TCRLA_Public/170210.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, February 10, 2017, Vol. 18, No. 030


                            Headlines



A R G E N T I N A

COMPANIA DE TRANSPORTE: S&P Raises CCR to 'CCC+'; Outlook Positive


C A Y M A N  I S L A N D S

OC DYNAMIC: Commences Liquidation Proceedings
PROTEGE PARTNERS: Sole Shareholder Receives Wind-Up Report
ROONEY LTD: Shareholders Receive Wind-Up Report
SIMBUL INVESTMENTS: Commences Liquidation Proceedings
SPT CAPITAL: Commences Liquidation Proceedings

SPT GP: Commences Liquidation Proceedings
ST. HERVE: Sole Shareholder Receives Wind-Up Report
VICTOR EQUITY: Commences Liquidation Proceedings
ZEDRA CORPORATE: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dollar Crunch 'Totally Fixed Next Week'
DOMINICAN REPUBLIC: Labor Minister Favors Wage Raise
DOMINICAN REPUBLIC: Tightens Public Spending Controls


P A R A G U A Y

BANCO REGIONAL: S&P Raises LT ICR & Unsec. Debt Rating to 'BB'


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Gas Dealers Want Quick Warning


                            - - - - -


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A R G E N T I N A
=================


COMPANIA DE TRANSPORTE: S&P Raises CCR to 'CCC+'; Outlook Positive
------------------------------------------------------------------
S&P Global Ratings raised its corporate credit and issue-level
ratings on Compania de Transporte de Energia Electrica en Alta
Tension TRANSENER S.A. (Transener) to 'CCC+' from 'CCC'.  The
outlook remains positive.

The rating action follows the government's January 31 announcement
of the ITR for the electric sector.  The latter sets a mechanism
for tariff increase and an investment plan for the next five
years.  S&P considers the new regulatory framework as positive
because the new tariff and expenses scheme eliminates Transener's
dependence on discretionary disbursements from the government,
improving the cash flow predictability in the short to medium
term, as well as its liquidity and capital structure.
Nevertheless, S&P's perception of risk remains high for Transener,
given that the tariff scheme hasn't been implemented yet amid
still weak institutional environment in Argentina.

Given the already approved tariff increases, S&P believes that
Transener's EBITDA could approach 50% in the next five years and
that the company will post positive free operating cash flow
generation.  Under that scenario and given Transener's low
financial debt, which only consists of a $98 million bullet bond
due 2021, S&P expects debt to EBITDA to approach 1x in 2017 and
2018, which is very conservative for the current rating category.

Although S&P envisions that Transener's capital structure and
financial flexibility will be sustainable after the ITR is
implemented, S&P expects a certain track record in the revenue
collection under the new tariff scheme before any further upgrade.



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C A Y M A N  I S L A N D S
==========================


OC DYNAMIC: Commences Liquidation Proceedings
---------------------------------------------
The sole shareholder of OC Dynamic Return Ltd, on Dec. 13, 2016,
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Doran + Minehane
          59/60 O' Connell Street
          Limerick
          Ireland
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613


PROTEGE PARTNERS: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------------
The sole shareholder of Protege Partners (BP) Fund, Ltd. received
on Jan. 12, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Protege Partners, LLC
          c/o Jody Powery-Gilbert
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ROONEY LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Rooney Ltd. received on Jan. 11, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Colin Reid
          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147, Grand Cayman KY1-1002
          Cayman Islands


SIMBUL INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Simbul Investments Ltd. resolved on Dec.
14, 2016, to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1(345)949-4123
          Facsimile: +1(345)949-4647

               -- or --

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1(345)949-4123
          Facsimile: +1(345)949-4647


SPT CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
The shareholders of SPT Capital International, Ltd. resolved on
Dec. 8, 2016, to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Marc Halley
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8750
          Facsimile: (345) 945 4237


SPT GP: Commences Liquidation Proceedings
-----------------------------------------
The sole shareholder of SPT GP Ltd. resolved on Dec. 1, 2016, to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Marc Halley
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)914-8750
          Facsimile: (345)945-4237


ST. HERVE: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of St. Herve Limited received on Jan. 18,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman, KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


VICTOR EQUITY: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Victor Equity Fund II, Ltd. resolved on
Dec. 7, 2016, to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          K. Dunlop Scott
          5425 Wisconsin Avenue
          Suite 700 Chevy Chase
          Maryland 20815
          United States of America
          Tel. No: +1(240)482-0400
          E-mail: blord@columbiaptrs.com


ZEDRA CORPORATE: Commences Liquidation Proceedings
--------------------------------------------------
The members of Zedra Corporate Services Limited resolved on Dec.
14, 2016, to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Enola Reid
          136 Shedden Road, One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1(345)914-5413



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D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Dollar Crunch 'Totally Fixed Next Week'
-----------------------------------------------------------
Dominican Today reports that Dominican Republic Industries
Association president Campos de Moya assured that the country's
shortage of dollars in the last days "will be totally fixed next
week."

Mr. De Moya said the Central Bank has the dollars necessary to
stop any speculation in the Dominican currency market, and the
financial institution has the pesos required to influence and
stabilize the national economy as well, according to Dominican
Today.

"We met with the governor of the Central Bank, Hector Valdez
Albizu, and his top executives . . . . we left quite in calm. We
received the information he gave us and we believe that what was
said was correct and that we should wait in the next few days,"
said Mr. de Moya.

Business leaders across the country have complained in recent days
of a shortage of dollars in local banks, and of having to get on
waiting lists to acquire them, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


DOMINICAN REPUBLIC: Labor Minister Favors Wage Raise
----------------------------------------------------
Dominican Today reports that according to Dominican Republic Labor
Minister Jose Ramon Fadul (Monchy), the cost of products of
household staples has reached astronomical levels and by far,
exceeds the wages earned by the most disadvantaged families.  This
is why he says he is in favor of a wage raise that will enable
people to increase their quality of life, according to Dominican
Today.

According to Mr. Fadul, "current salaries are unsustainable and a
salary adjustment in the country is long overdue," as the family
basket has reached RD$29,000, while workers are earning much lower
wages. In his opinion, the country is undergoing a process of
transformation and inflation that demands an increase in income,
the report notes.

"The highest non-sector specific minimum wages are RD$12,800 in
the big companies, RD$8,800 in the mid-sized companies and
RD$7,800 in the smaller companies," Mr. Fadul highlighted, the
report relays.

The minister praised the benefits of a salary increase saying that
current incomes do not allow workers to save any money.  Mr. Fadul
stressed that a wage raise would energize the economy.  Mr. Fadul
believes that this increase will allow families with lowest
purchasing power to satisfy their needs, the report notes.  These
advantages, said Fadul, are why he is defending and promoting an
increase in salaries as soon as possible, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


DOMINICAN REPUBLIC: Tightens Public Spending Controls
-----------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina issued executive order 15-17 for fulfilment and control of
public spending and to ensure that suppliers are paid swiftly and
smoothly.

This regulation will serve to "reduce some gray areas or gaps that
could lead to irregularities that are not in keeping with the
spirit of the established rules," said presidency minister Gustavo
Montalvo, according to Dominican Today.

"This decree will ensure that these gaps are closed and that all
public bodies carry out the processes with transparency, equality
of opportunities and freedom of competence."

"From now on, projects and hiring will only take place once the
funding has been approved and contracts are in force."

According to the decree, before conducting any purchasing or
hiring process, each body must obtain a certificate from the
General Budget Department which will confirm that these funds have
been budgeted in order to carry out the transaction, and once the
purchasing contract is signed they must obtain another certificate
that guarantees the availability of funds for these purposes, the
report notes.

The decree also states that the certificates must be published in
the purchasing websites so that the providers may confirm that the
entity has the funds available, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.



===============
P A R A G U A Y
===============


BANCO REGIONAL: S&P Raises LT ICR & Unsec. Debt Rating to 'BB'
--------------------------------------------------------------
S&P Global Ratings said that it raised its long-term issuer credit
and senior unsecured debt ratings on Banco Regional S.A.E.C.A. to
'BB' from 'BB-'.  The outlook is negative.

The upgrade follows the bank's improved capital and earnings
profile as a result of growing profitability and continued
capitalization of results.  This, combined with the lending
contraction in 2016, has strengthened the bank's RAC metrics.  In
this sense, S&P expects its RAC ratio to average at 5.6% in the
next 12-18 months, based on these assumptions:

   -- Paraguay's real GDP growth of 3.5% in 2016, 3.0% in 2017,
      and 3.5% in 2018.

   -- A 7.2% contraction in loans in 2016, after years of
      continued growth, due to the impact of a sluggish regional
      economy; the slight appreciation Paraguayan guarani (about
      67% of bank's loans are in U.S. dollars,); and conservative
      commercial actions given the relatively high leverage levels
      among some industrial and agricultural producers during the
      recent commodities boom.  S&P expects the loan portfolio to
      grow about 12% in 2017 and 14% in 2018, somewhat above the
      banking system's likely growth.

   -- Slightly lower net interest margins (NIMs), about 5.4% in
      2017 and 5.25% in 2018, given that the bank will be more
      conservative in loan origination with a focus on less risky
      clients.

   -- Core earnings on average adjusted assets of about 1.3% with
      efficiency metrics (measured as non-interest expenses to
      operating revenue) of 46%-47%.

   -- Nonperforming assets (NPAs;, which include repossessed
      assets) of about 4.4% in 2016, 4.0% in 2017, and 3.5% in
      2018, and net charge-offs to average customer loans at about
      1.5%.

   -- Dividend payout of 23% in 2017 and 2018.

S&P's RAC ratio calculations include preferred stocks, to which it
assigns intermediate equity content, and S&P don't assign equity
content to subordinated bonds, according to S&P's criteria for
hybrid instruments.

The ratings on Banco Regional also reflect its solid competitive
position as one of the largest financial entities in the country
among the 17 banks operating in Paraguay, an improved capital and
earnings profile, and the expectation that asset quality metrics
will improve over coming quarters after weakening in 2016.  The
ratings also incorporate Banco Regional's funding structure that
remained stable and benefits from a healthy deposit base, in line
with that of the banking system, as well as its liquidity position
that provides adequate cushion to cover short-term maturities.

S&P's bank criteria use its BICRA economic risk and industry risk
scores to determine a bank's anchor, the starting point in
assigning an issuer credit rating.  The anchor for banks operating
only in Paraguay is 'bb-'.

S&P views Banco Regional's business position as a credit strength
given its sound market penetration as one of Paraguay's largest
financial entities, with focus on the agribusiness sector and
longstanding customer relationships.  These factors provide
significant business stability to the bank.  As of Nov. 30, 2016,
Banco Regional was the second-largest lender in terms of loans,
with a market share of 15.8%, and third-largest in terms of assets
(13.9% share) and deposits (13.1%).  Furthermore, the bank
maintained its leading position in loans to the agriculture
sector, with a share of 26%.  Banco Regional offers a wide array
of products through 36 branches, 91 ATMs, and 57 auto service
terminals throughout Paraguay.  The bank focuses on lending to the
corporate and small- and midsize enterprise (SME) segments, which
accounted for 95% of total loans.  Consumer loans, mainly in the
payroll segment, accounted for 5% of the bank's loans compared
with the 15% industry average.  For the next 12-18 months, S&P
expects the bank to maintain its market position, improve its
share, and maintain its loan portfolio composition, with the
agribusiness loans making up the bulk of Banco Regional's total
loans.

Banco Regional continues to present manageable asset quality
metrics despite some weakening in 2016 due to lower commodity
prices, a slowing regional economy, and punctual cases in the
agribusiness sector.  Furthermore, Banco Regional significantly
increased repossessed assets that it expects to sell in the next
12-18 months.  As a result, the bank's NPAs increased to 4.3% as
of Sept. 30, 2016, from 3.6% as of December 2015 and 2.5% as of
December 2014, above the industry average.  Loan-loss reserves
coverage dropped to 64% of NPAs from 81% at the end of 2015 (110%
and 122%, respectively, excluding repossessed assets).  Net
charge-offs to average customer loans accounted for about 2.8% as
of Sept. 30, 2016, compared with 0.5% as of December 2015, due to
punctual cases in the agribusiness sector.  On the other hand,
Banco Regional's nonperforming loan (NPL) ratio remained
relatively stable at 2.5% as of Sept. 30, 2016, better than the
system average of 3.2%, in all cases delinquencies are of more
than 60 days.  The bank maintained its low complexity of
operations and manageable single-name exposure concentrations, in
line with domestic peers.  The top 20 exposures represent about
14.7% of its total loan portfolio and 1.1x its equity as of
Sept. 30, 2016.  Banco Regional continued to focus on the
agribusiness sector, which represents about 47% of the bank's
total loan portfolio (including agriculture and cattle), compared
with the system's 34% average.  As a result, the bank's exposure
to dollarization is higher than the system average, because this
segment produces commodities priced in dollars.  However, the bank
operates under a prudent policy in managing currency mismatches.
For the next 12-18 months, S&P expects the bank to improve its
asset quality metrics, given its focus on current products,
maintenance of origination standards, controls over delinquency,
resolution of punctual cases, and the sale of repossessed assets.

Banco Regional's funding base continues to rely on a stable and
diversified customer deposit base that represented 76% of funding
as of Sept. 30, 2016.  According to S&P's methodology, the stable
funding ratio (SFR) was 127% as of the same date, in line with
that of the bank's rated domestic peers.  The bank has gradually
diversified its funding base with financial obligations that
represent 10% of total funding, mainly consisting of medium- to
long-term loans from first-tier financial institutions.  Senior
bonds accounted for 13% of the bank's funding and subordinated
bonds 1%.  S&P expects Banco Regional to maintain a similar
funding structure for the next 12-18 months.

S&P's liquidity assessment reflects its ratio of broad liquid
assets over short-term wholesale funding of 4.1x as of Sept. 30,
2016, which surpasses that of other rated banks in the country.
As of the same date, Banco Regional's liquid instruments (mainly
cash, money market instruments, and central bank securities)
represented 27% of total assets and 41% of total deposits.  The
bank invests its liquid assets in short-term notes, which
Paraguay's central bank issues to regulate liquidity in the
banking system.  For the next 12-18 months, S&P expects Banco
Regional's liquidity to remain adequate given the manageable
refinancing risk.

The 'BB' issuer credit rating on the bank reflects its 'bb' stand-
alone credit profile (SACP) because it doesn't incorporate any
external support from the government or the group.  Rabobank
Financial Institutions Development B.V. owns 38.39% of the bank,
but local shareholders control it.

The negative outlook on Banco Regional incorporates the
possibility of a lower rating in the next 12 months if asset-
quality metrics do not improve as expected and they compare weaker
than the industry average.  Also, it reflects S&P's view of the
negative economic risk trend in our BICRA on Paraguay and a
potential downgrade if S&P revises the BICRA to a weaker category.
The latter could stem from rising economic risks for banks
operating in Paraguay as a result of a high dollarization and
concentration in cyclical industries amid declining commodities
prices and stalling regional and global economies.

S&P could lower the ratings on the bank in the next 12 months if
S&P revises its BICRA to a weaker category, or if the bank's risk
position weakens due to consistently adverse conditions in the
agribusiness segment, with recurrent increases in NPAs and credit
losses.  S&P could do so if Banco Regional's capital and earnings
deteriorate, with a RAC ratio before diversification below 5%.

S&P could revise its outlook on Banco Regional to stable in the
next 12 months if S&P revises its BICRA economic risk trend on
Paraguay to stable together with improving assets quality metrics,
while its capital and earnings and other credit factors remain
unchanged.



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T R I N I D A D  &  T O B A G O
===============================


TRINIDAD & TOBAGO: Gas Dealers Want Quick Warning
-------------------------------------------------
Trinidad Express reports that Trinidad and Tobago President of the
Petroleum Dealers Association Robin Naraynsingh is calling on the
Ministry of Energy to be proactive in advising the public when
incidents of fuel contamination occur.

Mr. Naraynsingh said the Association was disappointed as the
Ministry did not advise the public on the situation, according to
Trinidad Express.

Eight service station from several areas around the country
received fuel contaminated with water, the report notes.

The water was removed by National Petroleum (NP) later that
evening, the report relays.

The affected areas were Maraval, Piarco, Couva, Chaguanas, St.
Helena, Curepe, and D'Abadie.

                 Contamination on Large Scale

The report relays that Mr. Naraynsingh said sales had to be
stopped because of the contaminated product.

"We couldn't sell the public water so owners had to stop the
business. The Ministry of Energy did not inform the public. We are
providing a service and business had to be closed. The ministry
needs to become more proactive over issues so as to not create
public panic. They were silent. We all have to partner together
and not be silent," Trinidad Express quoted Mr. Naraynsingh as
saying.

Mr. Naraynsingh said all affected stations have since returned to
normal service, adding that this was the first time the fuel was
contaminated with water on such a large scale, the report notes.
Mr. Naraynsingh praised NP for its fast action in getting the
water pumped and removed, the report relays.

"NP did a good job. When we found out about the problem, the
owners contacted NP and they were quick to respond.  They were
very proactive and we would like to thank them for this," Mr.
Naraynsingh said.

In a statement, NP said that it was aware of the issue and assured
the public that it had contained the situation, the report notes.

Unipet Chief Executive Officer Dexter Riley said yesterday its
chain of gas stations were unaffected by the fuel contamination,
the report adds.

An Energy Ministry official said the matter was being
investigated.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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, Valerie U. Pascual, Julie Anne L. Toledo, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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