/raid1/www/Hosts/bankrupt/TCRLA_Public/241224.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, December 24, 2024, Vol. 25, No. 257
Headlines
A R G E N T I N A
ARGENTINA: Economy Rebounds But Activity Remains Below 2023 Levels
ARGENTINA: Mulls on Introducing Managed Exchange Rate Regime
B R A Z I L
BANCO BRADESCO: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative
BANCO BTG: Fitch Affirms 'BB' Long-Term IDR, Alters Outlook to Pos.
BANCO DO BRASIL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
J A M A I C A
JAMAICA: At Least 65K Ha of Arable Land Needed to Feed Citizens
P U E R T O R I C O
ALUMAX INC: Seeks Bankruptcy Protection in Puerto Rico
MARINE ENVT'L: Motions to Exclude Expert Testimony Granted in Part
S U R I N A M E
SURINAME: Implements Ambitious Economic Reform Agenda, IMF Says
- - - - -
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A R G E N T I N A
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ARGENTINA: Economy Rebounds But Activity Remains Below 2023 Levels
------------------------------------------------------------------
Buenos Aires Times reports that Argentina's economy improved by
close to four percent in the third quarter of 2024, closing out the
recession and overshooting the expectations of analysts.
Nevertheless, activity remains below 2023 levels, with gross
domestic product (GDP) in the third quarter 2.1 percent down on the
previous year, according to Buenos Aires Times. That was, however,
an improvement on quarterly declines of minus 5.2 percent (first
quarter) and minus 3.4 percent (second quarter), the report notes.
Data published by the INDEC national statistics bureau showed the
quarterly growth returning after three straight periods of decline,
the report relays. Between July and September, GDP showed a
positive variation of 1.6 percent, the report discloses.
It marks the first time GDP has risen over a three-month period
since President Javier Milei took office last December, the report
notes.
The figures come amid a deep economic crisis in Argentina, which
has been in recession for most of the year, the report says.
Citizens are suffering from one of the highest inflation rates in
the world, reaching 166 percent year-on-year in November, the
report relays.
Official INDEC data from September indicates that 52.9 percent of
the population is living in poverty, with 18.1 percent in extreme
poverty, the report notes.
Since taking office, Milei has implemented austerity measures,
halted public works projects, downsized and abolished state
agencies, stopped provincial funding, dismissed thousands of public
sector workers, deregulated prices and eliminated subsidies, the
report discloses.
In November, Milei told business leaders that the recession in
Argentina had ended, the report relays. "We are emerging from the
desert; the country has finally started to grow," he declared in a
speech.
In seasonally adjusted terms, exports grew by 3.2 percent in Q3
2024 compared to Q2, private consumption increased by 4.6 percent,
public consumption by 0.7 percent, and gross fixed capital
formation rose 12 percent, the report notes.
Year-on-year, the sharpest decline was in gross fixed capital
formation (minus 16.8 percent), the report discloses. Among
sectors, the largest drops were seen in construction (minus 14.9
percent), fishing (minus 6.7 percent), and wholesale, retail trade
and repairs (minus 6.1 percent), the report says.
Annual growth was recorded in agriculture, livestock, hunting and
forestry (13.2 percent), hotels and restaurants (nine percent), and
mining and quarrying (6.6 percent), 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.
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. upgraded Argentina's Long-Term Foreign and Local
Currency
Issuer Ratings to B (low) from CCC on November 25, 2023. The
trend on all ratings is Stable.
ARGENTINA: Mulls on Introducing Managed Exchange Rate Regime
------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports Argentina is
weighing whether to introduce a managed exchange rate regime - a
"dirty float" - once it lifts its current foreign exchange controls
in 2025, according to policymakers.
The South American nation has been restricting foreign exchange and
capital market operations for the past five years, forcing
exporters to sell their dollars, according to Bloomberg News. The
controls are also preventing companies from sending dividends
abroad and limiting individuals from buying foreign currency,
Bloomberg News notes.
President Javier Milei and Economy Minister Luis Caputo committed
to eliminating these exchange controls next year but haven't
offered details yet of the kind of currency regime they will apply
afterward, Bloomberg News relays. But, two policymakers - Federico
Furiase, a Central Bank director, and Caputo adviser Martin
Vauthier - revealed broad strokes of the plan during a presentation
at Torcuato Di Tella University in Buenos Aires, Bloomberg News
discloses.
"We already designed it but we can't disclose many details,"
Furiase said, referring to currency policy, according to a webcast,
Bloomberg News relays. "Clearly Argentina has to have limited
currency volatility." Furiase added that other countries have
successfully lowered inflation with "a managed float that controls
currency volatility."
Press offices at the Central Bank and Economy Ministry didn't
immediately respond to a request for comment.
Argentina has had mixed results with managed floating exchange
rates in the past, Bloomberg News discloses. Caputo himself was
Argentina's Central Bank chief in 2018 and intervened in markets to
shore up the peso, a strategy that ultimately became unsustainable,
Bloomberg News says. Another dirty float by the central bank after
Caputo's tenure failed to contain the peso's decline too.
The prerequisite for lifting currency controls is capitalising the
Central Bank, Furiase said. Other conditions, such as reducing the
excess amount of pesos largely held in Treasury debt, must also be
met to avoid economic tension during the transition, he said,
Bloomberg News notes.
Most trade restrictions have already been eased, according to
Vauthier, even though Argentine exporters continue to have to sell
80 percent of their earnings in foreign currency in the official
spot market and the remainder in the capital markets, Bloomberg
News discloses. Financial regulations will be phased out over
time, he added.
To help the transition, the government plans to keep limiting the
amount of money in circulation, which is supposed to force dollar
holders to swap their holdings of the US currency into domestic
currency, Bloomberg News relays. The approach has strengthened the
peso and enabled the Central Bank to buy dollars, according to the
officials, Bloomberg News 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.
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. upgraded Argentina's Long-Term Foreign and Local
Currency
Issuer Ratings to B (low) from CCC on November 25, 2023. The
trend on all ratings is Stable.
===========
B R A Z I L
===========
BANCO BRADESCO: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Bradesco S.A.'s (Bradesco)
Long-and Short-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) at 'BB+' and 'B', respectively. The Rating Outlook
for the IDRs remains Negative. Fitch has also affirmed Bradesco's
Viability Rating (VR) at 'bb+' and its National Long-Term rating at
'AAA(bra)'/Outlook Stable and 'F1+(bra)'.
The affirmation and Negative Outlook reflect Bradesco's credit
quality indicators, which remain higher than those of its local
peers, despite recent improvements. The bank has effectively
implemented a strategy to enhance its product mix, reduced its
provision expenses throughout 2024, and improved its margins. The
bank continues to take strong measures to improve its ratios and
Fitch believes these indicators should return to better levels in
2025, while profitability continues to improve.
Key Rating Drivers
Strong Performance Drives VR above Sovereign: Bradesco's IDRs are
driven by its VR, which reflects a stable business profile
characterized by diversified revenue streams. The bank's ratings
are one notch above Brazil sovereign's IDRs (BB/Stable),
underscoring its strong business profile and significant role
within the Brazilian financial system. This positioning provides
Bradesco with greater resilience to absorb potential macroeconomic
risks compared to lower-rated peers.
Fitch believes Bradesco would likely maintain its capacity to meet
its obligations even in the event of a sovereign default, without
any restrictions imposed by the sovereign. However, the uplift on
the ratings is constrained to just one notch due to the group's
considerable exposure to sovereign risk, primarily through its
extensive holdings of government securities, and the concentration
of its operations within Brazil.
Strong and Diversified Business Profile: Bradesco's robust banking
and insurance franchises in Brazil, spanning multiple business
units, significantly enhance its profile. These franchises provide
notable pricing power, strong earnings capacity, and financial
flexibility through stable customer deposits and capital market
access. Bradesco, primarily funded by low-cost deposits, is seen as
a reliable option during uncertainty. The bank focuses on the
Brazilian market, with a vast distribution network serving all
economic classes through a segmented client base. Bradesco's total
operating income (TOI) averaged USD17.1 billion from 2020-2023,
reaching USD19.8 billion annualized in 9M24.
Well-Balanced Risk Profile: Bradesco maintains a relatively
moderate and well-controlled risk appetite, encompassing its
exposure to securities and insurance activities. The bank's credit
granting and monitoring processes are highly controlled and
executed through sophisticated, segmented systems.
During the last cycle, Bradesco experienced greater volatility in
credit risk ratios due to its higher exposure to unsecured credit
portfolios, particularly in comparison to its main peers. While the
market risk inherent in its interest rate and foreign currency
positions can be volatile, internal exposure limits remain
relatively low. However, the risk profile remains sensitive due to
the concentration of activities within Brazil and significant
sovereign exposure.
Improving Asset Quality: Bradesco's asset quality ratios remain
higher compared to local peers, despite recent improvements.
Non-performing loans (NPLs) decreased to 4.2% at the end of
September 2024 from 5.1% in December 2023, while impaired loans
fell to 10.1% from 12.8% (11.7% four-year average from 2020-2023).
Bradesco maintains adequate coverage ratios, with NPL 90 days
coverage at 169% and impaired loans coverage at 70% in September
2024.
Fitch expects that Bradesco's asset quality ratios will improve in
2025 due to ongoing adjustments to its concession and control
strategies, focusing on secured loans. This improvement is likely
despite significant macroeconomic challenges, including
still-rising interest rates, which will test the resilience of
bank's asset quality. Bradesco's expanded credit portfolio reached
BRL 943.9 billion, up 7.6% year-over-year at the end of September
2024.
Better Profitability Ratios: Fitch has revised Bradesco's Earnings
& Profitability assessment to a stable outlook from negative.
Bradesco's performance in the first half of 2024 was strong
compared to 2023. The bank's operating profit to RWA ratio
increased to 2.1% (annualized) in 9M24 from 1.3% at the end of 2023
(2.0% four-year average from 2020-2023).
Fitch expects Bradesco's strategic adjustments to result in a
financial rebound to near 2.5% in operating results to RWA levels
by 2025. Average lending margins increased slightly in 9M24. Fee
revenue growth was driven by improved performance in capital
markets, while fund management and insurance operations also
performed well.
Stable Capitalization: Bradesco's capitalization was maintained
with satisfactory buffers over regulatory minimum requirements,
with the regulatory Common Equity Tier 1 (CET1) to RWA ratio at
11.2% at end-September 2024 (12.0% average 2020-2023).
Pre-impairment operating profit provides a sizeable buffer to
absorb loan impairment charges through the income statement without
affecting capital. At the same date, regulatory total
capitalization ratio was 15.1%, well above the regulatory minimum
ratios.
Solid Liquidity and Stable Funding: Bradesco's liquidity remains
solid, supported by the historical stability of its deposits,
significant securities portfolio and the bank's capacity to access
long-term financing. Bradesco's ample distribution network allows
it to continuously capture deposits at an attractive cost. During
stress periods, the bank has benefited from flight-to-quality
movements, due to its position as one of the largest banks in the
sector. Its loans to deposits ratio of about 106% as of September
2024 was above its historical average of 103%.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
IDRs and VR
- A negative action on Brazil sovereign's ratings;
- Bradesco's VR would be adversely affected if the asset quality
deteriorates and impact profitability, specifically if the bank's
operating profits to RWAs ratio declines consistently below 2.0%;
- Bradesco's VR would be downgraded if CET1 to RWA ratio is
consistently below 10%.
NATIONAL RATING
- Bradesco's National Ratings are sensitive to changes in their
creditworthiness relative to other Brazilian issuers.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
IDRs and VR
- The Outlook could be revised to Stable if Bradesco improves its
financial profile, especially in its asset quality and
profitability ratios, while maintaining satisfactory capitalization
levels and adequate liquidity and funding ratios.
NATIONAL RATING
- Bradesco's National Ratings are sensitive to changes in their
creditworthiness relative to other Brazilian issuers.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
SENIOR UNSECURED
Bradesco's senior unsecured debt is rated in line with its IDRs as
the likelihood of default on these obligations reflects the
likelihood of default of the entity.
GSR
Bradesco's Government Support Rating (GSR) of 'bb-'reflects a
moderated probability of support from the Brazilian authorities, if
required. The government's moderate financial flexibility and
capacity to provide support, as indicated by its sovereign rating,
highly influence its GSR, despite contagion risks stemming from
Bradesco's position as a domestic systemically important bank with
dominant market shares
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
SENIOR UNSECURED
- Bradesco's senior unsecured debt ratings are sensitive to a
change in its IDR.
GSR
- The GSR is sensitive to any change in assumptions of propensity
or ability of the sovereign to provide support to the bank.
VR ADJUSTMENTS
The Viability Rating has been assigned in line with the implied
Viability Rating.
The asset-quality score of 'bb' has been assigned above the 'b &
below' category implied score because of the following adjustment
reason: collateral and reserves.
Public Ratings with Credit Linkage to other ratings
Bradesco's GSR is linked to Brazil's sovereign rating
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
----------- ------ -----
Banco Bradesco S.A. LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
LC LT IDR BB+ Affirmed BB+
LC ST IDR B Affirmed B
Natl LT AAA(bra) Affirmed AAA(bra)
Natl ST F1+(bra) Affirmed F1+(bra)
Viability bb+ Affirmed bb+
Government Support bb- Affirmed bb-
senior unsecured LT BB+ Affirmed BB+
BANCO BTG: Fitch Affirms 'BB' Long-Term IDR, Alters Outlook to Pos.
-------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlooks for Banco BTG Pactual
S.A.'s (BTG Pactual) and BTG Pactual Holding S.A.'s (BTGH)
Long-Term Issuer Default Ratings (IDRs) to Positive from Stable.
Additionally, Fitch has affirmed BTG Pactual's Viability Rating
(VR) at 'bb', as well as BTG Pactual's and BTGH's Foreign and Local
Currency Long-Term IDRs at 'BB', and the companies' National
Long-Term Ratings at 'AAA(bra)'/Stable.
The Outlook revision to Positive reflects ongoing improvements in
BTG Pactual's overall business profile. This improvement stems from
a diversified revenue mix that supports consistent growth in total
operating income and bolsters the bank's financial resilience.
Sustaining these trends may enhance the potential for an upward
rating adjustment in the medium term.
Key Rating Drivers
BTG Pactual - IDR, VR, NATIONAL RATINGS
Ratings Driven by VR: BTG Pactual's IDRs and National Ratings are
driven by BTG Pactual's standalone creditworthiness, as measured by
its 'bb' VR. However, the VR is one notch below the 'bb+' implied
VR, as Fitch rarely assigns a bank VR above the sovereign rating.
Strengthened Franchise: BTG has consistently improved its business
diversification, with greater contributions from investment
management, wealth and consumer banking, and corporate lending.
These segments have progressively increased their revenue share,
reducing reliance of market-sensitive area like sales and trading
and investment banking. The total operating income reached an
annualized USD6.8 billion in first nine months of 2024 (9M24),
reflecting a compound annual growth rate (CAGR) of 22% over the
past four years.
Well Managed Market and Lending Risks: BTG's risk profile remains
moderate, supported by conservative lending practices. These
practices primarily focus on top-tier corporates and advanced
market risk management framework. This approach has mitigated
revenue volatility, particularly within the bank's sales and
trading operations, while maintaining stable performance across
business segments.
Improved Asset Quality: The bank's impaired loan (loans classified
between D-H as per resolution 2682) ratio declined to 5.0% as of
3Q24, down from 7.3% a year earlier. The improvement reflects
reduced inflows of impaired loans, robust loan growth, and
proactive write-offs. Fitch expects stable asset-quality metrics
supported by BTG's low-risk underwriting standards and a
diversified loan portfolio.
Resilient Profitability: Fitch affirmed BTG's earnings and
profitability score at 'bb' and revised the Outlook to Positive
from Stable. BTG's strong operating profit to of risk-weighted
assets ratio at 3.5% for the 9M24, is consistent with its four-year
average, positioning it at the high end of domestic peers.
Profitability is expected to remain resilient in 2025,
outperforming peers due to robust revenue from asset, wealth
management and corporate lending. While investment banking revenues
may face challenges from subdued equity markets, strong debt
capital market performance provides some offset.
Good Capitalization: BTG is adequately capitalized, supported by
strong internal capital generation. As of 3Q24, the regulatory
common equity Tier 1 (CET1) ratio was 12.3%, above national peers
and aligned with the bank's capital plan. The ratio is expected to
remain stable in the medium term, reflecting consistent earnings
retention and prudent capital management. BTG Pactual's
capitalization is further supported by Tier II subordinated debt
that resulted a 3Q24 in a total regulatory capital ratio of 16.4%
Prudent Liquidity Management: BTG has significantly improved its
funding profile through the expansion of its deposit franchise and
unsecured funding base. Retail deposits accounted for 29% of total
deposits as of 3Q24 driven by digital bank initiatives. The
loan-to-deposit ratio improved to 94.8%, demonstrating a balanced
approach to funding and loan growth. High-quality liquid assets
represented 12% of total assets, and the liquidity coverage ratio
(LCR) of 197% exceeded regulatory requirements, underscoring BTG's
prudent liquidity management.
BTGH Ratings Equalized: BTGH is a pure holding company. The
company's Long- and Short-Term IDRs and National Ratings are the
same as BTG Pactual's, its main operating subsidiary (directly
controls 76.5% of BTG). This is due to the company's moderate
leverage and the favorable regulatory framework for Brazilian
financial groups. The equalization of the ratings is based on the
high correlation between the probability of default for BTGH and
the bank. Both are incorporated in the same jurisdiction and are
supervised by the Brazilian authorities. The holding company's
double-leverage ratio was moderate.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A rating downside would be primarily contingent on a downgrade of
the Brazilian sovereign rating;
- BTG Pactual's VR would also suffer if the overall financial
performance consistently deteriorates;
- The bank's exceptionally strong capital markets performance,
which reduces the relative contribution of asset, wealth
management, and corporate lending to results, is not necessarily
negative if the company maintains a conservative risk appetite.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- BTG's ratings could be upgraded in the medium term if the bank
continues to improve its funding profile through the ongoing
development of its deposit franchise, while maintaining or further
improving its business mix and financial profile;
- An upgrade of Brazil's sovereign ratings could lead to a similar
action on BTG's ratings.
NATIONAL RATINGS
- BTG's Long-Term ratings are at the top of the national scale, and
therefore, cannot be elevated.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Government Support Rating
The GSR of "No Support" (ns) indicates that there is no reasonable
expectation of support being provided.
BTGH
BTGH is a pure holding company and its Long-Term and Short-Term
IDRs and National Ratings are the same as those of BTG Pactual, its
main operating subsidiary, due to its moderate leverage and the
favorable regulatory framework for financial groups in Brazil. The
equalization of the ratings is based on the high correlation
between the probability of default for BTGH and the bank. Both are
incorporated in the same jurisdiction and are supervised by the
Brazilian authorities. At 99%, the holding company's
double-leverage ratio was moderate.
Senior Debt
BTG Pactual's senior unsecured issuances are in line with its IDRs.
The probability of default of any senior obligation is tied to that
of the bank (reflected in the Long-Term IDR), as a default of
senior obligations would be treated by the agency as default by the
entity
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Government Support Ratings
BTG Pactual's GSR of 'ns' is sensitive to changes in Fitch's
assessment about the ability and/or propensity of the sovereign to
provide timely support to the bank, and would only be likely to
occur with a significant increase in the bank's systemic
importance.
BTGH
BTGH's IDR and national ratings would remain at the same level as
BTG Pactual and would move in tandem with any rating actions on its
main operating subsidiary. However, a material and sustained
increase in BTGH's double-leverage metrics (above 120%), would be
negative for ratings. Additionally, a change in the dividend flows
from the operating companies or debt levels at the holding company
that affects its debt coverage ratios could also be detrimental to
its ratings.
Senior Debt
BTG Pactual's senior debt ratings would move in line with the
bank's IDRs.
VR ADJUSTMENTS
The VR of 'bb' has been assigned below the 'bb+' implied VR due to
the following adjustment reason: Operating Environment (Negative)
The Asset-Quality of 'bb-' has been assigned above the implied 'b'
Asset Quality Score due to the following adjustment reason:
Underwriting standards and growth (positive).
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
----------- ------ -----
Banco BTG
Pactual S.A. LT IDR BB Affirmed BB
ST IDR B Affirmed B
LC LT IDR BB Affirmed BB
LC ST IDR B Affirmed B
Natl LT AAA(bra) Affirmed AAA(bra)
Natl ST F1+(bra) Affirmed F1+(bra)
Viability bb Affirmed bb
Government Support ns Affirmed ns
senior
unsecured LT BB Affirmed BB
BTG Pactual
Holding S.A. LT IDR BB Affirmed BB
ST IDR B Affirmed B
LC LT IDR BB Affirmed BB
LC ST IDR B Affirmed B
Natl LT AAA(bra) Affirmed AAA(bra)
Natl ST F1+(bra) Affirmed F1+(bra)
Government Support ns Affirmed ns
BANCO DO BRASIL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of Banco do Brasil S.A. (BdB) at 'BB'
and Long-Term National Rating at 'AAA(bra)'. The Rating Outlooks
are Stable. Fitch has also affirmed BdB's Viability Rating (VR) at
'bb' and Government Support Rating (GSR) at 'bb'.
Key Rating Drivers
Government Support Drives Ratings: Banco do Brasil S.A.'s (BdB)
IDRs and National Ratings are driven by its GSR. The GSR is
equalized with Brazil's sovereign rating of 'BB'/Stable. Fitch
believes there is a moderate propensity of government support if
the need arises. This assessment balances Fitch's view that the
Brazilian government's willingness to support BdB if needed is
high, given BdB's ownership structure, its key policy role in rural
lending and its systemic importance. However, the sovereign has
moderate financial flexibility and capacity to provide support, as
indicated by its 'BB' IDRs.
Strong Local Market Position: BdB's VR is driven by its leading and
diversified banking franchise in Brazil, which supports
consistently healthy profitability and a granular, stable funding
base. The VR also considers BdB's adequate capitalization and a
well-balanced lending mix.
Diversified Business Profile: BdB is the leading domestic bank by
assets and deposits, and is particularly strong in the agricultural
segment, with a 57% market share. Revenue diversification is strong
by income stream and has allowed the bank to generate capital
consistently across multiple economic cycles. BdB's total operating
income (TOI) averaged USD18.5 billion from 2020-2023, reaching
USD24.7 billion annualized in 9M24.
Corporate Governance Practices Improvements: Despite BdB's high
linkage with the sovereign, substantive enhancements to the
company's governance structure have materially improved BdB's
business and financial profile in recent years. The bank's top
management primarily composed of career employees with extensive
experience in the local market, and being a publicly listed company
adopting best corporate governance practices comparable to its main
domestic peers.
Although Fitch's base case assumes no structural change on the
bank's overall strategy in the near term, Fitch will monitor the
potential for federal government interference that could materially
affect BdB's role and financial metrics.
Secured Mix Benefits Risk Profile: Credit risk is the primary
source of risk and stems from the loan book and represented 81% of
risk weight asset on September 2024. BdB's risk profile benefits
from its exposure to the well performing agriculture segment,
accounting for 33% of gross loans on September 2024, in addition to
13% of collateralized retail loans in form of payroll-deductible
lending and 5% of residential mortgages. The rural lending
portfolio is well diversified by type of product and borrower.
Asset-Quality Pressures: BdB's impaired loans ratio (exposures from
ratings D-H of Brazil's regulatory risk scale) of 8.5% at September
2024 worst 8.1% at end-2023 (8.2% four-year average from
2020-2023). Partly explained by the deterioration of the rural
portfolio, especially in the central-west due to climatic problems,
Fitch understands and considers in its projections that this ratio
should stabilize throughout 2025.
The impaired ratio is in line with the domestic average while
impaired loan coverage of 70% provides a moderate buffer to absorb
unexpected asset-quality pressures. Non-performing loans increased
to 3.3% at the end of September from 2.9% in December 2023 and the
coverage for this ratio was 178% on September 2024.
Earnings Resilience: Fitch has revised BdB's Earnings &
Profitability assessment to 'bb'/Stable from 'bb-'/Positive. The
bank's sound operating profit/risk-weighted assets ratio of 3.3% in
9M24 and 3.9% in 2023 (3.1% four-year average from 2020-2023).
BdB's domestic franchise and diversified business model have led to
resilient income through the cycle despite revenue pressures.
Revenue quality is good, with significant contributions from fee
and insurance income.
The acceleration of efficiency and commercial measures has
supported strong revenue growth and led to profitability metrics
above historical averages. Fitch expects profitability momentum to
moderate, but expects operating profit/risk-weighted assets to
remain above 3.0% in 2025.
Satisfactory Capitalization: BdB's common equity Tier 1 (CET1)
ratio was 11.8% at end-September 2024 (12.4% average 2020-2023),
providing adequate buffers relative to minimum requirements. The
total capitalization ratio was 14.7%, well above the minimum
requirements. Fitch expect the bank to operate with a CET1 ratio of
around 12%, including the repayment schedule of hybrid
instruments.
Diversified Funding, Stable Liquidity: Fitch views BdB's funding
and liquidity as a rating strength. Funding is stable, supported by
its large deposit franchise and underpinned by BdB's ample access
to secured and unsecured wholesale markets. The bank's liquidity
position is sound and supported by large buffers of high-quality
liquid securities. During stress periods, the bank has benefited
from flight-to-quality movements, due to its position as one of the
largest banks in the sector. Its loans to deposits ratio of about
123% as of September 2024 was above its historical average of
117%.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Rating downside is primarily contingent on a negative rating action
of Brazil's IDRs. BdB's ratings are also sensitive to changes in
its strategic importance to the Brazilian government, which is not
expected to change.
BdB's VR would be negatively affected if its CET1 ratio falls below
10% or its regulatory capital ratios approach the minimum
requirements, due to asset quality deterioration, weakening of
profitability or higher than expected growth.
BdB's Long-Term National Rating is also sensitive to a negative
change in Fitch's opinion of the bank's creditworthiness relative
to other Brazilian issuers.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of the GSR and Long-Term IDRs would require a sovereign
upgrade. In addition to a sovereign upgrade, the bank would have to
maintain healthy financial metrics to upgrade the VR.
BdB's National Ratings may be affected by a change in Fitch's
perception of the bank's local relativities with respect to other
Brazilian entities.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
SENIOR UNSECURED
BdB's senior unsecured debts is rated in line with its IDRs as the
likelihood of default on these obligations reflects the likelihood
of default of the entity.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
SENSITIVITIES
BdB's senior unsecured debts ratings are sensitive to a change in
its IDR.
VR ADJUSTMENTS
The Asset Quality score of 'bb' has been assigned above the 'b'
category implied score due positive Collateral and Reserves
(positive).
Public Ratings with Credit Linkage to other ratings
BdB's ratings are equalized with Brazil's sovereign rating.
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
----------- ------ -----
Banco do Brasil S.A. LT IDR BB Affirmed BB
ST IDR B Affirmed B
LC LT IDR BB Affirmed BB
LC ST IDR B Affirmed B
Natl LT AAA(bra) Affirmed AAA(bra)
Natl ST F1+(bra) Affirmed F1+(bra)
Viability bb Affirmed bb
Government Support bb Affirmed bb
senior unsecured LT BB Affirmed BB
=============
J A M A I C A
=============
JAMAICA: At Least 65K Ha of Arable Land Needed to Feed Citizens
---------------------------------------------------------------
RJR News reports that Lenworth Fulton, immediate past president of
the Jamaica Agricultural Society (JAS), says the country needs to
irrigate at least 65,000 hectares or more than 30 per cent of its
arable land in order to feed its people and visitors.
At present, only 31,000 hectares or 12 per cent of the available
arable land are irrigated, according to RJR News.
Mr. Fulton also says this is of paramount importance in order to
reduce the food and consumer goods import bill from the US$1.8
billion reached last year, the report notes.
The nation has spent $1.3 billion during the first seven months of
this year in the same category, 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.
In September 2023, S&P Global Ratings raised 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', with a stable outlook. In
September 2024, S&P affirmed 'BB-/B' sovereign ratings on Jamaica
and revised outlook to positive.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook
is Stable.
=====================
P U E R T O R I C O
=====================
ALUMAX INC: Seeks Bankruptcy Protection in Puerto Rico
------------------------------------------------------
On December 6, 2024, Alumax Inc. sought Chapter 11 protection in
the District of Puerto Rico. According to court filings, the Debtor
reports $2,954,034 in debt owed to 1 and 49 creditors. The petition
states funds will not be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 10,
2025 at 9:00 AM via Telephonic Conference Information for
AUST/Trial Attys.
About Alumax Inc.
Alumax Inc. manufactures aluminum doors and windows with its
manufacturing infrastructure located in San Sebastian, Anasco,
Ponce and San Domingo.
Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. P.R. Case No. 24-05312) on December 6, 2024. In the
petition filed by Frank J. Jimenez, Cruz as president, the Debtor
reports total assets of $416,851 and total liabilities of
$2,954,034.
The Debtor is represented by:
Javier Vilarino, Esq.
VILARINO AND ASSOCIATES, LLC
PO Box 9022515
San Juan, PR 00902
Tel: (787) 565-9894
Email: jvilarino@vilarinolaw.com
MARINE ENVT'L: Motions to Exclude Expert Testimony Granted in Part
------------------------------------------------------------------
In the case captioned as Party Book Hill Park, LLC et al,
Plaintiff, v. Travelers Property Casualty Company, Defendant,
Civil. No. 18-1179 (GMM) (D.P.R.), Judge Gina R. Mendez-Miro of
the United States District Court for the District of Puerto Rico
granted in part the motions in limine filed by Travelers Property
Casualty Company of America's to exclude the expert testimony of
Robert Carter and Damon Hostetter.
This case arises from an insurance coverage dispute over the
sinking of the LONE STAR, a former pipe barge owned by Marine
Environmental Remediation Group, LLC (a subsidiary owned by MER
Group Puerto Rico, LLC. The insurer, Travelers Property Casualty
Company of America denied MER coverage for the incident based on
the parties' Protection and Indemnity Insurance Policy. On
March 1, 2022, Book Hill purchased MER's claims against Defendant
after MER went bankrupt and, thereafter, became the plaintiff in
this case.
Plaintiff designated Robert Carter as an expert in forensic
accounting, business valuation, and business lost profits. It also
designated Damon Hostetter as its expert in marine insurance
contract underwriting.
Travelers asserts that Mr. Carter's opinions are not within the
scope of his expertise, do not rest on a reliable foundation, and
are not relevant to the task at hand. Plaintiff argues to the
contrary, that Mr. Carter's expertise in the field and opinions
based on reliable evidence will be helpful and to the jury as the
trier of fact in making its damages determination. The issue before
the Court is, thus, whether Mr. Carter's testimony rested on
reliable foundation, such that would assist the trier of fact in
better understanding Book Hill's claims for damages as required by
Fed. R. Evid. 702.
The Court agrees that Mr. Carter does not require specific industry
experience to apply his "over 15 years of experience in disputes,
business valuation, consulting, expert witness services, forensic
accounting and fraud investigation services across numerous
industries" to analyze the damages potentially available to Book
Hill in this case. Plainly, Mr. Carter is qualified to analyze and
opine whether the damages would be reimbursable.
The Court finds that the expert's reliance on conversations with
MER executives regarding potentially reimbursable costs in addition
to the financial documentation provided by the same is a
sufficiently reliable basis upon which Mr. Carter could have formed
his estimates of Book Hill's damages. Thus, it now must determine
whether his opinions will help the trier of fact understand the
issue of damages. The Court finds that Mr. Carter's assessment of
damages is an exercise that will not be helpful to the jury because
it will be capable of conducting the exercise on its own. The Court
will not exclude Mr. Carter's expert testimony all together based
on Fed. R. Evid. 703.
The Court has also found that Mr. Carter's lost profits analysis
sufficiently reliable under Fed. R. Evid. 702 and cannot agree that
the probative value of his opinions is so prejudicial to Travelers
that it creates "a significant risk of the jury rendering a
decision based on an improper basis." It will grant Travelers'
Motion to Exclude Expert Carter with respect only to Mr. Carter's
opinions on damages other than lost profits.
Travelers argues that Mr. Hostetter "is expected to offer various
opinions on purely legal issues and other opinions for which he
offers no factual support or basis and for which he is not
qualified." Travelers points to nine separate statements in Mr.
Hostetter's expert report that it purports are impermissible legal
conclusions that would not assist the trier of fact and would
impinge on the role of the judge. Plaintiff argues to the contrary
on each issue including that Mr. Hostetter is a qualified expert,
his testimony will aid the jury, and his opinions are properly
founded and not purely stating legal conclusions.
The Court finds that Mr. Hostetter's "knowledge, skill, experience,
training, or education" in the marine insurance industry, and
specifically in marine insurance underwriting demonstrates that it
is more likely than not that his testimony will "help the trier of
fact to understand the evidence or to determine a fact in issue."
The Court agrees that the opportunity to depose Book Hill's expert
reduces the risk of harm to Travelers with respect to their ability
to prepare for trial. Furthermore, Travelers will have an
additional opportunity to test the credibility of Mr. Hostetter's
expert opinions before the jury and interrogate the underpinnings
of those opinions. As such, at this time, the Court does not find
it necessary to strike the statements from use at trial.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=YUHp6c
About Marine Environmental
MER Group -- http://www.mergroupllc.com-- provides ship recycling
services at facilities in the United States and Europe. MER claims
to have pioneered an environmentally-sensitive process of
dismantling obsolete vessels that meets or exceeds all U.S. EPA,
OSHA, state and Commonwealth regulations.
Marine Environmental Remediation Group LLC and affiliate MER Group
Puerto Rico LLC filed voluntary petitions seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
19-18994) on May 1, 2019. In the petitions signed by Martin Vulaj,
CEO, the Debtors' estimated $1 million to $10 million in both
assets and liabilities. The case is assigned to Judge Vincent F.
Papalia. Jeffrey D. Vanacore, Esq., at Perkin Coie LLP, represents
the Debtors.
===============
S U R I N A M E
===============
SURINAME: Implements Ambitious Economic Reform Agenda, IMF Says
---------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the 2024 Article IV consultation and the eighth review
under the Extended Fund Facility (EFF) arrangement for Suriname.
The completion of the review allows the authorities to draw the
equivalent of SDR 46.8 million (about USD 61 million), bringing
total purchases under the EFF arrangement to SDR 383.9 million
(about USD 504 million). In completing the review, the Executive
Board approved the authorities' request for a waiver of
non-observance of the end-September 2024 performance criterion on
the central government primary balance based on the corrective
actions the authorities have already taken.
Suriname is implementing an ambitious economic reform agenda to
restore macroeconomic stability and debt sustainability, while
laying the foundations for strong and more inclusive growth. The
program includes policies to restore fiscal and debt
sustainability, protect the poor and vulnerable, upgrade the
monetary and exchange rate policy framework, address banking sector
vulnerabilities, and advance the anti-corruption and governance
reform agenda. These policies are supported by the EFF arrangement,
which was approved by the Executive Board on December 22, 2021 (see
Press Release No. 21/400), in an amount equivalent to SDR 472.8
million (366.8 percent of quota).
Following the Executive Board discussion on Suriname, Mr. Kenji
Okamura, Deputy Managing Director and Acting Chair, issued the
following statement:
"The authorities' reforms under the EFF-supported program are
increasingly bolstering macroeconomic stability and investor
confidence. The economy is growing, inflation is approaching single
digits, and donor support is increasing.
"In view of the Final Investment Decision for the country's oil
resources, it is critical to put in place robust institutional
frameworks, including fiscal rules and improved transparency and
accountability safeguards. Such institutional improvements will
help Suriname avoid procyclical fiscal policy, prioritize urgent
development needs, ensure intergenerational equity, and transform
exhaustible resource wealth into financial assets.
"The near-term priority is to maintain the path for debt reduction
while protecting the vulnerable from the burden of the adjustment.
Phasing out electricity subsidies and strengthening tax
administration will help create fiscal space for higher, targeted
social assistance and infrastructure spending. Fully implementing
the recently finalized social assistance reform plan will make
social programs more efficient and effective. Strengthening
financial management controls in the electricity company, including
regularly publishing its audited financial statements, will help
promote accountability and oversight.
"The debt restructuring process is nearing completion. Bilateral
agreements with all official creditors and most commercial
creditors have been achieved. Domestic debt arrears have been
cleared. Improving commitment controls in the budget and addressing
weaknesses in cash management will restrain public spending and
prevent accumulation of supplier arrears.
"A restrictive monetary policy is supporting disinflation. Promptly
implementing the agreed central bank recapitalization plan is
critical to ensure a strong central bank balance sheet with clear
operational and financial autonomy. The authorities' demonstrated
commitment to a flexible, market-determined exchange rate is
supporting international reserve accumulation. Timely
implementation of recapitalization plans for undercapitalized
commercial banks and improving the monitoring of non-bank financial
institutions will help bolster financial sector resilience.
"The authorities should persevere with their ambitious structural
reform agenda to strengthen institutions, address governance
weaknesses, build climate resilience, improve data quality and
address gender gaps. This important work will continue to be
supported by capacity development from the Fund and other
development partners."
Executive Board Assessment
Executive Directors agreed with the thrust of the staff appraisal.
Directors welcomed the broadly satisfactory program performance,
despite the challenging context, as sustained commitment to reforms
has strengthened macroeconomic stability and growth. Looking ahead,
they considered that Suriname stands at a pivotal moment, and
emphasized the importance of maintaining the reform momentum to
preserve long‑term stability and sustainability and ensure a
productive and prudent use of the oil‑driven windfall to deliver
sustained and inclusive improvement for the Surinamese people.
Continued close and constructive engagement with the IMF and
development partners will be key.
Directors acknowledged spending pressures from the drought, and
welcomed the prompt corrective actions to adhere to fiscal
consolidation targets, while continuing the path of debt reduction
and protecting the vulnerable. They supported the ongoing phase out
of utility subsidies and underlined the importance of continued
strengthening of well‑targeted social assistance. Directors
welcomed the debt restructuring agreements and encouraged the
authorities to finalize agreement with the remaining commercial
creditors.
Commending the final investment decision on the offshore oil field,
Directors underscored the critical importance of proper
institutional frameworks to prudently manage the oil wealth. They
urged the authorities to promptly revamp the sovereign wealth fund
and put in place strong and transparent fiscal rules, as well as to
adhere to EITI standards. Directors underscored the importance of
institutional changes to increase the efficiency, transparency, and
accountability of the energy sector.
Directors underscored the importance of maintaining a restrictive
monetary policy stance to sustain the disinflation process. They
encouraged prompt recapitalization of the central bank. Directors
called for addressing banking sector vulnerabilities by completing
bank recapitalizations and improving risk‑based supervision. They
also encouraged stepped‑up efforts to strengthen the AML/CFT
framework. Directors welcomed steps to develop a macroprudential
toolkit to help manage systemic risks associated with the coming
oil boom.
Directors encouraged the authorities to persevere with their
ambitious reform agenda to strengthen institutions and governance,
build climate resilience, and address bottlenecks to growth,
including by closing gender gaps. Continued capacity development
support from the Fund and other development partners remains
critical in this regard.
It is expected that the next Article IV consultation with Suriname
will be held in accordance with the Executive Board decision on
consultation cycles for members with Fund arrangements.
*********
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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Copyright 2024. All rights reserved. ISSN 1529-2746.
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