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260508.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 Friday, May 8, 2026, Vol. 27, No. 92 Headlines A R G E N T I N A CITY OF BUENOS AIRES: Moody's Rates New $500MM Sr. Unsec. Notes B2 YPF SA: Investors in $16B Feud Win Round Against Argentina B R A Z I L JBS SA: Faces Labor Abuse Case From Brazilian Authorities MUNICIPALITY OF NITEROI: Moody's Withdraws 'Ba1' LT Issuer Rating C O L O M B I A BANCO GNB: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable P U E R T O R I C O INSTITUTO MEDICO: Employs Godreau & Gonzalez as Special Counsel INSTITUTO MEDICO: Taps Batista Law Group as Counsel V E N E Z U E L A CITGO PETROLEUM: Amber Denies Violating Confidentiality Order VENEZUELA: Seeks Grid Repairs; Power Suppliers Hesitate - - - - - ================= A R G E N T I N A ================= CITY OF BUENOS AIRES: Moody's Rates New $500MM Sr. Unsec. Notes B2 ------------------------------------------------------------------ Moody's Ratings has assigned a B2 (Global Scale foreign currency) rating to the USD500 million Senior Unsecured Notes to be issued by the City of Buenos Aires (Buenos Aires or the City) with final maturity in 2036. The rating is in line with the City's long-term foreign currency debt rating. The outlook is stable. The City will use the net proceeds to fund amortization payments in accordance with Law No. 6,504 as amended by Law No. 6,734. The New Notes will be denominated in US dollars with a coupon paid on a semi-annual basis. The principal amount will be payable in three equal installments, starting in 2034. The assigned rating is based on preliminary documentation received by us as of the rating assignment date and confirmation of issuance amounts. Moody's do not expect changes to the debt amount or documentation reviewed over this period, nor do Moody's anticipates changes to the main terms and conditions of the notes. Should issuance conditions and/or final documentation of the notes deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. RATINGS RATIONALE The assigned B2 senior unsecured rating to the New Notes is in line with the City's long term foreign currency debt rating, reflecting the structure of the issuance, which will constitute unsubordinated and unsecured obligations, ranking pari passu with all other present and future unsecured and unsubordinated obligations of the City. The City of Buenos Aires' B2 ratings and b2 baseline credit assessment (BCA) reflect its large and diversified economic base, strong own-source revenue generation and a track record of solid operating performance supported by prudent fiscal management. The City's credit profile also reflects its stronger idiosyncratic risk profile relative to the sovereign and most domestic peers, underpinned by its high revenue-raising capacity and institutional strength. Buenos Aires credit profile is further supported by a strong liquidity position, providing adequate resources to cover upcoming debt maturities. This liquidity buffer, together with solid internal cash generation, underpins the City's capacity to navigate prolonged periods of constrained market access and heightened macroeconomic volatility relative to domestic peers. Counterbalancing these strengths is the City's exposure to foreign-currency denominated debt, which heightens sensitivity to exchange-rate movements and external financing conditions. The City's credit profile is also constrained by significant macroeconomic and financial linkages with the sovereign, including systemic risks stemming from Argentina's challenging operating environment. The rating incorporates a moderate likelihood of extraordinary support from the Government of Argentina (Caa1 stable) in the event of acute liquidity stress, although such support remains uncertain and constrained by the sovereign's own credit profile. RATING OUTLOOK The stable outlook for the City of Buenos Aires is aligned with the stable outlook for the sovereign rating and captures Moody's expectation that economic and financial pressure faced by the city will not change materially over the next 12-18 months. The outlook also incorporates Moody's expectations that noteholders will not face losses exceeding those captured in the B2 rating category. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING For the City of Buenos Aires an upward rating movement would be subject to the ratings' relative position to the Government of Argentina's rating. An upgrade would further require the City of Buenos Aires to demonstrate stronger resilience to the underlying macroeconomic conditions than that of its peers. Conversely, a downgrade in Argentina's ratings or further systemic deterioration, or both, would exert downward pressure on the ratings. Increased idiosyncratic risks would also translate into a downgrade. The principal methodology used in this rating was Regional and Local Governments published in May 2024. YPF SA: Investors in $16B Feud Win Round Against Argentina ---------------------------------------------------------- Joyce Hanson at law360.com reports that a New York federal judge has ruled that investors in Argentine oil and gas exploration company YPF SA can use discovery obtained in a decade-long dispute against the country in a parallel $16 billion investor-state arbitration they plan to initiate, saying they had shown a "compelling need." YPF S.A. is a vertically integrated, majority state-owned Argentine energy company, engaged in oil and gas exploration and production, and the transportation, refining, and marketing of gas and petroleum products. Founded in 1922, YPF was an oil company established as a state enterprise. YPF was later privatized under president Carlos Menem and was bought by the Spanish firm Repsol in 1999, and the resulting merged company was call Repsol YPF. In 2012, about 51% of the firm was renationalized and this was initiated by President Cristina Fernandez Kirchner. The government of Argentina agreed to pay $5 billion compensation to Repsol. As reported in the Troubled Company Reporter-Latin America in December 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings at 'CCC+'. Fitch also affirmed YPF's outstanding senior unsecured notes at 'CCC+' with a Recovery Rating of 'RR4'. The company's Standalone Credit Profile (SCP) is 'b', and its ratings are aligned with Fitch's "Government Related Entities (GRE) Criteria," reflecting its government ownership and strategic importance. In September 2024, S&P Global Ratings assigned its 'CCC' issue-level rating to YPF S.A.'s (CCC/Stable/--) proposed senior unsecured notes due 2031. =========== B R A Z I L =========== JBS SA: Faces Labor Abuse Case From Brazilian Authorities --------------------------------------------------------- Reuters reports that Brazilian labor prosecutors have filed ‌lawsuits against five firms over labor abuses in their supply chains, with grain trader Cargill and meatpacker JBS among those targeted, they said in a statement. Prosecutors are asking ⁠a court to order JBS SA to pay around BRL119 million reais ($23.78 million) in damages in a case in Para state, where workers were found in "slavery-like" conditions in the company's supply chain, according to Reuters. Cargill is being sued for 109 million reais for "grave violations of human rights" in its soy supply chain in ‌Rondonia ⁠state, the report notes. The lawsuits stem from a 2020 project to track supply chains aimed at fighting human trafficking and serious labor abuses, the report relays. JBS has not yet received notification of the ⁠lawsuit, the firm said in a statement, adding that it follows "rigorous procedures" regarding its purchases and cattle monitoring, the report notes. Cargill ⁠did not respond to a request for comment, says the report. Prosecutors also signed deals with nine firms that ⁠agreed to improve the tracking of labor abuses in their supply chains, the report adds. About JBS S.A. JBS S.A. is a Brazilian company that is a large meat processing enterprise, producing factory processed beef, chicken, salmon, pork, and also selling by-products from the processing of these meats. It is headquartered in Sao Paulo. It was founded in 1953 in Anapolis, Goias. As reported in the Troubled Company Reporter-Latin America in August 2021, S&P Global Ratings revised the global scale outlook on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS USA) to positive from stable and affirmed its 'BB+' issuer credit rating. The recovery expectations remain unchanged, and S&P affirmed the 'BB+' ratings on the senior unsecured notes and the 'BBB' ratings on the secured term loans. MUNICIPALITY OF NITEROI: Moody's Withdraws 'Ba1' LT Issuer Rating ----------------------------------------------------------------- Moody's Ratings has withdrawn the Municipality of Niteroi's (Niteroi) Baseline Credit Assessment (BCA) of ba1 and the long-term issuer rating of Ba1. The outlook was stable at the time of the withdrawal. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Niteroi, located 15 kilometers from the capital of the State of Rio de Janeiro, has over half a million residents characterized by an older and wealthier demographic. Ranking seventh on Brazil's Municipal Human Development Index, the city is a key commercial and financial hub for the state. As a municipality, Niteroi manages urban planning, transportation infrastructure, and public services, relying on revenue from service and real estate taxes, as well as intergovernmental transfers. The city also benefits from royalties derived from offshore oil fields, particularly the Lula Field in the pre-salt region. =============== C O L O M B I A =============== BANCO GNB: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Banco GNB Sudameris S.A. (GNB) Long-Term Foreign Currency and Local Currency Issuer Default Ratings (IDRs) at 'BB', its Viability Rating (VR) at 'bb' and its Government Support Rating (GSR) at 'b+'. The Rating Outlook for GNB is Stable. Key Rating Drivers Diversified Business Model: GNB's IDRs are driven by the bank's VR, which is aligned with its implied VR. The bank maintains a diverse business profile, with a dual focus in the wholesale and lower-risk retail segments in Colombia, Paraguay and Peru. The ratings also reflect the bank's strong market position in payroll-backed lending products known locally as 'Libranza' and its diversified revenue based on fees and treasury gains, which help offset volatile market conditions. The bank has significantly advanced its digital banking capabilities and expanded its digital customer base. In Fitch's opinion, the recent incorporation of Nutresa's operations into GNB's consolidated financial statements through Corporación Financiera GNB has no impact on GNB's management and governance assessment, as the bank's governance standards are independent of those of the corporate group. GNB does not hold any direct equity interest in Nutresa. Conservative Risk Profile: The bank's business and risk profile assessment of 'bb+' considers its consolidated retail segment exposure, which is composed mostly of lower-risk, payroll-backed loans. As of YE 2025, GNB's payroll lending portfolio represented approximately 29.2% of gross loans, and GNB held a market share of 8.2% in that segment. Fitch also positively weighs the conservative underwriting policies for its consolidated commercial segment, which targets medium-sized to large companies with high levels of collateral. Solid Asset Quality Metrics: GNB's asset quality metrics remain strong and compare very well with domestic and regional peers. As of YE 2025, the bank's 90-day nonperforming loan (NPL) ratio was 1.6%, remaining stable from the 1.6% from YE 2024 and its four-year average of 1.8%). The stability of impaired levels is driven by constant improvements in underwriting standards to limit risks associated amid the economic cycles and compares better than local peers. In terms of geographical segmentation, the Colombian operation still has one of the lowest 90-day NPL ratio within the Colombian banking system (2025: 1.2%), and the other subsidiaries in Paraguay and Peru evidenced relatively steady impairment levels, with 90-day NPLs ratios of 2.5% and 2.3%, respectively. Fitch anticipates that the bank's asset quality will remain stable over the foreseeable future, driven by GNB's moderate growth prospects, conservative policies, relatively robust underwriting standards, adequate risk controls, and its robust and conservative risk management practices. Fitch will closely monitor recent increases in loan impairment charges and net charge-offs, as well as the observed migration of loans from Stage 1 to Stage 2, and the resulting implications for the bank's asset quality profile. Stronger Profitability: As of YE 2025, GNB's profitability improved significantly, with operating profit to RWAs rising to 5.5% from 1.0% in 2024, driven mainly by the consolidation of Nutresa's earnings, through fair value changes in investment assets related to Corporación Financiera GNB's equity investment, a stronger net interest margin (NIM), and controlled expenses and impairment charges. Earnings also remained supported by diversified revenue streams, with non-interest operating income accounting for 89.1% of total operating income, above the four-year average of 82.0%, while subsidiaries in Paraguay and Peru also contributed positive net profits. Fitch expects profitability to remain stable, supported by Nutresa's consolidation, a stable NIM, and controlled operational expenses and impairment charges. Higher Capitalization Levels: GNB's capitalization has strengthened, with the consolidated common equity Tier 1 (CET1) ratio rising to 11.5% at YE 2025 from 8.5% at YE 2024, supported by a significant increase in earnings following the consolidation of Nutresa. At this level, capitalization compares more favorably with that of local and regional peers. While GNB has historically operated with lower capitalization than peers, averaging a CET1 ratio of 9% over 2021-2024, Fitch has viewed these levels as commensurate with the bank's business model and risk profile. This assessment reflects the bank's strong asset quality metrics and conservative risk appetite, which have mitigated risks associated with its historically lower capital buffers. Fitch expects capitalization to remain broadly stable at current levels over the medium term. Sound Liquidity Levels: GNB's funding structure and liquidity position remains sound, with adequate ability to meet its short-term obligations and sustain its operations. This is reflected by a solid loans-to-deposit ratio of 71.1% at YE 2025 (four-year average: 72.4%), which compares favorable among its local and regional peers. Customer deposits have reliably constituted a significant portion of GNB's funding, accounting for 79.8% of total funding at YE 2025, with savings accounts representing 49.3% of total deposits and term deposits 39.5%. Liquidity remains commensurate with the bank's current ratings, and Fitch does not anticipate any changes to the bank's funding liquidity structure. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative VR and IDR pressures would arise as a result of a deterioration in asset quality metrics, coupled with a reduction in the CET1 and operating profit to RWA ratios. - The ratings are sensitive to operating environment deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Given the limitations of the operating environment (OE), a ratings upgrade is unlikely in the medium term. - Over the long term, an improving OE coupled with material improvement in GNB's capitalization and profitability, if the bank reaches and sustains a CET1 capital ratio greater than 14% while avoiding material deterioration of its other financial and qualitative credit fundamentals, with consistently better results, in the form of operating profit over RWAs consistently greater than 2.5%. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS GNB's subordinated debt and Tier 2 subordinated debt are rated two notches below its VR to reflect their subordinated status and expected high loss severity. The rating on the Tier 2 notes does not incorporate incremental non-performance risk, given the relatively low write-off trigger (Regulatory CET1 ratio at or below 4.5%) and considering the fact that coupons are not deferrable or cancellable before the principal write-off trigger is activated. Possible Government Support: The bank's GSR of 'b+' is driven by its moderate systemic importance as a market maker and its payroll lending share of the Colombian market of 8.2%. GNB is also working to grow its share of retail deposits, though this metric is still a modest 3.3% when compared with local systemically important banks. Fitch believes there is a limited probability that the bank would receive sovereign support if needed, which underpins its GSR. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES - The subordinated debt rating of GNB's issuances is two notches below GNB's VR anchor. As such, the rating will move in tandem with the anchor rating; - The rating is also sensitive to a wider notching from the VR if there is a change in Fitch's view on the non-performance risk of these instruments on a going-concern basis, which is not the baseline scenario; - GNB's GSR would be affected by a positive change in the bank's systemic importance that would affect Fitch's perception of the government's willingness and ability to support the bank; - GNB's GSR would be affected by a negative change in Fitch's perception of the government's willingness and ability to support the bank. VR ADJUSTMENTS The capitalization and leverage score has been assigned below the implied score due to the following adjustment reason: Historical and Future Metrics (negative). 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 GNB Sudameris S.A. LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Viability bb Affirmed bb Government Support b+ Affirmed b+ Subordinated LT B+ Affirmed B+ ===================== P U E R T O R I C O ===================== INSTITUTO MEDICO: Employs Godreau & Gonzalez as Special Counsel --------------------------------------------------------------- Instituto Medico Del Norte Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Rafael A. Gonzalez Valiente, Esq. of Godreau & Gonzalez Law, LLC to serve as special counsel. The firm will provide these services: (a) litigate certain adversary proceedings previously filed by Instituto which are currently pending before the First Circuit of Appeals; and (b) perform any task required by the Debtor related to the tasks listed above. Mr. Gonzalez Valiente will receive an hourly rate of $300, $200 for Associates, and $150 for Paralegals, plus actual cost and expenses. The Debtor provided the firm a retainer deposit of $5,000. Godreau & Gonzalez Law, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Rafael A. Gonzalez Valiente, Esq. GODREAU & GONZALEZ LAW, LLC PO Box 9024176 San Juan, PR 00902-4176 Tel. (787) 726-0077 E-mail: rgv@g-glawpr.com About Instituto Medico Del Norte Instituto Medico del Norte Inc., operating as Centro Medico Wilma N. Vazquez, provides hospital and health-care services in Vega Baja, Puerto Rico. The company's Wilma N. Vazquez health system offers emergency care, skilled nursing, primary care, imaging, clinical laboratory, wound-care, pediatric and infusion services, serving adults, children and patients requiring acute, specialty or transitional medical care. Instituto Medico Del Norte sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R., Case No. 26-01886) on April 28, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Mildred Caban Flores oversees the case. The Batista Law Group, PSC is Debtor's legal counsel. #STITUTO MEDICO: Employs Godreau & Gonzalez as Special Counsel INSTITUTO MEDICO: Taps Batista Law Group as Counsel --------------------------------------------------- Instituto Medico Del Norte Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire The Batista Law Group, P.S.C. to serve as its legal counsel in its Chapter 11 proceedings. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its Chapter 11 case and related proceedings; (b) represent the Debtor in matters arising in the bankruptcy case; (c) assist the Debtor in planning and conducting the bankruptcy proceedings due to its need for competent legal counsel; and (d) perform all other legal services necessary for the administration and handling of the Debtorâ€™s Chapter 11 case, subject to court approval. The professional will be compensated through a $45,000 retainer. The firm's hourly rates are: $350 for the principal attorney, $275 for associates, and $110 for paralegals, plus expenses, subject to court approval. The Batista Law Group, P.S.C. is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), as it does not hold any adverse interest in the Debtor’s estate, is not a creditor or insider, and has no disqualifying connections beyond disclosed personal academic relationships that do not create a professional conflict. The firm can be reached at: Jesus E. Batista Sanchez, Esq. The Batista Law Group, P.S.C. Capital Center I 239 Ave. Arterial de Hostos, Suite 206 San Juan, PR 00918-1475 Telephone: (787) 620-2856 Facsimile: (787) 777-1589 E-mail: jeb@batistasanchez.com About Instituto Medico Del Norte Instituto Medico del Norte Inc., operating as Centro Medico Wilma N. Vazquez, provides hospital and health-care services in Vega Baja, Puerto Rico. The company's Wilma N. Vazquez health system offers emergency care, skilled nursing, primary care, imaging, clinical laboratory, wound-care, pediatric and infusion services, serving adults, children and patientsrequiring acute, specialty or transitional medical care. Instituto Medico Del Norte Inc sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-01886) on April 28, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Mildred Caban Flores oversees the case. The Batista Law Group, PSC is Debtor's legal counsel. ================= V E N E Z U E L A ================= CITGO PETROLEUM: Amber Denies Violating Confidentiality Order ------------------------------------------------------------- Caroline Simson at law360.com reports that Amber Energy, an affiliate of hedge fund Elliott Investment Management LP, whose $5.9 billion bid for Citgo's parent company was accepted late last year, is denying the oil giant's allegations that it improperly exposed company secrets in an op-ed, telling a Delaware federal court it has every interest in ensuring the company's success. Citgo Petroleum Corporation is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Based in Houston, Texas, Citgo is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo.) As reported in the Troubled Company Reporter-Latin America in September 2025, Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB' with a Recovery Rating of 'RR1'. VENEZUELA: Seeks Grid Repairs; Power Suppliers Hesitate ------------------------------------------------------- Reuters reports that when potential providers and financiers for Venezuela's electric industry, including Siemens Energy and GE Vernova, held meetings with officials in Caracas in April, questions of how they might get paid to shore up the country's deteriorated grid were top of mind. Those executives came away hesitant, the sources said, as ‌the nation tries to jumpstart a $100 billion reconstruction plan pushed by Washington, according to the report. About Venezuela   Venezuela, officially the Bolivarian Republic of Venezuela, is a  country on the northern coast of South America, consisting of a  continental landmass and a large number of small islands and  islets in the Caribbean sea. The capital is the city of Caracas.   Hugo Chavez was president to Venezuela from 1999 to 2013. The  Chavez presidency was plagued with challenges, which included a  2002 coup d'etat, a 2002 national strike and a 2004 recall  referendum. Nicolas Maduro was elected president in 2013 after  the death of Chavez. Maduro won a second term at the May 2018  Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada,  Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president.  The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. On January 3, 2026, the United States launched a military operation in Venezuela and Maduro and his wife were captured and were flown out of the country. As of January 4, 2026, the government formerly led by Maduro remains in control, with Vice President Delcy Rodríguez having been appointed acting president.   Moody's has withdrawn 'C' local currency and foreign currency  ceilings for Venezuela in September 2022. Standard & Poors has  also withdrawn its 'SD/D' foreign currency sovereign credit   ratings and 'CCC-/C' local currency ratings on Venezuela in  September 2021 due to lack of sufficient information. Fitch  withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in  June 2019 due to the imposition of U.S. sanctions on the country's  government. ********* 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 * * *