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 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


                            ***********


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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