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260514.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 Thursday, May 14, 2026, Vol. 27, No. 96 Headlines A R G E N T I N A ARGENTINA: Milei Government Sees Financial Reasons to Be Cheerful B R A Z I L AZUL SA: Sees $200M Fuel Hit in 2026; Restructuring to Cushion Blow BANCO MASTER: Court Won't Limit Rule 2004 Subpoena C A Y M A N I S L A N D S CONNECTICUT HEALTHCARE: Seeks Chapter 15 Bankruptcy in Texas PHOENIX AVIATION: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable C O S T A R I C A BANCO INTERNATIONAL: Fitch Affirms 'BB' LT IDR, Outlook Positive J A M A I C A JAMAICA: NIR Fell by US$454.6 Million in April M E X I C O BANCA MIFEL: Fitch Assigns 'B-' Rating to USD300MM AT1 Notes DEL MONTE: Defends Ch. 11 Plan Against Lenders' Objection MEXICO REMITTANCES: S&P Affirms 'BB (sf)' Rating on 2024-1 Notes S T . K I T T S A N D N E V I S ST. KITTS AND NEVIS: Economic Growth Slowed in 2025, IMF Says - - - - - ================= A R G E N T I N A ================= ARGENTINA: Milei Government Sees Financial Reasons to Be Cheerful ----------------------------------------------------------------- Buenos Aires Times reports that President Javier Milei's economic team is seeking to consolidate the narrative of "the worst is now behind us" with March, the month enthusing government offices with data showing economic activity moving up. It's a timid rebound but still a rebound, notes the report. Private estimates endorse the jump but require a more cautious reading, according to Buenos Aires Times. The warning is that the traction is almost exclusively external, placing the focus on the deteriorating chain of payments within families, the report notes. The government, in contrast, affirms that the effect sought is materialising, thanks to lower interest rates, the report relays. Argentina's authorities are closely following a series of high-frequency indicators which, when discounting seasonal factors, indicated a positive shift in March, the report notes. Luis Caputo's Economy Ministry especially celebrates the rebound of items linked to the domestic market which had been lagging: sales of non-alcoholic beverages rose 1.2 percent, cement shipments 5.5 percent and the licensing of cars 2.3 percent, the report discloses. In the industrial and primary sectors, they highlight the production of steel, up 11.4 percent, and a 21.4 percent surge in soybean crushing, the report says. "The processes of recovery are never lineal or homogeneous, but the numbers point to improvements and -- it seems to me -- with solid bases since there is feedback between the improvements leading to a virtuous circle," a government source said in conversation with Perfil, the report notes. Export-Driven Private consultants and firms ratify the rebound but flash amber lights as to its sustainability, the report relays. The Estimador de Actividad Economica (EsAE) elaborated by the Eco Go consultancy firm registered an expansion of 0.8 percent when discounting seasonal factors in March as against February, with a year-on-year rise of 2.4 percent, the report says. But a radiography of this indicator shows the recovery is not integral – the exclusive driving force was the external market where exports shot up 41.2 percent for the month, while sensitive consumer variables barely shifted by 1.4 percent, the report notes. For specialists, depending on farm and energy shipments instead of the domestic consumer market places in doubt the temporal continuity of this rebound into the second half of the year, the report discloses. For the Analytica consultancy firm, the improvement was similar: 0.9 percent discounting seasonal factors, according to their ILA (Indice Lider de Actividad) index, the report relays. "March was a month of extended recovery, although heterogeneous. Industry and the external front pulled their weight forcefully, the auto sector reversed its fall and construction gave signs of sustainability. Agriculture registered a monthly dip but it continues to operate at historically high levels," said the firm in a report, Buenos Aires Times notes. "Where the rebound did not appear was in household demand: private consumption, family credit and consumer confidence again deteriorated, leaving it clear that the recovery has a low ceiling," it added. In productive companies, in contrast, a positive comparison with a month which (they highlight) was very poor may be seen, the report discloses. The report notes that Union Industrial Argentina (UIA) employers' federation sees a general rebound of 3.2 percent for March: "Industry both at the aggregate and sectorial levels continues to underperform in relation to the first quarter of last year while 10 percent below the levels of 2022 and 2023." For February, the INDEC national statistics bureau had registered a monthly fall of 2.6 percent in economic activity and 2.1 percent year-on-year, the report relays. The Peak of Arrears The Milei government's enthusiastic reading of the statistics co-exists with the harshest side of the monetary squeeze -- bank arrears hit a peak of 11.2 percent, the report relays. Far from registering alarm, the La Libertad Avanza administration takes this figure on board as already digested collateral damage, the report discloses. Economy Ministry sources indicated: "This is an expected effect of the electoral monetary squeeze and should go down in the next few months," the report notes. The report says that Central Bank Governor Santiago Bausili, reinforced this line when speaking at ExpoEFI recently. For the head of the monetary authority, the financial system "is healing" after having overcome the peak of missed payments. According to his diagnosis, the resumption of credit activity after the devaluation triggered a "first wave of credits granted blindly." He added: "If there is no credit, there are no arrears; when credit returned, so did the arrears." The report relays that Bausili argued that the end of the liquidation of debts by inflation obliged banks to recalibrate their scoring systems, warning: "For the debtor, inflation took care of the last installments of peso credits but not any more." Private studies speak of the highest arrears in years, coming as a consequence of the income shock, the report discloses. A report by Centro RA of the University of Buenos Aires (UBA) points out that missed payments on consumer credits jumped up from 2.5 to 12.1 percent (almost fivefold), Buenos Aires Times relays. In parallel, total household arrears reached 10.6 percent, topping even the worst numbers registered in the pandemic and marking the highest level since 2009, the report recalls. The UBA report links this deterioration in assets to the disparity in the correction of relative prices. With an accumulated inflation since December 2023 of 170 percent in goods and 362 percent in services, the structure of family survival has mutated drastically, the report says. Wage-earners have passed from destining 60 percent of their earnings to the purchase of goods to concentrating 42 percent exclusively on the payment of services (four more points than at the start of this administration), the report notes. It's a displacement which absorbs the liquidity of households and pushes them into defaulting on their financial obligations, 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. Fitch Ratings on May 5, 2026, has upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. Fitch said Argentina's rating reflects structurally improved fiscal and external balances, progress on economic reforms, improved prospects for FX reserve accumulation, and its expectation that the government will secure adequate financing to cover debt obligations. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD', and its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC'. S&P affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. 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. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== AZUL SA: Sees $200M Fuel Hit in 2026; Restructuring to Cushion Blow ------------------------------------------------------------------- Brazilian airline Azul SA CFO Antonio Carlos Garcia told Reuters that the airline expects a hit of about BRL1 billion ($204.15 million) ‌from higher jet fuel prices this year, but believes it is better positioned than peers to absorb the impact after a recent restructuring. Mr. Garcia, who joined Azul in April from planemaker Embraer just as the carrier exited chapter 11 bankruptcy proceedings, noted that fuel accounts for roughly 30% of the firm's costs, with the sharp rise in oil prices feeding through quickly, according to the report. He says Azul expects to offset part of the impact via capacity cuts and revenue growth. With Azul's recent restructuring reducing obligations by $2.5 billion, Mr. Garcia said he is prioritizing cost discipline, cash generation, and plans an ADR relaunch by June, adds the report. About Azul S.A. Headquartered in Barueri near the City of Sao Paulo, Brazil, Azul S.A. is a Brazilian airline founded by David Neeleman in 2008. The company is the largest airline in Brazil by number of cities covered and departures, serving more than 160 destinations with an operating fleet of 168 aircraft and operating more than 900 flights daily. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. On December 19, 2025, Judge Lane entered an order confirming the company's overwhelmingly consensual plan of reorganization. On February 20, 2026, Azul completed its restructuring and emerged from bankruptcy. As reported in the Troubled Company Reporter-Latin America on March 17, 2026, Fitch Ratings has assigned Azul a final 'B-' Foreign and Local Currency Issuer Default Ratings (IDRs) and National Long-Term Rating of 'BBB-(bra)'. The Rating Outlook is Stable. Fitch has also assigned Azul Secured Finance LLP's senior secured USD1.375 billion exit finance notes a final 'B-' rating with a Recovery Rating of 'RR4'. These actions follow the completion of Azul's Chapter 11 process. BANCO MASTER: Court Won't Limit Rule 2004 Subpoena -------------------------------------------------- Chief Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida denied Daniel Vorcaro's Motion for Protective Order to limit or prohibit Rule 2004 Examination Subpoenas Duces Tecum issued by the Foreign Representative in the bankruptcy case of Banco Master, S.A.. On December 10, 2025, the Liquidator filed a petition seeking Chapter 15 recognition of the Brazilian extrajudicial liquidation proceeding pending before the Central Bank of Brazil against Banco Master, S.A., Banco LetsBank, S.A., Banco Master de Investimentos, S.A., and Master S/A Corretora de Cambio, Titulos e Valores Mobiliarios (collectively, the "Debtors"). Mr. Vorcaro, the former controlling shareholder and administrator of the Debtors, opposed recognition. On January 8, 2026, the Bankruptcy Court entered an order recognizing the Brazilian proceeding (the "Recognition Order") and authorizing the Liquidator to conduct discovery under Federal Rule of Bankruptcy Procedure 2004. Mr. Vorcaro, by and through his counsel, moves for a Protective Order pursuant to 11 U.S.C. Sec. 1521(a)(4), Federal Rules of Civil Procedure 26, as made applicable by Federal Rules of Bankruptcy Procedure 7026 and Rule 2004 and Local Rule 2004, as applicable, to limit the scope of 11 subpoenas issued by the Foreign Representative on April 9, 2026 and April 16, 2026, and any prospective Rule 2004 subpoenas, to prohibit inquiry into any of Mr. Vorcaro's personal assets and information. Mr. Vorcaro previously filed two motions for protective order under Local Rule 2004-1(C) challenging twenty-eight Notices of Taking Rule 2004 Examination Duces Tecum served by Foreign Representative. On April 6, 2026, the Court entered an order Granting in Part and Denying in Part Daniel Vorcaro's Motions for Protective Order to Limit or Prohibit Rule 2004 Examination Subpoenas Duces Tecum (the "Order"). Contemporaneously with this motion, Mr. Vorcaro has noticed an appeal from the Order and in the alternative seeks leave from the District Court to appeal the Order. Mr. Vorcaro files this motion for protective order (the "Motion") not to relitigate issues before this Court that this Court has already decided, but to preserve his rights while he pursues an appeal of the Order. On April 9, 2026, and April 16, 2026, the Foreign Representative issued subpoenas to the following entities (the "Subpoena Recipients") each of whom appear to be wholly unrelated to the Debtors: * ARYA INVESTMENTS LLC * CLEAR RIVER PROPERTIES LLC A/K/A ROLUJA LLC * CONSORTIS JW LLC * MIG INC. * MOSAIC CORPORATE SERVICES * MOSAIC GROUP LLC * PH 47 LLC * THE CLEARING HOUSE PAYMENTS COMPANY LLC * FLEXJET LLC * JETCRAFT CORPORATION * MONACO ACCOUNT CENTRE LLC The Subpoena Recipients include real estate groups and representatives, aviation companies and providers, and The Clearing House Payments LLC, which is a payment system infrastructure that operates an electronic check clearing and settlement system, a clearing house, and a wholesale funds transfer system within the United States. The Foreign Representative seeks testimony from Subpoena Recipients who are believed to offer administrative and corporate services. Upon information and belief, none of the Subpoena Recipients have any corporate relation to the Debtors or direct business with the Debtors. All eleven of the April 9 and 16 Subpoenas call for documents and information relating to "any of the Debtors" or the "Asset Freeze Parties," which, as defined therein, include Mr. Vorcaro. Mr. Vorcaro contends the Foreign Representative has not established good cause to continue issuing subpoenas that are untethered to any legitimate inquiry into the Debtors' assets and affairs. A copy of the Motion dated April 20, 2026, is available at https://urlcurt.com/u?l=v6scPF from PacerMonitor.com. A copy of the Court's Order dated April 30, 2026, is available at https://urlcurt.com/u?l=vLcb2c from PacerMonitor.com. Attorneys for Daniel Vorcaro: Gabriela M. Ruiz, Esq. KING & RUIZ LLP 2 S. Biscayne Blvd., Suite 3200 Miami, Florida 33131 Tel: (305) 395-4984 E-mail: gruiz@kingruiz.com About Banco Master Banco Master, S.A., formerly known as Banco Maxima, is a financial institution that provides corporate credit, foreign exchange, and treasury services, and later expanded into real estate credit as well as fund and wealth management activities. The bank began operations in 1974 and broadened its business lines in the mid-1990s as part of its growth strategy within the financial service sector. Banco Master filed a Chapter 15 Petition with the U.S. Bankruptcy Court for the Southern District of Florida on December 10, 2025 (Case No. 25-24568), with the Hon. Scott M Grossman presiding. =========================== C A Y M A N I S L A N D S =========================== CONNECTICUT HEALTHCARE: Seeks Chapter 15 Bankruptcy in Texas ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Connecticut Healthcare Insurance Company, a Cayman Islands insurance entity affiliated with Prospect Medical Holdings, has commenced a Chapter 15 case in Texas bankruptcy court seeking recognition of its foreign liquidation proceedings. The insurer is currently subject to winding-up proceedings in the Cayman Islands. In its filing, the company said Chapter 15 recognition would safeguard its U.S. assets and promote coordination between the Cayman court and American creditors. The insurer is seeking the customary protections available in cross-border insolvency cases under the Bankruptcy Code. The proceedings are part of broader efforts to manage the company’s financial obligations and administer claims in an organized manner while the Cayman liquidation moves forward, the report states. About Connecticut Healthcare Insurance Co. Connecticut Healthcare Insurance Company is a healthcare insurance carrier engaged in offering medical coverage and related insurance products. The company supports policyholders through health benefit programs, claims administration, and managed healthcare services across its markets. Connecticut Healthcare Insurance Co. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-32010) on May 5, 2026. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Vienna Flores Anaya, Esq. of Jackson Walker LLP. PHOENIX AVIATION: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of Phoenix Aviation Capital LLC (PAC) and its rated subsidiary, Phoenix Aviation Capital Limited (PACL), to 'B+' from 'B'. The Rating Outlook is Stable. Fitch has also upgraded PACL's senior unsecured debt rating to 'B+' from 'B' with a Recovery Rating of 'RR4' and the senior secured rating on the Term Loan B (TLB) co-issued by PAC Aviation III Designated Activity Company (PACDIII) and PAC DAC LLC (PACD), collectively the co-issuers and ultimately wholly owned by Phoenix Aviation Capital, LLC (PAC), to 'BB' from 'BB-' with a Recovery Rating of 'RR2'. These rating actions are being taken in conjunction with Fitch's global aircraft leasing sector review. For more information on the sector review, please see "Fitch Ratings Completes Aircraft Lessor Peer Review; Revises Sector Outlook to Deteriorating,". Key Rating Drivers Upgrade on Strong Execution and Improved Diversification: The rating upgrade reflects PAC's improving scale and portfolio diversification from orderbook placements and secondary market trading, as well as strong execution against its business strategy. PAC's fleet of owned aircraft grew to 30 from 17 one year ago, with a net book value (NBV) of $1.6 billion at March 31, 2026, pro forma for its contracted pipeline. In addition, portfolio diversification improved notably with the single largest lessee representing 15% of NBV at 1Q26, down from 29% one year ago, while its geographic reach expanded to 13 airlines in 10 countries from seven airlines in six countries over the same period, pro forma for its contracted pipeline. PAC executed several capital markets transactions and further diversified its funding profile, most notably with its inaugural $592 million Term Loan B offering in October 2025, which was upsized by $42 million in March 2026. PAC also issued an inaugural $600 million unsecured note in June 2025 and a $150 million add-on in January 2026, resulting in an increase in unsecured funding to around 37% of total debt at Dec. 31, 2025, on a pro forma basis. Fitch expects scale and diversification will continue to improve as PAC adds aircraft from its orderbook. At the current rating level, PAC's ratings remain supported by its market standing as a full-service lessor focused on new technology, narrowbody aircraft, appropriate current and target leverage, the absence of any meaningful near-term debt maturities and clear growth visibility through its near-term orderbook. Ambitious Growth Targets: Rating constraints include the company's short operating track record as a standalone lessor, execution risk associated with its ambitious growth targets, reliance on wholesale secured funding, a smaller, concentrated portfolio by customer and geography compared to peers, and funding and placement risks associated with the firm's sizable orderbook. Fitch also notes potential governance and conflicts of interest associated with PAC's externally managed business model and ownership by fixed life funds. Sector Constraints: Rating constraints applicable to the aircraft lessor industry more broadly include the monoline nature of the business, potential exposure to residual value risks, the reliance on wholesale funding sources, and vulnerability to exogenous shocks including sensitivity to higher oil prices, inflation and unemployment, which could negatively impact travel demand. Fitch also notes the ongoing Iran conflict and risk of protracted jet fuel shortages. While airlines globally have responded by cutting capacity on less-profitable routes, lessors may still face increased requests for lease deferrals. If granted, these deferrals could negatively impact liquidity and internal capital generation over time. Nominal Franchise: As of March 31, 2026, PAC has a committed orderbook for 25 Boeing B737-8 aircraft, which are scheduled to deliver through 2028, and has optional purchase rights for an additional 30 B737-8 aircraft. The company expects to support additional portfolio growth through sale-leaseback and secondary market opportunities over the medium term. Attractive Portfolio: PAC's portfolio comprises highly liquid tier 1 (86% of NBV) and tier 2 aircraft (14%), as categorized by Fitch, with a weighted average age of the owned portfolio of 3.2 years, and an average remaining lease term of 8.4 years, as of Dec. 31, 2025. Compared to rated peers, PACs maintains a younger and more liquid aircraft portfolio while its remaining lease term is one of the longest in the market. In Fitch's view, this underpins asset performance as a relative rating strength for the business. Modest Earnings: Net spreads (lease yields less funding costs) were 1.7% for FY2025 down from 2.0% in FY2024, due to higher interest expense and the dilutive effect of new orderbook assets being introduced into the portfolio during the year. Fitch expects net spreads to improve over time as existing new technology aircraft become more seasoned and funding costs decline with anticipated refinancing. Over the medium term, Fitch expects net spreads to move into the 'bb' category benchmark range of 1%-5% for aircraft lessors with a sector risk operating environment (SROE) score in the 'bbb' category. Adequate Leverage: Fitch's calculated leverage (gross debt to tangible equity), which assigns 100% equity credit to PAC's $652 million preferred equity, was 3.7x at YE 2025, or 3.4x net of cash. This was aligned with the firm's business plan projections and was within management's stated leverage target of 3.0x-3.5x on a net debt-to-equity basis. PAC's leverage is appropriate given its fleet profile. Improved Funding Mix: Following unsecured debt issuances in 2025 and early 2026, unsecured debt comprised 37% of total debt at YE 2025, pro forma for the $150 million unsecured note add-on issued in January 2026, versus a fully secured funding mix at YE 2024. Current funding comprises unsecured notes, a Term Loan B and secured term loans and warehouse financings backed by aircraft. Fitch expects PAC's unsecured mix to decrease modestly in the near term, as deliveries are initially funded through its secured warehouse facility. Over time, PAC may term out some of this debt in the unsecured bond market. Fitch expects unsecured debt to remain within the 'bb' range of 10%-35% for aircraft lessors with an SROE score in the 'bbb' category. Appropriate Liquidity: PAC faces heightened funding and placement risks due to its substantial order book commitments, but all 2026 order book positions and 43% of 2027 deliveries are already placed. Liquidity resources for the next 12 months totaled $949 million at YE 2025, including $174 million of unrestricted cash, $604 million of availability under secured and unsecured credit facilities, and $170 million of operating cash flow. These resources provide adequate liquidity coverage of 1.6x relative to the next 12 months' order purchase commitments of $510 million and debt maturities of $98 million. On-balance-sheet liquidity will also be supported by an additional $325 million equity commitment from shareholders. Stable Outlook: The Stable Outlook reflects Fitch's expectation that PAC will manage its balance sheet growth to maintain sufficient headroom relative to its targeted leverage range and Fitch's negative rating sensitivities for liquidity coverage over the Outlook horizon, despite Fitch's expectation for increased macro challenges including geopolitical risks, increased fuel prices, higher inflation and uncertainty around the robustness of air travel demand. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening in the company's projected long-term cash flow generation, unsecured debt below 20% of total debt, net spreads sustained below 1%, liquidity coverage dropping below 1.0x, and/or a sustained increase in Fitch-calculated gross leverage above 5x; - Macroeconomic and/or geopolitical headwinds that lead to lease restructurings rejections, lessee defaults, and increased losses, or a material deterioration in fleet quality, particularly concerning the proportion of tier 1 aircraft, average fleet age and average lease terms, could also negatively impact ratings; - PAC's ownership by private funds could lead to negative rating actions if it results in elevated capital extractions or if a forced sale of the company at fund maturity undermines PAC's financial profile, franchise, or long-term strategic direction; - Shortcomings in corporate governance or conflicts of interest that weaken PAC's franchise position, limiting its ability to pursue new business opportunities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained strong execution against planned growth targets and long-term strategic objectives, particularly if this leads to further fleet diversification, with single airline exposure approaching 10% of NBV while maintaining a liquid, young fleet portfolio; - Profitably improving franchise scale, as demonstrated by net operating income exceeding $25 million on a sustained basis; - Maintaining a sound financial profile, including gross leverage below 4.0x, low impairment ratios, a sustained increase in net spreads above 2% and liquidity coverage above 1.1x; - Continued ability to fund and proactively place order book assets; - Demonstrated capital market access while maintaining unsecured debt above 30% of total debt. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior secured debt rating (BB/RR2) is two notches above PAC's Long-Term IDR and reflects the aircraft collateral backing the obligations, which suggests strong recovery prospects. The senior unsecured debt rating (B+/RR4) is equalized with PAC's Long-Term IDR and reflects expectations for average recovery prospects in a stress scenario, given the availability of unencumbered assets. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured debt rating is primarily sensitive to changes in PAC's Long-Term IDR and secondarily to the relative recovery prospects of the instruments. In the event of a future upgrade in PAC's Long-Term IDR to 'BB-' or above, Fitch will assess recovery prospects using its generic notching approach, which could lead to a narrowing in the notching between the Long-Term IDR and secured debt rating. The senior unsecured debt rating is primarily sensitive to changes in PAC's Long-Term IDR and the relative recovery prospects of the instruments. A decline in unencumbered asset coverage, combined with a material increase in secured debt relative to PAC's business plan, could result in the notching of the unsecured debt down from the Long-Term IDR. ADJUSTMENTS The Standalone Credit Profile has been assigned in line with the implied Standalone Credit Profile. The Business Profile score has been assigned above the implied score due to the following adjustment reason(s): Historical and future developments (positive). The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; Asset performance (negative), risk profile and business model (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative). ESG Considerations PAC has an ESG Relevance Score of '4' for Management Strategy due to execution risk associated with the operational implementation of the company's outlined business plan. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. PAC has an ESG Relevance Score of '4' for Governance Structure due to potential governance and conflicts of interest risks associated with PAC's limited number of independent board members and ownership by a fixed-life fund structure and external management. Shortcomings in corporate governance or conflicts of interest could weaken PAC's franchise position and limit its ability to pursue new business opportunities. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Phoenix Aviation Capital Limited LT IDR B+ Upgrade B senior unsecured LT B+ Upgrade RR4 B PAC DAC LLC senior secured LT BB Upgrade RR2 BB- Phoenix Aviation Capital LLC LT IDR B+ Upgrade B PAC Aviation III Designated Activity Company senior secured LT BB Upgrade RR2 BB- =================== C O S T A R I C A =================== BANCO INTERNATIONAL: Fitch Affirms 'BB' LT IDR, Outlook Positive ---------------------------------------------------------------- Fitch Ratings has affirmed Banco Internacional de Costa Rica, S.A.'s (BICSA) Long- and Short-Term Issuer Default Ratings (IDRs) at 'BB' and 'B', respectively. Fitch has also affirmed BICSA's Shareholder Support Rating (SSR) at 'bb' and its Viability Rating (VR) at 'bb-'. Fitch has affirmed the bank's Long- and Short-Term National Ratings at 'AA-(pan)' and 'F1+(pan)', respectively. The Rating Outlook for the Long-Term IDR and National Rating is Positive. Key Rating Drivers Ratings Based on Parent Support: BICSA's IDRs and National Ratings are driven by its 'bb' SSR. BICSA is a bank with a general license in Panama and its shareholders are Costa Rican state banks Banco de Costa Rica (BCR) and Banco Nacional de Costa Rica (BNCR). Sound Support Ability: Fitch's opinion of support capacity is driven by BCR's IDRs at 'BB' with a Positive Outlook. BICSA is 51% owned by BCR and 49% owned by BNCR, and its SSR and IDR are equalized to BCR's IDRs. In turn, BICSA's national scale ratings reflect BCR's creditworthiness relative to the rated issuers in Panama. Significant Reputational Risk: Fitch's assessment on BCR's propensity is highly influenced by the significant reputational risk to BCR if BICSA defaults. The Panamanian bank is important to the shareholder's international operations, and its credit profile is closely linked to BCR's. Fitch also considers BCR's state ownership. Blended Approach for Operating Environment: BICSA's operating environment (OE) assessment reflects the bank's geographical scope, given its exposure to nearly 30 jurisdictions. Fitch affirmed BICSA's OE score at 'bb' and revised its Outlook to Positive from Stable because the agency believes the bank will maintain a sustained and proven increase in credit operations in locations with improved OE conditions over the ratings horizon. Panama and Costa Rica represent about 60% of total earning assets, and the bank's international operations result in an OE lower than Panama's bb+, where BICSA is domiciled. Consistent Business Profile: BICSA's business profile score of 'b+' reflects its steady business model, its specialization in corporate and institutional segments, its geographic diversification and its moderate market position in the Panamanian banking system. Its consistent growth has helped gradually improve its business performance and increase its operating income. As of YE25, its total operating income (TOI) grew around 7% yoy, reaching USD62.8 million (YE 2024: USD58.9 million). Reasonable Asset Quality: BICSA maintains sound credit quality across its portfolios, in line with its corporate orientation, although debtor concentration risk persists. As of YE 2025, its stage 3 loans to total loans metric was 2.9% (2022-2025 average: 3.1%), which is comparable to similarly rated banks. Fitch estimates BICSA will continue with controlled asset quality through the bank's reasonable risk controls, well aligned with its 'bb-' score. Improved Profitability: Fitch increased BICSA's earnings and profitability score to 'b+' from 'b', reflecting the sustained improvement in its profitability in recent years, mainly driven by higher TOI from consistent growth and improved operating efficiency. As of YE 2025, its operating profit to risk weighted assets (RWA) ratio reached 1.2%, up from its 2022-2025 average of 0.9% and broadly in line with that of similarly rated peers. Sustained Capitalization Levels: BICSA has maintained stable capitalization in recent years, reflecting gradually higher profits and moderate portfolio growth. As of YE 2025, its common equity tier 1 (CET1) capital to RWA ratio was 10.4% (YE24: 10.1%) which is comparable with that of similarly rated peers. BICSA's capitalization assessment also encompasses potential ordinary shareholder support from its parent companies BCR and BNCR, if needed. Consistent Access to Funding: Fitch believes BICSA maintains a diversified funding structure, which delivers stable liquidity. Its funding profile is balanced between customer deposits, interbank sources and non-deposit funding, which supports its financial flexibility and consistent access to liquidity. The bank's loan to deposit ratio was around 184% as of YE 2025 (2022-2025 average: 192%), which is unfavorable than that of local banks that rely more on deposits for funding. Fitch considers BICSA's funding and liquidity profile of 'bb-' will continue to be underpinned by support availability from BCR, if needed. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - BICSA's IDR and SSR could be downgraded if BCR's ratings are downgraded. A significant reduction in BCR's propensity to provide timely support to its subsidiary could also trigger a downgrade of BICSA's ratings. - BICSA's national scale ratings would also be downgraded in the case of a multi-notch downgrade of BCR's IDRs. - The VR could be downgraded if OEs in Panama and Costa Rica deteriorate materially, as BICSA has its main exposures in those markets, and/or if the bank's financial profile weakens. This could be reflected in a significant and sustained increase in impaired loans and a further reduction in the operating profit-to-RWAs ratio, causing the CET1 ratio to remain below 10% on a sustained basis. - The VR could also be downgraded if high portfolio concentration leads to unexpected credit deterioration, which would indicate less effective risk controls and weaken its asset quality, profitability and capitalization indicators. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could upgrade BICSA's IDRs, SSR and national scale ratings if BCR's ratings were upgraded. - The VR could be upgraded following a significant and sustained improvement in BICSA's business operations and financial performance that results in an operating profits-to-RWAs metric consistently above 1.25% and a CET1 metric consistently above 13%, as well as an improved funding structure through a loan-to-deposit ratio at 140% or below on a sustained basis, while maintaining good asset quality. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Debt Issuances National Ratings Aligned with BICSA's Ratings: The senior unsecured debt long- and short-term national ratings are equalized with BICSA's long- and short-term national ratings. Fitch believes the bank's senior debt issuances have the same probability of default as BICSA's. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES BICSA's National Ratings on debt would reflect any movement in the bank's National Ratings. VR ADJUSTMENTS The operating environment score of 'bb' is below the 'bbb' category implied score due to the following adjustment reason: geographical scope (negative). The funding & liquidity score of 'bb-' is above the 'b & below' category implied score due to the following adjustment reason: liquidity access and ordinary support (positive). Public Ratings with Credit Linkage to other ratings BICSA's ratings are linked to those of its parent, BCR. 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 Internacional de Costa Rica, S.A. LT IDR BB Affirmed BB ST IDR B Affirmed B Natl LT AA-(pan) Affirmed AA-(pan) Natl ST F1+(pan) Affirmed F1+(pan) Viability bb- Affirmed bb- Shareholder Support bb Affirmed bb senior unsecured Natl LT AA-(pan) Affirmed AA-(pan) senior unsecured Natl ST F1+(pan) Affirmed F1+(pan) ============= J A M A I C A ============= JAMAICA: NIR Fell by US$454.6 Million in April ---------------------------------------------- RJR News reports that Jamaica's net international reserves fell by US$454.6 million to US$6.45 billion as at the end of April, from $6.91 billion at the end of March. This was because the central bank continued to intervene in the foreign exchange market in order to shore up the value of the dollar on the back of the galloping import bill, due to the impact of Hurricane Melissa, the war in the Middle East, and the tumbling merchandise export earnings impacting tourism inflows, according to RJR News. This was mainly due to a US$436.2 million fall in currency deposits to US$3.3 billion in April from US$3.7 billion in March, the report notes. The NIR could purchase 40 weeks of imported goods at the end of April compared with the 43 weeks in March, 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. =========== M E X I C O =========== BANCA MIFEL: Fitch Assigns 'B-' Rating to USD300MM AT1 Notes ------------------------------------------------------------ Fitch Ratings has assigned a final 'B-' rating to Banca Mifel, S.A. Institucion de Banca Multiple, Grupo Financiero Mifel's (Banca Mifel) Additional Tier 1 (AT1) notes for USD300 million at 9.25%. The rating is four notches below the bank's Viability Rating (VR) and aligns with Fitch's baseline notching for AT1 instruments. The notes are perpetual, five-year callable, deeply subordinated, non-preferred, interest-rate resettable AT1 debt securities, with fully discretionary and non-cumulative coupons. Proceeds will be used to prudently manage regulatory capital ratios and support loan portfolio growth. The final rating follows a review of final terms and conditions according to information Fitch received when it assigned Banca Mifel an expected rating on May 4, 2026. For more details see "Fitch Assigns Banca Mifel's AT1 Notes 'B-(EXP)' Expected Rating". Key Rating Drivers Notching from Banca Mifel's VR: The AT1 notes are rated four notches below Banca Mifel's 'bb' VR, comprising two notches for loss severity risk, due to deep subordination, and two notches for incremental non-performance risk, given fully discretionary and non-cumulative coupon payments. Poor Recoveries in a Liquidation Scenario: According to Fitch criteria, the two-notch adjustment for loss severity reflects the issue's subordinated non-preferred debt status and expected poor recovery prospects in a liquidation event relative to the bank's senior debt. The notes will rank subordinated to all senior debt and subordinated preferred notes, pari passu to all subordinated non-preferred debt and senior to all classes of capital stock. Coupon Omission: The two-notch adjustment for non-performance considers the fully discretionary and non-cumulative coupon payment and Fitch's view that according to local regulations, interest deferral will be triggered at relatively high capitalization levels before a write-down or point of non-viability (PONV) occurs. The bank has the right to cancel, in whole or in part, interest payments at any time. Additionally, the coupon payment will be cancelled if the Mexican regulator classifies Banca Mifel as "Class II" or below under the Mexican Capitalization Requirements or Early Warning System. If the Tier 1 capital ratio falls below 5.15% while the coupon cancellation event is in effect, the notes will be written down and all outstanding interest will remain cancelled. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - While not Fitch's base case, if the bank's VR is downgraded, the AT1 would not necessarily be downgraded due to rating compression under Fitch's current criteria. The criteria allow overall notching of -3 when the anchor issuer's VR is 'bb-' or lower. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The AT1 notes would typically be upgraded if Banca Mifel's VR is upgraded to maintain baseline notching of -4 from the anchor issuer's VR. For further information about the drivers and rating sensitivities for Banca MiIfel's ratings, please see "Fitch Rates Banca Mifel's IDRs 'BB'; Outlook Positive," published April 17, 2026. Summary of Financial Adjustments Fitch's tangible equity calculation excluded prepaid expenses and other deferred assets from shareholders' equity. Date of Relevant Committee 03-May-2026 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 ----------- ------ ----- Banca Mifel, S.A., Institucion de Banca Multiple, Grupo Financiero Mifel junior subordinated LT B- New Rating B-(EXP) DEL MONTE: Defends Ch. 11 Plan Against Lenders' Objection --------------------------------------------------------- Ben Zigterman at law360.com reports that Del Monte Foods defended its Chapter 11 liquidation plan at a confirmation hearing Tuesday, May 12 in New Jersey, arguing that, despite what a group of lenders has said, the debtor ran a transparent bankruptcy process that resulted in three separate sales. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. MEXICO REMITTANCES: S&P Affirms 'BB (sf)' Rating on 2024-1 Notes ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB (sf)' long-term global scale rating on Mexico Remittances Funding Fiduciary Estate's series 2024-1 notes. S&P also removed the rating from CreditWatch with negative implications. Mexico Remittances Funding Fiduciary Estate's series 2024-1 notes are a future flow transaction backed by Mexican peso-denominated reimbursement rights arising from money transfer agreements originated by Nueva Elektra del Milenio S.A. de C.V. (NEM). The notes are backed by the future flows originated by Nueva Elektra del Milenio S.A. de C.V. (NEM) related to Mexican peso-denominated reimbursement rights arising from money transfer agreements (using the reimbursement mechanism). NEM generates receivables by acting as the money transmitter payor partner in Mexico for certain money transfer operators and aggregators outside the country under the money transfer agreements for delivery of transmitted money amounts in Mexican pesos to beneficiaries in Mexico. S&P said, "The affirmation reflects our current corporate performance assessment (CPA) which, in turn, reflects our recent ratings actions on NEM. This rating action reflects our improved clarity regarding Grupo Elektra S.A.B. de C.V.'s (Grupo Elektra) strategy to address the Mexican peso (MXN) 25 billion tax settlement reached with the Mexican tax authority. Although the agreement entails significant cash outflows, we expect the company to maintain key credit metrics and liquidity consistent with the current rating over the next 12 months. Additionally, the company reported steady operating and financial performance, as well as a solid cash balance, at the end of the first quarter of 2026. The negative outlook reflects the potential for a downgrade over the next six to 12 months if Grupo Elektra's liquidity deteriorates amid significant cash payments for the tax settlement and upcoming debt maturities, or if its operating and financial performance weakens beyond our expectations. "The performance of a future flow transaction is linked to the originators' ability to remain in business and willingness to operate the securitized business for the duration of the transaction. The CPA determines the possible number of notches of uplift above our view of the originator's credit quality. Given that the standalone credit profile (SACP) and issuer credit rating (ICR) on NEM are at the same level, we use the ICR as the starting point for determining the CPA. Second, to determine how many notches of uplift above the ICR could be warranted, we considered our assessment of NEM's business risk profile (BRP) as fair. Our BRP reflects NEM's position as a leading retailer in Mexico, focused on the middle- to low-income segment of the population; its leading market position in the money transfer business; and its brand positioning and strengthened customer loyalty through its synergies with the financial division. Based on our 'B+' ICR on NEM and fair BRP, our CPA on the notes is two notches above the ICR, which is equivalent to 'BB (sf)'. "We will closely monitor developments that could trigger a rating action on NEM, particularly regarding Grupo Elektra's liquidity position or any weakening of its operating and financial performance. A downgrade of Grupo Elektra and consequently of its core subsidiary, NEM, may result in a downgrade of the series 2024-1 notes." ===================================== S T . K I T T S A N D N E V I S ===================================== ST. KITTS AND NEVIS: Economic Growth Slowed in 2025, IMF Says ------------------------------------------------------------- In concluding the 2026 Article IV consultation with St. Kitts and Nevis, Executive Directors endorsed staff's appraisal as follows. The authorities have consented to the publication of the Staff Report prepared for this consultation. Economic growth slowed in 2025 but is expected to rebound to 2 percent (y/y) in 2026 and strengthen over the medium term. The projected pickup this year is supported by construction, agriculture, renewable energy projects, and the continued expansion of tourism activities, although elevated oil prices associated with the war in the Middle East would weigh on the economy through their impact on tourism and transportation sectors. Inflation is expected to rise moderately to 2.2 percent in 2026, driven by higher global energy and food prices, before stabilizing over the medium term. The current account deficit remains wide at 14.6 percent of GDP in 2025, well above the pre-pandemic average. The banking system remains broadly stable, although vulnerabilities persist. Geothermal and solar energy projects are advancing steadily. With Citizenship-by-Investment (CBI) revenue declining further, the overall fiscal deficit widened to 11.7 percent of GDP in 2025, public debt edged up closer to the 60 percent of GDP regional benchmark, and government deposits declined further. Persistently low CBI revenues are expected to keep deficits elevated in 2026 and over the medium term, while public debt is projected to continue rising. Debt sustainability is maintained, but contingent liabilities from public banks and the Social Security Fund (SSF) pose significant risks. Near-term growth risks are tilted to the downside, while inflation risks are tilted to the upside. Heightened global policy uncertainty—including related to CBI programs—geopolitical tensions, and volatility in commodity and financial markets, could weigh on CBI inflows and tourism, and adversely affect banks’ investment portfolios. Persistently high oil prices could weigh further on growth and exacerbate inflationary pressures. Domestically, financial-sector weaknesses and exposure to natural disasters could pose fiscal risks. On the upside, a successful energy transition could strengthen medium-term growth. Executive Board Assessment Continued fiscal consolidation, supported by a strong fiscal resilience framework, is critical to stabilize debt, rebuild buffers, and reduce vulnerability to shocks. Under a moderately frontloaded consolidation scenario combining expenditure rationalization and revenue mobilization, public debt would stabilize at the regional benchmark by 2031 and higher government deposits would help rebuild buffers. Current expenditure requires further rationalization, including streamlining goods and services spending. Policy measures to mitigate the impact of higher oil prices should be well targeted and timebound. Tax revenue has ample scope to increase through rolling back Covid-era concessions, broadening the VAT base, strengthening property taxation, increasing excises, and improving tax administration. Formally adopting fiscal rules anchored by the regional debt benchmark is essential to underpin fiscal consolidation efforts. This would help the authorities’ ongoing efforts to reduce reliance on CBI revenues, mitigate fiscal procyclicality, and strengthen policy credibility. The planned Sovereign Wealth Resilience Fund is also welcome; its implementation—in line with IMF TA—would help manage CBI revenue volatility, enhance disaster resilience, and support long‑term fiscal sustainability. Parametric reforms to the SSF should proceed without delay to prevent reserve depletion by 2040. The banking system remains broadly stable, although vulnerabilities persist. Capital positions have strengthened and NPL ratios have continued to decline, while credit growth has remained robust. Financial sector policies should focus on resolving legacy NPLs, strengthening provisioning, and further de‑risking investment portfolios. Comprehensive reform of the Development Bank is critical to safeguard financial and fiscal stability. The FSRC’s oversight framework for the non-banking sector should be further strengthened. Structural reforms are essential to raise medium-term growth potential. Priorities include accelerating renewable energy projects, enhancing the investment climate, and addressing labor-market skills mismatches. Continued efforts to improve data adequacy are also important. ********* 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 * * *