TCRLA_Public/120419.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 19, 2012, Vol. 13, No. 078


                            Headlines



A R G E N T I N A

BANCO COLUMBIA: Moody's Issues Summary Credit Opinion
BANCO GANADERO: Moody's Issues Summary Credit Opinion
BANCO DE SERVICIOS: Moody's Issues Summary Credit Opinion
CAJA DE CREDITO: Moody's Issues Summary Credit Opinion
YPF SOCIEDAD: Moody's Cuts Global Local Currency Rating to 'B3'


B A R B A D O S

REDJET: Seeks Help From Guyana to Resume Operations


B E R M U D A

LEHMAN BROTHERS: Court Approves Lehman Re Settlement
LIDZ: Closes Business Due to Struggling Sales


B O L I V I A

BANCO SOLIDARIO: Moody's Issues Summary Credit Opinion


B R A Z I L

BANCO HSBC: Fitch Affirms 'BB' Viability Rating
FIDC BCSUL: Moody's Lowers Ratings on Senior Shares to 'Ba3'
JSL SA: Fitch Assigns Issuer Default Rating at Low-B
SAN ANTONIO: Fitch Affirms Issuer Default Rating at 'B-'


C A Y M A N   I S L A N D S

COSMIC LAND: Shareholders' Final Meeting Set for May 1
CUSHING FUND: Shareholders' Final Meeting Set for May 11
ERMITAGE DIVERSIFIED: Shareholders' Final Meeting Set for May 3
ERRY NETWORK: Shareholders' Final Meeting Set for May 2
HAV2 (XII): Shareholders' Final Meeting Set for May 11

HAV2 (XVIII): Shareholders' Final Meeting Set for May 11
MARATHON OIL: Shareholders' Final Meeting Set for May 11
O'CONNOR CREDIT: Shareholders' Final Meeting Set for May 4
O'CONNOR QUANTITATIVE: Shareholders' Final Meeting Set for May 4
SOLENT CAPITAL: Shareholders' Final Meeting Set for May 1


C O L O M B I A

BBVA COLOMBIA: Fitch Raises Viability Rating From 'BB+'


D O M I N I C A N   R E P U B L I C

CERVECERIA NACIONAL: Moody's Affirms 'B1' CFR; Outlook Positive


J A M A I C A

WYNDHAM KINGSTON: To be Auctioned, Employees Worried


P U E R T O  R I C O

ALCO CORP: Reaches Agreement With Banco Popular on Asset Sale
LAUSELL INC: Door Maker Files for Bankruptcy in Puerto Rico


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BANCO COLUMBIA: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco Columbia 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 Columbia
S.A

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

Senior Unsecured (domestic currency) ratings of B2

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

Long Term Bank Deposits (domestic currency) ratings of B2

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 A2.ar

NSR Senior Unsecured MTN Program (domestic and foreign currency)
ratings of A2.ar

NSR Long Term Bank Deposits (domestic currency) ratings of A2.ar

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

Rating Rationale

Moody's assigned a bank financial strength rating (BFSR) of E+ to
Banco Columbia.  The rating reflects its relatively good
franchise and market share in its targeted business of consumer
finance, which is aimed at medium and low-income individuals. The
BFSR also incorporates the bank's captive operation of financing
retirees in the Argentine social security system -- ANSES --
which supports its business volumes and fee generation.

The ratings, however, are constrained by Banco Columbia's weak
financial fundamentals, particularly asset quality that limits
its growth prospects.  Columbia is very active in securitizing
its good quality consumer loans; as a result, asset quality has
deteriorated sharply.

Moreover, Columbia faces harsh competition from peers, which may
affect its ability to build quality loans and revenues, despite
its relatively assured loan-generation capability. During the
last years the bank has bought a loan portfolio from C&A and
General Electric, thus, expanding its franchise and upgrading its
business in scale and margins.

The E+ BFSR translates to a Baseline Credit Assessment of b3.
Moody's assessment is that there is a moderate probability of
systemic support to be extended to the bank in case of stress
because of its relatively modest market share in terms of
deposits. Such an assessment results in a one-notch lift of the
local currency rating to B2. The bank foreign currency deposit
rating of Caa1 remains constrained by Argentina's foreign
currency deposit ceiling.

Rating Outlook

All ratings have a stable outlook.

What Could Change the Rating - Up

The consolidation of a larger franchise through the loan
acquisitions -- without erosion of portfolio quality -- and the
improvement in the bank financial fundamentals could eventually
bolster Columbia's financial strength rating. The foreign
currency deposit rating would rise with an upgrade of the deposit
ceiling.

What Could Change the Rating - Down

Deterioration in portfolio quality might put Columbia's equity at
risk and could press down on the financial strength rating. The
rating could also be downgraded if capitalization needs damage
the bank's franchise. In addition, a slip in the sovereign risk
rating would undermine the foreign currency deposit rating.


BANCO GANADERO: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco Ganadero 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 Banco Ganadero
S.A.

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

Long Term Bank Deposits (domestic currency) ratings of B1

Long Term Bank Deposits (foreign currency) ratings of B2

Bank Financial Strength ratings of E+

Subordinate (domestic and foreign currency) ratings of B2

Subordinate MTN Program (foreign currency) ratings of (P)B2

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

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

NSR Subordinate (domestic currency) ratings of Aa3.bo

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

NSR Subordinate (foreign currency) ratings of Aa3.bo

NSR Subordinate MTN Program (foreign currency) ratings of Aa3.bo

Rating Rationale

Moody's maintains a bank financial strength rating (BFSR) of E+
to Banco Ganadero S.A.  This reflects the bank's improved
financial fundamentals, particularly asset quality,
capitalization, liquidity, and profitability.  However, Ganadero
still faces the challenge of increasing earnings amid harsh
competition and a volatile operating environment. The bank's
rating is still B1 for its long-term local currency (GLC)
deposits. This is based on Ganadero's own Baseline Credit
Assessment, and it also incorporates the low probability of
systemic support in a crisis. Moody's final GLC rating stays at
B1, without adjustments.

Moody's mantained Ganadero's foreign currency deposit rating in
both the global and national scales on B2 and Aa3.bo, with
positive outlook.

Rating Outlook

All ratings have a stable outlook, with the exception of the
foreign currency deposit ratings which were placed on positive
outlook, following a similar action on the sovereign ceiling for
foreign currency deposits.

What Could Change the Rating - Up

An upgrade of the BFSR would require considerable sustained
improvement in the bank's franchise and profitability ratios,
which are still low compared to those of its peers. Foreign
currency deposit ratings include external-support factors, so an
upgrade would depend on the upgrade of Moody's foreign currency
ceiling.

What Could Change the Rating - Down

Ratings could be downgraded if the financial fundamentals of the
bank should worsen, especially if there is a deterioration in
asset quality. The foreign currency deposit ratings would decline
after a downgrade of the country ceilings.


BANCO DE SERVICIOS: Moody's Issues Summary Credit Opinion
---------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco de Servicios y Transacciones 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 de Servicios y Transacciones S.A.

Moody's current ratings on Banco de Servicios y Transacciones
S.A. are:

Senior Unsecured (domestic currency) ratings of B2, on review for
downgrade

Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)B2, on review for downgrade

Long Term Bank Deposits (domestic currency) ratings of B2, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of Caa1

Bank Financial Strength ratings of E+

Subordinate (domestic currency) ratings of B3, on review for
downgrade

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

NSR Senior Unsecured (domestic currency) ratings of A1.ar, on
review for downgrade

NSR Senior Unsecured MTN Program (domestic currency) ratings of
A1.ar, on review for downgrade

NSR Long Term Bank Deposits (domestic currency) ratings of A1.ar,
on review for downgrade

NSR Subordinate (domestic currency) ratings of A2.ar, on review
for downgrade

NSR Senior Unsecured MTN Program (foreign currency) ratings of
A1.ar, on review for downgrade

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

Rating Rationale

Moody's assigned a bank financial strength rating (BFSR) of E+ to
Banco de Servicios y Transacciones S.A. (BST). The rating largely
derives from its small franchise, wholesale funding structure,
and limited profitability despite a focus on consumer finance.
The rating is however supported by the bank's highly granular
loan book and good asset quality and capitalization.

Moody's assigns a global local currency deposit rating of B2 to
BST, based on its b2 BCA, with no uplift due to systemic support,
as Moody's assesses a very low probability of systemic support
for BST. The bank's foreign currency deposit rating of Caa1
remains constrained by Argentina's foreign currency deposit
ceiling.

Rating Outlook

The local currency deposit and debt ratings are on review for
possible downgrade. All other ratings are stable.

What Could Change the Rating - Up

Any upward pressure on BST's BFSR and GLC ratings is currently
unlikely given the existing reassessment of the BCA. 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

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.


CAJA DE CREDITO: Moody's Issues Summary Credit Opinion
------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Caja
de Credito Cuenca Coop. Ltda. and includes certain regulatory
disclosures regarding its ratings.  The release does not
constitute any change in Moody's ratings or rating rationale for
Caja de Credito Cuenca Coop. Ltda.

Moody's current ratings on Caja de Credito Cuenca Coop. Ltda.
are:

Senior Unsecured (domestic currency) ratings of B3

Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)B3

Long Term Bank Deposits (domestic currency) ratings of B3

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 A3.ar

NSR Senior Unsecured MTN Program (domestic and foreign currency)
ratings of A3.ar

NSR Long Term Bank Deposits (domestic currency) ratings of A3.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 Caja de Credito Cuenca Cooperativa Limitada. The rating is
based largely on Cuenca's business model; the bank focuses on
consumer finance in a captive market, granting loans to
pensioners from ANSES (Argentina National Social Security
Administration) and providing payroll loans to employees of
national government's entities.

Cuenca's high granularity in terms of loans lends it considerable
financial strength, as does its high level of capitalization,
which is reflected in its Tier 1 ratio of 18.4%. The rating also
takes into account Cuenca`s liquidity and profitability
strategies, which are driven by recurrent loan sales and trusts
origination.  Cuenca has sound profitability ratios, but also a
high dependence on the securitization market.

Cuenca's rating also incorporates the bank's modest asset
quality, with nonperforming loans at 6.1% of total loans, as well
as its very small share of the Argentine deposit market, at
0.01%.

The E+ BFSR translates to a baseline credit assessment of b3 and
to a global local currency rating of B3, and a A3.ar on the
Argentinean national scale. Cuenca's deposit ratings do not
receive any uplift from an assumption of government support in
the event of stress, as Moody's assesses the probability of such
support to be low.  The bank's foreign currency deposit rating of
Caa1 is constrained by the foreign currency deposit ceiling for
Argentina.

Rating Outlook

All the ratings have a stable outlook.

What Could Change the Rating - Up

A larger franchise, combined with growth that does not compromise
portfolio quality, could improve Cuenca`s financial strength. The
bank's foreign currency deposit ratings include sovereign risk;
an upgrade of the sovereign rating could therefore positively
influence Cuenca`s ratings.

What Could Change the Rating - Down

A deterioration of the loan book would likely result in a
downgrade of the BFSR. The rating could also be downgraded if the
securitization market deteriorates, negatively affecting Cuenca's
liquidity and profitability. In addition, a lowering of the
sovereign risk ceiling would undermine Cuenca`s foreign currency
deposit and debt ratings.


YPF SOCIEDAD: Moody's Cuts Global Local Currency Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service downgraded YPF Sociedad Anonima
reflecting the Argentine government's expected partial
nationalization of YPF.  Moody's downgraded YPF's Global Local
Currency Rating to B3 from Ba3 and National Scale Rating to
Baa3.ar from Aa2.ar. All ratings remain on review for downgrade.

Ratings Rationale

The rating actions reflect the expected approval of legislation
that will enable the government of Argentina (B3 stable) and
certain hydrocarbon producing Argentine provinces to take a 51%
stake in YPF by declaring 51% of YPF's Class D shares of public
interest and subject to expropriation. This 51% stake will be 51%
owned by the federal government and 49% owned by various
provinces. The government also announced that the company would
come under immediate state supervision and control for a 30-day
period, and declared hydrocarbon self-sufficiency to be in the
county's national interest.  Approval of the legislation will
result in the Argentine government and the provinces taking
control of roughly 201 million Class D shares currently owned by
Repsol YPF S.A. (Repsol, Baa2 stable), which would reduce
Repsol's stake in YPF to 6% from 57%. The terms of compensation
offered to existing shareholders has not been resolved and is
expected to be determined by a federal tribunal.

Given YPF's expected impending partial nationalization by the B3
rated Argentine government, as opposed to Repsol YPF S.A.'s prior
majority control, Moody's believes that YPF should not be rated
higher than the government and has equalized the ratings.

The ratings review reflects uncertainty regarding how the
government will manage YPF, including uncertainty regarding the
company's future operating and financial profile. As a result of
the ownership transfer, a change-of-control could be deemed an
event of default under certain YPF debt agreements, giving rise
to acceleration rights, barring a waiver from the lenders.
Resolution of the review will be subject to whether an event of
default is declared and how quickly it can be cured, as well as
any clarifications on the intentions of the government regarding
the management of YPF.


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


REDJET: Seeks Help From Guyana to Resume Operations
---------------------------------------------------
RJR News reports that REDjet (Airone Caribbean/Airone Ventures
Limited) has intensified its search for funds to resume
operations.

REDjet officials have reportedly approached the Guyanese
government for financial assistance and are reportedly also in
discussion with foreign investors in an effort to get the airline
back in the air, according to RJR News.   The report relates that
Guyana Minister of Public Works and Transport Robeson Benn
confirmed that his Ministry, along with the Ministry of Tourism,
met with the carrier's chief executive officer Ian Burns last
week.

Sources also disclosed that the low-cost carrier is in talks with
Venezuelans who have interests in the airline industry about
getting involved, RJR News relays.

RJR News adds that Mr. Benn told a Barbados newspaper that the
government had not made any decision on the finance request from
REDjet.

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


LEHMAN BROTHERS: Court Approves Lehman Re Settlement
----------------------------------------------------
The U.S. Bankruptcy Court in Manhattan issued an order approving
a settlement between Lehman Brothers Holdings Inc. and Lehman Re
Ltd., a Bermuda-based insurance firm.

The deal would reduce Lehman Re's claims from $2.3 billion to
$1 billion.  The claims stemmed from the insurance firm's 1999
repurchase agreement with Lehman's commercial paper unit
involving residential and commercial mortgages and loans, and
from its 2007 Net Worth Maintenance Agreement with Lehman.

Aside from the settlement of claims, the deal also requires
Lehman's commercial paper unit to purchase loans from the
insurance firm for $32 million.

Lehman Re's claim, designated as Claim No. 28307, against Lehman
is classified under the Chapter 11 plan in Class 8, and is
allowed as an unsecured, non-priority affiliate claim in the sum
of $415 million.  Its claim against Lehman's commercial paper
unit is classified in Class 5C and is allowed as an unsecured,
non-priority affiliate claim in the sum of $490 million,
according to the court order.

                   About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


LIDZ: Closes Business Due to Struggling Sales
---------------------------------------------
The Royal Gazette reports that Lidz is closing down its shop due
to struggling sales.

Shop owner Giovanna Harris said sales started off "great" but
dropped off by the end of this past summer, according to The
Royal Gazette.  "It's really slow in St George's and we have just
been affected by the economy," the report quoted Ms. Harris as
saying.

The Royal Gazette notes that Lidz had only been open a year.  The
report relays that the Harrises chose the St George's location
for the business because the rent was more reasonable than
Hamilton.  Lidz is located in Mullet Bay, in the former Reid's
building.

The Royal Gazette says that it will close at the end of the month
and all inventory is currently on sale.  The report notes that
Ms. Harris said deals include five hats for US$100 and selected
hats for US$25.

The report relays that if another entrepreneur was interested in
the store shelving, security and tech systems, they should
contact the owner.

Lidz is St George's specialty hat and clothing shop.  The shop
specialized in baseball caps, and also sold football jerseys,
shoes and other items.


=============
B O L I V I A
=============

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

Moody's current ratings on Banco Solidario S.A. (Bolivia) are:

Long Term Bank Deposits (domestic currency) ratings of Ba2, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of B2

Bank Financial Strength ratings of D, on review for downgrade

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

Subordinate MTN Program (domestic and foreign currency) ratings
of (P)Ba3, on review for downgrade

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

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

NSR Subordinate (domestic currency) ratings of Aa1.bo, on review
for downgrade

NSR Subordinate MTN Program (domestic currency) ratings of
Aa1.bo, on review for downgrade

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

Rating Rationale

Moody's assigns a BFSR of D and a baseline credit assessment of
ba2 to Banco Sol. This rating reflects the bank's ample profit
margins, as well as its good liquidity and asset quality metrics.
It also captures Banco Sol's established franchise in the
microfinance business.  Key risks include a declining
capitalization, which is likely to become a binding restriction
for further loan growth, and lagging efficiency indicators.

Moody's assigns Banco Sol a Ba2 long-term global local currency
deposit rating. A national scale local currency deposit rating of
Aaa.bo was also assigned.  A B2 and a Aa3.bo global and national
scale foreign currency deposit ratings were also assigned, with a
positive outlook, in line with the outlook on sovereign ceilings
for foreign currency deposits.

Rating Outlook

All ratings are on review for downgrade, with the exception of
the foreign currency deposit ratings, which have a positive
outlook.

What Could Change the Rating - Up

Any upward pressure on ratings is currently unlikely given the
existing reviews 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.


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


BANCO HSBC: Fitch Affirms 'BB' Viability Rating
-----------------------------------------------
Fitch Ratings has affirmed Banco HSBC Salvadoreno, S.A.'s (HSBCS)
Viability Rating at 'bb'.  All of HSBCS's other ratings remain on
Rating Watch Negative.

HSBCSs Support Rating and IDRs are driven by Fitch's view that
there is a high probability that the bank would receive support
from its ultimate parent, HSBC Holdings plc (rated 'AA' with a
Negative Outlook by Fitch), if needed.  In turn, HSBCS's
viability rating (VR) reflects the bank's domestic franchise and
market share, improved capital ratios, and well-balanced business
mix; however, it also factors weakened asset quality and modest
profitability.

HSBCS's IDRs and national rating were placed on Negative Rating
Watch since January 2012, after the announcement of HSBC's
agreement to sell its operations in El Salvador, Honduras and
Costa Rica to Colombian Banco Davivienda, S.A. (Davivienda).

The Rating Watch indicates that there is a heightened probability
of a potential downgrade of HSBCS's ratings once the transaction
is completed, given that HSBCS would no longer receive potential
support from its current ultimate parent, and will be resolved
once the transaction is completed and Fitch assesses the
potential support that Davivienda could provide to its future
subsidiaries.

HSBCS is the fourth largest bank in El Salvador in terms of
assets, with a market share of 14% as of December 2011.  The bank
has a well balanced, loan portfolio and a nationwide network of
344 points of service.  HSBCS consolidates two financial services
subsidiaries in El Salvador.  HSBCS is part of a local financial
group consolidated under Inversiones Financieras HSBC, S.A.
(IFHSBC), where it accounts for the majority of consolidated
assets and earnings.

Fitch affirms the following ratings:

  -- Viability Rating at 'bb';

The following ratings remain on Rating Watch Negative

  -- Long-term IDR 'BBB-';
  -- Short-term IDR 'F2';
  -- Support '2';
  -- Long-term National Rating 'AAA(slv)';
  -- Short-term National Rating 'F1+(slv)';
  -- Senior Unsecured Debt Long-term Rating 'AAA(slv)';
  -- Senior Secured Debt Long-term Rating 'AAA(slv)';
  -- Senior Unsecured Debt Short-term Rating 'F1+(slv)';
  -- Senior Secured Debt Short-term Rating 'F1+(slv)'.

Fitch has also affirmed the National Ratings For Banco HSBC
Salvadoreno, S.A.'s holding in El Salvador Inversiones
Financieras HSBC and Mantains Negative Watch.  HSBCS's rating
drivers also explain the national ratings for its holding, as the
Bank represents 99% of total assets.

IFHSBC's remain on Rating Watch Negative:

  -- Long-term National Rating at 'AAA(slv)'';
  -- Short-term National Rating at 'F1+(slv)''.


FIDC BCSUL: Moody's Lowers Ratings on Senior Shares to 'Ba3'
------------------------------------------------------------
Moody's America Latina has downgraded the ratings of the senior
shares of the fifth series (or Series 2009-1) issued by FIDC
BCSul Verax Credito Consignado II (FIDC BCSUL or the issuer), to
Ba3 (sf) from Ba1 (sf), global local currency scale, and to A3.br
(sf) from Aa2.br (sf) on the Brazilian national scale.

The transaction is a securitization backed by a pool of payroll
deducted loans originated by Banco Cruzeiro do Sul S.A. (the bank
or Banco Cruzeiro do Sul).

The issuer's shares are backed by the cash flows arising from
repayment of personal loans extended by the bank solely to active
government employees at the federal, state, and municipal levels,
and retirees and pensioners covered by the Regime Geral de
Previdencia Social (RGPS) pension system, which in turn is
managed by the INSS (Instituto Nacional do Seguro Social).

The transaction was placed on review for possible downgrade on
March 12, 2012; the review was prompted by higher credit losses
than original estimates, concerns over the adequate provisioning
of the personal loans and concerns about the credit quality of
Banco Cruzeiro do Sul.

Ratings Rationale

Concerns about the credit quality of Banco Cruzeiro do Sul:

On March 29, 2012, Moody's downgraded the standalone bank
financial strength rating assigned to Banco Cruzeiro do Sul S.A.
to E+, from D-, as well as the long-term global local and foreign
currency deposit ratings to B2 from Ba3 and the Brazilian
national scale ratings to Ba2.br/BR-4 from A3.br/BR-2, long and
short term, respectively.

Moody's views the rating of FIDC BCSUL linked to some degree to
the rating of Banco Cruzeiro do Sul sponsoring the deal. Moody's
view is based on the commingling of the securitized flows with
collections belonging to the originator and operational and legal
issues that could make it difficult to transfer servicing to an
alternate servicer.

As the primary servicer of the transaction, Banco Cruzeiro do Sul
receives cash payments from the jurisdictions and then proceeds
to reconcile the received payments to determine which funds are
to be transferred to the segregated bank account of the FIDC, and
which funds it will retain for consigned loans that have not been
sold and remain on its own balance sheet. In the case of a
financial failure of the originator, however, cash could become
trapped in the estate of the originator until the regulators or
the judicial system sorts out what are the cash flows that belong
to the securitization.

Furthermore, Moody's highlights that consigned loan transactions
in general may also be supported by the originators in the form
of repurchase of delinquent assets, replacement of loans to avoid
breach of transaction triggers, sale of delinquent loans to a
third party and cash advances to cover shortfalls from prepaid
loans. A financial distress of the originator would halt support
to the securitization transaction, and as a result the
performance of the receivables could deteriorate significantly.

Concerns over the adequate provisioning of the personal loans:

In the earlier press release dated March 12, 2012 when placing
the transaction on review for possible downgrade, Moody's noted
instances in which a significant number of delinquent loans
classified in past due bucket "E" (91 to 120 days past due) and
past due bucket "F" (121 to 150 days past due) were re-classified
as "D" (61 to 90 days past due) following the sale of one or more
past due installments of those loans to third parties outside of
the fund.

The sale of those past due installments appears to have triggered
a reclassification of the future installments of the outstanding
loans, thereby raising questions regarding the adequacy of
provisioning.

In the first quarter 2012, this practice seems to have stopped
for the months of January and February, resulting in the
migration of delinquent loans classified in lower arrear buckets
into higher arrear buckets (please see performance overview dated
March 21, 2012).

Consequently, according to information provided by the custodian
bank to the transaction, total provisions increased by BRL 6.1
million (from BRL 2.5 million in December 31, 2011 to BRL 8.6
million in March 31, 2012) as loans naturally migrated to higher
delinquency buckets.

Higher credit losses than original estimates:

The historical losses for this transaction have been higher than
for comparable transactions.

The net increase in provisions of BRL 6.1 million during the
first quarter 2012 on an outstanding portfolio volume that
averaged BRL 230 million during the same 3-month time period
implies a one-off 2.6% net increase of provisions in a 90 day
period and it is considered very high.

However, according to Moody's, the senior shares enjoy
significant overcollateralization (41.9% as of March 31, 2012)
and a relatively short time to maturity (Series 2009-1 senior
shares mature in January 2014), which are strengths that support
the current rating level.

Moody's notes that a future downgrade of the rating of the bank
or further deterioration of the asset pool performance may lead
to a downgrade of the rating of this transaction.

Rating Methodology

The rating methodology used to rate consigned-loan backed
transactions is based on historical performance data, the deal's
structural features and qualitative assessments. The performance
data includes, among others, historical information about the
origination of receivables, delinquencies, and prepayments. The
qualitative assessment includes, among other factors, a review of
origination and credit approval processes and servicing.

Moody's also analyzes structural features such as the triggers
present in the transaction and the availability of reserve
accounts.


JSL SA: Fitch Assigns Issuer Default Rating at Low-B
----------------------------------------------------
On April 16, 2012, Fitch Ratings assigned a Long-Term National
Rating of 'A-(bra)' to JSL S.A.'s (JSL) expected unsecured
debentures issuance in the amount of BRL200 million due in 2015.
The proceeds from this issuance will be used to strengthen the
company's working capital.

The assigned rating to the debentures is one notch below the
corporate rating due to their structural subordination in
relation to most of JSL's debt, which is secured by its fleet.

JSL's ratings reflect its strong business profile, supported by a
leading position in the Brazilian logistics industry and
diversified service portfolio, and its resilient operating
performance over the last years.  Leverage is considered high due
to the combination of the company's ongoing growth strategy and
its recent acquisition of Schio S.A., besides the incorporation
of Simpar Concessionarias Ltda. JSL's main challenge is to
effectively convert its business expansion into operating cash
flow generation in order to reduce net leverage ratio, as
measured by net debt/EBITDA, to around 3.5 times (x) from 4.2x on
a pro forma basis (including both transactions).  JSL's strong
commitment to maintain adequate liquidity vis-a-vis short-term
obligations is fully incorporated into the ratings.

JSL's ratings are constrained by the company's close correlation
between its business and the macroeconomic conditions in Brazil;
the capital-intensive nature of its business; and by the
company's aggressive growth strategy.  These factors have
resulted in a recurring need to access funding to finance
negative free cash flow (FCF).

Prominent Market Position and Diversified Service Portfolio

JSL's diversified services portfolio with operations in multiple
sectors of the economy, coupled with its long-term contracts for
most of its revenues, partially mitigate the company's exposure
to volatile economic conditions.  JSL's business strategy is to
offer a diversified portfolio of logistics services through an
integrated operating platform that gives it a significant
competitive advantage as compared with other players that operate
a single service.  JSL's significant operating scale has made it
an important purchaser of light vehicles and trucks, reinforcing
its bargaining power over industry competitors.  The services
offered by the company in 2011 included those dedicated to the
supply chain (56% of its gross revenue); fleet management and
outsourcing (21%), passenger transportation (12%), and general
cargo transportation (9%).

Growth Strategy Pressures FCF

JSL's expansion over the past few years was mainly based upon
organic growth, by adding new services and clients, and building
up its fleet.  Between 2007 and 2011, company's net revenue,
excluding vehicle sales, increased by 123%, reaching BRL2.3
billion, while the fleet increased by 117%.  During that same
period, operating cash generation, measured by EBITDA, rose from
BRL198 million to BRL431 million.

In 2011, JSL reported strong cash flow from operations (CFFO), of
BRL408 million, compared to BRL290 million and BRL185 million
recorded in 2010 and 2009, respectively.  The company is still
reporting negative FCF, mainly due to its business growth and the
capital-intensive nature of the business.  During that same
period, JSL reported negative FCF of BRL372 million, as a result
of the BRL758 million of capital expenditures.  Fitch expects
that the company will continue to report negative FCFs as its
operations expand, albeit at lower levels due to the stronger
cash flow generation as a result of previously made investments.

High Leverage

JSL's credit metrics are high for its rating category.  JSL
reported leverage, as measured by total debt/EBITDA, of 5.5x, and
net debt/EBITDA of 3.3x in 2011.  In 2010, the ratios were 4.7x
and 3.3x, respectively.  On a pro forma basis, considering Schio
and Simpar, JSL's leverage is 5.1x, while, on a net basis, it is
4.2x. Fitch expects that the increase in operating cash flow
results in net leverage reduction to near 3.5x over the medium
term.

JSL's leverage relative to its fleet market value is solid.  The
company reports a fleet market value of approximately BRL2.1
billion, corresponding to 1.1x its net debt. Nevertheless, the
company's potential flexibility is limited given the low
percentage (18%) of its fleet that is free of fiduciary liens.

Maintenance of Strong Liquidity is Essential

JSL's adequate liquidity vis-a-vis its short-term debt is
fundamental in supporting the company's ratings.  On a pro forma
basis, on Dec. 31, 2011, the company recorded total debt of
BRL2.5 billion, with BRL448 million of cash and marketable
securities and BRL556.5 million of short-term debt.  The current
debenture issuance, with a firm guarantee of placement, should be
used for working capital reinforcement.

Key Rating Drivers

The ratings could benefit from a higher-than-expected level of
cash flow generation leading to a sustained reduction in leverage
which, coupled with the maintenance of a strong cash position
could affect JSL's credit quality positively.  The ratings may be
negatively pressured by new acquisitions, significant reduction
in the market value of its fleet and by a less favorable
macroeconomic environment.  Increased exposure to refinancing
risks in case of any significant deterioration in liquidity could
also pressure JSL's ratings.

Fitch currently rates JSL as follows:

  -- Foreign Currency Issuer Default Rating (IDR) 'BB-' (BB
     minus);
  -- Local Currency IDR 'BB-' (BB minus);
  -- Long-Term National Rating 'A(bra)';
  -- 3rd debentures issuance due in 2016 'A-(bra)'


SAN ANTONIO: Fitch Affirms Issuer Default Rating at 'B-'
--------------------------------------------------------
Fitch Ratings has affirmed San Antonio Internacional's (SAI)
foreign and local currency Issuer Default Ratings at 'B-' and
SAI's expected USD500 million debt expected issuance at 'B-/RR4',
Stable Outlook.  The ratings have been simultaneously withdrawn
due to the suspension of the expected debt issuance and as they
are no longer relevant for Fitch's coverage.


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


COSMIC LAND: Shareholders' Final Meeting Set for May 1
------------------------------------------------------
The shareholders of Cosmic Land Limited will hold their final
meeting on May 1, 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:

         Rob Mcmahon
         c/o Robert Crockett
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1 -1106
         Cayman Islands
         Telephone: +1 345 814 8986


CUSHING FUND: Shareholders' Final Meeting Set for May 11
--------------------------------------------------------
The shareholders of The Cushing Fund (Offshore), Ltd. will hold
their final meeting on May 11, 2012, at 10:10 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


ERMITAGE DIVERSIFIED: Shareholders' Final Meeting Set for May 3
---------------------------------------------------------------
The shareholders of Ermitage Diversified Strategies Fund Limited
will hold their final meeting on May 3, 2012, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Morrissey
         c/o Ermitage Asset Management Jersey Limited
         47 The Esplanade, 1st Floor
         St Helier Jersey JE1 9LB
         Channel Islands


ERRY NETWORK: Shareholders' Final Meeting Set for May 2
-------------------------------------------------------
The shareholders of Erry Network Technology Ltd. will hold their
final meeting on May 2, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


HAV2 (XII): Shareholders' Final Meeting Set for May 11
------------------------------------------------------
The shareholders of HAV2 (XII) Limited will hold their final
meeting on May 11, 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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HAV2 (XVIII): Shareholders' Final Meeting Set for May 11
--------------------------------------------------------
The shareholders of HAV2 (XVIII) Limited will hold their final
meeting on May 11, 2012, at 9:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MARATHON OIL: Shareholders' Final Meeting Set for May 11
--------------------------------------------------------
The shareholders of Marathon Oil Garnet Limited will hold their
final meeting on May 11, 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:

         Y. R. Kunetka
         5555 San Felipe St.
         Houston, Texas 77056
         U.S.A.


O'CONNOR CREDIT: Shareholders' Final Meeting Set for May 4
----------------------------------------------------------
The shareholders of O'Connor Credit Arbitrage Limited 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:

         Stuart Sybersma
         c/o Russell Gleisner
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Telephone: +1 (345) 814 2330


O'CONNOR QUANTITATIVE: Shareholders' Final Meeting Set for May 4
----------------------------------------------------------------
The shareholders of O'Connor Quantitative Trading Strategies
Master Limited will hold their final meeting on May 4, 2012, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Russell Gleisner
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Telephone: +1 (345) 814 2330


SOLENT CAPITAL: Shareholders' Final Meeting Set for May 1
---------------------------------------------------------
The shareholders of Solent Capital (Cayman) Limited will hold
their final meeting on May 1, 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:

         Hugh Dickson
         c/o Saskia Lawrence
         PO Box 765
         10 Market Street, Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769 7212
         Facsimile: (345) 949 7120


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


BBVA COLOMBIA: Fitch Raises Viability Rating From 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed BBVA Colombia's Issuer Default Ratings
(IDRs) and Support Ratings.  At the same time, Fitch has upgraded
BBVA Colombia's Viability Rating (VR) to 'bbb-'.

BBVA Colombia's Support rating and IDRs reflect the support it
would receive from its parent, BBVA, given its growing strategic
importance which is the result of its steady performance, high
growth potential and growing contribution to BBVA's bottom line.
The parent's IDR (rated 'A', with a Negative Outlook by Fitch)
reflects the challenges of its core operating environment and the
impact this has had on its performance.

BBVA Colombia's local currency IDR bears a Negative Outlook in
line with that of its parent.  The IDR could be downgraded if its
parent's IDR is downgraded, generally maintaining the current
one-notch difference.  Downward risk for BBVA Colombia's IDRs is
limited by its intrinsic creditworthiness, as reflected in its
VR.  BBVA Colombia's VR could be pressured by severe asset
quality deterioration or a dismal performance that would erode
its capital and reserve cushion.

BBVA Colombia's VR was upgraded after the bank successfully
restored its asset quality while sustaining and marginally
improving its profitability and capital/reserve cushions, which
were generally in line with other entities rated with the same
VR.  Moreover, BBVA Colombia's positive operating environment and
strengthened risk management processes give an additional level
of comfort as to the sustainability of these indicators.

Colombia's economy has performed well through the crisis, showing
stability and resilience. Growth has been wide ranging and
sustained while low debt levels and healthy fiscal balances leave
room for counter-cyclical stimuli.

A large cash and equivalents position coupled with liquid and
relatively safe investments contribute to BBVA Colombia's sound
liquidity ratios.  Contingency liquidity plans complete a process
that has been strengthened following the global credit crunch.
Despite its larger than proportional share of mortgage and other
consumer loans, asset and liability matching compares well,
underpinned by a sizable share of long-term funding.

Red flags during the crisis prompted the bank to bolster its risk
management function while tightening its credit policies.  The
bank is now better equipped to manage the risks it takes and
shows a sound credit process from origination to collection.

The positive economic backdrop and bolstered credit process have
contributed to improve asset quality which is now better than the
industry average.  This is complemented by sound loan loss
reserve coverage (3.4 times (x) impaired loans and almost 4% of
total loans).

BBVA Colombia has been able to reverse the impact of higher loan
loss reserves during 2008-2009 and stabilize its profitability at
a very comfortable level.  Tight cost control policies and
moderate expansion plans, as well as its improved asset quality
should allow BBVA Colombia to sustain its profitability.

Sustained profitability and a moderate dividend policy have
allowed BBVA Colombia to stabilize its capital ratios (Fitch core
capital stood at 10.3% at December 2011).  The bank may not be
the best capitalized among its peers but considering its ample
loan loss reserves, improved asset quality and risk management
and good profitability, its capital ratios are deemed adequate.

Fierce competition pressured loan portfolio yields and, along
with growing funding costs, have somewhat depressed BBVA
Colombia's margins.  The latter are expected to remain stable --
underpinned by BBVA Colombia's growth into retail lending -- and
are unlikely to improve significantly.

BBVA Colombia's institutional funding creates a moderate
concentration by depositor (BBVA Colombia's top 25 depositors
accounted for about 30% of deposits at December 2011).  This is a
weakness when compared to larger peers but is well managed and
mitigated by strong liquidity.

BBVA Colombia is a universal bank catering to corporate and
consumer customers in the Colombian market where it is the fourth
largest with around 9% market share by assets.  The bank is the
largest foreign bank in Colombia, it is controlled by BBVA and is
fully integrated within its parent's regional strategy and
operating structure.

Fitch has taken the following rating actions:

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     Stable;
  -- Short-term foreign currency IDR affirmed at 'F2';
  -- Local currency Long-term IDR affirmed at 'A-'; Outlook
     Negative;
  -- Local currency Short-term IDR affirmed at 'F1';
  -- Viability Rating upgraded to 'bbb-' from 'bb+'.
  -- Support rating affirmed at '2'.


===================================
D O M I N I C A N   R E P U B L I C
===================================


CERVECERIA NACIONAL: Moody's Affirms 'B1' CFR; Outlook Positive
---------------------------------------------------------------
Moody's Investors Service has revised the rating outlook to
positive from stable for Cerveceria Nacional Dominicana, S.A.
(CND). At the same time, Moody's affirmed the B1 senior unsecured
debt and corporate family ratings.

Rating Action

-- Corporate Family Rating: B1 rating affirmed, outlook changed
    to positive from stable.

-- Senior Unsecured Notes due 2014: B1 rating affirmed, outlook
    changed to positive from stable.

Ratings Rationale

"The outlook change reflects our expectation that the recently
announced strategic alliance with Companhia de Bebidas das
Americas-AmBev (AmBev) will benefit CND's already strong market
position, broaden its product portfolio and help improve its
operating results in the medium term." said Alonso Sanchez
Rosario, a Moody's Assistant Vice President. On April 16, 2012
CND announced that it has entered into a transaction to form a
strategic alliance with AmBev. The transaction is expected to be
closed during the 2Q12 and upon execution of this transaction,
and a separate purchase of Heineken's 9% stake, AmBev will
indirectly own around 51% of CND.

CND's B1 ratings continue to reflect the company's position as
the leading brewer in the Dominican Republic, its solid
profitability and low leverage for a B1 rating category, and the
defensive nature of its beer business. These credit strengths are
partly offset by the company's modest operating scale compared to
its international peers, its limited geographic and brand
diversification as it generates most of its earnings
domestically, the competitive challenges in the local beer market
that the company has faced in recent years, which will be largely
eliminated following this transaction, and the company's moderate
dependence on external sources of cash to cover its near term
debt maturities. The ratings also consider the Dominican
Republic's country risk and the dollar exposure in the company's
cost, and to a lesser extent, debt structures relative to a
revenue base that is largely in local currency.

Currently, CND is the leading brewer in the Dominican Republic,
with an estimated 79% volume share of the domestic market
followed by AmBev. Once the transaction is closed, it is expected
that CND will benefit from AmBev's corporate practices, its
experience in international markets and its size; being the
largest brewer in Latin America in terms of volume with revenues
over USD15 billion.

Over the last year, CND has been active reducing its debt and
improving its debt maturity profile. As of March 31, 2012, total
debt was DOP10,996 million (approximately US$288 million) (vs.
DOP14,872 million as of March 31, 2011) out of which 59% is
dollar denominated and the balance is Dominican peso denominated.
The company has the following debt maturities: DOP631 million in
2012, DOP2,050 million in 2013, DOP3,377 million in 2014,
DOP2,759 million in 2015, DOP1,057 million in 2016, and DOP374
million in 2019. As a result of CND's reduction in debt its
credit metrics have improved substantially in 2011. Moody's
adjusted Debt/EBITDA has declined to 2.5x in 2011 (down from 3.1x
in 2010). Similarly, adjusted EBIT/Interest expense has increased
from 1.5x in 2010 to 2x in 2011.

CND's cash generation and cash on hand of DOP3,198 million in
2011 is enough to cover its 2012 and 2013 debt maturities.
However, absent a higher cash flow generation, the company will
need to rely on external sources of liquidity to cover its 2014
debt maturities. Furthermore, the 2014 maturity is a 144A issue
with a change of control clause that may be triggered following
this transaction, which could result in a cash need earlier than
the final maturity. In addition to cash on hand (DOP1,611 million
as of December 31, 2011) the company has approximately DOP4,000
million available under a medium term local notes program and
close to US$70 million under its revolving credit facilities.
CND's free cash flow (cash from operations minus dividend
payments and capital expenditures) was DOP1,619 million in 2011
and has been DOP1,445 million on average over the last two years.

The ratings could be downgraded if operating performance comes
under material pressure, resulting in negative free cash flow and
a weakening of credit metrics such that adjusted Debt/EBITDA
rises above 3.5x and EBIT/Interest drops below 1.6x for a
prolonged period. Negative rating pressure could also emerge
because of delays in refinancing upcoming near and medium term
debt maturities

Ratings could be upgraded if the company improves its operating
performance and credit metrics, e.g. operating margin of above
20% and Debt/EBITDA reaching 2.5x or below on a sustainable
basis.

Headquartered in Santo Domingo, Dominican Republic, Cerveceria
Nacional Dominicana, S.A. is the leading brewer in Dominican
Republic. Total domestic revenues account for approximately 90%
of total sales, exports represent around 5% and its Caribbean
operation accounts for the balance. The company's domestic sales
include beer, malt and rum out of which beer sales represent
around 86.5% of total domestic revenues. Its main beer brands
include Presidente, Bohemia and their respective light versions.
The company's beer exports are targeted mainly to the U.S., the
Caribbean and various European countries. In 2011, the company
reported revenues of DOP17,602 million (approximately USD460
million) and EBITDA of DOP4,891 million (approximately USD128
million).


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


WYNDHAM KINGSTON: To be Auctioned, Employees Worried
----------------------------------------------------
RJR News notes that concern is being raised about the future of
employees of the Wyndham Kingston Hotel in the wake of reports
that the property has been placed on the auction block.

The Bustamante Industrial Trade Union (BITU), which represents
the more than 300 workers is worried about the implications of
the impending sale on the security of jobs, according to RJR
News.

RJR News says that BITU Senior Negotiating Officer Rudolph Thomas
said the union will welcome an early meeting with the new owners
of the Wyndham.


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


ALCO CORP: Reaches Agreement With Banco Popular on Asset Sale
-------------------------------------------------------------
Alco Corporation reached an agreement with Banco Popular de
Puerto Rico regarding the sale of the company's asphalt plant
located in Toa, Alta, Puerto Rico.

Banco Popular filed an objection on the sale on March 27, 2012.

The Debtor and the bank resolved this issue and agreed on these
terms:

    1. The Debtor recognizes that the bank holds a valid lien
       over, among other things, the plant, its licenses and
       permits.

    2. The Debtor recognizes that the bank has asserted a secured
       claim of at least $874,000.

    3. The bank's secured claim has a first lien over the plant.

    4. The Debtor has proposed and the bank has accepted that the
       plant be sold to BTB Corporation free and clear of liens.

    5. In consideration of the sale and release of the liens
       which attach the assets to be sold to BTB, the bank will
       accept payment of $225,000.  This agreement is expressly
       conditioned on the terms of this sale.  If the purchase or
       the terms of the sale change, then the bank will not be
       bound to get a lower distribution on its secured claim as
       provided.

    8. The bank has also consented to a carve-out of the sales
       proceeds to provide payment to the Internal Revenue
       Service in the amount of $117,734 and $163,265 to the
       Debtor for operations.

    9. The bank will withdraw its objection.

                        About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
It scheduled US$11,200,030 in assets and $7,762,314 in debts.
The petition was signed by Alfonso Rodriguez, president.  Alco
tapped Jimenez Vasquez & Associates, PSC, as accountants.


LAUSELL INC: Door Maker Files for Bankruptcy in Puerto Rico
-----------------------------------------------------------
Lausell, Inc., filed a bare-bones Chapter 11 petition (Banrk.
D.P.R. Case No. 12-02918) on April 17, 2012 in Old San Juan,
Puerto Rico.

Bayamon, Puerto Rico-based Lausell disclosed $37.7 million in
assets and debts of US$24.5 million.  Lausell, also known as
Aluminio Del Caribe, is a manufacturer of windows and doors.

Charles Alfred Cuprill, Esq., at Charles A. Curpill, PSC, serves
as counsel to the Debtor.

According to the schedules, the Debtor owns 84,460 square feet of
land with a building known as the Humacao facilities in Humacao,
Puerto Rico.  The property is worth US$3.6 million and secures a
US$2.8 million debt.  The Debtor also owns 12.830 square meter
property with three buildings known as the Hato Tejas Facilities
(Lausell Division) in Bayamon, Puerto Rico.  The Hato Tejas
properties are valued at US$4.3 million and secure a US$4.3
million debt.

The Debtor has accounts receivable totaling US$3 million.
Inventory is worth about US$7 million.


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


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

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 * * *