/raid1/www/Hosts/bankrupt/TCRLA_Public/230619.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, June 19, 2023, Vol. 24, No. 122
Headlines
A R G E N T I N A
ARGENTINA: Fitch Hikes LongTerm Foreign Currency IDR to 'CC'
B R A Z I L
AMERICANAS SA: Ex-CEO Rial Becomes Defendant in CVM Probe
C O L O M B I A
BOGOTA: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Remittances Grow 2.9% in First 5 Mos. of 2023
J A M A I C A
JAMAICA: Local Inflation Increased Marginally in May
JAMAICA: Real Value Added for Hotel & Restaurant Industry Up
P U E R T O R I C O
NEONATOLOGIST ASSOCIATES: Taps Jose Toro-Mercado as Accountant
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Kamla Slams 'Negligent' Govt. for Massive Loss
V I R G I N I S L A N D S
THREE ARROWS: NFTs Fetch US$10.9 Million at Sotheby's
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week June 12 to June 16, 2023
- - - - -
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A R G E N T I N A
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ARGENTINA: Fitch Hikes LongTerm Foreign Currency IDR to 'CC'
------------------------------------------------------------
Fitch Ratings has upgraded Argentina's Long-Term Foreign Currency
(FC) Issuer Default Rating (IDR) to 'CC' from 'C' and affirmed the
Long-Term Local Currency (LC) IDR at 'CCC-'. Fitch typically does
not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.
KEY RATING DRIVERS
Intra-Public Swap in Limbo: The upgrade of the FC IDR reflects that
Fitch no longer deems a default-like process to have begun, as the
authorities have not signaled a clear intention to follow through
with an intra-public debt swap announced in March. The swap would
force some public-sector creditors into specific transactions with
their holdings of Argentine US dollar sovereign bonds issued in
both foreign and local markets, which would have constituted a
default per Fitch's criteria. The authorities have yet to implement
these operations, however, which would require another decree, and
it is no longer clear if and when they will do so.
Probable Default: The new 'CC' rating signals a default event of
some sort appears probable in the coming years, regardless of the
outcome of upcoming elections. The authorities are relying on
heterodox measures to manage a dire economic situation in 2023, as
a severe drought has aggravated already deep problems, and trying
to renegotiate their IMF program (currently off track) to unlock
new external financing. This will saddle the next government with
even larger imbalances and socially painful policy trade-offs to
address, posing a difficult backdrop for governability. Thus, in
Fitch's view, it is increasingly difficult to envision a
post-election adjustment plan sufficient to ensure a sustained
build up in reserves and recovery of market access, which the
sovereign needs to honor commercial debt service as it ramps up.
LC Rating and Debt Swap: The affirmation of the LC IDR at 'CCC-'
follows last week's peso debt swap that Fitch did not deem to be a
"distressed debt exchange" (DDE). The operation exchanged ARS7.4
billion (around 6% of GDP) in peso securities maturing in
June-September for new ones maturing in 2024-2025. Fitch does not
believe this operation was needed or intended to avoid default (a
condition for a DDE) given it came amid regular debt auctions that
have been successful, in part due to heavy secondary-market
intervention by the central bank (BCRA), and was done primarily
with public-sector creditors for whom rollover risks are low.
Nevertheless, a peso credit event of some sort remains a real
possibility amid a highly uncertain macro outlook.
FX Liquidity Crunch: External accounts are under extreme pressure
in 2023 due to a severe drought depriving the key agricultural
sector of around USD25 billion in export receipts, and policy
imbalances fueling FX demand and curtailing FX supply. Fitch
projects the current account deficit will rise to 2.8% of GDP in
2023 from 0.6% in 2022. The net international reserves (NIR) of the
BCRA fell by nearly USD10 billion to negative USD1.4 billion in
2023 through end-May, signaling a precarious situation in which the
BCRA no longer has FX assets to cover its liquid FX liabilities
(e.g. commercial bank reserve requirements).
Unstainable Policies: To avoid a devaluation, the authorities have
doubled down on heterodox measures, including one-off differential
exchange rates to incentivize the agriculture sector to liquidate
FX, and capital controls requiring importers to seek supplier
credit and provinces to refinance external debts to access FX. To
lessen the squeeze on activity, they are also seeking help from
official creditors. They have activated a swap facility with China
(USD19 billion equivalent) to finance imports from that country in
yuan and thus reduce dollar demand, and secured preliminary
approval to increase its usable portion from USD5 billion to USD10
billion. They are in talks with the IMF to revise their EFF program
and accelerate its disbursements, but prospects for this are
presently unclear. Even if these measures enable the authorities to
avoid a major FX shock for now, which is not assured, they entail a
build-up in imbalances and liabilities that will compound future FX
challenges.
Post-Election Adjustments: Primary elections will take place in
August, followed by general elections in October and a likely
presidential runoff vote in November. Despite the very low
popularity of the current administration of Alberto Fernandez, who
will not run again, election outcomes are particularly uncertain
given tensions within the ruling Frente de Todos and opposition
Juntos por el Cambio coalitions and the emergence of a new
political force led by Javier Milei. While policy adjustments of
some sort appear inevitable under any government, the election
outcome could condition how assertive, orderly, and durable these
will be, as could potential governability challenges stemming from
political tensions and social resistance. Real wages and pensions
have already eroded dramatically amid the macroeconomic crisis of
the past five years, making further adjustment potentially even
more painful and difficult.
Dollar Debt Service Set to Rise: Fitch expects the authorities will
make a USD1 billion coupon payment on FC bonds in July, having made
a similar payment in January, though even this could prove
burdensome in light of scarce FX liquidity. Payments will rise to
larger amounts of USD4.3 billion in 2024 and USD9.5billion in 2025
and 2026. Post-election policy adjustments could help build up
reserves, but is unlikely to be enough to enable the sovereign to
pay off these off outright, rendering repayment capacity contingent
on the refinancing of a portion via recovery of market access. This
prospect is highly uncertain, and has not occurred even in some
other countries where strong policy adjustments have occurred. Bond
repayments will also coincide with loan repayments to the IMF
starting in 2026, and rescheduling these could require a new
program in which there could be pressure for some sort of burden
sharing by private creditors.
Fiscal Targets Off-Track: Fitch expects the federal government
primary deficit to rise to 3.2% of GDP in 2023 from 2.6% in 2022,
far above the 1.9% IMF target, as major revenue losses from the
drought are being partially offset by sharp real declines in
spending due to surging inflation (which itself may only be
transitory given ex-post indexation, namely of pensions). The end
of the drought and post-election policy adjustments should drive a
fiscal improvement after 2023. However, most of the main adjustment
options (energy subsidies, provincial transfers, pension
indexation) could be politically and socially difficult for any
government.
Local Financing: The authorities have been able to finance the
higher fiscal deficit this year via borrowing from the local
market, and rollover rates have averaged 130%. However, this has
involved large-scale BCRA purchases of bonds in the secondary
market and redirection of bank reserve requirements from BCRA
instruments to treasury notes, both of which add to the peso
overhang and the BCRA's large quasi-fiscal imbalance. Central
government debt rose to 85% of GDP in 2022 from 81% in 2021,
diverging substantially from the IMF's prior projections despite
compliance with fiscal targets and real peso appreciation,
highlighting growing risks to debt sustainability from rising
indexation of peso debt and other below-the-line issues. Fitch
projects fiscal slippage and recession will lift debt further to
96% in 2023.
Recession, Triple-Digit Inflation: Fitch expects real GDP will
contract 3.4% in 2023 as a result of the drought and the FX
squeeze, which could be better or worse to the extent that the
country's productive apparatus is able to access dollars for needed
imports. Inflation is surging, with monthly prints reaching 8%-9%
(150%-180% annualized). A highly uncertain macro outlook may only
become clearer if and when a post-election stabilization plan is
articulated. Strong prospects for production and investment in the
energy sector are positive elements that could facilitate any
adjustment plans, but do not on their own represent a solution to
Argentina's deep macroeconomic woes.
ESG - Governance: Argentina has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights, and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in Fitch's proprietary Sovereign Rating
Model (SRM). Argentina has a medium WBGI ranking at the 46th
percentile, balancing moderately high voice and accountability, a
moderate level of corruption, and a recent track record of peaceful
political transitions with weak institutional capacity and uneven
application of the rule of law.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Failure to make payment on debt securities issued in public
markets, or announcement of plans to conduct debt management
operations that would constitute a DDE per Fitch's criteria.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Assertive policy adjustments (fiscal, monetary, exchange-rate),
as well confidence in their medium-term viability, that result in a
sustained build-up in international reserves.
- Recovery of market access or some other large-scale external
financing source.
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Argentina a score equivalent to a
'B-' Long-Term FC IDR. However, in accordance with its rating
criteria, Fitch's sovereign rating committee has not utilized the
SRM and Qualitative Overlay (QO) to explain the ratings in this
instance. Ratings of 'CCC+' and below are instead guided by the
rating definitions.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.
ESG CONSIDERATIONS
Argentina has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Argentina has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.
Argentina has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Argentina has a percentile rank below 50 for the
respective Governance Indicators, this has a negative impact on the
credit profile.
Argentina has an ESG Relevance Score of '4' [+] for Human Rights
and Political Freedoms as the Voice and Accountability pillar of
the WBGIs is relevant to the rating and a rating driver. As
Argentina has a percentile rank above 50 for the respective
Governance Indicator, this has a positive impact on the credit
profile.
Argentina has an ESG Relevance Score of '5' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Argentina, as for all sovereigns. As
Argentina has a fairly recent restructuring of public debt in 2020
and another default event appears probable in Fitch's view, this
has a negative impact on the credit profile.
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
----------- ------ -----
Argentina LT IDR CC Upgrade C
ST IDR C Affirmed C
LC LT IDR CCC- Affirmed CCC-
LC ST IDR C Affirmed C
Country Ceiling B- Affirmed B-
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B R A Z I L
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AMERICANAS SA: Ex-CEO Rial Becomes Defendant in CVM Probe
---------------------------------------------------------
Taas Fuoco of Bloomberg News reports that Brazilian securities
regulator known as CVM filed the first charge in one of several
cases involving Americanas. In the process, former CEO Sergio Rial
and Joao Guerra Duarte Neto, who replaced Rial on an interim basis
became defendants, said O Globo citing the decision.
The probe refers to the way Americanas communicated its 20 billion
reais accounting shortfall to the market, through a material fact
considered confusing and with a conference call to which many
investors did not have access.
About Americanas SA
Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.
The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in Rio
de Janeiro on Jan. 19, 2023.
Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023. White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.
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C O L O M B I A
===============
BOGOTA: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Bogota, Capital District of Colombia's
(Bogota) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB+' with a Stable Outlook. Fitch has also
affirmed Bogota's senior unsecured bonds at 'BB+'.
The affirmation results from Bogota's Standalone Credit Profile
(SCP) still being above Colombia's sovereign ratings, despite
Fitch's decision to lower the former to 'bbb-' from 'bbb'.
Therefore, the ratings remain capped by the sovereign.
The lower SCP is driven by an increase in the average payback ratio
for the last two years of Fitch's rating case, to 7.4x from 5.6x in
the last rating review. This increase, in turn, is mainly explained
by lower operating balances stemming from the continued increase in
grants required by the public transportation system. While Fitch
still expects operating balances to follow a path of gradual
recovery in the medium term, these additional expenditure needs
would put pressure on the city's debt requirements. The combination
of risk profile and debt sustainability assessments still support
an SCP in the 'bbb' category. However, peer comparison suggests
placing it at the lower end.
KEY RATING DRIVERS
Risk Profile: 'Low Midrange'
Fitch assesses Bogota's risk profile at 'Low Midrange', reflecting
a combination of key risk factors (KRFs) with a majority of
'Midrange' attributes (five) and some 'Weaker' (one). The 'Low
Midrange' risk profile assessment reflects Fitch's view that there
is a moderately high risk of the issuer's ability to cover debt
service with the operating balance weakening unexpectedly over the
scenario horizon (2023-2027) due to lower revenue, higher
expenditure, or an unexpected rise in liabilities or debt-service
requirements.
Revenue Robustness: 'Midrange'
The assessment for this KRF is supported by Bogota's revenue
structure, made up mainly of locally collected taxes that have a
low to moderate cyclicality, with a highly diversified base.
National transfers represent less than 30% of operating revenues
and less than 25% of total revenues, so the assessment is not
limited by the sovereign rating.
Revenue Adjustability: 'Midrange'
Bogota has the ability to independently modify the rates of its
main tax revenues, subject to the limits imposed by national law.
Most tax rates are far away from legal limits, although reaching
them in practice may be difficult. The 'Midrange' assessment
reflects Fitch's opinion that using the legal leeway would yield
enough to offset at least 50% of a reasonably expected revenue
decline during a regular economic downturn, although this
estimation is difficult to make due to the highly complex nature of
the city's tax code. The assessment also considers the agency's
belief that the affordability of taxpayers to assume increases in
tax rates is moderate, given Bogota's socioeconomic profile.
Expenditure Sustainability: 'Midrange'
The assessment of expenditure sustainability is based on Fitch's
opinion that Bogota's expenditure is moderately correlated with the
economic cycle. Although expenditures grew significantly above
revenue during 2018-2022, Fitch believes this has been partly due
to the current administration's policy to create and expand
discretionary social programs and increase capex. However, Fitch
does not believe there is a structural mismatch between expenditure
and revenue growth.
Expenditure Adjustability: 'Midrange'
Fitch estimates that Bogota's mandatory expenditure items represent
between 70% and 90% of total expenditures. Capex alone represented
around 33% of total expenditures during 2019-2022, although part of
it corresponds to inflexible items such as multi-year commitments
for the city's main infrastructure projects. The city could also be
able to make cuts to discretionary social programs or raise bus
fares to curb the growth of grants towards the transportation
system. Although these measures could be unpopular, Fitch believes
they are feasible in a scenario where the administration feels the
city's financial stability could be challenged.
Liabilities & Liquidity Robustness: 'Midrange'
Bogota operates under a moderate national and individual debt
management framework. The city has negligible FX risk, as less than
5% of outstanding debt at YE 2022 was denominated in foreign
currency. Interest rate risk is moderate as variable interest debt
represents less than 50% of direct debt. Inflation is the main
variable with potential effects over Bogota's debt stock, but is
considered manageable given Colombia's inflation-target central
bank regime and the natural hedge provided by the fact that
revenues tend to adapt to changes in price levels. There is no
significant maturity concentration as the debt portfolio is
comprised of a mix of bullet bonds with maturities spread across
different time periods and amortizing loans.
Liabilities & Liquidity Flexibility: 'Weaker'
Fitch believes that Bogota has low levels of available liquidity.
At YE 2022, the city's reported accounts payable and other
short-term commitments exceeded total cash by more than COP5
trillion. While this is not a major concern for Fitch, as Fitch
believes the city has sufficient borrowing capacity and budget
flexibility to cover this deficit, it shows that the city's cash is
more than fully committed to offset short-term obligations.
Additionally, the city does not have any committed credit lines
with providers rated above 'BB+'.
Debt Sustainability: 'aa category'
Bogota's average payback ratio would be 7.4x for 2026-2027 in
Fitch's rating case from 8.9x in 2021, indicative of a 'aa'
assessment. The synthetic debt service coverage ratio (SDSCR) would
be in the 'bbb' range, just above 1.2x. Ultimately, the debt
sustainability assessment is defined by the payback ratio, which is
the primary metric. The fiscal debt burden would be close to 83%
(aa) during the final years of the rating case, but is less
relevant for the debt sustainability assessment of Bogota.
DERIVATION SUMMARY
Bogota's SCP of 'bbb-' results from a combination of 'Low Midrange'
risk profile and a debt sustainability score at the lower end of
the 'aa' category. The latter is derived from a payback ratio near
the middle of the 'aa' category range and a relatively weaker SDSCR
in the 'bbb' range. Bogota's IDRs are capped by the sovereign.
Debt Ratings
The rating of Bogota's senior unsecured bond maturing in 2028 is
the same as Bogota's Foreign Currency IDR of 'BB+'.
KEY ASSUMPTIONS
Risk Profile: 'Low Midrange'
Revenue Robustness: 'Midrange'
Revenue Adjustability: 'Midrange'
Expenditure Sustainability: 'Midrange'
Expenditure Adjustability: 'Midrange'
Liabilities and Liquidity Robustness: 'Midrange'
Liabilities and Liquidity Flexibility: 'Weaker'
Debt sustainability: 'aa'
Support (Budget Loans): 'N/A'
Support (Ad Hoc): 'N/A'
Asymmetric Risk: 'N/A'
Sovereign Cap (LT IDR): 'BB+'
Sovereign Cap (LT LC IDR) 'BB+'
Sovereign Floor: 'N/A'
Quantitative assumptions - Issuer Specific
Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2018-2022 figures and 2023-2027 projected
ratios. The key assumptions for the scenario include:
- Tax revenues grow in line with national GDP and lagged inflation,
resulting in an average annual growth rate of 6.2%.
- Current transfers received grow at an average rate of 11.8% per
annum, considering the 2023 budget, historical and conservative
expectations for growth of national government revenues and
inflation.
- Total operating revenue grows at an average rate of 7.8% per
annum.
- Most operating expenditure items grow in line with lagged
inflation plus between 0 and 3 percentage points.
- Discretionary social expenditure is cut in 2025.
- Grants to the transportation system peak at near COP3 trillion in
2023 and gradually decline towards about COP2.3 trillion in 2027.
- Total operating expenditure grows at an average rate of 6.2% per
annum.
- Average capital balance declines to near COP2.3 trillion per year
due to a decrease in the level of capex.
- Average cost of debt of 8.1%.
Liquidity and Debt Structure
Bogota's direct debt at YE 2022 was approximately COP7.9 trillion.
The city's adjusted debt includes an estimate of Bogota's share in
the debt of Empresa Metro de Bogota (EMB), which value is estimated
at close to COP674 billion at YE 2022. This leads to an adjusted
debt calculation of COP8.5 trillion at YE 2022. Bogota's net
adjusted debt is equal to its gross adjusted debt, as all of the
city's COP4.4 trillion in cash at YE 2022 is considered restricted
by Fitch.
During January and February 2023, the city borrowed around COP1.1
trillion from local banks, increasing direct debt to about COP9
trillion. Bogota's weighted average life of debt estimated at YE
2022 is close to 10 years, reflecting the long-term nature of the
city's debt portfolio.
Summary of Financial Adjustments
- For its analysis, Fitch considers the city's annual budget, which
include Bogota's public establishments. Fitch does not consider the
revenues and expenditures of Universidad Distrital for its
analysis, but considers Bogota's transfers to the university as
part of operating expenditure.
- Fiscal surplus from previous fiscal years are excluded from
revenues and payment of expenses committed during previous fiscal
years, from expenditure.
- Revenues collected on behalf of CAR de Cundinamarca are excluded
from revenues and transfers of these revenues to CAR de
Cundinamarca, from expenditures.
- Bogota's operating expenditure is a based on a Fitch estimate and
includes items reported under 'investment expenditure' that Fitch
believes to be recurring in nature. These include staff and other
operating costs of the education sector, subsidies and grants for
utilities, health insurance and transportation, among others.
- Adjusted debt includes an estimate of Bogota's share in the debt
of EMB raised for the construction of the city's metro lines.
Issuer Profile
Bogota is Colombia's capital city and its most important economic
hub. Fitch classifies Bogota as a 'Type B' LRG, as it covers debt
service from its cash flow on an annual basis.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A downgrade of Colombia's IDRs.
- A reassessment of the SCP to 'bb' or below, resulting from a
payback ratio above 9.0x in the last years of Fitch's rating case.
This could result from the city failing to control expenditure
growth over the medium term.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upgrade of Colombia's IDRs.
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. For more information on Fitch's ESG
Relevance Scores, visit www.fitchratings.com/esg.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Bogota's ratings are capped by the sovereign (BB+).
Entity/Debt Rating Prior
----------- ------ -----
Bogota, Distrito Capital LT IDR BB+ Affirmed BB+
LC LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed BB+
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Remittances Grow 2.9% in First 5 Mos. of 2023
-----------------------------------------------------------------
Dominican Today reports that The Central Bank of the Dominican
Republic (BCRD) has reported that remittances received in the first
five months of 2023 reached $4,173.5 million, representing a 2.9%
increase compared to the same period last year.
In May, remittances amounted to $881.1 million, marking a 3.5%
increase compared to May 2022. This is the fifth consecutive month
of growth observed this year, continuing the positive trend since
the last quarter of 2022, according to the BCRD's press release.
The BCRD explained that the economic performance of the United
States has been a major influencing factor in remittance behavior.
In May, 85.4% of the formal remittance flows came from the United
States, totaling $679.3 million.
Despite an overall increase in unemployment in the United States
from 3.4% in April to 3.7% in May, Hispanic unemployment decreased
from 4.4% to 4.0% during the same period.
Additionally, the non-manufacturing Purchasing Managers' Index
(PMI) of the Supply Management Institute (ISM) recorded a value of
50.3 in May, indicating a sustained expansion of the service sector
where a significant portion of the Dominican diaspora is employed.
The BCRD also highlighted the receipt of remittances from other
countries in May, with Spain accounting for $44.5 million,
representing 5.6% of the total. Spain is the second-largest country
in terms of the total number of Dominican diaspora residents
abroad, followed by Haiti and Italy, accounting for 0.9% and 0.8%
of the remittance flows received, respectively. Other countries,
such as Switzerland, Canada, and Panama, among others, also
contribute to the remittance inflows.
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.
TCRLA reported in April 2019 that the Dominican To 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, in December 2021, 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-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Standard & Poor's, also 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.
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J A M A I C A
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JAMAICA: Local Inflation Increased Marginally in May
----------------------------------------------------
RJR News reports that local inflation in Jamaica saw a marginal
increase in the month of May.
The Statistical Institute of Jamaica says the cost of goods rose by
6.1 per cent on an annual basis, according to RJR News.
This is just above the point to point rate of 5.8 per cent in
April, the report notes.
STATIN says inflation was driven by an 11 per cent jump in the cost
of 'Food and Non-Alcoholic Beverages,' the report relays.
The movement was, however, tempered by a 0.7 per cent drop in costs
associated with 'Transport' services, the report discloses.
For the month of May alone, the cost of goods and services
increased by 0.6 per cent, the report says.
This upward movement was influenced by increases in the 'Housing,
Water, Electricity, Gas and Other Fuels' division and 'Food and
Non-Alcoholic Beverages,' the report adds.
As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
JAMAICA: Real Value Added for Hotel & Restaurant Industry Up
------------------------------------------------------------
RJR News reports that business activity in the hotel and restaurant
industry in Jamaica increased by an estimated 30.8 per cent in the
first part of this year.
Dr. Wanye Henry, Director General of the Planning Institute of
Jamaica (PIOJ), said this was largely due to increased stopover
arrivals in light of the continued growth in main source markets
and effective marketing strategies, according to RJR News.
"Preliminary data for January and February of 2023 revealed that
stopover arrivals increased by 55.5% to 457,996 visitors and crude
passenger arrivals increased to 300,237 from 110 ship calls
relative to 49,870 from 41 ship calls in the corresponding period
of 2022," he noted, the report notes.
Dr. Henry said visitors also spent more money as total visitor
expenditure increased to US$761.6 million, compared to US$276
million in the corresponding period last year, the report adds.
As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
=====================
P U E R T O R I C O
=====================
NEONATOLOGIST ASSOCIATES: Taps Jose Toro-Mercado as Accountant
--------------------------------------------------------------
Neonatologist Associates, PSC seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Jose
Toro-Mercado, CPA as its accountant.
The Debtor requires an accountant to:
(a) supervise the accounting affairs of the Debtor and its
operations;
(b) prepare and review the Debtor's monthly operating reports
and any other accounting reports necessary for the proper
administration of the estate;
(c) prepare and review state and federal income tax and
property tax return, as required by law; and
(d) prepare the projection and all other analysis required for
the proposal and confirmation of a Chapter 11 plan.
The accountant will be paid an hourly fee of $175 per hour.
As disclosed in court filings, Mr. Toro-Mercado is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Mr. Toro-Mercado can be reached at:
Jose A. Toro-Mercado, CPA, CVA
95 Mendez Vigo Street West
Cond. Las Nereidas, Suite 2A
Mayaguez, Puerto Rico 00682
Tel: (787) 834-3100
Email: cpajtoro@gmail.com
About Neonatologist Associates
Neonatologist Associates, PSC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 23-01393) on May
9, 2023, with as much as $1 million in both assets and
liabilities.
Miguel A. Suarez Villamil, president of Neonatologist Associates,
signed the petition.
Judge Maria De Los Angeles Gonzalez oversees the case.
The Debtor tapped Jaime Rodriguez-Perez, Esq., at Hatillo Law
Office, PSC as legal counsel and Jose A. Toro-Mercado, CPA, CVA as
accountant.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Kamla Slams 'Negligent' Govt. for Massive Loss
-----------------------------------------------------------------
Kim Boodram at Trinidad Express reports that Opposition Leader
Kamla Persad-Bissessar has called the Trinidad & Tobago Government
"negligent" over the decline of the Heritage and Stabilisation Fund
(HSF) by more than $6 billion and said the loss has caused national
debt to climb.
Persad-Bissessar stated in a release that the loss, as confirmed by
the Central Bank of Trinidad and Tobago "is a clear indication of
the government's incompetence and negligence," according to
Trinidad Express.
"This government has collapsed and is trying to wastefully spend as
much as it can before they demit office," the former prime minister
said.
Persad-Bissessar referred to the Sunday Express article that
reported a decline of US$913.5 million or some $6 billion in HSF
for the financial year ended September 30, 2022 and said "the
Government's failure to protect the HSF, which represents the
savings of our nation is a grave dereliction of duty," the report
discloses.
Persad-Bissessar went on to also call chairman of the HSF board and
former Central bank governor, Ewart Williams, "incompetent" and
said that he "presided over this historic loss is not surprising,"
the report relays.
Persad-Bissessar said Williams had looked on as the "CL Financial
group imploded and thousands of citizens suffered losses," the
report says.
Government Debt Increases
Persad-Bissessar said the Government's actions with the HSF have
"also caused Adjusted General Government Debt Outstanding to rise
from $73.0 billion at the end of Quarter 2 in 2015 the last full
quarter of the UNC-led Government to $128.8 billion, by December
last year," the report notes.
"This is an increase of $55.8 billion or more than a 76 per cent
increase in net Government debt," she stated.
Persad-Bissessar said the Government's withdrawal of over US$1.9
billion from the fund over the past seven years and nine months
"has severely undermined its purpose and depleted its resources,"
the report discloses.
She said this was in contrast to the previous government led by the
United National Congress (UNC), which "diligently followed the law
governing the HSF and contributed to its growth," the report says.
Persad-Bissessar said in accordance with the law, her government
"made deposits to the HSF whenever surplus revenues from petroleum
were generated," the report relays.
She said T&T had "recorded the highest foreign reserves in our
history" and that "this has been consistently depleted since the
UNC demitted office in 2015," the report discloses.
Government 'Recuses Itself From Blame'
She further stated that "the question of using deficits is
irrelevant", considering that the People's National Movement (PNM)
Government had "amassed deficits in excess of $68 billion
cumulatively - more than four times the total deficit of the
UNC-led government," the report relays.
The Opposition Leader said the Government "recuses itself from
blame when there is a rainy day" but "has collapsed and is just
trying to wastefully spend as much as it can before they demit
office," the report adds.
===========================
V I R G I N I S L A N D S
===========================
THREE ARROWS: NFTs Fetch US$10.9 Million at Sotheby's
-----------------------------------------------------
Reuters reports that a set of non-fungible tokens previously bought
by bankrupt cryptocurrency hedge fund Three Arrows Capital sold for
$10.9 million at Sotheby's in New York on Thursday, the auction
house said.
Three Arrows Capital, which filed for U.S. bankruptcy a year ago,
spent $15.5 million worth of cryptocurrency on the 37 NFTs in a
series of purchases in July and August 2021, Reuters discloses
citing data from blockchain tracker DappRadar.
Non-fungible tokens (NFTs) are a blockchain-based asset that
represents ownership of a digital item such as an image, video or
piece of text.
The most expensive item "Ringers #879 (The Goose)" is part of a
series of 1,000 computer-generated abstract images by Canadian
artist Dmitri Cherniak.
It sold for $6.2 million on June 15, Sotheby's said, having been
bought by Three Arrows Capital for around $5.9 million in August
2021 according to DappRadar data.
"We see a growing interest and more non-crypto, non-NFT collectors
starting to really understand the quality and why it's
interesting," Reuters quotes Michael Bouhanna, head of digital art
and NFTs at Sotheby's, as saying.
NFTs only exist in digital form and anyone can view them online for
free, but many of the items in the auction are accompanied by
physical print copies which buyers can display, Mr. Bouhanna
added.
Three Arrows was the first in a series of major crypto firms to go
bankrupt in 2022, following the collapse of cryptocurrencies Luna
and TerraUSD.
The market for NFTs exploded in 2021, as cryptocurrency prices
surged and technology enthusiasts bet that digital assets would
become highly-valued in online virtual environments.
But the speculative frenzy has since cooled, with around $675
million worth of NFT sales in May 2023, down from a peak of $5.7
billion in January 2022, according to DappRadar data.
Another seven of Three Arrows Capital's NFTs were already sold for
$2.5 million at a Sotheby's auction in May, Reuters notes.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week June 12 to June 16, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
Banco del Estado 3.1 72.5 02/21/2040 CL AUD
Banco del Estado de 1.7 70 03/01/2032 CL EUR
Banco del Estado 2.8 68.9 03/13/2040 CL AUD
Banco del Estado 1.7 69.2 07/05/2032 CL EUR
Banco GNB Sudameris 7.5 73.3 04/16/2031 CO USD
Banco GNB Sudameris 7.5 73.4 04/16/2031 CO USD
Banco Santander Chile 1.3 57.6 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.3 02/28/2039 CL AUD
Panama Bond 4.5 73.5 01/19/2063 PA USD
Panama Bond 4.3 74.8 04/29/2053 PA USD
Panama Bond 3.9 66.8 07/23/2060 PA USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Peruvian Bond 3.6 68.6 01/15/2072 PE USD
Peruvian Bond 2 69.5 11/17/2036 PE EUR
Peruvian Bond 2.8 61.1 12/01/2060 PE USD
Peruvian Bond 1.3 72.1 03/11/2033 PE EUR
Peruvian Bond 3.2 60.9 07/28/2121 PE USD
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Earls Eight 2.3 75.2 05/20/2032 KY AUD
Earls Eight 1.7 71.4 06/20/2032 KY AUD
Ecopetrol SA 4.6 75 11/02/2031 CO USD
Ecopetrol SA 5.9 63.9 11/02/2051 CO USD
Ecopetrol SA 5.9 65.5 05/28/2045 CO USD
Lani Finance 3.1 68.6 10/19/2048 KY AUD
Lani Finance 1.9 63.3 10/19/2048 KY EUR
Lani Finance 1.7 60 03/14/2049 KY EUR
Lani Finance 1.9 62.3 09/20/2048 KY EUR
QNB Finance 3.4 75.4 10/21/2039 KY AUD
QNB Finance 13.5 55.7 10/06/2025 KY TRY
QNB Finance 2.9 75.3 12/04/2035 KY AUD
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 3.9 54.8 02/15/2061 CO USD
Colombia Bond 4.1 61.9 02/22/2042 CO USD
Colombia Bond 5.6 72.7 02/26/2044 CO USD
Colombia Bond 3.1 74 04/15/2031 CO USD
Colombia Bond 3.3 72.1 04/22/2032 CO USD
Colombia Bond 5.2 67.3 05/15/2049 CO USD
Colombia Bond 4.1 58.8 05/15/2051 CO USD
Colombia Bond 5 66.9 06/15/2045 CO USD
Colombia Bond 6.3 63 07/09/2036 CO COP
Colombia Bond 6.3 63 07/09/2036 CO COP
Banco Davivienda SA 6.7 66.5 CO USD
Banco de Chile 2.7 75.4 03/09/2035 CL AUD
Banco de Chile 1.7 69.5 04/26/2032 CL EUR
Chile Bond 1.3 52 01/22/2051 CL EUR
Chile Bond 3.1 66.9 01/22/2061 CL USD
Chile Bond 1.3 65.4 01/29/2040 CL EUR
Chile Bond 1.3 71.2 07/26/2036 CL EUR
Chile Bond 3.3 66.6 09/21/2071 CL USD
China Maple Leaf 2.3 75 01/27/2026 KY USD
China SCE Group 6 29 02/04/2026 KY USD
China SCE Group 7.4 56.2 04/09/2024 KY USD
China SCE Group 7 35.2 05/02/2025 KY USD
China SCE Group 6 42.9 09/29/2024 KY USD
Ruta del Maipo 2.3 53.5 12/15/2024 CL CLP
Santander Consumer 2.9 73.1 11/27/2034 CL AUD
Seagate HDD Cayman 3.4 73.4 07/15/2031 KY USD
Seazen Group 4.5 63.6 07/13/2025 KY USD
Silk Road Investments 2.9 68.8 01/23/2042 KY AUD
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Skylark 1.8 58.2 04/04/2039 KY GBP
YPF SA 1 69.8 01/10/2026 AR USD
YPF SA 7 61.6 12/15/2047 AR USD
YPF SA 7 61 12/15/2047 AR USD
UEP Penonome II SA 6.5 73.6 10/01/2038 PA USD
UEP Penonome II SA 6.5 74.1 10/01/2038 PA USD
Guaranteed 5.4 73.7 01/29/2038 KY USD
Guaranteed 5.3 71.9 03/23/2038 KY USD
Helenbergh China 8 32.9 11/07/2024 KY USD
Agile Group Holdings 6.1 41 10/13/2025 KY USD
Agile Group Holdings 5.5 45 04/21/2025 KY USD
Agile Group Holdings 5.5 39.2 05/17/2026 KY USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alibaba Group 2.7 67.4 02/09/2041 KY USD
Alibaba Group 3.2 65.2 02/09/2051 KY USD
Agile Group Holdings 5.8 50.2 01/02/2025 KY USD
QNB Finance 11.5 62.1 1/30/2025 KY TRY
SYN prop e tech SA 13.6 20.3 3/15/2024 BR BRL
Yango Cayman 12 3.9 09/15/2023 KY USD
MSU Energy SA 6.9 70.8 02/01/2025 AR USD
MSU Energy SA 6.9 71.2 02/01/2025 AR USD
Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL
Jamaica Government 8.5 68.9 12/21/2061 JM JMD
Jamaica Government 6.3 72.7 07/11/2048 JM JMD
Kaisa Group Holdings 10.9 9.1 KY USD
Fospar S/A 6.5 1.3 05/15/2026 BR BRL
Frigorifico 7.7 71.1 07/21/2028 PY USD
Frigorifico 7.7 71.4 07/21/2028 PY USD
Galaxy Digital 3 62.5 12/15/2026 KY USD
Generacion 9.9 73.1 12/01/2027 AR USD
Generacion 12.5 0 02/16/2024 AR USD
Gol Finance Inc 8.8 40.5 KY USD
Gol Finance Inc 8.8 42 KY USD
Goldman Sachs 2.3 75.9 06/30/2040 KY EUR
Greenland Hong Kong 10.2 45.9 KY USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Tencent Holdings 3.2 66.2 06/03/2050 KY USD
Tencent Holdings 3.2 66.5 06/03/2050 KY USD
Tencent Holdings 3.3 63 06/03/2060 KY USD
Tencent Holdings 3.3 63.5 06/03/2060 KY USD
Three Gorges Finance 3.2 74.2 10/16/2049 KY USD
VTR Comunicaciones 5.1 55.3 01/15/2028 CL USD
VTR Comunicaciones 5.1 53.6 01/15/2028 CL USD
VTR Comunicaciones 4.4 54.4 04/15/2029 CL USD
VTR Comunicaciones 4.4 54.5 04/15/2029 CL USD
Vista Energy 1 73 03/03/2028 AR USD
Voyager II 3.3 74.3 03/23/2034 KY AUD
Transocean Inc 6.8 67.6 03/15/2038 KY USD
Inversiones Latin 5.1 44.6 06/15/2033 CL USD
Inversiones Latin 5.1 44.8 06/15/2033 CL USD
KWG Group Holdings 7.4 15.8 01/13/2027 KY USD
KWG Group Holdings 6 40.8 01/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 02/13/2026 KY USD
KWG Group Holdings 7.4 26.5 03/05/2024 KY USD
KWG Group Holdings 6 19.4 08/10/2025 KY USD
KWG Group Holdings 6 16.8 08/14/2026 KY USD
KWG Group Holdings 7.9 27.5 08/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
Telecom Argentina SA 1 56.5 02/10/2028 AR USD
Telecom Argentina SA 1 64.2 03/09/2027 AR USD
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
eHi Car Services 7 64.9 09/21/2026 KY USD
El Salvador Bond 6.4 62.3 01/18/2027 SV USD
El Salvador Bond 6.4 62 01/18/2027 SV USD
El Salvador Bond 7.1 48.5 01/20/2050 SV USD
El Salvador Bond 7.1 48.6 01/20/2050 SV USD
El Salvador Bond 5.9 46 01/30/2025 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 8.6 58.1 02/28/2029 SV USD
El Salvador Bond 8.6 57.9 02/28/2029 SV USD
El Salvador Bond 8.3 56.4 04/10/2032 SV USD
El Salvador Bond 8.3 56.3 04/10/2032 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 9.5 54.6 07/15/2052 SV USD
El Salvador Bond 9.5 54.5 07/15/2052 SV USD
El Salvador Bond 7.6 49.9 09/21/2034 SV USD
El Salvador Bond 7.6 50 09/21/2034 SV USD
Banda de Couro 8 69.1 01/15/2027 BR BRL
Alibaba Group 3.3 63 02/09/2061 KY USD
AMTD IDEA Group 4.5 52.5 KY SGD
AAC Technologies 3.8 68.6 06/02/2031 KY USD
ACEN Finance 4 70.9 KY USD
AES Tiete 6.8 0.7 04/15/2024 BR BRL
Agile Group Holdings 13.5 40.7 KY USD
Agile Group Holdings 8.4 38.1 KY USD
Agile Group Holdings 7.9 31 KY USD
Argentina Bonar Bonds 1 19.8 7/09/2029 AR USD
Argentina Bonar Bonds 1 27.5 08/05/2023 AR USD
Argentina Treasury 2.5 25.3 11/30/2031 AR ARS
Argentine Bond 0.5 19.5 07/09/2029 AR EUR
Argentine Bond 1 23.7 07/09/2029 AR USD
Argentine Bond 0.1 21.5 07/09/2030 AR EUR
Argentine Bonos 16 72.6 10/17/2023 AR ARS
Argentine Bonos 15.5 22.2 10/17/2026 AR ARS
Ascent Finance 3.4 58.4 02/06/2043 KY AUD
Ascent Finance 3.8 59.8 06/28/2047 KY AUD
Ascent Finance 1.2 61.4 07/12/2047 KY EUR
Astra Cumulative 1.5 60.6 11/01/2029 KY 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 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.
.
* * * End of Transmission * * *