/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/220905.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, September 5, 2022, Vol. 23, No. 171 Headlines A R G E N T I N A ARGENTINA: Eyes FX Incentive for Soy Exporters in Bid for Dollars ARGENTINA: Peso Crisis Imperils Coffee Supplies in Famed Cafes ARGENTINA: Seeks to Shift All-Cash Workers Into Payroll Jobs PROVINCE OF RIO NEGRO: S&P Affirms 'CCC+' ICR, Outlook Stable B R A Z I L BANCO ABC: Fitch Affirms 'BB/BB' IDRs, Outlook Stable BRAZIL: Industrial Production Increased 0.6% in July, Says IBGE C O L O M B I A AGENCIA DISTRITAL: Fitch Affirms 'BB' LongTerm IDRs TERMOCANDELARIA POWER: S&P Alters Outlook to Pos., Affirms BB- ICR P E R U GRUPO EMBOTELLADOR: S&P Upgrades ICR to 'BB-', Outlook Stable P U E R T O R I C O ALEX & ANI: Gets $17 Million Loan After Bankruptcy Exit X X X X X X X X [*] BOND PRICING: For the Week Aug. 29 to Sept. 2, 2022 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Eyes FX Incentive for Soy Exporters in Bid for Dollars ----------------------------------------------------------------- Patrick Gillespie & Ignacio Olivera Doll at Bloomberg News report that Argentina's government is considering a special, temporary exchange rate for soy exporters in September in a bid to boost its dollar holdings and cash reserves at the Central Bank. Ciara-Cec, the country’s crushing and export chamber, sent a note to members that said the government "is evaluating to implement a special and extraordinary currency liquidation regimen for the month of September," according to a message obtained by Bloomberg News. The Economy Ministry didn't respond to a request for comment, while the Agriculture Secretariat declined to comment. A spokesman at the export group Ciara-Cec pointed to a Twitter statement that said the government has not yet confirmed any decisions, according to Bloomberg News. According to the note, the government is planning to offer an exchange rate of 200 pesos per dollar for exports of soy and its byproducts, considerably more than the official exchange rate at 138.7 per dollar, Bloomberg News notes. The government's export taxes on soy products are a key source of its tax revenue and dollar income, Bloomberg News says. Economy Minister Sergio Massa is seeking to create incentives for exporters who have held back soy shipments to send more product abroad as he aims to build the Central Bank's cash reserves, Bloomberg News discloses. A previous measure failed to draw significant sales, Bloomberg News notes. Dwindling reserves have fueled concerns about a possible currency devaluation, something the government denies it will do, Bloomberg News adds. The government expects to bring in US$5 billion through this measure, the chamber said in the note, Bloomberg News relays. While the measure will likely encourage sales, that number is too optimistic, according to a person with direct knowledge of the matter, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Alberto Angel Fernandez is the current president of Argentina after winning the October 2019 general election. He succeeded Mauricio Macri in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. Last March 25, 2022, Argentina finalized agreement with the IMF for a new USD44 billion Extended Funding Facility (EFF) intended to fund USD40 billion in looming repayments of the defunct Stand-By Arrangement (SBA), with an extra USD4 billion in up-front net financing. This has averted the risk of a default to the IMF and is facilitating a parallel rescheduling of Paris Club debt. As reported by The Troubled Company Reporter - Latin America on Aug. 12, 2022, S&P Global Ratings affirmed its foreign and local-currency sovereign credit ratings of 'CCC+/C' on the Republic of Argentina. The outlook remains stable. S&P also affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer and convertibility assessment. S&P said the stable outlook reflects the challenges in managing pronounced economic imbalances ahead of the 2023 national elections given disagreement on policy within the government coalition and financing pressures in the local market. Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'. Fitch said Argentina's 'CCC' ratings reflect weak external liquidity and pronounced macroeconomic imbalances that undermine debt repayment capacity, and uncertainty regarding how much progress can be made on these issues under a new IMF program. On July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign Currency Issuer Default Rating (IDR) and Long-Term Local Currency IDR Under Criteria Observation (UCO) following the conversion of the agency's Exposure Draft: Sovereign Rating Criteria to final criteria. The UCO assignment indicates that ratings may change as a direct result of the final criteria. It does not indicate a change in the underlying credit profile, nor does it affect existing Rating Outlooks. Moody's credit rating for Argentina was last set at Ca on Sept. 28, 2020. DBRS has also confirmed Argentina's Long-Term Foreign Currency Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at CCC (high) on July 21, 2022. ARGENTINA: Peso Crisis Imperils Coffee Supplies in Famed Cafes -------------------------------------------------------------- Buenos Aires Times reports that an escalating currency crisis is threatening a touchstone of Buenos Aires life: coffee. Argentina is tightening restrictions on imports to shield its precarious reserves of dollars as it tries to stave off a devaluation that would bring even more turmoil to an economy featuring 71 percent inflation, according to Buenos Aires Times. Almost no industry is unscathed - even importers of coffee sipped for generations in the capital's famed cafes are feeling the pinch. Drinkers may be next, the report notes. "These restrictions mean we're operating with minimal stocks," said Martin Cabrales, vice president of Cabrales SA, a top supplier of beans to Argentine coffee houses, notes BA Times. "It's a difficult time, but we're working with production officials and the Central Bank to try to meet demand." Argentines consume 1.7 pounds (0.8 kilo) of coffee a year on average, far from the volumes gulped down in parts of Europe since there's competition from the local mate tea that's drunk with a gourd and metal straw, the report notes. But coffee is still one of Argentina's great urban traditions, sipped in century-old cafes and bars in Buenos Aires, often with sweet croissants or, increasingly, in trendier spots that embrace modern global coffee culture, the report relays. Argentina imports all of its beans, mostly from neighbouring Brazil, the report discloses. With the peso losing 13 percent in the past three months, the worst performance among emerging currencies, en route to a 26 percent loss this year, every dollar at the central bank counts, the report notes. That means coffee, despite being a staple, doesn't catch a break, the report relays. Bean imports stood at US$75 million this year through July, up from US$66 million for the whole of 2021, according to the national statistics agency, the report notes. High prices spurred by tight global supplies aren't helping the equation, the report says. The squeeze isn't limited to coffee houses, the report relays. Cafe Martinez, one of Argentina's top coffee store chains, is battling to secure affordable supplies of packaged coffee to supermarkets, the report discloses. "If we don't get all of the necessary volume at a competitive price, both availability and pricing will be impacted," said Cristian Lema, managing director of Cafe Martinez, the report says. At Tres, one of the trendy cafes in Buenos Aires's Colegiales neighborhood, owner Agustina Roman has already halved purchases as suppliers deliver fewer bags because of the restrictions, the report notes. "Coffee will become a scarce commodity and for this reason its price will be even more speculative," she said, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Alberto Angel Fernandez is the current president of Argentina after winning the October 2019 general election. He succeeded Mauricio Macri in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. Last March 25, 2022, Argentina finalized agreement with the IMF for a new USD44 billion Extended Funding Facility (EFF) intended to fund USD40 billion in looming repayments of the defunct Stand-By Arrangement (SBA), with an extra USD4 billion in up-front net financing. This has averted the risk of a default to the IMF and is facilitating a parallel rescheduling of Paris Club debt. As reported by The Troubled Company Reporter - Latin America on Aug. 12, 2022, S&P Global Ratings affirmed its foreign and local-currency sovereign credit ratings of 'CCC+/C' on the Republic of Argentina. The outlook remains stable. S&P also affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer and convertibility assessment. S&P said the stable outlook reflects the challenges in managing pronounced economic imbalances ahead of the 2023 national elections given disagreement on policy within the government coalition and financing pressures in the local market. Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'. Fitch said Argentina's 'CCC' ratings reflect weak external liquidity and pronounced macroeconomic imbalances that undermine debt repayment capacity, and uncertainty regarding how much progress can be made on these issues under a new IMF program. On July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign Currency Issuer Default Rating (IDR) and Long-Term Local Currency IDR Under Criteria Observation (UCO) following the conversion of the agency's Exposure Draft: Sovereign Rating Criteria to final criteria. The UCO assignment indicates that ratings may change as a direct result of the final criteria. It does not indicate a change in the underlying credit profile, nor does it affect existing Rating Outlooks. Moody's credit rating for Argentina was last set at Ca on Sept. 28, 2020. DBRS has also confirmed Argentina's Long-Term Foreign Currency Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at CCC (high) on July 21, 2022. ARGENTINA: Seeks to Shift All-Cash Workers Into Payroll Jobs ------------------------------------------------------------ Buenos Aires Times reports that Argentina etched out a job market program aimed at addressing informal labor as it seeks to lower government spending. A government decree created the "puente" or bridge program by which social welfare recipients can continue to receive their handouts for a year after starting a formal, payroll job, according to Buenos Aires Times. The government will also cover all employer contributions during that period, the report notes. The policy aims to target welfare recipients who opt for informal, all-cash jobs to avoid losing government benefits and persuade them to stay in the system, the report relays. The measure comes as Argentina's labor market diverges from its social outlook, indicating deepening inequality, the report discloses. While the unemployment rate in the formal job market is down to its lowest level since 2015, poverty is expected to rise this year as low-wage, informal workers outside the traditional labor market have their incomes wiped out by inflation galloping above 70 percent, the report discloses. It also comes at a time in which the country is looking to cut overall government spending to comply with a US$44-billion program with the International Monetary Fund that calls for a primary fiscal deficit of 2.5 percent, the report discloses. Social assistance program are expected to top 2.6 trillion pesos (US$18.8 billion) this year, according to Argentina's most recent IMF review, the report says. Over 80 percent of the new jobs created post-pandemic in Argentina have been informal, according to the most recent report on the subject from the UN-backed International Labor Organization, the report discloses. Countries like Argentina across Latin America have dealt for decades with high levels of all-cash jobs where workers don't pay income taxes, don't have healthcare and are more likely to receive social welfare payments, the report discloses. The pandemic exacerbated that trend as companies closed and others opted for freelancers amid high volatility, the report relays. Argentina banned companies from firing workers for about two years, a measure that shielded some jobs but also helped lead to a surge of informal work, the report notes. The country now has roughly the same amount of salaried payroll jobs - between the private and public sectors combined - as informal, all-cash gigs, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Alberto Angel Fernandez is the current president of Argentina after winning the October 2019 general election. He succeeded Mauricio Macri in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. Last March 25, 2022, Argentina finalized agreement with the IMF for a new USD44 billion Extended Funding Facility (EFF) intended to fund USD40 billion in looming repayments of the defunct Stand-By Arrangement (SBA), with an extra USD4 billion in up-front net financing. This has averted the risk of a default to the IMF and is facilitating a parallel rescheduling of Paris Club debt. As reported by The Troubled Company Reporter - Latin America on Aug. 12, 2022, S&P Global Ratings affirmed its foreign and local-currency sovereign credit ratings of 'CCC+/C' on the Republic of Argentina. The outlook remains stable. S&P also affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer and convertibility assessment. S&P said the stable outlook reflects the challenges in managing pronounced economic imbalances ahead of the 2023 national elections given disagreement on policy within the government coalition and financing pressures in the local market. Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'. Fitch said Argentina's 'CCC' ratings reflect weak external liquidity and pronounced macroeconomic imbalances that undermine debt repayment capacity, and uncertainty regarding how much progress can be made on these issues under a new IMF program. On July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign Currency Issuer Default Rating (IDR) and Long-Term Local Currency IDR Under Criteria Observation (UCO) following the conversion of the agency's Exposure Draft: Sovereign Rating Criteria to final criteria. The UCO assignment indicates that ratings may change as a direct result of the final criteria. It does not indicate a change in the underlying credit profile, nor does it affect existing Rating Outlooks. Moody's credit rating for Argentina was last set at Ca on Sept. 28, 2020. DBRS has also confirmed Argentina's Long-Term Foreign Currency Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at CCC (high) on July 21, 2022. PROVINCE OF RIO NEGRO: S&P Affirms 'CCC+' ICR, Outlook Stable ------------------------------------------------------------- On Sept. 1, 2022, S&P Global Ratings affirmed its 'CCC+' global scale issuer credit ratings on the province of Rio Negro. The outlook remains stable. S&P also affirmed the issue-level 'CCC+' ratings. Outlook The stable outlook balances the risks in the next 12-18 months stemming from low liquidity buffers and limited access to funding with the province's low debt maturities. S&P's stable outlook also includes its expectations of budgetary performance with low operating surpluses and moderate deficits after capital expenditures (capex). Downside scenario S&P said, "We could downgrade the province if a weaker fiscal performance or liquidity position increases the risk of default or a distressed debt exchange in the next 12 months. Even though in our view the debt amounts are manageable in the next 12 months, market and economic conditions remain stressed, and we could consider any restructuring that entails value losses for investors as tantamount to default. Stricter foreign exchange controls that lead to a downward revision of our transfer and convertibility (T&C) assessment of Argentina would also result in a downgrade of the province." Upside scenario Given that Argentine local and regional governments (LRGs) don't meet the conditions for S&P to rate them above the sovereign, it could only upgrade Rio Negro if S&P takes a similar action on the sovereign in the next 12 months. This would have to be accompanied by a stronger cash flow generation capacity for the province or greater certainty about its capacity to tap debt markets. Rationale The 'CCC+' ratings on the province of Rio Negro balance the entity's moderately low debt service profile in the next two years with the significant challenges stemming from the difficult economic conditions in Argentina. Moreover, debt service will increase as capital payments resume in 2024, in line with the restructured terms of the province's international bond. As a result, debt service will be about $90 million in 2024 and $70 million annually in 2025-2028, from $20 million in 2023. While these amounts are low in terms of the province's total budget, limited financial buffers and access to the market underscore risks to debt service in the next few years. S&P expects fiscal and liquidity buffers to remain limited S&P said, "We expect Rio Negro's operating surpluses to average 3.4% of operating revenues in 2022-2024. Our forecast assumes increases in operating revenues in line with nominal GDP growth. We note that transfers from the national government, which account for 65% of total revenues, are almost entirely automatic. We incorporate potential pressures on operating spending, particularly payroll (60% of the government's expenses) amid high inflation. Unlike most provinces that we rate, a rigid spending structure prevented Rio Negro from strengthening its cash flow generation in 2020-2021. Moreover, high inflation in Argentina is likely to make budgetary performance volatile in the medium to long term. "We forecast deficits after capex to moderate following the completion of the sizable Castello infrastructure program that will conclude this year. We expect capex will shrink to 5%-6% of total spending in 2022-2023 from 9% in 2017-2021. "Given that we assume international debt markets will remain closed to the sovereign and Argentine LRGs, we expect that the province will cover funding needs in the coming 12-18 months with preapproved and potentially new loans from multilateral lending agencies, loans from the national government loans, and domestic market issuances. Local market dynamics have remained adequate for the Argentine provinces amid high peso liquidity in the domestic market and investors' efforts to diversify from national government exposure. The province's upcoming peso payments in 2022-2023 include bonds and short-term notes (Letras) for about 4.5% of operating revenues, which we think should be manageable. "Limited access to financing and persistent fiscal deficits have led to very weak liquidity, which is a key risk to Rio Negro's creditworthiness. Per our estimates, free and readily available cash is low and doesn't cover debt repayment for the next 12 months." The province will likely cover payments with regular cash flows and or, in the case of domestic debt, will seek to roll it over. In 2024, debt service will increase because the province will make the first principal payments on its restructured international bond, which will likely lead to volatility in the liquidity coverage ratio and increase financing needs. Debt stock dropped to 41% of the province's operating revenue in 2021, down from the peak of 61% the prior year, because the Argentine peso's depreciation has been slower than inflation (which tends to benefit fiscal revenue levels). Assuming this trend continues for the next few years and absent significant access to debt markets, S&P expects the province's debt burden to fall to about 20% of operating revenue by 2024. However, about 75% of Rio Negro's debt is denominated in U.S. dollars, which underscores the substantial currency risk should the peso depreciate due to weak economic fundamentals in Argentina. Limited growth in Argentina and uncertainty about support from the national government to provinces constrain the rating Economic growth prospects are weak, in line with those for the sovereign. Following a 10% rebound in Argentina's economic growth in 2021, we expect it to slow to about 2% per year in 2022-2024. The stage of the political cycle (with elections in 2023), on top of the current large macroeconomic imbalances, heightens local debt management vulnerabilities. S&P said, "While according to our estimates the province's GDP per capita was $8,400 in 2022, which is below our estimated national level of $12,900, socioeconomic indicators are generally in line with the national average. We consider that announcements of green hydrogen projects, if and when they materialize, would boost the province's renewable energy resources as well as provincial development and employment in the medium to long term." Amid high inflation and macroeconomic volatility, Argentine provinces have been unable to implement credible medium-term financial planning. Amid increasingly strained financial conditions in 2020, including very limited access to financing, the province's administration decided to prioritize operating and capital spending over timely debt payment obligations. S&P said, "Finally, we believe that amid eroding macroeconomic conditions, the sovereign could delay fiscal support measures to LRGs, especially given Argentina's history of major policy swings. We assess the institutional framework for Argentina's LRGs as very volatile and underfunded, reflecting our perception of the sovereign's very weak institutional predictability and volatile intergovernmental system that has been subject to various modifications to fiscal regulations and a lack of consistency over the years. This has jeopardized LRGs' financial planning and consequently their credit quality. Among key structural problems, we highlight the lack of progress in adjusting "coparticipation" allocations (federal tax revenue distributed to provinces) to economic and social conditions." In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List RATINGS AFFIRMED PROVINCE OF RIO NEGRO Issuer Credit Rating CCC+/Stable/-- PROVINCE OF RIO NEGRO Senior Unsecured CCC+ =========== B R A Z I L =========== BANCO ABC: Fitch Affirms 'BB/BB' IDRs, Outlook Stable ----------------------------------------------------- Fitch Ratings has affirmed Banco ABC Brasil S.A.'s (ABCBr) Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) at 'BB', LT Local Currency (LC) IDR at 'BB' and LT National Rating at 'AAA(bra)'. The Rating Outlook is Stable. In addition, Fitch has affirmed ABCBr's Viability Rating (VR) at 'bb-' and the Shareholder Support Rating (SSR) at 'bb'. KEY RATING DRIVERS High Probability of Support: ABCBr's IDRs, National Ratings and SSR reflect a high probability of support from its parent, Arab Banking Corporation (ABC; Long-Term Foreign Currency IDR BB+/Stable and Viability Rating bb+). ABCBr's LT FC IDR is rated one notch below that of ABC's and is constrained by Brazil's Country Ceiling. This reflects Fitch's view that ABCBR's ability to provide support to its subsidiary's senior creditors is linked to Brazilian sovereign risk, and might be reduced in case of extreme sovereign stress, despite the group's strategic commitment to the country. Strong Role in ABC Group: The parent's propensity to support is also highly influenced by ABCBr's role in the ABC group due to the strong synergies and as the subsidiary provides revenue diversification for the parent as their other activities focus on the MENA region. ABCBr currently provides more than half of the group's revenues and 22% of the group's exposure relates to Brazil, as such it is Fitch's view that that ABCBr's activities in Brazil are strategically important for the parent. ABC is Main Shareholder: ABC owns nearly 64% of ABCBr and they share a similar brand, thus the propensity to support is enhanced by reputational risk as, in an unlikely event of a default at the subsidiary level there could by a high reputational risk for the parent. However, the relatively large size of the subsidiary, which currently represents about 28% of the parent's assets, could be considered a possible constraint in the ability of the parent to support the subsidiary. Intrinsic Credit Fundamentals: The VR is supported by the bank's growing size in the banking industry (21st largest in asset size). The bank's credit portfolio has seen significant growth in the past few years while maintaining a very conservative risk appetite towards domestic corporates, resulting in strong asset quality metrics. The bank's capitalization is adequate for its risk profile, and benefits from ordinary support from ABC. Funding and liquidity metrics are also at comfortable levels, and profitability has become much more robust in recent quarters. Solid, Growing Franchise: ABCBr is a medium-sized commercial bank, focused primarily on corporate lending and services, investment banking and middle market lending and services. The bank's asset market share is less than one percent national basis, but Fitch's assessment of ABCBR's business profile highlights the bank's improved franchise in recent years supported by a well-executed strategy to diversify its sources of revenues, lower costs and lower levels of concentrations in terms of risk and funding. These have translated into incremental revenue generation and asset growth over the past four years despite a more challenging and highly competitive operating environment. Strong Asset Quality: ABCBr has maintained strong asset quality metrics over many years that compare well with its domestic peers. At June 30, 2022, the bank's over 90-day non-performing loan ratio was 0.4%, supported by a strong impaired loans coverage ratio of 619%.uu Improving Profitability: ABCBr's profitability metrics continue to improve and would have been better if not for its very conservative loan loss provisioning. The bank's profitability during the first half of 2022 showed the continuation of the strong recovery from full-year 2021 due to improved margins, increases in fee income, and much lower credit costs. The bank's operating profit to risk weighted assets ratio improved sharply to 2.4% at June 30, 2022 from 1.7% at YE21. The bank's ROAE and ROAA ratios at mid year reached historic levels (16.1% and 1.6%) well above those seen prior to the pandemic. The ratios would have been stronger if not for significant investments in new lines of businesses, relevant addition of personnel and greater digitalization that is expected to yield higher and more diverse revenue streams in the coming quarters. The bank's efficiency ratio remained healthy at 38.6% at 1H22. Adequate Capitalization: ABCBr's capital ratios have remained fairly stable over the past few years due in part to the modest profit generation and conservative credit portfolio growth. At June 30, 2022, the bank's CET1 reduced slightly to 11.8% from 12.3% at year-end 2021 due mostly to loan growth; however, total capital remained stable at 15%. The bank's ratios well exceed the Central Bank regulatory minimum total capital requirement and is in full compliance to Basel III rules. In spite of the recent reduction of the core capital metric, Fitch's evaluation of capital strength incorporates the ordinary support that could be expected in the form of capital injections from the bank's parent in order to sustain strategic growth. A recent conversation with management indicated that they do not expect any injections from parent as current capital and funding is sufficient for the expected credit growth during the second half of the year ranging from 12% to 16%. Stable Funding: The bank continues to focus on ensuring a stable liquidity position through conservative asset liability management policies to mitigate gaps through hedging and funding diversification. Strategies include the sourcing of longer-term funding from both local and international providers. As of June 30, 2022, local funding accounted 60% of the bank's funding and within that percentage, Institutional and Financial Institutions accounted for nearly 30%, individual deposits accounted for 14% and corporate deposits accounted for nearly 13%. International funding accounted for nearly 24% with the majority of that related to trade finance and the remainder from multi-lateral agencies. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: IDRs AND SSR -- A change in Fitch's assessment of ABC's willingness or ability (due to the material size of the subsidiary) to support ABCBr; -- A negative rating action or downgrade of either the ratings of ABC or the sovereign in the case of the LT IDRs. VR -- A sovereign downgrade or negative rating action as the bank is closely linked with Brazil's operating environment; -- A significant deterioration of ABCBr's asset quality that results in credit costs that severely limit its profitability (operating profit to RWA ratio consistently below 1.5%) and ability to grow its capital; -- A sustained decline in ABCBr's CET1 ratio below 11%. NATIONAL RATINGS -- Unfavorable changes in ABCBr's credit profile relative to its Brazilian peers could result in a reduction in its National Ratings. Factors that could, individually or collectively, lead to positive rating action/upgrade: IDR AND SSR -- ABCBr's FC LT IDR and SSR remain constrained by the sovereign rating and country ceiling; -- An upgrade or positive rating action on the sovereign is not likely as the FC IDR has a Stable Outlook. VR -- ABCBr's VR has limited upside potential, as it is constrained by the operating environment. NATIONAL RATINGS -- The National Ratings are currently at the top of the National Rating Scale and thus further upgrades are not possible. VR ADJUSTMENTS The Business Profile Score of 'bb-' has been assigned above the implied 'b' Business Profile Score due to the following adjustment reason: Group benefits and risks (positive). REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The ratings of Banco ABC Brasil may be affected by a change in the ratings of major parent, Arab Banking Corp. 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. Rating Prior ------ ----- Banco ABC Brasil S.A. LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Natl LT AAA(bra) Affirmed AAA(bra) Natl ST F1+(bra) Affirmed F1+(bra) Viability bb- Affirmed bb- Shareholder Support bb Affirmed bb BRAZIL: Industrial Production Increased 0.6% in July, Says IBGE --------------------------------------------------------------- Rocco Caldero at Rio Times Online reports that Brazil's industrial production grew 0.6% in July compared to June. The IBGE (Brazilian Institute of Geography and Statistics) released the result on September 2, according to Rio Times Online. In the year to date, the industry had a 2% drop, the report relays. In 12 months, it fell by 3%. Compared to July 2021, the sector had a fall of 0.5%, the second negative rate in a row, the report discloses. 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. As reported in the Troubled Company Reporter-Latin America on July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term Foreign Currency Issuer Default Rating at 'BB-' and revised the Rating Outlook to Stable from Negative. On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. Moody's Investors Service also affirmed on April 15, 2022, Brazil's long-term Ba2 issuer ratings and senior unsecured bond ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the stable outlook. DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency Issuer Ratings at BB (low) on Aug 12, 2022. At the same time, DBRS Morningstar confirmed the Federative Republic of Brazil's Short-term Foreign and Local Currency Issuer Ratings at R-4. The trend on all ratings is Stable. =============== C O L O M B I A =============== AGENCIA DISTRITAL: Fitch Affirms 'BB' LongTerm IDRs --------------------------------------------------- Fitch Ratings has affirmed Agencia Distrital de Infraestructura del Distrito de Barranquilla's (ADI) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB' with a Stable Rating Outlook. Fitch has also affirmed ADI's National Long-Term Rating at 'AA(col)'/Stable and National Short-Term Rating at 'F1+(col)'. The affirmations reflect the application of Fitch's "Government Related Entities Criteria (GRE)". ADI has characteristics of an entity with a high level of control from its supporting government entity, the Special, Industrial and Port District of Barranquilla (District of Barranquilla, DoB), Colombia (BB/Stable). KEY RATING DRIVERS Status, Ownership and Control Assessed as Very Strong Fitch assesses ADI's status, ownership and control as Very Strong. The direct participation of the district within the control bodies of the entity reflects a high linkage between Barranquilla and ADI in terms of the entity's policies and strategies development, in line with those defined at a district level. ADI's board of directors is presided over by the district's mayor and its secretaries of infrastructure and planning. A management department, supported by an internal adviser and a legal department, composes the main area of the agency. ADI is a public establishment, as defined in Law 489 of 1998, article 70, responsible for performing administrative functions and providing public services as legally stated. Public establishments have their own legal identity, financial and independent patrimony, mainly composed of public funds. They are attached to secretaries, ministries or administrative departments of their supporting government. ADI's patrimony is completely owned by the district. ADI follows Law 550 of 1999 for the insolvency regime, which establishes procedures and minimum requirements to be followed by the entity to enter a liability restructuring agreement. This procedure guarantees a strong legal framework to re-establish operational deficiencies and increase credibility to its debt holders. Support Track Record Assessed as Very Strong Since its foundation, ADI receives transfers from Barranquilla in order to operate and serve its long-term debt. However, this kind of support does not imply debt guarantees at any level. Transfers are recurrent and relevant for ADI in order to operate, as its own revenues are minimal. ADI and the district have an administrative agreement where the latter is committed to transfer revenues and non-earmarked resources to ADI. Therefore, financial support is likely to continue going forward. Socio-Political Implications of Default Assessed as Moderate ADI's main operating activities are structuring, contracting, managing and evaluating public infrastructure works in the district. As such, for the district this is not as significant a sector compared to healthcare, education or social security activities. However, Barranquilla is subject to flood events, and ADI is the entity in charge of the corresponding infrastructure affected by these events. In an event of default, ADI's services would not be negatively impacted, as there are other GREs that can substitute its operations. Financial Implications of Default Assessed as Very Strong ADI registered COP1.1 billion in long-term debt at YE 2021, representing a significant amount of the district's long-term debt. Since ADI functions as a proxy funding vehicle for Barranquilla, a default would negatively impact the district and other GREs' access to borrowing in the market. DERIVATION SUMMARY Under its GRE Criteria, Fitch classifies ADI as an entity linked to the DoB and applies an equalized approach based on its assessment of the strength of its linkage with Barranquilla and the district's incentive to provide support. ADI's GRE support score is assessed at 45, reflecting a combination of a Very Strong Status, Ownership, and Control; Very Strong Support Track Record and Expectations; Moderate Socio-Political Implications of Default; and Very Strong Financial Implications of Default. ADI is a GRE with a public policy mission; its main objective is the structuring, contracting, managing and evaluating public infrastructure works in the district. It operates as an extension and financing vehicle for DoB, with little cash flow of its own and a high level of integration from its supporting government. It is difficult to delink ADI from Barranquilla and given that it acts on behalf of the government to perform a policy-driven mission, and does not generate its own cash flow, a Standalone Credit Profile (SCP) is not relevant. The GRE Score of 45 leads to the equalization of ADI's rating with Barranquilla's. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- ADI's ratings are equalized with Barranquilla's ratings; therefore, any change in the district's ratings would be reflected in ADI's ratings. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A downgrade of Barranquilla's rating. -- A deterioration of ADI's linkage with Barranquilla leading to a GRE score lower than 42.5. LIQUIDITY AND DEBT STRUCTURE As of Dec. 31, 2021, ADI's financial statements registered COP1.1 billion in long-term debt. This was composed of two loans and other financial liabilities to be substituted by long-term debt. Fitch currently rates two loans (COP622 million and COP600 million), which total COP1.2 billion and correspond to the entity's main programs. The assets pledged to serve ADI's long-term debt are Barranquilla's own revenues, property tax and federal transfers, as well as value added taxes (VAT) on fuels and public lighting. Revenues from the Regional Corporation of the Atlantic Department are also earmarked to serve debt. ADI generally operates with low year end cash, as its main obligations are payroll and debt service, covered by the transfers made by Barranquilla. ISSUER PROFILE ADI is a GRE of the Special, Industrial and Port District of Barranquilla (BB/Stable), Colombia. Its main mission is the structuring, contracting, management and evaluation of the public infrastructure. The entity's budget is framed under Barranquilla's annual budget, and all transfers from the district to ADI must be approved by the district's council and are mainly to operate and serve long-term debt. Sources of Information ADI does not report its Cash Flow Statement, per local regulations, so Fitch makes internal estimates with the financial information provided. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS ADI's ratings are linked to those of the District of Barranquilla, Colombia. 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. Rating Prior ------ ----- Agencia Distrital de Infraestructura del Distrito de Barranquilla - ADI LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Natl LT AA(col) Affirmed AA(col) Natl ST F1+(col) Affirmed F1+(col) TERMOCANDELARIA POWER: S&P Alters Outlook to Pos., Affirms BB- ICR ------------------------------------------------------------------ On Sept. 1, 2022, S&P Global Ratings revised its outlook on Colombian power company Termocandelaria Power S.A. (TPL) to positive from stable. S&P also affirmed its 'BB-' ratings on TPL. The positive outlook reflects a one-in-three chance of an upgrade in the next 12 months if TPL continues to post EBITDA above $220 million for the next few years, combined with a satisfactory conclusion of TECAN's combined cycle during the first quarter of 2023. One of TPL's plants, TECAN, will be converted into a combined-cycle gas turbine (CCGT) with an installed capacity of 566 megawatts (MW) from the current 324 MW open-cycle gas turbine. S&P said, "We expect the conversion to be complete by the first quarter of 2023, despite some construction delays. Therefore, once TECAN's closed cycle starts operating, we expect an increase of about $45 million in reliability charges in 2023, which will provide more stability and predictability to TPL's cash flows. We believe that the impact on TPL's EBITDA from the delay of TECAN's repowering has been somewhat mitigated by the strong energy dispatch during the first half of the year." S&P said, "We expect TPL's EBITDA to be $210 million-$230 million this year, backed by a strong first half of 2022, which saw revenues grow over 50% versus the same period in 2021, mainly due to higher energy demand from Colombia's Atlantic Coast and higher realized prices. Nonetheless, our analysis continues to capture volatility in TPL's financial metrics stemming from the variations in the energy demand of Colombia's Atlantic coast. For 2023, we forecast EBITDA close to that of 2022, although it will benefit from higher reliability payments. "Our analysis considers as financial debt the bank loan that TPL's subsidiaries, TECAN and TEBSA, have with Banco Bilbao Vizcaya Argentaria S.A. (BBVA; A/Stable/A-1) for about $140 million combined as of June 30, 2022. However, as part of the bond documentation, this amount is not considered as debt, given that this loan is ultimately funded by the company through an eligible credit instrument. If we were to exclude these loans from the financial metrics, our expectations of debt to EBITDA for 2022 would range between 2.5x and 3.0x." ESG credit indicators: E-4, S-2, G-2 ======= P E R U ======= GRUPO EMBOTELLADOR: S&P Upgrades ICR to 'BB-', Outlook Stable ------------------------------------------------------------- On Sept. 1, 2022, S&P Global Ratings raised its issuer credit rating on Peru-based beverage company, Grupo Embotellador Atic S.A. (Atic) to 'BB-' from 'B+'. The stable outlook reflects S&P's view that Atic's adjusted gross leverage metrics will remain comfortably below 2x for the next 12 months. This incorporates its expectation for steady revenue growth due to the company's resilient product offering through economic cycles and pricing actions to mitigate the impact of higher input and transportation costs on its EBITDA margins, and due to ongoing debt amortizations. Atic has exceeded S&P's previous financial performance expectations. The stronger-than-expected revenue and EBITDA growth for the 12 months ended June 2022 was primarily due to the company's pricing initiatives to mitigate inflationary pressure on its key input and transportation costs, and to a lower extent, volume growth thanks to its resilient product offering across categories and geographies. This, coupled with the company's strong cash flows, prudent capital deployment, and scheduled debt amortizations, lowered its adjusted gross leverage to about 1.6x at the end of June 2022 which was well below S&P's prior expectation of about 2.0x for the end of 2021. S&P said, "Despite an economic slowdown and persistently high inflation, we expect Atic's adjusted gross leverage to remain below 2.0x and its free operating cash flow (FOCF) to debt above 15% for the next 12 months. Our updated base-case scenario assumes that Atic will deliver revenue growth of more than 10% in 2022 and moderating to 5%-6% in 2023, mostly thanks to steady volumes and upward pricing adjustments to protect its operating margin from cost inflation. Despite upward pricing adjustments, strict cost controls, and higher inventories purchases to negotiate better prices with suppliers, we expect Atic's EBIDTA margin to contract about 400 basis points in 2022 from 2021 levels, given the significant uptick in raw material prices and transportation costs. Yet, we still expect solid operating cash flows of about $120 million in 2022 and about $135 million in 2023, which will be sufficient to cover annual capital expenditures (capex) near $50 million and annual debt amortizations. As a result, we now forecast adjusted gross leverage and FOCF to debt should be slightly below 1.5x and above 25%, respectively, for the next 12 months. In our view, despite a more stressful scenario, Atic's credit metrics have ample headroom for the current rating level. "We expect Atic to maintain its prudent financial discipline while deploying capital. Over the past few years, the company has proven to have more disciplined financial policy, while it focused on cash flow generation, deleveraging its balance sheet, and maintaining a prudent liquidity risk management. Although Atic's credit metrics strengthened as of June 2022, we expect the company to maintain its prudent financial policies in the future, in terms of capital allocation and deployment. Our current forecast doesn't incorporate any dividend payments, or merger and acquisition strategies, but if they occur, we don't expect adjusted gross leverage to rise above 2.5x, with a commitment to reduce this ratio rapidly below 2.0x." Liquidity headroom provides support to Atic's credit profile. In March 2021, Atic refinanced its outstanding $357 million senior unsecured notes due in May 2022 with a mix of new bank loans and cash from its balance sheet. The refinancing extended the company's debt maturity profile and reduced its foreign exchange-rate exposure to the dollar. With a cash balance of $76.7 million at the end of June 2022 and about $142 million in funds from operation (FFO) expected for the next 12 months, against short-term debt of $126 million, about $20 million in working capital outflows expected for the next 12 months, and $25 million in minimum capex, S&P expects Atic to maintain an adequate liquidity position, at all times. The stable outlook reflects S&P's view that Atic's adjusted gross leverage will remain comfortably below 2x for the next 12 months. This incorporates its expectation for steady revenue growth thanks to the company's resilient product offering through economic cycles and pricing actions to partially mitigate the impact of higher input and transportation costs on its EBITDA margins, and due to ongoing debt amortizations. S&P could lower the rating in the next 12 months, if contrary to its expectations, Atic's adjusted gross debt to EBITDA and FOCF to debt are consistently above 2.0x and below 15%, respectively. This could occur if: -- Atic is unable to maintain its volumes and pricing due to a loss in market share or tougher business conditions; -- The company's costs rise sharply, denting its EBITDA margins and credit metrics; -- Atic adopts an aggressive financial policy towards expansion, capex, dividend payments, and funding its sister company, Callpa; and/or -- The company unexpectedly weakens its liquidity position, with cash sources to uses falling below 1.2x in any 12-month period. S&P could upgrade Atic in the next 12 months if: -- An improvement of its business risk profile occurs. This could take place if the company further increases its scale and diversifies its operations and products without eroding its profitability and credit metrics; and/or -- It maintains prudent financial policies in terms of capex, dividend payments, mergers and acquisitions, and funding Callpa. This could prompt us to revise our management and governance score upward. ESG credit indicators: E-2, S-2, G-5 S&P said, "Governance factors are a very negative consideration in our credit rating analysis of Atic. The company is privately owned, and its board of directors consists only of three members of the founding family, indicating a lack of independence when it comes to strategic decisions. Our assessment also captures the company's transactions with Callpa, which in the past have eroded Atic's credit profile." Finally, Atic's timely financial disclosure remains below best practice standards. Ratings List UPGRADED TO FROM GRUPO EMBOTELLADOR ATIC S.A. Issuer Credit Rating BB-/Stable/-- B+/Stable/-- ===================== P U E R T O R I C O ===================== ALEX & ANI: Gets $17 Million Loan After Bankruptcy Exit ------------------------------------------------------- Michelle Graff of National Jeweler reports that Alex and Ani LLC has secured a multimillion-dollar loan that will go toward working capital and business operations as it continues to rebuild after emerging from bankruptcy. Second Avenue Capital Partners (SACP) announced the closing of the $17.5 million senior secured credit facility on August 23, 2022. Scott Burger, the former Pandora executive who was named CEO of Alex and Ani in January, said the loan is an "affirmation of the resiliency" of the Alex and Ani brand. "We create jewelry that connects with a customer's emotions. It was essential for us to partner with a lender that could appreciate the intangible value of that emotional connection and recognize the benefit it will have on our continued evolution," he said, noting SACP's commitment to the company's goals and its experience in jewelry. The Boston-based lender closed on a $10 million loan to myGemma, an online resale site for luxury goods including jewelry and watches, in April 2022. In May 2022, it provided a senior secured credit facility to Maria Tash, the brand founded by designer Maria Tashjian and known as an innovator in piercings. The amount of the loan was not disclosed. Regarding the loan to Alex and Ani, SPAC President Chris O'Connor said: "Alex and Ani has embarked on a new journey this 2022. Expanded leadership has allowed the company to take a step back and focus on the foundation of the business. Alex and Ani cornered this market years ago and now they're assembling the underlying structure to support the volume. "They have an enormous opportunity for growth and we're eager to help them achieve their objectives and execute on their strategy." About Alex and Ani LLC Founded in 2004 by Carolyn Rafaelian, Alex and Ani has become a premier jewelry brand, quickly gaining popularity because of the novel and customizable nature of its signature expandable wire bracelet. Alex and Ani has been headquartered in East Greenwich, Rhode Island since 2014. Since opening its first retail store in Newport, Rhode Island in 2009, Alex and Ani has expanded to over 100 retail store locations across the United States, Canada, and Puerto Rico. On the Web: HTTP://www.alexandani.com/ Alex and Ani LLC and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10918) on June 9, 2021. In its petition, Alex and Ani listed assets and liabilities of $100 million to $500 million each. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Klehr Harrison Harvey Branzburg LLP as local bankruptcy counsel; and Portage Point Partners, LLC, as financial advisors and investment bankers. Kurtzman Carson Consultants LLC is the notice and claims agent. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Aug. 29 to Sept. 2, 2022 ------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Polarcus Ltd 5.6 71.8 7/1/2022 AE USD Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Fospar S/A 6.5 1.2 5/15/2026 BR BRL Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Noble Holding Internat 6.2 62.2 8/1/2040 KY USD Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD City of Cordoba Argent 7.9 73.1 9/29/2024 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 AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Sylph Ltd 2.4 65.1 9/25/2036 KY USD Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Provincia del Chubut A 4.5 2208 3/30/2021 AR USD Esval SA 3.5 49.9 2/15/2026 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 Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD Province of Santa Fe 6.9 75.2 11/1/2027 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 ********* 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 * * *