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/raid1/www/Hosts/bankrupt/TCRLA_Public/131122.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, November 22, 2013, Vol. 14, No. 232 Headlines A R G E N T I N A INVESTIS ASSET: Moody's Assigns Bond Fund Rating to 8 Bonds B A R B A D O S * BARBADOS: S&P Lowers Rating to 'BB-'; Outlook Negative B R A Z I L FIBRIA: Moody's Says Land Sale is Credit Pos.; Reduces Debt C A Y M A N I S L A N D S BRASCAN REAL: Creditors' Proofs of Debt Due Dec. 4 BROADMEAD LIMITED: Creditors' Proofs of Debt Due Dec. 3 CASHMERE HOLDINGS: Creditors' Proofs of Debt Due Dec. 3 CORNERSTONE PROTECTOR: Creditors' Proofs of Debt Due Nov. 26 FOISON ASIA: Creditors' Proofs of Debt Due Nov. 26 HIGHMARK HOLDINGS: Creditors' Proofs of Debt Due Dec. 3 MAXIM HIGH: Creditors' Proofs of Debt Due Dec. 4 MERGER ARB: Creditors' Proofs of Debt Due Nov. 28 MORNINGSIDE PARK: Creditors' Proofs of Debt Due Dec. 4 NELSON RE: Creditors' Proofs of Debt Due Dec. 5 PARNASSUS LIMITED: Creditors' Proofs of Debt Due Dec. 3 PEM LTD: Placed Under Voluntary Wind-Up TRITON 100: Creditors' Proofs of Debt Due Nov. 26 VISIUM LONG: Creditors' Proofs of Debt Due Dec. 4 WINDMILL CAPITAL: Creditors' Proofs of Debt Due Nov. 26 C O S T A R I C A * COSTA RICA: To Get US$450MM Loan for Road, Port Infrastructure J A M A I C A C2W MUSIC: Incurs US$166,000++ Losses, Spends Without Earnings NATIONAL COMMERCIAL BANK: 2013 Net Profit Drops 14.9% to JM$8.5BB U R U G U A Y * URUGUAY: IDB Approves US$5MM Loan for Environmental Management - - - - - ================= A R G E N T I N A ================= INVESTIS ASSET: Moody's Assigns Bond Fund Rating to 8 Bonds ----------------------------------------------------------- Moody's Investors Services has assigned initial global and national scale bond fund ratings to eight fixed-income funds managed by INVESTIS ASSET MANAGEMENT SA SGFCI in Argentina. The global scale and national scale ratings assigned are as follows: - Compass Ahorro; rating B-bf / A-bf.ar. - Compass Opportunity; rating B-bf / Aa-bf.ar. - Compass Renta Fija II; rating B-bf / Aa-bf.ar. - Compass Renta Fija III; rating B-bf / A-bf.ar. - Compass Renta Fija; rating Ba-bf / Aaa-bf.ar. - Compass Pymes Argentina; rating B-bf / A-bf.ar. - Desarrollo Argentino I; rating B-bf / Baa-bf.ar. - Desarrollo Argentino II; rating B-bf / Baa-bf.ar. Ratings Rationale: "The fund ratings are based on Moody's evaluation of each of the fund's historical composition and the expectation that the asset manager will continue to maintain maturity-adjusted weighted average credit quality profile in a similar manner. Looking at the funds' histories, their maturity-adjusted weighted average credit quality profiles are comparable to those of similarly rated peers." said Moody's lead analyst Carlos de Nevares. Investis Asset Management SA SGFCI, is a moderate sized asset manager in the Argentinean mutual fund Industry with 6,85% of market share. As of September 2013, INVESTIS ASSET MANAGEMENT SA SGFCI, managed approximately AR$4.556 million in Assets under Management (AUM). =============== B A R B A D O S =============== * BARBADOS: S&P Lowers Rating to 'BB-'; Outlook Negative -------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term rating on Barbados to 'BB-' from 'BB+' and affirmed the short-term rating at 'B'. The rating outlook is negative. RATIONALE The downgrade reflects the mounting external pressures associated with a persistent current account deficit and external financing challenges, as well as the ongoing high fiscal deficit largely because of a substantial fall in government revenues as a result of the weak economy. The twin deficits have strained the country's international reserves. They have fallen significantly over the past six months to below the monetary base, reserve coverage of which S&P generally views as important in supporting a pegged currency. On a gross basis, the international reserves cover nearly two months of current account payments, down from more than three months as of year-end 2012. As a result of the large fiscal deficits, S&P expects the net general government debt burden to rise to above 70% of GDP in fiscal 2013 (ending March 2014) from 67% in fiscal 2012 and 60% in fiscal 2011. Barbados uses more than 13% of general government revenues to pay interest on its debt (excluding the interest that the government pays on debt held by the National Insurance Scheme [NIS]). Barbados' economic fundamentals continue to weaken, reflecting competitiveness and other structural shortcomings, as well as an only slowly recovering global economy. Results for the first nine months of 2013 show that Barbados has fallen back into recession after a very weak recovery in 2010-2012, and real GDP per capita has declined on average. S&P expects real GDP per capita to decline by about 0.9% in 2013 but to rise in 2014 and move above 1% in 2015 thanks to tourism and construction (in both the private and public sectors). With a slow recovery, unemployment will likely remain high, after reaching 11.6% in 2012. Including NIS surpluses (estimated at 2.6% of GDP in 2012), the general government deficit rose to 5.4% of GDP in fiscal 2012 from 1.8% in fiscal 2011. S&P expects the deficit to edge up to 5.8% in 2013, as a result of the recession, before gradually falling over the next three years. However, there are risks because of the sluggish outlook for the country's main economic sectors, its high unemployment, and both the need to reduce deficits and potential spending pressures. The country has a stable, predictable, and mature political system, which benefits from consensus on major economic and social issues, including support from the private sector and trade unions for the government's ongoing fiscal and structural adjustment program. OUTLOOK The negative outlook reflects the potential for a downgrade over the next year if investment and growth prospects fail to strengthen and external and fiscal pressures continue to complicate financing. S&P could revise the outlook to stable if the government is able to adopt measures that significantly reduce fiscal deficits, leading to declining debt and interest burdens, which would lower external pressures as well. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. RATINGS LIST Downgraded; Ratings Affirmed; Outlook Negative To From Barbados Sovereign Credit Rating BB-/Negative/B BB+/Negative/B Downgraded To From Barbados Transfer & Convertibility Assessment BB- BBB- Senior Unsecured long term BB- BB+ Affirmed Barbados Senior Unsecured short term =========== B R A Z I L =========== FIBRIA: Moody's Says Land Sale is Credit Pos.; Reduces Debt ------------------------------------------------------------- Moody's commented on Nov. 19 that Fibria's announced land sale for a total transaction value of BRL 1.65 billion (about USD 708.5 million), is credit positive as it will improve the company's liquidity profile and could potentially reduce absolute debt levels. Out of the total proceeds, Fibria will receive BRL 1.4 billion by the end of 2013, and the remaining BRL 250 million will be received in three installments in a period of 21 years, subject to land price appreciation. At this point, the company's ratings remain unchanged given Moody's belief that adjusted leverage ratios will not differ materially from Moody's previous expectations in the short to medium term, which is already incorporated in the Ba1 ratings and positive outlook. ========================== C A Y M A N I S L A N D S ========================== BRASCAN REAL: Creditors' Proofs of Debt Due Dec. 4 -------------------------------------------------- The creditors of Brascan Real Estate CDO 2004-1, Ltd are required to file their proofs of debt by Dec. 4, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 9, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 BROADMEAD LIMITED: Creditors' Proofs of Debt Due Dec. 3 ------------------------------------------------------- The creditors of Broadmead Limited are required to file their proofs of debt by Dec. 3, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 22, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands CASHMERE HOLDINGS: Creditors' Proofs of Debt Due Dec. 3 ------------------------------------------------------- The creditors of Cashmere Holdings Limited are required to file their proofs of debt by Dec. 3, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 22, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands CORNERSTONE PROTECTOR: Creditors' Proofs of Debt Due Nov. 26 ------------------------------------------------------------ The creditors of Cornerstone Protector Limited are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 5, 2013. The company's liquidator is: Andrea Williams c/o UBS Fund Services, PO Box 852 Grand Cayman KY1-1103 Cayman Islands Telephone: +1 (345) 914 1000 Facsimile: +1 (345) 914 4060 FOISON ASIA: Creditors' Proofs of Debt Due Nov. 26 -------------------------------------------------- The creditors of Foison Asia Fund are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 22, 2013. The company's liquidator is: Gene Dacosta Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HIGHMARK HOLDINGS: Creditors' Proofs of Debt Due Dec. 3 ------------------------------------------------------- The creditors of Highmark Holdings Limited are required to file their proofs of debt by Dec. 3, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 22, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands MAXIM HIGH: Creditors' Proofs of Debt Due Dec. 4 ------------------------------------------------ The creditors of Maxim High Grade CDO I, Ltd are required to file their proofs of debt by Dec. 4, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 21, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 MERGER ARB: Creditors' Proofs of Debt Due Nov. 28 ------------------------------------------------- The creditors of Merger ARB Capital are required to file their proofs of debt by Nov. 28, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 23, 2013. The company's liquidator is: Rolf Kung IFIT Fund Services (Cayman) Ltd. Voltastrasse 61 PO Box 2520 CH-8033 Zurich Switzerland Telephone: +41 44 366 4016 Facsimile: +41 44 366 4039 MORNINGSIDE PARK: Creditors' Proofs of Debt Due Dec. 4 ------------------------------------------------------ The creditors of Morningside Park CLO, Ltd. are required to file their proofs of debt by Dec. 4, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 21, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 NELSON RE: Creditors' Proofs of Debt Due Dec. 5 ----------------------------------------------- The creditors of Nelson Re Ltd. are required to file their proofs of debt by Dec. 5, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 18, 2013. The company's liquidators are: Dena Thompson Laura McLaughlin Name: Dena Thompson and Laura McLaughlin P.O. Box 10233 171 Elgin Avenue, George Town Willow House, 3rd Floor, Cricket Square Grand Cayman KY1 -1002 Cayman Islands Telephone: 914-2264 Facsimile: 949-6021 PARNASSUS LIMITED: Creditors' Proofs of Debt Due Dec. 3 ------------------------------------------------------- The creditors of Parnassus Limited are required to file their proofs of debt by Dec. 3, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 22, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands PEM LTD: Placed Under Voluntary Wind-Up --------------------------------------- At an extraordinary general meeting held on Sept. 22, 2013, the shareholders of Pem Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Raymond E. Whittaker FCM LTD. Governor's Square Ground Floor, West Bay Road P.O. Box 1982 Grand Cayman KY-1104 Cayman Islands TRITON 100: Creditors' Proofs of Debt Due Nov. 26 ------------------------------------------------- The creditors of Triton 100 Ltd are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 23, 2013. The company's liquidator is: Gene Dacosta Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands VISIUM LONG: Creditors' Proofs of Debt Due Dec. 4 ------------------------------------------------ The creditors of Visium Long Bias Offshore Fund Ltd are required to file their proofs of debt by Dec. 4, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 22, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 WINDMILL CAPITAL: Creditors' Proofs of Debt Due Nov. 26 ------------------------------------------------------- The creditors of Windmill Capital LLC are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 5, 2013. The company's liquidator is: Andrea Williams c/o UBS Fund Services, PO Box 852 Grand Cayman KY1-1103 Cayman Islands Telephone: +1 (345) 914 1000 Facsimile: +1 (345) 914 4060 =================== C O S T A R I C A =================== * COSTA RICA: To Get US$450MM Loan for Road, Port Infrastructure ---------------------------------------------------------------- Costa Rica will upgrade its road and port infrastructure, improving the movement of persons and goods and strengthening trade and regional integration with a US$400 million loan from the Inter-American Development Bank (IDB) and a US$50 million loan from the China Co-financing Fund for Latin America. The project will repair or pave up to 110 kilometers of the national road network, widen 51 kilometers of roads from two to four lanes, and build or repair 19 bridges and nearly 400 meters of breakwater in ports. These measures are expected to help reduce vehicle operations by 7 percent and travel time by 28 percent. In addition, the improvements to roads and bridges are expected to help communities throughout the country to transport their products at lower cost and more efficiently to domestic and foreign markets. Better transformation infrastructure also will help Costa Ricans access social services by allowing them to reach health, education and other government facilities more easily and in timely fashion. Another part of the project is the Puerto Caldera master plan and the rehabilitation and reinforcement of the port's breakwater, which should extend its useful life by around 50 years. Also included is the rebuilding and expansion of ferry terminals and piers in the Gulf of Nicoya, including Puntarenas (Barrio El Carmen), Paquera, and Playa Naranjo. The US$400 million IDB loan is for a 24-year term, with a 6-1/2- year grace period and at a LIBOR-based interest rate ============= J A M A I C A ============= C2W MUSIC: Incurs US$166,000++ Losses, Spends Without Earnings -------------------------------------------------------------- RJR News reports that C2W Music has released information showing it racked up losses of more than US$166,000 as it continues to spend without earning. Earnings for the quarter were zero, with the company indicating that in its business such a situation pervades as it awaits the collection of royalties on copyrights, according to RJR News. The report relates that the lack of earnings has also affected C2W's cash position, with it reporting just over US$1,600 left to conduct its operation. NATIONAL COMMERCIAL BANK: 2013 Net Profit Drops 14.9% to JM$8.5BB ----------------------------------------------------------------- National Commercial Bank Jamaica Limited (NCB) disclosed unaudited financial results for the financial year ended September 30, 2013 at its recent Investors' Briefing held at the Bank's Wellness & Recreation Centre. In reviewing the Group's performance highlights, Group Finance and Deputy Managing Director, Dennis Cohen, spoke to the diversity of income streams coming from seven key businesses (Retail & SME, Treasury, NCB Capital Markets, NCB Insurance, Corporate Banking, Payment Services and Advantage General Insurance Company Limited (AGIC)), which offset the fallouts evidenced in some areas. He also spoke to the asset and equity growth that continues to be the highest in the market. Despite, the falloff, the key leading business indicators, showed the future to be encouraging. For the reporting period NCB had 17.7% growth in asset driven by growth in its loan portfolio with year-over-year stockholders' equity growth of 9.2%. Capital adequacy for NCBJ of 12.6%; capital to risk weighted assets ratio (risk assessed assets as a percentage of qualifying capital) for NCB Capital Markets Limited of 20.9%; solvency ratio for NCBIC of 36.3%; and, Minimum Capital Test (MCT) for AGIC of 251.7% . The Group posted net profit of JM$8.5 billion, a decrease of 14.9%, or JM$1.5 billion when compared with the year ended September 30, 2012; this reportedly being as a result of one off impacts from national debt exchange, private debt exchange, IPO related expenses and staff redundancy costs. Operating income however, increased by 9.9%, or JM$3.4 billion, when compared with the same period, as did the Group's net loan portfolio which grew by 26.1%, or JM$29.2 billion. "We have engaged in a transformation of our business model and that is why we are excited about for our prospects," Hylton said. "We are not only transforming NCB, the way we serve our customers and improving our efficiency, but we are transforming the way banking is done in Jamaica." NCB recently retrofitted the 1-7 Knutsford Boulevard branch to deliver the ultimate customer experience, while combining security, ease and convenience. Aptly called 'Bank on the Go', this is the first in a series of reconfigurations being piloted by NCB. Customers were surprised on Monday, November 11, 2013 as they had a firsthand experience of the retrofitted area, which is accessible 24 hours daily. In using these alternate electronic channels, customers will be able to save money and time. Hylton said that, "Imperatively, going forward we will be focusing on our people; ensuring that we expand their mindsets and capabilities so that they are better able to execute on strategies and opportunities, so that we obtain optimum positioning in the region." * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2013, Standard & Poor's Ratings Services raised its issuer credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to 'B-/B' from 'CCC+/C'. The upgrade follows Jamaica's entrance into an IMF (International Monetary Fund) program, which along with additional external funding from other multilateral lenders, improved the country's external liquidity and bolstered investor confidence. S&P removed the ratings on the bank from the CreditWatch negative and assigned a stable outlook. NCBJ's 'b' stand-alone credit profile (SACP) remains unchanged. ============= U R U G U A Y ============= * URUGUAY: IDB Approves US$5MM Loan for Environmental Management ---------------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a loan for US$5 million to support the development and strengthening of environmental management in Uruguay by improving administrative operations of the Ministry of Housing, Land Use Planning, and Environment DINAMA). Uruguay's National Environment Directorate will have technical responsibility for the program, which will improve the ministry's capacity to evaluate possible environmental impacts of large-scale investment programs prior to entering the authorization system. The program also will also develop clearer rules for the private sector and more systemic and efficient procedures for the public sector in order to reduce paperwork, lower costs, and increase the quality of assessments and environmental controls. Financing will be provided for equipment to strengthen the laboratory capacity of DINAMA through technologies to automate the processing of samples and equipment, as well as for software and technical assistance to implement the second phase of environmental information system. Expected outcomes include a 20 percent reduction in the time needed to authorize large projects, a 30 percent reduction in authorization time for other projects, a 100 percent increase in the number of subjects addressed by environmental controls, and a 40 percent reduction in nitrogen and phosphorus loads discharged into the Santa Lucia River Basin from existing industrial point sources. The IDB loan for US$5 million has a term of 25 years, a 5-1/2 year grace period, and an interest rate based on LIBOR. The local counterpart contribution totals US$2 million. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** 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, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. 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 or Nina Novak at 202-241-8200. * * * End of Transmission * * *