/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/241218.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 Wednesday, December 18, 2024, Vol. 25, No. 253 Headlines A R G E N T I N A ARGENTINA: Inflation Slows to Lowest Level Since July 2020 ARGENTINA: Milei Vows to Axe Capital Controls, Negotiate Trade Deal B R A Z I L INTERCEMENT BRASIL: Chapter 15 Case Summary C A Y M A N I S L A N D S EMIRATES REIT: Fitch Puts 'BB+' Final Rating to $205MM Trust Certs. H A I T I HAITI: Macroeconomic Outlook Challenging and Uncertain, IMF Says P A N A M A PANAMA: IDB OKs $38MM Loan to Boost Public Transportation P A R A G U A Y TELEFONICA CELULAR: Fitch Affirms BB+ LongTerm IDR, Outlook Stable P E R U TELEFONICA DEL PERU: Moody's Cuts CFR to Caa1, Placed Under Review V I R G I N I S L A N D S CAPRI HOLDINGS: Fitch Lowers LongTerm IDR to 'BB', Outlook Negative - - - - - ================= A R G E N T I N A ================= ARGENTINA: Inflation Slows to Lowest Level Since July 2020 ---------------------------------------------------------- Bloomberg News reports that Argentina's monthly inflation slowed to the lowest level since July 2020, handing President Javier Milei another victory on voters' biggest concern a year after taking office. Consumer prices rose 2.4% in November, compared with the 2.8% median forecast of economists surveyed by Bloomberg, according to the report. Annual inflation slowed to 166%, according to government data published Wednesday, Dec 11., the report notes. 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. In March 2022, the International Monetary Fund (IMF) approved a new 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota). The IMF Executive Board's decision allowed the authorities an immediate disbursement of an equivalent of US$9.65 billion in March 2022. Argentina's IMF-supported program seeks to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy, involving a gradual elimination of monetary financing of the fiscal deficit and enhancements in the monetary policy framework. In June 2024, the IMF Board completed an eighth review of the Extended Arrangement under the Extended Fund Facility for Argentina. The IMF Board's decision enabled a disbursement of around US$800 million to support the authorities' efforts to entrench the disinflation process, rebuild fiscal and external buffers, and underpin the recovery. On Nov. 15, 2024, Fitch Ratings has upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'. Argentina's upgrade to 'CCC' from 'CC' reflects developments that have improved Fitch's confidence in the authorities' ability to make upcoming foreign-currency bond payments without seeking relief of some sort. S&P, in March 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 S&P ratings have been affirmed as of August 2024. S&P said the stable outlook on the long-term ratings balances the risks posed by pronounced economic imbalances and other uncertainties with recent progress in making fiscal adjustments, reducing inflation, and undertaking structural reforms to address long-standing microeconomic weaknesses that have contributed to poor economic performance for many years that it would likely consider to be distressed. 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. ARGENTINA: Milei Vows to Axe Capital Controls, Negotiate Trade Deal ------------------------------------------------------------------- Manuela Tobias at Bloomberg News reports that Argentine President Javier Milei promised to lift capital and currency controls next year while his administration intends to negotiate a free-trade agreement with the US once Donald Trump takes office. International investors are keenly waiting for Milei to dismantle the scaffolding of controls he inherited a year ago that have discouraged foreign funds from putting money in the country despite one of the best bond rallies in emerging markets, according to Bloomberg News. The narrowing gap between Argentina's parallel and official exchange rates has nearly disappeared in recent weeks, which helps move the government closer to the lifting of controls, Bloomberg News relays. To fix the Central Bank's stockpile of debt, Argentina will either enter a new program with the International Monetary Fund to replace its current US$44-billion deal or an agreement with private investors, Milei announced, Bloomberg News discloses. "This brings us a little closer each day to the definitive exit of capital controls, an aberration that never should have happened, and that with us, will end next year and forever," Milei, flanked by Cabinet members, said in a nationally televised address to mark his first year in office, Bloomberg News notes. To continue advancing toward what Milei calls a "competition of currencies," Argentines from now on will be allowed to pay, sell and earn in any currency they desire, Milei said, while taxes will continue to be paid in pesos. Earlier, the libertarian president said it would take four years to shutter the central bank, which was one of his top campaign pledges, Bloomberg News says. Milei promised the economy would grow "fiercely" as a result of exiting capital controls, cutting taxes and eliminating red tape. He assured fiscal austerity, the anchor of his economic plan, is here to stay, even in the face of midterm elections next year. He also predicted productivity would increase in every sector of the economy after a sharp recession this year, Bloomberg News discloses. Milei also said Argentina had received and approved investments representing more than US$11.8 billion in the infrastructure, mining, auto and energy sectors, Bloomberg News relays. Milei added his economic team is devising a plan to eliminate more than 90 percent of taxes, Bloomberg News discloses. "We are entering a year of low inflation, high economic growth and as a result, sustained growth in Argentines' purchasing power," Milei said, Bloomberg News relays. "Like it or not, Argentina has gotten out of the hole politicians sunk us into. Today, for the first time in decades, the sun of hope peeks through." Milei also committed to negotiating a free-trade agreement with the Trump administration and pledged to make Argentina more independent from Mercosur, the South American trade bloc he dubbed a "prison" after it reached a deal in principle with the European Union, Bloomberg News notes. "Our ultimate objective in Mercosur is to increase the autonomy of the bloc's members toward the rest of the world," Milei said, notes the report. "In that spirit, our first objective will be to kickstart next year a free-trade agreement with the United States." 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. In March 2022, the International Monetary Fund (IMF) approved a new 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota). The IMF Executive Board's decision allowed the authorities an immediate disbursement of an equivalent of US$9.65 billion in March 2022. Argentina's IMF-supported program seeks to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy, involving a gradual elimination of monetary financing of the fiscal deficit and enhancements in the monetary policy framework. In June 2024, the IMF Board completed an eighth review of the Extended Arrangement under the Extended Fund Facility for Argentina. The IMF Board's decision enabled a disbursement of around US$800 million to support the authorities' efforts to entrench the disinflation process, rebuild fiscal and external buffers, and underpin the recovery. On Nov. 15, 2024, Fitch Ratings has upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'. Argentina's upgrade to 'CCC' from 'CC' reflects developments that have improved Fitch's confidence in the authorities' ability to make upcoming foreign-currency bond payments without seeking relief of some sort. S&P, in March 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 S&P ratings have been affirmed as of August 2024. S&P said the stable outlook on the long-term ratings balances the risks posed by pronounced economic imbalances and other uncertainties with recent progress in making fiscal adjustments, reducing inflation, and undertaking structural reforms to address long-standing microeconomic weaknesses that have contributed to poor economic performance for many years that it would likely consider to be distressed. 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. =========== B R A Z I L =========== INTERCEMENT BRASIL: Chapter 15 Case Summary ------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- InterCement Brasil S.A. (Lead Case) 24-12291 Avenida das Nacoes Unidas No. 12495, 13th Floor Sao Paulo, Sao Paulo 04578-000 Brazil InterCement Participacoes S.A. 24-12295 InterCement Financial Operations B.V. 24-12296 InterCement Trading e Inversiones S.A. 24-12297 8 San Vicente Street, Plant 6, Dept. 8 Bilbao, Vizcaya 48001 Spain Business Description: InterCement is the largest cement producer in Brazil that uses combustible alternatives in its manufacturing process, contributing to the reduction of greenhouse gas emissions and to environmental sustainability. Today, it has 15 production units distributed across nine states: Alagoas, Bahia, Goias, Mato Grosso do Sul, Minas Gerais, Paraiba, Pernambuco, Rio Grande do Sul and Sao Paulo. Chapter 15 Petition Date: December 9, 2024 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Foreign Representative: Antonio Reinaldo Rabelo Filho Rua Barao da Torre, 550 Apt. 201, Ipanema Rio de Janeiro, RJ 22411-002 Brazil Foreign Proceeding: Case Number 1192002-34.2024.8.26.0100 pending in the 1st Bankruptcy and Restructuring Court of Sao Paulo Foreign Representative's Counsel: John K. Cunningham, Esq. Thomas E. MacWright, Esq. Ricardo M. Pasianotto, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020-1095 Tel: (212) 819-8200 Email: jcunningham@whitecase.com tmacwright@whitecase.com ricardo.pasianotto@whitecase.com - and - Richard S. Kebrdle, Esq. Amanda Parra Criste, Esq. Southeast Financial Center 200 South Biscayne Blvd., Suite 4900 Miami, Florida 33131 Tel: (305) 371-2700 Email: rkebrdle@whitecase.com aparracriste@whitecase.com - and - Jason N. Zakia, Esq. 111 South Wacker Drive, Suite 5100 Chicago, Illinois 60606 Tel: (312) 881-5400 Email: jzakia@whitecase.com Estimated Assets: Unknown Estimated Debt: Unknown Full-text copies of two of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SBICN4Y/InterCement_Trading_e_Inversiones__nysbke-24-12297__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/R5QXNXI/InterCement_Brasil_SA_and_Antonio__nysbke-24-12291__0001.0.pdf?mcid=tGE4TAMA =========================== C A Y M A N I S L A N D S =========================== EMIRATES REIT: Fitch Puts 'BB+' Final Rating to $205MM Trust Certs. ------------------------------------------------------------------- Fitch Ratings has assigned Emirates REIT (CEIC) PLC's (Emirates REIT) USD205 million senior secured sukuk (trust certificates), issued through Emirates REIT Sukuk III Limited (ERS3L), a final rating of 'BB+'. The Recovery Rating is 'RR2'. ERS3L, also the trustee and purchaser, is a bankruptcy-exempted company with limited liability incorporated in the Cayman Islands and has been established for the sole purpose of issuing the certificates. Its shares are held by MaplesFS Limited as share trustee. Emirates REIT is using the issue proceeds primarily to refinance its outstanding USD200 million sukuk that matures in December 2025. Key Rating Drivers The sukuk's rating is at the maximum two notches above Emirates REIT's Long-Term IDR of 'BB-', which is on Stable Outlook, in line with its criteria. This reflects Fitch's expectation of superior recoveries in a default, which is denoted by its 'RR2'. Fitch believes that the trustee's ability to satisfy payments due on the certificates ultimately depends on Emirates REIT satisfying its secured payment obligations to the trustee under the transaction documents. The issue proceeds are being used to refinance the outstanding USD200 million of certificates issued in December 2022 for an initial total USD380 million, which have been partially redeemed over the past two years. As the new debt will mature in December 2025, it will extend Emirates REIT's debt maturities and improve its liquidity, but will not affect Fitch's overall view of its leverage or funding profile. The underlying assets in this transaction are described as wakala assets. These assets include the commercial office space within the Index Tower, located in Zabeel Second, DIFC, Dubai. Emirates REIT is responsible for managing the wakala portfolio to maintain the value of the wakala assets at least equal to the aggregate face amount of the outstanding certificates. In addition to Emirates REIT's propensity to ensure repayment of the sukuk, the company is required to ensure full and timely repayment of ERS3L's obligations, due to its role and obligations under the sukuk structure and documentation, especially, but not limited to the features below: Under a servicing agency agreement, Emirates REIT, as servicing agent, is to ensure sufficient funds are available to meet the periodic distribution amounts payable by the trustee under the certificates on each periodic distribution date. It can take other measures to ensure that there is no shortfall and that the principal and profit are paid in full and in a timely manner. The trustee has the right, under a purchase undertaking, to require Emirates REIT to purchase all of the trustee's rights, title, interests, benefits, and entitlements in, to, and under the wakala assets on the dissolution date at an exercise price. The exercise price payable by Emirates REIT to the trustee is intended to fund the dissolution distribution amount payable by the trustee under the certificates, which should equal the sum of (a) the outstanding face amount of the certificates; and (b) any accrued, but unpaid, periodic distribution amounts; and (c) any other amounts payable following a total loss event. Following the occurrence of a total loss event, the proceeds of the insurances and any total loss shortfall amount will be credited to the transaction account and will be used by the trustee to redeem all of the certificates at the dissolution distribution amount on the 61st day after the total loss event. If the servicing agent fails to insure the assets against a total loss event, it will immediately deliver a written notice of this non-compliance, along with details, to the trustee and the delegate. This will constitute an obligor event. It will also be an obligor event if Emirates REIT repudiates or challenges the validity, legality, the binding nature, enforceability or sharia compliance of any part of a transaction document to which it is a party. It will also be an obligor event if Emirates REIT performs or causes any action that indicates an intention to repudiate or challenge, these conditions or any transaction document to which it is a party. The payment obligations of Emirates REIT under the transaction documents are direct, unconditional, unsubordinated and secured obligations of the obligor. These obligations at all times rank as follows: - Senior to all its present and future unsecured obligations from time to time outstanding, to the extent of the value of the mortgages - At least equally with all its other present and future unsecured and unsubordinated obligations from time to time outstanding, to the extent such obligations are in excess of the value of the mortgages - Effectively subordinated to all its present and future unsecured obligations from time to time outstanding that are secured by property and assets that do not secure the obligor's obligations, to the extent of the value of the property and assets securing such obligations. The sukuk issue includes negative pledge provisions, financial reporting obligations, Emirates REIT events, change- of-control clauses, restrictive covenants, asset disposal events, and cross-default terminology. The sukuk requires Emirates REIT to maintain a profit coverage ratio - calculated as free cash flow (excluding acquisitions or proceeds from disposals) before deducting finance charges/finance charges - above 1.75x for the first three years, and above 2.25x afterwards. The improving portfolio's leasing activity should allow the company to operate within this covenant, although with limited headroom. Fitch does not forecast valuation changes in its credit assessment; however, Fitch acknowledges management's intention to operate under a prudent financial policy that is compatible with the 40% financing-to-value threshold indicated in the obligor covenant. Liquidity is expected to remain above the USD10 million liquidity covenant. Emirates REIT's management plans to retain minimum liquidity, primarily cash, of USD15 million. Certain aspects of the transaction are governed by English law, while other aspects are governed by the laws of DIFC and the Cayman Islands. Fitch does not express an opinion on whether the relevant transaction documents are enforceable under any applicable law. However, Fitch's rating on the trust certificates reflects the agency's belief that Emirates REIT would stand behind its obligations. Fitch does not express an opinion on the trust certificates' compliance with sharia principles when assigning ratings to the certificates to be issued Derivation Summary The sukuk's rating is derived from Emirates REIT's Long-Term IDR and is in line with its senior secured rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade ERS3L's Rating: - A downgrade of Emirates REIT's senior secured rating - Adverse changes to the roles and obligations of Emirates REIT and ERS3L under the sukuk's structure and documents Emirates REIT's IDR: - Largest single asset at more than 70% of the portfolio value - Office weighted average lease-to-break (WALTB) option decreasing to less than 2.5 years, combined with vulnerability to falling rental values - Net debt/EBITDA at more than 8x - Net interest cover lower than 1.5x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade ERS3L's Rating: - An upgrade of Emirates REIT's senior secured rating Emirates REIT's IDR: - Meaningful reduction in asset concentration risk - Office WALTB of over three years, high occupancy, and rental stability - Net debt/EBITDA at less than 6x - Net interest cover higher than 2.0x Liquidity and Debt Structure Emirates REIT's liquidity consisted of USD22.5 million cash at end-1H24. The cash balance was boosted by the AED74 million (USD20 million) proceeds from the disposal of Trident Grand Mall, which partly reduced its outstanding sukuk to USD305 million, and by the Office Parks disposal proceeds of AED720 million (USD196 million), which repaid its associated debt and reduced the sukuk further to around USD200 million. The existing sukuk matures in December 2025 and the Islamic financing (USD50 million) matures in March 2033. The profit share on the existing sukuk had risen to 11%, incentivising Emirates REIT to refinance its December 2022 restructured debt. The four-year USD205 million sukuk refinances the existing sukuk with the collateral of Index Tower. The Islamic financing is secured by the GEMS school. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Date of Relevant Committee 05-Dec-2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Emirates REIT Sukuk III Limited senior secured LT BB+ New Rating RR2 BB+(EXP) ========= H A I T I ========= HAITI: Macroeconomic Outlook Challenging and Uncertain, IMF Says ---------------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Haiti. Haiti faces an unprecedented multidimensional crisis encompassing humanitarian, economic, social, and security problems. The economy has a low tax base and a large informal sector that relies heavily on volatile remittance flows. Since the last 2019 Article IV consultation, Haiti has suffered a series of shocks, including the pandemic; a devastating earthquake in 2021; cholera outbreaks; and the economic spillovers of the war in Ukraine, which led to a food crisis that triggered acute hunger. The severe deterioration of security over the last few years has magnified these problems—leading to a surge in the number of displaced people within and outside Haiti and to a significant drop in potential growth. Haiti's macroeconomic outlook is challenging and subject to elevated uncertainty. The supply-side shock caused by the security crisis would continue to greatly affect growth and feed inflation unless the security outlook improves. Fiscal revenues, which are essential to reconstruct basic infrastructure after years of social unrest and support large development needs, are only slowly recovering. Remittances would continue to finance consumption, although this reflects mainly an exodus of human capital which could further undermine a sustainable recovery. Growth is projected to be barely positive in 2025 and will stabilize at only 1 1/2 percent over the medium term (pending further improvements in the security outlook). Executive Board Assessment Executive Directors agreed with the thrust of the staff appraisal. They acknowledged the severity of Haiti's multidimensional crisis, resulting from security, economic, humanitarian shocks, and the ongoing political transition, which has greatly affected the well‑being of the Haitian population. The outlook remains uncertain, as security continues to deteriorate, and growth is expected to remain low. Despite the headwinds, Directors recognized the authorities' achievements over the last few years in implementing reforms aimed at strengthening economic resilience and restoring macroeconomic stability. Directors noted that normalization of security is essential to improve economic prospects, emphasizing the critical role of support from the international community in this regard, as well as in supporting the reform efforts and helping rebuild critical infrastructure. Directors also called for continued well‑prioritized engagement with the Fund, particularly through capacity development, appropriately guided by the Strategy for Fragile and Conflict Affected States and welcomed the authorities' interest in a new Staff Monitored Program, which would provide a useful policy anchor. Directors commended the authorities for the timely passing of the budget and their efforts to increase fiscal revenue. They emphasized that further advancing the authorities' revenue mobilization agenda is paramount to address Haiti's immense development needs, notably through the implementation of the new tax code to broaden the tax base. Directors encouraged the authorities to step up the ongoing efforts to enhance the quality, efficiency, and transparency of public spending and called for continued strong scrutiny and prompt audit of the resources provided through the Fund's Food Shock Window. They emphasized the need for sustained efforts to preserve debt sustainability, including by avoiding non‑concessional lending. Strengthening social safety nets to protect the most vulnerable and alleviate widespread poverty and continued endeavors to foster gender equality will also be critical. Directors welcomed the authorities' commitment to keeping the monetary financing of the deficit at zero and called for continued efforts to promote price stability and enhance the monetary policy framework. They urged the authorities to conclude and publish the 2023 central bank audit to demonstrate commitment to transparency and limit FX interventions only to smooth excessive exchange rate volatility. Directors noted rising vulnerabilities in the banking sector, particularly from non‑performing loans, and called for close monitoring and continued improvements to regulatory and supervisory frameworks. Further strengthening of the AML/CFT framework is also needed. Directors strongly underscored that progress in implementing the structural and governance reform agenda is critical to lift potential growth. They welcomed the authorities' efforts to strengthen governance and anti‑corruption frameworks and leverage digitalization. They urged the authorities to publish the governance diagnostic assessment and accompanying action plan as soon as finalized. Building resilience to natural disasters and fostering financial inclusion are also key. Directors strongly encouraged the authorities to improve data adequacy for surveillance purposes, while continuing to prioritize the quality and timeliness of monetary and reserve assets data. =========== P A N A M A =========== PANAMA: IDB OKs $38MM Loan to Boost Public Transportation --------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a $38 million loan and a $9 million grant to boost electric and inclusive mobility and resilience in Panama City's public transportation. The operation approved by the IDB Board of Executive Directors will support the electrification of the bus fleet operated by MiBus at the El Chorrillo Operations Center and improve the city's public transportation infrastructure. The project will directly benefit approximately 7,700 people, including 5,945 who live in the Calidonia and Betania neighborhoods where the climate-smart urban development projects will be built, as well as 1,828 daily bus riders who use the 5 de Mayo Station. It will also indirectly benefit the 2 million inhabitants of the Panama City Metropolitan Area. The MiBus system moves an average of 390,000 passengers per day on a fleet of 1,346 buses. Its main challenge is the renewal of 1,233 buses nearing the end of their useful life, which consume approximately 977,721 liters of diesel, emitting exhaust that harms the health of city dwellers. The project will fund a fleet of 53 new electric buses for the El Chorrillo Operations Center, as well as the design and implementation of the charging infrastructure and its management system.The operation will also make urban transportation infrastructure more climate resilient and inclusive by financing a set of complementary projects to those executed by the Ministry of Public Works. These include storm drainage systems and urban works to enhance the city's climate resilience and accessibility. The project will also strengthen MiBus's capacity to manage its electric bus fleet and support programs to increase the share of female drivers and mechanics in electric mobility. It will also finance technical assistance on managing construction projects for the Ministry of Public Works and strengthen its capacity to increase the resilience of urban transportation infrastructure. The $38 million loan consists of: $20 million from the IDB, with a 15-year repayment term, a 5-year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR). $18 million from the Green Climate Fund, of which $8 million have a 40-year repayment term, a 10.5-year grace period, and zero interest, while $10 million have a 20-year repayment term, a 5.5-year grace period, and an annual interest rate of 0.75%. =============== P A R A G U A Y =============== TELEFONICA CELULAR: Fitch Affirms BB+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Telefonica Celular del Paraguay S.A.E.'s (Telecel) Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Fitch has also affirmed Telecel's senior unsecured notes due 2027 at 'BB+'. Telecel's ratings reflect its leading market positions in Paraguay, extensive network, distribution coverage and recognition of its Tigobrand. Telecel's competitive strengths enable strong FCF generation and high margins, resulting in a solid financial profile. Telecel's Foreign Currency IDR is limited by Paraguay's relatively weak operating environment. Additionally, Telecel's ratings reflect the linkage between the company and its parent, Millicom International Cellular S.A. (BB+/Stable), given Millicom's full control of Telecel through its 100% ownership stake. Key Rating Drivers FCF Drives Deleveraging: Fitch projects cash flow from operations to remain solid at around PYG1.2 trillion annually over the medium term, comfortably covering Fitch's estimated annual capex of around PYG700 billion in 2024-2025 and PYG600 billion in 2026, resulting in solid FCF. Historically, dividends have been high; however, Fitch does not expect the company to pay dividends to Millicom until 2025, after the company achieves leverage around 2.0x. Fitch expects Telecel to continue improving its solid financial profile over the medium term, backed by strong operational cash flow generation and cost reduction initiatives. The company's net leverage should delever to 2.0x by 2025, which is similar to Millicom's leverage profile. Solid Market Position: Telecel is the leading mobile operator in Paraguay, with a market share of around 55%. The company has an entrenched position with the country's most extensive network. Fitch believes Telecel's market leadership will remain intact, supported by market-leading networks in mobile and fixed-line services, a deep sales network and strong brand recognition. Although competition has intensified in the broadband internet services business in recent years, investments to modernize and expand its network should allow Telecel to maintain its leading position in the market. Profitability Improvements: Fitch expects EBITDA margins to be within the 37% range through the rating horizon supported by lower fixed costs and increased prices. This compares favorably to the 32% margin seen in 2023, which was pressured from upfront expenses from cost-saving initiatives. Fitch expects to see further improvement due to future renegotiations of programming costs with main suppliers. Telecel has maintained EBITDA margins higher than its regional telecom peers, given the company's leading position in the country and network investments. Weak Operating Environment: Telecel's ratings are limited by a relatively weak operating environment in Paraguay, with a low sovereign rating, weak governance indicators, a shallow local capital market and vulnerability to high macroeconomic volatility. Parent-Subsidiary Relationship: A parent-subsidiary relationship exists, as Millicom holds a controlling 100% share in Telecel. Millicom is a holding company that relies solely on upstream cashflows from its subsidiaries, which exposes Telecel to shareholder distributions that could pressure its FCF generation. Fitch views Telecel's Standalone Credit Profile as the same as Millicom; therefore, the rating is equalized with Millicom's. Derivation Summary Telecel is well-positioned compared with telecom peers in the 'BB' category, based on high profitability, low leverage and a leading mobile market position, backed by solid network competitiveness and strong brand recognition. Telecel has a strong financial profile with high profitability and low leverage for the rating level compared with regional telecom peers in the same rating category. The company's credit profile is in line with Colombia Telecomunicaciones S.A. E.S.P. (BB+/Stable), an integrated telecom operator in Colombia. Telecel's credit profile is stronger than those of Axtel, S.A.B. de C.V. (BB-/Stable) and VTR Finance N.V. (CCC), given their lack of service diversification and weaker financial profiles. Telecel's relatively weak geographic diversification and historically high shareholder returns temper the credit. Parent-subsidiary linkage is applicable, given Millicom's strong influence over Telecel's operations. Key Assumptions - Relatively stable growth in subscribers and revenue generating units offset by increased prices; - EBITDA margins at around 37%; - Capital intensity around 16% in 2024-2025 to support network modernization and to reduce to 14% in 2026; - Yearly dividends starting in 2025, with value-creating fees between 6%-6.5% of revenues; - Net leverage in the 2.0x range through the rating horizon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A multi-notch downgrade of Paraguay's sovereign rating or Country Ceiling could lead to a downgrade of Telecel's Foreign Currency IDR; - A negative rating action on Millicom due to net leverage exceeding 3.5x on a consolidated basis or 4.5x on a holding company debt/dividends received basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Millicom. Liquidity and Debt Structure Telecel's liquidity position is adequate, supported by its readily available cash balance, conservative leverage and solid FCF. Cash upstreams to Millicom temper financial flexibility somewhat, but no dividends are expected until 2025. Telecel sends around PYG250 billion of value-creating fees to Millicom annually. The company held a cash balance of PYG318 billion against short-term debt of PYG164 billion as of Sept. 30, 2024. The company's total debt at Sept. 30, 2023 was PYG3.7 trillion, which consists mainly of a USD503 million (approximately PYG3.900 trillion) senior unsecured bond due 2027 and local currency unsecured bank debt. The company is in the process of refinancing its USD debt with local currency debt to reduce FX Risk. Issuer Profile Telecel is the largest telecom operator in Paraguay, providing mobile, fixed broadband, pay-TV and mobile financial services (MFS), operating under the Tigo brand. The company has the most extensive mobile and HFC networks in the country. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Telefonica Celular del Paraguay S.A.E. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ======= P E R U ======= TELEFONICA DEL PERU: Moody's Cuts CFR to Caa1, Placed Under Review ------------------------------------------------------------------ Moody's Ratings downgraded Telefonica del Peru S.A.A.'s Corporate Family Rating and senior unsecured rating to Caa1 from B2. The ratings were placed under review for further downgrade. Previously, the outlook was negative. RATINGS RATIONALE The downgrade to Caa1 reflects the increasing refinancing risk and risk of debt restructuring over the next few months following the deterioration in Telefonica del Peru´s liquidity position that has resulted from the combination of the company´s persistently weak operating performance and the sizable tax liability currently in the process of being settled with the Peruvian tax authority, the SUNAT. The action considers the uncertainty surrounding Telefonica del Peru´s ability to refinance the first PEN672 million ($180 million) installment of its outstanding PEN1.7 billion ($460 million) 2027 Notes due in April 2025, given limited liquidity, weak operating performance and uncertain financial support from its ultimate shareholder, Telefonica S.A. (Baa3 stable). Moody's estimate Telefonica del Peru´s free cash flow (FCF) generation to remain negative at least until 2026, further pressuring liquidity. As the maturity date for the first installment of the 2027 notes approaches, it is crucial that the company secure access to financial markets to refinance this debt. Failure to do so elevates the risk of the company having to consider either debt restructuring or a distressed debt exchange to fulfill its financial commitments. The company does not have committed credit lines as defined by us. The review for downgrade will focus on the company's ability to secure market access to refinance the 2025 maturity, as well as its ability to reinforce its liquidity position. The review will also take into consideration Telefonica del Peru´s strategic plan to improve operating performance in the context of intense competition and a challenging economic environment. Although Telefonica del Peru benefits from its scale as the largest telecommunications operator in Peru, the company faces significant competitive and operational challenges. Despite significant efforts to improve profitability over the last three years, while experiencing a decrease in fixed line services due to competition against HFC, operating costs continue to increase, mainly due to the efforts to convert its copper and HFC network to fiber and have not been followed by improvement in revenues. Moody's-adjusted EBITDA margin dropped to about 10% for the last twelve months as of September 2024, which negatively compares with the 25.6% achieved as of year-end 2023. Moody's adjusted leverage has increased to 6.8x as of September 2024 up from 2.3x at year-end 2023, mainly due to the significant EBITDA deterioration over the period. Since 2019, Telefonica del Peru's ultimate parent company, Telefonica S.A., has prioritized markets where it perceives long-term sustainable growth and has worked to reduce its exposure to businesses in Hispano America, including Telefonica del Peru. Given this context, the rating incorporates no financial support from the parent. The downgrade also reflects governance considerations as key drivers of the rating action including the company's operating track record, which has been impacted by loss of profitability and market share since 2014, resulting in high liquidity and refinancing risks. These factors are reflected in the company's Financial Strategy and Risk Management assessment of 5, and the overall exposure to governance risks (Issuer Profile Score or "IPS") of G-5. The ESG Credit Impact Score is CIS-5, since ESG considerations are a constraint for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely at this point given the ongoing review for downgrade. Nonetheless, Moody's might confirm the rating if the company successfully secures financing to meet its forthcoming debt amortizations. On the other hand, failure to obtain financing for its imminent financial obligations increasing the risk of a distressed exchange or debt restructuring that leads to higher-than-expected losses for creditors, could lead to a downgrade of the ratings. Telefonica del Peru is the largest telecommunications company in Peru, with a mobile market share of around 27.5% and 39.5% in the fixed internet segment as of December 2023, according to the Peruvian telecommunications regulator — OSIPTEL. The company is an integrated telecommunications service provider offering mobile, fixed, pay-TV and business-to-business services through its Movistar brand. Telefonica del Peru is Peru's largest telecommunications company in terms of revenue, and a leader in all segments, with more than 12.6 million revenue-generating units (RGUs) in mobile and almost 3.3 million RGUs in fixed broadband and pay TV. For the last twelve months ending in September 2024, the company generated revenue of around PEN6.13 billion ($1.65 billion). Telefonica del Peru is controlled by Telefonica Hispanoamerica which indirectly holds 99% of its shares. The remaining are traded on the Lima Stock Exchange — Bolsa de Valores de Lima. The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. =========================== V I R G I N I S L A N D S =========================== CAPRI HOLDINGS: Fitch Lowers LongTerm IDR to 'BB', Outlook Negative ------------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) for Capri Holdings Limited, Michael Kors (USA) Inc. and Gianni Versace S.r.l. to 'BB' from 'BBB-'. Fitch has also resolved the Rating Watch Negative (RWN) after it was announced the merger agreement between Capri and Tapestry Inc. was terminated. Additionally, Fitch has removed all of Capri's ratings from Under Criteria Observation (UCO). The Rating Outlook is Negative. The downgrade reflects ongoing topline and EBITDA declines at Capri's portfolio, raising concerns about stabilizing operations soon. The Negative Outlook indicates potential for EBITDAR leverage sustained above 3.0x and EBITDAR fixed charge coverage sustained below 2.0x over the next 12-24 months. Capri needs to expand EBITDA to low-$600 million from an expected $400 million in fiscal 2025 and repay debt over the next 12-24 months to support the 'BB' rating. Key Rating Drivers Accelerating Topline and EBITDA Declines: Capri's performance has been significantly below expectations since early 2023. Recent challenges are partly due to brand-specific issues at Michael Kors, exacerbated by management mis-execution across the portfolio and underinvestment over the last 15 months during the pending merger process. Additionally, ongoing consumer softness in the global luxury market due to weakness in China and retail travel has also impacted results. Combined company revenue for fiscal 2024 (YE March 2024) declined approximately 8%, driven by a 9% decline at the Michael Kors brand, which accounted for approximately 68% of overall fiscal 2024 revenue. For the first half of fiscal 2025, revenue declines have accelerated to the mid-teens, driven largely by weakness at Michael Kors and Versace. Fitch projects EBITDA for fiscal 2025 to decline to $400 million in fiscal 2005, based on a 13% projected revenue drop. This compares to $780 million in fiscal 2024 and $1.4 billion and $1.2 billion in fiscal 2022 and 2023, respectively. Significant Execution Risk Ahead: Fitch expects Capri will require 4-6 quarters to stabilize its business. Growth should return to low single-digits in fiscal 2027, driven by flat growth at Michael Kors and low single-digit growth at Jimmy Choo and Versace. This assumes that Capri corrects its pricing strategy, addresses product offerings, and stabilizes wholesale channels at Michael Kors and Versace. However, Fitch views execution risk as high given the company's recent track record. The company will close approximately 75 Michael Kors stores over the next two years, while keeping the Versace and Jimmy Choo units flat. Capri plans to share more details on its turnaround strategy at an upcoming investor day in February 2025. Fitch recognizes Capri's portfolio of leading mid-tier and luxury accessory brands and its history of good execution, offering a path to topline and margin recovery. EBITDA to Trend Below Historical Levels: Fitch expects Capri's EBITDA to expand from $400 million in fiscal 2025 to approximately $620 million by fiscal 2027, but still below the $1.2 billion to $1.4 billion range seen in fiscal 2022 and 2023. This assumes topline trends stabilization in fiscal 2027 and EBITDA margin expansion from an expected 9% in fiscal 2025 to the low-double digits. EBITDA margins have declined over 18 months due to topline deleveraging. Capri must balance investments with cost efficiencies to offset this impact. Capri has recently initiated a $100 million cost-cutting program.. Reasonable FCF: Given EBITDA declines, Fitch expects FCF will trend lower in the $100 million-$250 million range beginning in fiscal 2025. This is compared to an average of around $450 million over the last four years. Historically, Capri has used cash generation for debt repayment, share repurchases, and business investment. After the merger was terminated, the company announced that their capital allocation priorities will be investing in the business, repaying debt and returning cash to shareholders. Near-Term Maturities: As of Sept. 28, 2024, Capri had drawn $719 million on its $1.5 billion unsecured revolving credit facility. Other outstanding debt includes a $450 million unsecured term loan and a EUR450 million unsecured term loan, both due in late 2025. Fitch expects Capri will need to refinance these facilities, potentially with secured incremental debt issuances. Moderate Leverage; Weak Fixed Charge Coverage: Fitch expects Capri's EBITDAR leverage to climb to the mid-3x range in fiscal 2025 from 2.6x in fiscal 2024, driven by EBITDA declines. To support a 'BB' rating, Capri needs to expand EBITDA and use FCF to repay debt and bring EBITDAR leverage back below 3.0x. The 3.0x EBITDAR leverage threshold is low for a 'BB' rating, and balanced by the company's weak EBITDAR fixed charge coverage. This is expected to be in the mid-1x range in fiscal 2025 and could return towards 2.0x over the next 24 months, in line with EBITDA expansion. Parent-Subsidiary Linkage: Fitch's analysis includes a strong subsidiary/weak parent approach between the parent, Capri, and its subsidiaries, Michael Kors and Gianni Versace. Fitch assesses the quality of the overall linkage as high, which results in an equalization of their IDRs. Derivation Summary Similarly rated peers include Signet Jewelers Ltd. (BB+/Stable), Levi Strauss & Co. (BB+/Stable) and Samsonite International S.A. (BB+/Stable). Fitch placed these companies under criteria observation given its new treatment of leases, published on Dec. 6, 2024. The UCO designation indicates that the existing ratings may change due to the application of the final criteria. Signet's ratings consider good execution from a topline and margin standpoint, which supports Fitch's longer-term expectations of low single-digit revenue and EBITDA growth. The rating reflects Signet's leading market position as a U.S. specialty jeweler with an approximately 9% share of a highly fragmented industry. Levi's rating considers the company's good execution both from a topline and a margin standpoint, which supports Fitch's longer-term expectations of low single-digit revenue and EBITDA growth, although there could be some near-term pressure on operating results due to ongoing shifts in consumer behavior, difficult comparisons and global macroeconomic uncertainty. Samsonite's rating considers the company's status as the world's largest travel luggage company, with strong brands and historically good organic growth. Key Assumptions - Revenue growth to decline in the low-double digits in fiscal 2025, driven by double digits declines at Michael Kors and Versace. Beginning in fiscal 2027, revenue growth could turn flat-to-slightly positive, driven by flattish performance at Michael Kors and low-single digit growth at Versace and Jimmy Choo. - EBITDA to contract to approximately $400 million in fiscal 2025 from $780 million in fiscal 2024 driven by topline declines and gross margin contraction. Beginning in fiscal 2026, Fitch expects EBITDA to rebound, driven by topline improvement and margin expansion as the company effectively manages its cost structure and inventory levels. Fitch expects that Capri's EBITDA could expand from a trough of $400 million in fiscal 2025 towards the low-$600 million range by fiscal 2027. - FCF to be around $100 million in fiscal 2025 assuming a modest working capital inflow and capital expenditures around $150 million. Beginning in fiscal 2026, FCF could trend in the $150 million to $300 million range, assuming an EBITDA rebound, neutral working capital and capex of around $175 million. Fitch expects Capri to deploy FCF toward debt reduction, in line with its historical practice. - EBITDAR leverage to climb to the mid-3.0x range in fiscal 2025, from 2.6x in fiscal 2024, driven by significant EBITDA declines. Fitch expects EBITDAR leverage to moderate to below 3x by fiscal 2027, driven by EBITDA expansion and debt repayment. - Interest rate assumptions: The revolving credit facility (SOFR+1.25%), term loan facility (SOFR+1.5%) and EUR450 million term loan (EURIBOR + 1.35%) are all floating rate instruments. Fitch's annual SOFR assumptions are the following: (fiscal 2025: 4.75%); (fiscal 2026: 4.00%); (fiscal 2027: 3.50%); (fiscal 2028: 3.50%). - Achieving the above assumptions could result in a revision of Capri's Outlook. Recovery Analysis Fitch does not employ a waterfall recovery analysis for issuers that are assigned ratings in the 'BB' category. Given the distance to default, Recovery Ratings in the 'BB' category are not computed by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Fitch has downgraded all of Capri Holdings Limited's, Michael Kors (USA), Inc.'s and Gianni Versace S.r.l.'s senior unsecured debt to a 'BB' from a 'BBB-', with a Recovery Rating of 'RR4', indicating average recovery prospects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A slower than expected recovery with EBITDA sustained below $500 million; - EBITDAR Leverage sustained above 3.0x; - EBITDAR Fixed Charge Coverage sustained below 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Low-single digit growth, along with EBITDA expansion and debt repayment; - EBITDAR Leverage sustained below 2.5x; - EBITDAR Fixed Charge Coverage approaching the high-2x. - Fitch could revise the Outlook to Stable if EBITDAR leverage is sustained below 3.0x and EBITDAR Fixed Charge Coverage is around 2.0x. This could be accomplished through a combination of EBITDA rebound and debt repayment. Liquidity and Debt Structure Adequate Liquidity; Near-Term Maturities: As of Sept. 28, 2024, Capri had $182 million in cash and $719 million outstanding on its $1.5 billion revolving credit facility. After accounting for LOC outstanding, the amount available on the revolving credit facility was $779 million. The company's debt structure as of Sept. 28, 2024 consisted of its $1.5 billion unsecured revolving credit facility due July 2027, $450 million in unsecured senior notes that matured on Nov. 1, 2024, and a EUR450 million term loan facility borrowed under Gianni Versace S. r. l, which matures in December 2025. On Aug. 23, 2024, Capri amended its credit agreement, entering into a new $450 million unsecured delayed draw term loan. Proceeds repaid $450 million in unsecured senior notes which matured on Nov. 1, 2024. The new term loan facility matures on Oct. 31, 2025. Capri must address the maturities of both the new $450 million unsecured term loan and EUR450 million unsecured term loan in the coming months. Fitch expects Capri will need to refinance these facilities, possibly with secured incremental debt issuances. The revolving facility and new USD term loan facility are co-borrowed under Capri Holdings Limited and Michael Kors (USA), Inc. Issuer Profile Capri Holdings Limited is a leading global manufacturer and retailer of accessories and leather goods, primarily handbags and footwear. The company's portfolio consists of three brands: Michael Kors, Jimmy Choo and Versace. Summary of Financial Adjustments Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and exclude non-recurring charges. Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Michael Kors (USA), Inc. LT IDR BB Downgrade BBB- senior unsecured LT BB Downgrade RR4 BBB- Gianni Versace S.r.l. LT IDR BB Downgrade BBB- senior unsecured LT BB Downgrade RR4 BBB- Capri Holdings Limited LT IDR BB Downgrade BBB- senior unsecured LT BB Downgrade RR4 BBB- ********* 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 2024. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *