TCRLA_Public/120511.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

              Friday, May 11, 2012, Vol. 13, No. 094


                            Headlines



A R G E N T I N A

SUPERVIELLE CREDITOS: Moody's Rates ARS4.8MM Certs. 'Caa1.ar'


B A R B A D O S

REDJET: Barbados Government Won't Turn Its Back on Firm


C A Y M A N   I S L A N D S

CREDIT DISTRESSED: Creditors' Proofs of Debt Due June 4
CREDIT DISTRESSED MASTER: Creditors' Proofs of Debt Due June 4
CREDIT DISTRESSED OFFSHORE: Creditors' Proofs of Debt Due June 4
FOREVER SMILING: Creditors' Proofs of Debt Due June 7
REPRESENTATIVE SERVICES: Creditors' Proofs of Debt Due June 14

SUMMO LIMITED: Creditors' Proofs of Debt Due June 7
SUMMO LIMITED: Shareholders' Final Meeting Set for June 12
TELL FUND: Creditors' Proofs of Debt Due May 29
TRADING SELECT: Creditors' Proofs of Debt Due May 28
WHITE STAR: Creditors' Proofs of Debt Due June 7

WHITE STAR: Shareholders' Final Meeting Set for June 12
WILLIAM FUND: Creditors' Proofs of Debt Due May 29


J A M A I C A

* JAMAICA: Swamped by Interest on Debt


M E X I C O

BANCA MIFEL: S&P Gives 'B-' Rating to $200MM Subordinated Notes
BANCA MIFEL: Fitch to Rate Subordinated Pref. Notes at 'B'
CREDITO INMOBILIARIO: Moody's Cuts Sr. Unsecured Rating to Caa3
TV AZTECA: Fitch Affirms Rating on $300-Mil. Sr. Notes at 'BB-'


P U E R T O   R I C O

ALCO CORP: Wants Access to Banco Popular's Cash Until June 30
ALCO CORP: Wants to Use PRHTA's Cash to Pay PTLC's Claim
PR WIRELESS: Moody's Lowers CFR to 'B3'; Outlook Stable
PRWIRELESS INC: S&P Affirms 'B' Corp. Credit Rating; Outlook Neg


                            - - - - -


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


SUPERVIELLE CREDITOS: Moody's Rates ARS4.8MM Certs. 'Caa1.ar'
-------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 60, which is
a transaction that will be issued by Equity Trust S.A., acting
solely in its capacity as Issuer and Trustee.

Moody's notes that as of May 9, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

- ARS42,000,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 60", rated Aaa.ar
(sf) (Argentine National Scale) and Ba1 (sf) (Global Scale, Local
Currency)

- ARS63,600,000 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 60", rated Aaa.ar
(sf) (Argentine National Scale) and Ba1 (sf) (Global Scale, Local
Currency)

- ARS9,600,000 in Class C Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 60", rated Aa2.ar
(sf) (Argentine National Scale) and B1 (sf) (Global Scale, Local
Currency)

- ARS4,800,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 60", rated Caa1.ar (sf) (Argentine National
Scale) and Caa3 (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 23,406 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,008,008.02.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's
paycheck and pensioner's payment.

Overall credit enhancement is comprised of subordination: 65% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to
the Argentine market, such as the probability of an increase in
losses if there are changes in the macroeconomic scenario in
Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Class B Floating Rate Debt Securities,
5.47% expected loss for Class C Fixed Rate Debt Securities and
37.40% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario
of 16%, a minimum of 11% and a maximum of 26%), the ratings of
the Classes A and Class B. The ratings for Class C Fixed Rate
debt securities and Certificates would be likely downgraded to Ca
(sf) and C (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction. If Banco Supervielle is removed
as servicer, Equity Trust S.A. will be appointed as the back-up
servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


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


REDJET: Barbados Government Won't Turn Its Back on Firm
-------------------------------------------------------
RJR News reports that the Barbadian Government said it will not
turn its back on REDjet (Airone Caribbean/Airone Ventures
Limited).

However, Prime Minister Freundel Stuart said the government has
to ensure that all the I's are dotted and T's are crossed before
any steps are taken to invest taxpayers' money in the air
carrier, according to RJR News.  The report relates that Mr.
Stuart said that it is imperative that the Government determine
that the company is following all the rules and the country can
truly realize value for money.

The Prime Minister disclosed on the weekend that he has asked his
Minister of State, Senator Darcy Boyce, to secure a copy of
REDjet's balance sheet, RJR News notes.  The data will assist the
administration in determining the airline's future, he added, the
report says.

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.


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


CREDIT DISTRESSED: Creditors' Proofs of Debt Due June 4
-------------------------------------------------------
The creditors of Credit Distressed Blue Line Intermediate Fund,
Ltd. are required to file their proofs of debt by June 4, 2012,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 1, 2012.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CREDIT DISTRESSED MASTER: Creditors' Proofs of Debt Due June 4
--------------------------------------------------------------
The creditors of Credit Distressed Blue Line Master Fund, Ltd.
are required to file their proofs of debt by June 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2012.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CREDIT DISTRESSED OFFSHORE: Creditors' Proofs of Debt Due June 4
----------------------------------------------------------------
The creditors of Credit Distressed Blue Line Offshore Fund, Ltd.
are required to file their proofs of debt by June 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2012.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


FOREVER SMILING: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------
The creditors of Forever Smiling Limited are required to file
their proofs of debt by June 7, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile: (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


REPRESENTATIVE SERVICES: Creditors' Proofs of Debt Due June 14
--------------------------------------------------------------
The creditors of Representative Services Limited are required to
file their proofs of debt by June 14, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


SUMMO LIMITED: Creditors' Proofs of Debt Due June 7
---------------------------------------------------
The creditors of Summo Limited are required to file their proofs
of debt by June 7, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile: (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


SUMMO LIMITED: Shareholders' Final Meeting Set for June 12
----------------------------------------------------------
The shareholders of Summo Limited will hold their final meeting
on June 12, 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:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile: (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


TELL FUND: Creditors' Proofs of Debt Due May 29
-----------------------------------------------
The creditors of The Tell Fund are required to file their proofs
of debt by May 29, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

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


TRADING SELECT: Creditors' Proofs of Debt Due May 28
----------------------------------------------------
The creditors of Trading Select (USA) Ltd. are required to file
their proofs of debt by May 28, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 18, 2012.

The company's liquidator is:

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


WHITE STAR: Creditors' Proofs of Debt Due June 7
------------------------------------------------
The creditors of White Star Investments Holdings Limited are
required to file their proofs of debt by June 7, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile: (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


WHITE STAR: Shareholders' Final Meeting Set for June 12
-------------------------------------------------------
The shareholders of White Star Investments Holdings Limited will
hold their final meeting on June 12, 2012, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943 2237
         Facsimile: (345) 949 6096
         P.O. Box 1100 Grand Cayman KY1-1102
         Cayman Islands


WILLIAM FUND: Creditors' Proofs of Debt Due May 29
--------------------------------------------------
The creditors of The William Fund are required to file their
proofs of debt by May 29, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

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


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


* JAMAICA: Swamped by Interest on Debt
--------------------------------------
David McFadden at the Associated Press reports that a Washington-
based think tank said debt-shackled Jamaica's interest payments
as a percentage of gross domestic product were the highest in the
world last year even after a domestic debt restructuring two
years ago.

A new report on Jamaica's economy by the Center for Economic and
Policy Research says the heavily-indebted Caribbean country's
total interest payments were about US$1.4 billion in 2011, or
about 10% of GDP, according to The AP.   The report relates that
it's about two-and-a-half times what was spent on capital
programs.

The report notes that economist and center co-director Mark
Weisbrot said that it was the highest percentage anywhere in the
world, even in crisis-staggered countries in the 17-nation
Eurozone.

For years, roughly half of the Jamaican government's budget has
been dedicated to paying the debt, and that has forced the
middle-income country to scrimp on schools, hospitals and
infrastructure, The AP says.

"The burden of excessively high interest payments will continue
to displace public investments, which are needed to restore
normal growth and bring down the persistently high levels of
poverty and unemployment," the group said in its report, The AP
discloses.

The report relays that Jamaica's economy has sputtered for
decades.  The island's economy grew by 1.5% last year after three
years of negative growth rates, but the economy still remains
below its 2008 level of GDP, the group said, the report notes.

Overall, Jamaica's debt was about 130 percent of gross domestic
product last year, according to The AP

The AP relays that Jamaican analysts said that much of the
island's public debt was derived from bad bank loans that the
government absorbed to resolve a mid-1990s crisis when dozens of
banks failed amid a spree of lending.

By 2010, Jamaica's towering debt and the damaging impact of the
global recession forced the government to again seek assistance
from the International Monetary Fund, the report notes.  It
helped the government carry out a domestic debt restructuring and
provided US$1.27 billion in a standby loan, the report relates.
It also unlocked funding from other global lending groups, The AP
says.

But the Center for Economic and Policy Research believes that the
2010 domestic debt restructuring program did little to solve the
underlying problem even if it did reduce interest payments in the
short term, the report adds.


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


BANCA MIFEL: S&P Gives 'B-' Rating to $200MM Subordinated Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating on
Banca Mifel S.A.'s (BM) cumulative fixed unsecured subordinated
notes of up to $200 million. The rating on the notes is three
notches below the long-term issuer credit rating on BM (BB-
/Stable/B). The rating also reflects these:

  * The notes will be subordinated to senior creditors; interest
   deferral can occur in the event of higher withholding taxes or
   inadequate regulatory capital ratio;

  * The notes are structured to be eligible for regulatory
   solvency purposes, as TIER II.

  * "We classify the notes as having 'minimal equity content'
   under our hybrid capital criteria, which means they won't be
   part of our calculation of total adjusted capital, which forms
   the basis of our consolidated risk-based capital, but rather
   be part of BM's long-term debt due to the notes' tenor of up
   to 10 years and the bank's current rating level," S&P said.

  * BM plans to issue these notes to take advantage of current
   financing conditions and to repurchase its outstanding hybrid
   instruments.

"The ratings on BM reflect our assessment of its moderate
business position, capital and earnings, and risk position,
below-average funding and adequate liquidity, relative to its
Mexican peers. We believe that the risk-adjusted capital
framework adequately reflects the bank's credit, market, and
operational risks," S&P said.

RATINGS LIST

Banca Mifel S.A.
Issuer Credit Rating
  Global Scale                BB-/Stable/B
  National Scale              mxBBB+/Stable/mxA-2

Rating Assigned

Banca Mifel S.A.
  $200M hybrid                B-


BANCA MIFEL: Fitch to Rate Subordinated Pref. Notes at 'B'
----------------------------------------------------------
Fitch Ratings expects to assign a 'B' rating to Banca Mifel's
upcoming issue of cumulative subordinated preferred notes due
2022.  The final amount will range between US$150-US$200 million.

The expected rating is two notches below Mifel's viability rating
of 'bb-', according to Fitch's Dec. 15, 2011 criteria report for
such securities ('Rating Bank Regulatory Capital and Similar
Securities').  The notching indicates the higher expected loss
for more junior debt instruments.

In the event of bankruptcy (concurso mercantil), liquidation or
dissolution, the Notes will rank junior to all of Mifel's present
and future senior indebtedness.  The notes will rank pari passu
with all other present or future unsecured subordinated preferred
liabilities, and senior only to subordinated non-preferred
indebtedness and common equity.  The proposed notes will rank
senior to the outstanding US$100 million perpetual non-cumulative
junior subordinated callable notes that were placed in 2007 and
Fitch rated it 'B-', which explains the rating difference among
these securities.

While the proposed notes are dated instruments, these will likely
receive a 50% equity credit during the first five years
outstanding.  This is given its subordination and coupon omission
features, but mainly as a result of Fitch's perception of certain
permanence.  Coupons and even principal could be deferred well
before the bank reaches a non-viability condition.  This is in
accordance to the relatively high regulatory trigger for such
deferrals.

Established in 1993, Mifel is the largest entity of Grupo
Financiero Mifel. Mifel also has factoring, leasing and mutual
fund management companies.  Mifel has traditionally targeted SMEs
and medium-sized real estate developers, and more recently
government related entities.


CREDITO INMOBILIARIO: Moody's Cuts Sr. Unsecured Rating to Caa3
---------------------------------------------------------------
Moody's de Mexico downgraded the following ratings of Credito
Inmobiliario, S.A. de C.V. ("CI") -- national scale senior
unsecured debt rating to Caa3.mx, from Baa1.mx (global scale
local currency senior unsecured debt rating to (P)Caa3, from
(P)B1); national scale issuer rating to Caa3.mx, from Baa1.mx
(global scale local currency rating to Caa3, from B1); national
scale short-term rating to MX-4, from MX-2. The rating outlook
was revised to negative.

Ratings Rationale

These rating actions reflect the company's default on its debt
amortizations payment due May 8, 2012, mounting nonperforming
assets (delinquent and non performing loans, foreclosed assets,
plus restructured loans), low earnings potential in the short
term, deteriorating financial standing, and minimal growth
prospects. The Caa3 ratings also reflects the expected recovery
on the company's default on its current debt obligations
amortization. CI missed the principal and interest payment on its
unsecured debt obligation of CINMOBI 09, which has a partial
guarantee of up to 65% from Sociedad Hipotecaria Federal. This
default caused the acceleration of the payment of principal and
accrued interest of several other of the company's unsecured debt
obligations.

Credito Inmobiliario's negative rating outlook reflects the
uncertainty as to the future of CI's liquidity, repayment of its
commercial paper program amortization, as well as the company's
future viability as a going concern. The company's liquidity is
strained as it is very dependent on the resolution of the
company's negotiations with its commercial paper program lenders.

Moody's stated that the ratings will be downgraded further should
the company not be able to continue operations as a going concern
and/or the expected recovery to the commercial paper lenders is
lower than currently expected.

The following ratings were downgraded with a negative outlook:

Credito Inmobiliario, S.A. de C.V. -- national scale senior
unsecured debt rating to Caa3.mx, from Baa1.mx (global scale
local currency senior unsecured debt rating to (P)Caa3, from
(P)B1); national scale issuer rating to Caa3.mx, from Baa1.mx
(global scale local currency rating to Caa3, from B1); national
scale short-term rating to MX-4, from MX-2.

Moody's last rating action with respect to Credito Inmobiliario
was on October 19, 2011, when Moody's downgraded the following
ratings of Credito Inmobiliario, S.A. de C.V.'s -- national scale
senior unsecured debt rating to Baa1.mx, from A3.mx (global scale
local currency senior unsecured debt rating to (P)B1, from
(P)Ba3) and national scale issuer rating to Baa1.mx, from A3.mx
(global scale local currency rating to B1, from Ba3).
Concurrently, Moody's affirmed Credito Inmobilirario's national
scale short-term rating at MX-2 (global scale local currency
rating at Not Prime). The rating outlook was revised to
developing.

Credito Inmobiliario is a non-bank financial institution (Sofom
Mortgage Company). It is one of the largest independent mortgage
originators of this kind in Mexico and its main activities
consist of extending mortgage loans financed by monies from SHF
to low-income individuals and providing construction financing to
low-income housing developers. The firm reported total assets of
$12.4 billion Mexican pesos and total equity of $779 million
Mexican pesos at March 31, 2012.

Credito Inmobiliario's ratings were assigned by evaluating
factors Moody's believes are relevant to the credit profile of
the issuer, such as i) the business risk and competitive position
of the company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term,
and iv) management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Creditio Inmobiliario's core industry and the
company's ratings are believed to be comparable to those of other
issuers of similar credit risk.


TV AZTECA: Fitch Affirms Rating on $300-Mil. Sr. Notes at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed TV Azteca, S.A.B. de CV's ratings as
follows:

  -- Long-term Issuer Default Rating (IDR) at 'BB-';
  -- Local currency IDR at 'BB-';
  -- USD300 million Senior Notes due 2018 'BB-'.

The Rating Outlook is Stable.

TV Azteca's ratings reflect its business position as the second
largest TV broadcaster in Mexico with national presence and one
of the largest Spanish speaking TV companies worldwide.  The
ratings consider the company's financial profile and strong cash
generation, which in turn has been used in past years to finance
growth, pay dividends, capital reductions and share repurchases.
TV Azteca's ratings are limited by the mature stage of the
industry, high competition from traditional and new distribution
platforms, limited revenue diversification base, as well as the
company's debt structure and financial flexibility.

TV Azteca's business position reflects its stable market share in
the domestic market. Mexico's TV broadcasting market is comprised
of two national networks (Grupo Televisa, S.A.B. and TV Azteca)
and smaller regional and local broadcasters.  Television
continues to be the most important mass media in Mexico for
advertisers.  The company's revenues are supported in the
attractiveness of its internally produced content which allows it
to align advertisers with specific demographics.

Traditionally, advertisers with presence in broadcasted TV in
Mexico are engaged in less cyclical segments such as consumer
goods and services, which in turn have been translated into
stable cash flows during economic cycles.  During 2011, TV
Azteca's revenues grew 3% versus 2010, compared to a national GDP
growth of 4%.  This increase reflects TV Azteca's market share
gains during the year, and improved economic conditions.

TV Azteca's profitability has remained strong reflecting higher
and stable audience ratings, which in turn have translated into
better pricing (price linked to rating points) and management's
strict cost and expenses control.  Costs and expenses have
remained relatively stable at 51 - 52% and 11 - 11.6% of
revenues, respectively. As a result, EBITDA Margin was 39.8% in
2011, slightly below 40.9% in 2010 and 41.4% at year-end 2009.
Considering the adoption of IFRS reporting standards, for the
three months ended on March 31, 2012 the company's EBITDA Margin
(operating income plus depreciation and amortization) was 28.8%,
similar to 28.2% in the same period of the previous year on a
comparable basis.

In recent years internally generated cash has been the company's
main source to finance growth and cash distributions to
shareholders.  The company's strategy continues to be focused in
the production of robust programming which requires investment in
talent and facilities.  For 2012 capex and other investments
related mostly to exhibition rights would be in the range of
approximately USD50 million and dividend payments of
approximately USD26 million, which Fitch sees manageable for the
company's forecasted cash generation and that those levels will
remain relatively stable in the near future.  Historically, the
company has supported its liquidity requirements with uncommitted
short-term credit facilities.

TV Azteca's financial profile is strong for the rating category
and has been stable in recent years. Total Debt to EBITDA for
2011 was 2.4 times (x) compared to 2.0 x, 2.2x and 2.5x at year-
end 2010, 2009 and 2008, respectively.  For the same periods,
Interest expense covered by EBITDA was 5.0x, compared to 4.8x,
4.4x and 3.9x. For the LTM at March 2012 leverage was 2.2x and
Interest Coverage 4.7x. Liquidity risk is low with total debt as
of March 31, 2012 of MXN10.8 billion, Short Term debt of MXN595
million and Cash of MXN8.2 billion.  TV Azteca's debt is
comprised of structured Certificados Bursatiles with an
outstanding balance of MXN5.4 billion which started its
amortization in 2011 through 2020, USD300 million in Senior Notes
issued in 2011 equivalent to MXN3.9 billion and MXP1.5 billion
(USD120 million) financing with American Tower Corp. maturing in
2020 with an option to be extended until 2069.  The company's
financial flexibility is limited by its restricted access to debt
markets (banks and capital markets).

While liquidity risk is low and the company's debt maturity
profile is adequate, it is important to remark that approximately
50% of the company's total debt as of March 31, 2012 is secured
by 22% of national advertising revenues, which is senior to all
debt instruments.

Factors that could lead to a positive rating action include a
combination of: additional profitable business lines contributing
to positive cash flow generation, consistent lower leverage
through the cycle, sustained increase in market share that would
lead to higher cash generation allowing the company to reduce
working capital needs.  Conversely, negative factors that could
affect the company's credit profile are: declining market share,
results and profitability; increased leverage; size, form and
rollout of future investments; higher than expected cash
distributions to shareholders.


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


ALCO CORP: Wants Access to Banco Popular's Cash Until June 30
-------------------------------------------------------------
Alco Corporation asks the U.S. Bankruptcy Court for the District
of Puerto Rico to approve a stipulation authorizing the Debtor's
limited use of certain of Banco Popular's cash collateral.

The Debtor relates that it has no debtor-in-possession financing
and requires the use of the cash collateral to satisfy operating
expenses and continue operating its business.

As of the Petition Date, Banco Popular asserts that it is owed
$968,776.

Pursuant to the stipulation:

   -- Banco Popular consents to the use of cash collateral until
      June 30, 2012;

   -- As adequate protection from any diminution in value for the
      lender's collateral, the Debtor will grant Banco Popular a
      replacement liens and postpetition security interest on all
      of the assets and collateral acquired by the Debtor from
      the Petition Date; and

   -- As additional adequate protection, the Debtor agrees that
      upon the consummation of any sale of substantially all of
      the Debtor's assets encumbered in favor of Banco Popular,
      and in any event if not earlier paid, the proceeds of the
      sale, or any other amount agreed by the parties will be
      paid immediately and indefeasibly to Banco Popular.

A full-text copy of the stipulation is available for free at
http://bankrupt.com/misc/ALCOCORP_cashcoll_stipulation_b.pdf

                         About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates
represents the Debtor in its restructuring effort.  Alco tapped
Jimenez Vasquez & Associates, PSC, as accountants.  The Debtor
scheduled $11.2 million in assets and $7.76 million in debts.
The petition was signed by Alfonso Rodriguez, president.


ALCO CORP: Wants to Use PRHTA's Cash to Pay PTLC's Claim
--------------------------------------------------------
Alco Corporation and secured creditor MAPFRE Praico Insurance
Company ask U.S. Bankruptcy Court for the District of Puerto Rico
to approve a stipulation for the release of the cash collateral
subject to security interest held by MAPFRE.

The parties relate that on Oct. 27, 2010, MAPFRE issued
performance and payment bond for the project.  The Puerto Rico
Highway and Transportation Authority is the owner of the project
-- Reparacion de Pavimentos Asfalticos en Carreteras Regional
Norte, Varios Municipios ACT-801262, Subasta Formal P-08-010
Proy. Fed. LP-9999(77) -- and named obligee in the Bond.

On Oct. 13, 2010, Parking and Traffic Lines Corp., submitted
an extrajudicial claim against the PRHTA for the amount of
$146,869, allegedly owed by Alco in connection with labor and
materials supplied in the project.

The parties agree that the PRHTA Payment Check, which is in
PRHTA's possession, constitutes cash collateral and it is not
property of the estate as it has been established by the
applicable case.

The Debtor would use the cash collateral as partial payment to
PTLC's Claim.

A full-text copy of the stipulation is available for free at
http://bankrupt.com/misc/ALCOCORP_cashcoll_stipulation.pdf

                         About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates
represents the Debtor in its restructuring effort.  Alco tapped
Jimenez Vasquez & Associates, PSC, as accountants.  The Debtor
scheduled $11.2 million in assets and $7.76 million in debts.
The petition was signed by Alfonso Rodriguez, president.


PR WIRELESS: Moody's Lowers CFR to 'B3'; Outlook Stable
-------------------------------------------------------
Moody's Investors Services downgraded PR Wireless' corporate
family and probability of default ratings to B3 from B2. Moody's
also downgraded to B3 from B2 the rating of the company's senior
secured bank credit facility The ratings outlook is stable.

Ratings Rationale

The downgrade of the ratings was based on Moody's belief that PR
Wireless expected shift in its business strategy will result in a
deterioration of its operating results in the near term with
uncertain consequences in the medium term. This, coupled with the
highly competitive nature of the Puerto Rican telecom market,
further increases the company's already high business risk. Lower
operating profits will delay PR Wireless' ability to reduce
leverage at the pace expected by Moody's. The lower results have
reduced the covenant cushion and has prompted the company to
obtain amendments to the terms and conditions of its existing
credit facilities, which Moody's expects will increase the
covenant cushion but will reduce the company's financial
flexibility.

Moody's estimates that, in 2012 and 2013, PR Wireless' adjusted
financial leverage will continue at or above 4 times. The
agency's original expectation is that this leverage ratio would
have been at an average of 3.5 times for the period 2012-2013.
Although the revised leverage ratio is not significantly high for
a B2 rated telco, the new business plan will increase cash flow
risk, which is particularly challenging in a highly competitive
telecom market such as that of Puerto Rico. Thus, PR wireless'
credit risk is expected to increase in the near term. Moody's
adjusted debt reflects capitalized leases and 25% debt attributed
to preferred stock.

PR Wireless' liquidity position remains adequate, although
vulnerable to unpredictable operating results and the successful
conclusion of the amendment to the credit agreements, which is
expected within a week. Moody's believes that the company's
expected EBITDA for the remainder of 2012 and 2013 should be
sufficient to cover cash outflows during the period, which
include interest payments, upcoming debt amortizations, working
capital, taxes and capex. And, the existing USD15 million
revolver credit facility, which matures in mid 2014, provides
additional liquidity protection. In addition, the company's debt
maturity profile remains relatively comfortable since the vast
majority of total debt is composed of loans that mature in 2016.
Moody's believes that management will avoid paying dividends in
amounts that could jeopardize the company's liquidity profile or
ability to make committed payments and invest in growth capex as
planned.

PR Wireless' B3 ratings are principally based on its small
revenue size relative to its peers, which include AT&T and
America Movil, as well as its small market share in Puerto Rico.
The ratings are supported by growing subscriber base despite the
current adverse economic environment in Puerto Rico. In 2010 and
2011, PR Wireless' subscriber base increased by over 13% and 5%,
respectively. However, operating margins fell as a result of
higher handset subsidies driven by increased competitive
pressures. Moody's expects competition to remain intense or
increase even further, especially as major carriers work to
expand their service offerings in Puerto Rico.

Considering PR Wireless' small size and the highly competitive
environment where it operates, a ratings upgrade is unlikely near
term. Over the longer term positive pressure could result if the
company is able to reduce its adjusted debt/EBITDA leverage to
below 3.5 times and simultaneously grow operating margins and
free cash flow.

If PR Wireless' liquidity situation deteriorates or if the
company is not able to grow revenues and its new business plan
increases operating costs such that its adjusted Debt/EBITDA
leverage remains above 5 times beyond 2013 and adjusted EBITDA-
capex/interest expense ratio remains below 1.5 times for an
extended period of time, the ratings would be under downward
pressure. In addition, shareholder payouts or business expansion
that will increase leverage and depress free cash flow would
adversely impact the ratings.

The principal methodology used in rating PR Wireless, Inc was the
Moody's Global Telecommunications Industry Methodology, published
December 2010.

PR Wireless (brand name Open Mobile) is a wireless service
provider in Puerto Rico. It is owned by the holding company PR
Wireless, LLC (incorporated in Delaware, U.S.), which in turn, is
owned by M/C Venture Partners (35%), Columbia Capital (35%) and
Leap Wireless (18%), among others. PR Wireless began operations
in June 2007 after the bankruptcy and reorganization of its
predecessor entity, MoviStar, Inc. With approximately 11%
subscriber market share as of March 2012, the company generated
revenues of US$191 million and adjusted EBITDA of US$69 million
in the last twelve months ended December 31, 2011.


PRWIRELESS INC: S&P Affirms 'B' Corp. Credit Rating; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Guaynabo, Puerto Rico-based PRWireless Inc (d/b/a Open Mobile) to
negative from stable. "We also affirmed our ratings on the
company, including the 'B' corporate credit rating and the 'B'
issue rating on $199 million of outstanding secured credit
facilities. The '3' recovery rating on the secured debt remains
unchanged and indicates expectations for meaningful (50%-70%)
recovery of principal in the event of payment default," S&P said.

"The outlook revision reflects our belief that PRWireless may be
under pressure to remain compliant with the consolidated leverage
ratio covenant in the current credit agreement as that tightens
in the second quarter of 2012," said Standard & Poor's credit
analyst Richard Siderman. "However, we do note that the company
is currently in discussions to amend the credit agreement, which
could result in relaxation of the problematic leverage covenant."

"The negative outlook also cites our expectation that the company
will actively target higher priced, datacentric customers," added
Mr. Siderman, "and that the related customer acquisition costs
could temporarily depress EBITDA and result in leverage not
supportive of the rating, given our view of a 'vulnerable'
business risk profile."

"The negative outlook incorporates two paths that could each lead
to a potential downgrade. PRWireless could be challenged to
remain in compliance with the leverage covenant in its secured
credit agreement as it tightens in the second quarter of 2012
unless current discussions with banks to amend the credit
facility result in sufficient relaxation of that covenant.
Second, we expect the company to exploit its increasing 4G
availability by more actively marketing higher ARPU, data-centric
service plans.  However, the related higher subscriber
acquisition costs, coupled with declining USF payments, could
pressure EBITDA and result in debt leverage (including our
analytical adjustments) in the low to mid-5x range, which would
not be supportive of the rating given our view of a vulnerable
business risk.  We would consider a stable outlook if the
problematic covenant issue were adequately addressed and if
operating performance indicated that the company would be able to
maintain debt leverage (including our adjustments for operating
leases and preferred securities) in the mid 4x area," S&P said.


                            ***********


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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