It has often been said that the legal systems in Latin America have hindered the development of a securitization market. That opinion, however, seems to be changing in various pockets south of the border, sources say.

"Three or four years ago I would have said that legal infrastructure was a significant impediment to securitization in Latin America," said Jeffrey Stern with Thacher Proffitt & Wood. "I think it's less so now because there has been a broader recognition among Latin American countries that getting their legal infrastructure in order is the price of admission to these markets, and consequently this revision process has been taking place in countries across the region for several years."

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