/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120131.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 31, 2012, Vol. 13, No. 022 Headlines A R G E N T I N A STANDARD BANK: Moody's Reviews 'D' BFSR for Possible Downgrade B R A Z I L BANCO MERCANTIL: Moody's Affirms 'D' Bank Finc'l. Strength Rating BANCO PANAMERICANO: Moody's Affirms 'Ba2' Currency Deposit Rating ENERGISA S.A.: Moody's Puts 'Ba2' Rating on 200MM Sr. Notes E L S A L V A D O R * EL SALVADOR: ProCredit Gets US$2MM IDB Loan for Water Projects C A Y M A N I S L A N D S AGRIFIRMA HOLDINGS: Shareholders Receive Wind-Up Report ASPEN OFFSHORE: Shareholders Receive Wind-Up Report BKX INTERNATIONAL: Shareholders Receive Wind-Up Report CHEYNE GENERAL: Shareholders Receive Wind-Up Report COMMERCIAL LIMITED: Shareholders Receive Wind-Up Report EXTENDED HOTEL: Shareholders Receive Wind-Up Report FARALLON FCOI: Shareholders Receive Wind-Up Report FLASH ELECTRONICS: Members Receive Wind-Up Report GLENRIDGE INVESTMENTS: Shareholders Receive Wind-Up Report HEALTHCARE ENTERPRISES EQUITY: Shareholders Get Wind-Up Report HEALTHCARE ENTERPRISES FINANCE: Shareholders Hear Wind-Up Report KD BLUE SKY: Shareholders Receive Wind-Up Report KROS MASTER: Shareholders Receive Wind-Up Report KROS SPECTRUM: Shareholders Receive Wind-Up Report LAS BRISAS: Members Receive Wind-Up Report LINDSELL TRAIN: Shareholders Receive Wind-Up Report LOOMIS SAYLES: Shareholders Receive Wind-Up Report MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report MTF SPV V: Shareholders Receive Wind-Up Report OASIS ADVISORS: Shareholders Receive Wind-Up Report ORBITAL HOLDINGS: Shareholders Receive Wind-Up Report PIVOT GLOBAL: Shareholders Receive Wind-Up Report RICHARDSON INVESTMENTS: Shareholders Receive Wind-Up Report SSTI TAIWAN: Shareholders Receive Wind-Up Report STRUCTURED INVESTMENT: Shareholder Receives Wind-Up Report TAG HEDGED: Shareholders Receive Wind-Up Report UBS GLOBAL: Shareholders Receive Wind-Up Report US DIVERSIFIED: Shareholders Receive Wind-Up Report WF JAPAN: Shareholders Receive Wind-Up Report WORLD PEACE: Shareholders Receive Wind-Up Report YELLOWSTONE NATURAL: Shareholders Receive Wind-Up Report G U A T E M A L A BANCO G&T: Fitch Puts 'BB' Rating on Issuer Default Ratings CENTRAL AMERICAN: Moody's Assigns '(P)Ba2' Rating to Senior Notes M E X I C O AMERICAS MINING: S&P Raises Rating on US$1.5BB Facility From BB+ METROFINANCIERA II: S&P Cuts Rating on Series MTROCB 07U to 'BB-' URBI DESARROLLOS: Moody's Assigns '(P)Ba3' Rating to US$ Issuance URBI DESSARROLLOS: Fitch Rates Proposed Senior Notes at 'BB-' T R I N I D A D & T O B A G O TRINIDAD CEMENT: To Challenge Competition Commission * TRINIDAD & TOBAGO: Gov't. Ministries Owe Contractors Millions X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= 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.'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 America 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 R A Z I L =========== BANCO MERCANTIL: Moody's Affirms 'D' Bank Finc'l. Strength Rating ----------------------------------------------------------------- Moody's Investors Service affirmed all ratings assigned to Banco Mercantil do Brasil S.A., including the D bank financial strength rating (BFSR), the global local and foreign currency deposit ratings of Ba2 and Not Prime, the national scale deposit ratings on the Brazilian national scale of Aa3.br and BR-1 and the foreign currency senior unsecured and subordinated debt ratings of Ba2 and Ba3, respectively, assigned to the notes issued by BMB. The outlook on all ratings remains stable. Rating Rationale Moody's affirmation of BMB's standalone BFSR reflects the bank's relatively stable profitability indicators over time as well as BMB's ongoing credit strengths such as competitive funding costs relative to those of other Brazilian mid-sized banks. Though weaker than peers', BMB's margins are influenced positively by the bank's access to stable and low cost retail deposits, a competitive advantage that derives from the bank's well- established retail-oriented branch network in the state of Minas Gerais, as well as from its role as the payment agent for pensioners of the state government. The bank's loyal client base offers opportunities for business expansion and potential cross selling, and ensures a good regional market share and access to consumer deposits. Moody's acknowledges that high credit costs, as measured by provisions for loan losses as a percentage of pre-provision profits, have persistently challenged BMB's profits, as has an expensive operating structure that has led to efficiency ratios that are higher than those of peers. As a consequence, the rating agency notes that a modest generation of profits is likely to constrain the replenishment of the capital base through income retention, a fact that could slow down future growth. This is particularly relevant because growing competition in BMB's target markets from large banks in the retail segment, as well as from mid-sized institutions in commercial lending, could hurt margins. Moody's noted that although BMB's delinquency ratios showed little oscillation in 2011, they remained higher than the ratios reported by similar regional mid-sized banks in Brazil, a negative rating factor. Nevertheless, the bank's credit risk profile benefits from the sizable share of low-risk payroll loans on the bank's on-balance sheet credit portfolio, equivalent to 30% of total loans, and also from the short-term and granular nature of BMB's lending operations. The last rating action on BMB was on July 12, 2010, when Moody's assigned a long-term foreign currency debt rating of Ba3 to BMB's US$200 million subordinated notes. All other ratings remained unchanged. Banco Mercantil do Brasil S.A. is headquartered in Belo Horizonte, Brazil and reported consolidated assets of R$10.9 billion (US$5.9 billion) and equity of R$748 million (US$403 million) as of Sept. 30, 2011. These ratings of Banco Mercantil do Brasil were affirmed: Bank Financial Strength Rating: D, with stable outlook Global Local Currency Deposit Ratings: Ba2 and Not Prime, with stable outlook Foreign Currency Deposit Ratings: Ba2 and Not Prime, with stable outlook Long-term Foreign Currency Senior Unsecured Debt Rating: Ba2, with stable outlook Long-term Foreign Currency Subordinated Debt Rating of Ba3, with stable outlook Brazilian National Scale Deposit Ratings: Aa3.br and BR-1, with stable outlook BANCO PANAMERICANO: Moody's Affirms 'Ba2' Currency Deposit Rating ----------------------------------------------------------------- Moody's affirmed Banco Panamericano S.A.'s bank financial strength rating (BFSR) of E+ as well as its Ba2/Not Prime long and short term global local and foreign currency deposit ratings, respectively. Moody's also affirmed the bank's respective foreign currency senior and subordinated debt ratings of Ba2 and Ba3, as well as its long and short term Brazilian national scale deposit ratings of A1.br and BR-1. The outlook on all ratings is stable. The ratings affirmation follows the announcement on Dec. 28, 2011 that Banco Panamericano is in negotiations to acquire 100% of the shares of Brazilian Finance & Real Estate Group (BFRE, unrated), for approximately R$ 940 million. The acquisition remains subject to Banco Panamericano's final due diligence and to final regulatory approval. These ratings were affirmed with stable outlook: Bank Financial Strength Rating: E+ Long-term Global Local Currency Deposit Rating: Ba2 Short-term Local Currency Deposit Rating: Not Prime Long-term Foreign Currency Deposit Rating: Ba2 Short-term Foreign Currency Deposit Rating: Not Prime Long-term Foreign Currency Senior Unsecured Debt Rating: Ba2 Long-term Foreign Currency Subordinated Debt Rating: Ba3 Long-term Brazilian National Scale Deposit Rating: A1.br Short-term Brazilian National Scale Deposit Rating: BR-1 Rating Rationale The affirmation of Panamericano's ratings reflects both the positive implications of the BFRE acquisition and related R$ 1.8 billion capital injection by the main shareholders, Banco BTG Pactual (D+ BFSR/Baa3 local currency deposit rating) and Caixa Economica (D+/A3), to finance the acquisition and support the bank's growth prospects as well as the bank's still challenged stand-alone financial strength. Panamericano's BFSR translates to an unsupported baseline credit assessment of B1, which is lifted two notches to Ba2 for the deposit and senior debt ratings as a result of Moody's assumption of a high probability of support from its shareholders. Moody's explained that Panamericano's E+ BFSR is limited by the bank's transitioning business model with an operating track record of less than one year since its restructuring in 2010, its weak profitability, still pressured asset quality (with a 7.8% problem loan ratio as of 3Q11), and expensive funding mix. The E+ BFSR also reflects the bank's volatile performance during the last three quarters as management centers its efforts on reinforcing risk management infrastructure and credit underwriting models to support the new shareholders' risk appetite as well as a more sustainable business model. Moody's acknowledged BFRE's strong positioning in Brazil's real estate industry, especially in securitization, which could add important recurrent earnings to Panamericano's results. While this business is new for Banco Panamericano, Moody's expects the bank to take advantage of the operating and financial synergies presented by its shareholders particularly with regard to their expertise in asset origination and distribution. The announced capital injection should also help bolster Panamericano's weak capital ratio of 11.99% reported in September 2011 which will also help support the bank's goal to expand its vehicle finance offerings to include new car financing products. The last rating action on Banco Panamericano S.A. occurred on July 12, 2011 when Moody's downgraded the unsupported bank financial strength rating to E+ from D and confirmed the supported ratings, both on the global and national scales. The outlook on all the ratings was changed to stable. Based in Sao Paulo, Banco Panamericano S.A. had consolidated assets of approximately R$12.87 billion (US$7.05 billion) and equity of R$1.23 billion (US$674 million) as of September 30, 2011. ENERGISA S.A.: Moody's Puts 'Ba2' Rating on 200MM Sr. Notes ----------------------------------------------------------- Moody's assigned the Ba2 rating on the global scale, and the Aa3.br Brazilian National Rating Scale to BRL200 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 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 (Paraiba, 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 Sept. 30, 2011, ENERGISA posted net sales of BRL 2,080 million, operating profit of BRL 373 million, and net profit of BRL199 million. ENERGISA is listed on the Brazilian stock market (BM&FBOVESPA), and is controlled by the Botelho family. ===================== E L S A L V A D O R ===================== * EL SALVADOR: ProCredit Gets US$2MM IDB Loan for Water Projects ---------------------------------------------------------------- The Inter-American Development Bank will help expand and improve access to clean and affordable water to poor communities in El Salvador by providing a US$2 million loan to Banco ProCredit S.A to start a credit and technical assistance program for communal water projects throughout the country. ProCredit will use proceeds from the IDB loan, in addition to $2 million of its own funds, to lend to local small-scale community water operators to improve, repair and expand their water supply systems. The project will also provide training for these small operators to strengthen the management of their business, finances, assets, as well as the environmental impacts of their operations. As many as 14,000 low income families are expected to improve or gain access to affordable water services. ProCredit loans will be used by operators to expand their networks and increase connections, drill wells, build, repair, and maintain water tanks and other equipment, buy or replace pumping equipment as well as purchase land where wells exist, in order to guarantee water sources. Technical assistance for the program will be implemented by the Foundation for Sustainable Development of El Salvador (FUNDES). =========================== C A Y M A N I S L A N D S =========================== AGRIFIRMA HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Agrifirma Holdings Limited received on Jan. 24, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Peter Anderson 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 ASPEN OFFSHORE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Aspen Offshore Ltd. received on Jan. 20, 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 BKX INTERNATIONAL: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of BKX International Holdings Inc. received on Jan. 20, 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 CHEYNE GENERAL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Cheyne General Partner II Inc. received on Jan. 20, 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 COMMERCIAL LIMITED: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Commercial Limited Co. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 EXTENDED HOTEL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Extended Hotel Limited received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 FARALLON FCOI: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Farallon FCOI II, Inc. received on Jan. 20, 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 FLASH ELECTRONICS: Members Receive Wind-Up Report ------------------------------------------------- The members of Flash Electronics International received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 GLENRIDGE INVESTMENTS: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Glenridge Investments Ltd. received on Jan. 20, 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 HEALTHCARE ENTERPRISES EQUITY: Shareholders Get Wind-Up Report -------------------------------------------------------------- The shareholders of Healthcare Enterprises Equity 3 Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. 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 HEALTHCARE ENTERPRISES FINANCE: Shareholders Hear Wind-Up Report ---------------------------------------------------------------- The shareholders of Healthcare Enterprises Finance 3 Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 KD BLUE SKY: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of KD Blue Sky Technologies Limited received on Jan. 20, 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 KROS MASTER: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Kros Master Fund Ltd. received on Jan. 20, 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 KROS SPECTRUM: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Kros Spectrum Fund Ltd. received on Jan. 20, 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 LAS BRISAS: Members Receive Wind-Up Report ------------------------------------------ The members of Las Brisas Investment Company received on Jan. 9, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands LINDSELL TRAIN: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Lindsell Train (General Partner) Inc. received on Jan. 27, 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 LOOMIS SAYLES: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Loomis Sayles Credit Asset Fund, Ltd. received on Jan. 20, 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 MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Medical Enterprises Equity 3 Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 MTF SPV V: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of MTF SPV V Limited received on Jan. 20, 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 OASIS ADVISORS: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Oasis Advisors 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: Simon Atkinson Telephone: 81- 03-5114-1296 Facsimile: 81-03-5114-1150 ORBITAL HOLDINGS: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Orbital Holdings, Ltd. received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 PIVOT GLOBAL: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Pivot Global Fund received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 RICHARDSON INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Richardson Investments received on Jan. 20, 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 SSTI TAIWAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of SSTI Taiwan Ltd. received on Jan. 24, 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 STRUCTURED INVESTMENT: Shareholder Receives Wind-Up Report ---------------------------------------------------------- The shareholder of Structured Investment Holdings, Ltd. received on Jan. 19, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 TAG HEDGED: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Tag Hedged Equity Offshore Fund, Ltd. received on Jan. 20, 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 UBS GLOBAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of UBS Global Alpha Strategies (Euro) Limited received on Jan. 24, 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 US DIVERSIFIED: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of U.S. Diversified Real Estate Fund Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 WF JAPAN: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of WF Japan Fund Limited received on Jan. 10, 2012, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Stephen Liu Yiu Keung David Yen Ching Wai One Island East, 62nd Floor 18 Westlands Road, Island East Hong Kong WORLD PEACE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of World Peace Limited received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 YELLOWSTONE NATURAL: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Yellowstone Natural Resource Holdings Ltd. received on Jan. 20, 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 ================= G U A T E M A L A ================= BANCO G&T: Fitch Puts 'BB' Rating on Issuer Default Ratings ----------------------------------------------------------- Fitch Ratings has assigned an initial 'BB' long-term Issuer Default Rating (IDR) to Guatemala's Banco G&T Continental (G&TC). The Rating Outlook is Stable. The sound niche position and franchise, good asset quality, moderate financial performance and adequate liquidity all drive G&TC's IDR and Viability Rating (VR). The ratings also consider the bank's moderate capitalization, sizeable related party lending, and moderate concentration of loans and deposits. The ratings could be upgraded if the bank's enhanced financial performance is reflected in material improvements in G&TC's core capital metrics, maintaining a sound asset quality. On the other hand, a severe asset quality deterioration, or a material decline in G&TC's financial performance, that affects the bank's capitalization, could put downward pressure on the ratings. G&TC exhibits good asset quality, favored by the bank's moderate risk appetite, good origination process, and improved risk management tools. Non-performing loans (NPLs) accounted for 1.6% of gross loans in 3Q2011, less than its historical averages (FY2007-FY2010: 2.1%). At the same time, loan loss reserves coverage for NPLs was 121%. Despite that debtor concentration is moderate and slightly higher than the previous year, the bank's loan portfolio is relatively well-diversified by economic sector. The bank has sustained a moderate overall performance since the pre-crisis years. The diminishing trend in loan impairment charges, coupled with the gradual improvements in efficiency, has boosted its financial performance over the last two years. Going forward, return on average assets (ROAA) and return on average earnings (ROAE) may be slightly higher by the end of this year. G&TC has maintained a double-digit growth in deposits over the last four years (third quarter 2011 [3Q'11]: 14%; FY2007-FY2010: 17.3%), favoring its funding costs. The mix of deposits has remained relatively similar over the last years, with current and savings accounts representing 60.8% of total deposits as of 3Q'11; the remaining 39.2% were term deposits. On the other hand, G&TC has a moderate concentration in the largest depositors, which remains a challenge for the bank. G&TC's moderate core capital ratio (13.9% of risk weighted assets) is similar to the average of the country's banking system and to its historical average. The strengthening of the bank's capitalization, to keep on the path of potential asset growth, remains as one of the G&TC's main challenges. However, the bank benefits from low financial pressures to distribute dividends, given the low double-leverage of G&TC's holdings (3Q'2011: 99.1%). If G&TC had difficulties, Fitch believes the Guatemalan government (rated 'BB+' with a Stable Outlook by Fitch) would have an interest in supporting the bank, given its ample deposit market share. Due to the country's non-investment-grade sovereign rating, however, Fitch considers that the probability of sovereign support for the bank is moderate. G&TC was established in 2001 after the merger of the Guatemalan banks Banco Granai & Townson and Banco Continental. The bank is mainly corporate oriented. As of 3Q'11, the bank had a market share of 20.1% and 19.8% in terms of assets and deposits. G&TC is the most important subsidiary of Corporacion G&T Continental, a holding company domiciled in Guatemala, with assets of US$5.8 billion, unconsolidated, as of 3Q'11. Fitch has assigned the following ratings on G&TC: -- Long-term foreign currency IDR 'BB'; Outlook Stable; -- Short-term foreign currency IDR 'B'; -- Long-term local currency IDR 'BB'; Outlook Stable; -- Short-term local currency IDR 'B'; -- Viability rating 'bb'; -- Support '3'; -- Support Rating Floor 'BB-'; -- National scale long-term rating 'AA-(gtm)'; Outlook Stable; -- National scale short-term rating 'F1+(gtm)'. CENTRAL AMERICAN: Moody's Assigns '(P)Ba2' Rating to Senior Notes ----------------------------------------------------------------- Moody's Investors Service assigned a provisional (P)Ba2 rating to The Central American Bottling Corporation's (CABCORP) proposed US$150 million senior unsecured fixed rate global notes. At the same time, Moody's assigned a corporate family rating of (P)Ba2 to CABCORP. The outlook is stable. The ratings were assigned on a provisional basis subject to the successful placement of the proposed notes. The senior unsecured ratings are at the same level as the CFR assuming that i) the proposed notes will rank pari passu with all of the company's other unsecured senior debt, ii) that pro-forma after the notes issuance all debt outstanding at the holding company and its subsidiaries is unsecured and that iii) the covenants contained within the proposed notes indenture will mitigate potential structural subordination. Moody's has reviewed preliminary draft legal documentation for the proposed notes and the assigned ratings assume that there will be no material variation from the drafts reviewed and that all agreements will be legally valid, binding and enforceable. CABCORP is the 'Anchor Bottler' of PepsiCo for Central America operating in Guatemala, El Salvador, Honduras and Nicaragua. In 2009 the company acquired PepsiAmericas (PAS) Caribbean territories, extending its footprint into Puerto Rico, Jamaica and Trinidad & Tobago. The company also exports some of its products to the US, Mexico and other Latin American markets. The company is based in Guatemala which is also its main market, representing around 38% of total sales. The rest of its Central American operations represent around 30% of total sales, with the balance 32% coming from the Caribbean. Puerto Rico is the main market in the Caribbean region with around 17% of total sales generated there. CABCORP is a private entity controlled by the Castillo family through an 82% stake holding; the remaining 18% is owned by PepsiCo. The assigned (P)Ba2 ratings are supported by the company's access to PepsiCo's (PEP) extensive soft beverages portfolio, its solid market position in its bottler territories, and the strong credit metrics for the rating category. The ratings also reflect PEP's relationship with the company through its18% ownership and a seat in the board which strengthens CABCORP's corporate governance practices despite being a family owned company. The rating is constrained by the company's relatively small revenue size and modest profitability when compared with its peers in the global soft beverages industry, its presence in some riskier markets and the ongoing event risk given the company's strategy to pursue M&A on a regular basis. The stable outlook reflects Moody's expectation that the company will be able to execute its acquisition strategy without any major operational issues while maintaining credit metrics that are in line with the Ba rating category. Furthermore, the stable outlook incorporates an expected modest improvement in operating margins and continued free cash flow generation over the next couple of years. The rating outlook also considers the fact that the company will benefit from initiatives to improve its profitability in the Puerto Rican market. CABCORP has been able to maintain adequate credit metrics despite economic downturns, adverse weather conditions and acquisitions. Since 2009, the company has been able to maintain low leverage at 2.5x or below. For the last twelve months (LTM) ended Sept. 30, 2011, Debt/EBITDA as adjusted by Moody's was 2.0x, which is strong for a Ba2 rating. Moody's expects the company will be able to maintain leverage below 3.0x despite the economic slowdown and potential M&A activity. Profitability is weak as compared with global soft beverages peers. Prior to the acquisition of the Caribbean operation in 2009, CABCORP showed an average EBITA margin, as adjusted by Moody's of around 8.8%. After the acquisition EBITA margin declined, mainly due to market dynamics in Puerto Rico. As of Sept. 30, 2011 adjusted EBITA margin was 6.1%. In the Puerto Rican market, the bulk of the distribution is done through the large format supermarket channel which typically exhibits lower margins than distribution of single-serve beverage products through smaller, mom and pop outlets as is more common in most of the company's other markets. Also affecting profitability in Puerto Rico is ongoing price competition which has substantially decreased average prices. Further, the island has a diminishing population due to migration which affects sales volumes. The company is currently implementing new efficiency and marketing initiatives in Puerto Rico to improve profitability. However, Moody's expects that it will take several years for CABCORP to benefit from these initiatives. The ongoing event risk is a factor constraining CACBORP's ratings. Through the increase in Livesmart participation and the acquisition of PAS Caribbean territories, the company remained active during 2009 in terms of M&A activities. Going forward Moody's expects acquisitions to continue given i) recent track record and the strategy to continue expanding geographic footprint through acquisitions and ii) the consolidation trend in the industry with recent actions from major participants such as Coca-Cola FEMSA, Arca-Contal and PepsiCo. Moody's considers that although positive in terms of scale and diversification, the company's business and credit profile could weaken should a major transaction occur, especially if the company faces material integration challenges and aggressive competition. Current liquidity is strong with short term maturities of US$19 million as of Sept. 30, 2011, which can be addressed by US$85 million in cash in hand and LTM free cash flow of US$2.1 million for the same period. Pro-forma after the issuance, Moody's expects liquidity to remain strong with maturities scheduled in 2012 amounting US$12 million and US$9 million in 2013. The next material maturity the company will face will be US$40 million in 2015, which Moody's expects the company will timely refinance. CABCORP is headquartered in Guatemala City, Guatemala. For the 12 months ended September 30, 2011 (LTM), the company reported revenues and EBITDA of about US$850 million and US$72 million, respectively. =========== M E X I C O =========== AMERICAS MINING: S&P Raises Rating on US$1.5BB Facility From BB+ ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Mexico-based holding company Grupo Mexico S.A.B. de C.V. and its mining subsidiaries, Americas Mining Corp. (AMC), Southern Copper Corp. (SCC), and Minera Mexico S.A. de C.V. (MM) to 'BBB' from 'BBB-'. "We revised the outlook to stable from positive. We also raised our issue-level ratings on SCC and MM's senior notes to 'BBB' from 'BBB-' and our issue rating on AMC's US$1.5 billion credit facility due in 2014 to 'BBB-' from 'BB+'," S&P said. "The one-notch increase in the ratings reflects our belief that the new mining tax regime in the Republic of Peru (foreign currency: BBB/Stable/A-3; local currency: BBB+/Stable/A-2) will not affect Grupo Mexico's mining operations. We also believe that the new tax regime will enable the company to maintain its competitive position in Peru. The additional taxes, including royalties and a windfall tax (to be paid depending on its operating margins), should be minimal in terms of SCC's cash flow generation and liquidity position," S&P said. "Our ratings on its mining subsidiaries align with our ratings on Grupo Mexico, given the importance of the group's mining operations to the consolidated figures. The ratings reflect our view of the group's 'satisfactory' business risk profile and 'intermediate' financial risk profile (as our criteria define them). The group's low cash-cost structure, geographic diversity, position as the world's sixth-largest copper producer, vertical integration, and long-life reserves support our assessment of its 'satisfactory' business risk profile. Its low financial leverage and strong liquidity support our assessment of its 'intermediate' financial risk profile. We also consider the cyclicality and volatility of copper prices, the labor risk inherent in the Mexican mining industry, and the group's limited product diversity in our analysis," S&P said. "Recently, Grupo Mexico announced its approximately US$350 million acquisition of two drilling platforms through its infrastructure division's subsidiary, Perforadora Mexico, S.A. de C.V. (not rated). We believe that this acquisition should strengthen the group's infrastructure division, which currently accounts for about 1% of its consolidated EBITDA. Furthermore, we believe that this transaction could be completed thorough a combination of cash-in-hand and additional debt with no impact on its key credit metrics," S&P said. METROFINANCIERA II: S&P Cuts Rating on Series MTROCB 07U to 'BB-' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on three Mexican residential mortgage-backed securities (RMBS) transactions originated and serviced by Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R. "At the same time, we lowered the rating on one other transaction and placed it on CreditWatch negative. We also placed our rating on one other series on CreditWatch negative and affirmed two other ratings," S&P said. "We lowered our ratings on series METROCB 06U, MTROCB 07U, MTROCB 08U, and MFCB 05U to reflect the steep and sustained deterioration of credit enhancement within the transactions, which we attribute to growing serious delinquency and default levels and overall low recovery proceeds from the sale of foreclosed assets. The affirmed ratings reflect our belief that the affected deals have sufficient credit enhancement levels, in the form of overcollateralization, excess spread, or a partial credit guarantee (PCG), to support the current ratings under observed and projected performance scenarios. However, the asset portfolios backing most of the deals we reviewed have experienced increasing delinquency and default ratios. As such, if severe weakening increases to exceed our projections, we will review these transactions again," S&P said. Defaults And Credit Enhancement Levels Series Defaults (%)(i) C/E (%)(ii) METROCB 04U 15.80 14.74 METROCB 05U 22.12 12.46 MFCB 05U 25.73 (6.96) METROCB 06U 34.44 (19.53) MTROCB 07U 38.33 (38.44) MTROCB 08U 33.42 (34.97) MTROFCB 08 20.82 28.44 (i) Standard & Poor's estimates defaults considering the reported delinquency buckets of 61-90 days and of over 90 days. (ii) Calculated as (1-liabilities / current assets) + percentage of PCG available. C/E--Credit enhancement. PCG--Partial credit guarantee. "The performance of the underlying portfolios backing the METROCB 05U and MFCB 05U transactions has become weak and credit enhancement has declined severely. These series have PCGs from Mexico's federal government mortgage agency Sociedad Hipotecaria Federal S.N.C. (SHF; rated 'mxAAA'/Stable) that can support the assigned ratings if the guarantee amounts are disbursed to reestablish parity between current assets and liabilities, like in most PCG-enhanced transactions. The servicer (Metrofinanciera) has stated its intention to propose the changes necessary to disburse the PCG amounts in this way rather than only using them to cover shortfalls on monthly interest payments or to cover principal shortfalls at maturity," S&P said. "We placed our ratings on METROCB 05U and MFCB 05U on CreditWatch negative to reflect the steep deterioration in credit enhancement levels and the fact that the amounts from the PCG are not being disbursed to reestablish parity between the current assets and liabilities. If the PCG amounts were to be disbursed to reestablish parity, Standard & Poor's could affirm the ratings on these two series at the current levels. On the other hand, if the PCG amounts remain undisbursed until a shortfall in interest occurs or until maturity, we expect to lower the ratings on both series. We will resolve the CredtiWatch placements within 90 days," S&P said. "We estimated the transactions' delinquency, defaults, and current credit enhancement levels using our current RMBS methodology and assumptions. We analyzed the transactions using LEVELS Mexico to determine updated foreclosure frequency and loss severity levels. We then used our Mexican RMBS cash flow model to determine our rating on each deal based on the its financial position, projected performance, and structure. We modeled each deal's expected recovery using asset liquidations that are consistent with the output of LEVELS Mexico," S&P said. Foreclosure Frequency And Loss Severity Levels Modelled Series FF (%) LS (%) METROCB 04U 29.89 57.93 METROCB 05U 34.32 56.86 MFCB 05U 29.35 45.46 METROCB 06U 29.66 36.27 MTROCB 07U 24.88 41.95 MTROCB 08U 18.29 35.45 MTROFCB 08 20.73 27.13 FF--Foreclosure frequency. LS--Loss severity. Standard & Poor's 17g-7 Disclosure Report SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this credit rating report are available at: http://standardandpoorsdisclosure-17g7.com Ratings Lowered Metrofinanciera Bursatilizaciones de Hipotecas Residenciales Series Maturity Rating Rating Outs. Amount Date To From (UDI mil.) METROCB 06U 11/14/2033 mxBBB (sf) mxA+ (sf) 58.62 Metrofinanciera Bursatilizaciones de Hipotecas Residenciales II Series Maturity Rating Rating Outs. Amount Date To From (UDI mil.) MTROCB 07U 12/1/2033 BB- (sf) BBB- (sf) 171.38 MTROCB 07U 12/1/2033 mxA- (sf) mxAA- (sf) 171.38 MTROCB 08U 4/1/2033 BB- (sf) BBB- (sf) 184.31 MTROCB 08U 4/1/2033 mxA- (sf) mxAA- (sf) 184.31 Rating Lowered And Placed On CreditWatch Negative Metrofinanciera Bursatilizaciones de Hipotecas Residenciales Series Maturity Rating Rating Outs. Amount Date To From (UDI mil.) MFCB 05U 10/24/2033 mxA+(sf)/Watch Neg mxAA-(sf) 64.10 Rating Placed On CreditWatch Negative Metrofinanciera Bursatilizaciones de Hipotecas Residenciales Series Maturity Rating Outs. Amount Date (UDI mil.) METROCB 05U 2/20/2034 mxAAA (sf)/Watch Neg 50.80 Ratings Affirmed Metrofinanciera Bursatilizaciones de Hipotecas Residenciales Series Maturity Rating Outs. Amount Date (UDI mil.) METROCB 04U 11/11/2033 mxAAA (sf) 38.86 Metrofinanciera Bursatilizaciones de Hipotecas Residenciales II Series Maturity Rating Outs. Amount Date (MXN mil.) MTROFCB 08 6/1/2039 mxAAA (sf) 452.20 URBI DESARROLLOS: Moody's Assigns '(P)Ba3' Rating to US$ Issuance ----------------------------------------------------------------- Moody's Investors Service assigned a (P)Ba3 global scale foreign currency rating to Urbi Desarrollos Urbanos, S.A.B. de C.V.'s proposed US$ senior unsecured debt issuance. Ratings Rationale The new notes will rank pari passu with other unsecured debt and will be guaranteed by Ingenieria y Obras, S.A. de C.V., Obras y Desarrollos Urbi, S.A. de C.V., Cyd Desarrollos Urbanos, S.A. de C.V., Tec Diseno e Ingenieria S.A. de C.V., Promocion y Desarrollos Urbi, S.A. de C.V., Propulsora Mexicana de Parques Industriales, S.A. de C.V., Urbi Construcciones del Pacifico, S.A. de C.V., Constructora Metropolitana Urbi, S.A. de C.V. y Financiera Urbi, S.A. de C.V., Sofom E.N.R.. In addition, the company will hedge all of the interest and principal against foreign exchange risk. Proceeds from this new issuance will be used to refinance existing debt, much of it short-term. With this proposed issuance, Urbi will have no substantial debt maturities for the next three years, a credit plus. Moody's notes Urbi's maintenance of a diverse, top-10 competitive position, which has helped it to respond effectively to the volatile Mexican property market. As well, Urbi has maintained robust liquidity with a conservative capital structure. The company is publicly held, with a solid corporate infrastructure, which enhances transparency and governance. Urbi's large land bank, good cost controls, sophisticated construction and sales management platforms support its healthy operating margins. Urbi's primary credit challenges are its exposure to high-middle and upper income sectors, where financing from banks and other financial institutions has been restricted. In addition, Urbi has a growing concentration of sales to the non-affiliated market which, while potentially quite large, is a cause of concern given the unpredictability over time of the financing availability for this market segment. URBI has teamed up with private equity fund Aureos Capital Ltd. to fund the rental portion of the program for affordable entry-level homes, thus removing on-balance sheet risk for Urbi related to maintaining unsold inventory. Urbi still maintains the risk related to the sale of middle and upper income segment homes through this program. The future of this program will depend on how well mortgages originated to informal sector borrowers ultimately perform, which will require time to evaluate as these loans amortize. Furthermore, the housing development market is fragmented, and homes are built on a predominately speculative basis, with Urbi and other home developers bearing the risk of finding homebuyers. The funding of homes remains concentrated with Sociedad Hipotecaria Federal, INFONAVIT and FOVISSSTE -- all government-related entities -- and the timing of receipt of the mortgages funded by them can range from three to six months. The stable rating outlook reflects Moody's expectation that Urbi will maintain a conservative approach to leverage and stable earnings, with no missteps in Alternativa Urbi, its rent-to-own program. Moody's believes that Urbi has a solid franchise value, a well-recognized brand and good land reserves. Furthermore, Moody's expects that Urbi will continue to focus on the affordable and low-middle income housing market, while maintaining high quality construction and good operating controls. Moody's stated that a rating upgrade would reflect a reduction in leverage, measured as follows: debt to total assets below 15%, and net debt to EBITDA below 1x, all while the company continues to improve its industry leadership and successfully implements its Alternativa Urbi (rent-to-own) program, which Moody's expects will take some time. A rating downgrade would result from debt to total assets approaching 35% on a consistent basis, fixed charge coverage falling consistently below 2.0x (including capitalized interest), and operating margins falling below the low teens. A downgrade could also result from falling out of the top ten homebuilders in terms of units sold, substantial missteps in the Alternativa Urbi (rent-to-own) program, as well as from an adverse shift in the Mexican Government's housing policy. The following rating was assigned with a stable outlook: Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Proposed US$ senior unsecured notes at (P)Ba3. Moody's last rating action with respect to Urbi took place on Nov. 7, 2011, when Moody's upgraded the company's national scale senior unsecured debt rating to A3.mx, from Baa1.mx and assigned an A3.mx national scale ((P)Ba3 global scale, foreign currency) rating to its proposed senior unsecured debt issuance of approximately MXN1 billion. The rating outlook is stable. Urbi Desarrollos Urbanos is a publicly traded, fully integrated homebuilder engaged in the development, construction, marketing and sale of affordable housing in Mexico. The firm reported assets of approximately MXN42.8 billion and equity of approximately MXN17.7 billion at Sept. 30, 2011. URBI DESSARROLLOS: Fitch Rates Proposed Senior Notes at 'BB-' ------------------------------------------------------------- Fitch Ratings has assigned an expected 'BB-(exp)' rating to Urbi Desarrollos Urbanos; S.A.B. de C.V.'s proposed senior notes. The final amount and tenor of the issuance will depend on market conditions. Proceeds from the proposed issuance will be used entirely to refinance debt. Fitch currently rates Urbi as follows: -- Foreign Currency Issuer Default Rating (IDR) 'BB-'; -- Local Currency IDR 'BB-'; -- National Long-term rating 'A-(Mex)'; -- USD150 million senior notes due 2016 'BB-'; -- USD300 million senior notes due 2020 'BB-'; -- MXN600 million Certificados Bursatiles due 2014 'A-(Mex)'; -- Short-term rating 'F2(Mex)'. The Rating Outlook is Stable. The ratings reflect the company's solid market position in the Mexican Homebuilding industry, business strategy oriented to the low-income segment, important land reserve, adequate liquidity, and moderate leverage. The ratings also incorporate the company's limited capacity to generate positive free cash flow in the short and medium term due to increasing working capital needs as the business continues to grow. The Stable Outlook incorporates the view that Urbi's credit profile will remain stable reflected in the company's gross leverage remaining around 3 times (x), cash position above MXN4 billion, and EBITDA margin around 27.0% in the short and medium term. Fitch believes a positive rating action could be triggered by a combination of the following factors: improving free cash flow (FCF) generation trending consistently to positive levels and resulting in a significant decrease in the company's gross leverage coupled with solid liquidity. Conversely, a negative rating action could be triggered by a combination of the following: continued negative FCF trend resulting in the increase of the company's gross leverage consistently above current levels of 3.0x, sizable acquisitions of housing projects in progress (HPPs) negatively affecting the company's liquidity by increasing short-term debt or weakening its cash position, decline of government funding programs, and deterioration in the company's market position. Urbi's market position is solid and sustainable in the medium term based on the company's large scale. The company is the third largest homebuilder in Mexico in terms of number of units sold. Urbi's units sold for the latest 12 months (LTM) ended September 2011 was 35,813, an increase of 6.7% over LTM September 2010. The ratings factor in the view that the company's total units sold for fiscal year (FY) 2011 and FY2012 would be around 39,000 units and 45,000 units, respectively. Urbi's ratings are constrained by the higher working capital requirements incorporated in its business model. A factor that differentiates the company's business strategy from other participants is Urbi's continued efforts, during the last several years, to develop Mexico's non-affiliated low-income housing market (informal sector) through mechanisms such Alternativa Urbi. This mechanism offers very good growth opportunities but at the same time, financially, represents a challenge, since developing a solid market position in the non-affiliated segment requires a higher level of working capital because the company has to nurture potential buyers until they are qualified to obtain a mortgage. Urbi's growth strategy has been more aggressive since the second half of 2010 which has resulted in the company's total debt increase to cover higher working capital requirements related to operations as well as to finance the integration of HPPs. The company's total debt increased approximately 53% during the last 15 months to MXN14.1 billion by the end of September 2011 from MXN9.2 billion by the end of June 2010. Urbi's cash flow generation, measured by EBITDA was MXN4.4 billion during LTM September 2011, representing an increase of 10.2% over the same period ended in September 2010. The company's gross leverage was 3.2x by the end of September 2011, which compares negatively with 2.7x by the end of September 2010. The company's FCF is expected to be negative for 2011, as the business continues to grow with an anticipated increase in revenues of around 10%-12% during 2011. The company's FCF during LTM September 2011 was negative MXN2.8 billion. Fitch's FCF calculation considers cash flow from operations after interest paid less capex and distributed dividends. Driving the company's FCF trend is the increase in working capital needs which started during the second half of 2010 as the company increased its levels of account receivables (ARs) from MXN531 million in December 2009 to MXN3.6 billion and MXN7.1 billion by September 2010 and September 2011, respectively. Expected improvement in the company's liquidity post-issuance is also positively incorporated. The company's liquidity, measured by the cash to short-term debt ratio, has weakened during LTM September 2011 but it is anticipated to improve with the proposed transaction. During the LTM September 2011, Urbi maintained a stable cash position reaching levels of MXN5.7 billion and MXN6.9 billion by the end of September 2010 and September 2011, respectively. However, the company's short-term debt during the same period increased from MXN1.7 billion to MXN6.9 billion as the company funded HPP acquisitions with short-term debt. With the proposed transaction the company should gain financial flexibility by reducing its short-term debt position and improving its debt maturity schedule. In addition, the ratings consider that Urbi will maintain a strong cash position of between MXN4 billion and MXN5 billion during 2012. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: To Challenge Competition Commission ---------------------------------------------------- RJR News reports that the Caribbean Court of Justice granted attorneys representing Caribbean Cement Company's parent, Trinidad Cement Limited, permission to bring an action against the Caribbean Community (CARICOM) Competition Commission. The Commission has been conducting an enquiry into the alleged anti-competitive business conduct by TCL in relation to the sale and distribution of its cement products within CARICOM, according to RJR News. TCL, RJR News cites, sought an order for permission to commence proceedings pursuant to the Revised Treaty of Chaguaramas. The court stated that private entities may bring a matter before the CCJ once special leave has been granted. After hearing submissions from attorneys for TCL and the CARICOM Competition Commission, the CCJ granted the company leave to commence proceedings, the report relays. The court ordered that the firm file its documents to begin the substantive case within 7 days, and that the proceedings be expedited, RJR News adds. Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has now reached an agreement with its debtors on the terms and conditions attached to the repayment of its debt. The agreement will convert most of the company's debt into an 8-year facility, to be paid, quarterly, from March 2013, according to RJR News. The report related that deal also includes certain performance criteria for repaying the debt and if those are not met, the company will be penalized. * TRINIDAD & TOBAGO: Gov't. Ministries Owe Contractors Millions ---------------------------------------------------------------- http://www.trinidadexpress.com/business/Govt_ministries_owing_ten s_of_millions_to_contractors-138241484.html Trinidad Express reports that the Trinidad and Tobago Contractors Association said six Trinidad and Tobago government ministries and nine State agencies owe tens of millions of dollars to contractors. The TTCA called on the government to settle outstanding debts to its members with immediate effect, according to Trinidad Express. "These outstanding debts valued at tens of millions of dollars, some going as far back as 2007, represent payments for legitimate and certified works completed for several Government ministries and agencies by TTCA members operating either as main contractors or subcontractors," the TTCA said in a statement obtained by the news agency. Trinidad Express notes that TTCA said its officials, members and the public had been led to believe by Prime Minister Kamla Persad-Bissessar and Finance Minister Winston Dookeran that settlement was imminent but the delay in honoring these debts had created a grave situation in which many businesses have become insolvent, resulting in the loss of thousands of jobs. The report notes that the ministries and agencies owing the contractors are: -- Community Development, Works, Social Development, -- National Security, Transport and Trade, -- the Housing Development Corporation (HDC), and -- Urban Development Corporation of Trinidad and Tobago (UDeCOTT). =============== 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 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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 *********** 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 * * *