TCRLA_Public/120405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, April 5, 2012, Vol. 13, No. 069


                            Headlines



A R G E N T I N A

ANDELYS SA: Creditors' Proofs of Debt Due April 9
BANCO NACIONAL: Moody's Issues Summary Credit Opinion
BANCO ITAU: Moody's Issues Summary Credit Opinion
CINCOMAR SA: Creditors' Proofs of Debt Due June 29
CORDIAL COMPANIA: Moody's Issues Summary Credit Opinion

COMPANIA FINANCIERA: Moody's Issues Summary Credit Opinion
COMPANIA LOGISTICA: Requests Opening of Bankruptcy Proceedings
GASTON GRANDE: Creditors' Proofs of Debt Due May 11
GUEVARA CANERIAS: Creditors' Proofs of Debt Due May 14
INDUSTRIAS METALURGICAS: S&P Affirms 'B+' Rating on US$390MM Bond

INSTITUTO MEDICO: Requests Opening of Bankruptcy Proceedings
INTERNEXT SA: Creditors' Proofs of Debt Due June 21
LA PRIMERA: Asks for Bankruptcy Proceedings
LOMAS GRANDE: Creditors' Proofs of Debt Due May 30
LUZMAN SRL: Creditors' Proofs of Debt Due April 20

PSA FINANCE ARGENTINA: Moody's Issues Summary Credit Opinion
PANTIN SA: Requires Creditors to File Proofs of Debt
REVESTIMIENTOS DA VINCI: Creditors' Proofs of Debt Due June 5
TECNOLOGISTICA SA: Asks for Bankruptcy Proceedings
TOYOTA COMPANIA: Moody's Issues Summary Credit Opinion


B A R B A D O S

REDJET: Unlikely to Return to the Caribbean Skies


B R A Z I L

BR PROPERTIES: Fitch Affirms 'BB-' Rating on US$285MM Notes
CAMARGO CORREA: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
GOL LINHAS: Fitch Downgrades Rating on $200 Million Bonds to 'B'


C A Y M A N   I S L A N D S

ALPHATRAXX ASIA: Shareholders' Final Meeting Set for April 17
BANCO G&T: S&P Affirms 'BB/B' Issuer Credit Ratings; Outlook Neg
STRATEGIC ASIA: Shareholder to Receive Wind-Up Report on May 2


C O L O M B I A

ISAGEN: Fitch Affirms 'BB+' Currency Issuer Default Ratings


J A M A I C A

CARIBBEAN CEMENT: Workers Now Restive


M E X I C O

BANCO G&T: S&P Affirms 'BB/B' Issuer Credit Ratings; Outlook Neg
FINANCIERA DE DESARROLLO: S&P Ups Issuer Credit Rating From 'BB+'
FINANCIERA DE INDEPENDENCIA: S&P Keeps 'BB-' Global Scale Rating
GRUPO FAMSA: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


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


ANDELYS SA: Creditors' Proofs of Debt Due April 9
-------------------------------------------------
Lydia Haydee Lipka, the court-appointed trustee for Andelys SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 9, 2012.

Ms. Lipka will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 24
in Buenos Aires, with the assistance of Clerk No. 48, 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 company's liquidator is:

         Lydia Haydee Lipka
         Avenida Corrientes 1628
         Argentina


BANCO NACIONAL: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Banco
Nacional de Bolivia S.A. and includes certain regulatory
disclosures regarding its ratings.  The release does not
constitute any change in Moody's ratings or rating rationale for
Banco Nacional de Bolivia S.A.

Moody's current ratings on Banco Nacional de Bolivia S.A. are:

Long Term Bank Deposits (domestic currency) ratings of Ba3

Long Term Bank Deposits (foreign currency) ratings of B2

Bank Financial Strength ratings of D-, on review for downgrade

Subordinate (foreign currency) ratings of B1

Subordinate MTN Program (foreign currency) ratings of (P)B1

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.bo

NSR Short Term Bank Deposits (domestic currency) ratings of BO-1

NSR Long Term Bank Deposits (foreign currency) ratings of Aa3.bo

NSR Subordinate (foreign currency) ratings of Aa2.bo

NSR Subordinate MTN Program (foreign currency) ratings of Aa2.bo

NSR Short Term Bank Deposits (foreign currency) ratings of BO-1

Rating Rationale

Moody's assigns a Bank Financial Strength Rating (BFSR) of D- to
Banco Nacional de Bolivia S.A. (BNB), which reflects the bank's
strong franchise and good financial fundamentals, as well as its
importance to the Bolivian banking system, as both a deposit-taker
and a lender. BNB's long-term local currency (GLC) deposit rating
is Ba3, based on BNB's Baseline Credit Assessment of Ba3.  The B2
foreign currency (FC) deposit rating in global scale and a Aa3.bo
in national scale rating have a positive outlook, in line with
that of the sovereign ceiling.

The review will focus on the channels of shared exposure and
contagion between Banco Nacional and the government.  Banco
Nacional would be highly eligible for systemic support in a
situation of stress, reflecting its position as a relevant
deposit-taking institution in Bolivia.

Rating Outlook

The Bank's D- BFSR is on review for downgrade, while the remaining
local currency ratings now have a stable outlook.  The global and
national scale foreign currency ratings maintain their positive
outlooks.

What Could Change the Rating - Up

Any upward pressure on ratings is currently unlikely given the
existing review for downgrade.  The foreign currency deposit
rating is currently constrained by the country ceilings and have a
positive outlook aligned to the outlook of the ceilings.  These
ratings could be upgraded following an upgrade of the ceilings.

What Could Change the Rating - Down

The BFSR could be downgraded following Moody's review which will
re-assess the degree of linkage to sovereign risk.  The BFSR would
also be put under stress if the bank suffered a substantial
deterioration in its asset quality or in its core earning profile,
as well as if the operating environment weakened. A downgrade of
the country's deposit ceilings would of course affect its deposit
ratings.


BANCO ITAU: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Banco
Itau Argentina S.A. and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any change
in Moody's ratings or rating rationale for Banco Itau Argentina
S.A.

Moody's current ratings on Banco Itau Argentina S.A. are:

Senior Unsecured (domestic currency) ratings of Ba1

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Ba1

Senior Unsecured MTN Program (foreign currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of Ba1

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of D, on review for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Senior Unsecured (domestic currency) ratings of Aaa.ar

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aaa.ar

NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.ar

NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of D to
Banco Itau Argentina (BIA).  The rating reflects the bank's good
retail and corporate franchise, as well as its good profitability,
liquidity and asset quality indicators.  Key risks include a tight
competition from other local and international banks, which have
been more aggresive than BIA in the last years.  Moreover, the
bank still has comparatively high borrower and depositor
concentrations.

A D BFSR translates to a baseline credit assessment of Ba2. BIA's
global local currency deposit rating of Ba1 incorporates Moody's
assessment of a high probability of parental support from Banco
Itau Brazil (rated A1 by Moody's, on review for downgrade) and is
therefore lifted by one notch.  The bank's foreign currency
deposit rating of Caa1 remains constrained by Argentina's foreign
currency deposit ceiling.

Rating Outlook

Itau's BFSR was placed on review for downgrade. The outlook of all
remaining ratings is stable.

What Could Change the Rating - Up

Any upward pressure on Itau Argentina's BFSR is currently unlikely
given the existing review for downgrade.  The foreign and local
currency deposit and senior debt ratings are currently constrained
by the country ceilings of the respective instruments and have a
stable outlook aligned to the outlook of the ceilings.  These
ratings could be upgraded following an upgrade of the ceilings.

What Could Change the Rating - Down

The BFSR could be downgraded following Moody's review which will
re-assess the degree of linkage to sovereign risk. The BFSR would
also be put under stress if the bank suffered a substantial
deterioration in its asset quality or in its core earning profile,
as well as if the operating environment weakened. A downgrade of
the country's deposit ceilings would of course affect its deposit
ratings.


CINCOMAR SA: Creditors' Proofs of Debt Due June 29
--------------------------------------------------
Estudio Roggiano y Asociados, the court-appointed trustee for
Cincomar SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 29, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 company's liquidator is:

         Estudio Roggiano y Asociados
         Avenida Corrientes 2817
         Argentina


CORDIAL COMPANIA: Moody's Issues Summary Credit Opinion
-------------------------------------------------------
Moody's Investors Service issued summary credit opinion on Cordial
Compania Financiera S.A. and includes certain regulatory
disclosures regarding its ratings.  This release does not
constitute any change in Moody's ratings or rating rationale for
Cordial Compania Financiera S.A.

Moody's current ratings on Cordial Compania Financiera S.A. are:

Senior Unsecured (domestic currency) ratings of Ba3, on review
for downgrade

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Ba3, on review for downgrade

Senior Unsecured MTN Program (foreign currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Senior Unsecured (domestic currency) ratings of Aa2.ar, on
review for downgrade

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aa2.ar, on review for downgrade

NSR Long Term Bank Deposits (domestic currency) ratings of
Aa2.ar, on review for downgrade

NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of E+ (E
plus) to Cordial Compania Financiera S.A. (Cordial) and a baseline
credit assessment of B2.  This rating incorporates the entity's
niche market focus for consumer finance products, chiefly personal
loans, credit cards and the insurance services deriving from its
strategic alliance with Wal-Mart.  However, the BFSR also captures
Cordial 's customer base, which is sensitive to economic cycles,
as well as its loan quality, which has generated high provisioning
costs, thus hurting profitability.  The bank's Ba3 local currency
deposit rating reflects Moody's assessment of a high probability
of parental support to Cordial from its new owner Banco
Supervielle (currently rated Ba3, review for downgrade) in a
situation of stress.  Cordial 's foreign currency deposit rating
of Caa1 is constrained by the Argentine country ceiling for
deposits and has a stable outlook.

Rating Outlook

Cordial's local currency deposit and debt ratings were placed on
review for downgrade.  The outlook on the remaining ratings is
stable.

What Could Change the Rating - Up

Any upward pressure on the entity's BFSR and on global local
currency and debt ratings is currently unlikely given the existing
review for downgrade and reassessment of the BCA. The foreign
currency deposit ratings are currently constrained by the country
ceilings and have a stable outlook.  These ratings could be
upgraded following an upgrade of the ceilings.

What Could Change the Rating - Down

The local currency deposit ratings could be downgraded following
Moody's review which will re-assess the degree of linkage to
sovereign risk. Downward pressures could also be fostered if the
bank suffered a substantial deterioration in its asset quality or
in its core earning profile, as well as if the operating
environment weakened further.  A downgrade of the country's
deposit ceilings would of course affect its deposit ratings.


COMPANIA FINANCIERA: Moody's Issues Summary Credit Opinion
----------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Compania Financiera Argentina S.A. and includes certain regulatory
disclosures regarding its ratings.  The release does not
constitute any change in Moody's ratings or rating rationale for
Compania Financiera Argentina S.A.

Moody's current ratings on Compania Financiera Argentina S.A. are:

Senior Unsecured (domestic currency) ratings of Ba3, on review
for downgrade

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Ba3, on review for downgrade

Senior Unsecured MTN Program (foreign currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength (domestic currency) ratings of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Senior Unsecured (domestic currency) ratings of Aa2.ar, on
review for downgrade

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aa2.ar, on review for downgrade

NSR Long Term Bank Deposits (domestic currency) ratings of
Aa2.ar, on review for downgrade

NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

Rating Rationale

Moody's has assigned a standalone bank financial strength rating
(BFSR) of E+ to Compania Financiera Argentina S.A. (CFA) and a
baseline credit assessment of B1.  The rating reflects CFA's focus
on providing personal loans to low- and medium-income individuals
and the prospects for growth in this segment.  The rating also
takes into account CFA's small loan and deposit market shares in
Argentina, and limited earnings and funding diversification.
CFA's strong capitalization and profitability positively influence
the rating, helping to offset CFA's relatively high level of
nonperforming loans which is driven by its business profile.

CFA has also been assigned a Ba3 (review for downgrade) global
local currency deposit rating, which is derived from its baseline
credit assessment of B1 and benefits from parental support.
Moody's assesses the likelihood of support from Banco Galicia to
its finance company to be high.  The rating does not receive
uplift due to systemic support, given CFA's small market share of
deposits.

CFA's foreign currency deposit rating of Caa1 is constrained by
the Argentine country ceiling for deposits and continues to have a
stable outlook.

Rating Outlook

All global and national scale local currency deposit and debt
ratings are on review for downgrade. Foreign currency ratings and
BFSR continue to have stable outlooks.

What Could Change the Rating - Up

Any upward pressure on the entity's BFSR and on global local
currency and debt ratings is currently unlikely given the current
reassessment of the BCA.  The Caa1 foreign currency deposit rating
could rise with an upgrade of the deposit ceiling.

What Could Change the Rating - Down

The local currency deposit ratings could be downgraded following
Moody's review which will re-assess the degree of linkage to
sovereign risk. Downward pressures could also occur if the bank
suffered a substantial deterioration in its asset quality or in
its core earning profile, and if the operating environment
weakened further.  A downgrade of the foreign currency deposit
ceiling would result in a downgrade of the bank's deposit ratings.


COMPANIA LOGISTICA: Requests Opening of Bankruptcy Proceedings
--------------------------------------------------------------
Compania Logistica Postal SA requested the opening of bankruptcy
proceedings.  The company has defaulted on its payments last
Nov. 2, 2011.


GASTON GRANDE: Creditors' Proofs of Debt Due May 11
---------------------------------------------------
Miguel Adolfo Kupchik, the court-appointed trustee for Gaston
Grande's bankruptcy proceedings, will be verifying creditors'
proofs of claim until May 11, 2012.

Mr. Kupchik will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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 company's liquidator is:

         Miguel Adolfo Kupchik
         San Luis 3067
         Argentina


GUEVARA CANERIAS: Creditors' Proofs of Debt Due May 14
------------------------------------------------------
Gabriel Marcelo Ail, the court-appointed trustee for Guevara
Canerias SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 14, 2012.

Mr. Ail will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, 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 company's liquidator is:

         Gabriel Marcelo Ail
         Parana 833
         Argentina


INDUSTRIAS METALURGICAS: S&P Affirms 'B+' Rating on US$390MM Bond
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'B+' rating on
IMPSA and the ratings on its US$390 million bonds issued by its
financing vehicle in Netherlands WPE International Cooperatieuf
U.A.  The outlook is stable.

"Standard & Poor's Ratings Services' ratings on Argentina- and
Brazil- based engineering, procurement, and construction (EPC)
services provider Industrias Metalurgicas Pescarmona S.A.I.C.y.F.
(IMPSA) continue to reflect its 'weak' business risk profile and
its 'aggressive' financial risk profile.  The ratings also reflect
IMPSA's exposure to intense competition, in addition to
technological and logistic challenges.  The company partly
mitigates these negative factors by focusing on hydro- and wind
power generation projects in Latin America, where it has
competitive advantages (including: existing facilities,
credentials, and relationships with major electric utilities and
financing entities).  Also, its sizable backlog, which has
remained in the US$3 billion to US$4 billion range for the past
three years, provides medium-term predictability for revenues and
margins. IMPSA's growing exposure to Brazilian power markets also
facilitate access to adequate long-term financing, in contrast to
more volatile jurisdictions --such as Argentina and Venezuela-- to
which the company now has a limited exposure," S&P said.

"Sizable debt levels, volatile working capital requirements, and a
significant growth plan, which results in volatile and often
negative free cash generation, underpin IMPSA's financial risk
profile.  IMPSA's 'adequate' liquidity and its ability to monetize
projects to fund growth partially offset these weaknesses," S&P
said.


INSTITUTO MEDICO: Requests Opening of Bankruptcy Proceedings
------------------------------------------------------------
Instituto Medico de Asistencia e Investigaciones SA requested the
opening of bankruptcy proceedings before the National Commercial
Court of First Instance No. 15 in Buenos Aires, with the
assistance of Clerk No. 29.


INTERNEXT SA: Creditors' Proofs of Debt Due June 21
---------------------------------------------------
Viviana Monica Palopoli, the court-appointed trustee for Internext
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 21, 2012.

The Trustee 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 company's liquidator is:

         Viviana Monica Palopoli
         Avenida Cordoba 859
         Argentina


LA PRIMERA: Asks for Bankruptcy Proceedings
-------------------------------------------
La Primera Estrella SA asked for bankruptcy proceedings.  The
company has defaulted on its payments last April 14, 2011.


LOMAS GRANDE: Creditors' Proofs of Debt Due May 30
--------------------------------------------------
Maria Ines Del Buono, the court-appointed trustee for Lomas Grande
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 30, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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 company's liquidator is:

         Maria Ines Del Buono
         Lavalle 1290
         Argentina


LUZMAN SRL: Creditors' Proofs of Debt Due April 20
--------------------------------------------------
Gladys Benito, the court-appointed trustee for Luzman SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 20, 2012.

Ms. Benito 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 company's liquidator is:

         Gladys Benito
         Uruguay 618


PSA FINANCE ARGENTINA: Moody's Issues Summary Credit Opinion
------------------------------------------------------------
Moody's Investors Service issued summary credit opinion on PSA
Finance Argentina Comp.Fin.S.A. and includes certain regulatory
disclosures regarding its ratings.  The release does not
constitute any change in Moody's ratings or rating rationale for
PSA Finance Argentina Comp.Fin.S.A.

Moody's current ratings on PSA Finance Argentina Comp.Fin.S.A.
are:

Senior Unsecured (domestic currency) ratings of Ba3, on review
for downgrade

Senior Unsecured MTN Program (domestic currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Senior Unsecured (domestic currency) ratings of Aa2.ar

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aa3.ar

NSR Long Term Bank Deposits (domestic currency) ratings of Aa2.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

Rating Rationale

Moody's assigns a Bank Financial Strength Rating (BFSR) of E+ to
PSA Finance Argentina Compania Financiera S.A.(PSA Finance
Argentina), which translates into a Baseline Credit Assessment
(BCA) of B2.  The entity is owned 50%-50% by France's Banque PSA
Finance (BPF) and Argentina's BBVA Banco Frances.

The ratings derive from PSA Finance Argentina's key role as the
financial agent for Peugeot CitroEn Argentina S.A., the company's
solid risk management policies and its good asset quality and
capitalization indicators. Key risks include the tight competition
withing the car-financing industry, the bank's monoline business
orientation, and its funding structure.

Moody's assumes a moderate level of support from BPF to its
subsidiary in Argentina in situations of stress. This lifts the
BCA by two notches to a global long term local currency (GLC)
deposit rating of Ba3 and to an Aa2.ar long term deposit rating
under the Argentinean national scale.

Rating Outlook

The BFSR and the global local currency deposit and debt ratings
are on review for downgrade. The remaining ratings have a stable
outlook.

What Could Change the Rating - Up

Any upward pressure on PSA Finance Argentina's BFSR and local
currency deposit and debt ratings is currently unlikely given the
existing review for downgrade. The foreign currency deposit and
senior unsecured debt ratings are currently constrained by the
country ceilings of the respective instruments and have a stable
outlook aligned to the outlook of the ceilings. These ratings
could be upgraded following an upgrade of the ceilings.

What Could Change the Rating - Down

A substantial deterioration of the entity's performance, thus
damaging earnings, could create pressure on the BFSR. Finally, a
significant reduction in BPF support could depress PSA Finance
Argentina's rating. Furthermore, the downgrade of Argentina's
country ceilings for FC deposits would lead to a decline in
ratings.


PANTIN SA: Requires Creditors to File Proofs of Debt
----------------------------------------------------
Estudio Contable Cupito y Asociados, the court-appointed trustee
for Pantin SA's bankruptcy proceedings, requires its creditors to
file their proofs of debt.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 company's liquidator is:

         Estudio Contable Cupito y Asociados
         Posadas 1564
         Argentina


REVESTIMIENTOS DA VINCI: Creditors' Proofs of Debt Due June 5
-------------------------------------------------------------
Jose Manuel Montana, the court-appointed trustee for
Revestimientos Da Vinci SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 5, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 company's liquidator is:

         Jose Manuel Montana
         Paraguay 2081


TECNOLOGISTICA SA: Asks for Bankruptcy Proceedings
--------------------------------------------------
Tecnologistica SA asked for bankruptcy proceedings before the
National Commercial Court of First Instance No. 3 in Buenos Aires,
with the assistance of Clerk No. 6.


TOYOTA COMPANIA: Moody's Issues Summary Credit Opinion
------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Toyota Compania Financiera de Argentina S.A. and includes certain
regulatory disclosures regarding its ratings. This release does
not constitute any change in Moody's ratings or rating rationale
for Toyota Compania Financiera de Argentina S.A.

Moody's current ratings on Toyota Compania Financiera de Argentina
S.A. are:

Senior Unsecured (domestic currency) ratings of Ba1

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Ba1

Senior Unsecured MTN Program (foreign currency) ratings of (P)B2

Long Term Bank Deposits (domestic currency) ratings of Ba1

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of E+

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

NSR Senior Unsecured (domestic currency) ratings of Aaa.ar

NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aaa.ar

NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.ar

NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar

NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar

Rating Rationale

Moody's has assigned a bank financial strength rating (BFSR) of E+
to TCFA, which corresponds to a baseline credit assessment (BCA)
of B2. The company is 95% owned by Toyota Financial Services
Americas and 5% by Toyota Motor Credit Corporation, both based in
California. The ultimate parent is Toyota Motor Corporation
(Japan), which is currently rated Aa3 by Moody's.

The E+ BSFR is based mainly on TCFA's key role as the financial
agent for Toyota Corporation and its strong commercial and
strategic importance to the corporation, as well as its
profitability and funding structure. The rating also takes into
account the company's small franchise in the Argentine market and
monoline business orientation.

Under Moody's joint default analysis (JDA) methodology, Moody's
assumes that the ultimate parent will provide support to its
subsidiary in Argentina in the event of stress.  This assumption
provides a lift to the BCA, resulting in a long-term global local
currency deposit rating of Ba1 and a short-term deposit rating of
Not Prime. This corresponds to a Aaa.ar long-term deposit rating
on the Argentine national scale.

Rating Outlook

All the ratings have a stable outlook.

What Could Change the Rating - Up

Any upward pressure on BSF's BFSR and local currency deposit and
debt ratings is currently unlikely given the existing reassessment
of the BCA. The foreign currency deposit rating is currently
constrained by the country ceilings and have a stable outlook
aligned to the outlook of the ceilings.

What Could Change the Rating - Down

A substantial deterioration in TCFA's performance that negatively
affects earnings would place downward pressure on the BFSR.
Additionally, a downgrade of Argentina's country ceiling for
deposits would lead to a rating downgrade for TCFA. Finally, a
significant reduction in support from its parent could negatively
affect TCFA's deposit rating.


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


REDJET: Unlikely to Return to the Caribbean Skies
-------------------------------------------------
Caribbean360.com reports that REDjet (Airone Caribbean/Airone
Ventures Limited) is unlikely to return to the skies after a mere
10 months in the air.

The airline's 90 employees will have to seek other forms of
employment, according to Caribbean360.com.

The report, however, notes that there are some who still hold the
view that all is not lost for the airline, as the Guyana and
Antiguan governments pledge their continued support of the
airline.

As reported in the Troubled Company Reporter on April 2, 2012,
Trinidad Express related that Trinidad and Tobago Transport
Minister Devant Maharaj said REDjet's license to fly has been
revoked by the Trinidad and Tobago Civil Aviation Authority
(TTCAA), since the Barbados Civil Aviation Department (BCAD) by a
letter dated March 20 had advised REDjet that they were suspending
the Air Operators Certificate (AOC) issued the airline.

                         About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.
Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News reports that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.   REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.


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


BR PROPERTIES: Fitch Affirms 'BB-' Rating on US$285MM Notes
-----------------------------------------------------------
Fitch Ratings has affirmed the following ratings for BR Properties
S.A.:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BB-';
  -- Long-term local currency IDR at 'BB-';
  -- Long-term national scale rating at 'A(bra)';
  -- US$285 million perpetual notes issuance at 'BB-'.

The Outlook for the corporate ratings is Stable.

Fitch has also taken the following ratings actions on One
Properties S.A.:

  -- Long-term national scale rating upgraded to 'A(bra)' from
     'BBB-(bra)' and withdrawn;
  -- Long-term national scale rating of the BRL200 million second
     debentures due March 1, 2015 upgraded to 'A(bra)' from 'BBB-
     (bra)'.  The second debentures were transferred to BR
     Properties.

The rating actions follow the announcement on March 29, 2012 of
the approval of the merger of 100% shares issued by One Properties
into BR Properties' capital stock.  Following the incorporation of
One Properties by BR Properties, One Properties was extinguished.

The merger did not involve cash from BR Properties.  One
Properties' shareholders received after the merger 41.9% of BR
Properties capital stock, and, of such total, 28.3% will be held
by Banco BTG Pactual S.A. (BTG), 9.3% by WTorre S.A. and the
remaining 4.3% by other investors.  Previous shareholders of BR
Properties will carry 58.1% of the merged company.

Fitch views this merger as positive to the strength of BR
Properties' business model but not sufficient to change the
company's ratings, which continue to be limited mainly by its
somewhat high leverage.  The incorporation of One Properties
anticipated a significant growth of BR Properties' portfolio of
commercial properties and its rental revenue base, as well as its
leading market share in Brazil.  Fitch views these factors as
positive and should result in economies of scale, dilution of
operating expenses, diversification of tenant base, and
improvement of quality of the asset portfolio under BR Properties'
experienced management.

As a result of the merger, the company has built strong cash
position.  However, part of the relevant liquidity should be
allocated in the acquisition of new assets, which limits the
benefits of a more robust cash position.  Combined with the
substantial total debt increase from the absorption of One
Properties' debt, this is a limiting factor for the ratings.
Expected investments in acquisitions of properties and development
of projects should also be financed with new debt, in addition to
cash.  Stronger EBITDA generation resulting from the merger should
not be sufficient to offset, in part, higher debt, leading to an
increase in leverage in 2012.  Fitch expects BR Properties to
cautiously manage its leverage growth to avoid higher pressure on
the ratings.  Higher EBITDA generation expected for 2013,
following the delivery of several projects under development,
should contribute to moderate reduce leverage.

BR Properties' ratings are also constrained by the company's
limited financial flexibility from unencumbered assets, the
cyclicality of the commercial properties business, and the
company's reliance upon long-term lines of credit to finance its
expansion plans.

BR Properties' Leading Market Position

The incorporation of One Properties consolidated BR Properties'
leading position in the Brazilian commercial properties segment.
The portfolio of commercial assets of the merged company have an
estimated market value above BRL10 billion, well above its closest
competitors, with a Gross Leasable Area (GLA) of 2,111 thousand
squared meters.

One Properties contributed GLA of 755 thousand squared meters in
the merger, with an estimated market value of BRL5.1 billion
including projects under development.  The merged portfolio has a
favorable leasing profile with tenants representing a cross
section of industries, in regions with strong demand and low
vacancy rates.

Strong Initial Cash Balance Provides Flexibility for Future
Investment

Pro forma figures indicate that the merged company should have an
initial cash balance of BRL1.2 billion, for total debt of BRL4.6
billion and net debt of BRL3.4 billion.  Strong cash balance
results from the increased existing cash of BR Properties, after
the entrance of approximately BRL675 million of capital follow on
in July 2011, and from the inflow of about BRL330 million from the
Joint Venture Agreement entered between WTorre Properties S.A.,
WTorre S.A. and BTG.  Fitch expects a significant reduction of the
cash availability at the proportion BR Properties makes new
portfolio investments and continues the projects' developments.

Leverage Expected to Increase

The incorporation of One Properties pressured BR Properties'
leverage ratios.  Based on pro forma figures, total debt/EBITDA
and net debt/EBITDA ratios were 8.4 times (x) and 6.2x,
respectively, in 2011.  On a standalone basis, BR Properties
reported leverage and net leverage of 7.4x and 3.8x, respectively,
in 2011.  Leverage is manageable relative to the value of the
company's property portfolio; however, as the loan-to-value ratio
of its merged real estate portfolio was about 33%, compared to 21%
reported by BR Properties before the merger.

Predictable and Growing Cash Flow from Operations

BR Properties has a predictable and consistent cash flow from
lease agreements.  The company should report EBITDA of about
BRL630 million in 2012.  Economies of scale from the larger
portfolio of properties should contribute to improve EBITDA margin
to about 93% in 2012, compared to an average of 81% from 2008 to
2010.

Potential Rating Drivers

The ratings can be positively affected by consistent increases in
cash flow from operations, maintenance of robust and conservative
cash cushion and leverage reduction.  The ratings could also be
upgraded by sustained levels of low debt relative to the value of
the company's property portfolio.

BR Properties' ratings could be downgraded in the event of a
higher than expected increase in leverage, or lower liquidity to
levels that considerably weakens short-term debt coverage, or a
weakening of the debt maturity profile.  The ratings could also be
pressured by a significant increase in vacancy and delinquency
ratios, as well as by a sharp downturn in the Brazilian economy.


CAMARGO CORREA: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' global-scale
corporate credit rating on Camargo Correa S.A. and its cement
subsidiary, InterCement Brasil S.A., on CreditWatch with negative
implications.  "In addition, we placed the ratings on
Loma Negra's issues, which Intercement Brasil guarantees, on
CreditWatch negative.  We could lower the ratings by one or two
notches upon completion of our review," S&P said.

"The CreditWatch placement follows the announcement of Camargo's
public offer to acquire the remaining 67% of Cimpor Cimentos de
Portugal, S.G.P.S. S.A.'s (BBB-/Stable/A-3) shares for EUR5.5
each, indirectly through Intercement Brasil.  It's still not clear
how Cimpor's other shareholders will decide, but Caixa Geral de
Depositos, which owns approximately 10% of Cimpor, has already
declared it intends to sell its shares, subject to certain
conditions," S&P said.

"Although full control of Cimpor would reinforce Camargo's global
position in the cement business, the investment will most likely
increase the group's debt and lead to credit metrics that would
not be compatible with those for its current rating category.  We
believe the group's significantly more leveraged financial profile
may outweigh the benefits of a potentially larger, more global
cement operation.  We believe Camargo will strive to make the
acquisition debt profile compatible with its investment cycle and
seek long-term financing to fund the deal.  We note that Camargo's
financial profile has improved after the group actively sought to
divest noncore assets and to extend debt tenors in the past year
or so.  In our view, the group's current flexibility for rapid
deleveraging is comparatively smaller, as it does not count on
many noncore assets to divest.  We currently do not factor any
asset rearrangement within Cimpor," S&P said.

"In 2010, Camargo acquired approximately 33% of Cimpor's shares in
a very competitive bidding process.  Cimpor is a cement company
with plants in Europe and emerging markets (including Brazil) with
a total capacity of 6.6 million tons per year," S&P said.

"We expect to resolve the CreditWatch placement after we have more
clarity on the impact of the acquisition on Camargo's debt and
have more details on the potential effects of Cimpor's
integration, if the deal successfully goes through," S&P said.


GOL LINHAS: Fitch Downgrades Rating on $200 Million Bonds to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Gol Linhas Aereas
Inteligentes S.A.'s (GOL) and its fully owned subsidiaries as
follows:

Gol Linhas Aereas Inteligentes S.A. (GOL):

-- Foreign and local currency long-term Issuer Default Ratings
    (IDRs) to 'B+' from 'BB-';
-- Long-term national rating to 'BBB(bra)' from A-(bra)';
-- USD200 million perpetual bonds to 'B/RR5' from 'BB-';

VRG Linhas Aereas S.A.:

-- Foreign and local currency long-term IDRs to 'B+' from 'BB-';
-- Long-term national rating to 'BBB(bra)' from A-(bra)';
-- BRL500 million of senior notes due 2017 to 'BBB-(bra)' from
    A-(bra)';

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:

-- Foreign and local currency long-term IDRs to 'B+' from 'BB-';
-- USD200 million of senior notes due 2017 to 'B/RR5' from
    'BB-';
-- USD300 million of senior notes due 2020 to 'B/RR5' from
    'BB-';

Fitch Ratings has also withdrawn the expected rating of 'BB-'
assigned on Feb. 14, 2012 to a proposed perpetual bonds as the
transaction did not close, the deal was originally planned to be
issued by GOL's wholly owned subsidiary, VRG Linhas Aereas S.A.
(VRG).

In conjunction with these rating actions, the Rating Outlook for
GOL, VRG Linhas Aereas and GOL Finance have been revised to
Negative from Stable.

These rating downgrades reflect the deterioration in GOL's cash
flow generation.  During 2011, its EBITDAR declined by 54% from
the prior year, while its EBITDAR margin fell to 9% from 22%.  The
weakening of GOL's margins during 2011 reflects the very
challenging scenario faced by the company with yields under
pressure due to increasing competition and additional capacity
being added into the Brazilian domestic market.  High fuel costs,
which represent approximately 40% of the company's operating
costs, also hurt the company's performance, as did the
depreciation of the Brazilian real relative to the U.S.
dollar (Enf of the period exchange rate BRL/USD was 1,8758 in 2011
and 1,6662 in 2010).  Approximately 90% of the company's revenues
are denominated in local currency, while around 60% of its total
costs are denominated in U.S. dollars.

The Negative Outlook incorporates Fitch's concern regarding a
potential scenario of continued negative trends in the company's
free cash flow generation (FCF) that could result in a
deterioration of its liquidity during 2012.  Fitch views as
positive to GOL's credit quality management's efforts to control
capacity and reduce costs.

Also factored into the Negative Outlook is the high degree of
sensitivity of GOL's financial performance to several factors not
controlled by the company such as competition, performance of the
local currency, and fuel price trend -- which are expected to
continue putting pressure on the company's margins in the short to
medium term -- that could offset the actions taken by management
to improve its
free cash flow generation during 2012.

GOL's ratings reflect the company's solid business position in the
Brazilian domestic market with a significant market share of 42.3%
(including recently acquired Webjet S.A.) measured by RPK by the
end of 2011.  The ratings also consider the company's business
model, which is primarily oriented to the domestic passenger
market, and has limited product and geographic diversification.
The volatility of cash flow generation and high leverage are
additional credit considerations.

The 'B/RR5' rating of the company's unsecured public debt reflects
below average recovery prospects in the event of a default due to
the subordination of the unsecured debt to secured debt related to
aircraft finance.

Potential Liquidity Deterioration Driven by Negative FCF Main
Credit Concern:

During 2011, GOL's FCF was negative BRL1.3 billion. This figure is
equivalent to about 27% of the company's on-balance debt at the
end of December 2011.  Fitch's FCF calculation for the 2011 period
considers cash flow from operations (CFFO) (negative BRL603
billion) less capex considering aircraft finance (BRL671 million)
and less paid dividends (BRL51 million).  Positively factored in
the ratings is the company's focus to maintain healthy liquidity.
At the end of 2011, the company had BRL2.2 billion of cash and
marketable securities.

The main sources of incremental cash for GOL during 2011 were
BRL671 million of additional debt and an equity advance from Delta
Air Lines of approximately BRL186 million.

The company's negative FCF trend has been driven by a significant
deterioration in the company operational performance.  GOL's EBIT
margin was negative 2.5% in 2011, a sharp decline from a positive
EBIT margin of 10% in 2010.  Fitch expects the company's EBIT
margin to remain under pressure during the first half of 2012, as
this period of time is seasonally the weakest portion of the year
for the company.  Continued high negative FCF levels in 2012 with
negative FCF margins in the 15% to 20% range would likely result
in a material deterioration of the company's liquidity.

High Leverage, Further Worsening Expected during First Half of
2012:

GOL's cash generation, as measured by EBITDAR reached BRL707
million in 2011, a decline from BRL1.5 billion in 2010.  The
company had approximately BRL8.5 billion in total adjusted debt at
the end of December 2011.  This debt consists primarily of BRL5
billion of on-balance-sheet debt, 41% of which is secured aircraft
financing, and an estimated BRL3.5 billion of off-balance-sheet
debt associated with lease obligations.  The company's gross and
net leverage, as measured by total adjusted debt/EBITDAR and total
adjusted net debt/EBITDAR ratios, reached levels of 12.1x and
8.9x, respectively, during 2011.  This represents a sharp increase
versus 5x and 3.7x during 2010.  The ratings factor in the
expectation of continued deterioration during the first half of
2012.  A potential recovery in the company's leverage toward the
end of 2012 would depend upon the effectiveness of GOL's efforts
on manage capacity and reduce costs.  Macroeconomic
conditions and the actions taken by the other main players in the
Brazilian domestic market will also affect the company's
performance.

Capacity Management Key Credit Factor in 2012:

One of the main factors negatively affecting the Brazilian market
during 2011 was the excess capacity being added primarily by the
main players, TAM S.A. (TAM) and GOL, which ended December 2011
with total ASK levels in the domestic market of 48.7 billion (TAM)
and 44.3 billion (GOL), representing increases of 9.5% and 6.4%,
respectively, over their ASK levels as of Dec. 2010.  The
Brazilian domestic industry as whole ended 2011 with a total ASK
level of 116.1 billion, representing an increase of 13.1% versus
December 2010.

Fitch expects ASK levels to grow at a single-digit rate during
2012, as the two major airlines, which account for more than 80%
of the total domestic capacity, are considering slowing their ASK
growth rates or reducing them.  Continued efforts by TAM or GOL to
maintain a focus on market share -- reflected in ASK growth at a
pace similar to the level observed in 2011 -- instead of
profitability would be seen as a negative for the sector's credit
quality.

Considering capacity from recently acquired Webjet S.A. (only
4Q2011), GOL ended 2011 with a total capacity, measured by ASK, of
50.1 billion.  GOL's management is likely to be conservative in
the future in an effort to boost profitability and cash flow.
This should result growth rates for the company's capacity in
range of -2% to 2%, which is expected to be positive in terms of
yields.  The company's 2011 yield was BRL19.51 cents per
kilometer, a decline of 4.8% when compared with the company's 2010
yield (BRL20.48 cents).  On a quarterly basis, the company's
yields have shown moderate improvements toward the end of 2011.

Focus on Cost Reduction Expected to Continue:

Positively, the company is implementing several actions oriented
to reduce its ex-fuel cost per ASK (CASK), as a key component of
recovering its operating cash flow. The ratings factor in the view
that the company will require material improvements in its cost
structure versus 2011 levels.  GOL ended 2011 with a total
operating cost per ASK (CASK) of BRL15.41 cents, which increased
12.7% over the 2010 CASK (BRL13.67 cents).  The two components of
the company's 2011 total CASK, ex-fuel CASK and fuel CASK ended
2011 at levels of BRL9.31 cents and BRL6.1 cents, reaching
increases of 7% and 23%, respectively, over 2010 levels.  Current
oil price trends are expected to continue putting pressure on the
company's operational performance as the 2012 average price WTI
per barrel is expected to be around USD110 per barrel versus an
average price of USD95 per barrel in 2010.

Rating Drivers:

An inability of the company to lower leverage materially form 2011
levels could result in a negative rating action.  A deterioration
of the company's strong liquidity position could also trigger
downgrades in the company's ratings.  Conversely, better
operational performance during 2012 could warrant a change in the
Rating Outlook to Stable.


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


ALPHATRAXX ASIA: Shareholders' Final Meeting Set for April 17
-------------------------------------------------------------
The shareholders of Alphatraxx Asia Fund will hold their final
meeting on April 17, 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:

         K.D. Blake
         c/o Rob Arthur
         Telephone: 345-815-2637
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BANCO G&T: S&P Affirms 'BB/B' Issuer Credit Ratings; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' issuer
credit ratings on Guatemala-based Banco G&T Continental S.A.
(Banco G&TC).  "The rating action is part of our regular review.
The outlook remains negative," S&P said.

"The ratings on Banco G&TC continue to reflect its 'strong' (as
our criteria define it) business position in the low-penetrated
Guatemalan banking system, our expectation of moderate risk-
adjusted capital (RAC) ratios and earnings capacity, and a
'moderate' risk position because of a dollarized balance sheet
with satisfactory credit expansion and complexity compared with
its peers. Even though the bank relies on a stable and growing
customer deposit base, it has similar funding sources as the rest
of the industry.  According to our criteria, the ratings are
limited to the ratings on the Republic of Guatemala, mainly
because of the bank's high exposure to its sovereign and because
we do not believe Banco G&TC can withstand a stress on liquidity
and capital--such as massive deposits run, severe devaluation, and
a sharp increase in nonperforming assets-- without support from
the central bank," S&P said.

"We could lower the ratings if we downgrade Guatemala or we could
revise the outlook to stable following a similar outlook revision
on the sovereign," S&P said.


STRATEGIC ASIA: Shareholder to Receive Wind-Up Report on May 2
--------------------------------------------------------------
The shareholder of Strategic Asia Capital Limited will receive on
May 2, 2012, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Susan Lo Yee Har
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


===============
C O L O M B I A
===============


ISAGEN: Fitch Affirms 'BB+' Currency Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed at 'BB+' Isagen's Foreign and Local
currency Issuer Default Rating (IDR).  Fitch has also affirmed
Isagen's 'AA+(col)' Long-term national scale rating and the
COP$850.000 million local bonds issuance.  The Rating Outlook was
revised to Positive.

The revision of the Outlook to Positive reflects the improvement
in the financial results of ISAGEN during 2011, as well as the
expectations of a lower than previously anticipated financial
leverage during 2012 and 2013.  In addition, the rating actions
incorporate the significant progress in the construction work in
the Sogamoso project.  ISAGEN has shown a generation of growing
cash flows through time, which has allowed it to develop greater
flexibility against the significant investments planned for the
2012 - 2013 period and for the development of the Sogamoso
project.

Fitch positively views Isagen's successful strategies to secure
Sogamoso's financial resources and to favorably negotiate
contracts related to the development of the project.  The project
is expected to be operational by the second quarter of 2014.  So
far, the construction process is in line with the budget, with 50%
completed up to now.  It is expected that the remaining
construction risk, given the magnitude and nature of the project,
will be mitigated to the extent that the construction work will
continue without major delays.

Strong Business Position:

Isagen is the third largest electricity generation company in
Colombia based on installed capacity and energy generation.  As of
Dec. 31, 2011, the company had 15% of Colombia's total installed
generation capacity, and accounted for 17% of the country's total
generation.  Its strong business position is supported by low
marginal costs and diversified portfolio of assets (86% hydro and
14% thermo).  Although the company's generation is mainly
hydrologic, its assets are somewhat geographically diverse and
help to mitigate hydrology risks to some extent.

Isagen's commercial strategy is solid and supportive of its
business profile.  The company's medium-term contracted position
mitigates pronounced fluctuation in spot market prices and
contributes to revenue stability and predictability.  During 2010,
the company has contracted 80.1% of its electricity generation
with market participants and large customers for the next two to
three years and it expects this ratio to increase to nearly 85% in
the coming years.

Favorable Results Decrease Pressure on Future Credit Metrics:
Isagen's capital expenditure program is mainly underpinned by the
construction of an 820 megawatt (MW) hydroelectric generation
plant (Sogamoso) at an estimated cost of US$2.2 billion.  Once
this project is completed, Isagen's installed capacity will
increase to nearly 3,000 MW and the company's total energy
generation would be around 14,500 GWh per year (currently, average
energy generation is 9,500 GWh per year).  Capital expenditures of
the project have been financed with a combination of internally
generated cash flow and debt.  The generation of cash flows
measured by EBTIDA in December 2011 was about US$387 million and
the margin at 43%, figures that are above the base scenario for
Fitch, as well as compare favorably with the EBITDA reported in
2010, located in US$368 million.

In December 2011, the Isagen long-term debt reached US$810
million, and it is denominated in Colombian pesos, their
maturities are uniform and are spread between 2011 and 2025.  As
of December 2011, the indicator of debt / EBITDA was 2.2 times (x)
and the ratio of EBITDA / Interest Expense, 15.5x, both considered
in line with the rating category.  It is expected that leverage
ratio increase to a maximum of 3.8x, and then fall rapidly after
the beginning of the operations of Sogamoso project by 2014.
Fitch expects the company to maintain indicators near the 2.5x
thereafter.

Robust Liquidity Supports the Implementation of Capex Program:
Isagen's liquidity is considered strong and it is supported by a
strong cash flow from operations, manageable amortization schedule
and committed facilities of US$788 million to fund the expansion
plan.  As of Dec. 31, 2011, ISAGEN reported US$293 million of cash
and marketable securities, which together with committed credit
lines will allow the company to meet the US$16 million of short-
term debt and the approximately US$594 million of 2012 capex
program.

Factors That Could Lead to a Rating Change:

Continued progress in Sogamoso's project execution coupled with
sustained cash flow generation and financial debt levels according
to expectations could result in ratings upgrade.  On the other
hand, lower than expected results, higher leverage ratios and
significant delays in the start-up of Sogamoso's operations could
lead to a downgrade.


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


CARIBBEAN CEMENT: Workers Now Restive
-------------------------------------
RJR News reports that workers at Caribbean Cement Company Limited
are now restive.

This after the management of the company reported that it cannot
make them an offer for a new wage agreement, according to RJR
News.  Island Supervisor for the National Workers Union (NWU)
Granville Valentine told RJR News that after 21 months of
negotiations for wages covering 2010 to 2012, the parties are
deadlocked.

RJR News notes that Mr. Valentine criticized Carib Cement and
argued that the company must end its practice of compensating its
workers based on the level of profitability.  The NWU Vice
President said the union is now trying to avert a strike at the
company, RJR News says.

                      About Caribbean Cement

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


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


BANCO G&T: S&P Affirms 'BB/B' Issuer Credit Ratings; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' issuer
credit ratings on Guatemala-based Banco G&T Continental S.A.
(Banco G&TC).  "The rating action is part of our regular review.
The outlook remains negative," S&P said.

"The ratings on Banco G&TC continue to reflect its 'strong' (as
our criteria define it) business position in the low-penetrated
Guatemalan banking system, our expectation of moderate risk-
adjusted capital (RAC) ratios and earnings capacity, and a
'moderate' risk position because of a dollarized balance sheet
with satisfactory credit expansion and complexity compared with
its peers.  Even though the bank relies on a stable and growing
customer deposit base, it has similar funding sources as the rest
of the industry.  According to our criteria, the ratings are
limited to the ratings on the Republic of Guatemala, mainly
because of the bank's high exposure to its sovereign and because
we do not believe Banco G&TC can withstand a stress on liquidity
and capital--such as massive deposits run, severe devaluation, and
a sharp increase in nonperforming assets-- without support from
the central bank," S&P said.

"We could lower the ratings if we downgrade Guatemala or we could
revise the outlook to stable following a similar outlook revision
on the sovereign," S&P said.


FINANCIERA DE DESARROLLO: S&P Ups Issuer Credit Rating From 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services upgraded its ratings, including
the issuer credit rating (ICR), on Financiera de Desarrollo
Nacional S.A. to 'BBB-' from 'BB+'.  The outlook is stable.  The
stand-alone credit profile (SACP) is 'bb'.

"Standard & Poors Ratings services base its rating on Financiera
on its status as a Government Related Entity (GRE) standing. The
company has an 'important role' and 'very strong' link to the
government.  As a result, we continue to believe there is a high
likelihood that the government would provide timely and sufficient
extraordinary support to Financiera during periods of financial
distress.  The ratings on Financiera are also based on its 'weak'
business position, 'very strong' capital & earnings, 'moderate'
risk position, 'below average' funding, and 'adequate' liquidity.
The 'bb' SACP receives two notches of support," S&P said.

RATINGS LIST
Upgraded
                                            To        From
Financiera de Desarrollo Nacional S.A.
Long term issuer credit rating             BBB-      BB+


FINANCIERA DE INDEPENDENCIA: S&P Keeps 'BB-' Global Scale Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Mexico-
based consumer finance company Financiera Independencia S.A.B. de
C.V. SOFOM E.N.R. (Findep) to negative from stable.

"At the same time, we affirmed our ratings on the company,
including the 'BB-' global scale and 'mxA-/mxA-2' Mexican national
scale counterparty credit ratings," S&P said.

"The rating action follows the revision of our forecast for Findep
after its 2011 results," said Standard & Poor's credit analyst
B rbara Carreon.

"The negative outlook reflects our uncertainty as to whether
Findep's actions to improve profitability in the coming months
will succeed," S&P said.

"It also reflects our concern that it might take longer than we
had originally expected for Findep to restore its adjusted
capitalization through internal capital generation, to levels more
consistent with the risk it underwrites and with the current
ratings," S&P said.

"Findep's inferior asset quality compared with peers', low
profitability for its consumer finance orientation, and pressures
on capital limit the ratings. The company's adequate funding
structure and geographic and client diversity counterbalance the
negative factors," S&P said.

"The negative outlook reflects our uncertainty on the success of
Findep's actions to improve its profitability, and our concern
that it might take longer than we had previously expected for the
company to restore its capitalization," S&P said.


GRUPO FAMSA: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Grupo Famsa S.A.B. de C.V. (GFamsa) and its 'B'
senior unsecured debt rating on the company's US$200 million
fixed-rate notes. The outlook is stable.

"At the same time, we affirmed our recovery rating on the notes at
'3', indicating our expectation of meaningful (50% to 70%)
recovery in the event of a payment default," S&P said.

"The ratings on GFamsa are limited by the company's weak business
profile based on its small position in Mexico as its main market
in conjunction with the high competition in the industry, and its
highly leveraged financial risk profile resulting from negative
free operating cash flow," said Standard & Poor's credit analyst
Sandra Tinoco.

"The rating also incorporates the company's good profitability,
funding from deposits of subsidiary Banco Ahorro Famsa S.A.
Institucion de Banca Multi (BAF; B/Stable/--; SACP: bb) to cover
most of GFamsa's shortfalls in relation to its high working
capital requirements, and the company's good geographic and client
diversification within the country, despite its small position,"
S&P said.

"Since the beginning of 2012, BAF has managed practically all of
GFamsa's clients' credit sales and personal loans. As of Dec. 31,
2011, the bank had opened 288 branches, mostly within GFamsa's
stores," S&P said.

"GFamsa is one of the leading specialty retailers for the middle-
and lower-middle income segments of the population in the
northeast and central regions of Mexico. As of Dec. 31, 2011, its
retail division included 352 stores in Mexico and 49 stores in
five U.S. states," S&P said.

"Our assessment of GFamsa's business profile as 'weak' results
from the highly fragmented retail market in Mexico, which makes
GFamsa competes against national, regional, and small department
stores," S&P said.

"Our assessment of GFamsa's financial profile as 'highly
leveraged' results from our expectation that the company will post
negative FOCF in the next three years," S&P said.

"The outlook is stable. This incorporates our expectation that the
company will continue to improve its profitability measures, to
EBITDA margins of 17.5% to 18.0% by 2015," S&P said.


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


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

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

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

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

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

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

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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *