TCRLA_Public/120206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


           Monday, February 6, 2012, Vol. 13, No. 026



                            Headlines



A R G E N T I N A

BANCO DE SERVICIOS: Moody's Assigns 'Ba2' Global LC Debt Ratings


B A R B A D O S

FOUR SEASONS: Resort Project Hit With Another Lawsuit


C A Y M A N   I S L A N D S

ADAC GLOBAL: Shareholders Receive Wind-Up Report
ALTERNATIVE INVESTMENTS: Shareholders Receive Wind-Up Report
ANCHORAGE CROSSOVER: Shareholders Receive Wind-Up Report
AUAM GP I: Shareholders Receive Wind-Up Report
C & D WOOD: Shareholders Receive Wind-Up Report

CHEYNE VALUE: Shareholders Receive Wind-Up Report
CRESCENT ARABIAN ADVISORS: Shareholders Receive Wind-Up Report
CRESCENT ARABIAN SERVICES: Shareholders Receive Wind-Up Report
CRESCENT BROTHERS: Shareholders Receive Wind-Up Report
CRESCENT POINT: Shareholders Receive Wind-Up Report

ENHANCEMENT FUND: Shareholders Receive Wind-Up Report
FIFTH AVENUE: Shareholders Receive Wind-Up Report
FREE LODGE: Shareholders Receive Wind-Up Report
GOLDMAN SACHS GLOBAL: Shareholders Receive Wind-Up Report
GOLDMAN SACHS QUANTITATIVE: Shareholders Receive Wind-Up Report

GOTHAM ASSET: Shareholders Receive Wind-Up Report
H&F INTERGRAPH: Shareholders Receive Wind-Up Report
JC CO-INVESTMENT: Shareholders Receive Wind-Up Report
JPMORGAN GLOBAL: Shareholders Receive Wind-Up Report
KOROMAS FUND: Members Receive Wind-Up Report

MILLENNIUM INDIA GP: Members Receive Wind-Up Report
MILLENNIUM INDIA LP: Members Receive Wind-Up Report
MILLENNIUM PRIVATE: Members Receive Wind-Up Report
MILLENNIUM TMT INVESTORS: Members Receive Wind-Up Report
MILLENNIUM TMT S TEL: Members Receive Wind-Up Report

NEW VISION: Shareholders Receive Wind-Up Report
RYE SELECT: Shareholders Receive Wind-Up Report
TRAFALGAR MULTI-STRATEGY: Shareholders Receive Wind-Up Report
TREMONT LONG/SHORT: Shareholders Receive Wind-Up Report
VIRADOURO FUND: Shareholder Receives Wind-Up Report


J A M A I C A

DIGICEL GROUP: Court to Hear Firm's Suit Against FTC on Feb. 28
* JAMAICA: Government's Money Woes Deepen in December


M E X I C O

COMAPA: Moody's Assigns 'Ba1' Global Local Currency Rating
ELEKTRA SAB: Fitch Assigns 'BB-' Rating on US$150MM Senior Notes


P U E R T O   R I C O

BMF INC.: Files for Chapter 11 in Puerto Rico


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Shutdown HOVENSA Refinery, Cuts Jobs


T R I N I D A D  &  T O B A G O

CL FIN'L: ECCU Still Negotiating With Trinidad for Policyholders


X X X X X X X X

* BOND PRICING: For the Week January 30 to February 3, 2012


                            - - - - -


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


BANCO DE SERVICIOS: Moody's Assigns 'Ba2' Global LC Debt Ratings
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local currency
senior debt rating to Banco de Servicios Financieros's third bond
issuance for an amount up to ARS30 million, which will be due in
9 months, as well as to the fourth issuance for an amount of
ARS100 million, which will be due in 18 months.  At the same
time, on the National Scale, Moody's assigned Aa1.ar local
currency debt rating to both issuances.

The outlook on all ratings is stable.

The following ratings were assigned to Banco de Servicios
Financieros S.A.:

ARS30 million senior unsecured debt issuance:

  Ba2 Global Local Currency Debt Rating

  Aa1.ar Argentina National Scale Local Currency Debt Rating

ARS100 million senior unsecured debt issuance:

  Ba2 Global Local Currency Debt Rating

  Aa1.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Banco de Servicios Financieros is headquartered in Buenos Aires,
Argentina, with assets of ARS757.3 million and equity of
ARS103.8 million as of September 2011.


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


FOUR SEASONS: Resort Project Hit With Another Lawsuit
-----------------------------------------------------
Caribbean360.com report that the Irish Media said that the Four
Seasons project in Barbados is facing yet another lawsuit.

Irish media reported that TULLOW Oil chief Aidan Heavey is suing
the developers of Four Seasons hotel after construction stalled
following the credit crunch, according to Caribbean360.com.

The report notes that Mr. Heavey from Castlerea, Co Roscommon,
was among several high-profile figures who invested millions of
euro in properties at the planned Four Seasons resort at
Clearwater Bay in Barbados.

Caribbean360.com discloses that legislation was required to
guarantee the liabilities of Clearwater Bay Ltd, a company
controlled by the government, to facilitate the resumption of the
Four Seasons Development project.  The report relates that the
Guarantee of Loan Act allowed the repayment of some US$34m to the
Bank of Scotland, which pulled out of the deal in 2009.

Most recently the new man at the helm, Professor Avinash Persaud,
disclosed that Paradise Beach Limited was on the verge of
securing the last US$5 million needed to restart construction at
Four Seasons, Caribbean360.com notes.

As reported in the Troubled Company Reporter-Latin America on
Jan. 20, 2012, Caribbean360.com said that Barbados Minister of
Finance and Economic Affairs Christopher Sinckler has confirmed
that the Barbados National Insurance Scheme (NIS) will invest in
the beleaguered Four Seasons resort project.  Paradise Beach
Limited, the company seeking to restart Four Seasons, had sought
last year a BDS$60 million investment from the NIS, and Minister
Sinckler confirmed that the entity would join the national
insurance schemes of Dominica and St Vincent and the Grenadines
as minority investors in the Barbados-based tourism project,
according to Caribbean360.com.   Jamaica Observer related that
that a Four Seasons Hotel project in Barbados has run into
problems after the US$20 million government guarantee that has
kick-started the stalled project is said to be not enough to
complete the planned luxury facility.

                       About Four Seasons

Four Seasons Hotels -- http://www.fourseasons.com/-- manages
some 75 luxury hotels and resorts in more than 30 countries.
Most properties are operated under the Four Seasons name, but
some are Regent hotels.  It has ownership interests in only about
half of its properties, having shifted from a hotel owner to a
hotel operator in the 1990s.  In 2007, Four Seasons Hotels board
members took the company private.


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


ADAC GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Adac Global Arbitrage Fund received on
Jan. 9, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Amanda Yang
         Telephone: (852) 9400-2605
         Facsimile: (852) 3753-3337
         Ogier Fiduciary Services (Cayman) Limited
         89 Nexus Way, Camana Bay
         Grand Cayman
         Cayman Islands KY1-9007
         Cayman Islands


ALTERNATIVE INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Alternative Investments Institutional Euro
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 CROSSOVER: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Anchorage Crossover Credit Finance, 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


AUAM GP I: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of AUAM GP I, 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


C & D WOOD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of C & D Wood Holdings C.A. 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 VALUE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Cheyne Value 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


CRESCENT ARABIAN ADVISORS: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Crescent Arabian Advisors Limited received on
Jan. 26, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CRESCENT ARABIAN SERVICES: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Crescent Arabian Services Ltd. received on
Jan. 26, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CRESCENT BROTHERS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Crescent Brothers, Ltd. received on Jan. 26,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CRESCENT POINT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Crescent Point Arabian Opportunities
Investments Limited received on Jan. 26, 2012, the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


ENHANCEMENT FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Enhancement Fund 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:

         Lisa Clarke
         c/o Lisa Clarke or Jean Ebanks
         Telephone: (345) 945-2187/ (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


FIFTH AVENUE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Fifth Avenue Tower, 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


FREE LODGE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Free Lodge 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:

         UBS Nominees Ltd.
         c/o Stephen R. Nelson
         Telephone: 949-4544
         Facsimile: 949-7073
         e-mail: stephen.nelson@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709 Grand Cayman, KY1-1107
         Cayman Islands


GOLDMAN SACHS GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Goldman Sachs Global Volatility Fund
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


GOLDMAN SACHS QUANTITATIVE: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Goldman Sachs Quantitative Commodities Alpha
Fund 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


GOTHAM ASSET: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Gotham Asset Management (International), Ltd.
received on Jan. 5, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Gotham Funds G.P. LLC
         c/o Bernard Seibert
         535 Madison Avenue, 30th Floor
         New York, New York 10022
         United States of America
         Telephone: 212-319-4100
         Facsimile: 212-319-4419


H&F INTERGRAPH: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of H&F Intergraph (Bentley) Blocker 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


JC CO-INVESTMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of JC Co-Investment Co. 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


JPMORGAN GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of JPmorgan Global Select Equity 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


KOROMAS FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of Koromas Fund 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:

         Turner & Roulstone Management Ltd
         PO Box 2636 Strathvale House
         90 North Church Street
         Grand Cayman, KY1-1102
         Cayman Islands
         c/o Gavin Lowe
         Telephone:  1 345 943 5555


MILLENNIUM INDIA GP: Members Receive Wind-Up Report
---------------------------------------------------
The members of Millennium India II Fund G.P. received on Jan. 10,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Margot Macinnis
         c/o Jeremy Anderson
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


MILLENNIUM INDIA LP: Members Receive Wind-Up Report
---------------------------------------------------
The members of Millennium India II Fund L.P. received on Jan. 10,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Margot Macinnis
         c/o Jeremy Anderson
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


MILLENNIUM PRIVATE: Members Receive Wind-Up Report
--------------------------------------------------
The members of Millennium Private Equity (TMT) received on
Jan. 10, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Margot Macinnis
         c/o Jeremy Anderson
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


MILLENNIUM TMT INVESTORS: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Millennium TMT Fund Investors 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:

         Margot Macinnis
         c/o Jeremy Anderson
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


MILLENNIUM TMT S TEL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Millennium TMT Fund S Tel Investment 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:

         Margot Macinnis
         c/o Jeremy Anderson
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


NEW VISION: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of New Vision Investment 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


RYE SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Rye Select Fund Series SPC 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


TRAFALGAR MULTI-STRATEGY: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Trafalgar Multi-Strategy Fund 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


TREMONT LONG/SHORT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Tremont Long/Short Equity Portfolio 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


VIRADOURO FUND: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Viradouro Fund Limited received on Jan. 9,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Ben Gillooly
         Telephone: (345) 815-1764
         Facsimile: (345) 949-9877



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


DIGICEL GROUP: Court to Hear Firm's Suit Against FTC on Feb. 28
---------------------------------------------------------------
RJR News reports that Digicel Group Limited's lawsuit challenging
the legal standing of the Fair Trading Commission to oppose its
merger with telecoms provider Claro Jamaica will be heard in the
Supreme Court on February 28.

The merger between Digicel Group and Claro Jamaica is slated to
take effect on March 1 when Claro Jamica will cease operating in
Jamaica, according to RJR News.

RJR News notes that if Digicel Group's application is successful,
the FTC's opposition to the merger will be thrown out.

As reported in the Troubled Company Reporter-Latin America on
Jan. 9, 2012, Jamaica Observer said that telecommunications
company, LIME, endorsed the lawsuit filed in the Supreme Court
against the Digicel Group and Claro Jamaica merger by FTC and
supports the Commission's position that the deal is anti-
competitive.  The FTC suit follows on legal action taken by LIME
last year to compel the Commission to oppose the merger in the
interest of Jamaican consumers, according to Jamaica Observer.

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.

Digicel is incorporated in Bermuda based in Jamaica.  It has
operations in 31 markets worldwide.  Its Caribbean and Central
American markets comprise Anguilla, Antigua & Barbuda, Aruba
Barbados, Bermuda, Bonaire, the British Virgin Islands, the
Cayman Islands, Curacao, Dominica, El Salvador, French Guiana,
Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica,
Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the
Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos.  The
Caribbean company also has coverage in St. Martin and St. Barts.
Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga
and Vanuatu.

                        *     *     *

As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


* JAMAICA: Government's Money Woes Deepen in December
-----------------------------------------------------
RJR News reports that Jamaica government's total revenues and
grants fell JM$7 billion below target in December.

The lower revenues add to the revenue fallout the government has
been seeing so far, this fiscal year, and push the accumulated
shortfall to JM$15.5 billion, according to RJR News.  The report
relates that the shortfall comes as imports fell below
expectations, yielding lower-than-planned import taxes in the
process.

RJR News notes that other shortfalls came from corporate tax
receipts, general consumption tax, and the tax authorities missed
target with respect to delinquent tax payers.

With the lower-than-planned-for revenues, spending was cut by
9 billion dollars over the period, the report discloses.  RJR
News relates that despite the cutbacks, the fiscal deficit at the
end of December was 6 and a half billion dollars above target, at
more than JM$56 billion.

                          *     *     *

As of Jan. 2, 2012, Jamaica continues to carry Standard and
Poor's "B-" long-term debt ratings and "C" short-term debt
ratings.


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


COMAPA: Moody's Assigns 'Ba1' Global Local Currency Rating
----------------------------------------------------------
Moody's de Mexico assigned first-time issuer ratings of A1.mx
(Mexico National Scale) and Ba1 (Global Scale, local currency) to
the Comision Municipal de Agua Potable y Alcantarillado de la
Zona Conurbada de la Desembocadura del Rio Panuco en el Estado de
Tamaulipas (COMAPA). The ratings outlook is stable.

Ratings Rationale

"The issuer ratings assigned to COMAPA reflect very low debt
levels compared to national peers, offset by COMAPA's volatile
consolidated financial results and net working capital with a
negative trend from 2006 to 2010 that was redressed in 2011,"
says Roxana Munoz, lead analyst for COMAPA.  The ratings also
take into account the strong likelihood that the State of
Tamaulipas (Baa3/Aa3.mx, negative outlook) would act to prevent a
default by COMAPA.

During the 2006-2009 period, COMAPA recorded cash financing
results averaging 3.8% of total revenues, nevertheless in 2010 it
posted a cash financing requirement equivalent to -16.4%.  This
deterioration was mainly driven by an increase in both operating
and capital expenditures, which grew by 18% from 2009 to 2010.
During 2011, COMAPA redressed the deterioration with the
implementation of cost-cutting measures.  The company also made
efforts to increase revenues.  These measures helped COMAPA
register a cash financing surplus of 12.6% of total revenues in
2011 according to preliminary results.

COMAPA's liquidity measured by net working capital (current
assets minus current liabilities as a percentage of total
expenditures) had a negative trend, decreasing from 28% in 2006
to -5.8% in 2010 as a result of the financial deterioration that
year.  Despite this trend, the new administration took several
measures to decrease its current liabilities during 2011, which
helped improve COMAPA's liquidity position.  Net working capital
as of December 2011 was equivalent to 14.7% of total
expenditures.  "We expect COMAPA to register positive liquidity
going forward, as the current administration is planning to
continue with the measures recently implemented to improve its
balance sheet position," said Munoz.

COMAPA has registered very low debt levels compared to national
peers during the last six years, registering peak debt levels
equivalent to 24.8% of total revenues in 2010.  In 2011, COMAPA
registered 6.3% of debt to total revenues, as it paid off
approximately MXN 95 million of short term debt.  Moody's expects
that debt levels will remain at a very low level, as it does not
have plans to contract additional debt in the near future.

COMAPA is governed by a Board of Directors, which includes one
representative from each of the two municipalities and five state
representatives.  The Director is appointed by the State Governor
and attends all Board meetings.

Moody's assigns a strong likelihood that the State of Tamaulipas
(rated Baa3/Aa3.mx, negative outlook) would act to prevent a
default by COMAPA.  "The strong likelihood reflects the
governance linkages noted above and a guarantee provided by the
State of Tamaulipas on COMAPA's long term debt," said Mrs. Munoz.
While Tamaulipas provides a guaranteed on existing long term
debt, no such guarantee exists for general obligations of COMAPA.

What Could Change The Rating Up/Down

Continued and sustained cash financing surpluses and low debt
levels reflecting the company's capacity to finance its capital
investments with own source revenues as well as a sustained
improvement in its liquidity position, could exert upward
pressure on the ratings.  In addition, an uplift on Tamaulipas'
issuer ratings might lead to an upgrade of COMAPA's issuer
ratings.

A deterioration of financial performance resulting in debt
increases and a tightening of liquidity, and/or a shift in
management practices, could exert downward pressure on the
ratings.  In addition a downgrade on Tamaulipas' issuer ratings
may lead to a downgrade in COMAPA's issuer ratings.


ELEKTRA SAB: Fitch Assigns 'BB-' Rating on US$150MM Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Elektra S.A.B. de
C.V's US$150 million reopening of its senior notes due 2018.  The
notes are unsecured and have the guarantee of all non-regulated
subsidiaries, among others:

  -- Elektra del Milenio, S.A. de C.V.;

  -- Salinas y Rocha, S.A. de C.V.;

  -- Comercializadora de Motocicletas de Calidad, S.A. de C.V.;

  -- Inmuebles Ardoma, S.A. de C.V.;

  -- Procuraduria de Cobranza Judicial, S.A. de C.V.;

  -- Elektra Guatemala S.A. de C.V.;

  -- Servicios de Telecomunicaciones Viva, S.A. de C.V.; and

  -- GS Distribucion, S.A. de C.V.

Proceeds from the reopening are expected to be used primarily for
potential acquisitions, domestic or international, and, to a
lesser extent, for general corporate uses.

Fitch currently rates Grupo Elektra as follows:

  -- Foreign & Local Currency Issuer Default Rating (IDR) 'BB-';

  -- Long-term National Scale Rating 'A(mex)';

  -- Short-term National Scale Rating 'F2(mex)';

  -- US$400 million senior notes due 2018 'BB-';

  -- MXN3,000 million long-term Certificados Bursatiles
     issuances (ELEKTRA10-2 y ELEKTRA11) 'A(mex)';

  -- MXN5,000 million short- and long-term Certificados
     Bursatiles program 'F2(mex)' and 'A(mex)', respectively.

The Rating Outlook is Stable.

Elektra's ratings reflect its operation's geographical
diversification, its market position both in the retail and
finance business, the latter including Banco Azteca (BAZ; rated
'A(mex)' by Fitch), as well as the strong linkage between both
operations.  On the retail side, the ratings are supported by its
market share, being one of the leading chains in its sector, with
considerable brand equity (Elektra), supported by an extensive
retail network across Mexico and, increasingly, in countries such
as Guatemala, Honduras, Panama, El Salvador, Peru, Brazil and
Argentina.  Grupo Elektra's retail operations are strongly linked
to those of Banco Azteca, a result of the retail business
strategy of selling on credit.  BAZ's credit quality is supported
by its management expertise in consumer credit, asset quality,
strong liquidity and the credit risk of its portfolio.  The
ratings incorporate the company's approach of offering financial
services to low-income retail customers, a retail division's
leverage (retail division's total debt to EBITDA) of 2.5 times(x)
over the long term, controlling ownership by the Salinas family
and track record of transactions with related entities.

Fitch believes that the retail operation, by focusing on
consolidating operations under the Elektra banner over the last
few years, in introducing new products (such as motorcycles), and
in diversifying geographically across Latin America, tempers its
business risk (operations in Mexico, both retail and financial,
generate about 87% of the Group's consolidated revenues).  The
company competes in a highly competitive market, in which other
participants have increased their footprint.

Fitch expects solid sales and EBITDA generation for 2012, based
on moderate growth of the Mexican economy.  Over the last few
years, a better business climate, the discontinuation of low
profitability product lines, and changes in marketing strategies,
have resulted in revenues increasing for the retail division.  As
of 3Q'11, measured over Last Twelve Months (LTM), retail sales
grew by 13% above previous year's levels.  Operating margins
climbed to 21% in 3Q'11 LTM, above the 19% registered the
previous year.  This is in contrast with the stable sales and
decreasing operating margins between 2007 and 2009.

BAZ's ratings reflect its broad experience and competitive
advantage in consumer finance, an ample stream of recurring
revenues, adequate capitalization, as well as an ample, stable
and diversified base of core customer deposits that allow the
bank to maintain a good operating performance and robust
liquidity.  The ratings also consider the challenges associated
to maintain asset quality metrics amid a less favorable economic
environment (although impairment levels and reserve coverage
ratios have improved steadily in 2010 and the first nine months
of 2011), as well as the weak operating efficiency ratios arising
from the high management costs in the consumer finance business
(cost-to-income ratio of 87.3% in 9M11).  Core profitability has
recovered to some extent, although most ratios remain relatively
volatile, given the better contained credit costs (9M11: 66.3% of
pre-impairment operating profits) and a higher contribution of
other revenues such as fees and trading income.  This has allowed
Banco Azteca to gradually rebuild the performance ratios since
the very weak metrics reported in the 2008 period.

BAZ's loan portfolio has gradually diversified, reducing the
relative contribution of consumer loans (66.7% of total as of
3Q'11) and increasing the share of commercial loans, although
these remain highly concentrated by borrower.  Despite the
adverse operating environment in recent years, the bank
management has successfully contained the impact on overall asset
quality. Impairments loans as of 3Q'11 were 3.74% (2010: 4.60%),
although this is still reliant on a high level of charge offs.
Borrower concentration is high, although this risk is partially
mitigated by conservative collateral requirements.  Capital
ratios remain reasonable despite material lending resumption in
2010 and 2011 (Fitch core capital accounted for 10.85% of risk
weighted assets as of 3Q'11, while the equivalent Mexican
regulatory capital ratio was 12.74% of risk weighted assets for
the same period).  The securities portfolio (28.9% of total
assets at the same date) had moderate credit and market risk, but
further enhanced the bank's sound funding and liquidity profile.

For the LTM ended Sept. 30, 2011 and in consolidated terms, debt
to EBITDA (including bank deposits), has kept constant at 10.2
times (x), compared to 10.1x over the same period the previous
year.  Nonetheless, with regards to the retail operation's
leverage (which excludes BAZ and other financial businesses);
Fitch estimates that total debt to EBITDA (LTM September 2011) is
about 3.0x, higher than the same period the previous year.
Nonetheless, Fitch estimates that this ratio should be around
2.7x (2.3x for covenant purposes) when the offering and several
debt payments made by ELEKTRA during the 4Q'11 and 1Q'12 are
taken into account.  Fitch expects that, over the long term,
total debt to EBITDA, excluding BAZ, should converge towards
2.5x.  The prospect of leverage remaining over 2.5x would
pressure the ratings.

As of September 2011, the retail business' total debt (excluding
BAZ and other financial businesses) amounted to MXN$14.8 billion,
75% above the same period in 2010 (57% when taking into account
the aforementioned debt amortizations in 4Q'11).  This increase
was primarily driven by the issuance in 2011 of Certificados
Bursatiles for MXN2 billion and Senior Notes, due 2018, for
US$400 million.  Proceeds from these issues were used to
refinance debt and increase cash and marketable securities'
levels, to fund future Capex in Mexico and Latin America.  Debt
is made up of bank loans, debt issuances and structured
issuances.  Elektra has paid annual dividends of about MXN350
million and Fitch expects that this amount will increase
moderately.


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


BMF INC.: Files for Chapter 11 in Puerto Rico
---------------------------------------------
BMF, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. P.R.
Case No. 12-00658) on Jan. 31, 2012.  BMF, a water bottler and
distributor based in Caguas, Puerto Rico, disclosed US$12.3
million in assets and US$8.9 million in liabilities.  C. Conde &
Associates will charge the Debtor US$150 to US$300 per hour for
services provided by its paralegals and attorneys.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: To Shutdown HOVENSA Refinery, Cuts Jobs
---------------------------------------------------------------
Caribbean360.com reports that Petroleos De Venezuela S.A. will
shutdown its HOVENSA oil refinery -- a joint venture between the
Hess Corporation and Petroleos de Venezuela SA --  in the
Caribbean.

Officials at the refinery, which is one of the 10 largest in the
world, disclosed that losses totalling US$1.3 billion in the past
three years, and which were projected to continue, were the major
reason for the closure, according to Caribbean360.com.

The report notes that the United States Virgin Islands government
officials are assuring the public that it has a plan to assist
the thousands of people who will lose their jobs when the oil
refinery closes.  However, Cariibean360.com relates that Labor
Department Commissioner Albert Bryan Jr. has been candid in his
assessment of what the closure of the refining operations of the
plant will mean for the USVI.

Caribbean360.com discloses that the closure of the refinery,
which is the largest employer in the territory, will mean the
termination of employment for 1,018 employees, and up to 1,200
who work for HOVENSA's contractors.  The report relates that it
could mean an additional 10 percent of the territory's workforce
is put out of work, and raising St Croix's unemployment rate to
18.7%.

Caribbean360.com notes that after formal shutdown of the
refinery, most of those employed at HOVENSA will continue working
through a transition period.  Thereafter, approximately 100
people will remain to work at the oil storage terminal, the
report adds.


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


CL FIN'L: ECCU Still Negotiating With Trinidad for Policyholders
----------------------------------------------------------------
Caribbean360.com reports that St. Kitts and Nevis Prime Minister
Dr. Denzil Douglas has stated that the Eastern Caribbean Currency
Union (ECCU) is looking to redress from the Trinidad and Tobago
government over the fallout from the collapses of Colonial Life
Insurance Company (Trinidad) Limited (CLICO) and British-American
Insurance Company (BAICO).  Both companies are subsidiaries of CL
Financial Limited.

Dr. Douglas revealed that the ECCU continues to seek financial
relief from the Government of Trinidad and Tobago, both in
support of policy holders as well as in support of regional
institutions whose investments in BAICO now pose a risk to the
member countries, according to Caribbean360.com.

The report notes that Dr. Douglas noted that a Health Insurance
Fund was in place for most of last year in order to assist
affected BAICO health insurance policy holders.

"Even as we continue to pursue the best possible outcomes for
policy holders, however, it should be understood that final
outcomes for BAICO and CLICO will not be the same -- due to the
assets held by CLICO," the report quoted Prime Minister Douglas
as saying.

The report notes that Dr. Douglas said that the complex and
highly technical undertaking of recapitalizing and selling BAICO
is now underway.   Caribbean360.com relays that Dr. Douglas said
that at the end of this process, which could last until the third
quarter of this year, regional Governments wish to see "policy
holders having received some relief, and a significantly
strengthened ECCU insurance marketplace."

The Prime Minister said it was anticipated that some 2 out of
every 3 of BAICO's remaining policy holders will be assisted as a
result of the efforts of the Eastern Caribbean Currency Union,
Caribbean360.com adds.

                        About CL Financial

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

                         *     *     *

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

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


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


* BOND PRICING: For the Week January 30 to February 3, 2012
-----------------------------------------------------------


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

ARGENTINA
---------

ARGENT- DIS               8.28    12/31/2033      USD       71.58
ARGENT- AR                1.18    12/31/2038      ARS       46.27
ARGENT- DIS               7.82    12/31/2033      EUR          55
ARGENT- DIS               7.82    12/31/2033      EUR       59.25
ARGENT- DIS               7.82    12/31/2033      EUR          56
ARGENT- DIS               4.33    12/31/2033      JPY          42
ARGENT- PAR               0.45    12/31/2038      JPY          15
ARGENT- PAR&GDP           0.45    12/31/2038      JPY           8
PROV BUENOS AIRE         9.625    4/18/2028       USD       71.28


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

BANCO BPI (CI)            4.15    11/14/2035      EUR       42.13
BCP FINANCE BANK          5.01    3/31/2024       EUR       42.75
BCP FINANCE BANK          5.31    12/10/2023      EUR       44.75
BCP FINANCE CO           5.543                    EUR          29
BCP FINANCE CO           4.239                    EUR       29.67
BES FINANCE LTD           5.58                    EUR       35.33
BES FINANCE LTD            4.5                    EUR          44
CAM GLOBAL FIN            6.08    12/22/2030      EUR       60.25
CHINA FORESTRY           10.25    11/17/2015      USD       59.85
CHINA FORESTRY           10.25    11/17/2015      USD       58.13
CHINA HUIYUAN JU             4    4/29/2016       USD          74
CHINA MED TECH               4    8/15/2013       USD       19.88
CHINA SUNERGY             4.75    6/15/2013       USD          46
EFG ORA FUNDING            1.7    10/29/2014      EUR        49.3
ESFG INTERNATION         5.753                    EUR       36.25
FANTASIA HOLDING            14    5/12/2015       USD       74.38
FANTASIA HOLDING            14    5/12/2015       USD        74.5
GREENTOWN CHINA              9    11/8/2013       USD        70.5
GREENTOWN CHINA              9    11/8/2013       USD        70.5
JINKOSOLAR HOLD              4    5/15/2016       USD       51.43
LDK SOLAR CO LTD          4.75    4/15/2013       USD          60
LDK SOLAR CO LTD          4.75    4/15/2013       USD       63.25
LDK SOLAR CO LTD          4.75    4/15/2013       USD          80
LDK SOLAR CO LTD            10    2/28/2014       CNY       66.05
LUPATECH FINANCE         9.875                    USD          74
LUPATECH FINANCE         9.875                    USD       72.25
MBPS FINANCE             11.25    11/15/2015      USD          73
MBPS FINANCE             11.25    11/15/2015      USD       73.88
POWERLONG RE HLD         13.75    9/16/2015       USD          74
POWERLONG RE HLD         13.75    9/16/2015       USD       74.18
PUBMASTER FIN             8.44    6/30/2025       GBP          58
PUBMASTER FIN            5.943    12/30/2024      GBP       67.92
PUNCH TAVERNS            4.767    6/30/2033       GBP       66.88
SOLARFUN POWER H           3.5    1/15/2018       USD       62.28
SOLARFUN POWER H           3.5    1/15/2018       USD          60
SPG LAND HOLDING          13.5    4/8/2016        USD          68
SUNTECH POWER                3    3/15/2013       USD          73
SUNTECH POWER                3    3/15/2013       USD        72.2
YUZHOU PROPERTIE          13.5    12/15/2015      USD       75.25

CHILE
-----
AGUAS NUEVAS               3.4    5/15/2012       CLP       0.878
CGE DISTRIBUCION          3.25    12/1/2012       CLP       19.85
COLBUN SA                  3.2    5/1/2013        CLP       74.33
ESVAL S.A.                 3.8    7/15/2012       CLP       12.51
MASISA                    4.25    10/15/2012      CLP       20.13
QUINENCO SA                3.5    7/21/2013       CLP       25.24

PANAMA
------

NEWLAND INT PROP           9.5    11/15/2014      USD          51

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

BANCO SANTANDER            6.1    6/1/2032        USD       63.72
BANCO SANTANDER            6.3    6/1/2032        USD       72.79
PUERTO RICO CONS             6    12/15/2034      USD        0.01
PUERTO RICO CONS           6.3    11/1/2033       USD        0.01
PUERTO RICO CONS           6.2    5/1/2017        USD          53
PUERTO RICO CONS           6.5    4/1/2016        USD       68.71

VENEZUELA
---------

ELEC DE CARACAS            8.5    4/10/2018       USD       63.44
PETROLEOS DE VEN           5.5    4/12/2037       USD       51.92
PETROLEOS DE VEN         5.375    4/12/2027       USD       53.96
PETROLEOS DE VEN          5.25    4/12/2017       USD       71.61
PETROLEOS DE VEN         5.125    10/28/2016      USD       73.26
PETROLEOS DE VEN             9    11/17/2021      USD       74.58
VENEZUELA                    7    3/31/2038       USD       63.61
VENEZUELA                    7    3/31/2038       USD       63.36
VENEZUELA                    6    12/9/2020       USD        67.5
VENEZUELA                 7.65    4/21/2025       USD       68.75
VENEZUELA                 8.25    10/13/2024      USD          74


                            ***********


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 * * *