TCRLA_Public/120202.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


           Thursday, February 2, 2012, Vol. 13, No. 024



                            Headlines



B E R M U D A

* BERMUDA: Two Small Washington Mall Businesses Shut Down


C A Y M A N   I S L A N D S

ANCHORAGE CAPITAL MASTER: Shareholders Receive Wind-Up Report
ANCHORAGE CAPITAL PARTNERS: Shareholders Receive Wind-Up Report
ASHKEY INVESTMENTS: Shareholders Receive Wind-Up Report
ASHLEAF INVESTMENTS: Shareholders Receive Wind-Up Report
ASHMOUNT INVESTMENTS: Shareholders Receive Wind-Up Report

ASHPOINT INVESTMENTS: Shareholders Receive Wind-Up Report
ASHSTEAD INVESTMENTS: Shareholders Receive Wind-Up Report
BELENOS ALTERNATIVE: Shareholders Receive Wind-Up Report
BUSTER GENPAR: Shareholders Receive Wind-Up Report
CITADEL RESIDENTIAL MORTGAGE: Shareholders Receive Wind-Up Report

CITADEL RESIDENTIAL SECURITIES: Shareholders Hear Wind-Up Report
CITADEL RESIDENTIAL WHOLE: Shareholders Receive Wind-Up Report
CLOSE INTERNATIONAL: Shareholders Receive Wind-Up Report
CMOF OFFSHORE: Shareholders Receive Wind-Up Report
COLUMBUS STRATEGIC: Shareholders Receive Wind-Up Report

DOS HOLDINGS: Shareholder Receives Wind-Up Report
EILEEN MARY: Shareholders Receive Wind-Up Report
EPIC CANADIAN: Shareholders Receive Wind-Up Report
ERIN INTERESTS: Shareholders Receive Wind-Up Report
FALCON STRATEGIC: Shareholders Receive Wind-Up Report

GAVEA BRASIL: Shareholders Receive Wind-Up Report
JP LIMITED: Shareholders Receive Wind-Up Report
LINDEN GLOBAL: Shareholders Receive Wind-Up Report
MS CEMENT: Members Receive Wind-Up Report
MS CEMENT II: Members Receive Wind-Up Report

MS CEMENT III: Members Receive Wind-Up Report
R-ONE MACHIDA HOLDINGS: Shareholders Receive Wind-Up Report
REDSTONE CHINA: Shareholders Receive Wind-Up Report
ROGER WESTLAKE: Shareholders Receive Wind-Up Report
WELLS FARGO HEDGE: Shareholders Receive Wind-Up Report


J A M A I C A

HILO FOOD: To Close Savanna-la-Mar Branch by Month's End
THE PALMS: In Receivership, Property Up for Auction
VISTA AMBASSADOR: Business Up for Sale, D.C. Tavares Seeks Buyer


M E X I C O

DESARROLLADORA HOMES: Fitch Puts BB- Rating on 2 Sr. Note Classes


P U E R T O   R I C O

CARIBBEAN RESTAURANTS: Moody's Reviews 'Caa2' CFR for Upgrade
CARIBBEAN RESTAURANTS: S&P Raises Corp. Credit Rating to 'B-'


U R U G U A Y

BANCO SANTANDER: Moody's Changes Outlook on 'Ba2' Long-Term GFCDR


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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B E R M U D A
=============


* BERMUDA: Two Small Washington Mall Businesses Shut Down
---------------------------------------------------------
The Royal Gazette reports that two small businesses in the
Washington Mall, A&J Sports Cards and The Christian Bookstore &
Gift Centre, closed their doors on Jan. 31 as Bermuda's
struggling economy continues to hurt the retail industry.  The
Body Shop also vacated Washington Mall's premises in January as
well, according to the report.

"It's because of the economy," The Royal Gazette quoted A&J owner
Joan Hollis as saying.  She said the shop has lost its overseas
customers and although school children continue to patronize the
business, it isn't enough to cover the rent.  Larger companies
bringing in similar inventory and selling it at a lower price
also hurt her business, Ms. Hollis added, The Royal Gazette
relates.

Ms. Hollis also said the shop's two employees will lose their
jobs, including her long-time assistant, Ann Mitchell, the report
notes.

In a separate report, Jamaica Gleaner relates that Christian
Bookstore & Gift Centre owner George E.W. said, "I see four
reasons for the closing: economic downturn, folks downloading
books and music from the Internet, the tucked away location and
the waning interest in spiritual things."

Paul Slaughter of Washington Properties (Bermuda) Limited said
they have "several interested parties" considering occupying the
empty retail spaces but wouldn't reveal their names, according to
The Royal Gazette.


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


ANCHORAGE CAPITAL MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Anchorage Capital Master Offshore III, 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


ANCHORAGE CAPITAL PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Anchorage Capital Partners Offshore III, Ltd.
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


ASHKEY INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Ashkey 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:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


ASHLEAF INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Ashleaf 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:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


ASHMOUNT INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ashmount 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:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


ASHPOINT INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ashpoint Investments received on Jan. 20,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


ASHSTEAD INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ashstead 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:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


BELENOS ALTERNATIVE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Belenos Alternative Access Master Fund Ltd.
received on Jan. 23, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BUSTER GENPAR: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Buster Genpar, 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


CITADEL RESIDENTIAL MORTGAGE: Shareholders Receive Wind-Up Report
-----------------------------------------------------------------
The shareholders of Citadel Residential Mortgage Opportunities
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:

         Citadel Advisors LLC
         c/o Maples and Calder Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CITADEL RESIDENTIAL SECURITIES: Shareholders Hear Wind-Up Report
----------------------------------------------------------------
The shareholders of Citadel Residential Mortgage Securities
Opportunities 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:

         Citadel Advisors LLC
         c/o Maples and Calder Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CITADEL RESIDENTIAL WHOLE: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Citadel Residential Whole Loan Opportunities
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:

         Citadel Advisors LLC
         c/o Maples and Calder Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CLOSE INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Close International Asset Management (Cayman)
Limited received on Jan. 30, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CMOF OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of CMOF Offshore 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:

         Citadel Advisors LLC
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


COLUMBUS STRATEGIC: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Columbus Strategic Investment 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


DOS HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Dos Holdings 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


EILEEN MARY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Eileen Mary Taylor received on Jan. 20, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


EPIC CANADIAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Epic Canadian Long Short Fund 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


ERIN INTERESTS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Erin Interests received on Jan. 20, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


FALCON STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Falcon Strategic 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


GAVEA BRASIL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Gavea Brasil 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


JP LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of JP Limited received on Jan. 12, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LINDEN GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Linden Global Partners 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


MS CEMENT: Members Receive Wind-Up Report
-----------------------------------------
The members of MS Cement Limited received on Jan. 11, 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


MS CEMENT II: Members Receive Wind-Up Report
--------------------------------------------
The members of MS Cement II Limited received on Jan. 11, 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


MS CEMENT III: Members Receive Wind-Up Report
---------------------------------------------
The members of MS Cement III Limited received on Jan. 11, 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


R-ONE MACHIDA HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of R-One Machida Holdings 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


REDSTONE CHINA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Redstone China Private Equity Fund SPC
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


ROGER WESTLAKE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Roger Westlake received on Jan. 20, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Peter Charles Spencer Keeble
         Telephone: +44 870 460 0763
         Facsimile: +44 870 458 2568
         P.O. Box 2 Port St. Mary
         Isle of Man, IM99 7PB


WELLS FARGO HEDGE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Wells Fargo Hedge Strategy Palette Offshore,
SPC, 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


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


HILO FOOD: To Close Savanna-la-Mar Branch by Month's End
--------------------------------------------------------
The Jamaica Gleaner reports that GraceKennedy-owned Hilo Food
Store chain will close its Savanna-la-Mar branch at the end of
this month, citing profitability issues, and is working on a plan
to bring other underperforming stores up to par.

"We will be closing the Savanna-la-Mar store because it is not
profitable.  We did a review in quarter three of last year and
from that we have taken the decision . . . .  We think our
efforts would be better spent concentrating on other stores,"
Jamaica Gleaner quoted Michael Ranglin, chief executive officer
of GK Foods, as saying.

The 15 persons employed at Savanna-la-Mar will be transferred to
other Hi-Lo stores, according to The Jamaica Gleaner.

The report notes that GK Foods is projecting 10% growth in
revenue across the 14 Hi-Lo stores this year, but admits the
target may be too optimistic.

"Given the environment we are in now, it could be a stretch, but
we are optimistic. We know what we have to do, and we are going
to do it," the report quoted Mr. Ranglin as saying.

Hi-Lo Food Stores was incorporated in Jamaica in 1954, but was
acquired by GraceKennedy Limited in 1984. It operates as a
division of GK Foods.  The store has been operating for six
years. The closure cuts the chain of supermarkets to 14 stores
nationwide.


THE PALMS: In Receivership, Property Up for Auction
---------------------------------------------------
Jamaica Gleaner reports that The Palms' assets are listed with
D.C. Tavares & Finson Realty Limited for sale by auction.

The Palms, which is owned by principals John and Cassandra Nelson
of U.S.-based Mandolin Investment Inc, was placed in receivership
by its creditors in the first week of January, according to
Jamaica Gleaner.

The report notes that Joseph Smith, the hotelier and receiver
manager appointed by the group of venture capitalists to whom
money is owed by the owners, said that he had put the property up
for auction on instructions of the investors who were located in
different US states.

"I can say nothing about the money owed.  They put up their money
in the project and the former owners did not fulfill their
mortgage obligations," Jamaica Gleaner quoted Mr. Smith as
saying.

The hotel is still operating with guests in-house, the report
adds.


VISTA AMBASSADOR: Business Up for Sale, D.C. Tavares Seeks Buyer
----------------------------------------------------------------
Avia Collinder at The Gleaner reports that Vista Ambassador
Resort & Spa's owner Constantine Hinds said that the business is
up for auction.

The property is listed with D.C. Tavares & Finson Realty Limited
for sale by auction, according to The Gleaner.

The report notes that a representative of D.C. Tavares said the
placement of the 110-room property was made by a financial
institution whose name could not be disclosed.

The Gleaner recalls that Vista Ambassador Resort, who had two
name changes from Miranda Hill hotel and later Lifestyle Resorts,
was shuttered for seven years when Hinds announced the US$3
million renovation program in February 2010.  The report relays
that Mr. Hinds proposed at that time to raise cash to
rehabilitate the business by offering about half of the 110 rooms
for sale, priced at US$135,000 to US$150,000, in a switch of
business model.  Purchasers were being offered the option of
leasing back the units to the resort's operators at a fixed
guaranteed rental of US$500 monthly, with the hotel paying the
maintenance and utility costs, Jamaica Gleaner adds.


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


DESARROLLADORA HOMES: Fitch Puts BB- Rating on 2 Sr. Note Classes
---------------------------------------------------------------
Fitch Ratings has assigned the following ratings to
Desarrolladora Homex, S.A.B. de C.V.'s:

  -- Foreign currency Issuer Default Rating (IDR) at 'BB-';
  -- Local currency IDR at 'BB-';
  -- Proposed US$300 million in senior notes due 2017 'BB-(exp)';
  -- US$250 million in senior notes due 2015 'BB-';
  -- US$250 million in senior notes due 2019 'BB-'.

The Rating Outlook is Stable.

The ratings reflect Homex's solid national market position in
Mexico in terms of revenues and sold units, geographic
diversification, as well as sustainable business strategy
oriented mainly to the affiliated low-income housing segment,
primarily in Mexico and to a lesser extent in Brazil.  In
addition, the ratings consider the company's business line
diversification strategy in the homebuilding, tourism and
infrastructure segments.  Also factored in the ratings are the
company's significant land reserves and its access to capital
markets financing.  The ratings are limited by Homex's moderate
leverage, reduced capacity to generate positive free cash flow
and challenges associated with the development of new business
lines, such as the construction and operation of penitentiaries,
as well as its internationalization efforts in Brazil.  Homex's
credit ratings also incorporate a challenging operating
environment and growing working capital requirements.

The Stable Outlook reflects the expectation that Homex's
profitability and main credit metrics from its traditional
homebuilding businesses will remain relatively stable during the
short and medium term.  On a consolidated basis, Fitch expects
some degree of deterioration as the construction and delivery of
the penitentiaries project is completed.

Strong National Market Position

Homex is the largest Mexican homebuilder in terms of revenues,
with MXN21.4 billion generated during the last 12 months (LTM)
ended in September 2011.  In the same period, comparable peers
Corporacion Geo (Geo) and Urbi Desarrollos Urbanos (Urbi)
registered MXN20.5 billion and MXN16.2 billion, respectively.
This reflects Homex's geographic and business diversification
strategy which allows it to have alternate revenue sources
different from the traditional Mexican homebuilding segment.

Homex is the second largest homebuilder in terms of units sold,
with 49,184 units titled during the LTM period ended in September
2011, compared to 44,347 units for full-year 2010.  Geo is the
largest Mexican homebuilder in terms of units sold, as it titled
58,002 and 56,093 units at LTM ended in September 2011 and year-
end 2010 respectively.  Urbi titled 35,813 and 33,478 in the same
comparable periods previously mentioned.

Geographic Diversification

Homex is the most geographically diversified homebuilder in
Mexico with operations in 34 cities in 21 states.  In Fitch's
view, this operating diversification allows the company to
mitigate local or regional volatility, which in turn translates
into stable results.  The company also operates in three cities
located in two Brazilian states. During the first nine months of
2011, Homex concentrated around 35% of its units sold in Estado
de Mexico, and approximately 12% and 10.6% in Jalisco and Baja
California Sur respectively.  Comparable Mexican homebuilder Geo
operates in 20 states in the country while Urbi has developments
in 16 states.

Business Strategy

Homex's sustainable business strategy, oriented mainly to the
affiliated low-income housing segment primarily in Mexico,
supports the ratings.  Units sold in Mexico in the low-income
segment represented 92% and 88.6% in the LTM ended September 2011
and year-end 2010 respectively.  Units sold in Brazil totaled
1.6% and 0.6% for the same periods, while middle income units
accounted for 6.4% in the LTM period ended September 2011 and
10.8% at year-end 2010.  The company has also engaged in
touristic developments in Loreto and Los Cabos in Baja California
Sur and in Cancun.  Homex's condo and townhouse prices usually
are between US$0.25 million-US$0.4 million and are targeted
mainly for U.S. residents.  On Dec. 27, 2010, The Mexican Public
Security Secretary awarded Homex a long-term service contract to
build and operate, over a 20-year term, two federal
penitentiaries: one for MXN5.2 billion and the other for MXN5.4
billion.  The construction is estimated to be finished in 2012
and operations will start in 2013.  Although the development of
this business segment will increase the company's consolidated
leverage ratios, the contracts are expected to provide sustained
cash flows of approximately MXN2.2 billion annually that will be
associated to fully cover operations and debt service.  Homex is
entitled to 100% of value of one penitentiary and 50% of the
other where it shares participation with a business partner.

Land Reserves

As of Sept. 30, 2011, Homex had land reserves of 78.9 millions
square meters equivalent to 435,837 homes, out of which
approximately 92% is reserved for low-income units, including its
Brazilian operations, with a price range from MXN0.2 million to
MXN0.6 million; 7.7% is reserved for homes with a price range
above MXN0.6 million including middle income segment as well as
its tourism division.  Homex's land reserves were registered at
MXN11.8 billion at Sept. 30, 2011.  The company considers that
its land reserves cover six years of future operations,
considering the new densification with 40% of expected sales
being vertical units; management's long term view is to maintain
at least 3.5 years of future production.  During the first nine
months of 2011, the company acquired land reserves in Mexico for
MXN600 million, in line with its annual budget of MXN1 billion.
Fitch believes that Homex's strategy has flexibility to support
future positive free cash flow (FCF) generation, as the industry
moves to a higher proportion of vertical construction.

Negative Free Cash Flow Generation

Fitch expects Homex's consolidated FCF to be negative in 2012
around MXN7.7 billion and neutral excluding the penitentiaries
projects as it is expected to deploy around 55,000 units; 40% of
those units, including Brazil's projects, are expected to be
executed as vertical developments which require a longer working
capital cycle. Homex's target for 2012 is to have a sale mix
consisting of 45% vertical units.  In addition, on a consolidated
basis, the construction of the penitentiaries projects will
reflect additional working capital requirements, as they are
registered by the percentage of completion method.  Fitch
estimates that the company will fund the working capital
requirements from its traditional homebuilding operations with
cash on hand and internally generated cash flows.

Debt Profile

The company plans to issue US$$300 million in senior notes with
proceeds directed mostly to refinance some of its current
indebtedness with maturities in 2012 and 2013.  Fitch considers
this initiative positive as it will improve Homex's financial
flexibility and will extend its debt maturity profile.  As of
Sept. 30, 2011, Homex had MXN3.3 billion of cash and marketable
securities.  Total debt was around MXN14.3 billion, out of which
MXN3.3 billion is short term, primarily composed of bank loans
and bridge loans. As of Sept. 30, 2011, the company has a total
of MXN0.9 billion in bridge loans, secured by the company's
inventory, which are paid as the building cycle is completed; out
of the total balance, MXN0.7 billion mature in 2013.  The
company's long-term debt is primarily composed of two US$250
million senior unsecured notes due in 2015 and 2019,
respectively.

During the first nine months of 2011, total debt increased MXN1.4
billion compared to Dec. 31 2010, but MXN1.1 billion of this
increase is related to the peso depreciation against the U.S.
dollar during the period; the company's foreign currency
denominated debt which is registered according to the exchange
rate at the end of each reported period.

The company will obtain a loan of approximately MXN7.7 billion to
finance the construction of the penitentiaries.  This loan will
be non-recourse to Homex, and the penitentiaries will be non-
restricted subsidiaries.  In addition, the cash flows obtained
from the operation of these contracts will be associated to debt
service.

The company's cash flow generation, measured by EBITDA, increased
to MXN4.6 billion LTM September 2011 from MXN4.2 billion at year-
end 2010.  The company's debt/EBITDA ratio remained stable at 3.1
times (x) LTM September 2011, compared to December 2010.  Homex's
LTM at September 2011 net debt/EBITDA was 2.4x and 2.3x at the
end of 2010.  The ratings incorporate Fitch's expectation that
Homex's Homebuilding business gross leverage will be around 3.0x
during 2012 and in the long term in the range of 2.5x-3.0x.
Fitch will consider Homex's infrastructure business credit
metrics separated from its homebuilding and tourism operations.

Sustained improvement in the company's FCF and leverage in the
traditional business operations (homebuilding, tourism and
infrastructure), in conjunction with stable market share and
profitability, are factors that could result in positive rating
actions.

Conversely, negative rating actions could result from some
combination of the following factors: Pro forma debt/EBITDA
leverage ratio (excluding the penitentiary business line) is
consistently above current level, the penitentiary construction
and execution fails to a point that demands additional resources
from Homex's core business, longer working capital cycle from its
homebuilding segment, growth more aggressive than expected in
Brazil Homebuilding and Tourism segments, a decline of government
funding programs, and deterioration in the company's industry
business environment leading to erosion in the company's market
position.


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


CARIBBEAN RESTAURANTS: Moody's Reviews 'Caa2' CFR for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed Caribbean Restaurants, LLC's
Caa2 Corporate Family and Probability of Default ratings on
review for possible upgrade.  At the same time, Moody's assigned
a B3 rating to the proposed US$20 million first lien 4.5-year
senior secured revolver and a B3 rating to the US$170 million
first lien 5-year senior secured term loan, both to be issued by
a newly created parent holding company of Caribbean's --
Restaurant Holding Company, LLC. Caribbean's existing senior
secured notes rating was affirmed and will be withdrawn once the
transaction closes and the notes repaid.

The company intends to use the net proceeds from the issuance,
combined with a planned cash equity contribution from its owner,
to refinance all existing debt obligations that mature within the
current year.

Rating assigned:

Restaurant Holding Company, LLC

  US$20 million senior secured revolving credit facility due 2016
  -- B3 (LGD3, 31%)

  US$190 million senior secured term loan due 2017 -- B3 (LGD3,
  31%)

Ratings were placed under review for possible upgrade:

Caribbean Restaurants LLC:

  Corporate Family Rating -- Caa2

  Probability of Default Rating -- Caa2

Rating affirmed and will be withdrawn upon closing:

  US$147 million senior secured second lien notes due June 2012
  -- Caa1 (LGD3, 39%)

Ratings Rationale

The review for possible upgrade considers Moody's view that the
proposed refinancing will provide Caribbean with an extended debt
maturity schedule, thus averting an otherwise imminent default
situation in the very near term.  The timely completion of the
refinancing will likely result in a upgrade in Caribbean's
Corporate Family Rating to B3 once the proposed transaction
closes.  The ratings on the new refinancing debt securities were
assigned based on the improved CFR of B3 should the transaction
transpire, subject to Moody's review of final terms and
conditions.

The possible rating upgrade also reflects a modest improvement in
financial leverage and cash flow generation due to reduced debt
level and anticipated interest saving as a result of the
transaction.  Leverage as measured by debt/EBITDA (including
Moody's analytical adjustment but before preferred equity) would
improve to around 6.0x from nearly 7.0x on a proforma basis,
while the debt/EBITDA including adjustment for preferred stock
will improve more significantly to 6.8x from 10.0x thanks to a
proposed conversion of existing preferred stock to common stock
upon closing of the transaction.  In addition, the potential
interest expense savings as contemplated by the refinancing would
result in better cash flow from operation, part of which could be
used to support future store expansion or renovation for both the
Burger King stores and newly introduced Firehouse Subs concept.
Conversely, given the very short time frame the company has to
complete the refinancing before the earliest debt maturity date
on March 1, the current ratings would be pressured if Caribbean
fails to refinance on time.

The rating action, however, also incorporates Caribbean's
earnings vulnerability to consumer spending, its small scale,
geographic concentration in Puerto Rico and the weak local
economy.  Moody's believes the negative pressure on revenue and
earnings will persist so that Caribbean's earnings could likely
decline modestly in the next 12-18 months.  Caribbean's recently
reported weak operating results were primarily driven by the
declining guest traffic at its 177 Burger King franchised
restaurants in Puerto Rico, and margin pressure due to higher
commodity cost and other input cost volatility such as for
utilities.  Moody's believes that the key contributing factors to
the company's weak guest traffic, such as the protracted
recession since 2006 and high unemployment rate (around 14%) in
Puerto Rico, will continue to affect customer spending on dining-
out.  Intensified competition among quick service restaurants
(QSR) focusing on promotional activities will also continue to
exert pressure on revenue and will also limit the company's
ability to pass along higher input cost to protect margins.
"Despite the recent improvement in economic activities in Puerto
Rico per data released by the government and continuous recovery
in the tourism industry, these trends have not yet translated
into higher demand for dining out at Caribbean's restaurants as
consumer discretionary spending remains fragile," explained
Moody's analyst John Zhao.  "We also expect commodity input
costs, such as beef, will remain elevated in the near future,
that would further squeeze margin."  The future earnings
pressure, the mandatory debt amortization requirement and capital
expenditure commitment as well as the increased management fee to
sponsor, will likely diminish some of the effects of the expected
interest saving from the refinancing.

Positive rating consideration was given to strong name
recognition and leading position of the Burger King brand in the
Puerto Rico QSR segment, a seasoned management team and the
company's exclusive development agreement within Puerto Rico.
Therefore, Moody's anticipates any decline in earnings will
likely be modest over the next 12-18 months without depressing
free cash flow sustainably negative, given management's track
record in maintaining steady profitability in a recessionary yet
inflationary environment.  Moody's anticipates the debt/EBITDA
(excluding preferred equity adjustment) will not likely rise
materially above 6.5x in the coming year.  Moody's also expects
the company to maintain adequate liquidity position in the next
12 months.

Caribbean Restaurants, LLC, through an exclusive territorial
development agreement with Burger King Corporation, is the sole
franchisee of Burger King restaurants in Puerto Rico with
approximately 177 units as of July 2011.  Caribbean is a wholly-
owned subsidiary of BKH Acquisition Corp., which in turn is 100%
owned by Castle Harlan Partners, a private equity firm that
purchased the company in 2004.


CARIBBEAN RESTAURANTS: S&P Raises Corp. Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on San Juan, Puerto Rico-based Caribbean Restaurants LLC
to 'B-' from 'CCC'.  The outlook is stable.

"At the same time, we assigned a preliminary 'B-' issue-level
rating to the company's proposed new senior secured facility,
which consists a US$20 million revolving credit facility due 2016
and a US$190 million term loan due 2017.  The debt is being
issued by a holding company, Restaurant Holding Company LLC, and
is guaranteed by Caribbean and all direct and indirect
subsidiaries.

The preliminary recovery rating is '3', indicating our
expectation of a meaningful (50%-70%) recovery a payment default
scenario.  Our 'CCC+' rating on the company's remaining existing
US$149 million senior secured notes is unchanged and we will
withdraw it upon completion of the proposed transaction," S&P
said.

"The ratings on Caribbean Restaurants reflect our belief that
liquidity will improve after the completion of the refinancing,
with an extended maturity profile and adequate covenant
headroom," said Standard & Poor's credit analyst Helena Song.
"It also reflects our expectations that operating performance
will remain relatively stable at the current weak level, as
modest revenue growth will somewhat offset lower margins due to
the continuing weak Puerto Rican economy, commodity cost
pressure, and building new Firehouse Subs concept."

"The outlook is stable and indicates our belief that the
company's operating performance will remain relatively stable at
the current weak level, as modest revenue growth will somewhat
offset lower margins due the persistently weak Puerto Rican
economy, commodity cost pressure, and the building of the new
Firehouse units," S&P said.

"We could lower the ratings if weaker-than-expected performance
results in inadequate covenant headroom and pressuring of the
company's liquidity position," S&P said.

"Although unlikely in the near term, we could raise the ratings
if the company improves its operating performance significantly,
and the trend is supported by adequate liquidity and improved
credit metrics, including debt to EBITDA of 5x-6x. This could
happen if the company improves its EBITDA meaningfully by about
30% through margin expansion of 200 basis points and revenue
growth of 4%," S&P said.


=============
U R U G U A Y
=============


BANCO SANTANDER: Moody's Changes Outlook on 'Ba2' Long-Term GFCDR
-----------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable of the Ba2 long term global foreign currency deposit
ratings of Banco Santander S.A. (Uruguay), Banco Itau Uruguay
S.A., and Lloyds TSB Bank plc (Uruguay).  The change in outlooks
is in line with the change in outlook to positive from stable of
the Ba2 Uruguayan country ceiling for foreign currency deposits,
which constrains the banks' foreign currency deposit ratings.

Moody's also changed the outlook to positive from stable of the
Ba1and the Aa2.uy foreign currency deposit ratings of the two
government-owned banks, Banco de la Republica Oriental del
Uruguay (BROU) and Banco Hipotecario del Uruguay (BHU), on its
global and national scales, respectively.  The change in outlook
reflects the change in the outlook to positive from stable of the
Uruguayan government's Ba1 foreign currency bond rating.  The
Uruguayan government fully and unconditionally guarantees the
obligations of both banks.

The rating actions followed Moody's sovereign rating action
announced on Jan. 26, 2012.  The bank financial strength ratings
of the individual Uruguayan banks remain unaffected.

These rating outlooks were affected:

Banco de la Republica Oriental del Uruguay

  -- Foreign currency deposit rating of Ba1/NP, outlook changed
     to positive from stable

  -- Foreign currency national scale deposit rating of Aa2.uy,
     outlook changed to positive from stable

Banco Santander Uruguay

  -- Foreign currency deposit rating of Ba2/NP, outlook changed
     to positive from stable

Banco Hipotecario del Uruguay

  -- Foreign currency deposit rating of Ba1/NP, outlook changed
     to positive from stable

  -- Foreign currency national scale deposit rating of Aa2.uy,
     outlook changed to positive from stable

Banco Itau Uruguay S.A.

  -- Foreign currency deposit rating of Ba2/NP, outlook changed
     to positive from stable

Lloyds TSB Bank plc (Uruguay)

  -- Foreign currency deposit rating of Ba2/NP, outlook changed
     to positive from stable


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
   Grand Hyatt Atlanta, Atlanta, Ga.
      Contact: http://www.turnaround.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
   Gaylord National Resort & Convention Center,
   National Harbor, Md.
      Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
   The Ritz-Carlton Amelia Island, Amelia Island, Fla.
      Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
   Hyatt Regency Chesapeake Bay, Cambridge, Md.
      Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
   Westin Copley Place, Boston, Mass.
      Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
   JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
      Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
   JW Marriott Chicago, Chicago, Ill.
      Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
   Marriott Wardman Park, Washington, D.C.
      Contact: http://www.turnaround.org/


                            ***********


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 * * *