/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/220117.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, January 17, 2022, Vol. 23, No. 6 Headlines B R A Z I L BRAZIL: Annual Inflation Hits 6-Yr. High of Over 10% in 2021 BRAZIL: Rio de Janeiro to Lose US$7MM Amid Cruise Ship Cancellation C H I L E LATAM AIRLINES: Merrill Lynch, Centerbridge Vie Interest Payments D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Price of Oil Concerns Dominican Leader DOMINICAN REPUBLIC: UN Body Cautions Government on Inflation M E X I C O MEXICO REMITTANCES: Fitch Affirms BB+ Rating on Series 2021-1 Notes T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Can Access EU's EUR800 Million Fund - - - - - =========== B R A Z I L =========== BRAZIL: Annual Inflation Hits 6-Yr. High of Over 10% in 2021 ------------------------------------------------------------ Marcela Ayres of Reuters reports that Brazil's annual inflation hit a six-year high of over 10% in 2021, government data showed, well above the central bank's year-end target range and raising pressure on policymakers for more aggressive interest rate hikes. Reuters relates that the benchmark IPCA consumer price index rose 10.06% last year, the highest annual rate since 2015, statistics agency IBGE said. The result was higher than the 9.97% median forecast in a Reuters poll of economists. By law, central bank chief Roberto Campos Neto was obliged to write an open letter explaining why annual inflation had missed the official target range, Reuters cites. Campos Neto said steps have been taken to ensure inflation targets are met for 2022, 2023 and 2024, reaffirming the need to keep raising rates "significantly into restrictive territory," the report notes. Reuters relates that the country's 12-month inflation rate eased in December from 10.74% in November, the first decline since May 2020. Still, the full 2021 print missed both the central bank's annual target of 3.75% and the 5.25% top of its tolerance band, the report relays. The index rose 0.73% in December alone, IBGE said, above the 0.65% forecast in a Reuters poll, mostly driven by clothing prices, which rose 2.06%, the report adds. Reuters notes that Campos Neto said inflation missed the target mostly due to rising prices of imports, especially oil, along with other commodities. A weaker currency also contributed to the impact, he said in his letter, due to fiscal concerns in the second half of the year. Campos Neto also cited a spike in energy prices and global supply chain bottlenecks as inflation causes, 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. 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 2021 with stable outlook. 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. 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: Rio de Janeiro to Lose US$7MM Amid Cruise Ship Cancellation ------------------------------------------------------------------- Rio Times Online, citing EFE News, reports that the city of Rio de Janeiro, Brazil, will stop receiving at least 25,000 tourists this year due to the cancellation of cruise ship operations on the coasts of the country, equivalent to the loss of US$7.5 million, due to the growing number of infections caused by the Omicron variant of Covid-19 in recent weeks. Recently, the sanitary situation and the almost 800 positives reported on ships led the Brazilian Association of Cruise Ships (Clia) to voluntarily suspend operations in Brazilian ports, according to Rio Times Online. This measure will be extended initially until January 21, the report notes. 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. 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 2021 with stable outlook. 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. 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). ========= C H I L E ========= LATAM AIRLINES: Merrill Lynch, Centerbridge Vie Interest Payments ----------------------------------------------------------------- Jeremy Hill of Bloomberg News reports that Centerbridge Partners and Merrill Lynch Credit Products said in court filings that they're due interest payments on more than $200 million of claims against a Latam Airlines Group SA subsidiary. The firms hold debts of TAM Linhas Aereas SA, a Brazilian subsidiary of the Chilean carrier, which are slated to ride through Latam's bankruptcy unimpaired under its current plan. But Centerbridge and Merrill Lynch argue they must receive interest payments on account of their claims in order to be truly unimpaired. "TLA is indisputably solvent and, under well-established precedent, the TLA Claims must receive postpetition interest to be unimpaired. Yet, the Plan deprives the TLA Claims of any postpetition interest. This flaw is fatal to approval of the Disclosure Statement because the Plan misclassifies the TLA Claims and deprives them of a vote," TLA Claimholders Group said in an objection to the Disclosure Statement explaining the Plan. "Permitting holders in Class 6 at TLA to vote, however, does not cure the defects with the Plan. If that class is allowed to vote, then -- particularly given the opposition of the TLA Claimholders Group -- it is extremely likely to vote to reject the Plan. If that happens, the Plan would become untenable. A critical component of the Plan is that it maintains the Debtors' current organizational structure, which requires reinstating the existing equity interests in TLA held by it arent. But, if the holders of Class 6 Claims at TLA are impaired and vote to reject the Plan, then the absolute priority rule would prohibit TLA's parent from retaining its equity, which would undermine that fundamental precept of the Plan. As such, amending the Plan to deliver legitimate unimpairment to the TLA Claims is imperative to the efficacy of the Plan." As of Jan. 7, 2022, the sole members of the TLA Claimholders Group are Merrill Lynch Credit Products, LLC, and Centerbridge Partners, L.P. The law firm of Stroock & Stroock & Lavan LLP is representing the TLA Claimholders Group. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Price of Oil Concerns Dominican Leader ---------------------------------------------------------- Dominican Today reports that President Luis Abinader warned that the main concern of the Dominican Republic government this year is "the inflation produced by an increase in the price of oil, which are factors that we cannot control." The president affirmed that if the price of oil continues to rise, it will be impossible to maintain the fuel subsidy in the country, for which he explained that the Government is not prepared for the barrel to rise much, according to Dominican Today. "It is impossible to continue. We subsidized the price of oil, of all hydrocarbons, last year for about US$13.0 billion. It is impossible to continue with that. It's impossible," said Abinader on ColorVision, the report notes. Abinader added that the cost of natural gas and coal has risen, which has also impacted electricity generation, at the same time that he said that a barrel of Brent oil was quoted at 83 dollars and West Texas at 81, the report relays. He indicated that if oil continues to rise, he will have to consult various sectors of the population to find a way out, especially to avoid higher inflation, since the inflationary effect of oil is transversal throughout the economy, the report says. Meanwhile, the head of state assured that the country is doing well in economic terms, predicting that it will end this year with a positive 5% in relation to the previous year, with a greater number of jobs and much greater production in all areas, 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. As reported in the Troubled Company Reporter-Latin America on Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDRs at 'BB-' TCRLA 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: UN Body Cautions Government on Inflation ------------------------------------------------------------ Dominican Today reports that UN body cautions the Dominican Republic government on inflation. The warning, according to the report, was made by the executive secretary of the Economic Commission for Latin America and the Caribbean (Eclac), Alicia Barcena, who said: "we see that there is an increase in the variation rates of the price indices. This suggests that this persistence of inflationary pressures may stay with us." Ms. Barcena called on the countries of the region to implement measures aimed at reducing inflation, beyond increasing interest rates, according to Dominican Today. Barcena recommended that Latin American nations maintain greater coordination between fiscal, monetary, exchange rate and macroprudential policies, conventional and unconventional, thus avoiding using a single instrument to control prices, which she labeled as counterproductive, the report notes. Barcena referred to these terms when presenting the report "Preliminary balance of the economies of Latin America and the Caribbean," which includes the Dominican Republic as the second country in Central America where prices increased the most between August 2020 and the same month of 2021, with 7.9%, only surpassed by Cuba, which registered an inflation of 72.5%, 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. Luis Rodolfo Abinader Corona is the current president of the nation. As reported in the Troubled Company Reporter-Latin America on Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDRs at 'BB-' TCRLA 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 =========== MEXICO REMITTANCES: Fitch Affirms BB+ Rating on Series 2021-1 Notes ------------------------------------------------------------------- Fitch Ratings has affirmed the rating on the $500 million series 2021-1 notes issued by Mexico Remittances Funding Fiduciary Estate at 'BB+'. The Rating Outlook is Stable. The rating for the notes reflects the one-notch uplift from Nueva Elektra del Milenio S.A. de C.V. (NEM)'s Long-Term Local-Currency Issuer Default Rating (IDR), given the strength of cash flows and strength of the transaction structure. The rating also considers the high future flow debt relative to NEM's balance sheet. The Stable Outlook on the notes reflects NEM's Stable Outlook. DEBT RATING PRIOR ---- ------ ----- Mexico Remittances Funding Fiduciary Estate 2021-1 593035AA6 LT BB+ Affirmed BB+ TRANSACTION SUMMARY The future flow program is backed by existing and future Reimbursement Remittance Transactions (RRT) originated mainly in the U.S. that are processed by NEM Money Transfer Operators (MTOs), which transfer remittances to NEM via a reimbursement mechanism model. The majority of RRTs are processed by MTOs that executed Notice and Consent Agreements (N&C), irrevocably obligating the Designated Remitters (DRs) to make payments to an account controlled by the transaction trustee. Fitch's rating addresses timely payment of P&I on a quarterly basis. KEY RATING DRIVERS Future Flow Rating Driven by Originator's Credit Quality: The rating of this future flow transaction is tied to the credit quality of the originator, NEM. NEM's credit ratings are highly linked to its parent, Grupo Elektra, S.A.B. de C.V. (BB/Stable), given the strategic role NEM plays in consolidating the group's commercial business. Notching Differential Limited by Going Concern Assessment (GCA) Score: Timely payment on the notes depends on the ongoing performance of NEM's remittance business. NEM's GCA score of '3' acts as a cap for the transaction rating. The GCA score provides an indication of the likelihood that NEM continues to operate in the event of default. The GCA score of '3' could allow for up to a two-notch rating differential between the IDR of the originator and the issuance; however, additional factors limit the maximum uplift. Notching Uplift from LC IDR Limited by Several Factors: The 'GC3' score allows for a maximum two-notch rating uplift from the company's LC IDR, pursuant to Fitch's future flow methodology. However, uplift is tempered to one notch from NEM's IDR due to factors mentioned below, including the relatively high future flow debt relative to the company's balance sheet. Future Flow Debt Relative to NEM's Balance Sheet: NEM has a limited funding mix given that majority of funding is held at the parent level. Additionally, the majority of liabilities held on NEM's balance sheet are current liabilities due to affiliated companies. The $500 million 2021-1 notes represent approximately 86.1% of NEM's total funding utilizing financials as of September 2021. Fitch also considered total future flow debt relative to Elektra's balance sheet, representing approximately 56.9% of its total long-term funding. These ratios are considered high by Fitch, posing a constraint to the assigned rating. Nevertheless, Fitch analyzed the potential benefits the structure brings to the transaction to allow some notching differentiation. Coverage Levels Commensurate with Assigned Rating: When considering maximum quarterly debt service and average rolling quarterly cash flows between December 2016 and November 2021 from DRs, the projected quarterly minimum debt service coverage ratio (DSCR) is expected to be approximately 62.2x. The transaction would be able to withstand a decline in flows of approximately 98% and still cover a maximum P&I payment. Nevertheless, Fitch will monitor the performance of the remittance flows, as significant potential pressures could negatively affect the assigned ratings. Parent Provides Corporate Guaranty: Elektra has provided an irrevocable and unconditional guarantee on a senior basis to the collateral agent on behalf of investors, guaranteeing the full and prompt payment of all payments when due by NEM under the transaction documents. Given the unconditional and irrevocable nature of the guarantee in place, the rating of the transaction will always be the highest of either Elektra' ratings or the ratings of NEM plus the notching differential allowed by the GCA score. Foreign Exchange Risk Mitigated by Excess Cash Flows: The transaction is exposed to a two-day rolling devaluation risk as remittance flows are paid in Mexican pesos by the DRs, although the liabilities are U.S. dollar-denominated. This risk is mitigated by significant excess coverage in cash flows to support Mexican peso depreciation. Current coverage levels would be able to withstand a drop-in cash flows of approximately 98% and still cover a max quarterly principal and interest payment. Transfer and Convertibility Risk Caps Transaction Rating: The transaction is exposed to transfer and convertibility risks as securitized remittance flows are paid into an account in pesos. To partially mitigate operational risk that may arise from transferring and converting flows on a daily basis to an off-shore account, the transaction maintains a reserve fund that covers one maximum P&I payment. Nevertheless, this exposure caps the rating of the transaction at Mexico's Country Ceiling of 'BBB+'. RATING SENSITIVITIES Factor that could, individually or collectively, lead to negative rating action/downgrade: -- Fitch does not anticipate developments with a high likelihood of triggering a downgrade given the originator's ratings are currently on Stable Outlook. However, the transaction ratings are sensitive to changes in the credit quality of both Elektra and NEM. A deterioration of the credit quality of Elektra or NEM is likely to trigger a negative rating action. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Fitch does not anticipate developments with a high likelihood of triggering an upgrade given the originator's ratings are currently on Stable Outlook. However, given the unconditional and irrevocable nature of the guaranty provided by Elektra, NEM's parent, the rating of the transaction will always be the highest of either Elektra's ratings or the ratings of NEM plus the notching differential allowed by the GCA score. Therefore, if there is a positive rating action on either Elektra or NEM's ratings, a positive rating action could be triggered on the notes; -- The transaction ratings are also sensitive to the ability of the remittance business line to continue operating, as reflected by the GCA score, and a change in Fitch's view on the company's GCA score can lead to a change in the transaction's rating. Additionally, the transaction rating is sensitive to the performance of the securitized business line. The expected quarterly DSCR is approximately 62.2x, and should be able to withstand a significant decline in cash flows in the absence of other issues. However, significant declines in flows could lead to a negative rating action. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven 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 seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow ratings are driven by the credit risk of Nueva Elektra del Milenio S.A. de C.V as measured by its Local Currency Long-Term IDR. 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. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Can Access EU's EUR800 Million Fund ------------------------------------------------------ Trinidad Express reports that Planning and Development Minister Camille Robinson-Regis said that a new cooperation framework being implemented by the European Union (EU) still counts Trinidad & Tobago as eligible to bid for funding access from the pot of regional resources worth EUR800 million (US$6.54 billion). This was disclosed in a meeting between Robinson-Regis and EU Ambassador to T&T, Peter Cavendish, according to Trinidad Express. In a statement, the ministry outlined that both parties agreed to continue collaborating to explore funding and technical assistance from the Latin American and Caribbean Investment Facility (LACIF) to develop projects aimed at enhancing T&T's green economy, the digital economy, water resources, revitalising the cocoa industry and innovation, the report notes. The report relays that the new framework of cooperation between the EU and its Partners is called '2021 to 2027: Neighbourhood, Development and International Cooperation Instrument'. It aims to help Latin American and Caribbean countries finance projects in key sectors that are essential for the achievement of the Sustainable Development Goals, such as sustainable energy, environment, water, transport, inclusive social services, and support to small and medium-sized enterprises, the report discloses. Robinson-Regis noted that T&T has begun working with the EU through LACIF and the ministry's Multilateral Environmental Agreements Unit in areas related to the environment and sustainable energy, the report says. She cited green hydrogen as one of the major areas for active exploration by the government as part of global transition to sustainable energy and net zero emissions economies, therefore the work started with the EU in this regard will help to meet Trinidad and Tobago's energy transition goals, the report notes. The ministry also stated that it and the EU, through its Global Climate Change Alliance Plus programme, have also initiated projects with the United Nations Development Program, the report discloses. "Along with the installation of a commercial scale solar panel system, via a solar park, at Piarco International Airport with an annual generation capacity of 1,443,830 Kilowatt hours (kWh). The Airports Authority of Trinidad and Tobago is also a key partner in this EUR4 million grant funded project," the statement said, the report says. The ministry, EU Delegation, the Inter-American Development Bank (IDB) and the Caribbean Industrial Research Institute (CARIRI) have also collaborated to launch a programme called 'Shaping the Future of Innovation', the report relays. This initiative is funded under the 11th European Development Fund (EDF), amounting to US$10 Million, with the aim of building a more innovative and competitive economy in Trinidad and Tobago, through economic diversification, the report discloses. A call for applicants from the private sector is currently underway, 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 2022. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *