/raid1/www/Hosts/bankrupt/TCRLA_Public/200401.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, April 1, 2020, Vol. 21, No. 66

                           Headlines



B A R B A D O S

BARBADOS: Boosts Construction as it Prepares for COVID-19 Fight


B E R M U D A

WEATHERFORD INT'L: Moody's Cuts CFR to B2 & Alters Outlook to Neg.


B R A Z I L

JALLES MACHADO: Fitch Affirms BB- LT IDRs, Outlook Stable


C O S T A   R I C A

COSTA RICA: S&P Affirms 'B+' Sovereign Credit Rating, Outlook Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Idoppril OKs Release of US$264.2MM
DOMINICAN REPUBLIC: Not Time for Layoffs, Time to Balance Load


E C U A D O R

ECUADOR SOCIAL BOND: S&P Lowers Class B Notes Rating to CCC-


J A M A I C A

JAMAICA: Finance Minister to Table Fiscal Council Bill
JAMAICA: Third Supplementary Estimates of Expenditure Approved


P U E R T O   R I C O

DEL MAR ENTERPRISES: Court Confirms Chapter 11 Plan
WESTERN HOST: May 27 Hearing on Disclosure Statement Set


S T .   K I T T S   A N D   N E V I S

ST KITTS & NEVIS: Closes Borders; Records First COVID-19 Cases

                           - - - - -


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B A R B A D O S
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BARBADOS: Boosts Construction as it Prepares for COVID-19 Fight
---------------------------------------------------------------
Trinidad Express reports that Barbados Prime Minister Mia Mottley
said she expects construction work to start on the long-delayed
Hyatt hotel in Bridgetown in May, a year after it was originally
scheduled to open.

Barbados Today reported that plans for the proposed Hyatt which had
an original start date of 2016 to open in 2019 under the brand
Hyatt Centric, had since been changed to have more rooms and
condominiums and it will now carry the brand name Hyatt Ziva,
according to Trinidad Express.

Prime Minister Mia Mottley made the disclosure as she outlined a
number of projects she was hoping to get started or fast-tracked so
that the economy would not experience any major fallout from
unemployment as a result of the threatening COVID-19, the report
notes.

In addition, Mottley said authorities are hoping that a number of
private sector projects will pick up pace in coming months, and the
agriculture sector would get renewed life, the report discloses.

Mottley said following meetings with the International Monetary
Fund (IMF) by the end of March, she was hoping to get a
"relaxation" on the targets under the four-year Barbados Economic
Recovery and Transformation program, and a stand-by "precautionary"
financing facility, the report relates.

This, Barbados Today reported, would allow her 22-month-old
administration to "move quicker" on other capital projects,
including road works, that would have otherwise not been
accommodated, the report notes.

"These are things we wanted to do long time but we could only inch
[along] because of the fiscal space that we have. Hopefully, this
will give us an opportunity now to do other things," the report
quoted Mr. Mottley as saying.

"The Hyatt is likely to start within this period. In fact, the
earthwork should start within the next two months or so including
the destruction of the building," Mottley announced, the report
relates.

The controversial Hyatt project, which is expected to cost over
US$100 million, had been on hold for several years after the
developers came up against strong objections, the report
discloses.

In addition to the Hyatt, Mottley said there were several others,
some of which have already started, the report notes.

She singled out the planned refurbishment of the golf course and
building of new villas at Apes Hill Polo Club, and the old Caribee
Hotel, which is to be taken over by an Indigo hotel brand, saying
the town planning process was completed and they are "almost ready"
to start, the report discloses.

She also reported that permission had been granted for the
construction of the planned Royalton Sunwing hotel brand on the
site of the old Discovery Bay Hotel, adding that "they are hoping
to start by June," the report discloses.

Mottley said the Crane Hotel in St Philip had already started its
upgrade with another 50 rooms, and the Wyndham Grand Sam Lord's
Castle project in the same parish, had two-thirds more of the
building to be completed, the report says.

In addition, Sandals Barbados was adding another 66 rooms that
should be completed by November this year, and Sagicor's senior
living community The Estates at St George, should see increased
construction activities in late April, the report notes.

At the same time, Mottley announced that Government's housing
program was "likely" to get off the ground fully in the next three
months, the report relates.

She said Government had identified an initial 1,580 house lots and
there will be another 200 acres from "planning gains," the report
notes.

Stating that the land space for housing did not cost Government,
Mottley said the intention was to "cap the land prices"
particularly for those who are earning $4,000 or less in the public
and private sector, the report says.

"We are now working with the banks and financial institutions for
the kinds of mortgages," the report quoted Mr. Mottley as saying.

"We have a significant amount of projects to keep economic activity
in this country going," she added.

Mottley said she was not only relying on the construction sector
for that economic activity, citing the agriculture sector as
another area where projects have been identified, the report adds.



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B E R M U D A
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WEATHERFORD INT'L: Moody's Cuts CFR to B2 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded Weatherford International
Ltd.'s (Weatherford, a Bermuda incorporated entity) Corporate
Family Rating to B2 from B1, Probability of Default Rating to B2-PD
from B1-PD, senior secured ABL and letters of credit facilities to
Ba3 from Ba2 and senior unsecured notes to B3 from B2. The SGL-2
Speculative Grade Liquidity Rating was unchanged. The rating
outlook was changed to negative from stable.

"These negative actions reflect an expected sharp deterioration in
the oilfield services industry conditions following the oil price
collapse in early-2020 and the severe negative implications it will
have on Weatherford's earnings, cash flow and liquidity," commented
Sajjad Alam, Moody's Senior Analyst.

Issuer: Weatherford International Ltd. (Bermuda)

Ratings Downgraded:

Corporate Family Rating, Downgraded to B2 from B1

Probability of Default Rating, Downgraded to B2-PD from B1-PD

Gtd. Senior Secured First Lien ABL Revolving Credit Facility,
Downgraded to Ba3 (LGD2) from Ba2 (LGD2)

Gtd. Senior Secured First Lien Letter of Credit Facility,
Downgraded to Ba3 (LGD2) from Ba2 (LGD2)

Gtd. Senior Unsecured Notes, Downgraded to B3 (LGD4) from B2
(LGD4)

Ratings Unchanged:

Speculative Grade Liquidity Rating, Unchanged SGL-2

Outlook Actions:

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The oilfield
services sector will be one of the sectors most significantly
affected by the shock given its sensitivity to oil prices. More
specifically, the limited cushion in Weatherford's credit profile
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and the company remains
vulnerable to the outbreak continuing to spread and oil prices
remaining weak. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Despite the Company
expanding its cost savings targets, significantly lowering cash
interest in 2020, and having good liquidity, its action reflects
the impact of the breadth and severity of the oil demand and supply
shocks, and the broad deterioration in credit quality for
Weatherford.

Weatherford's SGL-2 rating reflects good liquidity through 2021,
supported by over $900 million of total liquidity, including $618
million of cash and up to $310 million of availability under its
$450 million ABL credit facility depending on the underlying
borrowing base. The $195 million LC facility had $90 million of
capacity at year end. The ABL and LC facilities will mature in June
2024, while the unsecured notes will mature in December 2024.
Moody's expects the company to generate negative free cash flow in
2020 and rely on its cash balance to cover the funding gap. The ABL
facility has a springing fixed charge coverage test of 1x, which is
triggered if ABL excess availability is less than the greater of
$50.625 million or 15% of the line cap, which is the lower of the
borrowing base or the commitment amount. The LC facility has one
financial covenant that requires a minimum liquidity of $200
million. Moody's expects Weatherford to meet these covenants
through 2021.

Weatherford's B2 CFR reflects its large scale, diversified, and
leading market position in several product categories, including
approximately 30% of revenue coming from the production segment;
broad geographic and customer diversification with approximately
70% of revenue coming from less volatile international markets; and
numerous patented products and technologies that are well-known and
widely used in the oilfield services (OFS) industry giving the
company some competitive advantage. The rating also reflects
Weatherford's lower debt burden and interest costs and improved
liquidity following its recapitalization. The B2 CFR is restrained
by Weatherford's weak interest coverage due to high interest rate
on its exit notes; potential execution risk surrounding its
expanded cost improvement efforts, and likely negative free cash
flow generation in 2020 in a highly competitive oilfield services
industry environment, particularly in North America.

The $2.1 billion senior unsecured notes are rated B3, one notch
below the CFR, because of the significant amount of priority-claim
secured credit facilities in Weatherford's capital structure. The
$450 million ABL facility and the $195 million LC facility are both
secured by a first-lien claim to Weatherford's assets and they are
rated Ba3.

The negative outlook reflects the likelihood of negative free cash
flow generation and reduced liquidity in 2020 as well as the
challenging industry landscape in light of the recent collapse in
crude oil prices.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Weatherford International Ltd. (Bermuda) is a wholly-owned
subsidiary of Weatherford International plc, which is incorporated
in Ireland, and is a diversified international company that
provides a wide range of services and equipment to the global oil
and gas industry.

Factors that would lead to an upgrade or downgrade of the ratings:

The CFR could be downgraded if leverage cannot be sustained below
6x, the company generates recurring negative free cash flow or the
cash balance dwindles below $200 million. The CFR could be upgraded
if Weatherford continues to make progress on its restructuring
initiatives, reduces financial leverage below 4x, and sustains
interest coverage above 2x in a stable to improving industry
environment.



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B R A Z I L
===========

JALLES MACHADO: Fitch Affirms BB- LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Jalles Machado S.A' s Long-term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'BB-' and its
Long-term National Scale Rating at 'A+(bra)'. At the same time,
Fitch has withdrawn Jalles Machado's IDRs for commercial reasons.
The Rating Outlook is Stable.

The affirmation of the ratings reflects Fitch's expectations that
Jalles Machado will maintain an adequate financial profile during
the next two years, despite the expected depressed levels of sugar
and ethanol prices due to the impact of the coronavirus pandemic on
commodity prices. Although Fitch expects a reduction in cash flow
generation in fiscal 2021, the company's credit metrics will not be
materially affected, with comfortable liquidity and net adjusted
leverage below 2x during the next three years, which provides
substantial headroom under its rating category. Fitch did not
incorporate in the base case scenario any major short-term
disruption to Jalles Machado's operations caused by coronavirus and
expects harvesting and selling activities to remain unaffected.

Jalles Machado's rating also incorporate the company's strong
business model relative to its peers that will allow it to
partially offset the impacts of lower sugar and ethanol prices on
its cash flows. While Jalles Machado's own sugar cane origination
is a disadvantage during times of depressed commodity prices
compared with issuers with a more balanced sugar cane origination
mix, Fitch expects its low-cost cash structure, high presence of
high value added products in the mix and above 100% theoretical
capacity utilization to attenuate such impacts on its cash flows.
The classification considers that Jalles Machado will maximize
sugar production in fiscal 2021, thus benefiting from the currently
attractive sugar price hedges and high premiums offered by organic
sugar over raw sugar in the next crop season beginning April 1,
2020. Low land lease costs and the presence of fiscal incentives
also benefit the company's business model.

The ratings were withdrawn for commercial purposes.

KEY RATING DRIVERS

Deteriorating Operating Environment: Fitch expects limited impact
for Brazilian sugar and ethanol (S&E) producers' cash flows during
fiscal 2021, despite the sharp reduction in oil prices and the
direct impact on ethanol prices, as efficient hedging strategies
for sugar will attenuate part of the reduction in ethanol business'
cash flow. Cash flow of companies with higher presence of ethanol
in the mix will be more pressured during this year and the speed of
recovery will depend on how fast oil prices increase again.
Petrobras sets prices for gasoline, a substitute for hydrous
ethanol, according to the prevailing import price of oil.

Sugar prices have also been largely impacted and implications could
be magnified in the 2021/2022 crop season if producers divert a
larger share of sugar cane harvest to sugar instead of ethanol,
creating excess sugar supply. As the world's largest sugar
exporter, Brazil has the ability to increase global sugar supply
quite quickly, which could depress international prices. Fitch
forecasts average sugar prices of USD12.5 cents/pound in 2020 and
2021, including polarization premium for Brazilian sugar, and
average Brent crude prices of USD45/barrel.

Limited Decline in Cash Flow in FY21: Fitch projects Jalles
Machado's EBITDAR of BRL597 million in FY21 and BRL634 million in
FY22, with about 73% margin. These numbers compared unfavorably
with BRL705 million and a 75.9% margin, respectively, expected for
FY20. In Fitch's opinion, Jalles Machado's portfolio of premium
products, strong operating performance and product flexibility will
largely attenuate the impacts on its cash flows caused by depressed
sugar and ethanol prices in fiscal 2021 on the back of the
coronavirus outbreak. Jalles Machado will cushion most of the
impact of depressed prices on margins due to its product
flexibility and focus on high value added products. Base case
projections incorporate the company to divert 55% of all sucrose
into sugar in fiscal 2021, while selling relatively large volumes
of retail white and organic sugar at attractive premiums, the
latter estimated at 1.7 million bags as from FY20. Fitch also
expects Jalles Machado to report high agricultural yields, in line
with historical average, and to crush around 4.9 million tons of
sugar cane during the 2020/2021 crop season, slightly below the
record high of 5.1 million tons of crushed sugar cane in
2019/2020.

Fitch forecasts Jalles Machado will report slightly negative FCF
over the next three years, at an average of BRL25 million.
Projections incorporate annual investments of about BRL420 million,
including investments in crop care and renewal of cane fields.
However, Fitch anticipates the company has some flexibility to
reduce investments if necessary to annual levels below BRL390
million.

Strong Business Model: Jalles Machado has a strong business model
that allows the company to operate with a low cash cost structure,
largely offseting the impacts of low sugar and ethanol prices on
its cash flows. Fitch estimates the company will close FY20 with
cash costs including maintenance investments of USD11 cents/pound,
some USD3 cents/pound below industry average. High operating
margins also reflect the fiscal incentives provided by the State of
Goias on the sale of sugar and ethanol. On top of receiving state
fiscal tax rebates, leased-land costs are lower when compared with
Sao Paulo. In addition, the warmer climate of the state and the use
of irrigation benefits agricultural yields. Jalles Machado offers a
differentiated product portfolio, including the sale of branded
organic and crystal sugar, which command large premiums compared
with Very High Polarizaton (VHP) sugar. Product mix also includes
sale of hydrous, anhydrous, industrial ethanol, sanitizers and dry
yeast. The company has good flexibility to switch production
between sugar and ethanol, according to prevailing commodity
prices.

Moderate Leverage: Fitch expects Jalles Machado to report net
adjusted leverage at around 1.7x in fiscal 2020 and 1.9x on average
as from fiscal 2021, favorably comparing with 2.1x in fiscal 2019.
As of Dec. 31, 2019, consolidated adjusted debt was BRL1.4 billion,
including obligations related to land lease, of which U.S.
dollar-denominated debt accounted for 17%. FX risk is well managed
as about 25% of revenues come from exported organic sugar and
principal and interest payments up to 2025/2026 are protected
through a combination of U.S. dollar-denominated assets and
derivatives. Historically, Jalles Machado has good access to
long-term financing both in the domestic banking and capital
markets on an unsecured basis.

High Industry Risks: The Brazilian S&E industry is characterized by
intense price volatility and below average access to liquidity.
International sugar prices are highly volatile and can fall below
the marginal cash cost of Brazil's lowest cost producers. Price
volatility and the industry's capital intensive nature can lead to
negative FCF and erode liquidity positions across the board. Price
volatility is also present in the Brazilian ethanol market
following Petrobras's fuel policy of setting domestic gasoline
prices on a daily basis. S&E companies' performance is also
affected by weather conditions and their impact on yields and cost
dilution. Other risks include FX exposure as part of the industry's
revenues and debt are U.S. dollar-denominated.

ESG Influence: Jalles Machado has an ESG Relevance Score of '4' for
GGV - Governance Structure, as the company has key person risk and
limited board independence through family ownership. Jalles Machado
also has an ESG Relevance Score of '4' for GST - Group Structure
due significant raw material dependence on related party, like land
lease expenses to related parties and shareholders. Both factors
have a negative impact on the credit profile, and are relevant to
the rating in conjunction with other factors.

DERIVATION SUMMARY

Jalles Machado has a robust business model, with low cash cost
structure and differentiated product portfolio, which enables the
company to generate resilient cash flow from operations (CFFO) and
above-average operating margins in an industry characterized by
intense price volatility and performance exposure to weather
conditions. While access to liquidity in the industry is typically
scarce, Jalles Machado differentiates itself through its proven
track record and ability to access different sources of finance.

Jalles Machado's rating is two notches above Usina Santo Angelo
Ltda. (USA; A-[bra]/Stable) given its larger scale, better product
mix and superior financial flexibility. Despite Biosev S.A.
(BBB[bra]/Negative) position as one of Brazil's largest S&E
producers, the company has important challenges to improve
operating efficiency, and agricultural yields and cash cost are
weaker than Jalles Machado. Biosev also has a more leveraged
capital structure, with high debt maturities in 2021.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

  -- Crushed volumes of 5.1 million tons of sugar cane in fiscal
2020. Fitch assumes flat volumes 4.9 million tons as from fiscal
2021;

  -- The company will maximize sugar production at 55% of the
product mix over the next three years;

  -- Sugar prices for fiscal 2020 are based on currently hedged
positions. From FY21 on, Fitch forecasts 50% of sugar volumes
hedged at BRL1.300/ton and the remainder at prevailing market
prices of USD12.50 cents per pound including polarization premium
for Brazilian Sugar;

  -- Ethanol prices have been forecast to vary in tandem with a
combination of Brent crude prices and the Brazilian FX rate. Fitch
forecasts average Brent crude prices of USD41/bbl and USD48/bbl in
2020 and 2021, respectively, trending toward USD53/bbl by 2022.

  -- 100% of the mix comprised of own cane;

  -- Average investments of BRL420 million per year.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- An upgrade is unlikely in the medium term due to the limited
scope for meaningful increases in crushed volumes and depressed
sugar and ethanol prices expected for the 2020/21 crop season.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Net adjusted debt to EBITDAR above 3.0x on a sustainable
basis;

  -- Consistently negative FCF;

  -- Any signs of deterioration in financial flexibility.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch expects Jalles Machado to report cash and
short-term debt of BRL390 million and BRL170 million, respectively,
in fiscal year ended March 31, 2020, resulting in robust cash to
short-term debt coverage ratio of 2.3x. The maintenance of robust
cash position of BRL322 million in the third quarter of fiscal
2020, which exceeded short-term debt of BRL275 million, reflected
the company's positive FCF in the period. Fitch expects the company
to use its satisfactory refinancing capacity and flexibility to
reduce its capex to amortize part of debt maturities in FY21 and
FY22, when Fitch expects a total aggregate amount of over BRL600
million of debt maturities to fall due. Jalles Machado also has
good access to long-term financing in the domestic banking and
capital markets.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Jalles Machado's adjusted debt figures include lease-based
debt adjustment equivalent to a multiple of 5x the company's annual
land lease expenses;

  -- Net derivative balances have been added to Jalles Machado's
adjusted debt figures;

  -- Changes to the fair value of the company's biological assets
have been excluded from EBITDA calculations.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Jalles Machado has an ESG Relevance Score of '4' for GGV -
Governance Structure, as the company has key person risk and
limited board independence through family ownership. Jalles Machado
also has an ESG Relevance Score of '4' for GST - Group Structure
due significant raw material dependence on related party, like land
lease expenses to related parties and shareholders. Both factors
have a negative impact on the credit profile, and are relevant to
the rating in conjunction with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity(ies),
either due to their nature or the way in which they are being
managed by the entity(ies).



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C O S T A   R I C A
===================

COSTA RICA: S&P Affirms 'B+' Sovereign Credit Rating, Outlook Neg.
------------------------------------------------------------------
On March 26, 2020, S&P Global Ratings affirmed its 'B+' long-term
foreign currency and local currency sovereign credit ratings on
Costa Rica. The outlook on the long-term ratings remains negative.
At the same time, S&P affirmed its 'B' short-term sovereign
ratings. S&P also affirmed its 'BB' transfer and convertibility
assessment.

Outlook

The negative outlook indicates the possibility of a downgrade over
the coming 12 months should Costa Rica's political leadership fail
to demonstrate a more concerted, consistent, and timely commitment
to reverse projected fiscal deterioration. Such a failure could
imply weakness in the country's institutional response, in our
view, despite widespread checks and balances and Costa Rica's solid
democratic tradition.

S&P said, "We expect Costa Rica's fiscal profile to continue
weakening in 2020, given the hit to the economy amid the COVID-19
pandemic. Revenue is set to decline in 2020 given the contraction
in growth, besides any near-term, potentially more temporary, hit
because of Congress' recent temporary deferral of some taxes until
June. We project the general government deficit will rise toward 8%
of GDP this year and decline only slowly, toward 6%, over the next
two years as the economy recovers from contraction in 2020."

Signs of persistent, unchecked fiscal weakness or unwillingness by
the political leadership to implement corrective measures and
vigorously implement recent fiscal reform could further weaken
public finances. Combined with rigidities in debt management and an
already high level of sovereign debt denominated in foreign
currency, this would exacerbate the sovereign's vulnerability to
external and other shocks, supporting a downgrade.

Conversely, S&P could revise the outlook to stable over the same
period if the government is able to lower its fiscal deficit
sufficiently to gradually stabilize its debt burden, contain
interest costs, and undertake more flexible debt management to
reduce its exposure to potential adverse movements in interest
rates and the exchange rate. Such steps, along with a rebound in
economic growth, could boost investor confidence, sustain foreign
direct investment (FDI), and reduce the country's external
vulnerability.

Rationale

The ratings on Costa Rica reflect its long-established democracy,
which has brought political stability amid solid checks and
balances, and a generally prosperous economy and standards of
living compared with regional peers. However, amid persistent
fiscal slippage over the past decade--which led to a doubling of
government debt as a share of GDP--the political leadership's
policy response has not been proactive and timely.

In 2018, passage of long-debated fiscal reform aimed at curtailing
expenditure growth and bolstering revenue came on the heels of
pronounced financial pressure in the local capital market
throughout the year. This also underscored long-standing
vulnerabilities in the government's debt management procedures. The
government's reliance on external financing (from both commercial
and official creditors), given the limited size of local markets,
led to a sharp rise in Costa Rica's external indebtedness over the
past decade as well.

Despite solid FDI inflows that have generally covered the current
account deficit (CAD), vulnerabilities associated with external
debt and financing are key ratings weaknesses. Monetary policy
credibility and execution, in contrast, have benefited from an
inflation targeting regime, more exchange-rate flexibility, and
some decline and stabilization in the level of dollarization in the
financial system.

Institutional and economic profile: A strong democratic tradition
has supported a prosperous economy, but the country's track record
of addressing fiscal weakness is not timely

-- Costa Rica's stable political system and higher social
indicators compare positively with those of peers.

-- However, mixed signals in implementing the 2018 fiscal reform
underscore political challenges in redressing long-standing fiscal
weaknesses.

-- After contraction in 2020, S&P expects GDP growth to average
about 3% in 2021-2023.

S&P's assessment of Costa Rica's institutional effectiveness
reflects its strong democratic tradition of stable political
institutions, high social indicators, and overall predictable,
albeit slow, policymaking. The country's low poverty and low crime
compare positively with its Central American peers.

President Carlos Alvarado, from the Partido Accion Ciudadana,
presides over a fragmented Congress where his party holds only 10
out of 57 seats. While the passage of fiscal reform at the end of
2018 was an encouraging development, it also highlighted the slow
pace of reform in Costa Rica. The two previous administrations had
also sought to pass fiscal reform but were unable to do so given
the fragmented decision-making process in the country, which gives
even small numbers of opponents in Congress the ability to stall
approval. Similarly, Congress has repeatedly held back approval for
the government to issue external debt at times, forcing it to rely
on a small domestic market. Such political obstacles have weakened
debt management and reduced the government's financial
flexibility.

While the 2018 fiscal reform was an important step toward
addressing the country's large fiscal deficit, there have been
numerous objections to its coverage across the public sector, as
well as mixed signals from within the administration. While the
country's comptroller and attorney general have reinforced the need
to apply it across the broad public sector, there are likely court
cases aiming to undercut its wide-sweeping nature. Furthermore, an
unexpectedly poor fiscal outcome in 2019, along with the likely
impact of the pandemic in 2020, highlights the need for further
politically challenging steps to control the growth of spending,
especially on public-sector wages.

S&P said, "In 2020, we expect a 1.5% contraction in real GDP,
before a recovery in 2021. This reflects a strong hit to domestic
demand amid measures to combat COVID-19 internally and a drop in
tourism and goods exports due to the economic contraction in the
U.S. and global trading partners. We expect a rebound in 2021 to
about 3.7% and growth of 3% in 2022-2023." Persistently large
budget deficits will limit the government's ability to make
investments, especially in much-needed physical infrastructure,
limiting the ability of the economy to expand at a faster pace over
the coming years.

A rebound in U.S. growth at the end of 2020 and 2021 should sustain
a turnaround in Costa Rican exports and tourism earnings. S&P said,
"We expect tourism receipts to contract on balance this year, given
the authorities' steps to stem the COVID-19 pandemic within Costa
Rica, which have included closing its borders to international
travel, in addition to measures taken abroad. We believe the
country's overall good business climate will continue to support
steady FDI flows of about 3.5% of GDP, especially in life sciences,
digital technology, and services."

Flexibility and performance profile: Deteriorating fiscal
indicators and high external vulnerability remain prominent credit
weaknesses

-- Costa Rica's fiscal profile remains under pressure after
deficits and debt rose further in 2019, and it will come under
pressure again in 2020 amid economic contraction.

-- High external indebtedness presents a credit vulnerability
despite the steady FDI inflows that mostly finance the CAD.

-- The country's monetary policy credibility reflects inflation
targeting, more flexibility in the colon exchange-rate regime, and
some decline in dollarization.

Given S&P's expectations for fiscal deficits to average over 7% of
GDP in 2019-2020, net general government debt to exceed 60% of GDP,
and interest to revenue to exceed 15%, Costa Rica's fiscal profile
remains challenged. A history of difficult discussions in Congress
in authorizing external borrowing--especially from global capital
markets--highlights Costa Rica's vulnerabilities in securing
deficit financing.

Despite passage of fiscal reform in 2018, which included tax reform
effective in July 2019, Costa Rica's fiscal profile has continued
to deteriorate. S&P said, "The central government deficit rose to
7% of GDP in 2019, with our estimates for the general government
deficit a bit lower. We had projected that the fiscal reform, which
introduced a value-added tax in mid-2019 and other taxes, along
with measures to control expenditure, would help the sovereign to
reduce its general government deficit by approximately 2% of
projected GDP from 2019-2021 compared with the prereform scenario.
While we did not expect this to stabilize the debt burden, we also
did not foresee the jump in the fiscal deficit in 2019 or higher
increase in debt." This places the fiscal accounts on an even
weaker footing amid the COVID-19 pandemic.

S&P said, "We forecast the general government deficit will decline
toward 6% of GDP--still high--in 2023 (our definition of general
government includes the central bank, decentralized government
agencies, and social security). Accordingly, we project that the
change in net general government debt will average 6.8% of
GDP--also high--in 2020-2023."

Consistently high fiscal deficits have significantly increased the
country's debt burden and interest payments over the past decade.
S&P said, "In 2020, we expect the net general government debt will
represent about 62% of GDP, up from 27% in 2010, while interest
payments will reach 17% of general government revenue, up from 8%.
We project net general government debt will reach close to 70% of
GDP in 2023."

S&P said, "We expect the CAD to average 3.5% of GDP in 2020-2023,
partly reflecting the higher income deficit following projected
increases in interest payments on external debt. We expect Costa
Rica's trade deficit to average 6.5% of GDP during 2020-2023 and
rise toward 8% of GDP by the end of the period as the economy
recovers. The services balance is likely to remain in surplus, at
about 8% of GDP on average, thanks to a vibrant tourism sector
(which we expect will recover after the recent pandemic recedes).
Accordingly, we expect the sovereign's gross external financing
needs to hover around 103% of current account receipts and usable
reserves over the next three years, and for its narrow net external
debt to average 64% up to 2023."

Another vulnerability is the rising share of the government's debt
that is denominated in foreign currency. Such debt now accounts for
more than 40% of general government debt. An abrupt change in the
exchange rate could boost the sovereign's interest payments and
debt burden.

Dollarization of assets and liabilities in the financial system has
declined on balance over the past five to 10 years and poses less
of a constraint on the conduct of monetary policy than before. That
said, an unexpectedly sharp change in the exchange rate could
create asset quality problems in the financial system.
Dollarization also limits the central bank's ability to act as a
lender of last resort. Dollar-denominated loans from Costa Rica's
financial institutions are just below 40% of total loans to the
private sector, and some of that lending has gone to borrowers that
do not have dollar earnings or other forms of hedging currency
risk. The central bank's exchange-rate policy is managed-floating.

S&P said, "Given that the banks' assets-to-GDP ratio is about 100%
and that our Banking Industry Country Risk Assessment (BICRA) is
'7', we consider Costa Rica's contingent liabilities to be limited.
(BICRAs are grouped on a scale from '1' to '10', ranging from what
we view as the lowest-risk banking systems [group '1'] to the
highest-risk [group '10'].)"

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 committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

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. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed
  
  Costa Rica
   Sovereign Credit Rating      B+/Negative/B
   Transfer & Convertibility Assessment
   Local Currency               BB

  Costa Rica
   Senior Unsecured             B+




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Idoppril OKs Release of US$264.2MM
------------------------------------------------------
Dominican Today reports that the Dominican Occupational Risks
Prevention and Protection Institute (Idoppril) authorized the
release of RD$14.0 billion (US$264.2 million) from the
contributions of the Occupational Risk Insurance to finance an
Employee Solidarity Assistance Fund and for the response and
diagnosis in the detection and treatment of COVID-19.

Of the total, RD$12.0 billion will be earmarked for "the
constitution of the Solidarity Assistance Fund for Employees
(PHASE) to benefit formal workers, which will be managed and
administered by the Institute," said resolution 01-2020 of the
Idoppril Board of Directors, according to Dominican Today.

The remaining RD$2.0 billion will go for assistance to deal with
the coronavirus, but doesn’t provide give further details, the
report notes.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).

DOMINICAN REPUBLIC: Not Time for Layoffs, Time to Balance Load
--------------------------------------------------------------
The president of the Association of Industries of the Dominican
Republic (AIRD), Celso Juan Marranzini, said that, as long as
possible, it is not the time for layoffs due to the crisis that the
country is experiencing due to the coronavirus, but it is the time
to balance the load.

"In this sense, we value positively the support to employees who
have been suspended in formal companies that have been forced to
temporarily close their operations, by contributing RD$8,500 of
their salary, as well as those companies that have difficulties in
which In this case, up to RD$8,500 would also be contributed in
order to guarantee up to 70% of the salary of each worker, in
exchange for the jobs being preserved," Marranzini said, notes the
report.

He also considered it necessary to assess the possibility of
extending soft and sufficient facilities for companies that have
been affected by abruptly stopping their operations, so that they
can continue with the payroll burden beyond the announced minimum
and face other obligations to pay.

Marranzini labeled as positive the measures agreed upon with the
Association of Commercial Banks (ABA) to make its cost-to-service
policy for consumer financing via credit cards more flexible with
the elimination of the minimum monthly payment on the balance
sheet, the elimination of late payment and the decision of the
Reserve Bank to lower the consumer interest rate to 1% per month.

                       About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



=============
E C U A D O R
=============

ECUADOR SOCIAL BOND: S&P Lowers Class B Notes Rating to CCC-
------------------------------------------------------------
S&P Global Ratings lowered its rating on the class B notes from
Ecuador Social Bond S.a r.l.'s series 2020 to 'CCC-' from 'B-' and
placed it on CreditWatch with negative implications, following a
similar rating action taken on the rating on the social bond issued
by the Republic of Ecuador. At the same time, S&P affirmed its
'AAA' rating on the class A notes.

Ecuador Social Bond S.a r.l. is a repack securitization backed by a
social bond issued by the Republic of Ecuador and partially
guaranteed by the Inter-American Development Bank (IDB)
(AAA/Stable/A-1+). Amounts received by the issuer from the social
bond will be used to make payments on the notes. As such, the
transaction will be a pass through of the payments of Ecuador. In
addition, class A will benefit from payments under the IDB
guarantee, as explained below.

The class A noteholders will be the ultimate beneficiaries of the
IDB guarantee. Pursuant to the US$ 300 million IDB guarantee, the
IDB will unconditionally and irrevocably guarantee the payment of
scheduled interest and principal payment under the social bond on
each scheduled payment date. Thus, the rating on class A is
weak-linked to the rating on the IDB. In turn, the rating on class
B reflects the rating on the social bond, which is linked to S&P's
sovereign credit rating on Ecuador.

S&P said, "The rating action follows the downgrade of our long- and
short-term sovereign credit ratings on Ecuador to 'CCC-/C' from
'B-/B'. We also placed the ratings on CreditWatch with negative
implications. The 'CCC-/C' ratings reflect our view that a default,
distressed exchange, or redemption appears inevitable within the
next six months. Ecuador depends on favorable business, financial,
and economic conditions to meet its financial obligations. The
CreditWatch negative placement reflects at least a one-in-two
likelihood of a downgrade to 'SD' during the next few weeks if we
conclude that Ecuador will not be able or willing to service the
interest payments on its 2022, 2025, and 2030 bonds before the
grace period expires. We could also downgrade the sovereign if the
government were to propose a debt exchange that we would consider a
distressed debt exchange, based on our criteria. We could remove
the ratings from CreditWatch if the government makes the payment
before the 30-day grace period expires.

"S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. Some
government authorities estimate the pandemic will peak around
midyear, and we are using this assumption in assessing the economic
and credit implications. In our view, the measures adopted to
contain COVID-19 have pushed the global economy into recession. As
the situation evolves, we will update our assumptions and estimates
accordingly.

"We will continue to monitor the rating on this structured finance
transaction and revise the rating as necessary to reflect any
changes in the transactions' underlying credit quality."

  RATING LOWERED AND PLACED ON WATCH NEGATIVE

  Ecuador Social Bond S.a r.l. (Series 2020)
                     Rating
  Class     To                     From
  B         CCC-/Watch Negative    B-

  RATING AFFIRMED

  Ecuador Social Bond S.a r.l. (Series 2020)

  Class     Rating
  A         AAA




=============
J A M A I C A
=============

JAMAICA: Finance Minister to Table Fiscal Council Bill
------------------------------------------------------
RJR News reports that Jamaica Minister of Finance Dr. Nigel Clarke
says he will be tabling a draft Fiscal Council Bill in Parliament
shortly.

In closing the Budget Debate in the House of Representatives, Dr.
Clarke said the Bill seeks to, among other things, entrench
accountability of fiscal policy and address gaps, according to RJR
News.

He noted that the move will empower the soon-to-be-established
Fiscal Council, to ensure that Government's policy commitments are
consistent with the Fiscal Responsibility Law and policymaking can
continue to be dynamic, the report notes.

He explained that the Council will be the final arbiter of
Jamaica's Fiscal Rules that stipulate, among other things, a
debt-reduction target of 60 per cent of gross domestic product by
financial year 2025/26, the report relays.

The Council will make independent commentary on the Fiscal Policy
Paper, laid in Parliament simultaneously with the Budget, which
outlines a medium-term profile and projections, the report adds.

                           About Jamaica

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 2019 raised its long-term foreign and
local currency sovereign credit ratings on Jamaica to 'B+' from
'B'. The outlook is stable. At the same time, S&P Global Ratings
affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.

JAMAICA: Third Supplementary Estimates of Expenditure Approved
--------------------------------------------------------------
RJR News reports that the Third Supplementary Estimates of
Expenditure for the current fiscal year (2019/2020), which make
provisions for additional spending in response to the novel
coronavirus (COVID-19) outbreak, was approved in the House of
Representatives.

This followed review of the spending plans by the Public
Administration and Appropriations Committee (PAAC) and the Standing
Finance Committee of the House, according to RJR News.

Dr. Nigel Clarke, Minister of Finance and the Public Service, who
moved the motion, noted that the revised Estimates of Expenditure
incorporate the reallocation of unutilized Central Government
resources, the majority of which will go towards financing
COVID-related activities, the report relays.

The revision does not change the total amount of the current year
Budget, which remains at $859 billion, the report notes.

However, it reallocates $832 million from capital spending to
recurrent expenditure, the report adds.

                            About Jamaica

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 2019 raised its long-term foreign and
local currency sovereign credit ratings on Jamaica to 'B+' from
'B'. The outlook is stable. At the same time, S&P Global Ratings
affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.



=====================
P U E R T O   R I C O
=====================

DEL MAR ENTERPRISES: Court Confirms Chapter 11 Plan
---------------------------------------------------
Judge Enrique S. Lamoutte ordered that the plan filed by Del Mar
Enterprises Inc., on Feb. 28, 2019, as orally amended/clarified at
the hearing held on Feb. 11, 2020, to provide insurance to Condado
3 LLC, and the joint stipulation with Condado 3 LLC, is confirmed.

The stipulation between Debtor and Condado is orally clarified
and/or amended as follows: The Debtor will provide insurance,
including endorsement in favor of Condado, over property given as
collateral; paragraph 5(e) of the stipulation is amended to state
that the $11,000 payments are for 48 months, with a balloon payment
at the end in the amount of $869,925.

Under the Plan, Class 6 General Unsecured Creditors with claims
totaling $42,920 will receive 5 percent of their allowed claims in
72 monthly  installments.  Payments will commence on the Effective
Date.

                   About Del Mar Enterprises

Del Mar Enterprises Inc. is a real estate company that owns in fee
simple a commercial real estate located at Aguadilla, Puerto Rico,
consisting of a two-storey commercial building with an appraised
value of $1 million.  The company also owns a lot of land located
at Barrio Borinquen Aguadilla, Puerto Rico having an appraised
value of $100,000.  

Del Mar Enterprises previously filed for bankruptcy protection on
April 9, 2013 (Bankr. D.P.R. Case No. 13-02735).

Del Mar Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-05767) on Oct. 1, 2018.
In the petition signed by Edgardo L. Delgado Colon, president, the
Debtor disclosed $1,102,823 in assets and $2,166,875 in
liabilities.  Judge Mildred Caban Flores oversees the case.  The
Debtor tapped C. Conde & Assoc. as its legal counsel.

WESTERN HOST: May 27 Hearing on Disclosure Statement Set
--------------------------------------------------------
Judge Brian K. Tester has ordered that a hearing on approval of the
Disclosure Statement filed by Western Host Associates Inc is
scheduled for May 27, 2020, at 2:00 p.m., at the U.S. Bankruptcy
Court, Jose V. Toledo Federal Building and U.S. Courthouse, 300
Recinto, Sur, Courtroom No. 1, Second Floor, Old San Juan, Puerto
Rico.

Objections to the form and content of the Disclosure Statement
should be in writing and filed and served not less than 14 days
prior to the hearing.

                 About Western Host Associates

Western Host Associates, Inc., owns a four-story commercial hotel
building located at 202 San Jose Street, Old San Juan, Puerto
Rico.

The hotel is currently non-operational and is valued by the
company at $1.35 million.

The company previously sought bankruptcy protection on Nov. 14,
2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011 (Bankr.
D.P.R. Case No. 11-04152).

Western Host Associates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018.
In the petition signed by Luis Alvarez, president, the Debtor
disclosed $1.36 million in assets and $4.82 million in
liabilities.

Judge Brian K. Tester oversees the case.

The Debtor tapped Gratacos Law Firm, PSC, as its legal counsel and
the Law Offices of Jose R. Olmo-Rodriguez, as special counsel.



=====================================
S T .   K I T T S   A N D   N E V I S
=====================================

ST KITTS & NEVIS: Closes Borders; Records First COVID-19 Cases
--------------------------------------------------------------
Caribbean360.com reports that commercial flights into St Kitts and
Nevis have been banned for two weeks as the government moves to
stem the spread of the new Coronavirus (COVID-19), after the
country became the last Caribbean Community (CARICOM) country to
record cases.

Two nationals -- a 21-year-old man and a 57-year-old woman who
returned to the island from New York -- tested positive for the
virus, according to Caribbean360.com.

Both arrived on March 18 and were tested on March 20 and had been
in home quarantine ever since they returned to the twin-island
federation, the report notes.

Under the announced flight restrictions, which will remain in
effect until April 7 in the first instance, Medevac or medical
emergency flights will be allowed should the need arise, the report
relates.

The report says that International air cargo and cargo by seafaring
vessels will also be allowed in order to maintain connectivity that
enables the Federation to import needed commodities such as food,
fuel, medical supplies and equipment.

"Let me reiterate that there is no need for panic and to assure all
our citizens that everything is being done to mitigate any impact
that we might have, and of course to protect you, our people,"
Prime Minister Dr Timothy Harris said, the report notes.

He urged residents not to engage in panic shopping.

"I want to assure you that St Kitts and Nevis has an adequate
supply of food at this time. Our suppliers have all indicated that
their stocks can last for almost two months and that their cargo
ships are coming on a weekly basis," the Prime Minister said, the
report discloses.

He said that by the end of this week, a total of 123 shipping
containers will have arrived in the country via the various
shipping agencies, the report 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 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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