TCRLA_Public/111003.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

             Monday, October 3, 2011, Vol. 12, No. 195

                            Headlines


A N T I G U A  &  B A R B U D A

STANFORD INT'L: COVISAL to Represent 20,000++ Victims Worldwide


B A R B A D O S

FOUR SEASONS: Local Project Remains Uncertain as Loan Snags


C A Y M A N   I S L A N D S

BARKA LIMITED: Creditors' Proofs of Debt Due Oct. 7
CAPSTONE CAPITAL: Creditors' Proofs of Debt Due Oct. 7
CAPSTONE CAPITAL: Shareholders' Final Meeting Set for Oct. 10
COPREY INVESTMENTS: Creditors' Proofs of Debt Due Oct. 10
ELECTROGLAS FAR: Creditors' Proofs of Debt Due Oct. 3

HAMMOND INVESTMENTS: Creditors' Proofs of Debt Due Oct. 7
HAMMOND INVESTMENTS: Shareholders' Final Meeting Set for Oct. 10
HUTCHISON WHAMPOA: Creditors' Proofs of Debt Due Oct. 12
JAPAN OPPORTUNITIES: Commences Liquidation Proceedings
LINBEN LTD: Creditors' Proofs of Debt Due Oct. 12

LOMOND INVESTMENTS: Creditors' Proofs of Debt Due Oct. 3
OBERON INVESTMENTS: Creditors' Proofs of Debt Due Oct. 12
SAKURA FUNDING: Creditors' Proofs of Debt Due Oct. 12
SHADWELL LTD: Creditors' Proofs of Debt Due Oct. 10
SIGNUM FTC: Creditors' Proofs of Debt Due Oct. 12

TERMINUS 1 LIMITED: Creditors' Proofs of Debt Due Oct. 12


M E X I C O

DESAROLLADORA HOMEX: Moody's Affirms 'Ba3' Sr. Unsec. Debt Rating
GRUPO PETROTEMEX: S&P Affirms 'BB' GS Corporate Credit Rating
GRUPO SENDA: S&P Raises Corporate Credit Rating to 'B'
* ATIZAPAN MUNICIPALITY: Moody's Withdraws 'B1' Issuer Rating
* MICHOACAN STATE: Moody's Withdraws 'Ba2' Issuer Ratings

* TONALA MUNICIPALITY: Moody's Withdraws 'B3' Issuer Ratings


T R I N I D A D  &  T O B A G O

CL FIN'L: To Pay Down Portion of Debt to CL Spirits Bonds Holders


X X X X X X X X

* BOND PRICING: For the Week September 26 to September 30, 2011


                            - - - - -


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


STANFORD INT'L: COVISAL to Represent 20,000++ Victims Worldwide
---------------------------------------------------------------
Caribbean360.com reports that a three-person organization has
stepped up to represent over 20,000 people across 112 countries
who were victimized by Stanford International Bank Limited owner
Robert Allen Stanford's alleged US$70 billion Ponzi scheme.

Jaime Escalona, the Texas based leader of the Coalicion Victimas
de Stanford America Latina (COVISAL), has denounced authorities
in the United States and Antigua for what they see as a
deliberate disenfranchisement of Stanford victims outside of
those two territories, according to Caribbean360.com.

Caribbean360.com notes that Mr. Escalona in a press release
stated that COVISAL sent a letter to the new Joint Liquidators of
Stanford International Bank Marcus Wide and Hugh Dickson on
September 18, copied to the U.S. Receiver, his litigant attorney
and to the Official Stanford Investors Committee, to express its
indignation at the "dishonest handling of the Stanford Ponzi
scheme in Antigua and the United States".  The report relates
that COVISAL went on to accuse authorities in Antigua and the US
of conspiring to allow Stanford "to keep a fraudulent financial
empire alive for more than a decade."

In the letter, COVISAL's members went on to beg the joint
liquidators of and the US receiver to establish a cross-border
insolvency cooperation protocol without any further delay,
Caribbean360.com relays.

COVISAL is a bi-lingual organization administered by three of the
victims with an aim to gather the 23,597 non-U.S. victims on
record, who represent more than 84% of Stanford's victims, into a
coalition.

                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.).


===============
B A R B A D O S
===============


FOUR SEASONS: Local Project Remains Uncertain as Loan Snags
-----------------------------------------------------------
NationNews.com reports that the future of the multimillion-dollar
Four Seasons project in Barbados remains uncertain, as top
officials of the Inter-American Development Bank (IDB) and the
National Insurance Scheme continue to mull over new and separate
financing proposals aimed at jump-starting the stalled hotel
project.

As reported in the Troubled Company Reporter-Latin America on
July 26, 2010, Jamaica Observer said that a Four Seasons Hotel
project in Barbados has run into problems after the US$20 million
government guarantee that has kick-started the stalled project is
said to be not enough to complete the planned luxury facility.

NationNews.com notes that following talks between Minister of
Finance Chris Sinckler and IDB executives, unnamed sources in
Washington confirmed that the executive board of the bank was yet
to give its "final blessing" to a secured loan arrangement for
Four Seasons.

The board, which includes one representative from Barbados,
Jamaica, Guyana, The Bahamas and Trinidad and Tobago, is said to
be considering financing of up to US$52 million which would have
to be complemented by a US$30 million B loan or co-financing from
other sources, according to NationNews.com.

                        About Four Seasons

Four Seasons Hotels -- http://www.fourseasons.com/-- manages
some 75 luxury hotels and resorts in more than 30 countries.
Most properties are operated under the Four Seasons name, but
some are Regent hotels.  It has ownership interests in only about
half of its properties, having shifted from a hotel owner to a
hotel operator in the 1990s.  In 2007, Four Seasons Hotels board
members took the company private.


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


BARKA LIMITED: Creditors' Proofs of Debt Due Oct. 7
---------------------------------------------------
The creditors of Barka Limited are required to file their proofs
of debt by Oct. 7, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 17, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


CAPSTONE CAPITAL: Creditors' Proofs of Debt Due Oct. 7
------------------------------------------------------
The creditors of Capstone Capital Management Ltd. are required to
file their proofs of debt by Oct. 7, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 31, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


CAPSTONE CAPITAL: Shareholders' Final Meeting Set for Oct. 10
-------------------------------------------------------------
The shareholders of Capstone Capital Management Ltd. will hold
their final meeting on Oct. 10, 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 liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


COPREY INVESTMENTS: Creditors' Proofs of Debt Due Oct. 10
---------------------------------------------------------
The creditors of Coprey Investments 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. 18, 2011.

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
         Telephone:  345 949-7128


ELECTROGLAS FAR: Creditors' Proofs of Debt Due Oct. 3
-----------------------------------------------------
The creditors of Electroglas Far East Holding Company are
required to file their proofs of debt by Oct. 3, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2011.

The company's liquidator is:

         Thomas Brunton
         807 Lakeshore Dr., Redwood City, CA 94065
         USA
         c/o Barnaby Gowrie
         e-mail: Barnaby.gowre@walkersglobal.com
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands
         Telephone: +1 345 9146365


HAMMOND INVESTMENTS: Creditors' Proofs of Debt Due Oct. 7
---------------------------------------------------------
The creditors of Hammond Investments Ltd. are required to file
their proofs of debt by Oct. 7, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 31, 2011.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


HAMMOND INVESTMENTS: Shareholders' Final Meeting Set for Oct. 10
----------------------------------------------------------------
The shareholders of Hammond Investments Ltd. will hold their
final meeting on Oct. 10, 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 liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


HUTCHISON WHAMPOA: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------
The creditors of Hutchison Whampoa International (06) 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. 22, 2011.

The company's liquidator is:

         Ying Hing Chiu
         Telephone: (852) 2980 1988
         Facsimile: (852) 2882 6700
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


JAPAN OPPORTUNITIES: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary general meeting held on August 23, 2011, the
members of Japan Opportunities Fund II Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         Margot Macinnis
         c/o KRyS Global
         Governors Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         c/o Jeremy Anderson
         Telephone: +1 345 815 8440
         Facsimile: +1 345 946 6728


LINBEN LTD: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of Linben 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 wind-up proceedings on Aug. 29, 2011.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


LOMOND INVESTMENTS: Creditors' Proofs of Debt Due Oct. 3
--------------------------------------------------------
The creditors of Lomond Investments 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. 17, 2011.

The company's liquidator is:

         Richard Frederick Maxwell Cook
         Reference: RFMC
         P.H. Star & Herald
         Flat #22, Demetrio Brid Street
         San Felipe, Panama City
         Republic of Panama
         Telephone: (507) 395 3308
         Facsimile: (507) 395 3309


OBERON INVESTMENTS: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Oberon Investments 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. 30, 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


SAKURA FUNDING: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------------
The creditors of Sakura Funding 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. 31, 2011.

The company's liquidator is:

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


SHADWELL LTD: Creditors' Proofs of Debt Due Oct. 10
---------------------------------------------------
The creditors of Shadwell 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. 3, 2011.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949-7555 (ext.618)
         Anderson Square, 5th Floor
         Shedden Road
         P.O. Box 866 Grand Cayman KY1-1103
         Cayman Islands


SIGNUM FTC: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of Signum FTC Commodity Alpha 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 Sept. 1, 2011.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


TERMINUS 1 LIMITED: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Terminus 1 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. 25, 2011.

The company's liquidator is:

         Kris Beighton
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: 345-815-2601
         Facsimile: 345-949-7164
         e-mail: lkuflik@kpmg.ky
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


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


DESAROLLADORA HOMEX: Moody's Affirms 'Ba3' Sr. Unsec. Debt Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Desarrolladora Homex, S.A.B.
de C.V.'s senior unsecured debt rating (foreign currency) at Ba3,
and its global scale local currency issuer rating at Ba3.
Concurrently, Moody's de Mexico affirmed Homex's national scale
issuer rating at A3.mx.  The rating outlook is stable.

Ratings Rationale

Moody's Ba3 global local currency and A3.mx national scale issuer
ratings reflect Desarrolladora Homex's position as one of the top
five homebuilders in Mexico in terms of housing units sold, as
well as its conservative capital structure and sound
profitability and liquidity.  The company uses aluminum mould
technology which provides efficiencies through a reduction in the
construction cycle as well as cost savings and is well-
diversified geographically in Mexico, with presence in most
states as well as the recent expansion into Brazil.  Furthermore,
the Mexican housing market continues to exhibit strong
demographics, with demand exceeding supply.  Homex is a publicly
traded company, listed on the Bolsa Mexicana de Valores (BMV) and
the New York Stock Exchange, which enhances transparency and
corporate governance.  These positive factors are offset by the
high costs of land and infrastructure in Homex's markets, and
some speculative homebuilding by Homex and its competitors.
There is also inherent risk in the company's tourism division,
which relies on foreign clients from the U.S. looking to invest
and live in Mexico.  Other challenges include the business's
reliance on the Mexican and Brazilian government's support for
housing, and Mexico's and Brazil's economic and political
environment. Futhermore, Homex has 100% of the risk of finding
the home buyers, while funding of homes remains concentrated with
INFONAVIT, FOVISSSTE and Sociedad Hipotecaria Federal.  Finally,
while the company uses modest levels of total debt, its debt
levels have increased in the past two years.

The stable rating outlook is based on Moody's determination that
Homex's sound management team executes strong internal controls,
construction expertise and efficient methods.  Moody's believes
that Homex has strong franchise value, with a well-recognized
brand and a valuable land reserve strategy.  The stable outlook
also reflects Moody's expectation that Homex will at least
maintain its current credit metrics and continue to improve
efficiencies in land development.  Furthermore, Moody's also
expects that Homex will continue to focus on targeting its
current product mix, while maintaining high quality construction
and its market leadership.

Moody's stated that rating improvements could result from
bringing total debt/EBITDA closer to 1.5X, Total debt/total
assets under 15%, fixed charge coverage over 3.5X (including
capitalized interest) on a consistent basis, while at a minimum
maintaining EBITDA margins in the low to mid 20% range.
Continued improvement in its industry leadership in the sector
would also be a plus. Downward rating pressure would result from
substantial missteps in its strategic plan, which includes some
international expansion and its tourist division, as well as
total debt to total asset levels approaching 35% on a sustained
basis, while EBITDA margins fall below 15% and fixed charge
coverage falls consistently below 2.0X (including capitalized
interest).  Increased costs of land and land development would
also result in negative rating pressure, as would an adverse
shift in governmental housing policy.

These ratings were affirmed with a stable outlook:

Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating at A3.mx and global scale local currency issuer rating at
Ba3

Desarrolladora Homex, S.A.B. de C.V. -- Ba3 senior notes issued
in the USA

The last rating action with respect to Homex was on December 7,
2009 when Moody's assigned a Ba3 global scale foreign currency
rating to Homex's proposed senior unsecured debt issuance of
approximately US$250 million.  Concurrently, Moody's affirmed the
company's senior unsecured debt rating (foreign currency) at Ba3,
its national scale issuer rating at A3.mx, and its global scale
local currency issuer rating at Ba3.  The rating outlook is
stable.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM] is based in
Culiacan, Sinaloa, Mexico.  The firm reported assets of
approximately US$38,274 million Mexican Pesos and equity of
approximately US$13,118 million Mexican Pesos as of June 30,
2011. Homex is a homebuilder engaged in the development,
construction, marketing and sale of mostly affordable housing in
Mexico.


GRUPO PETROTEMEX: S&P Affirms 'BB' GS Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB' global scale and 'mxA' national scale
corporate credit ratings, on Grupo Petrotemex S.A. de C.V., while
removing the ratings from CreditWatch.

"We had placed the ratings on CreditWatch with negative
implications on June 28, 2011, following the company's
announcement that it would acquire Wellman Inc. (not rated) in
the U.S.," S&P related.

The outlook is stable.

"The rating action followed the completion of our review of
Petrotemex's pro forma business and financial profile, including
the acquisition of Wellman, which it completed on Sept. 1, 2011,
through Petrotemex subsidiary DAK Americas LLC (not rated), for
about US$185 million.  The company financed the operation mostly
with short-term debt," S&P stated.

"We assess Petrotemex's business risk profile as fair based on
the company's limited product and geographic diversity, its
exposure to price volatility in polyethylene terephthalate (PET),
the industry's cyclical and capital-intensive nature, the
difficult operating environment in North America, and the
significant increase in leverage from prior acquisitions," said
Standard & Poor's credit analyst Francisco Gutierrez.

"The stable outlook reflects our expectation that Petrotemex's
leverage will remain in line with our expectations despite high
oil prices and weaker macroeconomic conditions over the next two
years," S&P said.


GRUPO SENDA: S&P Raises Corporate Credit Rating to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings, corporate
credit rating on Mexico-based bus transportations services
provider Grupo Senda S.A. de C.V. to 'B' from 'B-'.

"At the same time, we affirmed our recovery rating of '3' on the
company's senior secured notes due 2015," S&P related.

The outlook is stable.

The upgrade reflects Senda's improvements in cash flow adequacy
measures resulting from its improved profitability, as seen for
the 12 months ended June 30, 2011.

"A favorable competitive environment has allowed Senda to
increase its ticket prices and post higher operating margins,"
said Standard & Poor's credit analyst Veronica Yanez.  "Senda's
performance also reflects a positive trend in the personnel
segment, which we expect to continue."

"The rating on Senda reflects a financial profile that, while
improving, remains limited by our assessment that its liquidity
is less than adequate, and by its meaningful exposure to economic
and market conditions that could rapidly affect its cash flow
generation.  Senda's weak business profile reflects the highly
competitive Mexican bus transportation market; the industry's low
organic growth; and the company's somewhat small size," S&P
stated.

These weaknesses are balanced by Senda's strong position in
northeastern and central Mexico and in the U.S. states of Texas
and Illinois, and an average fleet age below the industry average
in Mexico of 9.5 years," S&P related.

"The stable outlook reflects our opinion that Senda's operating
margin will remain between 20% and 25% and that it will continue
to post positive FOCF," S&P said.


* ATIZAPAN MUNICIPALITY: Moody's Withdraws 'B1' Issuer Rating
-------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of B1 (Global
Scale, local currency) and Baa2.mx (Mexican National Scale)
assigned to the municipality of Atizapan de Zaragoza. In
addition, Moody's de Mexico has withdrawn the debt ratings of Ba2
(Global Scale, local currency) and A2.mx (Mexican National Scale)
assigned to a MXN 430 million loan (original face value) from
Scotibank.

Ratings Rationale

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


* MICHOACAN STATE: Moody's Withdraws 'Ba2' Issuer Ratings
---------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of Ba2 (Global
Scale, local currency) and A2.mx (Mexican National Scale)
assigned to the State of Michoacan.

Ratings Rationale

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


* TONALA MUNICIPALITY: Moody's Withdraws 'B3' Issuer Ratings
------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of B3 (Global
Scale, local currency) and B3.mx (Mexican National Scale)
assigned to the Municipality of Tonala.  In addition Moody's de
Mexico has withdrawn both the debt ratings of B1 (Global Scale,
local currency) and Baa3.mx (Mexican National Scale) assigned to
a MXN 550 million loan (original face value) from Interacciones
and the debt ratings of B3 (Global Scale, local currency) and
B3.mx (Mexican National Scale) assigned to a MXN250 million
enhanced loan (original face value) from HSBC to the Municipality
of Tonala.

Ratings Rationale


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


CL FIN'L: To Pay Down Portion of Debt to CL Spirits Bonds Holders
-----------------------------------------------------------------
Jamaica Gleaner reports that CL Financial Group Limited will pay
down a portion of the debt owed to holders of CL Spirits bonds by
October but will still continue to owe more than US$300 million
on the defaulted bonds.

An unnamed top-ranked source in the company said that local and
overseas bondholders will get a US$40 million (JM$3.4 billion)
payment from the troubled CL Financial group, according to
Jamaica Gleaner.  The report relates that it is the first real
payment on the bond's principal which contributed to the downfall
of the Trinidad based CL group.

"US$20 million of that amount is in escrow with the JCSD Trustee
Services and the rest will be sent shortly. . . . So US$302
million will remain," Jamaica Gleaner quoted the sourceas saying.

The source was unable to state when or where the remaining funds
would come from to settle the balance of the debt, the report
says.

Jamaica Gleaner recalls that CL Financial is in default on a
US$240 million bond used to finance its acquisition of Lascelles
deMercado and Company Limited.  The report relates that another
tranche was issued in Trinidad and Tobago, bringing the total to
US$342 million.  The bond's interest payments were always met by
the CL Financial Group, which was taken over by the Trinidad
government in January 2009, the report notes.

                         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.


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


* BOND PRICING: For the Week September 26 to September 30, 2011
----------------------------------------------------------------

Issuer             Coupon    Maturity     Currency       Price
------             ------    --------     --------       -----

ARGENTINA
---------

BOGAR 2018                2    2/4/2018       ARS         128
BODEN 2014                2    9/30/2014      ARS          99
ARGENT-$DIS            8.28    12/31/2033     USD          64
PROV BUENOS AIRE      9.375    9/14/2018      USD          72.3
ARGENT-$DIS            8.28    12/31/2033     USD          61.9
ARGENT-$DIS            8.28    12/31/2033     USD          67
ARGENT- PAR&GDP        0.45    12/31/2038     JPY           8
PROV BUENOS AIRE      9.625    4/18/2028      USD          72
PROV BUENOS AIRE      9.375    9/14/2018      USD          71.1
ARGENT- DIS            4.33    12/31/2033     JPY          42
ARGENT- DIS            7.82    12/31/2033     EUR          62.5
ARGENT- DIS            7.82    12/31/2033     EUR          60
ARGENT- PAR             1.18    12/31/2038     ARS         44.7

CAYMAN ISLAND
-------------

IMCOPA INTL CAYM          5    12/19/2014     USD          33
BCP FINANCE CO        5.543                   EUR          32.2
BCP FINANCE CO        4.239                   EUR          31
ESFG INTERNATION      5.753                   EUR          35.1
EFG ORA FUNDING         1.7    10/29/2014     EUR          45.1
SUNTECH POWER             3    3/15/2013      USD          51.6
LDK SOLAR CO LTD         10    2/28/2014      CNY          50
CHINA SUNERGY          4.75    6/15/2013      USD          60
SOLARFUN POWER H        3.5    1/15/2018      USD          64.4
CHINA AUTOMATION       7.75    4/20/2016      USD          65.1
CHAODA MOD AGRI         3.7    9/1/2015       USD          76
SPG LAND HOLDING       13.5    4/8/2016       USD          70
GLORIOUS PROPERT         13    10/25/2015     USD          70.1
JA SOLAR HOLD CO        4.5    5/15/2013      USD          70.5
POLARCUS LTD          2.875    4/27/2016      USD          74.3
JINKOSOLAR HOLD           4    5/15/2016      USD          32.2
SUNTECH POWER             3    3/15/2013      USD          50.4
CHINA MED TECH         6.25    12/15/2016     USD          61.7
MARFRIG OVERSEAS        9.5    5/4/2020       USD          65
SOLARFUN POWER H        3.5    1/15/2018      USD          68.7
CHINA FORESTRY        10.25    11/17/2015     USD          70
YUZHOU PROPERTIE       13.5    12/15/2015     USD          72.8
BES FINANCE LTD        5.58                   EUR          32.8
CHINA MED TECH            4    8/15/2013      USD          66.1
BANCO BPI (CI)         4.15    11/14/2035     EUR          36.2
BES FINANCE LTD         4.5                   EUR          36.5
BES FINANCE LTD       6.625                   EUR          46
BCP FINANCE BANK       5.01    3/31/2024      EUR          71.6
BCP FINANCE BANK       5.31    12/10/2023     EUR          74.3
BES FINANCE LTD       1.625    4/15/2013      USD          74.6
DUBAI HLDNG COMM          6    2/1/2017       GBP          72.5
LDK SOLAR CO LTD       4.75    4/15/2013      USD          59.4
TRINA SOLAR LTD           4    7/15/2013      USD          71.9
MARFRIG OVERSEAS        9.5    5/4/2020       USD          64.3
CHINA FORESTRY        10.25    11/17/2015     USD          73.5
FANTASIA HOLDING         14    5/12/2015      USD          77.5
YUZHOU PROPERTIE       13.5    12/15/2015     USD          72.9
EVERGRANDE REAL        9.25    1/19/2016      CNY          72.1
TEXHONG TEXTILE       7.625    1/19/2016      USD          86


CHILE
-----

AGUAS NUEVAS            3.4     5/15/2012      CLP         1.154
CGE DISTRIBUCION        3.25   12/1/2012       CLP         29.73
ESVAL S.A.              3.8     7/15/2012      CLP         24.87
LA POLAR SA             3.8    10/10/2017      CLP         51.34
MASISA                  4.25   10/15/2012      CLP         29.77
QUINENCO SA             3.5     7/21/2013      CLP         24.73


PUERTO RICO
-----------

PUERTO RICO CONS        6.2    5/1/2017       USD          55.2
PUERTO RICO CONS        6.5    4/1/2016       USD          61
BANCO SANTANDER         6.1    6/1/2032       USD          60.9
BANCO SANTANDER         6.3    6/1/2032       USD          61.1


VENEZUELA
---------

PETROLEOS DE VEN      5.375    4/12/2027      USD          43.9
VENEZUELA                 7    3/31/2038      USD          53.7
PETROLEOS DE VEN       5.25    4/12/2017      USD          55.2
VENEZUELA              7.65    4/21/2025      USD          53.5
VENZOD - 189000       9.375    1/13/2034      USD          63.5
VENEZUELA              9.25    9/15/2027      USD          63.2
VENEZUELA              9.25    9/15/2027      USD          64.4
PETROLEOS DE VEN        8.5    11/2/2017      USD          66.4
PETROLEOS DE VEN      12.75    2/17/2022      USD          75.8
PETROLEOS DE VEN        4.9    10/28/2014     USD          67.3
PETROLEOS DE VEN          5    10/28/2015     USD          60.2
PETROLEOS DE VEN      5.125    10/28/2016     USD          56.6
PETROLEOS DE VEN        5.5    4/12/2037      USD          42.6
VENEZUELA                 7    3/31/2038      USD          53
VENEZUELA              8.25    10/13/2024     USD          58.8
VENEZUELA              9.25    5/7/2028       USD          61.8
VENEZUELA              7.75    10/13/2019     USD          59.5
VENEZUELA                 7    12/1/2018      USD          59
VENEZUELA                 9    5/7/2023       USD          63
PETROLEOS DE VEN        8.5    11/2/2017      USD          64.7
VENEZUELA              5.75    2/26/2016      USD          68
VENEZUELA             11.95    8/5/2031       USD          73.3
PETROLEOS DE VEN      12.75    2/17/2022      USD          73.2
VENEZUELA                 6    12/9/2020      USD          53


                            ***********


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 * * *