TCRLA_Public/120523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, May 23, 2012, Vol. 13, No. 102


                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Assigns 'Ba2' Rating to Class A Issuance
* PROVINCE OF BUENOS AIRES: Moody's Assigns B3 Rating to Bonds


B E R M U D A

FULMAR LEGACY: Creditors' Proofs of Debt Due May 30
FULMAR LEGACY: Members' Final Meeting Set for June 20
SANCTUARY SERVICES: Creditors' Proofs of Debt Due May 30
SANCTUARY SERVICES: Members' Final Meeting Set for June 20


C A Y M A N   I S L A N D S

ARCAPITA BANK: Hiring Mourant Ozannes as Cayman Islands Counsel
MAN LEADING: Members' Final Meeting Set for May 28
MEZZ FUND II: Shareholders' Final Meeting Set for June 25
MEZZ FUND II EQUITY: Shareholders' Final Meeting Set for June 25
MEZZ FUND II HOLDINGS: Final Meeting Set for June 25

MEZZ FUND II INVESTMENTS: Shareholders' Meeting Set for June 25
MEZZ FUND II LIMITED: Shareholders' Meeting Set for June 25
NYDS HOLDING: Shareholders' Final Meeting Set for June 22
PR FINANCE: Shareholders' Final Meeting Set for June 22
REPRESENTATIVE SERVICES: Shareholders' Meeting Set for June 22

SUMITOMO LIFE: Shareholders' Final Meeting Set for June 8
TESORO HOLDINGS: Shareholders' Final Meeting Set for June 22


M E X I C O

* MUNICIPALITY OF MACUSPANA: Moody's Withdraws B1 Issuer Ratings


P A N A M A

BHD VALORES: Fitch Affirms Issuer Default Ratings at Low-B


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Appoints Clive Forbes as General Manager
CARIBBEAN AIRLINES: Faces Operational Risk
TRINIDAD CEMENT: Striking Workers Say Protests a Success


                            - - - - -


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


GPAT COMPANIA: Moody's Assigns 'Ba2' Rating to Class A Issuance
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local-currency
debt rating, currently on review for downgrade, to the expected
eight issuance of GPAT Compania Financiera (GPAT) Class A, up to
the amount of Ar$50 million which will be due in 270 days, and
Class B, up to the amount of Ar$150 million which will be due in
18 months. At the same time, Moody's Latin America assigned Aa1.ar
national scale local currency debt rating to GPAT's issuances,
also on review for downgrade.

The following ratings were assigned to GPAT Compa¤Ħa Financiera
S.A.'s issuances:

Class A: Ar$50 million senior unsecured debt issuance:

Ba2 Global Local Currency Debt Rating, on review for downgrade

Aa1.ar Argentina National Scale Local Currency Debt Rating, on
review for downgrade

Class B: Ar$150 million senior unsecured debt issuance:

Ba2 Global Local Currency Debt Rating, on review for downgrade

Aa1.ar Argentina National Scale Local Currency Debt Rating, on
review for downgrade

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's Ba2 global local currency issuer
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$1.136 million of total assets and
Ar$249 million of shareholders' equity as of March 31, 2012.


* PROVINCE OF BUENOS AIRES: Moody's Assigns B3 Rating to Bonds
--------------------------------------------------------------
Moody's Latin America has assigned ratings of B3 (global scale)
and A3.ar (Argentina National Scale) to the Province of Buenos
Aires' 2012 Local Market Bonds Program for up to US$250 million.
The bonds to be issued under the program will be payable in
Argentine pesos and sold in the local capital market. The assigned
ratings are in line with the province's long term issuer ratings.

Ratings Rationale

The creation of the 2012 Local Market Bonds Program has been
authorized by the provincial Decree 292/2012 and the Resolution
174/2012 of the province's Ministry of Economy, under the
provisions of the 2012 Budget Law. The notes to be issued under
the program constitute direct, general, unconditional, and
unsubordinated obligations of the province, ranking at all times
pari passu without any preference among themselves and will be
backed by transfers from the Government of Argentina (B3, stable)
under a tax-sharing agreement. The maximum authorized amount to be
issued under the program is US$250 million, or its equivalent in
other currency, which represents less than 2% of the province's
net direct and indirect debt as of December 2011, and only 1% of
total revenues budgeted for 2012.

The province will offer a first tranche of US$50 million, with the
possibility to increase the amount. These notes will be payable in
Argentine pesos, pay interest at a fixed rate on a semi-annual
basis, and amortize principal at maturity, which is scheduled to
be in one year.

"The assigned ratings reflect the economic uncertainty and cost
pressures facing the province, reflected in structural fiscal
imbalances and weaker financial performance since 2005", said
Moody's analyst Patricio Esnaola. While Buenos Aires benefits from
a diversified economy, which represents roughly 35% of national
output, the ratings also take into account the financial
dependence on the federal government, including the importance of
federal transfers on the provinces' revenue stream as well as
federal debt financing to help pay off debt maturities. This
consideration links Buenos Aires' credit quality to that of the
central government.

"Due to the province's structural imbalances, Moody's expects that
it will continue to borrow from both the local and/or
international capital markets", said Esnaola. According to the
2012 fiscal year budget, the province has been authorized to
contract debt in the amount of ARS7.85 billion (equivalent to
approximately 13% of total debt as of December 2011), and other
ARS5 billion will come from the federal government. "Moody's will
closely monitor the impact of potential debt increases in the
province's credit profile", Mr. Esnaola said.

What Could Change The Rating Up/Down

A strengthening of the province's financial performance, based on
the translation of economic recovery and revenue growth into
balanced financial operations could apply upward pressure on the
ratings.

Significant weakening of the province's financial performance
and/or the national government's inability or unwillingness to
continue to provide ongoing financial support and refinance the
province's debt could apply downward pressure on the ratings.


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


FULMAR LEGACY: Creditors' Proofs of Debt Due May 30
---------------------------------------------------
The creditors of Fulmar Legacy Ltd. are required to file their
proofs of debt by May 30, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 14, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


FULMAR LEGACY: Members' Final Meeting Set for June 20
-----------------------------------------------------
The members of Fulmar Legacy Ltd. will hold their final meeting on
June 20, 2012, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


SANCTUARY SERVICES: Creditors' Proofs of Debt Due May 30
--------------------------------------------------------
The creditors of Sanctuary Services Ltd. are required to file
their proofs of debt by May 30, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


SANCTUARY SERVICES: Members' Final Meeting Set for June 20
----------------------------------------------------------
The members of Sanctuary Services Ltd. will hold their final
meeting on June 20, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


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


ARCAPITA BANK: Hiring Mourant Ozannes as Cayman Islands Counsel
---------------------------------------------------------------
Arcapita Bank B.S.C.(c) and certain of its subsidiaries and
affiliates seek U.S. Bankruptcy Court permission to employ Mourant
Ozannes to serve as Cayman Islands counsel nunc pro tunc to the
Chapter 11 petition date.

Mourant Ozannes is one of the leading offshore law firms advising
on the laws of the Cayman Islands, Guernsey and Jersey.  Mourant
Ozannes' clients include many of the world's leading financial
institutions, public companies, corporations and fund promoters.
Mourant Ozannes regularly works alongside respected international
law firms on a variety of matters.

Mourant Ozannes has represented the Debtors since January 2012 as
their legal counsel for Cayman Islands matters and is familiar
with Cayman Islands Laws and the Debtors' operations and other
issues relevant to the Chapter 11 cases.  One of the Debtors,
Arcapita Investment Holdings Limited, a wholly-owned subsidiary of
Arcapita and co-signatory to the Engagement letter, is
incorporated in the Cayman Islands.

On March 19, 2012, the Debtors commenced proceedings with respect
to AIHL in the Grand Court of the Cayman Islands seeking relief
ancillary to the Chapter 11 cases.  Mourant Ozannes will represent
AIHL in the Cayman Islands Proceeding and assist in the
negotiation with creditors and other parties-in-interest in the
Chapter 11 cases by advising on potential issues particular to
Cayman Islands law impacting such negotiations.

The Debtors propose to pay Mourant Ozannes at these hourly rates:

     Name                 Position             Rate
     ----                 --------             ----
     Peter Hayden         Matter Partner      US$780
     Richard de Basto     Finance Partner     US$800
     Simon Dickson        Matter Manager      US$725
     Julian Fletcher      Partner             US$695
     Nicholas Fox         Senior Associate    US$600
     George Keightley     Senior Associate    US$600
     Simon Thomas         Senior Associate    US$550
     Catherine Green      Associate           US$550
     Fleur O'Driscoll     Associate           US$475
     Robin Gibb           Paralegal           US$250
     Rose Wanjiru         Paralegal           US$250

Mourant Ozannes is currently a "creditor" of the Debtors with
respect to certain outstanding legal fees arising from work
undertaken by Mourant Ozannes prior to the Petition Date.  At the
Petition Date, outstanding legal fees and expenses owed by the
Debtors to Mourant Ozannes was roughly US$142,353.

No amount will be paid to Mourant Ozannes on account of
outstanding prepetition legal fees and expenses unless and until
the payment is authorized by Court order.

Simon Dickson attests that Mourant Ozannes does not represent or
hold any interest adverse to the Debtors or their estates.

The firm may be reached at:

          Peter Hayden, Esq.
          MOURANT OZANNES
          Harbour Centre
          42 North Church Street
          PO Box 1348
          Grand Cayman KY1-1108
          Cayman Islands
          Tel: +1345 949 4123
          Fax: +1345 949 4647
          E-mail: peter.hayden@mourantozannes.com

                       About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita that
previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage I,
L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas
Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


MAN LEADING: Members' Final Meeting Set for May 28
--------------------------------------------------
The members of Man Leading Edge CHF (Feeder) Ltd will hold their
final meeting on May 28, 2012, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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

The company's liquidator is:

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


MEZZ FUND II EQUITY: Shareholders' Final Meeting Set for June 25
----------------------------------------------------------------
The shareholders of Mezz Fund II Equity Limited will hold their
final meeting on June 25, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MEZZ FUND II HOLDINGS: Final Meeting Set for June 25
----------------------------------------------------
The shareholders of Mezz Fund II Holdings Limited will hold their
final meeting on June 25, 2012, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MEZZ FUND II INVESTMENTS: Shareholders' Meeting Set for June 25
---------------------------------------------------------------
The shareholders of Mezz Fund II Equity Investments Limited will
hold their final meeting on June 25, 2012, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MEZZ FUND II LIMITED: Shareholders' Meeting Set for June 25
-----------------------------------------------------------
The shareholders of Mezz Fund II Investments Limited will hold
their final meeting on June 25, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NYDS HOLDING: Shareholders' Final Meeting Set for June 22
---------------------------------------------------------
The shareholders of NYDS Holding Limited will hold their final
meeting on June 22, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PR FINANCE: Shareholders' Final Meeting Set for June 22
-------------------------------------------------------
The shareholders of PR Finance Limited will hold their final
meeting on June 22, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


REPRESENTATIVE SERVICES: Shareholders' Meeting Set for June 22
--------------------------------------------------------------
The shareholders of Representative Services Limited will hold
their final meeting on June 22, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SUMITOMO LIFE: Shareholders' Final Meeting Set for June 8
---------------------------------------------------------
The shareholders of Sumitomo Life Fundings Cayman Limited II will
hold their final meeting on June 8, 2012, at 9:10 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TESORO HOLDINGS: Shareholders' Final Meeting Set for June 22
------------------------------------------------------------
The shareholders of Tesoro Holdings Limited will hold their final
meeting on June 22, 2012, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


* MUNICIPALITY OF MACUSPANA: Moody's Withdraws B1 Issuer Ratings
----------------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of B1/Baa3.mx
of the Municipality of Macuspana.

Ratings Rationale

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

As of May 2012, Moody's has not received 2011 financial accounts,
and the municipality has not been available to discuss 2010
financial results.

The methodologies used in this rating were Regional and Local
Governments Outside the US published in May 2008 and The
Application of Joint-Default Analysis to Regional and Local
Governments published in December 2008.


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


BHD VALORES: Fitch Affirms Issuer Default Ratings at Low-B
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of the Dominican-based
Banco BHD (BHD) and its related entities BHD Valores Puesto de
Bolsa (BHD Valores), Banco de Ahorro y Credito PyME BHD (PyME
BHD), and the Panamanian-based BHD International Bank (Panama)-
BHDIB.

BHD's Viability Rating reflects its sustained high profitability
level, good liquidity and asset quality management, and sound
capital base.  The ratings also incorporate BHD's weak efficiency
ratios and a less diversified income structure compare to regional
peers.  A volatile operating environment and fierce competition
are challenges to preserving the bank's good financial
performance.

BHD is one of the main players in the Dominican banking system.
However, in the event the bank experiences difficulties, support,
although possible, cannot be relied on given the Dominican
Republic's low credit ratings.

The Rating Outlook on BHD's long-term Issuer Default Rating (IDR)
is Positive.  Fitch could upgrade BHD's long-term IDR if the
Positive Outlook on the Dominican Republic's (DR) sovereign rating
materializes and the bank maintains its financial performance with
good asset quality growth and healthy results as observed in
recent years.  In contrast, a change in the Outlook of the
sovereign and deterioration in the bank's overall capitalization
or liquidity position could result in a revision of BHD's Outlook
to Stable.

Despite the challenging operating environment and recent rapid
loan growth, BHD's loan quality metrics have remained relatively
stable and are better than local market averages, based on bank's
knowledge of its customers and enhanced credit risk tools and
policies.  Although loan quality metrics may slightly deteriorate,
Fitch expects these ratios to continue comparing favorably to
domestic peers.  In Fitch's opinion, the bank has pursued very
conservative provisioning policies, allowing the bank to post
consistently ample loan loss reserve coverage.

BHD's capitalization ratios compare better than the market
average.  As of end 2011, the Fitch core capital to risk weighted
assets ratio equaled 16.19%, higher than the market average and
comparable with the median of adequately capitalized banks in the
region.  However, risk weighted assets are highly benefit by the
large share of Dominican Central Bank instruments in the balance.

As with the rest of the banking system, BHD's performance was
affected by an unexpected new tax on net financial assets of 1% in
force since mid-2011, and higher inflation that pressured
operational costs.  However, given BHD's adequate interest margin
management, strong asset quality metrics, and higher non recurrent
gains, the bank maintained its ROAA close to 3% in 2011, which
dropped only slightly compared to 2010.  Under the absence of new
fiscal measures by the government, Fitch forecasts that BHD's
profitability will continue at similar levels in 2012, without
posting non recurrent income.

Fitch expects BHD to preserve its good liquidity levels shown over
recent years, backed by a diversified funding base and a liquid
investment portfolio, fairly concentrated in public debt (87% were
central bank instruments and mostly short-term maturity) and bank
deposits.

The ratings for BHD Valores, PyME BHD and BHDIB also reflect the
operational and financial support provided by BHD and its sole
shareholder Centro Financiero BHD (CFBHD).  In Fitch's view, a
clear commercial identification among these entities with BHD and
CFBHD, and the reputation risk at which they would be exposed in
the case of eventual troubles at these entities results in a high
probability of direct or indirect support by BHD and CFBHD, should
it be required.  A positive action on BHD's ratings will result in
an upgrade of BHD Valores, PyME BHD and BHDIB national ratings.

BHD is the third largest commercial bank in the Dominican
Republic, with a 12% market share of total system assets as of
December 2011.  BHD is 98% owned by CFBHD and is its largest
subsidiary, with about 90% of combined assets and 73% of net
income before eliminations as of December 2011.  Other
subsidiaries of CFBHD are BHD Valores, a brokerage company with a
growing investment banking business in the Dominican market; PyME
BHD, a bank specializing in small business loans in the Dominican
Republic which will be absorbed by BHD in the short term; BHDIB, a
bank which operates under an international license in Panama and
offers USD denominated loans to Dominicans funded with deposits in
the same currency; and other minor financial entities.

Fitch has affirmed the following ratings:

Banco BHD:

  -- Long-term foreign and local currency IDRs at 'B'; Positive
     Outlook;
  -- Short-term foreign and local currency IDRs rating at 'B';
  -- Viability Rating at 'b';
  -- Support at '5'; --Support Floor at 'NF';
  -- Long-term National rating at 'AA-(dom)'; Positive Outlook;
  -- Short-term National rating at 'F1+(dom)'.

BHD Valores Puesto de Bolsa:

  -- Long-term National rating at 'AA-(dom)'; Positive Outlook;
  -- Short-term National rating at 'F1+(dom)';
  -- Long-term National senior unsecured debt rating at 'AA-
     (dom)';
  -- Short-term National senior unsecured debt rating at 'F1+
     (dom)'.

Banco de Ahorro y Credito PyME BHD:

  -- Long-term National rating at 'AA-(dom)'; Positive Outlook;
  -- Short-term National rating at 'F1+(dom)'.

BHD International Bank:

  -- Long-term National rating at 'AA-(dom)'; Positive Outlook;
  -- Short-term National rating at 'F1+(dom)'.


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


CARIBBEAN AIRLINES: Appoints Clive Forbes as General Manager
------------------------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited has
appointed Clive Forbes as general manager with responsibility for
the airline's Jamaican operations.

Mr. Forbes comes to Caribbean Airlines with an extensive
background in general management, business development, sales,
marketing and operations having worked for many years at several
large Jamaican and Caribbean-based corporations in the fields of,
telecommunications, food and beverage and transportation
(maritime), including his latest post as general manager of The
Caribbean Shipping Association, the airline said in a statement
obtained by Trinidad Express.

Trinidad Express notes that the statement said that with a BSc in
Electrical and Computer Engineering from the University of the
West Indies, St. Augustine, Trinidad and Project Management
certification from the University of New Orleans, Mr. Forbes's
management skills and diverse experience are the right mix to
accelerate the growth and development of the airline.

Mr. Forbes replaces Will Rodgers who has been acting general
manager at the airline since February 2011, Trinidad Express says.

                      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.


CARIBBEAN AIRLINES: Faces Operational Risk
------------------------------------------
RJR News reports that there's deepening concern regarding the
financial state of Caribbean Airlines Limited, which has a
controlling stake in Air Jamaica.

A senior member of the Trinidadian government is admitting that
the air carrier is facing what he described as an operational
risk, according to RJR News.  The report relates that this follows
the revelation that Caribbean Airlines and its Jamaican subsidiary
racked up a combined loss of US$90 million in 2011.

RJR News, citing Trinidad's Express newspaper, relates that
Finance Minister Winston Dookeran as saying his Ministry has asked
Caribbean Airlines for a list of its financial requirements and a
business plan for the future.

Mr. Dookeran said this will determine the level of financial
injection needed and the type of intervention the government will
pursue, RJR News notes.

RJR News discloses that the airline's outstanding liabilities
stand at an estimated US$40 million including debts to suppliers
and 5 million US in taxes owed to the US Internal Revenue Service
(IRS) for a penalty charge.  RJR News relays that the majority of
CAL's debt is centered around two investments -- the decision to
acquire nine aircraft and its Air Jamaica commitments.

Trinidad Express said that Air Jamaica's majority owner is
struggling to finalize payment for the planes after making a
deposit of US$200,000 on each aircraft, RJR News notes.

The report states that CAL now faces a default risk, as well as
penalties and interest, on the Heads of Agreement signed with the
supplier, ATR.

Meanwhile, RJR News notes that Caribbean Airlines might have to
liquidate its investments to address the costly operations of Air
Jamaica.  RJR News relates that sources said the present CAL board
made commitments to Air Jamaica during its Transition Services
Agreement without approval or having a business plan.

They include operating the Air Jamaica to Havana route as well as
the Montego Bay/Kingston shuttle service, RJR News notes.

The Express newspaper says the business plan for the Air Jamaica
operations had forecast a profit of US$16 million in 2011 but
data show a US$38 million loss during the year, RJR News adds.

                      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.


TRINIDAD CEMENT: Striking Workers Say Protests a Success
--------------------------------------------------------
Laurel V Wiliams and Richardson Dhalai at Trinidad and Tobago
Newsday reports that Trinidad Cement Limited labeled their action
as a "success" saying although they had not received salary
increases and better working conditions, they have exposed what
they were describing as an "immature" management.

A few striking workers explained that while management claimed
workers are returning to the job, they estimated only about 25%
have done so, according to Trinidad and Tobago Newsday.

The report notes that an unnamed worker charged many "hustlers"
capitalized on employment opportunities while the strike was being
highlighted via the media.  When management could not have gotten
us to return to work they hired anybody," said the worker, the
report relays.

Trinidad Newsday notes that the strike will mark its 90th day
soon.

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

                     About Trinidad Cement

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

                        *     *     *

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

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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