/raid1/www/Hosts/bankrupt/TCRLA_Public/240124.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
Wednesday, January 24, 2024, Vol. 25, No. 18
Headlines
A R G E N T I N A
ARGENTINA: Peso is Slipping Through Milei's Fingers
ARGENTINA: Reverses Trade Deficit After Peso Devaluation
B R A Z I L
BRAZIL: B3 Faces Trading Slump, Yet Optimism Remains for 2024
BRAZIL: Proposes Bankruptcy Rules Overhaul in Favor of Creditors
BRAZIL: Soybean Outlook Adjusted Due to Weather Issues
C O L O M B I A
GRUPO DE INVERSIONES: S&P Affirms 'BB+' ICR & Alters Outlook to Neg
[*] S&P Revises Outlooks on Seven Colombian Banks to Negative
D O M I N I C A N R E P U B L I C
AEROPUERTOS DOMINICANOS: Moody's Ups Secured Notes Rating to Ba2
DOMINICAN REPUBLIC: Sugar Producers Oppose Zero Import Tax
[*] DOMINICAN REPUBLIC: In Best Moment For Investment
J A M A I C A
JAMAICA: Businesses Less Optimistic About Profits Improving
P U E R T O R I C O
UNLIMITED DEVELOPMENT: Case Summary & Three Unsecured Creditors
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Peso is Slipping Through Milei's Fingers
---------------------------------------------------
Buenos Aires Times reports that the respite that President Javier
Milei brought to Argentina's parallel exchange rate has proved all
too short as the peso slides to fresh lows in the unofficial market
used to skirt capital controls.
The currency has plunged by about a third against the dollar this
year, reaching over 1250 per dollar and is now trading at over 50
percent less than the peso on the official market, up from a low of
11 percent on December 27, according to Buenos Aires Times.
Worse still, the renewed slide in the peso on the alternative
market may be only just beginning, fueling inflation that is
already running at 211 percent a year, the highest rate in Latin
America, the report notes. Having chosen to backtrack on promises
to dollarise the economy, Milei now needs to come up with a plan
quickly to control the exchange rate and cap soaring inflation, the
report relays.
"The exchange rate gap will tend to widen from the second half of
January, both because the official exchange rate will lag far
behind inflation and because the blue-chip swap will weaken," wrote
the research and strategy team at local brokerage PPI, led by Pedro
Siaba Serrate, in a report to customers, the report discloses.
The Central Bank didn't respond to a request for comment on the
increased pressure weighing on the currency, the report notes.
While Milei's 54 percent devaluation after coming to office was
well received by investors, markets are now demanding more, the
report relaya. Here's four reasons it may be hard to do.
Rate Hikes
Central Bank Governor Santiago Bausili slashed the monetary policy
rate by 33 percentage points to an annual 100 percent after coming
to office in December, the report relays.
The rate cut meant a lower yield on deposits: a disincentive for
savers to keep their money in pesos in the bank and an incentive to
dollarise their portfolios, the report discloses.
Given that February brings a seasonal drop in people's need for
pesos following the end of the festive season, "Argentina's Central
Bank will likely have to shift to a hawkish mode," from its current
position focused on diluting peso assets, PPI said, the report
says.
Capital Controls
The peso started to come under further pressure after the first
window to buy dollars for a broad range of imports opened on
January 13, the report discloses. The authorities previously had a
discretionary approach to providing dollars to industry - outside
of essential products such as pharmaceuticals and fertilizers, the
report says.
Local brokerage Facimex estimates that the Central Bank's average
daily purchase of dollars for its reserves will fall from its
previous US$196 million to US$128 million through Feb. 11, then $90
million until March 12 and finally to zero in April, the report
notes.
Frozen Peso
After the Central Bank devalued the peso by 54 percent on December
12, it has allowed a two percent monthly decline in the currency
under a crawling peg system. With consumer prices rising 25.5
percent on a monthly basis in December, that decline looks to be
derisory, the report discloses.
As a result, exporters will see a loss of competitiveness and sell
fewer and fewer dollars on the official market, again undercutting
Central Bank reserves and putting strain on the exchange rate, the
report relays.
Deregulation Bill
Presidential Spokesman Manuel Adorni has attributed the new
exchange rate pressures to delays imposed by the opposition on the
government's economic deregulation bill, the report notes. The
measures include tax increases to reduce the fiscal deficit and
deregulations to stimulate activity and ease the pressure on
inflation, the report says.
The ruling party has a minority in both chambers and would need the
support from other political forces to get the bill approved, the
report relays.
The jump in the dollar on the parallel market is just a "sample of
what will happen to the Argentine currency if this bill is not
approved," Adorni said on Jan. 9, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.
ARGENTINA: Reverses Trade Deficit After Peso Devaluation
--------------------------------------------------------
Buenos Aires Times reports that Argentina's trade balance was
reversed in December after the strong devaluation of the peso by
President Javier Milei's government.
The nation recorded a negative trend almost throughout 2023,
closing out the year with an annual deficit of US$6.926 billion, as
informed by the INDEC national statistics bureau, according to
Buenos Aires Times.
On December 13, President Javier Milei's government devalued the
peso by more than 50 percent, giving a strong boost to exports the
last month of the year, which resulted in a surplus of US$1.018
billion, the report notes.
Driven mainly by sales in the agroindustrial sector, Argentina's
exports in December amounted to US$5.273 billion (still 13.8
percent less than the same month in 2022) and it imported to the
tune of US$4.255 billion (minus 15.2 percent), the report relays.
February had been the last month of 2023 with a trade surplus,
under a system of foreign exchange and import control, which
Milei's Government has started to make more flexible, the report
discloses.
Throughout 2023, Argentina had sales abroad for US$66.788 billion,
24.5 percent less than in 2022 due to a drought which dealt a hard
blow to the farming sector and took 3 percent from the GDP,
according to the previous government. Imports amounted to US$73.714
billion (-9.6 percent), the report relays.
The devaluation affected the increase of exports, and, in turn, the
purchase of foreign currency by the Central Bank, whose weakened
reserves reached US$24.3 billion, some US$5 billion accumulated
during the new government, the report discloses.
The projection of the Argentine trade balance for 2024 is a surplus
over the next few years "based on an expected balance of US$22.4
billion for 2024, until an excess near US$41.8 billion is achieved
by 2030", according to a report by the Central Bank, Buenos Aires
Times says.
Following that trend, the new network of the oil and gas pipelines,
both built-up and under construction, will be decisive, as they
will contribute to substituting imports and will help go from an
estimated US$10.4 million in fuel exports to US$36.7 billion in
2030, added the document, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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 R A Z I L
===========
BRAZIL: B3 Faces Trading Slump, Yet Optimism Remains for 2024
-------------------------------------------------------------
Richard Mann at Rio Times Online reports that in December 2023, B3,
the operator of Brazil's Stock Exchange, faced a downturn in both
trading activity and investor count.
The daily trade volume fell sharply by 13.6% compared to the
previous year, also showing a 7.9% drop from November 2023,
according to Rio Times Online.
The number of individual investors also decreased by 1.1%, in
December. However, there was a slight rise of 0.8% in individual
investors from November to December 2023, the report notes.
Despite these challenges, 2024 looks promising. Experts predict a
rise in Brazil's stock market thanks to expected cuts in interest
rates, 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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
BRAZIL: Proposes Bankruptcy Rules Overhaul in Favor of Creditors
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's
government submitted a bill to Congress that would modernize
bankruptcy regulations, aiming to speed up proceedings by giving
creditors more control over the process.
According to finance ministry official Marcos Pinto, Brazil's
current regulations date to the 1980s, and the average bankruptcy
process in the country lasts more than 11 years, the report
discloses. With the changes, the government expects to cut that
length in half while increasing recovery levels and reducing the
cost of credit, Pinto added in a press release, according to
globalinsolvency.com. The bill would allow creditors to appoint a
manager to oversee the bankrupt estate and sell off assets, the
report relays. Currently, Brazil's bankruptcy code requires a judge
to appoint an administrator, the report notes. Giving creditors
the power to choose a manager would "expedite the sale of assets to
pool together resources to settle debts," Pinto said, 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.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
BRAZIL: Soybean Outlook Adjusted Due to Weather Issues
------------------------------------------------------
Iolanda Fonseca at Rio Times Online relays that Victor Faverin
reports hEDGEpoint Global Markets' updated soybean harvest
forecast, influenced by December's challenging weather in Brazil.
The new prediction shows a decrease to 153.4 million tons for the
2023 to 2024 season, down from the initial 160.1 million tons,
according to Rio Times Online.
Pedro Schicchi, hEDGEpoint's analyst, highlights the vulnerability
of soybeans during their critical reproductive stages, the report
notes.
Although tough against early adverse conditions, they require
sufficient water and cooler temperatures for optimal growth, the
report relays.
The high temperatures and low rainfall in December were not
conducive to soybean growth, 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.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
===============
C O L O M B I A
===============
GRUPO DE INVERSIONES: S&P Affirms 'BB+' ICR & Alters Outlook to Neg
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Grupo de Inversiones
Suramericana S.A. to negative from stable because the entity is
directly linked to the sovereign. At the same time, S&P affirmed
the 'BB+' issuer credit rating on Grupo Sura.
The negative outlook on the company reflects S&P views that there
is a one-in-three chance that it can downgrade it if it was to
lower its foreign currency rating on Colombia to 'BB' in the next
18-24 months.
S&P said, "The outlook revision on Colombia considers that although
we expect broad continuity in fiscal and monetary policies amid
stable political conditions, potentially persistently weak investor
confidence may pose risks to our forecast that GDP growth will
return to its trend rate of just above 3% in the next couple of
years."
Low economic growth may indicate less economic resilience and
could, absent corrective measures, contribute to fiscal slippage or
higher external vulnerabilities.
S&P caps the ratings on Grupo Sura at the sovereign level because
it doesn't think the company could withstand a sovereign default
scenario, given its large concentration in the country.
[*] S&P Revises Outlooks on Seven Colombian Banks to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on the following Colombian
banks:
-- Bancolombia S.A. y Companias Subordinadas (Bancolombia)
and its Panama-based core subsidiaries Banistmo S.A.
and Bancolombia Panama S.A.;
-- Banco de Bogota S.A. y Subsidiarias (BBogota);
-- Banco Davivienda S.A. (Davivienda);
-- Financiera de Desarrollo Territorial S.A. FINDETER; and
-- Financiera de Desarrollo Nacional S.A. (FDN).
At the same time, we affirmed the 'BB+/B' long- and short-term
issuer credit ratings on the banks. Finally, S&P affirmed all the
issue ratings on the banks' debt.
The sovereign rating action signals the risk of a potential
structural change in Colombia's economic growth prospects in the
coming years. If this scenario materializes, with GDP growth
dropping below its trend rate of just above 3%, absent corrective
measures, it could contribute to fiscal slippage or higher external
vulnerabilities. Therefore, there's a risk of a downgrade in the
next two years. S&P expects broad continuity in fiscal and monetary
policies within a stable political environment.
S&P said, "The risks stemming from the rating action on Colombia
are already incorporated in our BICRA and remain consistent with
our current assessment of the economic risk. We believe that risks
of a potential structural downshift in economic growth, which could
dent Colombia's fiscal and external position, is increasing.
However, our base-case scenario is that if these risks materialize,
they wouldn't occur simultaneously during the next 6-12 months.
Therefore, we're maintaining Colombia's BICRA factors (including
their stable trends), subfactors, group, and anchor unchanged. If
one of these risks materializes in the short term, we could revise
our economic risk trend for the Colombian banking sector to
negative from stable, reflecting weakening economic resilience and
a smaller room to maneuver under the current economic risk level
('7').
"In our view, the Colombian banking sector maintains
characteristics that still support a stronger economic risk
assessment than those of regional peers at an economic risk level
of '8', such as Costa Rica, Honduras, Jamaica, and Paraguay. For
instance, the Colombian economy reflects wider diversification and
higher GDP per capita than those of peers, resulting in a more
resilient economy. Moreover, the Colombian banking sector's loan
portfolio is well-diversified (by economic sectors, business lines,
and customers), it has a low exposure to foreign-currency loans,
and it has a conservative approach toward consumer and mortgage
lending. The latter is seen in payroll loans representing about 40%
of consumer loans, while loan-to-values for mortgages are regulated
by the banking authority.
"We're revising our outlook on five Colombian banks to negative
from stable, and affirming our ratings on them. Even though our
BICRA assessment (and trends) on Colombia remain unchanged, we're
taking the rating action on Bancolombia and its subsidiaries, Banco
de Bogota and Davivienda, similar to that on the sovereign. This is
because we don't rate Colombian financial institutions above the
foreign currency sovereign ratings due to the direct and indirect
effects sovereign stress would have on banks' business operations
and creditworthiness. The ratings on Findeter and FDN, which are
government-related entities, benefit from the sovereign support and
they can't be above that level."
Bancolombia
Outlook
The negative outlook on Bancolombia reflects our negative outlook
on Colombia. This is because in a sovereign stress, regulatory and
supervisory powers may restrict the bank's financial flexibility.
In S&P's view, the bank is affected by many of the same economic
factors that cause sovereign stress.
The negative outlooks on subsidiaries Banistmo and Bancolombia
Panama reflect the outlook on Bancolombia. The ratings on the
subsidiaries will move in tandem with those on their parent because
S&P considers them integral to the group's current identity and
future strategy.
Downside scenario. If we downgrade the sovereign in the next two
years, S&P could take the same action on Bancolombia.
Upside scenario. If S&P revises the outlook on Colombia to stable
in the next 12-24 months, it would take the same action on
Bancolombia.
BBogota And Davivienda
Outlook
The negative outlook for the next two years on Davivienda and
BBogota mirrors that on Colombia. This is because in a sovereign
stress, regulatory and supervisory powers may restrict the banks'
financial flexibility. In S&P's view, banks are affected by many of
the same economic factors that cause sovereign stress.
Downside scenario. S&P could lower the ratings on both entities if
it downgrades the sovereign in the next 24 months.
Upside scenario. S&P could revise its outlook on both entities to
stable if we were to take the same rating action on the sovereign.
Findeter And FDN
Outlook
The negative outlook on FDN and Findeter for the next two years
reflects the negative outlook on Colombia. Thus, the ratings on
both government-related entities will continue to move in tandem
with those on the sovereign, reflecting their key role for--and
very strong link to--the government as both support and develop the
infrastructure sector in the country.
Downside scenario. S&P could lower the ratings on both entities if
it downgrades Colombia in the next 24 months.
Upside scenario. S&P could revise the outlook on both entities to
stable in the next 24 months if it was to take the same action on
Colombia.
BICRA Score Snapshot*
Colombia
BICRA group 6
Economic risk 7
Economic resilience High risk
Economic imbalances High risk
Credit risk in the economy High risk
Trend Stable
Industry risk 5
Institutional framework Intermediate risk
Competitive dynamics Intermediate risk
Systemwide funding High risk
Trend Stable
*Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).
Ratings List
BANCO DAVIVIENDA S.A.
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
BANCO DAVIVIENDA S.A.
Issuer Credit Rating BB+/Negative/B BB+/Stable/B
BANCO DE BOGOTA S.A. Y SUBSIDIARIAS
RATINGS AFFIRMED
BANCO DE BOGOTA S.A. Y SUBSIDIARIAS
Senior Unsecured BB+
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
BANCO DE BOGOTA S.A. Y SUBSIDIARIAS
Issuer Credit Rating BB+/Negative/B BB+/Stable/B
BANCOLOMBIA S.A. Y COMPANIAS SUBORDINADAS
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
BANCOLOMBIA PANAMA S.A.
BANISTMO S.A.
BANCOLOMBIA S.A. Y COMPANIAS SUBORDINADAS
Issuer Credit Rating BB+/Negative/B BB+/Stable/B
FINANCIERA DE DESARROLLO NACIONAL S.A.
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
FINANCIERA DE DESARROLLO NACIONAL S.A.
Issuer Credit Rating BB+/Negative/-- BB+/Stable/--
FINANCIERA DE DESARROLLO TERRITORIAL S.A. FINDETER
RATINGS AFFIRMED
FINANCIERA DE DESARROLLO TERRITORIAL S.A. FINDETER
Senior Unsecured BB+
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
FINANCIERA DE DESARROLLO TERRITORIAL S.A. FINDETER
Issuer Credit Rating BB+/Negative/B BB+/Stable/B
===================================
D O M I N I C A N R E P U B L I C
===================================
AEROPUERTOS DOMINICANOS: Moody's Ups Secured Notes Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating assigned to
Aeropuertos Dominicanos Siglo XXI, S.A. ("Aerodom")'s senior
secured notes to Ba2 from Ba3. The ratings outlook remains
positive.
RATINGS RATIONALE
The upgrade of Aerodom senior secured notes rating to Ba2 reflects
the recently approved 30-year concession agreement extension that
allows Aerodom to continue operating and expanding its business in
the Dominican Republic until 2060. The modifications to the
concession agreement include the adjustment of tariffs by 13%, with
subsequent annual adjustments that incorporate an inflation
indexation component based on the US CPI. Importantly, the
contract extension provides the airport higher financial
flexibility to continue to benefit from the robust passenger
traffic volumes seen in recent years and the expected long term
growth for its service area.
The extension of the concession entails certain upfront payments to
the government of roughly $775 million during 2024 and new capital
investment obligations in the order of $830 million through 2060.
Moody's considers that the new obligations and cash needs will be
funded with a mix of additional equity contributions and new debt
issuances that better accommodates the capital structure within the
new concession life. Overall, this development is intrinsically
positive for Aerodom since the higher leverage and investment needs
are balanced by the positive tariff adjustments, the strong
traffic growth prospects and the extended concession life.
The rating remains constrained by the credit linkages with the
Government of Dominican Republic (Ba3 positive), given that all its
six airports are located in this country and operating under
regulated public concessions. The current one notch rating uplift
from the sovereign credit rating reflects Aerodom's track record of
strengthening credit metrics, a limited reliance on domestic
funding sources, a limited exposure to foreign exchange risk given
that regulated tariffs are US dollar denominated, and a significant
diversification of cash flow stemming from outside the country
derived from international passengers. As such, the positive
outlook on Aerodom is aligned with the positive outlook on the
sovereign rating, driven by the sustained high domestic growth
rates and decline in government debt.
The Ba2 rating continues to reflect the advantageous service area
as a very popular destination for international travelers. Aerodom
benefits from a resilient origin and destination (O&M) passenger
mix profile that is well diversified. These factors have supported
a swift passenger traffic recovery and solid traffic growth of 28%
in 2022 and roughtly 11% in 2023, effectively strengthening its
financial metrics. Moody's revised base case incorporate a 4%
annual average growth in passenger traffic over the next 3 years.
As of November 2023, Aerodom's aggregate annual traffic was around
5.9 million passengers, roughly 17% above the corresponding period
in 2019. Concordantly, coverage and leverage metrics have gradually
improved displaying a 4.4x interest coverage ratio [(FFO + Cash
Interest Expense)/(Cash Interest Expense) and a leverage ratio of
27.6% FFO/Debt as of LTM 3Q2023. The revised rating's based case
considers interest coverage and leverage metrics returning to the
ranges of 2.2x – 2.9x and 10% – 14%, respectively, following
the additional debt and equity issuances to support the new
concession obligations. However, the extension of the remaining
concession life will uplift annuity-based Moody's Debt Service
Coverage Ratio (DSCR) from 1.8x to a range of 2.2x-2.7x, in line
with Ba rating levels.
An important assumption for this scenario is the ability of the
airport to raise the necessary funds to comply with obligations
during 2024 that is supported by the recent concession extension.
It also considers the well performing asset portfolio, the expected
maintenance of the current prudent financial policy and commitment
to support strong credit metrics and the credit profile of its
shareholder Vinci S.A. (A3, stable), with vast experience in the
airport sector.
RATING OUTLOOK
The outlook is positive, in line with the rating outlook of the
Government of Dominican Republic and also reflecting Moody's
expectation of continuous stable traffic growth performance in the
region through 2024 underpinned by a strong travel demand and a
diversified passenger profile mix. Moreover, the outlook
encapsulates Moody's perspective of the capital structure being
recalibrated over the next 6-12 months within the more adaptable
span of the concession life, in a way that is not detrimental to
its current credit quality.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating would be upgraded if the credit rating of the Government
of Dominican Republic is upgraded and Aerodom has successfully
communicated and coordinated its financial strategy for the
adjustment of its capital structure within the new extended
concession life in accordance with the existing prudent and
balanced financial policy. Quantitatively, if FFO/Debt and
annuity-based Moody's DSCR are positioned on a sustained basis
above 14% and 3.0x respectively.
The rating would be downgraded if Aerodom fails to conduct a timely
financial strategy to cover the upcoming funding needs related to
the concession extension or if the rating of Dominican Republic is
downgraded. The rating would also face negative pressure if the
company deviates from the current prudent financial policy, or if
Aerodom faces substantial passenger traffic volatility that reverts
the expected traffic growth rate. Quantitatively, if FFO/Debt and
annuity-based Moody's DSCR are positioned on a sustained basis
below 10% and 2.0x respectively, the rating could be revised
downwards.
PROFILE
Aerodom is the operator of six airports in the Dominican Republic
through a long-term concession granted by the government with and
extended expiration due 2060. The airport portfolio is composed by
Las Americas International Airport in Santo Domingo, the Gregorio
Luperón International Airport in Puerto Plata, El Catey
International Airport in Samana, the Maria Montez International
Airport in Barahona, the Arroyo Barril Domestic Aerodrome in Samana
and La Isabela International Airport in Santo Domingo.
LIST OF AFFECTED RATINGS
Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.
Upgrades:
Senior Secured Regular Bond/Debenture, Upgraded to Ba2 from Ba3
Outlook Actions:
Outlook, Remains Positive
The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in November 2023.
DOMINICAN REPUBLIC: Sugar Producers Oppose Zero Import Tax
----------------------------------------------------------
Dominican Today reports that Dominican Republic's sugar producers,
represented by the National Sugar Union (UNAZUCAR), have voiced
their opposition to a proposed law for zero import tax on sugar.
Mr. Cesar Heredia, UNAZUCAR's president, argues that local mills
are capable of meeting domestic demand and fulfilling international
commitments, including the DR-Casta quota, making such a law
unnecessary, according to Dominican Today. He suggests that the
government already possesses mechanisms to adjust tariffs in crisis
situations, approved by the national congress, the report notes.
In an interview on the program "Frente al Mundo," Heredia expressed
concerns that the proposed law would undermine local production,
potentially leading to reliance on imports and jeopardizing the
nation's food security, which is currently around 80% guaranteed by
local production, the report notes. He fears this could result in
food shortages in the Dominican Republic.
Highlighting the strength of the national sugar industry, Heredia
notes its capacity to produce 650,000 metric tons of sugar
annually, covering both domestic needs and international
obligations, the report relays. The industry, according to him, is
competitive with cutting-edge technology and adheres to
international standards, being supervised and audited by relevant
organizations, the report discloses.
Heredia also addresses the issue of rising sugar prices,
attributing it to market speculators and hoarders, the report
relays. He points out that while the Dominican Republic has a free
market, sugar is the only regulated item in the family basket, with
its commercialization overseen by the National Sugar Institute
(INAZUCAR), the report discloses. However, he criticizes Pro
Consumo, the institution responsible for ensuring fair consumer
prices, for lacking effective measures to control speculation
within the supply chain. Heredia calls on authorities to find
solutions to prevent hoarding and ensure sugar reaches consumers at
fair prices, the report says.
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.
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.
On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income. According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.
In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3. Moody's said the key drivers
for the outlook change to positive are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
[*] DOMINICAN REPUBLIC: In Best Moment For Investment
-----------------------------------------------------
Dominican Today reports that President Abinader said the Dominican
Republic is one of the safest countries in the world, which is
getting stronger every day.
The 10.3 million tourists who arrived in the Dominican Republic
last year demonstrate that the country is still in the best moment
for investment, as President Luis Abinader assured.
Leading the presentation of the results of tourist arrivals in
December by the Ministry of Tourism (Mitur), the President
specified that the tourism sector continues on the path of growth,
with recognition from the international community, and has greater
control and the country with better security, according to
Dominican Today.
"Today is still the best time for investment. We are one of the
safest countries in the world and we are getting stronger every
day. In addition, public-private alliances continue to produce
results," said the President, the report notes.
President Abinader said that tourism is a fundamental factor for
the Dominican economy and increasingly impacts the gross domestic
product (GDP), the report relays.
"We are convinced that the development of tourism points towards
the social and economic development of the country," added
Abinader.
According to figures presented by Minister David Collado, in the
January-December period, the country received 10,306,517 visitors
by air and sea, thus surpassing the goal of 10 million tourists by
more than 300,000, the report notes.
He detailed that the country received 8,058,670 by air last year
and another 2,247,847 by sea, the report relays. In December
alone, RD1,194,742 tourists arrived in the country, the report
discloses.
The sector registered a growth of more than 36 percent in relation
to 2019, the report says.
Abinader specified that the tourism sector's development is an
achievement of the whole country and acknowledged the support of
all sectors, the report notes. He said that he is delighted with
the numbers that the tourism sector has achieved, especially with
reaching the goal, but understands that we must continue to move
forward, 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.
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.
On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income. According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.
In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3. Moody's said the key drivers
for the outlook change to positive are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
=============
J A M A I C A
=============
JAMAICA: Businesses Less Optimistic About Profits Improving
-----------------------------------------------------------
RJR News reports that local businesses in Jamaica appear to be less
optimistic about their profits improving in the new year.
The Jamaica Chamber of Commerce commissioned Business Confidence
Survey found that while the outlook was better in comparison with
the last quarter of 2022, local firms were a bit timid about future
earnings, according to RJR News.
Head of Market Research Limited Don Anderson says in the prior
year, 69 per cent of the 100 firms polled in the fourth quarter,
believed their profits would improve, the report notes.
"The last quarter recorded 70.5 per cent of the businesses who said
they expect their profits to improve, down from 80.4 per cent,
consistent with the changes that they expect in their firm's
finances over the same period. So they expect their finances to
drop. They expect their profits to drop by 10 percentage points,"
Mr. Anderson outlined, the report relays.
Some 25.3 per cent of businesses were of the view that their
finances will remain the same going forward, while 4.2 per cent
believed they would get worse, the report relays.
Meanwhile, consumers were more optimistic about the availability of
jobs in the local economy coming into this year.
Mr. Anderson said 32.1 per cent of the 600 people polled in the
fourth quarter of 2022 believed that the outlook for jobs would get
better, the report notes. This declined to 25.7 per cent in the
third quarter of 2023 but improved to 30 per cent in the fourth
quarter of 2023, the report says.
"So again, we're seeing consumers beginning to feel more
comfortable, more and more in tune about happenings in the economy
and believing that the economy is going to improve," he said, the
report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings 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
=====================
UNLIMITED DEVELOPMENT: Case Summary & Three Unsecured Creditors
---------------------------------------------------------------
Debtor: Unlimited Development Corp
Cond Capitolio Plaza At 11009
San Juan, PR 00901
Business Description: Unlimited Development is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)). The Debtor owns a
residential apartment located at Capitolio
Plaza, San Juan, PR valued at $500,000.
Chapter 11 Petition Date: January 22, 2024
Court: United States Bankruptcy Court
District of Puerto Rico
Case No.: 24-00168
Debtor's Counsel: Wanda Luna-Martinez, Esq.
LUNA MAW OFFICES
PMB 389 PO Box 194000
San Juan, PR 00919
Tel: (787) 998-2356
Email: quiebra@gmail.com
Total Assets: $500,200
Total Liabilities: $1,201,609
The petition was signed by Ismael Crespo as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/OFSGDPA/UNLIMITED_DEVELOPMENT_CORP__prbke-24-00168__0001.0.pdf?mcid=tGE4TAMA
*********
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 2024. 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 * * *