TCRLA_Public/120319.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, March 19, 2012, Vol. 13, No. 053


                            Headlines



A R G E N T I N A

* ARGENTINA: Moody's Releases New Equity Fund Assessments


B E R M U D A

BAR ONE: Court to Hear Wind-Up Petition on March 30


B R A Z I L

CENTRAIS ELETRICAS: Bondholders Invited to Join Ad Hoc Group
MARFRIG ALIMENTOS: Searches for Partners to Ease Debt Load
MARFRIG ALIMENTOS: General Meeting Set for March 23
USINAS SIDERURGICAS: Moody's Reviews 'Ba1' Rating on Debentures


C A Y M A N   I S L A N D S

ELROND INVESTMENTS: Shareholders' Final Meeting Set for March 30
FRONTIER XI: Shareholders' Final Meeting Set for March 30
FRONTIER XII: Shareholders' Final Meeting Set for March 30
FV INVESTMENT: Shareholders' Final Meeting Set for March 30
THADDEUS ASIA: Shareholder to Receive Wind-Up Report on March 26

THADDEUS ASIA I: Shareholder to Get Wind-Up Report on March 26
* JAMAICA: Investors Shy Away From Small Indebted Local Hotels


M E X I C O

CORPORACION GEO: Fitch Affirms Two Senior Notes Ratings at 'BB-'
FINANCIERA INDEPENDENCIA: Fitch Affirms Rating on IDR at 'BB'
GRUMA SAB: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable


S T  K I T T S  &  N E V I S

* ST. KITTS & NEVIS: Debt Restructuring May Lead to Job Losses


X X X X X X X X

* BOND PRICING: For the Week March 12 to March 16, 2012


                            - - - - -


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


* ARGENTINA: Moody's Releases New Equity Fund Assessments
---------------------------------------------------------
Moody's Investors Service on March 9 released its new assessments
of equity funds in Argentina, based on its new methodology for
analyzing equity funds investing in common stock, or in a
combination of predominantly common stock and fixed-income
securities.

The new equity fund methodology, which was released on Feb. 23,
2012, has been applied to 13 equity and balanced funds assessed
in Argentina.  The new symbol set with assessment definitions in
the form of EF-[n], is on a scale ranging from EF-1, the
strongest score, to EF-5, the weakest, to differentiate from the
rating agency's traditional credit ratings on long-term debt
obligations.

Below is a link to a list of the new assessments of the 13
Argentinean Equity and Balanced Funds :

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_140536

The new equity fund methodology measures a fund's investment
quality based on an assessment of a fund's intrinsic
characteristics and its asset manager attributes, and each of
these two components accounts for half the fund's overall score.

For the assessment of a fund's intrinsic characteristics, the new
methodology used three quantitative measures: (1) the Information
Ratio, measuring a fund's excess return (alpha); (2) the Expense
Ratio, measuring the percentage of annual fees over assets under
management, and (3) the Maximum Drawdown, which measures a fund's
largest monthly loss over a three year period.

In addition, Moody's incorporates an assessment of a fund
manager's quality and experience, which complements the
performance assessment. This component of the analysis largely
follows the guidelines outlined in "Moody's Approach to
Investment Manager Quality (MQ) Assessments of Asset Managers",
published in August 2011.

To maximize utility for investors, Moody's equity and balanced
fund assessments were compared to the fund's peer group, which
includes funds that invest according to a similar strategy (e.g.,
Argentine equities), rather than benchmarked against an absolute
standard.


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


BAR ONE: Court to Hear Wind-Up Petition on March 30
---------------------------------------------------
A petition to wind up the operations of Bar One Limited will be
heard before the Supreme Court of Bermuda on March 30, 2012, at
9:30 a.m.

Bristol Cellar Ltd filed the petition against the company on
March 7, 2012.

The company's liquidator is:

         Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton, HM 11
         Bermuda


===========
B R A Z I L
===========


CENTRAIS ELETRICAS: Bondholders Invited to Join Ad Hoc Group
------------------------------------------------------------
Holders of the US$250,000,000 10.50% Notes Due 2016 issued by
Centrais Eletricas do Para S.A. (CELPA) have formed an Ad Hoc
Group in response to CELPA's commencement of Brazilian judicial
reorganization proceedings, notice of which was published on
March 8, 2012.   The Group's members hold a material portion of
the Notes, and the members' objective is to assess, to advance,
and to protect their creditors' rights.  Interested holders of
the Notes are invited to contact the Group quickly, through the
Group's legal advisor Bingham McCutchen LLP.

The group's legal advisor can be reached at:

          Tim DeSieno
          BINGHAM MCCUTCHEN LLP
          399 Park Avenue
          New York NY 10022
          Tel No.: +1 212 705 7426
          E-mail:  tim.desieno@bingham.com

Bingham McCutchen LLP -- http://www.bingham.com/-- offers a
broad range of market-leading practices focused on global
financial services firms and Fortune 100 companies.  The firm has
more than 1,000 lawyers in 14 locations in the United States,
Europe and Asia.

CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. CELPA is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
CELPA's total capital.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).


MARFRIG ALIMENTOS: Searches for Partners to Ease Debt Load
----------------------------------------------------------
MarketWatch News, citing magazine Exame, reports that Marfrig
Alimentos SA's corporate reorganization was motivated by a search
for partners to help it ease its debt load.

Exame said that Marfrig Alimentos hired local investment bank
Itau BBA to sell up to 40% of its newly created Seara Foods
division to investment funds, according to MarketWatch News.  The
report relates that Exame said the company hopes to raise BRL2
billion (US$1.17 million) through the deal to reduce its BRL7.8
billion in net debt.

MarketWatch News says that Exame reported Chief Executive Marcos
Molina saying the company is in a "comfortable position" and
doesn't "need to sell anything else" after recent asset sales.

The company, MarketWatch News notes, said it plans to separate
its Marfrig Beef division from its pork, poultry and processed-
foods divisions, which will henceforth operate under Seara Foods.
Company finance, administration and human resources will be
globalized under an umbrella company dubbed Marfrig Group, the
report relates.

"For Molina and the bankers structuring the sale, Seara is
undervalued," Exame said, noting that processed-foods companies
in general are worth more than meat packers because their margins
are higher, MarketWatch News discloses.  "In the Itau BBA
document, the estimated value of this business is near BRL5
billion, while Marfrig's as a whole is valued at BRL3.4 billion
on the market," the report adds.

                    About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles,
steaks and other food items including pre-cooked and frozen
potato, frozen vegetables, canned meat, fish and ready meals.
The
Company operates in 13 countries, and exports its products to
more
than 100 destinations worldwide.

                         *     *     *

As of March 3, 2012, the company continues to carry Moody's "B1"
long-term rating and long-term family rating.   The company also
continues to carry Moody's long-term issuer credit ratings.


MARFRIG ALIMENTOS: General Meeting Set for March 23
---------------------------------------------------
Marfrig Alimentos S.A.'s General Debenture Holders Meeting is
scheduled to convene on March 23, 2012, at 2:00 p.m. in the case
of Holders of 1st Series Debentures and at 2:30 p.m. in the case
of Holders of 2nd Series Debentures, at the registered office of
the Company, at Avenida Chedid Jafet 222, Block A, 5th floor,
Suite 01, district of Vila Olimpia, Postal Code (CEP) 04551-065,
such as provided in subsections 7.22(XXIII), 10.5 and 10.6 of the
Private Deed of Third Issuance of Non-Convertible Unsubordinated
Debentures of Marfrig Alimentos S.A. Secured by Certain
Supporting Personal Guarantees and Collaterals dated Jan. 27,
2011, in order to CONSIDER granting authorization for the sale to
The Martin-Brower Company L.L.C. of the business and operations
related to logistics, goods' distribution and global
transportation management of the subsidiaries Keystone Foods LLC
and McKey Luxembourg S.a.r.l., as well as the assets and
liabilities pertaining to such operations and businesses.

In order to participate in the meeting, debenture holders
attending the meeting in person or, as the case may be, their
legal representatives or delegates are kindly requested to come
bearing identification documents and proof of debenture ownership
in the form of a statement issued by the registrar.

Moreover, debenture holders that wish to appoint a delegate to
attend the meeting on their behalf are advised that this should
be accomplished giving regard to the requirements set forth in
article 126 of Brazilian Corporate Law (Law No. 6.404/76, as
amended).  In addition, copies of the corporate documents
evidencing a legal representative's capacity and authority or, as
the case may be, of the power of attorney granted to a delegate
designated to attend the meeting, are expected to be delivered
(preferably no later than the second business day before the
meeting) to the care of the Trustee, i.e., Pentagono S.A DTVM, at
"Av. Americas 4200, Bloco 04, Sala 514, Rio de Janeiro, RJ,
Brasil, CEP 22640-102."

                    About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                         *     *     *

As of March 3, 2012, the company continues to carry Moody's "B1"
long-term rating and long-term family rating.   The company also
continues to carry Moody's long-term issuer credit ratings.


USINAS SIDERURGICAS: Moody's Reviews 'Ba1' Rating on Debentures
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Usinas
Siderurgicas de Minas Gerais S.A. (Usiminas), including the Baa3
Issuer rating and the Aa1.br Brazilian national scale rating as
well as the ratings of guaranteed subsidiaries under review for
possible downgrade.

The ratings placed under review are as follows:

Issuer: Usinas Siderurgicas de Minas Gerais S.A.

   -- Senior Unsecured Issuer Rating: Baa3 (global scale); Aa1.br
      (Brazilian national scale)

   -- US$500 million Senior Unsecured Global MTN Program: (P)Baa3
      Foreign Currency Rating

   -- BRL500 million local currency subordinated unsecured
      debentures due 2013: Ba1 (global scale); Aa2.br (Brazilian
      national scale).

Issuer: Cosipa Commercial Ltd.

   -- US$200 million senior unsecured notes due 2016, guaranteed
      by Usiminas: Baa3 Foreign Currency Rating

   -- US$500 million Global MTN Program: (P)Baa3

Issuer: Usiminas Commercial Ltd.

   -- US$400 million senior unsecured notes due 2018, guaranteed
      by Usiminas: Baa3 Foreign Currency Rating

   -- US$500 million Global MTN Program: (P)Baa3

Ratings Rationale

The review stems from the deterioration in Usiminas'operating
results as a consequence of weakened fundamentals for the
Brazilian steel markets, higher input costs and cost challenges
going forward, and weak debt protection coverage ratios.
Although Usiminas has taken initiatives to regain competitiveness
and has concentrated its investments in iron ore expansion and
energy self-sufficiency, the company's ongoing investments will
only start to produce positive effects in the 2013-2014 time-
frame. Consequently vulnerability to volatility in key input
costs will remain over the near term.  In addition, leverage has
increased on the weaker earnings base.

Moody's review will focus on the growth expectations for steel
shipments in 2012, expected price realizations, and the actions
that can be taken to control costs, and improve earnings and
margins.  The review will also focus planned capital expenditures
and the ability of the company to fund these investments.  Also
covered in the review will be Usiminas' liquidity position and
ability to meet covenant levels under its financing facilities.
Moody's will also assess the ability of the new members of the
controlling group to implement initiatives to restore
profitability, regain competitiveness and maintain leverage and
liquidity at adequate levels.  Given the deterioration in key
coverage ratios and the increased leverage position, the
conclusion of the review could result in more than a one-notch
downgrade.

Headquartered in Belo Horizonte, Minas Gerais, Usinas
Siderurgicas de Minas Gerais S.A. (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 6.7 million tons of crude steel and consolidated
net revenues of BRL 11.9 billion in the last twelve months ended
Dec. 31, 2011. Usiminas also owns iron ore mining activities,
steel distribution subsidiaries and operates downstream
facilities in Brazil


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


ELROND INVESTMENTS: Shareholders' Final Meeting Set for March 30
----------------------------------------------------------------
The shareholders of Elrond Investments Limited will hold their
final meeting on March 30, 2012, at 9:50 a.m., to receive 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


FRONTIER XI: Shareholders' Final Meeting Set for March 30
---------------------------------------------------------
The shareholders of Frontier XI Limited will hold their final
meeting on March 30, 2012, at 8:45 a.m., to receive 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


FRONTIER XII: Shareholders' Final Meeting Set for March 30
----------------------------------------------------------
The shareholders of Frontier XII Limited will hold their final
meeting on March 30, 2012, at 9:00 a.m., to receive 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


FV INVESTMENT: Shareholders' Final Meeting Set for March 30
-----------------------------------------------------------
The shareholders of FV Investment Alpha Four Limited will hold
their final meeting on March 30, 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:

         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


THADDEUS ASIA: Shareholder to Receive Wind-Up Report on March 26
----------------------------------------------------------------
The shareholder of Thaddeus Asia Event Driven Fund will receive
on March 26, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Thaddeus Capital Limited
         c/o Charle Peza
         Ruttonjee Centre - Ruttonjee House, 5th Floor
         11 Duddell Street, Central
         Hong Kong
         Telephone: 852 2214 8834
         Facsimile: 852 2521 8020


THADDEUS ASIA I: Shareholder to Get Wind-Up Report on March 26
--------------------------------------------------------------
The shareholder of Thaddeus Asia Partners I, Limited will receive
on March 26, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Thaddeus Capital Limited
         c/o Charle Peza
         Ruttonjee Centre - Ruttonjee House, 5th Floor
         11 Duddell Street, Central
         Hong Kong
         Telephone: 852 2214 8834
         Facsimile: 852 2521 8020


* JAMAICA: Investors Shy Away From Small Indebted Local Hotels
--------------------------------------------------------------
Caribbean360.com reports that the Development Bank of Jamaica has
been finding it difficult to offload smaller indebted tourism
properties as serious investors shy away due to a lack of
economies of scale.

This is in the opinion of DBJ Managing director Milverton
Reynolds who recently revealed that the bank has been left
holding three debt-ridden resort properties because investors
apparently fear they may be too small to be made commercially
viable, according to Caribbean360.com.

"Larger properties allow purchasers to pursue economies of
scale," Mr. Reynolds has been quoted as saying as he commented on
why larger properties such as the 304-room Jamaica Pegasus in New
Kingston and the former Hedonism III with 226 rooms have
attracted competitive bids while small properties languish, the
report relates.

Caribbean360.com notes that several unsold small properties held
by the DBJ are in receivership.

The bank, the report discloses, recently put the 96-room 'N'
resort in Trelawny, formerly FDR Pebbles, back on the market for
US$10 million.  The report relates that the bank has been trying
to sell the property since 2010 to recover US$4.5 million
borrowed by owners from the DBJ to construct and equip the hotel.
The receiver of the hotel is Ken Tomllinson of Business Recovery
Services Limited.

Meanwhile, Caribbean360.com discloses that the DBJ is also still
trying to recover JAM$34 million owed on the 34,000-square-foot,
five-cottage Parottee Beach Resort in St. Elizabeth owned by Carl
Miller's M&M Corporation.  The property is listed for JAM$70
million on the Tomlinson website.

The third hotel, Ocean Sands Resorts, located at James Avenue in
Ocho Rios, St Ann, has 34 rooms and is priced at US$1.4 million,
according to the Business Recovery Services website.

                           *     *     *

As of March 3, 2012, the country continues to carry Moody's "C"
currency short-term debt ratings.


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


CORPORACION GEO: Fitch Affirms Two Senior Notes Ratings at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed Corporacion Geo, S.A.B. de C.V.'s
ratings as follows:

  -- Foreign Currency Issuer Default Rating (IDR) at 'BB-';
  -- Local Currency IDR at 'BB-';
  -- National Long-term rating at 'A-(Mex)';
  -- US$250 million senior notes due 2014 at 'BB-';
  -- US$250 million senior notes due 2020 at 'BB-';
  -- MXN400 million Certificados Bursatiles due 2014 at 'A-
     (Mex)'.

Fitch Ratings has also assigned an expected 'BB-(exp)' rating to
GEO's proposed issuance of up to US$400 million in notes due in
2022.  Proceeds from the issuance will be entirely used to
refinance debt.  The proposed transaction will provide the
proceeds to fund GEO's recently announced tender offer and
consent solicitation for any and all of its outstanding US$250
million senior notes due in 2014.  The final rating for the
proposed US$400 million senior notes is contingent upon the
receipt of final documents conforming to information already
received.

The Rating Outlook is Stable.

The ratings reflect GEO's solid market position in the Mexican
homebuilding industry, consistent business strategy oriented to
the affiliated low-income housing segment, geographic
diversification and reasonable land reserve using different
acquisition schemes, adequate liquidity, and moderate leverage.
The ratings factor in GEO's solid market share position in the
sector, being the largest homebuilder in Mexico with 57,865 units
sold during 2011.  The ratings are constrained by GEO's high
working capital requirements related to its operations, and
limited capacity to generate positive free cash flow (FCF) in the
short to medium term.

The Stable Outlook incorporates the view that the company will
maintain a stable credit profile during 2012 reflected in
adjusted gross leverage below 3.5 times (x), adequate liquidity,
and negative FCF in the low single digits.  A negative rating
action could be triggered by a deterioration of the company's
credit protection measures due to continued sizeable negative
FCF.  Expectations by Fitch of total adjusted debt to EBITDAR
being consistently at or beyond 4x will likely result in a
downgrade.  Improvement in the company's working capital cycle
resulting in FCF trending to neutral supporting the expectation
that total adjusted debt to EBITDAR will strengthen toward 3x
over time will reinforce the ratings.

Main Credit Concern - High Negative FCF:

The company's 2011 FCF generation was negative at MXN2.5 billion,
representing 12%, 93%, and 18% of the company's LTM revenue, cash
position, and total on-balance debt at the end of December 2011.
The company's negative FCF trend in 2011 was driven by increasing
working capital as changes in accounts receivable and inventories
negatively affected the company cash flow generation by MXN1.8
billion and MXN5.1 billion, respectively.  The company's 2011 FCF
level reflects delays in collection from government agencies, as
new programs and processes were implemented during the second
half of 2011, and increasing inventory levels -- work in process
-- to align the company's housing developments to subsidy
programs expected to be available primarily during the first half
of 2012.

The ratings incorporate the view that the company will improve
its working capital cycle during 2012 due to normalization in
collection periods and lower inventory needs.  Continued high
negative FCF levels in 2012, similar to the 2011 level, resulting
in higher leverage and weaker liquidity (reflected in lower cash
position or higher short-term debt levels) would be seen as
negative to credit quality.

Adjusted Leverage Expected to Remain Below 3.5x:

The company's 2011 leverage metrics are above expectations. The
company's total debt increased by approximately 50% during 2011
over the prior year and reflects incremental debt required to
cover the company's 2011 burning cash from operations.  GEO's
gross leverage was 2.9x by the end of December 2011 (2.4x by the
end of December 2010).  Considering rentals related to operating
leases, the company's adjusted leverage, measured as total
adjusted debt to EBITDAR, was 3.1x by the end of 2011, which
negatively compares with 2.5x by the end of 2010.  The company
had approximately MXN15.7 billion in total adjusted debt at the
end of December 2011.  This debt consists primarily of MXN13.8
billion of on-balance-sheet debt and an estimated MXN1.8 billion
of off-balance-sheet debt associated with lease obligations.  The
company's total rentals during 2011 were MXN263 million, which
includes approximately MXN148 million in rentals related to the
US$160 million Maquinaria Especializada MXO, S.A. de C.V.
transaction.

The ratings considers that GEO's adjusted gross leverage will
remain stable and below 3.5x during the next 12 months ended
December 2012 as the company is expected to have the capacity to
better manage its working capital cycle during 2012, reducing
needs for incremental debt.

Proposed Transaction Positive to Credit Quality; Liquidity to
Improve:

The completion of the voluntary exchange offering is contingent
upon the acceptance by more than 50% of the holders of GEO's
US$250 million senior notes due in 2014.  In connection with the
exchange offer, the company is soliciting the elimination of
substantially all of the restrictive covenants and certain events
of default applicable to the existing notes.  The final
settlement date of the exchange offering is April 4, 2012.

Fitch views the exchange offering, in connection with the
proposed issuance of US$400 million senior notes, as positive to
GEO's credit quality.  The completion of the offering is expected
to improve GEO's liquidity position by extending the company's
debt payment profile, while GEO's gross adjusted leverage, on a
pro forma basis, is not expected to increase, as the proceeds
from the proposed issuance will be entirely used to prepay GEO's
US$250 million senior notes due in 2014 and the remaining balance
to reduce the company's short-term debt.

Moderate Growth; 2012 Revenues Expected to Increase 6% in 2012;
EBITDA Margins Stable at 22%:

The company's 2011 revenue was MXN21.2 billion, an increase of
10.5% over 2010 reflecting increases of 3.2% and 8.2% in the
company's units sold and average prices during the period,
respectively.  The company's average unit price increased from
MXN333 thousand to MXN360 thousand (US$27 thousand), in 2011 from
2010.

For 2012, the company's operations are forecasted to achieve more
moderate growth with total revenues increasing approximately 6%.
The company's 2012 total units sold is expected to increase by 6%
to be around 61,500 (57,865 units sold in 2011).  GEO's product
mix by income segment should continue to be oriented to the low-
income segment, with average home price expected to remain stable
at levels similar to those reached in 2011.  The company's 2012
EBITDA margin should remain stable at around 22%, and GEO's 2012
vertical housing mix is expected to reach 50% versus 35% in 2011.

Business strategy with a focus on organic growth is expected to
continue in 2012.  The ratings consider that the company's
business strategy will continue to focus operations on its own
land reserves. Inorganic growth through acquisitions is not
expected to occur in the short to medium term.

Diversification, Scale of Operations, and Adequate Land Reserve
Incorporated:

The ratings also consider GEO's geographic diversification with a
presence in 22 states in Mexico, which mitigates the inherent
risks associated with operating in a specific region, reducing
its dependency on specific local and municipal governments to
secure land and permits.  Further, the company benefits from
large-scale and nationwide operations as the largest homebuilder
in Mexico by volume of homes sold, which allows GEO to benefit
from economies of scale, better negotiating position with
suppliers, better access to credit markets, and enhanced
relationships with land suppliers.

The ratings incorporate GEO's significant and well-targeted land
reserves.  As of Dec. 31, 2011, the company had land reserves
equivalent to approximately 365,221 homes, which represents
around five years of production.  GEO's strategy of obtaining
land not only provides for growth, but it also improves the
company's financial flexibility by reducing working capital
requirements, allowing it to use cash flow for other purposes.
GEO's land reserves have been built up using different financing
alternatives.  They include the company's cash flow, outsourcing,
purchase options, and joint ventures, which represent by the end
of Dec. 2011 approximately 52%, 3%, 6%, and 39%, respectively.


FINANCIERA INDEPENDENCIA: Fitch Affirms Rating on IDR at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Financiera Independencia's long-term
Issuer Default Ratings (IDRs) at 'BB-'.  Fitch has also
downgraded FINDEP's long- and short-term national scale ratings
and local debt issues.

The Rating Outlook for all of FINDEP's long-term ratings is
Stable.

Fitch believes FINDEP's financial condition remains consistent
with a 'BB-' IDR, given its robust franchise in the consumer
finance sector, ample liquidity and adequate funding profile.
However, rebuilding core capital following the 2011 acquisitions
of Apoyo Economico Familiar (AEF) and Apoyo Financiero
Incorporated (AFI) has been slower than Fitch expected.  This
resulted from lower profitability driven by higher average
funding cost observed due to issuance of the senior unsecured
global notes in 2010, as well as its loan impairment charges.
The confluence of these factors underpins the one notch downgrade
of the national scale long-term and short-term ratings to 'A-
(mex)' from 'A(mex)' and to 'F2(mex)' from 'F1(mex)',
respectively.

FINDEP's IDRs and national-scale ratings could be negatively
affected if the company fails to stabilize credit costs and asset
quality metrics at levels that are closer to historical records
and/or if the process of rebuilding core capital levels does not
speed up in 2012.  Negative rating actions could also occur if
FINDEP's currently weak financial condition negatively affects
its medium-term funding profile.

Fitch considers that the upside potential for FINDEP's ratings is
currently limited, but positive rating actions could arise in the
medium term if the company materially improves its core capital
position and profitability closer to the levels recorded before
the recent acquisitions.

Historically, FINDEP had reported strong capital levels that were
consistent with its retail risk profile and rating level.
However its adjusted capital ratios (excluding intangible assets,
primarily goodwill in this case) declined from roughly 27% at
end-2010 to 13.4% as of December 2011.  This was exacerbated by
the aforementioned acquisitions, given the proposed terms of the
transactions (all cash) and the goodwill arising, as well as the
lower profitability due to the increasing loan impairment charges
and funding cost mentioned before.

Fitch views favorably management's 2H'11 decision to suspend
dividends in 2012 related to the 2011 period as a strategy to
enhance capital accumulation.  However, core capital ratios will
only recover gradually and are expected to reach the twenties
over the next three years, considering the relatively
conservative earnings projections over that period.  Fitch
believes projected capital ratios remain consistent with FINDEP's
risk profile, especially under a scenario of full earnings
retention, but enhancing core profitability and stabilizing asset
quality metrics are also crucial.

While these factors negatively affected Fitch's expectation of a
relatively rapid rebuild of its capital adequacy metrics, Fitch
views positively FINDEP's sound liquidity and funding profile.
This is a major strength for FINDEP that largely sustains its
rating level.  FINDEP and its subsidiaries have access to a
relatively ample and increasing amount of bank facilities.
Moreover, there is a positive maturity gap among assets and
liabilities that is key mitigating factor regarding refinancing
risk.

In addition, FINDEP has accessed the local debt market, and it
placed US$$200 million of five-year senior unsecured global notes
in 2010.  The company's cushion of liquid assets is reasonable,
and the high turnover of its loan portfolio is another major
source of liquidity, if needed.  Nonetheless, FINDEP is
challenged to roll over a significant amount of credit lines over
the next 24 months at terms that prove positive for the company's
earnings prospects.

Common to other consumer finance entities, wide margins are the
key driver of FINDEP's earnings.  An ample business scale
underpins reasonable efficiency metrics, allowing FINDEP to
absorb consistently high credit costs and still delivering strong
profitability metrics until 2010.  However, a confluence of
negative factors constrained earnings in 2011, as increasing
credit losses (loan impairment charges to average gross loans
from 18.4% in 2010 to 20.5% in 2011) and interest expenses
increased 45.6% last year.  In addition, certain non-recurring
expenses occurred which were associated with technology,
personnel and improving internal processes, largely driven by the
recent acquisitions.  However, Fitch expects a gradual recovery
from these various factors during 2012 and 2013.

Historically, the consolidated impairment ratio has been roughly
10%, but it climbed to roughly 12% during the recent economic
downturn.  Net charge-offs have also been high, roughly 17% of
average loans in 2011, while its reserves coverage of impaired
loans were still a moderate 76.4% (2010: 65.9%).

Fitch has taken the following ratings actions:

FINDEP:

  -- Long-term foreign and local currency IDRs affirmed at 'BB-';

  -- Short-term foreign and local currency IDRs affirmed at 'B';

  -- US$200 million senior unsecured notes due 2015 affirmed at
     'BB-';

  -- National-scale long-term rating downgraded to 'A-(mex)' from
     'A(mex)';

  -- National-scale short-term rating downgrade to 'F2(mex)' from
     'F1(mex)';

  -- National-scale long-term rating for local issues of senior
     unsecured debt downgraded to 'A-(mex)'at from 'A(mex)'.

The Rating Outlook is Stable.


GRUMA SAB: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Gruma
S.A.B. de C.V., including raising the corporate credit rating to
'BB' from 'BB-'.

"The recovery rating on Gruma's $300 million fixed-rate perpetual
notes, indicating our expectation of a meaningful (50% to 70%)
recovery in the event of a payment default, remains unchanged at
'3'," S&P said.

The outlook is stable.

"The upgrade follows Gruma's ongoing commitment to a more prudent
financial strategy, which has resulted in total debt to EBITDA of
less than 3x and operating results in line with our expectations,
despite higher raw material costs in 2011," said Standard &
Poor's credit analyst Laura Martinez.

"Gruma has been able to mitigate high corn price volatility
through anticipated purchases, corn-hedging strategies, and price
increases across most of its subsidiaries. Additionally, the
company was able to fund its acquisitive expansion strategy and
significant working capital requirements mainly with internal
cash flow generation," S&P said.

"Our ratings on Gruma reflect the company's 'significant'
financial profile (as our criteria define the term) due to its
still leveraged position and its exposure to volatile raw
materials prices. The company's 'satisfactory' business profile
reflects its leading position as a corn flour and tortilla
producer, strong brand recognition, and geographically diverse
cash flow, which mitigates financial risks. A continued track
record of more moderate financial policies is a key factor
supporting our ratings," S&P said.

"The stable outlook reflects our assumption that Gruma's
corporate governance and risk management will remain prudent and
that the company's expansion strategy through acquisitions,
working capital needs, and dividend payments will not require
additional debt in the coming years," S&P said.


============================
S T  K I T T S  &  N E V I S
============================


* ST. KITTS & NEVIS: Debt Restructuring May Lead to Job Losses
--------------------------------------------------------------
Cariibean360.com reports that as the Nevis Island Administration
(NIA) carries out the debt restructuring disclosed by Prime
Minister of the Federation Dr. Denzil Douglas, the reorganization
of government departments and statutory bodies will increase
unemployment.

Nevis Premier Joseph Parry acknowledge the disclosure, according
to Cariibean360.com.

The report notes that at the end of last month Dr. Douglas
announced that St Kitts and Nevis would be undertaking a two-
pronged debt relief strategy aimed at further stabilizing the
economy.

Further to the economic and debt restructuring program, which was
commenced in late 2010, Prime Minister Douglas has announced that
the state will now embark on a debt exchange program, along with
debt relief provided by a number of government's creditors, plus
ongoing economic reforms, to help place the country's public
finances on a more sustainable footing, Cariibean360.com
discloses.

The report relates that Mr. Parry, who is also the Nevis Minister
of Finance, said the reorganization would lead to workers being
laid off, but said a pension scheme would be put in place to act
as a safety net for non-establishment workers with more than 10
years service.

"The debt restructuring is something that we have taken ourselves
in this country," Cariibean360.com quoted Mr. Joseph as saying.

"The International Monetary Fund (IMF) has approved the path
which we wish to take, and we have the White Oak people who are
helping us to restructure the debt.  Basically part of the idea
is that we would have to discipline ourselves and organize
ourselves, and takes certain measures locally to cut down costs,
to pull back on expenditure and also to stimulate growth," he
added, the report relates.


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


* BOND PRICING: For the Week March 12 to March 16, 2012
-------------------------------------------------------


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

ARGENTINA
---------

ARGENT-$DIS            8.28    12/31/2033     USD           72.15
ARGENT-PAR             1.18    12/31/2038     ARS           46.92
ARGENT- DIS            7.82    12/31/2033     EUR              56
ARGENT- DIS            7.82    12/31/2033     EUR              65
ARGENT- DIS            7.82    12/31/2033     EUR              66
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
ARGNT-BOCON PRE9       2        3/15/2014     ARS            73.5
EMP DISTRIB NORT       9.75    10/25/2022     USD              61
EMP DISTRIB NORT       9.75    10/25/2022     USD           62.88
PROV BUENOS AIRE       9.625    4/18/2028     USD           68.91

BRAZIL
------

REDE EMPRESAS         11.125                  USD           42.5
REDE EMPRESAS         11.125                  USD           38.02
REDE EMPRESAS         11.125                  USD           42.63


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

BANCO BPI (CI)           4.15   11/14/2035    EUR           46.38
BCP FINANCE BANK         5.01   3/31/2024     EUR           54.63
BCP FINANCE BANK         5.31   12/10/2023    EUR           56.75
BCP FINANCE CO           5.543                EUR            32.5
BCP FINANCE CO           4.239                EUR           33.25
BES FINANCE LTD          6.625                EUR           96.88
BES FINANCE LTD          5.58                 EUR           44.33
BES FINANCE LTD          4.5                  EUR           51
CAM GLOBAL FIN           6.08   12/22/2030    EUR           67.25
CHINA FORESTRY           10.25  11/17/2015    USD           60
CHINA FORESTRY           10.25  11/17/2015    USD           57.5
CHINA SUNERGY            4.75    6/15/2013    USD           46
EFG ORA FUNDING          1.7    10/29/2014    EUR           51.08
ESFG INTERNATION         5.753                EUR           34.5
JINKOSOLAR HOLD          4       5/15/2016    USD           55.97
LDK SOLAR CO LTD         4.75    4/15/2013    USD           48.01
LDK SOLAR CO LTD         4.75    4/15/2013    USD           48.01
LDK SOLAR CO LTD         4.75    4/15/2013    USD           85.32
LDK SOLAR CO LTD        10       2/28/2014    CNY           67
LUPATECH FINANCE         9.875                USD           72
PUBMASTER FIN            5.943  12/30/2024    GBP           73
PUNCH TAVERNS            4.767   6/30/2033    GBP           72.08
SOLARFUN POWER H         3.5     1/15/2018    USD           64.5
SOLARFUN POWER H         3.5     1/15/2018    USD           63.48
SUNTECH POWER            3       3/15/2013    USD           75.25
SUNTECH POWER            3       3/15/2013    USD           74.32


CHILE
-----
AGUAS NUEVAS              3.4    5/15/2012    CLP           1.265
CGE DISTRIBUCION          3.25   12/1/2012    CLP          20.1
ESVAL S.A.                3.8    7/15/2012    CLP          12.6
MASISA                    4.25  10/15/2012    CLP          20.42
QUINENCO SA               3.5    7/21/2013    CLP          25.54


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


BANCO SANTANDER           6.1    6/1/2032      USD         73.26
PUERTO RICO CONS          6    12/15/2034      USD          0.01
PUERTO RICO CONS          6.5    4/1/2016      USD          63.5


VENEZUELA
---------

PETROLEOS DE VEN          5.5    4/12/2037      USD         62.11
PETROLEOS DE VEN          5.375  4/12/2027      USD         56
VENEZUELA                 7      3/31/2038      USD         71.61
VENEZUELA                 7      3/31/2038      USD         71.75


                            ***********


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 * * *