260212.mbx

260212.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 Thursday, February 12, 2026, Vol. 27, No. 31 Headlines A R G E N T I N A ARGENTINA: Milei Pushes Dollar Loans For All, Ending A Taboo ARGENTINA: Not Looking to Tap Global Debt Market, Caputo Says C A Y M A N I S L A N D S VITALITY RE XV: Fitch Affirms BB+ Rating on Ser. 2024 Cl. B Notes VITALITY RE XVI: Fitch Affirms BB- Rating on Ser. 2025 Cl. C Notes C O L O M B I A GRAN TIERRA: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable C U B A CUBA: President Willing to Hold Talks With Trump Amid US Pressure J A M A I C A JAMAICA: Fitch Affirms 'BB-' Foreign Currency IDR, Outlook Stable R.A. WILLIAMS: Incurs Operating Loss Despite in Q2 M E X I C O DEL MONTE: Court Okays Chapter 11 Creditor Settlement, Sales P U E R T O R I C O NELSON LINEAS: Diana Torres-Cancel Named Subchapter V Trustee U R U G U A Y URUGUAY: China Courts Country as Argentina's Milei Embraces Trump - - - - - ================= A R G E N T I N A ================= ARGENTINA: Milei Pushes Dollar Loans For All, Ending A Taboo ------------------------------------------------------------ Ignacio Olivera Doll at Bloomberg News reports that President Javier Milei is looking to sweep aside one of Argentina's biggest financial taboos: offering dollar loans to people and companies that don't earn in dollars. Ever since the country's 2001 debt debacle, local banks have effectively been barred from lending dollars to borrowers who don't generate income in the US currency, according to Bloomberg News. It was, after all, a shortage of dollars that accelerated the meltdown back then and the economic collapse that followed, Bloomberg News relays. Bloomberg News notes that now Milei's government is betting that the one-time powder keg can be turned into an engine for growth. Bloomberg News says that Economy Minister Luis Caputo raised the idea during a radio interview, saying the country needs more dollar-based loans to help fuel an expansion that’s been tepid for most of Milei’s two years in office. The government intends to repeal the law in Congress before year-end and change Central Bank regulations, a person familiar with the matter told Bloomberg News on the condition they not be identified speaking about internal deliberations, Bloomberg News says. The pitch is straightforward: Give banks a profitable use for the dollars sitting idle in their branches by directing them to "high-profile" borrowers – individuals and firms with strong credit profiles, including real-estate developers – who can use the funds to invest in the country. "Banks will have cheap funding. They'll pay people, say, four percent, and they'll be able to finance real-estate developments, mortgages," Caputo said, Bloomberg News discloses. "All of that reactivates the economy," he added. Bloomberg News relays that the risks haven’t gone away, though. The peso has crashed repeatedly over the years, leaving it down 99 percent against the dollar in the last decade alone. Should it plunge again under Milei, as some economists fear, it'd leave Argentines with huge bills to pay on their new dollar debts, Bloomberg News says. Bloomberg News notes that individual borrowers may not be sophisticated enough to fully understand those risks as they take out their dollar loans, said Daniel Marx, an economist who was Argentina’s finance secretary in 2001 and is now a partner and director at Quantum Finanzas, a private consultancy. Corporate managers are "generally better equipped to handle this kind of dollar credit than the average household," he added. Bloomberg News relates that dollar credit has long been a political third rail in Argentina, with the government effectively prohibiting it through a 2002 decree and Central Bank rules. The post-crisis framework allowed foreign-currency deposits only if they were used exclusively to finance foreign-trade operations and related activities, Bloomberg News notes. If Milei can mobilise even a slice of the country's dollar savings, it could in theory lift investment and expand a financial system that is too small for the economy it serves, Bloomberg News says. Bloomberg News discloses that Caputo has tried repeatedly to coax Argentines into using their own dollars – first via a tax amnesty, then by allowing more transactions to be conducted in dollars, and most recently through a "fiscal innocence" plan meant to ease scrutiny of funds not suspected of criminal activity. His broader argument is that Argentines are sitting on a mountain of cash outside the system, a hoard the Central Bank estimates to be roughly US$170 billion, Bloomberg News relates. The government's push on "fiscal innocence" is designed, in part, to speed the return of at least some of that money to banks, Bloomberg News says. To reduce blowback, the Central Bank is expected to impose prudential safeguards on borrower qualification, collateral, and the share of deposits that can be lent, the person familiar said, Bloomberg News says. Details of the plan are still scarce, Bloomberg News discloses. One likely destination for a large share of new dollar credit lines, however, is mortgages – a form of financing Argentines have only enjoyed in brief windows of economic stability, according to the same person, 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 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) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Not Looking to Tap Global Debt Market, Caputo Says ------------------------------------------------------------- Ken Parks & David Feliba at Bloomberg News reports that Argentina doesn't plan to sell bonds in global debt markets while the government can access alternative funding sources at lower interest rates, Economy Minister Luis Caputo said. Caputo said in an interview with Radio Mitre that the government is observing a "crowding in" process, whereby investors are channelling money from maturing federal government debt to provincial governments and companies, according to Bloomberg News. "Our intention is to continue with that practice, especially as long as we can secure alternative sources of financing to pay international investors," he said, Bloomberg News relays. "We have no intention of going to the international market," he added. Caputo gave no further details on timing the Ministry is focusing on, or what rates the nation is paying for funding, Bloomberg News notes. Bloomberg News says that investors, who have fuelled a rally in emerging-market debt as they hunt for yield, have been waiting for Argentina to come back to global credit markets for the first time since the country restructured its debt in 2020. The country's bonds have been some of the best performers in the developing world for the past two years, gaining fresh steam in late 2025 following President Javier Milei’s victory in midterm elections. The gains pushed a measure of sovereign bond spreads over comparable US Treasuries to the lowest level in nearly eight years, placing the country firmly within the range typically associated with market access, Bloomberg News relays. Corporates and provinces rushed to issue, Bloomberg News discloses. Ecuador's successful bond sale last month again raised expectations that Argentina might issue fresh debt, Bloomberg News relays. Repo, SDR But instead of testing market demand, the government used a repurchase agreement with banks to meet about US$4.3 billion in January debt payments, Bloomberg News says. It also secured financing from an unnamed multilateral institution to repay US$2.5 billion to the US Treasury from a currency swap agreement last month, Bloomberg News discloses. Bloomberg News relays that Caputo said that Argentina hadn't tapped its US$20-billion currency swap line agreement with the US to make an interest payment to the International Monetary Fund. Instead, he said the government bought US$808 million in special drawing rights, the IMF's asset, from the US Treasury in a one-time transaction that doesn't amount to a loan, Bloomberg News notes. Current rates, even if low by recent years' standards, remain above what the government considers acceptable for a country running a surplus, Caputo said, Bloomberg News relays. "Today Argentina should have a much lower country risk," he told Mitre, without specifying further. The comments are in line with Milei's, who said in Davos country risk of around 550 basis points didn't reflect Argentina's economic fundamentals, Bloomberg News notes. Bloomberg News says that while the government has refrained from tapping global debt markets, it issued a US$1-billion local-law dollar bond in December. That sale, which was priced to yield 9.26 percent, was seen as a dry run of the sovereign's return to overseas borrowing, Bloomberg News notes. Repo financing lines from banks now total about US$6 billion, with three separate deals struck over the past year, Bloomberg News discloses. While the country still faces sizeable debt payments over the remainder of Milei's term – including another US$4.2 billion due in July – there's "no urgency" for Argentina to come to markets now, according to Ramiro Blazquez, a Latin America strategist at StoneX, Bloomberg News relates. The US Treasury swap line provides "a lender of last resort" and gives the government room to wait, he added. "An operation similar to Ecuador's would make sense, but issuing now would only be aimed at building reserves," Blazquez said. "Argentina still trades about 60 basis points wider than Ecuador, and authorities likely want that gap to disappear before issuing," he added. 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 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) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========================== C A Y M A N I S L A N D S =========================== VITALITY RE XV: Fitch Affirms BB+ Rating on Ser. 2024 Cl. B Notes ----------------------------------------------------------------- Fitch Ratings affirms the ratings of the Series 2024 Principal-At-Risk Variable Rate Notes issued by Vitality Re XV Limited (Vitality Re XV), a Cayman Islands exempted company licensed as a Class C insurer. Entity/Debt Rating Prior ----------- ------ ----- Vitality Re XV Limited Series 2024, Class A Notes Principal-at-Risk Variable Rate Notes due January, 2028 92847CAA5 LT BBB+sf Affirmed BBB+sf Series 2024, Class B Principal-at-Risk Variable Rate Notes due January 7, 2028 92847CAB3 LT BB+sf Affirmed BB+sf All classes of notes have a scheduled termination date of Jan. 7, 2028 and a Final Extended Redemption Date of Jan. 8, 2029. The principal amount of the Class A Notes is $140 million and that of the Class B Notes is $60 million. The Interest Spread for the Class A Notes is 2.50% and that of the Class B Notes is 3.50%. Transaction Summary The Series 2024 Notes (Class A and Class B) provide collateralized, multiyear, indemnity-based annual aggregate XoL reinsurance protection to Health Re, Inc., a Vermont-domiciled special purpose financial insurance company wholly owned by Aetna Inc. (Aetna). Health Re assumes a quota share of certain commercial group health insurance policies (the Covered Business) underwritten by Aetna Life Insurance Company (ALIC). Aetna is wholly owned by CVS Health Corporation (CVS Health). The Covered Business ceded to Health Re (for which Vitality Re XV will provide XoL coverage) primarily consists of commercial insured accident and health business, namely Preferred Provider Organization (PPO), Point of Service (POS) and Indemnity products, directly written by ALIC. These are reportable in ALIC's statutory annual statements as Accident and Health Group except for the Excluded Risks. Each class of notes is "principal-at-risk," meaning a principal loss will occur if the Covered Business's medical benefit ratio (MBR) exceeds a predetermined attachment (MBR Attachment), set at inception and reset annually during the second, third and fourth Annual Risk Periods. KEY RATING DRIVERS The ratings are based on the "weakest-link" of the following key rating drivers: i) medical benefit ratio excess-of-loss (XoL) risk assessment; ii) the Issuer Default Rating (IDR) of ceding insurer; and iii) the credit quality of the permitted investments. Fitch believes the risk assessment of the medical benefit ratio XoL presents the greatest risk. Medical Benefit Ratio (MBR) XoL Risk Assessment This is third of four Annual Risk Periods, each running from Jan. 1 to Dec. 31. Milliman, Inc. (Milliman) acting as the Reset Agent, delivered a Reset Report, "Updated Health Industry Exposure Data and the Updated Aetna Exposure Data." For each Annual Risk Period, the MBR XoL Attachment will be updated to maintain the modeled attachment probability which are 5 bp and 48 bp for the Class A and B Notes, respectively. These probabilities of first dollar loss correspond to 'bbb+' for Class A and 'bb+' for Class B, according to Fitch's ILS Calibration Matrix. The Reset Report states the Updated MBR XoL Attachment for the Annual Risk Period of Jan. 1, 2026 through Dec. 31, 2026 will be 107.88% for Class A and 101.88% for Class B. Prior attachments were 106% and 100%, respectively. Fitch notes the highest annual MBR (since 2025) was 90.8% in 2021 and the most recent annual MBR, from Oct. 1, 2024 to Sept. 30, 2025, was 96.3%. Fitch qualitatively reviewed sensitivity analysis that generally showed a one- to two-rating downgrade possibility under adverse conditions. IDR of Ceding Insurer Health Re is responsible for the payment of risk premiums to support the interest spread of the notes. Fitch has a privately monitored rating of Health Re and its credit rating is linked to ALIC (IDR: 'A-', Outlook Negative). Health Re's existing capital is around $225 million. Health Re has established a Premium Reserve Account in the amount of four quarters of anticipated premiums under the XoL Agreements with Vitality Re XV. Health Re has a Keep Well Agreement with Aetna, Inc. Under the agreement, losses above the Exhaustion MBR revert to Aetna. Fitch considers Aetna's standalone business profile to be very strong, supported by its most favorable competitive positioning and diversification and favorable business risk profile relative to peers. Despite weakened operating performance, Fitch believes Aetna's product development capacities and provider network, which is supported by its large enrollment base and strong contracting capabilities, are key competitive strengths. A parental capital contribution was required to sustain its target combined RBC ratio of roughly 260%-265% of the company action level. Credit Quality of the Permitted Investments The proceeds of the Series 2024 Notes will be deposited in a collateral account at Bank of New York Mellon (IDR, AA/Stable) and invested in Permitted Investments subject to availability according to the following priority: i) U.S. dollar denominated Money Market Funds (rated AAA and certain other characteristics) or ii) cash. Any nominal yield produced by these investments, in addition to the Interest Spread, constitutes the Variable Rate for this note. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - This rating is sensitive to a qualifying MBR event, changes in data or model quality, Aetna's counterparty rating or performance, and the assets held in the collateral account. - If a qualifying payment results in a loss of principal, Fitch will downgrade the notes to reflect an effective default. If subsequent Milliman Reset Reports show a significant deterioration in Scenario Modeled Attachment Probabilities, Fitch may downgrade the notes. - The notes may be downgraded if Aetna's ratings or the collateral assets are downgraded to a level consistent with the implied rating of the medical benefit ratio catastrophe risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of the notes is unlikely under the weakest link approach. The implied rating of the catastrophe event cannot exceed the current monitored credit rating of Aetna or that of collateral assets. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The rating assigned to the notes considers the Long-Term (LT) IDR of ALIC based on its commitment to pay the premium payment. A change in the LT IDR may result in a change in the notes' rating based on Fitch's Insurance-Linked Securities Criteria which uses a weakest link approach to derive the rating assignment. VITALITY RE XVI: Fitch Affirms BB- Rating on Ser. 2025 Cl. C Notes ------------------------------------------------------------------ Fitch Ratings affirms the ratings of the Series 2025 Principal-At-Risk Variable Rate Notes issued by Vitality Re XVI Limited (Vitality Re XVI), a Cayman Islands exempted company licensed as a Class C insurer. Entity/Debt Rating Prior ----------- ------ ----- Vitality Re XVI Limited Series 2025, Class A Notes Principal-at-Risk Variable Rate Notes due January 8, 2029 92849FAA6 LT BBB+sf Affirmed BBB+sf Series 2025, Class B Principal-at-Risk Variable Rate Notes due January 8, 2029 92849FAB4 LT BB+sf Affirmed BB+sf Series 2025, Class C Principal-at-Risk Variable Rate Notes due January 8, 2029 92849FAC2 LT BB-sf Affirmed BB-sf All classes of notes have a scheduled termination date of Jan. 8, 2029 and a Final Extended Redemption Date of Jan. 8, 2030. The principal amount of the Class A Notes is $160 million, the Class B Notes is $60 million, and the Class C Notes is $30 million. The notes do not amortize. The Interest Spread for the Class A Notes is 1.75%, that of the Class B Notes is 2.25%, and that of the Class C Notes is 3.75 %. Transaction Summary The Series 2025 Notes (Class A, Class B, and Class C) provide collateralized, multiyear, indemnity-based annual aggregate XoL reinsurance protection to Health Re, Inc., a Vermont domiciled special purpose financial insurance company wholly owned by Aetna Inc. (Aetna). Health Re assumes a quota share of certain commercial group health insurance policies (the Covered Business) underwritten by Aetna Life Insurance Company (ALIC). Aetna is wholly owned by CVS Health Corporation (CVS Health). The Covered Business ceded to Health Re (for which Vitality Re XVI will provide XoL coverage) primarily consists of commercial insured accident and health business, namely Preferred Provider Organization (PPO), Point of Service (POS) and Indemnity products, directly written by ALIC. These are reportable in ALIC's statutory annual statements as Accident and Health Group except for the Excluded Risks. Each class of notes is "principal-at-risk," meaning a principal loss will occur if the Covered Business's medical benefit ratio (MBR) exceeds a predetermined attachment (MBR Attachment), set at inception and reset annually during the second, third and fourth Annual Risk Periods. KEY RATING DRIVERS The ratings are based on the weakest link of the following key rating drivers: i) medical benefit ratio excess-of-loss (XoL) risk assessment; ii) the Issuer Default Rating (IDR) of ceding insurer; and iii) the credit quality of the permitted investments. Fitch believes the risk assessment of the medical benefit ratio XoL presents the greatest risk. Medical Benefit Ratio (MBR) XoL Risk Assessment This is second of four Annual Risk Periods, each running from Jan. 1 to Dec. 31. Milliman, Inc. (Milliman) acting as the Reset Agent, delivered a Reset Report "Updated Health Industry Exposure Data and the Updated Aetna Exposure Data." For each Annual Risk Period, the MBR XoL Attachment will be updated to maintain the modeled attachment probability, which are 5 bp, 51 bp and 164 bp for the Class A, Class B and Class C Notes, respectively. These probabilities of first dollar loss correspond to 'bbb+' for Class A, 'bb+' for Class B, and 'bb-' for Class C, according to Fitch's ILS Calibration Matrix. The Reset Report states the Updated MBR XoL Attachment for the Annual Risk Period of Jan. 1, 2026 through Dec. 31, 2026 will be 107.57% for Class A, 101.57% for Class B, and 98.53% for Class C. Prior attachments were 106%, 100% and 97%, respectively. Fitch notes the highest annual MBR (since 2025) was 90.8% in 2021 and the most recent annual MBR, from Oct. 1, 2024 to Sept. 30, 2025, was 96.3%. Fitch's qualitatively reviewed sensitivity analysis generally showed a one- to two-rating downgrade possibility under adverse conditions. IDR of Ceding Insurer Health Re is responsible for the payment of risk premiums to support the interest spread of the notes. Fitch has a privately monitored rating of Health Re and its credit rating is linked to ALIC (IDR: 'A-', Outlook Negative). Health Re's existing capital is around $225 million. Health Re has established a Premium Reserve Account in the amount of four quarters of anticipated premiums under the XoL Agreements with Vitality Re XVI. Health Re has a Keep Well Agreement with Aetna. Under the agreement, any losses above the Exhaustion MBR revert to Aetna. Fitch considers Aetna's standalone business profile to be very strong, supported by its most favorable competitive positioning and diversification, and favorable business risk profile relative to peers. Despite weakened operating performance, Fitch believes Aetna's product development capacities and provider network, which is supported by its large enrollment base and strong contracting capabilities, are key competitive strengths. A parental capital contribution was required to sustain its target combined RBC ratio of roughly 260%-265% of the company action level. Credit Quality of the Permitted Investments The proceeds of the Series 2025 Notes will be deposited into a collateral account at Bank of New York Mellon (IDR, AA/Stable) and are invested in Permitted Investments subject to availability according to the following priority: i) U.S. dollar denominated Money Market Funds (rated AAA and certain other characteristics) or ii) cash. Any nominal yield produced by these investments, in addition to the Interest Spread, constitutes the Variable Rate for this note. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - This rating is sensitive to a qualifying MBR event, changes in data or model quality, Aetna's counterparty rating or performance, and the assets held in the collateral account. - If a qualifying payment results in a loss of principal, Fitch will downgrade the notes to reflect an effective default. If subsequent Milliman Reset Reports show a significant deterioration in Scenario Modeled Attachment Probabilities, Fitch may downgrade the notes. - The notes may be downgraded if Aetna's ratings or the collateral assets are downgraded to a level consistent with the implied rating of the medical benefit ratio catastrophe risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of the notes is unlikely under the weakest link approach. The implied rating of the catastrophe event cannot exceed the current monitored credit rating of Aetna or that of collateral assets. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The rating assigned to the notes considers the Long-Term (LT) IDR of ALIC based on its commitment to pay the premium payment. A change in the LT IDR may result in a change in the notes' rating based on Fitch's Insurance-Linked Securities Criteria which uses a weakest link approach to derive the rating assignment. =============== C O L O M B I A =============== GRAN TIERRA: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Gran Tierra Energy Inc.'s (GTE) and Gran Tierra Energy International Holdings GmbH's (GTE International) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The Outlook is Stable. Fitch also affirmed GTE's senior unsecured notes due 2027 and senior secured notes due 2029 at 'B+' with a Recovery Rating (RR) of 'RR4'. Fitch assigned a 'B+'/'RR4' rating to GTE's proposed issuance of around USD600 million of senior secured notes due 2031. Net proceeds will fund the exchange of any or all outstanding senior secured notes due 2029. The coupon and collateral are unchanged. GTE's ratings and Outlook reflect its small operations. Fitch forecasts gross production will stabilize to 45,300 barrels of oil equivalent per day (boe/d) over the rating horizon. Fitch expects proved developed producing (PDP) and proven reserves (1P) reserve life to remain at or above 4.5 years and 8.5 years, respectively. Fitch estimates debt (Fitch-defined)/1P will stay at or below USD6/boe and EBITDA leverage at or below 3.5x (2.5x excluding Trafigura prepayments). Key Rating Drivers Small Scale: GTE's ratings are constrained by its production capacity and 1P reserves, which Fitch expects to be approximately 45,800 boe/d and 142 million boe in 2025, respectively. These levels fall short of the 75,000 boe/d and 400 million boe benchmarks required for the 'BB' rating category. Fitch expects the reserve life indices (RLI) to remain around 4.5 years for PDP reserves and above 8.5 years for 1P reserves in the future. Additionally, leverage is expected to be at or below $12 per boe for total debt (Fitch defined) to PDP reserves and at or below $6 per boe for total debt (Fitch defined) to 1P reserves, representing some of the lowest metrics among peers in the 'B' rating category. Challenged Leverage: Fitch projects GTE's EBITDA leverage at 3.2x in 2025, remain at or below 3.5x (2.5x excluding Trafigura prepayments) over the rating horizon. Under Fitch's Brent price deck of USD63/bbl for 2026-2027 and USD60/bbl in 2028, Fitch expects GTE to use its capex flexibility to limit annual spending to about USD140 million. As a result, production is expected to remain broadly stable, while EBITDA declines to about USD262 million in 2026-2028 from USD282 million in 2025. Fitch expects EBITDA leverage could increase by 0.16x in 2026-2027 for each USD1 per barrel Brent price decline. Geographic Diversification: GTE's total production is 64% in South America and 36% in Canada. Fitch expects Canada to contribute about 16,800 boe/d to GTE's production in 2025, enhancing the company's geographic footprint and cash flow profile in an investment-grade environment. Canadian operations diversify GTE's commodity mix, with natural gas accounting for about 20% of production, reducing its previous full dependence on oil. Low-cost production profile: Fitch expects GTE's half-cycle production cost to be USD26/boe in 2025 and remain at or below this level over the next three years. Higher production in 2025 enhanced the company's financial flexibility to absorb price shocks, as lower production costs allowed it to sell at a deeper discount than peers. Fitch expects the company to continue adjust cost structures in response to declining oil prices. The rating case assumed GTE would sell at an average discount to Brent of USD12/bbl and to West Texas Intermediate (WTI) of USD6/bbl over the rating horizon. Peer Analysis GTE's credit and business profiles are comparable to other small independent oil producers in Colombia. The ratings of SierraCol Energy Limited (B+/Stable), Geopark Limited (B+/Stable) and Frontera Energy Corporation (B/Stable) are constrained to the 'B' category or below, given the inherent operational risk associated with the small scale and low diversification of their oil and gas production. Brava Energia S.A.'s (BB-/Stable) focus on gas and robust reserves makes are key differentiators compared to the independent producers in Colombia. GTE's production profile was in line with other 'B' rated oil exploration and production companies operating in Colombia. GTE's gross production averaged 34,700 boed in 2024, in line with Geopark's 34,000 boed, below SierraCol's 44,500 boed, and Frontera's 39,700 boed. GTE's 1P reserve life was 13.2 years for fiscal 2024, more than Frontera's 6.8 years, SierraCol's 6.5 years and Geopark's 5.2 years. Fitch expects GTE's production to increase to approximately 45,800 boed by 2025 while maintaining its PDP reserve life close to five years and 1P reserve life close to nine years. GTE's half-cycle production was USD25/boe in 2024 and the full-cycle cost was USD37/boe. This is in line with SierraCol's half-cycle production cost of USD25/boe in 2024 but lower than its full-cycle cost of USD41/boe; Geopark is the lowest cost producer in Colombia at USD21/bbl and USD36/bbl, respectively. GTE, SierraCol and Geopark have leverage at or below 3.5x. Fitch expects GTE's 2025 EBITDA leverage to be 3.2x, its total debt (Fitch defined) to PDP to be USD11.3/boe and total debt to 1P to be USD6.2/boe in fiscal 2025. Fitch's Key Rating-Case Assumptions -- Colombia and Ecuador liquids linked to Fitch's Brent price deck of USD69/bbl in 2025, USD63/bbl in 2026-2027 and 60/bbl in 2028; -- Canada liquids linked to Fitch's WTI price deck of USD64/bbl in 2025, USD58/bbl in 2026-2027 and 57/bbl in 2028; -- Natural gas prices of USD3/mcf over the rating horizon; -- Average daily gross production of 45,300 boed in 2025-2028; -- Average USD12/bbl discount to Brent and USD6/bbl discount to WTI over 2025-2028; -- Average royalties of USD7/bbl in 2025-2028; -- Average lifting cost at USD15/boe in 2025-2028; -- Transportation cost of USD1.5/boe over the rating horizon; -- SG&A cost of USD3.5/boe over the rating horizon; -- Capex of USD260 million in 2025 and USD140 million yearly over 2026-2028; -- No dividends over the rating horizon; -- 1P Reserve Replacement of 85% in 2025 and 100% over the rating horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): --Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b, Higher), Profitability (b+, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bb-, Moderate). --The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. --'B+' to 'CC' considerations apply in Fitch's analysis and result in no adjustment. --The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. --The Operating Environment Impact assessment of 'a-' results in no adjustment. --The SCP is 'b+'. Recovery Analysis The recovery analysis assumes that GTE would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: --A 10% administrative claim. --The GC EBITDA is estimated at USD236 million. The GC EBITDA estimate, excluding the acquisition, reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of GTE. --Enterprise value multiple of 4.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior secured notes is in the 'RR1' band and the senior unsecured notes are in the 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade --Sustainable production size declines to below 45,000boed; --1P reserve life declines to below seven years on a sustained basis; --A significant deterioration of credit metrics to EBITDA leverage of 3.5x or more and Net EBITDA leverage of 3.0x or more; --A persistently weak oil and gas pricing environment that impairs the long-term value of its reserve base; --Sustained deterioration in liquidity and operating profile, particularly in conjunction with more aggressive dividend distributions than previously anticipated. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade --Net production rising consistently to 75,000 boed on a sustained basis while maintaining 1P reserves reserve life of at least 10 years, consistently; --Maintenance of a conservative financial profile with EBITDA leverage of 2.5x or below. Liquidity and Debt Structure Gran Tierra reported USD50 million in cash and equivalents as of September 2025, with USD67 million of undrawn credit facilities; Fitch estimates YE 2025 cash at USD80 million. Following the exchange offer, Gran Tierra will have an enhanced maturity profile, with USD24 million due in 2027 and USD616 million during 2029-2031. The rating case assumes Gran Tierra Energy (GTE) will maintain neutral FCF from 2026 through 2028. The company closed a USD150 million Trafigura prepayment in exchange of Ecuadorian crude deliveries in October 2025 and is progressing toward an additional USD150 million-USD200 million prepayment tied to Colombian crude deliveries. Fitch treats these as debt-like obligations under Fitch criteria. Fitch expects the delivery schedule to bewell balanced, with USD60 million in 2026, USD90 million in 2027, USD90 million in 2028, USD82 million in 2029 and USD12 million in 2030. Issuer Profile GTE is an independent oil and gas producer in Colombia, Ecuador, and Canada, with South American blocks in Middle Magdalena, Llanos, and Putumayo basins. GTE International, formerly Gran Tierra Energy International Holdings Ltd., is a Switzerland-domiciled, wholly owned subsidiary. ======= C U B A ======= CUBA: President Willing to Hold Talks With Trump Amid US Pressure ----------------------------------------------------------------- RJR News reports that faced with the country's worst economic crisis in decades, which has led to a shortage of food, electricity and medicine, Cuban President Rafael Díaz-Canel said the country is willing to engage in discussions with US President Donald Trump. However, Mr. Diaz-Canel suggested that these talks would have to be one of mutual respect as two sovereign nations, and the right to self-determination and without interference in its internal affairs, according to RJR News. He denied that any discussions are taking place after President Trump said that he must "make a deal before it's too late," the report notes. RJR News relays that Cuba is currently experiencing an energy crisis after the United States cut off the supply of Venezuelan oil to the country. Both Mexico and Russia have however promised to help the country to deal with this problem, the report adds. ============= J A M A I C A ============= JAMAICA: Fitch Affirms 'BB-' Foreign Currency IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. The rating affirmation and Stable Outlook reflect Fitch's expectation that although the economic damages and recovery costs from Hurricane Melissa will be large, leading to an economic contraction in 2025-2026 and a deterioration in fiscal metrics, the government will return to its fiscal consolidation efforts beginning in 2027. Despite considerable uncertainty regarding the impact of Hurricane Melissa, Fitch sees headroom at the current rating to accommodate the hurricane's expected short-term negative economic growth and fiscal metric implications. Key Rating Drivers Major Economic Impact from Hurricane Melissa: Hurricane Melissa, a powerful Category 5 hurricane, hit Jamaica on Oct. 28, 2025, causing widespread damage, especially to the Western side of the island. The estimated economic damage, according to the World Bank/Inter-American Development Ban, is USD8.8 billion, or nearly 40% of the country's GDP. The storm severely damaged key tourism areas, as well as an important agricultural region. Significant Financial Support: Jamaica prepared for such a storm by building a robust multilayered financial toolkit. Recovery and reconstruction efforts will be supported by a large concessional multilateral loan package (over USD6 billion), government insurance and contingency funds (with a combined total of nearly USD250 million), multilateral lines of credit (at nearly USD384 million), a catastrophe bond (USD150 million) and expected large private insurance flows (estimated insured damages range from USD1 billion-USD2.5 billion). Economic Contraction: As a result of the economic damages, Fitch estimates an economic contraction of 1.5% in 2025 followed by a further 2.6% in 2026. Large hotels were largely insured and have been able to rebuild relatively rapidly, although much of the 2025-26 tourism season has been lost. The industry is expected to recover 85% of its capacity by May 2026 and 95% by year-end 2026 according to the Tourism Ministry. Tourism receipts, representing roughly 20% of GDP in 2024, are estimated to have declined by nearly 15% yoy in 2025, and are projected to fall by a similar level in 2026. However, Fitch expects remittances, which represented 16% of GDP in 2024, to rise substantially, partially offsetting tourism losses. Fiscal Deficit Expands: The government will suspend its Fiscal Responsibility Law (FRL) for the next two years. Fitch forecasts the general government balance to swing into a deficit of 3.1% of GDP in the fiscal year ended March 2026 (FY 2025) and rise further to 5.7% of GDP in FY 2026 from a balanced position in FY 2024. Government revenue will suffer from the economic shock while spending will rise sharply from large reconstruction costs. We expect the government to run primary surpluses again in FY2027 to bring debt/ GDP back toward the target of 60%. Debt/GDP to Rise: Economic contraction and fiscal deficits will interrupt the prior strong downward trend in government debt/GDP, which is still above the 'BB' median and vulnerable to changes in exchange and interest rates. We now expect debt/GDP to rise in FY 2025 and FY 2026, which will bring debt/GDP close to 70% by end-2026. Jamaica's government has a strong decade-plus track record of adhering to a solid fiscal framework, which has resulted in a sharp reduction in debt/GDP. We believe the government remains committed to its fiscal framework and will actively seek to reduce its debt burden once reconstruction efforts are achieved. Current Account Deficit: Fitch estimates the current account will move into a deficit in 2026 from a sizeable 1.6% of GDP surplus in 2025. The fall in tourism receipts will be tempered by a rise in remittances. Imports will rise substantially with reconstruction, although this will be partially offset by a decline in tourism-related imports. Unlike many Caribbean and Central American peers, Jamaica has a floating exchange rate that should help stabilize the balance of payments if unexpected pressures emerge. The Bank of Jamaica has 6.6 months of current external payments (USD6.2 billion) in international reserves, which compares favorably to the 'BB' median of 4.8 months. We expect reserves to remain steady, given strong external debt inflows and insurance payments, despite current account deficits. Structural Supporting Factors: Jamaica's 'BB-' rating is supported by strong governance as indicated by World Bank Governance Indicators that are substantially stronger than 'BB' medians, although violent crime hinders investment and growth. Furthermore, the two main political parties both supported the fiscal reforms that lowered debt/GDP to 64.7% at end-FY 2024 from 135% in FY 2012. ESG - Governance: Jamaica has an ESG Relevance Score (RS) of '5[+]' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption, as is the case for all sovereigns. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model. Jamaica has a medium WBGI ranking at 56.4, reflecting its track record of peaceful political transitions, accountability of the government to civil society and regulatory quality. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Macro/Public Finances/External: Another external shock that weakens growth, public finances and/or external liquidity; for example, a natural disaster or sharp fall in tourism; -Public Finances: Fiscal loosening over the medium term, for example owing to the materialization of spending pressures or a revenue shortfall, resulting in a sustained rise in debt/GDP over the medium term. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -Public Finances: Renewed decline in the government debt-to-GDP ratio and interest burden that brings the debt burden toward the debt target; --Macro/External: Faster economic recovery than expected that supports a more rapid decline in the ratio of debt to GDP. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Jamaica a score equivalent to a rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee did not adjust the output from the SRM to arrive at the final LT FC IDR. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year-centered averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Senior Unsecured Debt Equalized: The senior unsecured long-term debt ratings are equalized with the applicable Long-Term IDR, as Fitch assumes recoveries will be 'average' when the sovereign's long-term IDRs is 'BB-' and above. No Recovery Ratings are assigned at this rating level. See Rating Actions table below for the full set of instrument ratings. Country Ceiling The Country Ceiling for Jamaica is 'BB', one notch above the LT FC IDR. This reflects moderate constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of +1 notch above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Jamaica LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Country Ceiling BB Affirmed BB senior unsecured LT BB- Affirmed BB- R.A. WILLIAMS: Incurs Operating Loss Despite in Q2 -------------------------------------------------- RJR News reports that R.A. Williams is reporting a 32 per cent jump in revenues for the second quarter of the 2025/2026 financial year, climbing to $484.9 million. The company said the increase reflects strong market demand and the expansion of its product portfolio, according to RJR News. Despite the revenue growth, the company recorded an operating loss of $7.4 million, the report notes. This compares with an operating profit of just over $5 million a year ago, the report relays. The management says the loss reflects higher investment in infrastructure, brand visibility and sales support as part of a strategy to strengthen long-term capacity, the report says. Operations were later disrupted by Hurricane Melissa, but management says efforts are underway to stabilise revenues and expand its healthcare portfolio as recovery continues into the third quarter, the report discloses. The directors stressed that the losses recorded during the second quarter of last year are a short-term impact of the current investment strategy, while adding that they are confident that the company will return to profitability shortly, the report adds. =========== M E X I C O =========== DEL MONTE: Court Okays Chapter 11 Creditor Settlement, Sales ------------------------------------------------------------ Vince Sullivan of Law360 reports that on Friday, February 6, 2026, a New Jersey bankruptcy judge approved a proposed settlement among creditors in the Chapter 11 case of canned food producer Del Monte, concluding that the deal was inseparable from a broader slate of restructuring transactions. The court said the settlement functioned as a linchpin for other negotiated components of the case. The judge found that the agreement helped resolve contested issues that could otherwise derail progress and noted that the settlement was negotiated alongside related transactions involving key creditor constituencies. Rejecting it, the court warned, would risk unraveling the restructuring framework, according to report. The approval clears a path for Del Monte to continue advancing its Chapter 11 case while limiting further litigation among stakeholders, the report cites. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. ===================== P U E R T O R I C O ===================== NELSON LINEAS: Diana Torres-Cancel Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for Nelson Lineas de Puerto Rico, Inc. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Nelson Lineas de Puerto Rico Inc. Nelson Lineas de Puerto Rico, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00298) on January 29, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Nelson Robles Diaz, Esq., at Nelson Robles Diaz Law Offices Psc represents the Debtor as bankruptcy counsel. ============= U R U G U A Y ============= URUGUAY: China Courts Country as Argentina's Milei Embraces Trump ----------------------------------------------------------------- Ken Parks at Bloomberg News reports that China and Uruguay pledged to deepen their economic relationship as Javier Milei next door in Argentina is welcoming the Trump administration's renewed doctrine in the region. Uruguay and China signed more than a dozen agreements in areas such as investment, trade, and scientific cooperation following a meeting in Beijing between presidents Yamandu Orsi and Xi Jinping, according to Bloomberg News. In a separate 32-point joint-statement, both countries called for free trade negotiations between China and South American customs union Mercosur, Bloomberg News relays. "We wish to continue all our efforts to support the development plans of both countries by intensifying trade in goods," Orsi said in a statement obtained by Bloomberg News. Bloomberg News says that Trump's efforts to impose his version of the Monroe Doctrine has split the region. While countries including Uruguay, Brazil, and Mexico have tried to maintain an independent foreign policy, Argentina, Paraguay, Ecuador and several Central American nations have aligned with the United States, Bloomberg News discloses. Panama went so far as to void a contract by a Chinese firm to operate two ports, Bloomberg News notes. Bloomberg News relays that Milei has benefitted from his close relationship with Washington. The US Treasury helped Milei's party win midterm elections last October by buying pesos and diffusing a run on the currency with a US$20-billion currency swap, Bloomberg News says. The US Treasury also sold Argentina US$808 million in special drawing rights to make interest payments to the International Monetary Fund, Bloomberg News notes. Countries that haven't toed Washington's line like Brazil and Colombia have been threatened with steep tariffs or seen visa applications suspended, Bloomberg News discloses. The US included Uruguay on the list of 75 nations affected by a crackdown on immigrant visas, Bloomberg News relays. Trump's carrot and stick approach to diplomacy has its limits given the region's overwhelming dependence on China for manufactured goods and as a buyer of its metals, oil and foodstuffs, Bloomberg News notes. Even Milei has defended his country's economic ties with China, which include an US$18-billion currency swap, Bloomberg News says. Uruguay, a country of 3.5 million people wedged between Argentina and Brazil, has tried to strike a balance between the US and China. The US visa restrictions measure won't affect many Uruguayans "but in terms of the signal it sends of course it concerns us," Orsi said after meeting with the US ambassador January 15, Bloomberg News adds. ********* 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 2026. 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 * * *