TCRLA_Public/111206.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


            Tuesday, December 6, 2011, Vol. 12, No. 241

                            Headlines


A R G E N T I N A

ACE SEGUROS: Moody's Reviews 'Ba3' GLC for Possible Downgrade
BUEN PUERTO: Creditors' Proofs of Debt Due Feb. 6
CENTRUM DE ARGENTINA: Creditors' Proofs of Debt Due Feb. 27
MANO SRL: Creditors' Proofs of Debt Due Feb. 22
PROYECTOS PLANIFICACIONES: Creditors' Proofs of Debt Due Feb. 23


B A H A M A S

KERZNER INTERNATIONAL: Sells Atlantis Resort to Ease Debt Burden


B R A Z I L

BANCO CACIQUE: Fitch Cuts Individual Rating to 'D/E'


C A Y M A N   I S L A N D S

ADIC MULTI-STRATEGY: Shareholder Receives Wind-Up Report
ADVANCED LTD: Members Receive Wind-Up Report
ARDEN PORTABLE: Shareholder to Receive Wind-Up Report on Dec. 9
CENTENNIAL ABSOLUTE: Shareholders' Final Meeting Set for Dec. 8
CENTENNIAL GLOBAL: Shareholders' Final Meeting Set for Dec. 8

CRAFT 2004-3: Shareholders' Final Meeting Set for Dec. 13
EAST CAMERON: Members Receive Wind-Up Report
EMJ LIMITED: Members Receive Wind-Up Report
FOLEY SQUARE: Shareholders' Final Meeting Set for Dec. 13
HIGHBRIDGE EVENT: Shareholders' Final Meeting Set for Dec. 13

KC ASIA: Shareholders' Final Meeting Set for Dec. 14
KC ASIA: Shareholders' Final Meeting Set for Dec. 14
MH CAPITAL: Shareholders' Final Meeting Set for Dec. 13
TITCHOU LIMITED: Members Receive Wind-Up Report
TRIDENT VENTURES: Members Receive Wind-Up Report

UBS FOCUSED: Shareholders' Final Meeting Set for Dec. 13
UBS FOCUSED: Shareholders' Final Meeting Set for Dec. 13
UBS U.S. EQUITY: Shareholders' Final Meeting Set for Dec. 15
UMEDA PROPERTY: Shareholders' Final Meeting Set for Dec. 13
WATLER & HISLOP: Shareholder to Receive Wind-Up Report on Dec. 7


C H I L E

EMPRESA NACIONAL: S&P Assesses Stand-Alone Credit Profile at 'b+'


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Pig Farmers on the Brink of Bankruptcy


J A M A I C A

DIGICEL GROUP: Completes Acquisition of Claro Jamaica


M E X I C O

AXTEL SAB: S&P Affirms 'B' Corp. Credit Rating; Outlook Negative
MBIA MEXICO: S&P Affirms 'B' Global Counterparty Credit Rating
URBI DESARROLLOS: S&P Affirms National Scale CCR at 'B+'


P U E R T O   R I C O

SWISS CHALET: Court Approves Scherrer Hernandez as Broker
SWISS CHALET: Files Schedules of Assets and Liabilities


T R I N I D A D  &  T O B A G O

CL FIN'L: Trinidad Government Starts Payouts for CLICO & BAICO


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Corporate Credit Rating


X X X X X X X X

* BOND PRICING: For the Week November 28, to December 2, 2011


                            - - - - -


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


ACE SEGUROS: Moody's Reviews 'Ba3' GLC for Possible Downgrade
-------------------------------------------------------------
Moody's Latin America has placed ACE Seguros S.A.'s Ba3 global
local currency and its Aa2.ar Argentina national scale insurance
financial strength ratings on review for possible downgrade. ACE
Seguros is an indirect wholly-owned subsidiary of ACE Limited
(rated A3 for senior debt) and is based in Buenos Aires,
Argentina.

Ratings Rationale

The review for possible downgrade will focus on the likely
negative effects on ACE Seguros' asset quality and capital
adequacy going forward, following the recent Argentine regulatory
mandate for insurance companies to sell their foreign investment
holdings and repatriate the proceeds back to Argentina, as well as
preventing insurers to maintain investments abroad.  The
requirement that insurers invest assets supporting insurance
reserves in local Argentine instruments -- carrying below
investment-grade ratings -- could lead to a weakening of the
company's asset quality and capital adequacy in the future,
likewise, other local insurers currently holding large portions of
high-quality investments abroad.

Currently, ACE Seguros holds over 60% of its invested assets
abroad, which are allocated to highly-rated US government and US
corporate debt.  Rodolfo Nobrega, lead analyst for ACE Seguros at
Moody's stated, "This conservative investment allocation approach
is a key credit strength of ACE Seguros and is supportive of its
current ratings; as a result, the change in the company's
investment portfolio structure, with greater allocation in lower
rated assets, will likely have negative implications for its
overall credit risk profile."

According to Moody's, the review for downgrade will focus on the
extent to which the new investment allocation will hurt ACE
Seguros' asset quality and overall financial profile.  The rating
agency noted that, while the company's quality of assets may be
the factor most affected by the restriction on holding investments
abroad, its capitalization and profitability may also be affected,
as the assets supporting its capital will weaken and may increase
earnings volatility.

Moody's added that the recent change in the Argentine reinsurance
regulation could also have negative implications for ACE Seguros'
risk profile, since the insurer's ability to cede its underwritten
risks directly to highly-rated global reinsurers (including
affiliates) will be more restricted.  The rating agency also noted
that the effect of the reinsurance regulatory change in the
company's credit profile, however, is less significant than that
of the investment restriction.

ACE Seguros' main credit strength is its high-quality investment
portfolio.  Additionally, Moody's current Ba3 GLC IFS rating on
ACE Seguros receives one notch of uplift from the company's stand-
alone credit profile because of the ownership and implicit and
explicit support from its ultimate parent company and affiliates.
ACE Seguros shares its parent's brand name -- a strong worldwide
brand -- and receives explicit support from ACE Tempest Re (rated
Aa3 for insurance financial strength) and other affiliates in the
form of reinsurance arrangements.

ACE Seguros' fundamental credit strengths are largely mitigated by
its weak profitability, with sustained net losses over the past
four years -- although, on a gross of reinsurance basis, the
company has sustained good underwriting results --, Argentina's
poor insurance operating environment, as well as the declining
trend in capitalization levels.  The company's operating leverage
(as measured by gross premiums and reserves relative to
shareholders' equity) has been consistently increasing, reaching
nearly 20x equity at the end of the 2010/11 fiscal year, ended on
June 30, 2011.

Moody's noted that a considerable increase in the company's
investment allocation to lower rated assets -- e.g. over 50% of
total invested assets -- or less commitment and support from the
parent company and affiliates could lead to a downgrade of ACE
Seguros' ratings.  Conversely, the rating agency noted that ACE
Seguros' ratings could be confirmed if the company continues to
allocate the majority of its investments to high quality assets.

Headquartered in Buenos Aires, Argentina, ACE Seguros is an
indirect wholly-owned subsidiary of ACE Limited.  For the first
quarter of fiscal year 2011/12, ended on Sept. 30, 2011, the
company reported total gross written premiums of ARS121.0 million
and a net loss of ARS0.2 million.  As of Sept. 30, 2011, ACE
Seguros' total assets amounted to ARS198.3 million and its
shareholders' equity to ARS27.5 million.


BUEN PUERTO: Creditors' Proofs of Debt Due Feb. 6
-------------------------------------------------
Aldo Emilio Cambiasso, the court-appointed trustee for Buen Puerto
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 6, 2012.

Mr. Cambiasso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:

         Aldo Emilio Cambiasso
         Lavalle 1459
         Argentina


CENTRUM DE ARGENTINA: Creditors' Proofs of Debt Due Feb. 27
-----------------------------------------------------------
Lidia Margarita Diaz, the court-appointed trustee for Centrum de
Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Feb. 27, 2012.

Ms. Diaz 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. 1, 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:

         Lidia Margarita Diaz
         Independencia 2031
         Argentina


MANO SRL: Creditors' Proofs of Debt Due Feb. 22
-----------------------------------------------
Maria Gabriela Paulina Stefanelli, the court-appointed trustee for
Mano SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Feb. 22, 2012.

Ms. Stefanelli 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. 1, 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:

         Maria Gabriela Paulina Stefanelli
         Bernardo de Irigoyen 1082
         Argentina


PROYECTOS PLANIFICACIONES: Creditors' Proofs of Debt Due Feb. 23
----------------------------------------------------------------
Cesar Alberto Carlino, the court-appointed trustee for Proyectos y
Planificaciones SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Feb. 23, 2012.

Mr. Carlino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 12, 2012.

The Trustee can be reached at:

         Cesar Alberto Carlino
         Argentina


=============
B A H A M A S
=============


KERZNER INTERNATIONAL: Sells Atlantis Resort to Ease Debt Burden
----------------------------------------------------------------
Caribbean360.com reports that Kerzner International has sold its
Bahamas business, Atlantis Resort, to Brookfield Asset Management
to help ease its debt burden.

Kerzner International Brookfield will assume ownership of Atlantis
on Paradise Island and other assets including, Paradise Island
properties, including the One and Only Ocean Club, in exchange for
taking over US$175 million in debt, according to Caribbean360.com.

The report notes that Bahamas Prime Minister Hubert Ingraham said
that he had had several meetings with Brookfield and Kerzner
officials leading up to the transaction to get assurances on job
security given that the operation contributed an estimated 18,000-
20,000 direct and indirect jobs, or 15% of all jobs in the Bahamas
economy.

Kerzner International is a global resort company.


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


BANCO CACIQUE: Fitch Cuts Individual Rating to 'D/E'
----------------------------------------------------
Fitch Ratings has downgraded the viability rating and the
individual ratings of Banco Cacique S.A. and Banco Pecunia S.A. as
follows:

Cacique:

  -- Viability Rating to 'b-' from 'b+';
  -- Individual Rating to 'D/E' from 'C/D'.

Pecunia:

  -- Viability Rating to 'b-' from 'b+';
  -- Individual Rating to 'D/E' from 'D'.

These rating actions do not impact the international and national
ratings of the bank, listed below:

  -- Foreign Currency Long-term IDR (Issuer Default Rating):
     'BBB+', Outlook Stable;
  -- Local Currency Long-term IDR: 'A-', Outlook Stable;
  -- Foreign Currency Short-term IDR: 'F2';
  -- Local Currency Short-term IDR: 'F1';
  -- Support Rating: '2';
  -- National Long-term Rating: 'AAA(bra)', Outlook Stable;
  -- National Short-term Rating: 'F1+(bra)'.

The downgrade of the viability ratings reflects the weak
performance and the large net losses of both banks as of 3Q2011,
and Fitch's expectation that the banks at best will present modest
results and that this could lead to the need for further capital
injections by the parent.  The ratings also consider the banks'
small scale, still poor asset quality ratios, and their low
business diversification.  Meanwhile, the viability ratings also
take into account the stable access to funding and ordinary
support the banks receive from Societe Generale (SG, Long-term IDR
'A+'; Outlook Stable by Fitch), and the full integration of their
treasury and other operational units with those of their parent,
Societe Generale Brasil S.A. (SGBr, Long-term foreign currency IDR
'BBB+'; Outlook Stable), a wholly owned subsidiary of SG.

A further worsening of performance ratios and of financial
flexibility, combined with an increase in delinquency rates which
continue to erode the capital base of the banks, would lead to a
further downgrade of the banks' viability ratings.  Conversely,
prospects for a return to sustained profitability, based at least
in part on the completion of the balance sheet cleanup currently
underway, could be positive for the viability ratings.

As of September 2011, Cacique and Pecunia registered net losses of
BRL283million and BRL36million respectively.  Cacique's results
were negatively affected by the non-recurring write-off of
deferred tax assets worth BRL161million in 2Q2011, as well as
heightened interest expenses due to repurchases of ceded loan
portfolios.  Pecunia's losses are explained by continued low net
interest income generation, relatively high loan impairment
charges, as well as the constitution of a relatively high
provision against fiscal contingencies in 3Q2011.

Fitch expects the results to remain under pressure given the
relatively low margins of the segments the banks operate in,
the weak asset quality indicators, as well as the continued
restructuring of the balance sheets.  According to Fitch, the
banks still have a small scale to achieve an adequate performance
in the retail banking business, and therefore their results will
not improve significantly until a larger scale is attained.

SGBr injected BRL206 million and BRL62 million of capital into
Cacique and Pecunia respectively in July 2011, clearly
demonstrating the continued commitment of SG to its Brazilian
subsidiaries, even in a period of great uncertainty in Europe.
The agency expects that both banks could need further capital
injections to restore their balance sheets in 2012, and believes
that SGBr would provide the necessary capital, especially given
the small size of these two subsidiaries in comparison to SG`s
global activities.

The Central Bank of Brazil continues to supervise and monitor the
capital adequacy of SGBr and its two subsidiaries on a
consolidated basis.  The regulatory capital ratio of the group was
12.4% as of June 2011.

Cacique and Pecunia are fully controlled by SGBr. In the first
half of 2011 the management and the operational divisions of
Cacique and Pecunia were consolidated, although the banks continue
to operate under two different names.  Cacique is focused on
payroll deductible lending, while Pecunia continues to operate in
the old vehicle financing segment.


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


ADIC MULTI-STRATEGY: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Adic Multi-Strategy Hedge Fund received on
Nov. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Robert Arthur
         Telephone: 345-815-2637 / 345-949-4800
         Facsimile:  345-949-7164 / 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


ADVANCED LTD: Members Receive Wind-Up Report
--------------------------------------------
The members of Advanced Ltd. received on Nov. 28, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARDEN PORTABLE: Shareholder to Receive Wind-Up Report on Dec. 9
---------------------------------------------------------------
The shareholder of Arden Portable Alpha, Ltd. will receive on
Dec. 9, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CENTENNIAL ABSOLUTE: Shareholders' Final Meeting Set for Dec. 8
---------------------------------------------------------------
The shareholders of Centennial Absolute Return Fund, Ltd. will
hold their final meeting on Dec. 8, 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:

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


CENTENNIAL GLOBAL: Shareholders' Final Meeting Set for Dec. 8
-------------------------------------------------------------
The shareholders of Centennial Global Macro Fund, Ltd. will hold
their final meeting on Dec. 8, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CRAFT 2004-3: Shareholders' Final Meeting Set for Dec. 13
---------------------------------------------------------
The shareholders of Craft 2004-3 Limited will hold their final
meeting on Dec. 13, 2011, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EAST CAMERON: Members Receive Wind-Up Report
--------------------------------------------
The members of East Cameron Gas Company received on Nov. 30, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Alan Turner
         Turner & Roulstone
         PO Box 2636
         Strathvale House, 3rd Floor
         90 North Church Street
         George Town Grand Cayman KY1-1102
         Cayman Islands
         c/o Andrea Dunsby
         Telephone: (345) 943-5555
         Facsimile: (345) 943-9999


EMJ LIMITED: Members Receive Wind-Up Report
-------------------------------------------
The members of EMJ Limited received on Nov. 28, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FOLEY SQUARE: Shareholders' Final Meeting Set for Dec. 13
---------------------------------------------------------
The shareholders of Foley Square CDO 2007-1 Ltd. will hold their
final meeting on Dec. 13, 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:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HIGHBRIDGE EVENT: Shareholders' Final Meeting Set for Dec. 13
-------------------------------------------------------------
The shareholders of Highbridge Event Driven Opportunities Fund,
Ltd. will hold their final meeting on Dec. 13, 2011, at 9:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


KC ASIA: Shareholders' Final Meeting Set for Dec. 14
----------------------------------------------------
The shareholders of KC Asia Fund will hold their final meeting on
Dec. 14, 2011, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855, Grand Cayman, KY1-1207
         Cayman Islands


KC ASIA: Shareholders' Final Meeting Set for Dec. 14
----------------------------------------------------
The shareholders of KC Asia Master Fund will hold their final
meeting on Dec. 14, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855, Grand Cayman, KY1-1207
         Cayman Islands


MH CAPITAL: Shareholders' Final Meeting Set for Dec. 13
-------------------------------------------------------
The shareholders of MH Capital Development, Ltd. will hold their
final meeting on Dec. 13, 2011, at 8:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TITCHOU LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Titchou Limited received on Nov. 28, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TRIDENT VENTURES: Members Receive Wind-Up Report
------------------------------------------------
The members of Trident Ventures Limited received on Nov. 28, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


UBS FOCUSED: Shareholders' Final Meeting Set for Dec. 13
--------------------------------------------------------
The shareholders of UBS Focused Flexible Alpha Limited will hold
their final meeting on Dec. 13, 2011, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


UBS FOCUSED: Shareholders' Final Meeting Set for Dec. 13
--------------------------------------------------------
The shareholders of UBS Focused Flexible Alpha Master Limited will
hold their final meeting on Dec. 13, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


UBS U.S. EQUITY: Shareholders' Final Meeting Set for Dec. 15
------------------------------------------------------------
The shareholders of UBS U.S. Equity Alpha Master Fund Ltd. will
hold their final meeting on Dec. 15, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


UMEDA PROPERTY: Shareholders' Final Meeting Set for Dec. 13
-----------------------------------------------------------
The shareholders of Umeda Property Holding Two Ltd. will hold
their final meeting on Dec. 13, 2011, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


WATLER & HISLOP: Shareholder to Receive Wind-Up Report on Dec. 7
----------------------------------------------------------------
The shareholder of Watler & Hislop Plumbing Services Ltd will
receive on Dec. 7, 2011, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Woodward L. Terry
         Woodward Terry & Company
         Suite # 10, 2nd Floor, Jack & Jill Building
         19 Fort Street, George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 945-2800
         Facsimile: (345) 945-2727


=========
C H I L E
=========


EMPRESA NACIONAL: S&P Assesses Stand-Alone Credit Profile at 'b+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' senior
unsecured debt rating to the planned notes issuance of up to
US$500 million due 2021 of Empresa Nacional del Petroleo.  "We
expect the Chilean government-owned oil and gas company to use the
proceeds from the notes for debt refinancing purposes," S&P said.

"Our ratings on ENAP continue to reflect our opinion that there is
a very high likelihood the Republic of Chile (FC: A+/Positive/A-1;
LC: AA/Positive/A-1+) would provide timely and sufficient
extraordinary support to ENAP in the event of financial distress.
We also assess ENAP's stand-alone credit profile at 'b+',
primarily as a result of its weak capital structure and low, or
even negative, free cash flow generation," S&P related.

Ratings List

Notes Rated
Empresa Nacional del Petroleo (ENAP)
  Senior Unsecured
   Up to US$500 mil notes due 2021          BBB-


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


* DOMINICAN REPUBLIC: Pig Farmers on the Brink of Bankruptcy
------------------------------------------------------------
Dominican Today reports that Wilfredo Bautista, president of the
pork producers grouped in Adogranja, said that unregulated imports
have pushed pig farmers to the brink of bankruptcy, and demand
correct supervision from the authorities.

Mr. Bautista said that the sector, which groups 50% of the pig
farmers, has lost more than 500 million pesos this year, and
accuse the authorities of allowing tax free imports by people and
companies who aren't part of that business, according to Dominican
Today.

The reports notes that Mr. Bautista said the situation distorts
the market and has bankrupt hundreds of producers.  "Permits
without the suitable criteria are being issued which have
established informal production of processed meats which don't
comply with sanitary or commercial requisites," Dominican Today
quoted Mr. Bautista as saying.


=============
J A M A I C A
=============


DIGICEL GROUP: Completes Acquisition of Claro Jamaica
-----------------------------------------------------
Caribbean360.com reports that Digicel Group has completed its
acquisition of Claro in Jamaica and the sale of its business in
Honduras to America Movil, Claro's parent company.

Under the transaction, which essentially marks a retreat from each
other's turf, Denis O'Brien's Digicel Group is selling its
Honduras and El Salvador assets to Carlos Slim's America Movil, in
turn buying its Jamaica business, according to Caribbean360.com.

The report, citing figures from the Mobile World analysts, the
combined market share of the two companies in Jamaica comes to
80%, leaving Cable & Wireless (now rebranded as Lime) with the
remaining 20%.

The Digicel/Claro transaction was initially set to close by the
end of June but was delayed by regulatory scrutiny, the report
notes.  The financial terms of the deal have not been disclosed,
however, Digicel is set to receive a net cash payment, reportedly
of US$350 million, Caribbean360.com relays.

                        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 based in Jamaica.  It 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
A "Caa1" senior unsecured debt rating.


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


AXTEL SAB: S&P Affirms 'B' Corp. Credit Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings,
including the corporate credit rating, on Mexican
telecommunications company Axtel S.A.B. de C.V. The outlook is
negative.

"The '3' recovery rating on the company's senior secured debt,
indicating our expectation of meaningful (50% to 70%) recovery in
the event of a payment default, remains unchanged," S&P said.

"The negative outlook reflects the pressures on the company's
liquidity as a result of the tight conditions of the new loan and
the impact on cash flow of continuing capital expenditure
requirements," said Standard & Poor's credit analyst Marcela
Due¤as.  "A failure to obtain a waiver in case of the company
breaches its covenants could adversely affect the ratings."

"The affirmation reflects our belief that, despite the company's
tight maintenance covenant headroom under its US$100 million
syndicated term loan, it would be able to obtain a waiver from its
lenders in case of a covenant breach, as a result of its good bank
relationships," S&P said.

"On Nov. 17, 2011, Axtel obtained a US$100 million syndicated term
loan denominated in Mexican pesos and dollars; a US$60.0 million
tranche was funded, and the remaining US$40.0 million will remain
as a committed credit line, though limited to its leverage
covenant.  The facility includes several covenants: leverage no
greater than 3.5x, EBITDA interest coverage no less than 3.0x, and
a receivables ratio of 2.25x of one year's debt service," S&P
said.

"Based on the company's current performance and the volatility of
the exchange rate of the Mexican peso against the U.S. dollar, we
anticipate that headroom under the company's leverage covenant
will be tight by year-end 2011 and 2012, increasing the likelihood
of Axtel needing to take preventive action to avoid the
acceleration of its debt. A failure to do so well ahead of time
is likely to adversely affect the ratings," S&P related.

"The ratings on Axtel reflect the combination of an aggressive
financial profile and a vulnerable business profile, amid very
competitive operating conditions and dependence on interconnection
through Telefonos de Mexico S.A.B. de C.V (Telmex). It also
considers the company's marginal revenue growth, tight covenant
headroom, and our belief that its hefty capital expenditure
program will keep it running deficits in free operating cash
flow," S&P said.

Axtel's wide reach within Mexico and its flexible, advanced
network featuring several access technologies and position as
distant second-largest fixed-line integrated telecommunications
company in Mexico (behind Telmex) partially mitigate the negative
factors.


MBIA MEXICO: S&P Affirms 'B' Global Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
counterparty credit and financial strength ratings on MBIA Mexico
S.A. de C.V., and its national scale financial strength rating at
'mxBB+'.  The outlook remains negative.

The rating action mirrors the action taken on MBIA Mexico's U.S.-
based parent, MBIA Insurance Corp. (MBIA Insurance; B/Negative/--;
see Standard & Poor's research update, "MBIA Insurance Corp.
Ratings Affirmed at 'B'; Outlook Negative," published on
RatingsDirect.)

"The ratings on the Mexican subsidiary are based on the support
MBIA Insurance provides," said Standard & Poor's credit analyst
Barbara Carreon.  This support is in the form of a reinsurance
agreement calling for MBIA Mexico to cede 100% of its net
liability and other obligations to MBIA Insurance.  There's also a
net worth maintenance agreement in which MBIA Insurance agrees to
cause MBIA Mexico to maintain capital that is at least equal to
the higher of the amount that Mexican regulations require or $10
million.

"The 'B' rating on parent company MBIA Insurance reflects our
view, based on our updated bond insurance criteria, that the
company has relatively low capital for its needs; poor operating
performance, which we expect to continue; and a lack of any
competitive advantages to improve its financial position in the
next 12 months.  The rating also reflects the company's run-off
status, in our view, and our view that this corporate profile is
unlikely to change unless restructuring-related litigation is
resolved.  The timing of the litigation resolution is uncertain,"
S&P said.

"The ratings on MBIA Insurance also reflect weak economic
conditions in the U.S., which have contributed to losses in the
company's structured finance business, as well as Standard &
Poor's expectations for the future, which we factor into our
stress-case loss projections.  In particular, our stress-case
loss projections for MBIA Insurance's collateralized debt
obligations of asset-backed securities and its commercial real
estate exposure significantly exceed the company's capital
resources," S&P said.

"MBIA Insurance has no dividend capacity to support parent company
MBIA Inc.'s (B-/Negative/--) debt-service obligations.  We expect
that MBIA Inc.'s short-term investments should cover its debt-
service and operating-expense obligations through 2013. In
addition, the estimated taxes release related to the tax sharing
agreement could provide additional liquidity," S&P said.

"The negative outlook on MBIA Insurance reflects the possibility
that adverse loss development in the structured finance business
could continue, diminishing liquidity and weakening capital.  We
expect liquidity will be adequate to meet projected claims
payments over the next several years, but this could change if
losses and earnings volatility increase.  If MBIA Insurance's
capital stabilizes as a result of diminished potential for future
adverse loss development, we would view this as positive to the
rating. However, if the company exhibits increased losses and
diminished liquidity -- such that the time to a possible breach of
minimum regulatory capital levels shortens to less than two years
or if surplus falls below US$500 million -- we could lower the
ratings," S&P said.

"The outlook on MBIA Mexico remains negative, reflecting the
outlook on its parent.  The negative outlook on the national scale
rating on MBIA Mexico reflects the fact that a further downgrade
of MBIA Insurance would lead us to lower the 'mxBB+' national
scale rating," S&P said.


URBI DESARROLLOS: S&P Affirms National Scale CCR at 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Mexico-
based homebuilder Urbi Desarrollos Urbanos S.A.B. de C.V.,
including its 'B+' global scale and 'mxBBB' national scale
corporate credit ratings.  The outlook is stable.

"Standard & Poor's ratings on Urbi reflect the company's
aggressive financial policy and commercial strategies, and high
working-capital requirements to sustain the company's double-digit
growth targets in a highly competitive market," said Standard &
Poor's credit analyst Laura Martinez.  The ratings also reflect
the concentration of mortgage originations from Infonavit and
Fovissste, involving certain political risk inherent to those
institutions.  Urbi's operating efficiency and flexibility,
geographic and product diversification, and position as one of the
largest homebuilders in Mexico somewhat offset those factors.

Urbi's goal to double its revenues in the next five years
highlights its aggressive growth targets.  Urbi expects to
increase its revenues by 12%-14% in 2011 and maintain 13%-15%
growth in the next few years.  As part of its business strategy,
Urbi has continued to increase its participation in several
different market segments, including the nonaffiliated workers
population through its rent-to-own program, Alternativa Urbi (AU).
Together with its alliance with Aureos Latin American Fund, the
company expects this program to represent about 25% of total
revenues in the following years.  Urbi has also increased its
presence in vertical housing, the integration of housing projects
in progress (the company has integrated 11 projects so far in its
operations and expects to add four each year), and housing-related
activities.  "We expect those products to continue gaining
relevance in the company's business and representing a significant
portion of its revenues.  We believe this business model provides
the company additional product and market diversification, but it
also requires significant working-capital investments, which
limits its cash-flow generation," S&P said.

"The stable outlook reflects that we expect Urbi to maintain an
adjusted debt leverage of about 3.0x despite significant working
capital requirements to sustain its growth rates.  An increase in
management's risk tolerance or a significant deterioration in the
company's key financial ratios could lead to a negative rating
action. We could raise the ratings if we saw evidence of a more
moderate financial policy, deriving in a positive FOCF generation
on a sustained basis," S&P said.


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


SWISS CHALET: Court Approves Scherrer Hernandez as Broker
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico approves
the appointment of Scherrer Hernandez & Co. as Swiss Chalet,
Inc.'s broker for the sale of tax credits.

On Oct. 18, 2011, the Debtor and CPG/GS PR NPL, LLC, the Debtor's
secured creditor, filed a joint motion for sale of tax credits,
which was approved on Oct. 21, 2011.

The Debtor had certain intangible assets consisting of Puerto Rico
Income Tax Credits contained under Law No. 212 of Aug. 29, 2002.
The Tax Credits as of the Petition Date had a face value of
US$33,940,000, and an estimated realizable value of US$28,849,000.

The fees for the services will be equal to:

   (1) 2% of the total proceeds received from the sale of the Tax
       Credits up to 85% of the face value of the Tax Credits;
       plus

   (2) 30% of the total proceeds received from the sale of the Tax
       Credits in excess of 85% of the face value of the Tax
       Credits.

The firm's fees are exclusive of any out-of-pocket expenses which
it may be required in connection with its services.

Patricia A. Wangen, CPA, of Scherrer Hernandez & Co., attests to
the Court that her firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

                     About The Swiss Chalet Inc.

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel.  CPA Luis R.
Carrasquillo & Co., P.S.C., serves as its financial consultants.
Swiss Chalet, Inc., serves as its external auditors.  In its
Schedules, the Debtor disclosed total assets of US$118,521,510 and
total debts of US$132,741,094.  The petition was signed by Arnold
Benus, director.


SWISS CHALET: Files Schedules of Assets and Liabilities
-------------------------------------------------------
The Swiss Chalet Inc. filed with the Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property             US$69,000,000
  B. Personal Property           $46,107,348
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                             US$118,565,626
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $136,238
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $19,901,520
                                 -----------      -----------
        TOTAL                  US$115,580,977   US$138,603,384

                   About The Swiss Chalet Inc.

The Swiss Chalet Inc., which owns the Best Western Hotel Pierre in
San Juan, Puerto Rico, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill, P.S.C.
Law Offices serves as its bankruptcy counsel.  CPA Luis R.
Carrasquillo & Co., P.S.C., serves as its financial consultants.
Swiss Chalet, Inc., serves as its external auditors.  In its
Schedules, the Debtor disclosed total assets of $118,521,510 and
total debts of $132,741,094.  The petition was signed by Arnold
Benus, director.



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


CL FIN'L: Trinidad Government Starts Payouts for CLICO & BAICO
--------------------------------------------------------------
Caribbean360.com reports that payments for some of Colonial Life
Insurance Company (Trinidad) Limited (CLICO) and British American
Insurance Company's clients with short-term investments where the
principal TT$75,000 and over, has been processed.

The Trinidad and Tobago government has announced that clients
whose surnames:

   -- end in A through D: their transactions will be processed
      from December 1;

   -- beginning with E: their transactions will be processed from
      December 12, and

   -- starts with T - Z: their schedule will continue into next
      year with those with the surnames T - Z being processed
      between February 23 and 27.

The Ministry of Finance said that cash payments would be made
within seven working days of investors' acceptance of Government's
offer, according to Caribbean360.com.

The report notes that the ministry said that given the current
government yield curve it is estimated that investors that has
cash in bonds with maturities of between one year and ten years,
is expected to realize 80% of or 80 cents on the dollar; while
investor that has a principal balance of, around TT$300,000, is
expected to receive TT$75,000 in cash, and TT$225,000 in bonds.

Caribbean360.com discloses that the ministry also stated that:

   -- values payable were independently validated;

   -- all foreign currency funds will be paid in TT dollar
      equivalent;

   -- BAT customers in Tobago and San Fernando will be processed
      at the Clico centers in those areas;

   -- cheques will be issued to contract owners or eligible payees
      if they do not have a local bank account; and

   -- holders of the Colonial Life Core Fund Series 6 will be
      processed at a later date.

The closing date for applications will be June 30, 2012.

Caribbean360.com adds that the second notice applied to the
holders of short-term investment products with Clico and BAT
valued at more than TT$75,000.

                        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.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Venezuelan state-owned oil company
Petroleos de Venezuela S.A. (PDVSA).  "At the same time, we
affirmed the 'B+' senior unsecured issue-level rating on the
company. The outlook is stable," S&P said.

"The ratings on PDVSA reflect our opinion that there is an almost
certain likelihood that its owner, Bolivarian Republic of
Venezuela, would provide timely and sufficient extraordinary
support to PDVSA in the event of financial distress," said
Standard & Poor's credit analyst Fabiola Ortiz.

The ratings on PDVSA are the same as the ratings on Venezuela. The
stand-alone credit profile (SACP) of PDVSA is 'b+'.

"PDVSA's SACP reflects its less-than-adequate liquidity,
aggressive financial policy, and continued delays in releasing its
financial information.  It also reflects our view that the company
could prioritize transfers to the government before debt payments
in a distressed scenario," S&P said.

"The stable outlook reflects our view that PDVSA's relationship
with the government will not change significantly during the next
few years," S&P said.


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


* BOND PRICING: For the Week November 28, to December 2, 2011
-------------------------------------------------------------

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

  ARGENTINA
  ---------

ARGENT-$DIS            8.28   12/31/2033    USD         66.77
ARGENT-$DIS            8.28   12/31/2033    USD            66
ARGENT-$DIS            8.28   12/31/2033    USD         68.75
ARGENT-PAR             1.18   12/31/2038    ARS         42.21
ARGENT- DIS            7.82   12/31/2033    EUR            55
ARGENT- DIS            7.82   12/31/2033    EUR         54.75
ARGENT- DIS            7.82   12/31/2033    EUR          58.5
ARGENT-¯ DIS            4.33   12/31/2033    JPY            42
ARGENT-¯ PAR            0.45   12/31/2038    JPY            15
ARGENT-¯ PAR&GDP        0.45   12/31/2038    JPY             8
ARGNT-BOCON PRE9          2   3/15/2014     ARS          77.5
INVERSORA ELEC          6.5   9/26/2017     USD         43.93
PROV BUENOS AIRE      9.625   4/18/2028     USD         62.84
PROV BUENOS AIRE     10.875   1/26/2021     USD         68.15
PROV BUENOS AIRE      9.375   9/14/2018     USD         70.72
PROV BUENOS AIRE      9.375   9/14/2018     USD         70.89


  BRAZIL
  ------

BANCO CRUZEIRO        8.875   9/22/2020     USD         69.75
BANCO CRUZEIRO         8.25   1/20/2016     USD            77
REDE EMPRESAS        11.125                USD            65
REDE EMPRESAS        11.125                USD            68
REDE EMPRESAS        11.125                USD            68


  CAYMAN ISLAND
  -------------

BANCO BPI (CI)         4.15   11/14/2035    EUR         43.36
BCP FINANCE BANK       5.01   3/31/2024     EUR          52.5
BCP FINANCE BANK       5.31   12/10/2023    EUR         54.88
BCP FINANCE CO        5.543                 EUR         32.21
BCP FINANCE CO        4.239                 EUR         33.17
BES FINANCE LTD        5.58                 EUR            33
BES FINANCE LTD         4.5                 EUR            39
CAM GLOBAL FIN         6.08   12/22/2030    EUR         69.88
CHAODA MOD AGRI         3.7   9/1/2015      USD         45.92
CHINA AUTOMATION       7.75   4/20/2016     USD         65.25
CHINA FORESTRY        10.25   11/17/2015    USD            67
CHINA FORESTRY        10.25   11/17/2015    USD         66.63
CHINA HUIYUAN JU          4   4/29/2016     USD         70.48
CHINA MED TECH            4   8/15/2013     USD         60.25
CHINA MED TECH         6.25   12/15/2016    USD          59.1
CHINA NICKEL             10   12/12/2012    HKD          74.4
CHINA SCE PROPER       10.5   1/14/2016     CNY         66.98
CHINA SUNERGY          4.75   6/15/2013     USD            60
DUBAI HLDNG COMM          6   2/1/2017      GBP         72.12
EFG ORA FUNDING         1.7   10/29/2014    EUR         49.43
ESFG INTERNATION      5.753                EUR         32.83
EVERGRANDE REAL        9.25   1/19/2016     CNY         69.66
FANTASIA HOLDING         14   5/12/2015     USD         71.75
FANTASIA HOLDING         14   5/12/2015     USD         73.25
GLORIOUS PROPERT         13   10/25/2015    USD         68.03
GREENTOWN CHINA           9   11/8/2013     USD         72.38
GREENTOWN CHINA           9   11/8/2013     USD         72.38
IMCOPA INTL CAYM          5   12/19/2014    USD            33
JA SOLAR HOLD CO        4.5   5/15/2013     USD            68
JINKOSOLAR HOLD           4   5/15/2016     USD         40.47
KAISA GROUP               8   12/20/2015    CNY         72.52
LDK SOLAR CO LTD         10   2/28/2014     CNY         45.05
LDK SOLAR CO LTD       4.75   4/15/2013     USD         56.08
LDK SOLAR CO LTD       4.75   4/15/2013     USD         54.65
LDK SOLAR CO LTD       4.75   4/15/2013     USD         62.75
LUPATECH FINANCE      9.875                 USD         36.13
LUPATECH FINANCE      9.875                 USD          36.5
MARFRIG OVERSEAS        9.5   5/4/2020      USD         73.02
MARFRIG OVERSEAS        9.5   5/4/2020      USD         72.63
MINGFA GROUP INT       5.25   5/23/2016     HKD         70.92
POLARCUS LTD          2.875   4/27/2016     USD         74.03
POWERLONG RE HLD      13.75   9/16/2015     USD            67
POWERLONG RE HLD      13.75   9/16/2015     USD         67.75
POWERLONG RE HLD       11.5   3/17/2014     CNY          67.4
RENHE COMMERCIAL         13   3/10/2016     USD            76
RENHE COMMERCIAL      11.75   5/18/2015     USD         76.06
SOLARFUN POWER H        3.5   1/15/2018     USD            50
SOLARFUN POWER H        3.5   1/15/2018     USD         66.05
SPG LAND HOLDING       13.5   4/8/2016      USD         63.07
SUNTECH POWER             3   3/15/2013     USD         42.34
SUNTECH POWER             3   3/15/2013     USD          42.5
TEXHONG TEXTILE       7.625   1/19/2016     USD         68.02
TEXHONG TEXTILE       7.625   1/19/2016     USD         71.25
TRINA SOLAR LTD           4   7/15/2013     USD         75.19
YUZHOU PROPERTIE       13.5   12/15/2015    USD          67.5
YUZHOU PROPERTIE       13.5   12/15/2015    USD          68.37


  CHILE
  -----

AGUAS NUEVAS            3.4   5/15/2012     CLP         0.223
CGE DISTRIBUCION       3.25   12/1/2012     CLP         30.03
COLBUN SA               3.2   5/1/2013      CLP         73.07
ESVAL S.A.              3.8   7/15/2012     CLP         25.31
MASISA                 4.25   10/15/2012    CLP         19.74
QUINENCO SA             3.5   7/21/2013     CLP         24.96

  PANAMA
  ------

NEWLAND INT PROP        9.5   11/15/2014    USD          61.5

  PUERTO RICO
  -----------

BANCO SANTANDER         6.1   6/1/2032      USD         63.11
BANCO SANTANDER         6.3   6/1/2032      USD         63.28
PUERTO RICO CONS        6.5   4/1/2016      USD         61
PUERTO RICO CONS        6.2   5/1/2017      USD         61.99

  VENEZUELA
  ---------

PETROLEOS DE VEN        5.5   4/12/2037     USD            45
PETROLEOS DE VEN      5.375   4/12/2027     USD         46.78
PETROLEOS DE VEN       5.25   4/12/2017     USD         60.04
PETROLEOS DE VEN      5.125   10/28/2016    USD            62
PETROLEOS DE VEN          5   10/28/2015    USD         67.25
PETROLEOS DE VEN        8.5   11/2/2017     USD         71.28
PETROLEOS DE VEN        8.5   11/2/2017     USD         71.03
PETROLEOS DE VEN        4.9   10/28/2014    USD         75.91
VENEZUELA                 7   3/31/2038     USD            54
VENEZUELA                 7   3/31/2038     USD         54.36
VENEZUELA                 6   12/9/2020     USD            58
VENEZUELA              7.65   4/21/2025     USD          58.5
VENEZUELA              8.25   10/13/2024    USD            61
VENEZUELA              9.25   5/7/2028      USD         64.75
VENEZUELA                 9   5/7/2023      USD            66
VENEZUELA                 7   12/1/2018     USD          66.5
VENEZUELA              9.25   9/15/2027     USD         67.52
VENEZUELA              7.75   10/13/2019    USD         67.63
VENEZUELA              9.25   9/15/2027     USD         67.78
VENZOD - 189000       9.375   1/13/2034     USD          64.5


                            ***********


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 * * *