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

           Friday, September 30, 2011, Vol. 12, No. 194

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: SocGen Assists With U.S. Justice in Owner's Case


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Gives 'B2' GSR to Debt Securities
FRAVEGA: Moody's Puts B1 Local Currency Rating to ARS117MM Credit
LOMAS DEL PINAR: Creditors' Proofs of Debt Due Nov. 23
PROWEAR SRL: Creditors' Proofs of Debt Due Oct. 19
RADEX COMUNICATION: Creditors' Proofs of Debt Due Nov. 17

SPEED WAY: Creditors' Proofs of Debt Due Oct. 14


B E R M U D A

BW GROUP: S&P Lowers Long-Term Corporate Credit Rating to 'BB'
DIGICEL GROUP: Guyana Rejects Bid to Break Call Monopoly


C A Y M A N   I S L A N D S

ALPHA PACIFIC: Creditors' Proofs of Debt Due Oct. 3
ALPHA PACIFIC: Creditors' Proofs of Debt Due Oct. 3
ASIAN TRANSPORT: Creditors' Proofs of Debt Due Oct. 3
BRIDGE LIQUIDATING: Creditors' Proofs of Debt Due Oct. 12
CARILLON LTD: Creditors' Proofs of Debt Due Oct. 18

CIC MANAGEMENT: Creditors' Proofs of Debt Due Oct. 10
CONNING INSURANCE: Creditors' Proofs of Debt Due Oct. 10
CONOCOPHILLIPS CHUKCHI: Creditors' Proofs of Debt Due Oct. 10
CREED DEUTSCHLAND: Creditors' Proofs of Debt Due Oct. 12
CUBIC ONE: Creditors' Proofs of Debt Due Oct. 18

JLOC XVI: Creditors' Proofs of Debt Due Oct. 18
O'CONNOR TRADING: Creditors' Proofs of Debt Due Oct. 12
RIM GLOBAL: Creditors' Proofs of Debt Due Oct. 24
UBS A&Q ASIA: Creditors' Proofs of Debt Due Oct. 12
UBS A&Q ASIA: Creditors' Proofs of Debt Due Oct. 12


E L   S A L V A D O R

BANCO AGRICOLA: Fitch Lifts Long-Term IDR From 'BB+' to 'BBB-'
* EL SALVADOR: IDB Gives US$15 Million Loan to Cut Poverty


M E X I C O

* TEPIC MUNICIPALITY: Moody's Downgrades Issuer Ratings to B3.mx


P U E R T O   R I C O

ALCIDES MENDEZ: Case Summary & 9 Largest Unsecured Creditors


                            - - - - -



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


STANFORD INT'L: SocGen Assists With U.S. Justice in Owner's Case
----------------------------------------------------------------
Fabio Benedetti-Valentini at Bloomberg News reports that Societe
Generale (GLE) SA's private banking unit is cooperating with the
U.S. Department of Justice as part of a case involving Robert
Allen Stanford.

SG Private Banking "is cooperating with the Department of Justice
with regard to the request which has been made," Jolyon
Barthorpe, a Paris-based spokesman for the bank, told the news
agency in a phone interview.

Bloomberg, citing the Wall Street Journal, notes that the
Department of Justice is investigating whether the French bank
helped facilitate Mr. Stanford's alleged $7 billion investment-
fraud scheme by ignoring suspicious transactions.

                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
=================


FIDEICOMISO FINANCIERO: Moody's Gives 'B2' GSR to Debt Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of A1.ar (Argentine
National Scale) and of B2 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero Aval Rural XVI.

Ratings Rationale

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Aval Rural S.G.R., which is a
financial guarantor in Argentina.  Aval Rural has a rating of
A1.ar (Argentine National Scale) and of B2 (Global Scale, Local
Currency).

The rating assigned to this transaction is primarily based on the
rating of Aval Rural.   Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction.

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in US dollars.  The rated securities
will bear a 6% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, comprised among others, of a pool of
fixed rate bills of exchange denominated in U.S. dollars,
guaranteed by Aval Rural S.G.R.  The bills of exchange will bear
the same interest rate as the rated securities.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nacion Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account.  As a result, the dollar is used as a
currency of reference and not as a mean of payment. For that
reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Aval Rural to
make payment under the bills of exchange.  Aval Rural, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the date
on which the funds are initially deposited by either Aval Rural,
the exporter, or the individual producers into the Trust Account.


FRAVEGA: Moody's Puts B1 Local Currency Rating to ARS117MM Credit
-----------------------------------------------------------------
Moody's Latin America has assigned a B1 local currency rating and
an Aa2.ar National Scale Rating to Fravega's up to ARS117 million
bank credit lines with Banco de la Nacion Argentina.  At the same
time, Moody's affirmed Fravega's local currency corporate family
rating and ARS30 million Local Notes of B1 and its Argentina
national scale rating of Aa2.ar.  The outlook for all ratings is
stable.

Ratings Rationale

The B1 and Aa2.ar ratings are supported by Fravega's position as
one of the largest dedicated retailers of consumer electronics
and appliances in Argentina, its solid position in selling
recognized brand names and its well-established relationships
with suppliers. The rating is also based on the group's fully
vertically integrated operations, comprised of an appliance
production plant based in Tierra del Fuego, which is one of its
main suppliers, and Banco Saenz, which is responsible for
granting personal consumer loans to Fravega's clients.  Finally,
the ratings reflect the long track record the company has in the
retail business.

Key credit negatives include Fravega's low geographic diversity
and relatively small scale.  In addition, Moody's will continue
to closely monitor Fravega's ability to roll over its advised
bank credit lines, in particular during 2011/2012 when most of
its outstanding debt is coming due.

The stable outlook reflects Moody's expectation that Fravega will
be able to maintain its revenues and earnings as envisaged over
the near term based on its various efficiency and commercial
initiatives.  The rating outlook also reflects expectation that
Fravega will continue to successfully implement its business
model, thus allowing the retailer to maintain adequate credit
metrics for its rating category.  Finally, the outlook reflects
Moody's expectations that Fravega will be able to maintain
adequate access to bank loans and credit card receivable
discounting facilities.

An upgrade of the ratings could result from sustained business
improvement leading to higher operating margins, increased size
and geographical diversification.  Quantitatively, an upgrade
could result from an increased in operating margin above 10% or
an improved liquidity profile, with free cash flow to adjusted
debt of above 50%.

Downward pressure could result from a reduced availability of
consumer loans in 2011-2012 and a weaker than expected
performance of the company's business that leads to a
deterioration in operating margins.  A downgrade could also
result from a drop in Fravega's EBIT margin to below 1% or a
significant increase in leverage, with adjusted total debt to
EBITDA of above 3.5 times. Indications of a weakening market
share in the domestic retail market could also drive negative
pressure.  Finally, evidence of weaker than expected cash flows
and/or in its relationship with Banco Saenz could threaten
Fravega's liquidity profile and also result in a downgrade.

Headquartered in Buenos Aires, Fravega is one of the largest home
appliance retailers in Argentina. With total revenues of
ARS3.2 billion and 4,800 employees as of December 2010, Fravega
is a family-owned company with a widely known brand name in the
local retail market.


LOMAS DEL PINAR: Creditors' Proofs of Debt Due Nov. 23
------------------------------------------------------
Luis Ricardo Krajl, the court-appointed trustee for Lomas del
Pinar SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 23, 2011.

Mr. Krajl will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk No.
2, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luis Ricardo Krajl
         Bouchard 468
         Argentina


PROWEAR SRL: Creditors' Proofs of Debt Due Oct. 19
--------------------------------------------------
Jorge Fernando Podhorzer, the court-appointed trustee for Prowear
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Oct. 19, 2011.

Mr. Podhorzer will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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 Fernando Podhorzer
         Pasaje del Carmen 716
         Argentina


RADEX COMUNICATION: Creditors' Proofs of Debt Due Nov. 17
---------------------------------------------------------
Luis Alfredo Spiraquis, the court-appointed trustee for Radex
Comunication SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 17, 2011.

Mr. Spiraquis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Luis Alfredo Spiraquis
         Libertad 257
         Argentina


SPEED WAY: Creditors' Proofs of Debt Due Oct. 14
------------------------------------------------
Laura Alonso, the court-appointed trustee for Speed Way SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Oct. 14, 2011.

Ms. Alonso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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:

         Laura Alonso
         Aranguren 2344
         Argentina


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B E R M U D A
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BW GROUP: S&P Lowers Long-Term Corporate Credit Rating to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Bermuda-based energy shipping company
BW Group Ltd. to 'BB' from 'BB+'.  The outlook is stable.  "At
the same time, we lowered our issue rating on the company's $500
million senior unsecured notes due June 2017 to 'BB' from 'BB+',"
S&P stated.

"We lowered the rating on BW to reflect the volatility in two of
its segments: very large crude carriers (VLCC) and very large gas
carriers (VLGC).  The average daily spot freight rates for VLCC
during the first half of 2011 was substantially lower than that
in the past few years, while the rates for VLGCs have only
recently strengthened," said Standard & Poor's credit analyst
Manuel Guerena.  "In addition, revenues from stable long-term
charter contracts declined.  BW's financial performance was weak
during the first two quarters of this year, and we don't expect a
material change in its financial strength for the next 12 months,
at least."

"We expect freight rates to remain under pressure until the end
of 2012 at least, due to overcapacity in several of the shipping
segments in which the company operates.  These conditions led
BW's operating lease adjusted (OLA) EBITDA margin to weaken to
32.4% over the six months ended June 2011 from 44.3% in the
fiscal year ended Dec. 31, 2010.  We do not expect the company's
margins to recover materially until end-2012 because bunker fuel
costs are also likely to remain high," S&P said.

BW does not have significant committed planned investments for
the next couple of years, which should allow it to reduce
leverage. The company's diversified earnings base and dominant
market position in the gas carrier and floating production,
storage, and offloading (FPSO) operations temper the challenges
it faces.

Standard & Poor's regards BW's 47%-owned associate company BW
Offshore Ltd. (BWO) as a strategic investment for BW's growth.
BW ceased to consolidate BWO in October 2010 when its ownership
fell from 67%.  BWO doubled its size by fully acquiring Prosafe
Production Public Ltd. (formerly 23.9% owned by BWO) in November
2010. BWO's financing is non-recourse to BW.

"As we expected, the deconsolidation of BWO since the acquisition
of Prosafe reshaped BW's financial metrics for the fiscal year
ended Dec. 31, 2010. BW's leverage decreased to $2.8 billion from
$3.9 billion a year earlier. Over the same period, its OLA debt
to EBITDA ratio also declined to 4.7x from 7.0x, a level aligned
to the former rating level.  However, the ratios for the first
half of 2011 were progressively less favorable. Standard & Poor's
re-consolidates BWO back into BW.  We also factor in the US$108
million annual cash inflows from a joint venture with Marubeni
Corp. (BBB/Stable/--), to which BW sold 49% of eight liquefied
natural gas (LNG) vessels on a term basis in October 2010.
Accordingly, by June 2011, BW's annualized OLA ratio of debt
to EBITDA was 5.8x.  We do not expect this level to fluctuate too
much through the next 12 months," S&P stated.

"The stable outlook is based on our expectation that BW's
financial strength will not materially change and the shipping
industry will not recover from its existing crisis over the next
12 months," said Mr. Guerena.  "Our outlook is also based on our
expectation that the company's liquidity will remain adequate,
supported by steady earnings from BW's fixed contracts, its
efforts to preserve cash flows throughout its fleet, and the
potential benefits of recent softness in bunker prices, if
sustained."

"We may lower the ratings if BW's financial health deteriorates
substantially, such that its ratio of OLA debt to EBITDA -- after
BWO's consolidation and Marubeni's payment -- weakens to more
than 7x throughout the next year.  In turn, we could revise the
outlook to positive if BW strengthens its balance sheet and
improves its debt-to-EBITDA ratio towards 5.0x," S&P said.


DIGICEL GROUP: Guyana Rejects Bid to Break Call Monopoly
--------------------------------------------------------
RJR News reports that Digicel Group's push to break the monopoly
on international calls in Guyana was rejected by that country's
Parliament at the eleventh hour.

The Guyanese Parliament withdrew a bill aimed at breaking the 20-
year monopoly that is held by GT&T, according to RJR News.

The report notes that legislators had promised to approve the
bill, but said that public opinion had influenced their decision.
RJR News notes that Digicel Group said it's "appalled" by the
decision, and chided the Guyanese Parliament for allowing the
"current monopoly", and crushing "Guyana's hope for lower
international calling rates."

Digicel Group, which has been operating in Guyana since 2006, has
also requested the reason for the withdrawal of the promised
legislation, RJR News discloses.

                       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 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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C A Y M A N   I S L A N D S
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ALPHA PACIFIC: Creditors' Proofs of Debt Due Oct. 3
---------------------------------------------------
The creditors of Alpha Pacific Qualified Master Fund, Ltd. are
required to file their proofs of debt by Oct. 3, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2011.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ALPHA PACIFIC: Creditors' Proofs of Debt Due Oct. 3
---------------------------------------------------
The creditors of Alpha Pacific Qualified Partners, Ltd. are
required to file their proofs of debt by Oct. 3, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2011.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


ASIAN TRANSPORT: Creditors' Proofs of Debt Due Oct. 3
-----------------------------------------------------
The creditors of Asian Transport and Infrastructure Limited are
required to file their proofs of debt by Oct. 3, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2011.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


BRIDGE LIQUIDATING: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Bridge Liquidating Corp, Ltd., are required to
file their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 2011.

The company's liquidator is:

         Jonathan Nicholson
         c/o Jonathan Nicholson or Martin Laidlaw
         Telephone: (345) 516-0210
         P.O. Box 1976
         Grand Cayman KY1-1104
         Cayman Islands


CARILLON LTD: Creditors' Proofs of Debt Due Oct. 18
---------------------------------------------------
The creditors of Carillon Ltd are required to file their proofs
of debt by Oct. 18, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 24, 2011.

The company's liquidators are:

         David Preston
         Nicola Eccleston
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


CIC MANAGEMENT: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------
The creditors of CIC Management III Limited are required to file
their proofs of debt by Oct. 10, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 19, 2011.

The company's liquidator is:

         Michael Aspinwall
         Telephone:  203 904 3832
         Facsimile: 860 249 7001
         CCP Equity Partners
         100 Pearl Street, 14th Floor
         Hartford, CT 06103


CONNING INSURANCE: Creditors' Proofs of Debt Due Oct. 10
--------------------------------------------------------
The creditors of Conning Insurance Capital III Limited are
required to file their proofs of debt by Oct. 10, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 19, 2011.

The company's liquidator is:

         Michael Aspinwall
         Telephone:  203 904 3832
         Facsimile: 860 249 7001
         CCP Equity Partners
         100 Pearl Street, 14th Floor
         Hartford, CT 06103


CONOCOPHILLIPS CHUKCHI: Creditors' Proofs of Debt Due Oct. 10
-------------------------------------------------------------
The creditors of Conocophillips Chukchi Sea Ltd. are required to
file their proofs of debt by Oct. 10, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 15, 2011.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103


CREED DEUTSCHLAND: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------
The creditors of Creed Deutschland Immobilienfonds Management,
Limited, are required to file their proofs of debt by Oct. 12,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 26, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CUBIC ONE: Creditors' Proofs of Debt Due Oct. 18
------------------------------------------------
The creditors of Cubic One Limited are required to file their
proofs of debt by Oct. 18, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 24, 2011.

The company's liquidators are:

         David Preston
         Nicola Eccleston
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


JLOC XVI: Creditors' Proofs of Debt Due Oct. 18
-----------------------------------------------
The creditors of JLOC XVI Limited are required to file their
proofs of debt by Oct. 18, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 24, 2011.

The company's liquidators are:

         David Preston
         Nicola Eccleston
         P.O. Box 1109 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


O'CONNOR TRADING: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------------
The creditors of O'Connor Trading Value Master Limited are
required to file their proofs of debt by Oct. 12, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2011.

The company's liquidator is:

         Peter Anderson
         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


RIM GLOBAL: Creditors' Proofs of Debt Due Oct. 24
-------------------------------------------------
The creditors of Rim Global Fund SPC are required to file their
proofs of debt by Oct. 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 23, 2009.

The company's liquidators are:

         Peadar De Barra
         Claire Cawley
         Clifton Fund Consulting Limited
         (trading as KB Associates)
         Fleming Court, Fleming's Place, Mespil Road
         Dublin 4
         Ireland


UBS A&Q ASIA: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of UBS A&Q Asia Property Cycle Limited are required
to file their proofs of debt by Oct. 12, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2011.

The company's liquidator is:

         Peter Anderson
         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


UBS A&Q ASIA: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of UBS A&Q Asia Property Cycle Master Limited are
required to file their proofs of debt by Oct. 12, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2011.

The company's liquidator is:

         Peter Anderson
         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


=====================
E L   S A L V A D O R
=====================


BANCO AGRICOLA: Fitch Lifts Long-Term IDR From 'BB+' to 'BBB-'
-------------------------------------------------------------
Fitch Ratings has upgraded Banco Agricola's long-term Issuer
Default Rating (IDR) to 'BBB-' from 'BB+', driven by the bank's
proved resilience to downturn economic cycles as well as its
enhanced dominant position in the local market, which is
reflected in the upgrade of Agricola's Viability Rating (VR) to
'bbb-'.  The Outlook for the IDR is Stable.

Despite the recent severe stressed economic environment, Agricola
continues to perform well, achieving reasonably stable core
operating profitability.  Asset quality remains sound; funding is
essentially provided through a large and stable retail deposit
base, and capital ratios showed sustained improvements.  At June
2011, Agricola's core capital to risk weighted assets reached a
fairly robust 19.6%.

Furthermore, Agricola has recently enhanced some internal risk
management policies, aligning these with those of its parent
Bancolombia, including more conservative loan loss reserve
coverage, which Fitch believes is ample.  Additionally, Agricola
has been able to use its dominant domestic franchise to its
advantage by significantly reducing its funding costs and
increasing its market share in terms of profits.

Further improvements in Agricola's ratings are constrained by El
Salvador's country ceiling, currently rated 'BBB-' by Fitch.
Although there is downside potential given that operating
conditions in El Salvador can be difficult, it is not Fitch's
base case scenario, as Agricola's good track record of
conservative risk management and prudent policies should help to
ensure that it continues to maintain a relatively stable
financial profile going forward.  Additionally, the downside
potential on Agricola's IDR is limited given the support that it
would receive from Bancolombia ('BBB-'; Positive Outlook), should
it be required.

Established in 1955, Agricola is El Salvador's largest and most
diversified bank, and has a dominant position, controlling 27.3%
of the total deposits of the banking system as of June 2011.  In
May 2007, Agricola was acquired by Bancolombia. Bancolombia is
Colombia's largest universal bank, which, after several years of
strong organic growth and strategic acquisitions, holds about 20%
of Colombia's banking system assets.  Agricola represents around
10% of Bancolombia's total assets and represents a strategic
presence for Bancolombia in Central America.

Fitch has upgraded the following ratings on Agricola:

-- Long-term IDR to 'BBB-' from 'BB+'; Outlook Stable;
-- Viability Rating to 'bbb-' from 'bb+';
-- Short-term IDR to 'F3' from 'B';
-- National-scale long-term rating to 'AAA(slv)' from 'AA+
    (slv)'; Outlook Stable;
-- National-scale rating for local issues of senior unsecured
    debt to 'AAA(slv)' from 'AA+(slv)';

Fitch has affirmed the following ratings on Agricola:

-- Support at '3';
-- Individual rating at 'C/D';
-- National-scale short-term rating at 'F1+(slv)';
-- National-scale rating for local issues of senior secured debt
    at 'AAA(slv)'.

Fitch has upgraded the following ratings on Inversiones
Financieras Banco Agricola:

-- National-scale long-term rating to 'AAA(slv)' from 'AA+
    (slv)'; Outlook Stable.

Fitch has affirmed the following ratings on Inversiones
Financieras Banco Agricola:

-- National-scale short-term rating at 'F1+(slv)'.


* EL SALVADOR: IDB Gives US$15 Million Loan to Cut Poverty
----------------------------------------------------------
Inter-American Development Bank approved a US$15 million loan for
El Salvador to upgrade its road network in northern and eastern
parts of the country.  The program will identify suitable areas
and implement road works with a view to maximizing economic and
social benefits for the local population.

"The operation is part of the IDB's ongoing efforts to strengthen
El Salvador's transportation sector and rural roads
infrastructure," said Alfonso Salazar, the project's team leader
at the IDB.  "It will be complemented by road safety campaigns
and climate change vulnerability measures, and will ensure better
access for rural populations to employment opportunities, health
centers, hospitals, schools, and markets in an effort to improve
their living conditions and reduce poverty."

The four-year operation aims to make transportation more
affordable and cut travel time by at least 18 minutes for every
hour traveled on upgraded roads. Upon completion of the project,
average operating costs of vehicles are expected to be reduced by
at least 20% and traffic accidents by 50% as compared to 2011.

Two preselected sample projects will target road segments of
10.1 km between Cinquera - Tejupeque and 17.8 km between
Suchitoto - Cinquera.  Interventions include road surfacing and
drainage improvement that will allow for year-round
transportation in the region, increasing economic activity and
cutting poverty levels.

The Bank's loan is for a 25-year term, with a four-year grace
period, at a variable interest rate based on LIBOR.


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


* TEPIC MUNICIPALITY: Moody's Downgrades Issuer Ratings to B3.mx
----------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Tepic's issuer
ratings to B3.mx (Mexico National Scale) and to B3 (Global Scale,
local currency) from Baa2.mx and B1 respectively.  In addition,
the outlook has been revised to negative.  This rating action
concludes the ratings review that began last April.

Ratings Rationale

The downgrade reflects information suggesting that Tepic may have
missed some payments of interest and principal on its long term
bank loans due to severe liquidity pressures.  In addition, Tepic
has rolled over a large part of its short term loans beyond the
end of the administration that just concluded.  Moody's does not
have any evidence that the municipality obtained the State
Congress authorization to contract short term loans that exceed
the administration period, as required by the State of Nayarit
Debt Law.  Reportedly, the outgoing municipal and state
administrations agreed to the short term debt rollover contracted
during that period.

Moreover, the negative outlook reflects Moody's expectation that
poor financial performance in the near to medium term will
continue, and that short term debt will likely remain a large
portion of total debt, exposing the municipality to refinancing
risks and liquidity pressures.

Both operating and capital spending pressures in 2009 and 2010
led to the deterioration of Tepic's financial standing.  The
municipality faces a significant misalignment of revenue and
expenditure growth that is likely to continue unless the
administration implements adequate measures to adjust spending.

Sizable cash financing requirements led to a significant increase
in net direct and indirect debt ratios from 19.8% in 2008 to
54.9% in 2010.  Roughly 51% of total debt was short term debt at
the end of 2010, which exerts pressure on Tepic's liquidity and
poses refinancing risks.  The past administration was unable to
fully repay its short term loans by September 2011 as expected,
due to lack of sufficient resources.  Instead Moody's is informed
that Tepic's outgoing administration agreed with the incoming
administration to refinance a significant portion of its short-
term obligations with new short term debt maturing after the end
of the previous administration period.  As a result, the
municipality will continue to face near term pressures.

If severe liquidity pressures persist resulting in missed
payments on debt obligations and an expectation that the lenders
would suffer an economic loss, this could exert further downward
pressure on the ratings.  While currently Moody's does not expect
upward pressure on the ratings, however if the incoming
administration successfully implements a set of prudent fiscal
measures and Tepic a) reduces its cash financing requirements,
and b) refinances short term debt with longer term maturities,
alleviating liquidity pressures, the outlook could be revised
back to stable.

The principal methodologies used in this rating were Regional and
Local Governments outside the U.S. published in May 2008, and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008.


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


ALCIDES MENDEZ: Case Summary & 9 Largest Unsecured Creditors
------------------------------------------------------------
Joint Debtors: Alcides Cintron Mendez
               Maria Judith Rivera Santiago
                aka Maria Jidith Rivera Santiago
               P.O. Box 142905
               Arecibo, PR 00614

Bankruptcy Case No.: 11-08111

Chapter 11 Petition Date: September 23, 2011

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

Debtor's Counsel: Enrique M. Almeida Bernal, Esq.
                  ALMEIDA & DAVILA PSC
                  P.O. Box 191757
                  San Juan, PR 00919-1757
                  Tel: (787) 722-2500
                  Fax: (787) 722-2227
                  E-mail: ealmeida@almeidadavila.com

Scheduled Assets: $4,370,081

Scheduled Debts: $1,785,554

A list of the Joint Debtors' nine largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb11-08111.pdf


                            ***********


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
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Copyright 2011.  All rights reserved.  ISSN 1529-2746.

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