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251006.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, October 6, 2025, Vol. 26, No. 199 Headlines A R G E N T I N A ARGENTINA: Currency Arbitrage Costs Milei US$2 Billion a Month ARGENTINA: Government Sells Dollars as Peso Drops for Third Day B E R M U D A VIKING CRUISES: Moody's Raises CFR to 'Ba2', Outlook Stable B R A Z I L BRAZIL: Bank Lending Slows Further in Aug. as Monetary Policy Bit C O S T A R I C A AUTOPISTAS DEL SOL: Moody's Ups Rating on Sr. Secured Notes to Ba2 INSTITUTO COSTARRICENSE: Moody's Ups Ratings to Ba1, Outlook Stable J A M A I C A JAMAICA: Government Seeking to Raise $2.1-Bil. Via Treasury Bills JAMAICA: Unemployment Dips to 3.3% KINGSTON AIRPORT: S&P Raises ICR to 'BB+' on Sovereign Upgrade M E X I C O BANCO COMPARTAMOS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable P U E R T O R I C O EASY RENTAL: Section 341(a) Meeting of Creditors Set for Oct. 9 EASY RENTAL: Seeks to Hire Lugo Mender Group as Counsel - - - - - ================= A R G E N T I N A ================= ARGENTINA: Currency Arbitrage Costs Milei US$2 Billion a Month -------------------------------------------------------------- Ignacio Olivera Doll at Bloomberg News reports that a temporary surge in farm-export dollars has prompted Argentines to purchase cheap greenbacks, draining the very reserves President Javier Milei's government is trying to rebuild. Bloomberg News relates that the farm sector has sold nearly US$6 billion in dollar holdings since the government temporarily scrapped grain export taxes this month. Exporters had to liquidate almost all of a set quota within days to qualify for the tax exemption, which expired, according to Bloomberg News. Yet the Treasury bought just US$2.2 billion, less than 40 percent of the total, according to official data, Bloomberg News notes. Local bank executives found that, instead, large amounts were gobbled up by Argentines who access the official FX market and flip them using parallel exchanges, according to people with direct knowledge of the matter, Bloomberg News relays. By the government's own estimates, the trade – which involves buying US currency at roughly 1,380 pesos per dollar and reselling it at almost 1,500 pesos per dollar – has depleted as much as US$2 billion a month, according to a report by brokerage One618, Bloomberg News discloses. Called "rulito," the trade is a "kind of round-trip currency arbitrage," said Ramiro Marra, director at Bull Market Brokers and a former adviser to Milei, Bloomberg News relates. To block the flows, Milei's government reintroduced some currency restrictions. The most important, unveiled, is a "cross restriction" banning people from reselling dollars for 90 days, Bloomberg News notes. The Central Bank also increased sales of futures contracts to limit further depreciation in the peso. "We shut down a kiosk of about 20 people," Economy Minister Luis Caputo told TN television, Bloomberg News says. However, official data suggests that the measures haven't diminished Argentines' appetite for dollars — at least not at current prices, Bloomberg News discloses. Central Bank officials reminded operators of digital wallets hat they're not allowed to sell dollars at the official exchange rate, with authorities suspecting customers used the platforms for "rulito" trades using crypto assets and the unofficial market, according to a person with direct knowledge, Bloomberg News relays. "These transactions are limited to banks and exchange houses authorised by the Central Bank," Central Bank Governor Santiago Bausili told A24 television. "Digital wallets and brokerage firms are not regulated by the Central Bank." As so often in Argentina, the government restrictions had unintended consequences, widening the gap between official and parallel exchange rates, Bloomberg News relays. The measures don't fully prevent arbitrage in the informal market, as the Argentine government asked banks to stop monitoring transactions, Bloomberg News notes. The peso has suffered its steepest drop in three weeks, with the parallel rate weakening beyond 1,500 pesos per dollar and the spread blowing past 10 percent, Bloomberg News discloses. Traders expect more weakness, with implied rates on currency futures contracts indicating further depreciation ahead, Bloomberg News says. Those expectations run above 70 percent a year through November, despite recent interventions from the central bank, Bloomberg News notes. In comparison, investors expect inflation of less than 30 percent for the coming 12 months, Bloomberg News says. The government's inability to tap more dollars has been worrying bondholders, with more than US$500 million in debt coming due in November, Bloomberg News discloses. However, some of those concerns eased after US Treasury Secretary Scott Bessent announced financial aid would be coming to the South American nation without providing specifics on timing, Bloomberg News relays. Argentine dollar bonds were falling across the curve for a fifth straight session, with notes maturing in 2035 losing almost two cents to trade around 50 cents on the dollar, according to indicative pricing data compiled by Bloomberg. "It's clear that, even with this measure, the Treasury would fall short of covering principal and interest payments on Bonares and global bonds due in January 2026," Juan Manuel Truffa, an economist at local consultancy Outlier, wrote in a note to clients, Bloomberg News 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. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Government Sells Dollars as Peso Drops for Third Day --------------------------------------------------------------- Ignacio Olivera Doll at Bloomberg News reports that Argentina's government sold dollars in the spot market to stem a slump in the peso that was on its third day as of Oct. 1, according to two people with direct knowledge of the matter. The government sold more than US$450 million on Oct. 1, one of the people familiar with the matter said, limiting the drop in the peso to 3.1 percent against the dollar, according to Bloomberg News. The Central Bank was identified as the seller, but it often acts as the Treasury's financial agent in the local currency market, the people added. It's the second day that President Javier Milei's government has intervened in the spot market, Bloomberg News relays. It sold dollars before buying the greenback in block trades outside the market, ending the day with a net balance of US$30 million in purchases, Bloomberg News discloses. Bloomberg News says that the sales highlight the strain the peso is under, even after the US pledged aid and local authorities reintroduced capital restrictions, including a 90-day ban on reselling dollars. Investors have noticed a sharp increase in demand for dollars from individuals, who are taking advantage of a rally in the currency that followed a flood of dollars into the market from agricultural exports, Bloomberg News. Central Bank reserves leaped by US$1.9 billion to US$42.2 billion after commercial banks moved to fulfill their reserve requirements on the last day of September. The move happens every month and didn't reflect an increase in net reserves. An agreement with the International Monetary Fund (IMF) bars the Central Bank from using those reserves to intervene within the peso's trading band, which went from 945 to 1,481 per dollar. The peso's sharp slide left it near the top end of that band, narrowing the government's room for maneuver. Argentina's Central Bank declined to comment, while the Economy Ministry didn't respond to a request for comment. The country's dollar bonds were down across the curve for a fifth day, though they pared losses in the afternoon session. Notes maturing in 2035 fell as much as two cents before trimming the drop as the exchange rate stabilised, trading just below 52 cents on the dollar, according to indicative pricing data compiled by Bloomberg 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. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B E R M U D A ============= VIKING CRUISES: Moody's Raises CFR to 'Ba2', Outlook Stable ----------------------------------------------------------- Moody's Ratings upgraded its ratings of Viking Cruises Ltd (Viking); corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD and senior unsecured rating to Ba3 from B1. Moody's also upgraded the backed senior secured ratings for Viking Ocean Cruises Ltd. and Viking Ocean Cruises Ship VII Ltd to Baa3 from Ba1. The SGL-1 speculative grade liquidity rating is unchanged. The ratings outlooks remain stable. The upgrades of Viking's ratings reflect the improvement in the company's credit metrics through the first half of 2025 and Moody's expectations for further strengthening through 2026. Debt/EBITDA and funds from operations + interest / interest will improve to below 3.5x and to near 4.0x, respectively, by the end of 2025 with further strengthening through 2026. The company will benefit from a continuing favorable demand environment and fleet growth, both of which will drive earnings expansion in upcoming years. Moody's projects capacity growth of about 12% in 2025 and about 10% in 2026. Viking also benefits from a relatively affluent customer base. Its offerings are positioned to appeal to relatively older segments of the population, typically with significant financial resources. Strong forward bookings for the industry and Viking for 2026 indicate the durability of demand for cruising generally and particularly from its target market, notwithstanding potential weakening of the economy because of the current fiscal and tariff policies the US government is pursuing. RATINGS RATIONALE The Ba2 CFR reflects Viking's strong position in the premium river cruise market and the benefits of its brand strength that facilitated its entry into premium ocean cruising in 2015. The company's river fleet of 85 vessels on June 30, 2025 is more than three times larger than the second largest player, AMAWaterways. The current orderbook for river vessels is approximately 30% of the existing fleet. Moody's expects earnings growth in upcoming years as these vessels enter service. Moody's also expects Viking to fund a majority of its 2025 new river vessels with cash, which will allay pressure on funded debt and financial leverage, all else equal. Viking will also add three ocean ships through 2027. Moody's anticipates that each of these will likely be funded with export credit agency financings. Debt/EBITDA was 3.9x at June 30, 2025, materially improved compared to the end of 2024. Moody's projects debt/EBITDA to fall to around 3.1x at the end of fiscal 2026, which solidly supports the Ba2 CFR. Viking tailors its offerings to the above 55 year-old market, a segment of the population with typically more disposable income and net worth than the broader population. It also does not allow passengers younger than 18 years of age there are no casinos on any of the company's vessels. Viking offers itineraries that emphasize the arts, history and exploration rather than resort-like rest and relaxation. Unlike its larger ocean cruise peers, less than five percent of the company's schedule serves the Caribbean and Mexico markets. Potential headwinds include cost inflation, constraints on access to ports and/or sensitive areas because of environmental concerns and demand's exposure to economic cycles notwithstanding the relative financial strength of the target customer base. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Viking will continue to hold significant amounts of cash. At June 30, 2025, cash stood at $2.6 billion. Moody's expects this level to be a floor for at least the next 24 months. Annual free cash flow will be about $700 million in 2025 and about $400 million in 2026; the decline driven by higher capital investment. Moody's expects the $375 million revolver due in May 2029 (unrated) to remain undrawn. The stable outlook reflects Moody's expectations for effective execution of the fleet growth strategy, which will support further strengthening of credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Viking sustains debt/EBITDA below 3.0x and FFO plus Interest to Interest approaches 6.0x. An upgrade would also require the company to maintain its very good liquidity. The ratings could be downgraded if liquidity weakens, particularly if Viking were to hold materially less cash or if Moody's expects that debt/EBITDA will be sustained above 4.0x or FFO plus Interest to Interest below 4.0x. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Incorporated in Bermuda, Viking had a fleet of 85 river vessels, 12 ocean ships and two expedition ships on June 30, 2025. In 2024, around 90% of its river and ocean customers were from North America. Chairman and Chief Executive Officer, Torstein Hagen, beneficially owns shares representing approximately 87% of the voting power of the Company's issued and outstanding share capital. Gross and net revenue were $5.8 billion and $3.8 billion for the last twelve months ended June 30, 2025. =========== B R A Z I L =========== BRAZIL: Bank Lending Slows Further in Aug. as Monetary Policy Bit ----------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that outstanding bank lending in Brazil continued to lose momentum in August, central bank data showed, as high interest rates helped cool activity in Latin America's largest economy. Credit growth over the past 12 months slowed to 10.1% in August, down from 10.8% in July, according to globalinsolvency.com. The central bank projected that annual loan growth would ease further, ending the year at 8.8%, the report notes. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. =================== C O S T A R I C A =================== AUTOPISTAS DEL SOL: Moody's Ups Rating on Sr. Secured Notes to Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded the Senior Secured Notes of Autopistas del Sol S.A. ("AdS") to Ba2 from Ba3, and change the outlook to stable from positive The rating action follows the upgrade to Ba2 from Ba3 and outlook change to stable from positive of the Government of Costa Rica. RATINGS RATIONALE The upgrade of Autopistas del Sol S.A.'s rating to Ba2 follows the recent upgrade of the Government of Costa Rica 's (Ba2 stable), underscoring the direct linkage between the project and the sovereign's credit quality. While Autopistas del Sol exhibits strong standalone fundamentals including resilient traffic volumes, a stable commuter base, and a robust concession framework, the rating remains constrained by the sovereign, reflecting the project's exposure to Costa Rica's macroeconomic environment and regulatory oversight. Autopistas del Sol benefits from a diversified and stable revenue base, anchored by its role as the preferred corridor for both commuter and freight traffic between San José and Puerto Caldera. Since achieving full operational status in 2015, the toll road has demonstrated a consistent track record of traffic performance, with light vehicles constituting approximately 90% of total volumes a feature that supports demand stability and mitigates volatility. The concession agreement provides robust contractual protections, including automatic toll adjustments for inflation and currency movements, and a minimum revenue guarantee (MRG) from the government that ensures compensation if toll revenues fall below a defined threshold. These mechanisms, together with a fully amortizing debt structure and prudent liquidity management, underpin predictable cash flows and limit downside risk. Dedicated reserve accounts for debt service and maintenance further reinforce the project's financial resilience, although liquidity provisions are somewhat weaker compared to other Latin American toll road transactions. Credit quality is also supported by a comprehensive trust structure, which ring-fences revenues and prioritizes debt service, while restrictions on additional indebtedness and distributions maintain financial discipline. The concession agreement requires shareholders' assets to be placed in fiduciary trust for the benefit of secured parties, and includes assignment of rights over insurance receipts and operational guarantees. Notably, the agreement features provisions for early termination if the scheduled net present value (NPV) of cash flows is achieved ahead of the contractual end date, as well as a co-participation mechanism that shares excess toll revenues with the government—further aligning public and private interests. Moody's base case projects financial metrics in line with the Ba rating category, with an average Debt Service Coverage Ratio (DSCR) of 1.5x and a Concession Life Coverage Ratio (CLCR) of 1.6x as of June 2025. The rating scenario incorporates moderate traffic growth through 2028, followed by a conservative adjustment for potential competition, and assumes operating and maintenance expenses consistent with historical performance. OUTLOOK The outlook is stable, in line with the stable on the rating of the Government of Costa Rica (Ba2 Stable). The outlook acknowledges the strong economic and regulatory linkages of the toll road with Costa Rica. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if the government of Costa Rica rating is upgraded. An upgrade would also require Autopistas del Sol to demonstrate stable operating performance in line or above Moody's base case scenario. The rating could be downgraded as a result of a downgrade of the government of Costa Rica. Additionally, negative rating pressure on the outlook or the rating of Autopistas del Sol may follow if the performance is weaker than anticipated driving the DSCR to drops below 1.3x on a sustainable basis. PROFILE Autopistas del Sol S.A. is the concessionaire, operator, and manager of the Ruta 27 toll road. The company's direct shareholder is PI Promotora de Infraestructuras, S.A. ("Promotora"). Global Via Infraestructuras, S.A. ("Globalvia"), through its 100% ownership of Globalvia Inversiones, S.A.U., is the ultimate parent of Autopistas del Sol. Globalvia is a global manager of infrastructure assets and has been involved with Autopistas del Sol since 2008. In 2011, Globalvia achieved 100% ownership of the Issuer. Ruta 27 is a regional, 76.8km toll road that is best described by its three sections. Section I of the toll road is an urban 14.2kms route that runs from the capital of San Jose to Ciudad Colon. Section II is the longest stretch of the toll road at 38.8kms, transverses the mountainous region of the country and runs from Ciudad Colon to Orotina and Section III is a flatter 23.8kms and connects Orotina with the Port of Caldera. The toll road has nine tolling plazas in total, four trunk plazas and five ramp plazas. Autopistas holds the concession for the San Jose-Caldera toll road, granted by the Consejo Nacional de Concesiones (CNC), allowing operation until July 09, 2033. Strict operating, safety, and maintenance requirements are imposed, with penalties for non-compliance; Autopistas has complied without penalties. LIST OF AFFECTED RATINGS Issuer: Autopistas Del Sol S.A. Upgrades: Senior Secured, Upgraded to Ba2 from Ba3 Outlook Actions: Outlook, Changed To Stable From Positive The principal methodology used in this rating was Privately Managed Toll Roads published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. INSTITUTO COSTARRICENSE: Moody's Ups Ratings to Ba1, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has upgraded the ratings of Instituto Costarricense de Electricidad ("ICE") and Reventazon Finance Trust ("Reventazon") to Ba1 from Ba2. Concomitantly, Moody's have upgraded ICE's Baseline Credit Assessment (BCA) to ba1 from ba2. The outlook on all ratings remains stable. The rating actions follows the upgrade to Ba2 from Ba3 and outlook change to stable from positive of the Government of Costa Rica ("Costa Rica"). RATINGS RATIONALE The upgrade of ICE's Corporate Family Rating and Senior Unsecured rating to Ba1 was triggered by the upgrade on the sovereign credit rating of the Goverment of Costa Rica to Ba2, as a consequence of its improving fiscal and debt metrics, combined with a track record of fiscal discipline alongside robust economic growth. ICE's Ba1 rating is positioned one-notch above the Government of Costa Rica's sovereign rating of Ba2, reflecting the company's fundamentally stronger credit profile than the sovereign. Supporting this view is ICE's key role as an autonomous government entity and dominant position, as the largest vertically integrated utility in the country. The company further benefits from the growing energy demand in Costa Rica along with a diversified revenue stream from their telecom business, which has consistently surpassed Moody's performance expectations with robust and stable metrics. The upgrade on Reventazon's rating to Ba1 considers its significant dependance on ICE's financial performance, given the obligations it assumed under the contractual operational and financial arrangements, while ICE acts as Reventazon's sponsor, operator, lessee, EPC contractor and off-taker. ICE's Ba1 ratings derives from the application of Moody's updated joint default analysis ("JDA") framework for government related issuers ("GRIs"), which takes into account: (i) the upgrade on the baseline credit assessment to ba1, as a measure of ICE's standalone creditworthiness, (ii) the upgraded Ba2 rating of the Government of Costa Rica, as ICE's support provider, (iii) Moody's estimates of strong implied government support in case of extraordinary financial distress and (iv) a very high default dependence between ICE and the Government of Costa Rica. Moody's supports and dependence assumptions derive from the company's obligation to reinvest all net profit in further developing the national electrification and generation system with no mandatory dividend payments to the goverment; electric operations being exempt from income taxes; and the company's strategic importance to the overall Costa Rican economy executanting the government's energy policies and development plans. Supporting the BCA upgrade to ba1 is the company's consistent deleveraging trend since 2018, characterized by a well-structured debt amortization profile and proactive measures to mitigate foreign exchange risk, as evidenced by the reduction of USD-denominated debt from 72% to 46% by June 2025. Although there is an anticipated increase in the investment plan to sustain Costa Rica's growing demand, Moody's expects ICE's consolidated leverage metrics will remain strong over the next three years, maintaining a CFO pre-working capital-to-debt ratio and an interest coverage ratio above 18% and 3.0x, respectively. Strong cash generation and the lack of dividend distributions support those assumptions. Additionally, Moody's expects that capital expenditures will be primarily funded through internal cash flow and existing cash reserves. The main credit risks incorporated in Moody's rating analysis include (i) the significant foreign exchange risk exposure, as 46% of the total debt is US dollar denominated, while revenues are 100% local Colones and tariffs are not adjusted to cover FX variations, and (ii) an increasing regulatory lag of variable costs recovery due to the change from quarterly adjustments to annual adjustments, adding negative pressure in working capital. RATINGS OUTLOOK ICE's and Reventazon's stable rating outlooks are aligned with that of the Government of Costa Rica's. The stable outlook also incorporates Moody's expectations that retained cash flow (RCF)/debt metric and (CFO Pre-W/C + Interest Expense) / Interest Expense will remain above 18% and 3.0x respectively on a sustained basis. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure would require an upgrade of Costa Rica's sovereign rating, while ICE records cash interest coverage above 4.0x and CFO pre-WC/Debt above 20% on a sustained basis. An upgrade of ICE's ratings would likely drive an upgrade of Reventazon Finance Trust's rating. A downgrade of Costa Rica's sovereign rating could lead to a rating downgrade for ICE. Additionally, if ICE's debt increases significantly above the expected levels, such that its credit metrics deteriorate and cash flow interest coverage falls below 2.5x or retained cash flow (RCF)/debt declines below 15% for an extended period, downward pressure on the ratings will rise. A downgrade of ICE's ratings would also likely result in a downgrade of Reventazon Finance Trust's rating. LIST OF AFFECTED RATINGS Issuer: Instituto Costarricense de Electricidad (ICE) Upgrades: LT Corporate Family Rating, Upgraded to Ba1 from Ba2 Baseline Credit Assessment, Upgraded to ba1 from ba2 Senior Unsecured, Upgraded to Ba1 from Ba2 Outlook Actions: Outlook, Remains Stable Issuer: Reventazon Finance Trust Upgrades: LT Corporate Family Rating, Upgraded to Ba1 from Ba2 Senior Secured, Upgraded to Ba1 from Ba2 Outlook Actions: Outlook, Remains Stable The methodologies used in these ratings were Regulated Electric and Gas Utilities published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANIES' PROFILE Headquartered in San Jose, Costa Rica, Instituto Costarricense de Electricidad (ICE) is a government-owned vertically integrated electric utility and an integrated telecommunications services provider. ICE's electric and telecommunications operations are subject to the purview of the Costa Rican regulatory bodies Autoridad Reguladora de los Servicios Publicos and Superintendencia de Telecomunicaciones, respectively. Reventazon Finance Trust is a financing vehicle used to raise proceeds for the construction of the 305.5 MW hydroelectric plant located on the Reventazon River in Costa Rica, which is owned and operated by ICE. ============= J A M A I C A ============= JAMAICA: Government Seeking to Raise $2.1-Bil. Via Treasury Bills ----------------------------------------------------------------- RJR News reports that the Government of Jamaica will be seeking to borrow $2.1 billion out of the $158.4 billion it needs in order to fully fund this year's 1.26 trillion budget on October 10 of this year. This borrowing will be done through the issuance of a 91-day, 182 day, and a 273-day treasury bill, each of which will be seeking to borrow $700 million, leading to a total borrowing of $2.10 billion, according to RJR News. Investors can lend the government as low as $5,000, the report notes. The 91-day bill will mature on January 9, 2026, the 182-day bill on April 10, 2026, and the 273-day bill on July 10, 2026, the report relays. A treasury bill is a short term government debt instrument, 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. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. 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. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: Unemployment Dips to 3.3% ---------------------------------- RJR News reports that Jamaica's unemployment rate fell to 3.3 per cent in the third quarter of this year, according to STATIN. That's down from 3.6 per cent in the corresponding period last year, but the underemployment rate held steady at five per cent, according to RJR News. Labour force participation climbed to 69.1 per cent, with 75 per cent for males and 63.4 per cent for females, the report discloses. The employed labour force now stands at 1.44 million people, made up of 775,600 men and 665,500 women, representing growth of 3.4 per cent for men and one per cent for women, the report notes. 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. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. 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. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. KINGSTON AIRPORT: S&P Raises ICR to 'BB+' on Sovereign Upgrade -------------------------------------------------------------- S&P, on Sept. 25, 2025, raised the long-term foreign currency sovereign credit rating on Jamaica to 'BB' from 'BB-'. The outlook on the long-term ratings is positive. The recent election in Jamaica has solidified S&P's view that there is consensus across political parties and civil society about the importance of sustainable public finances. This consensus has sustained large primary fiscal surpluses over the past decade, contributing to large decreases in government debt and underpinning an improvement in our institutional assessment of Jamaica. S&P said, "Following the sovereign's upgrade, we raised the rating on Kingston Airport Revenue Finance LLC (KingAir) and Montego Bay Airport Revenue Finance Ltd. (MoAir) to 'BB+', which is one notch above the sovereign rating, reflecting our confidence in its ability to withstand a hypothetical sovereign stress scenario. This includes a 10% decline in air passenger volume, a 5% increase in O&M costs due to CPI, flat tariffs, and a 50% depreciation of the domestic currency against the U.S. dollar. Notably, cash sources exceed uses by more than 1x, bolstered by dollar-based revenues that are unaffected in a stress macroeconomic scenario, limited capex ahead, and fully funded offshore cash debt service reserve accounts covering the next six months. Still, the rating on KingAir remains capped at 'BB+' due to the transfer and convertibility (T&C) assessment of the country and our expectation that the project won't pass the T&C assessment, while the rating on MoAir is capped by our view of its operational risk, reflected in its stand-alone credit profile (SACP) of 'bb+'. "We rate both airports in accordance with our Principles of Credit Ratings methodology. We assess their cash flow coverage based on the contractual cash waterfall at the projects level. Given that KingAir and MoAir don't receive all airport revenues, we emphasize the importance of the airport operator, Grupo Aeroportuario del Pacífico (GAP), as a material and irreplaceable counterparty, given that revenue generation is predicated on both airports remaining open and operated by GAP. "Lastly, the rating on Transjamaican is capped at the sovereign level due to its exposure to regulatory risks and dependence on local economic conditions. We believe that in a sovereign stress scenario, the project may face heightened regulation and insufficient cash generation to meet financial obligations, while the project faces a mismatch in its cash flow in domestic currency and payment of its debt obligations in U.S. dollars." KingAir S&P said, "The stable outlook incorporates our expectation that the project would withstand a hypothetical sovereign stress scenario because of its financial structure. The latter includes an offshore cash-funded reserve account and relatively steady air passenger volumes as a result of the airport's importance to Jamaica. We think passenger volumes will enable the project to post a minimum debt service coverage ratio (DSCR) of approximately 1.3x." Downside scenario S&P said, "We may lower the rating if passenger volumes decline, leading to DSCRs consistently below 1.2x, or if the project's resilience weakens. Also, we could lower the rating in case GAP's creditworthiness weakens to 'BB' or below, since we consider GAP a material and irreplaceable counterparty to the project." Upside scenario S&P could raise the rating increase in the next 12 months if it was to upgrade Jamaica and revise upward its T&C assessment to 'BBB-'. MoAir S&P said, "The stable outlook incorporates our expectation that the project would withstand a hypothetical sovereign stress scenario because of its financial structure. The latter includes an offshore cash-funded reserve account and relatively steady air passenger volumes as a result of the airport's importance to Jamaica. We think the passenger volumes will enable the project to post a minimum DSCR of approximately 1.3x." Downside scenario S&P said, "We could lower the rating if passenger volumes fall and cause the minimum DSCR to fall and remain consistently below 1.2x. We could also lower the rating if we perceive a weakening in the issuer's resiliency, the refinancing risk increases, or the creditworthiness of the concessionaire deteriorates below that of the project. "Moreover, if the mechanism that obliges the Jamaican government to fulfill the minimum payment at 28% is triggered, and therefore it becomes a material and irreplaceable counterparty, we could lower the rating on the project to the same level as the sovereign rating. Finally, we could lower the rating in case GAP's creditworthiness weakens to 'BB' or below, since we consider GAP a material and irreplaceable counterparty to the project." Upside scenario S&P said, "Assuming all other factors remain unchanged, we could raise the rating in the next 12 months if we take the same rating action on Jamaica and revise up our T&C assessment to 'BBB-' and the project's SACP is 'bbb-' or higher. The latter could occur if passenger volume is consistently above our expectations and the project's life coverage ratio improves above 1.5x." Transjamaican S&P said, "The positive outlook aligns with the sovereign outlook, with potential for an upgrade if we were to raise our rating in Jamaica, contingent on sustained policy framework strengthening. The positive outlook also incorporates our expectation that the road's traffic volume will align with our GDP growth expectation for Jamaica in the next 12-24 months, allowing the project to maintain a minimum DSCR above 3.0x." Downside scenario S&P said, "We could revise the outlook to stable if we take the same action on Jamaica. Also, we could revise downward the project's SACP from 'a-' to 'bbb+' if the financial performance, passenger volume, or maintenance needs are significantly worse than we expect, leading to a minimum DSCR of 1.7x or below. We could also revise downward the SACP if we were to lower the rating on National Commercial Bank Jamaica Ltd. (BB-/Stable/B), the project's bank account provider." Rating Component Scores Senior debt issue rating (Kingston Airport) BB+/Stable Operations phase (senior debt) Phase 1 Phase 2 Asset class operating stability: 3 3 Operations phase business assessment: 6 6 Preliminary operations phase SACP bb+ bbb- Downside resiliency assessment and impact: High Moderate (+2 notches) (neutral) Median DSCR impact: Neutral Neutral Debt structure impact: Neutral Neutral Liquidity impact: Neutral Neutral Refinancing impact: Neutral Neutral Future value modifier impact: Neutral Neutral Holistic analysis impact: Neutral Neutral Structural protection impact: Neutral Neutral Counterparty assessment impact: Grupo Grupo Aeroportuario Aeroportuario del Pacifico del Pacifico S.A.B de C.V. S.A.B de C.V. Operations phase SACP bbb bbb- Parent linkage and external influences (senior debt) Parent linkage: De-linked De-linked Project SACP: bbb bbb- Extraordinary government support: Moderately Moderately High High Sovereign rating: BB/Positive BB/Positive Full credit guarantees: N/A N/A Final rating BB+/Stable BB+/Stable Senior debt issue rating (Montego Bay Airport) BB+/Stable Operations phase (senior debt) Phase 1 Phase 2 Asset class operating stability: 3 3 Operations phase business assessment: 6 6 Preliminary operations phase SACP a- bbb- Downside resiliency assessment and impact: High Moderate (neutral) (neutral) Median DSCR impact: Neutral Neutral Debt structure impact: Neutral Neutral Liquidity impact: Neutral Neutral Refinancing impact: N/A Capped at 'bb+' Future value modifier impact: Neutral Neutral Holistic analysis impact: Neutral Neutral Structural protection impact: Neutral Neutral Counterparty assessment impact: Grupo Grupo Aeroportuario Aeroportuario del Pacifico del Pacifico S.A.B de C.V. S.A.B de C.V. Operations phase SACP bbb bb+ Parent linkage and external influences (senior debt) Parent linkage: De-linked De-linked Project SACP: bbb bb+ Extraordinary government support: High High Sovereign rating: BB/Positive BB/Positive Full credit guarantees: N/A N/A Final rating BB+/Stable BB+/Stable Senior debt issue rating (Transjamaican Highway) BB/Positive Operations phase (senior debt) Asset class operating stability: 3 Operations phase business assessment: 6 Preliminary operations phase SACP a- Downside resiliency assessment and impact: High (neutral) Median DSCR impact: Neutral Debt structure impact: Neutral Liquidity impact: Neutral Refinancing impact: N/A Future value modifier impact: Neutral Holistic analysis impact: Neutral Structural protection impact: Neutral Counterparty assessment impact: Capped at a- 'bank's account provider' of 'BB-' plus + 6 notches. Operations phase SACP a- Parent linkage and external influences (senior debt) Parent linkage: De-linked Project SACP: a- Extraordinary government support: Not applicable Sovereign rating: BB/Positive Full credit guarantees: N/A Final rating BB/Positive Ratings List Kingston Airport Revenue Finance LLC Upgraded To From Kingston Airport Revenue Finance LLC Senior Secured BB+/ Stable BB/ Stable Montego Bay Airport Upgraded To From Montego Bay Airport Senior Secured BB+/ Stable BB/ Stable Transjamaican Highway Ltd. Upgraded To From Transjamaican Highway Ltd. Senior Secured BB/ Positive BB-/ Positive =========== M E X I C O =========== BANCO COMPARTAMOS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Banco Compartamos, S.A., Institucion de Banca Multiple's (Compartamos) Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'BB+', Foreign and Local Currency Short-Term IDRs at 'B' and Viability Rating (VR) at 'bb+'. Fitch has also affirmed Compartamos' Government Support Rating (GSR) at 'no support' (ns) and its Long- and Short-Term National Scale ratings at 'AA(mex)' and 'F1+(mex)', respectively. The Rating Outlook for the long-term ratings is Stable. Key Rating Drivers Stable Credit Profile: Compartamos' ratings are underpinned by its leading niche-market position in the Mexican microfinance segment, complemented by a well-managed risk profile, reasonable asset quality and well-established market funding access. Fitch views strong profitability and high capitalization as rating strengths. Stable Operating Environment: Fitch expects Compartamos to continue generating business volumes at acceptable risk levels, underpinned by the agency's 'bb+'/Stable Operating Environment (OE) assessment for Mexican banks. While softer GDP growth could result from tariff-related pressures and slower U.S. activity, Mexico's large and diversified economy should help keep the Operational Risk Index (ORI) and GDP per capita broadly stable, preserving operating conditions for banks. Dominant Niche Franchise: Compartamos is a consumer-focused bank that provides microcredits to self-employed borrowers in low-income areas in Mexico. While the bank's business diversification and scale are lower than similarly rated international peers, this is offset by its dominant niche positioning. As of July 2025, Compartamos accounted for 96.7% of the banking system's microcredits, supporting pricing power and resilient revenue generation. Total operating income (TOI) averaged USD1,067 million during 2021-2024, with an annual average local-currency growth of 18.8%. Fitch expects revenue growth to continue, supported by low credit penetration in Mexico and sustained demand in the bank's core microlending segments. Controlled Loan Impairments: The Stage 3 loans ratio was 3.3% at the end of June 2025, broadly in line with system consumer-segment levels, and impaired loans are well reserved. Fitch expects a modest deterioration to 3.5%-4.0% over the next 18 months, reflecting a rising share of individual credits in the loan book. This is above the four-year average but still reasonable for the segment, supported by the bank's disciplined credit controls. Cost of risk peaked at 11.8% as of the same date but remain below Compartamos' public guidance for the year, aided by tight underwriting. Strong Margins and Mix Support Returns: Compartamos has a consistent record of above-peer profitability. Operating profit to risk-weighted assets (RWA) ratio was 14.9% in 1H25 (2021-2024 average: 12.8%). Efficiency gains and higher noncredit revenue offset net interest margin compression, supporting Fitch's higher core metric. Profitability is expected to remain strong in 2025-2026, above the bank's long-term average, underpinned by a structurally profitable business model and robust internal risk framework. Ample Buffers Sustain Capital Strength: Despite recurring dividends, Compartamos' common equity Tier 1 to RWA ratio of 30.7% at end-1H25 was managed with ample headroom above the 10.5% prudential regulatory minimum and Fitch's 25% sensitivity for a negative rating action. Fitch expects this ratio to remain broadly stable over the rating horizon, supported by strong internal capital generation. Consistent Funding & Liquidity Profile: Compartamos is predominantly wholesale-funded (86% of liabilities at end-1H25), consistent with its niche model but inherently sensitive to market sentiment. The bank's established access to the local debt market via recurrent senior unsecured issuances is captured in Fitch's assessment. Refinancing risk is low, supported by well-managed debt maturities and a good liquidity buffer. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A negative action on the sovereign rating or in Fitch's OE assessment would result in a similar action on Compartamos' ratings, given its less-diversified business profile; - A reduced market position in the microfinance segment and a sustained decline in total operating revenue, in conjunction with a material deterioration in asset quality and profitability that consistently pressures the bank's CET1 to RWA metric below 25%; - Increased liquidity risks or reduced access to funding dependent on market sentiment could also trigger a negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upside potential for the bank's VR, IDRs and National Ratings is limited as these are already at a relatively high level for its business model and scale; - An upgrade would require an improvement in Fitch's OE assessment or if the bank increases its operations and total operating income relevantly, in conjunction with asset quality improvements, while it maintains its other key rating drivers stable. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS National-Scale Senior Debt: Compartamos' national-scale senior unsecured debt is aligned with the bank's long-term national-scale rating of 'AA(mex)', reflecting its senior unsecured status and the equal probability of default and average expected recoveries to the bank. No Government Support Factored In: Compartamos' GSR of 'No Support' reflects Fitch's view that there is no reasonable assumption of sovereign support because it is not a domestic systemically important bank (D-SIB), and it has a low deposit market share and limited interconnectedness in the financial system compared with larger Mexican banks. As of June 2025, customer deposits were below 0.1% of system deposits. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES National-Scale Senior Debt: The long-term national-scale debt ratings would mirror any changes to the issuer's long-term national scale rating. GSR: There is no downside potential for the GSR. Upside potential is limited and can only occur over time with a material growth of the bank's systemic importance. VR ADJUSTMENTS The Funding & Liquidity score has been assigned above the implied score due to the following adjustment reason(s): Non-deposit funding (Positive). Summary of Financial Adjustments Fitch's tangible capital calculation excluded prepaid expenses and other deferred assets from shareholders' equity. Financial figures are in accordance with the Comision Nacional Bancaria y de Valores criteria. Figures since 2022 include recent accounting changes in the process to converge to International Financial Reporting Standards. Prior years did not include these changes, and Fitch believes they are not directly comparable. 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. Entity/Debt Rating Prior ----------- ------ ----- Banco Compartamos, S.A., Institucion de Banca Multiple LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Natl LT AA(mex)Affirmed AA(mex) Natl ST F1+(mex)Affirmed F1+(mex) Viability bb+ Affirmed bb+ Government Support ns Affirmed ns senior unsecured Natl LT AA(mex)Affirmed AA(mex) ===================== P U E R T O R I C O ===================== EASY RENTAL: Section 341(a) Meeting of Creditors Set for Oct. 9 --------------------------------------------------------------- Easy Rental Holdings Inc. filed Chapter 11 protection in the District of Puerto Rico on Sept. 15, 2025. According to court filing, the Debtor reports $6,169,099 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) will be held on October 9, 2025 at 10:00 a.m. via Telephonic Conference. About Easy Rental Holdings Inc. Easy Rental Holdings Inc. provides real estate support services in Puerto Rico, including property management and real estate appraisal for residential and commercial properties. Easy Rental Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04130) on September 15, 2025. In its petition, the Debtor reports estimated total assets of $2,700,001 and total liabilities of $6,169,099. The Debtor is represented by Wigberto Lugo Mender, Esq. at LUGO MENDER GROUP, LLC. EASY RENTAL: Seeks to Hire Lugo Mender Group as Counsel ------------------------------------------------------- Easy Rental Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Lugo Mender Group, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which conducts its operations, business, or is involved in litigation; (b) advise and assist the Debtor in retaining all required professionals; (c) advise the Debtor in connection with its reorganization endeavors; (d) assist the Debtor in developing reorganization strategies to maximize value of assets and operations; (e) assist the Debtor with respect to negotiations with creditors for the purpose arranging a feasible Plan of Reorganization; (f) prepare on behalf of the Debtor the necessary legal papers or documents as may be required in this case; (g) appear before the Bankruptcy Court, or any other court in which the Debtor to assets a claim or defense directly or indirectly related to this bankruptcy case; (h) collaborate with other professionals which may be retained within the bankruptcy cases per Section 327 to prosecute the rights of the Debtor and achieve the reorganization goals delineated; and (i) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of the business as the case may require. The firm will be paid at these rates: Wigberto Lugo Mender, Attorney $325 per hour Senior Associate Attorneys $250 per hour Junior Associate Attorneys $175 per hour Legal and Financial Assistants $125 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm will be paid a retainer of $25,000, plus filing fee of $1,738. Mr. Mender disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Wigberto Lugo Mender, Esq. Lugo Mender Group, LLC 100 Carr. 165 Suite 501 Guaynabo, PR 00968 Tel: (787) 707-0404 Fax: (787) 707-0412 Email: wlugo@lugomender.com About Easy Rental Holdings Inc. Easy Rental Holdings Inc. provides real estate support services in Puerto Rico, including property management and real estate appraisal for residential and commercial properties. Easy Rental Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04130) on September 15, 2025. In its petition, the Debtor reports total assets of $2,700,001 and total liabilities of $6,169,099. The Debtor is represented by Wigberto Lugo Mender, Esq. at LUGO MENDER GROUP, LLC. ********* 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 2025. 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. 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