TCRLA_Public/120116.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 16, 2012, Vol. 13, No. 011

                            Headlines



B A R B A D O S

REDJET: Denies Reports of Financial Troubles, Plans More Routes


B R A Z I L

COMPANHIA DE SANEAMENTO: S&P Keeps 'BB+' Corporate Credit Rating


B O L I V I A

* BOLIVIA: Moody's Says Life Insurance Sector has Neg. Outlook


C A Y M A N  I S L A N D S

ALTERNATIVEFOCUS ALTITUDE: Shareholders Receive Wind-Up Report
ALTERNATIVEFOCUS COMMODITAS: Shareholders Receive Wind-Up Report
ALTERNATIVEFOCUS LIONGATE: Shareholders Receive Wind-Up Report
ALTERNATIVEFOCUS PARAGO: Shareholders Receive Wind-Up Report
ALTERNATIVEFOCUS PAULSON: Shareholders Receive Wind-Up Report

BEL-AIR INTERNATIONAL: Shareholder Receives Wind-Up Report
CHARLEMAGNE CAPITAL: Members Receive Wind-Up Report
H3 CAPITAL: Shareholders' Final Meeting Set for Jan. 16
J-CORE NPL1: Shareholders Receive Wind-Up Report
MELLON ALPHAEQUITY: Shareholders Receive Wind-Up Report

NEUBERGER BERMAN: Shareholders Receive Wind-Up Report
NEWTON RE: Shareholder Receives Wind-Up Report
OUH INVESTMENTS: Shareholders Receive Wind-Up Report
PHOENIX INTERNATIONAL: Members' Final Meeting Set for Jan. 19
R-ONE AGEO: Shareholders Receive Wind-Up Report

R-ONE ITABASHI: Shareholders Receive Wind-Up Report
R-ONE NIIGATA: Shareholders Receive Wind-Up Report
RESIDENTIAL REINSURANCE: Shareholder Receives Wind-Up Report
SAPIC II REFERENCE (7): Shareholders Receive Wind-Up Report
SAPIC II REFERENCE (16): Shareholders Receive Wind-Up Report

SEMPERMACRO (CAYMAN): Shareholder Receives Wind-Up Report
TR PROPERTY: Shareholders Receive Wind-Up Report
VALAIS RE: Shareholder Receives Wind-Up Report
WILLOW RE: Shareholder Receives Wind-Up Report


J A M A I C A

DIGICEL GROUP: To Shutdown Claro Jamaica, OUR Meets With Firm


M E X I C O

ALESTRA S DE: Fitch Affirms Rating on Senior Notes at 'BB-'
COMISION FEDERAL: S&P Assesses Stand-alone Credit Profile at 'bb'
OPDAPAS: Moody's Assigns 'Ba1' Local Currency Issuer Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Investors Challenge TT Government on EFPA Pay


X X X X X X X X

* LATAM: La Hipotecaria Gets IDB US$20MM Fund to Boost Lending
* BOND PRICING: For the Week January 9, to January 13, 2012


                            - - - - -

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


REDJET: Denies Reports of Financial Troubles, Plans More Routes
---------------------------------------------------------------
Carla Bridglal at Trinidad Express reports that REDjet (Airone
Caribbean/Airone Ventures Limited) has denied reports that its
cancellation of more than 50 routes is due to financial troubles.

Redjet said it is on budget and on track to deliver new routes and
services, according to Trinidad Express.

"Many of our routes, even though they've only been operational for
a short time, are making positive contributions and we've launched
service to Antigua, St Lucia and Jamaica," REDjet Chairman and
Chief Executive Ian Burns told the news agency in a telephone
interview.

Mr. Burns, Trinidad Express notes, said the reasons for the
cancellations were to accommodate three new routes, to be launched
later this year, and also to improve flight times for consumers.
The report relays that Mr. Burns added that the changes will take
place from March 1 and will have increased capacity, better flight
times and frequency.

Meanwhile, Trinidad Express discloses that  Ralph 'Bizzy'
Williams, the company's largest Barbados investor, had accused the
Barbados government of sabotaging the airline's progress through
excessive delays and Bds$8 million which was invested for
operating expenses in the initial months of the business had to be
used elsewhere.

As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2012, RJR News said that Redjet has been forced to cancel
flights over the next 11 weeks, after an aggressive expansion in
recent months.  Redjet said it needs US$8 million dollar injection
to continue operations, according to RJR News.  RJR News, citing
Caribbean Media Corporation, noted that it is in possession of an
internal memo from RedJet that revealed Customer Service Manager
Roy Norville advising staff that 56 flights "will not be operating
and have been taken off sale for commercial reasons."  The report
disclosed that the company's action will affect four routes, two
of which service Jamaica.

                           About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.  The
privately-owned airline, incorporated in Barbados features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.


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


COMPANHIA DE SANEAMENTO: S&P Keeps 'BB+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'brAA+'
national scale issue rating to Companhia de Saneamento Basico do
Estado de Sao Paulo's (SABESP) debentures amounting to up to R$850
million.  Both the 'BB+' credit  and 'brAA+' issue ratings
reflect SABESP's stand-alone credit profile (SACP), which is
supported by company's strong and stable cash flow.  Increasing
volumes and tariffs, lower labor costs, and a reduction in water
losses contribute to the SACP.  The company benefits from
operating in most municipalities in the state of Sao Paulo,
including the municipality of Sao Paulo, which is the most
populated and industrialized municipality in Brazil.

"The debentures may be split into two series, maturing 2017 and
2019, respectively, depending on the total amount issued.  The
company intends to use the proceeds to pay down existing short-
term debt. This issuance will help improve SABESP's debt profile
(the company has about R$1.5 billion of debt maturing in 2012).
We assess SABESP's liquidity as 'adequate' (as defined by our
criteria) despite its heavy capital expenditures, which we believe
will average R$2 billion annually over the next few years and
heavy maturity profile this year.  As of Sept. 30, 2011, the
company reported debt maturities of R$1 billion in the short term
and cash reserves of R$2.1 billion.  We expect that SABESP will
continue to fund its capital expenditures and refinancing needs
through long-term debt issuances.  In 2011, it issued about R$1.1
billion in the national and international debt markets. Funds from
operations will likely remain a significant source of funding for
the company," S&P said.

"SABESP's SACP reflects its 'satisfactory' business risk profile
and 'significant' financial risk profile.  SABESP has a track
record of reporting above-average operating efficiency in its
water and sewage services, resulting in strong profitability.
SABESP's EBITDA margin for the 12 months ended Sept. 30, 2011, was
40.1%.  These factors partially mitigate some uncertainties about
the extent of the regulator's  tariff reset methodology and its
effects on SABESP.  Nonetheless, the regulatory framework for
water and waste is improving, with clearer national rules and an
increasing number of formal program contracts with serviced
municipalities.  Our credit rating considers that there will be no
significant burden on SABESP's cash flows because of the new
methodology, once it takes effect.  As of September 2011, SABESP's
tariffs had increased by 6.83%," S&P said.
Ratings List

Companhia de Saneamento do Estado de Sao Paulo

  Corporate Credit Rating                BB+/Stable/--

Rating Assigned

     R$850 million debentures            brAA+


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B O L I V I A
=============


* BOLIVIA: Moody's Says Life Insurance Sector has Neg. Outlook
--------------------------------------------------------------
The industry outlook for Bolivian property and casualty (P&C)
insurance sector is stable, while that for the country's life
insurance sector is negative, Moody's Investors Service says in
two new reports, with the fortunes of both sectors tied to
Bolivia's overall economic performance.

"We expect Bolivian P&C insurers to experience moderate growth
over the coming 12--18 months, in line with the country's economic
activity," says Vice President and author of the reports Diego
Nemirovsky.  P&C insurers' results should not be subject to
significant volatility, he says, with combined ratios remaining
below 100%.  Nevertheless, P&C sector profitability is expected to
be somewhat pressured from rising operating expenses and intense
competition, particularly in large state-related accounts.
"Bolivian P&C insurers are likely to experience strain from
increasing expenses, competition and the impact of inflation on
ultimate claims costs," Mr. Nemirovsky says.

For life insurers, the outlook is more challenging.  While these
companies are also seeing moderate growth and their financial
indicators are sound, persistent low interest rates are pressuring
earnings.  Particularly affected are firms exposed to run-off
annuities in the pay-out phase, as Bolivian insurers must generate
sufficient yield on their investments to cover minimum interest
rate guarantees for policyholders.

Bolivian life insurers also face greater long-term challenges,
primarily as a result of still-depressed public awareness about
the need for long-term planning through life products, Mr.
Nemirovsky says.  Additionally, life insurance firms saw their
revenues plummet in 2007, following market changes that eliminated
the most significant segment of the market.

Overall, however, greater public awareness of insurance and
retirement savings products should support long-term revenue and
earnings growth for both P&C and life insurers in Bolivia, and
still-low penetration rates suggest plenty of opportunity for
expansion.  Nonetheless, the significant wealth and income
disparity in the country will continue to be a constraining
factor.

The reports are titled "Bolivian Insurance: P&C is Stable but Life
and Annuity Markets are Negative" and "Bolivian Insurance --
Industry Scorecard."


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


ALTERNATIVEFOCUS ALTITUDE: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Alternativefocus Altitude International Ltd
received on Dec. 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


ALTERNATIVEFOCUS COMMODITAS: Shareholders Receive Wind-Up Report
----------------------------------------------------------------
The shareholders of Alternativefocus Commoditas Ltd received on
Dec. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


ALTERNATIVEFOCUS LIONGATE: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Alternativefocus Liongate Multi-Strategy Ltd.
received on Dec. 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


ALTERNATIVEFOCUS PARAGO: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Alternativefocus Parago Futures Ltd. received
on Dec. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


ALTERNATIVEFOCUS PAULSON: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Alternativefocus Paulson Advantage Ltd
received on Dec. 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


BEL-AIR INTERNATIONAL: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Bel-Air International received on Jan. 9, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Campbell Directors Limited
         Telephone: 1 345 949 2648
         Facsimile: 1 345 945 2877
         Scotia Centre, 4th Floor, Albert Panton Street
         George Town, Grand Cayman
         Cayman Islands


CHARLEMAGNE CAPITAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Charlemagne Capital Russia Value Fund received on
Dec. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Jane Bates
         James Houghton
         c/o Charlemagne Capital Limited
         St Mary's Court, 20 Hill Street
         Douglas, Isle of Man IM1 1EU
         British Isles


H3 CAPITAL: Shareholders' Final Meeting Set for Jan. 16
-------------------------------------------------------
The shareholders of H3 Capital will hold their final meeting on
Jan. 16, 2012, 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:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


J-CORE NPL1: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of J-Core NPL1 Cayman received on Dec. 5, 2011,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Nicola Eccleston
         Beverly Bernard
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


MELLON ALPHAEQUITY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Mellon Alphaequity UK Fund, Ltd. received on
Jan. 6, 2012, the liquidators' 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


NEUBERGER BERMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Neuberger Berman G+ Commodities Fund Ltd.
received on Dec. 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NEWTON RE: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Newton Re Ltd. received on Jan. 9, 2012, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Kevin Poole
         Shane Delaney
         Telephone: 914-2265/ 914-2254 / 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands


OUH INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of OUH Investments Limited received on Jan. 6,
2012, 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


PHOENIX INTERNATIONAL: Members' Final Meeting Set for Jan. 19
-------------------------------------------------------------
The members of Phoenix International Holdings Limited will hold
their final meeting on Jan. 19, 2012, 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:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


R-ONE AGEO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of R-One Ageo Holdings received on Jan. 6, 2012,
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


R-ONE ITABASHI: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of R-One Itabashi Holdings received on Jan. 6,
2012, 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


R-ONE NIIGATA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of R-One Niigata Holdings received on Jan. 6,
2012, 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


RESIDENTIAL REINSURANCE: Shareholder Receives Wind-Up Report
------------------------------------------------------------
The shareholder of Residential Reinsurance 2008 Limited received
on Jan. 9, 2012, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Shaun Geils
         Kevin Poole
         Telephone: 914-2259/ 914-2265 / 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands


SAPIC II REFERENCE (7): Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Sapic II Reference Fund (7) Limited received
on Jan. 12, 2012, 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


SAPIC II REFERENCE (16): Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Sapic II Reference Fund (16) Limited received
on Jan. 12, 2012, 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


SEMPERMACRO (CAYMAN): Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Sempermacro (Cayman) Limited received on
Dec. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Pearson
         c/o Brad Kirby
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue George Town KY1-1109
         Telephone: +1(345) 814 3471
         e-mail: bwkirby@deloitte.com


TR PROPERTY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of TR Property, Ltd. received on Jan. 6, 2012,
the liquidators' 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


VALAIS RE: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Valais Re Ltd. received on Jan. 9, 2012, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Owen Dinnall
         Dena Thompson
         Telephone: 914-2255/ 914-2267 / 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands


WILLOW RE: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Willow Re Ltd. received on Jan. 9, 2012, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Shaun Green
         Dena Thompson
         Telephone: 914-2260/ 914-2267 / 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands


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


DIGICEL GROUP: To Shutdown Claro Jamaica, OUR Meets With Firm
-------------------------------------------------------------
Debbie-Ann Wright at The Gleaner reports that the Office of
Utilities Regulation is set to meet with Digicel Group after it
was revealed that the previous administration had removed a key
condition it had imposed in approving the company's merger with
Claro Jamaica.

When then Prime Minister Bruce Golding approved the merger in
August, he insisted Digicel Group must continue operating two
separate networks, according to Jamaica Gleaner.  However, the
report relates that OUR revealed that just weeks into his tenure
as prime minister, Andrew Holness withdrew the two-network
requirement.

Jamaica Gleaner notes that with the removal of that condition,
Digicel Group said it would be shutting down Claro in March 1.

The report discloses that OUR said in a statement that Digicel
announced it would shut down the Claro network on March 1.
Jamaica Gleaner notes that the company said the shutting down of
the Claro network would allow it to operate more efficiently.

As reported in the Troubled Company Reporter-Latin America on
Jan. 10, 2012, RJR News said that Digicel Group Limited has hit
back at the contents of a lawsuit filed by the Fair Trading
Commission in opposition of its acquisition of Claro Jamaica.  The
FTC in the lawsuit said the deal will not benefit consumers and
will slowdown technological advancements in the telecoms sector,
according to RJR News.  RJR News noted Digicel Group said that its
acquisition of Claro will not hurt consumers rather it will do
just the opposite.  The report relayed that Digicel Group added
that the merger will spur innovation and investments which will
bring benefits to consumers.

                       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
"Caa1" senior unsecured debt rating.


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


ALESTRA S DE: Fitch Affirms Rating on Senior Notes at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed the following ratings for Alestra, S.
de R.L. de C.V.):

  -- Local currency Issuer Default Rating (IDR) at 'BB-';

  -- Foreign currency IDR at 'BB-';

  -- Senior notes due 2014 at 'BB-'.

The Rating Outlook is Stable.

Alestra's ratings reflect stable operating performance, moderate
leverage, manageable debt maturity profile, lower business risk
due to a de-emphasis of the international and residential markets
and stable cash flow generation.  The ratings incorporate its
position as a niche service provider to enterprise customers, its
small scale, advanced network infrastructure, moderate regulatory
risk and sound financial profile.  Conversely, the ratings are
tempered by the currency mismatch between debt and cash flows and
a strong competitive environment.  Lower business risk has
resulted as a consequence of management's strategy to grow data,
Internet and local services (DILS).  Additionally, the company's
focus on corporate customers provides stability for cash flow as
the competitive environment is less intense than the residential
market.

Ending of AGN Agreement Manageable

Fitch believes the ending of the AT&T Global Network (AGN)
agreement with AT&T will have a negative effect on operating
results but should be manageable for Alestra's credit quality.
Considering the net effect on EBITDA by the loss of revenue
related to the AGN agreement and the future revenue associated
with the lease of infrastructure to AT&T, pro forma total debt to
EBITDA for the 12 months ended Sept. 30, 2011 is expected to
increase to 2.1 times (x) from 1.8x.  Fitch expects that revenue
and EBITDA loss related to this agreement will be partially
compensated by the leasing to AT&T of the infrastructure needed to
provide these services and by growth in value added services over
the next few years.  The AGN agreement has accounted for
approximately 20% of revenues and EBITDA of Alestra.

Strategy Focusing on IT Solutions

Value added services should continue growing in the next few years
primarily driven by information technology solutions, which is
expected to become increasingly important to EBITDA generation for
value added services.  Alestra is expected to focus on data
centers and cloud services by offering mobility to its customers.
Mobility can be provided either by reaching an agreement with a
mobile operator or by participating in future spectrum auctions.
Fitch expects EBITDA margins to moderately increase during the
next few years as the mix of higher margin value added services
continues to grow as a proportion of consolidated revenues.  Fitch
estimates that for full year 2011, approximately 80% of revenues
and 87% of EBITDA will be generated by value added services.

In Fitch's opinion, Alestra's business strategy to grow revenues
from its corporate customers by offering value added services
helps to maintain low business risk and contributes to stable
operating performance.  Corporate customers account for
approximately 95% of gross profit.  Fitch expects that over the
next few years, the growth in revenues and gross profits from
these customers should be sustained by the introduction of
convergent services, such as IP telephony, security, hosting,
managed services and virtual private networks (VPNs).  The company
also looks to underpin its consumer service offering with
differentiated services.

The ratings incorporate Fitch's expectations that total debt to
EBITDA will be below 2.5x in the long term. A sustained leverage
metric above 2.5x over time would negatively affect credit quality
and could result in a downgrade.  For the 12 months ended
Sept. 30, 2011 total debt to EBITDA and EBITDA to interest expense
were 1.8x and 4.6x, respectively.  Considering the effect of the
ending of the AGN agreement and the devaluation of the MXN during
the last quarter of 2011, Fitch estimates that on a pro forma
basis the total debt to EBITDA ratio should be close to 2.2x.  The
ratings also factor historical generation of positive free cash
flow (FCF) which totaled MXN642 million for this period.
Increases in capex over the next few years can limit the company's
FCF generation.

Alestra is exposed to currency mismatch between debt and cash flow
and has refinancing needs by 2014.  Pro forma for the ending of
the AGN agreement, approximately 16% of revenues and 15% of EBITDA
are denominated in USD, which is lower than when the AGN agreement
was in place.  As of Sept. 30, 2011, total debt amounted to US$216
million, composed of a US$10 million bank facility, US$6 million
vendor financing and US$200 million senior notes due 2014.  Fitch
expects that at least part of the 2014 maturity will be refinanced
in advance but failure to do so is likely to pressure the ratings.


COMISION FEDERAL: S&P Assesses Stand-alone Credit Profile at 'bb'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its corporate credit
ratings on Comision Federal De Electricidad (CFE) at foreign
currency 'BBB' and local currency 'A-'.  The outlook is stable.

"Our ratings on CFE reflect our opinion that there is an almost
certain likelihood that the United Mexican States (foreign
currency BBB/Stable/A-3; local currency A-/Stable/A-2) would
provide timely and sufficient extraordinary support to CFE in the
event of financial distress," S&P said.

"In accordance with our criteria for government-related entities,
our view is based on our assessment of CFE's critical role as the
only provider of electric services in Mexico and the entity
responsible for planning and operating the country's electric
system," said Standard & Poor's credit analyst Carolina Duran. "In
our opinion, this provides a strong economic incentive for the
sovereign to support the issuer during periods of financial
distress."

"We also base the ratings on CFE on its integral link with the
government based on full and stable ownership of CFE, its
participation in appointing senior management and defining
strategy, and integration of the company in the federal
government's annual budget," S&P said.

"We assess CFE's stand-alone credit profile (SACP) at 'bb', given
the limited free operating cash flow generation that has resulted
in an increased use of debt over the past couple of years to
finance its capital expenditures.  The SACP also reflects the
company's large unfunded pension obligations, a rate-setting
policy that doesn't fully compensate all power production cost
increases, and the company's role as a non-rent-seeking
enterprise," S&P said.

"These weaknesses are partially offset by the company's role as
Mexico's only vertically integrated electric utility and the
government's strong economic incentive to provide ongoing and
extraordinary support," S&P said.

"The stable outlook mirrors that on Mexico. This reflects our
expectation that no major changes will be made to CFE's role in
the Mexican energy sector or links with the federal government,"
S&P said.

"We would change our ratings on CFE upon a change in the foreign
or local currency rating on the sovereign," S&P said.


OPDAPAS: Moody's Assigns 'Ba1' Local Currency Issuer Rating
-----------------------------------------------------------
Moody's de Mexico assigned first-time issuer ratings of A1.mx
(Mexico National Scale) and Ba1 (Global Scale, local currency) to
the Organismo Publico Descentralizado para la prestacion de los
servicios de Agua Potable, Alcantarillado y Saneamiento del
Municipio de Metepec (OPDAPAS).  The ratings outlook is stable.

Ratings Rationale

The ratings reflect OPDAPAS' debt-free position, strong financial
performance and positive liquidity position.  These credit
strengths are moderately offset by the company's expected increase
in infrastructure needs due to Metepec's growing population.  The
ratings also take into account the moderate likelihood that the
Municipality of Metepec (Ba1/A1.mx) would act to provide liquidity
support to OPDAPAS if the need arose.

Between 2006 and 2010, OPDAPAS recorded an average cash financing
surplus equivalent to 7.3% of total revenues, a high level
compared to other rated water companies in Mexico.  According to
Moody's analyst Rodolfo Torres, "OPDAPAS' customer base is mainly
comprised of high income households and medium-sized commercial
entities; when paired with effective collection practices, this
has supported the company's financial performance in recent
years."

OPDAPAS has recently implemented a program whereby customers can
pay for water and sewer services in several banks, which is
expected to improve collection in the future.

In 2010, OPDAPAS recorded a cash financing requirement equivalent
to -6.1% of total revenues that was financed with cash.  This
negative result was due to a reduction in transfers from The
National Water Commission in 2010.  As of September 2011, this
situation has already been redressed and OPDAPAS is expected to
have recorded a cash financing surplus equal to 3.1% of total
revenues in 2011

"In 2012, OPDAPAS is planning a 10% rate increase which, if
materialized, could strengthen further the company's performance,"
said Mr. Torres.

Historically, OPDAPAS has been able to finance its own operations
and a part of its capital projects with its own resources.  The
water company has not acquired debt since it was created and has
no plans to contract additional debt in the near future.

Additionally, Moody's assigns a moderate likelihood that the
Municipality of Metepec (rated Ba1/A1.mx) would act to provide
liquidity support to OPDAPAS if ever required.  "The moderate
likelihood reflects our assessment of the linkages between OPDAPAS
and Metepec, its municipal owner, balanced by the water utility's
financial independence," said Mr. Torres.

OPDAPAS is the water company of the Municipality of Metepec and
provides water, sewer and water treatment services to 98% of
Metepec's population. OPDAPAS' customer base is mostly residential
(92%).

What could change the rating up/down

Given the link between the company and the municipality, by which
the increases in tariffs should be approved by the municipal
congress and Metepec and OPDAPAS share the same economic base, an
uplift in the ratings is not likely in the medium term. In
contrast, an uplift on Metepec's issuer ratings might lead to an
upgrade of OPDAPAS' issuer ratings.

The deterioration of financial performance resulting in debt
increases or the tightening of liquidity, and/or a shift in
management practices, could exert downward pressure on the
ratings. In addition a downgrade on Metepec's issuer ratings may
lead to a downgrade in OPDAPAS' issuer ratings.
The principal methodology used in this rating was "Government-
Related Issuers: Methodology Update" published in July 2010.


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


CL FIN'L: CLICO Investors Challenge TT Government on EFPA Pay
-------------------------------------------------------------
Caribbean360.com reports that a group of Colonial Life Insurance
Company (Trinidad) Limited (CLICO) policyholders went again before
the court to challenge Trinidad and Tobago government's refusal to
pay them the full amount due on their Executive Flexible Premium
Annuities (EFPA).

Port-of-Spain High Court has granted the United Policyholders
Group and four other applicants a judicial review application to
challenging the state's refusal to act on a promise to pay CLICO
EFPA holders' their full sum is expected to be heard on
February 1, according to Caribbean360.com.

The report notes that the policyholders, represented by attorney
Ramesh Lawrence Maharaj and Peter Knob, QC, had prior to the court
hearing held a meeting at Centre Pointe Mall in Chaguanas, in
which Mr. Maharaj had said he was optimistic that ruling will be
made in the policyholders' favor.

Caribbean360.com relates that they were seeking an interim court
order that Government give details of the assets of CLICO which
has been sold and how the proceeds of the sales were applied. Mr.
Maharaj said the lawsuit also sought to compel Government to give
details of the EFPA policyholders who have been paid in full since
January 2009, the report notes.

Caribbean360.com relays that Mr. Maharaj said he hoped the matter
should be resolved by March.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


* LATAM: La Hipotecaria Gets IDB US$20MM Fund to Boost Lending
--------------------------------------------------------------
La Hipotecaria will get a financial package of approximately
US$20 million from the Inter-American Development Bank to boost
residential mortgage financing to low- and middle-income
individuals in El Salvador, Panama and Colombia.

The IDB financing comprises a senior, secured and revolving credit
line for up to US$15 million for the company's units in the three
countries and local currency partial credit guarantees to be
issued in Colombia for up to US$5 million.  Depending on market
conditions, the company may raise an additional US$10 million
through the IDB loan syndication program.

"There is an important housing gap in the region and reducing it
is not only a priority for governments and the IDB, but represents
an important opportunity for higher private sector participation
in mortgage financing," said Daniela Carrera-Marquis, Chief of the
Financial Markets Division at the IDB's Structured and Corporate
Finance Department.

"At the same time, the project supports La Hipotecaria in its
efforts to continue to tap the capital markets for long-term
financing for their mortgage origination, thus contributing to
close the region's housing deficit and to deepen local capital
markets."

The financial package provided by the IDB will pave the way for La
Hipotecaria to expand its mortgage portfolio while maintaining an
adequate balance sheet position, according to Marisela Alvarenga,
the IDB project team leader.  It will also allow the company to
better tap local capital markets to fund its lending, particularly
in Colombia where it has recently started operations.  La
Hipotecaria is expected to finance purchases of as many as 2,400
additional houses annually in the three countries.

The project supports the area of accessBanking within the
beyondBanking program, an IDB program that promotes sustainable
banking principles and practices in Latin America and the
Caribbean.  The access banking projects aim at promoting financial
deepening strategies and at supporting the development of products
and services for persons with limited access to the financial
system.

La Hipotecaria is a leading mortgage lender in Panama and El
Salvador and started operating in Colombia last year.  The company
is a pioneer in the creation of investment-grade mortgage-backed
securities offered through local and international markets to
local and international institutional investors, while retaining
servicing rights on all originated mortgage loans.

"The partnership with the IDB comes at this important moment in
our growth strategy. This long term financing is closely aligned
with our strategic objectives and supports our efforts to improve
life quality for our clients in Panama, El Salvador and Colombia
by providing adequate mortgage financing solutions," said John D.
Rauschkolb, vice president of La Hipotecaria.

                             About SCF

The IDB's Structured and Corporate Finance Department (SCF)
manages all IDB non-sovereign loan guarantee loan operations for
large-scale projects, companies, and financial institutions in
Latin America and the Caribbean.  Through its syndicated loan
program, SCF plays a catalytic role in helping to mobilize third
party resources through partnerships with commercial banks,
institutional investors, co-guarantors and other co-lenders for
projects with high developmental impact.


* BOND PRICING: For the Week January 9, to January 13, 2012
-----------------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS               8.28   12/31/2033    USD           74.5
ARGENT-PAR                1.18   12/31/2038    ARS          45.43
ARGENT- DIS               7.82   12/31/2033    EUR             55
ARGENT- DIS               7.82   12/31/2033    EUR             56
ARGENT- DIS               7.82   12/31/2033    EUR          59.25
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          9.62    4/18/2028    USD          65.74


BRAZIL
------

BANCO BONSUCESSO          9.25   11/3/2020     USD             71
BANCO BONSUCESSO          9.25   11/3/2020     USD          74.75
BANCO CRUZEIRO            8.87   9/22/2020     USD          64.75
BANCO CRUZEIRO            8.87   9/22/2020     USD          61.75
BANCO CRUZEIRO            8.25   1/20/2016     USD          72.75
BANCO CRUZEIRO            8.25   1/20/2016     USD          72.25


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

BANCO BPI (CI)            4.15   11/14/2035    EUR         34.875
BCP FINANCE BANK          5.01   3/31/2024     EUR         37.625
BCP FINANCE BANK          5.31   12/10/2023    EUR         39.625
BCP FINANCE CO            5.543                EUR         30.125
BCP FINANCE CO            4.239                EUR          32.75
BES FINANCE LTD           5.58                 EUR             34
BES FINANCE LTD             4.5                EUR           44.5
BES FINANCE LTD           6.625                EUR           46.5
CAM GLOBAL FIN            6.08   12/22/2030    EUR          60.25
CHINA AUTOMATION          7.75    4/20/2016    USD         67.036
CHINA FORESTRY           10.25   11/17/2015    USD             67
CHINA FORESTRY           10.25   11/17/2015    USD             67
CHINA HUIYUAN JU          4       4/29/2016    USD          65.99
CHINA MED TECH            6.25   12/15/2016    USD          35.92
CHINA MED TECH            4       8/15/2013    USD          56.37
CHINA NICKEL             10      12/12/2012    HKD          74.80
CHINA SUNERGY             4.75    6/15/2013    USD          61.5
DUBAI HLDNG COMM          6        2/1/2017    GBP          72.55
EFG ORA FUNDING           1.7    10/29/2014    EUR          49.39
ESFG INTERNATION          5.75                 EUR          34.16
EVERGRANDE REAL           9.25    1/19/2016    CNY          71.83
FANTASIA HOLDING          14      5/12/2015    USD             74
FANTASIA HOLDING          14      5/12/2015    USD          74.25
GLORIOUS PROPERT          13     10/25/2015    USD          71.54
GREENTOWN CHINA            9      11/8/2013    USD          66.25
GREENTOWN CHINA            9      11/8/2013    USD          66.25
HOME INNS                  2     12/15/2015    USD         73.493
HOME INNS                  2     12/15/2015    USD         72.547
JINKOSOLAR HOLD            4      5/15/2016    USD         38.167
KAISA GROUP                8     12/20/2015    CNY         72.347
LDK SOLAR CO LTD           4.7    4/15/2013    USD         63.25
LDK SOLAR CO LTD           4.7    4/15/2013    USD         53.69
LDK SOLAR CO LTD           4.75   4/15/2013    USD         65
LUPATECH FINANCE          9.87                 USD         75
MANILA CAVIT TOL          12      9/15/2022    USD         75
MBPS FINANCE              11.25   11/15/2015   USD         72
MBPS FINANCE              11.25   11/15/2015   USD         71.5
MINGFA GROUP INT           5.25    5/23/2016   HKD         70.06
POWERLONG RE HLD          13.75    9/16/2015   USD         67.62
POWERLONG RE HLD          11.5     3/17/2014   CNY         67.95
POWERLONG RE HLD          13.75    9/16/2015   USD         68
PUNCH TAVERNS              4.7     6/30/2033   GBP         65.40
RENHE COMMERCIAL          13       3/10/2016   USD         72
RENHE COMMERCIAL          13       3/10/2016   USD         69.12
RENHE COMMERCIAL          11.75    5/18/2015   USD         69.75
RENHE COMMERCIAL          11.75    5/18/2015   USD         68.78
SOLARFUN POWER H           3.5     1/15/2018   USD         50
SOLARFUN POWER H           3.5     1/15/2018   USD         49.40
SPG LAND HOLDING           13.5    4/8/2016    USD         63.62
SUNTECH POWER              3       3/15/2013   USD         45.95
SUNTECH POWER              3       3/15/2013   USD         43.58
TEXHONG TEXTILE            7.62    1/19/2016   USD         73.62
TEXHONG TEXTILE            7.62    1/19/2016   USD         75.5
YUZHOU PROPERTIE           13.5   12/15/2015   USD         68.37
YUZHOU PROPERTIE           13.5   12/15/2015   USD         69.00


CHILE
-----

AGUAS NUEVAS               3.4    5/15/2012     CLP          0.62
CGE DISTRIBUCION           3.25  12/1/2012      CLP         19.54
COLBUN SA                  3.2    5/1/2013      CLP         73.1
ESVAL S.A.                 3.8   7/15/2012      CLP         25.3
INVERSIONES ALSA           8     8/18/2018      USD         77.9
MASISA                     4.2  10/15/2012      CLP         19.8
QUINENCO SA                3.5   7/21/2013      CLP         24.9


PANAMA
------

NEWLAND INT PROP           9.5  11/15/2014      USD         52


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

BANCO SANTANDER             6.1  6/1/2032      USD         52.647
BANCO SANTANDER             6.3  6/1/2032      USD         61.523
PUERTO RICO CONS              6  12/15/2034    USD           0.01
PUERTO RICO CONS            6.3  11/1/2033     USD           0.01
PUERTO RICO CONS            6.2   5/1/2017     USD         53
PUERTO RICO CONS            6.5   4/1/2016     USD         62

VENEZUELA
---------

ELEC DE CARACAS             8.5   4/10/2018    USD         59.53
PETROLEOS DE VEN            5.5   4/12/2037    USD         48.91
PETROLEOS DE VEN            5.3   4/12/2027    USD         50.15
PETROLEOS DE VEN            5.2   4/12/2017    USD         64.50
PETROLEOS DE VEN            5.1  10/28/2016    USD         65.67
PETROLEOS DE VEN            5    10/28/2015    USD         71.63
VENEZUELA                   7     3/31/2038    USD         59.00
VENEZUELA                   7     3/31/2038    USD         59
VENEZUELA                   6     12/9/2020    USD         62
VENEZUELA                   7.65   4/21/2025   USD         63
VENEZUELA                   8.25   10/13/2024  USD         67
VENEZUELA                   9.25    5/7/2028   USD         70.25
VENEZUELA                   7      12/1/2018   USD         72
VENEZUELA                   9       5/7/2023   USD         71.75
VENEZUELA                   9.25    9/15/2027  USD         72.35
VENEZUELA                   9.25    9/15/2027  USD         72.6
VENEZUELA                   7.75   10/13/2019  USD         73
VENZOD - 189000             9.37    1/13/2034  USD         70.25


                            ***********


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.

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 Peter Chapman at 240/629-3300.


                   * * * End of Transmission * * *