On 9 August 2025, CGCC team, led by Mr. No Lida, CEO of CGCC, conducted a site visit and met with two post-harvest fisheries enterprises in Siem Reap Province, who received guaranteed loans by CGCC and investment support under the Investment Support Facility (ISF), a joint project under CAPFISH-Capture: Post-harvest Fisheries Development Project jointly implemented by the Fisheries Administration and UNIDO Cambodia, co-funded by the European Union, and having CGCC as a fund manager.
This site visit aimed to understand the progress of these enterprises after receiving support from the ISF, their current business operations, action plans, and the challenges they are facing amid the ongoing border dispute.
With support from ISF and a guaranteed loan by CGCC, the two enterprises have been developing and increasing their business productivity through upgrading their equipment and processing techniques with food safety standards to expand their domestic market and for future export opportunities.
The Fisheries sector is one of the key drivers in sustaining and promoting Cambodia’s economic growth. Beyond that, this sector plays a significant role in ensuring sustainable food security, source of income, and providing employment opportunities for Cambodian people.
My name is Chav Soursdey, and I am the owner of Fisheries Processing Handicraft Chav Soursdey. My business started operating in 2022 as a family business, following a decade of my work with a private company in the agricultural sector, with a focus on aquaculture. This business was initiated from my dream and passion for food processing, particularly driven by the experience, knowledge, and skills I gained in the aquaculture sector. Initially, my first operation consisted of four part-time employees; by 2024, this number had expanded to eight employees. Starting from 2023, my products were distributed and supplied to 25 provinces/cities to various restaurants. Furthermore, in 2025, I scaled up production and processed more products, including Prahok Mondul, Prama Fish Mundul Powder, and Fish Mondul Powder.
As a business owner, accessing finance and raising funds to expand and develop my business was challenging because I lacked collateral to apply for a business loan. I had failed to obtain a business loan due to insufficient collateral and inadequate documentation. However, in 2024, I learned about the Investment Support Facility (ISF) project through the Post-Harvest Fisheries
Development Project (CAPFISH-CAPTURE), aiming to increase productivity and expand my business. With this favorable situation and the support of the project and CGCC as the fund manager, I seized the opportunity to explore applying for guaranteed loans. Then, Maybank, a Participating Financial Institution of CGCC, provided consultation to me on the guaranteed loan application.
CGCC’s guarantee significantly supports me to obtain a business loan. Most individuals and business owners like me already have collateral pledged at previous bank loans, making it less likely for us to seek additional financing. With this guaranteed loan and the fund support from the ISF, I gained the opportunity to expand my business operations, upgrade my infrastructure, and purchase equipment, which significantly boosted efficiency and productivity. As a result, I plan to release three product packaging sizes: 10g, 100g, and 200g portions. I hope to export my products to the internal market by 2026, as I now have sufficient equipment to produce in large quantities and ensure timely supply.
To successfully secure a business loan, I believe every business owner must demonstrate a strong commitment to preparing a comprehensive business plan, be aware of their business’s shortcomings, and necessary support mechanisms. More importantly, they should set clear business goals and plan the expenses based on the defined business plan, especially, maintaining financial records including monthly and annual income, expenses, profits, and losses.
As Cambodia’s bond market continues to develop, credit ratings are playing an increasingly important role for issuers, investors, regulators, and guarantors. They serve as a standardized measure of credit risk, bringing greater transparency and confidence to the market while enabling consistent comparisons across different borrowers. Such ratings help guide bond pricing, assess creditworthiness, and support compliance with regulatory or investment policy requirements. A deeper understanding of rating methodologies enables market participants to make better-informed decisions, foster investor confidence, and enhance the credibility and efficiency of Cambodia’s capital market.
What Are Bond Ratings?
A bond rating is an independent opinion issued by credit rating agencies on a bond issuer’s creditworthiness. It evaluates the bond issuer’s financial strengths and the capacity to repay the bond principal and interest according to contract. These ratings are published by international credit rating agencies such as Standard & Poor’s (S&P), Moody’s, and Fitch Ratings, as well as local institution like the Rating Agency of Cambodia (RAC).
While each agency applies its own rating scale, all systems broadly categorize bonds based on credit quality and risk level, typically classifying them as “investment grade,” “non-investment grade”, or “unrated”. Investment-grade bonds are generally viewed as having low risks of default and stable but tend to offer lower returns. In contrast, non-investment grade bonds, also known as speculative, high-yield, or junk bonds—carry higher credit risk but offer investors the potential for higher returns. For example, investment-grade bonds, as shown in the table below, are rated Baa3/BBB– or higher. The highest rating is Aaa/AAA, indicating the strongest credit quality, while the lowest is D, representing default. Modifiers such as plus or minus signs are used to provide finer distinctions within each rating category.
Credit rating symbols are consistent across industries. For example, a BBB rating assigned to a borrower in the service sector carries the same probability of default (PD) as a BBB rating in the manufacturing sector. However, these ratings reflect the overall creditworthiness of the borrower and do not capture the specific risk of individual debt facilities. In contrast, facility ratings assess the credit risk of specific loans or debt instruments by considering factors such as collateral type, seniority, and recovery prospects. For instance, a loan secured by real estate or fixed deposits may receive a higher facility rating than an unsecured loan from the same BBB-rated issuer, due to the lower expected loss in the event of default.
How Are Bonds Rated?
Credit rating agencies apply a combination of quantitative and qualitative analysis to assess a bond issuer’s credit risk. Quantitative factors include financial performance indicators such as cash flow, leverage, liquidity, and capital structure. Qualitative factors cover industry risk, country risk, business position, management and governance quality, and regulatory environment. After evaluating the issuer’s overall creditworthiness, the rating agency reviews the specific bond’s features—such as seniority, collateral, and credit enhancements. The rating reflects the relative likelihood of default and is assigned through a committee process. It is also monitored regularly for potential changes.
Bond ratings are forward-looking and typically reflect the rating agency’s opinion of credit risk over a horizon of 6 months to 2 years, depending on the credit quality and volatility of the issuer. This outlook considers the potential impact of foreseeable events on the bond’s ability to meet its financial obligations, but it is not a guarantee of future performance. While credit ratings are a valuable tool for assessing bond risk, investors are encouraged not to rely solely on ratings when making investment decisions. Therefore, investors should use credit ratings alongside their own due diligences such as reviewing financials, understanding bond terms, and analyzing market conditions to make a well-informed decision.
Implications for Bond Market in Cambodia
Both local and international credit ratings play an essential role in improving transparency, pricing accuracy, and investor confidence in Cambodia’s growing bond market. They provide a standardized assessment of credit risk, support regulatory oversight, and help attract long-term institutional investors.
As the national credit guarantee institution, the Credit Guarantee Corporation of Cambodia (CGCC) plays a strategic role in supporting the development of the bond market, particularly through its guarantees on Khmer Riel-denominated bonds listed on the Cambodia Securities Exchange (CSX). By enhancing the credit profile of local issuers, CGCC’s bond guarantees help reduce perceived default risk, improve access to capital, and expand investor participation—thereby contributing to the deepening and credibility of Cambodia’s capital market.
Phnom Penh, 28 July 2025: Credit Guarantee Corporation of Cambodia (CGCC) and the Cambodia Association of Securities Firms (CASF) held a signing ceremony on the Memorandum of Understanding (MU) at the CGCC office, presided over by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of Securities and Exchange Regulator of Cambodia (SERC), highly participated by Mr. No Lida, CEO of CGCC, Mr. Iv Ranarith, Chairman of CASF, management and staffs of SERC, CGCC, securities firms members of CASF, and distinguished guests from relevant institutions in the securities market, total approximately 70 participants.
The MoU aims to promote the development of bond issuance in Cambodia and guaranteed bonds by CGCC through cooperation between CGCC and CASF. The partnership aims to strengthen the local bond market, promote access to long-term financing for businesses, and support the overall development of Cambodia’s securities market.
Through the MoU signing ceremony, H.E. Sou Socheat also officially launched the “Cambodia Sustainable Bonds Accelerator (CSBA Phase 3)” with the UN Economic and Social Commission for Asia and the Pacific (UNESCAP) and the Global Green Development Institute (GGGI) as members, and in collaboration with the Credit Guarantee & Investment Facility (CGIF), GuarantCo and CGCC, the program will provide technical assistance to the issuance of green bonds, sustainability bonds and sustainability-linked bonds to promote financing for projects that are in line with Cambodia’s climate priority plan and promote green, sustainable and carbon-neutral projects in the future.
H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of SERC, congratulated the signing ceremony of the MoU, sharing: “Meaningful development and progress can only happen when there is participation from industry institutions with a shared vision. The signing of the MoU between CGCC and CASF and the launch of the third CSBA program today are proof and evidence of the power of collaboration between all stakeholders, where ideas are exchanged and joint actions are implemented effectively and efficiently. Through such strategic partnerships, we can create a vibrant, modern and sustainable financial market for Cambodia.”
Mr. No Lida, CEO of CGCC mentioned that: “To support the bond issuance in Cambodia, the cooperation with CASF and participation in CSBA Phase 3 are necessary and essential for CGCC. Through this MOU and CSBA Phase 3, CGCC will have more opportunities to work closely with various securities firms that are members of CASF, along with other key stakeholders, to guarantee bond issuances in Cambodia. This collaboration is a pivotal step toward accelerating the development of the securities market in Cambodia.”
Mr. Iv Ranarith, Chairman of CASF also shared: “This MoU will enable securities companies that are members of CASF to work directly with Credit Guarantee Corporation of Cambodia to study and evaluate potential issuance opportunities that could benefit from the Cambodian Credit Guarantee Corporation.” He also encouraged all relevant parties, especially bond issuers and companies with potential issuances, to study and explore opportunities to issue debt securities guaranteed by the Credit Guarantee Corporation of Cambodia.
About CGCC
CGCC is a state-owned enterprise under the financial and technical guidance of the Ministry of Economy and Finance, with the primary mission of providing credit guarantees to enhance financial inclusion and support the development of small and medium-sized enterprises. CGCC’s products and services include loan guarantees in the banking sector, bond guarantees in the securities sector, and the Entrepreneurship Program Initiative of CGCC (EPIC). For more information on CGCC, please visit CGCC’s website at www.cgcc.com.kh or contact CGCC at 023 722 123.
About the Cambodia Association Securities Firm (CASF)
CASF is a non-profit organization dedicated to the advancement and development of Cambodia’s securities market. We were officially accredited by the Securities and Exchange Regulator of Cambodia (SERC) on 8 September 2023. Our mission is to promote and develop the securities industry of Cambodia, carry out its actions with close collaboration with the SERC.
Phnom Penh, 21 July 2025 – Credit Guarantee Corporation of Cambodia (CGCC) and Sathapana Bank, one of the leading commercial banks in Cambodia jointly organized the agreement signing ceremony to officially announce partnership on the Wholesale Guarantee Scheme (WGS) and Economic Stimulus Guarantee Scheme (ESGS). These initiatives are set to significantly enhance access to finance for businesses across the Kingdom. This strategic collaboration is crucial in driving economic growth, particularly for Micro, Small, and Medium Enterprises (MSMEs) and larger firms for expansion and operational resilience.
As Cambodia continues its economic development, the combined efforts of CGCC and Sathapana Bank, through these newly launched guarantee schemes, will play an increasingly vital role. They will ensure that businesses, regardless of their size or collateral capacity, have the financial support needed to thrive and contribute to Cambodia’s economic landscape.
Mr. No Lida, CEO of CGCC mentioned “Five years ago, Sathapana Bank and CGCC joined forces to launch the Business Recovery Guarantee Scheme, aiming at helping businesses access vital financing during the challenging times of the COVID-19 pandemic. Since then, our collaboration has empowered many businesses to survive, grow, and thrive. Through this journey, we’ve built a strong foundation of mutual understanding, enabling us to enhance the effectiveness of our guarantee schemes.”
“Today’s signing of the Wholesale Guarantee Scheme (WGS) and Economic Stimulus Guarantee Scheme (ESGS) demonstrates our shared commitment to deepen this partnership and increase the impact of credit guarantees. The WGS and ESGS will support Sathapana Bank in managing their risk exposure and enable them to lend more to potential small and medium-sized enterprises, especially during times of economic uncertainty”, said by Mr. No Lida.
“Our partnership with CGCC, particularly through the new Economic Stimulus Guarantee Scheme and the Wholesale Guarantee Scheme, allows us to extend our credit lines through our nationwide networks to a broader segment of the market,” says Mr. Henk G. Mulder, CEO of Sathapana Bank. “This will enhance financial inclusion and unleash the entrepreneurial potential of Cambodians.”
“Our collaboration with CGCC ensures that our lending aligns with Cambodia’s national development priorities, fostering growth in areas that are key to long-term prosperity and improving livelihoods for Cambodian families,” he adds.
About CGCC
CGCC is a state-owned enterprise under the financial and technical guidance of the Ministry of Economy and Finance, with the primary mission of providing credit guarantees to enhance financial inclusion and support the development of small and medium-sized enterprises. CGCC’s products and services include loan guarantees in the banking sector, bond guarantees in the securities sector, and the Entrepreneurship Program Initiative of CGCC (EPIC). As of the end of May June 2025, CGCC has approved guarantees on business loans in a total of 5,027 Guaranteed Accounts, amounting to approximately USD 305 million. For more information on WGS, please visit CGCC’s website at www.cgcc.com.kh or contact CGCC at 023 722 123.
About Sathapana Bank
Sathapana Bank is a leading commercial bank in Cambodia, with total assets of over US$ 2.7 billion and over 3,500 employees. We have an extensive branch network nationwide with 175 branches, 4 Sathapana Premier Banking halls, and over 280 ATMs. We provide complete banking services such as loans, deposits, mobile banking, internet banking, debit & credit cards, domestic and foreign remittances, payroll services, cross-border fund transfers with SWIFT, Visa B2B Connect, Visa Direct, Bakong, trade finance, and other financial services.
To support the growth of micro, small and medium businesses in Cambodia, Sathapana Bank also offers a wide range of payment acceptance solutions such as the Sathapana Tutort merchant app, Sathapana Gateway, S2Biz, Sathapana POS and more.
Recently, Sathapana Bank has received the Certification of Client Protection (Gold level). This prestigious recognition is a testament to our unwavering dedication to offering responsible and inclusive financial services.
On top of that, in 2024, the bank was named the winner of the “Most Innovative Mobile Banking App – Cambodia 2024” award by International Finance and “Best Retail Banking – Cambodia 2024” by Global Retail Banking Rankings. These awards recognize Sathapana Bank’s commitment to providing its customers and Cambodians with the most innovative and the best possible mobile banking experience.
In 2024, Sathapana Bank also received three awards from VISA: “Leadership in Consumer Debit Payment Volume,” “Leadership in Total Merchant Sales Volume Growth,” and “Leadership in Active Net New Acceptance Location.” Furthermore, it received three awards from Mastercard: “Leadership in Credit Growth 2024,” “Leadership in Debit Growth 2024,” and “Leadership in Credit Volume 2024.” These awards are a recognition of and testament to our strong commitment to delivering innovative payment solutions for customers in Cambodia.
The Wholesale Guarantee Scheme (WGS) ensures CGCC guarantee for small and medium enterprise (SME) loans provided by Wing Bank. The deal enables CGCC to share risk with PFIs and reduce the risk weight on the part of the exposure guaranteed by CGCC.
Credit Guarantee Corporation of Cambodia (CGCC) and Wing Bank (Cambodia) Plc signed a $50 million Wholesale Guarantee Scheme (WGS), which is their first, to provide guarantee for small and medium enterprise (SME) loans of participating financial institutions (PFIs), according to a joint statement.
The agreement indicates that Wing Bank is the first CGCC PFI to receive CGCC’s wholesale guarantee, aiming to expand the bank’s capacity to provide essential financing to SMEs, and in line with CGCC’s shared commitment to improve financial inclusion and contribute to national economic growth.
It enables CGCC to share risk with PFIs and reduce the risk weight on the part of the exposure guaranteed by CGCC.
“SMEs are the heartbeat of our economy, and with this partnership, we are better equipped to support their ambitions, fuel their resilience and unlock their potential. I believe that when we invest in SMEs, we invest in the future of Cambodia,” said Dmytro Kolechko, CEO of Wing Bank.
He added that the development of an inclusive financial ecosystem with the government and CGCC will empower entrepreneurs and strengthen communities.
A Prakas on Credit Risk for Capital Adequacy Ratios in Deposit-Taking Banks and Financial Institutions on June 29, 2023, exposures denominated in riel or currency that are clearly and unconditionally guaranteed by the government, including guarantees by credit guarantee schemes, are zero percent risk-weighted.
“This innovative guarantee scheme will mutually benefit Wing Bank and CGCC. It will assist CGCC in effectively managing the quality of our guarantee portfolio to ensure long-term sustainability. Most importantly, it will increase available lending to SMEs,” said No Lida, CEO of CGCC.
GuarantCo, a member of the Private Infrastructure Development Group (PIDG), has entered into a landmark Counter-Guarantee agreement with the Credit Guarantee Corporation of Cambodia (CGCC), a move expected to bolster infrastructure financing and strengthen Cambodia’s local capital markets, according to CGCC’s statement issued on Wednesday.
The $10 million facility provided by CGCC will support GuarantCo’s existing $70 million guarantee for CamGSM Plc (Cellcard), helping the development finance institution manage its exposure across geography and sectors. The agreement is seen as a breakthrough in Cambodia’s risk-sharing framework and marks the first collaboration of its kind between an international guarantor and a local state-owned credit guarantee agency.
Nishant Kumar, Managing Director for Asia Investments at GuarantCo and Head of Coverage – Asia at PIDG, said the partnership will help attract more non-bank capital into Cambodia’s infrastructure development.
“We are pleased to partner with CGCC in pioneering a structure that facilitates local participation in infrastructure risk-sharing,” he said. “This initiative reflects our long-standing commitment to market development, sustainable financing, and deeper regional collaboration. By working with CGCC, we also aim to strengthen local debt capital markets and encourage long-term investment in Cambodia’s infrastructure.”
The transaction comes at a time when the Cambodian government is placing increasing focus on developing its capital markets and mobilising private sector investment to support infrastructure growth in sectors such as telecom, energy, and transport.
For CGCC, the agreement is more than just financial support—it also represents an opportunity to build internal capacity and expand its product offerings.
No Lida, CEO of CGCC, said, “We are pleased to kick-start this collaboration with GuarantCo through the Counter-Guarantee transaction as part of our long-term strategic partnership to support the development of Cambodia’s local bond market. This transaction has helped enhance CGCC’s bond guarantee capacity while supporting GuarantCo’s exposure limits. We look forward to future risk-sharing deals with GuarantCo.”
The facility also supports GuarantCo’s backing of Cellcard’s sustainability bond, one of the country’s prominent moves toward green and socially responsible financing.
Observers note that the transaction could set a new precedent for how local and international institutions can work together to unlock funding for infrastructure projects in emerging markets.
The agreement is expected to contribute to CGCC’s institutional development, giving it direct experience with complex, large-scale transactions and exposing it to international structuring and risk-sharing practices. This, in turn, could accelerate the evolution of Cambodia’s credit guarantee system in support of the broader infrastructure agenda.
In a move aimed at strengthening Cambodia’s local debt capital market and advancing infrastructure development, GuarantCo and the Credit Guarantee Corporation of Cambodia (CGCC) have signed a landmark USD 10 million Counter-Guarantee facility agreement. The strategic collaboration underscores a broader push to scale up sustainable infrastructure financing in emerging markets.
Deal Enhances Risk-Sharing Capacity for Major Projects
The agreement supports GuarantCo’s existing USD 70 million guarantee to CamGSM PLC (Cellcard), one of Cambodia’s leading telecom operators. The new facility allows GuarantCo to manage its exposure to single obligors, sectors, and geographies more effectively, while continuing to support high-impact projects such as the Cellcard sustainability bond.
GuarantCo, part of the Private Infrastructure Development Group (PIDG), highlighted the transaction as a pioneering example of risk-sharing between an international development finance institution and a state-backed guarantor.
“This marks a breakthrough in risk-sharing structures in Cambodia,” GuarantCo stated in its announcement. “It sets a precedent for how international and domestic institutions can collaborate on sustainable financing models.”
For CGCC, the deal represents a significant evolution in its institutional capacity. By directly engaging in a large-ticket infrastructure transaction, the corporation is expected to enhance its expertise in structuring and risk mitigation.
“This is more than just a guarantee—this is a strategic investment in Cambodia’s financial future,” said No Lida, CEO of CGCC. “It allows us to build capacity in bond guarantees and paves the way for future risk-sharing innovations with international partners.”
The partnership also allows CGCC to roll out more complex guarantee structures to support Cambodia’s developing infrastructure pipeline, particularly in areas such as transport, energy, and telecoms.
Leadership Commentary Highlights Long-Term Vision
Nishant Kumar, Managing Director of Asia Investments at GuarantCo and Head of Coverage – Asia, PIDG, emphasized the significance of the initiative for the region. “This initiative is a clear expression of our commitment to sustainable financing and local market development in Southeast Asia,” said Kumar. “We are advancing our mission to channel non-bank capital into impactful infrastructure projects, and this collaboration with CGCC will act as a catalyst for growth in Cambodia’s debt capital markets.”
Kumar added that the partnership is designed to empower Cambodia to build robust local financing capabilities while aligning with broader development objectives.
Meanwhile, No Lida noted that the transaction has already helped enhance CGCC’s bond guarantee capacity and that the corporation is looking forward to deepening its engagement with GuarantCo in future deals.
Broader Implications for Emerging Markets
The deal is viewed as a model for how emerging markets can unlock new financing instruments by blending international expertise with domestic institutional growth. It also reflects a rising trend among development finance institutions to work more closely with local guarantors and regulators.
According to development experts, such risk-sharing partnerships are critical to mobilizing private capital for infrastructure projects in countries like Cambodia, where long-term financing gaps persist.
As global development finance increasingly focuses on leveraging private investment for infrastructure, this deal may pave the way for other Southeast Asian economies to adopt similar blended financing strategies.
On 11 July 2025, Ms. Chum Selarath, Manager of Business Development (Bond Guarantee) attended and was a honorary panelist at a dissemination workshop on “Cambodia Capital Markets Assessment Report” co-organized by The Securities and Exchange Regulator of Cambodia (SERC) and International Finance Corporation (IFC) at Hyatt Regency Phnom Penh highly presided over by H.E Sou Socheat, Delegate of Royal Government in charge of the Director General of SERC.
This dissemination workshop is designed to promote a clearer understanding on how to view valuation reports in the securities market in Cambodia for the purpose of promoting the securities issuance in the country.
Through this workshop, Ms. Selarath shared the Priorities for Driving Capital Market Development, emphasizing the deepening of the market through innovative products and promoting the secondary market. She also heighted the strengthening of collaborations with other market players such as the international bond guarantor to expand the guarantee capacity and securities firms to structure guarantee and bond deals to match the demand and open for due diligence from investors and discussions to promote CGCC’s guarantee capacity.
On 10 July 2025, at the Ministry of Agriculture, Forestry and Fisheries (MAFF), Credit Guarantee Corporation of Cambodia (CGCC) is pleased and honored to sign two tripartite Memorandums of Understanding, including (1) with MAFF and the Agricultural and Rural Development Bank (ARDB), and (2) with MAFF and the Foreign Trade Bank of Cambodia (FTB), presided over by H.E. Dith Tina, Minister of MAFF, to provide a framework for cooperation and partnership between the institutions in promoting the access to finance to support the modern Agricultural Cooperatives (ACs).
These MOUs aim to enhance the efficiency and sustainability of businesses in access to finance support through ARDB and FTB, as well as credit guarantees from CGCC, for modern ACs that have been officially registered in accordance with the Law on AC, with both policy and technical support from MAFF. Through these MOUs, under the active support of MAFF in the development of modern ACs and in particular, promoting access to formal financing for modern ACs, CGCC and Participating Financial Institutions (PFIs), including ARDB and FTB, will be able to expand cooperation on providing necessary guaranteed loans to modern ACs, in line with the vision of the Royal Government of Cambodia, prioritize the agriculture sector, and support Cambodian economic growth.
on 17 September 2024, CGCC and MAFF also signed a Memorandum of Understanding on credit guarantee services to promote the development of modern ACs, which paved the way for CGCC and MAFF to achieve the shared goals of supporting SMEs, especially modern ACs, in the development of the agricultural sector and supporting CGCC in improving financial inclusion in Cambodia.
Agriculture is the priority sector in obtaining the credit guarantee through CGCC’s Participating Financial Institutions (PFIs). As of the end of June 2025, CGCC provided guarantees on more than 5,027 guaranteed accounts, with a total guaranteed loan of USD 305 million. Of these, 137 accounts are businesses in the agricultural sector, representing approximately USD 41 million.
