TCRLA_Public/110824.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, August 24, 2011, Vol. 12, No. 167

                            Headlines



B E R M U D A

DIGICEL GROUP: Claro Dealers May Take Legal Action Over Merger


C A Y M A N   I S L A N D S

AERO INVESTMENTS: Shareholders' Final Meeting Set for October 14
AM INVESTMENT VX: Shareholders' Final Meeting Set for September 2
CORAZON ARGENTUM: Shareholders' Final Meeting Set for September 2
CUADRO INVESTMENTS: Members' Final Meeting Set for August 25
DALGETTY LIMITED: Shareholder to Hear Wind-Up Report on Sept. 8

DORCHESTER CAPITAL: Shareholders' Final Meeting Set for Sept. 2
G.T.F. GLOBAL: Shareholders' Final Meeting Set for September 5
GPS INCOME: Shareholder to Receive Wind-Up Report on August 31
GPS NEW: Shareholder to Receive Wind-Up Report on August 31
KIOICHO HOLDINGS: Shareholders' Final Meeting Set for September 2

MATRIX NEW: Shareholders' Final Meeting Set for September 1
PINSTRIPE INVESTMENTS: Members' Final Meeting Set for August 25
PLIBA HOLDINGS: Shareholders' Final Meeting Set for September 2
RHM FINANCE: Shareholders' Final Meeting Set for September 12
WOLVERINE INTERNATIONAL: Shareholders' Meeting Set for September 2


C O L O M B I A

TERMOCANDELARIA SCA: Fitch Affirms Issuer Default Rating at 'BB'
* COLOMBIA: Moody's Upgrades Bond Rating to 'Baa3' From 'Ba1'


D O M I N I C A N   R E P U B L I C

CARIBE MEDIA: Files Plan to Exit Chapter 11 Under Lenders' Control


M E X I C O

HIPOTECARIA SU CASITA: S&P Lowers Ratings on 2 Tranches to 'mxBB+'


T R I N I D A D  &  T O B A G O

CL FIN'L: "No Super Cheque for CLICO Policyholders," Minister Says
* TRINIDAD & TOBAGO: Local Firms Brace for 'Emergency' Losses




                            - - - - -


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


DIGICEL GROUP: Claro Dealers May Take Legal Action Over Merger
--------------------------------------------------------------
RJR News reports that Claro dealers are contemplating legal action
after complaining that they have been left in the dark on the
status of the proposed Claro/Digicel Group merger, which was
initially expected to be completed by the end of June.

The dealers are upset that there has been no formal response to a
request sent to Daryl Vaz, the Minister responsible for
Information, seeking a meeting to discuss their concerns about the
merger, according to RJR News.

The report relates that Claro dealers claimed they were racking up
debts as they had received little or no goods from the company to
sell and were uncertain about how they would be affected if the
merger with Digicel Group went through.

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2011, RJR News said Claro dealers have intensified their
concerns about how the proposed merger with Digicel Group will
affect their operations.  The dealers penned a letter to Mr. Vaz
raising concerns that the merger could leave them with a "hole in
their pocket," according to RJR News.  In the letter, the dealers
complained that they have little stock to sell and, since the
merger announcement, their businesses have been in decline, the
report related.  RJR News noted that Jacqueline Geddes, who
operates Claro stores in Kingston and Manchester, said the dealers
have been told by Claro that they will not be compensated.

                        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. Barts.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

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


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


AERO INVESTMENTS: Shareholders' Final Meeting Set for October 14
----------------------------------------------------------------
The shareholders of Aero Investments Limited will hold their final
meeting on October 14, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


AM INVESTMENT VX: Shareholders' Final Meeting Set for September 2
-----------------------------------------------------------------
The shareholders of AM Investment VX Fund, Ltd. will hold their
final meeting on September 2, 2011, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1 9002
         Cayman Islands


CORAZON ARGENTUM: Shareholders' Final Meeting Set for September 2
-----------------------------------------------------------------
The shareholders of Corazon Argentum Fund Limited will hold their
final meeting on September 2, 2011, at 12:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1 9002
         Cayman Islands


CUADRO INVESTMENTS: Members' Final Meeting Set for August 25
------------------------------------------------------------
The members of Cuadro Investments Limited will hold their final
meeting on August 25, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


DALGETTY LIMITED: Shareholder to Hear Wind-Up Report on Sept. 8
---------------------------------------------------------------
The sole shareholder of Dalgetty Limited will receive on
September 8, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


DORCHESTER CAPITAL: Shareholders' Final Meeting Set for Sept. 2
---------------------------------------------------------------
The shareholders of Dorchester Capital International Retirement
Plan, Ltd. will hold their final meeting on September 2, 2011, at
12:30 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1 9002
         Cayman Islands


G.T.F. GLOBAL: Shareholders' Final Meeting Set for September 5
--------------------------------------------------------------
The shareholders of G.T.F. Global Trends Fund Ltd will hold their
final meeting on September 5, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GPS INCOME: Shareholder to Receive Wind-Up Report on August 31
--------------------------------------------------------------
The sole shareholder of GPS Income Fund (Cayman) Ltd. will receive
on August 31, 2011, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Ogier, Attorneys
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815.1897
         Facsimile: (345) 949-9877


GPS NEW: Shareholder to Receive Wind-Up Report on August 31
-----------------------------------------------------------
The sole shareholder of GPS New Equity Fund (Cayman) Ltd. will
receive on August 31, 2011, at 2:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Ogier, Attorneys
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815.1897
         Facsimile: (345) 949-9877


KIOICHO HOLDINGS: Shareholders' Final Meeting Set for September 2
-----------------------------------------------------------------
The shareholders of Kioicho Holdings Inc. will hold their final
meeting on September 2, 2011, at 9:45 a.m., to receive 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


MATRIX NEW: Shareholders' Final Meeting Set for September 1
-----------------------------------------------------------
The shareholders of Matrix New Europe Fund will hold their final
meeting on September 1, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PINSTRIPE INVESTMENTS: Members' Final Meeting Set for August 25
---------------------------------------------------------------
The members of Pinstripe Investments Limited will hold their final
meeting on August 25, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


PLIBA HOLDINGS: Shareholders' Final Meeting Set for September 2
---------------------------------------------------------------
The shareholders of Pliba Holdings Inc. will hold their final
meeting on September 2, 2011, at 10:00 a.m., to receive 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


RHM FINANCE: Shareholders' Final Meeting Set for September 12
-------------------------------------------------------------
The shareholders of RHM Finance Limited will hold their final
meeting on September 12, 2011, at 9:00 a.m., to receive 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


WOLVERINE INTERNATIONAL: Shareholders' Meeting Set for September 2
------------------------------------------------------------------
The shareholders of Wolverine International Finance Corporation
will hold their final meeting on September 2, 2011, at 8:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1 9002
         Cayman Islands


===============
C O L O M B I A
===============


TERMOCANDELARIA SCA: Fitch Affirms Issuer Default Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed Termocandelaria S.C.A. E.S.P.'s foreign
and local currency Issuer Default Ratings (IDRs) at 'BB'.  The
rating action applies to approximately US$59 million of
outstanding senior secured notes issued by Termocandelaria Power
Ltd. The Rating Outlook is Stable.

Termocandelaria's ratings reflect the company's adequate credit
metrics and its predictable cash flow generation resulting from
capacity (reliability) payments.  The company's credit metrics
have improved since its debt restructuring, and they are expected
to remain in the current range.  The company's ratings also
reflect its exposure to regulatory changes, the addition of new
capacity would likely increase Termocandelaria's leverage and
possibly have a negative effect on the company's credit quality.

Reliability Payments Support Reliable and Stable Cash Flow:

Termocandelaria's ratings reflect the company's stable and
predictable cash flow stream generated by fixed capacity payments,
called reliability charges, received from the Colombian electric
system.  For capacity payments, Termocandelaria receives
approximately US$36 million to US$38 million annually.  These
reliability charges are dollar-linked, are to exist for a five-
year period ending November 2012 and will be adjusted thereafter
to reflect current market prices based on future energy auctions,
subject to a cap and floor until 2015.  The first energy auction
that took place in 2008 modestly increased the 2013 reliability
payment to approximately US$14 per MWh from approximately US$13 in
2006.

Competitive Electricity Generation Market:

Termocandelaria operates in a highly competitive electricity
market dominated by low-cost, hydro-based generation companies.
As Termocandelaria's marginal cost is significantly higher than
the hydrologic generator, the company operates primarily as a
back-up generator.  Since overall generation capacity is
sufficient to meet Colombia's electricity demand for the next few
years, new capacity is not expected to be needed until at least
2014.  The company may participate in future generation auctions
and increase its installed capacity by converting its plant from a
single-cycle to a combined-cycle configuration.  Successful
auction bids will receive long-term fixed capacity payments after
2014.  The addition of new capacity would likely increase
Termocandelaria's leverage and possibly have a negative effect on
the company's credit quality.

Uncertainty about the Impact of Regulatory Changes:

The risk associated with the uncertainty created by possible
regulatory changes remains latent in the sector.  The ratings
incorporate uncertainty created by possible regulatory changes
including those related to fuel storage and distribution for the
operation of thermal plants, which could require additional
capital investments.  Contrary to thermoelectric generation
companies located in the interior of the country, Fitch expects
Termocandelaria to only be marginally impacted by such regulatory
changes due to its proximity to fuel production centers.

Solid Credit Metrics:

Termocandelaria financial strategy of improving its debt profile
through debt reduction and refinancing short-term debt to longer
term obligations is a credit positive, and has resulted in a more
manageable maturity profile.  For the last 12 months (LTM) ended
June 30, 2011 and as of year-end 2010, financial leverage as
measured by total debt to EBITDA was adequate at approximately 3
times (x) and 2.4x, respectively.  Interest coverage is considered
healthy and in line with Fitch's expectations at 2.3x as of LTM
June 2011.  In the short term, the company expects to maintain
solid credit metrics, Fitch does not rule out additional increases
in debt to increase capacity, though this will most likely require
debtors' consent.

Liquidity Adjusted but Consistent with a Grade Profile:

The company's liquidity is a concern as it is exposed to credit
availability to finance potential working capital needs should the
company be called to generate for prolong periods.  The company
operates with moderate levels of cash on hand and approximately
USD10 million of credit lines available.  To the extent
Termocandelaria continues to maintain moderate levels of on-
balance sheet cash, the company's liquidity will continue to be
moderately exposed to credit availability to finance potential
future working capital needs.  During 2010 and 2009, cash
generation was positively impacted by droughts in Colombia, with
reported EBITDAs of approximately US$28 million and US$34 million,
respectively.  In a scenario that reflects only revenues generated
by reliability payments, Fitch expects Termocandelaria to produce
EBITDA between US$20 million to US$22 million.  Total debt as of
June 30, 2011 is approximately US$59 million, with an annual debt
service average of US$18 million, maturing in 2016.  Under the
base case, Fitch expects services debt covered average of 1.4x
during credit life, metrics consistent with a grade profile.  The
analysis assumes moderate capital investments and a conservative
dividend policy.

Key Rating Drivers:

  -- Adjusted liquidity in a scenario of prolonged power
     generation;
  -- Development operation in a highly regulated environment;
  -- Increase supply of energy from existing generators, which
     results in a more competitive market.


* COLOMBIA: Moody's Upgrades Bond Rating to 'Baa3' From 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has upgraded the Colombian government's
foreign-currency bond rating to Baa3 from Ba1.  The outlook is
stable.

The action also raises Colombia's foreign-currency bond ceiling to
Baa2 from Baa3 and the foreign-currency bank deposit to Baa3 from
Ba2.  The outlook on both ratings is stable.  The short-term
foreign-currency bank deposit ceiling is raised to P-3 from NP.
The Baa3 government bond local-currency rating and A1 local-
currency bond and bank deposit ceilings remain unchanged.

Ratings Rationale

The main reasons for the ratings upgrade are:

* Colombia's proven ability to deal with internal and external
  shocks, as evidenced by the government's recent economic and
  financial performance and the country's long history of timely
  debt payments.  Additionally, steady reductions in the systemic
  threat posed by guerrilla groups and organized crime point to
  the ability of the state to deal with non-economic shocks over
  time.

* Moody's view that the country's institutional framework is well
  placed to deal with an expected commodities-driven revenue
  increase in coming years.  While the ratings change is not
  predicated on a drop of current debt ratios, Moody's anticipates
  continued fiscal and macroeconomic stability.

Colombia's general government debt level fell 10 percentage points
of GDP from 2003 to 2007, and, since the onset of the world
economic crisis, has stabilized at around 37%.  This compares
favorably with the median from Baa-rated sovereigns.  The economy
has also shown resilience with median GDP growth in the last
decade higher than the Baa average.

Security concerns, historically a major issue for Colombia, have
not disappeared but have been waning after several major
government wins against domestic guerrilla groups.  Moody's
expects defense spending to remain high for the foreseeable future
but reduced security problems will continue to bolster economic
growth through greater investment.

The Santos administration is pushing for several important fiscal
and budgetary reforms in its first year in office.  Tax reforms
were approved in December, leading to close to 1% of GDP increase
in revenues.  By the end of June further fiscal reforms, including
rules to deal with a forecast increase in oil-related revenues,
are expected to become law.  Approval and full implementation of
these fiscal rules would be a further credit positive for the
sovereign.


===================================
D O M I N I C A N   R E P U B L I C
===================================


CARIBE MEDIA: Files Plan to Exit Chapter 11 Under Lenders' Control
------------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Caribe Media Inc., an
affiliate of bankrupt yellow-pages publisher Local Insight Media
Holdings Inc., filed a reorganization plan explaining how it
intends to emerge from Chapter 11 protection under control of its
lenders.

Caribe Media Inc. owns publication rights for certain print and
Internet directories in the Dominican Republic and Puerto Rico.
Caribe Media owns 60% of Axesa Servicios de Informacion, S. en C.,
a Yellow Pages publisher in Puerto Rico and the official publisher
of all telephone directories for Puerto Rico Telephone Company,
Inc., the largest local exchange carrier in Puerto Rico, and
US$100% of Caribe Servicios de Informacion Dominicana, S.A., the
sole directory publisher in the Dominican Republic with the
exclusive right to publish under the brand of Codetel, the largest
telecom operator in the Dominican Republic.  Caribe Media is
wholly owned by CII Acquisition Holding Inc.  They are affiliates
of Local Insight Media Holdings, Inc.

Caribe Media and CII filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 11-11387 and 11-11388) on May 3, 2011.
Caribe Media is being represented by lawyers at Kirkland & Ellis
LLP and Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel.
Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP will serve as
conflicts counsel.

Local Insight Media is also a debtor in its own Chapter 11 pending
in Delaware.  Local Insight Media filed in 2010.  It is also being
represented by lawyers at Kirkland and Pachulski.


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


HIPOTECARIA SU CASITA: S&P Lowers Ratings on 2 Tranches to 'mxBB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term ratings
on seven tranches from five Mexican residential mortgage-backed
securities (RMBS) transactions issued by Hipotecaria Su Casita-
Bursatilizaciones de Hipotecas Residenciales I and III
(Hipotecaria Su Casita).  "We also lowered our underlying ratings
(SPURs) on another two tranches, and removed one of them from
CreditWatch negative, where we placed it on May 27, 2011.  At the
same time, we affirmed our ratings on 19 Mexican RMBS series from
transactions originated by Hipotecaria Su Casita and affirmed one
SPUR. Finally, we raised our rating on the class B notes from Su
Casita's Residential Mortgage Backed Notes Series 2007," S&P
related.

The lowered ratings reflect a steeper and sustained deterioration
of the affected transactions' credit enhancement due to rising
delinquency and default levels in the underlying portfolios and
overall low recovery proceeds from the sale of foreclosed assets.
The affirmed ratings reflect the fact that the series have
sufficient credit enhancement levels (in the form of
overcollateralization, subordination, or partial credit
guarantees) to continue supporting the assigned ratings under
observed and projected performance scenarios, including projected
recoveries from defaulted assets.  "However, if defaults and
delinquencies within the portfolios increase beyond our
expectations, we could review our ratings on these transactions,"
S&P said.

"We raised our rating on the class B notes from Hipotecaria Su
Casita-Residential Mortgage Backed Notes series 2007 to 'mxCCC
(sf)' from 'mcD' to reflect the fact that the transaction cured a
default that occurred in May of this year.  The deal is again
performing. On May 27, 2011, we lowered our rating on class B to
'mxD (sf)' due to an interest shortfall.  According to The Bank of
New York Mellon, acting as the indenture trustee in the
transaction, the transaction paid the unpaid amount, along with
moratorium interests, in June and investors have received full
payments thereafter.  However, the rating on the tranche is
limited by the class' default history, the weak financial position
of the trust, and minimal excess spread," S&P related.

Performance Statistics:
Delinquency And Credit Enhancement
Class           +90 days     Credit Enhancement*
               (Jun 11)     (Jun 11)
BRHCGCB 03U     19.36%       55.91%
BRHCGCB 04U     17.95%       25.75%
BRHSCCB 05U     22.54%       3.47%
BRHSCCB 06U     19.60%       12.42%
BRHSCCB 06-2U   19.60%       -4.68%
BRHSCCB 06-3U   27.39%       3.19%
BRHSCCB 06-4U   27.39%       -17.36%
BRHSCCB 06-5U   14.23%       12.85%
BRHSCCB 06-6U   14.23%       -1.97%
BRHSCCB 06      12.92%       15.80%
BRHSCCB 06-2    14.62%       21.22%
BRHSCCB 06-3    14.62%       6.00%
BRHSCCB 07      11.73%       21.59%
BRHSCCB 07-2    11.73%       4.97%
BRHCCB 07U      46.03%       76.86%
BRHCCB 07-2U    46.03%       -61.74%
BRHCCB 07-3U    46.03%       -82.88%
BRHCCB 07       10.27%       87.54%
BRHCCB 07-2     10.27%       20.67%
BRHCCB 07-3     10.27%       2.50%
BRHCCB 08U      24.35%       65.05%
BRHCCB 08-2U    24.35%       -17.88%
BRHCCB 08-3U    24.35%       -34.17%
BRHCCB 08-5U    19.63%       -4.19%
BRHCCB 08-6U    19.63%       -4.19%
Class A         35.68%       -28.09%
Class B         35.68%       -44.71%

*Credit enhancement calculated as (1-liabilities / current assets)
+ percentage of subordinated series + percentage of partial credit
guarantee available.

The 'B' global scale rating and the 'mxBB+' Mexican national scale
rating on the class A notes from Hipotecaria Su Casita-Residential
Mortgage Backed Notes series 2007 are based on the full financial
guarantee insurance policy provided by MBIA Insurance Corp. (MBIA;
B/Negative/-- insurer financial
strength rating).  Likewise, the 'B/mxBB+' ratings on the
certificates from series BRHCCB 07U and BRHCCB 07-2U are based on
the full financial insurance guarantee policies provided by MBIA
Mexico, S.A. de C.V. (MBIA Mexico; mxBB+/Negative CaVal [Mexico]
national scale rating and B/Negative/-- insurer financial strength
rating).  "Under our criteria, the issue rating on an insured
bond reflects the higher of the rating on the bond insurer
(monoline) or the SPUR on the security," S&P stated.

"We estimated the transactions' delinquency, default, and current
credit enhancement levels using 'Methodology And Assumptions For
Rating Mexican Residential Mortgage-Backed Securities,' published
Sept. 15, 2010.  We analyzed the transactions using LEVELS Mexico
to determine updated foreclosure frequency and loss severity
levels.  We then used our Mexican RMBS cash flow model to
determine each deal's rating based on the transaction's financial
position, projected performance, and structure.  We modeled each
deal's expected recovery prospects using asset liquidations
consistent with the output from LEVELS Mexico," S&P related.

Due to the financial stress that seller and original servicer
Hipotecaria Su Casita has experienced (see "Hipotecaria Su Casita
Ranking Lowered To BELOW AVERAGE Due To Deteriorating Performance
And A Weak Financial Position," published April 28, 2011),
bondholders on several deals have requested it be replaced as
primary servicer in an effort to contain delinquencies. Standard &
Poor's will monitor the performance of any replacement servicer to
evaluate its success rate.  Nevertheless, the rating actions are
independent of the proposed or realized servicer replacements, as
Standard & Poor's has expressed that these changes, in and of
themselves, do not affect the assigned ratings.

Modeled Foreclosure Frequency And Loss Severity Levels
Class              FF (%)          LS (%)
BRHCGCB 03U        44.98           97.40
BRHCGCB 04U        44.81           93.61
BRHSCCB 05U        36.67           55.06
BRHSCCB 06U        36.32           57.43
BRHSCCB 06-2U      21.23           38.12
BRHSCCB 06-3U      36.85           52.96
BRHSCCB 06-4U      22.92           37.33
BRHSCCB 06-5U      34.45           64.29
BRHSCCB 06-6U      23.36           53.01
BRHSCCB 06         36.28           31.29
BRHSCCB 06-2       32.36           33.66
BRHSCCB 06-3       21.45           18.49
BRHSCCB 07         26.59           28.43
BRHSCCB 07-2       19.99           13.45
BRHCCB 07U         14.34           42.96
BRHCCB 07-2U       10.48           28.70
BRHCCB 07-3U       10.48           28.70
BRHCCB 07          27.74           32.19
BRHCCB 07-2        27.74           32.19
BRHCCB 07-3        19.99           13.45
BRHCCB 08U         28.98           34.80
BRHCCB 08-2U       28.98           34.80
BRHCCB 08-3U       18.15           10.40
BRHCCB 08-4U       21.51           23.06
BRHCCB 08-5U       21.51           23.06
Class A            12.01           42.91
Class B            11.50           40.91

FF--Foreclosure Frequency. LS--Loss severity.

Ratings Lowered

Hipotecaria Su Casita Bursatilizaciones de Hipotecas Residenciales
               Series      Rating              Outs. amount
Tranche        type    To          From        (mil. UDIs)
BRHSCCB 06-2U  Sub.    mxBB+ (sf)  mxBBB+ (sf) 22.56
BRHSCCB 06-3U  Senior  mxA+ (sf)   mxAA- (sf)  110.30
BRHSCCB 06-4U  Sub.    mxBB+ (sf)  mxBBB(sf)   23.41
BRHSCCB 06-6U  Sub.    mxBBB+ (sf) mxA (sf)    15.12

Hipotecaria Su Casita Bursatilizaciones de Hipotecas Residenciales
III
               Series       Rating             Outs. amount
Tranche        type    To          From        (mil. UDIs)
BRHCCB 07-2U   SPUR    CCC (sf)    B- (sf)     425.20
BRHCCB 07-3U   Sub.    mxCCC (sf)  mxB (sf)    64.85
BRHCCB 08-2U   Senior  mxBBB- (sf) mxA (sf)    221.56
BRHCCB 08-3U   Sub.    mxB- (sf)   mxBB (sf)   43.52

Ratings Lowered And Removed From Creditwatch Negative

Hipotecaria Su Casita Residential Mortgage Backed Notes
            Series       Rating                  Outs. amount
Tranche     type    To         From              (mil. UDIs)
Class A     SPUR    CCC+ (sf)  B- (sf)/Watch Neg  375.00

Ratings Raised

Hipotecaria Su Casita Residential Mortgage Backed Notes
            Series       Rating               Outs. amount
Tranche     type    To          From          (mil. UDIs)
Class B     Sub.    mxCCC (sf)  mxD (sf)      48.67

Ratings Affirmed

Hipotecaria Su Casita Bursatilizaciones de Hipotecas Residenciales
               Series                      Outs. amount
Tranche        type       Rating           (mil.)
BRHCGCB 03U    Senior     mxAAA (sf)        27.72 UDIs
BRHCGCB 04U    Senior     mxAAA (sf)        107.53 UDIs
BRHSCCB 05U    Senior     mxAA- (sf)        72.76 UDIs
BRHSCCB 06U    Senior     mxAA- (sf)        115.58 UDIs
BRHSCCB 06-5U  Senior     mxAA (sf)         88.96 UDIs
BRHSCCB 06     Senior     mxAA+ (sf)        MXN215.86

Hipotecaria Su Casita Bursatilizaciones de Hipotecas Residenciales
II
               Series                      Outs. amount
Tranche        type       Rating               (MXN mil.)
BRHSCCB 06-2   Senior     mxAAA (sf)       253.39
BRHSCCB 06-3   Sub.       mxA (sf)         48.96
BRHSCCB 07     Senior     mxAAA (sf)       356.34
BRHSCCB 07-2   Sub.       mxA (sf)         75.55

Hipotecaria Su Casita Bursatilizaciones de Hipotecas Residenciales
III
               Series                      Outs. amount
Tranche        type       Rating               (mil.)
BRHCCB 07U     Senior     B (sf)            71.00 UDIs
BRHCCB 07U     Senior     mxBB+ (sf)        71.00 UDIs
BRHCCB 07U     SPUR       B- (sf)           71.00 UDIs
BRHCCB 07-2U   Senior     B (sf)            425.20 UDIs
BRHCCB 07-2U   Senior     mxBB+ (sf)        425.20 UDIs
BRHCCB 07      Senior     mxAAA (sf)        MXN139.00
BRHCCB 07-2    Senior     mxAAA (sf)        MXN745.89
BRHCCB 07-3    Sub        mxA (sf)          MXN202.78
BRHCCB 08U     Senior     mxA (sf)          93.35 UDIs
BRHCCB 08-4U   Senior     mxBBB- (sf)       133.28 UDIs
BRHCCB 08-5U   Senior     mxBBB- (sf)       146.57 UDIs

Hipotecaria Su Casita Residential Mortgage Backed Notes
               Series                      Outs. amount
Tranche        type       Rating               (mil. UDIs)
Class A        Senior     B (sf)           375.00


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


CL FIN'L: "No Super Cheque for CLICO Policyholders," Minister Says
------------------------------------------------------------------
John Sealy at NationNews.com reports that Barbados Minister of
Finance Chris Sinckler said there is no "super cheque" at the
Treasury to be paid to Colonial Life Insurance Company (Trinidad)
Limited (CLICO) policyholders, who are fighting to secure their
returns.  CLICO is a subsidiary of CL Financial Group Limited.

Responding to remarks by June Fowler, head of the Barbados
Investors and Policyholders Alliance Inc. (BIPA), Mr. Sinckler
said that while the policyholders had every right to pursue their
cause, the matter had to be resolved within the "four corners of
the law," according to NationNews.com.

The report notes that Ms. Fowler had stated that she would be
taking the government's promise of resolution with "a pinch of
salt". Sinckler had said in Tuesday's Budget delivery that a "firm
proposal" was being put on the table regarding CLICO.

"My job as Minister of Finance, and that of the government, is to
ensure that there is an orderly settlement to the matter and one
that does not compromise the integrity of Barbados.  I think the
policyholders, of which I am one, have a legitimate case to put
and those pleas and argumentations are not being slighted by the
government of Barbados in any way," the report quoted Mr. Sinckler
as saying.
                        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: Local Firms Brace for 'Emergency' Losses
-------------------------------------------------------------
Abby Brathwaite at Trinidad Express reports that Trinidad & Tobago
businesses braced for financial losses starting as they were
forced to curtail operations because of the limited state of
emergency in the country.

Caribbean360.com reports that Trinidad & Tobago Prime Minister
Kamla Persad-Bissessar disclosed a limited state of emergency and
curfew in "hotspots" in the country to deal with escalating crime.
Caribbean360.com relates that the measure, which gives military
personnel powers to search and seize and powers of arrest, took
effect on Aug. 21.

Caribbean360.com discloses that the law provides for the limited
state of emergency to be in place up to 15 days before extensions
are sought from the House of Representatives.

President of the Downtown Owners and Merchants Association Gregory
Aboud told the Express Port of Spain businesspeople were worried
about the impact of the measure, according to Trinidad Express.

"We are obviously quite concerned about the drastic nature of the
initiative that has been adopted but we do agree that something
had to be done . . . There are a number of fast food outlets,
manufacturing enterprises and entertainment houses, where tens of
thousands of citizens are employed. . . They will feel some very,
very strong effects from this measure," Trinidad Express quoted
Mr. Aboud as saying.

President of the Trinidad and Tobago Manufacturers Association
Dominic Hadeed said many of his members were dealing with the
impact the curfew will have on their 24-hour operations, according
to Trinidad Express.  "How will we be able to keep factories
going, some of them who are actually in some of these hotspots and
those who rely on a lot of employees who live in those areas?  In
the case of Blue Waters we usually have three eight-hour shifts
and we had to change that to two 12-hour shifts," Trinidad Express
quoted Mr. Hadeed as saying.

Trinidad Express notes that Derek Chin, chairman of MultiCinemas
Ltd, operators of the MovieTowne cineplexes, said he stands to
lose TT$500,000 in earnings from MovieTowne, Port of Spain, alone
in the first week.


                            ***********


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 * * *