TCRLA_Public/101129.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

           Monday, November 29, 2010, Vol. 11, No. 235

                            Headlines


B R A Z I L

BANCO MAXIMA: Moody's Assigns 'E+' Bank Financial Strength Rating
PETROLEO BRASILEIRO: Ecuador to Pay 'Adequate' Price for Seizure
TRANSMISSORA ALIANCA: Moody's Assigns Ratings on Amortizing Bonds


C A Y M A N   I S L A N D S

ANSON CAPITAL: Shareholders' Final Meeting Set for December 10
CAMPBELL MAC: Members' Final Meeting Set for Today
CAPITAL MAC: Members' Final Meeting Set for Today
CIBC ASSET: Shareholder to Receive Wind-Up Report on Dec. 10
CIBC GLOBAL: Shareholder to Receive Wind-Up Report on Dec. 10

EFG ORA: Shareholders' Final Meeting Set for December 10
GOLDEN HUMMINGBIRDS: Shareholders' Final Meeting Set for Nov. 30
JWM MACRO: Members' Final Meeting Set for Today
KANTERVALE LIMITED: Members' Final Meeting Set for November 30
KNIGHTSBRIDGE INVESTMENTS: Members' Meeting Set for November 30

MANHATTAN OCEAN: Shareholders' Final Meeting Set for November 30
MANILLA LIMITED: Shareholders' Final Meeting Set for December 10
MARATHON REAL: Shareholder to Receive Wind-Up Report on Nov. 30
MODULUS INTERNATIONAL: Shareholders' Meeting Set for December 16
PLATINUM INVESTMENT: Members' Final Meeting Set for November 30

RICHMOND COMPANY: Shareholders' Final Meeting Set for November 30
SIDNEY AIRCRAFT: Shareholders' Final Meeting Set for December 10
TREATY OAK: Shareholders' Final Meeting Set for November 30
WIN ABSOLUTE: Shareholders Receive Wind-Up Report
WIN ABSOLUTE: Shareholders Receive Wind-Up Report


C H I L E

COMPANIA MINERA: Owner to Sell Assets to Avoid Bankruptcy


J A M A I C A

AIR JAMAICA: Government Extends Focus Aviation's Contract
KSAC: Fails to Pay Workers' Salaries; Audit of Books Called


M E X I C O

CABLEMAS SA: S&P Withdraws 'BB+' Corporate Credit Rating
URBI DESARROLLOS: S&P Affirms 'B+' Corporate Credit Ratings


P U E R T O  R I C O

FIRST BANCORP: Fitch Downgrades Issuer Default Rating to 'CC'
VAQUERIA EL VERDOR: Case Summary & 5 Largest Unsecured Creditors


X X X X X X X X

* BOND PRICING: For the Week November 22 to November 26, 2010




                            - - - - -


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B R A Z I L
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BANCO MAXIMA: Moody's Assigns 'E+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of E+ to Banco Maxima S.A.  At the same time, Moody's
assigned to the bank global local- and foreign-currency deposit
ratings of B2 and Not Prime, long- and short-term, respectively,
and Brazilian national scale deposit ratings of Baa3.br and BR-3.
All ratings have a stable outlook.

These ratings were assigned to Banco Maxima S.A.:

  -- Bank financial strength rating: E+, stable outlook

  -- Global local-currency deposit ratings: B2 and Not Prime,
     stable outlook

  -- Foreign-currency deposit ratings: B2 and Not Prime, stable
     outlook

  -- Brazilian national scale deposit ratings: Baa3.br and BR-3,
     stable outlook

                        Ratings Rationale

The E+ BFSR for Maxima reflects the bank's modest franchise and
market positioning in the niche segment of wholesale banking.
Moody's said the rating also derives from moderate profitability
indicators, which are supported by revenues from Maxima's
traditional business of asset management and brokerage services.
Despite this one focus, Maxima has varied its franchise
significantly over the years as management sought to diversify
earnings by entering markets of high-yield products, such as
consumer financing and payroll lending.  Recently, the bank
divested these other business lines as its small size posed a
challenge to sustaining healthy growth.

The bank's funding structure has limited diversification in its
composition, with a significant part of its resources obtained as
time deposits guaranteed by the deposit insurance fund (DPGEs).
Moody's noted that the low variety of funding sources constrains
the rating because it results in a more expensive cost structure
for the bank, given the insurance component of DPGEs.  The high
concentration of DPGEs also denotes the bank's more restrict
access to raise funds with local investors through conventional
time deposit instruments.

Moody's also identified the bank's ability to generate revenues
from its core competencies as a challenge, particularly because
these segments, brokerage services and asset management, face
increasing competition.  These risks are incorporated into the
BFSR of E+ as well.

Moody's acknowledged that Maxima's capital position, with a BIS
ratio of 20.53% in June 2010, provides cushion against potential
increases in non-performing loans.  In addition, the bank has a
relatively small loan book -- roughly 23% of total assets -- which
also mitigates pressures against capital.  This combination of low
leverage and adequate capital is positive for the rating, added
Moody's.

The global local-currency deposit rating of B2 derives from
Maxima's BFSR of E+, which translates into a baseline credit
assessment of B2.  According to Moody's methodology, because of
Maxima's irrelevant participation in the market for retail
deposits, the rating agency does not ascribe any probability of
systemic support to the bank's deposit ratings.

Banco Maxima S.A. is headquartered in Rio de Janeiro, Brazil.  As
of June 2010, the bank had total assets of approximately R$454
million (US$252 million) and equity of R$92.6 million (US$51.4
million).


PETROLEO BRASILEIRO: Ecuador to Pay 'Adequate' Price for Seizure
----------------------------------------------------------------
PetroEcuador, Ecuador's state-owned oil producer, seized Petroleo
Brasileiro SA's local concessions, Ecuador TLC SA, after Brazil's
state-controlled oil company failed to reach an agreement on
revised oil contracts, Bloomberg News reports.

According to Bloomberg, Ecuador Minister of Non-Renewable Natural
Resources Wilson Pastor told reporters that the country will pay
an "adequate" price for Petrobras's assets.  Bloomberg relates
that the oil company operated the so-called Block 18 and Palo Azul
oil concessions in the Amazon rainforest.

"We have terminated the contract and we will enter the liquidation
process under terms established by the law, fix an adequate price
and payment form," the report quoted Mr. Pastor as saying.

Ecuador's government estimates it may have to pay Petrobras US$163
million for field investments, Mr. Pastor said, Bloomberg notes.
Ecuador on Nov. 23 said it planned to cancel oil and natural-gas
concessions of four companies that refused to switch to service
contracts from production-sharing accords, Bloomberg relates.

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.


TRANSMISSORA ALIANCA: Moody's Assigns Ratings on Amortizing Bonds
-----------------------------------------------------------------
Moody's America Latina Ltda. assigned a Baa3 global scale rating
and Aa1.br rating on the Brazilian national scale to the up to
BRL670 million senior amortizing unsecured debentures to be issued
in three series with maturities ranging between five and seven
years.  Moody's also assigned a Ba1 global scale rating and Aa2.br
rating on the Brazilian national scale to the 7-year amortizing
BRL180 million subordinated debentures.  The debentures will be
issued by Transmissora Alian‡a de Energia Eletrica S.A. At the
same time, Moody's affirmed TAESA's Baa3 global scale issuer
rating and Aa1.br rating on the Brazilian national scale.  The
rating outlook is stable for all ratings.

                        Ratings Rationale

Proceeds of the BRL850 million debentures will be for anticipating
payment of the existing long-term debt with BNDES in the same
amount.  The rationale behind this financial decision is
management's stated intention to proceed with a corporate
restructure of the holding company TAESA and its operating
subsidiaries, which will lead to fiscal gains.  Most of these
fiscal gains will come from the amortization of around BRL1.2
billion of goodwill derived from the incorporation of Transmissora
do Atlantico de Energia Eletrica S.A by TAESA.

To implement this corporate restructure, TAESA would need the
formal approval of BNDES to comply with the existing contractual
clauses embedded in certain debt instruments of its subsidiaries
TSN -- Transmissora Sudeste Nordeste S.A. e Novatrans Energia S.A.
As negotiations between the company's management and BNDES over
the past months have not led to an agreement, TAESA decided to
anticipate the payment of the BNDES debt.  As a result, TAESA is
tapping the local capital markets to execute this strategy.

The Baa3 issuer rating reflects TAESA's strong consolidated credit
metrics for the rating category, which are supported by the stable
and predictable cash flows that result from its operating
subsidiaries' long-term concession contracts for the transmission
of electricity.  The rating also considers the evolving regulatory
framework for transmission companies in Brazil, which is
supportive and well developed but also relatively new and not
fully tested.  The lack of good visibility with respect to the
current capital expansion program constrains the rating.
Specifically, the company's new shareholders may implement a more
ambitious program that negatively impacts leverage and liquidity.

The rating already considers the current structural subordination
of debt at the holding company level to the approximately BRL1.0
billion of debt currently outstanding at the level of its
operating subsidiaries.

Moody's views the regulatory framework for transmission companies
in Brazil as well developed and highly supportive but the track
record is limited and some procedures are still untested, such as
the indemnification of non-depreciated assets upon the non-renewal
or termination of an existing concession.  The secure and stable
nature of the transmission segment stems from the Permitted Annual
Revenues (RAP), which are based on fixed capacity payments
throughout the concession period that have provisions for
automatic annual adjustments for inflation.  TAESA operates eight
transmission networks under long-term concessions expiring between
2030 and 2038.  The company largely benefits from a portfolio
consisting of concessions primarily granted prior to 2006 whose
tariffs are not subject to periodic reviews.  On the other hand,
the RAP for these concessions is scheduled to step down 50%
starting in 2016.

TAESA has strong credit metrics for the rating category in light
of the very attractive features of most of the concessions
contracts of its operating subsidiaries.  Leverage as measured by
the Net Debt to Regulatory Asset Value ratio averaged 54.2% from
2007 through 2009, while the interest coverage ratio was 2.6x, and
Funds From Operations to Net Debt was 27% in the same period.
These ratios are partly tempered by low Retained Cash Flow to
capital expenditures ratio of just 0.37% which results from
several business acquisitions completed during the last three
years, including the BRL562 million acquisition for ETEO in 2008,
as well as the relatively high dividend payout ratio registered
during this period.

Under normal circumstances, Moody's expects a gradual and
consistent improvement in TAESA's capital structure given its very
stable and predictable cash flow and assuming capital expenditures
are restricted to maintenance expenditures only which is tempered
by an expected high dividend pay-out ratio of over 80%.  Moody's
believes that the lack of clarity with regard to expansion capital
expenditures, new concessions or possible acquisitions represents
potential changes to the above-outlined scenario.

The company's stable rating outlook factors in the continued
execution of its business plan.  Moody's expects that TAESA will
prudently manage its capital structure in a way that finances
capital expenditures and dividends in a manner that keeps the
company's credit metrics compatible with the Baa3 rating category.
Also incorporated into this view is Moody's expectation that TAESA
will maintain an adequate debt maturity profile and a solid
liquidity position.

The potential corporate restructure of TAESA and its operating
companies, to be formally approved by the Brazilian electricity
regulator ANEEL, coupled with a clear understanding of the
company's strategic objectives, including its capital investment
plans, could lead to a positive rating action.

The ratings could be downgraded if there is deterioration in the
company's liquidity position or if credit metrics deteriorate so
that RCF to Capital expenditures drops below 1.0x and the ICR
falls below 2.0x for an extended period of time.

The last rating action for TAESA was on June 11, 2010, when
Moody's assigned a Baa3 global scale and Aa1.br rating on the
Brazilian national scale to five-year BRL600 million senior
amortizing unsecured debentures.  At the same time, Moody's
affirmed the Baa3 global scale issuer rating and Aa1.br issuer
rating on the Brazilian national scale to TAESA's Issuer Rating.
The outlook for all ratings was changed to stable from negative.

TAESA is a holding company that operates 3,712 km high voltage
transmission lines through five subsidiaries: Transmissora Sudeste
Nordeste -- TSN, Novatrans Energia, Empresa de Transmissao Alto
Uruguai -- ETAU, Empresa de Transmissao de Energia do Oeste --
ETEO and Brasnorte.  These operating companies operate through
long-term concessions granted and regulated by ANEEL.  In the last
twelve months ended September 30, 2010, TAESA posted consolidated
net sales of BRL739 million (US$400 million) and net profit of
BRL301 million (US$163 million) as reported at CVM.


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


ANSON CAPITAL: Shareholders' Final Meeting Set for December 10
--------------------------------------------------------------
The shareholders of Anson Capital Ltd. will hold their final
meeting on December 10, 2010, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


CAMPBELL MAC: Members' Final Meeting Set for Today
--------------------------------------------------
The members of Campbell Mac 2 Ltd. will hold their final meeting
today, November 29, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


CAPITAL MAC: Members' Final Meeting Set for Today
--------------------------------------------------
The members of Capital Mac Limited will hold their final meeting
today, November 29, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


CIBC ASSET: Shareholder to Receive Wind-Up Report on Dec. 10
------------------------------------------------------------
The sole shareholder of CIBC Asset Management (Cayman) Limited
will receive on December 10, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


CIBC GLOBAL: Shareholder to Receive Wind-Up Report on Dec. 10
-------------------------------------------------------------
The sole shareholder of CIBC Global Asset Management (Cayman)
Limited will receive on December 10, 2010, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


EFG ORA: Shareholders' Final Meeting Set for December 10
--------------------------------------------------------
The shareholders of EFG Ora Funding Limited II will hold their
final meeting on December 10, 2010, at 1:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


GOLDEN HUMMINGBIRDS: Shareholders' Final Meeting Set for Nov. 30
----------------------------------------------------------------
The shareholders of Golden Hummingbirds Limited will hold their
final meeting on November 30, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Caymans Islands


JWM MACRO: Members' Final Meeting Set for Today
-----------------------------------------------
The members of JWM Macro Mac 35 Ltd. will hold their final meeting
today, November 29, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


KANTERVALE LIMITED: Members' Final Meeting Set for November 30
--------------------------------------------------------------
The members of Kantervale Limited will hold their final meeting on
November 30, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Caymans Islands


KNIGHTSBRIDGE INVESTMENTS: Members' Meeting Set for November 30
---------------------------------------------------------------
The members of Knightsbridge Investments Holdings Limited will
hold their final meeting on November 30, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Caymans Islands


MANHATTAN OCEAN: Shareholders' Final Meeting Set for November 30
----------------------------------------------------------------
The shareholders of Manhattan Ocean Holdings Limited will hold
their final meeting on November 30, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Caymans Islands


MANILLA LIMITED: Shareholders' Final Meeting Set for December 10
----------------------------------------------------------------
The shareholders of Manilla Limited will hold their final meeting
on December 10, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


MARATHON REAL: Shareholder to Receive Wind-Up Report on Nov. 30
---------------------------------------------------------------
The sole shareholder of Marathon Real Estate Finance Fund, Ltd.
will receive on November 30, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877


MODULUS INTERNATIONAL: Shareholders' Meeting Set for December 16
----------------------------------------------------------------
The shareholders of Modulus International Limited will hold their
final meeting on December 16, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         Adam Keenan
         Telephone: (345) 949 8743
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


PLATINUM INVESTMENT: Members' Final Meeting Set for November 30
---------------------------------------------------------------
The members of Platinum Investment Limited will hold their final
meeting on November 30, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Caymans Islands


RICHMOND COMPANY: Shareholders' Final Meeting Set for November 30
-----------------------------------------------------------------
The shareholders of Richmond Company Limited will hold their final
meeting on November 30, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Caymans Islands


SIDNEY AIRCRAFT: Shareholders' Final Meeting Set for December 10
----------------------------------------------------------------
The shareholders of Sidney Aircraft Limited will hold their final
meeting on December 10, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


TREATY OAK: Shareholders' Final Meeting Set for November 30
-----------------------------------------------------------
The shareholders of Treaty Oak Ironwood, Ltd. will hold their
final meeting on November 30, 2010, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Robert Arthur
         Telephone: 345-815-2637
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


WIN ABSOLUTE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Win Absolute Return Master Fund Limited
received on November 26, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Anishinder Grewal
         WiN Asset Management LLP City Point
         1 Ropemaker Street London EC2Y 9HT
         United Kingdom


WIN ABSOLUTE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Win Absolute Return Fund Limited received on
November 26, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Anishinder Grewal
         WiN Asset Management LLP City Point
         1 Ropemaker Street London EC2Y 9HT
         United Kingdom


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C H I L E
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COMPANIA MINERA: Owner to Sell Assets to Avoid Bankruptcy
---------------------------------------------------------
Gideon Long at BBC News reports that Compania Minera San Esteban
Primera has agreed to sell its assets to avoid bankruptcy.  BBC
News relates that creditors gave the company 15 months to repay
its debts.

According to BBC News, six weeks on from the dramatic rescue of
the 33 Chilean miners trapped in its mine, the San Jose mine has
remained shut.

The report notes that some of the money from the sale will be used
as severance pay for the more than 300 miners and plant workers
who lost their jobs after the collapse.

In addition, the Chilean government is trying to recoup the money
that it spent on the rescue operation, BBC News says.  The report
discloses that is thought to have cost between US$10 million and
US$20 million (GBP12.5 million).  The rest of the money will be
used to pay off the company's other debts, which are estimated at
around US$10 million, BBC News relates.

Compania Minera San Esteban Primera is engaged in the production
of both copper and gold concentrates.


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J A M A I C A
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AIR JAMAICA: Government Extends Focus Aviation's Contract
---------------------------------------------------------
Cabinet has extended the contract of United States-based Focus
Aviation, the firm that is trying to sell two Air Jamaica Limited
aircraft, RadioJamaica reports.  The report relates that Focus
Aviation has been in negotiations for several months to sell the
two Airbus A320 aircraft to G.A. Telesis.

The aircraft are being offered for US$18.5 million.

According to RadioJamaica, Information Minister Daryl Vaz said
that the sale will help to finalize the divestment of Air Jamaica.

"Air Jamaica has been pursuing the sale of these two aircrafts
since the first quarter of 2009 with its 2009 business plan.
Subsequently, a divestment agreement was brokered with Caribbean
Airlines, which has indicated its intention to acquire a Boeing
fleet which resulted in Air Jamaica Legacy Limited continuing to
pursue the sale of the aircrafts.  This forms an integral part of
the divestment of the airline," the report quoted Mr. Vaz as
saying.

RadioJamaica discloses that Prime Minister Bruce Golding had said
the government was trying to sell two aircraft owned by Air
Jamaica to help meet the airline's tax obligations to the U.S.
government.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  As
reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a
TCRLA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  Radio Jamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, Radio Jamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

                           *     *     *

As of August 18, 2010, the airline continues to carry Moody's "B3"
long-term, long-term corporate family, and senior unsecured debt
ratings.


KSAC: Fails to Pay Workers' Salaries; Audit of Books Called
-----------------------------------------------------------
RadioJamaica reports that more alarm is being raised about the
state of affairs at the Kingston and St Andrew Corporation (KSAC).

According to RadioJamaica, reports are surfacing that several
employees of the Municipal Council are in arrears with various
companies, because funds from their salaries were not paid over
after being deducted by the Council.  RadioJamaica notes that
Kevin Taylor, Councillor for the Duhaney Park Division, first
raised the issue of a cash strapped KSAC on November 22, 2010.

Mr. Taylor, the report relates, called for an audit of the books
and the intervention of the Contractor General.

RadioJamaica discloses that Desmond McKenzie, Mayor of Kingston
and KSAC Chairman, has brushed off the calls accusing Mr. Taylor
of playing politics with the financial affairs of the KSAC.

However, the report notes, Helene Davis-Whyte, General Secretary
of the Jamaica Association of Local Government Officers, which
represents the workers, said several KSAC employees have been
facing problems because payments are not being made on their
behalf.

"Sometime early last year, we began getting complaints for
employees in the KSAC who indicated that their personal deductions
had not been paid over for months to the extent that they were
being paid higher interest on loans that they had (and) their
mortgages were running into arrears.  We can't say that there is
anything untoward, but certainly, there is cause for concern,"
RadioJamaica quoted Ms. Davis-Whyte as saying.  KSAC has fallen
off badly from the financial strength it had in previous years,
she added.

According to Ms. Davis-Whyte, the KSAC was the model authority in
years gone by, but now something is seriously wrong, RadioJamaica
adds.

The Kingston and St. Andrew Corporation is an amalgamation of the
two Parishes: Kingston and St. Andrew. Kingston was established in
1692 after the destruction of Port Royal.  The Parish of Kingston
is entirely urban, while ST. Andrew consists of urban and rural
settlements.  The two Parishes were amalgamated in 1923 for the
purpose of Civic Administration.


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M E X I C O
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CABLEMAS SA: S&P Withdraws 'BB+' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'BB+'
global corporate credit rating and its 'mxA+' national scale
rating on Cablemas S.A. de C.V at the company's request.  At the
same time, S&P withdrew the 'BB+' senior unsecured rating and '3'
recovery rating on the issuer's US$175 million guaranteed senior
notes, following the prepayment of the company's outstanding rated
senior notes, in accordance to the notes optional redemption
terms.


URBI DESARROLLOS: S&P Affirms 'B+' Corporate Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'B+' global scale and 'mxBBB' Mexican
national scale corporate credit ratings, on Mexican homebuilder
Urbi Desarrollos Urbanos S.A.B. de C.V.  The outlook is stable.

"Urbi's aggressive financial policy, accounting practices, and
marketing strategies limit the ratings," said Standard & Poor's
credit analyst Laura Martinez.  The ratings also reflect the
company's high working-capital requirements to support its growth
rates, increasing competition, the concentration of mortgage
origination in Infonavit and Fovissste, and a degree of political
risk inherent to these institutions.  Urbi's operating efficiency
and flexibility, high EBITDA margins, adequate liquidity, its
position as one of the largest homebuilders in Mexico, its
leadership in the northern Mexican states, and increasing
geographical presence somewhat offset these factors.

Urbi's financial performance has been in line with S&P's
expectations during 2010.  Urbi has shown a revenue and volume
growth of 11.8% and 19.6% on a comparable basis (INIF 14).  This
has required significant working capital investments which have
led to a negative free operating cash flow of around MXN950
million during the first nine months of the year (which includes
investments for MXN650 million in Housing Projects in Progress),
mainly financed with additional external funding, leading to some
weakness in the company's financial metrics.  For the past 12
months ended Sept. 30, 2010, the company posted a total debt-to-
EBITDA, EBITDA interest coverage, and funds from operations to-
total-debt ratios of 2.6x, 3.0x, and 21.1%, respectively, compared
with 2.1x, 3.0x, and 23.7% for the same period a year ago.

For year-end 2010, S&P expects the housing related activities
business division, specifically the sale of land in macroprojects
and "Casa Capital Plus," its program for pre-owned homes will
support a neutral to slightly positive FOCF generation for Urbi.
S&P also expect the company will post a total debt/EBITDA ratio of
2.0x.  For the full year, S&P also estimates a total investment of
MXN2.5 billion in working capital needs, which includes a MXN1.2
billion investment in Projects in Progress.  Urbi recently
implemented this business strategy to support its growth plans in
the following years, which consists of the integration of projects
that require investment in working capital to continue its
development.  This strategy should provide Urbi higher returns on
investments than other business opportunities while taking
advantage of its liquidity position.  During 2010, the company has
integrated four Projects in Progress, and expects to continue
making significant investments in this strategy during the next
few years.  In 2011, Urbi expects to post a 15% revenue growth,
which will continue to require intense working capital
investments.  However, S&P believes the company will maintain a
total debt-to-EBITDA ratio under 3.0x.

Urbi's liquidity is adequate.  As of Sept. 30, 2010, the company
held MXN5.7 billion in cash, from which MXN268 million is
restricted, comparing favorably with short-term debt of US$1.7
billion that is mainly composed of bridge loans and credit lines.
S&P also anticipate a negative FOCF generation of around MXN500
million in 2011.

During the first quarter of the year, Urbi refinanced a
significant portion of its short-term debt with the resources
obtained at the placement of a US$300 million bond due in 2020.
As a result, the company's indebtedness profile has improved
because it has extended the average maturity of its debt from 2.6
years to 6.5 years.  Urbi has sufficient covenant headroom
established under its senior unsecured bonds.

The 'B+' rating on Urbi's US$150 million senior unsecured notes
maturing in 2016 is the same as the long-term corporate credit
rating on the company.  The recovery rating of '3' indicates S&P's
expectation of a meaningful recovery (50% to 70%) on the Mexican
recovery scale in the event of a payment default.

The stable outlook reflects S&P's expectation that Urbi will
continue to show strong cash in hand balance to support its
working capital investments while maintaining a debt leverage
ratio below 3.0x.  S&P could raise the ratings if S&P see
sustained evidence of a more moderate financial policy.  An
increase in management's risk tolerance or an important
deterioration in the company's key financial ratios could lead to
a negative rating action.


====================
P U E R T O  R I C O
====================


FIRST BANCORP: Fitch Downgrades Issuer Default Rating to 'CC'
-------------------------------------------------------------
Fitch Ratings has removed from Rating Watch Negative and
downgraded the long-term Issuer Default Ratings of First BanCorp
and its main subsidiary, Firstbank Puerto Rico to 'CC'.  Fitch's
rating actions are mainly predicated on the company's publicly
disclosed capital plans and how these are viewed under Fitch's
rating criteria and definitions.  These actions do not take into
consideration any nonpublic information.

FBP announced a series of initiatives to bolster its balance
sheet.  These mainly entail improving the common equity component
of its overall capitalization.  FBP's capital strategies encompass
three actions: 1) the conversion of the company's US$550 million
perpetual preferred stock which was completed on Aug. 30, 2010;
2) raising additional common stock of up to US$500 million, which
is presently ongoing; and 3) the conversion of the U.S. Treasury's
Capital Purchase Program preferred shares, which is contingent
upon the raising the additional equity.  Taken together, and if
successful, FBP estimates that pro forma tangible common equity
ratio will increase to 10%.

The rating actions primarily reflects Fitch's view that the
capital strategies First Bancorp has pursued are necessitated by
its weakened financial condition and reflective of heightened
credit risk compared to historical performance.  While the
conversion of preferred stock into common serves to improve
tangible common ratios, coupled with the U.S. Treasury's agreement
to convert its CPP investment into common upon additional outside
equity raises, is indicative of an institution which requires
external support in order to remain viable.  As such, under
Fitch's Individual Rating definitions and scale, this is
consistent with an Individual Rating of 'E', which indicates a
bank with very serious problems, which either requires or is
likely to require external support.  Further, as Fitch noted in
its press release dated June 25, 2010, when all of FBP's ratings
were placed on Rating Watch Negative, any event that would be
viewed by Fitch as providing support above and beyond that which
has been provided to others in order for FBP to continue to
operate, Fitch will deem this a failure under its criteria.

If FBP is successful in recapitalizing itself, Fitch recognizes
that this would be a positive development for the institution as
it would provide more absorption for potential losses.  Moreover,
FBP has materially reduced its balance sheet by US$2.8 billion
from year-end 2009, which serves to further improve the company's
balance sheet.  Moreover, the improved balance sheet strengthens
the company's tangible common equity position, which provides the
company cushion to absorb losses due to the weakened real estate
conditions in Puerto Rico and South Florida as well as challenging
macro conditions in Puerto Rico.  Even without the additional
equity raise, FBP has already improved its tangible common equity
ratio to 5.21% for 3Q'10 from 2.57% at 2Q'10, through the
aforementioned conversion of preferred stock.  Fitch recognizes
that FBP continues to comply with the Consent Order with new
minimum capital requirements to be achieved overtime of Leverage
of 8%, a Tier 1 Risk Based Capital of 10%, and Total RBC of 12%.

Fitch's rating actions are the result of a focused review of
Fitch's 'Master Global Financial Institutions Criteria' dated
Aug. 16, 2010.  This review concentrated in particular on
capitalization.  In performing its analysis of Recovery Ratings,
Fitch employed some assumptions that were more conservative than
those outlined in its criteria 'Recovery Ratings for Financial
Institutions' dated Dec. 30, 2009.  Some of the recovery rates for
certain loan categories were assumed to be lower to reflect the
current distressed credit environment.

Fitch has downgraded and removed from Rating Watch Negative these
ratings:

First BanCorp

  -- Long-term IDR to 'CC' from 'B-';
  -- Individual to 'E' from 'D/E'.

FirstBank Puerto Rico

  -- Long-term IDR to 'CC' from 'B-';
  -- Long-term deposit obligations to 'CCC/RR3' from 'B+/RR2';
  -- Individual to 'E' from 'D/E';
  -- Short-term IDR to 'C' from 'B';
  -- Short-term Deposits at 'C' from 'B'.

These ratings remain unchanged:

First BanCorp

  -- Short-term IDR 'C';
  -- Support '5';
  -- Support floor 'NF'.

FirstBank Puerto Rico

  -- Support '5';
  -- Support floor 'NF'.


VAQUERIA EL VERDOR: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Vaqueria El Verdor, Inc.
        Carr. 119 Km 10.5 Bo Cienaga, Camuy PR
        P.O. Box 1319 SABANA HOYOS
        Arecibo, PR 00688
        Tel: (787) 846-4658

Bankruptcy Case No.: 10-11011

Chapter 11 Petition Date: November 24, 2010

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                  WINSTON VIDAL LAW OFFICE
                  P.O. Box 193673
                  San Juan, PR 00919-3673
                  Tel: (787) 751-2864
                  Fax: (787) 763-6114
                  E-mail: wvidal@prtc.net

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$1,000,001 to US$10,000,000

A list of the Company's five largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb10-11011.pdf

The petition was signed by Jose Gabriel Cordero Jimenez,
president.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week November 22 to November 26, 2010
-------------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----

ARGENTINA
---------

ARGENT-DIS          5.83    12/31/2033     ARS             43.65
ARGENT-PAR          1.18    12/31/2038     ARS                90
ARGENT-DIS          7.82    12/31/2033     EUR             77.25
ARGENT-DIS          7.82    12/31/2033     EUR             76.25
ARGENT-DIS          4.33    12/31/2033     JPY                42
ARGENT-PAR&GDP      0.45    12/31/2038     JPY                 8
BODEN 2014             2    9/30/2014      ARS                39
BOGAR 2018             2    2/4/2018       ARS             23.45
PRO12                  2    1/3/2016       ARS             130.3

CAYMAN ISLAND
-------------

BANCO BPI (CI)      4.15    11/14/2035     EUR            49.679
BANIF FIN LTD          3    12/31/2019     EUR            61.625
BCP FINANCE BANK    5.01    3/31/2024      EUR            66.812
BCP FINANCE BANK    5.31    12/10/2023     EUR            69.543
BCP FINANCE CO     4.239                   EUR         63.678571
BCP FINANCE CO     5.543                   EUR         66.033817
BES FINANCE LTD      4.5                   EUR            73.875
BES FINANCE LTD     5.58                   EUR         62.185295
BES FINANCE LTD    6.984    2/7/2035       EUR          63.44015
DUBAI HLDNG COMM       6    2/1/2017       GBP             73.88
EFG ORA FUNDING      1.7    10/29/2014     EUR             68.69
ESFG INTERNATION   5.753                   EUR         67.916667
PUBMASTER FIN      5.943    12/30/2024     GBP             74.94
PUBMASTER FIN      8.44     6/30/2025      GBP         129.64756
PUNCH TAVERNS      4.767    6/30/2033      GBP             75.35

CHILE
-----

AGUAS NUEVAS        3.4    5/15/2012      CLP            0.1949
ESVAL S.A.          3.8    7/15/2012      CLP         49.942973
MASISA             4.25    10/15/2012     CLP         38.402885


PUERTO RICO
-----------

PUERTO RICO CONS    6.5    4/1/2016       USD              49.7


VENEZUELA
---------

PETROLEOS DE VEN     4.9    10/28/2014     USD         62.615863
PETROLEOS DE VEN       5    10/28/2015     USD         56.711132
PETROLEOS DE VEN   5.125    10/28/2016     USD         55.070706
PETROLEOS DE VEN    5.25    4/12/2017      USD         56.727034
PETROLEOS DE VEN   5.375    4/12/2027      USD         45.609648
PETROLEOS DE VEN     5.5    4/12/2037      USD         44.539935
PETROLEOS DE VEN     8.5    11/2/2017      USD         66.986436
VENEZUELA           5.75    2/26/2016      USD             70.75
VENEZUELA              6    12/9/2020      USD                57
VENEZUELA              7    3/31/2038      USD            55.125
VENEZUELA              7    12/1/2018      USD                63
VENEZUELA              7    3/31/2038      USD              55.5
VENEZUELA           7.65    4/21/2025      USD             59.25
VENEZUELA           7.75    10/13/2019     USD             65.75
VENEZUELA           8.25    10/13/2024     USD                63
VENEZUELA              9    5/7/2023       USD             66.25
VENEZUELA           9.25    9/15/2027      USD              72.5
VENEZUELA           9.25    5/7/2028       USD             66.25
VENEZUELA           9.25    9/15/2027      USD             73.26
VENZOD - 189000    9.375    1/13/2034      USD             66.75



                            ***********

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,
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                   * * * End of Transmission * * *