its Internet-to- aircraft service. Loral Skynet do Brasil, Ltd. is the first private Brazilian satellite company to offer Ku-band satellite services and was formed primarily to address opportunities in the fixed satellite services market in Brazil and South America. The company has a ground station in Rio de Janeiro that will provide tracking, telemetry, and control and access management from in-country technical staff. Telstar 14/Estrela do Sul 1 is based on SS/L's space-proven 1300 geostationary satellite platform, which has an excellent record of reliable operation. The 1300 is designed to achieve a long life, in this case 15 years. Its excellent station-keeping capability and orbital stability are enabled by its use of bipropellant propulsion and momentum-bias attitude control systems. A system of high-efficiency solar arrays and batteries provide uninterrupted electrical power. In all, SS/L satellites have amassed over 1,000 years of on-orbit service. A pioneer in the satellite industry, Loral Skynet delivers the superior quality of service, range of satellite solutions and unparalleled reliability that have made it an industry leader for more than 40 years. With its fleet of satellites and its established hybrid VSAT/fiber global network infrastructure, Skynet offers a unique, single source for all broadcast, data network, Internet access and IP needs. Headquartered in Bedminster, New Jersey, Skynet is dedicated to providing secure, high-quality connectivity and communications. For more information, visit www.loralskynet.com. Space Systems/Loral is a premier designer, manufacturer and integrator of powerful satellites and satellite systems and also provides a range of related services that include mission control operations and procurement of launch services. Based in Palo Alto, Calif., the company has an international base of commercial and governmental customers whose applications include broadband digital communications, direct-to-home broadcast, defense communications, environmental monitoring, and air traffic control. For more information, visit www.ssloral.com. Loral Skynet and Space Systems/Loral are both subsidiaries of Loral Space & Communications (OTCBB: LRLSQ). PRESS CONTACT: Amy Trowbridge (908) 470-2495 atrowbridge@loralskynet.com INVESTOR CONTACT: John McCarthy (212) 338-5345 Web site at www.loral.com TYCO INTERNATIONAL: Files Preliminary Proxy Statement ----------------------------------------------------- Tyco International Ltd. (NYSE: TYC; BSX: TYC) filed Friday its preliminary proxy statement with the U.S. Securities and Exchange Commission (SEC). Tyco shareholders will consider seven proposals at the company's Annual General Meeting (AGM) on March 25, 2004. In the filing, the Board has proposed amendments to the company's bylaws that strengthen shareholder rights. The Board also recommends continuing the company's charter in Bermuda. "The Board listened to the concerns of our shareholders and carefully evaluated the pros and cons of incorporating in the United States," said Tyco Chairman and Chief Executive Edward D. Breen. "Following a thorough review, the Board concluded that the interests of shareholders would be best served by making fundamental changes to our bylaws that strengthen shareholder rights and remaining a Bermuda company." Tyco has been a Bermuda company since its 1997 combination with ADT Ltd., a British company chartered in Bermuda since 1984. Following that transaction, the combined entity was renamed Tyco International Ltd. The company also announced in the preliminary proxy that the Audit Committee of the Board of Directors is undertaking a comprehensive auditor selection process to review qualified audit firms including PricewaterhouseCoopers LLP, the company's current auditor. The Audit Committee plans to make a decision on the external auditor in the near future. Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's leading provider of both electronic security services and fire protection services; the world's leading supplier of passive electronic components and a leading provider of undersea fiber optic networks and services; a world leader in the medical products industry; and the world's leading manufacturer of industrial valves and controls. Tyco also holds a strong leadership position in plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2003 revenues from continuing operations of approximately $37 billion. IMPORTANT INFORMATION On Jan. 9, 2004, Tyco filed a preliminary proxy statement with the Securities and Exchange Commission with respect to its 2004 Annual General Meeting of Shareholders scheduled for March 25, 2004. Tyco will file with the Commission, and will furnish to Tyco shareholders, a definitive proxy statement with respect to the 2004 Annual General Meeting of Shareholders. Tyco may also file additional proxy solicitation materials. TYCO ADVISES ALL SHAREHOLDERS TO READ THE DEFINITIVE PROXY STATEMENT AND ANY ADDITIONAL PROXY SOLICITATION MATERIALS CAREFULLY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The preliminary proxy statement is, and the definitive proxy statement and any additional proxy solicitation materials will be, available for free at the Securities and Exchange Commission's Internet web site at www.sec.gov. A free copy of the preliminary proxy statement, the definitive proxy statement when it becomes available, and any other additional proxy solicitation materials, may also be obtained at Tyco's website at www.tyco.com. Tyco, its Board of Directors and director nominees, its executive officers and certain other persons may be deemed to be participants in Tyco's solicitation of proxies with respect to the 2004 Annual General Meeting. Information concerning such participants and their interests is set forth in Tyco's proxy statement, which is available at the websites provided above. CONTACTS: Media: David Polk, 609-720-4387 Investor Relations: Ed Arditte, 609-720-4621 John Roselli, 609-720-4624 =========== B R A Z I L =========== BRASKEM: S&P Rates Senior Unsecured Notes 'B+' ---------------------------------------------- Standard & Poor's Ratings Services assigned Friday its 'B+' rating to Braskem S.A.'s (Braskem) senior unsecured notes in the amount of US$150 million with a tenor up to 10 years. At the same time, the 'BB-' local-currency and 'B+' foreign-currency corporate ratings on Braskem were affirmed. The stable outlook on the local-currency corporate credit rating and the positive outlook on the foreign-currency corporate credit rating remain unchanged. "Despite positive trends for 2004, the local-currency corporate credit rating on Braskem reflects the still-challenging economic environment faced by the company in Brazil, unstable and currently high feedstock prices, and an improving but still aggressive financial profile," said Standard & Poor's credit analyst Reginaldo Takara. "These negatives are partly offset by Braskem's leading business and market position in the Brazilian petrochemical industry, strong and traditionally stable cash generation, and expectations that the company's debt profile will become more comfortable through a smoother amortization schedule during the next several years," Mr. Takara said. The stable outlook on Braskem's local-currency corporate credit rating reflects the company's improving financial profile, essentially due to a declining exposure to short-term debt through March 2004. Although Braskem is expected to remain reasonably exposed to banking market conditions in the medium term, as total debt will be reduced only gradually in the years ahead, the company proved to be successful when managing very stressful financial environments in the past two years and is expected to maintain a more comfortable debt profile and amortization schedule from now on, thanks to the new transactions closed. ANALYST: Reginaldo Takara Sao Paulo Phone: (55) 11-5501-8932 CSN: $200 Million 10-Year Guaranteed Notes Rated 'B+' ----------------------------------------------------- Standard & Poor's Ratings Services assigned Friday its 'B+' foreign-currency rating to its 10-year guaranteed notes due 2014 in the amount of up to US$200 million to be issued by CSN Islands VIII Corp. and irrevocably and unconditionally guaranteed by Companhia Sider£rgica Nacional (CSN). At the same time, the 'B+' foreign-currency corporate rating on CSN is affirmed. The outlook on CSN's foreign-currency corporate credit rating remains positive. "The 'B+' foreign-currency rating on CSN reflects the foreign- currency sovereign rating on the Federative Republic of Brazil and is constrained as such considering CSN's corporate credit profile," said Standard & Poor's credit analyst Reginaldo Takara. Under Standard & Poor's analytical methodology, CSN's credit profile reflects the company's still somewhat aggressive financial profile (as debt ratios are adjusted by Standard & Poor's to include debt at shareholder's level, as described below), as well as its exposure to the more-volatile Brazilian economy and to the cyclical and volatile nature of the steel industry worldwide. These negatives are somewhat offset by CSN's solid operating profile, a very favorable cost position, strong export capabilities, and the expectation of continuing improvement in its capital structure, in particular, with a significant reduction in short-term debt expected for the following quarters as the company manages to replace short-term debt with longer-term notes. CSN is one of the largest integrated flat steel makers in Brazil. The company produced 4.0 million tons of crude steel in the first nine months of 2003, selling 3.53 million tons of steel products in the same period. Standard & Poor's sees CSN's business profile as sound. The company is the only truly vertically integrated steel producer in Brazil, and the only Brazilian steel maker that benefits from owning high-quality iron ore (the Casa de Pedra mine, located approximately 330 kilometers from its steel mill). CSN's liquidity is adequate for the rating category. The company has traditionally sustained sound liquidity, with cash reserves in excess of US$300 million in the past three years. Cash is invested in liquid assets and marketable securities mostly in Brazil. The proceeds from the new 10-year notes are expected to be used essentially to replace short-term debt, contributing to a stronger capital structure within the next quarters. The positive outlook on CSN's foreign-currency corporate credit rating reflects that of the foreign-currency sovereign rating of the Federative Republic of Brazil. ANALYST: Reginaldo Takara Sao Paulo Phone: (55) 11-5501-8932 CSN: Fitch Rates Islands 10-year Issuance 'B+' ---------------------------------------------- Fitch Ratings has assigned a 'B+,' senior unsecured foreign currency rating to Companhia Siderurgica Nacional's (CSN) US$200 million 10-year bond that was issued through its subsidiary CSN Islands VIII Corp. on January 9, 2004. The Rating Outlook is Stable. CSN's foreign currency rating is constrained by the Federative Republic of Brazil's 'B+,' foreign currency rating. Fitch also maintains ratings for CSN export securitizations issued through CSN Islands VI Corp. Fitch rates both the series 2003-1 US$142 million fixed-rate notes and the series 2003-2 $125 million floating-rate notes 'BBB-'. Fitch also rates CSN's senior unsecured local currency obligations 'BB+,' and has a national scale rating of 'A+(bra)'. The proceeds from this issuance will be used primarily to refinance existing obligations and extend the company's debt maturity profile. With EBITDA of about BRL$2.2 billion as of September 30, 2003, CSN's leverage, as measured by net debt-to- EBITDA, was 1.8 times (x), while EBITDA-to-interest expense was about 5.0x. Due to increased production volumes, a higher value- added product mix and a strong pricing environment, Fitch expects CSN to continue to generate healthy operating cash flow into 2004. In 2003, CSN benefited from a lower overall cost of financing and has been able to extend its debt maturity profile. Fitch also expects to see a reduction in net debt in 2004 such that CSN's EBITDA-to-interest expense ratio would be above 5.0x, while net debt-to-EBITDA could improve to less than 1.5x; CSN management has stated that it is committed to reducing the company's ratio of net debt-to-EBITDA to 1.1x by the end of 2004. Although a significant reduction in net debt is expected in the near term, Fitch believes that further debt reduction will be constrained over the next several years by the large debt-service requirements of the company's controlling shareholder, Vicunha Siderurgia S.A. (Vicunha), which has a 46% stake in CSN but no operating assets. In 2003, about one quarter of CSN's EBITDA, or about BRL800 million, was needed for dividends in order for Vicunha to meet debt service on its debentures of approximately BRL350 million. The estimated required dividend from CSN would likely be about BRL700 million in 2004, BRL900 million in 2005 and BRL1.0 billion in 2006. These estimates are lower than prior ones as Brazilian inflation and interest rates have declined recently. With an expected EBITDA of at least BRL3.0 billion in 2004 and capital expenditures of about BRL500 million (excluding the potential Casa de Pedra expansion), Fitch believes that CSN will be able to meet the estimated dividend requirement. CSN seems especially poised to grow in the current global environment of high commodity prices due to its ownership of the Casa de Pedra mine, one of the world's largest high-quality iron ore bodies. The combination of an improving global economy and China's voracious appetite for raw materials has driven steel prices to the high point of their cycles. These pricing benefits are expected to be marginally offset by higher raw material costs for items such as coking coal, coke and iron ore, as the increased levels of steel production have created tight supplies. For a typical integrated steel producer that must purchase iron ore from third parties, these two inputs can now account for more than 40% of steel production costs. Iron ore prices rose by about 10% in 2003 and are expected to have double digit increases again in 2004. By having a captive iron ore mine, CSN will not be negatively affected by higher iron ore prices but rather will benefit from the price increases since the company sells its excess iron ore of approximately 8.0 million tons to third parties. CSN's ratings are also supported by its modern production facilities, vertical integration and access to low-cost labor. The ratings also factor in the concentrated nature of the Brazilian steel industry, which limits competition based solely upon price. In addition, transportation barriers minimize the amount of steel imported into the Brazilian market. These factors allow CSN to generate strong cash flows during troughs in the steel cycle and in economic downturns in Brazil. CSN ranks as one of the largest steel producers in Latin America with annual production capacity of 5.8 million tons of crude steel. CSN's fully integrated steel operations, located in the state of Rio de Janeiro in Brazil, produce steel slabs and hot- and cold-rolled coils and sheets for the automobile, construction and appliance industries, among others. CSN also holds leading market shares in the galvanized and tin-mill products. CONTACT: Anita Saha, CFA Phone: +1-312-368-3179 Joe Bormann, CFA Phone: +1-312-368-3349 Jayme Bartling Sao Paulo Phone: +55-11-287-3177 Media Relations: Matt Burkhard New York Phone: +1-212-908-0540 PARMALAT BRAZIL: Head To Travel To Italy This Week -------------------------------------------------- Ricardo Goncalves, the head of the Brazilian subsidiary of Italy- based Parmalat, will travel to the group's head office this week, Reuters reports. Brazil's Agriculture Minister announced Friday Goncalves will ask that no cash from the money-losing unit be used to cover the gaping hole in the scandal-plagued parent's finances. "The president (of Parmalat Brasil) is going to Italy to create an armor plating for the Brazilian Parmalat ... and show that (Parmalat in) Brazil has the ability to operate without losses," Brazilian Agriculture Minister Roberto Rodrigues said. Parmalat, which is the market leader in liquid milk in Brazil, was declared insolvent last month after revealing a multibillion- euro gap in its accounts. Several senior executives of the Company are being investigated for fraud. In the wake of the scandal, Parmalat's Brazilian subsidiary delayed payments to some producers although it has pledged to pay suppliers by the middle of January. Parmalat's Brazilian subsidiary is the second-biggest buyer of milk in Brazil behind Switzerland's Nestle. Parmalat Brasil SA Industria de Alimentos, as the Brazilian unit is officially called, has yet to post a profit since it started publishing its balance sheet in 1998. TELEMIG CELULAR: Standard & Poor's Issues `B+' FC Rating -------------------------------------------------------- Standard & Poor's Ratings Services said Friday that it assigned its 'B+' foreign currency corporate credit rating to Brazilian mobile telecom operators Telemig Celular S.A. (Telemig) and Amazonia Celular S.A. (Amazonia). Standard & Poor's also said that it assigned its 'B+' rating to the companies' jointly proposed US$100 million notes units program. The outlook on the foreign currency rating on Amazonia is stable. The outlook on the foreign currency rating on Telemig is positive. "The rating on the notes units mirrors the foreign currency ratings on Telemig and Amazonia and is based on the capacity of each company to make the necessary and punctual semi-annual interest payments during the lifetime of its respective underlying notes and principal at maturity," said Standard & Poor's credit analyst Jean-Pierre Cote Gil. Standard & Poor's does not view the rating on the notes units as constrained by the sovereign credit rating on the Federative Republic of Brazil. The notes units will consist of underlying US$70 million notes offered by Telemig and US$30 million notes offered by Amazonia. The notes will mature in 2009 and will not trade separately, so notes units holders will be relying on the joint and several credit and financial standing of both senior unsecured issuers-- Telemig and Amazonia--for servicing the debt. The underlying notes will rank equally with all other senior unsecured obligations of each issuer. Telemig and Amazonia are two Brazilian wireless telecom services providers. Both companies are ultimately and indirectly controlled by the same group of investors, which includes investment and mutual funds managed by Banco Opportunity, a private Brazilian investment bank, and several Brazilian pension funds. The credit ratings on Telemig and Amazonia are based on their significant exposure to the volatile Brazilian economic characteristics; limited scale, geographic diversification, and financial muscle compared with their direct competitors; and the delay of definition and implementation of a 2.5G technological migration, which potentially impairs both companies' current market leadership positions. In addition, there are potential regulatory risks affecting all local telecom operators. Disputes between shareholders, such as those that have already occurred, could cause the company to delay strategic decisions and, as a result, jeopardize its market positioning in the future. Mitigating these negative factors are both companies' dominant market positions and gross sales' share within their concession areas, despite increasing competition. In addition, the companies have extensive time-division multiple access coverage reach (relevant competitive barrier) and the capacity to generate free cash flows vis-…-vis debt position (adequate at Amazonia and very strong at Telemig). Amazonia's liquidity position is adequate, and Telemig's is very strong. Telemig is the leading provider of mobile telecom services in the state of Minas Gerais, with 2.2 million subscribers (estimated 60% of market share) as of September 2003. Thanks to an efficient strategy on customer relationship and segmentation (preserving and expanding its more profitable subscriber base) and its vast TDMA network coverage within its concession area (with sound roaming quality), Telemig has demonstrated relevant competitive strengths. Amazonia is the leading mobile telecom operator within its concession area (consisting of five Northern Brazilian states: Amazonas, Roraima, Amap , Par and Maranhao), counting on a subscriber base of almost 1 million users (estimated market share of 46%) as of September 2003. Amazonia operates in one of the toughest competitive environments in Brazil, considering its poor demographics and economic indicators, limited penetration, and the presence of three other players. Moreover, population is concentrated in fewer cities, which helped new entrants rapidly cover most of the populated areas. The stable outlook on the foreign currency rating on Amazonia reflects Standard & Poor's expectations that the company will be able to maintain its current credit fundamentals, namely the quality of its customer base and its profitability and cash flow protection measures. Moreover, Standard & Poor's expects the company to gradually resolve the refinancing risk related to some concentration of short term debt, using financing instruments that would allow it to extend its debt profile, as demonstrated by the forthcoming issuance. The positive outlook on the foreign currency rating on Telemig reflects that of the sovereign credit rating of the Federative Republic of Brazil. ANALYST: Jean-Pierre Cote Gil Sao Paulo Phone: (55) 11-5501-8946 Reginaldo Takara Sao Paulo Phone: (55) 11-5501-8932 ========= C H I L E ========= LE MANS: SVS Decides On Bankruptcy ---------------------------------- Chile's securities and insurance regulator, the SVS, decided to declare local life insurer Le Mans Desarrollo bankrupt, marking the first liquidation of a life insurance company in Chile since the country's severe financial crisis in 1982. The regulator decided to take the action on Le Mans' inability to reverse a CLP13.2-billion (US$23.6mn) deficit in its balance sheet. The SVS intervened Le Mans Desarrollo in March last year after it was revealed that sister company Inverlink Corredoras de Bolsa owed the insurer US$16.5 million. =============== C O L O M B I A =============== MILLICOM INTERNATIONAL: Files Preliminary Registration Statement ---------------------------------------------------------------- Millicom International Cellular S.A. ("Millicom") (Nasdaq: MICC) filed on January 8, 2004 a preliminary registration statement on Form F-3 with the U.S. Securities and Exchange Commission (the "SEC") in respect of its 2% Senior Convertible PIK Notes due 2006 (the "Notes") and the shares of Millicom common stock issuable upon conversion of the Notes. Certain selling security holders named in the prospectus contained in the registration statement are offering the Notes and the common stock issuable upon conversion of the Notes for resale. Millicom will not receive any proceeds from the resale of the Notes or underlying common stock by such holders. The registration statement has not yet been reviewed by the SEC and, accordingly, the information in the registration statement is not yet complete and may be changed. Prior to the effectiveness of the registration statement, the Notes and the common stock issuable upon conversion of the Notes may not be offered, sold or otherwise transferred except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") and applicable state securities laws. The Notes were originally issued in May 2003 in an exchange offer and consent solicitation transaction exempt from the registration requirements of the Securities Act. The registration statement was filed to comply with Millicom's obligations under the indenture governing the Notes. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. CONTACTS: MILLICOM INTERNATIONAL CELLULAR S.A., LUXEMBOURG Marc Beuls, President and Chief Executive Officer Telephone: +352 27 759 101 SHARED VALUE LTD, LONDON Andrew Best, Investor Relations Telephone: +44 20 7321 5022 ===================== E L S A L V A D O R ===================== TESAL: Fitch Downgrades Local Scale Rating ------------------------------------------ Credit ratings agency Fitch downgraded Friday its local scale rating for Telefonica Moviles El Salvador (TESAL), a local unit of Spain's Telefonica Moviles, to B (slv) from BB (slv), with a negative outlook. Business News Americas reports that the rating reflects the ratio of accumulated losses against equity, which is above the legal limit in El Salvador, and the fact that TESAL has not taken effective steps to remedy the situation. In addition, Fitch slashed the Company's share rating to level 5 from level 4. Fitch recognized that the Tesal board is working on various recovery strategies that will be discussed at a shareholders' meeting in February. The negative outlook reflects continuing dependence on external financing and well as increasing competition in the sector, Fitch said. =========== M E X I C O =========== CFE: Funds For Electricity Generation Projects May Be Postponed --------------------------------------------------------------- Alfredo Elias Ayub, general director of Federal Electricity Commission (CFE), announced that the capital available for financing electricity generation projects will be postponed if there's no electricity reform, as well as cuts to CFE's investment programs. CFE finance director, Francisco Santoyo, said that legislators punished the electricity sector with a budget reduction of MXN1.65 billion (US$152 million). So, in 2004 the CFE would only have MXN45 billion (US$4.15 billion) even though it needs MXN55 billion (US$5.08 billion). The projections for 2004 are not positive for the development of the energy sector because it depends on the growth of the domestic economy, added the official. Elias Ayub said that electricity supply is guaranteed until the end of the current administration (in 2006) despite the cuts in investments of the state-owned company. EMPRESAS ICA: Concludes $230M Capital Increase ---------------------------------------------- Mexican construction and engineering giant Empresas ICA told Mexico's City stock exchange Friday that it was able to raise MXN2.49 billion (US$229 million) from the issuance of 1.24 billion shares, relates Business News Americas. As part of the operation, local financing group Inbursa acquired a 24% share in ICA, which is owned by Mexican entrepreneur Carlos Slim. Just under 1.86 billion ICA shares are still in circulation. According to ICA, the fresh capital will conclude its financial restructuring, allowing it to take advantage of new market opportunities. GRUPO IMSA: Acquires 49% Of Louisville Ladder Group --------------------------------------------------- Grupo Imsa, S.A. de C.V. (BMV:IMSA) (NYSE:IMY) announced Friday that it has acquired 49% of the equity of Louisville Ladder Group (LLG). The acquisition gives Grupo Imsa 100% control of this company through its subsidiary IMSALUM, which will begin to consolidate the total results of LLG as of January 2004. LLG was created in 1998 as a result of the merger of the ladder businesses of Grupo Imsa and Louisville Ladder, which was part of Emerson Electric. LLG is currently one of the most important ladder companies in the United States, and exports its products to Canada, Central and South America, Europe and Asia. The company posted 2003 sales of approximately US$130 million. Mr. Arnulfo Chavez, IMSALUM's President, explained: "Controlling 100% of Louisville Ladder Group gives us greater flexibility to adapt to market demands in a more agile and efficient way." Grupo Imsa, a holding company, dates back to 1936 and is today one of Mexico's leading diversified industrial companies, operating in four core businesses: steel processed products; automotive batteries and related products; steel and plastic construction products; and aluminum and other related products. With manufacturing and distribution facilities in Mexico, the United States, and throughout Central and South America, Grupo Imsa currently exports to all five continents. In 2002 the Company's sales reached US$2.6 billion, of which close to 55% was generated outside Mexico. Grupo Imsa shares trade on the Mexican Stock Exchange (IMSA) and, in the United States, on the NYSE (IMY). TV AZTECA: Additional Info Regarding Unefon Debt Transactions ------------------------------------------------------------- TV Azteca, S.A. de C.V. (NYSE: TZA) (BMV: TVAZTCA), one of the two largest producers of Spanish- language television programming in the world, has announced, in relation to recent unusual stock price movements and trading volume, that Unefon, S.A. de C.V. provided this morning the following information: On June 16th, 2003, its main subsidiary Operadora Unefon, S.A. de C.V. ("Unefon") and Codisco Investments LLC ("Codisco"), an entity constituted in the United States, reached an agreement with Nortel Networks Limited ("Nortel") to acquire Unefon's outstanding debt with Nortel for US$150 million. Given that Unefon, on a stand-alone basis, did not have sufficient funds to acquire the entirety of the debt, Unefon and Codisco funded US$43 million and US$107 million, respectively, sharing similar conditions in this transaction. In the contract, which formalized the purchase of the debt, Nortel established that the debt could not be sold to a non- related party without Nortel's express consent. Ricardo Salinas Pliego, chairman of TV Azteca, S.A. de C.V. (NYSE: TZA) (BMV: TVAZTCA), and Moises Saba Masri, chairman of Unefon, each indirectly owned 50% of Codisco. In September 2003, Unefon signed a service contract to provide capacity to an unaffiliated third party and received US$268 million subject to such contract. Unefon, as it was contractually obligated to do, used these funds in addition to funds from operations and short-term credits to pay off the US$325 million in debt. With this payment, all of Unefon's assets, which had been collateralizing the loan, were released. Unefon is a company in which Unefon Holdings, S.A. de C.V. ("Unefon Holdings"), a company recently spun off from TV Azteca, holds an equity participation of 46.5%. This description of the transactions is being furnished in advance of the completion of a review that is being carried out by the independent members of the Board of Directors of TV Azteca, with the assistance of Munger Tolles & Olson, special counsel of the independent directors. This review will continue as informed by the company on January 7. Company Profile TV Azteca is one of the two largest producers of Spanish-language television programming in the world, operating two national television networks in Mexico, Azteca 13 and Azteca 7, through more than 300 owned and operated stations across the country. TV Azteca affiliates include Azteca America Network, a new broadcast television network focused on the rapidly growing US Hispanic market, and Todito.com, an Internet portal for North American Spanish speakers. =========== P A N A M A =========== BLADEX: Forms Strategic Alliance With TSI ----------------------------------------- Banco Latinoamericano de Exportaciones, S.A. (NYSE: BLX) ("BLADEX") and Trade Source International ("TSI"), announced Friday a strategic alliance that will offer BLADEX's clients TSI's suite of global trade finance services, geared around the latter's international expertise in Export Credit Agency and other trade-specific financial structures. The services include creating and implementing innovative financing and payment solutions for trade-related structured transactions. "We are delighted to be working with TSI. Leveraging on their extensive experience, BLADEX will be able to offer our clients an additional service to support their trade-related needs," said Jaime Rivera, Chief Executive Officer of BLADEX. "As part of our strategy of increasing the scope of our trade finance products through strategic alliances, TSI affords BLADEX the capability of deploying first-rate Export Credit Agency structures. Our aim remains to become the most complete trade finance house in Latin America, while minimizing our execution and investment risk." "TSI is extremely proud to have been selected by BLADEX to help service its clients by providing product expertise in the structuring of trade-related transactions benefiting from Export Credit Agencies support," said Michael Stoddard, Managing Director for TSI. About BLADEX BLADEX is a multinational bank established by the Central Banks of the Latin American and Caribbean countries. Based in Panama, its shareholders include central and commercial banks in 23 countries in the Region, as well as international banks and private investors. BLADEX (ticker: BLX) is listed on the New York Stock Exchange. Additional information is available at http://www.blx.com. About TSI TSI is an international financial advisory services firm that delivers business and financing solutions to banks and their customers that engage in cross-border trade and investment. TSI develops partnerships with financial institutions to supplement their trade and project finance expertise. Through these partnerships, TSI assists its client banks in generating advisory fees, originating loans, and distributing trade risk on structured trade finance business. Additional information is available at http://www.tsi-b2b.com. MEDIA CONTACTS: Banco Latinoamericano de Exportaciones, S.A. (BLADEX) Carlos Yap S. 507-210-8581 cyap@blx.com Trade Source International (TSI) Michael W. Stoddard 626-398-0759 stoddard@tsi-b2b.com I-ADVIZE CORPORATE COMMUNICATIONS, INC. (FOR BLADEX) Melanie Carpenter 212-406-3692 mcarpenter@i-advize.com ======= P E R U ======= SIDERPERU: Awaits Report From Consultants ----------------------------------------- Peruvian steelmaker Siderperu is awaiting the finished report from consultants to determine the technical and operative aspects to be improved on to achieve greater efficiency at its plant, reports Business News Americas, According to Siderperu manager Arturo Torres, the Company expects to receive the report this week. "The review of the integrated development plan should highlight weaknesses to be turned around if the firm is to face down the increasing competition in the steel sector," Torres said. Last year, Siderperu hired Argentina's Siderar, part of the Techint group, to optimize operations along technical, commercial and logistical lines. With the application of the plan, Siderperu will be seeking to achieve technological and production improvements that will permit cost savings and better product quality. According to Torres, some aspects of the development plan are already in operation, "the work was done with the considerable participation of our management team so some technical changes are already being implemented," he said. ================= V E N E Z U E L A ================= * Fitch Assigns 'B-' Rating To Venezuela's US$1B Issue ------------------------------------------------------ Fitch Ratings, the international rating agency, assigned Friday a 'B-' rating to the Bolivarian Republic of Venezuela's thirty-year US$1 billion issue. The Rating Outlook is Stable. Proceeds from the bonds will be used to help meet domestic bond amortizations. Venezuela's sovereign ratings balance comparatively modest public external debt at 29.5% of GDP and strong external liquidity of 156% against substantial political risks and a policy framework inconsistent with the objective of medium-term sustainable growth and lower dependence on petroleum. In the context of capital controls and an overvalued exchange rate, the current expansionary fiscal and monetary stance will face increasing pressures this year if the government reverts to the domestic debt market while inflation will likely rise. Furthermore, should the relaxation of external controls become disorderly and trigger sizeable capital flight, Venezuela's comfortable external liquidity position could unravel. A rapid decline in crude oil prices would pressure both fiscal and external balances. Politics will remain highly contentious and uncertain over the coming six to nine months, depressing potential economic activity and raising political risk. The process to recall President Chavez could be completed by early May, but Fitch believes the most likely outcome is that he remains in office through the end of his term in 2006. CONTACT: Fitch Ratings Therese Feng Phone: +1-212-908-0230 Roger Scher New York Phone: +1-212-908-0240 Matt Burkhard, Media Relations New York Phone: +1-212-908-0540 *********** 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., Frederick, Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and Oona G. Oyangoren, Editors. Copyright 2004. 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 $575 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 $25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *