/raid1/www/Hosts/bankrupt/TCRLA_Public/211115.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
Monday, November 15, 2021, Vol. 22, No. 222
Headlines
A R G E N T I N A
GAUCHO GROUP: Inks Deal to Sell $6.5 Million Convertible Notes
MERCADOLIBRE INC: Fitch Affirms 'BB+' IDRs, Outlook Stable
B R A Z I L
BRAZIL: Inflation Rises 1.25% in October, Reaching 10.67% in 12 Mos
INVEPAR: S&P Downgrades ICR to 'D' on Distressed Exchange
C O L O M B I A
MEDELLIN CITY: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Fuel Demand at Border Provinces Jumps 10%
DOMINICAN REPUBLIC: Haitians Defy Insecurity, Attend Border Market
M E X I C O
FORTALEZA MATERIALES: S&P Places 'BB-' ICR on CreditWatch Negative
P U E R T O R I C O
LIMENOS CORPORATION: Taps Bufete Morales Cordero as Counsel
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Groups are Not in Support of 4th Lockdown
U R U G U A Y
CONSORCIO DEL URUGUAY: Moody's Puts Ba3 CFR on Review for Upgrade
X X X X X X X X
[*] BOND PRICING: For the Week Nov. 8 to Nov. 12, 2021
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A R G E N T I N A
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GAUCHO GROUP: Inks Deal to Sell $6.5 Million Convertible Notes
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Gaucho Group Holdings, Inc. entered into a securities purchase
agreement with certain institutional investors, pursuant to which
the company will sell to the investors a series of senior secured
convertible notes of the company, in the aggregate original
principal amount of $6,480,000, which notes shall be convertible
into shares of common stock of the company at a conversion price of
$3.50 (subject to adjustment).
The notes are due and payable on the first anniversary of the
issuance date and bear interest at a rate of 7% per annum, which
shall be payable in cash quarterly in arrears on each amortization
date (as defined in the notes) or otherwise in accordance with the
terms of the notes. The investors are entitled to convert any
portion of the outstanding and unpaid Conversion Amount (as defined
in the notes) at any time or times on or after the issuance date,
but Gaucho may not effect the conversion of any portion of the
notes if it would result in either of the investors beneficially
owning more than 4.99% of the common stock.
Under the applicable rules of The Nasdaq Stock Market LLC, in no
event may Gaucho issue any shares of common stock upon conversion
of the notes or otherwise pursuant to the terms of these notes if
the issuance of such shares of common stock would exceed 19.99% of
the shares of the common stock outstanding immediately prior to the
execution of the purchase agreement and notes, unless the company
(i) obtain stockholder approval to issue shares of common stock in
excess of the Exchange Cap or (ii) obtain a written opinion from
its counsel that such approval is not required. In any event, the
company may not issue any shares of its common under the purchase
agreement or notes if such issuance or sale would breach any
applicable rules or regulations of the Nasdaq.
The notes will rank senior to all outstanding and future
indebtedness of Gaucho and its subsidiaries, and will be secured by
all existing and future assets of the company, as evidenced by the
Security and Pledge Agreement between the company and the
investors. Additionally, Scott L. Mathis, President and CEO of
Gaucho, will pledge certain of his shares of common stock and
certain options to purchase common stock of the company as
additional collateral under the notes, as evidenced by the
Stockholder Pledge Agreement between the company, Mr. Mathis and
the investors.
In connection with the foregoing, Gaucho will enter into a
registration rights agreement with the investors, pursuant to which
the company has agreed to provide certain registration rights with
respect to the Registrable Securities (as defined in the
registration rights agreement) under the Securities Act of 1933 and
the rules and regulation promulgated thereunder, and applicable
state securities laws. The purchase agreement and the registration
rights agreement contain customary representations, warranties,
conditions and indemnification obligations of the parties. The
representations, warranties and covenants contained in such
agreements were made only for purposes of such agreements and as of
specific dates, were solely for the benefit of the parties to such
agreements and may be subject to limitations agreed upon by the
contracting parties.
EF Hutton, division of Benchmark Investments, Inc. acted as the
exclusive placement agent in connection with the transactions
contemplated by the purchase agreement, for which Gaucho will pay
to EF Hutton a cash placement fee equal to 6.0% of the amount of
capital raised, invested or committed under the purchase agreement
and notes.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned
subsidiaries, GGH invests in, develops and operates real estate
projects in Argentina. GGH operates a hotel, golf and tennis
resort, vineyard and producing winery in addition to developing
residential lots located near the resort. In 2016, GGH formed a new
subsidiary and in 2018, established an e-commerce platform for the
manufacture and sale of high-end fashion and accessories. The
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe through its United Kingdom entity, Algodon Europe, LTD.
Gaucho Group reported a net loss of $5.78 million for the year
ended Dec. 31, 2020, compared to a net loss of $6.95 million for
the year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$13.96 million in total assets, $4.62 million in total
liabilities, and $9.33 million in total stockholders' equity.
MERCADOLIBRE INC: Fitch Affirms 'BB+' IDRs, Outlook Stable
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Fitch Ratings has affirmed MercadoLibre, Inc.'s (MELI) 'BB+'
Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) with a Stable Rating Outlook, as well as its USD1.1
billion senior unsecured notes due in 2026 and 2031. Fitch has also
affirmed MercadoLivre.com Atividades de Internet Ltda.'s (Mercado
Livre) and MercadoPago.com Representações Ltda.'s (Mercado Pago)
Long-Term National Scale Ratings at 'AAA(bra)' with a Stable
Outlook.
MELI's ratings reflect its leadership position in the competitive
and underpenetrated Latin American e-commerce sector, its broad
regional footprint and Fitch's expectation that leverage will
improve in 2022 and 2023. MELI's healthy liquidity position and
favorable long-term industry trends are also reflected in the
ratings. The Stable Outlook reflects Fitch's expectation that
negative FCF will be temporary and that MELI will be disciplined in
managing credit origination growth while improving profitability in
the medium term.
Mercado Livre's and Mercado Pago's ratings incorporate their strong
operating and legal ties with MELI.
KEY RATING DRIVERS
Strong Business Profile: MELI's ratings reflects its leading
position in the e-commerce and payment solutions business segments
in Latin America, its geographic footprint across 18 countries in
the region, and its diversified service offering. MELI's scale and
verticalization through marketplace, classified, advertising,
logistics and payments solutions are important strategic
advantages.
As of September 2021 (LTM), MELI generated gross merchandise
volumes (GMV) and total payment volumes (TPV) of approximately
USD27 billion and USD69 billion. Increasing credit origination in
key markets and higher 1P penetration from 2021 on will bring
growth opportunities but also challenges related to management of
Non-Performing Loans (NPLs) and working capital.
Temporary Negative FCF: MELI has improved its profitability by
increasing scale and managing costs more efficiently. EBITDA
margins should gradually improve to 8.5% in 2021 and 9.0% in 2022
from 5.9% in 2020. MELI will continue to fund working capital at
Mercado Pago through credit lines and loans with various financial
institutions, sale of receivables and operating cash flow.
MELI's higher exposure to 1P sales in Brazil and increasing credit
origination will lead to higher working capital needs in the next
two years until it reaches enough scale, according to Fitch's
estimates. Annual capex should be between USD550 million and USD600
million in 2021-2022, mainly in logistics and fulfilment centers,
which will lead to moderately negative FCF. Fitch expects cash burn
to reduce and FCF to be neutral by 2023, whereas no dividends are
expected between 2021 and 2023.
Gross Leverage to Improve: Strong EBITDA growth, combined with
moderate increase in gross leverage at subsidiaries levels to fund
commerce and fintech expansion, will lead to a total debt/EBITDA
ratio of 4.6x in 2021 and 3.5x in 2022. Deleveraging trend will be
slower than Fitch's previous rating case of 3.3x and 2.1x,
respectively. Main deviation is at the FCF level as Fitch now
expects higher working capital and capex in 2021 and 2022.
Gross financial debt, excluding operating leases, will be around
USD2.7 billion by FY21, consisting of USD1.4 billion notes due in
2026, 2028 and 2031 and the remainder in local currency debt, which
particularly in Brazil was used to foster payment solutions and
credit origination in the fintech.
No Constraint from Country Ceiling: MELI is headquartered in
Argentina (CCC) and has been listed on the Nasdaq since 2007. It
generates significant revenues and cashflow outside of Argentina,
as operations in Brazil accounted for about 56% of consolidated
sales and 50% of EBITDA during 6M21.
Ratings incorporate that MELI's operations in Brazil will be able
to service hard currency debt in the coming years. The Long-Term FC
IDR of 'BB+' is not constrained by Brazil's 'BB' country ceiling
given the company's ability to cover hard currency debt service
with cash held offshore (U.S.). Over the short to medium term,
Fitch expects Brazil to continue to significantly contribute to
consolidated EBITDA as Mexican operations ramp up.
Strong Linkages With Controller: The Mercado Livre and Mercado Pago
ratings reflect their strong strategic, operational and legal ties
with MELI and are based on the entity's consolidated credit
profile. The operational ties are characterized by the financial
and strategic importance of the Brazilian subsidiaries, which are
both fully controlled by MELI, directly or indirectly. The legal
ties are strengthened by cross acceleration clauses between the
subsidiaries and parent. MELI also partially guarantees part of the
Brazilian subsidiaries' debt. Brazil is the group's main market,
accounting for 56% of revenues and 50% of EBITDA YTD Jun'2021.
Intense Competitive Environment: MELI benefits from a large
presence in Latin America and a strong position in its main
markets. The competitive environment is intense, with other
e-commerce players and traditional retailers, mainly in Brazil and
Mexico. Increasing interest rates, fiercer competition and a softer
macroeconomic environment in Brazil will have a manageable effect
on MELI's business and will pressure in the cost of fintech
funding, which should be partially offset by higher funding
diversification.
Positive Sector Fundamentals: MELI will continue to benefit from a
shift in consumer behavior toward e-commerce and digital payments
as well as from strong growth opportunities for Latin America
e-commerce. This shift, alongside relatively low e-commerce and
digital payment penetration, has allowed MELI to continue scaling
its business and growing its top line. Even after the most acute
stage of the lockdowns MELI has been able to maintain strong growth
rates, although decelerating from 2020 as expected after business
reopening. MELI's commerce business has capacity to grow, as only
10%-12% of total retail sales comes from e-commerce in Latin
America. MELI's fintech and payments business also has capacity to
grow, as roughly half of the population in Latin America currently
does not have access to adequate financial services.
DERIVATION SUMMARY
MELI presents significantly lower scale as measured by revenues and
EBITDA when compared to international peers such as Amazon
(AA-/Stable), Alibaba (A+/Stable) PayPal Holdings (A-/Stable) and
eBay Inc. (BBB/Positive). This reflects MELI's current business
stage, which is still experiencing robust growth rates and
maturation, as well as the under-penetration of Latin America's
e-commerce in comparison to the U.S., Europe and China.
MELI's lower profitability, with 8.5% EBITDA margin in 2021F,
versus between 14% to 36% for its peers reflects a growth strategy
that demands high marketing expenses, free shipping investments,
personnel and product and technology development expenses. MELI is
also exposed to a fiercer competitive environment than its peers,
particularly in Brazil and Mexico, where it faces competition from
large and capitalized local and international peers. Positively,
MELI's strong liquidity and growth prospects for the sector in the
region compare well with peers.
MELI's 'BB+' ratings compare favorably with Americanas S.A. due to
higher geographic diversification and larger scale. Americanas's
'BB'/Negative FC IDR is capped by Brazil's Country Ceiling (BB), as
the company operates only in Brazil and does not have assets or
material cash held abroad. However, MELI and Americanas both have
'BB+ LC IDRs, which reflects Americanas' position as the largest
department store in Brazil, above-average margins and
diversification between brick and mortar stores and online.
MELI is exposed to higher operating environment risk compared with
its peers due to its presence in Latin America, which exposes the
company to currency fluctuations and volatile economies. Most of
MELI's revenues and profitability originate from non-investment
grade countries such as Brazil (BB-/Negative) and Argentina (CCC).
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- GVM and TPV growing 40% and 49% in 2021 and 22% and 35% in
2022;
-- Commerce take rate at 15.9% and 16.2% in 2021 and 2022, led by
increasing advertisements and managed network;
-- Fintech take rate at 3.1% and 3.2% in 2021 and 2022;
-- Capex equivalent to 7.9% of net revenues in 2021 and 6.0% in
2022;
-- Gradually improving EBITDA margins on operating leverage,
increasing take rates and manageable marketing expenses;
-- No dividend distribution from 2021 to 2023.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Increased revenue and EBITDA contribution from investment
grade countries;
-- Improvement in profitability of Mexican operations;
-- Debt/EBITDA below 3.5x on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Brazilian operations not covering hard currency debt service;
-- Material reduction in USD cash at holding level not enough to
cover debt service of the notes;
-- Significant deterioration of market position and/or operating
performance resulting in debt/EBITDA sustained above 4.5x;
-- A multi-notch downgrade of Brazil's sovereign ratings and
country ceiling.
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
Robust Liquidity: MELI should preserve adequate liquidity profile
during the rating horizon, with hefty available cash and manageable
debt amortization schedule. As of Sept. 30, 2021, the company had
about USD1.3 billion of readily available cash and short-term
investments compared with USD765 million of short-term debt, which
consists of bank loans at subsidiaries level to fund local working
capital at commerce and fintech. Most significant amortizations are
related to notes issued, due in 2026, 2028 and 2031.
ISSUER PROFILE
MELI is the largest e-commerce platform in Latin America with
roughly 79 million active users. The company operates in 18 Latin
American with Brazil, Argentina and Mexico producing the most
revenues. MELI offers a full range of commerce, payments and
logistics services.
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.
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B R A Z I L
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BRAZIL: Inflation Rises 1.25% in October, Reaching 10.67% in 12 Mos
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Rio Times Online reports that the National Wide Consumer Price
Index (IPCA), considered the country's official inflation rate,
rose 1.25% in October, after a high of 1.16% in the previous month,
disclosed the Brazilian Institute of Geography and Statistics
(IBGE).
According to the IBGE, the result was the highest variation for
October since 2002, reports Rio Times Online. In the 12 months
ending in October, the IPCA had a high of 10.67% against a high of
10.25% a month earlier, 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).
INVEPAR: S&P Downgrades ICR to 'D' on Distressed Exchange
---------------------------------------------------------
On Nov. 11, 2021, S&P Global Ratings lowered its 'CC' global scale
and 'brCC' national scale issuer credit ratings on Brazil-based
transportation infrastructure group Investimentos e Participacoes
em Infraestrutura S.A. - Invepar (Invepar) to 'D'. S&P also lowered
the debt ratings on its third and fifth debentures to 'D' from
'brC'.
The downgrade of Invepar reflects the conclusion of the group's
partial debt restructuring. The company transferred 100% of its
stake in Concessao Metroviaria do Rio de Janeiro S.A. (MetroRio,
brAA/Stable/--) and Metrobarra S.A. (brCC/Watch Dev/--) to HMOBI
Participacoes S.A. (HMOBI; not rated), which is owned by Invepar's
debenture holders. The transfer was in exchange for about 68.3% of
the principal amount of its third and fifth debentures at the
holding level, representing close to R$1.8 billion.
With the transfer of MetroRio and Metrobarra, the new maturity of
both debentures will be in August 2024, while Invepar reduced the
interest rate on them to IPCA (Brazilian consumer price index) plus
6.5% (from previous IPCA plus 12.64%) until Aug. 31, 2023, and
increasing to IPCA plus 12.64% from Sept. 1, 2023, until the
debentures mature. In our view, the debt restructuring and the
refinancing of the debentures' terms are not opportunistic due to
several postponements of the fifth debentures' maturity since April
2021, the fact that the debt was paid with assets rather than cash,
and the lower interest payment offered to debtholders. If lenders
didn't accept Invepar's terms, in our view the company would likely
have defaulted on its debt.
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C O L O M B I A
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MEDELLIN CITY: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed City of Medellin's ratings as follows:
-- Long-Term Foreign Currency Issuer Default Rating (IDR) at
'BB+'; Outlook Stable;
-- Long-Term Local Currency IDR at 'BB+'; Outlook Stable;
-- National Long-Term Rating (NLTR) at 'AAA(col)'; Outlook
Stable;
-- NLTR of the senior unsecured notes for COP248,560 million
issued in 2014 at 'AAA(col)';
-- National Short-Term (NSTR) Rating at 'F1+(col)'.
The municipality's Standalone Credit Profile (SCP) is assessed at
'bb+'. The affirmation reflects Fitch's expectations that Medellin
will maintain an adequate operating performance and manageable debt
levels. Fitch expects the payback ratio score to be at 'aa' and
secondary metrics to be at lower scores over a five-year rating
horizon. are actual debt service coverage ratio (ADSCR) and the
fiscal debt burden, which are expected to be 1.5x and close to 100%
in 2025, respectively. Medellin's ratings reflect the combination
of a 'Low Midrange' risk profile and a debt sustainability score of
'a' under Fitch's rating case.
KEY RATING DRIVERS
Risk Profile: 'Low Midrange'
Medellin's risk profile at 'Low Midrange' results from a
combination of five key risk factors at 'Midrange' and one at
'Weaker', reflecting a moderately high risk relative to
international peers that the issuer may see its ability to cover
debt service with the operating balance weaken unexpectedly over
the forecast horizon (2021-2025) either because of
lower-than-expected revenue or expenditure overshooting
expectations, or because of an unanticipated rise in liabilities or
debt-service requirements.
Revenue Robustness: 'Midrange'
Medellin's operating revenue is mostly made up of predictable,
growing and stable revenues such as property tax (IPU), tax on
industry and commerce (ICA) and transfers from the Colombian state
(BB+/Stable). Medellin's strong socio-economic profile allows for a
high tax collection capacity. These revenues accounted for 56% of
total revenues on average between 2016 and 2020. Despite pandemic
effects on the local economy, property tax and national transfers
rose by 3% and 8.1% in 2020.
EPM's surpluses transferred to Medellin continued to be significant
in 2020 (COP1.5 trillion), giving the city an incomparable position
with respect to other Colombian entities to finance capex and
social investment (opex). EPM's surpluses accounted for roughly 25%
of total revenues on average in 2016-2020. Medellin's revenue
robustness is also considered as 'Midrange' because of its high
financial autonomy, considering the earmarked nature of transfers
as well as the uncertainty about the sovereign's fiscal situation.
Transfers averaged 31% of total revenues in 2016-2020.
Revenue Adjustability: 'Midrange'
Given the relatively high proportion of local collection of total
revenues, Medellin's ability to cover a reasonably expected revenue
decline is estimated to be above 50%. Medellin can set the rates
for most of its taxes within the limits established by National
Law. Besides, it has property tax rates that are way below the
legal limit and its taxpayers can relatively easily afford
potential rate hikes due to a broad economic diversification which,
in turn, limits risks of taxpayer concentration.
As of 2020, the municipality implemented specific fiscal stimuli or
tax benefits to ease the impact of the coronavirus pandemic on
taxpayers (Decree 678 of 2020). These fiscal benefits boosted tax
revenue by diminishing past due portfolio. As of September 2021,
Medellin's tax revenue rebounded by 15% yoy underpinned by the
reduction of the past due portfolio, cadastral values updating, and
a progressive increase of ICA tariff to financial entities.
Expenditure Sustainability: 'Midrange'
Medellin's main responsibilities are the provision of basic
services mainly addressed with transfers. In 2016-2020, operating
expenditure (opex) growth has been controlled; hence, Medellin's
operating margins have been stable and averaged 15.8%. Deflated
total expenditure growth had been close to deflated total revenue
growth between 2016 and 2019. In 2020, Medellin increased capex
notably, as a countercyclical measure to boost the local economy
amid the coronavirus pandemic. As of September 2021, total
expenditure has increased by 14.5% yoy due to a new capex upturn.
Expenditure Adjustability: 'Midrange'
Medellin's expenditure structure is relatively flexible despite the
limited ability to cut some transfers earmarked for health and
education. It has moderate expenditure adjustability, given that
from 2016 to 2020 opex was slightly above 57.6% of total
expenditure; while capex accounted for 42.1% on average. Capex
level is moderate financed with current balance and a significant
amount of EPM's resources, which denotes a moderate margin to cut
expenditure.
Future Budget Allocations (FBA, authorizations against tax revenues
in future budgets for paying certain expenses) also adds some
inflexibility to the expenditure structure. For 2021, FBA approved
were of COP322 billion (equivalent to around 5% of total
expenditure projected in 2021).
Liabilities and Liquidity Robustness: 'Midrange'
The Law 2155/2021 increased the solvency and sustainability limits
as from 2021, thus, Medellin increased its indebtedness capacity
and will able to take until COP200 billion in 2022. As of August
2021, Medellin's outstanding long-term debt balance was COP1.86
trillion. Around 34% of Medellin's long-term debt was denominated
in foreign currency (taken with AFD) and close to 66% was tied to a
floating interest rate. The bonds' outstanding balance was COP248.6
billion, accounting for 13.3% of long-term debt. In 4Q 2021,
Medellin will take COP344.3 billion.
Metro de Medellin will take on debt due in 2034 in order to finance
Metro de la Via 80. This debt will be covered with FBAs: 70% by the
national government and 30% by Medellin. The financing mechanism
that will be used and the debt amount will be defined in 2022.
Fitch will monitor the final characteristics of the project in
order to assess debt sustainability metrics in a timely manner.
Liabilities and Liquidity Flexibility: 'Midrange'
Fitch considers that Medellin has an adequate liquidity management,
as it has both a sound liquidity position and better access to
short/long-term loans with local banks. However, the counterparty
risk of potential liquidity providers for Medellin will be mostly
below investment grade, given the sovereign credit environment.
Finally, the Colombian government does not provide emergency
liquidity support when LRGs are under pressure.
Debt sustainability: 'a' category
Under Fitch's rating case the debt payback ratio is expected to be
slightly below 9x and the actual debt service coverage ratio
(ADSCR) and the fiscal debt burden are expected to be 1.5x and
close to 100% in 2025, respectively, over a five-year rating
horizon. Given that secondary metrics scores are lower than the
payback ratio score, debt sustainability score is derived from
lowering one level the payback ratio score of 'aa'.
Fitch includes in its analysis how Medellin recognizes the
obligation with the national government for Medellin's metro
infrastructure financing, and considers it an intergovernmental
obligation. Thus, the enhanced synthetic coverage ratio, which does
not include Metro's financial obligation, averaged 2.4x in the last
three projected years.
Additional Rating Factors: Fitch includes in its analysis how
Medellin recognizes the obligation with the national government for
Medellin's metro infrastructure financing, and considers it an
intergovernmental obligation. Thus, Fitch calculates enhanced debt
sustainability metrics in order to assess a subsequent improvement
on the SCP. At present, this improvement is not used. However, if
there was a moderate deterioration in the SCP, an uplift could be
considered when using the enhanced payback ratio. The enhanced
payback ratio would be below 5.0x in 2025.
DERIVATION SUMMARY
Medellin's IDRs are based on its SCP, which is assessed at 'bb+',
reflecting a combination of a 'Low Midrange' risk profile and debt
sustainability metrics assessed in the 'a' category under Fitch's
rating case. The SCP also factors in a comparison of Medellin with
international peers such as Lima in Peru (BBB/Stable), Mexico City
in Mexico or Novosibirsk in Russia (BB/Stable) or national peers
such as Antioquia Department (AAA(col)) or Itagui Municipality
(AA+(col)). No other factors affect the ratings. The NLTR of
'AAA(col)' is derived from the 'BB+' IDR, while the NSTR of
'F1+(col)' is derived from the NLTR.
KEY ASSUMPTIONS
Qualitative Assumptions and Assessments:
-- Risk Profile: 'Low Midrange';
-- Revenue Robustness: 'Midrange';
-- Revenue Adjustability: 'Midrange';
-- Expenditure Sustainability: 'Midrange';
-- Expenditure Adjustability: 'Midrange';
-- Liabilities and Liquidity Robustness: 'Midrange';
-- Liabilities and Liquidity Flexibility: 'Weaker';
-- Debt sustainability: 'a';
-- Asymmetric Risk: 'N/A';
-- Sovereign Cap: 'N/A'.
Quantitative Assumptions:
Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2016-2020 figures and 2021-2025
projected ratios. The key assumptions for the scenario include:
-- Taxes and other operating revenues (fees, fines and others)
partly recover during 2021 and reach pre-pandemic levels until
2023, growing in line with inflation or national GDP growth,
depending on its nature;
-- Nominal growth of transfers is in line with the moving average
of GDP's four-year growth;
-- Operating expenditure growth is in line with revenue growth,
with a minimum of inflation;
-- Capex growth in line with historical average;
-- Debt level considers Medellin´s projections and additional
potential long-term debt as per regulatory limits;
-- Apparent cost of debt is equivalent to a short-term rate
estimated by Fitch plus a credit differential of 3% (spread).
-- Capital revenue is linked to projected EPM's financial
surpluses; hence it will be COP1.5 trillion in 2021, COP1.8
trillion in 2022, COP1.6 trillion in 2023 and as from 2024 it
will increase according to inflation rate.
-- Fitch's adjusted debt includes an estimate of Medellin's
obligations with the national government for the financing of
the original infrastructure of the city's metro system.
-- Interest expenditure does not include that related to
intergovernmental debt.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- IDRs are constrained by the sovereign rating. Colombia's IDR
upgrade would lead to a corresponding rating action on
Medellin. National Ratings are at the highest level, so
positive rating action are not possible.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- If the enhanced payback ratio is close to 9.0x coupled with an
enhanced synthetic Debt service coverage ratio (DSCR) below
1.5x, under Fitch's rating case.
-- A downgrade of Colombia's IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.
ISSUER PROFILE
The City of Medellin is considered Colombia's second-most important
city, contributing approximately 7.3% of GDP. Medellin has begun
with the process to become a special district in Science,
Technology and innovation. Medellin seeks to attract more private
investment related to Information and communications technology
(ICT) through fiscal incentives. Fitch classifies Medellin, as for
all Colombian LRGs, as type B as it covers debt service from its
cash flow on an annual basis.
SUMMARY OF FINANCIAL ADJUSTMENTS
-- Net adjusted debt considers other Fitch classified debt.
-- Adjusted debt considers the difference between net adjusted
debt and unrestricted cash.
-- Operating revenues do not include a fiscal surplus from
previous years and expenditure does not include fiscal
deficits from previous years.
-- Fitch does not consider cash proceeds from Fondo Nacional de
Pensiones de las Entidades Territoriales (Fonpet) used for
pension payments or other expenditure made with these
resources.
-- Fitch's adjusted debt includes an estimate of Medellin's
obligation with the national government for the financing of
the original infrastructure of the city's metro system.
-- Fitch classifies as capex some operating expenses linked to
social investment expenditure and financed with EPM's
surpluses.
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.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Fuel Demand at Border Provinces Jumps 10%
-------------------------------------------------------------
Dominican Today reports that fuel demand in the border provinces of
the Dominican Republic increased by 10% in the last month due to
the consumption of Haitians who come to stock up due to the
shortage in their country.
The data was offered by Victor Bisono, Minister of Industry,
Commerce and Mipy-mes (MICM), who assured that the Dominican
Republic maintains the dispatch of fuel at the border in an "act of
solidarity" due to the difficult economic crisis suffered by the
Haitian population, according to Dominican Today.
Binational markets are also maintained, the report notes.
The sale of hydrocarbons does not mean a significant impact because
the neighboring provinces represent only a tenth of national
consumption, the official explained, the report relays.
Bisono trusts that in this way the Dominican Republic contributes
to the operation in Haiti of hospitals, radio stations and stations
that repeat the telephone waves with power plants, the report
adds.
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. Luis Rodolfo
Abinader Corona is the current president of the nation.
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.
Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).
DOMINICAN REPUBLIC: Haitians Defy Insecurity, Attend Border Market
------------------------------------------------------------------
Dominican Today reports that despite the limitations to transport
due to the lack of fuel in Haiti, thousands of Haitian citizens
attend the binational market at Dajabon.
The report relays that from 8:00 a.m., Customs and Immigration open
the gate of the two nations on the bridge over the Masacre River.
Residents of the neighboring country began to enter Dominican
territory on foot, motorbikes and trucks to buy and sell all kinds
of products.
Abigail Bueno, president of the Dajabon Market Retail Merchants
Association, was surprised by the large number of citizens who
defied the insecurity that affects them, as well as the limitations
they have due to fuel shortages, notes the report.
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. Luis Rodolfo
Abinader Corona is the current president of the nation.
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.
Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).
===========
M E X I C O
===========
FORTALEZA MATERIALES: S&P Places 'BB-' ICR on CreditWatch Negative
------------------------------------------------------------------
On Nov. 11, 2021, S&P Global Ratings placed it 'BB-' issuer credit
rating on Mexico-based cement producer Fortaleza Materiales S.A.B.
de C.V. (Fortaleza) on CreditWatch with negative implications.
The CreditWatch placement follows Fortaleza's and Elemat's recent
announcements that both companies will propose to cancel their
shares registrations in the National Registry of Securities and
delist them from the Mexican Stock Exchange. On Nov. 24, 2021, both
companies' shareholders will hold a meeting to approve the
delisting.
To date, it is unclear how the companies will fund the public
offering for canceling their outstanding traded shares. S&P said,
"However, depending on the final terms, in our view, there is a
possibility that Fortaleza's and the group's credit quality could
be affected. Once the public offering concludes, we will assess any
potential deviation in leverage metrics and liquidity from our
current base-case scenario. In addition, we will review any
potential shift in the company's financial policy and our
assessment of its management and governance." As of Sept. 30, 2021,
Fortaleza reported shares outstanding of 586,237,744, of which
19.01% are free float. Considering that Fortaleza's market share
price has been near MXN15-MXN16 (Mexican peso), the free float
could be worth about MXN1.7 billion-MXN1.8 billion, and a similar
figure for Elemat.
S&P said, "We plan to resolve the CreditWatch in the next 90 days
once we have certainty on the delisting strategy and funding
sources for the public offering. We will evaluate any potential
deviation in leverage metrics and liquidity position, as well as
any shift in Fortaleza's financial policy, while we continue to
monitor the company's management and governance standards."
=====================
P U E R T O R I C O
=====================
LIMENOS CORPORATION: Taps Bufete Morales Cordero as Counsel
-----------------------------------------------------------
Limenos Corporation seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Bufete Morales Cordero,
C.S.P. as special counsel.
The firm will represent the Debtor in proceedings pending before
the U.S. District Court for the District of Puerto Rico or state
agencies constituting legal labor claims against the Debtor.
Jesus Morales Cordero, Esq., the firm's attorney who will be
providing the services, will be paid at an hourly rate of $275.
The Debtor paid $8,000 to the firm as a retainer fee.
Mr. Cordero disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jesus R. Morales Cordero, Esq.
Bufete Morales Cordero, C.S.P.
PO Box 191836
San Juan, PR 00919
Tel.: (787) 758-7819
Fax: (787) 758-4152
About Limenos Corporation
Limenos Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-02169) on June 5, 2020,
listing as much as $500,000 in both assets and liabilities.
Judge Mildred Caban Flores oversees the case.
Francisco J. Ramos Gonzalez, Esq., at Francisco J Ramos &
Asociados, CSP and Nelson Robles-Diaz, P.S.C. serve as the Debtor's
bankruptcy counsel while Bufete Morales Cordero, C.S.P. serves as
the special counsel. Monge Robertin Advisors, LLC is the Debtor's
restructuring advisor.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Groups are Not in Support of 4th Lockdown
------------------------------------------------------------
Trinidad Express reports that business groups are not in support of
a fourth lockdown as they argue it will further damage the
economy.
Health Minister Terrence Deyalsingh on a radio program said with
the state of emergency and curfew nearing an end, he is concerned
that this will lead to a further rise in Covid-19 cases, according
to Trinidad Express.
"I am deathly afraid of that because then the partying is going to
start back and all of these things are going to start back, and
cases would most likely skyrocket. Our healthcare system-the
parallel healthcare system-may be overwhelmed and we are dealing
with the known Delta variant. What happens if tomorrow you hear
about another variant which is more deadly? What are we going to
do?" Deyalsingh exclaimed, the report discloses.
Speaking to the Express on the minister's response, Gabriel Faria,
chief executive officer of the Trinidad and Tobago Chamber of
Industry and Commerce, said it is critical that the Government does
not again penalize the compliant citizens and business in any
action it takes, the report relays.
"We have over 650,000 citizens who have done their duty and taken
the vaccine. The statistics show that over 90 per cent of the
persons who are being treated in the parallel healthcare system are
unvaccinated. So any remedial action must be focused on addressing
the problem with unvaccinated," the report says.
Faria explained that the issue is not the SoE or curfew; it is
ensuring the unvaccinated are not put into higher risk
environments.
He advocates expanding the safe zones as other Caribbean countries
have done.
"For example, public transport should be looked at as becoming a
safe zone. So using a big bus to transport the vaccinated to and
fro can also help, and this can in turn encourage people to get
vaccinated. You have to get innovative as well," Faria added, the
report notes.
Expressing similar sentiment was Richie Sookhai, president of the
Chaguanas Chamber of Commerce, who said that the thought of closing
back some sectors to contain the numbers will further cripple the
economy, the report relays.
"These lockdowns have really given the SMEs a challenging time and
we need to be careful how we move forward with the pandemic.
Government needs to be mindful of this and look for other methods
to implement and not go backwards," the report notes.
Sookhai said many bigger countries have experienced an upsurge in
cases, but did not impose further restrictions, the report
discloses.
"I think the story that we have to push again is lockdowns are
unnecessary. That is because all over the world cases are spiking.
For instance, the United States, whose economy is much bigger than
ours, has decided to remain open. We have to take into
consideration our economy has already taken a severe hit and
thousands are still without jobs," Sookhai added, notes the
report.
Bars Continuing
President of the Barkeepers & Operators Association, Sateesh
Moonasar, is not fearful of a fourth of lockdown for the industry
because bar and restaurants comprise the only sector that is
operating with fully vaccinated patrons and staff, the report
notes.
"The safe zone policy needs to be expanded and what the health
authorities need to pay attention to is the unvaccinated in places
such as the workplace and other business sectors. The
establishments that are operating in the safe zones have been
adhering thus far, with one or two owners in breach. But for the
most part businesspeople are conforming," he said, the report
relays.
Moonasar said with the restrictions that have been imposed on the
industry to curb the spread of the virus, it will take between two
and three years for the sector to rebound.
=============
U R U G U A Y
=============
CONSORCIO DEL URUGUAY: Moody's Puts Ba3 CFR on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the Ba3
global scale Corporate Family Rating of Consorcio del Uruguay S.A.
On Review for Upgrade:
Issuer: Consorcio del Uruguay S.A.
Global Corporate Family Rating, placed on Review for Upgrade,
currently Ba3
Outlook Actions:
Issuer: Consorcio del Uruguay S.A.
Outlook, Changed to Rating Under Review From Stable
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATING
The review for upgrade will focus on the sustainability of
Consorcio's recurring profitability in an environment of sustained
growth in Uruguay, as the economy recovers after the COVID-19
pandemic. In addition, it would also include an assessment of
Consorcio's key financial and strategic objectives, including
operational growth prospects and the company's performance relative
to financial institutions that offer substitute products to low-
and middle-income individuals. Moreover, Moody's will also reassess
the competitive environment in which the company operates in
Uruguay, as well as the resiliency of its business model to
different stages of economic cycles.
Moody's also said its review for upgrade reflects improvements to
Consorcio's financial profile, including good asset quality metrics
in the last 18 months, despite the Covid-19 pandemic, strong
capitalization and steady level of liquid assets. At the same time,
the review is underpinned by Consorcio's solid franchise as an
administrator of savings plans and a provider of specialized credit
to low- and middle-income individuals. Although Consorcio remains
as the only company in this niche market, its unique product, cash
resources granted as credit, compete with or supplement bank loans.
The monoline nature of Consorcio's operation complies with
regulation imposed by the Central Bank of Uruguay, which also sets
conservative capital requirements for the company.
The CFR could be upgraded if Moody's concludes its review by
assessing that Consorcio is likely to consistently improve
profitability to a level corresponding to net income to average
managed assets (NI/AMA) above 2.0%, while also being able to report
improvement in earnings origination derived predominantly from its
core operating activity.
Given the review for upgrade, a downgrade of Consorcio's CFR is
unlikely. However, the rating could be confirmed and its rating
outlook return to stable upon conclusion of the review if Moody's
assesses that Consorcio would maintain profitability below
historical trend levels, or that potential improvement to profits
would ensue from non-core operational sources.
METHODOLOGY USED
The principal methodology used this rating was Finance Companies
Methodology published in November 2019.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Nov. 8 to Nov. 12, 2021
------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
Enel Americas SA 5.8 32.7 6/15/2022 CL CLP
Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Esval SA 3.5 49.9 2/15/2026 CL CLP
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Polarcus Ltd 5.6 71.8 7/1/2022 AE USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
YPF SA 16.5 67.3 5/9/2022 AR ARS
Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD
Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD
Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Provincia del Chubut A 4.5 2208 3/30/2021 AR USD
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
*********
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 2021. 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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contact Peter A. Chapman at 215-945-7000.
.
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