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

              Friday, May 18, 2012, Vol. 13, No. 099


                            Headlines



A R G E N T I N A

ESTABLECIMIENTO AVICOLA: Creditors' Proofs of Debt Due June 25
INGETECS SA: Creditors' Proofs of Debt Due July 2
MASCARGO ARGENTINA: Creditors' Proofs of Debt Due Aug. 2
PETERSEN GROUP: Defaults on Debt for YPF Stake, El Cronista Says
SOFT CENTER: Creditors' Proofs of Debt Due June 29

YPF SA: Seeks Waivers on Debt Repayment Rights After Seizure


B R A Z I L

CYRELA BRAZIL: Moody's Keeps 'Ba2' CFR, Rates BRL300MM CCBs 'Ba2'
PETROLEO BRASILEIRO: Moody's Issues Summary Credit Opinion
SIFCO SA: High Financial Leverage Cues Fitch to Affirm Ratings


C A Y M A N   I S L A N D S

CABLE (ATAC 2003-1): Creditors' Proofs of Debt Due June 6
CABLE (LEIPZIG 2002-1): Creditors' Proofs of Debt Due June 6
COLNE LEASING: Creditors' Proofs of Debt Due June 6
GOUJON AIRCRAFT: Creditors' Proofs of Debt Due June 6
KEA LIMITED: Creditors' Proofs of Debt Due June 6

RABBIT LEASING: Creditors' Proofs of Debt Due June 6
ROSSENDALE LEASING: Creditors' Proofs of Debt Due June 6
STONY HILL: Creditors' Proofs of Debt Due June 6
UNITED PLATFORM: Creditors' Proofs of Debt Due May 31
WIMBLEDON HDN: Creditors' Proofs of Debt Due June 7


M E X I C O

CICB 08: Moody's Cuts Rating on Senior Debt Certificates to 'C'
CONTROLADORA MABE: S&P Affirms 'BB+' Global Corp. Credit Rating
* MEXICO: IDB Partners With Banamex to Back Issuances of Debt


P A N A M A

MULTIBANK: Fitch Upgrades Issuer Default Rating to 'BB+'


                            - - - - -


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A R G E N T I N A
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ESTABLECIMIENTO AVICOLA: Creditors' Proofs of Debt Due June 25
--------------------------------------------------------------
Estudio Abulafia y Andelman, the court-appointed trustee for
Establecimiento Avicola Las Acacias SA's reorganization
proceedings, will be verifying creditors' proofs of claim until
June 25, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 18, 2013.

The Trustee can be reached at:

         Estudio Abulafia y Andelman
         Suipacha 211
         Argentina


INGETECS SA: Creditors' Proofs of Debt Due July 2
-------------------------------------------------
Hugo Horacio Dogliani, the court-appointed trustee for Ingetecs
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 2, 2012.

Mr. Dogliani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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:

         Hugo Horacio Dogliani
         Pedro Ignacio Rivera 3944
         Argentina


MASCARGO ARGENTINA: Creditors' Proofs of Debt Due Aug. 2
--------------------------------------------------------
Hector Miguel Falvino, the court-appointed trustee for Mascargo
Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Aug. 2, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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:

         Hector Miguel Falvino
         Av. Pueyrredon 468
         Argentina


PETERSEN GROUP: Defaults on Debt for YPF Stake, El Cronista Says
----------------------------------------------------------------
Camila Russo at Bloomberg News reports that Petersen Group, which
owns a 25% stake in YPF SA, ceased payments on US$500 million of
debt with banks, newspaper El Cronista reported, citing executives
at the energy company it didn't name.

The banks may take the YPF SA stake to pay for the debt, El
Cronista said, according to Bloomberg News.  The report relates
that the Petersen Group was trying to delay payments until there
was more clarity on YPF SA's status after Argentina nationalized
51 percent of the company in April, EL Cronista said.

Bloomberg News notes that the Argentine group, owned by the
Eskenazi family, received US$1.018 billion from Credit Suisse
Group AG, Goldman Sachs Group Inc., Banco Itau Europa and BNP
Paribas SA, and US$1.015 billion from Spain's Repsol YPF SA (REP)
in 2008 when it acquired 14.09% of YPF, EL Cronista said,
Bloomberg News relays.

Standard Bank Group Ltd., Citigroup Inc., Credit Suisse and Repsol
lent it US$670 million when it acquired an additional 10 percent
of oil producer YPF in 2011, the newspaper reported, Bloomberg
News adds.

Petersen Group is an energy company in Argentina.


SOFT CENTER: Creditors' Proofs of Debt Due June 29
--------------------------------------------------
Cesar Alberto Carlino, the court-appointed trustee for Soft Center
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 29, 2012.

Mr. Carlino 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. 13, 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:

         Cesar Alberto Carlino
         Bolivia 4309


YPF SA: Seeks Waivers on Debt Repayment Rights After Seizure
------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that YPF SA is asking
creditors to issue waivers on part of its US$1.6 billion debt
after the government's takeover and said it risks being delisted
from the New York Stock Exchange.

Terms on a "significant portion" of the debt allow creditors to
seek early repayment after nationalization, YPF SA said in a 20-F
filing to the U.S. Securities and Exchange Commission, according
to Bloomberg News.  Bloomberg News relates that the company also
said it risks the delisting because it hasn't had an audit
committee, as required by the NYSE, since the government took over
on April 16.

Bloomberg News notes that management is "actively pursuing formal
waivers" from creditors, YPF SA said.  "In case those waivers are
not obtained and immediate repayment is required, the company
could face short-term liquidity problems."

Bloomberg News says that Argentine President Cristina Fernandez de
Kirchner took control of YPF on April 16, seizing 51% of the
company's shares from Spain's Repsol YPF SA.  YPF SA has since
been under government oversight until a general shareholders
meeting scheduled for June 4 names new management, Bloomberg News
discloses.

YPF will appoint an audit committee at the shareholders meeting
and the company will seek to maintain its New York listing, it
said in an e-mailed statement obtained by Bloomberg News.

                       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
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CYRELA BRAZIL: Moody's Keeps 'Ba2' CFR, Rates BRL300MM CCBs 'Ba2'
-----------------------------------------------------------------
Moody's America Latina has assigned Ba2 and Aa2.br ratings to
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes BRL300
secured CCBs ("Cedula de Credito Bancario"), with 5-year maturity.
At the same time, Moody's affirmed Cyrela's Ba2/Aa2.br corporate
family ratings ("CFR") and senior unsecured ratings.

Ratings assigned:

- BRL300 million senior secured 5-year CCB: Ba2 (global scale);
   Aa2.br (national scale);

Ratings affirmed

- Corporate Family Rating: Ba2 (global scale); Aa2.br (national
   scale);

- BRL550 million senior unsecured debentures due in 2016: Ba2
   (global scale); Aa2.br (national scale);

The outlook for all ratings is stable.

Ratings Rationale

"Cyrela's Ba2 rating reflects its position as one of the largest
homebuilders in Brazil with a strong brand name and good diversity
in terms of product offering and geographic locations, as well as
an experienced and conservative management team", said Moody's
Analyst, Marcos Schmidt. "The rating is further supported by
Cyrela's long track record of operations since 1962 in the
Brazilian homebuilding sector and its good access to capital,
partly due to its large base of unencumbered assets," added
Mr. Schmidt.

The Ba2 rating is further supported by the company's large sources
of liquidity that include its cash balance of around
BRL1.9 billion, BRL1.8 billion in receivables from finished units
and approved SFH lines to finance the construction of all the
projects already launched by the company. The good fundamentals
for the Brazilian homebuilding industry due to government support,
large pent-up demand, increasing mortgage financing for homebuyers
and construction financing to homebuilders also support the
ratings.

On the other hand, these positive factors are balanced by Cyrela's
focus on the high-rise segment, which pressures working capital
and free cash flow due to the extended construction periods of
more than two years in this segment. Working capital needs are
somewhat mitigated by the company's successful strategy of
acquiring most of its land through swap agreements that involve no
cash disbursement. In the end of March 2012, 78% of Cyrela's land
bank had been acquired through those agreements. Ratings are
further constrained by Cyrela's exposure to cost overruns largely
also due to the long construction cycles and higher than planned
inflation in construction costs.

Cyrela's large size and brand name recognition provide it with
economies of scale and strong bargaining power in the purchase of
raw materials from suppliers and land, as well as in the hiring of
services from third parties.

Given the high volume of projects launched by the company after
its IPO and according to the company's project delivery schedule,
it is expected that Cyrela will start generating a higher volume
of cash internally, since a large number of projects launched in
2007 and 2008 will be delivered to their buyers and converted into
cash. Moody's expects that the company will use part of this cash
to build a stronger cash cushion to more comfortably face an
eventual downturn in the homebuilding industry or to pay down part
of its corporate debt unrelated to construction, and deleverage
its balance sheet.

At the end of March 2012, Cyrela had around BRL1.9 billion in cash
and marketable securities on its balance sheet. With BRL1.3
billion in ST debt and a working capital consumption of around
BRL0.4 billion in the last 12 months ended March 31, 2012 the
level of cash available seems low since Cyrela does not have any
committed credit facilities, but has a considerable amount of SFH
lines that are enough to finance the construction of all the
projects already launched by the company. SFH loans are linked to
the construction of a specific project and are extinguished once
the keys are delivered to the homebuyers. At the end of March
2012, 71% of ST debt (BRL895 million) was linked to SFH lines.

The proposed CCBs will be secured by the pledge of receivables
related to the construction of specific projects that will be
required to cover at least 110% of the outstanding amount. Despite
the collateral being provided there are no real assets being
pledged and in the event of a bankruptcy the undercollateralized
debt amount may be significant depending on the progress in the
projects. Moody's, therefore, views the CCBs largely as unsecured
debt.

Cyrela's outstanding unsecured debentures are structurally
subordinated to its existing secured debt. Despite the structural
subordination they are rated at the same level as Cyrela's CFR
given the high proportion of unsecured debt in the capital
structure and the comfortable level of unencumbered assets that in
case of a default should provide good recovery for the unsecured
debtholders. As of March 2012, pro-forma for the new transaction
and excluding SFH loans, around 4% of Cyrela's outstanding debt
instruments are secured (CCBs are treated as unsecured for the
purpose of this calculation), mainly by receivables and real
assets from construction projects under development. SFH loans are
collateralized by specific assets and have no residual claim on
the remaining assets of the company.

A meaningful change in the proportion of secured versus unsecured
debt or a decrease in the amount of unencumbered assets that could
be used to pay down the unsecured debentures could result in a
downgrade of Cyrela's unsecured ratings.

The stable outlook assumes that Cyrela will maintain a comfortable
liquidity position to execute its growth plan while preserving a
minimum cash balance on its balance sheet to face weaker economic
environments and difficult capital market conditions.

Cyrela's rating or outlook could experience upward pressure if the
company improves its cash-flow based credit metrics through
reduced working capital requirements over time. Mortgage
availability at an earlier point in the construction cycle, which
is more common in the lower income segments in which the company
is increasing its share, will be an important factor in Cyrela's
ability to reduce its investments in working capital.
Quantitatively, positive pressure could arise from sustainable
positive cash flow from operations, total debt/capitalization
below 40% and interest coverage (EBIT / Interest) above 6 times on
a sustainable basis.

Cyrela's ratings would likely be downgraded if Total Debt to
Capitalization is sustained above mid 50% for an extended period
of time or if the company were to face a significant deterioration
in the quality of its receivables. A downgrade could also be
triggered by deterioration in Cyrela's liquidity profile due to a
reduction in the availability and timeliness of disbursements from
credit lines that the company has available with commercial banks
through the SFH.

The principal methodology used in rating Cyrela was the Global
Homebuilding Industry Methodology published in March 2009.

Headquartered in Sao Paulo, Brazil, and founded in 1962, Cyrela is
one of the largest fully integrated homebuilders in Brazil and
also one of the most diversified in terms of product offering to
different income levels and geographic regions, operating in 67
cities and 16 different states across Brazil. Cyrela had net
revenues of BRL6.4 billion (US$3.7 billion) during the last twelve
months ended March 31, 2012.


PETROLEO BRASILEIRO: Moody's Issues Summary Credit Opinion
----------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Petroleo Brasileiro S.A. - PETROBRAS and includes certain
regulatory disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Petroleo Brasileiro S.A. - PETROBRAS.

Moody's current ratings on Petroleo Brasileiro S.A. - PETROBRAS
are:

Petroleo Brasileiro S.A. - PETROBRAS

Senior Unsecured (domestic currency) Rating of A3

LT Issuer Rating (domestic currency) Rating of A3

Senior Secured Shelf (foreign currency) Rating of (P)A2/(P)A3

Senior Unsecured Shelf (foreign currency) Rating of (P)A3

Subordinate Shelf (foreign currency) Rating of (P)Baa1

Pref. Shelf (foreign currency) Rating of (P)Baa2

Pref. Shelf (foreign currency) Rating of (P)Baa3

NSR Senior Unsecured (domestic currency) Rating of Aaa.br

Petrobras International Finance Company

BACKED Senior Unsecured (foreign currency) Rating of A3

BACKED Senior Secured Shelf (foreign currency) Rating of (P)A2

BACKED Senior Unsec. Shelf (foreign currency) Rating of (P)A3

BACKED Subordinate Shelf (foreign currency) Rating of (P)Baa1

Petrobras Argentina S.A.

Senior Secured MTN (foreign currency) Rating of (P)Ba3

Senior Unsecured (foreign currency) Rating of B1

Senior Unsecured MTN (foreign currency) Rating of (P)Ba3/(P)B1

LT Issuer Rating (domestic currency) Rating of Ba3

BACKED Senior Unsecured (foreign currency) Rating of A3

NSR Senior Unsecured (foreign currency) Rating of Aa2.ar

NSR BACKED Senior Unsecured (foreign currency) Rating of Aaa.ar

Ratings Rationale

Petrobras's debt ratings reflect its favored status and dominant
position in Brazil's upstream and downstream petroleum sectors;
its sizable hydrocarbon reserves and strong growth profile in oil
and natural gas production, particularly in deepwater Brazil and
its emerging pre-salt plays; the benefit of upstream/downstream
integration and growing energy demand in Brazil for earnings and
cash flow; and a solid balance sheet and liquidity, enhanced by
the 2010 global rights offering and sizable cash balances.

Petrobras has set a massive $224.7 billion capital budget for
2011-2015 and will continue to significantly outspend cash flow
over the next few years, leading to increased debt and financial
leverage. It faces large external financing needs, the challenge
of a strong Real, and execution risks on its upstream program
related to geology, technology, access to rigs and staging of
developments, as well as local content requirements and the
establishment of a local services industry. It also is subject to
an evolving political environment as the state plays a larger role
in its strategic direction.

While Moody's sees the risk of rising leverage, the company should
show sizable production increases over the medium-term from its
large offshore developments already underway, including a rising
contribution from the pre-salt toward 2015. Petrobras's
recapitalization in 2010 included a massive global share offering
and the state contribution of rights to some 4.99 billion BOE of
pre-salt reserves, which bolstered its balance sheet and liquidity
and secured major future development potential in the pre-salt.
Moody's believes that Petrobras has flexibility to manage its
leverage, as well as the scale and a rising cash flow and
production profile that are consistent with its current ratings
and baseline credit assessment.


SIFCO SA: High Financial Leverage Cues Fitch to Affirm Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed the following ratings for Sifco S.A.
(Sifco):

  -- Foreign and Local currency IDRs at 'B-';
  -- Long-Term National rating at 'BB(bra)';
  -- USD75 million senior unsecured notes due 2016 at 'B-/RR4'.

The 'RR4' recovery rating on Sifco's unsecured debt issuance
reflects a 31% to 50% average recovery in the event of default.

The Rating Outlook is Stable.

Sifco's credit ratings reflect the company's high financial
leverage and business risk in the cyclical automotive business.
Sifco is the leading suppliers of front axles for trucks and buses
in Latin America.  With a market share of over 95%, Sifco is well
positioned to benefit from the increasing demand in the Brazil's
automotive parts sector over the next few years.  The ratings also
incorporate Sifco 's volatile operational margins, despite of the
improvements in customer and products diversification over the
past year.  The strong credit linkage with its parent and other
related companies together, G. Brasil Participacoes, with weaker
financial profile on a consolidated basis, also pressure Sifco's
ratings.

Due to its solid market position, Sifco entered into a long-term
commercial partnership with the Brazilian subsidiary of Dana
Corporation in 2011.  This resulted in a cash inflow of
approximately BRL250 million, which Sifco s used to improve the
company's liquidity.  In exchange, Sifco transferred all of its
front axle sales in Brazil to Dana and became Dana's exclusive
supplier of this product in Brazil with the possibility of
accessing new markets.

LEVERAGE STILL HIGH DESPITE AGREEMENT BENEFITS WITH DANA:

Sifco's leverage is high but improving.  In 2011, Sifco's net
debt/EBITDA ratio of 4.9 times (x) had improved from 5.6x in 2010,
following the closing of the commercial agreement with Dana during
February 2011.  This ratio already reflects the acquisition on
October 2011 of the related company, BR Metals, formerly owned
directly by G. Brasil Participacoes, Sifco's main shareholder.
Although it did not involve any cash disbursement, this
acquisition negatively impacted Sifco.  This was because
additional debt into Sifco was BRL100 million, 69% concentrated in
the short term, while EBITDA contribution on the fourth-quarter
2011 (4Q'11) was BRL14 million.  The ratings incorporate the
expectation that Sifco's net leverage will remain in the 4.0x to
5.0x range during the next 12 to 18 months.

The agreement with Dana was expected to decrease Sifco's EBITDA by
approximately BRL 30 million per year.  However, Sifco had
improved its EBITDA generation to BRL104.5 million in 2011 from
BRL86.2 million in 2010 due to favorable market conditions in 2011
and a more diversified basis of customers and market niches.  The
decrease on the EBITDA margin to 9.8% from 11.1%, respectively in
the same years, reflects the consolidation of BR Metals last
quarter results, a company with a weaker operational profile and a
more leveraged capital structure and due to the transition plan
due to the contract with Dana.

BR METALS ACQUISITION FORECASTS SYNERGIES FOR SIFCO'S OPERATIONS

Sifco is solidly positioned as a tier-two regional player, with
revenues of BRL1.07 billion and BRL777 million during 2011 and
2010, respectively.  Sifco had improved its EBITDA generation to
BRL104.5 million in 2011 from BRL86.2 million in 2010.  Sifco's
market position is strong with a 98% market share of the front
axle production for truck and buses in Latin America.  Sifco's
strength as a supplier of axles in the assembly of trucks and
buses increase its importance among the assemblers when compared
to other tier two suppliers.  As mentioned, Sifco also supplies
parts for tractors and dozers undercarriages, as well as forged
components for light commercial vehicles and passenger cars.

Management strategy in the BR Metal's acquisition was to obtain
synergies in terms of cost reductions (administrative and sales
overlap), raw material acquisitions and revenues as companies will
be able to provide combined foundry and forging solutions to its
customers.  In terms of costs reductions, the synergies are
estimated at BRL15 million per year, and in terms of revenues are
yet to be tested. The acquisition also diversifies Sifco's
exposure to customers and market niches.  Dana, its largest
customer in 2011, was expected to correspond 70% of Sifco's sales.
With a more diversified than expected portfolio of customers from
its own operations combined with BR Metals, on a proforma basis,
it represented only 30% of the sales in 2011.

CASH FLOW NEEDS TO IMPROVE TO REDUCE REFINANCING RISK

In 2011, Sifco's funds from operation (FFO) of BRL102 million,
cash flow from operations (CFFO) of BRL204 million and free cash
flow (FCF) of BRL146 million were benefited by BRL131 million, due
to the agreement with Dana.  Excluding this non-recurring effect,
the company's performance would not present an improvement in
relation to 2010 (BRL94 million and BRL101 million and BRL87
million, respectively).  Besides that, representing around 60% of
total adjusted group debt, Sifco had a high short-term debt
concentration of around 42% of total adjusted debt of BRL681.3
million at the end of 2011.  Its cash position of BRL 166.6
million (covering only 57% of short-term debt) in conjunction with
low cash flow generation adds refinancing risk.

LINKAGE WITH WEAKER GROUP CONSTRAINT RATINGS

Sifco's ratings reflect the linkage with its group, Grupo Brasil
(GB).  GB's financial profile on a consolidated basis is
substantially weaker than Sifco on a standalone basis, which
constrains Sifco's ratings.  GB's EBITDA is marginally higher than
Sifco on a consolidated basis.  Incremental debt increases group
net leverage by approximately 2.0x - 3.0x on a consolidated basis.

Historically, Sifco has provided financial support via
intercompany loans and unsecured guarantees to related companies
that had low cash generation.  However, with bond issuance in
2011, financial covenants prevent extra intercompany loans in
excess of USD15 million.  Even though the total intercompany loans
decreased by BRL13 million to BRL290 million in 2011, Fitch still
believes that a cash call might be made from group companies in an
event of distressed markets.  Fitch will closely follow
management's strategy to improve liquidity and debt maturity
profiles.  Positively factored in the ratings is the group's
liquidity policy of keeping a minimum cash position of BRL150
million.

POTENTIAL RATING OR OUTLOOK DRIVERS

The ratings could be affected positively by an improvement in GB's
overall credit profile in terms of leveraging and liquidity as
well as operational results.  A downturn in the company's
operating results and material increase in intercompany loans
could lead to a negative rating action.


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CABLE (ATAC 2003-1): Creditors' Proofs of Debt Due June 6
---------------------------------------------------------
The creditors of Cable (ATAC 2003-1) Limited 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


CABLE (LEIPZIG 2002-1): Creditors' Proofs of Debt Due June 6
------------------------------------------------------------
The creditors of Cable (LEIPZIG 2002-1) Limited 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


COLNE LEASING: Creditors' Proofs of Debt Due June 6
---------------------------------------------------
The creditors of Colne Leasing Limited 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


GOUJON AIRCRAFT: Creditors' Proofs of Debt Due June 6
-----------------------------------------------------
The creditors of Goujon Aircraft Leasing Limited 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


KEA LIMITED: Creditors' Proofs of Debt Due June 6
-------------------------------------------------
The creditors of Kea Limited 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


RABBIT LEASING: Creditors' Proofs of Debt Due June 6
----------------------------------------------------
The creditors of Rabbit Leasing Limited 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


ROSSENDALE LEASING: Creditors' Proofs of Debt Due June 6
--------------------------------------------------------
The creditors of Rossendale Leasing Limited 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


STONY HILL: Creditors' Proofs of Debt Due June 6
------------------------------------------------
The creditors of Stony Hill CDO II (Cayman) 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 26, 2012.

The company's liquidator is:

         David Dyer
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


UNITED PLATFORM: Creditors' Proofs of Debt Due May 31
-----------------------------------------------------
The creditors of United Platform Technologies Inc. are required to
file their proofs of debt by May 31, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 19, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Nicola Wright
         Telephone: 345-815-2621 / 345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


WIMBLEDON HDN: Creditors' Proofs of Debt Due June 7
---------------------------------------------------
The creditors of Wimbledon HDN 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 20, 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


===========
M E X I C O
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CICB 08: Moody's Cuts Rating on Senior Debt Certificates to 'C'
---------------------------------------------------------------
Moody's de Mexico S.A. de C.V. downgraded the Global Scale, Local
Currency and National Scale ratings of CICB 08 senior debt
certificates to C (sf) / C.mx (sf) from Caa3 (sf) / Caa3.mx (sf).

Originator: Credito Inmobiliario S.A. de C.V. (CI)

Trustee: HSBC Mexico S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC

Class A CICB 08 certificates: Downgraded to C (sf) / C.mx (sf)
Global Scale, Local Currency and Mexican National Scale;
previously on December 22, 2010 downgraded to Caa3 (sf) / Caa3.mx
(sf)

Ratings Rationale

This rating action reflects Moody's view of a very low asset
quality of the collateral backing these securities which results
into poor recovery perspectives at maturity date of the notes.
Such collateral is composed by securitized construction loans
originated by Credito Inmobiliario S.A. de C.V. (rated Caa3 /
Caa3.mx; Negative Outlook) and granted to small and medium size
homebuilders in Mexico. The legal final maturity date for this
transaction is May 27, 2013.

The securitized loan pool, which is now static, is highly
concentrated and expose the transaction to event risk. As of March
2012, the pool was distributed in 19 obligors with 20 construction
projects. The top-five projects represented 53.4% of total loans
and, according to the primary servicer and external advisor's
reports, they had a weighted average construction status of 72.7%
which Moody's considers to be low as per the maturity date of the
notes. The ratio of past-due loans (+90 days delinquent) and loans
in foreclosure to total loans has deteriorated to 75.7% weakening
even further the trust cashflows and reducing the expectation of
recurrent future home sales in the coming months.

Interest and principal collections remain weak. On average,
monthly principal collections were equivalent to 1.9% of the
outstanding balance of CICB 08 certificates during the last six
months. Interest collections are not sufficient to cover interest
payments on the notes and as of April 2012, excess spread was a
negative -0.1% according to Moody's calculations. As a result, and
according to the transaction documents, principal collections are
being used to cover CICB 08 interest payments, which can further
reduce principal payments received by the transaction's final
legal maturity. The transaction benefits from an interest cash
reserve fully funded to cover 2 coupon payments.

As of April 2012, CICB 08 had been paid down by 32.6%. The first
amortization occurred on September 2011 with approximately MXP107
million from the disbursements account, which is the account used
to continue funding construction projects. The outstanding balance
of such account is about MXP50 million. Since future disbursements
to complete pending construction are anticipated to be modest,
Moody's expects another partial amortization in the coming months.
However, If the weak principal collection trend observed during
the last 6 months continues, investors may suffer a loss of
approximately 65% of the outstanding balance of the certificates
by the maturity date. If loan collections and/or recoveries from
project sales or foreclosures improve significantly compared to
last 6 monthly periods, the ratings would be upgraded if losses
are lower than 35% of the outstanding balance of the certificates.
Moody's acknowledges that total gross credit enhancement for CICB
08 is around 33.8%; but if only non-delinquent loans and total
cash held in the trust are taken into account, this ratio
decreases to negative 94.3%.

Given CI's low issuer ratings and their negative rating outlook,
the company's future viability as a going concern is uncertain,
which increases operational risk on CICB 08 certificates.
Partially mitigating this risk is the participation of an external
advisor which was hired in 2011. It has conducted on-site visits
to the construction projects and provided reports on their
construction status, which in some cases showed worse metrics than
those published by CI. In addition, the transaction documents
establishes a substitute servicer that could service this
securitized pool if CI is unable to continue doing so.


CONTROLADORA MABE: S&P Affirms 'BB+' Global Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
corporate credit rating on Controladora Mabe S.A. de C.V. (Mabe).
"We also affirmed our 'BB+' debt rating on the company's senior
unsecured notes due 2015 and 2019. At the same time, our recovery
rating on the notes remains unchanged at '4'. The outlook remains
stable," S&P said.

"The rating action follows Mabe's announcement of a voluntary
exchange offer of its $200 million 6.50% senior unsecured notes
due 2015 for its 7.875% senior unsecured notes due 2019. The
company's subsidiaries Mabe S.A. de C.V., Mabe Mexico S. de R.L.
de C.V., and Leiser S. de R.L. de C.V. will still guarantee the
new notes. We view this exchange as merely opportunistic, given
that as part of the terms and conditions of the transaction, the
exchange will be realized at par value, offering a higher interest
rate than the original yield. In addition, the refinancing will
occur several years before the maturity. Also, in the event that
bondholders decide not to accept the invitation to exchange, we
believe that the company will continue to pay them on a timely
basis," S&P said.


* MEXICO: IDB Partners With Banamex to Back Issuances of Debt
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$150
million partial credit facility for Acciones y Valores Banamex,
S.A. de C.V., a unit of Grupo Financiero Banamex and a leading
Mexican arranger and placement agent of debt securities in the
Mexican local capital market.

The new facility will provide partial credit guarantees for local
and international debt issuances of Mexican entities arranged by
Banamex.  The facility will back debt securities of companies
seeking to invest in projects that are climate and environmentally
friendly, as well as projects to improve people's housing and
living conditions and help fund small and medium-sized businesses.

"This facility is part of our efforts to support the development
of Mexico's local capital markets and improve access to finance to
companies,'' said Daniela Carrera-Marquis, who heads the financial
markets division at the IDB's Structured and Corporate Finance
Department.

"By partnering with Banamex, the IDB's resources can benefit a
wide range of issuers.  Our partial credit guarantees will allow
them to extend tenors, support new issuers or asset classes and
gain access to institutional investors to finance projects that
have an important social, environmental and economic impact in the
country."

The first company to benefit from the partnership is Vinte,
Viviendas Integrales SAPI de C.V., a medium-sized Mexican real
estate company focused on the low- and middle-income housing
market.  The new facility will provide as much as 200 million
Mexican pesos in partial credit guarantees for one of several of
the company's corporate bonds under its 1 billion Mexican peso
bond program.

The partial credit guarantees will support the company's plans to
diversify its funding sources, increase its debt tenor, and reach
new investors in order to build 25,000 new dwellings for low- and
middle-income families in the next five years.

The IDB's partial credit guarantee facility will be available for
Banamex for a three-year period, with an option to be extended for
another three years. It is expected to provide partial credit
guarantees for as many as nine issuers.

The facility is part of beyondBanking, an IDB program that
promotes sustainable banking principles and practices in Latin
America and the Caribbean.

   About IDB's Structured and Corporate Finance Department

The Structured and Corporate Finance Department (SCF) leads all
IDB's non-sovereign guaranteed operations for large-scale
projects, as well as those linked to companies and financial
institutions.  Through its Loan Syndication Program, SCF acts as a
catalyst, helping to engage third-party resources by partnering
with commercial banks, institutional investors, co-guarantors and
other co-lenders for projects with high developmental impact.


===========
P A N A M A
===========


MULTIBANK: Fitch Upgrades Issuer Default Rating to 'BB+'
--------------------------------------------------------
Fitch Ratings has upgraded Multibank's Issuer Default Rating (IDR)
to 'BB+' from 'BB'.  The Rating Outlook is Stable.

Multibank's Viability Rating and IDRs were upgraded as the bank
strengthened its competitive position and gained market share
while maintaining a sound credit profile within a very competitive
market.  The ratings reflect Multibank's consistent performance,
robust asset quality and adequate reserves and capital.  The
ratings also consider its improved funding mix and adequate
liquidity.  Fitch's view of Multibank's ratings is tempered by its
relatively high operating costs, modest efficiency and moderate
concentrations.

Upside potential for Multibank's ratings is deemed limited unless
the bank achieves structural changes to gradually raise its
capital levels, diversify its revenues, improve efficiency and
adequately manage liquidity and asset/liability gaps in the medium
term; this is specially important as the bank expands into longer
tenor loans in retail and mortgages.  The bank is expected to
maintain a reasonable performance while preserving asset quality
ratios -- where a moderate decline is to be expected due to
portfolio seasoning -- and its capital/reserves cushion.

Ratings would be negatively affected by a sharp deterioration in
asset quality that would affect performance and erode the
capital/reserve cushion or excessive growth that would overstretch
the capital.  In addition, an extension of the average tenor of
its loans without a correspondent extension of the liabilities
maturities would be a rating negative.

During the last seven years, a thorough corporate overhaul, change
of name, and new commercial strategy -- coupled with aggressive
marketing and new product rollout -- helped position Multibank as
a worthy contender in the medium market and retail segments.

As the Panamanian economy boomed, Multibank grew into retail and
SME but also found opportunities arising from the consolidation at
the top of the market.  Multibank gained in market share,
diversified and strengthened its balance sheet.  Multibank
consolidated its franchise at home while steadily growing its
business abroad amid a strong economic backdrop in Panama and
Colombia.  Similar to other medium sized banks in the region,
Fitch warns about the fast pace of loan growth; especially in
countries where bank penetration is above the median of other EM
countries.

Sound credit origination policies, adequate remedial management
and a positive economic environment underpinned asset quality that
remained better (below) the industry average and is consistently
well covered by reserves.  Fitch expects that such trends will be
preserved, although, it's possible that some deterioration on
asset quality ratios may happen as the loan portfolio seasons.
However, in Fitch's base case scenario, such trends should not
undermine the bank's profitability, reserve cushion and capital.

Leveraging its expertise in SME/consumer lending and the know-how
of local partners, Multibank expanded into Colombia and is
gradually building a retail franchise.  A similar approach is used
since first quarter 2012 (1Q'12) in a new car loan venture in
Costa Rica.

Resilient margins and growing loan volumes coupled with moderate
credit costs allow Multibank to post moderate but consistent
profitability ratios and underpin capital in spite of its
important investments to expand its network at home and abroad.
Further income diversification and the control of funding costs
will be decisive in order to provide the bank with enough cushion
in times of interest rate increase and in general fierce local
competition.

Marketing efforts help build an increasingly wider deposit base
and new products aim to change the deposit mix thus contributing
to lower funding costs.  Multibank's liquidity remains sound and
is supplemented by adequate contingency plans; although, the
sustained increase of longer tenor loans will require a further
diversification of its funding sources in order to preserve a good
balance of asset and liability maturities.

A disciplined effort to reduce concentration on both sides of the
balance sheet has mitigated this risk but progress -- while
possible -- may be harder to achieve.

Multibank's significant investments to expand its retail oriented
network fuel operating expenses.  These are nevertheless expected
to stabilize in the medium term as the bank leverages its
footprint and customer base to bolster headline revenues and cross
selling.

High liquidity, low interest rates and a number of smaller banks
struggling to find their place in the sun heighten competition and
may create pressures to become more aggressive in credit or
pricing.

Multibank is Panama's third largest locally controlled private
bank in a highly concentrated market where the largest two private
players control about 33% of the market and public owned banks
control another 11%.  The bank offers a growing array of products
and services to customers in the middle market, SME and retail
segments.

Fitch has taken the following rating actions:

Multibank

  -- Long-term foreign currency IDR upgraded to 'BB+' from 'BB';
     Outlook Stable;

  -- Short-term foreign currency IDR affirmed at 'B';

  -- Viability Rating upgraded to 'bb+' from 'bb'.

  -- Support Rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';

  -- National scale long-term rating upgraded to 'AA-(pan)' from
     'A+(pan)'; Outlook Stable;

  -- National scale short-term rating upgraded to 'F1+(pan)' from
     'F1(pan)'.


                            ***********


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
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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
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Information contained herein is obtained from sources believed to
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                   * * * End of Transmission * * *