/raid1/www/Hosts/bankrupt/TCRLA_Public/120124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


           Tuesday, January 24, 2012, Vol. 13, No. 017



                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner's Trial Begins, Claims Memory Lost


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Gives C Rating to ARS18.4MM Notes
RIO CUARTO: Moody's Assigns '(P)B1' Local Currency Ratings
STANDARD BANK: Moody's Reviews 'D' BFSR for Possible Downgrade


B A R B A D O S

* BARBADOS: Central Bank Sees Rough Business Environment Ahead


B O L I V I A

LA BOLIVIANA: Moody's Affirms 'B1' Local Currency IFS Ratings


B R A Z I L

BANCO DO ESTADO: Moody's Rates Proposed Subordinated Notes 'Ba1'
ENERGISA S.A.: Moody's Puts Ba2/Aa3.br Rating to BRL200MM Notes
* BRAZIL: IDB Gives US$3MM Loan to PUPA for Social Business


C A Y M A N   I S L A N D S

ADRC (CAYMAN): Placed Under Voluntary Wind-Up
AIF CAPITAL: Commences Liquidation Proceedings
ANCHORAGE CAPITAL MASTER: Commences Liquidation Proceedings
ANCHORAGE CAPITAL PARTNERS: Commences Liquidation Proceedings
BELENOS ALTERNATIVE: Placed Under Voluntary Wind-Up

BLUECOAST LTD: Placed Under Voluntary Wind-Up
BUSTER GENPAR: Commences Liquidation Proceedings
CARANA HOLDINGS: Placed Under Voluntary Wind-Up
CL QUATTRO FUND: Commences Liquidation Proceedings
CL QUATTRO OFFSHORE: Commences Liquidation Proceedings

COLUMBUS STRATEGIC: Placed Under Voluntary Wind-Up
DUKE ENERGY: Placed Under Voluntary Wind-Up
EPIC CANADIAN: Commences Liquidation Proceedings
EQUILIBRIUM ASSET: Commences Liquidation Proceedings
FALCON STRATEGIC: Placed Under Voluntary Wind-Up

GAVEA BRASIL: Commences Liquidation Proceedings
GOFFE CAPITAL: Commences Liquidation Proceedings
JP LIMITED: Commences Liquidation Proceedings
LYDIAN GLOBAL FUND: Commences Liquidation Proceedings
LYDIAN GLOBAL MASTER: Commences Liquidation Proceedings

LINDEN GLOBAL PARTNERS: Commences Liquidation Proceedings
MEDICAL ENTERPRISES: Commences Liquidation Proceedings
MILESTONE (CAYMAN): Commences Liquidation Proceedings
NAUTICAL PLEASURE: Placed Under Voluntary Wind-Up
PLEASURE MARINE: Placed Under Voluntary Wind-Up

R-ONE MACHIDA: Commences Liquidation Proceedings
REDSTONE CHINA: Placed Under Voluntary Wind-Up
RUSSELL AIF: Commences Liquidation Proceedings
S.AM HEALTHCARE/BIOTECH: Placed Under Voluntary Wind-Up
STRUCTURED INVESTMENTS: Commences Liquidation Proceedings

WELLS FARGO: Commences Liquidation Proceedings


G U A T E M A L A

BANCO DE DESARROLLO: Fitch Affirms Issuer Default Rating at 'BB'


M E X I C O

BENITO JUAREZ: Moody's Reviews B1 Rating For Possible Downgrade


P U E R T O   R I C O

R-G PREMIER: FDIC Sues 19 Execs for US$417MM Over Collapse


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


STANFORD INT'L: Owner's Trial Begins, Claims Memory Lost
--------------------------------------------------------
Laurel Brubaker Calkins and Andrew Harris at Bloomberg News
report that the trial of Stanford International Bank Limited
owner, Robert Allen Stanford, was due start at court yesterday,
Jan. 23.

Mr. Stanford said he endured a string of setbacks since he was
indicted two and a half years ago and jailed because prosecutors
said he might try to flee, according to Bloomberg.

In September 2009, Bloomberg recalls, Mr. Stanford suffered
broken facial bones in a beating by another inmate and became
addicted to anti-anxiety medications prescribed by prison doctors
after the attack.

Bloomberg discloses that Mr. Stanford's lawyers said that after
completing eight months in a prison rehabilitation unit in
November, Mr. Stanford claims he still can't remember much of his
life or details of his once far-flung business empire.

Bloomberg notes that prosecutors said that if Mr. Stanford is
convicted, prosecutors said they'll ask to keep him in prison for
what amounts to the rest of his life.  Acquittal wouldn't return
his wealth, they added, Bloomberg relates.

"The asset liquidation is all happening outside of the criminal
process and would've happened without the criminal charges,"
Bloomberg quoted Barry Pollack, a white-collar defense attorney
with Miller & Chevalier in Washington who isn't involved in the
case.  Mr. Pollack compared Stanford Bank to a business in
involuntary bankruptcy.

If Stanford's acquitted in the criminal case, he will gain little
advantage in fighting the U.S. Securities and Exchange
Commission's allegations because of the lower burden of proof in
civil cases, Mr. Pollack said, Bloomberg relays.

"It's not uncommon that someone can be acquitted criminally and
still be found civilly liable. . . . A jury can say, we're not
98% sure you committed fraud, but we're at least 51% sure you
did," Mr. Pollack added, Bloomberg says.

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2012, Caribbean360.com said that Robert Allen Stanford's
court-appointed attorneys have filed a new motion to delay the
January 23 start of trial after being ordered to remain on the
job.  Mr. Stanford is the owner of Stanford International Bank
Limited.  The attorneys have asked for a continuance on the basis
that a non-attorney member of the defense team will not be
available on that date, according to Caribbean360.com.  The
report noted that U.S. District Judge David Hittner said that
request could be argued this week at a pretrial hearing.
Bloomberg News recalled that Mr. Stanford's defense experts were
ordered to keep preparing for the former financier's trial by a
U.S. appellate court that also agreed to pay their back wages.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).


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


FIDEICOMISO FINANCIERO: Moody's Gives C Rating to ARS18.4MM Notes
-----------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie X issued by
Equity Trust Company (Argentina) S.A. acting solely in its
capacity as issuer and trustee.

Moody's notes that the securities contemplated by this
transaction have not yet settled.  If any assumptions or factors
considered by Moody's in assigning the ratings change before
closing, Moody's could change the ratings assigned to the notes.

- ARS24,537,000 in Class A Fixed Rate Debt Securities of
  "Fideicomiso Financiero Pvcred Serie X", rated Aaa.ar (sf)
  (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
  Currency)

- ARS56,230,000 in Class A Floating Rate Debt Securities of
  "Fideicomiso Financiero Pvcred Serie X", rated Aaa.ar (sf)
  (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
  Currency)

- ARS18,403,000 in Class B Debt Securities of "Fideicomiso
  Financiero Pvcred Serie X", rated C.ar (sf) (Argentine National
  Scale) and C (sf) (Global Scale, Local Currency)

- ARS3,067,000 in Certificates of "Fideicomiso Financiero Pvcred
  Serie X", rated C.ar (sf) (Argentine National Scale) and C (sf)
  (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cashflow coming from
the assets of the trust, which is an amortizing pool of
approximately 12,159 eligible personal loans denominated in
Argentine pesos, bearing Fixed interest rate, originated by
Pvcred, a financial company owned by Comafi's Group in Argentina.

The Class A Fixed Rate Debt Securities will bear a Fixed interest
rate of 18%.  The Class A Floating Rate Debt Securities will bear
a BADLAR interest rate plus a spread to be defined.  The Floating
Rate Debt Securities' interest rate will never be higher than 26%
or lower than 18%. The Class B Fixed Rate Securities will bear a
Fixed interest rate of 25%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 73.10% and
11,44% for the VRDA TF and the VRDA TV respectively, calculated
over the pool's principal balance.  The subordination levels will
increase overtime due to the turbo sequential payment structure.
The transaction also benefits from an estimated 31.53% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 26% for Class A floating rate
securities.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio.  In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred,
ranging from January 2007 to September 2010.  In assigning the
rating to this transaction, Moody's assumed a triangular
distribution for each one of the different pools securitized, for
the PVCred and the "Staff" pool losses a most likely scenario of
20%, with a minimum of 10% and a maximum of 30% were assumed, for
the Cuota Ya loans, a minimum of 15%, a maximum of 35% and a most
likely scenario of 25% were assumed.  Moreover, a triangular
distribution of 50% as the most likely, 40% as a minimum and 60%
as a maximum was assumed for the refinanced loans and another
triangular distribution with a maximum of 28%, a minimum of 8%
and a most likely of 18% was assumed for the loans with a
discounted installment.  Also, Moody's assumed a triangular
distribution for prepayments centered around a most likely
scenario of 40%, with a minimum of 30% and a maximum of 50%.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and a 0.21% for the Floating Rate Debt
Securities, 75.10% expected loss for Class B Fixed Rate Debt
Securities and 100.00% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6%
from the base case scenario for the pool the ratings of the Class
A Fixed Rate would be unchanged.  The ratings of the Class A
Floating Rate would be likely downgraded to B2 (sf) and the
ratings of the Class A Fixed Rate, the Class B and the CP would
remain unchanged.

Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction. If Pvcred is removed as
collection agent, Banco Comafi (Ba3/Aa2.ar) will be appointed as
the back-up collection agent.

The main source of uncertainty for this transaction is the
default level of the securitized pool.  Although Moody's analyzed
the historical performance data of previous transactions and
similar receivables originated by Pvcred, the actual performance
of the securitized pool may be affected, among others, by the
economic activity and the unemployment rate in Argentina.


RIO CUARTO: Moody's Assigns '(P)B1' Local Currency Ratings
----------------------------------------------------------
Moody's Latin America has assigned local currency ratings of
(P)B1 (Global Scale) and Aa3.ar (Argentina National Scale) to the
Municipality of Rio Cuarto's 2012 Short-Term Treasury Note
Program.  The assigned ratings are in line with the
municipality's long term issuer ratings.

Ratings Rationale

The Short-Term Treasury Note Program has been authorized by the
municipal 2012 Budget Law 1409/11.  The treasury notes, which
will be backed by the Contribution on Commerce, Industry and
Services Companies, and sold under a Dutch auction scheme, will
mature within a period of 365 days.  According to local
regulation, it is mandatory that the maturity of these notes
cannot exceed the fiscal year in which they are issued.

While the maximum authorized amount to be issued under the
program is ARS20 million, the municipality will issue three
initial offers of ARS4 million each, with a maturity of 120, 180
and 240 days. The amount to be issued represents a low 4.6% of
Rio Cuarto's total revenues collected as of September 2011 and
only 2.6% of total revenues budgeted for 2012.

The assigned ratings reflect Moody's view that the willingness
and capacity of the Municipality of Rio Cuarto to honor these
short-term treasury notes is in line with the municipality's
long-term credit quality as captured in the B1/Aa3.ar issuer
ratings.
Rio Cuarto's issuer ratings reflect declining debt-to-revenue
ratios, strong management practices and a diversified economy
that supports a relatively strong own-source revenue base.  The
ratings also reflect continuing spending pressures that have led
to declining, albeit still positive, operating margins.

The ratings are also constrained by the operating environment for
regional and local governments in Argentina, which is
characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.

This environment is wed to an institutional framework under which
regional and local governments carry significant responsibility
for public services while nearly all rely heavily on federal
automatic transfers of the tax share regime, suggesting a low
level of fiscal flexibility in relation to revenue.


STANDARD BANK: Moody's Reviews 'D' BFSR for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service said that it is continuing its review
for possible downgrade of Standard Bank Argentina S.A. (Standard
Argentina)'s ratings.  The ratings under review include the
bank's D bank financial strength rating and Ba1 global local
currency deposit and senior unsecured debt ratings. Moody's Latin
Am‚rica is also continuing its review of the bank's Aaa.ar
national scale local currency deposit and debt ratings.  The
review was initiated on Aug. 7, 2011, following the announcement
of the acquisition of majority control (through an 80% stake) of
the bank by Industrial and Commercial Bank of China Limited
(ICBC) from Standard Bank of South Africa.  The conclusion of the
review is subject to final approval by regulatory authorities.

These ratings remain on review for possible downgrade:

Bank Financial Strength Rating of D

Long term global local currency deposit rating of Ba1

Long term national scale local currency deposit rating of Aaa.ar

Global local currency senior unsecured debt rating of Ba1

National scale local currency senior unsecured debt rating of
Aaa.ar

Ratings Rationale

The review for possible downgrade of Standard Argentina's ratings
is based on the announced change of ownership and control of the
bank and uncertainties regarding the ultimate strategy and growth
plans as well as the level and probability of financial support
of the new owner (Moody's currently rates ICBC D+ for financial
strength, mapping to a Ba1 baseline credit assessment). The
transaction also entails execution and implementation risks in
light of ICBC's relative lack of experience in the Argentinean
market.

Standard Bank Argentina is headquartered in Buenos Aires,
Argentina and had total assets of Ar$16.2 billion (US$3.4
billion) as of September 2011.


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


* BARBADOS: Central Bank Sees Rough Business Environment Ahead
--------------------------------------------------------------
Caribbean360.com reports that central bank Governor Dr. DeLisle
Worrell said that dried-up business cash flow, reduced
profitability, and additional job losses are some of the
lingering effects of the international recession on Barbados.

In his annual economic review, Dr. Worrell said the sectors
mainly affected were manufacturing and small business that
resulted to an average unemployment rate of 12% for 2011,
according to Caribbean360.com.

The report notes that unemployment continued to rise during the
year, with the unemployment rate increasing from an average of
10.8% for the first 3 quarters of 2010 to an average of 11.5% for
the same period of 2011.

Caribbean360.com discloses that industry estimates from the
Barbados Statistical Service indicated that job losses were
registered mainly in manufacturing, as well as finance and
professional services.

The central said that unemployment claims have increased
steadily, as has the average period of job searches for persons
seeking employment, the report notes.

Caribbean360.com relays that Dr. Worrell reported that there was
no significant expansion in the international business and
financial services sector, or in exports, and the public sector
was constrained in stimulating the economy by the need for fiscal
consolidation.

However, Caribbean360.com says that the central bank reported
that there were some growth areas as construction grew by 4.4%,
while transport and communications showed a slight 0.6% rise,
while tourism grew by an almost negligible 0.3%.

Caribbean360.com discloses that Dr. Worrell said that loan demand
continued to be subdued and the system remains as liquid as it
has been since the end of 2008.  Interest rates remained largely
unchanged throughout 2011, he also added, the report relays.


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


LA BOLIVIANA: Moody's Affirms 'B1' Local Currency IFS Ratings
-------------------------------------------------------------
Moody's Latin America has affirmed the B1 global local currency
insurance financial strength (IFS) ratings and the Aa2.bo IFS
ratings on the Bolivian national scale of La Boliviana Ciacruz de
Seguros y Reaseguros and Zurich Boliviana Seguros Personales
(Zurich Personales).  All the ratings carry a stable outlook. The
affirmation follows Zurich Insurance Company's sale of its
majority ownership in both companies to the group leaded by their
minority-owner (who is also the CEO of both companies).
La Boliviana is a Bolivian property-and-casualty insurer which
underwrites insurance coverages for both personal and commercial
lines, including fire, general liability, motor, and
transportation, whereas Zurich Personales (which is in process of
changing its name to La Boliviana Ciacruz Seguros Personales) is
a life insurer focused on underwriting short-term life insurance
policies for both individuals and corporations.

Rating Rationale

According to Moody's, the Bolivian companies' ratings are not
affected by the sale because the ratings were already positioned
at their stand-alone credit profile and incorporated no uplift
from their affiliation with a large global insurance group such
as Zurich Insurance Company.  Moody's analyst Diego Nemirovsky
adds, "The new ownership of the companies is not expected to
result in significant changes to their financial and business
profiles, given the experience of local management".

The companies' ratings primarily reflect their adequate product
diversification, brand recognition and reputation reflecting some
65 years of operation, as well as their strong and sustained
financial profiles compared with those of other Bolivian
insurers. Nemirovsky notes that Zurich Personales has maintained
a strong capital position relative to other local insurers, and
likewise enjoys a strong track record in terms of profitability,
while La Boliviana maintains profitable underwriting margins
(with a combined ratio generally under 100%) and a stable and
moderate gross underwriting leverage profile.

Offsetting these strengths -- like all Bolivian insurers -- both
companies have significant investment risk, as their assets are
concentrated in Bolivian sovereign bonds and bank deposits.  This
exposure to non-investment-grade assets also significantly
constrains their capital strength on a risk-adjusted basis.
Moody's explains that since investment policy is mandated by the
local insurance regulator, Bolivian insurers have limited
flexibility in terms of portfolio composition.  The Bolivian
operating environment, which has a speculative grade profile,
also constrains the credit profiles of the two insurers.

Among the factors that could lead to a downgrade of the
companies' ratings are (1) persistent impairment of capital
levels, (2) significant deterioration in the credit quality of
their investments, or (3) sustained weak profitability. A rating
upgrade, on the other hand, could occur if (1) the companies
diversify into other business lines profitably, (2) the quality
of their investments significantly improves, or (3) Bolivia's
government bond rating and/or operating environment significantly
improves.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

For the quarter ended September 30, 2011, La Boliviana and Zurich
Personales reported net income of Bs$ 2.5 million and Bs$ 8
million, respectively, and total gross premiums of Bs$ 190
million and Bs$ 62 million, respectively.  As of that date, La
Boliviana reported total shareholders' equity of Bs$ 83 million,
whereas Zurich Personales reported Bs$ 53 million. Both companies
are based in La Paz, Bolivia.


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


BANCO DO ESTADO: Moody's Rates Proposed Subordinated Notes 'Ba1'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency debt rating to the 10-year subordinated unsecured notes
to be issued by Banco do Estado do Rio Grande do Sul S.A.
(Banrisul).   The outlook on the debt rating is stable.

Ratings Rationale

The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential off
Banrisul's Baa3 global local currency deposit rating, as per
Moody's notching convention.  These notes are subject to the
Central Bank's approval to be qualified as Tier II capital.
The last rating action on Banrisul was on Jan. 4, 2012, when
Moody's assigned a bank financial strength rating (BFSR) of D+ to
Banrisul.  At the same time, Moody's assigned Banrisul long- and
short-term global local- and foreign-currency deposit ratings of
Baa3 and Prime 3, respectively, and deposit ratings of Aaa.br and
BR-1 in the Brazilian national scale.  All ratings were assigned
with stable outlook.

Banrisul is headquartered in Porto Alegre, Brazil.  As of
September 2011, the bank had total assets of approximately R$36.5
billion (US$19.7 billion) and equity of R$4.3 billion (US$2.3
billion).

The following rating was assigned to Banrisul's subordinated
notes:

Long-term Foreign Currency Subordinate Regular Bond: Ba1, with
stable outlook


ENERGISA S.A.: Moody's Puts Ba2/Aa3.br Rating to BRL200MM Notes
---------------------------------------------------------------
Moody's assigned the Ba2 rating on the global scale, and the
Aa3.br Brazilian National Rating Scale to BRL 200 million, 5-
year, senior unsecured debentures, which will be issued by
Energisa S.A. In December 2011, Moody's upgraded ENERGISA's
Corporate Family Rating ("CFR") to Aa3.br from A1.br on the NRS,
while maintaining its Ba2 CFR on the global scale. The outlook is
stable for both the CFR and debentures ratings.

The proceeds of the debentures issuance will be used by ENERGISA
to finance its pipeline of new generation assets.

Ratings Rationale

Moody's has assigned the Ba2/Aa3.br rating to ENERGISA's senior
unsecured debentures based on the Company's solid credit metrics,
strong electricity sales growth in the concession areas in the
States of Paraiba and Sergipe, healthy liquidity position, and
the stable cash flows derived from the electricity distribution
business.

The stable rating outlook reflects Moody's opinion that: (i) the
Company will continue to produce solid credit metrics for the
rating category assigned; (ii) the mix of business will remain
largely focused on electricity distribution, while the increase
in the generation business will be achieved through renewable
energy sources, as contemplated by the current investment
program; (iii) the corporate risk management policies, which were
implemented in early 2009 and updated in February 2011, will
continue to minimize cash flow and earnings volatility; and (iv)
the Company will be able to secure long-term financing at
adequate terms to fund its generation projects.

ENERGISA's sizeable capital expenditure program, which will
increase ENERGISA's participation in the unregulated electricity
generation business, is currently a constraint on the ratings.
Over the next three years, ENERGISA plans to invest around BRL
1.6 billion mainly to expand its generation business, meet
performance targets set by the regulator for its distribution
business, and reduce energy losses.  Approximately BRL 550
million are being invested in the construction of five wind farms
with an installed capacity of 150 MW scheduled to come on-line in
September 2013. ENERGISA's generation projects have been declared
eligible for long-term financing from the Brazilian National
Development Bank (BNDES). Once these generation projects become
operational, Moody's estimates that the distribution business
will still represent more than 75% of the Company's consolidated
cash flow.

Additional constraints on ENERGISA's ratings are the evolving
Brazilian regulatory framework, and the past volatility of its
financial performance resulting from derivative transactions
entered into in 2009 and in early 2010; however, Moody's believes
that ENERGISA's current hedging and financial policies will
reduce future volatility of financial results.

In light of the November 2010 upgrade of ENERGISA's CFR on the
global scale and the large capital investment program, near-term
prospects of a rating upgrade on the global scale are somewhat
limited. The rating could be downgraded if: (i) the Company is
not able to secure the financing for its generation projects at
adequate terms; (ii) material delays in the construction of the
generation projects are incurred which would impact negatively
cash flow and costs; and/or (iii) the Company chooses to finance
its growth strategy with higher than anticipated leverage.
Quantitatively, a downgrade could result if the ratio of retained
cash flow to debt were to drop below 10%, and its cash flow
interest coverage falls below 2.5x for an extended period of
time.

Headquartered in Cataguases, in the State of Minas Gerais,
ENERGISA is a holding company that controls five electricity
distribution utilities in four Brazilian states (Para¡ba,
Sergipe, Minas Gerais and Rio de Janeiro), serving approximately
2.4 million consumers.  In the first nine months of 2011,
ENERGISA distributed 7,355.1 GWh of electricity, an increase of
9.9% over the same period in 2010.  In the twelve-month period
ended September 30, 2011, ENERGISA posted net sales of BRL 2,080
million, operating profit of BRL 373 million, and net profit of
BRL 199 million.  ENERGISA is listed on the Brazilian stock
market (BM&FBOVESPA), and is controlled by the Botelho family.


* BRAZIL: IDB Gives US$3MM Loan to PUPA for Social Business
-----------------------------------------------------------
Pupa Empreendimentos Educacionais e Representacao Ltda, a new
social business launched by Brazil's Zoom Editora, will use a
US$3 million loan from the Inter-American Development Bank to
roll out an innovative early childhood development program that
will benefit as many as 224,000 low-income pre-school children in
Brazil.

PUPA will offer parents and caretakers easy to follow educational
play activities through colorful magazines, LEGO toys and audio-
visual aids.  PUPA's program will also train up to 56,000
caregivers in early childhood education techniques, basic
nutrition and hygiene, and in the use of their interactive play
materials.  PUPA representatives will pay regular visits to
daycares or homes to answer questions and provide support, and
help ensure that materials are being used as designed.

PUPA will work with a network of non-governmental organizations
and micro-franchisers, and employ women to sell the educational
kits to families and informal caregivers.  It is expected that as
many as 1,400 women micro franchisees will benefit from business
training and employment opportunities through PUPA.

Research shows that early childhood development lays a foundation
for education, employment and poverty reduction, and that good
programs can make up for gaps caused by poverty.  Investing in
readiness to learn reduces inequities and has lifelong positive
consequences.

PUPA is the first private company in Brazil to tap into the low-
income market for early childhood educational products. The
company is a spinoff of the successful team at Zoon Editora,
which over the past seven years has delivered educational
materials accompanying LEGO toys to over 1.5 million students
aged between 7 and 14 in primary schools across Brazil.

                 About Opportunities for the Majority

The Opportunities for the Majority (OMJ) of the IDB supports the
development and expansion of innovative business models that can
improve living conditions and earning opportunities for people
living at the base of the socioeconomic pyramid in Latin America
and the Caribbean.


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


ADRC (CAYMAN): Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 6, 2011, the sole shareholder of ADRC (Cayman) Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robert Appleby
         Telephone:  +852 2536 4567
         Facsimile:  +852 2147 2813
         ADM Capital 1008 ICBC Tower
         3 Garden Road
         Central
         Hong Kong


AIF CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 7, 2011, the shareholders of AIF Capital Management Co.
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362


ANCHORAGE CAPITAL MASTER: Commences Liquidation Proceedings
------------------------------------------------------------
On Dec. 2, 2011, the sole shareholder of Anchorage Capital Master
Offshore III, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


ANCHORAGE CAPITAL PARTNERS: Commences Liquidation Proceedings
--------------------------------------------------------------
On Dec. 2, 2011, the sole shareholder of Anchorage Capital
Partners Offshore III, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


BELENOS ALTERNATIVE: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Belenos Alternative
Access Master Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Vincent King
         Telephone:  242 394 9200
         Facsimile:  242 394 9250
         Swiss Financial Services (Bahamas) Ltd.
         One Montague Place, 4th Floor
         East Bay Street
         P.O. Box EE-17758
         Nassau, Bahamas


BLUECOAST LTD: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 2, 2011, the shareholder of Bluecoast Ltd resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-7634


BUSTER GENPAR: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Buster Genpar, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


CARANA HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 7, 2011, the shareholders of Carana Holdings Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 17, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile:  (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


CL QUATTRO FUND: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 6, 2011, the sole shareholder of CL Quattro Fund, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


CL QUATTRO OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 6, 2011, the sole shareholder of CL Quattro Offshore
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


COLUMBUS STRATEGIC: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 7, 2011, the members of Columbus Strategic Investment
Fund resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, 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


DUKE ENERGY: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 28, 2011, the sole shareholder of Duke Energy
International Argentina Holdings resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 1, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Elizabeth C. De La Rosa
         5555 San Felipe Road
         Houston, TX 77056
         USA


EPIC CANADIAN: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 6, 2011, the sole shareholder of Epic Canadian Long Short
Fund Inc. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


EQUILIBRIUM ASSET: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Equilibrium Asset
Management Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


FALCON STRATEGIC: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 7, 2011, the members of Falcon Strategic Fund resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, 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


GAVEA BRASIL: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 30, 2011, the sole shareholder of Gavea Brasil Fund, Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


GOFFE CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 30, 2011, the sole shareholder of Goffe Capital Offshore
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


JP LIMITED: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 25, 2011, the shareholders of JP Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         UBS Nominees Limited
         c/o Dilys Maletriot
         Associate Director
         Telephone: +44 (0) 1534 701673
         Facsimile: +44 (0) 1534 701699
         e-mail: dilys.maletroit@ubs.com
         PO Box 450, Durell House 28 New Street
         St. Helier
         Jersey JE4 0XT
         Telephone: (345) 814 6847


LYDIAN GLOBAL FUND: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 1, 2011, the sole shareholder of Lydian Global
Opportunities Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


LYDIAN GLOBAL MASTER: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 1, 2011, the sole shareholder of Lydian Global
Opportunities Master Fund Ltd. resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


LINDEN GLOBAL PARTNERS: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 1, 2011, the sole shareholder of Linden Global Partners
Ltd resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


MEDICAL ENTERPRISES: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 24, 2011, the sole shareholder of Medical Enterprises
Finance 3 Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 27th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808 Safat 13149
         Kuwait
         Telephone: (+965) 2232 2096


MILESTONE (CAYMAN): Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Milestone (Cayman)
Limited resolved to voluntarily liquidate the company's business.

The company's liquidators are:

         Cosimo Borrelli
         Borrelli Walsh Limited
         Level 17, Tower 1, Admiralty Centre
         18 Harcourt Road
         Hong Kong; and

         Timothy Le Cornu
         KRyS Global of Governors Square
         Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 31237, Grand Cayman KY1-1205
         Cayman Islands


NAUTICAL PLEASURE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 11, 2011, the sole shareholder of Nautical Pleasure Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 1350, Clifton House
         75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands
         c/o Allison Smith


PLEASURE MARINE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 11, 2011, the sole shareholder of Pleasure Marine Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Company Secretaries Ltd.
         P.O. Box 1350, Clifton House
         75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands
         c/o Allison Smith


R-ONE MACHIDA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 6, 2011, the sole shareholder of R-One Machida Holdings
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


REDSTONE CHINA: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 7, 2011, the sole member of Redstone China Private Equity
Fund SPC resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2012, 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


RUSSELL AIF: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 7, 2011, the shareholders of Russell AIF Investments,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362


S.AM HEALTHCARE/BIOTECH: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On Nov. 10, 2011, the sole member of S.AM Healthcare/Biotech
Equity Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STRUCTURED INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Structured Investments,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


WELLS FARGO: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 2, 2011, the sole shareholder of Wells Fargo Hedge
Strategy Palette Offshore, SPC resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

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


=================
G U A T E M A L A
=================


BANCO DE DESARROLLO: Fitch Affirms Issuer Default Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded Banco de Desarrollo Rural's (Banrural)
National Long-term rating to 'AA(gtm)' from 'AA-(gtm)'.  At the
same time, Fitch has affirmed Banrural's long-term Issuer Default
Rating (IDR) at 'BB' and Viability Rating at 'bb'.  The Outlook
for the IDR and National Long-term rating is Stable.

The upgrade of Banrural's National rating reflects the bank's
enhanced capitalization and high and resilient profitability,
which compares positively with its main local peers.  Despite the
recent stressed economic environment, Banrural exhibited
sustained improvements in capital levels over the last four
years, benefitted by its high internal capital generation.

Banrural's IDR and VR reflect its sound local franchise, high
profitability, strong capital metrics and ample depository base.
Banrural's ratings also consider its limited revenue
diversification and sensitivity to economic downturns, given its
main target markets (consumption, micro and small enterprises).
Banrural's IDR may benefit from continued improvements in the
overall asset quality, reflected in a relatively lower proportion
of restructured loans and/or higher reserve coverage.  On the
other hand, a significant deterioration in asset quality and the
financial performance, that affects materially the bank's
capitalization, could trigger a downgrade of the company's
ratings.

Banrural has shown a positive trend in its capital ratios. Fitch
Core Capital to risk weighted assets stood at a high 17.5% at
FY2011, higher than Banrural's historical average and well-above
the average of the Guatemalan banking system.  In the short term,
the bank's capitalization levels may continue to improve.
However, in the medium term, the levels may decline slightly
because of asset growth but then stabilize at levels which are
still reasonable in light of the risks to which the entity is
exposed.

The bank exhibits consistently high profitability metrics, which
compare positively to those of its local and international peers,
despite its weak efficiency derived from its business model.  An
ample net interest margin, which balances the relatively low
contribution from non-interest income and the increasing
operating expenses, boosted the bank's profitability.  Fitch
foresees that Banrural will maintain a strong profitability in
the medium term, above the average of its main internationally
rated peers.

Banrural's funding benefits from an ample depository base,
growing consistently at double digit levels.  This is reflected
mainly in the relatively high weight of low cost saving and
current account deposits (71.8% on total deposits) and its growth
(14.1%).  In addition, the bank has gradually reduced its
concentration of public sector deposits.  The growing number of
branches, coupled with the ample liquidity that prevails in the
market, will continue favoring this trend.

Banrural exhibits an above-average growth in its loan portfolio,
supported by its large local coverage as well as the growing
number of alliances with private and public entities.  The bank's
delinquency metric (FY2011: 0.7%) and the reserve coverage for
non-performing (FY2011: 255.1%) and gross loans (FY2011: 1.9%)
are good. However, restructured loans remain relatively high
(FY2011: 7.7% of Gross loans), despite being in a declining trend
since its peak in FY2010 (8%).  Further reduction on restructured
loans will be positively viewed by Fitch. On the overall, loan
portfolio concentration in the largest economic debtors is low
and in a decreasing trend, as is the entity's foreign currency
exposure and the non-domiciliated loans.

Established in Guatemala in 1998, Banrural focus its services in
promoting economic and social development in rural areas of the
country.  The bank is mainly oriented to finance consumption, as
well as micro, small and medium companies (63% of gross loans),
with a smaller share in corporate loans (37% of gross loans).
Banrural is currently the third largest one in Guatemala in terms
of assets (FY2011: 18.6% of total assets), the second in deposits
(20%), and the largest in both equity (23.1%) and net profits
(29.6%).

Fitch has upgraded the following rating on Banrural:

  -- National scale long-term rating to 'AA(gtm)' from 'AA-
     (gtm)'.

Fitch has affirmed the following ratings on Banrural:

  -- Long-term foreign currency IDR at 'BB'; Outlook Stable;

  -- Short-term foreign currency IDR 'B';

  -- Long-term local currency IDR at 'BB'; Outlook Stable;

  -- Short-term local currency IDR 'B';

  -- Viability rating at 'bb';

  -- Individual 'C/D';

  -- Support '3';

  -- Support Rating Floor 'BB-';

  -- National scale short-term rating at 'F1+(gtm)'.


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


BENITO JUAREZ: Moody's Reviews B1 Rating For Possible Downgrade
---------------------------------------------------------------
Moody's de Mexico placed the issuer ratings of B1/Baa2.mx of the
Municipality of Benito Juarez under review for a possible
downgrade.

Ratings Rationale

The ratings were placed under review for a possible downgrade
reflecting uncertainty on the municipality's capacity and
willingness to continue timely debt service payments on an
enhanced loan contracted with Banobras backed with Benito
Juarez's federal participation transfers.  "The federal
government's retention of Benito Juarez' participation transfers
in January exerts pressure on the municipality's finances.  If
this problem remains unresolved over the next two months, Moody's
could downgrade Benito Juarez's issuer ratings to reflect this
pressure," said Moody's analyst Roxana Muuoz.

Fideicomiso Fondo Nacional de Habitaciones Populares "Fonhapo", a
trust housed within the federal government's ministry of Social
Development that provides financing to low income housing
initiatives, claims that Benito Juarez failed to repay a loan
renegotiated in 2005.  Acting under Fonhapo's request, the
Federal Ministry of Finance initiated the collection of the
Fonhapo loan by retaining Benito Juarez' January participation
revenues. The claimed debt is MXN 112.3 million, equivalent to
almost 3 months of Benito Juarez's participation revenues.  The
municipality claims that the loan was paid in full in March,
2008.  Discussions are ongoing between the municipality, Fonhapo
and the Federal Ministry of Finance.

Benito Juarez contracted a MXN 1.2 billion enhanced loan in
December 2010 with Banobras, backed with 100% of its
participation revenues.  This loan is paid under a trust with
Banco Santander and has a reserve fund equivalent to 2x monthly
debt service payments. Should the retention of the participation
revenues persist through February, the reserve fund will be
depleted and the municipality would be required to make the debt
service payments from own-source revenues.  As such, the
retention of participation transfers from the federal government,
increases the municipality's default risk.

Moody's expects to conclude the review within the next two
months. Throughout this period, Moody's will closely monitor and
evaluate: 1) the progress in negotiations with Fonhapo and the
Federal Finance Ministry, 2) the municipality's capacity and
willingness to continue timely debt service payments and maintain
loan contract obligations in the face of increasing fiscal
pressure, and 3) any potential actions taken by the State of
Quintana Roo to provide extraordinary support.

What could change the rating up/down

If the discussions with Fonhapo and the Federal Treasury are
solved favorably for the municipality and/or the State of
Quintana Roo provides some assistance, allowing Benito Juarez
fiscal flexibility to continue timely debt service payments,
Moody's could confirm its ratings.

Under a scenario where the negotiations are not fruitful for the
municipality and the state of Quintana Roo does not provide any
additional assistance to Benito Juarez, the resulting fiscal
pressure could result in a downgrade of the issuer ratings.
The methodologies used in this rating were Regional and Local
Governments Outside the US published in May 2008 and The
Application of Joint-Default Analysis to Regional and Local
Governments published in December 2008.


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


R-G PREMIER: FDIC Sues 19 Execs for US$417MM Over Collapse
----------------------------------------------------------
Amanda Bransford at Bankruptcy Law360 reports that the Federal
Deposit Insurance Corp. on Wednesday launched a US$417 million
suit against 19 former directors and officers of R-G Premier Bank
of Puerto Rico for causing one of the largest bank failures in
Puerto Rico's history.

The complaint, filed in Puerto Rico federal court, accuses the
directors and officers, including bank founder Victor J. Galan-
Alvarez, of negligently overseeing the bank's expansion into
commercial lending, ignoring repeated warnings by regulators and
personally approving just about any loan request, no matter how
unlikely the loan's eventual repayment, according to Law360.

As reported in the Troubled Company Reporter on May 4, 2010,
R-G Premier Bank of Puerto Rico in Hato Rey, P.R., was closed on
April 30, 2010, by the Office of the Commissioner of Financial
Institutions of the Commonwealth of Puerto Rico, which appointed
the Federal Deposit Insurance Corporation as receiver.  To
protect the depositors, the FDIC entered into a purchase and
assumption agreement with Scotiabank de Puerto Rico of San Juan,
P.R., to assume all of the deposits of R-G Premier Bank of Puerto
Rico.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------


                                                     Total
                                  Total            Shareholders
                                  Assets             Equity
Company                Ticker    (US$MM)             (US$MM)
-------                ------    ---------        ------------

ARGENTINA
---------
IMPSAT FIBER-BLK     IMPTB AR      535007008       -17164978
IMPSAT FIBER-$US     IMPTD AR      535007008       -17164978
IMPSAT FIBER NET     XIMPT SM      535007008       -17164978
IMPSAT FIBER-CED     IMPT AR       535007008       -17164978
IMPSAT FIBER-C/E     IMPTC AR      535007008       -17164978
IMPSAT FIBER NET     IMPTQ US      535007008       -17164978
IMPSAT FIBER NET     330902Q GR    535007008       -17164978
SOC COMERCIAL PL     CADN SW       167911091.5      -342440147
COMERCIAL PLA-BL     COMEB AR      167911091.5      -342440147
SOC COMERCIAL PL     COMED AR      167911091.5      -342440147
SOC COMERCIAL PL     CVVIF US      167911091.5      -342440147
SOC COMERCIAL PL     CAD IX        167911091.5      -342440147
COMERCIAL PL-ADR     SCPDS LI      167911091.5      -342440147
SOC COMERCIAL PL     COMEC AR      167911091.5      -342440147
SOC COMERCIAL PL     COME AR       167911091.5      -342440147
SOC COMERCIAL PL     CADN EU       167911091.5      -342440147
SOC COMERCIAL PL     SCDPF US      167911091.5      -342440147
SOC COMERCIAL PL     CADN EO       167911091.5      -342440147
SNIAFA SA            SNIA AR       11229696.22     -2670544.88
SNIAFA SA-B          SDAGF US      11229696.22     -2670544.88
SNIAFA SA-B          SNIA5 AR      11229696.22     -2670544.88


BELIZE
------

VARIG SA             VAGV3 BZ      966298025.5     -4695211316
VARIG SA             VARGON BZ     966298025.5     -4695211316
VARIG SA-PREF        VARGPN BZ     966298025.5     -4695211316
VARIG SA-PREF        VAGV4 BZ      966298025.5     -4695211316
PORTX OPERACOES      PRTX3 BZ      734596799.1     -5675399.32
PORTX OPERA-GDR      PXTPY US      734596799.1     -5675399.32
AGRENCO LTD          AGRE LX       637647275      -312199404
AGRENCO LTD-BDR      AGEN11 BZ     637647275      -312199404
BOMBRIL CIRIO SA     BOBRON BZ     451055441.4       -71738547
BOMBRIL-RIGHTS       BOBR1 BZ      451055441.4       -71738547
BOMBRIL CIRIO-PF     BOBRPN BZ     451055441.4       -71738547
BOMBRIL SA-ADR       BMBBY US      451055441.4       -71738547
BOMBRIL-RGTS PRE     BOBR2 BZ      451055441.4       -71738547
BOMBRIL              BOBR3 BZ      451055441.4       -71738547
BOMBRIL SA-ADR       BMBPY US      451055441.4       -71738547
BOMBRIL-PREF         BOBR4 BZ      451055441.4       -71738547
BOMBRIL              BMBBF US      451055441.4       -71738547
PET MANG-RECEIPT     0229292Q BZ   418867614.8       -98663724
PET MANG-RECEIPT     0229296Q BZ   418867614.8       -98663724
PETRO MANGUINHOS     MANGON BZ     418867614.8       -98663724
PET MANG-RT          RPMG1 BZ      418867614.8       -98663724
PETRO MANGUIN-PF     MANGPN BZ     418867614.8       -98663724
PET MANG-RT          4115360Q BZ   418867614.8       -98663724
PET MANG-RIGHTS      3678565Q BZ   418867614.8       -98663724
PET MANG-RT          RPMG2 BZ      418867614.8       -98663724
PET MANG-RECEIPT     RPMG9 BZ      418867614.8       -98663724
PET MANG-RT          0229249Q BZ   418867614.8       -98663724
PET MANG-RIGHTS      3678569Q BZ   418867614.8       -98663724
PETRO MANGUINHOS     RPMG3 BZ      418867614.8       -98663724
PET MANG-RT          4115364Q BZ   418867614.8       -98663724
PET MANGUINH-PRF     RPMG4 BZ      418867614.8       -98663724
PET MANG-RECEIPT     RPMG10 BZ     418867614.8       -98663724
PET MANG-RT          0229268Q BZ   418867614.8       -98663724
CIA PETROLIFERA      MRLM3 BZ      377602195.2     -3014291.72
CIA PETROLIFERA      MRLM3B BZ     377602195.2     -3014291.72
CIA PETROLIFERA      1CPMON BZ     377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ     377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ      377602195.2     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ     377602195.2     -3014291.72
BATTISTELLA-PREF     BTTL4 BZ      313830220.5     -5623755.88
BATTISTELLA-RIGH     BTTL1 BZ      313830220.5     -5623755.88
BATTISTELLA          BTTL3 BZ      313830220.5     -5623755.88
BATTISTELLA-RECE     BTTL9 BZ      313830220.5     -5623755.88
BATTISTELLA-RECP     BTTL10 BZ     313830220.5     -5623755.88
BATTISTELLA-RI P     BTTL2 BZ      313830220.5     -5623755.88
HOTEIS OTHON-PRF     HOTHPN BZ     309799346.4       -23928667
HOTEIS OTHON SA      HOOT3 BZ      309799346.4       -23928667
HOTEIS OTHON SA      HOTHON BZ     309799346.4       -23928667
HOTEIS OTHON-PRF     HOOT4 BZ      309799346.4       -23928667
TEKA-ADR             TKTPY US      278124700.7      -447124084
TEKA-ADR             TKTQY US      278124700.7      -447124084
TEKA-PREF            TEKAPN BZ     278124700.7      -447124084
TEKA                 TEKAON BZ     278124700.7      -447124084
TEKA                 TKTQF US      278124700.7      -447124084
TEKA-PREF            TKTPF US      278124700.7      -447124084
TEKA-ADR             TEKAY US      278124700.7      -447124084
TEKA-PREF            TEKA4 BZ      278124700.7      -447124084
TEKA                 TEKA3 BZ      278124700.7      -447124084
DOCAS SA-RTS PRF     DOCA2 BZ      265185848.9      -158092426
DOCA INVESTI-PFD     DOCA4 BZ      265185848.9      -158092426
DOCAS SA-PREF        DOCAPN BZ     265185848.9      -158092426
DOCAS SA             DOCAON BZ     265185848.9      -158092426
DOCA INVESTIMENT     DOCA3 BZ      265185848.9      -158092426
DHB IND E COM-PR     DHBPN BZ      185992309.4      -151323933
D H B-PREF           DHBI4 BZ      185992309.4      -151323933
DHB IND E COM        DHBON BZ      185992309.4      -151323933
D H B                DHBI3 BZ      185992309.4      -151323933
SANSUY               SNSY3 BZ      180443811.7      -114112111
SANSUY SA            SNSYON BZ     180443811.7      -114112111
SANSUY-PREF B        SNSY6 BZ      180443811.7      -114112111
SANSUY-PREF A        SNSY5 BZ      180443811.7      -114112111
SANSUY SA-PREF B     SNSYBN BZ     180443811.7      -114112111
SANSUY SA-PREF A     SNSYAN BZ     180443811.7      -114112111
TEXTEIS RENA-RCT     TXRX10 BZ     133619337.9     -68177415.4
TEXTEIS RENAU-RT     TXRX1 BZ      133619337.9     -68177415.4
TEXTEIS RENA-RCT     TXRX9 BZ      133619337.9     -68177415.4
TEXTEIS RENAU-RT     TXRX2 BZ      133619337.9     -68177415.4
RENAUXVIEW SA-PF     TXRX4 BZ      133619337.9     -68177415.4
TEXTEIS RENAUX       RENXPN BZ     133619337.9     -68177415.4
TEXTEIS RENAUX       RENXON BZ     133619337.9     -68177415.4
RENAUXVIEW SA        TXRX3 BZ      33619337.9     -68177415.4
MINUPAR SA-PREF      MNPRPN BZ     130265489.1     -6044124.99
MINUPAR-PREF         MNPR4 BZ      130265489.1     -6044124.99
MINUPAR-RCT          MNPR9 BZ      130265489.1     -6044124.99
MINUPAR-RT           MNPR1 BZ      130265489.1     -6044124.99
MINUPAR SA           MNPRON BZ     130265489.1     -6044124.99
MINUPAR-RCT          9314634Q BZ   130265489.1     -6044124.99
MINUPAR              MNPR3 BZ      130265489.1     -6044124.99
MINUPAR-RT           9314542Q BZ   130265489.1     -6044124.99
BUETTNER SA-PRF      BUETPN BZ     97195113.53     -13140028.8
BUETTNER SA-RTS      BUET1 BZ      97195113.53     -13140028.8
BUETTNER             BUET3 BZ      97195113.53     -13140028.8
BUETTNER SA-RT P     BUET2 BZ      97195113.53     -13140028.8
BUETTNER SA          BUETON BZ     97195113.53     -13140028.8
BUETTNER-PREF        BUET4 BZ      97195113.53     -13140028.8
FABRICA RENAUX-P     FTRX4 BZ      95282687.94       -59034912
FABRICA TECID-RT     FTRX1 BZ      95282687.94       -59034912
FABRICA RENAUX       FRNXON BZ     95282687.94       -59034912
FABRICA RENAUX       FTRX3 BZ      95282687.94       -59034912
FABRICA RENAUX-P     FRNXPN BZ     95282687.94       -59034912
COBRASMA SA          COBRON BZ     93053412.61     -2050908520
COBRASMA-PREF        CBMA4 BZ      93053412.61     -2050908520
COBRASMA SA-PREF     COBRPN BZ     93053412.61     -2050908520
COBRASMA             CBMA3 BZ      93053412.61     -2050908520
ESTRELA SA           ESTR3 BZ      92218510.26     -92769915.9
ESTRELA SA-PREF      ESTRPN BZ     92218510.26     -92769915.9
ESTRELA SA           ESTRON BZ     92218510.26     -92769915.9
ESTRELA SA-PREF      ESTR4 BZ      92218510.26     -92769915.9
SCHLOSSER            SCLO3 BZ      73905801.14     -47846845.1
SCHLOSSER SA-PRF     SCHPN BZ      73905801.14     -47846845.1
SCHLOSSER SA         SCHON BZ      73905801.14     -47846845.1
SCHLOSSER-PREF       SCLO4 BZ      73905801.14     -47846845.1
GRADIENTE EL-PRA     IGBAN BZ      69132281.21      -253174445
IGB ELETRONICA       IGBR3 BZ      69132281.21      -253174445
GRADIENTE-PREF A     IGBR5 BZ      69132281.21      -253174445
GRADIENTE EL-PRC     IGBCN BZ      69132281.21      -253174445
GRADIENTE EL-PRB     IGBBN BZ      69132281.21      -253174445
GRADIENTE-PREF C     IGBR7 BZ      69132281.21      -253174445
GRADIENTE ELETR      IGBON BZ      69132281.21      -253174445
GRADIENTE-PREF B     IGBR6 BZ      69132281.21      -253174445
CAF BRASILIA         CAFE3 BZ      59053509.86     -1138743393
CAF BRASILIA-PRF     CAFE4 BZ      59053509.86     -1138743393
CAFE BRASILIA SA     CSBRON BZ     59053509.86     -1138743393
CAFE BRASILIA-PR     CSBRPN BZ     59053509.86     -1138743393
VARIG PART EM TR     VPTA3 BZ      49432124.18      -399290396
VARIG PART EM-PR     VPTA4 BZ      49432124.18      -399290396
CIMOB PARTIC SA      GAFON BZ      44047411.7     -45669963.6
CIMOB PARTIC SA      GAFP3 BZ      44047411.7     -45669963.6
CIMOB PART-PREF      GAFPN BZ      44047411.7     -45669963.6
CIMOB PART-PREF      GAFP4 BZ      44047411.7     -45669963.6
RECRUSUL - RCT       RCSL9 BZ      42802194.03     -19134971.9
RECRUSUL-BON RT      RCSL11 BZ     42802194.03     -19134971.9
RECRUSUL - RT        4529785Q BZ   42802194.03     -19134971.9
RECRUSUL - RT        RCSL1 BZ      2802194.03     -19134971.9
RECRUSUL-BON RT      RCSL12 BZ     42802194.03     -19134971.9
RECRUSUL - RCT       4529789Q BZ   42802194.03     -19134971.9
RECRUSUL - RT        4529781Q BZ   42802194.03     -19134971.9
RECRUSUL - RT        RCSL2 BZ      42802194.03     -19134971.9
RECRUSUL - RCT       4529793Q BZ   42802194.03     -19134971.9
RECRUSUL SA          RESLON BZ     42802194.03     -19134971.9
RECRUSUL SA-PREF     RESLPN BZ     42802194.03     -19134971.9
RECRUSUL - RCT       RCSL10 BZ     42802194.03     -19134971.9
RECRUSUL-PREF        RCSL4 BZ      42802194.03     -19134971.9
RECRUSUL             RCSL3 BZ      42802194.03     -19134971.9
WIEST-PREF           WISA4 BZ      34108201.43      -126997429
WIEST                WISA3 BZ      34108201.43      -126997429
WIEST SA-PREF        WISAPN BZ     34108201.43      -126997429
WIEST SA             WISAON BZ     34108201.43      -126997429
SANESALTO            SNST3 BZ      31044053.25     -1843297.83
BOTUCATU TEXTIL      STRP3 BZ      27663604.95     -7174512.03
STAROUP SA-PREF      STARPN BZ     27663604.95     -7174512.03
STAROUP SA           STARON BZ     27663604.95     -7174512.03
BOTUCATU-PREF        STRP4 BZ      27663604.95     -7174512.03
CONST BETER SA       COBE3 BZ      25469474.32      -4918659.9
CONST BETER-PR A     COBEAN BZ     25469474.32      -4918659.9
CONST BETER-PF A     COBE5 BZ      25469474.32      -4918659.9
CONST BETER-PR A     1008Q BZ      25469474.32      -4918659.9
CONST BETER-PR B     COBEBN BZ     25469474.32      -4918659.9
CONST BETER SA       1COBON BZ     25469474.32      -4918659.9
CONST BETER SA       COBEON BZ     25469474.32      -4918659.9
CONST BETER-PF A     1COBAN BZ     25469474.32      -4918659.9
CONST BETER-PF B     1COBBN BZ     25469474.32      -4918659.9
CONST BETER SA       COBE3B BZ     25469474.32      -4918659.9
CONST BETER SA       1007Q BZ      25469474.32      -4918659.9
CONST BETER-PR B     1009Q BZ      25469474.32      -4918659.9
CONST BETER-PFA      COBE5B BZ     25469474.32      -4918659.9
CONST BETER-PF B     COBE6 BZ      25469474.32      -4918659.9
CONST BETER-PF B     COBE6B BZ     25469474.32      -4918659.9
FERRAGENS HAGA       HAGAON BZ     21992326.22     -56631998.5
FERRAGENS HAGA-P     HAGAPN BZ     21992326.22     -56631998.5
HAGA                 HAGA3 BZ      21992326.22     -56631998.5
FER HAGA-PREF        HAGA4 BZ      21992326.22     -56631998.5
NOVA AMERICA SA      NOVA3B BZ     21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ     21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ      21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ     21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ     21287489      -183535527
NOVA AMERICA SA      NOVAON BZ     21287489      -183535527
NOVA AMERICA SA      1NOVON BZ     21287489      -183535527
NOVA AMERICA SA      NOVA3 BZ      21287489      -183535527
TECEL S JOSE-PRF     SJOS4 BZ      19067323.42     -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ     19067323.42     -52580501.1
TECEL S JOSE         FTSJON BZ     19067323.42     -52580501.1
TECEL S JOSE         SJOS3 BZ      19067323.42     -52580501.1
NORDON MET           NORD3 BZ      15971163.46     -28156360.8
NORDON METAL         NORDON BZ     15971163.46     -28156360.8
NORDON MET-RTS       NORD1 BZ      15971163.46     -28156360.8
CHIARELLI SA-PRF     CCHI4 BZ      14960467.36     -43105640.5
CHIARELLI SA         CCHI3 BZ      14960467.36     -43105640.5
CHIARELLI SA         CCHON BZ      14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHPN BZ      14960467.36     -43105640.5
B&D FOOD CORP        BDFCE US      14423532        -3506007
LATTENO FOOD COR     LATF US       14423532        -3506007
B&D FOOD CORP        BDFC US       14423532        -3506007
REII INC             REIC US       14423532        -3506007
CONST A LINDEN       CALI3 BZ      14398837.75     -3020065.57
CONST LINDEN RT      CALI2 BZ      14398837.75     -3020065.57
CONST A LIND-PRF     CALI4 BZ      14398837.75     -3020065.57
CONST A LIND-PRF     LINDPN BZ     14398837.75     -3020065.57
CONST A LINDEN       LINDON BZ     14398837.75     -3020065.57
CONST LINDEN RCT     CALI9 BZ      14398837.75     -3020065.57
CONST LINDEN RCT     CALI10 BZ     14398837.75     -3020065.57
CONST LINDEN RT      CALI1 BZ      14398837.75     -3020065.57
ARTHUR LANG-RT C     ARLA1 BZ      11642255.92     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ     11642255.92     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ      11642255.92     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ      11642255.92     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ     11642255.92     -17154461.9
ARTHUR LANGE SA      ALICON BZ     11642255.92     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ     11642255.92     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ      11642255.92     -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ     11642255.92     -17154461.9
ARTHUR LANGE         ARLA3 BZ      11642255.92     -17154461.9
FERREIRA GUIMARA     FGUION BZ     11016542.14      -151840377
F GUIMARAES          FGUI3 BZ      11016542.14      -151840377
F GUIMARAES-PREF     FGUI4 BZ      11016542.14      -151840377
FERREIRA GUIM-PR     FGUIPN BZ     11016542.14      -151840377


CHILE
-----

CHILESAT CORP SA     TELEX CI       1156945109      -122555290
CHILESAT CO-ADR      TL US          1156945109      -122555290
TELMEX CORP-ADR      CSAOY US       1156945109      -122555290
TELEX-A              TELEXA CI      1156945109      -122555290
CHILESAT CO-RTS      CHISATOS CI    1156945109      -122555290
TELEX-RTS            TELEXO CI      1156945109      -122555290
CLARO COM SA         CHILESAT CI    1156945109      -122555290
PUYEHUE              PUYEH CI       24447502.09     -1250905.47
PUYEHUE RIGHT        PUYEHUOS CI    24447502.09     -1250905.47


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, 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.


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