TCRLA_Public/120404.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

              Wednesday, April 4, 2012, Vol. 13, No. 068


                            Headlines



B E R M U D A

JUPITER FINANCIALS: Creditors' Proofs of Debt Due April 16
MILLGATE LONG: Creditors' Proofs of Debt Due April 13
MILLGATE LONG: Members' Final Meeting Set for May 4


B O L I V I A

COMPANIA DE SEGUROS: Moody's Affirms B2 IFS Rating; Outlook Neg.
LA VITALICIA: Moody's Cuts Insurance Finc'l Strength Rating to B2


B R A Z I L

BANCO VOTORANTIM: Fitch Downgrades Viability Rating to 'BB-'


C A Y M A N   I S L A N D S

BLACKSQUARE: Shareholders' Final Meeting Set For April 27
CRUTCHFIELD INCORPORATED: Shareholders' Meeting Set For April 30
FONTAINEBLEAU ONE: Shareholders' Final Meeting Set For April 27
GARAGE INT'L: Shareholders' Final Meeting Set For April 30
IRXL LTD: Shareholder to Receive Wind-Up Report on April 27

MAN-GLENWOOD LEXINGTON: Member to Hear Wind-Up Report on April 27
WAVE ENERGY: Shareholders' Final Meeting Set For April 23
ZS-SAZ I: Members' Final Meeting Set For April 27
ZS-SAZ II: Members' Final Meeting Set For April 27
ZS-SAZ III: Members' Final Meeting Set For April 27


H A I T I

DIGICEL GROUP: Acquires Voila in Haiti


J A M A I C A

INTERTRADE FINANCE: Court to Hear Wind Up Petition on May 17
JAMAICA PUBLIC SERVICE: Names Kelly Tomblin as New CEO


M E X I C O

* BENITO JUAREZ MUNICIPALITY: Moody's Cuts Issuer Ratings to B2


P A N A M A

NEWLAND INTERNATIONAL: Moody's Cuts Sr. Unsecured Rating to 'Ca'


T R I N I D A D  &  T O B A G O

CL FIN'L: Judge Blanks CLICO Policyholders


                            - - - - -


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B E R M U D A
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JUPITER FINANCIALS: Creditors' Proofs of Debt Due April 16
----------------------------------------------------------
The creditors of Jupiter Financials Hedge Fund Limited are
required to file their proofs of debt by April 16, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 23, 2012.

The company's liquidators are:

         Wanda Mello
         Rob McMahon
         3 Bermudiana Road
         Hamilton HM 08
         Bermuda


MILLGATE LONG: Creditors' Proofs of Debt Due April 13
-----------------------------------------------------
The creditors of Millgate Long Master Fund Ltd. are required to
file their proofs of debt by April 13, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 27, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


MILLGATE LONG: Members' Final Meeting Set for May 4
---------------------------------------------------
The members of Millgate Long Master Fund Ltd. will hold their
final meeting on May 4, 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:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


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B O L I V I A
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COMPANIA DE SEGUROS: Moody's Affirms B2 IFS Rating; Outlook Neg.
----------------------------------------------------------------
Moody's Latin America affirmed Compania de Seguros y Reaseguros
Fortaleza S.A.'s B2 global local-currency insurance financial
strength (IFS) rating and its Aa3.bo Bolivian national scale IFS
rating, but changed the ratings' outlooks to negative from stable.

Fortaleza is a Bolivian property and casualty insurer that is
privately owned by a local family, and is part of a local
financial conglomerate that includes affiliates engaged in the
brokerage, finance, and leasing businesses.  The company is
focused primarily on motor and surety insurance, although it is
also diversified across other segments including fire,
engineering, and cargo, among others.  Product distribution is
conducted primarily through brokers and through the insurer's own
sales force.

Ratings Rationale

According to Moody's, the change of Fortaleza's outlook to
negative from stable is based on the expectation that Fortaleza's
profitability in 2012 will decline as a result of a new
reinsurance program, which has much lower profit sharing for the
company than the previous reinsurance contract.  According to
Diego Nemirovsky, lead analyst for Fortaleza, "The company's
previously strong profitability will likely decline during 2012,
although it could be restored in the following years should the
company secure reinsurance contracts with terms and conditions
more similar to the previous arrangement".  The rating agency went
on to say that failure to restore profitability to historical
levels could result in a rating downgrade.

Moody's said that the ratings' affirmation is based primarily on
Fortaleza's still good profitability -- which has consistently
been stronger than peers in the past, its leading position in the
surety segment, and strong underwriting results.

Moody's pointed out, however, that these positive factors are
significantly tempered by its asset-quality risk, given its
significant investments in non-investment grade assets such as
Bolivian sovereign bonds and local bank deposits -- a
characteristic common to most Bolivian insurers -- and real
estate.  Other concerns noted include its high business
concentration in the surety and automobile segments and the
company's poor historical reserve adequacy.

Commenting on other challenges, Moody's noted Bolivia's weak
operating environment, as reflected in Moody's assessment of
systemic risks related to the country's economic and institutional
strength, and susceptibility to event risks, as well as the
development of its insurance sector in comparison to other
countries worldwide.

Among the factors that could result in a rating downgrade for
Fortaleza, Moody's mentioned a sustained reduction in its
profitability and capital adequacy due to the new reinsurance
program, or a significant deterioration in investment credit
quality.  Conversely, Fortaleza's ratings' outlook could change
back to stable if the company is able to sustain previous
profitability levels by securing reinsurance contracts with terms
and conditions more similar to the previous arrangement, or
through a combination of improved reserve adequacy, further
product diversification, and strengthened market presence.

Based in Santa Cruz, Bolivia, Fortaleza reported net income of
Bs$4.5 million and gross premiums written of Bs$41.5 million for
the fiscal year ended on December 31, 2011. Total assets were
Bs$99.1 million and shareholders' equity of Bs$30.1 million as of
year-end 2011.


LA VITALICIA: Moody's Cuts Insurance Finc'l Strength Rating to B2
-----------------------------------------------------------------
Moody's Latin America downgraded La Vitalicia Seguros y Reaseguros
de Vida S.A.'s global local currency (GLC) insurance financial
strength (IFS) rating to B2 from B1 and downgraded the insurer's
IFS rating on Bolivia's national scale (NS) to Aa3.bo from Aa2.bo.
The ratings' outlooks are changed to negative from stable.

La Vitalicia, which is privately-owned, is one of the two
companies that administer run-off annuity funds in the pay-out
phase for pensioners in Bolivia, holding about 75% of the market's
reserves in this segment.  The company also distributes other
types of life and annuity insurance policies to the general
population in Bolivia.

Ratings Rationale

Moody's said the downgrade of La Vitalicia's ratings primarily
reflects its significant asset/liability mismatch on its run-off
pension liabilities. La Vitalicia has experienced a sharp decline
in its profitability because of spread compression given the very
low market interest rates in Bolivia, combined with inflation-
adjusted guarantees on its pension liabilities.  Moody's analyst
Diego Nemirovsky added "The ongoing decline in profitability and
capitalization, along with the fact that the company's main
business line is in run-off, makes us believe that the company's
ratings are now better aligned with B2/Aa3.bo IFS peers".  The
rating agency went on to say that the negative outlook reflects
its concern about the company's ability to face a longer period of
low market interest rates, given its current weaker economic
capital cushion.  "Although we do not assume that this trend of
low interest rates will continue over the long term, there are
some uncertainties about the timing and pace of positive
reversal", said Mr. Nemirovsky.

Moody's also cited the following factors constraining the
company's overall credit profile: 1) La Vitalicia's significant
and concentrated investment risk in Bolivian government bonds and
local bank deposits --although this is common for every Bolivian
insurer; 2) the asset-liability management challenges associated
with its inflation-adjusted annuities with spread compression and
reinvestment risk; and 3) the weak operating environment in
Bolivia, also common for every Bolivian insurer.

Factors that could lead to a further downgrade of La Vitalicia's
ratings include the following: 1) continued impairment in the
company's capitalization levels, (i.e.: decrease in its capital
base of 20% or more, or failure to comply with minimum regulatory
capital requirements); and 2) sustained weak profitability for an
extended period.  On the other hand, the company's outlook could
change back to stable from negative if the company is able to
restore its capital adequacy and profitability.

Based in La Paz, Bolivia, La Vitalicia reported a net income of
Bs$19 million as of December 31, 2011, which was 54% lower
compared to the Bs$42 million for the previous year.
Shareholders' equity was Bs$396 million at year-end 2011, not
materially different than fiscal year-end 2010, after a dividend
payment of BS$ 18 million.


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B R A Z I L
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BANCO VOTORANTIM: Fitch Downgrades Viability Rating to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded the Viability rating of Banco
Votorantim (BV) to 'bb-' from 'bb'.  Simultaneously, Fitch has
affirmed all other ratings for BV and BV Leasing as follows:

Banco Votorantim

  -- Foreign and Local Currency long -term Issuer Default Rating
     (IDR) 'BBB-'; Outlook Stable;
  -- Foreign and Local Currency short-term (IDR) 'F3';
  -- Viability rating 'bb-';
  -- Support rating '2';
  -- National long-term rating 'AA+(bra)'; Outlook Stable;
  -- National short-term rating 'F1+(bra)'.
  -- Senior unsecured debt 'BBB-'.

BV Leasing Arrendamento Mercantil S.A.

  -- 1st and 2nd Debentures Issuances 'AA(bra)'

BV's viability rating, which benefits from the ordinary support
of Banco do Brasil (BdB) in terms of liquidity and funding
availability, has been downgraded by one notch to 'bb-' due to the
combination of a weak performance in 2011 and a leveraged capital
base.  Fitch expects BV to revert this trend due to new management
efforts to improve delinquency, especially in the vehicle
financing segment.  This improvement should occur no earlier than
2013.

BV's IDRs and national ratings are based on the support that Fitch
believes the bank would receive from BdB (IDR 'BBB'/Stable
Outlook) under a stress scenario.  BdB acquired 49.99% of BV's
voting shares in September 2009 and granted it a revolving
interbank credit line of BRL8 billion (equivalent to one net worth
of BV).  In March 2010, BdB injected BRL450 million into the bank.
In addition, Fitch believes the Votorantim group could also
provide financial support, even though ratings are based on
support solely from BdB.

The viability rating should benefit from better results and a
better capital structure with less intangibles, but could be
jeopardized by higher delinquency.  A material change in BdB's
ratings or its willingness or capacity to provide support could
result in changes in BV's ratings.

After BdB became a shareholder, BV recorded a 30% growth in its
auto loans portfolio, which led to considerable market share
gains. Due to a spike in delinquency following this growth, and
with the introduction of a new management team in 3Q'11, the bank
has reduced asset production by half since 4Q'11, aiming at
improving profitability in lieu of market share gains.
Nonetheless, the result of this aggressive growth was a
significant increase in non-accrual loans to 8.9% of total loans
in FY11 from 2.7% in FY10.  Although recent increases of non-
performing loans (NPLs) also reflect the significant asset growth
slowdown since 4Q'11, Fitch expects BV will continue facing larger
than historical average delinquency in 2012, especially in light
of the drop in NPLs reserve coverage from 70% in FY10 to 60% in
FY11.

Auto loans operations are going through a deep restructuring,
which include re-assessment of the bank's commercial relationship
with dealers, review of recovery and guarantee management policies
and underwriting credit standards enhancement with new systems
implementation.  While this has been the main focus of BV's
strategy for 2012, the bank also plans to seek larger reciprocity
with clients on Corporate and Middle Market, with an overall
strategy much more focused on profitability than growth.

Since 2009 BV has materially improved its funding profile, which
was one of its main constraints before BdB became a shareholder,.
Even though cost of funding remains higher than peer average,
mainly due to its wholesale concentration, BV's asset and
liabilities large term mismatches were materially reduced with the
issuance of BRL 7 billion in Letras Financeiras (two-year term),
in addition to subordinated and senior debt.  Nonetheless, BdB
directly played a key role in improving BV's funding by making BRL
10Bi credit portfolio acquisition (with Recourse) from BV, which
should materially reduce in 2012.

With a Fitch Core Capital of low 8.14%, which compares badly with
peers, BV's capitalization has been jeopardized by large tax
assets, lower results, and large Tier II issuances that already
amount to BRL 4 billion against a Net Worth of BRL 8 billion.

Banco Votorantim is the third largest private bank focused on
vehicle financing.  Headquartered in Sao Paulo, Brazil, BV
presented consolidated assets of R$112.4 billion (US$59.9 billion)
and equity of R$8.04 billion (US$4.2 billion) as of Dec. 31, 2011.
BV leasing is a fully controlled subsidiary of BV.


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


BLACKSQUARE: Shareholders' Final Meeting Set For April 27
---------------------------------------------------------
The shareholders of Blacksquare (General Partner) Inc. will hold
their final meeting on April 27, 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 Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CRUTCHFIELD INCORPORATED: Shareholders' Meeting Set For April 30
----------------------------------------------------------------
The shareholders of Crutchfield Incorporated will hold their final
meeting on April 30, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


FONTAINEBLEAU ONE: Shareholders' Final Meeting Set For April 27
---------------------------------------------------------------
The shareholders of Fontainebleau One Investment Company Ltd. will
hold their final meeting on April 27, 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


GARAGE INT'L: Shareholders' Final Meeting Set For April 30
----------------------------------------------------------
The shareholders of Garage International Ltd. will hold their
final meeting on April 30, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


IRXL LTD: Shareholder to Receive Wind-Up Report on April 27
-----------------------------------------------------------
The shareholder of IRXL Ltd. will receive on April 27, 2012, at
12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard E. L. Fogerty
         c/o Sarah Douglas
         Zolfo Cooper
         P.O. Box 1102
         Building 3, 4th Floor
         Cayman Financial Centre
         Dr. Roy's Drive
         Grand Cayman, KY1-1102
         Cayman Islands
         Telephone: (345) 946-0081
         Facsimile: (345) 946-0082


MAN-GLENWOOD LEXINGTON: Member to Hear Wind-Up Report on April 27
-----------------------------------------------------------------
The member of Man-Glenwood Lexington Tei, LDC will receive on
April 27, 2012, at 10:10 a.m., 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


WAVE ENERGY: Shareholders' Final Meeting Set For April 23
---------------------------------------------------------
The shareholders of Wave Energy Investments Limited will hold
their final meeting on April 23, 2012, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stichting Liquidation
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


ZS-SAZ I: Members' Final Meeting Set For April 27
-------------------------------------------------
The members of ZS-Saz I Limited will hold their final meeting on
April 27, 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:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town Grand Cayman KY1-1102
         Cayman Islands


ZS-SAZ II: Members' Final Meeting Set For April 27
--------------------------------------------------
The members of ZS-Saz II Limited will hold their final meeting on
April 27, 2012, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town Grand Cayman KY1-1102
         Cayman Islands


ZS-SAZ III: Members' Final Meeting Set For April 27
---------------------------------------------------
The members of ZS-Saz III Limited will hold their final meeting on
April 27, 2012, at 12:00 noon, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town Grand Cayman KY1-1102
         Cayman Islands


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H A I T I
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DIGICEL GROUP: Acquires Voila in Haiti
--------------------------------------
Caribbean News Now reports that Digicel Group Limited has acquired
Haitian mobile operator, Voila, from its parent company, US-based
Trilogy International Partners, for an undisclosed sum.  The
transaction closed on Friday, March 30, 2012.

The two companies will continue to be run separately, according to
Caribbean News Now.

The report relates that the Voila business is attractive to
Digicel for a number of reasons including its loyal customer base,
its success in the Haitian market to date and its talented
workforce.  Voila has been offering uninterrupted services in
Haiti since September 1999 and currently serves nearly a million
customers, Caribbean News Now relays.

                       About Digicel Group

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

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

                       *     *     *

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


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J A M A I C A
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INTERTRADE FINANCE: Court to Hear Wind Up Petition on May 17
------------------------------------------------------------
RJR News reports that Jamaica Supreme Court will on May 17 hear a
petition for the winding up of securities dealer Intertrade
Finance Corporation.

The petition was filed by the Financial Services Commission,
according to RJR News.

The report, citing a statement, relates that FSC said it had
exhausted all reasonable efforts to personally serve the directors
of Intertrade with the amended winding up petition.  RJR News
relates that it has therefore filed an application with the
Supreme Court seeking its permission to effect substituted service
of the petition on the company's directors Christopher Malcolm and
Joan Powell.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2011, RJR News said that restrictions have been placed on
the operations of Intertrade Finance after it was served with a
cease and desist order by the Financial Services Commission.  The
order was issued to Joan Powell, Intertrade's Chief Executive
Officer and its Directors Gavin Chen, Christopher Malcolm and
Herbert Malcolm, according to RJR News.  The report related that
FSC said the order was based on the company misrepresenting
clients on the nature of the securities in which they had
invested, its failure to pay over sums to certain clients in
keeping with their instructions, and a review of its interim
financial statements and other documents.

Intertrade Finance Corporation is a securities dealer.


JAMAICA PUBLIC SERVICE: Names Kelly Tomblin as New CEO
------------------------------------------------------
RJR News reports that Kelly Tomblin is the new president and chief
executive officer of the Jamaica Public Service Company.

Mrs. Tomblin, who assumed duties, is an accomplished senior
executive with more than 20 years of diverse leadership experience
in the regulated utility and independent energy sectors in the
USA, according to RJR News.  The report relates that dhe takes
over from former CEO, Damion O'biglio.

RJR News discloses that JPSCO said Mrs. Tomblin's experience
includes leadership positions in the traditional and renewable
generation sectors, as well as in the transmission and
distribution arenas.

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80% of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers
who are served by a workforce of more than 1,600 employees.  The
Company owns and operates 28 generating plants, 54 substations,
and roughly 14,000 kilometers of distribution and transmission
lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 million to JM$600 million in
retroactive, overtime and redundancy payments.



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


* BENITO JUAREZ MUNICIPALITY: Moody's Cuts Issuer Ratings to B2
---------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Benito Juarez'
issuer ratings to B2 (Global Scale, local currency) and Ba1.mx
(Mexico National Scale) from B1 and Baa2.mx, respectively.  The
ratings are maintained under review for a possible downgrade.

Ratings Rationale

The rating action to downgrade Benito Juarez's issuer ratings was
prompted by 1) the downgrade of the issuer ratings of the State of
Quintana Roo to B1/Baa2.mx from Ba2/A2.mx, and 2) the ongoing
deterioration in the municipality's fiscal and debt metrics.

In addition, the ratings remain under review for a possible
downgrade, reflecting: 1) the uncertainty regarding the
municipality's recovery of revenues withheld by the federal
government related to the MXN112.3 million Fonhapo loan (6% of the
city's revenues). 2) the impact of such loss in revenues on the
municipality's financials, and the corresponding pressure on
servicing debt on a Banobras loan (not rated).

On mid-January this year, Moody's puts Benito Juarez ratings under
review for a possible downgrade. The decision was triggered by the
disruption of participation flows to a trust that serves a MXN1.2
billion enhanced loan that Benito Juarez contracted with Banobras
in 2010. The loan is 100% backed with the municipality's
participation revenues (annual participation flows represent 23%
of Benito Juarez total revenues).  The interruption of
participation flows was caused after the federal government
retained the January participations of Benito Juarez.  The federal
government acted on behalf of Fonhapo, a federal government trust
that claimed that the municipality had a past-due debt of MXN
112.3 million.  To avoid any disruption in its debt service, the
municipality compensated the lost January participations by
sending own source revenues to the paying trust.

Since then, it appears that the State of Quintana Roo provided
some support to Benito Juarez that partially eased the financial
pressures on the municipality by allowing a more gradual pace of
retention of participations throughout the year (as opposed to a
three month full retention of participations initially planned).
Additionally, the municipality entered into formal discussions
with the federal government to try to solve the Fonhapo claims and
recover its withheld revenues.  Finally, the municipal
administration has announced that it will cut expenditures to
offset the impact of the lost revenues and realign its financial
deterioration.

During 2010, the municipality of Benito Juarez posted a cash
financing deficit equivalent to -12.7% of total revenues mainly
because an increase in current expenditures, coming from an
average of 1.6% for the 2006-2009 period.  As a result of the cash
financing deficit, the municipality acquired the Banobras loan,
increasing direct and indirect debt levels to 71% of total
revenues in 2010 from a 24% registered in 2009.

Moody's expects to conclude the review within three months. During
this period, Moody's review will focus on 1) the evolution of the
discussions related to the Fonhapo loan and Benito Juarez's
success in recovering its lost revenues and, 2) the evolution of
Benito Juarez fiscal and debt metrics, including its 2011 realized
budget, and the effects that the announced expenditure cuts have
on the municipality's finances.

What Could Change the Rating Up/Down

Given the significant deterioration in the municipality's
financials, Moody's doesn't anticipate upward pressures in the
short to medium term.  A favorable conclusion of the ongoing
discussions with the federal government loan that result in Benito
Juarez recovering all of its lost revenues could stabilize the
rating outlook.

Lack of a favorable negotiation with the federal government that
would result in the full recovery of Benito Juarez lost
participations and/or a larger than expected deterioration in the
municipality's financial results could result in a further
downgrade of the issuer ratings.  A downgrade of the State of
Quintana Roo issuer ratings (B1/Baa2.mx, negative outlook) could
also exert downward pressure on Benito Juarez's ratings.

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


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P A N A M A
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NEWLAND INTERNATIONAL: Moody's Cuts Sr. Unsecured Rating to 'Ca'
----------------------------------------------------------------
Moody's Investors Service downgraded Newland International
Properties, Corp.'s senior secured rating to Ca from Caa3 and
changed the outlook to developing.

The following rating was downgraded with a developing outlook:

Newland International Properties, Corp.

-- senior secured debt rating to Ca from Caa3

Ratings Rationale

The downgrade reflects the uncertainty of the final recovery for
bondholders, which is expected to be significantly lower than the
current balance of the bond.  In addition, the restructuring
process has taken longer than expected.  On November 15 Newland
missed a scheduled principal payment on its outstanding $220
million bond.  The company has hired GapStone Group as its
financial advisors and is currently working on a restructuring of
the bonds with investors.  The developing outlook takes into
consideration the ultimate recovery for bondholders once the
restructuring plan is consummated, which could be above or below
that which is implied by a Ca rating.

Moody's last rating action with respect to Newland was on
Oct. 20, 2011, when Moody's downgraded Newland's rating to Caa3
from B3 and placed the rating on review for possible downgrade.

Newland's rating was assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against issuers both within and outside
of Newland's core industry and the company's ratings are believed
to be comparable to those of other issuers of similar credit risk.

Newland International Properties Corp. is a sociedad anonima
organized under the laws of the Republic of Panama.  Newland is a
real estate development company established to develop the "Trump
Ocean Club International Hotel & Tower" in Panama City, Panama.
Trump Ocean Club is being developed as a multi-use luxury tower,
overlooking the Pacific Ocean, with luxury condominium residences,
a hotel condominium, a limited number of offices, and premier
leisure amenities.  Trump Ocean Club will be located on the Punta
Pacifica Peninsula in Panama City, on approximately 2.8 acres
(11,200 square meters) of land, including approximately 295 lineal
feet (90 lineal meters) of oceanfront.


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


CL FIN'L: Judge Blanks CLICO Policyholders
------------------------------------------
Jada Loutoo at Trinidad and Tobago Newsday reports that Trinidad
and Tobago High Court Judge Justice Devindra Rampersad dismissed
an application for preemptive costs in a lawsuit brought by a
group of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) policyholders who are challenging the legality of the
bailout plan offered to them by the Finance Minister Winston
Dookeran.

Justice Rampersad, in a 49-page ruling, said the Percy Farrell
group of Executive Flexible Premium Annuity (EFPA) policyholders
were not entitled to pre-emptive costs on their application to
have the money to pursue their litigation be paid out of the
Statutory Trust Fund established by the Central Bank, according to
T&T Newsday.  The report relates that orders for pre-emptive costs
are made in exceptional circumstances in cases involving public
interest challenges, where claimants apply to the judge for an
order that there be no order as to costs against them, whatever
the outcome of the proceedings.

T&T Newsday discloses that the judge said he had no discretion to
interfere with the Statutory fund without regard to risk
assessment factor.  The report relays that Justice Rampersad said
to agree to the application would be for the court to make an
order for payment out of the fund without having considered its
effect on the entire Statutory Fund.

T&T Newsday notes that Justice Rampersad said he could not order
the Minister of Finance to give special directions without having
regard to the statutory requirements of the Fund.  The report
relates that Justice Rampersad ruled that Section 115 of the
Insurance Act was intended to insulate the Statutory Fund created
in respect of classes of business and to ensure that the fund was
shielded.  The legal challenge brought by the EFPA policyholders
is expected to go to trial in April.

T&T Newsday recalls that policyholders Percy Farrell, Marina
Inalsingh, Professor Gordon Rohlehr, David Dayal and Michael
Alexander have filed suit against CLICO, the Central Bank and
Republic Bank Ltd.  The report relates that attorneys Dr. Claude
Denbow SC, Seenath Jairam SC, Dharmendra Punwasee, and Rishi Dass,
instructed by attorney Donna Denbow, had filed an application, on
behalf of the CLICO EFPA policyholders and later amended their
claim to include the Minister of Finance and the Attorney General
as defendants.

T&T Newsday notes that the application to amend was made after the
Central Bank (Amendment) Bill was passed in Parliament last year,
preventing policyholders from filing legal action to recover funds
from CLICO.  They have asked the judge to determine whether CLICO,
Central Bank and Republic Bank, either on their own or acting
under the direction of the Finance Minister, were empowered by law
to implement a decision to separate EFPA policies from being
beneficiaries under the Trust created of the insurance giant's
assets for its statutory fund for policyholders, the report adds.

                        About CL Financial

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

                          *     *     *

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

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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