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


            Wednesday, February 22, 2012, Vol. 13, No. 037


                            Headlines



A R G E N T I N A

AUTOVIA OESTE: Asks for Bankruptcy Proceedings
BLUEPRINT SA: Creditors' Proofs of Debt Due March 30
GADESUR SA: Creditors' Proofs of Debt Due April 10
METROGAS SA: Local Court Postpones Bondholders' Meeting to June
NUTRIFROST SA: Requests for Opening of Bankruptcy Proceedings

TELE OPCION: Creditors' Proofs of Debt Due March 15
* BUENOS AIRES: Moody's Assigns 'B2' Rating to Series 10 Notes


B E L I Z E

* BELIZE: Moody's Downgrades Bond Rating to 'Caa1'
* BELIZE: S&P Cuts Sovereign Credit Ratings to 'CCC+'


B R A Z I L

COMPANIA SIDERUGICA: Moody's Says Ba1 CFR Unaffected by Stahlwerk
GOL LINHAS: Moody's Revises 'B1' Rating Outlook to Negative
GRUPO FARIAS: Moody's Assigns '(P)B3' Ratings; Outlook Stable


C A Y M A N   I S L A N D S

AMICUS WIRELESS: Placed Under Voluntary Wind-Up
ANTHRACITE BALANCED: Commences Liquidation Proceedings
ASIACREST DEEPWATER: Shareholder Receives Wind-Up Report
BLUEBAY MULTI-STRATEGY: Commences Liquidation Proceedings
BLUEBAY MULTI-STRATEGY FUND: Commences Liquidation Proceedings

BLUEBAY MULTI-STRATEGY PLUS: Commences Liquidation Proceedings
BLUEBAY VALUE: Commences Liquidation Proceedings
BLUEBAY VALUE FUND: Commences Liquidation Proceedings
EXAMINE CAPITAL: Commences Liquidation Proceedings
FAIRFIELD RAVEN: Commences Liquidation Proceedings

GRANITE FUND: Members' Final Meeting Set for Feb. 22
HIBERNIA HOLDINGS: Commences Liquidation Proceedings
INSPECT CAPITAL: Commences Liquidation Proceedings
PRECISION CAPITAL: Commences Liquidation Proceedings
SUCCESSOR X: Moody's Assigns 'B2(sf)' Rating to US$40MM Notes

TAG FUSION: Shareholder Receives Wind-Up Report
THREADNEEDLE APEX: Commences Liquidation Proceedings
THREADNEEDLE APEX COMMODITIES: Commences Liquidation Proceedings
THREADNEEDLE APEX FUND: Commences Liquidation Proceedings
WELLINGTON: Commences Liquidation Proceedings

ZOOM PLUS: Commences Liquidation Proceedings


C O S T A   R I C A

* COSTA RICA: S&P Affirms 'BB/B' Sovereign Credit Ratings


J A M A I C A

LIME JAMAICA: Unions Urge to Fast Track Telecom Legislation


T R I N I D A D  &  T O B A G O

CL FIN'L: Inquiry on Firm's Collapse to Resume on Feb. 23



                            - - - - -


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A R G E N T I N A
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AUTOVIA OESTE: Asks for Bankruptcy Proceedings
----------------------------------------------
Autovia Oeste SA asked for bankruptcy proceedings.

The company has defaulted on its payments last Sept. 6, 2011.


BLUEPRINT SA: Creditors' Proofs of Debt Due March 30
----------------------------------------------------
Maria Alejandra Barbieri, the court-appointed trustee for
Blueprint SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 30, 2012.

Ms. Barbieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria Alejandra Barbieri
         Av. Cabildo 2040
         Argentina


GADESUR SA: Creditors' Proofs of Debt Due April 10
--------------------------------------------------
Alfredo Oscar Legnazzi, the court-appointed trustee for Gadesur
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 10, 2012.

Mr. Legnazzi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Alfredo Oscar Legnazzi
         Cerrito 1136
         Argentina


METROGAS SA: Local Court Postpones Bondholders' Meeting to June
---------------------------------------------------------------
Ken Parks at Dow Jones Newswires reports that Metrogas SA
disclosed that the federal court overseeing its reorganization
under local bankruptcy laws has granted its request to postpone a
meeting with bondholders until June.

In a filing with the Buenos Aires Stock Exchange, Metrogas SA
also said the meeting will now be held on June 18 instead of Feb.
24 as previously scheduled, according to Dow Jones' Newswires.
An informative hearing, according to the report, was also pushed
back to July 11 from March 2.

Dow Jones Newswires recounts that the federal government, through
state-run company Enargas, took over management of Metrogas SA
after it filed for protection from its creditors in June 2010.
The report notes that in November, Metrogas SA said it would
offer creditors new U.S. dollar-denominated bonds maturing Dec.
31, 2018, equal to 53.2% of unsecured claims.

Argentina's public utilities have struggled to make money after
the government froze rates for most utility services during the
2001-02 economic crisis, the report discloses.

                         About Metrogas SA

Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.
Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the
area of the Federal Capital and southern and eastern Greater
Buenos Aires, by operating the assets allocated to the Company by
GdE for a 35-year period from the Takeover Date (Dec. 28, 1992).
This period can be extended for an additional 10 year period
under certain conditions.

MetroGAS' controlling shareholder is Gas Argentino S.A., who
holds 70% of the Common Stock of the Company.  The 20%, which was
originally owned by the National Government, was offered in
public offering and the remaining 10% is under the Employee Stock
Ownership Plan ("Programa de Propiedad Participada" or "PPP").

The suspension of the original regime for tariff adjustments and
the inability to generate sufficient cash flows to pay its
financial debt obligations led the Company to file a petition for
a voluntary reorganization proceeding (concurso preventivo) in an
Argentine court on June 17, 2010.

On July 12, 2011, the Company presented a Reorganization Proposal
to all unsecured creditors with proved and admissible claims.
The offer consists of the payment of the unsecured claims, either
proved or admissible, by means of the delivery, in exchange for
and payment of such credits, of negotiable obligations payable in
14 years, in American Dollars, for 45%, measured in American
Dollars, of the unsecured claims verified or declared admissible
-- Negotiable Obligations.

The Negotiable Obligations will be amortized 1% per year from
year 3 to, and including, year 13, and the remaining balance
(89%) will be amortized at the maturity of the Negotiable
Obligations, in year 14.  The Negotiable Obligations will accrue
interest at an annual fixed rate of 4% and will be issued in two
series under substantially the same terms and conditions.  Both
will be offered in public bids.  One of the series will be
offered in exchange to those creditors with unsecured claims who
hold existing negotiable obligations with public offer, and the
other series will be offered to the other unsecured creditors who
are not bondholders.

On Oct. 3, 2011, commercial creditor consents to MetroGAS' offer
were presented before the reorganization procedure court, in such
a number that represents the absolute majority of the verified
creditors.


NUTRIFROST SA: Requests for Opening of Bankruptcy Proceedings
-------------------------------------------------------------
Nutrifrost SA requested the opening of bankruptcy proceedings.


TELE OPCION: Creditors' Proofs of Debt Due March 15
---------------------------------------------------
Braian Leizerov, the court-appointed trustee for Tele Opcion SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 15, 2012.

Ms. Leizerov will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Braian Leizerov
         Lavalle 1290
         Argentina


* BUENOS AIRES: Moody's Assigns 'B2' Rating to Series 10 Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating (global scale)
to the Series 10 notes issued by the City of Buenos Aires for up
to US$500 million.  The city's foreign currency rating of B2 is
constrained by Argentina's foreign currency country ceiling,
currently B2.

Ratings Rationale

The notes are scheduled to mature in February 2017 and are to be
offered under the city's Medium Term Note Program, which is
currently limited to a maximum authorized amount of US$1.4
billion.  The notes, which will pay interest at a fixed rate on a
semi-annual basis, are direct, unconditional, unsecured and
unsubordinated obligations of the city ranking at all times pari
passu without any preference among themselves.

The rating assigned to the Series 10 notes, equivalent to the
Argentine foreign currency country ceiling for bonds, reflects
the city's broad economy, which generates incomes far higher than
the national average, and relatively low debt levels that have
been reduced steadily since 2003.  Debt levels remain low, though
with a large share of foreign currency debt (80% as of December
2011), exposing the city to devaluation risk.  Even though
operating revenues are highly sensitive to economic cycles, the
city benefits from a high own-source revenue base (89%) that
contributes to financial flexibility.

Buenos Aires' position relative to national peers reflects a high
degree of financial flexibility fed by a strong own-source
revenue base and significantly lower debt levels.  However, the
city's credit profile also reflects serious credit risks stemming
from economic uncertainty and the need to resist ongoing spending
pressures, especially from personnel costs.  Continued
application of prudent fiscal policies remains a necessary
condition for debt stabilization matching revenue and expenditure
growth.

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

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

The methodologies used in this rating were Regional and Local
Governments Outside the US published inMay 2008, and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008.

The Local Market analyst for this rating is Patricio Esnaola, 54-
11-3752-2019


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B E L I Z E
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* BELIZE: Moody's Downgrades Bond Rating to 'Caa1'
--------------------------------------------------
Moody's Investors Service has downgraded Belize's government bond
rating to Caa1 from B3.  The rating remains on review for
possible further downgrade.

The main driver of the downgrade and rating review are increased
concerns of a possible debt restructuring.  Recent campaign
declarations ahead of upcoming general elections raise
significant questions about the country's willingness to continue
full and timely debt service payments.  Moody's review will
assess the government's intention regarding debt restructuring in
the near future.

Ratings Rationale

Recent statements coming out of Belize suggests this
administration may eventually contemplate modifying the original
conditions of the superbond, a US$547 million bond equivalent to
half of the government debt and the result of Belize's 2007
distressed debt exchange, raising concerns about the possibility
that the government could seek another debt restructuring in due
course.

Superbond debt service has been rising owing to coupon step-ups
and will rise even further once the debt begins amortizing in
2019, putting increasing pressure on Belize's generally weak
public finances.  The superbond has a stepped-up coupon that
began at 4.25% and is scheduled to rise to 8.5% later this year.

Given prospects of weak economic growth and expectations of lower
oil royalties - a key source of government revenues - as crude
production has been declining 5% per year, managing increased
debt service payments could pose significant financial challenges
for Belize.  Furthermore, the prime minister's recent
declarations about a possible new restructuring, even before the
greater superbond-related fiscal costs fully materialize,
reinforce the notion that risks may be higher than those
incorporated into the previous B3 rating.

Moody's has also changed Belize's foreign currency bond ceiling
to B2 from B1 and the foreign currency deposit ceiling to Caa2
from B3. Both of these ceilings remain on review for possible
further downgrade.  In addition, Belize's local currency bond
ceiling was changed to Ba2 from A1 and the local currency deposit
ceiling was changed to Ba2 from A3.

What Could Change The Rating Up/Down

Low economic development, modest growth prospects, weak
institutions and a high debt burden represent structural
constraints that, in Moody's opinion, limit Belize's rating to
the Caa category.

Belize's US$6,389 2010 GDP per-capita (PPP basis) places the
country in the bottom fifth among rated sovereigns and a low
growth rate means the economy is falling behind rating peers.
Additionally, Moody's estimates the 2012 debt-to-revenues ratio
at over 300%, one of the highest among rated sovereigns.

An elimination of debt payment concerns after the upcoming
elections could lead to affirming the current Caa1 rating.
Alternatively, continued worries about willingness to pay will
likely lead to further downgrades with the final rating dependent
on Moody's estimate of expected losses.


* BELIZE: S&P Cuts Sovereign Credit Ratings to 'CCC+'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign-
and local-currency sovereign credit ratings on Belize to 'CCC+'
from 'B-'.  The 'C' short-term credit ratings are unchanged.  The
outlook is stable.

"The downgrade reflects signs of lower political willingness to
service Belize's external commercial debt obligations," explained
Standard & Poor's credit analyst Kelli Bissett.  "In addition,
Belize faces external imbalances, limited access to external
funding, and rising costs of servicing general government debt."

"On Jan. 31, 2012 -- during an announcement scheduling early
elections for March 7, 2012 -- Belizean Prime Minister Dean
Barrow introduced continued debt service of the government's
$546.8 million bond (known locally as the super bond) as an
election issue.  The nature of the statement and prominent public
office of the speaker signals, from a credit perspective, lower
predictability that the government will continue to service its
external commercial debt.  Although a future United Democratic
Party (UDP) government could ultimately back away from its
leader's campaign rhetoric, the injection of the superbond
into the campaign follows increased policy unpredictability
(including the nationalizations of Belize's main electricity and
telecom companies in the last two years) and raises questions
about the political commitment to timely debt service.  In
addition, this announcement comes amid low economic growth, a
weak investment outlook, increased levels of crime, and limited
ability to raise government revenue, all of which, from a credit
perspective, weaken the government's payment capacity," S&P said.

"Belize's current account is weakening, and its external
financing options are limited.  Oil production (the government's
most import foreign exchange earner) is in structural decline,
and tourism prospects appear lackluster given the global economic
slowdown.  We project Belize's 2012 gross external financing
requirement at 114% of current account receipts plus useable
reserves.  Belize's policy measures will likely depress foreign
direct investment. Given Belize's fixed exchange rate regime, we
expect the government to draw down reserves for a portion of its
external financing.

International reserves were US$250 million at the end of January.
We expect that international reserves will decline this year and
that delays in market participants obtaining foreign exchange
will increase," S&P said.

On the fiscal side, a shallow domestic financial market --
coupled with domestic resistance to raise tax revenue -- present
a hard budget constraint.  In addition, the coupon on the super
bond is scheduled to step up to 8.5% annually from 6% in August.
With that, we project that general government interest payments
will rise to 15% of general government revenues. Furthermore, we
expect government workers and teachers to demand higher wages
once the next budget debate begins.  Net general government debt
was 63% of GDP at year-end 2011.  Given Belize's financing
constraints, we expect it to remain at this level through 2012,"
S&P said.

"The local-currency ratings on Belize are 'CCC+/C', the same as
the foreign-currency rating, reflecting the country's pegged
exchange rate and limited monetary and fiscal flexibility.  The
transfer and convertibility assessment is 'B-', one notch above
the long-term foreign-currency sovereign rating, under our
expectation that in the event of default, the government could
not actively restrict access to foreign exchange for private debt
service.  The foreign-currency recovery rating of '3' for the
Government of Belize indicates our forecast of post-default
recovery of between 50% and 70% on the principal of commercial
foreign-currency debt.  In our default scenario, we would expect
the government to pursue a best-efforts approach to restructure
its debt, as it did in late 2006 (which gave rise to the super
bond).  The recovery estimate, however, also incorporates
constraining factors of relatively high levels of both public-
sector and external debt," S&P said.

"The stable outlook balances the possibility that the government
will seek debt relief to reduce a rising external interest burden
against the possibility that debt management will improve after
the election.  We could lower the rating if there were increased
signs that the government intends to pursue a distressed
restructuring or if additional external liquidity pressures were
to emerge.  An upgrade would most likely result from greater
predictability about the political willingness to service debt
and improved financing prospects. These would likely stem from an
improved growth and investment outlook," S&P said.


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COMPANIA SIDERUGICA: Moody's Says Ba1 CFR Unaffected by Stahlwerk
-----------------------------------------------------------------
Moody's Investors Service commented that Companhia Siderurgica
Nacional's -- CSN Ba1 corporate family rating and stable outlook
are unaffected by the announcement that the company has acquired
Stahlwerk Thuringen GmbH (SWT), along-steel producer as well as
Gallardo Sections SLU, a steel distributor, both based in
Germany, from Spain-based Grupo Alfonso Gallardo.  The purchase
price is EUR482.5 million.

Ratings Rationale

The principal methodology used in rating Companhia Siderurgica
Nacional's - CSN was the Global Steel Industry Methodology
published in January 2009.

Companhia Siderurgica Nacional is a vertically integrated, low-
cost producer of flat-rolled steel, including slabs, hot and cold
rolled steel, and a wide range of value-added steel products,
such as galvanized sheet and tinplate. In addition, the company
has downstream operations to produce customized products, pre-
painted steel and steel packaging.


GOL LINHAS: Moody's Revises 'B1' Rating Outlook to Negative
-----------------------------------------------------------
Moody's Investors Service revised the ratings outlook for Gol
Linhas Aereas Inteligentes S.A. to negative from stable and
affirmed the B1 global scale ratings.  At the same time the
company's national scale rating was lowered to Baa3.br from
Baa2.br.

Ratings affirmed are:

Issuer: Gol Linhas Aereas Inteligentes S.A.

  - Corporate Family Rating: B1

Issuer: Gol Finance

  - 7.5% US$225 million senior unsecured notes due 2017: B1

  - 8.75% US$200 million senior unsecured perpetual notes: B1

Issuer: VRG Linhas Aereas S.A

  - BRL 500 million senior unsecured notes: B1

Ratings lowered:

Issuer: VRG Linhas Aereas S.A

  - BRL 500 million senior unsecured notes: to Baa3.br from
    Baa2.br

The outlook for all ratings is negative.

Ratings Rationale

The change in outlook to negative reflects Moody's belief that
Gol could be hard-pressed in the near to medium term to restore
its credit metrics to levels more supportive of its B1 Corporate
Family rating.  Meaningful capacity discipline by the domestic
carriers will be needed to help yields strengthen to levels that
will allow Gol to improve its earnings and operating cash flow.
The elevated cost of jet fuel and the currency mismatch of its
revenues and major costs like fuel and aircraft lease payments
are likely to remain ongoing challenges that heighten the
importance of strong passenger yields.  The negative outlook
considers that the company may not be able to sufficiently
restore its yields to mitigate the foreign currency exposure.

The B1 Corporate Family rating continues to reflect Gol's good
liquidity, with cash maintained at a minimum 25% of revenues, its
high market share across the domestic routes it serves and the
expectation of continuing favorable demand drivers for the
Brazilian airline sector over the near-to-medium term.  The
affirmation also considers that Gol and its largest competitor,
TAM could slow their respective capacity additions on domestic
routes in 2012 to help restore yields. The closing of the
acquisition of Webjet, once the anti-trust authority, CADE,
provides its approval sometime in 2012, should provide synergy
benefits and earnings accretion The favorable characteristics of
the domestic market in Brazil, such as the slot constraints at
the major airports where Gol operates and expected increases in
the prospective customer base with increasing incomes balance the
weaker earnings of recent quarters and the current weak credit
metrics profile.

In 2011, Gol experienced a confluence of events that resulted in
a material deterioration in the company's credit metrics.
Specifically, for the year ending Dec. 31, 2011, Moody's expects
the airline to report negative operating margin in the low single
digits (as compared to 10.0% for 2010) and adjusted leverage in
the low double digits (when taking into consideration also the
impact of the pending acquisition of Webjet) as compared to 5.1
times for all of 2010.

Encouraged by continued favorable prospects for double digit
demand growth, both existing carriers and new entrants added
significant new capacity during 2011 which resulted in intense
pressure on yields as supply exceeded demand.  The low point for
Gol occurred during the second quarter when yields touched 18.2
cents, down from 19.8 cents in the prior year period and 20.50
cents for all of 2010.  This pressure on yields came at a time of
stubbornly high fuel prices, which were sustained more by global
political uncertainties than by underlying economic fundamentals.
Unlike some other countries, regulation prevents Brazilian
carriers from assessing fuel surcharges on domestic fares, making
Gol with its predominantly domestic route network more
vulnerable. For the third quarter ending Sept. 30, 2011, jet
fuel, a U.S. dollar denominated cost, accounted for 38.8% of
Gol's overall operating costs.  During the second half of the
year, Gol also took advantage of a unique position to strengthen
its market position in a number of key airports such as
Guarulhos, Santos Dumont, Confins, Brasilia and Porto Allegre
through its agreement to acquire rapidly growing Webjet, the
country's fourth largest operator.  While Moody's views this as
positive for Gol's operating profile, in the short-to-medium term
this will result in a further increase in the company's already
high leverage and require stepped up management attention.

However, 2011 also demonstrated what is possibly the weakest link
in the Gol business model.  With an estimated 83% of its debt
denominated in U.S. dollar and more than 50% of its operating
expenses (particularly fuel, aircraft leases, maintenance and
insurance) expressed in U.S. dollars and no active currency
hedging program, the sudden and material devaluation of the
Brazilian real during the second half of the year came at a
significant cost to Gol.  The balance sheet impact is not unique
to Gol as many other Brazilian companies with significant U.S.
dollar debt experienced a significant negative impact on their
financial results. Having no natural hedge from international
sales denominated in U.S. dollars, Gol's operating margins are
particularly vulnerable to a sudden devaluation of the Brazilian
currency.  For example, Moody's estimates that for each five
percentage point devaluation in the Real, Gol's operating margins
would decline by 250 basis points. For the period ending Sept.
30, 2011, the Brazilian real closed at 1.85 to the U.S. dollar,
which weakened from 1.56 for the period ending June 30, 2011.

Recent comments from both Gol and TAM signal a more conservative
approach towards capacity management for 2012 even if Moody's
expects other players such as Azul (not rated) to continue to
expand aggressively, particularly in secondary airports which are
not a main focus for Gol.  Moody's believes that Gol, excluding
Webjet's capacity will, strive towards zero growth of ASKs during
the year whereas TAM (not rated) will likely limit domestic ASK
growth to no more than 2%.  With some signals that Brazilian
economic growth may accelerate as Moody's moves towards the
second half of the year driven principally by lower interest
rates, a better balance between demand and supply could lay the
foundation for a recovery in yields during the year.  What
remains unclear is how Gol may be able to reduce its
vulnerability to a weaker Real.

Downward pressure on GOL's ratings could occur if unrestricted
cash falls below BRL 1.7 billion or the company is unable to
demonstrate meaningful strengthening of its credit metrics, such
as Debt to EBITDA approaching six times or Funds from Operations
+ Interest to Interest approaching 3.0 times or if pressure on
yields returns because of capacity additions by Gol or a
competitor.  There is little upwards ratings pressure.  However,
the outlook could be changed to stable if the company was to
sustain meaningfully stronger credit metrics.  For example, Debt
to EBITDA of below five times (8.9x in the LTM ended in Sept. 30,
2011) adjusted retained cash flow to net debt of above 20% (9.5%
in the LTM ended in Sept. 30, 2011) and EBIT to interest coverage
of about 1.5 times (0.3x in the LTM ended in Sept. 30, 2011),
while keeping unrestricted cash of at least 25% of LTM revenues
(29% for the LTM period ending Sept. 30, 2011).

Moody's last rating action on Gol Finance, Gol Linheas Aereas
Inteligentes S.A. and VRG Linhas Aereas S.A was on Aug. 3, 2011,
when Moody's lowered to B1 from Ba3 the corporate family rating
and senior unsecured ratings for Gol Linhas Aereas Inteligentes
S.A. and Gol Finance and Moody's America Latina Ltda. lowered VRG
Linhas Aereas S.A.'s BRL 500 million senior unsecured notes to B1
from Ba3 and the national scale rating to Baa2.br from A3.br


GRUPO FARIAS: Moody's Assigns '(P)B3' Ratings; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned provisional first-time
(P)B3 corporate family rating to Administradora Baia Formosa S.A.
(Grupo Farias) and a (P)B3 rating to its proposed USD 300 million
seven-year, non-callable for four years, senior unsecured notes,
to be issued by its Luxembourg-based offshore subsidiary, Farias
Finance International Limited, with an unconditional guarantee
from Administradora Baia Formosa S.A. and its operational
subsidiaries Vale Verde Empreendimentos Agricolas Ltda., Anicuns
S.A. -- Alcool e Derivados and Usina Sao Jose S.A. Acucar e
Alcool.  The outlook for both ratings is stable. The provisional
ratings are assigned pending the sucessful placement of the
proposed notes.

Rating Rationale

"The ratings reflect the company's small scale and uneven
historical performance in a volatile commodity sugar/ethanol
business.  However, the ratings consider the good medium term
prospects for the sugar/ethanol industry, as low global
inventories, combined with still tight supply-demand dynamics,
should continue to translate into relatively high prices," says
Moody's local market analyst Marianna Waltz.  It also takes into
account Grupo Farias' presence in four regions of Brazil, which
helps mitigate risks associated with sourcing raw materials, as
well as the company's relatively diversified customer base, with
a lower reliance in commodity trading houses as compared to
peers.

"The rating also assumes that Grupo Farias will make necessary
investments in the renewal and expansion of harvest area, and
hence achieve better utilization of installed capacity with the
aim to improve the dilution of fixed costs and expenses," Waltz
says.  She adds that the company plans to increase production
from the current 6.9 million tons to almost 16 million tons of
sugarcane per annum over the next four years.

The assigned ratings reflect Grupo Farias' history of weak
financial performance including its fiscal 2010 results when
sugar and ethanol prices were increasing.  Additionally, its weak
liquidity, lack of written financial policies and its nascent
corporate governance constrain the rating.  Furthermore, even
recognizing the overall good prospects for the sector, Moody's
ratings consider the inherent risks associated with a pure
commodity business, which could result in significant volatility
in operating performance and hamper its liquidity.

Grupo Farias' relatively small size as compared to some larger
domestic and international players also acts as a rating
constraint, though this is partially mitigated by the fact that
the industry in Brazil remains very fragmented.  The largest
player, Cosan (Ba2 RUR), has a market share of only 10% of the
Brazilian total crushing.  With an installed capacity of 10.6
million tons of sugarcane, Grupo Farias has approximately 2% of
the local market.

Like most of the larger companies in the sector, Grupo Farias has
a 70%-30% flexibility to change its mix to produce either sugar
or ethanol, depending on market conditions, which is a credit
positive.  This flexibility allows the company to enhance its
performance without consuming too many resources to bear the
opportunity costs of unused capacity.

The stable rating outlook reflects Moody's view that Grupo Farias
will be able to benefit from favorable conditions for the sugar-
ethanol industry and maintain operating margins at or close to
current levels, while prudently managing leverage and CAPEX.  The
company's liquidity has historically been weak, however, with a
modest cash position of BRL 13.7 million as of March 2011 being
sufficient to cover only 8.5% of short-term debt.  The rating
therefore assumes that the company will use part of the issuance
proceeds, as well as of future free cash flow generation, to
improve its cash cushion to about BRL 100 million.

The rating could come under downward pressure if the company's
liquidity deteriorates or if market conditions cause operating
margins to decline sharply, or if total adjusted debt to EBITDA
rises above 4.5x and EBITA to interest expense falls below 1.0x.

Grupo Farias' ratings could be positively affected by an
improvement in the company's liquidity levels, with a
consistently higher minimum cash cushion.  The company would also
need to maintain operating margins above 15%, debt to EBITDA
below 4.0x and a RCF to net debt above 20% on a sustained basis.

The principal methodology used in this rating was "Global Food -
Protein and Agriculture Industry," published in September 2009.

Administradora Baia Formosa S.A. (Grupo Farias) is a privately
held, family-controlled Brazilian sugar-ethanol producer.
Founded in 1965 and headquarted in the city of Sao Paulo, the
company reported net revenues of BRL 620 million (USD 345
million) in the fiscal year ended in March 2011.


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


AMICUS WIRELESS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 28, 2011, the shareholders of Amicus Wireless Technology
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

         Joon Chung
         Facsimile: +82 31 784 8555
         11-902, Walkerhill Apartment House
         KwangJang-Dong
         KwangGin-Gu
         Seoul
         Korea


ANTHRACITE BALANCED: Commences Liquidation Proceedings
------------------------------------------------------
On Jan. 3, 2012, the shareholder of Anthracite Balanced Company
(JR-38) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Conway
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ASIACREST DEEPWATER: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Asiacrest Deepwater Fund 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:

         Paolo L. Picazo
         Telephone: 852 9088 1000
         Facsimile: 852 3014 0820


BLUEBAY MULTI-STRATEGY: Commences Liquidation Proceedings
---------------------------------------------------------
On Jan. 1, 2012, the shareholders of The Bluebay Multi-Strategy
(Master) Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 769-8820
         e-mail: rsmith@bdo.ky
         BDO CRI (Cayman) Ltd.
         Floor 2 Building 3
         Governors Square
         23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1 1205
         Cayman Islands


BLUEBAY MULTI-STRATEGY FUND: Commences Liquidation Proceedings
--------------------------------------------------------------
On Jan. 1, 2012, the shareholders of The Bluebay Multi-Strategy
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         BDO CRI (Cayman) Ltd.
         Floor 2 Building 3
         Governors Square
         23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1 1205
         Cayman Islands
         Telephone: (345) 769-8820
         E-mail: rsmith@bdo.ky


BLUEBAY MULTI-STRATEGY PLUS: Commences Liquidation Proceedings
--------------------------------------------------------------
On Jan. 1, 2012, the shareholders of The Bluebay Multi-Strategy
Plus Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 769-8820
         e-mail: rsmith@bdo.ky
         BDO CRI (Cayman) Ltd.
         Floor 2 Building 3
         Governors Square
         23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1 1205
         Cayman Islands


BLUEBAY VALUE: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 1, 2012, the shareholders of The Bluebay Value Recovery
(Master) Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         Telephone: (345) 769-8820
         e-mail: rsmith@bdo.ky
         BDO CRI (Cayman) Ltd.
         Floor 2 Building 3
         Governors Square
         23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1 1205
         Cayman Islands


BLUEBAY VALUE FUND: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 1, 2012, the shareholders of The Bluebay Value Recovery
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Russell Smith
         BDO CRI (Cayman) Ltd.
         Floor 2 Building 3
         Governors Square
         23 Lime Tree Bay Ave
         PO Box 31229 Grand Cayman KY1 1205
         Cayman Islands
         Telephone: (345) 769-8820
         E-mail: rsmith@bdo.ky


EXAMINE CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Jan. 4, 2012, the members of
Examine Capital LDC resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


FAIRFIELD RAVEN: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 30, 2011, the shareholder of Fairfield Raven Credit
Opportunities Fund, Ltd. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

         Ian D. Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


GRANITE FUND: Members' Final Meeting Set for Feb. 22
----------------------------------------------------
The members of Granite Fund Limited will hold their final meeting
on Feb. 22, 2012, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Xu Yu Felix Lo
         c/o Granite Fund Advisors Limited
         Central Building, Level 9
         1-3 Pedder Street, Hong Kong
         Telephone: +1 854 3975 2782
         Facsimile: +1 646 248 7688


HIBERNIA HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 6, 2012, the shareholders of Hibernia Holdings Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


INSPECT CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Jan. 4, 2012, the members of
Inspect Capital LDC resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


PRECISION CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Jan. 4, 2012, the members of
Precision Capital LDC resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 8, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SUCCESSOR X: Moody's Assigns 'B2(sf)' Rating to US$40MM Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a rating to these classes
of notes issued by Successor X Ltd., a Cayman Islands exempted
company:

  US$40,000,000 Series 2012-1 Class V-D3 Principal At-Risk
  Variable Rate Notes due January 27, 2015 (the "Notes"),
  Definitive Rating Assigned B2 (sf)

Ratings Rationale

Moody's rating of the Notes is based primarily on the expected
loss posed to noteholders.  The rating reflects the risks
relating to certain hurricane events that occur in the covered
area during the specified risk period, the transaction's legal
structure, the credit strength of the counterparty and the
underlying collateral.

The Issuer is a catastrophe bond program sponsored by Swiss
Reinsurance Company Ltd. and the Notes will be one of several
series of notes outstanding.  The risks of the Notes are linked
to the occurrences of a PCS North Atlantic Hurricane Event in the
North Atlantic Covered Area during a risk period of three years
beginning Jan. 27, 2012.  Potential losses to the noteholders are
calculated per occurrence and are tied to the PCS Insured
Industry Residential and Commercial Property Loss Amount as
reported by Property Claim Services.  The initial collateral
securing the Notes are U.S. Treasury money market funds rated
Aaa-mf and are segregated from other outstanding series of notes.


TAG FUSION: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Tag Fusion Master Fund, LLC received on
Feb. 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         James F. Peters Jr.
         139 S. Old Woodward
         Birmingham, Michigan 48009
         Telephone: +1 248 282 2530
         Facsimile: +1 248 283 2524
         139 S. Old Woodward
         Birmingham, Michigan 48009
         United States of America


THREADNEEDLE APEX: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 28, 2011, the shareholder of Threadneedle Apex
Commodities Master Fund Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601/ +1 345-949-4800
         Facsimile: +1 345-949-7164/ +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


THREADNEEDLE APEX COMMODITIES: Commences Liquidation Proceedings
----------------------------------------------------------------
On Dec. 28, 2011, the shareholder of Threadneedle Apex
Commodities Management Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601/ +1 345-949-4800
         Facsimile: +1 345-949-7164/ +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


THREADNEEDLE APEX FUND: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 28, 2011, the shareholder of Threadneedle Apex
Commodities Fund Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601/ +1 345-949-4800
         Facsimile: +1 345-949-7164/ +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


WELLINGTON: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Jan. 4, 2012, the members of
Wellington resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


ZOOM PLUS: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Jan. 5, 2012, the members of
Zoom Plus Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


===================
C O S T A   R I C A
===================


* COSTA RICA: S&P Affirms 'BB/B' Sovereign Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
and 'B' short-term foreign-currency credit ratings on the
Republic of Costa Rica.  Standard & Poor's also said that it
affirmed its 'B' short-term local-currency rating on the
sovereign and lowered the long-term local-currency sovereign
credit rating to 'BB' from 'BB+'.  The outlook is stable.  The
'BBB-' transfer and convertibility assessment and '2' recovery
rating on government bonds (expectation of substantial [70%-90%]
recovery in the event of a default) are unchanged.

"The ratings on Costa Rica balance the country's limited monetary
and exchange-rate flexibility as well as rising fiscal pressures
with the good economic prospects, stable political system, and
relatively high level of social development," explained Standard
& Poor's credit analyst Olga Kalinina.  "Costa Rica's monetary
rigidities reflect ongoing losses at the central bank (about 0.6%
of GDP in 2011) and a high (albeit declining) level of
dollarization, which we estimate at more than one-third of the
financial sector's claims and deposits. Inflation targeting is
complicated because of the managed exchange rate regime."

"On the fiscal side, Costa Rica has had a hard time containing
spending, which rose substantially during the past three years.
Yet, the tax reform that the government proposed in early 2011 to
stabilize the fiscal accounts and afford much-needed
infrastructure and security spending faces opposition and is
currently stalled.  As a result, we project that Costa Rica's
fiscal deficits (including central government, central bank, and
decentralized government entities) will widen to 5.2% of GDP this
year from 4.7% last year.  The resulting increase in the net
general government debt (to a projected 35% of GDP in 2012) is
unlikely to reverse in the next few years. Under our baseline
scenario, we expect fiscal reform, albeit a watered-down version,
before year-end 2012," S&P said.

"Supporting the ratings are Costa Rica's stable political system,
strong public institutions, rule of law, and general consensus on
pro-growth market-oriented policies.  A comparatively high level
of human development contributes to social stability and supports
Costa Rica's niche in skill-based export services.  This, in
turn, sustains solid long-term growth prospects, with real GDP
growth per capita expected to average 2.2% between 2012-2014,"
S&P said.

"We lowered the long-term local-currency rating to align it with
the foreign-currency rating based upon our revised sovereign
rating methodology published on June 30, 2011," S&P said.

"The stable outlook incorporates our expectation that the
government will keep its fiscal accounts in check, whether
through the eventual passage of the fiscal reform, better tax
collection, or further spending cuts," Ms. Kalinina added.
"Given still-limited (albeit rising in the past few years)
monetary flexibility, we believe fiscal prudence is important for
the sovereign to maintain its creditworthiness.  Supported by
robust economic prospects, we expect Costa Rica's debt to remain
at moderate levels, though it will likely rise in the short
term."

"If political disagreements mount, they would limit fiscal
consolidation options and weaken governance.  This scenario would
hamper economic performance and external and exchange rate
stability, which could eventually lead us to lower the ratings.
On the other hand, higher GDP growth and growing tax revenues
could lead to a faster stabilization of the government debt
burden,
better macroeconomic equilibrium, and improved policy
predictability (creating more space for exchange-rate
liberalization), all of which could contribute to a higher credit
rating," S&P said.


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


LIME JAMAICA: Unions Urge to Fast Track Telecom Legislation
-----------------------------------------------------------
RJR News reports that LIME another (formerly Cable & Wireless
Jamaica Limited) union representing the firm's workers is urging
Phillip Paulwell, Jamaica Minister responsible for
telecommunications, to speed up legislation to address imbalances
in regulations governing the sector.

The Bustamante Industrial Trade Union, BITU, wants the Minister
to fast-track legislation it feels will level the playing field
for LIME, according to RJR News.  The report relates that the
University and Allied Workers Union and the Jamaica Telephone
Company (JTC) Executive and Allied Staff Association made a
similar call.

RJR News notes that the unions said the proposed legislation will
bring benefits for the workers at LIME and, by extension,
consumers.  The report relates that LIME, which has been losing
billions of dollars, stated that while an agreement has not yet
been reached among the players in the industry.

                           *     *    *

As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009.  The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008.  Jamaica Gleaner noted that
LIME's accumulated deficit has climbed to more than JM$17
billion.  Concurrently, its equity base has diminished to JM$2
billion on its December 2011 unaudited balance sheet, reflecting
book value of two cents per share, the report added.


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


CL FIN'L: Inquiry on Firm's Collapse to Resume on Feb. 23
---------------------------------------------------------
Joel Julien at Trinidad Express reports that the commission of
enquiry into the collapse of CL Financial Limited and the Hindu
Credit Union is scheduled to reconvene on Thursday, Feb. 29,
2012.

The sitting is the start of the fifth evidence hearing into the
collapse of the insurance empire, according to Trinidad Express.

The report notes that the last session of the enquiry saw both
current and former Cabinet members take the witness stand at
Winsure Building located along Richmond Street, Port of Spain.
Trinidad Express relates that among those to testify at the
fourth evidence hearing were former finance minister Karen Nunez-
Tesheira, Planning Minister Dr. Bhoendradatt Tewarie and Mervyn
Assam, ambassador extraordinary and plenipotentiary with
responsibility for trade and investment.

The report says that Messers. Tewarie and Assam testified in the
capacity as former CL Financial director and former Colonial Life
Insurance Company (Trinidad) Limited (CLICO) Investment Bank
chairman respectively.

Meanwhile, the report notes that investigations into the reasons
for the fall of the HCU will be returned to the enquiry's agenda
until September.  Trinidad Express relates that Queen's Counsel
Peter Carter, lead counsel to the enquiry, will be unable to
attend until September.

Due Mr. to Carter's unexplained absence another counsel will be
appointed, the report notes.  The enquiry is being chaired by
lone commissioner Sir Anthony Colman.

                        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.


                            ***********


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 * * *