260223.mbx

260223.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, February 23, 2026, Vol. 27, No. 38 Headlines A R G E N T I N A ARGENTINA: Textile Sector Reels as Import Surge Hits Job FATE S.A.I.C.I.: More Than 900 Jobs Lost as it Discloses Closure B E R M U D A BORR DRILLING: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable B R A Z I L BRAZIL: Shipped More Food in January 2026, Got Paid Less for It SABESP BLUE 2026: Fitch Assigns 'BB+sf' Rating on Two Tranches [] Fitch Affirms Ratings on Three LatAm Oil Refining Companies J A M A I C A JAMAICA: BOJ Gets $23.3B in Bids to Remove $16B from Circulation P E R U INTEGRATEL PERU: Improves Result and Prepares Restructuring P U E R T O R I C O ACEVEDO MEDICAL: Hires C. Conde & Associates as Legal Counsel ASOCIACION HOSPITAL: Gets Extension to Access Cash Collateral X X X X X X X X [] Fitch Affirms Ratings on Five Latin American Telecom Issuers - - - - - ================= A R G E N T I N A ================= ARGENTINA: Textile Sector Reels as Import Surge Hits Job -------------------------------------------------------- Buenos Aires Times reports that at a clothing factory in Buenos Aires, dozens of workers watch anxiously as imported garments gain ground while sewing machines stand idle – a snapshot of the crisis facing Argentina's textile industry amid President Javier Milei's trade liberalization policies. At Confecciones Seman SA, a suit and shirt manufacturer, more than 100 employees work to the steady rhythm of sewing machines, according to Buenos Aires Times. Until two years ago, the factory produced more than 3,000 suits a month, the report notes. It now makes roughly half that amount, the report relays. Since 2023, Argentina's textile sector has shed more than 18,000 jobs and is operating at one-third of its installed capacity, according to February data from the Analytica consultancy firm and the Federacion de Industrias Textiles Argentinas (Argentine Textile Industries Federation, FITA) industry group, the report discloses. "All this drains your motivation," says Alejandro Pernas, the owner of Confecciones Seman and a 40-year veteran of the industry, the report says. Milei's government argues that the surge in cheap imports – including the arrival of Chinese platforms such as Shein and Temu – has driven down prices to the benefit of consumers in a country where clothing has historically been expensive, the report notes. "I have never bought clothes in Argentina in my life because it was a rip-off," Economy Minister Luis Caputo said this month, the report discloses. Industrialists warn that, faced with competition from cheap imports, they will have to deepen staffing cuts in a sector that employs more than 500,000 people across its entire value chain, the report relays. Since taking office in December 2023, Milei has pursued a sharp fiscal adjustment and relaxed import controls in a bid to curb inflation and lower prices – a program that has nonetheless led to a steep drop in consumption, the report says. Pernas has since begun importing some finished products himself, the report notes. He hopes to preserve factory jobs but says that under conditions of "indiscriminate opening" and depressed consumption he will not be able to do so for long, the report discloses. "If the market allowed both scenarios to coexist – local production and imports – that would be fantastic," he says. "But today Argentina's market is not buoyant," he added. Controversy Some 1,000 kilometres west of Confecciones Seman, in western Mendoza Province, a shop sells imported second-hand clothing from Asia, the United States and Europe by weight: 15,000 pesos (US$10) per kilo, the report relays. "Clothes are very expensive. I was looking in the city centre and it was madness," says Jimena, 34, as she browses the racks, the report discloses. Clothing imports rose 97.3 percent last year and, since 2023, prices have fallen 30.6 percent, according to a report by Analytica, Buenos Aires Times notes. A 2024 report by the Fundar think tank found that clothing in Argentina is 35 percent more expensive than in the rest of the region, although the trend is reversed for lower-end garments and prices vary widely, Buenos Aires Times discloses. According to Fundar, the process of rising costs began more than two decades ago, with "growing import barriers" among the leading causes, the report relays. Caputo said the textile sector had historically been protected by the state and, as a result, Argentines "have been paying two, three, four, 10 times what textiles and footwear cost in the world." This model only benefitted industry kingpins, he said, the report relays. The minister's remarks and those of other officials drew criticism from the industry, the report notes. In a statement, FITA said the problem lay in "fraudulent competition," arguing that domestic production faces "a heavy tax burden, high costs, logistical shortcomings and lack of financing," the report discloses. Daniel Romani, a 70-year-old industrial engineer and workshop manager at Confecciones Seman, says staff are “very distressed and very nervous” about the future, the report relays. "It's logical, because they see output fall from 200 garments to 150, to 120, and now we are making 100 jackets a day. So a skilled worker who has spent many years here feels worried. Where is he going to find work?" says Romani, the report notes. The government's position is that industries unable to compete must reinvent themselves, the report relates. Pernas, however, has reservations, the report says. "My company can reinvent itself – tomorrow it could become an importer. But what is the woman who has been sewing sleeves in my factory for 30 years supposed to reinvent herself as?" he asks, 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. 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. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. 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+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. FATE S.A.I.C.I.: More Than 900 Jobs Lost as it Discloses Closure ---------------------------------------------------------------- Buenos Aires Times reports that Argentine tyre manufacturer Fate has announced the "immediate and definitive" closure of its massive industrial plant in Buenos Aires Province, leaving 920 workers jobless. "Fate S.A.I.C.I. announces that, operations at its industrial plant in Virreyes, San Fernando district, Buenos Aires Province, have ceased," said the company in a statement issued, according to Buenos Aires Times. The plant, the largest in the country, produced more than five million tyres a year, the report notes. The closure comes amid a major crisis in Argentina's industrial sector linked to the trade liberalisation policies of President Javier Milei's government, which has led to a surge in imports, the report relays. Commercial operations will also cease, said the firm, the report discloses. Fate had previously initiated a preventive crisis procedure earlier this year, the report says. Reacting to the news, Argentina's Labour, Employment & Social Security Secretariat said it had called a midday conciliation hearing between the owners of Fate and the Sindicato Unico de Trabajadores del Neumático Argentino (SUTNA), the report notes. Fate said that it will pay all outstanding wages, statutory redundancy payments and current debts, the report relays. The report relays that Fate blamed its decision to shutter the plant on "changes in market conditions" that "require us to address future challenges from a different perspective, without ceasing to value the industrial vocation that has always defined us." The company, owned by the Madanes Quintanilla family, stressed that this is not a court-supervised restructuring process nor a rescue plan, but a total shutdown involving the liquidation of assets and the payment of statutory redundancy and other legal entitlements, the report notes. Sources close to the firm, quoted by the Noticias Argentinas news agency, said: "It is a definitive closure and everyone will be paid what they are owed – employees, suppliers, banks. Everything will be liquidated and the shutters will come down,” the report discloses. Currently, around 75 percent of tyres sold in Argentina are imported, the report says. In May alone last year, 869,525 units entered the country – the highest monthly figure in two decades – mostly from Asia, the report notes. In response, prices of domestically produced tyres fell by between 15 and 40 percent, squeezing profit margins, the report says. According to estimates by the private consulting firm PxQ, between 2023 and 2025, tyre imports increased by 34 percent and domestic prices fell by 42 percent, the report relates. Fate said that it had been in sustained decline since May 2024, the report recalls. It said the impact of Chinese imports, as well as a combination of high tax burdens, foreign exchange restrictions and a lack of export incentives had left the company at a disadvantage compared with regional and global competitors, the report notes. "Over more than eight decades FATE built industrial leadership based on sustained investment, advanced technological development and an unwavering commitment to quality," said the company in its statement, noting that it was the only national producer of radial tyres for transport, with exports to Europe, the United States and Latin America, the report says. Fate said it had generated quality employment, developed local suppliers, exported technology and contributed to the country's productive fabric, the report notes. "That identity defines us and will accompany us in the challenges ahead," it said, expressing "deep gratitude" to employees, customers and suppliers, the report adds. Following the closure, businessman Javier Madanes Quintanilla will focus on his other ventures, including aluminium production through Aluar, reported local media, the report relates. In a 2024 interview, Quintanilla described the austerity programme promoted by the Milei administration "the harshest in history," claiming that there was insufficient support for Argentine companies, the report recalls. "I have great respect for foreign investment, but the conversation with the CEO of a multinational operating in Argentina is very different from that with someone with a long-standing track record in the country. Sometimes I sense a certain disregard for national capital," he said in an appearance on La Fabrica del Podcast, the report notes. The SUTNA (Sindicato Unico de Trabajadores del Neumatico Argentino) tyre workers' union, has carried out multiple strikes in recent years, including a nearly three-month stoppage in 2022 with blockades at the plants run by Fate, as well as international competitors Pirelli and Bridgestone, the report relates. Clashes with labour leaders have escalated in recent months, straining ties with unions, with the company complaining of low productivity, the report notes. Alejandro Crespo, SUTNA's general secretary, entered the plant with at least 10 other employees following the announcement, the report discloses. He said workers were "demanding the reopening of the company" and described the closure as "sudden and completely illegal," the report relays. "We are going to do everything we can to get the factory reopened. A solution is possible," said Crespo, the report says. Buenos Aires Province police intervened and detained the union leader, stating in an official communication that the action was intended to prevent workers from occupying the plant, the report notes. Crespo joined Fate in 2004 after his father retired following 40 years at the company, the report relates. He later rose to prominence during the 2022 dispute that paralysed the tyre industry and has been aligned with the left-wing Partido Obrero (PO), participating in assemblies and party congresses, the report discloses. 'Deep Concern' In a statement, the Unión Industrial Argentina (UIA) chamber group expressed "deep concern" over the closure of the FATE plant and warned that the episode forms part of a broader process of deterioration in the manufacturing sector, the report notes. Fate is "a nationally owned company with decades of experience in Argentine industrial development and a generator of employment, technology and local value chains," said the UIA statement, underlining the impact of shutting down a production facility, the report relates. The UIA noted that behind the closure of a factory "there are workers, families, suppliers, hauliers, associated PyMES [small and medium firms] and entire communities that depend on that productive hub," the report says. As of November 2025, industry had lost almost 65,000 jobs over the previous two years, equivalent to a 5.4 percent decline in sectoral employment, said the UIA, the report discloses. Industriales Pymes Argentinos (IPA) described the closure of Fate and the loss of more than 900 jobs as "a warning sign about the delicate situation facing the national productive fabric," the report notes. "Each company that closes is not just a statistic: it is productive capacity that is lost, investment that is paralysed and employment that disappears," the group said, the report says. News of the plant's closure comes as the Milei administration seeks to push through a controversial labour reform bill that would restructure and reduce severance packages, permit payment in kind (goods or services), extend the working day to a potential 12 hours and restrict the right to strike, among other measures, the report notes. The CGT, Argentina's main labour federation, has called a strike for this to mark its rejection of the changes, the report notes. It is yet to confirm if a rally will also be staged, the report discloses. "What is happening at Fate is part of the failure of this government's economic program. We are not willing to give up the gains made by the labour movement," Cristian Jeronimo, co-leader of the CGT labour union, said, the report relays. ============= B E R M U D A ============= BORR DRILLING: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has downgraded Borr Drilling Limited's Long-Term Issuer Default Rating (IDR) and senior secured rating for the notes issued by Borr Finance LLC and Borr IHC Limited to 'B-' from 'B'. Fitch has removed Borr's ratings from Rating Watch Negative and assigned a Stable Outlook to the IDR. The Recovery Rating on the notes remains at 'RR4'. The downgrade follows the completion of Borr's acquisition of five jack-up rigs from Noble Corporation plc (BB-/Stable) and the associated incurrence of debt. Fitch expecst Borr's EBITDA gross leverage will remain above 3.5x due to debt increase to fund the acquisition, with three out of five acquired rigs being currently uncontracted and yielding lower earnings visibility than previously. The Stable Outlook reflects Borr's adequate liquidity up to its next major maturity in 2028, some revenue visibility from its existing backlog and a fairly high-quality rig fleet. Key Rating Drivers Weak Jack-Up Market Dynamics: The jack-up rig market is weak as heightened volatility in oil and gas prices has weighed on upstream producers' development plans throughout 2025 and contract suspensions by Saudi Arabian Oil Company (Saudi Aramco, A+/Stable) have led to an oversupply of available rigs in certain regions. Fitch expects Borr's rig utilisation will remain adequate based on its assumption of stabilising use of rigs in Mexico following recent positive developments around PEMEX, some jack-up reactivations and a new tender in Saudi Arabia. However, Fitch expects some of the rigs to be acquired will have low near-term utilisation, particularly as all five will have lower utilisation than Borr's existing fleet. Fitch assumes the new rigs will be able to secure similar day rates to Borr's existing fleet, at about USD125,000/day on average through to 2028 for new contract fixtures. Increased Debt Load on Acquisition: The acquisition was funded largely by senior secured debt, including a USD165 million tap on the company's existing 2030 notes and a USD150 million six-year senior secured vendor financing. Two of the acquired rigs with long-term contracts will enter into the restricted group, backing the company's super senior revolving credit facility (RCF), senior secured RCF and senior secured bonds, while three uncontracted rigs will be pledged to the vendor financing facility until they are put on contracts and can be rolled into the broader restricted group through additional bond issues. Structurally Higher Pro-Forma Leverage: The acquisition debt will drive near-term EBITDA gross leverage in excess of 4.5x by end-2026 under its rating case, with mid-cycle EBITDA gross leverage remaining above 3.5x despite contractual amortisation of the company's senior secured notes. Cash generation, absent dividends, may enable some voluntary gross debt reduction at the company's discretion, but Fitch does not include this in its rating case. Some Revenue Visibility: Borr's backlog was USD1.2 billion as of October 2025. At that date, 85% of fleet availability was covered by firm contracts at an average day rate of USD146,000 for 2025 and 59% was covered at USD141,000 for 2026. Coverage for 2027 remains low at 18% at an average USD154,000 a day. This partly reduces the risk to its rating case forecast, even though the backlog and, therefore, revenue visibility, have declined from 2024's USD1.6 billion. Uncontracted Rigs Excluded from Recoveries: Two of the five rigs to be acquired are uncontracted and one has a short-term legacy contract. They will initially be excluded from the collateral package backing the company's RCFs and bond and will instead be pledged to the USD150 million vendor loan. Its IDR analysis is based on a consolidated approach as Fitch believes the acquired rigs are strategic in nature and their associated opex and debt servicing will be funded by the broader Borr group. However, Fitch excludes from its recovery analysis the vendor loan and the EBITDA and asset values associated with these three rigs. High-Specification Jack-Up Fleet: Borr's jack-up fleet, after the acquisition, remains among the newest on the market, with an average age of about nine years. Fitch expects the fleet of high-specification rigs to have fairly low run-rate capex requirements averaging about USD65 million a year, with assets able to service complex projects in a variety of geographies. Fitch expects the company's assets to be sought by customers looking to develop higher complexity, shallow-water projects where the efficiency and technical specifications of rigs are vital. This should partly insulate it against competition from standard-spec rigs and allow for more resilient day rates. No Near-Term Liquidity Constraints: Fitch expects Fitch-defined free cash flow (FCF) will remain positive in 2026 and thereafter, due to low maintenance capex and no further shareholder distributions, which will comfortably cover debt amortisation. Any excess cash will further strengthen liquidity over time. This leads to a manageable liquidity profile until 2028, when the company's senior unsecured convertible bond and its 2028 senior secured notes mature. Mixed Customer Base: Borr has healthy customer and geographic diversification, but retains some exposure to PEMEX, which has a weak financial profile and has suspended rigs and delayed payments to Borr in the past, as well as some privately owned independent upstream producers. This is partly offset by strong relationships with other, higher-quality customers, such as Saudi Aramco, QatarEnergy (AA/Stable), PTT Exploration and Production Public Company Limited (BBB+/Negative), and European oil and gas majors. Peer Analysis Fitch rates Borr one notch below Viridien S.A. (B/Stable) due to similar order book volatility, but Fitch expects the latter to generate stronger FCF and maintain lower leverage and generally greater rating headroom. This is offset by Borr's higher EBITDA and access to more varied funding sources. Fitch rates Borr two notches below Valaris Limited (B+/RWN) due to the latter's higher mid-cycle EBITDA, stronger liquidity and lower mid-cycle leverage, alongside a more diversified asset base. This is partly offset by Borr's higher EBITDA margins. Fitch’s Key Rating-Case Assumptions Key Assumptions within Its Rating Case for the Issuer - Utilisation rate averaging 85% for 2025-2028 - Day rates averaging about USD130,000 for 2025-2028 - EBITDA margin averaging about 45% for 2025-2028 - Capex averaging USD65 million a year for 2025-2028 - Dividend of USD5 million in 2025 and no additional dividend payments thereafter - Contractual amortisation of senior secured bonds Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b-, Higher), Profitability (bb, Lower), Financial Structure (b-, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 40% for the forecast year 2026, 40% for the forecast year 2027 and 10% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'b-'. Recovery Analysis The recovery analysis assumes that Borr would be liquidated in a bankruptcy rather than reorganised as a going concern. This is driven by Borr's new assets, with several decades of useful life left and no large investment needs. Other oilfield services companies in its rating universe, such as Shelf Drilling and Valaris, have assets that are older, have less useful remaining life or require more substantial investments leading to lower asset valuations, although EBITDA generation within its forecast horizon may be similar to or even higher than that of Borr. For the purpose of the recovery calculation, Fitch includes asset values and going-concern EBITDA attributable only to the existing rig fleet and the two newly acquired fully contracted rigs, which are pledged to the restricted group backing the bonds and RCFs. The other three rigs are pledged to the vendor financing facility, which constitutes a separate creditor group. Fitch, therefore, only includes asset values associated with the contracted rigs in its calculation of liquidation value. Fitch assumes the USD200 million super senior and USD34 million senior secured RCFs are fully drawn. The super senior RCF is senior to the senior secured bonds while the senior secured RCF is pari passu with the bonds. The senior unsecured convertible bonds are subordinated to the senior secured bonds. Its waterfall analysis, after a deduction of 10% for administrative claims, led to a waterfall-generated recovery computation (WGRC) in the 'RR4' band, indicating a 'B' instrument rating. Borr's revenue base is strongly concentrated in countries under Country Group D, which will cap Recovery Rating at 'RR4' when the amount of debt starts decreasing. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening liquidity and increasing refinancing risk - EBITDA interest coverage below 1.5x on a sustained basis - EBITDA gross leverage above 5.5x on a sustained basis - Significant deterioration in the tenor, quality or size of contract backlog or failure to maintain adequate fleet utilisation Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage below 3.5x on a sustained basis - EBITDA interest coverage above 3x on a sustained basis - Maintaining adequate liquidity with no near-term refinancing risk Liquidity and Debt Structure Borr's liquidity is adequate, with cash and equivalents of USD228 million as of end-3Q25, including proceeds of USD102.5 million from an equity issue in 3Q25. At end-3Q25, the company had USD234 million of availability under its RCFs, and sufficient positive FCF to cover the contractual amortisation of its senior secured notes. It has no major maturities until 2028, apart from the contractual amortisation of about USD147 million from 2026 onwards. Issuer Profile Borr is a contract drilling company operating a fleet of jack-up drilling rigs. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals Borr's Climate.VS for 2035 is 60, suggesting high exposure to climate-related risks. This is average for pure-play oilfield services providers. Key transition risks arise due to the oilfield services sector's reliance on exploration activities and oil and gas project capex, which may begin to structurally reset to substantially lower levels when oil and gas companies accelerate the shift in their business models towards low-carbon options. This risk does not have a material influence on the rating given the long timescale over which the transition may take place, uncertainty regarding the extent and nature of changes, and the reaction of markets and companies. Borr's fleet as one of the youngest in the industry is a positive as modern rigs are less carbon-intensive, per barrel extracted, than older assets. However, its offshore focus and limited diversification into other business segments adds to the overall Climate.VS. 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 Recovery Prior ----------- ------ -------- ----- Borr Drilling Limited LT IDR B- Downgrade B Borr Finance LLC senior secured LT B- Downgrade RR4 B Borr IHC Limited senior secured LT B- Downgrade RR4 B =========== B R A Z I L =========== BRAZIL: Shipped More Food in January 2026, Got Paid Less for It --------------------------------------------------------------- Richard Mann at Rio Times Online reports that the arithmetic of Brazil's January agribusiness numbers tells a simple story: the country shipped 7% more food to the world and earned 2.2% less doing it. Exports totaled $10.8 billion, down $244 million from January 2025, according to the Ministry of Agriculture, the report notes. The culprit was price, not demand. Average export prices fell 8.6%, tracking a global food deflation trend confirmed by both the FAO and World Bank indices, which showed declines of 0.6% and 3.1% year-on-year respectively, according to Rio Times Online. The result was still the third-highest January on record. Six sectors accounted for nearly 80% of the total: meat ($2.58 billion), soybeans ($1.66 billion), forestry products ($1.38 billion), cereals ($1.12 billion), coffee ($1.10 billion), and sugar-ethanol ($750 million), the report relays. Animal protein set records, with fresh beef alone generating $1.3 billion — up 40% in value and 26% in volume from January 2025, according to industry data from Abiec, the report discloses. The Geography of Demand China absorbed $2.16 billion worth of Brazilian agricultural goods, 20% of the total and 5.4% more than a year ago, the report notes. The relationship is deepening: China bought $55.3 billion in Brazilian agro products in 2025, up 11%, as trade tensions with Washington pushed Beijing toward Brazilian soybeans and beef, the report says. The European Union followed at $1.69 billion but fell 11% year-on-year, the report relates. Most striking was the United States: purchases dropped 31% to $706 million, a decline accelerated by tariff friction and Brazil’s growing competitive advantage in protein and grains, the report discloses. Behind these numbers lies a structural shift, the report says. Brazil surpassed the United States as the world’s largest beef producer in 2025, with output estimated at 12.35 million tonnes, the report notes. Its soybean harvest, projected at 177 million tonnes for 2026, will be another record, the report relays. Yet the paradox is real: Brazil produces more than ever but earns less per tonne, the report says. A record harvest flooding global markets, a weakening real boosting competitiveness but compressing dollar margins, and falling commodity prices worldwide are creating a volume trap, the report discloses. The trade surplus in agribusiness still came in at $9.12 billion for January — healthy by any standard, the report notes. But the era of effortless revenue growth may be ending, the report relates. From here, every dollar has to be earned harder, 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. 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. SABESP BLUE 2026: Fitch Assigns 'BB+sf' Rating on Two Tranches -------------------------------------------------------------- Fitch Ratings has assigned a 'BB+sf' final rating to two tranches of SABESP Blue Senior Secured Notes totaling USD1.35 billion. The issuer is NOVA Securitisation S.à r.l., a special purpose vehicle (SPV) incorporated under the laws of Luxemburg. The notes comprise USD850 million series 2026-1 notes due in 2031 and USD500 million series 2026-2 notes due in 2036. The notes are governed under New York State law. The Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Sabesp Blue Senior Secured Notes Blue Senior Secured 2026-1 66984FAA5 LT BB+sf New Rating BB+(EXP)sf Blue Senior Secured 2026-2 66984FAB3 LT BB+sf New Rating BB+(EXP)sf Transaction Summary The notes are backed by a 100% participation interest in a Term Loan B provided by Inter-American Investment Corporation (IDB Invest; AAA/Stable) under a newly established A/B facility, with payments of debt service and other amounts under the Term Loan B passed through to the issuer. The borrower is Companhia de Saneamento Básico do Estado de São Paulo (SABESP; BB+/Stable). The transaction is a securitization of a single debt obligation and rated as a single-name credit-linked note. Fitch's ratings address the timely payment of semi-annual interest and the ultimate payment of principal, in accordance with the transaction terms. KEY RATING DRIVERS Repayment of Notes Reliant on Loan Payment: The notes are backed by 100% participation rights in the Term Loan B of a newly established A/B purchase facility arranged by Inter-American Investment Corporation (IDB Invest; AAA/Stable). Payments of debt service and other amounts received by IDB Invest in respect of the Term Loan B will be passed through to the issuer under the participation agreement. Ratings Linked to SABESP Credit Quality: The rating assigned to the notes is commensurate with the credit quality of SABESP as the sole risk-presenting entity. On April 7, 2025, Fitch affirmed SABESP's Long-Term Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) at 'BB+' with Stable Rating Outlooks. SABESP's ratings reflect its solid business profile in Brazil's water/wastewater industry and the benefits from its large-scale operations and predictable demand. Blue Bond Issuance: NOVA Securitisation S.à r.l. is a special-purpose vehicle that placed two tranches of senior secured blue bonds. Proceeds from the Term Loan B will be used in accordance with SABESP's sustainable finance framework. The framework includes expanding access to water and sewage services, environmental conservation and projects that enhance water system resilience across the State of São Paulo. Costs and ongoing expenses from the issuance will be paid by SABESP, as the risk-presenting entity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The notes' ratings are linked to SABESP's Long-Term Foreign Currency IDR. SABESP is the Term Loan B borrower and the risk-presenting entity. If Fitch downgrades SABESP, Fitch will downgrade the notes to the same level. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - If Fitch upgrades SABESP, Fitch will upgrade the notes to the same level. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The notes' ratings are linked SABESP's Long-Term Foreign Currency IDR. SABESP is the Term Loan B borrower and the risk presenting entity. [] Fitch Affirms Ratings on Three LatAm Oil Refining Companies -------------------------------------------------------------- Fitch Ratings has affirmed three Latin American oil refining companies' ratings and the ratings of their subsidiaries: 1. Empresa Nacional del Petroleo (ENAP) 2. Refinaria de Mataripe S.A. 3. Refineria Dominicana de Petroleo S.A. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Empresa Nacional del Petroleo (ENAP) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's "Government Related Entities Rating Criteria" results in an equalized approach at 'A-'/Stable. Refinaria de Mataripe S.A. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notches. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'b+'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'/Stable. Refineria Dominicana de Petroleo S.A. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (b+, Moderate), Profitability (b+, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'bb-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's "Government Related Entities Considerations Rating Criteria" results in an equalized approach at 'BB-'/Positive. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Refineria Dominicana de Petroleo S.A. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- Empresa Nacional del Petroleo (ENAP) LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- MC Brazil Downstream Trading S.a.r.l. senior secured LT B+ Affirmed RR4 B+ Refinaria de Mataripe S.A. LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ ============= J A M A I C A ============= JAMAICA: BOJ Gets $23.3B in Bids to Remove $16B from Circulation ---------------------------------------------------------------- RJR News reports that the Bank of Jamaica revealed that investors submitted bids worth $23.3 billion, far more than the $16 billion it wanted to remove from circulation to help contain inflation. The central bank accepted 158 of the 188 bids, taking in the targeted $16 billion through its six per cent fixed-rate certificate of deposit, according to RJR News. The average interest rate requested by investors was 5.97 per cent, the report notes. The lowest rate offered was 5.5 per cent for $20 million, while the highest was 7.65-per cent for $500 million, the report relays. The total value of certificates of deposit now outstanding stands at $123 billion, the report notes. The next auction is scheduled for February 25, 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. ======= P E R U ======= INTEGRATEL PERU: Improves Result and Prepares Restructuring ----------------------------------------------------------- globalinsolvency.com, citing BNAmericas.com, reports that Integratel Peru improved its operating result as it moves forward with a financial restructuring plan within the framework of its insolvency proceedings before Indecopi. Since the acquisition of Telefonica's operation in April, the company set out to transform its operation to optimize management models and strengthen the foundations of the business, achieving operating efficiencies of 229 million soles (US$67.6 million (mn)), according to globalinsolvency.com. The strategy involves prioritizing higher-profitability customer clusters to improve operating results, the report notes. ===================== P U E R T O R I C O ===================== ACEVEDO MEDICAL: Hires C. Conde & Associates as Legal Counsel ------------------------------------------------------------- Acevedo Medical Center LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire C. Conde & Associates as its legal 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 the Debtor conducts operations, does business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, help the Debtor in the orderly liquidation of its assets; (c) assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and any legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform other services as may be required; (g) provide any and all notary services allowed under Notary Law; and (h) employ other professional services, if necessary. The firm will charge these hourly rates: Carmen Conde Torres, Esq. $350 Associates $300 Junior Attorney $275 Legal Assistants $150 Conde received a retainer of $20,000 from the Debtor, plus $1,738 filing fee. Carmen Conde Torres, Esq., disclosed in a court filing that she and other employees of the firm do not represent or hold any interest adverse to the Debtor and its estate. The firm can be reached through: Carmen D. Conde Torres, Esq. C. Conde & Associates 254 San Jose Street, 5th floor Old San Juan, PR 00901 Tel: (787) 729-2900 Fax: (787) 729-2203 Email: condecarmen@condelaw.com About Acevedo Medical Center Acevedo Medical Center LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-00406) on February 2, 2026, listing $500,001 to $1 million in both assets and liabilities. Judge Maria De Los Angeles Gonzalez presides over the case. Carmen D. Conde Torres, Esq. at C. Conde & Associates serves as the Debtor's counsel. ASOCIACION HOSPITAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico granted a fifth extension of the cash collateral stipulation between Asociacion Hospital Del Maestro, Inc. and its secured creditor, Banco Popular de Puerto Rico. The order extended the stipulation from February 6 to February 20 and authorized the Debtor to use $150,087 in cash collateral to pay the expenses set forth in its operating budget, subject to a 10% variance. During this period, the Debtor will make a $50,000 payment to Banco Popular de Puerto Rico as protection. The order is available at https://is.gd/OmzgaT from PacerMonitor.com. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, LLC. =============== X X X X X X X X =============== [] Fitch Affirms Ratings on Five Latin American Telecom Issuers --------------------------------------------------------------- Fitch Ratings has affirmed the ratings of five Latin American (LatAm) telecommunication issuers and one media company: 1. Axtel, S.A.B. de C.V. 2. CT Trust (Comcel) 3. Telecomunicaciones Digitales, S.A. 4. Telefonica Celular del Paraguay S.A.E. 5. Millicom International Cellular S.A. 6. Globo Comunicacao e Participacoes S.A. These actions follow Fitch's updates to its "Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The criteria changes do not affect the companies' ratings or Outlooks. Corporate Rating Tool Axtel, S.A.B. de C.V. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bb'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in a FC and LC IDR of 'BB'. CT Trust (Comcel) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (a-, Moderate), Financial Structure (a, Lower), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in an adjustment of -1 notch(es). - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach with the parent company Millicom International Cellular S.A. at 'BB+' for the FC and LC IDR. Telecomunicaciones Digitales, S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach with the parent company Millicom International Cellular S.A. at 'BB+' for the FC and LC IDR. Telefonica Celular del Paraguay S.A.E. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (a-, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach with the parent company Millicom International Cellular S.A. at 'BB+' for the FC IDR. Millicom International Cellular S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (a-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb-' results in an adjustment of -1 notch(es). - The SCP is 'bb+'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in a FC and LC IDR of 'BB+'. Globo Comunicacao e Participacoes S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Lower), Profitability (bb, Higher), Financial Structure (a-, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in a FC and LC IDR of 'BB+'. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Axtel, S.A.B. de C.V. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Telecomunicaciones Digitales, S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Millicom International Cellular S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Telefonica Celular del Paraguay S.A.E. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ CT Trust (Comcel) LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Globo Comunicacao e Participacoes S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ********* 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 2026. 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 * * *