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                     L A T I N   A M E R I C A

          Thursday, December 2, 2010, Vol. 11, No. 238

                            Headlines


A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Assigns 'B2' Rating to Notes
AUTOPISTA MORON: Creditors' Proofs of Debt Due December 27
DE BIASE: Asks for Declaration of Bankruptcy
DISTRIBUIDORA L & L: Creditors' Proofs of Debt Due February 14
DOCES SA: Requests for Preventive Contest

EL EXOTICO: Creditors' Proofs of Debt Due March 18
INSTITUTO SUPERIOR: Asks for Preventive Contest


B E R M U D A

LATOT (BERMUDA): Creditors' Proofs of Debt Due December 1
LATOT (BERMUDA): Member to Receive Wind-Up Report December 31
LATOT JDZ: Creditors' Proofs of Debt Due December 1
LATOT JDZ: Member to Receive Wind-Up Report December 30
LSF IV: Creditors' Proofs of Debt Due December 1

LSF IV: Members' Final Meeting Set for December 21
TIMICUAN HOLDINGS: Creditors' Proofs of Debt Due December 1
TIMICUAN HOLDINGS: Members' Final Meeting Set for December 22


B R A Z I L

BANCO BRASCAN: Fitch Affirms 'BB+' Issuer Default Ratings
M-WISE INC: Incurs US$430,064 Net Loss in September 30 Quarter
TRANSAX INTERNATIONAL: Posts US$460,800 Net Loss in Q3 2010
* BRAZIL: Moody's Upgrades Ratings on Local Governments


C A Y M A N  I S L A N D S

ANCHOR MAC: Creditors' Proofs of Debt Due December 13
ARCAS MAC: Creditors' Proofs of Debt Due December 13
AXIS-JJM: Creditors' Proofs of Debt Due December 22
BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22
BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22

BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22
BLUEFIN CAPITAL: Placed Under Voluntary Liquidation
BUNIAS INVESTMENTS: Commences Wind-Up Proceedings
ENDEAVOUR INTERNATIONAL: Creditors' Proofs of Debt Due December 22
ENDEAVOUR SECURITIES: Creditors' Proofs of Debt Due December 22

FOCUS FUND: Creditors' Proofs of Debt Due December 14
FORT MAC: Creditors' Proofs of Debt Due December 13
LAMIUM INVESTMENTS: Commences Wind-Up Proceedings
OCEAN CAPITAL: Creditors' Proofs of Debt Due December 22
ORCHIS INVESTMENTS: Commences Wind-Up Proceedings

PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22
PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22
PICO FUND: Commences Liquidation Proceedings
ROYALCAP VALUE: Creditors' Proofs of Debt Due December 22
UNITAS CAPITAL: Creditors' Proofs of Debt Due December 22


J A M A I C A

AIR JAMAICA: Government Saves JM$4 Billion From Divestment
RBTT BANK: Closure of Some Branches Complete


M E X I C O

VITRO SAB: To Vote US$1.9 Billion of Loans to Win Debt Offer


P A N A M A

BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D'


P E R U

IFH PERU: Moody's Assigns 'Ba3' Rating to Proposed Debt Issuance


V I R G I N  I S L A N D S

EQUIVEST ST. THOMAS: V.I. Court Dismisses Suit vs. Ex-Managers


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Moody's Assigns 'B2' Rating to Notes
-----------------------------------------------------------
Moody's Latin America has assigned a B2 global scale rating and
Aa3.ar national scale rating to Aeropuertos Argentina 2000 S.A.'s
proposed US$300 million notes due in 2020.  Additionally, Moody's
changed the outlook to positive from stable and affirmed a B1
global local currency rating and an Aa2.ar National Scale Rating
on AA2000's Class "A" and Class "B" senior unsecured notes and a
B2 global local currency rating and a Aa3.ar National Scale Rating
on AA2000's Class "C" senior unsecured notes.  The Argentine
country ceiling constrains the ratings on the notes, given that
they are denominated in US dollars.  Simultaneously, Moody's
changed the outlook to positive from stable and affirmed AA2000's
B1 global local currency corporate family rating and an Aa2.ar
Argentina national scale rating and to its ARS 75 million bank
credit loan with Banco de la Naci˘n Argentina (not rated).  The
rating outlook for the dollar denominated debt is stable.

Ratings are:

Issuer: Aeropuertos Argentina 2000 S.A.

  -- B1 / Aa2.ar (Global Local Currency Corporate Family Rating
     and national scale rating, respectively), Positive outlook

  -- B2 / Aa3.ar to the US$300 million proposed notes due in
     2020.  Stable outlook

  -- B1 / Aa2.ar ARS 75 million bank credit loan.  Positive
     outlook

US$38 million Senior Unsecured Notes:

  -- B1 / Aa2.ar (Global Local Currency Rating and national scale
     rating, respectively): Class "A".  Positive outlook

  -- B1 / Aa2.ar (Global Local Currency Rating and national scale
     rating, respectively): Class "B" .  Positive outlook

  -- B2 / Aa3.ar (Global Local Currency Rating and national scale
     rating, respectively): Class "C".  Stable outlook

                        Ratings Rationale

"The B1 and Aa2.ar ratings principally reflect AA2000's recent
improvements in credit quality and overall credit metrics due to
the final agreement with the national government to increase the
aeronautical tariffs that began in March 2009.  Aeronautical
tariffs had been frozen since the last economic crisis in 2002,"
said Veronica Amendola, AVP-analyst at Moody's.

"AA2000's ratings reflect a number of credit factors that include
the company's dominant position in its business and the structure
and length of the 1998 concession agreement under which the
company operates.  In addition, the downturns in passenger traffic
that began in 2001 and 2002 as a result of a convergence of
various economic crises and the impact of the events of 9/11, SARs
and the wars in the Middle East have basically ended and the
airport is experiencing some modest growth" said Amendola.

With two main airports generating 94% of its revenues, AA2000 has
limited geographical diversification, which offsets the company's
key strengths.  The evolving global macroeconomic situation has
softened the passenger growth rate, as Moody's anticipated in
January 2009.  In addition, within AA2000's portfolio of airports,
only Ezeiza is currently equipped to service present levels of
international flight traffic.  Moody's acknowledges that any event
affecting EZE's capacity to service international flights could
adversely affect the company's business and financial condition
overall.

Key challenges facing AA2000 include the current run-up in
operating costs and some fundamental issues such as the political
risks inherent in operating in Argentina, along with the country's
shrinking and volatile economy.

AA2000's B1 global local currency rating reflects its global
default and loss expectation, while the Aa2.ar national scale
rating reflects the standing of AA2000's credit quality relative
to its domestic peers.  Moody's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Argentina are
designated by the ".ar" suffix Issuers or issues rated Aa2.ar
present above-average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country

The positive rating outlook reflects the bondholder protections
embedded in AA2000's debt structure and Moody's expectations for
low revenue volatility.  Additionally, Moody's assumes that the
evolving global macroeconomic situation in Latin America will
probably have positive impact on the company's credit performance.
The stable outlook for the dollar denominated notes reflect the
stable outlook for Argentina, given that Class "C" and the US$300
million proposed notes are constrained by the B2 and stable
outlook assigned to the Argentina country ceiling

Sustained higher than projected passenger traffic, resulting in
higher than expected revenue collections, might exert upward
pressure on the ratings.  Additional sources of upward pressure
could result from expansion of AA2000's market size or geographic
diversification, as well as from an improving business environment
in Argentina that leads to growth of both aeronautical and non-
aeronautical revenues.  Finally, sustainable political and
economic stability in Argentina could put upward pressure on
ratings

Possible developments that could have negative implications for
the rating include passenger traffic flows that are substantially
less than projected on a sustained basis, a prolonged inability to
adjust rates and tariffs as needed going forward, and/or
unfavorable changes to the terms of the Concession Agreement.

Headquartered in Buenos Aires, Argentina, AA2000 was incorporated
in 1998 after winning the national and international bid for the
concession rights related to the "Group A" airports of the
Argentine National Airport System.  The concession agreement
expires in 2028.  AA2000's shareholders are Societ… per Azioni
Esercizi Aeroportuali S.E.A (10%), Corporaci˘n Am‚rica
Sudamericana S.A (35%), Corporaci˘n America S.A (54%) and Riva
SAICFyA (1%).


AUTOPISTA MORON: Creditors' Proofs of Debt Due December 27
----------------------------------------------------------
Haydee Alicia Lypka, the court-appointed trustee for Autopista
Moron SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 27, 2010.

Ms. Lypka will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 24
in Buenos Aires, with the assistance of Clerk No. 28, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Haydee Alicia Lypka
         Avenida Corrientes 1628
         Argentina


DE BIASE: Asks for Declaration of Bankruptcy
--------------------------------------------
De Biase SAICeI asked for the declaration of bankruptcy by
cessation of payments.


DISTRIBUIDORA L & L: Creditors' Proofs of Debt Due February 14
--------------------------------------------------------------
Juan Marcelo Espinera, the court-appointed trustee for
Distribuidora L & L SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until February 14, 2011.

Mr. Espinera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk No.
23, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Marcelo Espinera
         Quirno Costa 1256
         Argentina


DOCES SA: Requests for Preventive Contest
-----------------------------------------
Doces SA requested for preventive contest.  The company stopped
making payments last October 11.


EL EXOTICO: Creditors' Proofs of Debt Due March 18
--------------------------------------------------
Reynaldo Munich, the court-appointed trustee for El Exotico SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 18, 2011.

Mr. Munich will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Reynaldo Munich
         Maipu 509
         Argentina


INSTITUTO SUPERIOR: Asks for Preventive Contest
-----------------------------------------------
Instituto Superior de Carreras Empresariales SRL asked for
preventive contest.  The company stopped making payments last
March 10, 2010.


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B E R M U D A
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LATOT (BERMUDA): Creditors' Proofs of Debt Due December 1
---------------------------------------------------------
The creditors of Latot (Bermuda) JDZ Limited were required to file
their proofs of debt by December 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LATOT (BERMUDA): Member to Receive Wind-Up Report December 31
-------------------------------------------------------------
The member of Latot (Bermuda) JDZ Limited will receive on
December 31, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LATOT JDZ: Creditors' Proofs of Debt Due December 1
---------------------------------------------------
The creditors of Latot JDZ Limited were required to file their
proofs of debt by December 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LATOT JDZ: Member to Receive Wind-Up Report December 30
-------------------------------------------------------
The member of Latot JDZ Limited will receive on December 30, 2010,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on November 17, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LSF IV: Creditors' Proofs of Debt Due December 1
------------------------------------------------
The creditors of LSF IV TMK Derivatives I, Ltd., were required to
file their proofs of debt by December 1, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on November 16, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


LSF IV: Members' Final Meeting Set for December 21
--------------------------------------------------
The members of LSF IV TMK Derivatives I, Ltd. will hold their
final meeting on December 21, 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 November 16, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


TIMICUAN HOLDINGS: Creditors' Proofs of Debt Due December 1
-----------------------------------------------------------
The creditors of Timicuan Holdings Ltd. were required to file
their proofs of debt by December 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


TIMICUAN HOLDINGS: Members' Final Meeting Set for December 22
-------------------------------------------------------------
The members of Timicuan Holdings Ltd. will hold their final
meeting on December 22, 2010, at 10:00 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 November 9, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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B R A Z I L
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BANCO BRASCAN: Fitch Affirms 'BB+' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed these ratings for Banco Brascan
S.A.:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'BB+';

  -- Foreign and Local Currency short-term IDRs at 'B';

  -- Support Rating at '3';

  -- National long-term rating at 'AA-(bra)';

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

The Rating Outlook for the long-term ratings is Stable.  Fitch has
also assigned an Individual Rating of 'D' to Brascan.

The affirmation of Brascan's IDRs and National ratings reflects
the support of its majority shareholder, Brookfield Asset
Management ('BBB' IDR with a Stable Outlook).  Brazil is a
strategic market, and the activities developed by the bank
complement the group's businesses in the region, even though the
bank is not very representative within the group's total business
volume.  The assignment of the Individual rating incorporates the
investment bank's small size, with relevant asset and liability
concentrations and volatile results, reflecting its lower
leveraging and losses in recent years, attributable to its
opportunistic approach and dependency on treasury since 2001.

Brascan has intensified its operational synergies with the group
in Brazil, using the latter's experience in the real estate sector
and funds management to generate a larger base of recurring
business.  In 2010, the asset management executive group was
strengthened, with more concrete results expected in terms of
strategy starting in 2011.  Fitch believes the bank's results will
continue to be pressured in the medium term as long as more
consistent business and revenue are not generated, despite a lean
structure.  Performance in 2010 tends to be modest, reflecting
smaller treasury gains and the shifting of the maturation of some
revenue and capital market activities to 2011, in addition to the
expected reduction in credit activities.

Brascan's treasury area generates the largest risk exposures,
inasmuch as credit activities are not relevant for the bank and
have been cut back since 2009.  Market risk limits are seen as
conservative, and usage of the limits has been modest in 2009 and
2010, while the bulk of the bank's securities portfolio is
invested in Brazilian government securities.  In October 2010,
loan and guarantee operations totaled a modest BRL85 million and
were concentrated in exposure to the real estate sector and mainly
backed by receivables.  Given the recovery of the economy and the
larger volume of write-offs, the performance of the loan portfolio
has shown improvement and the bank foresees a return of its ratios
to more adequate levels in the medium term.

In 2003, Brascan was fined by the Federal Revenue Department (SRF)
for the amount of BRL155 million, as adjusted at 3Q'10, and, in
January 2006, received a favorable ruling from the SRF Taxpayer
Board.  In November 2010, Brascan obtained another favorable
ruling, which was unanimous.  Thus, in the bank's opinion, the
process will be shelved.  Its capitalization ratios have been
adequate due to its lower leveraging in recent years.

Brascan and its affiliates provide services to the Brookfield
Group in Brazil and focus on treasury, financial consulting
services, brokerage, asset management and corporate finance.


M-WISE INC: Incurs US$430,064 Net Loss in September 30 Quarter
--------------------------------------------------------------
m-Wise Inc. filed its quarterly report on Form 10-Q, reporting a
net loss of $430,064 on $530,464 of sales for the three months
ended Sept. 30, 2010, compared with net income of $28,540 on
$910,522 of sales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2010, showed $686,394 in
total assets, $1.56 million in total liabilities, and a
stockholders' deficit of $868,610.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6ffc

                       About m-Wise, Inc.

Based in Herzeliya Pituach, Israel, m-Wise, Inc. is a Delaware
corporation that develops interactive messaging platforms for
mobile phone-based commercial applications, transactions, and
information services with internet billing capabilities.

The Company's wholly-owned subsidiaries are: m-Wise Ltd., which is
located in Israel and was incorporated in 2000 under the laws of
Israel; and m-Wise Tecnologia LTDA., which is located in Brazil
and was incorporated in 2009 under the laws of Brazil.


TRANSAX INTERNATIONAL: Posts US$460,800 Net Loss in Q3 2010
-----------------------------------------------------------
Transax International Limited filed its quarterly report on Form
10-Q, reporting a net loss of US$460,813 on $1.21 million of
revenue for the three months ended September 30, 2010, compared
with net income of US$1.78 million on US$1.16 million of revenue
for the same period last year.

Since inception, the Company has incurred cumulative net losses of
US$19.04 million, has a stockholders' deficit of US$9.54 million,
and a working capital deficit of US$7.77 million at September 30,
2010.

The Company's balance sheet at September 30, 2010, showed
US$1.13 million in total assets, US$10.68 million in total
liabilities, and a stockholders' deficit of US$9.54 million.

As reported in the Troubled Company Reporter on April 21, 2010,
MSPC Certified Public Accountants and Advisors, P.C., in New York,
expressed substantial doubt about Transax International Limited's
ability to continue as a going concern, following the Company's
2009 results.  The independent auditors noted that the Company has
accumulated losses from operations of roughly US$17.21 million, a
working capital deficiency of roughly US$6.16 million and a
stockholders' deficiency of roughly US$7.39 million at
December 31, 2009.

A full-text copy of the Form 10-Q is available for free at:

               http://researcharchives.com/t/s?701f

Transax International Limited -- http://www.transax.com/--
primarily through its 55% owned subsidiary, Medlink Conectividade
em Saude Ltda is an international provider of information network
solutions specifically designed for healthcare providers and
health insurance companies.  The Company's MedLink Solution
enables the real time automation of routine patient eligibility,
verification, authorizations, claims processing and payment
functions.  The Company has offices located in Plantation, Florida
and Rio de Janeiro, Brazil.  The Company currently trades on the
OTC Pink Sheet market under the symbol "TNSX" and the Frankfurt
and Berlin Stock Exchanges under the symbol "TX6".


* BRAZIL: Moody's Upgrades Ratings on Local Governments
-------------------------------------------------------
Moody's Investors Service has upgraded the rating of four regional
and local governments in Brazil to reflect the improved operating
environment in Brazil and progress these RLGs have made improving
their own credit profiles.

The upgrades bring the ratings close to or just below Brazil's
Baa3 sovereign rating with a positive outlook.  They include:

  -- State of Sao Paulo to Baa3 with a stable outlook from Ba2
     with a stable outlook

  -- State of Minas Gerais to Ba1 with a stable outlook from a Ba3
     with a stable outlook

  -- City of Rio de Janeiro to Baa3 with a positive outlook from
     Ba2 with a stable outlook and the national scale rating to a
     Aa1.br from Aa3.br

  -- City of Belo Horizonte to Baa3 with a stable outlook from Ba1
     with a stable outlook and its national scale rating to
     Aa1.br. from Aa2.br.

                        Ratings Rationale

"These rating actions reflect the stability and continuity of
macroeconomic policies and trends over many years that helped
solidify improvements in the country's credit profile, leading to
the upgrade of the Brazilian national government to Baa3/positive
last year," said Moody's Vice President Debra Roane.  "Those same
factors have also contributed to the better fiscal and debt
performance of the two states and two municipalities affected by
Moody's latest action."

She said the federal government's long-standing policy stance in
favor of meeting fiscal targets and respecting "fiscal
responsibility" has been in place for many years.  "These fiscal
policies extend to the continued oversight and control over RLG
finances and debt".  "Each of the states and municipalities being
upgraded has also shown significant improvement in their debt and
financial metrics as well as their management practices leading to
the rating adjustments." The rating rational for each of these
governments is indicated below:

The State of Sao Paulo's issuer ratings have been upgraded to Baa3
with a stable outlook reflecting a long track record of healthy
operating surpluses and, when capital expenditures are included,
small financing surpluses which are supported by the state's
prudent fiscal management practices and the strong performance of
its own source tax revenues.  The favorable financial performance
has allowed Sao Paulo to internally finance an increased level of
capital expenditures which are of key importance to the state's
economic progress.  The state's role as the country's industrial
engine and the presence of the national financial centre located
in the capital city of Sao Paulo provides significant support to
the state's tax revenues and budget operations.  Ongoing fiscal
reforms including measures to reduce tax evasion have also
bolstered budget outcomes.

The rating also incorporates a still high, albeit declining, debt
burden which is a credit weakness.  In addition, Sao Paulo's
financial performance will remain challenged by the rigidity in
the state's expenditure base related to inflexible personnel
costs, large social service responsibilities and significant
infrastructure requirements.

The State of Minas Gerais' issuer ratings have been upgraded to
Ba1 with a stable outlook reflecting an improving trend of
financial operations that is due to significant fiscal reforms and
tax evasion reduction measures implemented over the past seven
years.  The state was able to minimize the impact of the economic
downturn on its revenues through the exercise of expenditure
controls in 2009 resulting in a still healthy operating surplus.
Some weakening in budget outcomes is anticipated in 2010, as
personnel expenditures are estimated to have risen significantly,
but improvement is anticipated in 2011 with renewed spending
constraints likely to be applied.  The state's large and diverse
economy is recovering strongly from the downturn in 2009, which
should underpin further improvements to its financial performance
over the medium term.

The rating also incorporates the state's high, although declining
debt burden; debt ratios are expected to stabilize over the medium
term.  Demand pressures for social services and critically needed
infrastructure development are expected to continue to challenge
financial outcomes.

The City of Rio de Janeiro's issuer ratings have been upgraded to
a Baa3 with a positive outlook (national scale rating upgraded to
Aa1.br from Aa3.br) reflecting a strong track record of financial
performance, solidified by the city's demonstrated resilience to
the economic downturn in 2009--during which time budget outcomes
strengthened.  These trends are underpinned by prudent fiscal
management that includes ongoing improvements to tax
administration and expenditure controls.  Predictable and stable
transfers from the federal and state government also underpin
positive performance.

The rating also incorporates the steady decline in the city's now
more manageable debt burden and the recent improvement in the debt
structure through a refinancing of debt at better terms.  An
enhanced liquidity position and plans to capitalize the pension
fund also bolster credit quality.  Risks include rigidities in the
city's budget, pressures to meet demands for social services and
significant capital requirements; the latter includes potential
exposure to expenditure overruns in the transport infrastructure
built to service the 2016 Olympics.  However, the city is not
responsible for facilities related to the games themselves which
limits exposure to cost overruns.

The City of Belo Horizonte's issuer ratings have been upgraded to
Baa3 with a stable outlook (national scale rating upgraded to
Aa1.br from Aa2.br) reflecting the city's favorable financial
performance supported by a large service based economy, prudent
financial management and predictable and stable state and federal
transfers.  The city weathered the economic downturn in 2009 well
with operating surpluses maintained at healthy levels despite the
impact of less favorable trends in the city's taxes and state
transfers.

Of key importance to the rating is the city's relatively low debt
burden which reflects historical practices including prudently not
engaging in the issuance of domestic bonds in prior decades, a
practice that spurred rapid debt accumulation in many other
Brazilian local and regional governments.  While the debt burden
may rise over the medium term, to finance needed infrastructure,
the low starting position creates room for further indebtedness.

The last rating action on the State of Sao Paulo was taken on 14
November 2006, when Moody's affirmed the Ba2 issuer rating.

The last rating action on the State of Minas Gerais was taken on 4
October 2007, when Moody's upgraded the issuer rating to Ba3 from
B1.

The last rating action on the City of Rio de Janeiro was taken on
15 February 2008, when Moody's upgraded the issuer ratings to Ba2
from Ba3 (Global Scale) and to Aa3.br from A2.br (Brazil National
Scale).

The last rating action on the City of Belo Horizonte was taken on
18 July 2008, when Moody's assigned issuer ratings of Ba1 (Global
Scale) and Aa2.br (Brazil National Scale).


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ANCHOR MAC: Creditors' Proofs of Debt Due December 13
-----------------------------------------------------
The creditors of Anchor Mac Limited are required to file their
proofs of debt by December 13, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2010.

The company's liquidator is:

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


ARCAS MAC: Creditors' Proofs of Debt Due December 13
----------------------------------------------------
The creditors of Arcas Mac 79 Ltd. are required to file their
proofs of debt by December 13, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 4, 2010.

The company's liquidator is:

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


AXIS-JJM: Creditors' Proofs of Debt Due December 22
---------------------------------------------------
The creditors of AXIS-JJM Inc. are required to file their proofs
of debt by December 22, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 1, 2010.

The company's liquidator is:

         Christopher P. Meyering
         c/o Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         Walkers Walker House
         28 - 34 Hill Street St Helier
         Channel Islands JE4 8PN
         Sciens Hedge Fund Management LLC
         667 Madison Avenue New York, NY 10065
         USA


BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of The Blackhorse Asia Master Fund NT are required
to file their proofs of debt by December 22, 2010, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 29, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of The Blackhorse Asia Fund NT are required to file
their proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on October 29, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of The Blackhorse Asia (US) Fund NT are required to
file their proofs of debt by December 22, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on October 29, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


BLUEFIN CAPITAL: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 13, 2010, the
members of Bluefin Capital Management Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

         Kenneth Krys
         Governors Square
         Building 6 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237, KY1-1205
         George Town, Grand Cayman
         Cayman Islands


BUNIAS INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on October 19, 2010, the
shareholders of Bunias Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD. Governor's Square
         Ground Floor West Bay Road
         PO Box 1982 Grand Cayman KY-1104
         Cayman Islands


ENDEAVOUR INTERNATIONAL: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------------
The creditors of Endeavour International Services Ltd. are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 2, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


ENDEAVOUR SECURITIES: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------------
The creditors of Endeavour Securities Corporation are required to
file their proofs of debt by December 22, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 2, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


FOCUS FUND: Creditors' Proofs of Debt Due December 14
-----------------------------------------------------
The creditors of Focus Fund, Ltd. are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 1, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 949-9876
         Facsimile: (345) 949-9877
         Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


FORT MAC: Creditors' Proofs of Debt Due December 13
---------------------------------------------------
The creditors of Fort Mac 84 Ltd are required to file their proofs
of debt by December 13, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 4, 2010.

The company's liquidator is:

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


LAMIUM INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on October 19, 2010, the
shareholders of Lamium Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD. Governor's Square
         Ground Floor West Bay Road
         PO Box 1982 Grand Cayman KY-1104
         Cayman Islands


OCEAN CAPITAL: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------
The creditors of Ocean Capital China Macro Fund Limited are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on October 6, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


ORCHIS INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on October 19, 2010, the
shareholders of Orchis Investments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD. Governor's Square
         Ground Floor West Bay Road
         PO Box 1982 Grand Cayman KY-1104
         Cayman Islands


PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------
The creditors of Pequot Dynamic Strategies Master Fund, Ltd. are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 2, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------
The creditors of Pequot Dynamic Strategies Offshore Fund, Ltd. are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 2, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


PICO FUND: Commences Liquidation Proceedings
--------------------------------------------
Pico Fund Limited commenced liquidation proceedings on
February 20, 2009.

Only creditors who were able to file their proofs of debt by
October 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Wilton Mcdonald
         Telephone:(345) 325-4040
         c/o PO Box 32338
         Genesis Building George Town, 3rd Floor
         Grand Cayman KY1-1209
         Cayman Islands


ROYALCAP VALUE: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------
The creditors of Royalcap Value Fund II, Ltd. are required to file
their proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 1, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


UNITAS CAPITAL: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------
The creditors of Unitas Capital Consulting Company Ltd. are
required to file their proofs of debt by December 22, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on November 2, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


=============
J A M A I C A
=============


AIR JAMAICA: Government Saves JM$4 Billion From Divestment
----------------------------------------------------------
The Government managed to save JM$4 billion from the divestment of
Air Jamaica Limited, RadioJamaica reports.

According to the report, this was evident in the revised Estimates
of Expenditures tabled in Parliament.  RadioJamaica relates the
government had allocated JM$22.5 billion to deal with costs
associated with the divestment of the airline.  However, final
figures show that only JM$18.5 billion was actually spent, the
report notes.

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.


RBTT BANK: Closure of Some Branches Complete
--------------------------------------------
The Port Antonio Branch, branch of the RBTT Bank in Portland
closed its doors for the final time on November 30, 2010,
RadioJamaica reports.  The report relates that this comes four
months after RBTT first announced the closure of three of its 20
branches islandwide.  Branches in Fairfield, St. James, and
Southdale in St Elizabeth, were also closed, the report notes.

According to RadioJamaica, Clive Grayson, Manager of the RBTT Port
Antonio branch, the closure of accounts and relocation of others
proceeded in an orderly manner over the past four months, with a
particularly busy period on November 29-30, 2010.

Meanwhile, the report says, an undisclosed number of port Antonio
based RBTT employees, who have given outstanding customer service
through the banks transition from Citizens Bank to Union Bank and
then to RBTT, are expected to join the ranks of Portland's
unemployed.

As reported in the Troubled Company Reporter-Latin America on
September 28, 2010, RadioJamaica said that RBTT Bank's move to
implement aspects of its planned restructuring without completing
consultations with the union representing employees has not gone
down well.  According to the report, Kavan Gayle, president
general of Bustamante Industrial Trade Union said that the bank's
management presented its plan during a meeting a month ago.
However, the report related, he said that the union requested more
information which has not yet been provided.  Mr. Gayle, the
report noted, wrote to the management of RBTT demanding that the
bank withdraw its planned intention to roll out the new structure.

As reported in the Troubled Company Reporter-Latin America on
August 2, 2010, RadioJamiaca said that more than 30 employees of
RBTT bank could lose their jobs following the closure of three of
the bank's branches.  The report related that RBTT bank disclosed
that following a strategic review of its operations it has decided
to close it branches at Fairview in Montego Bay, St. James, Port
Antonio in Portland and Southfield in St. Elizabeth.


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


VITRO SAB: To Vote US$1.9 Billion of Loans to Win Debt Offer
------------------------------------------------------------
Thomas Black at Bloomberg reports that Vitro, S.A.B. de C.V. plans
to ensure creditors approve a debt-restructuring offer by voting
US$1.9 billion of its intercompany loans in favor of the deal.

The majority of the US$1.9 billion of loans among Vitro's
subsidiaries was created in December 2009 after the company
defaulted on its debt and counts toward the debt restructuring
under Mexican bankruptcy law, Alejandro Sanchez, Vitro's legal
director, told Bloomberg in an interview.  "This debt is obviously
properly based," the report quoted Mr. Sanchez as saying.
"Mexican law allows intercompany debt to be voted in bankruptcy
proceedings," he added.

According to Bloomberg, Vitro SAB said it will take its final debt
offer to Mexican bankruptcy court after a December 7 deadline for
bondholders to participate.  The company said then it has the
required majority support of creditors to implement the plan, the
report notes.

Vitro SAB, Bloomberg says, is offering US$850 million of new bonds
that mature in 2019 and US$100 million of debt convertible to
shares in exchange for US$1.5 billion of total debt in default.
The company will pay an incentive of US$75 million to creditors
that accept the offer, the report adds.

Vitro SAB hired U.S. law firm Haynes & Boone LLP to handle
creditors' votes.

Bloomberg says that bondholders will challenge the use of
intercompany loans in the offer and Mexican bankruptcy, said
Thomas Lauria, a partner at White & Case LLP in Miami, who
represents holders of about US$650 million of bonds.  There's
never been a contested bankruptcy case that involves third-party
debt, the report notes.

Creditors holding at least US$750 million of the bonds have said
they will vote against the restructuring offer, which makes it
unlikely Vitro will get a majority of third-party debt, Bloomberg
says.  Bondholders filed involuntary Chapter 11 petitions on
Nov. 17 in a Texas court against 15 Vitro units in the U.S. and
that case will proceed outside of Mexican bankruptcy proceedings,
Bloomberg adds.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund,
Inc., Davidson Kempner Distressed Opportunities Fund LP, and
Brookville Horizons Fund, L.P., commenced involuntary bankruptcy
cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro
Asset Corp. -- aka American Asset Holding Corp., Imperial Arts
Corp., VK Corp., and Oriental Glass, Inc. -- on November 17, 2010
(Bankr. N.D. Tex. Case No. 10-47470).

Affiliates Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex.
Case No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No.
10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477);
Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478);
B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479);
Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480);
Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto
Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings,
LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485) are also subject to
involuntary petitions by the petitioning creditors.


===========
P A N A M A
===========


BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Panama's ratings:

  -- Foreign currency long-term Issuer Default Rating at 'BBB-';
  -- Foreign currency short-term IDR at 'F3';
  -- Individual rating at 'C/D';
  -- Support rating at '2';
  -- Support Floor at 'BBB-'.

The Rating Outlook is Positive.

At the same time, Fitch has affirmed these national ratings:

  -- National long-term foreign Currency Rating at 'AA+(Pan)';
  -- National short-term foreign Currency Rating at 'F1+(Pan)'.

The Rating Outlook is Stable.

Banco Nacional de Panama's Issuer Default Ratings reflect the
support it would receive from its sole shareholder, the Republic
of Panama, should it be required.  The IDRs consider the bank's
strong franchise, ample liquidity, low cost and stable deposit
base, and sound capitalization; they also factor in its outdated
but improving IT systems, improving portfolio quality, loan
concentration, and low revenue diversification.  Banconal's
Positive Rating Outlook is in line with Panama's sovereign debt
rating ('BBB-').

Given its systemic importance and the explicit provision in its
inception law - which Fitch considers an implicit guarantee -
Banconal would certainly receive support from the Panamanian
government, whose ability to provide such support is moderate.

Should Panama's sovereign rating be upgraded, Banconal's IDRs
would be upgraded accordingly.  Downside potential for its IDRs is
considered limited given Panama's sound economic prospects.
Banconal's individual rating would benefit from better IT systems
and higher operative efficiency, improved asset quality and risk
management policies, higher revenue diversification and lower
balance sheet concentration.

Banconal's performance stabilized in 2010 after declining in 2009
as loan growth stalled and the bank maintained a large liquidity
position that hurt its revenue generation.  Interest revenues
declined during 2009, as margins narrowed - in spite of lower
funding costs - then stabilized.  Non-interest revenues remained
quite stable but continue to be relatively low.  Operating
expenses, on the other hand, stabilized with personnel expenses
increasing while administrative expenses stalled.  Credit cost
remained negligible, thus net income showed a welcome
stabilization in 2010 with profitability recovering to reach an
ROAE of 18% and an ROAA of 1.6% at 2Q'10.  Asset quality continued
to improve but remains below the industry average and reserves and
capital (BIS ratio stood at 22% at June 2010) create a sound
cushion while Banconal boasts a very liquid balance sheet.

As the economy resumes its strong growth, Banconal intends to
expand its loan portfolio, targeting corporate and retail
customers.  Operating expenses should continue growing moderately
as the bank will continue to expand its network and overhauls its
IT systems; on the other hand, overall credit cost should remain
very moderate.  Banconal should see a gradual improvement of its
performance as its asset mix changes to a higher proportion of
loans; accordingly, overall efficiency and profitability should
gradually improve with ROAE in the mid to high teens and ROAA in
the 1.4%-1.6% range.  In the long run, the bank's performance will
greatly depend on its ability to obtain a higher yield from its
loan and investment assets, diversify its revenues and achieve
higher efficiency through the overhaul of its processes and its IT
platform.

Banconal is Panama's largest state-controlled commercial bank and
the fourth largest bank in the country by assets; it held about
7.5% of the system's assets at end of 2Q'10.  Banconal serves
customers in the public sector, corporate and retail segments
through a network of 66 branches; it is 100% owned by the Republic
of Panama.


=======
P E R U
=======


IFH PERU: Moody's Assigns 'Ba3' Rating to Proposed Debt Issuance
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 global scale foreign
currency bond rating to IFH Peru Ltd.'s proposed debt issuance of
approximately US$100 million 10-year senior notes.  The rating
outlook is stable.  The rating is subject to receipt and review of
final documentation related to the note program.

The notes represent the second series of IFH's 8.625% senior notes
due 2019 denominated and payable in US dollars.  With this
issuance, the total amount of notes outstanding would be US$250
million.  The notes will be sold under Regulation S of the
Securities Act, listed on the Luxembourg stock exchange and
governed under New York Law.

These ratings were assigned to IFH Peru Ltd's US$100 million
senior notes:

  -- Unsecured senior debt: Ba3, with stable outlook

Rating Rationale:

Moody's said that the assignment of the Ba3 rating was based on
these considerations: 1) robust and improving dividend
contributions expected for IFH under both expected and highly
stressed earnings scenarios, reflecting the strong franchise value
and financial metrics of IFH's main operating subsidiaries,
particularly Interbank and Interseguro; 2) IFH's moderate debt
levels and leverage as a stand-alone holding company; and 3)
present and potential cash needs of the group's existing and
start-up retail operations over the life of the financing.  These
operations are not likely to generate material dividends for the
next couple of years.  The rating also assumes that IFH will
continue the group's disciplined approach towards its investments
in both retail and real estate-related ventures.

The Ba3 rating for the IFH notes is anchored on the Ba1 stand-
alone credit assessment of Interbank, the group's largest earnings
and dividend generator.  However, Interbank is highly regulated by
the Peruvian Superintendency of Banks, Insurance, and Pension
Funds and subject to minimum capital requirements that could
affect the upstreaming of dividends to IFH.  Moody's said that the
two-notch differential between the Ba3 bond rating and the Ba1
rating for the bank also reflects the structural subordination of
the holding company's bondholders to all liability holders of the
operating companies, particularly bank depositors and insurance
policy holders, and to all other creditors of the operating
companies, given that the notes are not guaranteed by any of IFH's
subsidiaries.

Although the notes will be secured by a first priority lien on a
portion of IFH's shares of the common stock of IFS, the holding
for the financial services companies, Moody's said this collateral
does not enhance its rating of the IFH notes and thus the rating
agency views the notes as unsecured obligations of IFH.  The notes
will rank pari passu in right of payment with all of the present
and future obligations of IFH (other than obligations preferred by
statute, such as tax and labor obligations) that are not otherwise
expressly subordinated.

The Ba3 rating for the IFH notes also takes into account the lack
of restrictions on holding company dividends.  Moody's said that
this risk is not significantly mitigated by the transaction's
modest financial covenants or by restrictions on additional debt
and new ventures.

In that regard, Moody's noted that the Ba3 rating could come under
downward pressure if IFH's stand alone liquidity weakens, either
because of weak performance at the subsidiary level or because of
higher than anticipated interest costs, such that interest
coverage -- as measured by net dividends received relative to
financial expenses -- falls below 3.0 times.  Moody's also expects
IFH to hold at least 12 months of annual debt service in cash or
highly liquid securities at all times at the holding company
level, in addition to the pre-funding of interest through the
Payment Account as provided for in the bond documentation, in
order to maintain adequate internal liquidity.

Proceeds from the IFH notes are being used to finance the
expansion of IFH's retail and real estate operations.  Retail
operations are organized under IFH Retail, a wholly-owned
intermediate holding company, and include Supermercados Peruanos,
a food and general merchandise retailer controlled by IFH since
2003, Tiendas Peruanas, a small department store chain that
started operations in 2008, and Financiera Uno, a consumer finance
company.

Incorporated in the Bahamas, IFH is also the ultimate holding
company for a group of financial services companies, including
Banco Internacional del Peru-Interbank, Peru's fourth largest
bank, and Interseguro, the leading provider of annuities, the
fastest growing product segment of the Peruvian insurance
industry.

The main challenges facing IFH in the near term center on the
financial risks related to the group's increasing penetration of
the retail segment in Peru.  Peru's resilient performance through
the global financial crisis and positive economic outlook,
however, provides a solid platform for continued growth of the
group's various operating entities.  The IFH group is also well
positioned in terms of risk management and distribution which will
allow it to take advantage of more robust growth through its well
established brands in the sectors in which it operates, said
Moody's.

IFH Peru Ltd reported unconsolidated assets of US$993.1 million,
equity of $813.8 million, and net income of $128.3 million as of
September 30, 2010.  On a consolidated basis, the group reported
total assets of US$7.2 billion and equity of $ 860.4 million as of
December 31, 2009.  IFH is majority owned and controlled by the
Rodriguez Pastor family group with a 58.76% stake.


==========================
V I R G I N  I S L A N D S
==========================


EQUIVEST ST. THOMAS: V.I. Court Dismisses Suit vs. Ex-Managers
--------------------------------------------------------------
The Hon. Judith K. Fitzgerald dismissed BOARD OF DIRECTORS,
BLUEBEARD'S CASTLE HILLTOP VILLA CONDOMINIUM ASSOCIATION, an
unincorporated association in its own behalf and on behalf of its
members, et al., Plaintiffs, v. JOHN CAVANAUGH and WILLIAM F.
REIGHLEY, Defendants, (Bankr. D. Virgin Islands Lead Adv. Proc.
No. 07-3004), at the Defendants' behest.

The adversary proceeding was initiated by the Board of Directors
of three condominium associations which represented the owners of
timeshare condominium units at Bluebeard's Castle Resort.  The
Plaintiffs are resorts and timeshare developments located on the
island of St. Thomas in the United States Virgin Islands.  The
Defendants are former equity holders and managers of the Resort.
The Plaintiffs assert various tort claims against the Defendants,
including common law fraud, breach of fiduciary duty, negligence
and developer liability, as well as a claim under the Virgin
Island's Criminally Influenced and Corrupt Organizations Act.

Judge Fitzgerald held that the appropriate statute of limitations
for each of the Plaintiffs' claims has expired, and both the
discovery rule and the doctrine of equitable tolling is
inapplicable in this matter.

A copy of Judge Fitzgerald's Nov. 1 Memorandum Opinion is
available at http://is.gd/hZ90hfrom Leagle.com.

                     About Equivest St. Thomas

Equivest St. Thomas Inc. is headquartered in Orlando, Florida.
The Debtor operates, rents and leases resorts namely Bluebeard's
Castle, Bluebeard's Beach Club Resort and Elysian Beach Resort,
each located in St. Thomas, Virgin Islands.

The Debtor filed for Chapter 11 bankruptcy protection on July 2,
2007 (Bankr. D. Virgin Islands Case No. 07-30011).  Daniel M.
Eliades, Esq., at Forman Holt Eliades & Ravin LLC, and Gregory H.
Hodges, Esq., at Dudley, Topper & Feuerzeig LLP, represented the
Debtor in its restructuring efforts.  The Debtor's amended
schedule disclosed $12,702,117 in assets and $13,808,691 in
liabilities.

The Court confirmed Equivest St. Thomas Inc.'s chapter 11 plan of
reorganization on June 18, 2008, according to Jamie Mason of The
Deal.  The plan, The Deal said, contemplated on paying in cash and
in full the secured claims of the U.S. and Virgin Islands
governments, as well as other creditors, within 30 days of the
effectivity date.  Equivest Finance kept its equity stake in the
Debtor, under the plan.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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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