/raid1/www/Hosts/bankrupt/TCRLA_Public/240419.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, April 19, 2024, Vol. 25, No. 80
Headlines
A R G E N T I N A
ARGENTINA: March Inflation to Slow Again, Analysts Say
B R A Z I L
JBS SA: Plant in Goias Temporarily Closed, Auditor Says
JBS SA: To Invest $28.45 Million in Campo Grande Beef Plant
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Electricity Grid Stability Must be Maintained
J A M A I C A
JAMAICA: BOJ Pumps US$90 Million Into Forex Market
JAMAICA: Collaborates on Approach to Finance Climate Needs
M E X I C O
FORTALEZA MATERIALES: Moody's Affirms Ba3 CFR, Outlook Now Stable
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A R G E N T I N A
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ARGENTINA: March Inflation to Slow Again, Analysts Say
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Reuters reports that Argentina's monthly inflation rate likely
edged down to 12% in March, analysts polled by Reuters estimated,
which would mark a third straight month of deceleration for prices
and a boost for new libertarian President Javier Milei's economic
reform drive.
The South American country has the world's highest inflation with
the annualized rate running over 275%, which hurts consumer
spending power and dampens the economy, according to Reuters.
The report notes that Milei has made curbing prices a focus via an
austerity package of cuts.
In a poll of 25 analysts surveyed by Reuters, the median prediction
was 12% for the month, down from 13.2% in February and a peak of
over 25% in December, when Milei devalued the peso currency sharply
after taking office, the report notes.
Analysts said that the slower rise in prices was due to a drop in
consumption, particularly of food and beverages, as well as the
government's decision to postpone planned price increases for
public services, the report relays.
"One or two months ago it was expected (March inflation) would be
around 16% both for seasonal reasons and for the price dynamics
observed since December," said Juan Miguel Massot, an economic
scientist at the local Universidad del Salvador, the report
discloses.
"However, the forecasts were recalculated due to the impact of the
dramatic drop in consumption," the report says.
Milei's austerity measures and spending cuts have helped turn
around a deep fiscal deficit, boosting market confidence, but has
come at the cost of a slide in economic activity, consumption and
production, the report relays.
Poverty levels are also rising, the report says. The projections
for March monthly inflation ranged from 9.9% to 13.1%, the report
notes. The government has previously indicated the price rise for
the month would be close to 10%, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.
Fitch Ratings upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
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B R A Z I L
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JBS SA: Plant in Goias Temporarily Closed, Auditor Says
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A JBS SA beef plant in the centre western state of Goias in Brazil
was ordered shut for two days by labor auditors over irregular work
conditions, thecattlesite.com reports, citing Reuters who cited one
of auditors who inspected the facility as its source.
JBS immediately presented "an adaptation plan" which has been
accepted by the Ministry of Labour and Employment and is being
executed, the meat company said, according to thecattlesite.com.
The report notes that notice of the closure was posted on the
national labour auditors' union (Sinait) website earlier.
The auditors closed the plant after finding employees were
routinely subjected to "exhausting" work shifts of 10 to 16 hours a
day, auditor Roberto Mendes said, confirming details in Sinait's
post, the report relays.
The plant, with about 970 employees, was allowed to reopen after
the company presented the plan to adjust work conditions, Mendes
told Reuters, the report discloses. Auditors will verify those
conditions on weekly basis, he added.
JBS said "activities in the unit were not interrupted and continue
normally," the report relays.
According to the Brazilian agriculture ministry, JBS' Senador
Canedo plant is authorized to export beef to Egypt, Mexico,
Singapore, China and other countries, the report relays. The
facility can process more than 80 cows per hour and has over 20
tons of storage capacity, the report adds.
About JBS SA
As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.
JBS SA: To Invest $28.45 Million in Campo Grande Beef Plant
-----------------------------------------------------------
Ryan McCarthy at supermarketperimeter.com reports that JBS SA
announced on April 12 that it plans to double the processing
capacity and workforce at its Campo Grande II facility in Mato
Grosso do Sul, Brazil, which will make it the largest beef plant in
Brazil.
According to JBS, the company plans to invest $150 million reals
($28.45 million) in the upgrades and eventually be able to
slaughter 4,400 cattle per day, the report notes. It will also
increase the number of employees from 2,300 to 4,600, according to
supermarketperimeter.com.
The news of expansion comes after JBS made its first beef shipment
from the plant to China, the report relays. The Campo Grande II
facility is one of 38 authorized by the Chinese government during
March for trade, the report notes.
"These 38 qualifications for China mean a gigantic step for
Brazilian agribusiness," said Gilberto Tomazoni, global chief
executive officer of JBS. "They mean growth, job creation and
income - for industry, for the countryside, for people, for
commerce, for cities. Many countries operate in many countries
around the world and none of them are today as attractive as Brazil
to invest in agribusiness," he added.
The meat producer recently held a ceremony celebrating the
expansion, which included Brazilian President Luiz Inacio Lula da
Silva, the report relays.
JBS noted in a news release that before the Chinese government
released its list, Brazil featured 106 plants that qualified to
export to China, the report notes. The company said that Brazil
now has 144 facilities that fit the criteria, the report says.
The state of Mato Grosso Do Sul, which is where the expanded
facility sits, only had three beef processing facilities that were
authorized to ship to China, the report discloses. That number has
now grown to nine. JBS said the state can now ship the volume
equivalent of 2.3 million animals, an increase of 1.87 million, the
report relays.
The Campo Grande II building was built in 2007 and acquired by JBS
in 2010. The plant can also export items to the United States,
Algeria, Egypt, United Arab Emirates, Argentina, the European Union
and Chile along with other countries, the report adds.
About JBS SA
As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Electricity Grid Stability Must be Maintained
-----------------------------------------------------------------
Dominican Today reports that Federico Martinez, an expert and
consultant in the electricity sector, said that limiting the
penetration of intermittent energy (solar and wind) is necessary
until the cost of storing solar energy falls.
Mr. Martinez explained that the proposed regulation for distributed
generation proposes a limit of 15% of the maximum demand as an
aggregate of distributed generation (DG), according to Dominican
Today. Thus, the final purpose should be to move to 100%
renewables while maintaining the stability of the electricity grid,
the report notes.
The specialist explained that for this, energy must be stored, and
smart grids must be capable of managing the intermittency and
variability of wind and photovoltaic sources, the report relays.
He pointed out that the country is far from that, the report says.
He said that between 2015 and 2023, the net non-renewable load on
the electric grid in California has been drastically reduced in
solar hours, the report notes.
The electricity expert said that on December 19, the U.S. Energy
Information Administration (EIA) published an article titled "As
solar capacity rises, the 'duck silhouette' is getting deeper," the
report discloses.
Dominican Today relays that Mr. Martinez pointed out that all this
energy is produced cleanly and that fuel saving is a significant
economic and environmental benefit; however, not everything is
rosy.
"Electrical energy must be consumed as it is produced. There is no
cost-effective way to store it. Batteries are still expensive,
store a limited amount of energy, and have a limited number of
charge and discharge cycles. Electricity grid operators are
required to manage the energy that is dispatched depending on its
cost and origin. T his presents problems for which there are still
no efficient solutions. For example, the stress of the system," he
said, the report says.
Giving the example of the Punta Catalina Thermoelectric Power Plant
plant, he explained that "it takes two days to turn it off and at
least one day to turn it on, the report discloses.
That implies that it must be on 24/7, designated as base
generation, the report says. At noon, they can lower the load, but
their efficiency drops, the report relates. Like a car, at 20
km/h, it consumes more fuel per km driven than at 80 km/h, the
report notes.
Another problem is that even if your production is reduced at noon,
it takes hours to increase production, and from 4:00 PM, when the
sun goes down, the demand increase rises exponentially in two or
three hours," the report discloses.
He emphasized that engines and turbines can come online quickly;
however, they suffer from the same fuel efficiency limitation at
different load levels, which translates into a higher cost per
kilowatt produced, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income. According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.
In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3. Moody's said the key drivers
for the outlook change to positive are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
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J A M A I C A
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JAMAICA: BOJ Pumps US$90 Million Into Forex Market
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RJR News reports that the Bank of Jamaica (BOJ) had its third
intervention in the foreign currency market.
Six banks and three cambios were successful in their bids,
according to RJR News.
Scotia Bank, JMMB Bank (Jamaica), Barita Investments and Citibank
Jamaica received the larger shares, the report notes.
All the interventions bring a total of US$90 million, the report
relays.
After the BOJ's intervention, the Jamaican dollar gained 18 cents
against the US currency, the report says.
Banks and cambios are selling the American dollar for an average
$155.51, the report notes.
The Canadian dollar is being sold for $115.46, the report
discloses.
The average value of the pound is $196.64, while the Euro will go
for $171.34, the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
JAMAICA: Collaborates on Approach to Finance Climate Needs
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The Government of Jamaica (GOJ), the Development Bank of Jamaica,
the Green Climate Fund (GCF), Inter-American Development Bank
(IDB), the World Bank Group, European Investment Bank as part of
Team Europe, USAID, and the United Kingdom, are discussing a
framework to establish a 'Blue Green Facility' - a blended
financing structure - of up to USD 500 million over five years,
which would include a contribution from the Government of Jamaica.
Such a programmatic approach will help catalyze climate finance by
introducing systematic, coherent, and scalable approaches towards
adaptation and mitigation needs.
This support takes place in the context of the US$764 million
Resilience and Sustainability Facility (RSF) arrangement approved
by the International Monetary Fund (IMF)’s Executive Board in
March 2023. Further to the October 11, 2023 press release of the
GOJ ( here ), following the conclusion of Jamaica’s second review
of the Resilience and Sustainability Facility (RSF) arrangement by
the IMF Executive Board on February 28, 2024, the International
Monetary Fund has disbursed an additional SDR191.45 million (about
US$254 million). The authorities continue to make swift progress in
their ambitious climate policy agenda under the RSF to increase
resilience to climate change and catalyze climate financing. Recent
reforms include steps to establish a national natural disaster
reserve fund, strengthen climate-related elements in public
investment management, and enhance the climate risks assessment in
the financial system to embed these risks into supervisory
activities. These reforms have built on steps taken in early 2023
to strengthen the natural disaster risk financing policy, the
policy framework for Public-Private Partnerships, the electric
vehicle policy, and the guidelines for energy efficiency in public
buildings.
The accreditation of the Development Bank of Jamaica (DBJ) by GCF
in July 2023 as a direct access entity and the execution of the
Accreditation Master Agreement (AMA) on February 21, 2024 will
allow DBJ to access GCF funding and implement large size climate
projects or programs of over US$250 million.
The DBJ, GCF, IDB, the World Bank Group (World Bank, IFC, and
MIGA), EIB, USAID, and the UK (FCDO) are discussing the modalities
of establishing a Blue Green Facility of a potential size of US$500
million over five years, that would include a contribution from The
Government of Jamaica from its budget. Financing modalities of the
Facility will include a flexible combination of grants,
concessional debt, guarantees, and equity instruments to leverage
blended finance and crowd-in private investment for climate action
within the micro, small and medium enterprises (MSME) ecosystem as
well as support government’s adaptation and mitigation actions
aimed at strengthening the resilience of local communities engaged
in combatting the climate crisis.
The DBJ, Ministry of Finance & the Public Service (MOFPS), and IDB
are also currently in the process of satisfying all the conditions
of the technical cooperation agreement for the operationalization
of the project preparation facility signed in November 2023. This
is expected to be completed by May 2024.
The shift towards a programmatic approach forms a core component of
the Jamaica country trial delivered with UK support through the
Taskforce on Access to Climate Finance. An upstream climate
resilience investment framework, including systemic climate risk
assessment and identification of a prioritized pipeline of projects
for the Blue Green Facility is being supported by the Caribbean
Community Centre on Climate Change and the University of Oxford
with up to £1m in funding from the UK through support for the
Coalition on Climate Resilient Investment.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
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M E X I C O
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FORTALEZA MATERIALES: Moody's Affirms Ba3 CFR, Outlook Now Stable
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Moody's Ratings affirmed the Ba3 corporate family rating of
Fortaleza Materiales, S.A.P. I de C.V. Moody's Ratings also changed
the outlook to stable from positive.
The change in the outlook reflects Moody's Ratings view that
despite Fortaleza's strong operating performance and continued
liability management efforts, its capital structure will remain
commensurate within the Ba3 rating for the following two years,
with refinance risk through 2026. Also, despite low leverage
levels, interest coverage will remain closer to 3.5x for the
period.
RATINGS RATIONALE
Fortaleza Materiales Ba3 rating reflects its highly profitable
cement operations in both the Government of Mexico (Baa2 stable)
and the Government of United States of America (Aaa negative).
Following a period of high inflation that pressured the company's
profitability and cash flow, Fortaleza recovered with a 12% revenue
growth with a 29.4% EBITDA margin from 24.3% in 2023. During 2023,
the company received capitalizations with a positive cash flow
effect of MXN1.8 billion (close to $108 million) that along with
cash generation for the year allowed it to reduce leverage to 1.9x
from 3.5x in 2022. Moody's Ratings projects adjusted leverage
(gross debt to EBITDA) to remain below 2.0x go through 2026 and
adjusted interest coverage measured as EBIT/Interest expense closer
to 3.5x for the period (from 2.7x in 2023).
Liquidity analysis
Refinancing risk weakens Fortaleza's liquidity and remains a
rating constraint. Although the company had close to MXN2.1 billion
cash on its balance sheet as of the end of 2023, enough to cover
the MXN932 million of debt maturing in 2024, in 2025 and 2026, it
has up to MXN2.6 billion of maturities each year keeping its
refinancing needs high. Partially offsetting this risk is Moody's
Ratings' expectation of positive free cash flow generation
considering positive business prospects in its main markets, strong
operating performance, the ramp up of expansions in Mexico and
Central America and lower capex needs as the expansions have
already been completed. The recent equity injection from its
controlling shareholder also evidences its willing to support the
company. The company does not have committed lines but has a MXN15
billion local commercial paper program. Currently, Moody's estimate
the company's foreign-exchange exposure is limited because 8% of
the total debt is US dollar-denominated, which is completely hedged
with EBITDA generation.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
A rating upgrade will require a significant improvement in
liquidity, extending maturities beyond 2025. Quantitatively,
Moody's Ratings could upgrade the rating if the company's operating
performance improves, such that its adjusted debt/EBITDA remains
below 3.5x and EBIT/interest expense remains above 4.0x on a
sustained basis.
Conversely, Moody's Ratings could downgrade the rating if the
recovery in economic activity takes longer than Moody's Ratings
initially expected as a result of sudden, severe external factors
including to supply-chain disruptions or higher than expected
inflation and interest rates. Quantitatively, a rating downgrade
could occur if adjusted debt/EBITDA rises above 4.5x without a
clear path to leverage reduction or EBIT/interest expense declines
to 2.0x. Any significant deterioration in liquidity will also lead
to downward rating pressure.
The principal methodology used in this rating was Building
Materials published in September 2021.
*********
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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2024. All rights reserved. ISSN 1529-2746.
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contact Peter A. Chapman at 215-945-7000.
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