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/raid1/www/Hosts/bankrupt/TCRLA_Public/181113.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, November 13, 2018, Vol. 19, No. 225 Headlines B A R B A D O S BARBADOS: Gets $100MM-IDB Loan to Regain Macroeconomic Stability BARBADOS: Regional Gov'ts. Could Be Losing Mil. From Concessions B R A Z I L COMPANHIA DE SANEAMENTO: Moody's Assigns Ba2 Debt Rating IPIRANGA PRODUTOS: Moody's Rates BRL900M Sr. Unsec. Debentures Ba1 SAM INDUSTRIAS: Chapter 15 Case Summary VERT COMPANHIA: Moody's Rates Agribusiness Certs (P)Ba1 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Shippers Say Their Hub's Time Has Come G U A T E M A L A GUATEMALA: Growth in 2018 to Remain Subdued at 3%, IMF Says M E X I C O PROMERICA FINANCIAL: S&P Rates $300MM New Sr. Sec. Notes 'B+' P U E R T O R I C O E. MENDOZA & CO: Dec. 11 Disclosure Statement Hearing Set PUERTO RICO: Judge Approves Consensual Debt Restructuring Deal TOYS R US: Bid Procedures for Sale of Shared Services Biz Okayed - - - - - =============== B A R B A D O S =============== BARBADOS: Gets $100MM-IDB Loan to Regain Macroeconomic Stability ---------------------------------------------------------------- Relying upon a $100 million loan from the Inter-American Development Bank (IDB), the Government of Barbados seeks to regain macroeconomic stability, implement fiscal adjustment measures that foster a sustainable fiscal balance in the short and medium term, and protect social spending programs for the most vulnerable Barbadians. The structure and content of the IDB loan program are aligned to the recently approved International Monetary Fund (IMF) Extended Fund Facility (EFF) for Barbados. The Government of Barbados is seeking financial and technical assistance from the IDB and the IMF to help formulate a comprehensive economic reform program to stabilize public finances after years of increasing debt and to address the country's macroeconomic and fiscal crisis. This financing, in conjunction with corrective economic and fiscal measures introduced by the government, aims to give short-term relief and allow the government to advance on important and difficult reforms to place the public finances on sustainable footing. This support is part of a broader effort to stabilize the Barbadian economy in coordination with the IMF and the Caribbean Development Bank (CDB) during the four-year program. The key elements of the program are as follows: (1) fiscal reforms to address structural weaknesses in the nation's fiscal framework; (2) restructuring and privatization of state-owned enterprises; (3) protecting vulnerable groups by strengthening the nation's safety nets; (4) reform of the Central Bank of Barbados to grant it with more autonomy and limit financing to the government; (5) debt restructuring; and (6) the liberalization of labor, product and service markets to promote growth. The loan is funded from the IDB's Ordinary Capital, will disburse in a single tranche within one year, with a grace period of 3 years, and an interest rate based on LIBOR. The executing agency will be Barbados Ministry of Finance, Economic Affairs and Investment (MOFEI). As reported in the Troubled Company Reporter-Latin America on Oct. 19, 2018, S&P Global Ratings lowered its issue-level ratings on Barbados' local currency issues outstanding to 'D' (default) from 'CC'. At the same time, S&P Global Ratings affirmed its 'SD/SD' (selective default) long- and short-term foreign and local currency sovereign credit ratings on the country, and its 'D' (default) ratings on Barbados' rated foreign-currency issues. Finally, S&P Global Ratings affirmed its 'CC' transfer and convertibility assessment on the country. BARBADOS: Regional Gov'ts. Could Be Losing Mil. From Concessions ---------------------------------------------------------------- Caribbean360.com reports that a top official of the International Monetary Fund (IMF) has suggested that Barbados and other Caribbean islands review the tax incentives they currently grant individuals and businesses. Deputy Division Chief in the Caribbean Division 1 of the IMF's Western Hemisphere Department Dr. Arnold McIntyre, expressed concern that regional governments could be losing millions of dollars in revenue from these concessions, according to Caribbean360.com. This, he said, was not healthy given that the region was struggling economically, the report notes. "When we look at what is underpinning these large deficits and we look at the revenue side, we have pervasive tax incentives," McIntyre told the 33rd Adlith Brown Memorial Lecture at the Central Bank of Barbados, the report relays. He said IMF estimates suggested that legislative and discretionary tax incentives being granted by some Eastern Caribbean states were leading to revenue losses of between four and nine per cent of gross domestic product (GDP), the report says. "We have significantly undermined our revenue base. In many ways, the granting of tax incentives has been seen as a single panacea to overcome the widespread distortions and inefficiencies in the countries. That is, we have provided a solution but we haven't tackled the problem," the report quoted Mr. McIntyre as saying. Pointing to Mauritius, he said that country's parliament had decided some time ago to remove the ability to grant tax incentives from the authority of the minister, adding that "there is a lesson there" for the region, the report notes. He said Caribbean economies also had weak expenditure controls, pointing out that there was especially "significant" fiscal risk in relation to state-owned enterprises, the report notes. He explained that in the region central government finances amounted to about eight per cent of GDP, compared to the five per cent of GDP in emerging markets, the report relays. However, the economist said when government expenditure extended beyond central government to include the non-financial public sector, that wage bill could reach up to 20 per cent of GDP, the report notes. "We have built up a very large state and what has happened, it has become costly and we don't have the growth rates and associated revenue streams to maintain it," he said, the report adds. =========== B R A Z I L =========== COMPANHIA DE SANEAMENTO: Moody's Assigns Ba2 Debt Rating -------------------------------------------------------- Moody's America Latina Ltda. has assigned a Ba2 global scale and Aa3.br national scale debt ratings to Companhia de Saneamento do Tocantins - Saneatins's third debentures issuance due 2022. The senior secured debentures were issued in two tranches of BRL50 million and BRL140 million respectively, both maturing in July 2022. The debentures are backed by a corporate guarantee from Saneatins' controlling parent company BRK Ambiental Participacoes S.A and are secured by concession rights associated with all the concessions that Saneatins operate. The outlook is stable. RATINGS RATIONALE The Ba2/Aa3.br ratings assigned to Saneatins' debentures issuances are in line with BRK Ambiental's Ba2/Aa3.br Corporate Family Ratings, reflecting the credit quality of BRK Ambiental's consolidated group. The rationale for the alignment is based on (i) the high degree of financial links between BRK Ambiental and its controlled subsidiaries through cross default provisions embedded in subsidiaries debt documents, as well as cash pooling mechanisms promoting the flow of cash between subsidiaries; and on (ii) the senior secured nature of the debentures which in Moody's view brings their recovery rate at the same level as a large majority of BRK Ambiental's consolidated debt, around 80% of which being directly or indirectly backed by water and wastewater revenues. The debentures are secured by pledges over receivables and concession rights, shares and dividends. They also benefit from an equity support commitment from BRK Ambiental until full repayment of the debt and/or the achievements of certain ratings and financial targets. The debentures documents also contain acceleration events including change of control, bankruptcy filing or reorganization at BRK Ambiental, termination of concessions representing over 10% of revenues or failure to meet financial covenants based on Net Debt / EBITDA and Debt Service Coverage Ratios. The Ba2/Aa3.br CFR at BRK Ambiental reflects (1) the group's solid business profile, which is supported by a well-diversified customer base with long term contracts, low demand elasticity, and contractual arrangements mitigating revenue risk in public-private partnerships and take-or-pay contracts; (2) the group's adequate liquidity and debt maturity profile and good access to debt markets; and (3) the debt at the subsidiaries, which offer contractual features that provide creditors with additional protection on a significant portion of the group's consolidated debt. However, these credit strengths are mitigated by (1) BRK Ambiental's weak credit metrics, as shown by its funds from operations (FFO)/net debt of 5.4% and FFO interest coverage of 1.5x for the twelve months period ended in June 2018, (2) the significant portion of BRK Ambiental's projects that are in the ramp-up phase (driving the group's high capital spending needs), which Moody's expects to result in negative free cash flow generation in the next three to five years; and (3) BRK Ambiental's exposure to political intervention risk in its area of concession, although this factor is mitigated by the group's revenue diversification. BRK Ambiental's credit profile also takes into consideration its expectation that the group's ultimate controlling sponsor, Brookfield Asset Management Inc. (Brookfield, Baa2 stable), will contribute positively to the implementation of its cost saving strategy through shared services and the optimization of the group's debt structure. The stable outlook for Saneatins' ratings reflects the stable outlook to the CFR assigned to BRK Ambiental which in turn reflects Moody's expectation that BRK Ambiental will be successful in (1) improving its operating performance and implementing its capital spending plan, with minimal cost overruns; and (2) bringing its FFO interest coverage toward 2.0x and FFO/net debt above 8% over the next 12 to 18 months. Moody's views Saneatins' liquidity profile as adequate. As of June 2018, the company had BRL17 million in available cash and BRL 57 milllion in debt in short term debt maturities. While Moody's expects the very large capital expenditures program will result in Saneatins generating negative free cash flow generation in the foreseeable future, the agency anticipates that the company will be able to cover those cash needs through pre-approved bank loans mainly from Caixa Economica Federal. Moody's also takes comfort from BRK Ambiental's adequate liquidity profile and Saneatins ability to access funds through intercompany loans, given the group's centralized cash management policy and corporate guarantees. At the level of BRK Ambiental Moody's expects the group will continue to have good access to debt and capital markets to cover upcoming debt maturities in a timely manner. WHAT COULD CHANGE THE RATING UP/DOWN The ratings could be upgraded upon an upgrade to the BRK Ambiental's CFR ratings. An upgrade of BRK Ambiental's CFR could be considered following (1) faster-than-anticipated improvements in the group's operating cash flow generation, and (2) a reduction in the group's leverage such that its FFO interest coverage rises above 2.0x and its FFO/net debt remains above 15% on a sustained basis. An upgrade would also require the group to maintain a solid liquidity profile and conservative financial policy. On the other hand, the ratings can be downgraded upon a downgrade to the CFR of BRK Ambiental. A deterioration in BRK Ambiental's operating performance or significant capital spending overruns, such that FFO interest coverage and FFO/net debt remain below 1.8x and 8%, respectively, by 2019, could result in a downgrade of BRK Ambiental's CFR. Perceptions of a more aggressive financial policy or a deterioration of Brazil sovereign credit quality, or both, could also exert negative pressure on the CFR. Companhia de Saneamento do Tocantins- Saneatins is a private water utility company providing water and sewage services to 52 municipalities, 47 in the state of Tocantins and 5 in the state of Para, in the northern region of Brazil. The company offers water services to 1.2 million people and wastewater services to around 400,000 people. Saneatins operate though concessions contracts which on average have a remaining life of 17 years. The company is controlled by BRK Ambiental Participacoes S.A. (Ba2/Aa3.br stable) which indirectly holds 51% of equity participation, with the 49% remaining stake held by FI-FGTS an infrastructure fund controlled by the government of Brazil (Ba2, stable) The principal methodology used in these ratings was Regulated Water Utilities published in June 2018. IPIRANGA PRODUTOS: Moody's Rates BRL900M Sr. Unsec. Debentures Ba1 ------------------------------------------------------------------ Moody's America Latina assigned a Ba1/Aaa.br rating to Ipiranga Produtos de Petroleo S.A proposed up to BRL 900 million senior unsecured debentures with series due in 2023 and 2025, irrevocably and unconditionally guaranteed by Ultrapar Participacoes S.A. The outlook for the rating is stable. The proposed debentures will be fully subscribed by Vert Companhia Securitizadora and will back an issuance of agribusiness certificates - CRA. The proceeds will be directed to finance purchases of ethanol. With the increased financial flexibility, Ultrapar will pay down debt in order to complement its liability management strategy. The rating of the proposed debentures assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. Ratings assigned as follows: Issuer: Ipiranga Produtos de Petroleo S.A. -- up to BRL 900 million senior unsecured debentures with series due in 2023 and 2025: Ba1/Aaa.br The outlook for the ratings is stable. RATINGS RATIONALE Ultrapar's ratings reflect the company's solid business model, low-risk profile, stable cash flow and leading positions in different segments, such as fuel and liquefied petroleum gas distribution, specialty chemicals, storage of liquid bulk and retail drugstores. Over the past few years, the company has demonstrated its ability to continue increasing sales and to sustain conservative credit metrics and consistent cash generation despite adverse market conditions and a sizable capital spending plan. Nonetheless, EBITDA has been pressured by May 2018 trucker's strike and losses on inventories following the introduction of fuel subsidies by the Brazilian government. At the same time, Ultrapar Ba1 rating is primarily constrained by the Government of Brazil's Ba2 rating. The company's high capital spending, acquisitive growth strategy and dependence on a few key suppliers for raw materials are additional credit negative, along with the cyclical nature of its specialty chemicals business. The notching above Brazil's government bond rating (Ba2 stable) is granted only on an exceptional basis. It represents a fundamental corporate profile that is stronger than the sovereign's government bond rating, as explained in Moody's methodology "How Sovereign Credit Quality Can Affect Other Ratings", published on March 16, 2015. In the case of Ultrapar, this is evidenced by the resilient nature of its cash flows and its financial flexibility. The stable outlook on Ultrapar's rating mirrors Brazil's sovereign ratings outlook. Moody's expects Ultrapar to maintain its leading position in its business segments and to sustain prudent financial policies including the maintenance of solid liquidity and financial leverage commensurate with its rating level. Although adjusted leverage has peaked at 4.5x in the 3Q18, Moody's expects it reduce toward 3.5x in the next 12 to 18 months stronger EBITDA generation and liability management initiatives. An upgrade could happen in case of an upgrade in Brazil's sovereign rating, and is dependent on the company maintaining its strong credit metrics and liquidity profile. Negative actions on Brazil's sovereign rating could trigger a downgrade of Ultrapar's ratings. Quantitatively, negative pressure on the ratings could arise in case of a deterioration in the group's liquidity position, an increase in leverage to > 4.0x debt/EBITDA without prospects of deleveraging in the near term. A drop in interest coverage, as measured by EBIT/interest expense, to below 2.5x for a prolonged period and operating margins below 3.0%, could negatively pressure the rating. Ultrapar Participacoes S.A., headquartered in Sao Paulo, Brazil, is engaged in fuel and liquefied petroleum gas distribution, specialty chemicals production, storage for liquid bulk and retail drugstore. In the last twelve months ended September 30, 2018, Ultrapar reported consolidated net revenues of BRL 89.1 billion (about USD 25.5 billion). Ipiranga is the group's largest business segment, representing 84% of consolidated net revenues and 80% of EBITDA in the same period. The principal methodology used in these ratings was Retail Industry published in May 2018. SAM INDUSTRIAS: Chapter 15 Case Summary --------------------------------------- Chapter 15 Debtor: SAM Industrias S.A. Km 5 da RJ 115 - Rodovia Nova Iguacu Adrianopolis, Santa Rita Nova Iguacu, Rio de Janei 27700-000 Brazil Business Description: SAM Industrias S.A. is engaged in the manufacture of plated/laminated, wire and bars made of copper. Sam Industrias also invests in other companies. Chapter 15 Petition Date: November 8, 2018 Court: United States Bankruptcy Court Southern District of Florida (Miami) Chapter 15 Case No.: 18-23941 Judge: Hon. Robert A. Mark Foreign Representative: Carlos Magno, Nery e Medeiros Sociedade de Advogados Avenida Almirante Barroso, 97 Grupo 408 Rio de Janeiro, RJ 20031- 0050 Brazil Foreign Proceeding in Which Appointment of the Foreign Represetative Occurred: Case No. 0002017-60.2007.8.19.0001, 2nd Business Court of the City of Rio de Janeiro Foreign Representative's Counsel: Gregory S. Grossman, Esq. SEQUOR LAW PA 1001 Brickell Bay Drive, 9th Floor Miami, FL 33131 Tel: (305) 372-8282 Email: ggrossman@sequorlaw.com - and - Nyana A. Miller, Esq. SEQUOR LAW P.A. 1001 Brickell Bay Dr., 9th Floor Miami, FL 33131 Tel: 305-372-8282x296 (304)372-8282 Email: nmiller@sequorlaw.com Estimated Assets: Unknown Estimated Debts: Unknown A full-text copy of the Chapter 15 petition is available for free at: http://bankrupt.com/misc/flsb18-23941.pdf VERT COMPANHIA: Moody's Rates Agribusiness Certs (P)Ba1 ------------------------------------------------------- Moody's America Latina has assigned provisional ratings of (P) Ba1 (Global Scale, Local Currency) and (P) Aaa.br (Brazilian National Scale) to the 1st and 2nd series of agribusiness certificates issued by Vert Companhia. The certificates are backed by two series of senior unsecured debentures rated Ba1 (Global Scale, Local Currency) and Aaa.br (Brazilian National Scale) issued by Ipiranga Produtos de Petroleo S.A. and guaranteed by Ultrapar Participacoes S.A. (Ultrapar; rated Ba1 long-term corporate family ratings Global Scale, Local Currency, and Aaa.br, Brazilian National Scale). Ipiranga, in agreement with the arranger, has the option to issue additional CRA, up to a maximum issuance amount of BRL 900 million. Any additional issuance will follow an additional issuance of debentures. The proceeds of the issuance will be directed to finance purchases of ethanol. Issuer / Securitizadora: Vert Companhia Securitizadora 1st and 2nd Series of the 20th issuance, rated (P) Ba1 (Global Scale, Local Currency) / (P) Aaa.br (Brazilian National Scale) The provisional ratings address the structure and characteristics of the transaction based on the information provided to Moody's. Certain issues related to this transaction have yet to be finalized. Upon conclusive review of all documents and legal information as well as any subsequent changes in information, Moody's will endeavor to assign definitive ratings to the CRA issuances. If any assumptions or factors considered by Moody's in assigning the ratings change, Moody's could change the ratings assigned to the CRA. RATINGS RATIONALE The (P) Ba1 (Global Scale, Local Currency) and (P) Aaa.br (Brazilian National Scale) ratings assigned to the CRA are primarily based on the willingness and ability of Ultrapar (as guarantor) to honor the payments defined in the transaction documents, thich is reflected by the Ba1 (Global Scale, Local Currency) and Aaa.br (Brazilian National Scale) ratings of the underlying senior unsecured debentures backing the CRA issuances. Any change in the ratings of the debentures will lead to a change in the ratings of the CRA. Each CRA series to be issued by Vert will be backed by a series of debentures issued by Ipiranga and guaranteed by Ultrapar. The underlying senior unsecured debentures are rated Ba1 and Aaa.br. Ipiranga and Ultrapar will be responsible for covering all transaction expenses. The 1st series of CRA are floating rate notes, indexed to a percentage of the DI (interbank deposit rate); the percentage is yet to be determined. Interest will be paid on a semiannual basis, followed by a balloon payment of principal at the legal final maturity in December 2023. The 2nd series of CRA feature a fixed interest rate and a principal balance that will be adjusted by the IPCA (Extended National Consumer Price Index) inflation index and will pay a coupon; the rate of interest is yet to be determined. Interest will be paid on an annual basis, followed by a balloon payment of principal at the legal final maturity in December 2025. The sum of the two series will total BRL 750 million, without considering the additional issuance. The provisional ratings on the CRA are based on a number of factors, among them the following: - The willingness and ability of Ultrapar (as guarantor) to make payments on each series of the underlying debentures, rated Ba1 and Aaa.br. - Pass through structure: the payment schedule of each series of CRA replicates the scheduled cash flow of the underlying debentures, with a one-day lag, which allows adequate timing to make payments on the CRA. The CRA will make payments that mirror the payments to be made by the underlying debentures. The floating rate of DI to be paid under the 1st series will be determined using the same DI period under the underlying debenture. The principal balance of the 2nd series will be adjusted by the same IPCA index used to adjust the underlying debentures. Also, the coupon will be calculated considering the same interest rate and accrual period. In addition, to mitigate the risk of the additional one day of interest for the first interest payment on the CRA, the debentures will initially feature one extra day of interest accrual to address any potential interest rate mismatch. - The events of default (EOD) on the CRA mirror those of the underlying debentures. Therefore, the risk of having an EOD on the certificates while the underlying assets are current is eliminated. - Ipiranga or Ultrapar, in the last instance, will pay the CRA expenses: Ipiranga or Ultrapar will be responsible, under the transaction documents, for all CRA expenses. Nonetheless, the transaction has recourse to Ultrapar, in the event that Ipiranga misses any payment of expenses. - Ipiranga's payment obligations, are covered by the guarantee provided by Ultrapar, which is the holding company from Ipiranga, under the terms of the debentures and trust expenses related to the CRA issuance. The senior unsecured ratings assigned to the underlying debentures issued by Ipiranga are the same as the guarantor's senior unsecured debt ratings. - No commingling risk: Ipiranga will make the payments due on the two series of debentures directly to the respective accounts of each series of CRA held at Banco Bradesco S.A. (Ba2 long-term bank deposit rating, Global Scale, Local Currency; and Aa1.br, Brazilian National Scale). - Segregated assets: The CRAs benefit from a fiduciary regime whereby the assets backing each series of CRA are segregated. These segregated assets are destined exclusively for payments on the CRA as well as certain fees and expenses, and will be segregated from all of the other assets on the issuer's balance sheet. However, the transaction is subject to residual legal risk because Vert agribusiness credits can be affected by the securitization company's tax, labor and pension creditors. Ultrapar is headquartered in Sao Paulo, Brazil, and engaged in fuel and liquefied petroleum gas distribution, specialty chemicals production, storage for liquid bulk and retail drugstore (Extrafarma). In 2017 Ultrapar reported consolidated net revenues of BRL 80 billion (about USD 25 billion). Ipiranga is the group's largest business segment, representing 85% of consolidated net revenues and 77% of EBITDA in the same period. Ultrapar's ratings primarily reflect the company's solid business model, low risk profile, stable cash flows and leading position in different segments. Over the past few years the company demonstrated its ability to post robust growth across all business lines and to sustain conservative credit metrics and strong cash generation even under adverse market conditions and sizable investment plan. On the other hand, the ratings are primarily constrained by the Government of Brazil's Ba2 rating (outlook: stable). The company's acquisitive growth strategy and its dependence on a few key suppliers for raw materials are additional negative rating considerations. To a lesser extent, the more cyclical nature of its specialty chemicals business is also viewed as credit negative. Ultrapar's Ba1 Corporate Family Rating ratings stand one notch above Brazil's Government rating. Granted only on an exceptional basis, the notching represents a fundamental corporate profile that is stronger than the sovereign's government bond rating. This is evidenced by the resilient nature of Ultrapar's cash flows and financial flexibility, which allow it to withstand Brazil's weakened economic and fiscal condition. Vert was established in 2016 and is headquartered in Sao Paulo. The securitization company is focused on structuring CRA with large and renowned sponsors in the agricultural industry. Vert is audited by Grant Thornton and since the beginning of its operations, the securitization company has issued 18 different securitizations totaling BRL 5.5 billion. The principal methodology used in these ratings was "Moody's Approach to Rating Repackaged Securities" published in June 2015. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Shippers Say Their Hub's Time Has Come ---------------------------------------------------------- Dominican Today reports that Dominican Shipping Association, ANRD, President Teddy Heinsen listed the local maritime sector's current opportunities for the country to become the ideal and most efficient logistics platform in the Americas. The shippers hosted a conference with the keynote address by the recently appointed president of the Caribbean Shipping Association, Juan Carlos Croston, titled "The Valiant: A look at the Regional Maritime Sector," according to Dominican Today. Mr. Heinsen stressed that the Dominican Republic has all the conditions to become the Regional Hub, the report relays. "We're working hard as a country. We understand that there is the will of the influential sectors of our nation to make this goal a reality, we just need better coordination from everyone," the report quoted Mr. Heinsen as saying. The business leader cited advantages such as expeditious Customs procedures, zero quotas to import to the local market, and preferential market access to dozens of consumer countries worldwide and free trade with 48 nations, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. ================= G U A T E M A L A ================= GUATEMALA: Growth in 2018 to Remain Subdued at 3%, IMF Says ----------------------------------------------------------- A staff team from the International Monetary Fund (IMF) led by Esther Perez Ruiz visited Guatemala from November 5 to 9, 2018. The visit took place as part of a regular dialogue with the authorities to assess the performance of the Guatemalan economy. Staff reviewed recent economic developments and discussed the outlook, medium-term development strategy and the policy agenda. The staff team met with members of the economic cabinet, central bank officials, the Ministry of Finance, the Superintendence of Banks, and other representatives of public and private sector entities. Ms. Perez Ruiz issued the following statement upon conclusion of the visit. "Underpinned by a solid macroeconomic framework, the economy continues to navigate domestic political tensions and challenging external conditions well. Growth in 2018 is expected to remain subdued at 3.0 percent, due to terms of trade losses for key export products, sub-par investment performance, and failure to re-open a large mining company due to a judicial injunction. Growth will pick up moderately to 3.3 percent next year, as the deterioration in terms of trade starts reversing and ongoing positive signals, namely building momentum in key sectors of the economy, credit, and budgetary execution, firm up. Core inflation has remained below the lower bound of the 4Ò1 target range throughout 2018, and headline inflation is expected to close below 4 percent by year-end. "Downside risks remain. On the external front they are mostly linked to waning growth momentum in the region's main trading partners from an escalation of ongoing trade disputes or implementation of unsustainable macroeconomic policies in some advanced economies, and scaled-up deportations of non-documented migrants from the U.S. On the domestic front, risks stem from the uncertainty and political fragmentation associated with the electoral process, and the implementation of the anti-corruption agenda. In addition, the permanent suspension of the lifting of bank secrecy could undermine Guatemala's compliance with respect to international transparency treaties. "The gradual decline in the current account surplus and the concurrent FX depreciation are broadly aligned with expectations at the time of the Article IV Consultation of 2018, as the higher trade deficit has been offset by somewhat stronger remittances. As the quetzal came under pressure, the central bank, in line with its rules-based FX policy, started selling dollars. Nonetheless, international reserves remain at comfortable levels. "Guatemala's short-term challenge is to secure growth acceleration in 2019, amidst general elections and greater global uncertainty. In this context, policies should be oriented to support demand in the short term. Supported by the recovery in the budget execution, the fiscal stimulus as embedded in the 2019 budget proposal currently in Congress, would underpin the recovery and represent a first step towards the attainment of key Sustainable Development Goals (SDGs). Over the medium term, to secure the desired development outcomes out of scaled-up spending it is essential to expand the healthcare and education workforce, tie their remuneration to improvements in the coverage and quality of the services provided, reform the Laws of Procurement and of Civil Service, and foster results-based budgeting. Subdued demand inflationary pressures provide room for continued monetary accommodation. "Over the medium term, economic development and poverty reduction should be placed at the center of policymaking, with the aim of fostering greater economic growth, productivity and competitiveness, as well as improved social cohesion. The additional investments in health, education, roads, water and sanitation infrastructure consistent with attaining key SDGs reach about 8´ percent of GDP by 2030. While substantial, these higher spending needs are commensurate with a well-defined financing strategy encompassing broad-based tax reform aligned with tax parameters in the region, greater spending efficiency, the promotion of public-private partnerships for the development of economic infrastructure and stepped up efforts to improve tax administration. In this context, the authorities' decision to formally endorse the SDGs through the K'atun 2032 national development plan is welcome, but additional efforts are needed to improve execution and provision modalities, in order to deliver these public goods to all Guatemalans, irrespective of their place of residence, ethnic group, or ability to pay. "Guatemala's healthy financial system would benefit from further modernization and its contribution to growth should be enhanced. The mission encourages the authorities to promote the approval of the reforms to the law of banks and financial groups, the adoption of a risk-based AML/CFT framework, and the achievement of tangible results within the framework of the national financial inclusion plan. "The IMF team wishes to thank the authorities for their cooperation and candor. The next Article IV mission is scheduled to take place in April 2019." =========== M E X I C O =========== PROMERICA FINANCIAL: S&P Rates $300MM New Sr. Sec. Notes 'B+' ------------------------------------------------------------- S&P Global Ratings assigned its 'B+' global scale issue-level rating to Promerica Financial Corporation's (PFC; B+/Stable/B) proposed senior secured notes for up to $300 million. The tenure of the notes will be between 5 and 10 years, and they will bear a fixed rate with semiannual interest payments. The Panama-based holding company will use the proceeds mostly for full refinancing of its current debt structure and for business expansion. The issue-level rating on the notes is at the same level as the long- term global scale issuer credit rating on PFC. The rating constraint on PFC is its capitalization levels, with a projected risk-adjusted capital (RAC) ratio at about 4% for the next two years. The ratings also reflect the company's business stability, business line diversification, sound market share in the region, stable asset quality metrics, and low-cost funding structure primarily composed of retail deposits. S&P said, "Our long-term 'B+' rating on PFC is one notch lower than the 'bb-' group credit profile, given that PFC is a non- operating company and its debt is structurally subordinated to that of the operating companies. Due to PFC's exposure to Ecuador (B-/Stable/B; 29% of loan portfolio), we ran a sovereign stress test, which the company passes. The Ecuador sovereign rating won't cap the ratings on PFC as long as the company continues to pass our stress test. "With the announcement of the proposed notes, our funding assessment on the company remains unchanged, although the notes will help provide more diversified funding while keeping core deposits as the main funding source. As such, PFC'S new notes will represent around 2% of its funding structure, while the retail deposit base will continue to represent over 85%. The rest of the funding base is made up of commercial banking credit lines and multilateral banks (10%), and a small amount of subordinated debt. PFC's stable funding ratio (SFR) was 98.3% as of June 2018 and averaged 101% in the past three fiscal years. As of June 30, 2018, its top 20 deposits represented around 8% of its total deposit base. Additionally, PFC's expanding deposit base indicates the loyalty of its customer base. The bank has been able to fully match its various currency exposures--over 50% of its assets are in dollarized economies. "We base our liquidity assessment on PFC's broad liquid assets to short-term wholesale funding ratio of 1.7x as of June 2018, with a three-year average of 3.00x. PFC's short-term wholesale funding is low--3.8% of its funding base--and is supported by manageable refinancing risk over the next 12 months. We expect adequate liquidity management to remain in the future." RATINGS LIST Promerica Financial Corporation Issuer credit rating B+/Stable/B Rating Assigned Promerica Financial Corporation Senior secured B+ ====================== P U E R T O R I C O ====================== E. MENDOZA & CO: Dec. 11 Disclosure Statement Hearing Set --------------------------------------------------------- The Bankruptcy Court will convene a hearing to approve the disclosure statement explaining E. Mendoza & Co. Inc.'s Chapter 11 Plan on December 11, 2018 at 10:00 a.m. The Debtor intend to make these payments to its creditors through the Plan: 1. Payment of all administrative expenses on the later of the Effective Date, the date the Administrative Claims become allowed, or as agreed to with the holder of each Administrative Claim. At least 50% of the payment of these expenses will come from the sale of three vehicles (two Mercedes Benz and a Corvette). 2. Payment of 100% of Secured portion of Creditor Condado 2 LLC, that is for approximately $655,000.00 through at least 16 payments of $4,093.75 in interest until the sale of two real estate properties (during 16 months)that will yield the secured amount. The unsecured portion of 2,934,550.03 will receive 56.70% of the amount allocated for the general unsecured claims. 3. Payment of 100% of Secured Creditor Banco Popular de Puerto Rico in relation to the property at Boneville Terrace Caguas for $155,203.45, with the sale of the property within 16 months. 4. Payment of 100% of Secured Creditor CRIM's claim, $8,740.53, through monthly payments of $161.96 during 5 years, that includes annual interest of 4.25%. 5. Payment of 100% of the expected allowed amount of priority claims, such as CRIM, Personal Property, Internal Revenue Service, Municipality of San Juan (Patente), PR Department of Treasury, PR State Insurance Fund, for a total expected allowed amount of $95,595.00. Debtors will pay a monthly payment of 1,560.43,854., during the five years of the plan, commencing on the Effective Date. This treatment applies only to those claims recognized by the debtor and/or those paid in full on the effective date, and/or those settled with claimants. 6. General unsecured creditors will receive one lump sum payment, distributed in pro-rata basis from the amount allowed by plan. The lump sum payment is of $5,000.00. The expected allowed amount by plan of these claims approximately for $5,175,442.00. This amount represents .10% of the total unsecured claims 7. All holders of the Debtor's equity interests will keep their interests. The Plan is to be funded with the available funds originating from the Debtor's operations. A copy of the Disclosure Statement is available at https://tinyurl.com/y94uugoa from PacerMonitor.com at no charge. About E. Mendoza & Co., Inc. E. Mendoza & Co. Inc., based in San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-06661) on Aug. 22, 2016. The petition was signed by Marta Fernandez Torres, its secretary. The Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities at the time of the filing. The Debtor is represented by Nelson Robles Diaz, Esq., at the Nelson Robles Diaz Law Offices, PSC. PUERTO RICO: Judge Approves Consensual Debt Restructuring Deal -------------------------------------------------------------- Luis Valentin Ortiz at Reuters report that a U.S. judge approved Puerto Rico's first consensual debt restructuring deal, helping wind down the Government Development Bank (GDB), the island's former fiscal agent. Government lawyers called the confirmation hearing a "historic moment" for the U.S. commonwealth's financial recovery, according to Reuters. "I'm glad we took this step forward toward a new foundation for Puerto Rico," said Judge Laura Taylor Swain, who presides over the island's bankruptcy cases under a federal law known as PROMESA, the report notes. The GDB deal addresses approximately $4 billion out of Puerto Rico's $72 billion in existing debt, the report notes. In total, the bankrupt island has $120 billion in both debt and pension obligations, the report says. "The court's approval represents a major milestone in the restructuring of Puerto Rico's debt obligations," said Natalie Jaresko, executive director of the federally appointed Financial Oversight and Management Board for Puerto Rico, the report relays. The plan, overwhelmingly approved by creditors in September, will transfer to a GDB Debt Recovery Authority the bank's municipal loan portfolios, real estate assets and unencumbered cash, the report notes. The report discloses that the authority will issue new bonds backed by a statutory lien on those assets in an amount equal to 55 percent of outstanding debt. The deal also calls for establishment of a Public Entity Trust, which would mostly receive non-performing loans made by the GDB to other government entities the report says. During the approval hearing, only one party, Siemens Transportation, opposed the transaction over a $13 million claim against the government bank, the report notes. The dispute was settled during the lunch break, paving the way for Swain's final approval of the restructuring deal, the report discloses. GDB's president and executive director of the Financial Advisory & Fiscal Agency Authority (FAFAA), Christian Sobrino, told Reuters that the deal is "a moment of great satisfaction" and "vindication" following years of negotiations with hedge funds, island municipalities, local credit unions and other GDB creditors. The FAFAA became the island's fiscal agent following the GDB's insolvency, the report relays. "It is the first time that Puerto Rico or any other U.S. territory uses Title VI of PROMESA," added Mr. Sobrino, in reference to the federal law's consensual debt-restructuring mechanism, the report notes. He said "two or three" other Puerto Rico issuers could use the same legal restructuring framework as the GDB, but did not name them because work remains to be done, the report relays. Puerto Rico's government and four of its public corporations last year filed for a court-ordered bankruptcy process under Title III; Swain will hold a general hearing on Nov. 14, the report notes. Lead financial and legal advisers for the Ad Hoc Group of GDB Bondholders are Ducera Partners and Davis Polk & Wardwell LLP, respectively, the report discloses. The government's lead legal adviser was O'Melveny & Myers while Ankura provided financial advice, the report relays. Puerto Rico's defaulted benchmark general obligation bonds maturing in 2035 with an 8 percent coupon weakened slightly but held near 2 weeks ago's 16-month high to end at 60.25 cents on the dollar, the report adds. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ('PROMESA'). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets, as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by Puerto Rico and other instrumentalities. White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative Capital LP. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed an official committee of retirees and an official committee of unsecured creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. TOYS R US: Bid Procedures for Sale of Shared Services Biz Okayed ---------------------------------------------------------------- BankruptcyData.com reported that the Court hearing the Toys "R" Us case approved bidding procedures in respect of the sale of its shared services business. Central to the bidding procedures motion is the agreement of the Debtors' Term B Lenders to serve as a stalking horse bidder with a credit bid of $57.5 million. BankruptcyData noted that "Toys Delaware -- through its Disinterested Directors -- has determined that a potential sale of the Shared Services Business should be pursued prior to the effective date of the Plan. The Debtor believes that the proposed sale process will afford the most likely purchasers of the Shared Services Business -- the now or soon-to-be independent regional enterprises and the Taj Noteholders -- the opportunity to competitively bid for the Assets and assume responsibility for the operations of the Shared Service Business following the consummation of the sale. As part of this decision to market and sell the Shared Services Business, the Debtor and the Disinterested Directors negotiated an agreement of various significant terms and conditions, including, without limitation, an agreement by the Ad Hoc Group of B-4 Lenders (a) to withdraw their objections to entering into a Transition Services Agreement with the purchaser of the France business; (b) to cap their credit bid for the Shared Services Business at $57.5 million, subject to a minimum overbid of $500,000; and (c) that the applicable acquisition vehicle or Toys Delaware successor entity assume all obligations under the various Transition Services Agreements in connection with the Plan." The order also approved the following general timeline: (i) a November 8, 2018 deadline to submit qualified competing bids, (ii) an auction date, if necessary, of November 9, 2018 and (iii) a November 13, 2018 sale hearing. All objections to the Bid Procedures Motion are overruled. Before the Bankruptcy Court entered its ruling, the Ad Hoc Group of Taj Noteholders filed an objection to the proposed sale of the Debtors' Shared Services Business. The Noteholders asserted, "The proposed sale of the Shared Services Business -- through which Toys Delaware provides critical information technology and other back-office services to its current and former affiliates around the world -- is seemingly a sham process consistent with the B-4 Lenders' ongoing campaign of threatening to weaken the Toys "R" Us operating businesses in an attempt to extract additional value for themselves." About Toys "R" Us Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is a privately owned entity but still files with the U.S. Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial advisor; and Moelis & Company LLC as investment banker. Toys "R" Us UK Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and 3,000 employees, was sent into administration in the United Kingdom in February 2018. Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88 Wood Street, London, EC2V 7QF were appointed Joint Administrators on Feb. 28, 2018. The Administrators now manage the affairs, business and property of the Company. The Administrators act as agents only and without personal liability. The Administrators said they will make every effort to secure a buyer for all or part of the business. Liquidation of U.S. Stores Toys "R" Us, Inc., on March 15, 2018, filed with the U.S. Bankruptcy Court a motion seeking Bankruptcy Court approval to start the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Propco I Debtors Toys "R" Us Property Company I, LLC and its subsidiaries own fee and leasehold interests in more than 300 properties in the United States. The Debtors lease the properties on a triple-net basis under a master lease to Toys-Delaware, the operating entity for all of TRU's North American businesses, which operates the majority of the properties as Toys "R" Us stores, Babies "R" Us stores or side-by-side stores, or subleases them to alternative retailers. Toys "R" Us Property was founded in 2005 and is headquartered in Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of Toys "R" Us Inc. Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II Trust, and Wayne Real Estate Company LLC -- Propco I Debtors -- sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors sought and obtained procedural consolidation and joint administration of their Chapter 11 cases, separate from the Toys "R" Us Debtors' Chapter 11 cases. The Propco I Debtors estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Keith L. Phillips presides over the Propco I Debtors' cases. The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP; and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The Debtors also tapped Kutak Rock LLP. They hired Goldin Associates, LLC, as financial advisors. *********** 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, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2018. 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. 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