TCRLA_Public/120426.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 26, 2012, Vol. 13, No. 083


                            Headlines



A R G E N T I N A

CAMUZZI GAS: Moody's Cuts Corporate Family Rating to 'B3'
* ARGENTINA: YPF Takeover Heightens Investor Risk, Moody's Says


B A R B A D O S

CARIBBEAN AIR: Unsure All Local Pilots Will Accept New Contracts


C A Y M A N   I S L A N D S

BGI EXTERNAL: Creditors' Proofs of Debt Due May 23
BTG PACTUAL: Creditors' Proofs of Debt Due May 15
CARNEROS INVESTMENTS: Creditors' Proofs of Debt Due May 15
COBRA ACQUISITION: Creditors' Proofs of Debt Due May 23
EVERGREEN MAC: Creditors' Proofs of Debt Due May 15

FLATIRON MAC: Creditors' Proofs of Debt Due May 15
FPP EMERGING: Creditors' Proofs of Debt Due May 23
GT3 CUP: Creditors' Proofs of Debt Due May 23
GTAM FUND I: Creditors' Proofs of Debt Due May 23
HORIZON CAPITAL: Creditors' Proofs of Debt Due May 21

MANGOUSTA MASTER: Creditors' Proofs of Debt Due May 15
MONKTON INSURANCE: Commences Liquidation Proceedings
RENAISSANCE COMMODITY: Creditors' Proofs of Debt Due May 23


J A M A I C A

LIME JAMAICA: Vodaphone to Acquire C&W Worldwide
REDJET: Barbados Should Not Help Airline, Says Former Minister


M E X I C O

CORPORACION ELECTRICA: Fitch Assigns 'B+' Issuer Default Rating


P E R U

BANCO DE CREDITO: Fitch Raises Subordinated Debt Rating to 'BB-'
BANCO INTRNACIONAL: Fitch Affirms 'B+' Subordinated Debt Rating


U R U G U A Y

* URUGUAY: Fitch Affirms Short-Term Issuer Default Ratings at 'B'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CAMUZZI GAS: Moody's Cuts Corporate Family Rating to 'B3'
---------------------------------------------------------
Moody's Latin America has downgraded Camuzzi Gas Pampeana's
corporate family rating to B3 from B2 and its national scale
rating to A3.ar from A2.ar. The outlook remains negative.

Ratings Rationale

The downgrade was prompted by Pampeana's declining operating
performance in 2011 while the negative outlook incorporates
Moody's view that, in the absence of a tariff increase in the
context of growing expenses, 2012 results will worsen further,
threatening the company's liquidity and operations.

In spite of the temporary improvement posted by the company's
results in 2010 thanks to the increased revenues from its
unregulated business (sale of sub-products and other services),
in 2011 the declining margin trend resumed and Pampeana
registered a net loss of ARS13 million at fiscal year end
December, 2011.

Regulated tariffs remained frozen and operating expenses (SG&A)
increased by 23% over the previous year, causing the operating
profit margin to decline to a negative 2% from the positive 3%
margin registered the previous year. In the absence of a tariff
reformulation and anticipating additional increases in costs --
in particular salaries -- Moody's expects Pampeana's cash flows
to deteriorate substantially in 2012 and beyond.

The B3 and A3.ar ratings reflect Pampeana's moderate leverage
that translates into relatively strong credit metrics as compared
to peers in the regulated utilities industry in Argentina. The
ratings also reflect management's ability to adapt to adverse
circumstances as demonstrated by the business diversification
provided by the sub-products' revenues, cost controls and
controlled capital expenditures. Moody's notes, however, that
such flexibility is limited by current regulations and its base
gas distribution operations.

Considering Pampeana's current capital expenditures and low debt
levels, Moody's expects Pampeana to generate break even free cash
flow in 2012. It will however, need to maintain access to bank
credit lines to finance its short term, seasonal cash needs. As
such, continued access to bank credit lines remains an key rating
consideration.

The rating outlook is negative given Moody's expectations of
continued cost pressures and potentially very tight liquidity as
the company enters 2013..

If the current tariff regime doesn't allow for the recovery of
increased costs in a relatively short period of time, the ratings
are likely to be downgraded further.

Given the recent downgrade and negative outlook, a rating upgrade
is not expected in the short term. However, upward rating
pressure could result if Pampeana is able to adequately recover
its increased costs and to generate positive operating profits on
a sustainable basis. Longer-term, upward rating pressure is
possible from a more predictable tariff regime and a more
transparent regulatory environment for the company's operations.

Camuzzi Gas Pampeana is an Argentinean gas distribution utility,
operating in Buenos Aires and La Pampa Provinces, with over 1.2
million clients and annual revenues of AR$684 million.


* ARGENTINA: YPF Takeover Heightens Investor Risk, Moody's Says
---------------------------------------------------------------
The Argentine government's (B3 stable) recent move to expropriate
a controlling stake in YPF S.A. (B3 review for downgrade),
Argentina's largest energy company, has negative credit
implications for YPF, Repsol YPF S.A. (Baa2 review for
downgrade), its Spanish parent company, and other Argentine and
Spanish companies with interests in Argentina, according to a new
report from Moody's Investors Service.

President Cristina Fernandez's April 16 move to nationalize 51%
of YPF could trigger debt acceleration rights, barring waivers
from lenders, raising the risk that creditors may demand
repayment prior to scheduled debt maturity, the ratings agency
said. The Argentine government takeover of YPF also implies much
greater refinancing risk for YPF's short-term debt, which makes
up nearly two-thirds of its funded debt balance, says Moody's.

The government's actions may ultimately result in a large balance
sheet write-down for Repsol as well as a permanent reduction in
its cash flow, says Moody's. The expropriation also reduces the
Spanish company's diversity and scale, increases its exposure to
Europe's challenged downstream sector and denies Repsol access to
a potentially major growth opportunity in Argentina's recently
discovered large unconventional resources. YFP accounted for
about 33% of Repsol's proved reserves and nearly 50% of its 2011
production, and contributed about 23% of Repsol's EBITDA.

The Petersen Group owns a 25% stake in YPF through Petersen
Energia S.A. (Caa2 review for downgrade) and Petersen Energia
Inversora, S.A.U. (Caa2 review for downgrade). These two Spanish
corporations are owned by Argentina's Eskenazi family and appear
untouched by the government's actions. However, the Petersen
loans depend solely on YPF's dividend stream in order to meet
their debt service obligations, and Moody's expects YPF's
dividends likely will be reduced under the government's control.

Other Argentine energy companies, including Pan American Energy
(Ba3 negative) and Petrobras Argentina (Ba3 negative), face a
higher risk of further government interference in the oil and gas
sector, says Moody's. The expropriation will also have negative
credit implications for a number of Spanish companies with
significant operations in Argentina, including telecommunications
group Telefonica (Baa1 negative), the utilities Endesa (P-2, no
outlook) and Gas Natural (Baa2 stable), and the construction
group Obrascon Huarte Lain (Ba2 negative).

Argentina's current B3 sovereign rating remains unchanged, but
the expropriation heightens concerns about the rule of law and
stable policy in the South American country, says Moody's.


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


CARIBBEAN AIR: Unsure All Local Pilots Will Accept New Contracts
----------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited said it's too
early to tell if all 75 pilots operating out of Jamaica will take
up its offer of employment contracts.  CAL Chief Executive
Officer Robert Corbie made the disclosure, according to the
report.

As reported in the Troubled Company Reporter-Latin America on
April 24, 2012, Trinidad Express said that Caribbean Airlines
Limited said it will offer new contracts to the Jamaican pilots
that were recently made redundant following the closure of
Caribal Ltd, the subsidiary of CAL which was the employment
company for the pilots in Jamaica.  Caribal was responsible for
the recruitment processes of the airline in Jamaica.  CAL said it
informed the Jamaican Airline Pilots Association and the pilot
body of its intention to offer contracts of employment with CAL,
according to Trinidad Express.

                   About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                      *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


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


BGI EXTERNAL: Creditors' Proofs of Debt Due May 23
--------------------------------------------------
The creditors of The BGI External Alpha Fund II Limited are
required to file their proofs of debt by May 23, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 10, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BTG PACTUAL: Creditors' Proofs of Debt Due May 15
-------------------------------------------------
The creditors of BTG Pactual Symmetry Fund, Ltd. are required to
file their proofs of debt by May 15, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 2, 2012.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CARNEROS INVESTMENTS: Creditors' Proofs of Debt Due May 15
----------------------------------------------------------
The creditors of Carneros Investments (Cayman) Limited are
required to file their proofs of debt by May 15, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 5, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private  Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


COBRA ACQUISITION: Creditors' Proofs of Debt Due May 23
-------------------------------------------------------
The creditors of Cobra Acquisition GP Limited are required to
file their proofs of debt by May 23, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 2, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EVERGREEN MAC: Creditors' Proofs of Debt Due May 15
---------------------------------------------------
The creditors of Evergreen Mac Limited are required to file their
proofs of debt by May 15, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 4, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


FLATIRON MAC: Creditors' Proofs of Debt Due May 15
--------------------------------------------------
The creditors of Flatiron Mac Limited are required to file their
proofs of debt by May 15, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 4, 2012.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


FPP EMERGING: Creditors' Proofs of Debt Due May 23
--------------------------------------------------
The creditors of FPP Emerging Hedge Fund I Limited are required
to file their proofs of debt by May 23, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GT3 CUP: Creditors' Proofs of Debt Due May 23
---------------------------------------------
The creditors of GT3 Cup Investments, Ltd. are required to file
their proofs of debt by May 23, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2012.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555
         H&J Corporate Services (Cayman) Ltd.
         Anderson Square, 5th Floor
         Shedden Road
         PO Box 866 Grand Cayman KY1-1103
         Cayman Islands


GTAM FUND I: Creditors' Proofs of Debt Due May 23
-------------------------------------------------
The creditors of GTAM Fund I, Ltd. are required to file their
proofs of debt by May 23, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 11, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HORIZON CAPITAL: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------
The creditors of Horizon Capital Partners Limited are required to
file their proofs of debt by May 21, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 10, 2012.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


MANGOUSTA MASTER: Creditors' Proofs of Debt Due May 15
------------------------------------------------------
The creditors of Mangousta Master Fund Limited are required to
file their proofs of debt by May 15, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2012.

The company's liquidator is:

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


MONKTON INSURANCE: Commences Liquidation Proceedings
----------------------------------------------------
On April 2, 2012, the shareholders of Monkton Insurance Services
Ltd. resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidator is:

         Gwynn Hopkins
         Zolfo Cooper (Cayman) Limited
         Cayman Financial Centre, Building 3
         George Town Grand Cayman KY1-1102
         Cayman Islands


RENAISSANCE COMMODITY: Creditors' Proofs of Debt Due May 23
-----------------------------------------------------------
The creditors of Renaissance Commodity Plus Fund are required to
file their proofs of debt by May 23, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 20, 2012.

The company's liquidator is:

         Appleby Trust (Cayman) Ltd.
         Clifton House, 75 Fort Street
         PO Box 1350 Grand Cayman KY1-1108
         Cayman Islands


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


LIME JAMAICA: Vodaphone to Acquire C&W Worldwide
------------------------------------------------
RJR News reports that U.K. mobile phone giant Vodafone is
planning to buy Cable & Wireless Worldwide (C. & W.W.) in a deal
valuing the firm at just over one billion pounds.

Under the terms of the deal, Vodafone will pay 38 pence per C. &
W.W. share, according to RJR News.  C. & W.W. is a separate
company from Cable and Communications.  It controls the
operations of LIME Jamaica Limited (formerly Cable & Wireless
Jamaica Limited).

RJR News notes that two entities were spilt in 2010 but C & W.W.
has struggled since the separation.

The report says that it has issued a number of profit warnings
and is now on its third chief executive.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2012, RJR News said Bustamante Industrial Trade Union,
LIME Jamaica union representing the firm's workers is urging
Phillip Paulwell, Jamaica Minister responsible for
telecommunications, to speed up legislation to address imbalances
in regulations governing the sector.  The University and Allied
Workers Union and the Jamaica Telephone Company (JTC) Executive
and Allied Staff Association made a similar call, according to
RJR News.  The report noted that the unions said the proposed
legislation will bring benefits for the workers at LIME and, by
extension, consumers.  The report related that LIME, which has
been losing billions of dollars, stated that while an agreement
has not yet been reached among the players in the industry.

                        About LIME Jamaica

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                           *     *    *

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


REDJET: Barbados Should Not Help Airline, Says Former Minister
--------------------------------------------------------------
RJR News reports that former Barbados Minister of Tourism Noel
Lynch said that REDjet (Airone Caribbean/Airone Ventures Limited)
should not get one cent from the administration.

Mr. Stuart believes if the government could subsidize American
Airlines, it would be difficult to defend not helping out REDjet,
according to RJR News.

The report, citing the Barbados Nation newspaper, says that
Barbados Prime Minister Freundel Stuart said that the government
is considering helping out 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.


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


CORPORACION ELECTRICA: Fitch Assigns 'B+' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned Corporacion Electrica Nacional S.A.
(CORPOELEC) local and foreign currency Issuer Default Ratings
(IDRs) of 'B+' and national long- and short-term ratings of
'AAA(ven)' and 'F1+(ven)', respectively.  Fitch has also affirmed
C.A. La Electricidad de Caracas's (EDC) USD663 million senior
unsecured bond issuance due 2014 and 2018 at 'B+/RR4', which is
now a direct obligation of CORPOELEC as the latter took control
of EDC on Dec. 22, 2011.

The Ratings Outlook is Negative.

In addition, Fitch affirms and concurrently withdraws EDC's 'B+'
local and foreign currency IDRs and its national long- and short-
term ratings of 'AAA(ven)' and 'F1+(ven)', respectively.  EDC's
ratings were last affirmed on March 2, 2012.  The withdrawal of
EDC's ratings follows its merger by absorption into CORPOELEC, a
process that ended on April 23, 2012.

CORPOELEC's credit quality reflects the company's strong linkage
to the government of Venezuela (rated 'B+', Outlook Negative by
Fitch), given its tight integration into the public sector
determined by its public ownership (over 93% of common stock),
its dependence on public funding to: i) carry on its day to day
operations, ii) honor its financial obligations and iii) finance
its capital expenditure needs; as well as the budgetary control
to which the company is subject to by ONAPRE and the General
Controller of the Republic of Venezuela.  The Negative Rating
Outlook follows the revision of the Sovereign's rRating Outlook
to Negative from Stable on April 4, 2012, reflecting Venezuela's
weakening policy framework due to increased vulnerability to
commodity price shocks and deterioration in fiscal and external
credit metrics as well as rising political uncertainty related to
the 2012 electoral cycle.

CORPOELEC's ratings also reflect its monopolistic condition as
the sole provider of electricity services in the country
(generation, transmission, distribution and retail), a role that
highlights its strategic importance for the economy as a whole.

Ratings Linked to the Government:

CORPOELEC's credit profile reflects its strong credit linkage
with the Republic of Venezuela as the latter is closely
integrated within the public sector.  CORPOELEC's financial
liabilities are for the most part liabilities of the Republic of
Venezuela, while EDC's bonds, which were absorbed as a result of
the merger, are CORPOELEC's obligations supported by the
Sovereign.  The company is ascribed to the Ministry of Popular
Power for Electricity (MPPE) its sole share holder, has a public
mandate to operate the nation's electricity sector according to
the planning directives of the MPPE and depends on public sector
transfers and subsidies for the sustainability of its operations.
The company receives explicit support from both the Central
Government, through operational and capital expenditure
allocations contained in the nation's budget and from PDVSA in
the form of subsidized fuel costs.

Monopolistic Position:

CORPOELEC is a vertically integrated public utility in charge of
the operation of the country's electricity assets and the
provision of electricity services in Venezuela.  The entity was
created in 2007 when the reorganization of the electricity sector
took place, reserving the rights to operate the electricity
sector to the state.  The entity absorbed all generation assets
and transmission, distribution and electric power retail
infrastructure in the country during the period 2010 - 2011,
affording it an installed capacity of 25,655 MW and a client base
of 5.7 million users by December 2011.  CORPOELEC's monopolistic
position conveys the company strategic relevance to the country;
given the essential nature of the service provided and the
electricity sector's correlation with GDP growth.

Operational Results impacted by Tariff Freeze:

The state's control of CORPOELEC renders the entity as a vehicle
for public policy implementation therefore highly exposing the
company to political interference on its day to day operations.
The current tariff regime has been in place since 2002 and no
tariff adjustments are expected in the near future.  The
continuation of the tariff lag will tend to increase CORPOELEC's
dependence on public funding going forward; thereby increasing
the linkage to the sovereign as its stand-alone credit profile
deteriorates over time due to low tariffs preventing the recovery
of operational costs.  However; a potential reduction in
operating losses could come from the realization of economies of
scale and productivity improvement, the reduction of non
technical losses (electricity theft) and the improvement of
collections, both from the public and private sectors.

Sovereign Support Needed to Fund CAPEX:

By the end of fiscal year 2011, CORPOELEC received USD3.4 billion
in government financing, mostly coming from Fondo Conjunto Chino
Venezolano (FCCV), Fondo Chino Gran Volumen Largo Plazo (FCGVLP),
PDVSA and FONDEN.  For the year 2012, CORPOELEC's capital
expenditures will be financed with funds coming from the special
indebtedness law, as contained in the National Budget, for
approximately USD2.2 billion as well as complementary financing
coming from the FCCV, FCGVLP, PDVSA and FONDEN.  The company will
use these funds to incorporate 4,329 MW of thermoelectric
generation capacity and associated infrastructure in 2012.

Liquidity Depends on Public Sector's Current Transfers:
CORPOELEC received USD540 million in current transfers in order
to cover operational costs during 2011.  For the year 2012, the
company has resources earmarked from the National Budget in the
amount of USD980 million to meet day to day operations.  At
Dec. 31, 2011, CORPOELEC's pro forma financial long-term debt was
USD6,688 million, of which USD663 million constituted the
absorbed EDC bond issuance, rated 'B+/RR4' by Fitch on March 2,
2012.


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P E R U
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BANCO DE CREDITO: Fitch Raises Subordinated Debt Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has upgraded Banco de Credito del Peru's (BCP)
Issuer Default Ratings (IDRs) to 'BBB+' from 'BBB'; the Rating
Outlook is Stable.

BCP's Viability Ratings and IDRs were upgraded as the bank
maintained strong performance, improved profitability and
sustained solid asset quality metrics coupled with ample loan
loss reserves.  In addition, the bank's capital stabilized at a
higher level than prior to the global crisis, in spite of more
stringent capital requirements.  In Fitch's view, given the
strong economic backdrop, sound competitive position and cautious
approach to business, the bank will maintain its performance and
structural strengths as it continues to grow in a still under-
banked market.

BCP's Support Rating and Support Rating Floor were upgraded to
reflect Peru's improved ability to support local banks (reflected
in the sovereign rating's upgrade to 'BBB' during fourth quarter
2011 and the bank's outsized systemic importance (BCP holds about
36% of the banking system's assets).

BCP's Viability rating and IDRs would benefit from stronger
capital levels, sustained performance and the maintenance of its
structural strengths within a stable operating environment, but
Fitch does not envision upward ratings momentum over the medium
term.

The ratings could suffer if the operating environment
deteriorates significantly, affecting the bank's asset quality
and performance, eroding the bank's reserve and capital cushions.

BCP has long been the largest bank in Peru and boasts a dominant
franchise with leading market shares in almost all segments.  A
truly universal bank, BCP has a large branch network throughout
the country, a wide array of banking products and the country's
largest customer base.

Little concentration on both sides of the balance sheet and a
strong presence in all segments allows the bank to minimize risks
and diversify its revenue streams.  This should be further
deepened by its planned future expansion into new businesses,
segments and markets.

BCP shows a strong and consistent performance together with
adequate cost control and adroit risk management that minimizes
loan loss provisions pressure.  Profitability reflects the
relatively low risk of its loan portfolio.

BCP has solid asset quality, thanks to its well-diversified
portfolio, sound risk management and proactive collection
efforts.  In addition, the positive economic background and
continuous growth contribute to BCP's strong Past Due Loan (PDL)
ratios.

BCP's core capital compares well with that of its peers and has
grown consistently thanks to earnings retention.  In addition,
capital should be viewed in the light of its ample reserve
coverage, sound profitability and robust asset quality.

BCPs franchise and strong perception as a safe haven have allowed
the bank to build, maintain and grow a wide and low-cost deposit
base.  This is one of the bank's key strengths, as it provides
stability to its balance sheet and underpins its margins.

Peru's economy shows strong growth momentum based on sound macro
fundamentals.  In addition, a proactive regulator, eager to take
the lead and apply pre-emptive remedies, has created a strong
regulatory environment.

BCP has a liquid balance sheet and robust asset and liability
management processes.  Internal limits ensure that ample cushions
are held and the bank is actively present in local and
international capital markets.

Given its sizeable network and relatively low-risk loan
portfolio, the bank's spreads are lower than peers and it has
relatively high operating expenses.  Efficiency could improve as
the bank continues to grow, deepen its customer penetration, and
improve cross-selling.

BCP is Peru's largest bank with a dominant market share of about
36% of the banking system's assets.  The bank is controlled by
Credicorp, Peru's largest financial services group with presence
in the banking, insurance, pension management and private banking
segments.

Fitch has taken the following rating actions:

  -- Long-term foreign currency IDR upgraded to 'BBB+' from
     'BBB'; Outlook Stable;
  -- Short-term foreign currency IDR affirmed at 'F2';
  -- Long-term local currency IDR upgraded to 'BBB+' from 'BBB';
     Outlook Stable;
  -- Short-term local currency IDR affirmed at 'F2';
  -- Viability Rating upgraded to 'bbb+' from 'bbb'.
  -- Support Rating upgraded to '2' from '3';
  -- Support Rating Floor upgraded to 'BBB-' from 'BB+'.

Fitch also took the following rating actions on BCP's issues:

  -- Senior unsecured debt upgraded to 'BBB+' from 'BBB';
  -- Subordinated debt upgraded to 'BBB' from 'BBB-';
  -- Junior subordinated debt upgraded to 'BB-' from 'B+'.

In addition, the following rating for BCP Emisiones Latam 1 S.A.
was upgraded:

  -- Senior unsecured notes upgraded to 'AA(cl)' from 'AA-(cl)'.


BANCO INTRNACIONAL: Fitch Affirms 'B+' Subordinated Debt Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Banco Internacional del Peru's
(Interbank) Issuer Default Ratings (IDRs) at 'BBB-'.  The Rating
Outlook remains Positive.

Interbank's Viability Rating and IDRs reflect its sound retail
franchise, focused strategy, good asset quality, adequate capital
and reserve cushion, and solid performance through the global
crisis.  However, the ratings are tempered by the bank's deposit
concentration and increased reliance on non-deposit funding to
fund its loan growth.

Interbank's Outlook remains Positive given its solid performance,
good asset quality, and adequate capital and reserves cushion.
Fitch anticipates that asset quality metrics could deteriorate
moderately due to robust credit growth and loan portfolio
seasoning.

The ratings could be upgraded if Interbank curbs its reliance on
non-deposit funding to improve its liquidity profile, while
maintaining performance and capital and reserves at suitable
levels for a bank with its risk profile.

Interbank's ratings could be downgraded if a severe decline in
asset quality or weak profitability erode its capital and reserve
cushion.

Interbank has built an efficient retail franchise that has helped
position the bank as the leader in most retail products. The bank
has not neglected its corporate lending business, which appears
well focused and competitive.  This brings balance and
diversification to Interbank's balance sheet and revenue stream.

Interbank has recorded sound performance through the economic
crisis due to high margins, adequate expense control and moderate
credit costs.  Risk management is considered sound, and the
portfolio is diversified into high margin segments.

Interbank has developed and fine-tuned information-intensive
credit scoring models and modern monitoring tools.  Credit
policies and origination are conservative while collection
efforts are proactive and effective.  An autonomous and dedicated
risk management team helped the bank weather the 2008-2009
slowdown.  Past-due loans stood at 1.5% at end-2011; this is
likely to deteriorate in 2012 due to portfolio seasoning.

Besides bolstering its capital in 2009, the bank maintains an
ample reserve coverage thus creating a strong cushion against
unexpected losses. Along with its strong profitability, this
allows Interbank to confidently face an eventual downturn.

Peru's economy shows a strong growth momentum based on sound
macro fundamentals.  In addition, a proactive regulator has
created a strong regulatory environment.

Interbank does not have as diversified a deposit base as its
larger competitors; hence, funding costs are somewhat higher.  In
addition, the bank shows some concentration from its
institutional funding and relies more on borrowings to fund its
loan growth.

Larger financial institutions and smaller, specialized and quite
aggressive banks and consumer finance companies have somewhat
curbed margin growth.  Competition in this high growth market has
heightened, and Interbank competes without compromising its
credit criteria.

Interbank is Peru's fourth largest bank, with a market share of
about 11% of the banking system's assets.  The bank is controlled
by a well regarded local family which also has investments in
retail and real estate.

Fitch has affirmed Interbank's ratings as follows:

  -- Long-term foreign currency IDR at 'BBB-'; Outlook Positive;
  -- Short-term foreign currency IDR at 'F3';
  -- Long-term local currency IDR at 'BBB-'; Outlook Positive;
  -- Short-term local currency IDR at 'F3';
  -- Viability Rating at 'bbb-';
  -- Support Rating at '3';
  -- Support Rating Floor at 'BB';
  -- Senior unsecured debt at 'BBB-';
  -- Junior subordinated debt at 'B+'.


=============
U R U G U A Y
=============


* URUGUAY: Fitch Affirms Short-Term Issuer Default Ratings at 'B'
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Uruguay's Foreign
and Local Currency Issuer Default Ratings (IDRs) to Positive from
Stable.  In addition, Fitch affirms the following ratings:

  -- Foreign Currency IDR at 'BB+';
  -- Local Currency IDR at 'BBB-';
  -- Short-term IDR at 'B';
  -- Country Ceiling at 'BBB'.

The Rating Outlook is Positive.

The Outlook revision reflects Uruguay's continued reduction in
external and fiscal vulnerabilities underpinned by its
strengthening international liquidity position and improved
currency composition of government debt.  Uruguay's sustained
growth momentum and on-going diversification of the economy
buttressed by robust foreign direct investment flows also support
this rating action.  Growth continues to outperform peers and
higher rated sovereigns, reaching a five-year average of 6.1% in
2011.

High GDP per capita, strong social indicators, and a sound
institutional framework are additional anchors of Uruguay's
creditworthiness.

Further progress in reducing government indebtedness, as well as
strengthening of external credit metrics, given commodity
dependence and relatively high financial dollarization, will be
supportive of an upgrade to investment grade.

International reserves increased by over 30% in 2011 alone,
reaching an historical high of USD10.3 billion.  'Large inflows
of foreign direct investment (FDI) and the government's pre-
financing strategy in 2011 have resulted in strong foreign
reserve accumulation, increasing the resilience of the country to
external shocks,' said Santiago Mosquera, Director in Fitch's
Sovereign Group.

The sovereign, though, remains a net external debtor at 22% of
CXR. Partly balancing this credit weakness, the government has
continued to accumulate FX liquid assets to cover future debt
amortization, thus mitigating government debt's FX exposure and
rollover risks.  Moreover, the sovereign has secured contingency
credit lines with multilaterals for an estimated 3% of GDP in
case conditions in global markets deteriorate.

Uruguay's fiscal position has improved in recent years, with
relatively low government deficits in comparison to the 'BB'
median.  Nevertheless, central government debt levels, both in
gross and net terms, still remain higher than peers.  Favorable
debt dynamics supported by continued growth and modest fiscal
deficits could bring government debt down to levels comparable
with low investment grade rated sovereigns over the forecast
period.

Proactive and adept liability management has led to a noticeable
improvement in government debt composition.  At the same time,
the share of public debt denominated in foreign currency has
fallen from 66% in 2010 to 51% in 2011, thus reducing currency
risk.

"Government debt has a manageable repayment schedule, with the
third-longest debt duration among sovereigns rated by Fitch,"
added Mr. Mosquera.

The weak fundamentals of the Argentine economy as well as
increased risk aversion resulting from its government policy
actions could weigh on Uruguay's growth performance, but these
factors are unlikely to result in significant balance of payments
or financial pressures.

Inflation, averaging 8.1% in 2011, remains higher than peers,
reflecting both vigorous domestic demand momentum and limited
monetary policy tools given the high levels of financial
dollarization, early development of local markets and relatively
low levels of financial intermediation.

Although not in Fitch's base case scenario, a material
deterioration in government debt burden and composition, or
increased macroeconomic instability could weigh on Uruguay's
credit profile.


===============
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 * * *