260213.mbx

260213.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, February 13, 2026, Vol. 27, No. 32 Headlines B E R M U D A VALARIS LTD: S&P Puts 'BB' ICR on Watch Neg. Amid Transocean Deal B R A Z I L JBS SA: Discloses $150 Million Venture With Oman RAIZEN SA: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative RAIZEN SA: S&P Downgrades ICR to 'CCC+', On Watch Negative D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: S&P Assigns 'BB' Rating on US$2.75BB Bonds J A M A I C A CARIBBEAN CREAM: Incurs $144MM Net Loss for 9 Months Ended Nov. 30 [] JAMAICA: Must Develop New Engines Of Growth, Minister Says M E X I C O FIDEICOMISO IRREVOCABLE CIB/4323: S&P Withdraws CCC on Sec. Notes KUO SAB: S&P Withdraws 'BB' LongTerm Issuer Credit Rating P U E R T O R I C O ANCARLO BROTHERS: Case Summary & One Unsecured Creditor ANGEL M DIAZ: Counsel's Conflict of Interest to be Heard in April U R U G U A Y CONSORCIO DEL URUGUAY: Moody's Alters Outlook on 'Ba2' CFR to Pos. - - - - - ============= B E R M U D A ============= VALARIS LTD: S&P Puts 'BB' ICR on Watch Neg. Amid Transocean Deal ----------------------------------------------------------------- S&P Global Ratings placed its 'B+' issuer and 'BB' issue-level ratings on Bermuda-based offshore drilling company Valaris Ltd. on CreditWatch with negative implications. The CreditWatch reflects the likelihood that S&P will lower its ratings on Valaris to equalize them with those on Transocean following close of the transaction, which S&P expects in the second half of 2026. On Feb. 9, 2026, Transocean Ltd. announced that it had entered a definitive agreement to acquire Bermuda-based offshore drilling company Valaris Ltd. in an all-stock transaction valued at about $6.9 billion, including Valaris' outstanding debt. Transocean entered a definitive agreement to acquire Valaris. The all‑stock transaction, valued at approximately $6.9 billion, includes the assumption of Valaris' $1.1 billion of outstanding debt as of Sept. 30, 2025, consisting solely of its 8.375% senior secured second‑lien notes due 2030. Valaris (B+/CreditWatch Neg) shareholders will receive 15.235 shares of Transocean (CCC+/CreditWatch Pos) stock for each Valaris share. Ownership of the combined entity will be approximately 53% for Transocean shareholders and 47% for Valaris shareholders on a fully diluted basis. The company will also have two seats on Transocean's 11-member board of directors. S&P expects the transaction to close in the second half of 2026, subject to regulatory approvals, shareholder approval, and other customary closing conditions. The combined company's pro forma fleet will comprise 73 offshore rigs, including 33 ultradeepwater drillships, nine semisubmersibles, and 31 jackup rigs, creating one of the industry's highest‑specification offshore drilling fleets. S&P said, "We believe the transaction could trigger change‑of‑control provisions in certain of Valaris' customer contracts, which would require the company to obtain customer consent. We expect it to address these requirements through customer engagement, including securing consents and managing related commercial discussions. We also assume that Valaris' 50%-owned ARO Drilling joint venture with Saudi Aramco will continue to operate under its current structure. "We placed all our ratings on Valaris on CreditWatch with negative implications. The CreditWatch, including our 'B' issuer credit and 'BB' issue-level ratings, reflects the likelihood that we will lower our ratings on Valaris following close of the transaction to equalize them with the ratings on Transocean. We will likely view Valaris as a core subsidiary of Transocean and expect its senior secured second-lien notes will remain at the Valaris subsidiary and maintain existing collateral and terms. While we anticipate the recovery rating to remain unchanged, the issue-level rating will likely be lower in line with the lower anticipated issuer credit rating." The acquisition could trigger a repurchase of the notes. Valaris' 8.375% senior secured second‑lien notes include a change-of-control provision that could be triggered by the transaction. Under the indenture, if a change of control occurs and is followed by a credit rating downgrade, the company must make an offer to repurchase the notes at 101% of their principal amount plus accrued and unpaid interest. The notes are currently trading at about 104% of par. S&P said, "The CreditWatch reflects the likelihood that we will lower our ratings on Valaris to equalize them with those on Transocean following close of the transaction, assuming it is completed as proposed and there are no significant changes to our operating assumptions. We anticipate the transaction will close in the second half of 2026." =========== B R A Z I L =========== JBS SA: Discloses $150 Million Venture With Oman ------------------------------------------------ Ryan McCarthy at meatpoultry.com reports that global meat company JBS S.A. announced it would build a new meat production facility in the Middle Eastern country of Oman, focused on beef, poultry and lamb processing. The investment will primarily fund the completion of A'Namaa's integrated poultry plant in the Ibri region of northern Oman, approximately 235 miles west of Muscat (the nation's capital), according to meatpoultry.com. There will also be funds for Al Bashayer's beef and lamb processing plant in Thumrait, southern Oman, about 170 miles south of Dubai, United Arab Emirates, the report notes. The report discloses that the company confirmed it acquired an 80% stake in the new food holding company, which consolidated two production assets in Oman. It includes a partnership with Oman Food Capital (OFC), which will keep a 20% stake in the project, the report says. OFC is the food and agribusiness investment arm for the Oman Investment Authority (OIA), the report notes. The operation is expected to have a production capacity of around 300,000 tonnes per year, based on daily processing of approximately 1,000 head of cattle, 5,000 lambs and 600,000 chickens, JBS said, the report relays. Production is expected to start for beef and lamb within the next six months, with poultry starting within the next year, the report discloses. The report notes that JBS said the project would generate more than 3,000 jobs in Oman over the next five years across the entire production chain. With this project, JBS will have operations in 26 countries across five continents, the report says. Currently, the company employs about 1,500 workers across its Middle East business, the report notes. Earlier in February, JBS announced it would invest $85 million in operations in Saudi Arabia, the report adds. About JBS S.A. JBS S.A. is a Brazilian company that is a large meat processing enterprise, producing factory processed beef, chicken, salmon, pork, and also selling by-products from the processing of these meats. It is headquartered in Sao Paulo. It was founded in 1953 in Anapolis, Goias. As reported in the Troubled Company Reporter-Latin America in August 2021, S&P Global Ratings revised the global scale outlook on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS USA) to positive from stable and affirmed its 'BB+' issuer credit rating. The recovery expectations remain unchanged, and S&P affirmed the 'BB+' ratings on the senior unsecured notes and the 'BBB' ratings on the secured term loans. RAIZEN SA: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings downgraded to Caa1 from Ba1 the Corporate Family Rating of Raizen S.A. (Raizen). Concurrently, Moody's downgraded to Caa1 from Ba1 the $187 million senior unsecured notes rating due 2027 issued by Raizen Fuels Finance S.A. and guaranteed by Raizen S.A. and Raizen Energia S.A. The outlook was changed to negative from Rating Under Review. The downgrade follows the announcement by Raizen, on February 09, that it had engaged with financial and legal advisors to assist the company in developing alternatives to strengthen its liquidity position and optimize its capital structure. Given the high debt balance of the company, still developing operating performance, and uncertainty regarding a possible equity injection by shareholders Shell Plc (Shell, Aa2 stable) and Cosan S.A. (Ba2 negative), Moody's views that the risks of a distressed exchange or a default like transaction has increased and needs to be incorporated into the present rating of Raizen. RATINGS RATIONALE The current rating incorporates a deterioration of Raizen's credit metrics, high leverage and sustained negative cash flow generation, given the high interest burden and still weaker than usual results on the sugar-ethanol core segment – below potential crushing level and lower cost dilution in 2025-26. The current debt level continues to impose significant constraints on the business, challenging Raizen's ability to sustain positive cash generation. Moody's do not foresee a significant recovery in the near term and expect leverage to close the harvest at over 5.5x with sustained negative free cash flow. In Moody's views, improved credit metrics along with a solid liquidity are necessary to mitigate the inherent volatility of the commodity markets to which the company is exposed in sugar-ethanol business. The sugar-ethanol business in particular requires relatively large capex to support the quality of plantations and agricultural productivity, while being exposed to considerable event risk including weather conditions. Governance is a key factor in the rating assessment and the present situation is a direct outcome of the strategies pursued during the pre-turnaround cycle, which focused on an aggressive, debt-driven growth strategy that pushed leverage up. Raizen's fundamental profile still incorporates its solid position in the sugar cane and fuel distribution businesses in Brazil. Raizen is a joint venture between Cosan S.A. and Shell Plc. At the present moment Moody's do not incorporate any direct support by shareholders, but recognize that Raizen benefits from its ownership by Shell Brazil Holdings BV, a 100% subsidiary of Shell, derived from Shell's brand and managerial expertise, and Cosan, given its local expertise and execution track record. The ratings consider the existence of cross guarantees between Raizen Energia and Raizen in most debt instruments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A downgrade could occur if Raizen announces a distressed exchange or a default like transaction. An upgrade could occur if Raizen is able to improve its capital structure substantially reducing its debt balance without incurring a distressed exchange or a default like transaction, sustain an adequate liquidity, sustain consistent operational improvements, and reduces capex so that it can return to positive free cash flow generation. The principal methodology used in these ratings was Protein and Agriculture published in October 2025. Raizen's Caa1 rating is four notches below the Ba3 scorecard-indicated outcome by Moody's Protein and Agriculture methodology in the twelve months ended in September 2025. Current ratings incorporate the uncertainty regarding an equity injection and measures to improve Raizen capital structure which could be considered a distressed exchange. RAIZEN SA: S&P Downgrades ICR to 'CCC+', On Watch Negative ---------------------------------------------------------- S&P Global Ratings, on Feb. 9, 2026, lowered its ratings on Raízen S.A. to 'CCC+' from 'BBB-'. S&P also lowered its issue-level ratings on the senior unsecured notes issued by Raízen Fuels Finance to 'CCC+' from 'BBB-'. S&P also placed the ratings on Raizen and its notes on CreditWatch with negative implications. S&P said, "Given the lower credit rating, we assigned a '3' recovery rating to the company's senior unsecured notes, indicating our expectation for a meaningful recovery (50-70%; rounded estimate: 65%) in a simulated default scenario." The CreditWatch negative placement reflects the possibility of another downgrade in the coming months if the company pursues debt restructuring. Raízen S.A. announced that it hired financial and legal advisors to evaluate financial alternatives to optimize its capital structure and liquidity. The weakening signals from shareholders and management for the announced plans for capitalization and asset sales to address Raizen's capital structure increase the likelihood of debt restructuring. Increasing risks of a debt restructuring that we would view as a default. The engagement of financial advisors indicates the high likelihood of debt restructuring, following the weakening signals of the previously expected capitalization and asset sales. Management and shareholders have indicated new plans would be announced in the short term, but the lack of concrete updates suggests these plans are facing challenges, while leverage remains high and the company continues experiencing cash burn. Adding to these concerns, the recent disclosure from Raizen that several alternatives are being considered to address the capital structure introduces considerable uncertainty regarding the ultimate transaction(s) that will be pursued. Upside on the operational side seems unlikely, amid consistent cash consumption. Raizen recently disclosed its operational preview for third fiscal quarter results, and it indicates weaker performance in the S&E business – although fuel distribution Brazil shows consistent improvements in terms of volumes and margins. This should result in lower EBITDA and higher leverage for fiscal 2026 (ending March 2026) than what S&P previously forecasted, at close to R$11 billion and 5.0x-5.5x, respectively. The scenario for fiscal 2027 indicates a still weaker performance for S&E business amid lower volumes – mostly considering the asset sales the company announced in past quarters – but also from still pressured sugar prices, with forward contracts currently trading at 14-15 cents per pound. Despite management's efforts to implement efficiency measures and the solid performance in fuel distribution, the factors above will continue to dent EBITDA next fiscal year, with our forecast of around R$11.5 billion. Also, despite the expected improvements in operational cycle and capex close to maintenance levels of R$7.0 billion – R$7.5 billion, a substantial interest burden of about R$9.5 billion will continue to deplete Raizen's cash, with an expected cash burn of above R$6.0 billion after lease payments for fiscal 2027, with leverage trending to 6.0x, absent other cash inflows. Raízen still has more cash to support operation. The company reported a cash position of R$18.6 billion, plus its unused revolving credit facilities totaling US$1 billion, and a short-term debt of R$7.4 billion on Sept. 30, 2025, which indicated a manageable capital structure in the short term. However, ongoing cash consumption and lack of promised cash inflow, this cash would be consumed in two years. A failure to see improvements in these areas could further pressure liquidity, particularly as more substantial debt maturities approach in the future and amid increasing risk perception hiking cost of debt. Those factors led us to revise our assessment of Raizen's liquidity as less than adequate. In addition, this recent risk management approach led S&P to revise its assessment of management and governance score as more negative, different from track record and recurrent signals of a potential capitalization. The CreditWatch negative placement reflects the possibility of a further downgrade if Raizen pursues debt restructuring. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: S&P Assigns 'BB' Rating on US$2.75BB Bonds -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to the Dominican Republic's bonds totaling US$2.75 billion: -- A US$1.25 billion bond due 2034 at a 5.75% interest rate, and -- A US$1.5 billion bond due 2038 at a 6.15% interest rate. The ratings on the bonds are the same as the long-term foreign currency sovereign credit rating on the Dominican Republic (BB/Stable/B). The country will use the proceeds of the bonds for general budgetary purposes. S&P's 'BB' sovereign credit rating reflects the country's open and fast-growing economy compared with peers. Despite its vulnerability to external shocks, the economy also has a record of fast recoveries. Although policy continuity supports economic growth, the Dominican Republic's capacity to promote structural reforms is limited. This constraint diminishes fiscal flexibility amid relatively low revenue and large spending rigidities, such as the relatively high interest burden, energy subsidies, and the central bank's quasi-fiscal deficit. Over time, these fiscal rigidities have contributed to moderately high general government debt and less effective monetary policy. S&P said, "The stable outlook on our sovereign credit rating reflects our expectation that economic growth, anchored by domestic policy continuity, will pick up as domestic and global financial conditions soften. We expect moderate deficits over the next 12-18 months, which, combined with strong economic growth, will help stabilize debt levels." ============= J A M A I C A ============= CARIBBEAN CREAM: Incurs $144MM Net Loss for 9 Months Ended Nov. 30 ------------------------------------------------------------------ RJR News reports that the directors of Caribbean Cream are reporting a net loss before tax of $144 million on revenues of $2.2 billion for the nine months ended November 30 last year. The company said the loss followed higher production, administrative, selling and financing costs during the period, according to RJR News. The directors say the outturn represents a sharp reversal from the modest net profit of $2.8 million recorded in the corresponding period a year earlier, the report notes. They add that the previous year's performance was supported by lower operating and financing pressures compared with the most recent period, the report adds. [] JAMAICA: Must Develop New Engines Of Growth, Minister Says ------------------------------------------------------------- RJR News reports that Finance Minister Fayval Williams has declared that Jamaica must develop new engines of growth and reduce its heavy reliance on manufacturing and retail. Williams noted that manufacturing accounts for about nine per cent of GDP and 84,000 jobs, while retail contributes nearly 20 per cent of output and employs roughly 250,000 people, according to RJR News. The minister is urging the private sector to partner with government to build industries with stronger earning potential, the report notes. The minister said Jamaica's 1.4 million-member labour force will need retraining to support this transition, the report relays. Among the priority areas identified are ship repair, technology, agriculture and infrastructure, the report discloses. Williams also stressed the need to diversify the country's energy mix to lower high energy costs, which she says continue to hurt competitiveness, widen the trade deficit and pressure the balance of payments, the report notes. However, she maintains that meaningful expansion in these sectors will depend on greater private sector participation, noting that the government cannot do it alone, 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. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. 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 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== FIDEICOMISO IRREVOCABLE CIB/4323: S&P Withdraws CCC on Sec. Notes ----------------------------------------------------------------- S&P Global Ratings withdrew its 'CCC (sf)' long-term global scale rating on Fideicomiso Irrevocable De Emision, Administracion Y Pago Número CIB/4323's senior secured notes due 2031 at the issuer's request. At the time of the withdrawal, the rating was on CreditWatch, where S&P had placed it with negative implications on Sept. 19, 2025. The previous rating reflected the observed performance of the securitized property, which has been negatively affected by a delayed Dreams Hotel opening and the Vivid Hotel operating with average daily rates (ADRs) significantly below initial estimates. S&P said, "This led Murano to miss scheduled interest payments in September 2025. The CreditWatch with negative implications reflected the uncertainty associated with the hotel's performance, which ultimately affects our view of the property's valuation and potential recovery to noteholders, as well as Murano`s announcement of its efforts to renegotiate the terms of the senior notes with creditors. The CreditWatch also reflected the fact that we may have considered such negotiations as a stressed restructuring, given the current performance issues at the asset, as well as Murano's financial pressures." KUO SAB: S&P Withdraws 'BB' LongTerm Issuer Credit Rating --------------------------------------------------------- S&P Global Ratings withdrew its 'BB' long-term global scale issuer credit rating on KUO S.A.B. de C.V. at the issuer's request. The outlook was stable at the time of withdrawal. On Sept. 29, 2025, the company repaid fully its $450 million senior unsecured notes due 2027, mostly with proceeds from long-term bank loans. As a result, S&P didn't have an issue-level rating at the time of the withdrawal. ===================== P U E R T O R I C O ===================== ANCARLO BROTHERS: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: Ancarlo Brothers Inc. Road 866 KM 3.4 Sabana Seca Ward Toa Baja, PR 00950 Business Description: Ancarlo Brothers owns a 20,791.76-square-meter parcel of land located at Road 866, Km 3.4, Sabana Seca Ward, Toa Baja, PR, with a comparable sales value estimated at $1.43 million. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-00423 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. PO Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 Fax: (787) 793-1004 E-mail: nlandrau@landraulaw.com Total Assets: $1,433,490 Total Liabilities: $1,303,440 The petition was signed by Javier Eladio Lopez Quinones. The Debtor identified Juan A. Ortiz Martinez, PO Box 360764, San Juan, Puerto Rico 00936, as its only unsecured creditor, holding an unliquidated $1 claim related to a state court complaint. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A5YKVLA/ANCARLO_BROTHERS_INC__prbke-26-00423__0001.0.pdf?mcid=tGE4TAMA ANGEL M DIAZ: Counsel's Conflict of Interest to be Heard in April ----------------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico ordered that the hearing to confirm Angel M Diaz Rivera and Yvonne Suarez's Chapter 11 Subchapter V Plan scheduled for February 24, 2026, is continued without a date pending a decision on whether debtor's counsel has failed to disclose a conflict of interest, which is scheduled for an evidentiary hearing on April 6, 2026. A copy the Court's Order dated February 6, 2026, is available at https://urlcurt.com/u?l=uzvXHs from PacerMonitor.com. Angel M. Diaz Rivera and Yvonne Suarez filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 25-04610) on October 10, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Jesus Batista Sanchez, Esq. ============= U R U G U A Y ============= CONSORCIO DEL URUGUAY: Moody's Alters Outlook on 'Ba2' CFR to Pos. ------------------------------------------------------------------ Moody's Ratings has affirmed Consorcio del Uruguay S.A.'s (Consorcio) long-term Corporate Family Rating of Ba2. The outlook on the rating was changed to positive from stable. RATINGS RATIONALE In affirming Consorcio's Ba2 CFR, Moody's recognizes the company's long-track record of recurring profitability, low problem loan ratios, and adequate capitalization, despite its small size and monoline business model. The Ba2 CFR also considers the long-term stability of the company's funding, which mitigates liquidity risk throughout economic cycles. Consorcio is restricted from offering products and services in addition to its operation as a regulated monoline company, focused on providing specialized administration of savings plans to low- and middle-income individuals. In this context, although Consorcio is the sole provider of this product in Uruguay, it still faces competitive pressure from banks and other finance companies that offer consumer loans to households. Over the past 10 years, Consorcio has consistently reported low problem loan ratios, reflecting its mutualized lending framework that minimizes client default risk. Additionally, the company requires substantial collateral from clients before granting cash awards, a further protection against credit losses. As of September 2025, the ratio of problem loans to gross loans stood at 0.68%, down from 0.92% the previous year. Profitability has improved in 2024 and 2025, reaching 3.23% of net income to average managed assets ratio in September 2025, up from 3.08% a year earlier, benefiting from higher fee income associated with a new group of savings plans. Most of its revenues derive from administrative fees deducted from clients' savings plan installment payments, with very small exposure to foreign currency, which significantly reduces the effect of foreign exchange fluctuation in earnings. The company maintains a comfortable capital position relative to minimum regulatory requirements, with a tangible common equity (TCE) to total assets ratio of 15.99% in September 2025, up from 15.25% the previous year. Consorcio's stable access to long-term savings plans serves as a consistent funding source, mitigating funding and liquidity risks. Clients are contractually restricted from withdrawing their savings unless they receive financial awards, a policy supported by internal guidelines. This structure not only ensures low liquidity risk but also enables Consorcio to offer financial resources as an alternative to bank loans. The positive outlook reflects Moody's views of improving operation conditions for Uruguayan financial institutions in 2026, consistent with low inflation, easing monetary policy and a strong labor market, all which will likely strengthen households' credit demand and the company's risk appetite, supporting business volume. The combination of a more supportive risk conditions along with the consistent good performance of its financial profile underpin the outlook change to positive from stable. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Consorcio's rating could experience upward pressure from a sustainable improvement in the operating environment that would support credit demand from households for its core product. Additionally, an upgrade may occur if Consorcio continues to report levels of problem loans and capital in line with historical averages, as it expands the amount of new savings plans within its core business, which would demonstrate the company's competitive position in Uruguay. Conversely, the rating could be negatively impacted by a deterioration in earnings generation capacity, asset quality, capitalization, as the company is not able to enhance market position on an increase of banks' penetration in the credit market in Uruguay over the next years. The principal methodology used in this rating was Finance Companies published in July 2024. Consorcio's "Assigned Standalone Assessment" adjusted score of ba2 is set four notches below the "Financial Profile Score" of Baa1 to reflect inherent risks in the company's industry segment, which are consistent with exposure to riskier demographic segments, limited pricing power due to competition from traditional loans, and a strict monoline operation that results in lack of revenue diversification. ********* 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 * * *