TCRLA_Public/110210.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, February 10, 2011, Vol. 12, No. 29

                            Headlines



A R G E N T I N A

CAPEX SA: Fitch Assigns Issuer Default Rating at 'B'


B A R B A D O S

SAGICOR FINANCIAL: To Receive Up To US$100-Million Cash Injection


B E R M U D A

BUNGA BEBARU: Creditors' Proofs of Debt Due February 16
BUNGA BEBARU: Member to Receive Wind-Up Report on March 4
CIT FSC 9: Creditors' Proofs of Debt Due February 16
CIT FSC 9: Members to Receive Wind-Up Report on March 9
CIT FSC 10: Creditors' Proofs of Debt Due February 16

CIT FSC 10: Members to Receive Wind-Up Report on March 9
CIT FSC 12: Creditors' Proofs of Debt Due February 16
CIT FSC 12: Member to Receive Wind-Up Report on March 4
CIT FSC 21: Creditors' Proofs of Debt Due February 16
CIT FSC 21: Members to Receive Wind-Up Report on March 9

CIT FSC 22: Creditors' Proofs of Debt Due February 16
CIT FSC 22: Members to Receive Wind-Up Report on March 9
CIT FSC 23: Creditors' Proofs of Debt Due February 16
CIT FSC 23: Members to Receive Wind-Up Report on March 9
CIT FSC 24: Creditors' Proofs of Debt Due February 16

CIT FSC 24: Members to Receive Wind-Up Report on March 9
CIT FSC 25: Creditors' Proofs of Debt Due February 16
CIT FSC 25: Members to Receive Wind-Up Report on March 9
CIT FSC 26: Creditors' Proofs of Debt Due February 16
CIT FSC 26: Members to Receive Wind-Up Report on March 9

CIT FSC 27: Creditors' Proofs of Debt Due February 16
CIT FSC 27: Members to Receive Wind-Up Report on March 9
CIT FSC 28: Creditors' Proofs of Debt Due February 16
CIT FSC 28: Members to Receive Wind-Up Report on March 9
CIT FSC 29: Creditors' Proofs of Debt Due February 16

CIT FSC 29: Members to Receive Wind-Up Report on March 9
CIT FSC 30: Creditors' Proofs of Debt Due February 16
CIT FSC 30: Members to Receive Wind-Up Report on March 9
DIGICEL GROUP: Takes Controlling Stake in Netxar Technologies
OVERTON LIMITED: Creditors' Proofs of Debt Due February 16

OVERTON LIMITED: Members to Receive Wind-Up Report on March 8
ROTHSCHILD ASSET: Creditors' Proofs of Debt Due February 23
ROTHSCHILD ASSET: Members' Final Meeting Set for March 7


B R A Z I L

COMPANHIA DE SECURITIZACAO: Moody's Assigns 'Ba2' Rating to Certs.


C A Y M A N   I S L A N D S

A.M. LACHLAN: Shareholders Receive Wind-Up Report
AEDES FUND: Members Receive Wind-Up Report
AXA FRAMLINGTON: Shareholders to Hear Wind-Up Report on Feb. 21
AXA FRAMLINGTON: Shareholders to Hear Wind-Up Report on Feb. 21
BARRICK GOLD: Shareholder Receives Wind-Up Report

BG EXPLORER: Shareholders Receive Wind-Up Report
CAPITAL GUARDIAN: Shareholders Receive Wind-Up Report
CAVALRY CLO II: Shareholders Receive Wind-Up Report
DUNAMIS EQUITY: Shareholder Receives Wind-Up Report
FORM LIMITED: Shareholders Receive Wind-Up Report

FRASER SULLIVAN: Shareholders Receive Wind-Up Report
GRANITE LIQUIDATING: Shareholder Receives Wind-Up Report
MERCO TRADING: Shareholders Receive Wind-Up Report
OLD MUTUAL: Shareholders to Hear Wind-Up Report on February 21
PMA PATHFINDER: Shareholders Receive Wind-Up Report

R-ONE SHINSAIBASHI: Shareholders Receive Wind-Up Report
RISTA TRADING: Shareholders Receive Wind-Up Report
RUCO TRADING: Shareholders Receive Wind-Up Report
SELECTIUM CAPITAL: Shareholders Receive Wind-Up Report
SELECTIUM EUROPE: Shareholders Receive Wind-Up Report

SESTA TRADING: Shareholders Receive Wind-Up Report
SOLIOS ENERGY: Shareholders Receive Wind-Up Report
SOLIOS ENERGY: Shareholders Receive Wind-Up Report
STAPLES INVESTMENTS: Members to Hear Wind-Up Report on Feb. 11
STRATA 2006-33: Shareholders Receive Wind-Up Report

TAIB INVEST: Members Receive Wind-Up Report
TCHAIKA RTT: Shareholders Receive Wind-Up Report
VICTORY SPC: Shareholders' Final Meeting Set for February 15


G U A T E M A L A

BANCO DE DESARROLLO: Fitch Assigns 'BB' Issuer Default Rating


M E X I C O

HIPOTECARIA SU: Moody's Downgrades Rating on Loan to 'B3'


P U E R T O   R I C O

BANCO POPULAR: Fitch Affirms Short-term IDR at 'B'


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
=================


CAPEX SA: Fitch Assigns Issuer Default Rating at 'B'
----------------------------------------------------
Fitch Ratings has assigned these ratings to Capex S.A.:

  -- Foreign currency Issuer Default Rating 'B'
  -- Local currency IDR at 'B'
  -- US$200 million senior unsecured notes due 2018 'B/RR4'
  -- National scale ratings 'A+(arg)'

The Rating Outlook is Stable.

Capex's 'B' IDR reflects the company's operating efficiencies as
an integrated thermoelectric generating company in Argentina, the
operating flexibility from having its own natural gas reserves,
and its adequate financial profile.  In the oil & gas business,
Capex is amongst the 12 largest producers of gas and liquefied
petroleum gas in the country.  Ratings are constrained by the high
regulatory risk, exposure to devaluation risk (currency mismatch
between peso-denominated cash flows and dollar-denominated debt),
and the need to pursue an aggressive capital expenditure plan in
the long term to sustain the vertically integrated business model.

Capex is an integrated thermoelectric generating company.
Originally formed as an oil exploration and production company,
its large discoveries of natural gas in 1991 coupled with the
liberalization of Argentina's electricity sector, spurred Capex to
transform itself into an electric generation company.  The company
also continues to explore, develop and produce petroleum on its
existing properties.  For the fiscal year end April 2010, 70.5% of
sales were derived from electric sales, and 25.6% from oil and
other liquids sales.

Capex benefits from its vertical integration, with approximately
80% of gas needs at the electric plant being self supplied.  This
gives the company an advantage against other players in the
industry, especially given existing gas restrictions in the
country.  Capex's generating units are efficient, and proximity to
its natural gas reserves in the Agua del Cajon field coupled with
gas transportation restrictions from Neuquen basin to the main
consumption area in Buenos Aires reduce the gas supply risk.

Regulatory risk is high.  Electricity and gas prices remain sub-
optimal compared with other countries in the region.  This has
discouraged investments in both sectors.  Capital investments for
maintenance in the power generation industry depend on
discretionary approvals by the regulatory authority.  In addition,
the cost of power generation has increased significantly due to
natural gas restrictions and reliance on more expensive fuels,
while electric tariffs have been frozen (especially in the
residential market).  This deficit between electricity tariffs and
industry costs is funded through subsidies, which are dependent on
public funding.

Capex's cash flow generation is volatile; power generation is,
among other things, subject to regulatory issues and weather
conditions.  Operating cash flow generation is concentrated in
Argentina.  At latest 12 months ended Oct. 31, 2010, Capex
generated US$37 million in funds from operations, which allowed
the funding of capital expenditures while still generating
positive free cash flow.  This was possible due to the company's
flexibility to manage capital expenditures in the short term.  Yet
in the long run, investments are vital to secure the vertically
integrated model of the company.  Proven gas reserves cover
approximately six to eight years of the electric plant's needs
(depending on the percentage bought in the market and the power
generation).

Fitch considers Capex's leverage needs to remain moderate to
mitigate regulatory risks.  For the LTM ended Oct. 31, 2010, Capex
had a total debt-to-FFO ratio of 3.2 times and FFO-to-interests of
2.3x.  Also as of Oct. 31, 2010, the company had US$28.4 million
of cash and marketable securities and US$204.8 million of debt.
This debt is expected to be refinanced with the proceeds of the
proposed issuance, extending Capex's debt maturity profile.

Potential Rating and Outlook Drivers:

The Stable Outlook reflects Fitch's expectations that Capex will
manage its balance sheet to a targeted FFO adjusted leverage ratio
of around 3.0x.  Under a conservative scenario, Fitch estimates
the company's interest coverage to be above 2.5x.

Any significant increase in Capex's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action.  Also, ratings could be negatively affected by a sustained
decline in gas reserves and production or failure to further
develop new fields, threatening the integrated business model in
the long term.  Conversely, ratings could be positively affected
by a significant and sustained improvement in the regulatory
environment.


===============
B A R B A D O S
===============


SAGICOR FINANCIAL: To Receive Up To US$100-Million Cash Injection
-----------------------------------------------------------------
RadioJamaica reports that Sagicor Financial Corporation is set to
receive a cash injection of up to US$100 million.  The report
relates that the company said it is in discussions with the
International Finance Corporation (IFC), an arm of the World Bank.

Sagicor Chief Executive Officer Dodridge Miller said discussions
are focused around an investment by IFC in the form of common and
preferred shares in the company, according to RadioJamaica.

The report notes that the investment by IFC is subject to the
completion of successful negotiations between the two entities and
the necessary approvals, including clearance from the appropriate
regulatory bodies and Sagicor shareholders.

                       About Sagicor Financial

Headquartered in Barbados, Sagicor Financial Corporation --
http://www.sagicor.com/-- is synonymous with world-class
financial services in the Caribbean.  This dynamic, indigenous
company, with a proud history dating back to 1840, has been
redefining financial services in the Caribbean, and has built a
strong base from which to expand internationally.  Sagicor
operates in 22 countries in the Caribbean, Latin America, the UK
and the US.

                              *     *     *
As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Sagicor Financial Corporation has given notice
to the Jamaica Stock Exchange that it will be de-listing its
shares from the board of the JSE, effective September 16, 2009.
The main reason for the decision is the insignificant trading
activity in the Company's shares which did not justify the
operational cost of maintaining this listing.


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


BUNGA BEBARU: Creditors' Proofs of Debt Due February 16
-------------------------------------------------------
The creditors of Bunga Bebaru, Ltd. are required to file their
proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


BUNGA BEBARU: Member to Receive Wind-Up Report on March 4
---------------------------------------------------------
The member of Bunga Bebaru, Ltd. will receive on March 4, 2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 9: Creditors' Proofs of Debt Due February 16
----------------------------------------------------
The creditors of CIT FSC Nine, Ltd. are required to file their
proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 9: Members to Receive Wind-Up Report on March 9
-------------------------------------------------------
The members of CIT FSC Nine, Ltd. will receive on March 9, 2011,
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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 10: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Ten, Ltd. are required to file their
proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 10: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Ten, Ltd. will receive on March 9, 2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 12: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twelve, Ltd. are required to file their
proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 12: Member to Receive Wind-Up Report on March 4
-------------------------------------------------------
The member of CIT FSC Twelve, Ltd. will receive on March 4, 2011,
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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 21: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-One, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 21: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-One, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 22: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Two, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 22: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Two, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 23: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Three, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 23: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Three, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 24: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Four, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 24: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Four, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 25: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Five, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 25: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Five, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 26: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Six, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 26: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Six, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 27: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Seven, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 27: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Seven, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 28: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Eight, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 28: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Eight, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 29: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Twenty-Nine, Ltd. are required to file
their proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 29: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Twenty-Nine, Ltd. will receive on March 9,
2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 30: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The creditors of CIT FSC Thirty, Ltd. are required to file their
proofs of debt by February 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


CIT FSC 30: Members to Receive Wind-Up Report on March 9
--------------------------------------------------------
The members of CIT FSC Thirty, Ltd. will receive on March 9, 2011,
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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DIGICEL GROUP: Takes Controlling Stake in Netxar Technologies
-------------------------------------------------------------
RadioJamaica reports that Digicel Group Limited has taken a
controlling stake in Puerto Rican-based Netxar Technologies to
allow it to provide better Information and Communications
Technology (ICT) services to businesses.

Digicel Group said that "the Digicel Netxar combination will see
customers optimizing their ICT infrastructure and saving money,"
according to RadioJamaica.  The report relates that Digicel Group
intends to use the acquisition to take a bigger stake in the ICT
offerings of the region.

Digicel Group started to offer ICT services to businesses in the
region in 2007 and has since said it helped businesses to reduce
costs of that service by up to 40%, the report notes.

                       About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel has become a leading brand across its
31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos.  The Caribbean company also has
coverage in St. Martin and St. Barths.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                          *     *     *

As of January 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


OVERTON LIMITED: Creditors' Proofs of Debt Due February 16
----------------------------------------------------------
The creditors of Overton Limited are required to file their proofs
of debt by February 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


OVERTON LIMITED: Members to Receive Wind-Up Report on March 8
-------------------------------------------------------------
The members of Overton Limited will receive on March 8, 2011, 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 January 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


ROTHSCHILD ASSET: Creditors' Proofs of Debt Due February 23
-----------------------------------------------------------
The creditors of Rothschild Asset Management Asia Pacific Limited
are required to file their proofs of debt by February 23, 2011, to
be included in the company's dividend distribution.

The company's liquidator is:

         Cynthia Williams
         c/o Quorum International Limited
         Thistle House, 4 Burnaby Street
         Hamilton HM 11
         Bermuda


ROTHSCHILD ASSET: Members' Final Meeting Set for March 7
--------------------------------------------------------
The members of Rothschild Asset Management Asia Pacific Limited
will hold their final meeting on March 7, 2011, at 2:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Cynthia Williams
         c/o Quorum International Limited
         Thistle House, 4 Burnaby Street
         Hamilton HM 11
         Bermuda


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B R A Z I L
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COMPANHIA DE SECURITIZACAO: Moody's Assigns 'Ba2' Rating to Certs.
------------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of A1.br
(Brazilian National Scale) and of Ba2 (Global Scale, Local
Currency) to the first issuance of the 177th Series of
certificates issued by Brazilian Securities Companhia de
Securitizacao (Brazilian Securities or the issuer).

Issuer: Brazilian Secuities Companhia de Securitizacao -- 177th
Series

  -- BRL120,000,000 certificates rated Ba2 / A1.br

                        Ratings Rationale

The certificates are ultimately backed by cedulas de credito
bancario which document a bank loan to Gafisa S.A., one of the
largest fully integrated homebuilders in Brazil.  Gafisa has a
senior unsecured debt rating of Ba2/A1.br by Moody's.

The ratings of the certificates are based on these factors:

  - The structure of the transaction that will fully match
    payments due under the cedulas de credito bancario (Bank Loan
    or CCB) payable by Gafisa to payments due under the rated
    certificates;

  - The ability and willingness of Gafisa, which has a senior
    unsecured debt rating of A1.br (Brazilian National Scale) and
    Ba2 (Global Scale, Local Currency), to make payments due under
    the Bank Loan; and

  - The structural and legal features of the transaction,
    including the events of early termination of the Bank Loan
    leading to early termination of the certificates.

The certificates have a four year tenor from closing and will pay
investors eight semi-annual interest payments with full principal
amortization at maturity.  Interest rate will be fixed at a spread
of 1.3% p.a. over the interbank deposit rate.

Moody's views the certificates as being full pass through
securities of the underlying Bank Loan.  The key steps to the
transaction are:

1 - Gafisa issues in favor of Banco Votorantim, the CCBs or Bank
    Loan, that represent the real estate financing granted for the
    development of certain real estate projects;

2 - Under the transaction's Purchase Agreement (or Contrato de
    Cessao), all credit rights represented in the form of the CCBs
    are sold by Banco Votorantim to the Issuer;

3 - The Issuer, under the terms of the CCI Issuance Agreement
    (Instrumento Particular de Emissao de CCIs), issues the CCI
    representing all the Credit Rights;

4 - The Issuer issues under fiduciary regime the CRI backed by the
    CCIs;

5 - The CRI are distributed to qualifying investors;

6 - The Issuer receives issuance proceeds, which in turn are used
    to pay for the CCBs;

7 - On each payment date, Gafisa will make principal and interest
    payments under the CCBs through Cetip, the Brazilian clearing
    system; and

8 - Cetip makes payments directly to the Issuer, which in turn
    makes CRI payments also through the Cetip clearing system.

In case of merger or acquisition of Gafisa by another company
while the CRI is outstanding, the Fiduciary Agent of the
transaction must notify investors.  Investors have then the option
to request early amortization of the outstanding CRIs.

The A1.br / Ba2 ratings of the 177th Series of certificates issued
by Brazilian Securities are primarily based on Gafisa's ability to
make payments under the bank loan agreement.  This is commensurate
with Gafisa's A1.br / Ba2 senior unsecured debt rating.  Any
future changes to the senior unsecured debt rating of Gafisa will
lead to a change in the ratings assigned to the certificates.

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in Brazil,
ranking second in terms of revenues and volumes, and also one of
the most diversified in terms of product offering to different
income levels and geographic regions, operating in 99 cities and
20 different states.

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


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


A.M. LACHLAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of A.M. Lachlan Limited received on January 27,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


AEDES FUND: Members Receive Wind-Up Report
------------------------------------------
The members of Aedes Fund SPC received on January 25, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


AXA FRAMLINGTON: Shareholders to Hear Wind-Up Report on Feb. 21
---------------------------------------------------------------
The shareholders of Axa Framlington Absolute Return Gemini
Worldview Master Limited will receive on February 21, 2011, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


AXA FRAMLINGTON: Shareholders to Hear Wind-Up Report on Feb. 21
---------------------------------------------------------------
The shareholders of AXA Framlington Absolute Return Gemini
Worldview Limited will receive on February 21, 2011, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


BARRICK GOLD: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Barrick Gold Mines (SA) Ltd. received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stephen Galbraith
         P.O. Box 1395, First Floor, Enfield House
         Upper Collymore Rock
         St. Michael
         Barbados
         Telephone: 246 430 8801
         Facsimile: 246 437 8860


BG EXPLORER: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of BG Explorer Fund Limited received on
January 27, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Boussard & Gavaudan Asset Management, L.P.
         Calder House, 1 Dover Street
         London, United Kingdom


CAPITAL GUARDIAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Capital Guardian High Yield CBO I Limited
received on January 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CAVALRY CLO II: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Cavalry CLO II, Limited received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


DUNAMIS EQUITY: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Dunamis Equity Partners received on January 26,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815 1828
         Facsimile: (345) 949-9877


FORM LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Form Limited received on January 27, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


FRASER SULLIVAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Fraser Sullivan CLO III Ltd. received on
February 4, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GRANITE LIQUIDATING: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Granite Liquidating Corporation received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815-1755
         Facsimile: (345) 949-9877


MERCO TRADING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Merco Trading Ltd. received on January 25,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Christopher D. Johnson
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         P.O. Box 2499, George Town KY1-1104
         Grand Cayman
         Cayman Islands


OLD MUTUAL: Shareholders to Hear Wind-Up Report on February 21
--------------------------------------------------------------
The shareholders of Old Mutual Gem Plus Fund Limited will receive
on February 21, 2011, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


PMA PATHFINDER: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of PMA Pathfinder Asia Equity Fund received on
January 27, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


R-ONE SHINSAIBASHI: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of R-One Shinsaibashi Holding Ltd. received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Peter Huber
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


RISTA TRADING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Rista Trading and Finance Corporation received
on January 25, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Christopher D. Johnson
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         P.O. Box 2499, George Town KY1-1104
         Grand Cayman
         Cayman Islands


RUCO TRADING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Ruco Trading Ltd. received on January 25,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Christopher D. Johnson
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         P.O. Box 2499, George Town KY1-1104
         Grand Cayman
         Cayman Islands


SELECTIUM CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Selectium Capital received on January 27,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


SELECTIUM EUROPE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Selectium Europe Fund Limited received on
January 27, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


SESTA TRADING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sesta Trading and Finance Corporation received
on January 25, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Christopher D. Johnson
         c/o Russell Homer
         Telephone: (345) 946-0820
         Facsimile: (345) 946-0864
         P.O. Box 2499, George Town KY1-1104
         Grand Cayman, Cayman Islands


SOLIOS ENERGY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Solios Energy Master Fund Ltd. received on
January 27, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


SOLIOS ENERGY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Solios Energy Fund received on January 27,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


STAPLES INVESTMENTS: Members to Hear Wind-Up Report on Feb. 11
--------------------------------------------------------------
The members of Staples Investments Ltd. will receive on
February 11, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.


STRATA 2006-33: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Strata 2006-33 Limited received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


TAIB INVEST: Members Receive Wind-Up Report
-------------------------------------------
The members of Taib Invest Inc received on January 28, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Michael Edward George Saville
         Begbies Traynor Cayman Limited
         Genesis Building, Genesis Close
         P.O. Box 679 Grand Cayman KY1-1107
         Cayman Islands


TCHAIKA RTT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Tchaika RTT Investment Management Ltd.
received on January 26, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


VICTORY SPC: Shareholders' Final Meeting Set for February 15
------------------------------------------------------------
The shareholders of Victory SPC will hold their final meeting on
February 15, 2011, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         c/o J. Andrew Murray
         Telephone: 345 949 9710
         P.O. Box 2075, 31 the Strand
         Grand Cayman KY1-1105
         Cayman Islands


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


BANCO DE DESARROLLO: Fitch Assigns 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned ratings to Guatemala's Banco de
Desarrollo Rural, S.A.:

  -- Long-term foreign currency Issuer Default Rating 'BB';
  -- Short-term foreign currency IDR 'B';
  -- Long-term local currency IDR 'BB';
  -- Short-term local currency IDR 'B';
  -- Individual 'C/D';
  -- Support '3'; and
  -- Support Rating Floor 'BB-'.

The Rating Outlook is Stable.

Banrural's Individual rating and IDRs reflect the entity's sound
and consistent financial performance, strong local franchise, low
borrower concentration and large depositor base.  The ratings also
consider the vulnerability of the asset quality to economic
cycles.  The Stable Outlook reflects that Fitch does not
anticipate substantial changes in the entity's risk profile in the
foreseeable future.  However, while the upside potential on the
Individual rating is limited, Banrural's IDRs may benefit from a
continued improvement in asset quality.  In turn, failure to
sustain its current capital level or a significant deterioration
in asset quality and/or performance could trigger a downgrade.

Banrural exhibits consistent profitability metrics, which compare
positively to those of its peers.  Profitability is boosted by an
ample net interest margin which balances the relatively low
contribution from non-interest income with increasing operating
expenses.  Fitch foresees that Banrural will maintain its good
performance in the medium term.

Banrural's ample depository base is also a major driver of its
ratings, with deposits showing moderate concentration that is on a
decline.  A growing number of branches together with the ample
liquidity that prevails in the market have benefited this trend.

Banrural has shown above-average growth in its loan portfolio,
supported by its greater geographic coverage as well as its
partnerships with private and public entities.  Loan portfolio
concentration in the largest economic groups is low, as is the
entity's foreign currency exposure.  Yet, the payment ability of
some debtors has weakened in 2010, reflected in a larger and
relatively high proportion of restructured loans and foreclosed
assets.  However, the improving economic environment may help
control asset quality in 2011.  Banrural's investment portfolio is
concentrated in public securities, a common practice among
Guatemalan banks due to both regulatory restrictions and the
limited investment choices available in the local market.

The entity shows a positive trend in its capital ratios.  The
recent retrenchment in lending, coupled with sustained earnings
and controlled dividend distribution favors this trend.  Although
capital metrics may decline when assets resume their growth, they
are expected to remain at reasonable levels given the bank's low
appetite for risk.

Banrural is a financial institution domiciled in Guatemala.  It is
currently the third largest bank in terms of assets (representing
18.6% of total assets as of December 2010), the second largest in
terms of loan origination (21.9%) and the largest in terms of net
profits (28.8%).


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


HIPOTECARIA SU: Moody's Downgrades Rating on Loan to 'B3'
---------------------------------------------------------
Moody's de Mexico has downgraded a Mexican construction loan
securitization serviced by Hipotecaria Su Casita (HSCCB 06 Series
A certificates) to B3 (sf) from B1 (sf) (Global Scale, Local
Currency), and to Ba3.mx (sf) from Baa1.mx (sf) (Mexican National
Scale).  This rating action concludes the review for possible
downgrade that was initiated on September 20, 2010.  In addition,
Moody's has withdrawn the B1 (sf) underlying rating of the
transaction for business reasons, after the Ambac financial
guarantee on the senior certificates was canceled.

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.

Issuer: Banco J.P. Morgan S.A., Institucion de Banca Multiple,
J.P. Morgan Grupo Financiero, Division Fiduciaria, acting solely
as trustee.

  -- HSCCB 06 Series A Certificates: to B3 (sf) from B1 (sf)
     (Global Scale, Local Currency), and to Ba3.mx (sf) from
     Baa1.mx (sf) (Mexican National Scale).

  -- HSCCB 06 Series A Certificates: B1(sf) underlying rating
     withdrawn

                        Ratings Rationale

The downgrade of the HSCCB 06 Series A certificates reflects a
considerable credit deterioration of the portfolio in recent
months, particularly in the percentage of loans that are defaulted
with respect to interest, the increase in the number of loans that
are in foreclosure proceedings, and the continued low level of
monthly collections arising from home sales proceeds.

The rating action also reflects Moody's concerns about Su Casita's
stability as servicer as a result of the recent downgrade of the
company's issuer ratings.  During economic downturns a servicer's
financial strength becomes even more important in connection with
the performance of the portfolio under management.  There is a
risk that a company with a weakened financial strength may have a
limited ability to devote sufficient resources to sustain its
servicing capabilities in a difficult economic environment.  This
in turn, may adversely impact loan performance.

Moody's notes that the transaction is currently in early
amortization.  On January 24, 2011, investors voted to remove
Ambac as a financial guarantor.  As a result, Moody's has
withdrawn the B1 underlying rating for business reasons.

Additionally, in the January 2011 bondholder's meeting investors
approved the use of a significant portion of the trust's cash
reserves (or MXN$361 million) to amortize the certificates.  As a
result, as of February 1, 2011, the certificates had an
outstanding balance of MXN$886 million, representing 51% of the
original bond balance.  The transaction still benefits from a
MXN$150 million reserve for future disbursements to be used for
performing projects that require funds to finalize construction.
The legal maturity for the HSCCB 06 senior certificates is
September 2016.

The loan portfolio has experienced a sharp deterioration in
performance in recent months.  As of December 2010, approximately
79% of the pool was defaulted with respect to interest or
principal (defined as 90 or more days past due with respect to
interest or 30 or more days past due with respect to principal).
Moody's notes that as of December 2010 the percentage of the pool
defaulted with respect to interest (or 90+ days past due)
increased significantly as the largest project (representing 20%
of the pool) was reported as 4 months past due with respect to
interest.  However, as of the prior month, or November 2010, Su
Casita had reported that same loan as 0 months past due with
respect to interest.  According to Su Casita, this loan was
negotiating a term extension and this process took over three
months.  During this time no interest was generated in their
systems; however, once the term was extended, the interest accrued
and not generated was recognized.  In addition, 22 projects
representing approximately 52% of the pool balance are in
foreclosure process or will start foreclosure proceedings soon.

The average construction completion rate for the underlying
housing development projects was approximately 81% across 77
projects, weighted by their outstanding loan amounts, as of
December 2010.  Additionally, approximately 36% of the pool
balance consists of vertical construction housing, which is
riskier than horizontal construction since construction has to be
nearly 100% finished before sales can materialize.  Principal
collections have been rather low in recent months, averaging
approximately 2.3% as a percentage of the pool balance over the
last six months.

The portfolio is exposed to high loan concentrations, which
increases the risk of losses if a large loan experiences stress.
As of December 2010 the top project represented 20% of the pool,
while the top ten projects represented 50% of the pool.  The
largest loan is a vertical project targeting tourists/second home
buyers, with a 77% construction rate, a high average home price of
MXP$5.6 million, and in severe delinquency status.  Approximately
51% of the pool is concentrated in the residential or residential
plus sectors, with average home values of MXP$1.9 million.  The
residential and residential plus housing sectors are riskier than
the low-income housing sector, which benefits from a housing
shortage and more readily available mortgage financing from quasi-
governmental entities.  As of December 2010, the senior
certificates' had credit enhancement of 30% in the form of
overcollateralization and cash holdings to protect against
extension and default risk.

In taking the rating action, Moody's stressed projected loan
collections on a loan by loan basis according to the project
status (whether the project is in its sales phase, construction
advance greater or lower than 70% , deed in lieu or in foreclosure
proceedings), sector type (low income, middle income, residential
or residential plus) and delinquency status.  Recovery rates
ranged from 25% to 95% of the projected home sales on the pool.
Moody's applied an overall stress of 51% to projected home sales
proceeds.  According to Moody's projections of cash flows and
future disbursements for certain pool loans, the projected
recovery rate on the affected certificates is consistent with a B3
rating.  Ratings on the senior certificates may be downgraded if
Moody's recovery rate assumptions decrease.  The expected recovery
rate for a B3 rating (global scale) or a Baa3.mx to a Ba2.mx
(national scale) rating ranges from >95% to 97%.

Primary sources of assumption uncertainty are the levels of homes
sales in Mexico and for the 77 projects included in the pool and
the amount of recoveries in a foreclosure process.  Housing demand
can be impacted by regional macroeconomic factors such as rises in
unemployment, and the availability of home financing, particularly
in the middle, residential and residential plus sectors, where
mortgage financing is not as readily available as it is in the
low-income housing sector.  In addition, demand for a particular
housing project can be impacted by factors specific to the project
such as the price of the units, quality of construction and
amenities and location, among others.  Finally, there is no
information available from Su Casita regarding recoveries from a
finalized foreclosure process on a construction project.  Moody's
will monitor the transaction and any new information regarding
sales and foreclosure proceeds.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


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


BANCO POPULAR: Fitch Affirms Short-term IDR at 'B'
--------------------------------------------------
Fitch Ratings has upgraded the long-term Issuer Default Ratings of
Popular, Inc. and its sub-holding company, Popular North America,
Inc., to 'B+' from 'B'.  The ratings were also removed from Rating
Watch Positive and assigned Stable Rating Outlooks.  At the same
time, Fitch has affirmed the ratings of BPOP's bank subsidiaries
including Banco Popular de Puerto Rico and Banco Popular North
America at 'BB-'.

Fitch's upgrade of BPOP's IDR reflects the improvements in the
holding company's capital and liquidity position.  BPOP has
executed a number of capital initiatives that enhanced its
tangible common equity position throughout 2010 which has added
US$1.6 billion in common equity to its capital structure.  At
Sept. 30, 2010, TCE/TA stood at 8.31% compared to a low point of
2.11% at June 30, 2009.  In 3Q'10, BPOP closed on the announced
sale of its EVERTEC unit, which provide a US$531 million net gain
to earnings and was in-line with management's guidance and
expectations.  Additionally, the company announced on Jan. 21,
2011 that it has reinstated its dividend on the outstanding
preferred shares of its 6.375% Non-cumulative Monthly Income
Preferred Stock, 2003 Series A and 8.25% Non-cumulative Monthly
Income Preferred Stock, Series B, which totals approximately
US$50 million.  The estimated interest expense is about
US$3 million a year.  Fitch also notes that BPOP continued to
service the interest expense on the remaining outstanding TRUPS
that did not participate in the conversion plans announced in
August 2009.

Fitch believes BPOP is currently operating with sufficient cash
and securities (approximately US$419 million) to support about
US$220 million in debt service obligations (or 2x debt service
coverage).  However, Fitch notes that near-term obligations
include US$375 million in medium term notes maturing 2012, which
may be redeemed or refinanced at the company's discretion.  The
one-notch difference from the bank subsidiary reflects Fitch's
view that although the capital and liquidity position of the
holding company have been strengthened, potential operating
pressures at BPPR could constrain the holding company's financial
flexibility.  Nonetheless, Fitch views current regulatory capital
ratios at BPPR and BPNA as healthy with a good cushion above well-
capitalized minimum requirements.  At Dec. 31, 2010, BPNA Tier 1
RBC totaled 17.6% and BPPR reported Tier 1 RBC of 10.9%.

The Outlook is Stable.  As previously noted, Fitch analyzed and
reviewed the company's commercial real estate exposures, and
BPOP's tangible and regulatory capital remained at levels viewed
as acceptable for the current rating level through various stress
scenarios.  Based on this analysis, Fitch expects credit stress to
persist throughout 2011; however, the additional capital coupled
with improved reserve levels are expected to provide adequate
coverage of future losses on a consolidated basis.  Also
incorporated in the Stable Outlook is the view that asset quality
will remain a challenge for 2011 given BPOP's exposure to the
local economy in Puerto Rico, which remains in a prolonged
recession.  However, Fitch believes BPOP is taking the appropriate
steps to address the higher risk loans within its portfolio.  On
Jan. 31, 2011, BPOP announced the sale of US$500 million (book
value) and reclassification of US$1 billion in loans held in
portfolio to held for sale.  Although non-performing metrics
improve, BPOP will still retain risk given the sale structure,
which includes BPOP holding a 25% equity investment and providing
50% seller financing.  BPOP anticipates the sale of an additional
US$395 million of U.S. non-conforming residential loans and is
pursing potential loan sale alternatives.  Further, BPOP continues
to post good pre-provision net revenue, which also provides
additional support.

Fitch notes that core operating performance for the company may
continue to be pressured.  Although the BPNA subsidiary credit
trends and operating performance has improved from the previous
year, the BPPR subsidiary is now facing challenges as the real
estate sector downturn has hit the local market.  Fitch believes
the benefits from lower credit costs at the U.S. subsidiary may be
offset by the increase in problem credits in BPPR.

BPOP's financial and credit performance is presently in-line with
similarly rated peers.  However, Fitch would revisit BPOP's
Outlook and/or ratings if credit trends, particularly in its
Puerto Rico portfolio, were to significantly impact its capital
position.

Fitch upgrades and assigns Stable Outlooks to these ratings:

Popular, Inc.:

  -- Long-term IDR to 'B+' from 'B';
  -- Senior unsecured to 'BB-' from 'B/RR4';
  -- Preferred stock to 'CCC/RR6' from 'C/RR6';
  -- Individual to 'D' from 'D/E'.

Popular North America, Inc.

  -- Long-term IDR to 'B+' from 'B';
  -- Senior unsecured at 'B+/RR4' from B/RR4';
  -- Individual rating to 'D' from 'D/E'.

BanPonce Trust I

  -- Trust preferred to 'CCC/RR6' from 'CC/RR6'.

Popular Capital Trust I

  -- Trust preferred to 'CCC/RR6' from 'CC/RR6'.

Popular Capital Trust II

  -- Trust preferred to 'CCC/RR6' from 'CC/RR6'.

Popular North America Capital Trust I

  -- Trust preferred to 'CCC/RR6' from 'CC/RR6'.

Fitch assigns this rating with a Stable Outlook:

Popular Capital Trust III

  -- Trust preferred at 'CCC/RR6'.

Fitch affirms these ratings with Stable Outlooks:

Popular, Inc.:

  -- Short-term IDR at 'B';
  -- Short-term Debt at 'B'.

Popular North America, Inc.

  -- Short-term IDR at 'B';
  -- Short-term Debt at B.

Banco Popular North America

  -- Long-term IDR at 'BB-';
  -- Long-term deposits at 'BB';
  -- Short-term IDR at 'B';
  -- Short-term deposits at 'B'.
  -- Individual rating at 'D'.

Banco Popular de Puerto Rico

  -- Long-term IDR at 'BB-';
  -- Long-term deposits at 'BB';
  -- Short-term IDR at 'B';
  -- Short-term deposits at 'B';
  -- Individual rating at 'D';
  -- Market Linked Securities at 'BBemr'.

Fitch affirms these ratings:

Popular, Inc.:

  -- Support at '5'
  -- Support floor at 'NF'.

Popular North America, Inc.

  -- Support at '5'
  -- Support floor at 'NF'.

Banco Popular North America

  -- Support at '5';
  -- Support floor at 'NF'

Fitch maintains this rating on Rating Watch Negative:

Banco Popular de Puerto Rico

  -- Support '4';
  -- Support Floor 'B'.


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


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

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 2011.  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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