TCRLA_Public/110311.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

             Friday, March 11, 2011, Vol. 12, No. 50

                            Headlines



A R G E N T I N A

DYZENO SA: Creditors' Proofs of Debt Due April 29
GB Y COMPANIA: Creditors' Proofs of Debt Due July 11
GUANTES RABA: Creditors' Proofs of Debt Due July 1
KANTUTA EXPRESS: Creditors' Proofs of Debt Due May 9


B E R M U D A

ALBERT LIMITED: Creditors' Proofs of Debt Due March 16
ALBERT LIMITED: Members' Final Meeting Set for April 5
EAST LONDON: Court Appoints Thresh and Morrison as Liquidators
ENCORE HOLDINGS: Creditors' Proofs of Debt Due March 16
ENCORE HOLDINGS: Members' Final Meeting Set for April 6

ESG RE: Contributories' & Creditors' Meeting Set for March 17
GENESIS ACQUISITION: Creditors' Proofs of Debt Due March 16
GENESIS ACQUISITION: Members' Final Meeting Set for April 6
GENESIS ACQUISITION: Creditors' Proofs of Debt Due March 16
GENESIS ACQUISITION: Members' Final Meeting Set for April 5

GENESIS ATLANTIC: Creditors' Proofs of Debt Due March 16
GENESIS ATLANTIC: Members' Final Meeting Set for April 5
IRC RE: Court to Hear Wind-Up Petition on March 25
MAN GLENWOOD: Creditors' Proofs of Debt Due March 16
MAN GLENWOOD: Member to Receive Wind-Up Report on April 4

MAN-IP PRISMA: Creditors' Proofs of Debt Due March 16
MAN-IP PRISMA: Member to Receive Wind-Up Report on April 5
PRIMUS RE: Creditors' Proofs of Debt Due March 16
PRIMUS RE: Members' Final Meeting Set for April 6
PRISMA TRADING: Creditors' Proofs of Debt Due March 16

PRISMA TRADING: Member to Receive Wind-Up Report on April 4


C O S T A   R I C A

BANCO DE COSTA: Fitch Upgrades Issuer Default Rating to 'BB+'


M E X I C O

VITRO SAB: Case May Get Ruling This Week, Excelsior Says


P E R U

BANCO DE CREDITO: Fitch Assigns Ratings to Senior Unsec. Notes
SCOTIABANK PERU: Fitch Upgrades Individual Rating from 'C/D'




                            - - - - -


=================
A R G E N T I N A
=================


DYZENO SA: Creditors' Proofs of Debt Due April 29
-------------------------------------------------
The creditors of Dyzeno SA are required to file their proofs of
debt by April 29, 2011, to be included in the company's dividend
distribution.


GB Y COMPANIA: Creditors' Proofs of Debt Due July 11
----------------------------------------------------
Miguel Angel Drucaroff, the court-appointed trustee for GB y
Compania SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 11, 2011.

Mr. Drucaroff will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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:

         Miguel Angel Drucaroff
         Avenida Corrientes 2470
         Argentina


GUANTES RABA: Creditors' Proofs of Debt Due July 1
--------------------------------------------------
Luis Traverso, the court-appointed trustee for Guantes Raba SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 1, 2011.

Mr. Traverso 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:

         Luis Traverso
         Reconquista 642
         Argentina


KANTUTA EXPRESS: Creditors' Proofs of Debt Due May 9
----------------------------------------------------
Nora Cristina Roger, the court-appointed trustee for Kantuta
Express SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 9, 2011.

Ms. Roger will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 9, 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:

         Nora Cristina Roger
         Rivadavia 1210
         Argentina


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


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

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


ALBERT LIMITED: Members' Final Meeting Set for April 5
------------------------------------------------------
The members of Albert Limited will hold their final meeting on
April 5, 2011, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


EAST LONDON: Court Appoints Thresh and Morrison as Liquidators
--------------------------------------------------------------
On February 24, 2011, the Supreme Court of Bermuda appointed
Charles Thresh and Mike Morrison as the liquidators of East London
Bus Group International Holdings Limited.


ENCORE HOLDINGS: Creditors' Proofs of Debt Due March 16
-------------------------------------------------------
The creditors of Encore Holdings Ltd. are required to file their
proofs of debt by March 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 28, 2011.

The company's liquidator is:

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


ENCORE HOLDINGS: Members' Final Meeting Set for April 6
-------------------------------------------------------
The members of Encore Holdings Ltd. will hold their final meeting
on April 6, 2011, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 28, 2011.

The company's liquidator is:

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


ESG RE: Contributories' & Creditors' Meeting Set for March 17
-------------------------------------------------------------
The contributories and creditors of ESG RE Limited will hold their
first meetings on March 17, 2011, at 10:00 a.m. and 10:30 a.m.,
respectively, to receive the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Michael Morrison
         Charles Thresh
         KPMG Advisory Limited
         4 Par-la-Ville Road, Hamilton HM 08
         Bermuda


GENESIS ACQUISITION: Creditors' Proofs of Debt Due March 16
-----------------------------------------------------------
The creditors of Genesis Acquisition Limited are required to file
their proofs of debt by March 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


GENESIS ACQUISITION: Members' Final Meeting Set for April 6
-----------------------------------------------------------
The members of Genesis Acquisition Limited will hold their final
meeting on April 6, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


GENESIS ACQUISITION: Creditors' Proofs of Debt Due March 16
-----------------------------------------------------------
The creditors of Genesis Acquisition Atlantic 1 Limited are
required to file their proofs of debt by March 16, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


GENESIS ACQUISITION: Members' Final Meeting Set for April 5
-----------------------------------------------------------
The members of Genesis Acquisition Atlantic 1 Limited will hold
their final meeting on April 5, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


GENESIS ATLANTIC: Creditors' Proofs of Debt Due March 16
--------------------------------------------------------
The creditors of Genesis Atlantic 1 Limited are required to file
their proofs of debt by March 16, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


GENESIS ATLANTIC: Members' Final Meeting Set for April 5
--------------------------------------------------------
The members of Genesis Atlantic 1 Limited will hold their final
meeting on April 5, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

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


IRC RE: Court to Hear Wind-Up Petition on March 25
--------------------------------------------------
A petition to wind up the operations of IRC RE Limited will be
heard before the Supreme Court of Bermuda on March 25, 2011, at
9:30 a.m.


MAN GLENWOOD: Creditors' Proofs of Debt Due March 16
----------------------------------------------------
The creditors of Man Glenwood Alternative Strategies II Ltd are
required to file their proofs of debt by March 16, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN GLENWOOD: Member to Receive Wind-Up Report on April 4
---------------------------------------------------------
The member of Man Glenwood Alternative Strategies II Ltd will
receive on April 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 February 25, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN-IP PRISMA: Creditors' Proofs of Debt Due March 16
-----------------------------------------------------
The creditors of Man-IP Prisma Limited are required to file their
proofs of debt by March 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN-IP PRISMA: Member to Receive Wind-Up Report on April 5
----------------------------------------------------------
The member of Man-IP Prisma Limited will receive on April 5, 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 February 25, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


PRIMUS RE: Creditors' Proofs of Debt Due March 16
-------------------------------------------------
The creditors of Primus Re, Ltd. are required to file their proofs
of debt by March 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 28, 2011.

The company's liquidator is:

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


PRIMUS RE: Members' Final Meeting Set for April 6
-------------------------------------------------
The members of Primus Re, Ltd. will hold their final meeting on
April 6, 2011, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 28, 2011.

The company's liquidator is:

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


PRISMA TRADING: Creditors' Proofs of Debt Due March 16
------------------------------------------------------
The creditors of Prisma Trading Limited are required to file their
proofs of debt by March 16, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 25, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


PRISMA TRADING: Member to Receive Wind-Up Report on April 4
-----------------------------------------------------------
The member of Prisma Trading Limited will receive on April 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 February 25, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


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


BANCO DE COSTA: Fitch Upgrades Issuer Default Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded Banco de Costa Rica and Banco
Internacional de Costa Rica's long-term foreign currency Issuer
Default Rating to 'BB+' from 'BB'.  The upgrade follows Fitch's
recent upgrade of Costa Rica's sovereign IDR to 'BB+' from 'BB'.
The Rating Outlook of both BCR and BICSA is Stable.

Fitch has also upgraded BCR's Support rating floor as well as
BICSA's national ratings in Panama and El Salvador.  A detailed
list of rating actions follows at the end of this commentary.

On March 4, 2011, Fitch upgraded Costa Rica's long-term foreign
currency IDR to 'BB+' from 'BB', while the Outlook remained
Stable.  In turn, Costa Rica's long-term local currency IDR was
affirmed at 'BB+' and short-term IDRs at 'B'.

The upgrade of BCR's IDR and Support rating floor are driven by
and aligned with Costa Rica's upgraded sovereign rating, since the
government is BCR's sole shareholder, and it grants an explicit
guarantee for BCR and other state-owned banks' liabilities.  In
turn, BICSA's ratings are being upgraded as they reflect the
commercial and operating support it receives from its main
shareholder, BCR (51% stake; Banco Nacional de Costa Rica holds
the remainder 49% stake).  Although BICSA does not benefit from
the sovereign guarantee that Costa Rican state-owned banks have,
Fitch believes that support for BICSA could be provided by its
major shareholder.

Should Costa Rica's sovereign rating be upgraded, BCR's IDRs would
be upgraded accordingly.  Alternatively, BCR's IDRs could benefit
from the confluence of an upgraded Individual rating and a
materially improved operating environment relative to current
conditions.  Downside risk for the bank's ratings would arise
should Costa Rica's sovereign ratings be downgraded.  On the other
hand, BICSA's IDRs would be positively influenced by an upgrade of
BCR's IDRs or, alternatively, BICSA's own Individual rating.
Downside risk for the bank's ratings would stem from the
discontinuation of BCR's ability and/or willingness to provide
support, which Fitch considers unlikely at present.

Established in 1877 and wholly owned by the government, BCR is one
of the oldest banks in Central America and the second largest in
Costa Rica, with market share by assets of 20% as of December
2010.  In addition to BICSA, it also has three small local wholly-
owned subsidiaries involved in non-credit activities.

Established in Panama in 1976, BICSA specializes in wholesale
banking.  It has an agency in Miami and representative offices in
Guatemala, Nicaragua and El Salvador.  The majority of its
corporate business is carried out with Costa Rican customers.
BICSA's core business has increasingly migrated toward corporate
banking and, to a lesser extent, correspondent banking services.

Fitch has taken these rating actions:

BCR:

International ratings

  -- Long-term foreign currency IDR upgraded to 'BB+' from 'BB';
     Outlook Stable;

  -- Support rating floor upgraded to 'BB+' from 'BB';

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

  -- Long-term local currency IDR affirmed at 'BB+'; Outlook
     Stable;

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

  -- Support affirmed at '3';

  -- Individual rating remains at 'C/D'.

National-scale ratings

  -- Long-term rating affirmed at 'AA+(cri)'; Outlook Stable;

  -- Short-term rating affirmed at 'F1+(cri)';

  -- Long-term rating for local issues of senior unsecured debt
     affirmed at 'AA+(cri)';

  -- Short-term rating for local issues of senior unsecured debt
     affirmed at 'F1+(cri)'.

BICSA:

International ratings

  -- Long-term foreign currency IDR upgraded to 'BB+' from 'BB';
     Outlook Stable;

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

  -- Support affirmed at '3';

  -- Individual rating remains at 'C/D'.

National-scale ratings

  -- Long-term rating upgraded to 'AA-(pan)' from 'A+(pan)';
     Outlook Stable;

  -- Short-term rating upgraded to 'F1+(pan)' from 'F1(pan)';

  -- Long-term rating for local issues of senior unsecured debt
     upgraded to 'AA-(pan)' from 'A+(pan)';

  -- Short-term rating for local issues of senior unsecured debt
     upgraded to 'F1+(pan)' from 'F1(pan)';

  -- Long-term rating in El Salvador for local issues of senior
     unsecured debt upgraded to 'AA+(slv)' from 'AA(slv)'.


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


VITRO SAB: Case May Get Ruling This Week, Excelsior Says
--------------------------------------------------------
Thomas Black at Bloomberg News reports that Dario Celis, a
columnist with Excelsior newspaper, said an unnamed court-
appointed official will submit a report on whether Vitro, S.A.B.
de C.V. qualifies for bankruptcy proceedings.

Federal District Judge Francisco Flores, who presides over the
bankruptcy case, may rule on the qualification by March 11 and
make the decision known to the involved parties on March 14, Mr.
Celis reported, without saying where he got the information,
according to Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2011, Bloomberg said that Vitro SAB said a Mexican judge
decided to study an appeal that seeks to have the company's
bankruptcy filing accepted.  The same judge on Jan. 28, 2011, had
rejected the appeal, which Vitro SAB filed after its bankruptcy
plan was dismissed, Vitro said in an e-mailed statement obtained
by Bloomberg.

                          About Vitro SAB

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

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7, 2010.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

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

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Sections 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


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P E R U
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BANCO DE CREDITO: Fitch Assigns Ratings to Senior Unsec. Notes
--------------------------------------------------------------
Fitch Ratings expects to assign Banco de Credito del Peru's
upcoming up to seven-year U.S. dollar and/or Peruvian Soles senior
unsecured fixed-rate notes a long-term rating of 'BBB (exp)'.

The notes -- for an amount to be determined -- will be issued by
BCP through its Panamanian branch.  Principal will mature in up to
seven years, and interest payments will be made semi-annually
until maturity.  The notes will carry a fixed interest rate to be
set at time of issuance.  The final rating is contingent upon the
receipt of final documents conforming to information already
received.

BCP has a long-term local currency Issuer Default Rating of 'BBB',
and a long-term foreign currency IDR of 'BBB'.  The notes will
rank pari passu with all of BCP's existing and future senior
unsecured debt and will be senior to BCP's existing and future
subordinated and junior subordinated debt.

BCP will use the proceeds from the planned issue for general
corporate purposes.  Although its leverage will increase in the
short run, Fitch expects that gradual debt replacement and
continued growth and positive returns will allow the bank to
sustain adequate capital levels.

BCP is Peru's largest bank, with a dominating market share of
about 37% of the system's assets.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 97.6% of BCP; Credicorp is widely held.

Fitch currently rates BCP:

  -- Foreign currency long-term IDR 'BBB';
  -- Foreign currency short-term IDR 'F2';
  -- Local currency long-term IDR 'BBB';
  -- Local currency short-term IDR 'F2';
  -- Individual rating 'C';
  -- Support rating '3';
  -- Support floor 'BB+';
  -- Senior unsecured debt 'BBB';
  -- Subordinated debt 'BBB-';
  -- Junior subordinated debt 'BB+'.

The Rating Outlook is Stable.


SCOTIABANK PERU: Fitch Upgrades Individual Rating from 'C/D'
------------------------------------------------------------
Fitch Ratings has upgraded Scotiabank Peru's ratings:

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

  -- Local currency long-term Issuer Default Rating to 'A-' from
     'BBB+';

  -- Local currency short-term IDR to 'F1' from 'F2'.

At the same time, Fitch affirms these ratings:

  -- Foreign currency long-term IDR at 'BBB';
  -- Foreign currency short-term IDR at 'F2';
  -- Support rating at '2'.

The Rating Outlook for the IDRs is Positive.

SBP's IDRs reflect the support it would likely receive from its
parent, the Bank of Nova Scotia (rated 'AA-' by Fitch), should it
be required.  The bank's individual ratings consider its
strengthened franchise, adequate reserve coverage, improving
capital, and sufficient liquidity; they also factor in its tough
competitive environment and somewhat lower profitability.  The
foreign currency IDR is constrained by Peru's country ceiling.

SBP's individual rating and its local currency IDRs were upgraded
considering the bank's sustained performance through the crisis
and its strengthened competitive position after consolidating its
franchise and acquiring what is now CrediScotia.

Given SBP's importance to its parent, there is a high probability
that the bank would receive support from BNS, should it be
required.  Support should be forthcoming, provided that SBP does
not suffer from a systemic risk event.

SBP's IDRs would be upgraded should Peru's sovereign rating and
country ceiling be upgraded.  Downward risk for the bank's IDRs is
limited given its parent support and Peru's economic prospects but
some pressure on the individual rating could arise from a
significant asset quality decline that would impair earnings and
erode its reserve and capital cushion.

SBP's performance was driven by resilient margins - due in part to
lower funding costs - that help offset lackluster loan growth - a
result of credit tightening during the crisis - while operating
costs and loan loss provisions stabilized after important
expansions in 2007-2008.  Overall efficiency improved thus
contributing to stabilize profitability which declined from the
highs of 2007 but remains sound with a ROAE reaching about 23% at
June 2010 and ROAA of 2.8% at the same date.  Asset quality
improved after non-performing loans peaked during mid-2009;
reserve coverage remains adequate and capital also improved thanks
to slower growth, retained earnings and a capital injection to
acquire CrediScotia.

Future growth for SBP should come mainly from consumer and SME
lending but the bank's clout in the corporate segment, as well as
its new businesses, should also contribute.  Margins should come
under pressure by late 2011 but the impact could be offset by loan
growth into higher margin segments.  Non-interest revenues should
grow gradually as the bank exploits its expanded network and
rolls-out new products.  Operating costs should remain stable in
the short run but an increase cannot be ruled out if the bank's
business gains steam; credit cost on the other hand should grow in
line with the loan portfolio.  Overall profitability should
improve but remain below the pre-crisis levels with ROAE in the
20% and ROAA around 2.5% that should underpin moderate growth and
stable capital levels.

SBP is Peru's third largest bank with a market share of about 16%
of the system's assets (18% including CrediScotia).  The bank was
created in 2006 from the merger of Banco Sudamericano and Banco
Wiese Sudameris.  A universal bank active across all segments, SBP
is owned at 97.7% by BNS (Canada's third largest bank), which is
in turn widely held.


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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


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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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