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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, January 11, 2023, Vol. 24, No. 9

                           Headlines



A R G E N T I N A

ARGENTINA: S&P Raises Local Currency SCRs to 'CCC-/C', Outlook Neg


B A H A M A S

FTX TRADING: Trustee Files Objection to Planned Asset Sales


B E L I Z E

BELIZE: CDB Approves US$5-Mil Loan for Agriculture Project


B R A Z I L

BRAZIL: Minister to Propose New Fiscal Framework in 1H of 2023
UNIGEL PARTICIPACOES: Fitch Affirms LongTerm IDRs at 'BB-'
[*] BRAZIL: Trade Confidence Remains Stable in December


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 73%++ of Women over 30Yrs are Unemployed


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: RIC Seeks to Calm Fears Over Increase

                           - - - - -


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A R G E N T I N A
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ARGENTINA: S&P Raises Local Currency SCRs to 'CCC-/C', Outlook Neg
------------------------------------------------------------------
On Jan. 9, 2023, S&P Global Ratings raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC+/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC+' transfer and convertibility assessment is unchanged. None of
our rated bond issues are affected.

Outlook

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Global capital
markets are closed to Argentina. Moreover, disagreement within the
government coalition, and infighting among the opposition,
constrains the sovereign's ability to implement timely changes in
economic policy.

Downside scenario

S&P said, "We could lower the foreign currency ratings over the
next six to 12 months on unexpected negative policy or political
developments that undermine already limited access to financing.
Meaningful setbacks in execution under the Extended Fund Facility
(EFF) would complicate access to IMF financing, and potentially
from other multilateral lending institutions. This scenario would
likely further damage local investor confidence and hamper access
to peso-denominated debt markets--exacerbating the need for
recourse to central bank financing amid high inflation--and lead to
a downgrade. Heightened pressure in local financial markets,
including the banking system's deposit base, or difficulties in
managing central bank debt (LELIQs), could also lead to a
downgrade. Finally, at such low rating levels, we generally
consider debt exchanges as distressed, and tantamount to a
default."

Upside scenario

S&P could raise the foreign currency ratings over the next six to
12 months following:

-- A track record of successful execution under the EFF, and

-- Clarity on how policy will ease financing challenges in the
local market and provide a road map to address Argentina's major
structural macroeconomic imbalances.

S&P could also raise the ratings if there is a more pronounced
economic recovery that supports stronger fiscal outcomes that take
pressure off the government's financing needs.

Rationale

S&P said, "We raised our local currency ratings on Argentina to
'CCC-/C' because we consider the selective default to be cured
following the delivery of new securities to bondholders. We viewed
the exchange as distressed, rather than opportunistic, owing to the
government's weak market access. With the elections forthcoming
amid macroeconomic and political stress, in our view, the
government is relying on exchanges to manage the majority of its
peso maturities, and then conducting auctions to refinance smaller
amounts of debt coming due.

"Last week's swap cleared peso-denominated maturities coming due in
the first quarter 2023 and was the third such operation since
August 2022. We will continue to analyze any subsequent debt
exchanges at this low rating level on a case-by-case basis
incorporating the macroeconomic and political context. Our
methodology indicates that we classify exchanges as a distressed
exchange when in our view, absent participation, a conventional
default would likely ensue. Based on our criteria, a 'CCC-' rating
reflects that a default, distressed exchange, or redemption appears
to be inevitable within six months, absent unanticipated
significantly favorable changes in the issuer's circumstances."




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B A H A M A S
=============

FTX TRADING: Trustee Files Objection to Planned Asset Sales
-----------------------------------------------------------
Anirudh Saligrama at Reuters reports that a U.S. Trustee filed an
objection to plans by bankrupt crypto exchange FTX to sell its
digital currency futures and clearinghouse LedgerX, as well as
units in Japan and Europe, according to a court filing.

FTX filed for bankruptcy protection in November and said last month
it planned to sell its LedgerX, Embed, FTX Japan and FTX Europe
businesses, according to Reuters.

FTX founder Sam Bankman-Fried pleaded not guilty to criminal
charges that he cheated investors and caused billions of dollars in
losses, in what prosecutors have called an "epic" fraud, the report
relays.

The filing by U.S. Trustee Andrew Vara called for an independent
investigation before the sale of the units, arguing that the
companies may have information related to FTX's bankruptcy, the
report discloses.

"The sale of potentially valuable causes of action against the
Debtors' directors, officers and employees, or any other person or
entity, should not be permitted until there has been a full and
independent investigation into all persons and entities that may
have been involved in any malfeasance, negligence or other
actionable conduct," the filing said, the report relays.

FTX said in a court filing last month that the companies it planned
to sell are relatively independent from the broader FTX group, and
that each has its own segregated customer accounts and separate
management teams, the report adds.

                         About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX
offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets.  However,
only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.  

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel.




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

BELIZE: CDB Approves US$5-Mil Loan for Agriculture Project
----------------------------------------------------------
RJR News reports that the Caribbean Development Bank has approved a
US$5-million loan for the Belize Agriculture Project.

The loan was approved by the bank's board of directors last month,
according to RJR News.

The project aims to increase small farmers' agricultural
productivity and adaptability in rural Belize, the report notes.

It will see 70 kilometres worth of agricultural and rural roads
rehabilitated, and newly installed irrigation and drainage systems
to supply water to approximately 450 acres, the report relays.

Additionally, a national climate information system will be
established, the report notes.

The project is estimated to cost a total US$25 million, the report
relays.

It is jointly financed by the International Fund for Agricultural
Development and the Green Climate Fund along with CDB, the report
adds.




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B R A Z I L
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BRAZIL: Minister to Propose New Fiscal Framework in 1H of 2023
--------------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that Brazil's new
Finance Minister, Fernando Haddad, affirmed in his inauguration
speech that in the first semester of the year, he will present a
proposal for a new "reliable" fiscal framework for the
sustainability of public finances.

Haddad stressed that he would not accept a fiscal result this year
that is not better than the current forecast primary deficit of the
public accounts of BRL20 billion (about US$41.3 billion), according
to Rio Times Online.

"We will not accept a primary result that is not better than the
absurd deficit of R$220 billion forecasts in the 2023 Budget," he
said, the report notes.

                        About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1,
2023, as the 39th president of Brazil, succeeding Jair
Bolsonaro.

As reported in the Troubled Company Reporter-Latin America
on January 3, 2023, Fitch Ratings has affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at
'BB-' with a Stable Outlook. The ratings are constrained by
high government indebtedness, a rigid fiscal structure, weak
economic growth potential, and a record of governability
challenges that have hampered efforts to address these fiscal
and economic issues and clouded policy predictability.
The Stable Outlook reflects Fitch's expectation that growth
will slow in the coming year and that recent fiscal
improvement will erode under a new government, but within a
margin consistent with the current rating, and from a better
starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and
the extent to which these could ease or aggravate fiscal and
economic challenges. However, Fitch does not expect policies
that jeopardize broad economic stability.

UNIGEL PARTICIPACOES: Fitch Affirms LongTerm IDRs at 'BB-'
----------------------------------------------------------
Fitch Ratings has affirmed Unigel Participacoes S.A.'s (Unigel)
Long-Term Foreign and Local Currency Issuer Default Ratings at
'BB-' and its National Scale Long-Term rating at 'AA-(bra)'. Fitch
has also affirmed Unigel Luxembourg S.A.'s unsecured notes at
'BB-'. The Rating Outlook is Stable.

The ratings reflect Unigel's credit profile from increased scale
and business diversification following the ramp-up of its
fertilizer operations (agro segment), while maintaining an adequate
credit metric profile through the chemical cycle. The ratings also
reflect Unigel's improved financial flexibility and ongoing
proactive liability management strategy.

Strong recent performance of the agro segment supports the
construction of Unigel's new sulfuric acid plant, which is expected
to come online in 1H23, as well as a USD120 million green hydrogen
plant, which will produce 10,000 tons of green hydrogen and 60,000
tons of green ammonia per year. Fitch forecasts Unigel's net
debt/EBITDA ratio to be 1.4x in 2022 and 1.7x in 2023 and move
toward 0.8x by YE 2024 as market conditions improve from 2023.

KEY RATING DRIVERS

Business Diversification: Unigel continues to diversify its assets
and business profile with the construction of a new sulfuric acid
plant, which will lessen the need to import sulfuric acid to make
ammonia-based fertilizer. The company is also building a USD120
million green hydrogen plant and will produce green ammonia. These
expansions come in addition to the agro business, which entered in
2021 and has more than doubled Unigel's EBITDA generation in the
medium term on a sustained basis.

Fitch forecasts the agro segment will contribute around
USD200-USD220 million in EBITDA in the next two years. The agro
segment has brought significant business diversification to
Unigel's acrylics and styrenics business exposures with an expected
2022 EBITDA split of 27% styrenics, 7% acrylics, and 66% agro.

Intermediate Player in Cyclical Industry: The cyclical nature of
the commodity chemicals sector means Unigel is subject to feedstock
and end-product price volatility, driven by prevailing market
conditions and demand/supply drivers. It is a chemical producer
with a medium business scale operating in the midstream of the
petrochemical industry value chain, placing the company in a weak
position against much larger single-product suppliers and large
manufacturing groups.

Unigel's long-term contract sales with a price formula based upon
raw material prices are mitigating factors that help offset major
deterioration in its product spreads. EBITDA margin is expected to
be around 15%-20% between 2022-2024, comparable with the company's
chemical peers.

Operational Flexibility: Unigel's credit profile benefits from a
diversified product range under the acrylics and styrenics segments
and end markets. Varying degrees of integration are present along
the production value chain for its key products, providing greater
flexibility in sales and fewer constraints from raw material
supply, and bolstering its operating margins. The company's small
business scale also provides some ability to switch product lines
relatively swiftly to take advantage of favorable price movements.

Solid CFFO to Support Capex: Unigel's diversified product portfolio
is expect to result in resilient operating cash flow generation
during the scenario of chemical spread deterioration. Fitch expects
more challenging economic conditions in 2023 to be partially offset
by increased revenue from new projects with CFFO to be around
BRL885 million in 2022 and BRL920 million in 2023, which compares
to around BRL200 million in 2020.

For 2022, Unigel's capex should reach around BRL875 million, around
65% of which is related to new projects, and around BRL630 million
in 2023 and 2024 as the company builds its sulfuric acid and green
hydrogen plants. Working capital improvements also boosted CFFO in
2022. Fitch expects dividends to be in line with covenants, at
around 25% of net income in 2022 and thereafter.

Leverage to Remain Adequate: Fitch's base case incorporates an
expectation that growth in 2023 will be flat and EBITDA will
decline due to falling prices amid a more challenging economic
backdrop. Fitch forecasts Unigel's net debt/EBITDA ratio to move
toward 1.4x in 2022 considering around BRL875 million of capex.
This represents an improvement from the average of 2.9x during
2019-2021.

For 2023 and 2024, net leverage will be 1.7x and 0.8x. This strong
deleveraging reflects a price and volume recovery in 2024 from
2023, new projects and debt amortization. Unigel has flexibility to
reduce capex levels for 2023 if EBITDA is weaker than expected.

DERIVATION SUMMARY

Despite Unigel's good market share in Latin America, the company is
a price-taker and is medium-sized relative to the global chemical
industry, with EBITDA generation between USD300-USD400 million,
including the agro segment. Product diversification and some
business integration help to reduce profit margin volatility,
although cash generation is still affected by commodity price
movements and any change in the supply/demand dynamics of its end
products.

Compared with other Latin America petrochemical peers, Unigel is
smaller than Braskem S.A. (BBB-/Stable), Alpek S.A (BBB-/Positive)
and Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable). Unigel
is well positioned in terms of leverage ratios compared with other
Latin American peers in the 'BB-' category and with Cydsa S.A.B. de
C.V. (BB+/Stable).

KEY ASSUMPTIONS

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

- Volume growth of 5% and 15% in acyrlics, 23% and 1% in styrenics,
and 3% decline and 1% growth in agro in 2023 and 2024,
respectively;

- Spreads of USD281 and USD520 per ton in acyrlics, USD95 and
USD285 in styrenics and USD120 and USD210 in agro in 2023 and 2024,
respectively;

- Average capex of around BRL600 million between 2022-2024;

- Dividend payouts at 25% of net profits.

RATING SENSITIVITIES

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

- Fitch would view positively expected net debt/EBITDA below 2.0x
through growth cycles combined with sustainable performance of the
Agro Segment and total EBITDA Margin near 20%.

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

- Operating EBITDA margin consistently below 10% on a sustained
basis;

- Deterioration in liquidity, leading to recurring refinancing
risks;

- Net debt/EBITDA moving above 3.5x on sustainable basis;

- Change in imports tariffs in Brazil that could allow increased
competition.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Unigel has maintained an adequate liquidity
position relative its short-term debt over the past two years. As
of Sept. 30, 2022, Unigel reported total financial debt of BRL3.75
billion, BRL407 million of which was short-term debt, and had a
readily available cash position of about BRL1.2 billion. Short-term
debt coverage, as measured by cash/short-term debt, was 3.1x in the
same period, which positively compares with an average of only 2.0x
during 2018-2020. Fitch expects Unigel to maintain a solid cash
position versus short-term debt to avoid exposure to refinancing
risks.

Total debt as of Sept. 30, 2022 consisted of senior notes (82%) and
working capital lines (18%). The majority of the company's debt is
denominated in U.S. dollars. Around 99% of Unigel's debt is
unsecured, following the bond issuance during 2019, when Unigel
paid most of its secured debt.

ISSUER PROFILE

Unigel is a medium-size chemical producer operating in the
midstream of the petrochemical industry value chain (acrylics and
styrenics), with facilities in Brazil and Mexico.

ESG CONSIDERATIONS

Unigel Participacoes S.A. has an ESG Relevance Score of '4' for
Governance Structure due to ownership concentration and key person
risk, which has a negative impact on the credit profile, and is
relevant to the rating[s] in conjunction with other factors.

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.

   Entity/Debt                  Rating                 Prior
   -----------                  ------                 -----
Unigel Luxembourg
S.A.

   senior unsecured    LT        BB-      Affirmed       BB-

Unigel Participacoes
S.A.                   LT IDR    BB-      Affirmed       BB-
                       LC LT IDR BB-      Affirmed       BB-
                       Natl LT   AA-(bra) Affirmed   AA-(bra)

[*] BRAZIL: Trade Confidence Remains Stable in December
-------------------------------------------------------
Rio Times Online reports that the Trade Confidence Index was stable
in December 2022, remaining at the level of 87.2 points, the lowest
level since April (85.9 points).

In the metric of quarterly moving averages, there was a decrease of
4.9 points, the second consecutive one after eight consecutive
months of positive results, according to Rio Times Online.

The index was released by the Brazilian Institute of Economics of
the Getulio Vargas Foundation, the report relays.

                        About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1,
2023, as the 39th president of Brazil, succeeding Jair
Bolsonaro.

As reported in the Troubled Company Reporter-Latin America
on January 3, 2023, Fitch Ratings has affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at
'BB-' with a Stable Outlook. The ratings are constrained by
high government indebtedness, a rigid fiscal structure, weak
economic growth potential, and a record of governability
challenges that have hampered efforts to address these fiscal
and economic issues and clouded policy predictability.
The Stable Outlook reflects Fitch's expectation that growth
will slow in the coming year and that recent fiscal
improvement will erode under a new government, but within a
margin consistent with the current rating, and from a better
starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and
the extent to which these could ease or aggravate fiscal and
economic challenges. However, Fitch does not expect policies
that jeopardize broad economic stability.



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

DOMINICAN REPUBLIC: 73%++ of Women over 30Yrs are Unemployed
------------------------------------------------------------
Dominican Today reports that according to data from the National
Multipurpose Household Survey (ENHOGAR 2022), published by the
National Statistics Office (ONE), 73.8% of women in the country
between the ages of 30 and 39 are unemployed, that is to say, they
do not have jobs.

The survey data also shows that if the population indicator of
female unemployment is extended from 10 years of age onwards, the
percentage stands at 65.7%; however, of this percentage, 40.1% said
that they did not work because they were studying; another 23.2%
indicated that they did not work because they were engaged in
household chores and 13.1% because they were temporarily disabled,
according to Dominican Today.

                   More Statistics on Women

Likewise, the survey indicates that the population group of women
between 10 and 19 years of age has an unemployment rate of at least
48.6%, the report notes.  While for the age group between 20 and
29, unemployment rises to 67.1%, Dominican Today relays.

The study also reveals that 63.6% of foreign men in the country are
economically active compared to 55.3% of natives, the report
discloses.  At the same time, in the case of women, the indicators
show that only 36.4% of foreigners are involved compared to 44.7%
of Dominicans, 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 TCR-LA reported in April 2019 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.

The TCR-LA reported on December 12, 2022, that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'BB-' with a Stable Rating Outlook. Fitch
said Dominican Republic's ratings are supported by a track record
of robust economic growth, a diversified export structure, high
per-capita GDP and social indicators, and governance scores that
compare favorably to peers' after sustained improvement in the
past
decade.

Standard & Poor's, in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings. The
stable
outlook reflects S&P's expectation of continued favorable GDP
growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack
of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: RIC Seeks to Calm Fears Over Increase
--------------------------------------------------------
Trinidad Express reports that the Regulated Industries Commission
is seeking to allay fears over the price increase for electricity.

The RIC, gave an extensive breakdown, as the debate over the
proposed increase continues amongst various sectors, according to
Trinidad Express.

It outlined that with the new tariff structure, electricity bills
will move to a monthly cycle, instead of a bi-monthly, the report
notes.

While under the new rates, the said customer, assuming that monthly
consumption will be 200kWh, and will have a total energy and
customer charges of $63.50 per month (before VAT) or over two
months, a total of $127 (before VAT), which translates to an
increase of $8.50 per month (before VAT), the report relays.

The commission indicated that the above computations do not include
the rebates currently provided to customers whose bi-monthly bill
is under $300, the report discloses.

The RIC made it clear that thoughtful consideration will be given
to persons on small incomes--such as pensioners and other
vulnerable groups, the report relays.

"Vulnerable groups are categorised as persons on small fixed
incomes, like pensioners, persons who earn a modest income, and
others who generally consume 400 kWh bi-monthly (approximately 200
kWh monthly).  Because these persons' bills fall below $300
bi-monthly they are currently eligible for a 35 per cent bill
rebate under the Government's Bill Assistance program and further
support under the Ministry of Public Utilities' Utility Assistance
Programme (UAP)," the RIC acknowledged, the report says.

The commission will encourage T&TEC to identify those citizens that
require assistance to access these benefits, and further recommends
that citizens themselves seek information on and apply for the
support available under these programs, the report notes.

Meanwhile, public consultations on the proposed rate hikes are due
to begin, the report relays.


                           *********


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 2023.  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.
.


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