TCRLA_Public/111005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, October 5, 2011, Vol. 12, No. 197

                            Headlines



A R G E N T I N A

CORDIAL COMPANIA: Moody's Gives Ba3 Local Currency Debt Rating
PARANA BANCO: S&P Affirms 'BB-/B' Global Counterparty Ratings


B E R M U D A

ASHBY CORPORATION: BSX Delists Firm's Shares for Non-Compliance
CLARIUM CAPITAL: Creditors' Proofs of Debt Due Oct. 12
CLARIUM CAPITAL: Members' Final Meeting Set for Oct. 27
CONOCOPHILLIPS FUNDING: Creditors' Proofs of Debt Due Oct. 7
CONOCOPHILLIPS FUNDING: Members' Final Meeting Set for Oct. 28


C A Y M A N   I S L A N D S

ALLIANCEBERNSTEIN CURRENCY: Creditors' Proofs of Debt Due Oct. 13
ALPHATRACK INVESTMENT: Creditors' Proofs of Debt Due Oct. 12
AUGUSTA FUNDING: Creditors' Proofs of Debt Due Oct. 12
CLEARWATER FUNDING: Creditors' Proofs of Debt Due Oct. 12
CONOCOPHILLIPS MENA: Creditors' Proofs of Debt Due Oct. 10

CONOCOPHILLIPS YANBU: Creditors' Proofs of Debt Due Oct. 10
FORTIS CAYMAN: Creditors' Proofs of Debt Due Oct. 12
HELMSDALE LIMITED: Creditors' Proofs of Debt Due Oct. 12
HK POST: Creditors' Proofs of Debt Due Oct. 12
NORTH OF SOUTH: Creditors' Proofs of Debt Due Oct. 12

ORPHEUS FUNDING: Creditors' Proofs of Debt Due Oct. 12
PC COMM: Creditors' Proofs of Debt Due Oct. 12
SIGNUM ABC: Creditors' Proofs of Debt Due Oct. 12
SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12
TENCENT AM: Creditors' Proofs of Debt Due Oct. 12


J A M A I C A

JAMALCO: UC Rusal Secures Loan Agreement, Seeks to Acquire Firm


M E X I C O

CONTROLADORA MABE: S&P Lowers Global Scale CCR to 'BB+'
EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
VISION BANCO: S&P Affirms 'B+' LT Counterparty Credit Rating


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Reaches Deal With Debtors




                            - - - - -


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


CORDIAL COMPANIA: Moody's Gives Ba3 Local Currency Debt Rating
--------------------------------------------------------------
Moody's Latin America assigned Aa2.ar and Aa3.ar national scale
local and foreign currency debt rating to Cordial Compania
Financiera S.A.'s senior debt program in the amount of ARS200
million.  In addition, a national scale local currency debt rating
of Aa2.ar was assigned to the expected first issuance of the
program, amounting up to ARS100 million.

At the same time, Moody's Investors Service assigned (P) Ba3 and
(P) B2 global local and foreign currency debt rating to the
program, as well as a Ba3 global local-currency debt rating to the
expected first issuance.  The outlook for all ratings is stable.
The program is governed by Argentine law.

These ratings were assigned to Cordial Compania Financiera S.A.:

ARS200 million senior debt program:

  (P) Ba3 Global Local Currency Debt Rating, with stable outlook

  (P) B2 Global Foreign Currency Debt Rating with stable outlook

  Aa2.ar Argentinean National Scale Local Currency Debt Rating

  Aa3.ar Argentinean National Scale Foreign Currency Debt Rating

First Issuance of a maximum amount of ARS100 million:

  Ba3 Global Local Currency Debt Rating, with stable outlook

  Aa2.ar Argentinean National Scale Local Currency Debt Rating

Moody's explained that the senior unsecured debt rating derives
from Cordial's Ba3 global local currency deposit rating.  Moody's
also noted that seniority was taken into consideration in the
assignment of the debt ratings.

Cordial Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and it had assets of ARS709,9 million and equity of
ARS135.12 million, as of June 2011.


PARANA BANCO: S&P Affirms 'BB-/B' Global Counterparty Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' global
scale counterparty credit ratings and 'brA-' Brazil national scale
rating on Parana Banco S.A.  The outlook is stable.

"Our ratings on Paran  Banco incorporate the risks that a small,
niche bank faces in the highly competitive Brazilian financial
industry and its significant product concentration," said Standard
& Poor's credit analyst Sebastian Liutvinas.  "The larger banks in
Brazil are currently targeting payroll lending, and this could
lead to increasing competition, causing potential downward
pressure on spreads."

"Very high capital and adequate liquidity management, which we
believe offer significant protection during periods of stress,
partially offset these risks," S&P related.

The earnings stability afforded by the bank's payroll-lending
business and the insurance business managed by its subsidiary J.
Malucelli Seguradora S.A. (national scale: brA-/Watch Pos/--),
also supports the ratings.


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


ASHBY CORPORATION: BSX Delists Firm's Shares for Non-Compliance
---------------------------------------------------------------
The Royal Gazette Online reports that the Bermuda Stock Exchange
(BSX) has delisted Ashby Corporation Ltd's share on Sept. 30,
2011.

Ashby was delisted under the BSX listing regulations for
non-payment of annual listing fees and failing to submit audited
financial reports within the required time frame, according to The
Royal Gazette Online.

Headquartered in Hamilton, Bermuda, Ashby Corporation, Ltd.
engages in the in the financing of creative entertainment
projects.  The company assists its clients with film and
television production funding by arranging bridge financing,
completion bond insurance, and equity financing.


CLARIUM CAPITAL: Creditors' Proofs of Debt Due Oct. 12
------------------------------------------------------
The creditors of Clarium Capital (Euro) 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 Sept. 21, 2011.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place
         31 Victoria Street, Hamilton HM 10
         Bermuda


CLARIUM CAPITAL: Members' Final Meeting Set for Oct. 27
-------------------------------------------------------
The members of Clarium Capital (Euro) Ltd. will hold their final
meeting on Oct. 27, 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:

         Nicholas Hoskins
         Victoria Place
         31 Victoria Street, Hamilton HM 10
         Bermuda


CONOCOPHILLIPS FUNDING: Creditors' Proofs of Debt Due Oct. 7
------------------------------------------------------------
The creditors of ConocoPhillips Funding II 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 Sept. 20, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


CONOCOPHILLIPS FUNDING: Members' Final Meeting Set for Oct. 28
--------------------------------------------------------------
The members of ConocoPhillips Funding II Ltd. will hold their
final meeting on Oct. 28, 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:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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C A Y M A N   I S L A N D S
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ALLIANCEBERNSTEIN CURRENCY: Creditors' Proofs of Debt Due Oct. 13
-----------------------------------------------------------------
The creditors of Alliancebernstein Currency High Alpha Fund
(Sterling) Ltd. are required to file their proofs of debt by
Oct. 13, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         John Sutlic
         c/o Kim Charaman
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box   1034, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499


ALPHATRACK INVESTMENT: Creditors' Proofs of Debt Due Oct. 12
------------------------------------------------------------
The creditors of Alphatrack Investment Series SPC 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:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


AUGUSTA FUNDING: Creditors' Proofs of Debt Due Oct. 12
------------------------------------------------------
The creditors of Augusta Funding Limited B 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:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CLEARWATER FUNDING: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Clearwater Funding CBO 99-A, 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. 29, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


CONOCOPHILLIPS MENA: Creditors' Proofs of Debt Due Oct. 10
----------------------------------------------------------
The creditors of Conocophillips Mena Technical Services Company
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
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881


CONOCOPHILLIPS YANBU: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------------
The creditors of Conocophillips Yanbu Sub 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. 26, 2011.

The company's liquidator is:

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


FORTIS CAYMAN: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------
The creditors of Fortis Cayman Structured Investment Funds 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:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


HELMSDALE LIMITED: Creditors' Proofs of Debt Due Oct. 12
--------------------------------------------------------
The creditors of Helmsdale 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:

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


HK POST: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------
The creditors of HK Post Basket Fund 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


NORTH OF SOUTH: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------------
The creditors of North of South Trading 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


ORPHEUS FUNDING: Creditors' Proofs of Debt Due Oct. 12
------------------------------------------------------
The creditors of Orpheus Funding (Cayman) 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. 30, 2011.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


PC COMM: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------
The creditors of PC COMM Subsid 1 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:

         Mervin Solas
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SIGNUM ABC: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of Signum ABC 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


SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of Signum MIG HF 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


TENCENT AM: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of Tencent Am Basket Fund 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


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J A M A I C A
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JAMALCO: UC Rusal Secures Loan Agreement, Seeks to Acquire Firm
---------------------------------------------------------------
RJR News reports that Russian aluminium giant UC Rusal, which
controls a major stake in Jamaica's bauxite sector, has entered
into an agreement with its major lenders for the refinancing of
debt totaling US$9.3 billion.

The company and the Sberbank of Russia have signed an amendment to
a US$4.58 billion loan agreement, according to RJR News.  The
report relates that UC Rusal entered into a US$4.75 billion
facility agreement with 13 Russian and international banks
including the Royal Bank of Scotland.

RJR News notes that the proceeds will be used to eliminate
outstanding debt.

UC Rusal recently inked a deal to acquire the remaining 35% stake
in Alumina Partners of Jamaica (Alpart), giving it full ownership
of the St. Elizabeth-based refinery, the report discloses.

RJR News relates that UC Rusal is also seeking to acquire a 45%
stake in Jamalco.

As reported in the Troubled Company Reporter-Latin America on
Sept. 9, 2011, RJR News said that unnamed sources said the
Jamaican government has received at least two offers for its stake
in JAMALCO'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 noted 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
related that Jamaica Prime Minister Bruce Golding said that the
forward sale agreement had cost taxpayers more than JM$12 billion
since 2002.  The report relayed 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.


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M E X I C O
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CONTROLADORA MABE: S&P Lowers Global Scale CCR to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Mexico-
based home appliances producer Controladora Mabe S.A. de C.V.,
including cutting the global scale corporate credit rating to
'BB+' from 'BBB-'.  The outlook is stable.

"The rating action followed our expectation that Mabe's key credit
metrics will not improve in the short-to-medium term," said
Standard & Poor's credit analyst Monica Ponce.  "Its financial
performance has deteriorated, mainly because of the significant
decline in profits from Venezuela, a change in the company's U.S.
exports to a product mix of lower end products, and a slower-than-
expected turnaround of a Brazilian subsidiary."  These factors,
together with higher commodity prices and marketing expenses, have
hurt Mabe's profitability and leverage measures.

"Also, we anticipate Mabe's performance remaining relatively weak
during second-half 2011 and in 2012, as we believe slower global
economic growth will hamper the company's ability to grow at a
faster pace," S&P stated.

"Our ratings on Mabe are supported by its satisfactory business
profile, reflecting its leading position in the home appliance
market in Mexico and other countries in Central America and the
Andean region, well-known portfolio of brands, and product and
geographic diversification.  The ratings also consider the
benefits from Mabe's joint venture with General Electric Co.," S&P
said.

The main risks offsetting these positive factors are the company's
low profitability and higher leverage, intense competition from
other large international companies, and vulnerability to global
economic downturns as part of a cyclical industry.

"The stable outlook reflects our expectation that the company's
key credit measures will remain similar in the next two years to
those it reported in the 12 months ended June 30, 2011," Ms. Ponce
added. "This arises from our belief that demand will be sluggish
during this period in several of the countries in which Mabe
operates."


EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB-' global scale
and 'mxBBB+' national scale corporate credit ratings on Mexican
construction company Empresas ICA S.A.B. de C.V. (ICA).  "At the
same time, we affirmed our recovery rating of '5' on the company's
senior unsecured notes due 2021.  The outlook is stable," S&P
said.

"Our rating on ICA reflects the company's aggressive financial
profile, the inherent cyclicality of the construction industry in
Mexico, and ICA's dependence on the Mexican government and private
sector infrastructure spending to sustain its backlog," said
Standard & Poor's credit analyst Fabiola Ortiz.

The ratings benefit from ICA's fair business profile and its
status as the largest engineering, procurement, and construction
company in Mexico.  ICA has also investments in road and water
concessions, as well as in airports.  "In our view, ICA is well
positioned to take advantage of its business position and
the improving infrastructure sector in the country," S&P said.

ICA's current portfolio is composed of large projects with complex
designs and heavy construction. The La Yesca hydroelectric power
plant, the Autovia Urbana Sur project, and two social
infrastructure projects for Mexico's federal government account
for 32% of backlog.  The company's business strategy is to
continue growing its construction business and grow and diversify
into construction-related activities (mainly infrastructure
development).  The company's main revenue-generating division is
construction, which accounts for 79%, followed by infrastructure
(13%), and housing (8%).  However, in terms of EBITDA, the
infrastructure division contributes the most with 47%, followed by
construction with 46%, and housing with 7%.

"We assess the company's financial risk profile as aggressive. As
expected, ICA's debt continues to increase mainly as a result of
the issuance of holding company debt ($500 million) early in the
year, and debt associated with the higher volume of concessioned
projects and financed public works.  For the 12 months ended June
30, 2011, ICA posted EBITDA interest coverage, total debt-to-
EBITDA, and funds from operations (FFO)-to-total debt ratios of
about 2.2x, 6.3x, and 6.2% versus 2.4x, 5.9x, and 10.9% during the
corresponding period in 2009.  We expect a significant improvement
in ICA's key financial ratios going forward. We believe that the
recent sale of toll road assets will allow the issuer to reduce
debt leverage. Moreover, as a result of the completion of La Yesca
and the start operations of the two infrastructure projects, we
believe that ICA will increase its cash flow generation in 2012
and 2013.  As a result, we expect that the company's total debt-
to-EBITDA ratio will be about 6.4x in 2011 and 5.0x in 2012," S&P
said.

"The stable outlook reflects our expectation that key financial
ratios will improve in 2012, and that the company will maintain
adequate liquidity.  A significant improvement in ICA's financial
performance, which we look for in a total debt-to-EBITDA ratio of
3x-4x and a positive FOCF generation on a consolidated basis,
along with enhanced geographic cash flow diversification would
have to precede an upgrade.  We could lower the ratings if the
company is unable to generate consolidated FOCF, leading to an
increase in ICA's consolidated debt leverage or weaker liquidity,"
S&P said.


VISION BANCO: S&P Affirms 'B+' LT Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
counterparty credit rating on Vision Banco S.A.E.C.A. The outlook
is positive.

"Our 'B+' rating on Vision reflects the company's profile as a
bank mainly dedicated to providing loans and services in the
microfinance industry and the traditional consumer segment in the
middle- and lower-income sectors," said Standard & Poor's credit
analyst Cynthia Cohenfreue.  Moderating factors include the high
risks inherent in operating in Paraguay's financial system and the
bank's focus on the high-risk lending segment.  Its sound
management capabilities and understanding of the segment, as
reflected in the bank's low level of nonperforming assets,
partially mitigate the risks.

The company's well-established market position in its target
market, supportive and stable funding base, strong liquidity
position, and sound management track record in microfinance
lending also partly mitigate the risks.

The strong expansion of the country's financial system amid
deficiencies in its institutional and legal framework put some
pressure on Vision's operating performance and that of other
entities operating in the country.  New Paraguayans entering the
banking system as they exit poverty could also pressures banks'
performance.

"The positive outlook reflects our expectation that despite
Paraguay's still-high operating and sovereign risks, the bank's
initiatives to consolidate its strategic could enable Vision to
improve its competitive position.  We believe Vision will be able
to achieve this without a significant deterioration of its credit
portfolio.  An increase in Vision's market position supported by
the bank's good distribution network with no material
deterioration in its financial profile, higher capital ratios
supportive of a higher rating, and a sustainable increase in the
bank's profitability could lead us to raise our ratings on Vision.
Alternatively, we could lower the rating if we lower the rating on
the Republic of Paraguay or if Vision's financial profile
deteriorates," S&P noted.


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


TRINIDAD CEMENT: Reaches Deal With Debtors
------------------------------------------
RJR News reports that Trinidad Cement Limited has now reached an
agreement with its debtors on the terms and conditions attached to
the repayment of its debt.

The agreement will convert most of the company's debt into an 8-
year facility, to be paid, quarterly, from March 2013, according
to RJR News.  The report relates that deal also includes certain
performance criteria for repaying the debt and if those are not
met, the company will be penalized.

RJR News discloses that Trinidad Cement said the debt
restructuring agreement has now moved into final approval, and a
meeting will be convened with debtors, shortly, to apprise them of
it.

As reported in the Troubled Company Reporter-Latin America on
June 30, 2011, Trinidad & Tobago Newsday said that Trinidad
Cement Limited (TCL) Group is assuring shareholders the company's
dialogue with lenders has been productive and it was drawing
closer to an agreement on the material terms of the re-profiling
of the company.  T&T Newsday related that the Group said they
submitted proposals for the re-profiling of its debt portfolio to
Lenders.  A separate TCRLA report on Jan. 19, 2011, citing
RadioJamaica, related that Trinidad Cement Limited has unveiled a
major plan to restructure its debt to allow the Group to remain in
business given the severe effect of the economic decline on all
its markets.  The report related that a creditor committee
comprising large domestic and international institutional lenders
representing 75% of its total debt, has been established.  An
independent advisor is to be hired to the Committee to assess the
cash generating capability, operations and structure of the TCL
Group, the report noted.  RadioJamaica said TCL, along with the
Committee and its advisor, will present the debt restructure plan
to its lenders and investors for approval.

Trinidad Cement Limited is a cement company.  Trinidad Cement is
the parent company of Caribbean Cement Company Limited.


                            ***********


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


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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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