TCRLA_Public/110909.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Friday, September 9, 2011, Vol. 12, No. 179

                            Headlines


A R G E N T I N A

BANCO DE LA PROVINCIA: S&P Gives 'B' Counterparty Credit Rating
ELECTRONICA MEGATONE: Moody's Gives 'B3' Rating to Proposed Notes
SANCOR COOPERATIVA: Moody's Withdraws 'B2' Currency Rating


B E R M U D A

DIGICEL GROUP: Claro Deal Hit With Another Requirement


B R A Z I L

MINERVA OVERSEAS: Moody's Upgrades Corp. Family Rating to 'B2'


C A Y M A N   I S L A N D S

ALPINA ASSET: Members' Final Meeting Set for September 19
AVANGARD RUSSIA: Shareholders' Final Meeting Set for September 16
BAY HARBOUR: Shareholder to Receive Wind-Up Report on Sept. 16
CHIRIN ASIA: Shareholders' Final Meeting Set for September 16
FALLING WATER: Members Receive Wind-Up Report

GENEVA HOLDINGS: Shareholders' Final Meeting Set for September 19
HESS BRASIL: Members' Final Meeting Set for September 16
HESS (PHILIPPINES-SC 41): Members' Final Meeting Set for Sept. 16
KME CAYMAN: Shareholders' Final Meeting Set for September 16
LANTERNE ARRAN: Shareholders' Final Meeting Set for September 14

MADISONGREY FUND: Shareholder to Hear Wind-Up Report on Sept. 20
MARINILLA INVESTMENTS: Members Receive Wind-Up Report
MISTRAL INVESTMENT: Members Receive Wind-Up Report
MSR ASIA: Members' Final Meeting Set for September 12
TROPHY HUNTER: Shareholder to Receive Wind-Up Report on Sept. 16


J A M A L C O

JAMALCO: Jamaica Government Gets 2 Offers for Refinery Stake
WINDALCO: Plant Reopening Delay Causes Government US$63-Mil.


P E R U

CONTINENTAL TRUSTEE: S&P Raises Rating on Synthetic Deal to 'BB+'


                            - - - - -


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


BANCO DE LA PROVINCIA: S&P Gives 'B' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
counterparty credit rating to Argentina-based Banco de la
Provincia de Buenos Aires (BPBA).  The outlook is stable.  The
province of Buenos Aires fully owns BPBA.

"The rating on BPBA reflects the risk inherent for banks
operating in Argentina and BPBA's subpar performance in the
domestic market mainly due to its low levels of efficiency and
profitability, and insufficient capitalization.  In our view, the
bank's significant franchise value, ranking as the second-largest
institution in the Argentine financial system, somewhat mitigates
these weaknesses," S&P stated.

In accordance with S&P's criteria on rating government related
entities, S&P's view of an 'almost certain' likelihood of
extraordinary support from the province of Buenos Aires is based
on its assessment of BPBA's:

    "Very important" role in promoting the development of certain
    economic segments in the province.  The bank is an important
    instrument of provincial public policy, serving as a fiscal
    agent to the province, and a significant player in the
    Argentine financial system; and

    "Very strong" link between the bank and the province, given
    the bank's ownership structure. The province provides a
    direct guarantee for the bank's liabilities.

"We believe that the close ties between the government and the
country's financial system directly affects BPBA's business
prospects.  Given uncertainties about the Argentine economy, we
believe this link constrains the rating," S&P related.


ELECTRONICA MEGATONE: Moody's Gives 'B3' Rating to Proposed Notes
-----------------------------------------------------------------
Moody's Latin America assigned a B3 global scale rating and an
A2.ar Argentina National Scale Rating to Electronica Megatone's
(EM) proposed ARS50 million local bond issuance.  At the same
time, Moody's affirmed EM's corporate family rating of B3 on its
global scale and A2.ar on the Argentina national scale rating.
Proceeds from the notes will be used principally for EM's working
capital needs, to refinance outstanding short term debt and for
general corporate purposes.  The outlook for all ratings is
stable.

Ratings Rationale

The B3 and A2.ar ratings are supported by the company's position
as one of the main dedicated consumer electronics and appliance
retailers in Argentina, operating under the Megatone brand name.
The ratings reflect EM's diversified product mix, low adjusted
leverage and its well-established relationships with suppliers.
The ratings also consider EM's solid position in selling
recognized brand name home appliances and solid credit metrics
for its rating category.  The ratings also incorporate EM's
strong revenue growth and improved operating margins.

EM's key credit negatives include EM's retail finance model, with
significant credit exposure to consumer loans extended through
Megatone's own financing source.  Moody's notes that EM's
consumer credit segment has been the principal earnings generator
and has been funded by the securitization market.  Moody's will
closely monitor the company's ability to continue to access the
market for securitization financing, as well as its strategic
plans for the Musimundo retail chain, after obtaining Musimundo's
brand name licensing.  EM's relatively small scale, limited
geographic diversification and the competitive environment also
constrain the ratings.

The stable ratings outlook reflects Moody's expectation that EM
will continue to successfully implement its business model, thus
allowing the retailer to maintain strong credit metrics for its
rating category.  The stable outlook assumes that EM will
successfully uphold its market position, even in light of the
challenging competitive environment. Finally, the outlook
reflects Moody's expectations that EM will be able to maintain
adequate access to the securitization market, even in more
adverse market conditions.

EM ratings upgrade could result from increased size and
geographic diversification, along with an improving business
environment in Argentina leading to an improving retail business
segment. Quantitatively, upward momentum could result if EM's
total adjusted debt to EBITDA is sustained below 1.5 times (2.7
times as of last twelve months ended May 31, 2011) and operating
margins of above 6% (4.4% as of last twelve months ended May 31,
2011). In addition, reducing its reliance on the securitization
market would support a stronger credit profile.

Negative pressure on the ratings or outlook could result from the
inability to maintain good liquidity and access to the
securitization funding vehicle.  In addition, greater than
expected loan delinquencies, the impact of a potential downturn
in the Argentinean economy on the availability of consumer loans
and the inability to successfully integrate the Musimundo retail
chain could cause negative pressure on ratings.  Quantitatively,
a downgrade could result from a sustained drop in EM's EBIT
margin to below 10% or a significant increase in leverage, with
total adjusted debt to EBITDA of above 3.5 times.  Indications of
a weakening market share in the domestic retail market could also
drive negative pressure.

Headquartered in Santa Fe province, Argentina, EM is a leading
regional appliance retailer operating 89 stores across 12
provinces.  With total revenues of US$305 million as of the last
twelve months ended May 31, 2011, is one of the three retailers
licensing "Megatone" brand name in Argentina.


SANCOR COOPERATIVA: Moody's Withdraws 'B2' Currency Rating
----------------------------------------------------------
Moody's Latin America has withdrawn the B2 global-local currency
and A1.ar Argentine national scale insurance financial strength
ratings of Sancor Cooperativa de Seguros Limitada, and its
workers' compensation subsidiary, Prevencion ART.

Ratings Rationale

Moody's has withdrawn the ratings for its own business reasons.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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B E R M U D A
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DIGICEL GROUP: Claro Deal Hit With Another Requirement
------------------------------------------------------
RJR News reports that the deal for Digicel Group to take over
Claro Jamaica has now been hit by a requirement.

Claro Jamaica must give up the signal on which it operates in El
Salvador for the deal to push through, according to RJR News.

RJR News notes that the El Salvador competition watchdog,
Superintendencia de Competencia imposed the condition because it
said, as it stands, the deal would restrict competition in that
country's mobile market.

Claro is required, therefore, to return the spectrum so that it
can be offered to new players in El Salvador, RJR News says.

RJR News notes that the announcement comes as Digicel Group
awaits approval for Claro Jamaica to take over its El Salvador
and Honduras businesses before it consummates its takeover of
Claro in Jamaica.

As reported in the Troubled Company Reporter-Latin America on
Sept. 2, 2011, The Gleaner related that the Jamaican government
has approved Digicel Group's acquisition of Claro Jamaica.  Prime
Minister Bruce Golding, however, said that the approval is on the
proviso that Digicel Group continues to operate two separate
networks, in what is meant to be a check on the market leader's
dominance, according to The Gleaner.  The Gleaner noted that
Digicel Group wanted to integrate the operations into a single
network, but Prime Minister Golding rejected that plan.

                        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 Group 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 September 8, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


MINERVA OVERSEAS: Moody's Upgrades Corp. Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 the Corporate
Family Rating and senior unsecured ratings of Minerva S.A. The
outlook is stable.

Ratings upgraded are:

Minerva S.A.

- Corporate Family Rating: to B2 from B3/Under Review for
  possible upgrade

Issuer: Minerva Overseas Ltd.

- US$35 million 9.500% guaranteed senior unsecured bonds due
  02/01/2017: to B2 from B3/Under Review for possible upgrade

Issuer: Minerva Overseas II Ltd.

- US$374 million 10.875% guaranteed senior unsecured bonds due
  11/15/2019: to B2 from B3/Under Review for possible upgrade

Ratings Rationale

"The upgrade to B2 reflects the company's track record of stable
operating margins, despite the difficult environment for the
sector over the last several months, with pressure in cattle
prices and continued FX appreciation, factors that negatively
impacted the overall meat processing sector in Brazil", said
Moody's analyst Marianna Waltz.

"The B2 rating also recognizes the deleveraging process that is
taking place in 2011, with the issuance of R$190 million in
convertible debentures, treated as 100% equity by Moody's".
Although the final amount was less than the original R$300
million the company intended to raise, the positive impact on the
balance sheet is still meaningful.  Proceeds of the offering will
be used to pay down R$160 million of debt, with the balance going
toward the remaining installments related to the Frigorifico
PUL's acquisition.  Based on Moody's estimates, leverage, as
measured by Total Debt to EBITDA, should approach 5x by the end
of 2011 (all ratios according to Moody's standard definitions and
adjustments), which is commensurate with one of the ratings
triggers outlined for a possible positive rating action.

Moody's has also incorporated in its assumptions that Minerva
will only make modest acquisitions over the near term, that it
will continue to successfully execute the strategies of its beef
trading operations for delivering above average margins for a
more commodity oriented beef processor, and that it will turn
free cash flow positive in 2012 on a sustainable basis.

Moody's is also considering the improvement in Minerva's
liquidity levels, as evidenced by the company's unwritten policy
of keeping a minimum R$500 million in cash, and the lower
reliance in export markets as compared to previous years.  After
the investments that have been made in the new facilities in the
states of Rondonia and Minas Gerais, and in the Frigorifico PUL
in Uruguay, Moody's is assuming that the company will prudently
manage CAPEX and working capital levels, aiming to at least
sustain the recent balance sheet improvements.  Minerva should
also benefit from the larger participation of value added
products sales, where higher margins can be earned.  Specially,
Moody's assumes that this segment share in total revenues,
including Minerva Dawn Farms and the refrigerated products, could
reach 25% within the next two years, as compared to approximately
16% currently.

Offsetting some of the positive attributes supporting the B2
rating is Minerva's relatively small size compared to local and
global peers, based on consolidated net revenues, it's still high
leverage, as well as the sales concentration on live cattle, beef
and beef related products and the volatile nature of the protein
business.

The stable outlook reflects Moody's view that the company will be
able to sustain its operating margins, make further progress in
reducing its financial leverage and maintain liquidity at current
levels.

The ratings could suffer downward pressure if Minerva's liquidity
deteriorated, if market conditions cause operating margins to
decline sharply or if total adjusted debt to EBITDA fails to
remain at around 5.0x on a sustainable basis.  The company's
inability to keep CFO/Net Debt above 10% or deliver positive free
cash flow in 2012 could also add to negative ratings or outlook
pressure.

While unlikely over the near term, Minerva's ratings could be
upgraded if Minerva makes additional progress in deleveraging its
balance sheet and is able to deliver greater diversification of
revenue and cash flow streams to continue.  Upwards pressure
would also depend on the company's ability to reduce adjusted
total debt to EBITDA ratio to below 4.5x and increase EBITA to
Interest Expense to above 1.5x and CFO to Net Debt to above 15%.

The principal methodology used in rating Minerva was the Protein
and Agriculture rating methodology published on September 3,
2009. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.

Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL3.6 billion (approximately US$2.2
billion) at LTM June, 2011 and installed slaughtering capacity of
10.480 heads of cattle per day, Minerva is the third largest
Brazilian exporter of beef and beef byproducts and has ten own
beef production facilities in Brazil as well as presence in
Paraguay and Uruguay.


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


ALPINA ASSET: Members' Final Meeting Set for September 19
---------------------------------------------------------
The members of Alpina Asset Management Ltd. will hold their final
meeting on September 19, 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:

         David Sargison
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


AVANGARD RUSSIA: Shareholders' Final Meeting Set for September 16
-----------------------------------------------------------------
The shareholders of Avangard Russia Growth Fund will hold their
final meeting on September 16, 2011, at 11:15 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


BAY HARBOUR: Shareholder to Receive Wind-Up Report on Sept. 16
--------------------------------------------------------------
The sole shareholder of Bay Harbour Partners, Ltd. will receive
on September 16, 2011, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


CHIRIN ASIA: Shareholders' Final Meeting Set for September 16
-------------------------------------------------------------
The shareholders of Chirin Asia Pacific Master Fund Limited will
hold their final meeting on September 16, 2011, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FALLING WATER: Members Receive Wind-Up Report
---------------------------------------------
The members of Falling Water Ltd. received on September 7, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pascal Dulau
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147 Grand Cayman KY1-1002
         Cayman Islands


GENEVA HOLDINGS: Shareholders' Final Meeting Set for September 19
-----------------------------------------------------------------
The shareholders of Geneva Holdings Limited will hold their final
meeting on September 19, 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:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897
         Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


HESS BRASIL: Members' Final Meeting Set for September 16
--------------------------------------------------------
The members of Hess Brasil (BM-ES-30) Limited will hold their
final meeting on September 16, 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:

         George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


HESS (PHILIPPINES-SC 41): Members' Final Meeting Set for Sept. 16
-----------------------------------------------------------------
The members of Hess (Philippines-SC 41) Limited will hold their
final meeting on September 16, 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:

         George C. Barry
         1185 Avenue of the Americas
         New York, N.Y. 10036
         United States of America


KME CAYMAN: Shareholders' Final Meeting Set for September 16
------------------------------------------------------------
The shareholders of KME Cayman Finance Ltd. will hold their final
meeting on September 16, 2011, at 10:15 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


LANTERNE ARRAN: Shareholders' Final Meeting Set for September 14
----------------------------------------------------------------
The shareholders of Lanterne Arran Fund will hold their final
meeting on September 14, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MADISONGREY FUND: Shareholder to Hear Wind-Up Report on Sept. 20
----------------------------------------------------------------
The sole shareholder of Madisongrey Fund Services (Cayman) Ltd
will receive on September 20, 2011, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Equinoxe Alternative Investment Services (Bermuda)
Limited
         Suite 1181, 48 Par-la-Ville Rd.
         Hamilton HM11
         Bermuda


MARINILLA INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Marinilla Investments Limited received on
September 5, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


MISTRAL INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Mistral Investment Fund received on September 7,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Beat Hirschi
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


MSR ASIA: Members' Final Meeting Set for September 12
-----------------------------------------------------
The members of MSR Asia Acquisitions XV, Inc., will hold their
final meeting on September 12, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


TROPHY HUNTER: Shareholder to Receive Wind-Up Report on Sept. 16
----------------------------------------------------------------
The sole shareholder of Trophy Hunter Partners, Ltd., will
receive on September 16, 2011, at 10:15 a.m., the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877


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J A M A L C O
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JAMALCO: Jamaica Government Gets 2 Offers for Refinery Stake
------------------------------------------------------------
RJR News reports that unnamed sources said the Jamaican
government has received at least two offers for its stake in
JAMALCO (Alcoa Minerals of Jamaica)'s alumina refinery.

Switzerland-based commodities trader, Glencore and Chinese metals
trader, Zhuhai Hongfan, are rumored to be the potential bidders
for the government's stake, according to RJR News.

The report notes that the government owns 45% of JAMALCO through
the Clarendon Alumina Partners, and has been trying, since last
year, to offload that stake, because of its hefty cost associated
with a forward sale agreement.

RJR News relates that Jamaica Prime Minister Bruce Golding said
that the forward sale agreement had cost taxpayers more than
JM$12 billion since 2002.  The report relays that Prime Minister
Golding said that if the government's stake was not divested,
taxpayers would be asked to pay a further JM$15 billion before
the contract ends in 2013.

                           About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


WINDALCO: Plant Reopening Delay Causes Government US$63-Mil.
------------------------------------------------------------
Garfield Myers and Camilo Thame at Jamaica Observer reports that
the Jamaica government said a delay in the reopening of West
Indies Alumina Company (WINDALCO)'s Kirkvine alumina plant in
Manchester by the end of the year will cost the country an
estimated US$63 million.

State Minister for Energy and Mining Lawrence Broderick told a
forum in Mandeville that while talks with Windalco had been
"difficult and are at a delicate stage, he anticipates the
Kirkvine plant reopening by year-end," according to Jamaica
Observer.

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2011, RadioJamaica said that the board of UC Rusal, the
parent firm of Windalco, has approved the reopening of the
Windalco-Kirkvine Plant.  However, RadioJamaica related, the
restart of mining activities is subject to the approval by UC
Rusal's international lenders and further discussions with its
partners on the project.  Production at the Windalco-Kirkvine
Plant was temporarily suspended in April 2009 due to cost-cutting
measures, RadioJamaica recounted.  RadioJamaica, citing an
internet report, noted that the cost of the restart of operations
is expected to be approximately US$9 million while the plant
commissioning budget is approximately US$17 million.

Jamaica Observer notes that the Bank of Jamaica in its latest
balance of payments report showed that alumina export earnings
totaled US$184 million for the first four months of 2011, while
data from the Port Authority of Jamaica showed that exports of
alumina totaled just under 710,000 tones, which suggests a price
of US$260 a tone.

The report says that should Kirkvine remain closed until January
2012 and the indicative price remains the same, Jamaica stands to
lose approximately US$65 million in export earnings.

Jamaica Observer notes that Mr. Broderick said that a restart at
the Manchester plant had been delayed by hard-nosed demands from
both UC Rusal and the government.

Jamaica Observer discloses that Mr. Broderick said that the
Jamaican government had to consider the need for "balance" in its
talks with UC Rusal.  "The government of Jamaica wants the plant
reopened, but is cognizant of the need for balance in relation to
the extent to which we can forego certain revenues as a
precondition for the plant's reopening," the report quoted Mr.
Broderick as saying.

                          About WINDALCO

West Indies Alumina Company is situated on the island of Jamaica
in the Caribbean.  The company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 8, 2010, Jamaica Gleaner said that West Indies Alumina
Company will end its bauxite production in Jamaica and make 762
permanent jobs redundant.  The report related that the redundancy
exercise comes a year after the company suspended production at
its Kirkvine, Manchester, and Ewarton, St. Catherine, refineries
because of reduced demand for aluminium on the world market.  The
company is 93% owned by Russian entity, UC Rusal.


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P E R U
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CONTINENTAL TRUSTEE: S&P Raises Rating on Synthetic Deal to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on 11
Peruvian transactions after it raised the long-term foreign
currency sovereign credit rating on Peru to 'BBB/Stable/A-3' from
'BBB-/Positive/A-3'.  The sovereign upgrade reflects, among other
things, Standard & Poor's expectation that the continuity of the
broad fiscal and monetary policy under the new government will
support stronger economic policy flexibility and growth.

"Of the 11 transactions on which we raised ratings, six are
asset-backed securities (ABS) transactions backed by certificados
de reconocimiento de derechos del pago anual por obras (CRPAOs)
from the Peruvian government.  The ratings on these deals reflect
the Peruvian government's underlying payment obligation through
the Ministry of Transport and Communication on the CRPAOs and
other structural features, including credit default swaps and
reserve accounts.  The IIRSA Norte Financial Ltd. transaction, in
particular, also benefits from a partial credit guarantee (PCG)
from the Inter-American Development Bank (IADB)," S&P related.

Three of the deals are ABS diversified payment right (DPR)
financial future flow transactions.  The raised ratings reflect
S&P's view of:

    Each bank's ability to generate the necessary assets to
    service the transaction's timely principal and interest
    payment;

    The transactions' strong credit enhancement levels through
    overcollateralization; and

    The structural features that mitigate sovereign interference
    risk and other credit risks.

"In our opinion, the upgrades on these banks will improve each
bank's ability to generate the necessary assets to service the
transactions' timely debt service payments," S&P said.

"The last two transactions on which we raised ratings are
synthetic, whose structures mirror the credit risk of the
underlying collateral's credit quality in the form of a
participation interest in a senior loan (in the case of
Continental Senior Trustees) and a subordinate loan (for
Continental Trustee Ltd.) issued by Banco Continental S.A.
(BBB/Stable/A-3)," S&P noted.

"We will continue to surveil the ratings on these asset-backed
transactions and revise the ratings as necessary to reflect any
changes in the transactions' underlying credit quality," S&P
added.

Ratings Raised

Transaction         Series                 Rating/SPUR
                                      To                 From

CCR Inc. MT-100 Payment Rights Master Trust
(Banco de Credito del Peru)
(underlying collateral:
future diversified payment
rights receivables)
                    2005-A         A(sf)/A(sf)      A-(sf)/A-(sf)
                    2006-A         A(sf)/A(sf)      A-(sf)/A-(sf)
                    2008-A         A(sf)            A-(sf)
                    2010-A         A(sf)            A-(sf)
                    2010-B         A(sf)            A-(sf)
                    2010-C         A(sf)            A-(sf)
                    2010-D         A(sf)            A-(sf)

Continental DPR Finance Co.
(Banco Continental S.A.)
(underlying collateral:
future diversified payment
rights receivables)
                    2008-A         A(sf)            A-(sf)
                    2010-A         A(sf)            A-(sf)

Continental Trustee Ltd.
(underlying collateral: synthetic)
                    --             BB+              BB

Continental Senior Trustees
(Cayman) Ltd.
(underlying collateral: synthetic)
                    2010           BBB              BBB-

CRPAO PEN Trust #1
(underlying collateral:
construction payment obligations)
                    2008-100       BBB-(sf)         BB+ (sf)

CRPAO VAC Trust Class A-2
(underlying collateral:
construction payment
obligations)
                    2009-100       BBB-(sf)         BB+ (sf)

CRPAO VAC Trust Class A-1
(underlying collateral:
construction payment
obligations)
                    2009-100       BBB-(prelim)     BB+(prelim)

IIRSA Norte Finance Ltd.
(underlying collateral:
construction payment
obligations with PCG from IADB)
                    --             BBB (sf)         BBB-(sf)

Interoceanica IV Finance Ltd.
(underlying collateral:
construction payment
obligations)
                    2007-1
                    and 2007-2     BBB-(sf)         BB+(sf)

Peru Enhanced Pass Through
Finance Ltd.
(underlying collateral:
construction
payment obligations)
                    --             BBB-(sf)         BB+(sf)

SBP DPR Finance Co. (Scotiabank)
(underlying collateral:
future diversified
payment rights receivables)
                    2010-A         A(sf)            A-(sf)
                    2010-B         A(sf)            A-(sf)

SPUR--Standard & Poor's underlying rating.


                            ***********


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.


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