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

              Monday, May 7, 2012, Vol. 13, No. 090



CAMP GRAS: Creditors' Proofs of Debt Due June 12
DART SERVICES: Asks for Bankruptcy Proceedings
ETIMA ENVASES: Creditors' Proofs of Debt Due June 7
LINGUATEC LANGUAGE: Asks for Bankruptcy Proceedings
MAILGRAF SA: Applies for Bankruptcy Protection

MICHIGAN GASTRONOMIA: Creditors' Proofs of Debt Due June 8
MKT DIVERSIFIES: Creditors' Proofs of Debt Due June 30
PROMOCIONES PUBLICITARIAS: Creditors' Proofs of Debt Due June 29
SEATANK LOGISTIC: Creditors' Proofs of Debt Due June 8
TRASUP SA: Requests for Opening of Bankruptcy Proceedings


ULTRAPETROL LTD: Moody's Cuts CFR to 'Caa1'; Outlook Stable


LIME: Barbados Outlets Closed Due to Industrial Action
REDJET: Might Not Resume Services, Refunds Customers


OSAN S/A: Fitch Puts All Ratings on Rating Watch Negative


LIME: Keeps JM$59 Million in Unclaimed Dividends

C O S T A   R I C A

INSTITUTO COSTARRICENSE: Baseline Credit Assessment Maps to 'Ba3'

T R I N I D A D  &  T O B A G O

PETROTRIN: Hassanali Takes Over as New President


* BOND PRICING: For the Week April 30 to May 4, 2012

                            - - - - -


CAMP GRAS: Creditors' Proofs of Debt Due June 12
Jorge Ricardo Lofiego, the court-appointed trustee for Camp Gras
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 12, 2012.

Mr. Lofiego will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Ricardo Lofiego
         Viamonte 1549

DART SERVICES: Asks for Bankruptcy Proceedings
Dart Services Sur SA asked for bankruptcy proceedings.  The
company has defaulted on its payments last Jan. 31.

ETIMA ENVASES: Creditors' Proofs of Debt Due June 7
Diego Hernan Gomez Marti, the court-appointed trustee for Etima
Envases SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 7, 2012.

Mr. Marti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk No.
17, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Sergio Diego Hernan Gomez Marti
         Viamonte 1546

LINGUATEC LANGUAGE: Asks for Bankruptcy Proceedings
Linguatec Language Centers de Argentina SRL asked for bankruptcy
proceedings.  The company has defaulted on its payments last
Nov. 15, 2011.

MAILGRAF SA: Applies for Bankruptcy Protection
Mailgraf SA applied for bankruptcy protection.

MICHIGAN GASTRONOMIA: Creditors' Proofs of Debt Due June 8
Maria Alejandra Barbieri, the court-appointed trustee for
Michigan Gastronomia SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 8, 2012.

Ms. Barbieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria Alejandra Barbieri
         Av. Cabildo 2040

MKT DIVERSIFIES: Creditors' Proofs of Debt Due June 30
Ana Maria Varela, the court-appointed trustee for MKT Diversifies
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 30, 2012.

Ms. Varela will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ana Maria Varela
         Tucuman 1506

PROMOCIONES PUBLICITARIAS: Creditors' Proofs of Debt Due June 29
Vilma Vaello, the court-appointed trustee for Promociones
Publicitarias Multimedios SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 29, 2012.

Ms. Vaello will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Vilma Vaello
         Tucuman 1455

SEATANK LOGISTIC: Creditors' Proofs of Debt Due June 8
Alberto Daniel Stanislavsky, the court-appointed trustee for
Seatank Logistic SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 8, 2012.

Mr. Stanislavsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Alberto Daniel Stanislavsky
         Talcahuano 768

TRASUP SA: Requests for Opening of Bankruptcy Proceedings
Trasup SA requested the opening of bankruptcy proceedings.  The
company has defaulted on its payments last Jan. 17.


ULTRAPETROL LTD: Moody's Cuts CFR to 'Caa1'; Outlook Stable
Moody's Investors Service downgraded Ultrapetrol (Bahamas)
Limited's Corporate Family to Caa1 from B3.  Concurrently, the
company's $180 million senior secured notes due November 2014
were downgraded to Caa1 from B3.  A speculative grade liquidity
rating of SGL-3 has been assigned reflecting an adequate
liquidity profile.  The ratings outlook is stable.

The following ratings were downgraded:

Corporate family rating, to Caa1 from B3

US$180 million 9% First Preferred Ship Mortgage Notes due 2014,
to Caa1 from B3

Ratings Rationale

The ratings downgrade was prompted by Moody's expectation that
leverage and interest coverage metrics over the next twelve to
eighteen months will be reflective of a Caa1 CFR.  Operating
performance is expected to be negatively affected by a lower
expected South American soybean crop for 2012 due to the drought
in Paraguay and Argentina as well as higher costs stemming from
inflationary pressures in Argentina and revaluation of the
Brazilian real.  These factors have negatively impacted margins
by lowering the more profitable transportation of soybeans an
increasing operating expenses.  Given the company's already high
leverage, the reduction in EBITDA has increased leverage metrics
well outside the B3 rating level.  The longer-term prospects for
the company remain favorable and are reflected in the stable

The stable outlook is based on the expected contribution to
earnings in 2013 from the delivery of the company's remaining
platform supply vessels ("PSVs"), the potential for sales of
barges in the river business and transportation of iron ore to
offset some of the lower revenue expected in 2012 from lower
soybean production.  The company's adequate liquidity profile
also supports the outlook.

Ultrapetrol's adequate liquidity profile, denoted by the SGL-3
liquidity rating, is characterized by anticipated improvement in
the company's liquidity profile over the next twelve to eighteen
months.   Although free cash flow defined as cash from operations
less capital expenditures might remain negative through year-end
2012, lower capital expenditure requirements anticipated in 2012
and earnings contribution expected from delivery of the company's
PSV vessels under construction in India in the latter half of
2012 through 2013 should improve free cash flow generation.

Additionally, liquidity is supported by cash on the balance sheet
(over US$30 million at December 31, 2011) and the company
possesses alternate sources of liquidity via unencumbered assets,
primarily in its river business.  The rating does incorporate the
lack of a revolving credit facility and the longer-term maturity
of the US$180 million of senior notes that come due in November
of 2014.  The lack of a refinancing of the notes appreciably
prior to the maturity date could result in a lowering of the SGL

Ultrapetrol's Caa1 CFR reflects high leverage of over 10 times
and weak interest coverage metrics of well under 1 times, based
on Moody's standard adjustments, at Dec. 31, 2011.  Although
metrics are anticipated to improve by the end of 2012 and through
the 2013-2014 period as PSVs in the offshore supply business are
delivered contributing to earnings, credit metrics in the
intermediate term are expected to remain weak.  Absent a
meaningful reduction in debt, metrics will likely remain in the
Caa1 range. Other considerations in the Caa1 CFR include the
highly cyclical nature of the river business due to its
dependence on weather patterns in the Hidrovia region of South
America as well as inflationary pressures in Argentina and
currency revaluations in Brazil. These negative pressures are
partially offset by continued investment by Brazilian-based
Petrobras, in oil exploration activities in South America (and
thus demand for PSV services) as well as the company's ability to
sell barges from its new barge building facility in Argentina.

A rating upgrade would likely be accompanied by an expectation of
sustained debt / EBITDA below 6.0x and EBIT / interest
approaching 1.0x, combined with an adequate liquidity profile.
A refinancing of the $180 million notes due November 2014 would
also be favorable.

Negative rating momentum would develop if the company's liquidity
profile were to weaken or there were a lack of improvement from
current leverage and interest coverage metrics.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended Dec. 31, 2011 revenues totaled
US$304.5 million.


LIME: Barbados Outlets Closed Due to Industrial Action
RJR News reports that workers at LIME -- Landline, Internet,
Mobile and Entertainment -- Barbados took industrial action
crippling the company's operations.  The report relates that all
of its outlets were closed.

Media reports said that Prime Minister Freundel Stuart will have
to intervene in the long running dispute, according to RJR News.

The report notes that hundreds of LIME workers walked off  the
job, claiming the company had reneged on promises made in the
presence of  the Prime Minister at the bargaining table to pay
wage increases.  RJR News relates that the workers lambasted
management for failing to live up to its end of the bargain after
talks last month seemed to have ended the dispute over a wage
agreement and job evaluation.

LIME -- Landline, Internet, Mobile and Entertainment -- is a
communications company.  LIME is the Caribbean division of Cable
& Wireless Communications (CWC).  LIME territories include
Jamaica, Barbados, St.Lucia, St.Vincent, Grenada, Dominica,
Cayman, Antigua, Anguilla, Montserrat, St.Kitts & Nevis , Turks &

REDJET: Might Not Resume Services, Refunds Customers
RJR News reports that REDjet (Airone Caribbean/Airone Ventures
Limited) might not resume service anytime soon.

In a notice in Guyana Chronicle newspaper, the Ministry of Public
Works is advising REDjet customers who were unable to travel
because of the suspension of service to submit requests for
refunds, according to RJR News.  The report relates that this
comes two month's after the airline suspended flights.

RJR News says that the notice said requests for refunds should be
submitted to the Permanent Secretary in the Ministry.  The report
notes that it adds that all requests must include evidence of
payment and be submitted before May 31.

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.

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.


OSAN S/A: Fitch Puts All Ratings on Rating Watch Negative
Fitch Ratings has placed the ratings of Cosan S/A Industria e
Comercio and its subsidiaries Cosan Overseas Limited (Cosan
Overseas) and Cosan Lubrificantes e Especialidades Ltda (CLE) on
Rating Watch Negative.

These rating actions follow the announcement by Cosan that it has
signed a Memorandum of Understanding with BG Group for the
acquisition of shares in Companhia de Gas de Sao Paulo (Comgas)
for BRL3.4 billion.  This transaction will give Cosan shares
equivalent to 60.1% of the company's total capital.  The
transaction is still dependent upon the approval from the
Sanitation and Energy Regulatory Agency of the state of Sao Paulo

As per Fitch's estimates, Cosan's net leverage, on pro forma
basis, would increase to around 3.7 times (x) from 2.1x,
considering a normalized EBITDA of Comgas and Cosan and debt
adjusted by actuarial obligations and intercompany loans.  This
calculation excludes the proportional EBITDA that migrated to
Raizen from June 2011 onwards.  This level of leverage pressures
the current rating category, given the fact that about 40% of
Cosan's consolidated EBITDA would still come from the more
volatile sugar and ethanol businesses.

From a strategic standpoint this acquisition would be positive
for Cosan, as it contributes to broader business diversification
and should lessen its cash flow volatility.  This transaction
would also enhance Cosan's presence in the energy segment, which,
together with logistics, are the main focus of the company's
business plan going forward.

After the conclusion of this acquisition, Cosan will be part
of a shareholder agreement with Shell, which holds a 18.2%
participation in the company, being the remaining shares traded
in the free float (21.7%).  Currently, Cosan already has a
shareholder agreement with Shell in Raizen S.A.

Cosan is also negotiating the acquisition of a 5.7% share in
America Latina Logistica S.A. (ALL), for the amount of BRL896.5
million. The transaction is still dependent upon the approval of
other signatories of ALL's shareholders agreement and also from
the Brazilian Transport Regulatory Agency (ANTT) and the
Brazilian Antitrust Council (CADE).  In case the acquisition is
concluded, as per Fitch estimates Cosan's consolidated net debt/
EBITDA ratio on a pro forma basis would reach around 3.8x.

Comgas is the largest piped natural gas distributor in Brazil,
supplying 177 cities in the state of Sao Paulo.  In 2011, Comgas
reported a Fitch calculated EBITDA of BRL718 million, total
adjusted debt of BRL2 billion, cash and equivalents of BR41
million and a net debt/EBITDA ratio of 2.8x.  Last year's cash
flow generation was affected by the huge increase in the natural
gas prices, especially in the second half of the year, which were
not immediately re-passed to the tariffs and therefore pressured
EBITDA margin (17.5% versus an historical average between 2007
and 2010 of 29.2%).  The regulatory agency, ARSESP, approved an
extraordinary tariff adjustment in December 2011 to allow the
pass through of these cost increases, which should benefit
Comgas' operational performance in 2012.

Fitch currently rates Cosan and its subsidiaries as follows:


  -- Local and foreign currency Issuer Default Ratings (IDRs)
  -- National scale rating 'AA-(bra)'.

Cosan Overseas

  -- Foreign currency IDRs 'BB+';
  -- USD500 million Perpetual notes 'BB+'.


  -- Local and foreign currency IDRs 'BB+';
  -- National scale rating 'AA-(bra)'.


LIME: Keeps JM$59 Million in Unclaimed Dividends
Jamaica Observer reports that LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) has retained
JM$59 million in dividends left unclaimed for 12 years.

In 2009, the company amended its articles of incorporation to
declare that all dividends left unclaimed for a year, would be
invested or otherwise made use of by the directors until claimed,
Jamaica Observer recalls.

The company said that dividends unclaimed for 12 years would be
forfeited and retained by the company, according to Jamaica

The report, citing a notice to the Jamaica Stock Exchange (JSE),
LIME said its board of directors authorized management to
"forfeit and retain all dividends which as at March 31, 2012
shall have been declared and unclaimed for 12 years or more".

That sum tallied JM$59.2 million, the report discloses.

"Please also be advised that although it may seem counter-
intuitive on the face of it, C&WJ will continue to honour all
dividend cheques validated by its Registrar, notwithstanding this
resolution," the company said, Jamaica Observer notes.

                         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.

C O S T A   R I C A

INSTITUTO COSTARRICENSE: Baseline Credit Assessment Maps to 'Ba3'
Moody's Investors Service affirmed the Baa3 foreign currency
senior unsecured rating of Costa Rica's Instituto Costarricense
de Electricidad (ICE) and assigned a (P)Baa3 rating to ICE's
proposed US$250 million senior unsecured note offering to be
issued under the indenture, dated November 10, 2011, pursuant to
which ICE issued initially the US$250 million 6.95% senior
unsecured notes due 2021.  The outlook is stable.

ICE plans to use the proceeds from this additional offering for
general corporate purposes.

Ratings Rationale

"ICE's Baa3 rating largely reflects its ownership structure and
linkages with the Government of Costa Rica" said Natividad
Martel, Assistant Vice President at Moody's. Given that it is
fully owned by the Costa Rican government (Baa3, stable), it
falls under the scope of Moody's rating methodology for
government-related issuers (GRIs).

The Costa Rican government does not guarantee ICE's debt
obligations rated by Moody's; however, Moody's believes that
there is a "high" likelihood of government extraordinary support
in the case of distress for several reasons including
reputational given the company's status as a major government-
owned entity, its strategic importance to the country's economy
overall, and the low likelihood of privatization in the
foreseeable future. Moody's estimate of "high" default dependence
reflects the expectation that there is an elevated likelihood
that the government and ICE would default simultaneously due to
common risk factors.

ICE's Baseline Credit Assessment (BCA), which is a representation
of the group's intrinsic creditworthiness before taking into
account possible extraordinary support from the sovereign is 13
(maps to Ba3), based on a scale of 1-21 in which 1 indicates the
highest credit quality (Aaa).

The BCA captures ICE's role as an autonomous government entity
established to develop the Costa Rican resources to provide
electricity and telecommunication services, and is especially
driven by its dominant position as the largest vertically
integrated utility in the country. It also factors in the fully
regulated nature of its electric operations and, in Moody's
opinion, a regulatory framework that is stable and the overall
constructive relationship that ICE has with the regulatory body
for public services, ARESEP. However, the BCA considers the
relatively low allowed rates of return on ICE's asset base when
compared to other global utilities. That said, Moody's considers
a credit positive ARESEP's authorization in mid March 2012 of the
new methodology for extraordinary adjustments on a quarterly
basis of the tariffs in order to reflect substantial changes in
the fuel expenses for thermal power generation in the country.
This change should reduce ICE's recovery lag of those costs,
which is expected to enhance its financial performance and future
cash flows.

The rating also acknowledges ICE's incumbent position in the
Costa Rican telecommunication industry that provides some
diversification benefits from a product offering perspective and
cash flow generation. That said, Moody's attributes limited
upside potential to ICE's rating in connection with this business
segment given the strong challenges faced by ICE due to the
worldwide trend of declining demand for fixed-landline services
and the recent introduction of competition in the mobile segment
from two international large carriers, namely Am‚rica M˘vil
S.A.B. de C.V. (A3; stable) and Telef˘nica S.A. (Baa1; negative)
which commenced their operations in November 2011. While Moody's
acknowledges the growth potential associated with the country's
relatively low current penetration rate of mobile services
compared to other Latin American markets, Moody's also believes
that the two new entrants have the financial strength to
implement very aggressive competitive strategies in order to gain
substantial market share in the country.

The BCA is tempered by the modest size of ICE's operations and
service territory which leaves its electric operations more
exposed to storms and other natural disasters than can impact the
region. Further factors limiting ICE's BCA include its exposure
to foreign currency exchange risk as the vast majority of its
indebtedness has been incurred in foreign currency, primarily in
US$, all of which is exacerbated by ICE's limited ability to
hedge this exposure due to the lack of market depth that
currently exists for Colones.

Another factor tempering ICE's BCA is the anticipated
deterioration in credit metrics, as calculated by Moody's, as a
result of the increased financial leverage in light of ICE's
aggressive in-country expansion plan for capital expenditures in
the electricity sector due to growing power demand and, to a
lesser extent, in telecommunications in the wake of the new
competition in the mobile segment. A substantial portion of these
investments is to be funded through operating lease structures
where asset ownership can be transferred to ICE at a later date.
Consistent with Moody's standard adjustments for off-balance
liabilities, including operating leases, Moody's has adjusted
ICE's indebtedness to reflect the eventual incurrence of these
leases and the resulting increase in consolidated financial
leverage. Moody's also considers in its assessment ICE's key role
to execute Costa Rica's national electrification plans and the
promotion of the country's power industry that indirectly
enhances ICE's internal cash flows given that it is exempt from
paying income tax payments for its electric operations and from
making dividend distributions as net profits are required to be
reinvested back into the business. Moody's anticipates ICE's
adjusted credit metrics to remain commensurate within the Ba-
rating category assigned to the BCA, namely that retained cash
flow (RCF) to debt is expected to be at least 10%, while cash
flow (CFO pre-W/C) interest coverage should approximate 2.0x in
most years.

An area of greater concern for Moody's is Moody's perception of
ICE's weak corporate governance which currently caps ICE's BCA.
Moody's concerns are based on ICE's failure to comply with all of
its covenants at year-end 2011, the qualified opinion issued by
the auditors, KPMG, for ICE's 2010 and 2011 financial statements,
as well as the restatement of ICE's 2010 and 2009 financial
statements after a retroactive adjustment of certain historical
line items.

Contrary to Moody's expectations when the Baa3 senior unsecured
rating was assigned in early November 2011, ICE has not been able
to comply with certain covenants under some of its loan
agreements. Moody's understands that various factors contributed
to the failure at year-end 2011, including a timing difference
arising from the delayed reimbursement of certain development
costs (around US$80 million) that had been expected during 2011
in connection with the Toro III hydro-power facility but are now
expected this year, or the delay in the recovery, under the
previous methodology, of the materially higher fuel costs
incurred during 2011 amid soaring worldwide fuel expenses
compared to the expected costs considered when the tariffs were
set earlier in the year. Moody's acknowledges ICE's efforts
initiated in early December 2011 to modify its covenant package.
That said, while the commercial banks have amended the covenant-
thresholds under their respective loan agreements, the
multilateral banks as of today have provided only temporary
waivers given the covenant breaches. It is Moody's understanding
that the multi-lateral banks are still internally assessing the
appropriate levels for the covenant-thresholds considering the
required funding of ICE's new hydro-projects. The current BCA
assumes that it is unlikely that the multilateral banks will
accelerate the outstanding balance of their relevant debt, and
that these banks and the B-lenders will approve within the next
few months, an amendment of ICE's covenant-package that would
allow for a greater cushion between the current thresholds and
the expected future operating results.

Nevertheless, Moody's remains concerned about ICE's management of
its liquidity position and covenant package amendment process.
According to disclosures included in ICE's May 2012 Offering
Memorandum and audited financial statements at year-end 2011, the
leverage test under the 2005 Citibank loan agreement was amended
but only for 2011 and 2012 to a maximum level of 5.10x, and 4.65x
times, respectively. Based on ICE's own projections it expects to
comply with this covenant in 2013 when the threshold level
declines again to 4.0x. That said, Moody's expects that the
cushion will be extremely tight leaving very little margin for
error. Although Moody's recognizes that the recent change in the
fuel cost recovery methodology is likely to enhance ICE's cash
flows and possibly improve the accuracy of ICE's projections,
Moody's also currently assigns a relatively high probability that
ICE may not be able to comply with the tighter leverage test
threshold during 2013. Moody's also notes that certain pieces of
ICE's current indebtedness include cross-default provisions which
further increases Moody's concerns. Therefore, failure to address
this potential covenant violation appropriately and/or breaching
the covenants again is likely to trigger a negative rating

Moody's also considers a credit negative the existence of
qualified opinions issued for ICE's 2011 and 2010 financial
statements from KPMG, and the restatement of certain items in the
2010 statements. Similar to 2010, the qualified opinion at year-
end 2011 highlights the auditor's inability to perform sufficient
audit procedures on a few items in the financial statements, such
as certain account receivables and prepaid income. Moody's
observes that these qualifications remain specific and narrowly
focused on particular accounts, and that such amounts are not
considered material data points in determining ICE's overall
credit rating. Moody's also understands that management is
continuing to implement new procedures and systems that are
intended to address these deficiencies. Also, while not included
as part of the qualification in the auditor's opinion, KPMG also
points out that ICE's capitalized amounts in connection with the
El Diquis hydro-electric project continued to grow during 2011 to
around Colones 60,954 million (about US$118 million; year-end
2010: approximately US$78 million). While the project is still
experiencing delays in its construction, Moody's believes that a
write off of the capitalized costs associated with the El Diquis
project, if undertaken, would not impact the ICE's current BCA or
foreign currency rating.

ICE's stable rating outlook reflects the stable outlook on the
rating of the Costa Rican government and Moody's expectation that
the implied extraordinary support or dependence levels from the
sovereign will not change. The stable outlook also reflects
Moody's belief that ICE will be able to successfully manage the
increasing leverage associated with its material investment
program and the associated liquidity in a way that the credit
metrics remain appropriate for its current BCA rating. The stable
rating outlook further incorporates Moody's expectation that
ICE's exposure to foreign currency risk will not cause major
liquidity challenges. Another key expectation embedded in the
current outlook is that ICE will improve its governance
management, particularly with respect to the amendment of certain
financial covenants to be approved with new thresholds defined at
levels that allow ICE to comfortably comply with them while
undertaking its current expansion plans.

Since ICE's Baa3 rating is based on Moody's methodology for GRIs,
upward rating pressure is unlikely given the stable rating
outlook for the Costa Rican government and ICE's BCA. The BCA
rating of ICE could be upgraded if ICE successfully executes its
capital investment plans and manages the on- and off-balance
sheet indebtedness in a prudent fashion, or if evidence surfaced
of a more credit supportive Costa Rican regulatory framework
which enhances ICE's ability to earn a higher rate of return on
rate base on a sustainable basis. Evidence of improved governance
in terms of appropriate covenant management and elimination of
KMPG's qualifications could also result in a BCA upgrade.
Quantitatively, an upgrade of the BCA could be triggered if after
completion of the construction of its large generation plants,
ICE reports RCF that represents at least 12% of total adjusted
debt and cash flow interest coverage higher than 2.5x on a
sustained basis.

The ratings or outlook would come under pressure if there is any
downgrade in the sovereign rating or outlook or in the case of a
lower than anticipated implied sovereign support or a downgrade
of the BCA. Negative rating pressure on the BCA could surface
from a deterioration in the credit supportiveness of the Costa
Rican regulatory framework or if ICE's expansion plan is poorly
executed or indebtedness increases significantly above
anticipated levels such that the credit metrics deteriorate and
cash flow interest coverage falls below 2.0x or RCF to debt
declines below 6% for an extended period. In addition, ratings
could be downgraded if the issuer is not able to successfully
secure greater financial flexibility in the covenant-package
under its loan agreements.

Headquartered in San Jose, Costa Rica, ICE is a government-owned
vertically integrated electric utility as well as an integrated
telecommunications service provider. ICE is the largest electric
utility in Costa Rica accounting for the vast majority of the
country's transmission assets as well as over 75% of the
installed capacity and electricity generation. The group's market
share in the distribution of power also exceeds 75% after
considering ICE's 98.6% ownership stake in Compa¤ia Nacional
Fuerza y Luz that serves the capital. The group's 2,252.4
megawatt fleet approximates 77.2% of the country's installed
capacity, and generates about 78% of the power, with the bulk of
its fleet being hydro capacity. ICE's telecommunication
operations include fixed-line and mobile as well as data
transmission services. As of year-end 2011, ICE reported assets
of approximately US$9.6 billion.

T R I N I D A D  &  T O B A G O

PETROTRIN: Hassanali Takes Over as New President
Trinidad Express reports that energy sector executive Khalid
Hassanali officially took over as Petroleum Company of Trinidad
and Tobago's new president.

Mr. Hassanali, who had been acting as president since March 1
when former president Kenneth Allum went on pre-retirement leave,
was announced in the position, according to Trinidad Express.

The report notes that Mr. Hassanali has over 38 years' experience
in the local energy and industrial development sector, said an
advertisement from Petrotrin published yesterday to announce his
appointment.  Trinidad Express says that Mr. Hassanali joined
Petrotrin's predecessor Trintopec in 1975 as a trainee engineer,
and has held several key positions within the state-owned oil
company, including Corporate Planning Manager, Vice President
Corporative Administrative, and Vice President of Planning and
Technology, Petrotrin said in a published statement.

Trinidad Express discloses that Mr. Hassanali has a BSc degree in
Mechanical Engineering from the University of the West Indies,
and an MSc in Systems Planning and Optimisation and a Bachelor of
Law degree from the University of London.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe- Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


* BOND PRICING: For the Week April 30 to May 4, 2012

Issuer               Coupon      Maturity    Currency      Price
------               ------     --------     --------      -----


ARGENT-$DIS               8.28     12/31/2033    USD        70.75
ARGENT-$DIS               8.28     12/31/2033    USD        63.87
ARGENT-$DIS               8.28     12/31/2033    USD        67.25
ARGENT- DIS               4.33     12/31/2033    JPY           42
ARGENT- PAR               0.45     12/31/2038    JPY           15
ARGENT- PAR&GDP           0.45     12/31/2038    JPY            8
ARGENT- DIS               7.82     12/31/2033    EUR           59
ARGENT- DIS               7.82     12/31/2033    EUR           65
ARGENT- DIS               7.82     12/31/2033    EUR           56
ARGENT-PAR                1.18     12/31/2038    ARS        40.68
ARGNT BOGAR                  2     2/4/2018      ARS          117
ARGNT-BOCON PRE9             2     3/15/2014     ARS         71.5
BANCO MACRO SA            9.75     12/18/2036    USD         72.1
BANCO MACRO SA            9.75     12/18/2036    USD         72.1
BANCO MACRO SA            9.75     12/18/2036    USD        75.05
CAPEX SA                    10     3/10/2018     USD        72.75
CAPEX SA                    10     3/10/2018     USD           77
EMP DISTRIB NORT          10.5     10/9/2017     USD           95
EMP DISTRIB NORT          9.75     10/25/2022    USD         57.5
EMP DISTRIB NORT          9.75     10/25/2022    USD        57.63
PROV BUENOS AIRE         9.375     9/14/2018     USD        69.99
PROV BUENOS AIRE         9.375     9/14/2018     USD        69.75
PROV BUENOS AIRE        10.875     1/26/2021     USD        70.86
PROV BUENOS AIRE        10.875     1/26/2021     USD        70.85
PROV BUENOS AIRE         9.625     4/18/2028     USD        64.52
TRANSENER                 9.75     8/15/2021     USD        71.25
TRANSENER                 9.75     8/15/2021     USD        66.38


BANCO CRUZEIRO           8.875     9/22/2020     USD           70
BANCO CRUZEIRO           8.875     9/22/2020     USD           70
REDE EMPRESAS           11.125                   USD         52.5
REDE EMPRESAS           11.125                   USD        51.25
REDE EMPRESAS           11.125                   USD        38.02


BANCO BPI (CI)            4.15     11/14/2035    EUR        58.13
BCP FINANCE BANK          5.31     12/10/2023    EUR         51.5
BCP FINANCE BANK          5.01     3/31/2024     EUR        49.13
CAM GLOBAL FIN            6.08     12/22/2030    EUR        66.88
CHINA AUTOMATION          7.75     4/20/2016     USD        74.88
CHINA FORESTRY           10.25     11/17/2015    USD        50.25
CHINA FORESTRY           10.25     11/17/2015    USD           56
CHINA SUNERGY             4.75     6/15/2013     USD           52
EFG ORA FUNDING            1.7     10/29/2014    EUR        58.54
ESFG INTERNATION         5.753                   EUR           35
GOL FINANCE               8.75                   USD           81
HOME INNS                    2     12/15/2015    USD        74.97
HOME INNS                    2     12/15/2015    USD        76.26
JINKOSOLAR HOLD              4     5/15/2016     USD        52.25
LDK SOLAR CO LTD          4.75     4/15/2013     USD        50.96
LDK SOLAR CO LTD          4.75     4/15/2013     USD        50.96
LDK SOLAR CO LTD          4.75     4/15/2013     USD        85.32
LDK SOLAR CO LTD            10     2/28/2014     CNY        48.05
LUPATECH FINANCE         9.875                   USD        73.38
LUPATECH FINANCE         9.875                   USD           79
PUBMASTER FIN            5.943     12/30/2024    GBP        73.02
PUNCH TAVERNS            4.767     6/30/2033     GBP        72.03
RENHE COMMERCIAL         11.75     5/18/2015     USD        60.51
RENHE COMMERCIAL         11.75     5/18/2015     USD        60.75
RENHE COMMERCIAL            13     3/10/2016     USD         60.5
RENHE COMMERCIAL            13     3/10/2016     USD           60
SOLARFUN POWER H           3.5     1/15/2018     USD         65.9
SOLARFUN POWER H           3.5     1/15/2018     USD         66.5
SUNTECH POWER                3     3/15/2013     USD        67.78
SUNTECH POWER                3     3/15/2013     USD           67


AGUAS NUEVAS               3.4     5/15/2012     CLP        1.648
CGE DISTRIBUCION          3.25     12/1/2012     CLP        20.15
ESVAL S.A.                 3.8     7/15/2012     CLP         12.6
MASISA                    4.25     10/15/2012    CLP        9.993
QUINENCO SA                3.5     7/21/2013     CLP        25.52


PUERTO RICO CONS           6.5     4/1/2016      USD        69.47
PUERTO RICO CONS           6.2     5/1/2017      USD        56.63


ELEC DE CARACAS            8.5     4/10/2018     USD        76.74
PETROLEOS DE VEN         5.375     4/12/2027     USD        61.25
PETROLEOS DE VEN           5.5     4/12/2037     USD        59.58
VENEZUELA                    6     12/9/2020     USD         74.5
VENEZUELA                    7     3/31/2038     USD         70.5
VENEZUELA                    7     3/31/2038     USD        71.09


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


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 * * *