TCRLA_Public/120502.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Wednesday, May 2, 2012, Vol. 13, No. 087


                            Headlines



A R G E N T I N A

GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating


B E R M U D A

AIRPORT SHOPS: To Close 3 Gift Shops, Cuts 4 Jobs
CORAL BEACH: May Close Down if Plan to Sell Assets Fails


B R A Z I L

ESPIRITO SANTO: S&P Affirms 'BB+' Global Rating; Outlook Stable
MARFRIG ALIMENTOS: S&P Affirms 'B+' Corporate Credit Ratings


C A Y M A N   I S L A N D S

BGI EXTERNAL: Shareholders' Final Meeting Set for May 25
CARNEROS INVESTMENTS: Shareholders' Final Meeting Set for May 17
COBRA ACQUISITION: Shareholders' Final Meeting Set for May 25
EEA EUROPE: Shareholders' Final Meeting Set for May 16
EVERGREEN MAC: Members' Final Meeting Set for May 15

FLATIRON MAC: Members' Final Meeting Set for May 15
FPP EMERGING: Shareholders' Final Meeting Set for May 25
GT3 CUP: Members' Final Meeting Set for May 28
GTAM FUND I: Shareholders' Final Meeting Set for May 25
HORIZON CAPITAL: Shareholders' Final Meeting Set for June 15

LOAN OPPORTUNITIES: Shareholders' Final Meeting Set for May 25
SALT CREEK: Members' Final Meeting Set for May 24
TRITON 230: Shareholders' Final Meeting Set for May 24
TRITON 240: Shareholders' Final Meeting Set for May 24
TRITON 600: Shareholders' Final Meeting Set for May 24


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: S&P Affirms 'B+/B' Sovereign Credit Ratings


M E X I C O

CHG-EL CAMINO: S&P Lowers Ratings to 'mxSD'; Still on Watch Neg
BANCA MIFEL: S&P Affirms 'BB-/B' Global Rating; Outlook Stable


P U E R T O   R I C O

NEWPORT BONDING: A.M. Best Puts 'b' Issuer Credit Rating on Review
RS YACHT: Voluntary Chapter 11 Case Summary


S T  K I T T S  &  N E V I S

TRISTAR INSURANCE: A.M. Best Affirms 'cc' Issuer Credit Rating


S U R I N A M E

* REPUBLIC OF SURINAME: S&P Affirms BB-/B Sovereign Credit Ratings


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: TCL Mayo Plant Reopens


                            - - - - -


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


GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
counterparty credit rating on GP Investments Ltd (GP) with a
stable outlook.

"The rating on GP mainly reflects a level of recurring cash
revenues (mainly management fees) which does not cover operating
and financial expenses," said Sebastian Liutvinas of Standard &
Poor's. "He also noted that the rating 'considers the company's
high portfolio concentration and the inherent volatility of the
private equity business' and that 'these weaknesses are partly
offset by GP's leading position in the Brazilian private equity
industry, the extensive experience and strong reputation of its
team of professionals, the good track record of most of its
investments, its sufficient liquidity, and the good performance of
the Brazilian economy."


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


AIRPORT SHOPS: To Close 3 Gift Shops, Cuts 4 Jobs
-------------------------------------------------
The Royal Gazette reports that Airport Shops Ltd's three gift
shops located in LF Wade International Airport's departure areas
are set to close cutting for jobs in the process.  The report
relates that the company blamed a major fall off in business due
in large part to fewer tourists.

The firm closed the main gift shop and adjacent apparel store in
the US departure area, and the gift and sundries shop in the
British Airways lounge, according to The Royal Gazette.

The report notes that confirming the four job losses at his
stores, Edgard Wilkinson of Airport Shops said: "There's no
business there. This has been coming for quite a while.  Business
has been dropping in the last few years because very few tourists
are coming to Bermuda."


CORAL BEACH: May Close Down if Plan to Sell Assets Fails
--------------------------------------------------------
The Royal Gazette reports that Coral Beach could close at the end
of this year if its plan to sell the facilities to members for
some $28 million fails.

It's understood most members of the exclusive club have balked at
paying $35,000 to its U.S. operator Brickman Associates as part of
an equity conversion plan giving them ownership of just the club
facilities and not the rooms or majority of land on which Brickman
Associates holds a 200-year lease, according to The Royal Gazette.
However, the report relates that there is a serious effort by some
members to get Brickman Associates to reduce that sum to encourage
enough members to agree to the plan.

Meanwhile, The Royal Gazette notes that other members are said to
be exploring the possibility of coughing up hundreds of thousands
each to buy the lease as a group if it is even for sale.  The
report relays that Brickman sent a letter to the members,
outlining the next steps in its equity conversion plan and
clearing up any confusion on dues.

Noting that a new fiscal year was starting June 1, Brickman said
it would collect membership for six months only June through
November, The Royal Gazette discloses.

As part of the proposed equity conversion, the some 1,500 local
and overseas members would have to make an investment of $35,000
(resident) or $20,000 (non-resident) and take on at least
$5.5 million in debt owed by Brickman, The Royal Gazette
discloses.

Brickman said the new owner memberships would be exclusively for
use of the club facilities and should not be viewed as an
investment from which they can profit, the report notes.

Furthermore, the report says Brickman said in a letter to the U.S.
Securities and Exchange Commission about its plan, that members
would not be entitled to share in any income generated by the
operation of the new "equity club" nor could they sell or transfer
their memberships other than to the "equity club" by resigning
them and waiting for them to be reissued to a new member, while
continuing to pay dues.

Brickman in return said it would set aside in escrow $11 million
for a capital improvement program to make badly needed upgrades to
the club facilities and also $3 million to redo its guest rooms,
which Brickman would retain, the report relays.

The Royal Gazette adds that Brickman came up with the idea to sell
the club facilities to the membership after scrapping a plan to
redevelop the prime South Shore property as a five-star Four
Seasons 150-room resort and residences.


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


ESPIRITO SANTO: S&P Affirms 'BB+' Global Rating; Outlook Stable
---------------------------------------------------------------
Standard and Poor's Ratings Services affirmed its 'BB+' global
scale and 'brAA+ national scale ratings on Espirito Santo Centrais
Eletricas S.A. (Escelsa).  The outlook is stable.

"The ratings on Brazilian power distributor Escelsa reflect the
stable regulatory framework in Brazil, greater GDP expansion in
its concession area, in comparison with Brazilian average GDP, and
better operational indicators relative to its peers.  In contrast,
risk factors include: the challenge to improve its credit metrics
and cash generation after the third tariff cycle (scheduled for
August 2013), some debt concentration, and some (over-contracted)
energy excess that the company needs to sell in the short-term,"
S&P said.

"We expect that, despite last year's reduction in its operational
margins, which reflected less-than-expected demand in that region
(resulting in over-contracted energy), the company will
nonetheless maintain good cash flow generation.  We also believe
that its credit metrics will remain quite strong.  It will
maintain these metrics by prudently managing its existing debt and
capital investment needs. However, the company has limited
headroom to improve its credit metrics--considering the lower
remuneration on regulatory assets after the third tariff cycle and
constant pressure from operational costs," S&P said.


MARFRIG ALIMENTOS: S&P Affirms 'B+' Corporate Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B+' global-scale and 'brBBB+' national-scale corporate credit
ratings, on Brazil-based food producer Marfrig Alimentos S.A. The
outlook on the corporate credit ratings remains negative. The
rating action is part of S&P's regular review.

"The ratings affirmation reflects our view that despite Marfrig's
somewhat improved operations in the last quarter of 2011,
refinancing risk remains and headroom in its covenants agreements
is limited mainly for the first half of 2012. We believe
management is committed on seeking alternatives to reduce debt and
interest payments, and extend debt maturities to improve its
financial profile, although we expect credit metrics to remain
weak in the short to intermediate term," S&P said.

"Management's initiatives, such as negotiation of more favorable
tenors with suppliers and clients, better mix of products, and
lower grains and cattle prices have improved cash generation in
the last quarter of 2011. Nevertheless, still-volatile export
demand and volumes, as well as risks to consolidate and operate
the assets, following the asset swap agreement with BRF Brasil
Foods S.A., increase uncertainties over the company's ability to
improve cash flows and reduce debt in 2012," S&P said.


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


BGI EXTERNAL: Shareholders' Final Meeting Set for May 25
--------------------------------------------------------
The shareholders of The BGI External Alpha Fund II Limited will
hold their final meeting on May 25, 2012, at 9:50 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CARNEROS INVESTMENTS: Shareholders' Final Meeting Set for May 17
----------------------------------------------------------------
The shareholders of Carneros Investments (Cayman) Limited will
hold their final meeting on May 17, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


COBRA ACQUISITION: Shareholders' Final Meeting Set for May 25
-------------------------------------------------------------
The shareholders of Cobra Acquisition GP Limited will hold their
final meeting on May 25, 2012, at 9:40 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


EEA EUROPE: Shareholders' Final Meeting Set for May 16
------------------------------------------------------
The shareholders of Eea Europe Long Short Fund will hold their
final meeting on May 16, 2012, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


EVERGREEN MAC: Members' Final Meeting Set for May 15
----------------------------------------------------
The members of Evergreen Mac Limited will hold their final meeting
on May 15, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Members' Final Meeting Set for May 15
---------------------------------------------------
The members of Flatiron Mac Limited will hold their final meeting
on May 15, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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: Shareholders' Final Meeting Set for May 25
--------------------------------------------------------
The shareholders of FPP Emerging Hedge Fund I Limited will hold
their final meeting on May 25, 2012, at 9:30 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


GT3 CUP: Members' Final Meeting Set for May 28
----------------------------------------------
The members of GT3 Cup Investments, Ltd. will hold their final
meeting on May 28, 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:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555


GTAM FUND I: Shareholders' Final Meeting Set for May 25
-------------------------------------------------------
The shareholders of GTAM Fund I, Ltd. will hold their final
meeting on May 25, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HORIZON CAPITAL: Shareholders' Final Meeting Set for June 15
------------------------------------------------------------
The shareholders of Horizon Capital Partners Limited will hold
their final meeting on June 15, 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:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


LOAN OPPORTUNITIES: Shareholders' Final Meeting Set for May 25
--------------------------------------------------------------
The shareholders of Loan Opportunities Fund Offshore Feeder GP I,
Limited will hold their final meeting on May 25, 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


SALT CREEK: Members' Final Meeting Set for May 24
-------------------------------------------------
The members of Salt Creek High Yield CSO 2005-2 Ltd. will hold
their final meeting on May 24, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TRITON 230: Shareholders' Final Meeting Set for May 24
------------------------------------------------------
The shareholders of Triton 230 Ltd. will hold their final meeting
on May 24, 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 Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


TRITON 240: Shareholders' Final Meeting Set for May 24
------------------------------------------------------
The shareholders of Triton 240 Ltd. will hold their final meeting
on May 24, 2012, at 9:40 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 Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


TRITON 600: Shareholders' Final Meeting Set for May 24
------------------------------------------------------
The shareholders of Triton 600 Ltd. will hold their final meeting
on May 24, 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:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


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


* DOMINICAN REPUBLIC: S&P Affirms 'B+/B' Sovereign Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term local- and foreign-currency sovereign credit ratings on
the Dominican Republic. The outlook remains stable. Standard &
Poor's transfer and convertibility assessment on the Dominican
Republic is unchanged at 'BB'. The recovery rating on the
government's bonds also remains unchanged, at '3'.

"The ratings on the Dominican Republic reflect the country's weak
institutions and the politicization and opaqueness of decision-
making, which lessen the predictability and effectiveness of the
government's policies," said Standard & Poor's credit analyst Olga
Kalinina. "These inefficiencies result in low tax collection due
to widespread tax evasion and excessive tax exemptions and in weak
competitiveness due to bureaucracy, corruption, and slow progress
in reforming the electricity sector, among other things.
Supporting the ratings are the ongoing commitment to correcting
fiscal and structural inefficiencies--important advances were made
under the recently ended IMF standby program--solid growth
potential stemming from the country's well-diversified economy,
improving export prospects, and strengthened debt management."

"On the fiscal front, the government remains committed to lowering
fiscal deficits. It introduced a number of tax measures and
controlled spending in 2011 to counterbalance continuously low tax
collection and higher-than-anticipated electricity subsidies (amid
rising oil prices). The fiscal deficit was 2.6% of GDP in 2011,
similar to that of 2010. Fiscal performance likely will
deteriorate in the first half of 2012 because of preelection
spending. Arrears to suppliers are already on the rise.
(Presidential elections will be held on May 20, 2012.) However, we
expect that efforts to control expenses in the second half of
2012, including a possible new electricity tariff adjustment,
should keep the fiscal situation in line. We project a fiscal
deficit of 2.9% of GDP this year. The net general government debt
is projected to increase by 2.6% of GDP on average from 2012-
2014," S&P said.

"We expect net general government debt to be 36% of GDP (including
the central bank's certificates but excluding recapitalization
bonds) at year-end 2012. We project a gross borrowing requirement
of 5.9% of GDP this year, which we expect the government to cover
with proceeds from a $250 million bond issued in 2011, Petrocaribe
disbursements, other bilateral and multilateral funding, and
domestic financing. We project gross financing needs will increase
in 2013 and 2014, reflecting the scheduled repayments of
International Monetary Fund (IMF) and Inter-American Development
Bank (IADB) loans. We expect the government to use new
multilateral and external commercial borrowings to finance these
repayments. As such, we anticipate that the new government that
will assume office in August 2012 will reengage the IMF on a
timely basis. The last US$1.7 billion standby program, which ended
in February 2012 (two last reviews were not completed), was
instrumental in anchoring progress in fiscal, monetary, and
electricity areas. But the election has interrupted this positive
momentum," S&P said.

"Continuously high economic growth and improved export prospects
as well as greater policy flexibility due to the start of the new
government term in August 2012 balance out these risks. We expect
real GDP per capita growth of 3.1% in 2012 and weighted real GDP
per capita growth of 3.9% from 2005-2014 on average. Gains in a
variety of productive sectors are responsible for the solid
economic growth," S&P said.

"The stable outlook reflects the Dominican Republic's solid growth
and export prospects and our expectation that the government will
continue its efforts to narrow fiscal deficits. We balance these
strengths against the risk of fiscal and external deterioration if
the government does not implement corrective measures in a timely
manner. An advance in addressing the structural deficiencies in
the electricity sector, improving tax system efficiency, and
strengthening the external profile would benefit the sovereign's
creditworthiness," said Ms. Kalinina. "We expect close cooperation
with the IMF and a formal engagement in the second half of 2012."

"On the other hand, fiscal slippage, which would likely exacerbate
the external vulnerability, would be a negative factor and could
put pressure on the rating, especially if the political
willingness to reverse the slippage is lacking," said Ms.
Kalinina. "Similarly, delays or uncertainties surrounding
the reengagement of multilaterals would decrease policy
transparency, lower investor confidence, and increase credit
risks. Any changes in the Petrocaribe concessional financing
(which finances roughly 15% of the country's oil imports) would
also be a negative."


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


CHG-EL CAMINO: S&P Lowers Ratings to 'mxSD'; Still on Watch Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services said its BELOW AVERAGE ranking
on CHG-El Camino S.A.P.I. de C.V. (El Camino) as an equipment
leasing servicer for the Mexican market will remain on
CreditWatch, where it had originally placed it on negative
implications on Feb. 3, 2012.

"In general, we perceive that El Camino as a servicer has weakened
its management, organizational, and loan administration
capabilities due to the public legal conflict among the main
shareholders who are also part of El Camino's first-level
management team," S&P said.

"Despite the advances in the negotiations, El Camino announced
that the legal conflict resolution could be completed after a 40-
day period, which could allow the complete reestablishment and
control of the operation. During this time, we believe the company
could continue being exposed to credit, financial, and operative
risks, which would continue to adversely affect servicing
performance," S&P said.

"As of December 2011, the company's lease portfolio exhibited an
adequate performing trade; however, in our opinion, the legal
conflict undermined El Camino's servicer's performance; in
particular its payment processing capability, report generation,
and control of the performance of its portfolio," S&P said.

"Although we had already deemed El Camino's financial position to
be Insufficient, we recently lowered its long-term rating to
'mxSD' from 'mxCCC', as well as its short-term rating to 'mxSD'
from 'mxC', which led us to affirm the company's insufficient
financial position," S&P said.


BANCA MIFEL: S&P Affirms 'BB-/B' Global Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its issuer ratings on
Mexico-based universal bank Banca Mifel S.A. (BM), including its
global-scale ratings at 'BB-/B' and Mexican national-scale ratings
at 'mxBBB+/mxA-2'. The stand-alone credit profile
(SACP) is 'bb-'. The outlook is stable.

"We also affirmed our 'B-' ratings on BM's $100 million perpetual,
noncumulative, nonpreferred subordinated notes," S&P said.

"Standard & Poor's Ratings Services' ratings on BM and its senior
debt reflects our assessment of its moderate business position,
capital & earnings, and risk position. We also base the ratings on
our assessment of its below average funding and adequate
liquidity, relative to its Mexican peers. We believe that the
risk-adjusted capital framework (RACF) adequately reflects the
bank's credit, market, and operational risks," S&P said.


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


NEWPORT BONDING: A.M. Best Puts 'b' Issuer Credit Rating on Review
------------------------------------------------------------------
A.M. Best Co. has placed under review with negative implications
the financial strength rating of C++ (Marginal) and issuer credit
rating of "b" of Newport Bonding and Surety Company (Hato Rey,
PR).

The under review status reflects the significant uncertainty
regarding Newport's overall financial condition as it has not yet
filed its year-end 2011 annual statement.  The ratings will remain
under review pending A.M. Best's receipt of the annual statement,
as well as further discussions with management to determine the
underlying reasons for the delay in filing.  Upon receipt, A.M.
Best will review the financial condition of Newport and will
determine whether its current ratings are appropriate.


RS YACHT: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: RS Yacht Services, Inc.
        aka My Seascape
        P.O. Box 363443
        San Juan, PR 00936

Bankruptcy Case No.: 12-03193

Chapter 11 Petition Date: April 26, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Eduardo J Corretjer Reyes, Esq.
                  BUFETE ROBERTO CORRETJER PIQUER
                  625 Ponce de Leon Avenue
                  San Juan, PR 00917-3111
                  Tel: (787) 751-4618
                  Fax: (787) 759-6503
                  E-mail: ejcr98@yahoo.com

Estimated Assets: US$500,001 to US$1,000,000

Estimated Debts: US$1,000,001 to US$10,000,000

The Debtor did not file a list of its largest unsecured creditors
together with its petition.

The petition was signed by Pedro Ray, president.


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


TRISTAR INSURANCE: A.M. Best Affirms 'cc' Issuer Credit Rating
--------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of C-
(Weak) and issuer credit rating of "cc" of Tristar Insurance
Company Limited (Saint Kitts and Nevis).  The outlook for both
ratings is stable.

The ratings reflect Tristar's narrow business profile,
inconsistent overall operating results and limited financial
flexibility.  Tristar is a niche reinsurer with a very narrow
business profile primarily focused on one business segment.  While
the company is attempting to diversify its book of business,
Tristar currently reinsures mostly surety coverages in Latin
America, mainly in Colombia and the Dominican Republic.  Overall
operating results have been inconsistent and mainly reflect
Tristar's investment performance.  In addition, A.M. Best
considers the company's risk management as weak and expects
continued improvement in the near to medium term.

Partially offsetting these weaknesses is Tristar's adequate risk-
adjusted capitalization for its current business profile.  A.M.
Best also believes that Tristar's current ownership structure as a
closely held organization limits its financial flexibility.

While the ratings of Tristar are stable, factors that could
contribute to rating enhancement include sustained improvement in
its underwriting performance, consistent long-term overall
profitability and an upgrade in Saint Kitts and Nevis' country
risk tier rating.

Factors that may lead to negative rating actions include a
sustained decline in underwriting profitability, significant
deterioration in risk-adjusted capitalization as measured by A.M.
Best's Capital Adequacy Ratio and a downgrade in Saint Kitts and
Nevis' country risk tier rating.


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S U R I N A M E
===============


* REPUBLIC OF SURINAME: S&P Affirms BB-/B Sovereign Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long- and
'B' short-term foreign and local currency sovereign credit ratings
on the Republic of Suriname.  "At the same time, we affirmed our
'BB' transfer and convertibility assessment of Suriname. The
rating action is part of our regular review," S&P said.

"The ratings on Suriname reflect its improving macroeconomic
fundamentals, robust medium-term growth prospects, a low debt
position (with net general government debt at less than 20% of GDP
at the end of 2011), and solid external indicators based on
current account surpluses, higher levels of foreign direct
investment, and rising international reserves.  More importantly,
there is a growing political consensus on preserving macroeconomic
stability, as witnessed by the government's willingness to pursue
an unpopular devaluation and tax hikes in 2011 to reduce foreign
exchange pressures that built up in the prior year.  Offsetting
these supporting factors is Suriname's narrow economic base that's
strongly tied to commodities: alumina, gold, and oil constituted
more than 80% of current account receipts at the end of 2011.  In
addition, there are ongoing institutional capacity constraints
that hinder debt management, public investment, and a more
forceful advancement of structural reforms," S&P said.

The government's aggressive debt-reduction and arrears clearance
during the past three years is another important indicator of the
sovereign's strategy to structurally improve its credit profile
amid the positive economic momentum.


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


TRINIDAD CEMENT: TCL Mayo Plant Reopens
---------------------------------------
Trinidad & Tobago Newsday reports that operations at Trinidad
Cement Limited's Mayo Plant resumed under the watchful eyes of
police and security officers posted at the remote rural plant in
Mayo, Gasparillo.

A senior TCL official confirmed that a complete assessment of
machinery was done, a test run was completed and operations were
expected to resume, according to Trinidad & Tobago Newsday.  The
report relates that the move to restart the plant caused heated
confrontation between striking workers and police outside the
plant.  Trinidad & Tobago Newsday relays that the shuttle bus was
blocked by protesters.

In the end, the report notes that three striking TCL workers were
arrested.  Trinidad & Tobago Newsday says that one of them was
charged with endangering the life of a toddler.

Trinidad & Tobago Newsday discloses that a company source said the
workers were part of an assessment team who were going into the
plant to check on machinery and equipment since the plant was shut
down as a result of the strike.  The source said it was the first
time that workers were going into the plant since the strike, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed.  It will also import supplies from Barbabos,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.

                     About Trinidad Cement

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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