TCRLA_Public/120517.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Thursday, May 17, 2012, Vol. 13, No. 098


                            Headlines



A R G E N T I N A

ALIBI ARGENTINA: Creditors' Proofs of Debt Due June 7
MANUFACTURAS DE ENVASES: Creditors' Proofs of Debt Due June 21
METALGRAFICA ARGENTINA: Creditors' Proofs of Debt Due June 7
TOL GRAPH: Creditors' Proofs of Debt Due June 29
YPF SA: Eton Park Boosts Stake as Soros Sells Before Takeover


B R A Z I L

BANCO PINE: Fitch Upgrades Issuer Default Rating to 'BB'
OGX PETROLEO: Fitch Affirms Issuer Default Rating at 'B+'


C A Y M A N   I S L A N D S

ALPHARD ABSOLUTE: Creditors' Proofs of Debt Due June 7
APHRODITE INTERNATIONAL: Creditors' Proofs of Debt Due June 7
CONSTELLAR ASIA: Creditors' Proofs of Debt Due June 7
CRC INVESTMENTS: Placed Under Voluntary Wind-Up
DRZ LTD: Creditors' Proofs of Debt Due June 6

DURATION MUNICIPAL: Creditors' Proofs of Debt Due June 7
ORESTES INTERNATIONAL: Creditors' Proofs of Debt Due June 7
PM SERVICES: Creditors' Proofs of Debt Due June 6
RW SERVICES: Creditors' Proofs of Debt Due June 6
SOLENT RELATIVE: Creditors' Proofs of Debt Due June 5


E L   S A L V A D O R

AES EL: Fitch Affirms Issuer Default Rating at 'BB'
CONTROLADORA MABE: Fitch to Rate 2019 Notes Reopening at 'BB+'
METROFINANCIERA: Fitch Cuts RMBS Transactions to 'B+sf'


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Opposition Against Plan to Fly to London
PETROTRIN: Panama Deal Opens Doors for Firm


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A R G E N T I N A
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ALIBI ARGENTINA: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------
Silvia Isabel Gomez Meana, the court-appointed trustee for Alibi
Argentina Producciones SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until June 7, 2012.

Ms. Meana will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk No.
7, 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:

         Silvia Isabel Gomez Meana
         Condarco1319
         Argentina


MANUFACTURAS DE ENVASES: Creditors' Proofs of Debt Due June 21
--------------------------------------------------------------
Miguel Angel Marcesi, the court-appointed trustee for
Manufacturas de Envases Sensibles Limitada de Argentina SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 21, 2012.

Mr. Marcesi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Miguel Angel Marcesi
         Avellaneda 1135
         Argentina


METALGRAFICA ARGENTINA: Creditors' Proofs of Debt Due June 7
------------------------------------------------------------
Otto Reinaldo Munch, the court-appointed trustee for Metalgrafica
Argentina SCA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 7, 2012.

Mr. Munch will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk No.
14, 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:

         Otto Reinaldo Munch
         Maipu 509
         Argentina


TOL GRAPH: Creditors' Proofs of Debt Due June 29
------------------------------------------------
Christian Barbier, the court-appointed trustee for Tol Graph
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 29, 2012.

Mr. Barbier 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:

         Christian Barbier
         Av. Callao 449
         Argentina


YPF SA: Eton Park Boosts Stake as Soros Sells Before Takeover
-------------------------------------------------------------
Matt Craze at Bloomberg News reports that Hedge fund Eton Park
Capital Management LP raised its stake in YPF SA while
billionaire George Soros sold in the first quarter before
Argentina took control of the oil producer, causing the stock to
plummet.

Eton Park, run by former Goldman Sachs Group Inc. (GS) partner
Eric Mindich, bought 2.17 million American depositary receipts to
take its position to 11.95 million ADRs as of March 31, according
to a regulatory filing obtained by Bloomberg News.  The stake was
worth $170 million based on May 15, 2012's closing price of
US$14.22, down 50% from US$339 million on March 30.

In the same period, Soros Fund Management LLC sold all of its
860,255 ADRs that were worth US$29.8 million, according to a
separate filing, Bloomberg News relates.

Bloomberg News says Mr. Soros averted YPF SA's slump to the
lowest in nine years as President Cristina Fernandez de Kirchner
seized 51% of YPF from Spain's Repsol YPF SA (REP) on April 16.
Bloomberg News relays that the stock began falling in March after
Argentina's Chubut and Santa Cruz provinces withdrew operating
licenses on YPF fields.

YPF was Eton Park's third-largest holding at the end of the first
quarter.

Bloomberg News notes that Ms. Fernandez seized control of YPF
after charging that Repsol managers allowed oil output to dwindle
because they didn't invest enough.  The Madrid-based company
denies the claim and began legal action against Argentina to gain
compensation, Bloomberg News adds.

                        About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.


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


BANCO PINE: Fitch Upgrades Issuer Default Rating to 'BB'
--------------------------------------------------------
Fitch Ratings has taken the following rating actions on Banco
Pine S.A.:

  -- Long-term foreign and local currency Issuer Default Ratings
     (IDRs) upgraded to 'BB' from 'BB-'; Outlook Stable;
  -- Short-term foreign and local currency IDRs affirmed at 'B';
  -- Viability rating upgraded to 'bb' from 'bb-';
  -- Support rating affirmed at '5';
  -- Support rating floor affirmed at 'NF';
  -- Long-term national rating upgraded to 'A+(bra)' from
     'A(bra)'; Outlook Stable;
  -- Short-term national rating affirmed at 'F1(bra)';
  -- Banco Pine S.A. USD 125 million Subordinated notes to 'B+'
     from 'B'.

The upgrade on Banco Pine S.A.'s (Pine) foreign currency and
local currency Issuer Default Ratings (IDRs) and national ratings
are based on the bank's continued diversification of its funding
profile and its good assets and liabilities management.  Pine's
loan book portfolios are adequately matched with its funding and
presents a positive gap, which allied with a good liquidity
position evidences the bank's overall solid financial strength.

Further rating uplift is limited unless structural changes
towards income, asset and liability diversification are achieved
in a consistent manner.  Ratings may be negatively affected by
continued asset quality deterioration that may undermine its
earnings and capital base.

The ratings also reflect Pine's consistent improvements in the
areas mentioned above and its conservative approach towards risk
management, which underpins its strategic plan set out in 2008 of
focusing on the lower end of the corporate segment by continually
expanding its client base and increasing client penetration with
a strong focus in cross-selling.  The ratings also incorporate
the fact that as a midsized bank Pine presents assets and
liabilities concentrations and its income sources are still far
from being diversified, facts common to niche banks all over the
world.

Due to its profile as a midsized bank focused on corporate
companies, Pine's funding base (like those of its peers) is
mostly concentrated in wholesale funding.  However, Pine's
stability through the economic cycle and its variety of funding
options in hand makes the bank different from other players of a
similar size.  As such, Pine procures its funding from time
wholesale deposits (33% of total funding and with no daily
liquidity features as is common for several Brazilian banks).  It
also maintains access to bilateral lending with banks locally and
abroad, multilateral funding and also, leverage on development
funds provided by BNDES.  On a positive note, the bank still uses
secured funding facilities as DPGEs and domestic securitizations
and loan sales although those represent a smaller portion of its
total funding

Pine has been able to present satisfactory asset quality ratios
and good provisioning coverage.  The portfolio is well
diversified and largely covered by collaterals, resulting in a
below average ratio of ultimate loan losses and past due loans
normally below 1% of total loans.  Risk controls have also
consistently been improved in order to cope with higher
competition, the possible effects of previous fast loan growth
and lower expected economic activity in Brazil.  In keeping with
industry trends, Fitch expects that Pine's asset quality may be
mildly affected by lower economic growth in 2012 as some
deterioration was noted in 2011 when both impaired loans and
charge-offs increased in absolute terms.  Fitch also expects that
Pine's income generation and current stock of reserves should be
enough to compensate such trend, without resulting on a
deterioration of its profitability and/or capital base.

Although still relatively small compared to total operating
earnings, fee income has been sustainably improved in the last
four years as a consequence of higher client penetration and the
offer or more value added services to its clients.  Worth
mentioning, and especially in times when interest spreads are
under pressure within the industry, a successful expansion of non
interest income will be required to preserve current
profitability levels and, ultimately, preserve or expand current
capital levels.

The bank maintains a sound liquidity position, and its Fitch Core
Capital and Regulatory Capital (13.4% and 18.5% in December 2011,
respectively) are in line with its peers' average.

Banco Pine S.A. is a midsized bank, which focuses in the upper-
middle and low corporate segments (companies with net sales
exceeding BRL500 million).  The bank was founded in 1997, is
controlled by Noberto Pinheiro, and has been listed on the Sao
Paulo Stock Exchange (Bovespa) since 2007.


OGX PETROLEO: Fitch Affirms Issuer Default Rating at 'B+'
---------------------------------------------------------
Fitch Ratings has affirmed OGX Petroleo e Gas Participacoes
S.A.'s (OGX) foreign and local currency Issuer Default Rating
(IDR) at 'B+' and its long-term national scale rating at 'BBB'.
Fitch has also affirmed the rating of its USD2.6 billion and
USD1.1 billion notes at 'B+/RR4'.  OGX's wholly owned subsidiary,
OGX AUSTRIA GMBH, is the issuer of both notes.  These notes are
unconditionally and irrevocably guaranteed by OGX, OGX Petroleo e
Gas Ltda. and OGX Campos Petroleo e Gas S.A.

The Rating Outlook is Stable.

OGX's ratings reflect the company's sizable and diversified oil
and gas resources, its experienced management team, and its
ability to execute the start-up of production from its shallow-
water Campos blocks using standard and proven technology.
Primary concerns include the potential for a delay in
incorporating proven reserves, unforeseen production delays that
could result from delays in critical equipment delivery and/or
lower-than-expected ramp-up of production volumes, and exposure
to contracted yet unlocked leasing fees for key production
equipment.  These factors could result in the need for additional
financing for OGX over the medium term.  Initially, production
risk is mitigated to some extent as key equipment has been
secured and procurement for additional equipment to meet
production targets is in an advanced stage.

OGX is in the production start-up phase of the Campos basin -
Waimea Complex, whose first oil was delivered on Jan. 31, 2012
through an extended well test (EWT).  The initial production
volume of up to 1.2 million barrels was sold to Shell in two
shipments, at a USD5.00 discount to Brent.  The declaration of
commerciality for Waimea by the Brazilian National Oil Agency
(ANP) is expected during the first half of 2012, following the
presentation of such request to the ANP in the coming weeks.

Production from Waimea was initially expected for October 2011,
but production still began within Fitch's expectations.  The
delay was attributable to a combination of delays by the IBAMA to
grant permission for the installation of the equipment and
development of the field, and adverse weather conditions.  OGX
expects production volume at its first well to stabilize at
approximately 10,000 to 13,000 barrels per day (bpd).  After the
declaration of commerciality for Waimea, production volume is
expected to ramp up to 40,000 bpd following the connection of two
additional horizontal wells during the second half of 2012 and
possibly a fourth well.

The company expects production to begin in a second area in
Campos called Waikiki in the second half of 2013.  By 2013, the
company expects to have approximately 11 or 12 horizontal
production wells, each producing approximately 10,000-20,000
barrels of oil equivalent per day (boe/d).  OGX has secured the
critical equipment needed, including six offshore rigs under
contract and three floating, production, storage and off-loading
facilities (FPSOs) to meet these goals.  The first FPSO has been
connected to Waimea's first producing well.  The two additional
FPSOs, OSX-2 and OSX-3, are being constructed in Singapore and
are expected to start operations in the second half of 2013. OSX-
2 will be installed in the Waimea Complex, and OSX-3 will be
installed in Waikiki.

During the first two years, OGX will use three FPSOs (OSX-1, OSX-
2 and OSX-3), and will replace the well head platforms (WHPs)
with more costly subsea installations, allowing OGX to still meet
its targeted production target by year end 2013.  The
construction of two WHPs by Techint, in Brazil, is delayed and
has resulted in a modification to the original investment plan
with a moderate increase in total investment of approximately
USD240 million.  To achieve the original targeted production
volumes on time, by year end 2013, the company will replace some
of the wells completed on top of the WHPs with more costly subsea
installations.

While unproven production volumes and the start-up phase of oil
production greatly add to OGX's business risk, the company's
initial drilling campaign was highly successful and was focused
on several of the Campos basin blocks.  OGX's first drill stem
test (DST) in the Santos basin was successful and indicated the
presence of condensates that were not originally envisioned.  The
company plans to evaluate different alternatives to monetize the
condensates for a potential positive impact on OGX's long-term
cash flow, although it is difficult to quantify at this stage.
In addition, the company recently confirmed the existence of a
pre-salt reservoir in the shallow waters of the Santos basin,
which further highlights the potential of this area.  Such
exploration will require additional capex in 2012.

Thus far, the exploratory campaign in the Espirito Santo basin
was unsuccessful, with two dry wells, but OGX estimates there is
potential in other parts of this area.  The company also began
seismic shooting of its Colombian blocks.  Following the
completion of 83 exploration wells over the last four years, the
overall success rate has been approximately 85% in all basins.

OGX has a very aggressive growth strategy that envisions growing
production from 10,000 to 13,000 bpd today to over 730 thousand
boe/d in approximately five years.  This growth plan will require
large capital investments to bring production on line.  OGX's
total investment program is sizable, ranging from USD3.5 billion
to USD4.2 billion between 2012 and 2013. In its base case
scenario, Fitch expects OGX to report negative free cash flow
over the next three years.  Future investment activities will be
financed with USD3 billion of liquidity as of December 2011,
USD0.3 billion from OGX Maranhao financing (concluded in January
2012), plus proceeds from the recent USD1.1 billion debt
issuance.  The company's initial exploration, development and
production activities have been fully financed with the proceeds
from two equity issuances in 2007 and 2008 that totaled USD5.4
billion, and proceeds from a USD2.6 billion debt issuance in June
2011.

As of May 2012, OGX's pro forma debt was USD3.9 billion and
includes the USD2.6 billion bond issued last June, USD320 million
of OGX Maranhao financing and USD 1.1 billion recently issued.
Such debt level is somewhat higher than initially anticipated by
the company for 2012, but is within Fitch's conservative base
case scenario.  The incremental debt is related to additional
capex as a result of changes in the Waimea and Waikiki ramp-up
strategy, and the potential to appraise Santos Basin shallow-
water pre-salt discoveries while maintaining a cash cushion.
Such deviation from the initial company's projections was already
imbedded in Fitch's current ratings.

Fitch's net adjusted debt for operating leases will increase
total adjusted obligations to slightly greater than USD10 billion
by 2016. Leverage based on debt to proven reserves is expected to
be below USD3 per barrel assuming 4 billion boe are proved out
over the next few years.  These estimates may vary depending on
eventual production rates/levels, the level of proven reserves,
and ultimately, crude prices.

Fitch estimates that as production ramps through 2013, leverage
as measured by total adjusted debt to EBITDA, will decrease from
non-meaningful levels today (no operating cash flow) to levels in
the high single digits.  Fitch expects leverage should
substantially decline to below 4.0x after adjusting debt for
operating leases in 2014 and 2015 as production comes on line and
operating cash flow increases.  Fitch also expects the vast
majority of incremental total adjusted debt will be associated
with operating leases for production equipment with affiliate
company, OSX.  Fitch projects EBITDA will grow to between USD6
billion-USD8 billion by 2015 using Fitch's published mid-cycle
price deck and by applying significant discounts to management's
production targets; Fitch's base case is significantly lower than
management's expectations.

Catalysts for a negative rating action include a significant
delay in bringing production online, coupled with lower than
expected discovery levels and incorporating reserves, which could
result in increased funding needs and a deterioration in OGX's
credit quality.  A positive rating action could result from
satisfactory production volumes, coupled with lower uncertainties
regarding reserves.

Company Profile

OGX is a Brazilian Oil and Gas company created in 2007, 61.2%
owned by EBX Group.  OGX has a portfolio of 35 blocks, of which
30 are located in Brazil (22 are offshore) and five onshore
blocks are in Colombia, covering an area of 44,000 square
kilometers.  In Brazil, OGX's blocks are located in the Campos,
Santos, Espirito Santo, Para-Maranhao and Parnaiba Basins -
covering an area of 31,500 square kilometers.


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


ALPHARD ABSOLUTE: Creditors' Proofs of Debt Due June 7
------------------------------------------------------
The creditors of Alphard Absolute Return SPC 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 24, 2012.

The company's liquidator is:

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


APHRODITE INTERNATIONAL: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------------
The creditors of Aphrodite International 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 wind-up proceedings on April 23, 2012.

The company's liquidator is:

         Andrea Aegerter
         Telephone: +41 22 319 01 76
         Facsimile: +41 22 319 01 02
         Coutts & Co Trustees (Switzerland) Ltd
         13 Quai de l'Ile
         P.O. Box 5511 1211 Geneva 11
         Switzerland


CONSTELLAR ASIA: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------
The creditors of Constellar Asia Fund, Ltd. 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 24, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


CRC INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on March 26, 2012, the
shareholders of CRC Investments Inc. resolved to voluntarily wind
up the company's operations.

Only creditors who were able to file their proofs of debt by
April 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town Grand Cayman
         Cayman Islands KY1-1102


DRZ LTD: Creditors' Proofs of Debt Due June 6
---------------------------------------------
The creditors of DRZ Ltd. are required to file their proofs of
debt by June 6, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 17, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3471
         Facsimile: +1 (345) 949 8258


DURATION MUNICIPAL: Creditors' Proofs of Debt Due June 7
--------------------------------------------------------
The creditors of Duration Municipal Offshore Fund, Ltd. 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 23, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Eleanore Laureles
         Telephone: 345-914-4466 / 345-949-4800
         Facsimile: 345-949-7164


ORESTES INTERNATIONAL: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------------
The creditors of Orestes International 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 wind-up proceedings on April 23, 2012.

The company's liquidator is:

         Andrea Aegerter
         Telephone: +41 22 319 01 76
         Facsimile: +41 22 319 01 02
         Coutts & Co Trustees (Switzerland) Ltd
         13 Quai de l'Ile
         P.O. Box 5511 1211 Geneva 11
         Switzerland


PM SERVICES: Creditors' Proofs of Debt Due June 6
-------------------------------------------------
The creditors of PM Services, Ltd. are required to file their
proofs of debt by June 6, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 16, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3471
         Facsimile: +1 (345) 949 8258


RW SERVICES: Creditors' Proofs of Debt Due June 6
-------------------------------------------------
The creditors of RW Services Ltd. are required to file their
proofs of debt by June 6, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 16, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3471
         Facsimile: +1 (345) 949 8258


SOLENT RELATIVE: Creditors' Proofs of Debt Due June 5
-----------------------------------------------------
The creditors of Solent Relative Value Credit Fund are required
to file their proofs of debt by June 5, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2009.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Limited
         P.O. Box 765, Grand Cayman KY1- 9006
         Cayman Islands
         Telephone: (345) 949 7100
         Facsimile: (345) 949 7120


=====================
E L   S A L V A D O R
=====================


AES EL: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------
Fitch Ratings has affirmed AES El Salvador Trust's foreign and
local currency Issuer Default Rating (IDRs) at 'BB'.  The rating
action applies to USD300 million of political risk protected
(PRP) bond issuance due Feb. 1, 2016.  Concurrently, Fitch has
affirmed Compania de Alumbrado Electrico de San Salvador (CAESS)
and Empresa Electrica de Oriente (EEO) at 'A+(slv)'.

The Rating Outlook for all ratings is Stable.  The full ratings
list is provided at the end of this release.

AES El Salvador's ratings are based on the combined credit
strength of its operating assets and reflect the group's
relatively large size compared to the market, low business risk
profile, and its predictable cash flow generation resulting from
its efficient operating platform.  The ratings also consider its
relatively high leverage, and the continued sovereign risk
exposure through subsidies and intervention.  The ratings take
into account the weakening macroeconomic conditions in El
Salvador.

AES El Salvador Trust is a special-purpose vehicle (SPV) located
in Panama that was created to issue USD300 million of notes on
behalf of AES El Salvador.  AES El Salvador Trust's ratings are
based on the combined credit quality of AES El Salvador's
operating assets: CAESS, EEO, AES CLESA y Cia (CLESA), and
Distribuidora Electrica de Usulutan (DEUSEM).  These operating
companies are the guarantors of AES El Salvador's outstanding
debt issuance.

The company's PRP notes benefit from external liquidity
facilities totaling 12 months of interest payments.  A six-month
debt-service reserve account, coupled with a six-month letter of
credit provided by Credit Suisse (CS; acting through its Cayman
Islands branch), helps protect against a potential currency
inconvertibility/non-transfer event.  The facilities will remain
available for the life of the notes as long as certain criteria
are met.  While the stated maturity of the notes is 2016, the
notes can be extended by 12 months during an event of transfer
and convertibility restrictions.

Large Market Position and Low Risk Business:

Its low business risk reflects the company's stable customer
base and predictable cash flow. Although distribution service
territories are not exclusive and distributors are free to
compete for customers, the risk of new competition is low given
that distribution companies possess significant economies of
scale.  The company's operations are considered efficient
compared with other distribution companies in the region.  The
group, on a consolidated basis, has reported energy loses of 8.7%
as of December 2011, showing a consistent reduction of energy
losses.

The ratings factor in the key player position of AES El Salvador
in the country as it serves around 1.2 million of customers with
974 employees, in 2011 sold 3.594 gigawatt hours (GWh) (2010:
3.526 GWh), which represents 67% of El Salvador total energy
demand during the year.  The area served by AES EL Salvador
accounts for over 80% of El Salvador's electricity distribution
area market share.

According to changes in the electricity law, distribution
companies in El Salvador are now required to enter into long-term
contracts to supply their expected demand; by February 2013,
distribution companies will be required to have contracts for at
least 70% of their peak demand and by July 2016, 80%.  AES El
Salvador has signed contracts for 449.9MW, representing 65% of
the maximum average demand.  Given that customers are currently
free to transfer between electricity suppliers, this holds the
potential for the company to lose demand to other suppliers, yet,
still paying wheeling fees to the incumbent distribution company.

Leverage Ratio Remains High:

Average EBITDA during the last four fiscal year accounts USD60.6
million, below the previous historical data around USD81 million,
due to the impact of the tariff regime approved for the period
2008 - 2012.  As of December 2011, total EBITDA continued to be
weak, at USD58 million with total debt of approximately USD300
million, which resulted in a high leverage ratio of 5.1 times
(x).  AES El Salvador's interest coverage continues to be
adequate for the rating category at approximately 2.5x.

Total debt as of December 2011 accounts for USD300 million,
maturing in 2016; meanwhile the company uses short-term debt,
from time to time, to finance working capital needs.  Going
forward, the company does not expect material changes in their
financial strategy until the release of the new tariff reset.
Fitch expects leverage ratio to remain around 5x as a result of
the current tariff regime which ends this year, and no
significant variation in debt levels.  Fitch recognizes the
company is exposed to refinancing risk as 100% of its debt comes
due in 2016. Historically, AES El Salvador has been able to
access bank and debt capital markets.

The next tariff reset, which is yet to be announced and will
become effective in 2013, will determine EBITDA levels for the
upcoming five years.  Leverage ratio could deteriorate if new
tariff reset beginning 2013 pressures EBITDA generation to levels
around USD50 million.  Nevertheless, the adjustments to the
methodology tariff calculation, which is still in progress and
pending of approval, could modify the scenario of assessment.
Fitch will continue monitoring the developments of the tariff
reset and the potential impact on ratings.

AES El Salvador's liquidity is supported by its cash on hand,
which as of year-end 2011 was approximately USD18.6 million, and
a short-term bank credit facility to buy electricity from
generators for USD57.5 million.  The short-term liquidity
pressures were reduced due to quarterly energy cost adjustments
through tariff adjustments effective from 2011, instead of the
semiannual revision.  However, liquidity could be affected in
case of higher energy prices for final users that could lead to
account receivables ageing.  Should distribution companies be
forced to issue additional debt to fund its working capital
requirements, while it continues distributing dividends, its
credit quality could deteriorate further.

Exposure to Government Intervention Risk is High:

The ratings incorporate AES El Salvador's high exposure to
regulatory risk, and receipt of government subsidies.  The
weakening macroeconomic conditions in El Salvador could affect
large subsidies due to pressures on country fiscal accounts.
However, the energy subsidy is a relevant matter to the
residential consumers; hence the government expects to improve
targeting on electricity subsidies.  During 2012, energy subsidy
payments for customers with consumption up to 200KWh will be paid
by the state owned hydroelectric company - Comision Ejecutiva
Hidroelectrica del Rio Lempa- (CEL).

The government subsidies consumers with a monthly consumption of
99KWh or less, this subsidy amounted USD81.6 million (USD70
million during 2010).  Number of clients subsided (consumption
99KWh or less) amounted to 727,171 which is 61% of total clients
as of December 2011.  Additionally, the Salvadorian government
implemented an extraordinary subsidy for users with consumption
below 200 kilowatts (KWh) since October 2011 to date.  During
2011, this extraordinary subsidy covered consumption up to 300
KWh from May through September 2011.  This subsidy represented
USD25.1 million during 2011 to AES El Salvador group.

KEY RATING DRIVERS

  -- AES El Salvador's ratings could be negatively affected by
     any combination of the following factors: deterioration of
     credit metrics; shortages of electricity supply resulting in
     lower consumption and lower cash flow generation; further
     political or regulatory intervention that negatively affects
     the company's financial performance, deterioration of
     macroeconomic conditions in El Salvador;

  -- AES El Salvador's ratings could be positively affected by a
     sustainable leverage reduction; regulatory stability; and
     improving macroeconomic conditions in El Salvador.


Fitch has taken the following rating actions:

  -- AES El Salvador foreign and local currency IDR affirmed at
     'BB';

  -- AES El Salvador's USD300 million PRP notes due 2016 affirmed
     at 'BB';

  -- Compania de Alumbrado Electrico de San Salvador (CAESS)
     national scale rating affirmed at 'A+(slv)';

  -- Empresa Electrica de Oriente (EEO) national scale rating
     affirmed at 'A+(slv)'.


CONTROLADORA MABE: Fitch to Rate 2019 Notes Reopening at 'BB+'
--------------------------------------------------------------
Fitch Ratings expects to assign a 'BB+(exp)' rating to the
following Controladora Mabe, S.A. de C.V.'s reopening of notes:

-- Additional senior guaranteed notes due in Oct. 29, 2019 for
up to USD200 million (the new notes).

The new notes will form a single series with the 7.875% senior
guaranteed notes due 2019 that were originally issued on Oct. 28,
2009 and will have substantially the same terms and conditions as
those of the existing notes. Proceeds from the issuance of the
new notes will be used to fund the exchange offer of Mabe's 6.5%
senior guaranteed notes due 2015 and will not represent
additional indebtedness for the company.

Mabe's ratings reflect its product and geographic
diversification, leading market shares in the countries where it
operates, as well as the company's long relationship and joint
venture with General Electric (GE). Fitch expects Mabe will
invest to optimize its manufacturing capacity during the current
year. In addition, Fitch expects Mabe's Brazilian operations to
start contributing positive results during 2012 once investments
and operating rationalization is completed.

The Stable Outlook incorporates Fitch's view that Mabe's
financial profile and main credit metrics will remain relatively
similar in current levels.

During 2011 EBITDA generation and margins were pressured by the
realignment of the Brazilian operations which have required more
time than expected, as well as extraordinary charges since the
BSH acquisition in 2009. Additional pressures on the company's
profitability are related to external factors, such as increased
commodity prices and currency fluctuations. Mabe's management has
implemented strong initiatives to optimize working capital which
in turn allowed the company to reduce debt; nevertheless, this
reduction was offset by lower EBITDA generation.

On a comparable basis, reflecting only the company's proportional
participation in Mabe Brazil (58.6%), during the last 12 months
(LTM) ended March 31 2012 Mabe's revenues were USD3.36 billion,
3.9% higher than the same period of the previous year. On the
other hand, according to Fitch's calculations EBITDA for LTM at
March 2012 was approximately USD243million, from USD256 million
in the same period of 2011. EBITDA Margin for the LTM in March
2012 was 7.2% compared to 7.0% at year-end 2011, 7.8% in 2010 and
9.3% in 2009.

Mabe's cash flow management efforts allowed it to reduce working
capital during 2011 and in turn, reduce debt levels to USD700
million from USD798 million at year end 2010. In addition, the
company's leverage measured by Total Debt to EBITDA for LTM March
2012 was 2.9 times (x), compared to 3.0x and 3.2x in December
2011 and 2010, respectively. Fitch expects that Mabe's leverage
ratio will remain in similar levels reflecting a challenging
operating environment and the company's capex plan.

Mabe's liquidity and refinancing risk is low. During 2011 the
company signed a USD150 million bilateral bank facility with
final maturity in 2014 that was used to refinance short term debt
and extend its debt maturity profile. As of March 31, 2012 Mabe's
total debt of USD704 million was comprised by this facility,
USD200 million in senior notes due in 2015 and USD350 million in
senior notes due in 2019. The debt amortization schedule is
manageable for the company with only USD26 million due in 2012
and USD86 million in 2013. Cash balances at the same date were
USD78 million.

Factors that could result in positive rating actions include a
combination of consistent improvement in credit metrics of
interest coverage and gross leverage, in addition to maintaining
good liquidity. Conversely, further deterioration in
profitability, cash flow generation and credit metrics could
pressure the company's ratings.

Fitch currently rates Mabe as follows:

-- Foreign currency Issuer Default Rating (IDR) 'BB+';
-- Local currency IDR 'BB+';
-- 6.5% senior unsecured notes due 2015 'BB+';
-- 7.875% senior unsecured notes due 2019 'BB+'.

The Rating Outlook is Stable.


METROFINANCIERA: Fitch Cuts RMBS Transactions to 'B+sf'
-------------------------------------------------------
Fitch Ratings has downgraded the following Metrofinanciera,
S.A.P.I. de C.V., SOFOM, E.N.R. residential mortgage back
securities (RMBS) transactions:

MTROCB07U (F#297)

-- UDI indexed notes due 2033 to 'B+sf' from 'BB-sf'; Outlook
    Negative.

MTROCB08U (F#339)

-- UDI indexed notes due 2033 to 'B+sf' from 'BB-sf'; Outlook
    Negative.

The rating actions were effective as of May 11, 2012.

These RMBS transactions are sponsored and serviced by
Metrofinanciera. The downgrades follow a review of the
performance of the transaction and an update of Fitch's rating
criteria for assessing credit risk in Mexican RMBS sponsored by
banks and Sofoles/Sofomes.

Delinquency levels for both transactions have been increasing;
delinquencies of 90 days or more represent 23% of the original
outstanding balance for MTROCB07U and 22% for MTROCB08U. This
surge in 90+ days delinquencies affected the transactions'
overcollateralization (OC), such that OC levels dropped to -33%
and -31% respectively.

Fitch's Mexican RMBS criteria emphasize more conservative Loss
Given Default (LGD) assumptions and incorporate the Sociedad
Hipotecaria Federal property price index when analyzing
valuations greater than two years. Furthermore, the criteria
reflect Fitch's view for a prolonged recovery process, reduced
home prices, and an uptick in quick sales and foreclosure costs.
Pursuant to the new criteria, the aforementioned variables and
assumptions vary by rating scenario.


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


CARIBBEAN AIRLINES: Opposition Against Plan to Fly to London
------------------------------------------------------------
Jamaica Gleaner reports that Trinidad and Tobago Opposition
Leader Dr. Keith Rowley has called on the state-owned Caribbean
Airlines Limited to abandon its plans to reintroduce regular
flights to London, and also criticized plans by the airline to
compete with the Antigua-based regional airline LIAT to Caribbean
destinations.

Mr. Rowley told said the Kamla Persad-Bissessar government should
reconsider its role to "underwrite the operations of Air Jamaica
at the expense of the taxpayers of Trinidad and Tobago in a time
when we are operating a deficit budget," according to Jamaica
Gleaner.  The report relates that Mr. Rowley said the move by CAL
to operate a London route would be a significant drain on the
Treasury and warned that the existing business model under which
the airline is now operating is "doomed to failure".

However, the report notes that Mr. Rowley said that perhaps the
most ridiculous idea was to consider CAL flying to Mumbai, India,
and South Africa.

Jamaica Gleaner discloses that Mr. Rowley also said he was
against plans by CAL to enter into competition with LIAT, which
he said was a doomed strategy that would create problems with
CARICOM governments.

"That has put LIAT into a very difficult position, and you would
have heard Caribbean prime ministers groaning and complaining
about the behaviour of Trinidad and Tobago . . . .  As long as
the island governments support LIAT in the way they have to --
because LIAT is bringing tourists - this competition is doomed to
create problems," the report quoted Mr. Rowley as saying.

Earlier this month, the report discloses Finance Minister Winston
Dookeran said that CAL had recorded losses in excess of US$52.8
million last year and owes creditors millions of dollars.
Jamaica owns 16% of Caribbean Airlines, the report relates.

                     About Caribbean Airlines

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

                           *     *     *

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


PETROTRIN: Panama Deal Opens Doors for Firm
-------------------------------------------
Renuka Singh at Trinidad Express reports that a Memorandum of
Understanding (MOU) between Petroleum Company of Trinidad and
Tobago (Petrotrin) and Panama-based Melones Oil Terminal Inc.
(MOTI) now gives the company an avenue to explore bunkering
opportunities in the Panama Canal.

Petrotrin Chairman Lindsay Gillette and MOTI director/treasurer,
Juan Carlos Heilbron signed on behalf of both companies.

"This arrangement represents a major step for Petrotrin as our
presence in the Panama Canal provides us with immense business
opportunities and can further boost our efforts to improve our
presence in the global energy sector," the report quoted
Petrotrin President Khalid Hassanali as saying.

The purpose of these MOUs is to facilitate further discussion
with these companies in developing the opportunities for
Petrotrin to enter the Panamanian fuel bunkering market,
according to a statement obtained by Trinidad Express.

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.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800      ;
http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800
http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800
http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *