/raid1/www/Hosts/bankrupt/TCRLA_Public/240916.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
Monday, September 16, 2024, Vol. 25, No. 186
Headlines
B A H A M A S
FTX GROUP: To Pay $14M to Access $600M Robinhood Share Cashout
J A M A I C A
JAMAICA: BOJ Carefully Monitors Forex Market
JAMAICA: No Growth in Manufacturing Industry for April to June
[*] JAMAICA: Global Services Industry Optimistic About Future
M E X I C O
FIDEICOMISO IRREVOCABLE CIB/4323: S&P Rates 2031 Secured Notes 'BB'
SIXSIGMA NETWORKS: S&P Withdraws 'B+' Issuer Credit Rating
STEWARD HEALTH: CHRISTUS to Acquire Wadley Medical Amid Bankruptcy
P A R A G U A Y
FRIGORIFICO CONCEPCION: S&P Affirms 'B' ICR, Outlook Negative
P U E R T O R I C O
ACADEMIA SANTA: Claims to be Paid From Future Income
UNIVERSAL LIFE: A.M. Best Cuts Finc'l. Strength Rating to B(Fair)
- - - - -
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B A H A M A S
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FTX GROUP: To Pay $14M to Access $600M Robinhood Share Cashout
--------------------------------------------------------------
Hilary Russ at law360.com reports that defunct cryptocurrency
exchange FTX Trading Ltd. has struck a $14 million deal that will
let it access more than $600 million of cash and liquidated shares
in Robinhood Markets Inc., in a settlement agreement with Sam
Bankman-Fried-founded Emergent Fidelity Technologies Ltd.
About FTX
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
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J A M A I C A
=============
JAMAICA: BOJ Carefully Monitors Forex Market
--------------------------------------------
RJR News reports that Bank of Jamaica (BOJ) Governor Richard Byles
says the central bank has to keep a close eye on the local foreign
currency market.
Speaking at the Insurance Association of Jamaica's Business
Conference, Mr. Byles said while there are benefits to a floating
foreign exchange rate, it has to be monitored, according to RJR
News.
"On a positive side, it means like you can go to the bank and say,
I want to buy US$5,000 and you wait in line and you get your
US$5,000. But in times of stress, it can work against us unless we
know how to manage it. And in a time of high inflation, when we
are importing 60 per cent of everything that we consume, we have to
watch that exchange rate very carefully. Because on top of imported
inflation, if our exchange rate depreciates too quickly, too far,
we will get twice the amount of inflation," he reasoned, the report
notes.
As part of that process, the central bank actively participates in
the market, the report relays.
"Every day, the Bank of Jamaica is in the market. It buys foreign
currency every day. And when it thinks that the market needs the
extra supply because there is an extra bump in demand, it sells
into the market," he said, the report discloses.
According to Mr. Byles, US$2.5 billion has been sold into the
market between October 2021 - when interest rates were first
increased - and August this year, 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: No Growth in Manufacturing Industry for April to June
--------------------------------------------------------------
RJR News reports that the Planning Institute of Jamaica is
estimating that output in the local manufacturing industry did not
increase in the second quarter, compared to the same period last
year.
Director General at the PIOJ, Dr. Wayne Henry, says that for the
April to June period, the "Food, beverages and tobacco"
sub-industry realised growth, according to RJR News.
But this was countered by an estimated contraction in the other
manufacturing sub-industry, the report notes.
"Within the food beverages and tobacco sub-industry, higher
production was recorded for sugar, up 26.8%, molasses up 48%, dairy
products up 22.5%, beer and stout up 18.1%, and carbonated
beverages up 12.3%. For other manufacturing sub-industry, the
estimated lower output was mainly due to non-metallic minerals
reflecting lower production of cement down 4.5% and clinker down
6%; and petroleum products, mainly reflecting lower production of
fuel oil," he outlined, the report relays.
Dr. Henry said the lower output of petroleum products, was due to
the reduced operating days during the quarter, the report
discloses.
Refinery operations were disrupted in the month of April due to a
fire, 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: Global Services Industry Optimistic About Future
-------------------------------------------------------------
Javaughn Keyes at RJR News reports that President of the Global
Services Association of Jamaica (GSAJ), Wayne Sinclair, said
Jamaica is positioned to offer expanded services in the Business
Process Outsourcing industry.
In an interview with Radio Jamaica News, Mr. Sinclair said the
country has built a good reputation in the global services
business, according to RJR News.
"We have proven ourselves, so we will always have the ability to
continue to attract additional business. Additional business is
always looking to come here but what we have to continue to
demonstrate is that we have the workforce, and we can continue to
deliver superior service quality, which again we have demonstrated
in the past," he asserted, the report notes.
While Jamaica may not be able to fill tens of thousands of
positions at a time, Mr. Sinclair said the country is "always a
go-to choice for companies," the report relays.
He sought to debunk the perception that business process
outsourcing jobs are generally low paying, the report discloses.
"I have a fairly small shop, maybe about 110 heads. Every time I
put out an ad for additional employees, I'm getting three to four
hundred applications, sometimes 500 applications, right? You
wouldn't have that much of a demand if persons who know what we pay
felt like what we were paying wasn't enough," he argued, the report
says.
"I feel for the skill sets that we bring in on an entry-level
basis, we are extremely competitive in terms of our wages. So, you
know, if there are young persons out there that believe that the
BPOs don't pay enough, I would say you probably need to just do
some investigation and you'll find that that's not exactly so,"
added Mr. Sinclair, 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.
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M E X I C O
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FIDEICOMISO IRREVOCABLE CIB/4323: S&P Rates 2031 Secured Notes 'BB'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB (sf)' rating to Fideicomiso
Irrevocable De Emision, Administracion Y Pago Numero CIB/4323's
senior secured notes due 2031.
The note issuance is a CMBS transaction backed primarily by the
Grand Island Cancun I, a 1,016-guestroom, all-inclusive resort in
Cancun, Quintana Roo, and the revenues from that property.
The rating reflects S&P's view of:
-- The credit support provided by the transaction's structure and
the underlying collateral's economics. S&P Global Ratings
determined that the transaction had a loan-to-value ratio of 73%,
consistent with the assigned rating;
-- The manager's and servicer's track record and our view of their
operational capabilities, which, after applying our criteria,
resulted in a maximum potential rating that does not constrain the
assigned rating on the notes;
-- The transaction's legal structure, which isolates the
securitized assets from the originator's credit risk;
-- S&P's view of the transaction's counterparty risk, which
provides for minimum rating requirements that do not constrain the
assigned rating; and
-- The amortizing structure of the transaction, which, per the
payment waterfall, will allocate the excess cash to repaying the
notes after covering expenses, debt service, and replenishing the
required reserves.
Since S&P published the presale for this transaction, the target
and legal final maturity dates were updated to Sept. 12, 2030, and
Sept. 12, 2031, respectively, and the notes' coupon rate was
defined at 11%.
In addition, the following changes were made to the transaction's
structure, which, in S&P's view, did not affect the rating assigned
to the notes.
The payment waterfall was modified to introduce a cash sweep
mechanism, which seeks to designate all the excess cash (after
covering expenses, debt service, and funding the required reserves)
to amortize the notes.
A payment-in-kind interest feature was included for the first three
years of the transaction, during which the notes will yield an
additional 2% payment-in-kind interest, which will be capitalized
to the notes' outstanding balance.
A required cash reserve in the lockbox account was created to
allocate excess cash to amortize the notes' outstanding balance.
After analyzing the transaction's expected amortization benefit,
combined with the payment-in-kind interest feature and potential
foreign exchange risks, S&P has determined that the capitalized
amounts should be offset by the expected amortization amounts;
therefore, the expected loan-to-value metrics continue to be in
line with the assigned rating.
SIXSIGMA NETWORKS: S&P Withdraws 'B+' Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings withdrew its 'B+' issuer credit rating on Latin
American IT services provider and data center operator Sixsigma
Networks Mexico S.A. de C.V. (KIO Networks) at the issuer's
request. At the same time, S&P withdrew the 'B+' rating on the
company's $300 million senior unsecured notes due 2025, which were
redeemed on Sept. 10.
S&P's outlook on the company was stable at the time of the
withdrawal, reflecting its view that it has reduced its refinancing
risk after the redemption of its senior notes, and that it will
continue to receive financial support from its current shareholder
to increase its data center capacity and maintain adequate
liquidity throughout its expansion.
STEWARD HEALTH: CHRISTUS to Acquire Wadley Medical Amid Bankruptcy
------------------------------------------------------------------
Steward Health Care, the country's largest physician-led,
minority-owned, integrated health care system, announced on
September 03, 2024, that it has entered into a definitive agreement
to sell Wadley Regional Medical Center in Texarkana, Texas to
CHRISTUS Health, an international, not-for-profit Catholic health
system. CHRISTUS Health's bid has been designated as the stalking
horse and, subject to the terms of the agreement, will be subject
to higher or better qualified bids received by September 9, 2024,
at which time a bankruptcy court-approved auction may occur.
"As Steward continues to move through the Chapter 11 process, we
are working closely with various parties, officials and
stakeholders in the Court supervised process to obtain the best
results we can for our patients, employees, and the communities we
serve," said John Castellano, Steward's Chief Restructuring
Officer. "We are pleased to have found a new operator for Wadley in
CHRISTUS Health, who we believe will continue our mission to
provide high-quality and compassionate care to the people of
Texarkana."
"CHRISTUS Health has a long, proud history of providing exceptional
and compassionate care to the Texarkana community for over 100
years," said President and CEO Ernie Sadau of CHRISTUS. "We want to
ensure that legacy of service continues into the next century and
are best positioned to do that by bringing Wadley Regional Medical
Center into the CHRISTUS family."
"We have proudly built a reputation of providing high-quality care
to all those in need," said Jason Adams, president of CHRISTUS St.
Michael Health System in Texarkana. "We are committed to our
mission of extending the healing ministry of Jesus Christ, to
ensure that all people, including the underserved, have access to
needed care."
The transaction is subject to customary closing conditions,
including Bankruptcy Court and regulatory approvals. The
transaction is expected to close in Q4 2024 should CHRISTUS Health
emerge as the winning buyer at the auction.
About CHRISTUS Health
CHRISTUS Health is an international faith-based, not-for-profit
health care system based in Irving, Texas, with more than 60
hospitals in Texas, Louisiana, New Mexico, Chile, Colombia and
Mexico. CHRISTUS Health is made up of 51,000 Associates providing
compassionate and individualized care at more than 600 centers,
including community hospitals, clinics, long-term care facilities
and health ministries. Sponsored by the Sisters of Charity of the
Incarnate Word of Houston, Sisters of Charity of the Incarnate Word
of San Antonio and the Sisters of the Holy Family of Nazareth, our
mission is to extend the healing ministry of Jesus Christ to every
individual we serve. For more information, visit
www.christushealth.org
About Steward Health Care
Steward Health Care System, LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed Chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge
Christopher M. Lopez oversees the proceeding.
The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; McDermott Will & Emery as special corporate and regulatory
counsel; AlixPartners, LLP as financial advisor and John Castellano
of AlixPartners as chief restructuring officer. Lazard Freres & Co.
LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc., provide investment banking services to the
Debtors. Kroll is the claims agent.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' cases.
===============
P A R A G U A Y
===============
FRIGORIFICO CONCEPCION: S&P Affirms 'B' ICR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings assigned a negative outlook on its ratings on
Paraguayan protein-processing company Frigorifico Concepcion S.A.
and removed the ratings from CreditWatch with negative
implications. At the same time, S&P affirmed its 'B' issuer credit
rating on the company and the 'B' issue-level rating on its senior
secured notes.
The negative outlook reflects the company's tight liquidity and
potentially higher refinancing risk, with high working capital
consumption and negative free operating cash flow (FOCF) in 2024
and 2025.
S&P said, "We expect Concepcion's liquidity to remain tight in the
next six to 12 months because of limited financial flexibility to
extend its debt maturity profile, amid high working capital needs
to support volume expansion resulting in negative FOCF. The company
has successfully rolled over short-term debt in the last three
months, but continues to face about $185 million in debt maturities
in the next 12 months versus $56 million in cash as of June 2024.
"We think extending these maturities could remain challenging amid
still high interest rates, with Concepcion's own bonds trading at
around 20% in the last three months. However, we view as positive
that the company does not have any individual material amortization
in the next 12 months--amortizations during that timeframe mostly
relate to diversified banking financing."
The company increased its consolidated debt to $735 million and
gross leverage to 4.5x in the second quarter of 2024, from $625
million and 3.2x in December 2023. However, the higher debt has not
extended the maturity profile or relieved liquidity needs.
Concepcion's short-term debt has increased every quarter in the
last two years.
S&P said, "We continue to forecast a solid operating performance
with higher volumes, revenues, and EBITDA in 2024 and 2025. We
anticipate EBITDA close to $190 million in 2024 and $215 million in
2025, and industry average EBITDA margins around 10%, which would
allow the company to roll over short-term debt." However, operating
cash flow will not be enough to cover high working capital needs,
resulting in negative FOCF of $106 million in 2024 and $18 million
in 2025.
The company's efforts to reduce working capital consumption in the
second quarter of 2024 (mainly through inventory reduction) and
through the rest of the year may not be enough to avoid large
outflows in 2024. S&P said, "We expect a 15% increase in heads of
cattle processed in 2024 versus the previous year and a 34%
increase in 2025, especially after Concepcion obtained a license to
export to the U.S. from its Paraguayan facility and to China from
its Brazilian subsidiary. This will translate into large working
capital outflows. As a result, we expect Concepcion's adjusted debt
to EBITDA to peak at 4.0x in 2024 and improve to 3.4x in 2025."
=====================
P U E R T O R I C O
=====================
ACADEMIA SANTA: Claims to be Paid From Future Income
----------------------------------------------------
Academia Santa Teresita de Naranjito Inc., filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a Disclosure
Statement describing Chapter 11 Plan of Reorganization dated August
12, 2024.
The Debtor operates an educational institution in Naranjito, Puerto
Rico. Before filing for bankruptcy, the Debtor managed its own
professional and personal financial affairs.
The Debtor is still managing its financial affairs but with the
assistance and advice of the professionals retained in the instant
case. It provides educational services to minors with the purpose
of enabling them to become independent individuals with the skills
and values to engage in collaborative relation with society in
general.
The Debtor is seeking to restructure its debt obligations due to
unexpected debt to the Internal Revenue Service, the substantial
monthly gross reduction in the monthly gross income as a
consequence of the damages caused by the impact of Hurricane Maria
in 2017 and the judgment awarded to a former employee of the
institution for the wrongful termination of employment.
The Debtor believes that it will have enough cash on hand on the
effective date of the Plan to pay all the claims and expenses that
are entitled to be paid on that date.
This Plan proposes to pay creditors of the Debtor with funds from
the cash flow and donations of its future income as an educational
institution. This Plan provides for secured claims classified in
Class 1 and 2, general unsecured claims classified in Class 3 and
Insiders classified in Class 4. This Plan also provides for the
payment of administrative expenses and unsecured priority claims
which are unclassified classes.
Class 3 consists of General Unsecured Claims. The Debtor will one
lump sum payment in the amount of $40,679.00 in the first year of
the plan upon the effective date of the plan. This Class is
impaired.
Class 4 consists of Insiders. There will be no distribution to this
class. This Class is impaired.
Payments and distributions under the Plan will be funded by the
cash flow from future income of the Debtor, including donations.
A full-text copy of the Disclosure Statement dated August 12, 2024
is available at https://urlcurt.com/u?l=0d56sl from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Carlos A. Ruiz Rodriguez, Esq.
LICENCIADO CARLOS ALBERTO RUIZ, LLC
P.O. Box 1298
Caguas, PR 00726
Telephone: (787) 286-9775
Email: carlosalbertoruizquiebras@gmail.com
About Academia Santa Teresita De Naranjito
Academia Santa Teresita De Naranjito, Inc., operates an educational
institution in Naranjito, Puerto Rico.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R.
Case No. 23-03352) on October 17, 2023, disclosing under $1 million
in both assets and liabilities.
The Debtor is represented by Licenciado Carlos Alberto Ruiz, LLC.
UNIVERSAL LIFE: A.M. Best Cuts Finc'l. Strength Rating to B(Fair)
-----------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to B (Fair)
from B+ (Good) and the Long-Term Issuer Credit Rating to "bb+"
(Fair) from "bbb-" (Good) of Universal Life Insurance Company
(ULICO) (Guaynabo, PR). In addition, AM Best has revised the
outlooks to stable from negative.
The Credit Ratings (ratings) reflect ULICO's balance sheet
strength, which AM Best assesses as adequate, as well as its
adequate operating performance, limited business profile and
marginal enterprise risk management.
The rating downgrades reflect the revision in the operating
performance assessment to adequate from strong. Operating
performance, while consistently profitable, has experienced a
declining trend over the past several years, partially related to
market conditions and non-recurring items. The results for Q2 2024
reflect improving conditions versus prior year. ULICO continues to
reduce the effect of the counterparty risk with Private Bankers
Life & Annuity, most recently with the Aug. 9, 2024, court
appointment of a receiver assigned to execute ULICO's judgment but
progress has been slow. While ULICO maintains a top market position
in Puerto Rico, its business profile is limited by its concentrated
product offering and geography. AM Best will continue to monitor
the financials of ULICO.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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