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       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, October 13, 2021, Vol. 22, No. 199

                           Headlines



A R G E N T I N A

CAPEX SA: Fitch Affirms 'CCC+' LongTerm IDRs


B E L I Z E

BELIZE: Will Improve Finc'l Management with US$8MM Loan From IDB


B R A Z I L

BRAZIL: Central Bank Head Sees Inflation Peaking in September
BRAZIL: Market Increases Inflation Estimate to 8.51% in 2021


G U Y A N A

GUYANA: Economy Grew 14.5% From January to June


M E X I C O

GRUPO AEROMEXICO: Has $1.7 Billion in Chapter 11 Exit Commitments
GRUPO AEROMEXICO: Sees Ch. 11 Exit This 2021 With $1.7B Plan


P U E R T O   R I C O

TOWER BONDING: A.M. Best Affirms B-(Fair) Fin. Strength Rating


X X X X X X X X

LATAM: Airline Industry to Lose US$3.7 Billion in 2022

                           - - - - -


=================
A R G E N T I N A
=================

CAPEX SA: Fitch Affirms 'CCC+' LongTerm IDRs
--------------------------------------------
Fitch Ratings affirmed Capex S.A.'s Long-Term, Foreign Currency
(FC) Issuer Default Rating (IDR) at 'CCC+' and Local Currency (LC)
IDR at 'CCC+'. Fitch has also affirmed the company's USD300 million
senior unsecured bonds due 2024 at 'CCC+'/'RR4'.

Capex S.A.'s ratings reflect its dependence on CAMMESA (Compania
Administradora del Mercado Mayorista Electrico S.A.), which acts as
an agent on behalf of whole market participants, for gas and
electricity payments. Due to its reliance on subsidies from the
government, CAMMESA's credit quality is strongly related to
Argentina's sovereign (CCC). Capex is rated one notch higher than
the sovereign since its oil business, which sells to local oil
refineries with a history of timely payments. The company's oil
business accounts for nearly half of its revenue and between 20%
and 30% of EBITDA.

The recovery rating on the USD300 million senior unsecured notes
due 2024 is capped at 'RR4' since per its 'Country-Specific
Treatment of Recovery Ratings Criteria'. The expected recovery for
'RR4' is 31% to 50%.

KEY RATING DRIVERS

Heightened Counterparty Exposure: Capex's electric business depends
on payments from CAMMESA, which acts as an agent on behalf of an
association representing agents of electricity generators,
transmission, distribution and large consumers or the wholesale
market participants (Mercado Mayorista Electrico; MEM). Payment
delays from CAMMESA were approximately 79 days in June 2021 after
reaching a peak of 88 days in early 2020. Capex's working capital
is less pressured since the off-takers for its oil sales are local
refineries, which typically pay within 30 days. Fitch expects oil
to account for more than half of Capex's revenue.

Weak Operating Environment: Capex's ratings reflect regulatory risk
given strong government influence in the energy sectors. Capex
operates in a highly strategic sector where the government both has
a role as the price/tariff regulator and also controls subsidies
for industry players. Fitch believes Capex's oil and gas business
will continue to remain the main contributor to the company's cash
flow stability. Fitch estimates that oil and gas production
comprised 58% of 2021 EBITDA followed by approximately 28% from the
electric business. Over the rating horizon, oil and gas business
will remain a key contributor to cash flow generation, representing
approximately 65% of the company's consolidated EBITDA.

Impact of Capital Controls: Fitch believes Capex will not be
vulnerable to the central's bank most recent capital controls due
to its long-dated maturity profile. Argentina's central bank
announced that corporates with foreign currency debts maturing
between Oct. 15, 2020 and March 31, 2021 would need to present a
refinancing plan to the central bank, would have their access to
the foreign exchange market limited to 40% of the maturing debt and
refinancings would need an average life of 2+ years. Approximately
98% of Capex's USD-denominated debt is in the form of a bullet bond
due in 2024. As of July 2021, the company had only USD4.4 million
in short-term dollar-based debt, which is manageable for Capex.

Pesification of Energia Base: Fitch expects the pesification of
Energia Base, or denominating it in pesos instead of dollars, to
result in a 23% decline in Capex's realized thermal energy price,
to USD12.64/MWh in 2021 from USD16.50/MWh in 2020. Fitch expects
this, along with lower demand, to decrease thermal electricity
revenue to USD40 million in 2021 from USD60 million in 2020. In
February 2020, the Secretary of Energy declared an economic and
energy emergency and changed Energia Base's capacity and variable
prices to a fixed amount in pesos, thus reducing generators' future
compensation in hard currency terms should the pesos continue to
depreciate. Energia Base applies to non-power purchase agreement
(PPA) generators, such as Capex.

Advantageous Vertical Integration: Capex is an integrated
thermoelectric generation company whose vertically integrated
business model gives it an advantage over other Argentine
generation companies, especially given existing gas limitations in
the country. Capex benefits from operating efficiencies as an
integrated thermoelectric generation company and the flexibility
from having its own natural gas reserves to supply the plant.
Capex's generating units are efficient and the proximity to its
natural gas reserves in the Agua del Cajon field coupled with gas
transportation restrictions from Neuquen basin to the main
consumption area in Buenos Aires reduces its gas supply risk.

Small Production Profile: Capex has a small and concentrated
production profile, and its asset base as well as all of the
company's proved (1P) reserves and production are concentrated in
Argentina. This limited diversification exposes the company to
operational and macroeconomic risks associated with small-scale oil
and gas production. Fitch expects the company's production to be on
average roughly 15,000 boe per day (boed) from 2021 to 2024, being
gas production is approximately 55% of total output. As of April
2021, 35% of the company's gas reserves and 52% of its oil reserves
were developed.

Adequate Hydrocarbon Reserves: Fitch believes Capex has an adequate
reserve life of 12.4 years 1P and 14.6 years 2P providing some
flexibility to reduce capex investments if needed. As of September
2021, Capex had 1P reserves of 55.8 million boe with 60% related to
gas. The company has strong concession life that exceeds the life
of its 2024 bond, with Agua del Cajon concession expiring in 2052,
and recently acquired blocks: Pampa del Castillo O&G Field expiring
in 2046, La Yesera in 2037, Loma Negra (RN Norte) in December 2034
and Bella Vista Oeste in 2045. La Yesera's and Loma Negra's
concessions each include recently signed ten-year extensions.

Manageable Investment Plan: Fitch believes that Capex's investment
plan is manageable and that future investments will be financed
through the company's cash flow generation, without requiring
additional debt in the 2021 fiscal year. The investment plan for
the period 2022 to 2025 is approximately USD380 million, mainly
concentrated in Oil & Gas fields with Pampa del Castillo
representing 53% of total investment, Agua del Cajon/Rio Negro 13%
and newly-acquired Bella Vista Oeste and Parva Negra 12% and 5%,
respectively.

Moderate Medium-term Leverage: Fitch expects Capex's 2022 leverage
to fall to 2.3x due to higher oil prices and demand as well as the
inflation adjustment to Energia Base but is expected to rise to
2.9x by 2025 due to lower oil prices, the pesification of
compensation for non-PPA electricity generators and the inflation
effect of its dollar-denominated debt. Fitch expects average EBITDA
interest coverage to be strong at an average of roughly 6.0x over
the rating horizon. Leverage will be more moderate on a net basis
at 2.1x in 2022 due the Capex's high cash balance and rising to
2.8x in 2025.

DERIVATION SUMMARY

As a vertically integrated energy and electricity company, Capex
S.A.'s LT FC and LC ratings of 'CCC+' reflect its exposure to
CAMMESA as an offtaker for its electricity and gas revenues as well
as private offtakers for its oil revenues. It is rated one notch
below Petroquimica Comodoro Rivadavia S.A (PCR; B-/Stable), which
has a notable percentage of its EBITDA from exports, offshore
EBITDA from Colombia (BB+/Stable) and offshore hard currency. Pampa
Energia S.A. (B-/Stable), MSU Energy (CCC) and Generacion
Mediterranea S.A. (CCC) are rated one notch lower due to their
operational exposure to Argentina and overall regulatory risk.

Capex S.A. is a small oil & gas producer with operation exclusively
in Argentina. Capex's production is expected to stay at an average
of 15,000boed through 2021-2024, which is less than its peers CGC
with an average of 30,000boed and PCR with an average of
20,000boed. Capex has a strong 1P reserve life of 12.4 years
compared PCR reserve life of 7.2 years and CGC reserve life of 5.0
years.

Capex's gross leverage is expected to fall to 2.3x in 2022 due to
higher oil prices and demand as well as the inflation adjustment to
Energia Base but is expected to rise to 2.9x by 2025. Capex's
expected medium-term leverage is slightly higher than that of oil
and gas peers CGC (1.3x in 2022 and 2023), PCR (1.7x in 2022 and
1.4x in 2023) and Pampa Energia (2.2x in 2022 and 2.3x in 2023).
Unlike most of its oil & gas peers, Capex does have a more
diversified business model with its power generation segment. As an
integrated energy company, Capex compares best with Pampa Energia.

KEY ASSUMPTIONS

-- Natural gas production of approximately 7,300boed in 2022 and
    6,800boed thereafter;

-- Realized natural gas prices at USD2.4/MMBTU during 2022-2025;

-- Oil production reaching approximately 7,500boed in 2022 and
    8,300boed thereafter;

-- Fitch's Price deck for Brent oil prices adjusted for Capex's
    FYE of April 30 at $60.33/barrel during 2022, $54.33 in 2023,
    $53 in 2024 and 2025;

-- Annual electricity production of approximately 3,800GWh;

-- Electricity prices denominated in Argentine pesos around
    USD12.00/MWh in 2022 and USD11.50/MWh thereafter, reflecting
    new tariff scheme;

-- Diadema Wind Farm average availability factor from 2022-2025
    at 96% and average load factor of 49% with an average PPA
    price of USD103/MWh;

-- Total capex of approximately USD380 million between 2022-2025,
    mostly concentrated in the fields of Pampa del Castillo and
    Agua del Cajon;

-- No dividends payments between 2021 through 2024.

Key Recovery Rating (RR) Assumptions:

-- The recovery analysis assumes that Capex would be going
    concern in bankruptcy;

-- Fitch has assumed a 10% administrative claim;

-- The 50% advance rate is typical of inventory liquidations for
    the oil and gas industry;

-- 30% EBITDA decline during bankruptcy;

-- 6.0x going concern EV/EBITDA multiple;

-- The Recovery Rating is limited to 'RR4' and the bond's rating
    is limited to its issuer's IDR of 'CCC+' since Argentina is
    classified as a Group D country in Fitch's Country-Specific
    Treatment of Recovery Ratings Rating Criteria.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- An upgrade to the ratings of Argentina could result in a
    positive rating action;

-- Net production rising on a sustainable basis to 35,000boed;

-- Increase in reserve size and diversification and maintaining a
    minimum 1P reserve life of at close to 10 years.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- A downgrade by more than one notch of Argentina's country
    ceiling;

-- A reversal of government policies that result in a significant
    increase in subsidies coupled with a delay in payments for
    electricity sales;

-- Sustainable production size decreased to below 10,000boed;

-- Reserve life decreased to below seven years on a sustained
    basis;

-- A significant deterioration of credit metrics to total
    debt/EBITDA of 4.5x or more.

BEST/WORST CASE RATING SCENARIO

International scale credit 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: As of September 2021, Capex S.A. had available
cash of USD100 million, which is sufficient to cover gross interest
expense by more than 5.0x. The cash is held offshore in US dollar
accounts. The company also has available USD111 million in approved
credit facilities. Capex's main financial obligation is a USD300
million bond due in 2024 and it has minimal near-term maturities.
Fitch expects the company to maintain this strong liquidity
position over the rating horizon.

ISSUER PROFILE

Capex S.A. is an integrated Argentine company dedicated to the
exploration and exploitation of hydrocarbons and the generation of
thermal and renewable electricity.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




===========
B E L I Z E
===========

BELIZE: Will Improve Finc'l Management with US$8MM Loan From IDB
----------------------------------------------------------------
Belize will modernize its financial management and improve its
fiscal sustainability with an US$8 million loan from the
Inter-American Development Bank (IDB).

The loan is part of Belize's strategy to boost public spending
efficiency by investing on digitalization and increasing
transparency, two strategic areas of action the IDB is prioritizing
to help its member countries accelerate their economic recovery in
the post-pandemic era.

The IDB loan will finance the adoption of improved methodologies,
processes and information technologies that will allow the country
to better manage its debt, promote more efficient allocation of
financing resources, as well as enhance both internal and external
oversight on government spending. The new processes include the
adoption of better internal auditing practices and the creation of
a transparency portal for citizens.

The project is expected to improve transparency of the budgeting
process and improve the quality of information on spending
earmarked for gender and climate-change-related issues. Belize is
also upgrading its procurement system to enable the use of
reference price, supplier registry, and business intelligence to
reduce costs of acquiring goods and services.

The loan will support staff training, the expansion of a datacenter
at the country's Ministry of Finance, and the implementation data
analytics, measures that will enable the upgraded public financial
management system be faster and more reliable.

The IDB loan has a maturity period of 25 years, a grace period of
5.5 years and an interest rate based on LIBOR.




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

BRAZIL: Central Bank Head Sees Inflation Peaking in September
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
annual inflation has probably peaked in September and is now going
to slow to policy makers' 8.5% estimate by end-2021, according to
central bank chief Roberto Campos Neto.

"I think the high is going to be in September," Campos Neto said at
an event organized by Morgan Stanley, adding that prices tend to
"accommodate" going forward, according to globalinsolvency.com.
Brazil's annual inflation surpassed 10% in mid-September for the
first time since 2016 as fuel and food prices jumped, the report
notes.

Brazil will publish September's inflation data on Oct. 8, with
analysts surveyed by Bloomberg expecting the annual rate to
accelerate to 10.2% from 9.68% the month before, the report relays.


Confronted with a recent rise in commodities costs, particularly
oil, Campos Neto said that such increases have not been linear and
that there's great probability that prices will stabilize, the
report relays.  In the minutes to their latest meeting, policy
makers wrote that cheaper commodities, resulting from the impact of
Covid-19 variants on Asian economies -- could contribute to slower
inflation ahead, the report adds.

                           About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).


BRAZIL: Market Increases Inflation Estimate to 8.51% in 2021
------------------------------------------------------------
Rio Times Online reports that market expectations for consumer
inflation for Brazil this year already exceed 8.5%, according to
the Focus Bulletin released by the Central Bank.

The weekly survey pointed out that the expectation for the IPCA
high is now 8.51%, against 8.45% in the previous week, in the 26th
consecutive elevation of the projection, according to Rio Times
Online.

The result, if confirmed, shoots well above the inflation target
for this year, of 3.75%, with a tolerance margin of 1.5 percentage
points more or less, the report notes.

The projection for 2022 has also increased and is at 4.14%, from
4.12% before, against a central target of 3.5%, with a margin of
1.5 percentage points, the report relays.

                        About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).




===========
G U Y A N A
===========

GUYANA: Economy Grew 14.5% From January to June
-----------------------------------------------
RJR News reports that the Guyana economy grew by 14.5 per cent
during the first six months of this year.

This is according to the mid-year report released by the country's
Ministry of Finance, the report notes.

Senior Minister of Finance Dr. Ashni Singh is expected to table the
report at the first sitting of the National Assembly when
legislators return from their annual recess, according to RJR
News.

Earlier this year, Dr. Singh had indicated that Guyana would be one
of the fastest growing economies in terms of real gross domestic
product (GDP) predicting a rapid transformation in a number of
sectors, the report says.




===========
M E X I C O
===========

GRUPO AEROMEXICO: Has $1.7 Billion in Chapter 11 Exit Commitments
-----------------------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt airline Grupo
Aeromexico told a New York bankruptcy court on Friday, October 8,
2021, that it has received commitments for more than $1.7 billion
in exit financing that will ensure the company leaves its Chapter
11 case with sufficient funding to flourish.

In a motion seeking court permission to enter into and perform
under the exit financing agreements, Aeromexico said that a
mediation process resulted in commitments to purchase $537 million
in new first-lien notes and $1. 2 billion in new equity in the
reorganized company.

                     About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.  

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.


GRUPO AEROMEXICO: Sees Ch. 11 Exit This 2021 With $1.7B Plan
------------------------------------------------------------
Andrea Navarro, writing for Bloomberg News, reports that Grupo
Aeromexico SAB sees emerging from Chapter 11 by the end of this
year with an exit plan worth about $1.7 billion.

The airline, which filed for bankruptcy protection in June 2020 as
the Covid-19 pandemic brought travel to a halt, filed a motion to
extend the period to issue a complete plan to Dec. 9. The step was
taken "out of an abundance of caution" as it seeks to resolve
pending matters.

Aeromexico is "working fervently to resolve outstanding issues,"
the airline said a filing to the court, some of which relate to its
fleet.

                       About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC is the claims
and administrative agent.  

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.




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

TOWER BONDING: A.M. Best Affirms B-(Fair) Fin. Strength Rating
--------------------------------------------------------------
AM Best has revised the outlooks to stable from negative and
affirmed the Financial Strength Rating of B- (Fair) and the
Long-Term Issuer Credit Rating of "bb-" (Fair) of Tower Bonding &
Surety Company (Tower Bonding) (San Juan, Puerto Rico).

The ratings reflect Tower Bonding's balance sheet strength, which
AM Best assesses as adequate, as well as its marginal operating
performance, limited business profile and marginal enterprise risk
management (ERM).

The outlook revisions to stable are based on AM Best's expectation
of continued stabilization in Tower Bonding's balance sheet
strength through organic surplus growth and more diversified
investments. Tower Bonding's balance sheet strength assessment of
adequate is based on the company's strong level of risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), along with its conservative underwriting and reserving
leverage measures. These positive rating factors are offset by
modestly elevated equity leverage, as well as limited financial
flexibility and scale of operations.

Tower Bonding's business profile is limited due to its geographic
and product concentration as a bail bonds insurer in Puerto Rico.
However, the company has a leadership position in its niche. AM
Best considers the company's ERM profile to be marginal as Tower
Bonding's risk management capabilities do not align fully with its
risk profile.




===============
X X X X X X X X
===============

LATAM: Airline Industry to Lose US$3.7 Billion in 2022
------------------------------------------------------
Rio Times Online reports that the airline industry in Latin America
will lose US$3.7 billion in 2022, 34% less than this year when
losses will amount to US$5.6 billion, and its recovery will be far
behind other regions of the world, the International Air Transport
Association (IATA) said.

At a press conference in Boston, where IATA is holding its
assembly, Peter Cerda, the association's regional vice-president
for the Americas, said that Latin America will not return to
pre-pandemic levels of international travel until 2024, according
to Rio Times Online.



                           *********


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.
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Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

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Information contained herein is obtained from sources believed to
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