TCRLA_Public/120102.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, January 02, 2012, Vol. 13, No. 001

                            Headlines



A R G E N T I N A

CENTRAL TERMICA: Moody's Affirms B3 Ratings, Outlook Stable


B A H A M A S

CLICO (BAHAMAS): Creditors Still Face US$18.4MM Insolvency Gap


B R A Z I L

BANCO PANAMERICANO: Unveils US$960MM Capital Hike for Financing
* BRAZIL: FGC to Tighten Rules to Help Banks, Estado Reports


C A Y M A N   I S L A N D S

ALPHATRAN FUND: Creditors' Proofs of Debt Due Jan. 4
ASIA PROSPERITY: Placed Under Voluntary Wind-Up
CIRCLE FINANCE: Commences Liquidation Proceedings
COMFORT INVESTMENT: Commences Liquidation Proceedings
CORRIENTE CAYMANS: Creditors' Proofs of Debt Due Jan. 5

CORRIENTE CAYMANS: Creditors' Proofs of Debt Due Jan. 5
CORRIENTE CAYMANS: Creditors' Proofs of Debt Due Jan. 5
CQS GLOBAL: Commences Liquidation Proceedings
DK EQUIPMENT: Creditors' Proofs of Debt Due Jan. 4
DUKE ENERGY: Placed Under Voluntary Wind-Up

HCP STRATEGIC: Creditors' Proofs of Debt Due Jan. 4
MASTERSKILL (CAYMAN): Creditors' Proofs of Debt Due Jan. 5
MEANS TECHNOLOGY: Creditors' Proofs of Debt Due Jan. 4
O'CONNOR CURRENCY: Creditors' Proofs of Debt Due Jan. 4
O'CONNOR CURRENCY: Creditors' Proofs of Debt Due Jan. 4

O'CONNOR CURRENCY: Creditors' Proofs of Debt Due Jan. 4
OAKRUN INCOME: Shareholder Receives Wind-Up Report
PLAZA MAAM: Creditors' Proofs of Debt Due Jan. 4
ROBECO-SAGE LONG/SHORT: Placed Under Voluntary Wind-Up
STRATEGIC GROWTH: Placed Under Voluntary Wind-Up

STRATEGIC GROWTH: Placed Under Voluntary Wind-Up


E L   S A L V A D O R

EL SALVADOR: S&P Affirms 'BB-/B' Sovereign Credit Ratings


X X X X X X X X

* BOND PRICING: For the Week December 26, to December 31, 2011


                            - - - - -



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


CENTRAL TERMICA: Moody's Affirms 'B3' Ratings, Outlook Stable
-------------------------------------------------------------
Moody's Latin America has revised Central Termica Loma de la
Lata's (CTLLL) rating outlook to stable from negative; affirmed
B3/A3.ar ratings.

Ratings Rationale

CTLLL's outlook stabilization and rating affirmation largely
reflects the fact that expansion of 162,5 MW at the gas fired
facility has been finalized and that the plant has received
approval for the initiation of commercial operations.
Construction at the facility had suffered a significant delay
from the original planned completion date (June 2010) but began
commercial operation in November 2011.  Execution of construction
works and technical problems detected at the steam turbine unit
during the testing period were the main cause of the delay.  "We
note that the EPC contractor provided for the partial replacement
of damaged components. In addition, the company had insurance
coverage for loss of profits that is currently claiming to the
insurance company," Moody's says.

The B3/A3.ar ratings still reflect the project's inherent
strengths and the improved cash flow predictability resulting
from the initiation of operations. Closing the cycle of the power
plant to a combined cycle configuration will increase its
efficiency with no additional gas needs while the gas supply is
assured under a medium term contract with local gas producers
from nearby gas fields.  Furthermore, since the initiation of
commercial operations, the long term contract with COmpania
Administradora del Mercado Mayorista Electrico S.A. (CAMMESA),
the off-taker, became effective thus increasing the project's
cash flow predictability.

Moody's also take comfort from the fact that Pampa (unrated), the
ultimate parent company who guaranteed the USD 178 million notes
due 2015 during the construction period, will remain liable for
at least six months after the start-up of commercial operations.

Nevertheless, the B3/A3.ar ratings remain constrained by the
company's exposure to the Argentine volatile and unpredictable
electricity industry.  In addition, CTLLL's revenues are fully
exposed to CAMMESA, the wholesale electricity market
administrator in Argentina, which continues to face ongoing
deficits and in order to make its contractual payments it depends
on periodic transfers from the national government.  The
government's recently announced electricity subsidy reduction
plan could result in less dependence of Cammesa on those
transfers, however, the full and final impact of this plan on
CAMMESA's funding needs is still unclear.  In any case, repayment
of the notes remains exposed to material Argentine government
(B3/Stable) credit risk.

In March, 2011, Moody's downgraded CTLLL's rating to B3/A3.ar
from B2/A2.ar following the announcement that the increased
capacity of the project was to be sold under a long term contract
executed directly with CAMMESA rather than with other users under
the EnergĦa Plus framework as originally expected. Furthermore,
the contract was subsequently amended to allow the total planned
capacity increase to be contracted with CAMMESA for three years,
further reducing the likelihood of the development of contracts
with a diversified base of private companies within the Energia
Plus framework during that period.

CTLLL's current stable outlook reflects the finalization of the
expansion construction and commencement of commercial operations
which will enhance cash flow and related cash flow
predictability. The outlook also incorporates our expectation
that the project will receive its contractual payments from
CAMMESA on a reasonably timely basis.  The project is expected to
generate cash from operations (CFO pre WC) in relation to debt of
over 15% with a ratio of CFO pre WCO plus interest to interest of
over 2.0 times.

The ratings could come under downward pressure if payments under
the off-take contracts are delayed or diverge from contractual
terms.  Quantitatively, if CFO pre WC in relation to debt becomes
lower than 10% or the ratio of CFO pre WCO plus interest to
interest falls to lower than 1.0 time, the ratings could be
downgraded.

Given the project's revenue concentration and exposure to
Argentine credit risk, a rating up-grade would require an up-
grade of Argentina's ratings.  In addition, if the recently
announcement made by the government towards an electricity
subsidy reduction proves to be meaningful and CAMMESA becomes
materially less dependent on transfers from the federal
government, ratings may come under up-ward pressure.

Central Termica Loma de la Lata S.A. is an electric generation
company formed as a Sociedad Anonima as a result of Pampa Energia
S.A. (Pampa's) acquisition of the thermal power plant at Loma La
Lata in May 2007. CTLLL's main asset is a thermo-electric power
plant located in the province of Neuquen-Argentina. Currently,
CTLLL has an installed net capacity of 369 MW, which is expected
to increase by 162.5 MW after this project is completed. With a
net generation of 448 GWh, total revenues for the fiscal year
ending in December 2010 amounted to ARS 150 million.

Pampa Energia S.A. (not rated) is the largest, fully-integrated
electricity company in Argentina.  Through its subsidiaries, the
company is engaged in the generation, transmission and
distribution of electricity within the country.  Pampa has an
installed capacity of approximately 2,187 MW, which represents
about 8% of the country's installed capacity. It also co-controls
Transener (not rated), the largest high-voltage electricity
transmission system in Argentina and it is the majority
shareholder of Edenor (B2, stable), the largest electricity
distribution company in Argentina, with more than 2.6 million
customers.


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


CLICO (BAHAMAS): Creditors Still Face US$18.4MM Insolvency Gap
--------------------------------------------------------------
Neil Hartnell at The Tribune reports that Clico (Bahamas) Limited
liquidator Craig A. 'Tony' Gomez, the Baker Tilly Gomez
accountant and partner, said that investors are still facing an
US$18.364 million solvency deficiency, having run into 'slow
going' over key issues -- the sale of its key asset and transfer
of its policy portfolio.  Clico (Bahamas) is a subsidiary of CL
Financial Limited.

Mr. Gomez in his ninth report to the Supreme Court for the period
to end-September 2011, said he was continuing to work on the
migration of all CLICO (Bahamas) back office data to this nation,
according to The Tribune.  The report relates that the data,
stored in Trinidad, has to be converted to the Bahamian platform.

The Tribune notes that its migration, and consolidation on one
software platform, is seen as a vital step to facilitating the
transfer of CLICO (Bahamas) life, health and annuity portfolio to
a Bahamian buyer, believed to be Colina Insurance Company.

The report discloses that Mr. Gomez disclosed in his report that
there had been "delays" in drafting the US$30 million government
guarantee designed to underpin the policy portfolio transfer, and
cover an "anticipated shortfall" in the liquidation.

The guarantee agreement is being drafted by the Attorney
General's Office.

Meanwhile, the report notes that CIBC FirstCaribbean
International Bank (Bahamas) increased its claim against CLICO
(Bahamas) from US$363,216 to US$438,523.

The Tribune relates that Mr. Gomez continued to pursue the US$58
million guarantee, made on behalf of CLICO (Bahamas), by its CL
Financial parent, to back-stop the loans the former had made to
its CLICO Enterprises subsidiary for investment in the Florida-
based Wellington Preserve real estate project.

The Tribune says that CLICO (Bahamas) remaining portfolio, as at
Sept. 30, 2011, consisted of 14,563 policies, with a total sum
assured of US$1.294 billion.  The total surrender value is
US$19.755 million, the report relates.

Between July 1, 2011, and Sept. 30, 2011, a total of 46 policies,
36 life insurance and 10 health insurance, were surrendered by
former CLICO (Bahamas) policyholders.

As reported in the Troubled Company Reporter on April 1, 2009,
Mr. Gomez noted that the company had a "considerable amount of
critical claims", which were being reviewed, including death
benefits, emergency surgeries, cancer patient treatments and HIV
patient treatments.  In addition, Trinidad and Tobago Express
notes, Mr. Gomez said CLICO Bahamas can't recover the US$73
million it loaned to CLICO Enterprises Ltd as part of a Florida
real estate deal because of the downturn in the US real estate
market.  Meanwhile, Trinidad and Tobago Express says CLICO Guyana
and CLICO Suriname are claiming policy packages of US$34 million
and US$15.5 million respectively with CLICO Bahamas.

Clico (Bahamas) Limited (previously known as British Fidelity
Assurance Limited) operates branches in the Bahamas, Belize and
the Turks and Caicos.  Its parent company is Clico Holdings
(Barbados) Limited, though the ultimate parent company is CL
Financial Limited.


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


BANCO PANAMERICANO: Unveils US$960MM Capital Hike for Financing
---------------------------------------------------------------
Business News Americas reports that Banco Panamericano SA
revealed a BRL1.8 billion (US$960 million) capital hike, of which
BRL940 million will go to financing the purchase of real estate
investment firm and mortgage lender Brazilian Finance & Real
Estate.

The funds come from Panamericano's owners, Banco BTG Pactual and
Caixa Economica Federal (CEF), according to Business News
Americas.

The report notes that Banco Panamericano needed the capital hike
to boost its Basel ratio, which was dangerously low (11.9%) and
at risk of failing to meet the minimum 11% required by central
bank BCB.

The bank's capital will grow to BRL3 billion from BRL1.2 billion
after the increase, Business News Americas adds.

                      About Banco Panamericano

Banco Panamericano SA offers loans, personal credit, investments,
credit cards, and lease financing.  Banco Panamericano operates
throughout Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2'
long-term supported global local currency deposit rating, long-
term foreign currency deposit and senior unsecured debt ratings.
It also carries Moody's 'Ba3' bank's foreign currency
subordinated
debt rating.


* BRAZIL: FGC to Tighten Rules to Help Banks, Estado Reports
------------------------------------------------------------
Telma Marotto at Bloomberg News writes that O Estado de S. Paulo
newspaper reported that Brazil's deposit insurance fund, known as
the FGC, plans to tighten rules to help banks facing
difficulties, reported.

The newspaper said that the fund will start asking for bankers
personal assets as guarantees for loans and the financing
conditions will be inline with the ones offered by the market,
without advantages to the borrower, according to Bloomberg.

Bloomberg notes that the newspaper said that the fund will also
replace the current board members, which are linked to banks, for
independent ones to avoid conflict of interest.

The changes are being discussed with the central bank, according
to Estado, Bloomberg adds.


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


ALPHATRAN FUND: Creditors' Proofs of Debt Due Jan. 4
----------------------------------------------------
The creditors of Alphatran Fund are required to file their proofs
of debt by Jan. 4, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Nov. 7, 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


ASIA PROSPERITY: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 21, 2011, the sole member of The Asia Prosperity Fund
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Richard Finlay
        c/o Noel Webb
        Telephone: (345) 814 7394
        Facsimile: (345) 945 3902
        P.O. Box 2681 Grand Cayman   KY1-1111
        Cayman Islands


CIRCLE FINANCE: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 16, 2011, the members of Circle Finance SPC Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ellen J. Christian
        Telephone: 345 945 9208
        Facsimile: 345 945 9210
        c/o BNP Paribas Bank & Trust Cayman Limited
        Royal Bank House, 3rd Floor
        Shedden Road George Town
        Grand Cayman
        Cayman Islands


COMFORT INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2011, the members of Comfort Investment Company
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CORRIENTE CAYMANS: Creditors' Proofs of Debt Due Jan. 5
-------------------------------------------------------
The creditors of Corriente Caymans Copper Mining Company are
required to file their proofs of debt by Jan. 5, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 16, 2011.

The company's liquidator is:

        Ma Sihai
        c/o Neil Gray
        Telephone: (345) 949 8455
        Facsimile: (345) 949 8499
        Intertrust (Cayman) Limited
        Harbour Place, Fourth Floor
        P.O. Box 1034 Grand Cayman KY1-1102
        Cayman Islands


CORRIENTE CAYMANS: Creditors' Proofs of Debt Due Jan. 5
-------------------------------------------------------
The creditors of Corriente Caymans Exploration Company are
required to file their proofs of debt by Jan. 5, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 18, 2011.

The company's liquidator is:

        Ma Sihai
        c/o Neil Gray
        Telephone: (345) 949 8455
        Facsimile: (345) 949 8499
        Intertrust (Cayman) Limited
        Harbour Place, Fourth Floor
        P.O. Box 1034 Grand Cayman KY1-1102
        Cayman Islands


CORRIENTE CAYMANS: Creditors' Proofs of Debt Due Jan. 5
-------------------------------------------------------
The creditors of Corriente Caymans Transport Company are required
to file their proofs of debt by Jan. 5, 2012, to be included in
the company's dividend distribution.

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

The company's liquidator is:

        Ma Sihai
        c/o Neil Gray
        Telephone: (345) 949 8455
        Facsimile: (345) 949 8499
        Intertrust (Cayman) Limited
        Harbour Place, Fourth Floor
        P.O. Box 1034, Grand Cayman, KY1-1102
        Cayman Islands


CQS GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 16, 2011, the members of CQS Global Macro Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DK EQUIPMENT: Creditors' Proofs of Debt Due Jan. 4
--------------------------------------------------
The creditors of DK Equipment Leasing CI Ltd. are required to
file
their proofs of debt by Jan. 4, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 10, 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


DUKE ENERGY: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 11, 2011, the sole shareholder of Duke Energy
International Guatemala Holdings No.3 passed a resolution that
voluntarily winds up the company's operations.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidator is:

        Elizabeth C. De La Rosa
        555 San Felipe Road
        Houston, TX 77056
        USA


HCP STRATEGIC: Creditors' Proofs of Debt Due Jan. 4
---------------------------------------------------
The creditors of HCP Strategic Investment Capital Partner Limited
are required to file their proofs of debt by Jan. 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 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


MASTERSKILL (CAYMAN): Creditors' Proofs of Debt Due Jan. 5
----------------------------------------------------------
The creditors of Masterskill (Cayman) Limited are required to
file their proofs of debt by Jan. 5, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 14, 2011.

The company's liquidator is:

        Linburgh Martin
        c/o Neil Gray
        Telephone: (345) 949 8455
        Facsimile: (345) 949 8499
        Intertrust (Cayman) Limited
        Harbour Place, Fourth Floor
        P.O. Box 1034 Grand Cayman KY1-1102
        Cayman Islands


MEANS TECHNOLOGY: Creditors' Proofs of Debt Due Jan. 4
------------------------------------------------------
The creditors of Means Technology Corporation are required to
file their proofs of debt by Jan. 4, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 11, 2011.

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


O'CONNOR CURRENCY: Creditors' Proofs of Debt Due Jan. 4
-------------------------------------------------------
The creditors of O'Connor Currency and Rates Portfolio Master
Limited are required to file their proofs of debt by Jan. 4,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 9, 2011.

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


O'CONNOR CURRENCY: Creditors' Proofs of Debt Due Jan. 4
-------------------------------------------------------
The creditors of O'Connor Currency and Rates Portfolio I Limited
are required to file their proofs of debt by Jan. 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 9, 2011.

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


O'CONNOR CURRENCY: Creditors' Proofs of Debt Due Jan. 4
-------------------------------------------------------
The creditors of O'Connor Currency and Rates Portfolio II Limited
are required to file their proofs of debt by Jan. 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 9, 2011.

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


OAKRUN INCOME: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Dec. 29, 2011, the shareholder of Oakrun Income Plus Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Nov. 17, 2011.

The company's liquidator is:

        Stuarts Walker Hersant
        Telephone: (345) 949 3344
        Facsimile:  (345) 949 2888
        P.O. Box 2510 Grand Cayman KY1-1104
        Cayman Islands


PLAZA MAAM: Creditors' Proofs of Debt Due Jan. 4
------------------------------------------------
The creditors of Plaza Maam Building Holdings Inc are required to
file their proofs of debt by Jan. 4, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 12, 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


ROBECO-SAGE LONG/SHORT: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Nov. 11, 2011, the sole shareholder of Robeco-Sage Long/Short
Equity Fund, Ltd. passed a resolution that voluntarily winds up
the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Ogier
        c/o Bradley Kruger
        Telephone: (345) 815-1877
        Facsimile: (345) 949-9877
        c/o Ogier
        89 Nexus Way
        Camana Bay
        Grand Cayman KY1-9007
        Cayman Islands


STRATEGIC GROWTH: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 17, 2011, the sole member of Strategic Growth Asset
Management passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Richard Finlay
        c/o Noel Webb
        Telephone: (345) 814 7394
        Facsimile: (345) 945 3902
        P.O. Box 2681 Grand Cayman KY1-1111
        Cayman Islands


STRATEGIC GROWTH: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 17, 2011, the sole member of Strategic Growth Holdings
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

        Richard Finlay
        c/o Noel Webb
        Telephone: (345) 814 7394
        Facsimile: (345) 945 3902
        P.O. Box 2681 Grand Cayman KY1-1111
        Cayman Islands


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


EL SALVADOR: S&P Affirms 'BB-/B' Sovereign Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' local-
and foreign-currency sovereign credit ratings on the Republic of
El Salvador.  The outlook is stable. Standard & Poor's transfer
and convertibility assessment on El Salvador is unchanged at
'AAA'. "We affirmed the recovery rating on the country's bonds at
'3'," S&P said.

"The ratings on El Salvador reflect the antagonistic political
environment in El Salvador, characterized by a highly polarized
Congress and difficult relations between the executive and
legislative government branches.  This political atmosphere leads
to decision-making delays and increased uncertainty about future
policy flexibility.  Furthermore, the difficult relations with
the private sector hurt the investment climate and depress
economic growth.  Depending on the outcome of the upcoming
municipal and
legislative elections in March 2012 -- specifically if ARENA, the
main opposition, gains more representation in the 84-seat
Congress -- the policy making may become even more complicated,"
said Standard & Poor's credit analyst Olga Kalinina.

"Lackluster economic growth remains an important constraint on
the ratings.  We estimate the trend growth rate (real GDP per
capita between 2005 and 2014) at negative 0.1%.  In 2011, heavy
rainfall further delayed the country's economic recovery by
causing estimated damages of more than $800 million. The
government signed Partnership For Growth (PFG) with the U.S. in
2011, an agreement aimed at accelerating and sustaining broad-
based economic growth in El Salvador.  Although PFG is an
important step in tackling long-standing problems -- crime and
weak productivity -- the results are likely to be more obvious in
the long term," noted Ms. Kalinina.

"Limited fiscal and monetary flexibility is a credit weakness.
Recognizing the importance of keeping fiscal deficits in check,
the government successfully passed an income tax reform in
December 2011.  The reform becomes effective on Jan. 1, 2012, and
we expect it to yield 0.6% of GDP per annum.  We estimate El
Salvador's fiscal deficit (including pensions) at 4% of GDP in
2011, and we project that it will decrease to 3.2% in 2012.  The
net general government debt stands at 45% of GDP in 2011, and we
estimate that it will hover at about that level during the
forecasted period.  The 36-month stand-by agreement for roughly
$800 million signed in March 2010 (that the government intends to
treat as precautionary) creates an important anchor for fiscal
and structural reforms," S&P said.

"The stable outlook reflects our expectation that a modest
economic recovery and adherence to the IMF fiscal targets will
stabilize the fiscal accounts and the debt burden in the medium
term.  In the meantime, the outcome of the 2012 elections will
influence El Salvador's political dynamic and policy-making
efficiency.  A more pronounced divide between the executive and
legislative branches or a more polarized Congress following the
2012 elections could increase the risk of stalling reforms,
thereby undermining the country's fiscal efforts and growth
prospects. Deterioration in these factors would hurt the
sovereign's creditworthiness.  Conversely, an improvement in
political dialogue, cohesive decision making, new revenue
measures, and a more effective dialogue with the private sector,
which would result in a more secure investment outlook and
increased growth potential, could lead us to raise the ratings,"
concluded Ms. Kalinina.


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


* BOND PRICING: For the Week December 26 to December 31, 2011
-------------------------------------------------------------

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

  ARGENTINA
  ---------

ARGENT-$DIS              8.28    12/31/2033     USD            69
ARGENT-$DIS              8.28    12/31/2033     USD            71
ARGENT-PAR               1.18    12/31/2038     ARS          46.4
ARGENT- DIS              7.82    12/31/2033     EUR            55
ARGENT- DIS              7.82    12/31/2033     EUR          59.1
ARGENT- DIS              7.82    12/31/2033     EUR            59
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
PROV BUENOS AIRE        9.625    4/18/2028      USD          63.8
PROV BUENOS AIRE        9.375    9/14/2018      USD          73.8
PROV BUENOS AIRE       10.875    1/26/2021      USD          72.7
PROV BUENOS AIRE        9.375    9/14/2018      USD          71.5
PROV BUENOS AIRE       10.875    1/26/2021      USD          73.2

  BRAZIL
  ------

BANCO CRUZEIRO          8.875    9/22/2020      USD            62
BANCO CRUZEIRO          8.875    9/22/2020      USD          63.8
BANCO CRUZEIRO           8.25    1/20/2016      USD          68.9
BANCO CRUZEIRO           8.25    1/20/2016      USD            68
BANCO CRUZEIRO            8.5    2/20/2015      USD          77.1

  CAYMAN ISLAND
  -------------

BANCO BPI (CI)           4.15    11/14/2035     EUR          34.6
BCP FINANCE BANK         5.01    3/31/2024      EUR          31.6
BCP FINANCE BANK         5.31    12/10/2023     EUR          33.6
BCP FINANCE CO          5.543                   EUR            32
BCP FINANCE CO          4.239                   EUR          32.9
BES FINANCE LTD          5.58                   EUR          29.7
BES FINANCE LTD           4.5                   EUR          41.6
CAM GLOBAL FIN           6.08    12/22/2030     EUR          63.4
CHINA AUTOMATION         7.75    4/20/2016      USD          65.4
CHINA FORESTRY          10.25    11/17/2015     USD          67.5
CHINA FORESTRY          10.25    11/17/2015     USD          64.6
CHINA HUIYUAN JU            4    4/29/2016      USD          69.8
CHINA MED TECH           6.25    12/15/2016     USD          30.4
CHINA MED TECH              4    8/15/2013      USD          51.3
CHINA SCE PROPER         10.5    1/14/2016      CNY          68.4
CHINA SUNERGY            4.75    6/15/2013      USD          61.5
DUBAI HLDNG COMM            6    2/1/2017       GBP          71.1
EFG ORA FUNDING           1.7    10/29/2014     EUR          49.3
ESFG INTERNATION        5.753                   EUR          32.7
FANTASIA HOLDING           14    5/12/2015      USD          72.9
FANTASIA HOLDING           14    5/12/2015      USD          72.8
GLORIOUS PROPERT           13    10/25/2015     USD          70.1
GREENTOWN CHINA             9    11/8/2013      USD          74.9
GREENTOWN CHINA             9    11/8/2013      USD          74.9
HIDILI INDUSTRY         8.625    11/4/2015      USD          75.4
HOME INNS                   2    12/15/2015     USD          77.2
HOME INNS                   2    12/15/2015     USD          73.6
JA SOLAR HOLD CO          4.5    5/15/2013      USD          72.3
JINKOSOLAR HOLD             4    5/15/2016      USD          38.4
KAISA GROUP                 8    12/20/2015     CNY          72.5
LDK SOLAR CO LTD         4.75    4/15/2013      USD          63.3
LDK SOLAR CO LTD         4.75    4/15/2013      USD          52.3
LDK SOLAR CO LTD         4.75    4/15/2013      USD            65
LUPATECH FINANCE        9.875                   USD            65
LUPATECH FINANCE        9.875                   USD            63
MARFRIG OVERSEAS          9.5    5/4/2020       USD            71
MARFRIG OVERSEAS          9.5    5/4/2020       USD          72.3
MBPS FINANCE            11.25    11/15/2015     USD          67.5
MBPS FINANCE            11.25    11/15/2015     USD          65.5
MINGFA GROUP INT         5.25    5/23/2016      HKD            72
POLARCUS LTD            2.875    4/27/2016      USD          73.1
POWERLONG RE HLD        13.75    9/16/2015      USD          64.9
POWERLONG RE HLD        13.75    9/16/2015      USD          64.5
POWERLONG RE HLD         11.5    3/17/2014      CNY          67.6
PUBMASTER FIN           6.962    6/30/2028      GBP          53.5
PUBMASTER FIN            8.44    6/30/2025      GBP            57
RENHE COMMERCIAL        11.75    5/18/2015      USD            70
RENHE COMMERCIAL           13    3/10/2016      USD          71.8
RENHE COMMERCIAL           13    3/10/2016      USD          72.1
RENHE COMMERCIAL        11.75    5/18/2015      USD          70.5
SHIMAO PROPERTY             8    12/1/2016      USD            75
SOLARFUN POWER H          3.5    1/15/2018      USD          49.5
SOLARFUN POWER H          3.5    1/15/2018      USD          48.5
SPG LAND HOLDING         13.5    4/8/2016       USD          64.3
SUNTECH POWER               3    3/15/2013      USD            40
SUNTECH POWER               3    3/15/2013      USD          43.5
TEXHONG TEXTILE         7.625    1/19/2016      USD          71.9
TEXHONG TEXTILE         7.625    1/19/2016      USD            68
YUZHOU PROPERTIE         13.5    12/15/2015     USD          66.6
YUZHOU PROPERTIE         13.5    12/15/2015     USD            65


  CHILE
  -----

AGUAS NUEVAS              3.4    5/15/2012      CLP          0.44
CGE DISTRIBUCION         3.25    12/1/2012      CLP          19.5
COLBUN SA                 3.2    5/1/2013       CLP            73
ESVAL S.A.                3.8    7/15/2012      CLP          25.3
MASISA                   4.25    10/15/2012     CLP          19.7
QUINENCO SA               3.5    7/21/2013      CLP          24.9


  PANAMA
  ------

NEWLAND INT PROP          9.5    11/15/2014     USD            58


  PUERTO RICO
  -----------

BANCO SANTANDER           6.1    6/1/2032       USD            60
BANCO SANTANDER           6.3    6/1/2032       USD          62.1
PUERTO RICO CONS          6.3    11/1/2033      USD          0.01
PUERTO RICO CONS          6.2    5/1/2017       USD            53

  VENEZUELA
  ---------

PETROLEOS DE VEN          5.5    4/12/2037      USD          46.9
PETROLEOS DE VEN        5.375    4/12/2027      USD          48.4
PETROLEOS DE VEN         5.25    4/12/2017      USD          62.9
PETROLEOS DE VEN        5.125    10/28/2016     USD          63.9
PETROLEOS DE VEN            5    10/28/2015     USD          70.4
PETROLEOS DE VEN          8.5    11/2/2017      USD          74.2
PETROLEOS DE VEN          8.5    11/2/2017      USD          74.4
VENEZUELA                   7    3/31/2038      USD          56.3
VENEZUELA                   7    3/31/2038      USD          57.3
VENEZUELA                   6    12/9/2020      USD          60.5
VENEZUELA                7.65    4/21/2025      USD          61.7
VENEZUELA                8.25    10/13/2024     USD          64.3
VENEZUELA                9.25    5/7/2028       USD            69
VENEZUELA                   9    5/7/2023       USD          68.3
VENEZUELA                   7    12/1/2018      USD          69.8
VENEZUELA                7.75    10/13/2019     USD          70.8
VENEZUELA                9.25    9/15/2027      USD          71.5
VENEZUELA                9.25    9/15/2027      USD          72.3
VENZOD - 189000         9.375    1/13/2034      USD          67.8




                            ***********


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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

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                   * * * End of Transmission * * *