TCRLA_Public/101020.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

          Wednesday, October 20, 2010, Vol. 11, No. 207

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Antigua Government Prepares to Fight Investors


B E R M U D A

LB OSOCP: Creditors' Proofs of Debt Due October 27
LB OSOCP: Members' Final Meeting Set for November 16
PEGASUS LEVERAGED: Creditors' Proofs of Debt Due October 27
PEGASUS LEVERAGED: Members' Final Meeting Set for November 16
SEA EAGLE: Placed Under Voluntary Wind-Up


C A Y M A N  I S L A N D S

ALLMERICA CBO: Creditors' Proofs of Debt Due November 11
AMRITSAR CORPORATION: Creditors' Proofs of Debt Due November 11
BOWLIK 1998: Creditors' Proofs of Debt Due November 11
BRANT POINT: Creditors' Proofs of Debt Due November 11
CBO HOLDINGS: Creditors' Proofs of Debt Due November 11

DREWAFU DEAL: Creditors' Proofs of Debt Due November 11
EGFU DEAL: Creditors' Proofs of Debt Due November 11
INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due November 12
MEDIA FUNDING: Creditors' Proofs of Debt Due November 11
MUTUAL AND HEDGE: Creditors' Proofs of Debt Due November 11

MUTUAL FUND: Creditors' Proofs of Debt Due November 11
MUTUAL FUND: Creditors' Proofs of Debt Due November 11
MUTUAL FUND: Creditors' Proofs of Debt Due November 11
O'CONNOR CREDIT: Creditors' Proofs of Debt Due November 11
O'CONNOR PIPES: Creditors' Proofs of Debt Due November 11

SIGNUM ZINC: Creditors' Proofs of Debt Due November 11
STONY HILL: Creditors' Proofs of Debt Due November 11
STONY HILL: Creditors' Proofs of Debt Due November 11
SUBMIT LIMITED: Creditors' Proofs of Debt Due November 11
SUMMIT DOM: Creditors' Proofs of Debt Due November 11


C O L O M B I A

ECOPETROL SA: Fitch Gives Positive Outlook; Keeps 'BB+' Rating


C O S T A  R I C A

BANCO DE COSTA: Fitch Affirms Issuer Default Rating at 'BB'


G U A T E M A L A

BANCO INDUSTRIAL: Fitch Upgrades Individual Rating to 'C/D'


M E X I C O

HIPOTECARIA SU: S&P Downgrades Counterparty Credit Rating to 'SD'


T R I N I D A D  &  T O B A G O

UNIVERSITY OF THE WEST INDIES: Lecturers Threaten "Total Shutdown"




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A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: Antigua Government Prepares to Fight Investors
--------------------------------------------------------------
The Antigua and Barbuda government said it's building a defence
against a lawsuit brought by the Stanford Victims Coalition, which
is seeking to recover financial losses as a result of the fall of
Robert Allen Stanford's empire, Carribbean360.com reports.

According to the report, Attorney General Justin Simon said that
the administration has instructed its lawyers from Texas who
recently visited the island.  The report relates that the SVC
alleges that government has benefited from Stanford's investments
and, on that basis, should compensate the members for their
losses.

"Government is looking at whether that action is sustainable
against a sovereign state and the whole issue as to whether or not
there was a commercial enterprise in which the government
participated with Stanford would first of all have to be
established," a statement from the government said, the report
notes.

Caribbean360.com discloses that the Attorney General noted,
though, that there were very few actual engagements between
Stanford and the United Progressive Party (UPP) administration and
it is hoped that, with the information given to the lawyers, the
lawsuit would be dismissed.

The Stanford investors, the report says, want US$24 billion in
compensation -- three times the amount the businessman is alleged
to have defrauded customers out of.  The report relates that they
have also filed another lawsuit, in which the Eastern Caribbean
Central Bank is also named, accusing the regional institution of
unlawfully seizing Stanford's Bank of Antigua after news of Mr.
Stanford's charges caused a run on the bank and threatened its
stability.

The Attorney General said no papers have been served in relation
to that matter, the report adds.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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B E R M U D A
=============


LB OSOCP: Creditors' Proofs of Debt Due October 27
--------------------------------------------------
The creditors of LB OSOCP II Holdings Ltd are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 7, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LB OSOCP: Members' Final Meeting Set for November 16
----------------------------------------------------
The members of LB OSOCP II Holdings Ltd will hold their final
meeting on November 16, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 7, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


PEGASUS LEVERAGED: Creditors' Proofs of Debt Due October 27
-----------------------------------------------------------
The creditors of Pegasus Leveraged Fund Limited are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 8, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


PEGASUS LEVERAGED: Members' Final Meeting Set for November 16
-------------------------------------------------------------
The members of Pegasus Leveraged Fund Limited will hold their
final meeting on November 16, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on October 8, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


SEA EAGLE: Placed Under Voluntary Wind-Up
-----------------------------------------
On October 5, 2010, the members of Sea Eagle (Bermuda) Ltd.
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


==========================
C A Y M A N  I S L A N D S
==========================


ALLMERICA CBO: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Allmerica CBO I, Limited are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


AMRITSAR CORPORATION: Creditors' Proofs of Debt Due November 11
---------------------------------------------------------------
The creditors of Amritsar Corporation Ltd. are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2010.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 30592
         Landmark Square 3rd Floor
         64 Earth Close Grand Cayman KY1-1203
         Cayman Islands


BOWLIK 1998: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Bowlik 1998 Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BRANT POINT: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Brant Point II CBO 2000-1, Ltd are required to
file their proofs of debt by November 11, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CBO HOLDINGS: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of CBO Holdings X Ltd are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


DREWAFU DEAL: Creditors' Proofs of Debt Due November 11
-------------------------------------------------------
The creditors of Drewafu Deal Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


EGFU DEAL: Creditors' Proofs of Debt Due November 11
----------------------------------------------------
The creditors of Egfu Deal Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due November 12
----------------------------------------------------------------
The creditors of Investcorp Washington Corner GP Limited are
required to file their proofs of debt by November 12, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         Boundary Hall, Cricket Square
         PO Box 1111, Grand Cayman KY1-1102
         Cayman Islands


MEDIA FUNDING: Creditors' Proofs of Debt Due November 11
--------------------------------------------------------
The creditors of Media Funding Company 2007-1 are required to file
their proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


MUTUAL AND HEDGE: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------------
The creditors of Mutual And Hedge Fund-Linked Reference Fund (1-A)
Limited are required to file their proofs of debt by November 11,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


MUTUAL FUND: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-V) Limited
are required to file their proofs of debt by November 11, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


MUTUAL FUND: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-W) Limited
are required to file their proofs of debt by November 11, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


MUTUAL FUND: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-X) Limited
are required to file their proofs of debt by November 11, 2010, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR CREDIT: Creditors' Proofs of Debt Due November 11
----------------------------------------------------------
The creditors of O'Connor Credit Opportunity Limited are required
to file their proofs of debt by November 11, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park, Grand Cayman KY1-1103
         Cayman Islands


O'CONNOR PIPES: Creditors' Proofs of Debt Due November 11
---------------------------------------------------------
The creditors of O'Connor Pipes Corporate Strategies Limited are
required to file their proofs of debt by November 11, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


SIGNUM ZINC: Creditors' Proofs of Debt Due November 11
------------------------------------------------------
The creditors of Signum Zinc Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


STONY HILL: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Stony Hill CDO IV (Cayman) Ltd are required to
file their proofs of debt by November 11, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


STONY HILL: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Stony Hill CDO V (Cayman) Ltd are required to
file their proofs of debt by November 11, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SUBMIT LIMITED: Creditors' Proofs of Debt Due November 11
---------------------------------------------------------
The creditors of Submit Limited are required to file their proofs
of debt by November 11, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SUMMIT DOM: Creditors' Proofs of Debt Due November 11
-----------------------------------------------------
The creditors of Summit DOM, Limited are required to file their
proofs of debt by November 11, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 30,
2010.

The company's liquidator is:

         Darren Riley
         Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road George Town, Grand Cayman
         Cayman Islands


===============
C O L O M B I A
===============


ECOPETROL SA: Fitch Gives Positive Outlook; Keeps 'BB+' Rating
--------------------------------------------------------------
Fitch Ratings has revised Ecopetrol S.A.'s Outlook to Positive
from Stable following the Outlook revision of Colombia's sovereign
ratings.  Ecopetrol's foreign and local currency Issuer Default
Ratings remain unchanged at 'BB+' and 'BBB-', respectively.

Colombia's Outlook revision to Positive reflects the country's
economic resilience and improved macroeconomic performance in
relation to its peers.  Colombia's expected increase in oil and
mining production will likely benefit overall economic activity
and export receipts, in turn supporting improvements in external
solvency and liquidity metrics.  Fiscal measures that are
currently being discussed in Congress also augur well for further
strengthening of Colombia's fiscal capacity and policy
credibility.

Ecopetrol's ratings reflect its strong financial profile,
improving production capacity and adequate reserve levels.
Ecopetrol's growth strategy and associated capital investment are
considered aggressive.  The company is expected to maintain a
financial and credit profile consistent with the assigned rating
while it implements its growth strategy.  The company's ratings
also reflect the close linkage with the Republic of Colombia,
which currently owns 89.9% of the company and appoints the
majority of the board of director members according to established
corporate governance policies.


==================
C O S T A  R I C A
==================


BANCO DE COSTA: Fitch Affirms Issuer Default Rating at 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica, S.A.'s ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB';

  -- Short-term foreign currency IDR at 'B';

  -- Long-term local currency IDR at 'BB+';

  -- Short-term local currency IDR at 'B';

  -- Individual at 'C/D';

  -- Support at '3';

  -- Support Rating Floor at 'BB';

  -- National-scale long-term rating at 'AA+(cri)';

  -- National-scale short-term rating at 'F1+(cri)'.

  -- Long term national-scale rating for local senior debt issues
     at 'AA+(cri)';

  -- Short-term national-scale rating for local senior debt issues
     at 'F1+(cri)';

The Rating Outlook is Stable.

The bank's IDRs, Support rating and Support rating floor are
driven by and aligned to Costa Rica's sovereign ratings (long-term
foreign currency IDR 'BB'; local currency IDR 'BB+'; Stable
Outlook), since the government is BCR's sole shareholder, and it
grants an explicit guarantee for BCR and other state-owned banks.
However, the ability to provide support could be limited, given
the country's sub-investment grade sovereign rating and fiscal
constraints.

In turn, BCR's Individual rating reflects the bank's strong
franchise, adequate capital levels, and sound funding and
liquidity.  The Individual rating also considers the exposure to
foreign exchange rate volatility, relatively modest and barely
improving core earnings, still high borrower and sector
concentrations, and limited loan loss reserves.

Over the medium term, BCR's Individual rating could be positively
influenced by further improvements in core earnings, declining
risk concentrations and FX exposure, and demonstrated ability to
steadily grow and shift its business mix without materially
affecting its key rating fundamentals.  Downside risk would stem
from unexpected deterioration in asset quality and/or
profitability.  While BCR's IDRs are not constrained by the
sovereign rating and could be eventually upgraded by a positive
rating action on the bank's Individual rating, the likelihood of
the latter is limited over the foreseeable future, which results
in BCR's Rating Outlook also being aligned to that of the
sovereign at Stable.  Thus, the most likely potential events that
could result in changes to the bank's IDRs (in either direction)
are mostly related to changes in Costa Rica's sovereign ratings.

Established in 1877 and wholly owned by the government, BCR is one
of the oldest banks in Central America and the second largest in
Costa Rica, with market shares by assets, loans and deposits
between 18% and 20% as of June 2010.  In addition to three small
local wholly-owned subsidiaries in non-credit activities, it also
has a 51% stake in Banco Internacional de Costa Rica (BICSA), a
Panama-based bank established in 1976, specializing in corporate
banking, in which local peer Banco Nacional de Costa Rica (also
fully government-owned) holds the remainder 49% stake.


=================
G U A T E M A L A
=================


BANCO INDUSTRIAL: Fitch Upgrades Individual Rating to 'C/D'
-----------------------------------------------------------
Fitch Ratings has upgraded the Individual rating of Guatemala's
Banco Industrial to 'C/D' from 'D', while the Outlook on the 'BB'
long-term Issuer Default Rating and the 'AA-(gtm)' national scale
rating was revised to Positive from Stable.  A full list of rating
actions is at the end of this release.

BI's ratings reflect its strong local franchise, resilient asset
quality and well-contained credit costs, adequate funding and
liquidity, and good and stable profitability, although somewhat
limited.  The ratings are constrained primarily by BI's modest
loss absorption capacity (capitalization and loan loss reserves),
although they have recently been gradually improving.  The upgrade
of its Individual rating to 'C/D' is driven by some recent
improvements on the bank's capital adequacy and, more importantly,
by Fitch's perception that such improvements will not only
continue, but actually could be more robust on a forward looking
basis.  To a lesser extent, the upgrade also reflects BI's better-
than-expected resilience to the recent economic downturn as the
bank was able to prevent material worsening of asset quality,
credit costs and overall performance while maintaining sound and
roughly unchanged liquidity and funding.  BI's capital position
has been historically tight and further affected by some
acquisition-driven growth in previous years, but this trend has
gradually reverted over the past couple of years.

The Positive Outlook on BI's IDR reflects that this rating could
also be upgraded if the bank sustains recent trends and further
improves its capital adequacy.  While capital metrics have been
strengthening only recently and at a moderate pace, Fitch expects
that these could be further enhanced in the near future on the
back of relatively modest projected loan growth, growing internal
capital generation (retained core earnings), and continued
positive developments on capital constraints at the ultimate-
parent level (Panama-based Bicapital Corp.).

Previously, Fitch had stated that BI's ability to strengthen its
overall capital levels could be constrained by Bicapital's needs
to source dividends from its operating subsidiaries, particularly
BI, to fulfill a relative ample and rapidly approaching maturity
credit facility contracted by Bicapital in 2007 to finance an
acquisition in Honduras.  Positively, that syndicated loan was
replaced in late 2009 with a longer-term issue of preferred shares
subscribed by some of Bicapital's shareholders.  Although these
securities are not considered equity-like under Fitch's criteria,
the refinancing risk was significantly reduced.  Also, the
sustained profitability of most of Bicapital's subsidiaries has
allowed a quicker-than-expected reduction in double leverage at
the parent company, currently estimated by Fitch at roughly 130%
(from over 150% about 18 months ago).  However, if these positive
trends on capital adequacy at BI and Bicapital are not sustained,
the most likely outcome then would be an affirmation of the bank's
IDR and an Outlook revision back to Stable.

BI is Guatemala's largest bank (27% of the system's assets and
deposits as of June 2010) and a major regional player in Central
America.  It is owned by Bicapital, which also owns 89.6% of
Honduras-based Banco del Pais.

Fitch has upgraded these ratings of BI:

  -- Individual rating to 'C/D' from 'D';

  -- Short-term national-scale rating to 'F1+(gtm)' from
     'F1(gtm)'.

Fitch has affirmed BI's other ratings:

  -- Long-term foreign and local currency IDRs at 'BB';

  -- Short-term foreign and local currency ratings at 'B';

  -- Support rating at '3';

  -- Support rating floor at 'BB-';

  -- US$35 million non-cumulative fixed-/floating-rate step-up
     Tier 1 capital notes due 2068 at 'B+';

  -- Long-term national-scale rating at 'AA-(gtm)'.

The Rating Outlook was revised to Positive from Stable for both
the international- and national-scale long-term ratings.


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M E X I C O
===========


HIPOTECARIA SU: S&P Downgrades Counterparty Credit Rating to 'SD'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Mexico-based mortgage and
construction lender Hipotecaria Su Casita S.A. de C.V. SOFOM
E.N.R. to 'SD' from 'CC'.  At the same time, S&P lowered its
Mexican national scale rating on HSC to 'SD' from 'mxCC/mxC'.  S&P
also lowered its national scale rating on its debt issuance CASITA
06 and its commercial paper programs to 'D'.

The rating actions come after HSC missed its Mexican pesos MXN300
million CASITA 06 programmed amortization payment.  The company
did not renew its commercial paper program series CASITA 01810 and
CASITA 01910, both totaling MXN425 million.  Even though HSC had
cash in hand to fulfill these payments, it decided not to do so as
it restructures its debt.  The default comes after a bondholders
meeting did not meet the required minimum quorum.  The nonpayment
stems from HSC's extremely weak financial position, low liquidity,
bad asset quality, and poor adjusted capitalization.

An obligation rated 'D' is in payment default.  The 'D' rating
category is used when payments on an obligation are not made on
the date due, even if the applicable grace period has not expired.


===============================
T R I N I D A D  &  T O B A G O
===============================


UNIVERSITY OF THE WEST INDIES: Lecturers Threaten "Total Shutdown"
------------------------------------------------------------------
Gyasi Gonzales at Trinidad Express reports that lecturers at the
University of the West Indies in St. Augustine are threatening to
press ahead with a "total shutdown" of the facility.  The report
relates that the threat came after the president of the West
Indies Group of University Teachers, Dr. Godfrey Steele, and his
members made good on their promise to lead a demonstration during
a meeting at the Centre for Language Learning at UWI.

Earlier this week, the report notes, Mr. Steele said the reason
for a "sick-out protest" resulted from a meeting on September 28
with Labour Minister Errol McLeod and Tertiary Education Minister
Fazal Karim.  The report relates that Mr. Steele said back then
both ministers had assured that the lecturers' salary negotiations
would continue and "[Mr.] McLeod told us we would get a reasonable
offer but when we met on October 1, 2010, we were offered the same
thing the last administration offered us, which is one per cent
for each year that we were negotiating for."

According to the report, UWI principal Clement Sankar came and
told the lecturers that he was fully apprised of the situation,
adding "we were given a verbal mandate to speak to the union and
resume negotiations".

                             About UWI

The University has expanded to four campuses that serve diverse
communities across the Caribbean region -- Cave Hill in Barbados,
St. Augustine in Trinidad and Tobago, Mona in Jamaica and the Open
Campus -- all of which deliver high-quality education, research
and services to all 15 contributing countries that support the
University, as well as the Turks & Caicos Islands.  The University
of the West Indies currently has a total enrolment of over 39,000
students and graduates annually approximately 5,800 students (at
undergraduate, graduate and diploma levels).



                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2010.  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$625 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 Christopher Beard at 240/629-3300.


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