---

       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, August 2, 2023, Vol. 24, No. 154

                           Headlines



A R G E N T I N A

ARGENTINA: Won't Use Reserves to Repay IMF, Massa Says


B E R M U D A

MAPELEY STEPS: Goes Into Liquidation


B R A Z I L

BRAZIL: Foreign Investment Falls to Lowest Level Since Dec. 2021
BRAZIL: Formal Job Creation in H1 Reached Record Low
BRAZIL: State of Emergency Declared in Parana due to Bird Flu
ENERGISA SERGIPE: Fitch Upgrades Long Term IDR to 'BB+'
SBM BALEIA: Fitch Ups Rating on Series 2012-1 Sr. Sec. Notes to BB


                           - - - - -


=================
A R G E N T I N A
=================

ARGENTINA: Won't Use Reserves to Repay IMF, Massa Says
------------------------------------------------------
Eliana Raszewski and Gabriel Araujo at Reuters reports that
Argentina's Economy Minister Sergio Massa said the country will not
use "a single dollar" of its own reserves to make a $2.7 billion
repayment to the International Monetary Fund (IMF).

Massa, who is also a presidential candidate in this October's
election, said in a speech that it would be possible because of an
extended swap deal with China and a new loan from the Development
Bank of Latin America (CAF), according to Reuters.

Massa confirmed the repayment will be made with a $1 billion bridge
loan from CAF and $1.7 billion coming from the second tranche of a
swap with China, a move Buenos Aires recently made to complete part
of its June payment to the IMF, the report notes.

Argentina, which has been grappling with a severe economic crisis
with sky-high inflation and falling central bank reserves, needed
to avoid a default with the Fund, with maturities of $2.6 billion
due July 31 and almost $800 million due Aug. 1, Reuters notes.

"I want to bring you peace of mind - Argentina is not going to use
a single dollar of its reserves to pay the maturity," Massa said in
a televised speech, the report relays.

The challenge for Argentina now, he added, is to "continue to take
care of the (foreign currency) reserves while maintaining the
economic activity levels," 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.

In 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.

S&P Global Ratings, on June 13, 2023, 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
its rated bond issues are affected.

S&P said the negative outlook  on the long-term ratings is based on

the risks surrounding pronounced  economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions
within the government coalition, and infighting among the
opposition,
constrain the sovereign's ability to implement timely changes in
economic policy.

Fitch Ratings also upgraded on June 13, 2023, 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.

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 new 'CC' rating signals a default

event of some sort appears probable in the coming years, regardless

of the outcome of upcoming elections. The affirmation of the LC IDR

at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.



=============
B E R M U D A
=============

MAPELEY STEPS: Goes Into Liquidation
------------------------------------
The Royal Gazette reports that Mapeley Steps Holdings is being
wound up by liquidators, formally ending a long-running saga that
was the stuff of broadsheet opprobrium in the early Noughties.

In 2001, HM Revenue and Customs transferred hundreds of properties
it owned and the management of them to a private company, with the
assets themselves owned by a Bermuda subsidiary, The Royal Gazette
recalls.

In total, 591 buildings with 1.3 million square metres of floor
space were sold, the report notes.

The sale-leaseback deal was designed to save the taxpayer money, by
lowering the running costs for HMRC, but it also meant that the
government would be denied some tax revenue on the properties as a
result of their ownership being in Bermuda, according to The Royal
Gazette.

While an inquiry found that the cost savings outweighed the tax
revenue loss -- and the company noted that rental income would
actually be taxed -- it was determined that the optics were bad,
the report notes.

The ownership of Mapeley, a hedge fund and a George Soros-linked
entity, was often mentioned in press reports at the time, the
report relays.

The company that signed the deal with the British Government was
Mapeley Holdings, and Bermudian-registered Mapeley Steps Ltd was
the owner of the assets, the report discloses.

In the years that followed, the drama continued.  Mapeley was taken
public in 2005 and then private again in 2009 as the stock price
fell, losing more than 90 per cent of its value from the peak, the
report says.

The company had piled on debt, and the property market hit a
cyclical downturn, the report notes.

The company's website, www.mapeley.com, no longer provides
information about the company, instead pointing to j2.com, a
marketing company, the report relays.

Earlier this year, a number of Mapeley companies were put into
voluntary liquidation in the UK, and FTI Consulting took charge as
liquidators, the report notes.

In an advertisement, FTI announced the voluntary winding up of
Mapeley Steps Holdings and Mapeley Steps, both Bermuda companies,
the report adds.

Creditors must contact FTI with claims by August 21.



===========
B R A Z I L
===========

BRAZIL: Foreign Investment Falls to Lowest Level Since Dec. 2021
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that after a period of
resurgence in May, the inflow of foreign investment in Brazil's
production sector experienced a decrease in June.

The balance of Foreign Direct Investment in the Country (FDI),
which accounts for both incoming and outgoing investment, was
recorded at US$1.9 billion, according to Rio Times Online.

This marks the lowest level of investment since December 2021, when
the net outflow reached US$5.2 billion, the report notes.

The Central Bank revealed this data in their external sector
statistics report, the report adds.

                          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.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
 
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
 
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
 
DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).

BRAZIL: Formal Job Creation in H1 Reached Record Low
----------------------------------------------------
Rio Times Online reports that in June, the General Register of
Employed and Unemployed (Caged) documented the establishment of
157,198 formal jobs in Brazil, as reported by the Ministry of Labor
and Employment.

The figures from this month show 1,914,130 new employments, set
against 1,756,932 job terminations, according to Rio Times Online.

However, this net gain was 44.8% lower than that of June 2022, the
report notes.  It did, however, mark a 1.3% increase compared to
May 2023, the report relays.

The first half of the year saw the creation of 1,023,540 formal
jobs, marking the lowest performance for this period since the
onset of the COVID, the report adds.

                          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.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
 
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
 
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
 
DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).

BRAZIL: State of Emergency Declared in Parana due to Bird Flu
-------------------------------------------------------------
Rio Times Online reports that in response to the detection of avian
influenza in wild migratory birds, the government of Parana, a
significant poultry producer state in Brazil, has proclaimed a
zoo-sanitary emergency.

The declaration intends to facilitate swift action should any
indication of industry contamination surface, according to Rio
Times Online.

This initiative aligns with the Ministry of Agriculture's
recommendation, which applies to all Brazilian states for a
duration of 180 days, the report notes.

Parana holds a prominent role in Brazil's chicken meat production,
accounting for 36% of all sector slaughter in 2022, as per the
Brazilian Association of Animal Protein, the report adds.

                          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.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
 
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
 
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
 
DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).

ENERGISA SERGIPE: Fitch Upgrades Long Term IDR to 'BB+'
-------------------------------------------------------
Fitch Ratings has upgraded the international long-term ratings of
numerous Brazilian corporates to 'BB+' from 'BB' following the
upgrade of Brazil's Sovereign Rating to 'BB' from 'BB-' and
Sovereign Country Ceiling to 'BB+' from 'BB'. The Rating Outlook is
Stable following the Stable Outlook of the Sovereign's ratings.

KEY RATING DRIVERS

Sovereign Rating Upgrade: The upgrade to 'BB+' from 'BB' for these
issuers results from their exposure to Brazil's Country Ceiling or
their direct linkage to the country's sovereign ratings. The
Brazilian Sovereign's upgrade better-than-expected macroeconomic
and fiscal performance amid successive shocks in recent years,
proactive policies and reforms that have supported this, and
Fitch's expectation that the new government will work toward
further improvements.

Despite lingering political tensions since its 2018 downgrade,
Brazil has achieved progress on important reforms to address
economic and fiscal challenges. The fiscal position is
deteriorating in 2023 after a prior improvement, but Fitch expects
new fiscal rules and tax measures to anchor a gradual
consolidation. Fitch still projects debt/GDP to rise, but at a
slower pace and from a much better starting point than previously
forecast.

Resilient Growth: Economic momentum continues in 2023 after a
healthy post-pandemic rebound, supported by a bumper agricultural
harvest. Consumption has cooled on tight monetary policy, but it
remains supported by a strong labor market, fiscal spending, and
continued credit growth. Fitch projects real GDP growth of 2.3% in
2023, up from 0.7% previously, a moderation to 1.3% in 2024 as
agricultural output normalizes, and convergence to a trend pace of
2.0% thereafter. The authorities project higher medium-term growth
of 2.6%; while it is not yet clear if they can advance an economic
agenda potent enough to achieve this, this could offer some
upside.

Prudent Monetary Policy: Inflation fell to 3.2% yoy in June 2023
from 11.9% a year earlier, as a result of lower food and energy
costs and tight monetary policy. The central bank (BCB) has
maintained prudent and proactive monetary policy during the recent
inflation shock, and has kept its Selic rate at a restrictive
13.75% since August 2022 amid fiscal uncertainties, stickiness in
core inflation and some upward drift in inflation expectations.
These factors are receding, and Fitch expects rate cuts to begin by
August. Lula's explicit criticism of the BCB has not resulted in
attempts to introduce major changes to the inflation-targeting
framework, and inflation expectations are improving after some
prior jitters.

DERIVATION SUMMARY

Please refer to last press release for each company's Derivation
Summary.

KEY ASSUMPTIONS

Please refer to last press release for each company's Key
Assumptions.

RATING SENSITIVITIES

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

-- The Outlook for these issuers could become positive or be
upgraded as result of a revision to Brazil's Sovereign ratings to
Positive or upgraded.

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

-- A downgrade of Brazil's ratings that results in a downward
revision to the Country Ceiling and/or Outlook.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Please refer to last press release for each company's Liquidity and
Debt Structure.

ISSUER PROFILE

Please refer to last press release for each company's issuer
profiles.

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.

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.

A List of Affected Ratings is available at
https://urlcurt.com/u?l=RaaGaS


SBM BALEIA: Fitch Ups Rating on Series 2012-1 Sr. Sec. Notes to BB
------------------------------------------------------------------
Fitch Ratings has upgraded SBM Baleia Azul, SII/ S.a.r.l.'s series
2012-1 senior secured notes due 2027 to 'BB' from 'BB-'. The Rating
Outlook remains Stable. The rating has been upgraded due to its
alignment with the off-taker, Petrobras. The transaction's rating
is capped by Fitch's view of the strength of the offtaker's payment
obligation, which in this case is equalized with Petrobras' Issuer
Default Rating (IDR). Petrobras was upgraded due the recent upgrade
of Brazil's Country Ceiling and IDR. Brazil's upgrade reflects an
improving macroeconomic environment and fiscal performance which
exceeded expectations.

ENTITY/DEBT     RATING          PRIOR  
----------              ------                       -----
SBM Baleia Azul, SII/
S.a.r.l.

Senior L8038*AA4 LT BB   Upgrade                 BB-

TRANSACTION SUMMARY

The notes are backed by the flows related to the charter agreement
signed with Petrobras for the use of the Cidade de Anchieta
floating production storage and offloading unit (FPSO) for a term
of 18 years. SBM do Brasil Ltda. (SBM Brasil), the Brazilian
subsidiary of SBM Holding Inc. S.A. (SBM), is the operator of the
FPSO. SBM is the sponsor of the transaction. The Cidade de Anchieta
FPSO began operating at the Baleia Azul oil field (now considered
part of the New Jubarte field) in September 2012.

KEY RATING DRIVERS

PETROBRAS' CREDIT QUALITY AS CONSTRAINT

Fitch uses the offtaker's IDR as the starting point to determine
the appropriate strength of the offtaker's payment obligation. On
July 27th, Fitch upgraded Petrobras' Long-Term IDR to 'BB'
reflecting the upgrade of Brazil's Long-Term IDR to 'BB' from
'BB-'. Brazil's upgrade is due to its better-than-anticipated
macroeconomic and fiscal performance. The Rating Outlook remains
Stable. Petrobras' ratings continue to reflect its close linkage
with Brazil's sovereign rating, due to the government's control of
the company and its strategic importance to Brazil as its near
monopoly supplier of liquid fuels.

STRENGTH OF THE OFFTAKER'S PAYMENT OBLIGATION ALIGNED WITH
PETROBRAS' IDR

Fitch's view of the strength of the off-taker's payment obligation
acts as the ultimate rating cap to the transaction. Given Fitch's
qualitative assessment of asset/contract/operator characteristics
and the off-taker's/industry's characteristics related to this
transaction, the strength of such payment obligation has been
equalized to Petrobras' Long-Term IDR.

EXPERIENCED OPERATOR MITIGATES RISK

SBM Offshore N.V. is the ultimate parent to SBM Holding Inc. S.A.,
the main sponsor of the transaction. The transaction benefits from
SBM Offshore N.V.'s solid business position, global leadership in
leasing FPSOs and overall strong operational performance of its
fleet, aligning SBM's credit quality with investment-grade metrics.
The rating of the transaction is ultimately capped by Fitch's view
of the credit quality of the sponsor.

OIL VESSEL SHUTDOWN RESOLVED

Since the last review, the company, SBM, focused on completing the
repair on four tanks required for the safe restart of the vessel,
which resumed operations in December 2022.

As a result of the shutdown, the overall uptime average since
commercial operations began in 2012 declined to 91.2%, down from
97.9% prior to the shutdown. Since the oil vessel resumed
operations, SBM has seen production increase back to normal levels
with an average quarterly production uptime figure of 99.7% for
period ending March 2023.

AVAILABLE LIQUIDITY REDUCES RISK

The transaction benefits from a $26 million (LoCs provided by ABN
Amro, rated A/Stable) debt service reserve account (DSRA)
equivalent to the following two quarterly payments of principal and
interest. This provides support to meet the next debt service
obligations should the vessel be delayed in coming back online and
resuming the charter and SBM ceasing to provide liquidity to the
transaction.

DSCR CONTINUES TO MEET EXPECTATIONS

The key leverage metric for fully amortizing FPSO transactions is
the DSCR. The rolling 12-month pre-opex debt service coverage ratio
(DSCR) for the period ending March 2023 was 1.70x and the average
post-opex DSCR over a five-year period was 1.40x as of period
ending December 2022.

Through the shareholder loan, SBM Azul, SII/S.a.r.l received an
approximate $48 million in 2022 to assist with meeting timely
interest and principal and to assist with cost/expenses incurred
while repairing the vessel. Since the vessel was not receiving any
charter revenue from normal operations, SBM's support was
instrumental for the DSCRs to remain above trigger levels.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The rating may be sensitive to changes in Petrobras' credit quality
as charter offtaker, and any deterioration in SBM's credit quality
as operator and sponsor. In addition, the transaction's rating may
be impacted by the Cidade de Anchieta FPSO's operating performance
and prolonged shut down of the vessel that could lead to a contract
termination.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The main constraint to the transaction's rating is currently the
offtaker's credit quality. If upgraded, Fitch will consider whether
the strength of the offtaker's payment obligation would be
equalized with the entity's IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


                           *********


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 * * *