TCRLA_Public/110713.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

            Wednesday, July 13, 2011, Vol. 12, No. 137

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Head of Committee Responds to KLS' Allegations


A R G E N T I N A

ARCOS DORADOS: Moody's Assigns Ba2 Rating to Global Notes Due 2016
CAPITAL FARMING: Creditors' Proofs of Debt Due August 19
RENSET SA: Creditors' Proofs of Debt Due August 19


B E R M U D A

GLOBAL CROSSING: Southeastern Asset Discloses 12.1% Equity Stake


C A Y M A N   I S L A N D S

KINGDOM 5-KR-93: Commences Liquidation Proceedings
KINGDOM 5-KR-95: Commences Liquidation Proceedings
KINGDOM 5-KR-97: Commences Liquidation Proceedings
KINGDOM 5-KR-101: Commences Liquidation Proceedings
KINGDOM 5-KR-104: Commences Liquidation Proceedings

KINGDOM 5-KR-106: Commences Liquidation Proceedings
KINGDOM 5-KR-108: Commences Liquidation Proceedings
KINGDOM 5-KR-111: Commences Liquidation Proceedings
KINGDOM 5-KR-113: Commences Liquidation Proceedings
KINGDOM 5-KR-121: Commences Liquidation Proceedings

KINGDOM 5-KR-148: Commences Liquidation Proceedings
KINGDOM 5-KR-149: Commences Liquidation Proceedings
KINGDOM 5-KR-151: Commences Liquidation Proceedings
KINGDOM 5-KR-154: Commences Liquidation Proceedings
KINGDOM 5-KR-156: Commences Liquidation Proceedings

WEAVERING MACRO: Sues PNC Global For EUR380 Million Over Breach


M E X I C O


COMISION DE AGUA: Moody's Assigns 'Ba3' Global Scale Rating
CAPAMA: Moody's Assigns 'Baa3' Rating to MXN148 Million Loan


P E R U

BANCO DE CREDITO: Fitch Affirms Junior Subordinated Debt at 'BB+'


P U E R T O   R I C O

AUTO VEGA: Case Summary & 20 Largest Unsecured Creditors
HOSPITAL DAMAS: DIP Financing, Cash Use Extended to Sept. 30


T R I N I D A D  &  T O B A G O

CL FINANCIAL: To Pay Creditors of US$240MM Notes by Month End
* TRINIDAD & TOBAGO: Unions Snub Minister's Appeal, Set to March


X X X X X X X X

* Moody's Says Spec-Grade Default Rate Ends at 2.2% in Q2 2011
* S&P's Global Corp. Default Tally Remains at 18 for 2011




                            - - - - -


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A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: Head of Committee Responds to KLS' Allegations
--------------------------------------------------------------
Caribbean360.com reports that John Little, the man who led a
committee set up last August to protect the interests of investors
who lost money in Robert Allen Stanford's alleged fraud, has
responded to some of the criticism leveled at the body in a motion
filed in court.

As reported in the Troubled Company Reporter-Latin America on
July 12, 2011, Caribbean360.com said a motion filed on behalf of
the Stanford investors claims that court-appointed receiver, Ralph
Janvey, is using up the money instead of helping the victims.  The
investors said that since the U.S. Securities and Exchange
Commission shut down Stanford International Bank Limited in 2009,
the money collected, which were intended to help them recover
their losses, has mostly been used to pay expenses, according to
Caribbean360.com.   The report related that according to the
motion filed by Kachroo Legal Services, P.C. and its principal,
Gaytri Kachroo, out of the US$7 billion which investors were
allegedly defrauded out of, Mr. Janvey has collected US$1.5
million excluding expenses.  In the motion led by Catherine
Burnell of Antigua and the U.K., Ursula Mesa of Florida and Peru,
Marcelo Avila of Ecuador, and Steven Graham of Louisiana --
representatives of the international breadth of investment into
the alleged Ponzi scheme -- investors state that Mr. Janvey has
taken all US$120 million of the assets thus far collected by him
and already existing in the estate, Caribbean360 noted.  The
report relayed that investors also claim that the attorneys who
were installed on the Stanford Investors Committee, which is
responsible for holding the receiver accountable, had struck a
deal to make themselves a preapproved 25% on all the fraudulent
conveyance cases launched by the receivership.

Caribbean360.com, citing a statement made after the filing of the
motion, Head of the Committee John Little, the Dallas attorney who
also serves as a liaison between the court, the receiver and the
creditors, said that "while the Committee does work in conjunction
with the receiver's counsel and other professionals, it is not
authorized to review the receiver's fees as KLS mistakenly
alleges".  "The Official Stanford Investors Committee is
absolutely committed to recovering the highest rate of return
possible for Stanford's victims regardless of citizenship or
nationality," Mr. Little added.

Meanwhile, Mr. Little noted that the seven members of the
Committee were specifically chosen to represent the cross-section
of the 20,000 victims of the US$7 billion alleged Ponzi scheme and
that the Committee's members have been actively engaged in a broad
range of activities on behalf of the victims, including
substantial litigation against third parties and working with the
U.S. government authorities overseeing the civil and criminal
proceedings, according to the report.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


ARCOS DORADOS: Moody's Assigns Ba2 Rating to Global Notes Due 2016
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Arcos Dorados' Holding Inc. and a Ba2 rating to its
proposed Brazilian real-denominated Senior Unsecured Global Notes,
equivalent to US$250 million due in 2016.  At the same time,
Moody's withdrew Arcos Dorados' B.V. Ba2 corporate family rating
and affirmed the Ba2 rating to its US$450 million Senior Unsecured
Notes.  Arcos Dorados Holdings is the indirect holding company of
Arcos Dorados B.V.  The ratings outlook is stable.

Net issuance proceeds will be used to refinance a portion of the
senior unsecured notes at Arcos Dorados B.V. and to fund its
investment requirements under its master franchise agreements
(MFAs).  The proposed senior unsecured notes would be fully and
unconditionally guaranteed by Arcos Dorados B.V. and relevant
operating companies.

Assignments:

   Issuer: Arcos Dorados Holdings Inc.

   -- Corporate Family Rating, Ba2

   -- Senior Unsecured 2016 Global Notes, Ba2

   Outlook, Stable

Ratings Affirmation:

   Issuer: Arcos Dorados B.V.

   -- Senior Unsecured 2019 Global Notes, Ba2

Withdrawal:

   Issuer: Arcos Dorados B.V.

   -- Corporate Family Rating of Ba2

Ratings Rationale

Arcos Dorados' Ba2 ratings are underpinned by the company's status
as McDonald's master franchisee in Latin America, which affords it
a leading position and broad geographic footprint in the region's
under-penetrated and growing quick service restaurant segment of
the informal eating out market.  Moody's believes that the
company's rights to use McDonald's strong brand name and proven
operating procedures as a master franchisee, an expected close
strategic alignment with McDonald's, and the industry experience
of the company's management provide a solid basis to pursue growth
opportunities and expand its earnings base across the region.
Furthermore, the company owns the land of 30% of its restaurants
and most of its restaurants' buildings, which provides hard asset
protection for bondholders.

Credit negatives partly offsetting these strengths include Arcos
Dorados's relatively high lease-adjusted leverage, concentration
of cash flows in a limited number of markets with increasing
dependency on its Brazilian subsidiary, performance challenges in
Mexico, the presence of currency controls in Venezuela, and
currency exposures in the debt structure.  Moody's also notes that
Arcos Dorados faces some exposure to Argentine country risk and
that the company is subject to certain minimum investment
requirements and financial covenants under its MFAs.

The stable ratings outlook reflects our expectation that revenue
growth and operating margins will continue improving in line with
positive growth trends in Latin America.  It is also based on the
expectation that the company will maintain a conservative
financial profile, with long-term investment spend generally
covered by internal cash flow generation.

Ratings could come under upward pressure if better than
anticipated cash flow generation and prudent financial policies
cause a material and sustainable strengthening of credit metrics,
with lease-adjusted Debt/EBITDA dropping to close to 3.0 times and
EBIT/Interest rising towards 3.0 times.  An upgrade would likely
also require solid progress in turning around the Mexican
operation, a reduction of debt structure currency exposures and
acceptable levels of country risk in relevant markets subject to
weak sovereign credit quality

Downward pressure on ratings could occur if Arcos Dorados' free
cash flow turns negative over an extended period of time, for
example because of a combination of margin pressures and
aggressive investment spending, and if as a result credit metrics
weaken substantially such that Debt/EBITDA exceeds 4.5 times or
EBIT/Interest falls well below 2.0 times.  A significant weakening
of local currencies and further tightening of currency controls in
Venezuela, or their implementation in Argentina, could also place
pressure on the ratings if dollar cash flow available to
bondholders is significantly reduced.

Headquartered in Buenos Aires, Argentina, to Arcos Dorados'
Holding Inc. is the leading quick service restaurant operator in
Latin America and the Caribbean and McDonald's largest franchisee
globally in terms of systemwide sales and restaurant count Arcos
Dorados began operating in August 2007 when it acquired most of
McDonald's operations in Latin America and the Caribbean in a
leveraged buyout led by the company's controlling shareholder
Woods Staton, who is also the company's current CEO and chairman.
For the last twelve months ended March 31, 2011, the company's
revenues reached US$ 3.2 billion.


CAPITAL FARMING: Creditors' Proofs of Debt Due August 19
--------------------------------------------------------
Silvia Jorgelina Zajac, the court-appointed trustee for Capital
Farming SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 19, 2011.

Ms. Zajac will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 33, 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:

         Silvia Jorgelina Zajac
         Panama 984


RENSET SA: Creditors' Proofs of Debt Due August 19
--------------------------------------------------
Jorge Osvaldo Stanislavsky, the court-appointed trustee for Renset
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 19, 2011.

Mr. Stanislavsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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:

         Jorge Osvaldo Stanislavsky
         Talcahuano 768
         Argentina


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


GLOBAL CROSSING: Southeastern Asset Discloses 12.1% Equity Stake
----------------------------------------------------------------
In a Schedule 13G filing with the U.S. Securities and Exchange
Commission, Southeastern Asset Management, Inc., disclosed that it
beneficially owns 7,414,311 shares of common stock of Global
Crossing Limited, representing 12.1% of the shares outstanding.

The number of shares of Global Crossing's common stock, par value
US$0.01 per share, outstanding as of April 28, 2011, was
61,124,576.

A full-text copy of the Schedule 13G filing is available at the
SEC at http://is.gd/ZAW01z

                       About Global Crossing

Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.

Global Crossing Limited reported a consolidated net loss of
US$172 million on US$2.609 billion of consolidated revenue for the
twelve months ended Dec. 31, 2010, compared with a net loss of
US$141 million on US$2.159 billion of revenue during the prior
year.

                          *     *     *

As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'.  The outlook is stable.  S&P assigned its 'CCC+' issue-level
rating and '6' recovery rating to Global Crossing's proposed
US$150 million of senior unsecured notes due 2019.  The '6'
recovery rating indicates S&P's expectation for negligible (0%-
10%) recovery in the event of a payment default.

The Company's balance sheet at March 31, 2011, showed US$2.26
billion in total assets, US$2.78 billion in total liabilities and
a US$525 million total shareholders' deficit.


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


KINGDOM 5-KR-93: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-93, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-95: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-95, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-97: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-97, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-101: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-101, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-104: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-104, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-106: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-106, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-108: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-108, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-111: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-111, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-113: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-113, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-121: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-121, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-148: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-148, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-149: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-149, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-151: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-151, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-154: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-154, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


KINGDOM 5-KR-156: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 23, 2011, the members of
Kingdom 5-KR-156, Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


WEAVERING MACRO: Sues PNC Global For EUR380 Million Over Breach
---------------------------------------------------------------
Mary Carolan at the Irish Times reports that the Weavering Macro
Fixed Income Fund Ltd has sued PNC Global Investment Servicing
(Europe) Ltd for damages of EUR380 million over alleged breach of
an administration and accounting services agreement.

The proceedings by Weavering Macro against PNC Global, registered
at Sir John Rogerson's Quay, Dublin, were transferred to the
Commercial Court on July 11 by Mr. Justice Peter Kelly.

According to the Irish Times, the case concerns alleged breaches
of a June 2003 administration and accounting services agreement
between Weavering and PNC's predecessor in title, PFPC
International Ltd.

The Irish Times relates that Weavering alleges gross negligence,
breach of contract, misrepresentation and/ or negligent
misstatement in that provision of services.

In seeking transfer of the case Monday, notes the Irish Times,
Brian Murray SC, for PNC, argued "wrongdoing" by the plaintiff
company was "at the root" of the case and security for costs
issues and possible involvement of others would be involved.
Mr. Murray said the case would benefit from the Commercial Court
procedures, the report relates.

An investment company incorporated and registered in the Cayman
Islands, Weavering was placed in official liquidation by a court
there in April 2009.

According The Irish Times, much of its claim relates to interest
rate swap transactions it entered between 2005 and 2009 with
Weavering Capital Fund Ltd (WCF), a company incorporated in the
British Virgin Islands.  The swaps value rose from $1.48 million
in April 2005 to $633 million in January 2009 but it now appears
they are worthless, Weavering claims, The Irish Times adds.

                      About Weavering Capital

Weavering Capital (UK) Limited is an English incorporated
investment management firm, which went into administration on
March 19, 2009, whose primary function was to act as investment
advisor to a Cayman Islands incorporated hedge fund, Weavering
Macro Fixed Income Fund Limited.  Liquidators were appointed over
the Macro Fund on March 19, 2009.  The Weavering Macro Fixed
Income Fund was understood to have funds under management of
around US$639 million in late 2008.

The Irish Times said while the fund's main unencumbered asset was
a series of derivative transactions valued in its balance sheet at
US$637.1 million, the derivative counterparty had a net worth not
exceeding US$50 million.


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


COMISION DE AGUA: Moody's Assigns 'Ba3' Global Scale Rating
-----------------------------------------------------------
Moody's de Mexico assigned first-time issuer ratings of Baa1.mx
(Mexico National Scale) and Ba3 (Global Scale, local currency) to
the Comision de Agua Potable y Alcantarillado del Municipio de
Acapulco (CAPAMA).  The ratings outlook is stable.

Ratings Rationale

The ratings reflect CAPAMA's weak financial performance,
significant infrastructure needs and very tight liquidity.  These
credit challenges are offset by a large and economically dynamic
service area, low debt metrics, high levels of ongoing financial
support from the Municipality of Acapulco for capital projects,
and recent actions by the management to improve the balance sheet.
According to Moody's analyst Adrian Garza, "CAPAMA's operational
and financial improvement has been hindered by the company's lack
of ability to raise water rates and large infrastructure needs."
The ratings also take into account the strong likelihood that the
Municipality of Acapulco (Ba2/A2.mx) would act to prevent a
default of CAPAMA by providing extraordinary financial support.

Over the period 2006 to 2010, CAPAMA has registered cash financing
requirements of an average -4.8% of total revenues.  Although
revenues have grown slightly at a higher compound annual growth
rate (CAGR) than expenditures over this period (7.6% and 6.3%
respectively), this has not been enough to drive the cash
financing results to positive levels.  Due to the poor operating
performance, CAPAMA relies heavily on transfers from the State of
Guerrero and the Municipality of Acapulco in order to finance its
capital expenditures.

"Although the management has implemented important strategies to
improve CAPAMA's balance sheet including agreements with pension
systems, the energy company and the Comision Nacional del Agua,
collection remains a significant challenge for the company", said
Adrian Garza.  As a result, CAPAMA's liquidity as measured with
net working capital (current assets minus current liabilities as a
percentage of total revenues) is very weak.  In 2010, eliminating
accounts receivables outstanding for over one year, CAPAMA's net
working capital was -36.8% of total revenues, a very low level
compared to peers and it is one of its most significant
challenges.  Moody's considers the actions taken by the management
to redress the liquidity as a credit positive over a medium term
horizon.

CAPAMA recently obtained a loan of MXN 148 million with Banorte
with a maturity of 10 years.  The loan is backed by own source
revenues as well as the pledge of 1% of the participation
transfers of the State of Guerrero, which also acts as a joint
creditor.  The proceeds were used to improve the long term debt
profile (an outstanding loan with Banobras of MXN 85 million was
fully repaid) and to repay other outstanding liabilities.  The
total direct debt as percentage of total revenues has averaged
25.8% over the last five years.  In 2011, considering the MXN 148
million loan this indicator will be 29.8% a low level compared to
peers.  Moody's does not expect debt levels to rise considerably
because it would need the approval of its Board, Municipaity of
Acapulco's Council and the State Congress, which has been proven
to be a long and difficult process.

The strong likelihood of support reflects Municipality of
Acapulco's recurrent transfers to the company in excess of amounts
required to finance infrastructure projects.  In addition, the
Municipaity of Acapulco has previously supported CAPAMA through
transfers to finance operations at moments of financial distress.
Moody's also assigns a very high default dependence level between
the water company and the municipal government, reflecting
primarily, that CAPAMA and the Municipality of Acapulco rely on a
similar revenue base and could potentially be affected by the same
political risks.

CAPAMA is the water company of the Municipality of Acapulco which
provides water, sewer and water treatment services.  CAPAMA
supplies water and sewage services to 83% and 44% of Acapulco's
population respectively.  While CAPAMA's most important customers
are residential (78.7% of total customers) most of its revenues
come from commercial usage consumption (42.5% of own source
revenues).

An operating efficiency improvement, allowing the company to
finance a greater portion of capital expenditures and resulting in
an improvement in its net working capital, could exert upward
pressure on the ratings.  In addition, an uplift on Acapulco's
issuer ratings might lead to an upgrade of CAPAMA's issuer
ratings.

The deterioration of financial performance resulting in debt
increases or the further tightening of liquidity, and/or a shift
in management practices, could exert downward pressure on the
ratings, as well as a downgrade on Acapulco's issuer ratings.

The principal methodology used in this rating was "Government-
Related Issuers: Methodology Update" published in July 2010.


CAPAMA: Moody's Assigns 'Baa3' Rating to MXN148 Million Loan
------------------------------------------------------------
Moody's de Mexico has assigned debt ratings of Aa3.mx (Mexico
National Scale) and Baa3 (Global Scale, local currency) to MXN 148
million enhanced loan of the CAPAMA from Banorte.  The State of
Guerrero (Ba2/A2.mx) is a joint obligor of this loan.  The rating
outlook is positive, reflecting the positive outlook on the State
of Guerrero's issuer rating.

Rating Rationale

The ratings assigned to this enhanced loan reflect the State of
Guerrero's payment obligation and the uplift provided by its
pledge of participation transfers and the debt service reserve.

The MXN 148 million loan from Banorte is payable through a trust
(Monex F/632), to which the CAPAMA has pledged the cash flows from
part of its revenues (from Zona Diamante and those collected
through banks) and the State of Guerrero has pledged 1% of its
participation revenues.

The structure is legal and binding supported by these legal and
credit enhancements.

Credit enhancements are:

* Strong legal structure where the State of Guerrero is a party to
  both the loan contract as a joint obligor and the trust
  contract.  The State has pledged 1% of the State's participation
  revenues (Ramo 28) to this loan and has provided an irrevocable
  instruction to TESOFE to transfer those revenues to the trust.
  Guerrero's participation transfers will be used to replenish
  reserves in the event they are drawn to pay debt service to make
  up for a shortfall in CAPAMA own source revenues.

* Solid debt service coverage under base case scenario: minimum of
  2.1x (only considering Guerrero's participations flows)

* Solid debt service coverage under stress case scenario: minimum
  of 1.8x (only considering Guerrero's participations flows)

* Solid reserve levels: minimum debt service coverage of 2.0x

Credit challenges:

* Tight clause related to CAPAMA's revenues whereby the lender can
  declare an early amortization if these revenues provide less
  than 3x DSC for six consecutive months by themselves, not
  considering Guerrero's participation revenues.  This is offset
  by the fact that revenue levels are currently projected to cover
  debt service by more than 3 times and, if it eventually these
  were not sufficient, CAPAMA would have 240 days to remedy this
  event before triggering an early amortization.

The positive outlook on the ratings reflect the positive outlook
on the State of Guerrero's issuer rating, given the links between
the loan and the credit quality of the joint obligor.  An upgrade
on the ratings of Guerrero would likely result in an upgrade on
the ratings of the loan.  A revision on Guerrero's outlook back to
stable would also lead to a revision of the outlook of the loan to
stable.  Finally, the loan ratings could face downward pressure if
debt service coverage levels fall materially below our
expectations.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008, The
Application of Joint Default Analysis to Regional and Local
Governments, published in December 2008 and Enhanced Municipal and
State Loans in Mexico published in January 2011.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country.  NSRs are designated
by a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.  For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."


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


BANCO DE CREDITO: Fitch Affirms Junior Subordinated Debt at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco de Credito del Peru's ratings:

   -- Long-term foreign currency Issuer Default Rating (IDR) at
      'BBB';

   -- Short-term foreign currency IDR at 'F2';

   -- Long-term local currency IDR at 'BBB';

   -- Short-term local currency IDR at 'F2';

   -- Individual rating to at 'C';

   -- Support rating at '3';

   -- Support floor at 'BB+';

   -- Senior unsecured debt at 'BBB';

   -- Subordinated debt at 'BBB-';

   -- Junior subordinated debt at 'BB+'.

The Rating Outlook is Stable.

In addition, Fitch affirmed BCP Emisiones Latam 1 ratings:

   -- National Senior Unsecured Long Term Rating at 'AA-(cl)'.

Banco de Credito del Peru's (BCP) ratings reflect its dominant
franchise; large market share; sound performance through the
crisis; diversified balance sheet and revenue stream; broad, low-
cost deposit base; sound asset quality and adequate reserves and
capital.  The ratings also reflect BCP's systemic importance as
well as the room for progress in its efficiency levels.
BCP's relatively high support floor reflects its systemic
importance, and Fitch believes it is the Peruvian bank most likely
to receive support from the government, should it be required.
Peru's ability to provide such support is considered moderate and
reflected in its Sovereign ratings ('BBB-'/'BBB').

BCP's ratings could benefit from higher efficiency and sustained
performance, as well as from a stronger capital base.  The ratings
could suffer if the operating environment turns down
significantly, affecting the bank's asset quality and performance
so as to erode the bank's reserve and capital cushions.

BCP's performance improved during 2010 and into 2011, driven by
strong loan growth across all segments, resilient margins
underpinned by lower funding costs, and improving non-interest
revenues that reflect the banks franchise and earning capacity.
Operating costs reverted to more moderate growth levels after a
peak during 2008-2009 that was caused by the bank's expansion
while credit cost declined after reaching record levels at the
height of the crisis.  Hence, costs declined in relative terms and
allowed BCP to improve its efficiency and sustain a strong
profitability with an ROAE of 28% at March 2011 and an ROAA of
about 2.1%.  Asset quality improved and is at the Industry
average, comparing well to that of its regional peers.

After the perfect storm of 2009, where loan growth halted but
operating costs continued to grow and LLP pressured the bottom
line, BCP has resumed a more normal revenue/expense pattern.  In
spite of the hiatus due to the elections, loan growth should
resume a rapid pace into 2012.  Margins should be underpinned by
growth into microcredit and consumer lending but heightened
competition is likely to keep them in check.  Operating costs
should stabilize and decline in relative terms while credit cost
should remain stable given the sound asset quality and strong
economic prospects.  Hence, BCP should continue to improve its
efficiency and maintain adequate profitability with an ROAE
comfortably above 20% and an ROAA around 2%.  BCP's performance
could further improve in the medium term, once the political
uncertainty is cleared and the economy grows at its full
potential.

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 97.4% of BCP; Credicorp is widely held.


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


AUTO VEGA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Autos Vega, Inc.
        P.O. Box 4252
        San Juan, PR 00936

Bankruptcy Case No.: 11-05773

Chapter 11 Petition Date: July 6, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Antonio A. Arias-Larcada, Esq.
                  McConnell Valdes
                  P.O. Box 364225
                  San Juan, PR 00936-4225
                  Tel: (787) 250-5604
                  Fax: (787) 759-2771
                  E-mail: aaa@mcvpr.com

Estimated Assets: US$10,000,001 to US$50,000,000

Estimated Debts: US$10,000,001 to US$50,000,000

The petition was signed by Ramon Vega Diaz, president.

Debtor's List of 20 Largest Unsecured Creditors:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
Miguel A. Marrero         Suit- Unjustified      US$4,398,989
c/o LCDO Edgardo L.       Dismissal
Rodriguez
P.O. Box 365061
San Juan, PR 00936 5061

Departamento De Hacienda  Taxes                    $1,578,780
PR Bankruptcy Section
(424B), P.O. Box 9024140
San Juan, PR 00902 4140

Jason Jimenez Torres      Suit-Tort Action         $1,045,214
URB Velomar #187
Vega Alta, PR 00692

Noel Torres Lopez
c/o LCDA Miriam Gonzalez  Suit-Tort Action           $305,000
P.O. Box 9023998
San Juan, PR 00902 3998

Ford Motor Credit Co.     Inventory Purchases        $220,538
P.O. Box 364189           Parts
San Juan, PR 00936

Migdoel Rodriguez         Suit-Tort Action           $150,000
Mercado

El Nuevo Dia              Advertising                 $32,796

Alcalde Auto Parts        Inventory Purchases         $31,424
                          Parts

Lorena Lyn Gual           Administrative              $30,947
                          Proceedings

Carmen Rios Rivera        Administrative              $25,810
                          Proceedings

PR Electric Power         Electric Power              $23,350
(PREPA) Aut Bankruptcy    Services
Office

Internal Revenue Service  Payroll Taxes               $16,262
                          Witholdings

Federal Express Corp      Freight Services            $15,868

Caribbean Truck           Inventory Purchases-        $12,934
Bodies Corp               Truck

The Parts House Inc.      Inventory Purchases-        $10,117
                          Parts

Auto Accesorios De        Inventory Purchases-        $10,091
Puerto Rico               Parts

Dort Rothafel             Administrative              $10,000
                          Proceedings

Eric Valentin Rodriguez   Administrative               $8,000
                          Proceedings

BG Puerto Rico            Inventory Purchases-         $6,244
                          Parts

Burgos Tire Center        Inventory Purchases-         $5,715
                          Parts


HOSPITAL DAMAS: DIP Financing, Cash Use Extended to Sept. 30
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico entered,
on July 1, 2011, its order granting Hospital Damas, Inc., and
Banco Popular de Puerto Rico's joint motion for the extension of
postpetition financing and use of cash collateral, through and
including Sept. 30, 2011, subject to the Term Sheet being filed by
July 8, 2011, and no oppositions are filed by July 15, 2011.

If a timely opposition is filed, the Court will schedule this
matter for July 19, 2011, at 9:30 a.m.

As reported in the Troubled Company Reporter on May 19, 2011,
Judge Mildred Caban Flores approved an agreed to order extending
the Debtor's authority to obtain postpetition financing from Banco
Popular de Puerto Rico, use BPPR's cash collateral, and provide
adequate protection, through June 30.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 10-08844) on
Sept. 24, 2010.  Charles A. Cuprill-Hernandez, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, serves as the Debtor's bankruptcy
counsel.  Silva CPA Group serves as its financial advisor.
Enrique Peral Law Offices, P.S.C., as special counsel.  FPV
Galindez PSC to will assist in processing and preparing
statistical data required for the preparation of the Medicare cost
report.

In October 2010, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors of the
Debtor.  Todd C. Meyers, Esq., and Colin M. Bernardino, Esq., at
Kilpatrick Stockton LLP, represents the Committee as legal
counsel, and Edgardo Munoz, Esq., at Edgardo Munoz, PSC, serves
the Committee as local counsel.

In its schedules, the Debtor disclosed US$24,017,166 in total
assets and US$21,267,263 in total liabilities as of the Petition
Date.


===============================
T R I N I D A D  &  T O B A G O
===============================


CL FINANCIAL: To Pay Creditors of US$240MM Notes by Month End
-------------------------------------------------------------
Steven Jackson at Jamaica Gleaner reports that CL Financial
Limited notified Jamaican creditors that it would devise a payment
plan by month-end for its US$240 million of notes in "default",
according to Robin Levy, general manager of trustee, Jamaica
Central Securities Depository (JCSD).

The payment options on the CL Spirits bonds could include cash or
selling shares in CL Financial assets, including its local
subsidiary, Lascelles deMercado and Company, in which it has an
86.89% stake held mainly but not exclusively by CL Spirits
Limited, according to Jamaica Gleaner.

The report notes that JCSD Trustee Services, a subsidiary of the
Jamaica Stock Exchange (JSE), is the trustee for the noteholders
and the banks that have lent money to CL Financial in this deal.

CL Financial Group has delayed payment of its CL Sprits bond,
which matured January 2010, Jamaica Gleaner relays.  The report
says that it bought time following a series of negotiations with
stakeholders.

Jamaica Gleaner discloses that CL Spirits was the vehicle chiefly
used by CL Financial to acquire Jamaican spirits conglomerate,
Lascelles deMercado, as well as raise debt to help finance the
US$9.25 per share deal that closed in July 2008.  Mr. Levy said
that CL Financial has not been able to meet requirements for the
servicing of the bond since 2009, Jamaica Gleaner says.

The Gleaner previously reported that this included a 150 margin
that the conglomerate was required to maintain as backing for
bonds floated in 2008.

"CL has been in continuous breach since almost two years of that
requirement," Jamaica Gleaner quoted Mr. Levy as saying.  The JCSD
and creditors have all agreed that the requirement "would never be
rectified," he added.

Lascelles is now managed by a Trindad appointee, Fraser Thornton,
who replaced William McConnell on July 1, Jamaica Gleaner adds.

                     About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


* TRINIDAD & TOBAGO: Unions Snub Minister's Appeal, Set to March
----------------------------------------------------------------
Camille Bethe at Trinidad Express reports that protest action
planned by trade unionists and labor leaders will go on despite
attempts by Planning Minister Bhoendradatt Tewarie to discuss the
matter.

A statement from the Ministry of Planning and the Economy said
that Mr. Tewarie attempted to reach out to the unions on several
occasions, as mandated by Prime Minister Kamla Persad-Bissessar,
in an attempt to get union leaders to begin discussions on the
seven key areas of concerns raised by the unions, according to
Trinidad Express.

The report discloses that the issues include:

   -- the removal of the five per cent wage cap and settlement of
      outstanding negotiations;

   -- the disbandment and removal of the inter-ministerial
      committee; and

   -- the placement of labor legislation high on government's
      agenda in time for the new parliamentary term, as well as
      the start of constitutional reform and immediate
      implementation of a labour market survey for the Trinidad
      and Tobago Unified Teachers Association (TTUTA)
      negotiations.

Trinidad Express notes that the ministry stated that, as recently
as July 5, Mr. Tewarie again attempted to make contact with
president general of the Oilfields Workers Trade Union (OWTU),
Ancel Roget, but failed to get any response.  The report relates
that the letter sent to Mr. Roget stated that government sees the
labor movement as a partner and welcomes dialogue and discussion
with them on the seven issues identified.

As reported in the Troubled Company Reporter-Latin America on
July 12, 2011, Trinidad Express said that business associations
are calling on both the Trinidad and Tobago government and the
country's trade unions to think about the very fragile state of
the economy, even as the trade unions get ready to make good on
their promise to shut down the country.


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


* Moody's Says Spec-Grade Default Rate Ends at 2.2% in Q2 2011
--------------------------------------------------------------
The trailing 12-month global speculative default rate finished the
second quarter at 2.2%, down from 2.5% in the first quarter of
2011, according to Moody's Investors Service in its monthly
default report.  A year ago, the default rate stood at 6.2%.

Moody's default rate forecasting model now predicts that the
global speculative-grade default rate will fall to 1.5% by the end
of this year then edge up to 1.7% by the second quarter of 2012.

"Spreads are widening, particularly in Europe, and the continued
softness in the global economy is certainly worrying" says Albert
Metz, Moody's Director of Credit Policy Research.  "But corporate
fundamentals still remain fairly good, spreads, though increasing,
remain near typical levels, and defaults continue to be few and
far between."

There were four debt defaults in the second quarter, bringing the
year to date total to 12.  By comparison, there were 17 and 10
defaults in the first and second quarter of last year,
respectively.

Moody's expects default rates to be highest in the Wholesale
sector in the U.S. and the Media: Advertising, Printing &
Publishing sector in Europe.

In the U.S. the speculative-grade default rate ended the second
quarter at 2.6%, down from 2.9% in the previous quarter.  At this
time last year, the U.S. default rate was 6.4%.

In Europe, the default rate fell from 1.9% in the first quarter to
1.4% in the second quarter.  Last year, the European default rate
ended at 5.6% in the second quarter.

When measured on a dollar-volume basis the global speculative-
grade bond default rate fell slightly to 1.5% at the close of Q2
2011 from 1.6% in Q1 2011.  A year ago, the global dollar-weighted
default rate was higher at 3.5%.

In the U.S., the dollar-weighted speculative-grade default rate
closed the quarter at 1.4%.  The comparable rate last quarter was
1.5% and 3.5% a year ago.

In Europe, the dollar-weighted speculative-grade bond default rate
remained unchanged from the previous quarter at 1.8%.  The
speculative-grade bond default rate stood at 3.4% this time last
year.

Moody's speculative-grade corporate distressed index -- a measure
of the percentage of high-yield issuers that have debt trading at
distressed levels -- rose to 9.5% at the end of the second
quarter, up from the 7.7% level in the previous quarter.  A year
ago, the index was markedly higher at 16.0%.

Among U.S. leveraged loan issuers, the trailing 12-month default
rate was unchanged from the previous quarter at 1.7% but
significantly lower than the 6.2% rate recorded this time last
year.  Four Moody's-rated companies defaulted on loans in the
second quarter, compared to one in the first quarter.


* S&P's Global Corp. Default Tally Remains at 18 for 2011
---------------------------------------------------------
The 2011 global corporate default tally remains at 18 after no
issuers defaulted last week, said an article published July 8 by
Standard & Poor's Global Fixed Income Research, titled
"Global Corporate Default Update (June 30-July 6, 2011) (Premium).

Of the total, 11 issuers were based in the U.S., two each were
based in Canada and New Zealand, and one each was based in the
Czech Republic, France, and Russia.  By comparison, 46 global
corporate issuers had defaulted by this time in 2010.  Of these
defaulters, 33 were U.S.-based issuers, two were European issuers,
four were from the emerging markets, and seven were in the other
developed region (Australia, Canada, Japan, and New Zealand).

Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges --
both among the top reasons for default in 2010.  Of the remaining
five, three issuers defaulted after they filed for bankruptcy,
another had its banking license revoked by its country's central
bank, and the fourth was forced into liquidation as a result of
regulatory action.

Of the defaults in 2010, 28 defaults resulted from missed interest
or principal payments, 25 resulted from Chapter 11 and foreign
bankruptcy filings, 23 from distressed exchanges, three from
receiverships, one from regulatory directives, and one from
administration.


                            ***********


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, 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.


                   * * * End of Transmission * * *