TCRLA_Public/101223.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

           Thursday, December 23, 2010, Vol. 11, No. 253

                            Headlines



A R G E N T I N A

ATET SRL: Creditors' Proofs of Debt Due March 11
BANCO DE INVERSION: Moody's Assigns 'E+' Bank Strength Rating
CASA CERROTTI: Creditors' Proofs of Debt Due March 9
FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to Securities
FRANS-GOLD: Creditors' Proofs of Debt Due March 28

FUENTES SRL: Creditors' Proofs of Debt Due March 11
THOROLF HILLBLAD: Creditors' Proofs of Debt Due March 23


B R A Z I L

COMPANHIA PARANAENSE: Moody's Withdraws Debt Issuer Ratings


C A Y M A N  I S L A N D S

ASPECT DIVERSIFED: Creditors' Proofs of Debt Due December 29
CREDIT SUISSE: Creditors' Proofs of Debt Due January 6
CREDIT SUISSE: Creditors' Proofs of Debt Due January 6
DIGILOG MAC: Creditors' Proofs of Debt Due December 29
FERRONAV LIMITED: Creditors' Proofs of Debt Due December 28

FIRST WORLDWIDE: Creditors' Proofs of Debt Due December 28
FOXHILL MAC: Creditors' Proofs of Debt Due December 29
GAMUT REINSURANCE: Placed Under Voluntary Wind-Up
JVAF III: Creditors' Proofs of Debt Due January 6
MARINER NAVIGATOR: Creditors' Proofs of Debt Due December 28

MARINER SELECT: Creditors' Proofs of Debt Due December 28
MARINER SELECT: Creditors' Proofs of Debt Due December 28
PANTERA MAC: Creditors' Proofs of Debt Due December 29
RIVER RUN: Creditors' Proofs of Debt Due December 28
RR SPV: Creditors' Proofs of Debt Due December 28

SANDLER CAPITAL: Creditors' Proofs of Debt Due December 28
SANDLER CAPITAL: Creditors' Proofs of Debt Due December 28
TE HAYGROUND: Creditors' Proofs of Debt Due January 6
TE HAYGROUND: Creditors' Proofs of Debt Due January 6
TRYPHON MAC: Creditors' Proofs of Debt Due December 29


C O S T A  R I C A

* COSTA RICA: IDB Approves US$73-Million Loan


J A M A I C A

UGI FINANCE: Investors Still Awaiting Money


M E X I C O

BANCO INTERACCIONES: Moody's Assigns 'Ba2' Rating to Debt
UNIDADES DE INVERSION: Moody's Cuts Ratings on Notes to 'Ba3'


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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ATET SRL: Creditors' Proofs of Debt Due March 11
------------------------------------------------
Andres Angel Landro, the court-appointed trustee for Atet SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 11, 2011.

Mr. Landro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, 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:

         Andres Angel Landro
         Espinoza 1474
         Argentina


BANCO DE INVERSION: Moody's Assigns 'E+' Bank Strength Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of E+ (plus) to Banco de Inversion y Comercio Exterior S.A.
Moody's has also assigned the bank long-and short-term global
local-currency deposit ratings of B1 and Not Prime, respectively,
as well as long- and short-term foreign-currency deposit ratings
of Caa1 and Not Prime, respectively.

At the same time, Moody's has assigned a Aa2.ar local-currency
deposit rating and a Ba1.ar foreign-currency deposit rating to the
bank on the Argentine national scale.

The outlook on all the ratings is stable.

These ratings have been assigned to Banco de Inversion y Comercio
Exterior S.A.:

  -- Bank Financial Strength Rating: E+, stable outlook

  -- Long- and short-term global local-currency deposit rating: B1
     and Not Prime, stable outlook

  -- Long- and short-term global foreign-currency deposit rating:
     Caa1 and Not Prime, stable outlook

  -- Long-term national scale local-currency deposit rating:
     Aa2.ar

  -- Long-term national scale foreign-currency deposit rating:
     Ba1.ar

AR$500 million global medium-term note multicurrency program:

  -- Long-term global foreign-currency debt rating: (P)B2, stable
     outlook

  -- Long-term global local-currency debt rating: (P)B1, stable
     outlook

  -- National scale rating foreign-currency debt rating: Aa3.ar

  -- National scale rating local-currency debt rating: Aa2.ar

  -- AR$100 million senior notes

  -- Global local-currency debt rating: B1, stable outlook

  -- National scale rating for local currency debt: Aa2.ar

                        Ratings Rationale

The BFSR reflects BICE's ownership structure and corporate
governance, driven by its ultimate parent, the Argentinean
national government, as well as by its good franchise as a
development bank, providing long term funding to investment
projects.  Banco BICE focuses on lending to various sectors of the
economy, and particularly on foreign trade loans.  It is also
active as a fiduciary agent and maintains its role as a second-
floor bank, providing long-term funding to the financial sector.

Moody's also assessed the bank's good core earnings generation,
with profits derived mainly from loans, about 80%, and trust
services, about 12%.  As a development bank, BICE reports good
asset quality, which reflects the predominance of secured, long-
term loans in its portfolio.  The rating takes into account BICE's
sound capitalization, as reflected in its Tier 1 ratio of 46% as
of September 2010.

The BSFR also takes into account BICE's limited loan granularity,
as indicated by the fact that its ten largestborrowers account for
about 45% of total loans.  Moreover, the bank has a high degree of
dependence on the Government of Argentina, and is exposed to the
unstable Argentine operating environment.

The B1 global local-currency deposit rating is derived from BICE's
unsupported baseline credit assessment of B1.  Although Moody's
assume a high probability of support from its shareholder, the
Argentine government, at this rating level, the bank's deposit
rating does not benefit from any systemic uplift, because it is
aligned to the B1 systemic support indicator for Argentina.

Moody's has also assigned (P)B1 local-currency and (P)B2 foreign-
currency debt ratings to BICE's Ar$500 million global medium-term
note program.  The program allows for multi-currency debt
issuances.  Local- and foreign-currency debt ratings of Aa2.ar and
Aa3.ar, respectively, were assigned to the program on the national
scale.

Additionally, Moody's has assigned B1 global local-currency and
Aa2.ar national scale local-currency debt ratings to the proposed
Ar$100 million senior unsecured bonds due in 2013, to be issued
under the program.

Bamco de Inversion y Comercio Exterior is headquartered in Buenos
Aires, Argentina, and it had assets of AR$1.784 million, loans for
AR$1.196 million and a net worth of AR$ 1.314 million as of
September 2010.


CASA CERROTTI: Creditors' Proofs of Debt Due March 9
----------------------------------------------------
Bernardino Alberto Margulis, the court-appointed trustee for Casa
Cerrotti SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 9, 2011.

Mr. Margulis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:

         Bernardino Alberto Margulis
         Parana 426
         Argentina


FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Rating to Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of A1.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Granar IV.

                        Ratings Rationale

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantia de Valores S.G.R., which is a
financial guarantor in Argentina.  Garantia de Valores has a local
currency national scale rating of A1.ar and a global local
currency rating of B2.

The rating assigned to this transaction is primarily based on the
rating of Garantia de Valores.  Therefore, any future change in
the rating of the guarantor may lead to a change in the rating
assigned to this transaction.  The rating addresses the payment of
interest and principal on or before the legal final maturity date
of the securities.

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in Argentine pesos.  The rated
securities will bear a 5.5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantia de Valores S.G.R.  The bills
of exchange will have the same interest rate as the rated
securities.  The promise to investors is to receive the payment of
interest and principal by the legal final maturity of the
transaction.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nación Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment.  For that
reason, the transaction is considered to be denominated in local
currency.

If eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantia de Valores
to make payment under the bills of exchange.  Garantia de Valores,
in turn, will have five days to make this payment into the trust
account.  Under the terms of the transaction documents, the
trustee has up to two days to distribute interest and principal
payments to investors.  Interest on the securities will accrue up
to the date on which the funds are initially deposited by either
Garantia de Valores, the exporter, or the individual producers
into the Trust account.

The designated Trustee in this transaction is Banco de Valores
S.A., rated by Moody's TQ1.ar.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.


FRANS-GOLD: Creditors' Proofs of Debt Due March 28
--------------------------------------------------
Nestor Delfor Monti, the court-appointed trustee for Frans-Gold
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 28, 2011.

Mr. Monti will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 6 in
Buenos Aires, with the assistance of Clerk No. 11, 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:

         Nestor Delfor Monti
         Avenida Cordoba 1525
         Argentina


FUENTES SRL: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
Mirta Alicia Hernandez, the court-appointed trustee for Fuentes
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 11, 2011.

Ms. Hernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 37 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

         Mirta Alicia Hernandez
         Viamonte 658
         Argentina


THOROLF HILLBLAD: Creditors' Proofs of Debt Due March 23
--------------------------------------------------------
Roberto Mazzarella, the court-appointed trustee for Thorolf
Hillblad SA's reorganization proceedings, will be verifying
creditors' proofs of claim until March 23, 2011.

Mr. Mazzarella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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:

         Roberto Mazzarella
         Jose Ortega y Gasset 1827
         Argentina


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B R A Z I L
===========


COMPANHIA PARANAENSE: Moody's Withdraws Debt Issuer Ratings
-----------------------------------------------------------
Moody's America Latina Ltda has withdrawn COPEL's Baa3 and Aa1.br
issuer ratings for its own business reasons.

Moody's last rating action on Companhia Paranaense de Energia was
on November 26, 2008, when Moody's upgraded COPEL's global scale
rating local currency issuer rating to Baa3 from a Ba2 local
currency corporate family rating.  At the same time, Moody's
upgraded Copel's Brazil National Scale issuer rating to a Aa1.br
from a Aa2.br corporate family rating.

The rating action of November 26, 2008, also included the upgrade
of Copel's BRL140 million domestic market debentures, which were
due 2009 to Baa3 from Ba1 and confirmed the Aa1.br national scale
rating.  This rating action concluded the review for possible
upgrade initiated on August 11, 2008.

These ratings were withdrawn:

  -- Issuer Ratings: Baa3/Aa1.br

                        Ratings Rationale

Moody's America Latina Ltda has withdrawn the credit rating for
its own business reasons.

Copel is an integrated utility located in the state of Parana with
operations ranging from generation, transmission to distribution
of electric energy.  Copel is controlled by the government of the
state of Parana, which holds 58.6% of its voting capital and 31%
of its total capital.  Copel is the fifth largest generation
company in Brazil with an installed capacity of 5,160 MW basically
derived from hydroelectric power.


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


ASPECT DIVERSIFED: Creditors' Proofs of Debt Due December 29
------------------------------------------------------------
The creditors of Aspect Diversifed Mac 8 Ltd are required to file
their proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

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


CREDIT SUISSE: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Credit Suisse Alternative Capital Long/Short
Equity Offshore Institutional Fund, LDC are required to file their
proofs of debt by January 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 22,
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


CREDIT SUISSE: Creditors' Proofs of Debt Due January 6
------------------------------------------------------
The creditors of Credit Suisse Alternative Capital Multi-Strategy
Offshore Institutional Fund, LDC are required to file their proofs
of debt by January 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 22,
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


DIGILOG MAC: Creditors' Proofs of Debt Due December 29
------------------------------------------------------
The creditors of Digilog Mac 12 Ltd are required to file their
proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

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


FERRONAV LIMITED: Creditors' Proofs of Debt Due December 28
-----------------------------------------------------------
The creditors of Ferronav Limited are required to file their
proofs of debt by December 28, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949-3344
         Facsimile:  (345) 949-2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


FIRST WORLDWIDE: Creditors' Proofs of Debt Due December 28
----------------------------------------------------------
The creditors of First Worldwide Fund are required to file their
proofs of debt by December 28, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 23, 2010.

The company's liquidator is:

         Ogier
         c/o Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


FOXHILL MAC: Creditors' Proofs of Debt Due December 29
------------------------------------------------------
The creditors of Foxhill Mac Limited are required to file their
proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

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


GAMUT REINSURANCE: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on November 18, 2010, the
shareholder of Gamut Reinsurance Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
December 16, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Katherine Chiazza
         Shaun Green
         P.O. Box 1109, HSBC House
         68 West Bay Road, Grand Cayman
         Cayman Islands
         Telephone: 914-7532
         Facsimile: 949-6021


JVAF III: Creditors' Proofs of Debt Due January 6
-------------------------------------------------
The creditors of JVAF III GP Ltd are required to file their proofs
of debt by January 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on November 22,
2010.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


MARINER NAVIGATOR: Creditors' Proofs of Debt Due December 28
------------------------------------------------------------
The creditors of Mariner Navigator US Bonds, Ltd. are required to
file their proofs of debt by December 28, 2010, to be included in
the company's dividend distribution.

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

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949-3344
         Facsimile:  (345) 949-2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


MARINER SELECT: Creditors' Proofs of Debt Due December 28
---------------------------------------------------------
The creditors of Mariner Select International US Equities, Ltd.
are required to file their proofs of debt by December 28, 2010, to
be included in the company's dividend distribution.

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

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949-3344
         Facsimile:  (345) 949-2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


MARINER SELECT: Creditors' Proofs of Debt Due December 28
---------------------------------------------------------
The creditors of Mariner Select Ultra 2x International, Ltd. are
required to file their proofs of debt by December 28, 2010, to be
included in the company's dividend distribution.

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

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         Stuarts Walker Hersant
         Telephone: (345) 949-3344
         Facsimile:  (345) 949-2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


PANTERA MAC: Creditors' Proofs of Debt Due December 29
------------------------------------------------------
The creditors of Pantera Mac Limited are required to file their
proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

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


RIVER RUN: Creditors' Proofs of Debt Due December 28
----------------------------------------------------
The creditors of River Run Fund, Ltd. are required to file their
proofs of debt by December 28, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 22, 2010.

The company's liquidator is:

         Ogier
         Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


RR SPV: Creditors' Proofs of Debt Due December 28
-------------------------------------------------
The creditors of RR SPV Holdings Ltd. are required to file their
proofs of debt by December 28, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 23, 2010.

The company's liquidator is:

         Ogier
         Michael Bunn
         Telephone: (345) 815-1848
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


SANDLER CAPITAL: Creditors' Proofs of Debt Due December 28
----------------------------------------------------------
The creditors of Sandler Capital Structure Opportunities Master
Fund, Ltd. are required to file their proofs of debt by
December 28, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

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


SANDLER CAPITAL: Creditors' Proofs of Debt Due December 28
----------------------------------------------------------
The creditors of Sandler Capital Structure Opportunities Fund,
Ltd. are required to file their proofs of debt by
December 28, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 24, 2010.

The company's liquidator is:

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


TE HAYGROUND: Creditors' Proofs of Debt Due January 6
-----------------------------------------------------
The creditors of Te Hayground Cove Investors, Ltd. are required to
file their proofs of debt by January 6, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 10,
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


TE HAYGROUND: Creditors' Proofs of Debt Due January 6
-----------------------------------------------------
The creditors of Te Hayground Cove Portfolio, Ltd. are required to
file their proofs of debt by January 6, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on November 10,
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


TRYPHON MAC: Creditors' Proofs of Debt Due December 29
------------------------------------------------------
The creditors of Tryphon Mac Limited are required to file their
proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 23,
2010.

The company's liquidator is:

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


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C O S T A  R I C A
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* COSTA RICA: IDB Approves US$73-Million Loan
---------------------------------------------
Costa Rica will improve its drinking water, sanitation and
wastewater treatment services, benefiting more than one million
inhabitants of urban, periurban, and rural areas with assistance
from a financial package that includes a US$20 million grant from
the Spanish Government and a US$73 million loan approved by the
Inter-American Development Bank.

The Bank's loan and the grant from the IDB-managed Spanish
Cooperation Fund for Water and Sanitation in Latin America and the
Caribbean (FECASALC, after its Spanish initials) will complement
an existing US$150 million loan from the Japan International
Cooperation Agency (JICA).

The program, to which Costa Rica's Government will provide an
additional US$77 million in local counterpart funds, will invest a
total of US$320 million to expand and rehabilitate drinking water
and sanitation services, directly benefiting approximately
1,070,000 residents of the San Jose metropolitan area and 47,500
rural communities dwellers.

The IDB's loan is for a 25-year term, with a six-year grace
period, at a variable interest rate based on Libor.

                        *     *     *

As of December 22, 2010, the country continues to carry Fitch's
"BB" long-term foreign currency issuer default rating and "BB+"
long-term local currency issuer default rating.


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J A M A I C A
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UGI FINANCE: Investors Still Awaiting Money
-------------------------------------------
RadioJamaica reports that investors in failed Neville Blythe-led
UGI Finance and Investments Limited are yet to receive their money
since it collapsed in January and went into receivership.  The
report relates that liquidator Dalma James told investors that
there was no money to pay them next month.

RadioJamaica recounts that the company went into receivership on
January 12, 2010, and proceeded to close its Mandeville and
Montego Bay offices without notifying investors.  The report
relates that investors said they found out about the closure after
they were contacted by the Liquidator in March at which time they
had their first and last meeting with Mr. Blythe, chairman of UGI
Finance's Board of Directors.

Investors, the report notes, said that they were given a report on
the financial state of the company and promises of the return of
their investments.

RadioJamaica discloses that Mr. James gave an idea of the scale of
losses investors could be facing.  "Where the liquidation is at
this date, we will not be able to pay out the creditors in full by
the January 12, 2011 anniversary liquidation date.  What we
recommended is that the liquidation be transformed into a
creditors' voluntary wind-up which means that they creditors are
now required to appoint a Committee of Inspection who will work
with the Liquidator and carry the liquidation to completion to the
best interest of the creditors," RadioJamaica quoted Mr. James as
saying.

The investors have appointed a five member committee to liaise
with the Liquidator and keep the group updated, the report notes.

Mr. James added that assets held mostly in real estate as well as
shares in other companies are to be liquidated to pay investors
but he could not say when that payment will be made, RadioJamaica
relates.

UGI Finance and Investments Limited is an investment company
located in Plaza Mandeville.


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M E X I C O
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BANCO INTERACCIONES: Moody's Assigns 'Ba2' Rating to Debt
----------------------------------------------------------
Moody's Investors Service assigned a provisional (P) Ba2 long term
global local currency subordinated debt rating to Banco
Interacciones, S.A.'s Program of non-convertible subordinated
notes eligible for Tier 2 capital treatment.  On its Mexican
National Scale, Moody's de Mexico assigned a long term
subordinated debt rating of A2.mx.  The program has been
established for up to MXN2 billion.

Moody's noted that the Ba2 subordinated debt rating assigned to
the Tier 2 capital notes is one notch below the bank's GLC deposit
rating of Ba1, with positive outlook, in line with Moody's
notching guidelines for bank junior securities.  In the same way,
the A2.mx Mexican National Scale subordinated debt rating for the
Tier 2 capital notes is one notch below the bank's senior National
Scale rating.

These ratings were assigned to Banco Interacciones' Program of non
convertible subordinated Tier 2 capital-eligible notes of up to
MXN2 billion:

  -- Long term global local currency subordinated debt rating of
     (P) Ba2

  -- Long term Mexican National Scale subordinated debt rating of
     A2.mx

The outlook is positive.

                        Ratings Rationale

The long term global local currency and Mexican National Scale
subordinated debt ratings are based on the bank's deposit ratings.
The notes to be issued under Banco Interacciones's Subordinated
Debt Program rank pari passu with other subordinated obligations
of the bank.

The long-term Mexican National Scale rating of A2.mx indicates
issuers or issues with strong creditworthiness relative to other
domestic issuers.

The last rating action on Banco Interacciones was on 7 December
2010, when Moody's assigned long-term global local currency and
Mexican National Scale senior debt ratings to Banco Interacciones,
S.A.'s second issuance of Certificados Bursatiles.

Banco Interacciones is headquartered in Mexico City, Mexico, and
had MXN74.5 billion in assets, as of September 2010.


UNIDADES DE INVERSION: Moody's Cuts Ratings on Notes to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
rating on the US$Notes denominated in U.S. dollars, and UDI Notes
denominated in inflation-indexed units or Unidades de Inversion of
the Mexico City Airport Trust.  The downgrade concludes the review
period which began on August 19, 2010.  The rating outlook is
negative, reflecting the continuation of a potentially negative
circumstances which could result in further weakening of credit
quality in the next 18 months.

The review of the rating was triggered by the bankruptcy filing of
Compania Mexicana de Aviacion S.A. de C.V on August 3rd, and the
potential loss of passenger traffic through Terminal 1 of the
Mexico City International Airport given that the airline
represented approximately 33% of total terminal passengers.
Although the revenues to pay debt service are generated from
contractual sublease payments of tenants located in T1 and not
directly tied to passenger flow, a drop in passengers could have
negative implications for the financial performance of the tenants
in the medium-term and the ability of Fumisa to sublease tenant
space.

The current rating action takes into account the possible loss of
revenue for the concessionaire from the fall off of passenger use
of the tenants in T1 and the related financial implications, but
also incorporates the stronger than typical project finance
structural features, which include cash trap mechanisms and debt
service related reserve accounts, as well as others, which provide
the company with adequate liquidity that protects creditors in
certain downside scenarios.

The rating also incorporates the expectation that the structure
could hit the debt service coverage ratio trigger below 1.15x in
the next year.  This would not result in a default, but it would
trigger an acceleration of principal repayment via a sweep of all
excess cash in the waterfall, resulting in the bonds being re paid
in full prior to their stated maturity in December 2013.  Moody's
notes that this is a strong creditor protection feature that is
not typical in project financing structures and helps to support
the current ratings level.  A DSCR below 1.0x could be reached
under additional severe circumstances, which Moody's believes
unlikely at this time.  Moody's notes also that despite the
challenges faced in the last couple of years, in 2010 T1 will
still process approximately 11 million passengers.

In the months following the Mexicana bankruptcy filing,
international passenger traffic at T1 showed a decline of
approximately 34% in each September, October, and November
compared to the same months in the previous year.  The trustee
report for the most recent reporting quarter ending December 2,
shows that the passenger threshold trigger in the structure has
been hit.  Consequently, there were no distributions for the
period, and the excess cash was trapped in the Trigger Reserve
Account.  In the coming months, it is likely that passenger
traffic will be under the threshold given that most of Mexicana's
routes have been picked up by other carriers, although the
situation should stabilize somewhat after the initial drop.  In
addition, the U.S. F.A.A. has restored Mexico's civil aviation
authority to Category 1, and new U.S. routes may now be picked up
by other Mexican carriers.  This could help to restore some
passenger traffic volumes.

Though the lease revenues are not directly tied to passenger
traffic, the lease rental revenue does fluctuate with the number
of passengers coming through the terminal.  In the most recent
reporting period, collections were down 11% from the same period
in 2009.  Dufry duty free shops and news stands now comprise 44%
of the total lease revenues, posing a concentration risk if the
company decided to stop operating at T1.

DSCR in the most recent quarterly reporting period was 1.17x, down
from 1.33x in the previous reporting quarter ending August 31,
2010.  Moody's note that the 1.33x was the highest the DSCR had
been since at least the last quarterly reporting period of 2008.
The DSCR for the current quarterly period, which will end at the
end of February 2011, is likely to be above 1.15x given the drop
in debt service payments by approximately US$1.7 million compared
to the last period.  If however, DSCR is below 1.15x, an early
amortization of the notes would be triggered unless the sponsor
chose to avoid the early amortization by injecting cash into the
Coverage Reserve Account, an option that is available to it two
more times over the life of the debt, with the limitation of a 12-
month period in between the use of this cure mechanism.  If the
early amortization is triggered and not cured, all of the excess
cash in the structure would be used to sweep debt and the notes
would be paid off prior to the original maturity date of December
2013, hence adequately providing investor security at the current
rating level.

As of the end of November, the structure also had approximately
US$28 million in reserves that are specifically dedicated to the
payment of debt service.  The amounts in the debt service and
trigger reserve accounts would be used if net revenues were
insufficient to make debt service payments or to pay the remaining
notes outstanding.  Moody's estimates that revenues for Fumisa
would have to fall another 20% for DSCR to be below 1.0x, and this
would only likely occur if there was another unexpected external
shock to the system that would cause a major tenant in T1 to break
the lease contract or otherwise compromise the financial stability
of a number of the tenants.  The majority of tenant leases expire
at the end of 2013.

Additionally, the structure now holds US$11 million in tenant
security and advance payment accounts, which can be used for debt
service payments at the very bottom of the payment waterfall.
However, if tenant financial conditions were to deteriorate over
the next year, Moody's would expect that these funds would be used
at the top of the waterfall, as revenues, and be unavailable to
pay debt service directly.

Moody's expects that the structure will continue to trap cash,
given that it is likely to miss the passenger threshold.
Additionally, Moody's believes it is highly likely that in the
next year DSCR will go below 1.15x and the structure would enter
an early amortization period, triggering a sweep of all excess
cash which would result in the repayment of the outstanding notes
prior to their stated maturity.  Although not expected at this
time, the rating on the lease revenue bonds could improve if the
stability of the tenants at T1 were to improve, which would most
likely be the case if passenger traffic rose in the coming year
and DSCR stabilized at above 1.25x.  The rating could go down if a
major tenant broke its lease or the airport faced another major
external shock that as a secondary effect once again drove down
Fumisa's revenues significantly.

Bond ratings were assigned by evaluating factors believed to be
relevant to the credit profile of the issuer such as i) the
business risk and competitive position of the issuer versus others
within its industry or sector, ii) the capital structure and
financial risk of the issuer, iii) the projected performance of
the issuer over the near to intermediate term, iv) the issuer's
history of achieving consistent operating performance and meeting
budget or financial plan goals, v) the nature of the dedicated
revenue stream pledged to the bonds, vi) the debt service coverage
provided by such revenue stream, vii) the legal structure that
documents the revenue stream and the source of payment, and viii)
and the issuer's management and governance structure related to
payment.


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


Upcoming Meetings, Conferences and Seminars
-------------------------------------------

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 T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, 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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