TCRLA_Public/120702.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

              Monday, July 2, 2012, Vol. 13, No. 129


                            Headlines



A R G E N T I N A

CLUB DIGITAL: Creditors' Proofs of Debt Due Aug. 22
DESARROLLOS LK: Creditors' Proofs of Debt Due Aug. 13
MARINA BLANCA: Creditors' Proofs of Debt Due Aug. 10
MECCA CASTELAR: Creditors' Proofs of Debt Due Sept. 18
OSL SA: Creditors' Proofs of Debt Due Oct. 3

YPF SA: To Make US$125 Million Loan Repayment to Repsol
* MUNICIPALITY OF MENDOZA: Moody's Assigns 'B2' Issuer Ratings


B E R M U D A

WHITE'S SOUTHSIDE: Pharmacy Closes as Fears Grow for Store


B R A Z I L

CAMARGO: Fitch Downgrades Issuer Default Rating to 'BB-'
JBS SA: S&P Reinstates 'BB' Rating on $350MM Sr. Unsecured Notes


C A Y M A N   I S L A N D S

AES CEMIG: Commences Liquidation Proceedings
AGSSF HOLDINGS: Creditors' Proofs of Debt Due July 19
CCPMF CAYMAN: Creditors' Proofs of Debt Due July 19
CITIC CAPITAL: Creditors' Proofs of Debt Due July 13
CITIC CAPITAL MANAGEMENT: Creditors' Proofs of Debt Due July 13

CLP CAYMAN: Creditors' Proofs of Debt Due July 19
GIANT POWER: Creditors' Proofs of Debt Due July 13
PSW NYC: Creditors' Proofs of Debt Due July 19
SMART TEAM: Creditors' Proofs of Debt Due July 13
TOP FUND: Creditors' Proofs of Debt Due July 13


G U A T E M A L A

CENTRAL AMERICA BOTTLING: S&P Affirms 'BB' Corp. Credit Rating


M E X I C O

HSBC MEXICO: Moody's Lowers Rating on Class A1 Notes to 'Ba2'
ING BANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
KLOECKNER HOLDINGS: Moody's Assigns 'B2' CFR; Outlook Stable
VITRO SAB: Appeals Court Stops Bondholders From Seizing Assets


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Planning to Sell 4 of 9 Aircraft Ordered
TRINIDAD CEMENT: Completes Debt Restructuring


                            - - - - -


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


CLUB DIGITAL: Creditors' Proofs of Debt Due Aug. 22
---------------------------------------------------
Mauricio Rosenblaum, the court-appointed trustee for Club Digital
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Aug. 22, 2012.

Mr. Rosenblaum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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:

         Mauricio Rosenblaum
         Bartolome Mitre 2296
         Argentina


DESARROLLOS LK: Creditors' Proofs of Debt Due Aug. 13
-----------------------------------------------------
Bartolome Horacio Bavio, the court-appointed trustee for
Desarrollos LK SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Aug. 13, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Bartolome Horacio Bavio
         Av. de Mayo 1324
         Argentina


MARINA BLANCA: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------------
Jorge Tomas Byrne, the court-appointed trustee for Marina Blanca
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Aug. 10, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Tomas Byrne
         Carlos Pellegrini 1055
         Argentina


MECCA CASTELAR: Creditors' Proofs of Debt Due Sept. 18
------------------------------------------------------
Estudio Cichero y Asociados, the court-appointed trustee for
Mecca Castelar Saicif's reorganization proceedings, will be
verifying creditors' proofs of claim until Sept. 18, 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:

         Estudio Cichero y Asociados
         Viamonte 1519
         Argentina


OSL SA: Creditors' Proofs of Debt Due Oct. 3
--------------------------------------------
Carlos Alberto Bavio, the court-appointed trustee for OSL SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Oct. 3, 2012.

Mr. Bavio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk No.
44, 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:

         Carlos Alberto Bavio
         Pavon 4374
         Argentina


YPF SA: To Make US$125 Million Loan Repayment to Repsol
-------------------------------------------------------
Rodrigo Orihuela and Pablo Gonzalez at Bloomberg News report that
YPF SA said it plans to pay off a $125 million loan to Repsol SA
after the Spanish company sought immediate reimbursement
following the nationalization of YPF SA.

YPF will also pay interest due Nov. 4, 2013, after Repsol sent a
letter seeking payment, Buenos Aires-based YPF said in a filing
with the U.S. Securities & Exchange Commission, according to
Bloomberg News.  The report relates that the loan was issued
Aug. 3, 2011, before the nationalization.

Argentina's government seized a 51% stake in YPF from Spain's
Repsol in April after saying the company wasn't investing enough
in exploration and production, Bloomberg News notes.  Bloomberg
News relates that YPF SA's rating was lowered by Moody's
Investors Service on June 12 on the risk of debt acceleration.

Bloomberg News relays that Repsol's debt payment request was the
first for Buenos Aires-based YPF since the seizure.

"I don't think other investors will follow Repsol by asking for
YPF debt acceleration because of the change of control clause,"
Luz Padilla, head of investment activities at Doubleline Capital
LP, said in a telephone interview from Los Angeles. "Even if some
do, we think the Argentine government will cover the payments.
They have already told investors they will and it makes no sense
for them not to do it."

"Repsol's decision is based on the change of control of YPF. . .
. The loan was made in the context of financial support provided
by the parent company to its affiliate and no longer has a reason
to exist," Repsol spokesman Kristian Rix told Bloomberg News in a
telephone interview.

YPF SA will immediately pay back the loan, according to the SEC
filing, Bloomberg News says.

                          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.


* MUNICIPALITY OF MENDOZA: Moody's Assigns 'B2' Issuer Ratings
--------------------------------------------------------------
Moody's Latin America has assigned local currency issuer ratings
of B2 (Global Scale) and Aa3.ar (Argentina National Scale) to
the Municipality of Mendoza. The outlook for the municipality is
stable.

Ratings Rationale

The assigned ratings reflect the municipality's solid trend of
positive gross operating balances, low debt-to-revenue levels,
and a strong liquidity position. These credit positives are
partially offset by the recording of volatile cash financing
results driven by relatively large capital expenditures. The
ratings are further constrained by the challenging operating
environment in Argentina (government bond rating B3 stable
outlook).

Mendoza benefits from an important economic activity that
supports a relatively strong own source revenue base. As of
December 2011, own source revenues represented almost 50% of
operating revenues. "While the city still has room to further
increase its own source revenues, the current levels provide the
city a reasonable degree of revenue flexibility", said Moody's
analyst Patricio Esnaola.

Debt-to-revenue levels are significantly low representing only
11% of total revenues in 2011. "Going forward, debt levels are
expected to continue declining as outstanding loans reach
maturity. The municipality's lack of borrowing plans also
supports our view that debt levels will remain affordable in the
near term", addedMr. Esnaola.

Despite its intrinsic strengths, the credit quality of
the municipality of Mendoza is anchored by the B3 global scale
rating of the Government of Argentina. The weak institutional
strength and lack of visibility regarding key policy decisions at
the national level remain a primary concern and continue to
negatively impact the credit quality of sub-sovereign issuers in
the country.

Moody's notes that recent policy actions undertaken by the
national government evidence a further deterioration in the
country's operating environment. If Argentina's ratings were to
move down, the credit quality of sub-sovereign governments
in Argentina would likely be negatively affected.

In addition, the city of Mendoza still faces its own credit
challenges such as the necessity to stabilize cash financing
results and deal with ongoing spending pressures, especially for
personnel.

What Could Change The Rating Up/Down

Continued and sustained improvement in financial performance
together with an improvement in the sovereign rating could result
in upward pressure on the municipality's ratings.

Sudden increases in Mendoza's debt burden and/or short-term
borrowing that might threaten its strong liquidity, could exert
downward pressure on the ratings. An ongoing mismatch in revenue
and expenditure growth affecting the city's current solid
operating margins and, consequently, its medium to long term
financial stability, could also exert downward pressure on the
ratings. Further deterioration in the country's operating
environment in Argentina triggering policy actions coming from
the national government would also exert downward pressure on the
ratings.



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


WHITE'S SOUTHSIDE: Pharmacy Closes as Fears Grow for Store
----------------------------------------------------------
The Royal Gazette reports that there are fresh fears about the
future of White's Supermarkets and the 85 people they employ as
customers reported nearly bare shelves and the pharmacy at the
Southside store closed.

Two local wholesalers have also filed legal action against the
company, according to The Royal Gazette.

The report notes that earlier this month Pitt & Company Ltd and
BGA Ltd took out writs against White's "carrying on business as
White & Sons Supermarket, Southside Supermarket and Haywards
Supermarket".

"The simple answer is that the situation there has gone from bad
to worse rather than from bad to better as they had suggested
back in April . . . .  I live near White's in Warwick and have
observed the steady decline of cars in their parking lot," the
report quoted a senior food industry source as saying.

A report notes that an industry source said that the supermarkets
would not likely be able to be sold in this economy.

In April, the report recalls that the owners of White's told this
newspaper they and their staff of 85 were working hard to turn
things around after a difficult period.

Gary White told The Royal Gazette that with "much hard work and
difficult decisions, we are on our way back. . . . To set the
record straight, as of right now, White & Sons is not closing,"
he said then. "If it was decided that White's would be closing,
we would inform our customers promptly and make no secret of it."

Admitting stock has not been what it should, he had assured that
management was working to change that and appealed for customers
to stick by them for the sake of the company's many long-serving
staff, the report adds.



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


CAMARGO: Fitch Downgrades Issuer Default Rating to 'BB-'
--------------------------------------------------------
Fitch Ratings has downgraded the ratings of Brazilian
Conglomerate Camargo Correa S.A.'s and its subsidiaries as
follows:

Camargo:

  -- Foreign currency Issuer Default Rating (IDR) to 'BB-' from
     'BB+';
  -- Local currency IDR to 'BB-' from 'BB+';
  -- National scale rating to 'A+(bra)' from 'AA(bra)';
  -- National short-term credit rating to 'F1(bra)' from 'F1+
     (bra)';
  -- BRL1.0 billion debentures 2nd Issuance (due 2014) to 'A+
     (bra)' from 'AA(bra)';

CCSA Finance Limited:

  -- Foreign currency IDR to 'BB-' from 'BB+';
  -- Local currency IDR to 'BB-' from 'BB+';
  -- US$250 million senior unsecured bonds due 2016 to 'BB-' from
     'BB+';

In conjunction with these rating actions, Fitch Ratings has
downgraded and withdraw the ratings for the following entities
and securities due to the lack of public interest as these are
private-placement debt.

Camargo:

  -- BRL850 million debentures 4th Issuance: (due 2020) to 'A+
     (bra)' from 'AA(bra)';
  -- BRL600 million debentures 6th Issuance: (due 2015) to 'A+
     (bra)' from 'AA(bra)';

Camargo Correa Investimentos em Infraestrutura S.A. (CCII):

  -- National scale rating to 'A+(bra)' from 'AA(bra)';
  -- BRL700 million debentures 2nd Issuance (due 2020) to 'A+
     (bra)' from 'AA(bra)';

VBC ENERGIA S.A. (VBC):

  -- National scale rating to 'A+(bra)' from 'AA(bra)';
  -- BRL1.2 billion BNDES Loan (due 2014) to 'A+(bra)' from
     'AA(bra)'.

The Rating Outlook is Stable.

These rating actions follow the completion of the tender offer
through which Camargo indirectly has acquired a total of 39.96%
of Cimentos de Portugal, SGPS, S.A. (Cimpor) for 1.5 billion
euros (approximately USD1.9 billion or BRL3.8 billion).  With the
acquisition, Camargo increased its indirect participation in
Cimpor to 73%, which is now a Camargo's subsidiary.

The company has also recently announced that it has signed an
agreement with Votorantim Group (Votorantim) which contemplates
that Camargo and Votorantim will swap the participation that
Votorantim holds in Cimpor for part of Cimpor's assets in China,
India, Morocco, Tunisia, Turkey, Spain and Peru.  The agreement
also considers that Camargo will contribute its cements assets
into Cimpor.  With full execution of the shareholders agreement,
which is expected to be completed by the end of the year, Camargo
is expected to hold a 94.1% stake in Cimpor, excluding the assets
swapped with Votorantim.

The downgrade reflects Fitch's views that the completion of this
transaction is negative to Camargo's credit quality considering
the leverage being added to the business through this strategic
acquisition.  Camargo's capital structure was already under
pressure from high leverage and poor operational performance in
the company's engineering & construction businesses, and this
transaction will not allow the company to deleverage to the
degree that was previously anticipated by Fitch.  Strategically,
the proposed transaction is considered positive in the medium
term as it will increase Camargo's presence in the global cement
market and broaden its geographic diversification.  It will also
generate synergies with Camargo's highly correlated core
businesses of cement, engineering and construction.

The Stable Outlook consider the expectation that Camargo will
manage its consolidated net leverage around 4.5 times (x) range
during the near term to medium term, while keeping adequate
liquidity reflected in sizeable cash position coupled with a
flexible debt payment schedule.  Key rating drivers include the
development of the Brazilian macroeconomic environment in which
the company operates, operational performance of the company's
core businesses, including Cimpor's operations, and Camargo's
business strategy as to organic and inorganic growth.

The transaction was funded with incremental debt and the company
has already secured long term financing for a total amount of
approximately BRL4.24 billion -- to fund the transaction and
support its liquidity -- which includes BRL1.5 billion local
debentures (private placement) and two offshore loans for EUR460
million and USD750 million.  These three facilities have been
structured with a 10-year tenor and include a 5-year grace
period.

Camargo's credit ratings reflect the company's diversified
portfolio of operations, solid market position in the industries
in which it participates, the medium-term outlook and different
degrees of cyclicality related to its core businesses, and
adequate liquidity.  Camargo's credit ratings also incorporate
the structural subordination of the parent company debt to the
debt at its operating companies.  The ratings factor in the
company's growth strategy which includes merger and acquisitions
activity as an important component.

As of Dec. 31, 2011, Camargo had BRL16.8 billion, BRL3.5 billion,
and BRL2.4 billion (consolidated figures) in gross debt, cash,
and EBITDAR, respectively, resulting in the company's
consolidated gross and net leverage reaching high levels of 6.5x
and 5x, respectively, for 2011.  On a pro forma basis,
considering Cimpor's credit profile by the end of March 2012,
Camargo's consolidated net leverage, including the incremental
BRL3.8 billion financing the transaction and the net BRL2.1
billion received from sale of the remaining stake in Usiminas
during the first quarter of 2012, is estimated at 4.6x.

Fitch would view a combination of the following as negative to
credit quality that could lead to a negative rating action:
adverse macroeconomic trends leading to weaker credit metrics,
debt-funded acquisitions, aggressive change in its dividend
payment strategy, deterioration in the company's leverage metrics
resulting from the execution of the shareholders agreement with
Votorantim, and worsening in the company's construction,
homebuilding and engineering business during the year resulting
from a more adverse macroeconomic and operating environment.
Expectations by Fitch of total adjusted net debt to EBITDA being
consistently beyond 5.0x will likely result in a negative rating
action.  Conversely, a more conservative approach in the
company's financial strategy related to its leverage management
reaching consistently consolidated net leverage around 3.0x while
keeping adequate liquidity over the time could trigger a positive
rating action.


JBS SA: S&P Reinstates 'BB' Rating on $350MM Sr. Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on JBS
S.A.'s $350 million 10.25% notes due 2016 by reinstating the 'BB'
rating. These notes were originally issued by Bertin Ltda. (later
Bracol Holding Ltda.) and assumed by JBS upon its merger with
Bertin S.A. (the subsidiary created by Bracol to hold its assets
and liabilities related to beef and leather operations). "We
inadvertently withdrew the rating on these notes when we withdrew
our corporate credit rating on Bracol Holdings Ltda. in April
2010. Our rating on the notes is the same as our 'BB' corporate
credit rating and unsecured debt rating on JBS," S&P said.

RATINGS LIST
JBS S.A.
Corporate credit rating                        BB/Stable/--

Rating Reinstated
JBS S.A
$350 mil. senior unsecured notes due 2016      BB



===========================
C A Y M A N   I S L A N D S
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AES CEMIG: Commences Liquidation Proceedings
--------------------------------------------
On May 30, 2012, the shareholders of AES CEMIG Empreendimentos
II, Ltd. resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidators are:

         Bradley Smith
         Zafar Hasan
         Citco Trustees (Cayman) Limited
         89 Nexus Way
         PO Box 31106 Grand Cayman
         Cayman Islands


AGSSF HOLDINGS: Creditors' Proofs of Debt Due July 19
-----------------------------------------------------
The creditors of AGSSF Holdings Limited are required to file
their proofs of debt by July 19, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 6, 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


CCPMF CAYMAN: Creditors' Proofs of Debt Due July 19
---------------------------------------------------
The creditors of CCPMF Cayman Holdco Ltd. are required to file
their proofs of debt by July 19, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 7, 2012.

The company's liquidator is:

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


CITIC CAPITAL: Creditors' Proofs of Debt Due July 13
----------------------------------------------------
The creditors of Citic Capital Vanke China Property Partners
Limited are required to file their proofs of debt by July 13,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2012.

The company's liquidator is:

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


CITIC CAPITAL MANAGEMENT: Creditors' Proofs of Debt Due July 13
---------------------------------------------------------------
The creditors of Citic Capital Vanke China Property Management
Limited are required to file their proofs of debt by July 13,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2012.

The company's liquidator is:

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


CLP CAYMAN: Creditors' Proofs of Debt Due July 19
-------------------------------------------------
The creditors of CLP Cayman Holdco Ltd. are required to file
their proofs of debt by July 19, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 7, 2012.

The company's liquidator is:

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


GIANT POWER: Creditors' Proofs of Debt Due July 13
--------------------------------------------------
The creditors of Giant Power Investments Limited are required to
file their proofs of debt by July 13, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2012.

The company's liquidator is:

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


PSW NYC: Creditors' Proofs of Debt Due July 19
----------------------------------------------
The creditors of PSW NYC Holdings, Inc. are required to file
their proofs of debt by July 19, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 7, 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


SMART TEAM: Creditors' Proofs of Debt Due July 13
-------------------------------------------------
The creditors of Smart Team Investments Limited are required to
file their proofs of debt by July 13, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2012.

The company's liquidator is:

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


TOP FUND: Creditors' Proofs of Debt Due July 13
-----------------------------------------------
The creditors of Top Fund Investment Company Limited are required
to file their proofs of debt by July 13, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2012.

The company's liquidator is:

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



=================
G U A T E M A L A
=================


CENTRAL AMERICA BOTTLING: S&P Affirms 'BB' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating and its senior unsecured debt rating on
Guatemala-based beverage bottler The Central America Bottling
Corp. (CabCorp). The outlook is negative.

"The affirmation follows CabCorp's recent acquisition of a
controlling stake in Grupo Tesalia (not rated), an exclusive
Pepsi Bottler in Ecuador. CabCorp will pay $63 million for 50.5%
of the company, and will consolidate Grupo Tesalia's financial
statements with its own, including net debt of $59 million.
CabCorp will fund this transaction through a part of the proceeds
of the $200 million international bond issued in first-quarter
2012," S&P said.

"We expect that with this acquisition, CabCorp will continue to
increase its geographic diversification in Latin America, while
expanding its non-carbonated soft drink (CSD) categories such as
bottled water, isotonics, and energy drinks, as Grupo Tesalia has
a significant market share in these products in Ecuador. 'We will
closely monitor the acquisition's integration and the achievement
of expected synergies, mainly in raw materials such as resin,"
said Standard & Poor's credit analyst Laura Martinez.

"Our ratings on CabCorp reflect our view of the country and
macroeconomic risk in certain regions where the company operates;
intense competition; foreign-currency exposure related to
CabCorp's high proportion of dollar-denominated debt; and its
exposure to volatile commodity prices, especially for sugar and
resin. These factors are partially mitigated by the company's
leading positions in the markets where it operates, extensive
distribution network, and stable cash-flow generation. We
consider the company's business risk profile as 'fair' and its
financial risk profile as 'significant,'" S&P said.

"The rating on the notes reflects the upstream guarantees that
most of CabCorp's subsidiaries provide, which mitigate the notes'
structural subordination. According to our criteria these
guarantees are sound, because about 60% of the proceeds from the
issuance of the notes will be downstreamed to prepay operating
debt. The rest of the net proceeds will be used to fund the
acquisition in Ecuador and for other corporate purposes. We
expect the subsidiary guaranty from Ecuador for its existing
senior unsecured debt to be in place in the near term," S&P said.

"The outlook is negative. This mirrors the negative outlook on
the Republic of Guatemala (BB/Negative/B) because pro forma for
the acquisition, the company will generate about 47% of its
EBITDA in that country. We could lower the rating if capital
expenditures, a major acquisition, or operating weakness leads to
an adjusted debt-to-EBITDA ratio of more than 4.0x on a pro forma
basis, or if we lower the rating on Guatemala. A revision of the
outlook to
stable would be limited to a similar revision on the sovereign,
coupled with the company's ability to maintain stable financial
indicators in the next 12 months," S&P said.



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M E X I C O
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HSBC MEXICO: Moody's Lowers Rating on Class A1 Notes to 'Ba2'
-------------------------------------------------------------
Moody's de Mexico has downgraded the ratings on the BRHCCB 08U
Class A1 certificates that HSBC Mexico, S.A. Institucion de Banca
Multiple, Grupo Financiero HSBC, Division Fiduciaria, acting
solely as trustee, has issued. The certificates remain on review
for possible downgrade.

The complete rating action is as follows:

Originator: Hipotecaria Su Casita, S.A. de C.V. Sociedad
            Financiera de Objeto Multiple E.N.R.

Servicer: Patrimonio, S.A. de C.V. Sociedad Financiera de Objeto
          Limitado, SOFOL.

Issuer: HSBC Mexico, S.A. Institucion de Banca Multiple, Grupo
        Financiero HSBC, Division Fiduciaria, acting solely as
        trustee.

-- Class A1 BRHCCB 08U, downgraded to A2.mx (sf) from Aa2.mx (sf)
(Mexican National Scale) and to Ba2 (sf) from Baa3 (sf) (Global
Scale, Local Currency); the ratings remain on review for
downgrade.

Ratings Rationale

The continued interest payment defaults on the BRHCCB 08U Class
A1 certificates since April 2012 is the reason for the rating
action. Moody's considered the rating implementation guidance
"Moody's Approach to Rating Structured Finance Securities in
Default," published in November 2009, in its decision to
downgrade the certificates.

The continued interest payment defaults on Class A1 BRHCCB 08U
are the result of several factors:

1) A considerable decline in mortgage collections following the
servicing transfer to Patrimonio.

2) A considerable rise in mortgage expenses that Patrimonio as
the new servicer nets from total collections to reimburse Su
Casita for expenses it had incurred on behalf of the trust.

3) Transaction provisions that increase liquidity risk: The
transaction currently allocates all principal collections towards
amortization of the Class A1 certificate and does not allow
principal collections to cover any interest shortfalls.

4) The mortgage portfolio's high level of delinquencies: Nearly
44% of the total pool is either more than 90 days past due or in
real-estate-owned status as of May 31, 2012, which adds to
liquidity risk, because less interest is available to distribute.
This, coupled with the decline in mortgage collections and rise
in expenses have triggered the Class A1 interest defaults since
they have resulted in considerably lower amounts available for
distribution under the interest waterfall following the servicing
transfer.

Although these factors increase the risk of interest defaults on
Class A1, Moody's notes that the Class A1 certificates benefit
from a strong level of credit enhancement of 80% in the form of
overcollateralization and subordination from the Class A2 and B
certificates, neither of which receive principal payments until
the Class A1 pays down in full. As a result of this feature,
approximately 64% of the original Class A1 balance has paid down
to date.

Moody's notes that as of this date, investors have not approved
any amendments to modify the transaction to allow the use of
principal collections to make interest payments, which would
increase the likelihood of timely interest payments on Class A1.

Moody's had downgraded the ratings on the Class A1 certificates
to Aa2.mx (sf) from Aaa.mx (sf) and to Baa3 (sf) from Baa1 (sf)
on 18 October 2011. The downgrades, which preceded the then-
pending transfer of servicing to Patrimonio, reflected the
heightened risk of a default on interest payments following the
transfer. Patrimonio took over servicing in February 2012.

Moody's also rates two other certificates in the transaction that
have experienced interest payment defaults since April 2012:
Class A2 BRHCCB08-2U, rated Ba2.mx (sf) and B2 (sf) and Class B
BRHCCB 08-3U, rated Ca.mx (sf) and Ca (sf). However, Moody's has
not taken rating action on these certificates because their low
ratings already signal their potential exposure to extended
interest payment defaults over time.

In issuing and monitoring these ratings, Moody's de Mexico S.A.
de C.V. considered the existence and extent of arrangements and
mechanism, if any, to align the incentives of the originator,
servicer, administrator and guarantor of the securities with
those of its potential acquirers.

Credit ratings incorporate Moody's macroeconomic outlook and its
implications on key variables that may include but not be limited
to interest rates, inflation, economic growth, unemployment,
performance of counterparties, credit availability, sector level
changes in competitive conditions, supply/demand and margins, and
issuer specific changes in capital structure, competitive
positioning, governance, risk profile, and liquidity. Unexpected
changes in such variables may lead to changes in the credit
rating level, potentially by several notches. Further information
on the sensitivity of the rating to specific assumptions is
included in this disclosure.

With respect to the mortgage cash flow analysis, quantitative
models and measurements, Moody's considered that Class A1 has
strong credit enhancement of 80% in the form of subordination and
overcollateralization to cover Moody's projection of lifetime
losses of 23% of the current pool, resulting in approximately 3.5
times coverage against future pool losses. Absent the liquidity
risks that the Class A1 certificate is exposed to, this strong
level of loss coverage could be consistent with a rating of
Aaa.mx (sf).

Given that the rating action is monitoring-related, a review of
origination practices did not apply. Moody's considered the
servicer's practices following the servicing transfer to
Patrimonio and considers them adequate.

With respect to the sensitivity of the ratings, Moody's will
monitor the level at which mortgage collections and pool expenses
stabilize in the coming months to determine if the interest
payment defaults on Class A1 will be remedied. In the event of
recurring missed interest payments and continued uncertainty with
respect to the level of collections and expenses, Moody's may
downgrade the Class A1 ratings by multiple notches, despite its
strong credit enhancement. However, if interest payment defaults
are temporary and resolution takes place in the near-term and if
Class A1's interest coverage ratio recovers, Moody's may upgrade
Class A1's ratings by multiple notches due to its strong credit
enhancement.

The methodology used in this rating was "Moody's Approach to
Monitoring Residential Mortgage-Backed Securitizations
in Mexico", published August 2009.

The date of the last Credit Rating Action on these certificates
was May 8, 2012.

Data considered for this rating action is dated as of June 26,
2012.


ING BANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
-------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength ratings (BFSRs) or lowered the standalone
credit assessments (BCAs) of six Mexican banks by one to two
notches. The global local currency (GLC) deposit ratings of seven
banks were also downgraded by one to three notches. The national
scale ratings of six financial institutions were downgraded by
one to four notches.

The revised ratings of seven financial institutions carry stable
outlooks. The outlook on the standalone, global local deposit and
debt ratings of one bank remains on review for downgrade and the
outlook on the ratings of one bank is negative.

The rating actions stem from Moody's updated assessment of the
linkage between the credit profiles of sovereigns and financial
institutions domiciled within the country, as discussed in the
rating implementation guidance "How Sovereign Credit Quality May
Affect Other Ratings" published on 13 February 2012, and further
detailed in the special comment "Banks and Sovereigns: Risk
Correlations Constrain Standalone Bank Credit Assessments"
published on April 30, 2012. The repositioning of the ratings
also incorporates Moody's recent rating actions taken on the
affected banks' European and US parent banking groups, and they
conclude the reviews initiated on 24 February, 15 March, and 14
May 2012. The rating actions on the parent groups are further
discussed in the press releases "Moody's downgrades firms with
global capital markets operations," dated 21 June 2012; "Moody's
downgrades Spanish banks," dated 25 June 2012; and "Moody's
downgrades Dutch banking groups; most outlooks now stable," dated
15 June 2012.

Ratings Rationale

DOWNGRADE OF STANDALONE RATINGS TO THE SOVEREIGN DEBT RATING
LEVEL

The following standalone BFSRs and BCAs were downgraded to the
level of Mexico's Baa1 sovereign debt rating:

- BBVA Bancomer, S.A. (Bancomer): to C-/baa1, on review for
downgrade, from C+/a2

- Banco Nacional de Mexico, S.A. (Banamex): to C-/baa1, stable,
from C+/a2

- Banco Santander (Mexico), S.A. (Santander Mexico): to C-/baa1,
stable, from C/a3

The lowering of these banks' standalone ratings and credit
assessments reflects Moody's view that their creditworthiness is
highly correlated with the credit strength of the Mexican
government. The key drivers for the rating actions were (i) the
high level of balance sheet exposure to domestic sovereign debt
compared with the banks' capital bases; and (ii) their primarily
domestic business that depends on the domestic macroeconomic and
financial environment; and balanced by (iii) the banks' franchise
resilience and financial strength within the Mexican operating
environment.

Moody's review indicates that there is little, if any, reason to
believe that these banks would be insulated from a government
debt crisis, reflecting the linkage between the sovereign and the
bank's credit profiles; in particular, their significant holdings
of Mexican government securities, equal to three times Tier 1
capital, on average, based on publicly available consolidated
data as of March 2012. In addition, the Mexican banks are
primarily domestic institutions with macroeconomic exposures
similar to those of the sovereign government; hence their
standalone ratings are now positioned at the level of the Mexican
government's local currency bond rating.

Standalone Ratings Below The Level Of The Government

The following standalone BFSRs and/or BCAs were affected:

ING Bank, S.A. (Mexico) (ING Mexico): E+/b1, with negative
outlook, from D-/ba3

Bank of America Mexico, S.A.'s (BAMSA): ba1, from baa3

Moody's downgraded the standalone ratings and credit assessments
of ING Mexico to reflect the weakening of the bank's market and
financial position, as indicated by continued contraction in
business volumes and assets, as well as recurring losses. Moody's
has also lowered BAMSA's standalone BCA to ba1, from baa3,
reflecting the close operational and business linkages between
BAMSA and its parent, Bank of America, N.A. (BofA).

Deposit and Debt Ratings

The downgrade of the local currency deposit and debt ratings of
eight Mexican financial institutions is driven by the lowering of
the banks' standalone assessments and/or by lower parent ratings.

Moody's ratings incorporate assumptions about potential external
support from a parent institution, or a regional or national
government. These assumptions reflect both the capacity and the
willingness of such third parties to support a bank in the event
of stress, and can lead to a subsidiary's deposit and debt
ratings being lifted above its standalone credit assessment. The
degree of uplift depends on a bank's relevance to the parent
banking group and/or its systemic importance as a deposit-taker
and lender.

Moody's assessment of parental support in the ratings of the
Mexican subsidiaries of international banks incorporates the
banks' strategic fit within its parent group, as well as the
strategic and operational interdependence with its parent bank.
The analysis also considers the effects of the reduced credit
strength and sustained decline in the capacity of parent groups
to support their cross border subsidiaries, as well as the
positioning of each bank's standalone credit assessment relative
to its parent's standalone profile.

The deposit and debt ratings of the three banks whose standalone
profiles are now positioned at the same level as the sovereign
rating continue to benefit from notching of uplift due to parent
and/or government support assumptions. The deposit and debt
ratings of the other five banks also benefit from uplift, between
one to three notches, in their case solely based on parental
support assumptions given these banks' limited systemic
importance.

What Could Move The Ratings Up/Down

As the key drivers of the actions are largely structural in
nature, upward rating pressure is unlikely in the near term.
Beyond the foreseeable future, a combination of an improving
operating environment, declining sovereign-risk exposures and an
improvement in the credit risk profile of the national government
could positively influence Mexican banks' ratings. Conversely, a
deterioration in the banks' operating environment, a weakening of
their standalone financial fundamentals or that of their parent
banking groups could exert downward pressure on the ratings.

List of Rating Actions

The following rating actions were taken:

Bbva Bancomer

Bancomer's long-term deposit and debt ratings were downgraded by
one notch to A2 on review for downgrade, from A1, and now
incorporate two notches of uplift due to Moody's assumption of
probability of support: one notch from parental support, and
another one derived from government support. This action is the
combined result of: (i) the downgrade of Bancomer's standalone
BCA to baa1, from a2; and (ii) the downgrade of the standalone
BCA of its Spanish parent Banco Bilbao Vizcaya Argentaria S.A.
(BBVA) to baa3, from a3. The standalone and supported ratings, as
well as the Prime 1 short-term deposit ratings, have been placed
on review for downgrade, in line with the review for downgrade of
its parent bank's ratings.

The subordinated debt ratings of Bancomer as well as the
subordinated and junior subordinated of its Texas Agency and
Grand Cayman Branch affiliates have been downgraded to A3 and
Baa2, as applicable, in line with Moody's notching guidelines for
bank subordinated and junior subordinated debt and hybrids, which
is based on the supported deposit rating or the adjusted BCA,
respectively, as anchor ratings. The debt ratings remain on
review for downgrade.

The review for downgrade of Bancomer's ratings reflects the
bank's degree of strategic and operational interdependence with
its parent, whose standalone credit profile has been lowered and
remains on review for downgrade. Particularly, the review of the
bank's C-/baa1 standalone credit assessment will focus on the
independence and resilience of Bancomer's franchise and financial
strength in the event that the creditworthiness of the parent is
further affected and its ratings lowered. Generally, Moody's is
comfortable with subsidiaries' standalone credit assessments
exceeding those of their parents, but this is typically limited
by linkages between the subsidiary and the parent bank. The
extent to which the regulatory framework in Mexico insulates
Bancomer from potential adverse developments inSpain will also be
factored into Moody's review of Bancomer's ratings.

Banamex

Banamex's long-term deposit and debt ratings of A2 were
confirmed, with a stable outlook. Banamex's deposit ratings
benefit from one-notch uplift derived from Moody's assessment of
parental support, and one additional notch of uplift derived from
systemic support considerations. This action is the combined
result of (i) the downgrade of Banamex's standalone BCA to baa1,
from a2, and (ii) the downgrade of the standalone BCA of
its US parent Citibank, N.A. to baa3 stable, from baa1.

Santander Mexico

Santander Mexico's long-term deposit and debt ratings were
downgraded by one notch to A3, with a stable outlook, from A2,
and now incorporate one notch of uplift from Moody's assessment
of systemic support. The short-term deposit rating was also
downgraded to Prime 2, from Prime 1. This action is the combined
result of: (i) the downgrade of Santander Mexico's standalone BCA
to baa1, from a3; and (ii) the downgrade of the standalone BCA of
its Spanish parent Banco Santander S.A. (Santander) to baa2 on
review for downgrade, from a3. The outlook on the rating is now
stable.

Ing Mexico

ING Mexico's long-term deposit rating was downgraded by three
notches to Ba3, with a negative outlook, from Baa3, and now
incorporates one notch of uplift from Moody's assessment of
parental support. This action is the combined result of: (i) the
downgrade of ING Mexico's standalone BCA to b1, from ba3, and
(ii) the downgrade of the standalone BCA of its Dutch parent ING
Bank, N.V. (ING Bank) to baa1, with a negative outlook, from a2.

The rating action on ING Mexico also incorporates Moody's lower
assessment of the probability of parental support incorporated
into the subsidiary's ratings based on the diminished importance
of the Mexican operation to ING Bank following the sale of non-
bank operations in Mexico and elsewhere in Latin America. Moody's
also believes that ING Bank's strategic focus is on its European
operations, and as such its subsidiaries in Mexico have a limited
strategic fit.

Bank Of America Mexico

BAMSA's long-term deposit rating was downgraded by one notch to
Baa3, with a stable outlook, from Baa2, and now incorporates one
notch of uplift from Moody's assessment of parental support. This
action is the result of: (i) BAMSA's lower standalone BCA of ba1,
from baa3, and (ii) the downgrade of the standalone BCA of
itsUS parent Bank of America, N.A. to baa3, from baa2. BAMSA's
short-term global scale ratings were downgraded to Prime-3, from
Prime-2.

Merrill Lynch Mexico

Merrill Lynch Mexico, S.A. (MLM)'s long-term Mexican National
Scale issuer rating was downgraded by two notches to Aa3.mx, with
a stable outlook, from Aa1.mx, and the short-term Mexican
National Scale issuer rating was downgraded to MX-2, from MX-1.
This action is the result of the downgrade of debt ratings of
its US parent Merrill Lynch & Co., Inc. to Baa2, with a negative
outlook, from Baa1. MLM is a direct subsidiary of Merrill Lynch
International Holdings Inc.

Deutsche Bank Mexico

Deutsche Bank Mexico, S.A. (Deutsche Mexico)'s long-term deposit
rating was downgraded by two notches to Baa2, with a stable
outlook, from A3, and now incorporates three notches of uplift
from Moody's assessment of parental support. This action is the
result of the downgrade of the standalone BCA of its German
parent Deutsche Bank AG to baa2, from a2.

Banco Credit Suisse Mexico

Banco Credit Suisse Mexico, S.A. (Credit Suisse Mexico)'s long-
term deposit rating was downgraded by two notches to Baa1, a with
stable outlook, from A2, and now incorporates three notches of
uplift from Moody's assessment of parental support. This action
is the result of the downgrade of the standalone BCA of its Swiss
parent Credit Suisse AG to baa1, from aa3.

Barclays Bank Mexico

Barclays Bank Mexico, S.A. (Barclays Mexico)'s long-term deposit
rating was downgraded by one notch to Baa3, with a stable
outlook, from Baa2, and now incorporates two notches of uplift
from Moody's assessment of parental support. This action is the
result of the downgrade of the standalone BCA of its UK parent
Barclays Bank PLC to baa2, from a3.

Citi Mexico Investments

Citi Mexico Investments, S. de R.L. de C.V. (Citi Mexico
Investments, formerly Citi Structures Mexico, S. de R.L. de
C.V.)'s long-term secured debt rating was downgraded by two
notches to Baa2, with a negative outlook, from A3. Citi Mexico
Investments's debt ratings are based on a guarantee provided by
Citigroup Inc. This action is the result of the downgrade of
its US parent Citigroup Inc. to Baa2, with a negative outlook,
from A3.

Detailed List Of Ratings Downgraded

BBVA Bancomer, S.A.

- Standalone bank financial strength rating to C-, from C+

- Long-term global local currency deposit rating to A2, from A1

- Long-term global local currency senior unsecured debt rating to
  A2, from A1

- Long-term global local currency senior unsecured debt program
  rating to (P)A2, from (P)A1

- Long-term global local currency subordinated debt rating to A3,
  from A2

- Long-term global local currency subordinated debt program
  rating to (P)A3, from (P)A2

All these ratings remain on review for downgrade.

Moody's has also made the following correction: removed a hybrid
(hyb) indicator previously attached to the subordinated debt

BBVA Bancomer, S.A. Texas Agency

- Long-term foreign currency senior unsecured debt rating to A2,
  from A1

- Long-term foreign currency subordinated debt rating to A3, from
  A2

- Long-term foreign currency junior subordinated debt rating to
  Baa2(hyb), from A3(hyb)

All these ratings remain on review for downgrade.

BBVA Bancomer, S.A. Grand Cayman Branch

- Long-term foreign currency junior subordinated debt rating to
  Baa2(hyb), from A3(hyb)

The rating remains on review for downgrade.

Moody's has also made the following correction: attached a hybrid
(hyb) indicator to the junior subordinated debt.

Casa de Bolsa BBVA Bancomer, S.A. de C.V.

- Long-term global local currency issuer rating to A2, from A1

This rating remains on review for downgrade.

Hipotecaria Nacional, S.A. de C.V.

- Long-term global local currency issuer rating to A3, from A2

This rating remains on review for downgrade.

Banco Nacional de Mexico, S.A.

- Standalone bank financial strength rating to C-, from C+

Citi Mexico Investments, S. de R.L. de C.V.

- Long-term global local currency senior debt rating to Baa2,
  from A3

- Long-term global local currency senior debt program rating to
  (P)Baa2, from (P)A3

- Long-term Mexican National Scale debt rating to Aa1.mx, from
  Aaa.mx

- Long-term Mexican National Scale provisional program debt
  rating to Aa1.mx, from Aaa.mx

All these ratings have a negative outlook.

Banco Santander (Mexico), S.A.

- Standalone bank financial strength rating to C-, from C.

- Long-term global local currency deposit rating to A3, from A2

- Long-term global local currency senior unsecured debt rating to
  A3, from A2

- Long-term global local currency senior unsecured debt program
  rating to (P)A3, from (P)A2

- Long-term foreign currency senior unsecured debt program rating
  to (P)A3, from (P)A2

- Short-term global local currency deposit rating to Prime-2,
  from Prime-1

- Short-term global local currency debt program rating to
  (P)Prime-2, from (P)Prime-1

- Short-term global foreign currency debt program rating to
  (P)Prime-2, from (P)Prime-1

All these ratings have a stable outlook.

Casa de Bolsa Santander, S.A. de C.V.

- Long-term global local currency issuer rating to A3, from A2

- Short-term global local currency issuer rating to Prime-2, from
  Prime-1

All these ratings have a stable outlook.

Deutsche Bank Mexico, S.A.

- Long-term global local currency deposit rating to Baa2, from A3

- Long-term foreign currency deposit rating to Baa2, from Baa1

- Long-term Mexican National Scale deposit rating to Aa1.mx, from
   Aaa.mx

All these ratings have a stable outlook.

Deutsche Securities Mexico, S.A. de C.V.

- Long-term global local currency issuer rating to Baa2, from A3

- Long-term Mexican National Scale issuer rating to Aa1.mx, from
  Aaa.mx

All these ratings have a stable outlook.

Bank of America Mexico, S.A.

- Long-term global local currency deposit rating to Baa3, from
  Baa2

- Long-term foreign currency deposit rating to Baa3, from Baa2

- Short-term global local currency deposit rating to Prime-3,
  from Prime-2

- Short-term foreign currency deposit rating to Prime-3, from
  Prime-2

- Long-term Mexican National Scale deposit rating to Aa2.mx, from
  Aa1.mx

- Long-term Mexican National Scale issuer rating to Aa2.mx, from
  Aa1.mx

All these ratings have a stable outlook.

Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa

- Long-term Mexican National Scale issuer rating to Aa3.mx, from
  Aa1.mx

- Short-term Mexican National Scale issuer rating to MX-2, from
  MX-1

The outlook is stable.

Banco Credit Suisse Mexico, S.A.

- Long-term global local currency deposit rating to Baa1, from A2

- Long-term global local currency program debt rating to (P)Baa1,
  from (P)A2

- Long-term foreign currency program debt rating to (P)Baa1, from
  (P)A2

All these ratings have a stable outlook.

Casa de Bolsa Credit Suisse Mexico, S.A. de C.V.

- Long-term global local currency issuer rating to Baa1, from A2

This rating has a stable outlook.

Barclays Bank Mexico, S.A.

- Long-term global local currency deposit rating to Baa3, from
  Baa2

- Long-term foreign currency deposit rating to Baa3, from Baa2

- Long-term Mexican National Scale deposit rating to Aa2.mx, from
  Aa1.mx

All these ratings have a stable outlook.

Barclays Capital Casa de Bolsa, S.A. de C.V.

- Long-term global local currency issuer rating to Baa3, from
  Baa2

- Long-term Mexican National Scale issuer rating to Aa2.mx, from
  Aa1.mx

All these ratings have a stable outlook.

ING Bank, S.A. (Mexico)

- Standalone bank financial strength rating to E+, from D-

- Long-term global local currency deposit rating to Ba3, from
  Baa3

- Long-term foreign currency deposit rating to Ba3, from Baa3

- Short-term global local currency deposit rating to Not Prime,
  from Prime-3

- Short-term foreign currency deposit rating to Not Prime, from
  Prime-3

- Long-term Mexican National Scale deposit rating to Baa1.mx,
  from Aa3.mx

- Short-term Mexican National Scale deposit rating to MX-3, from
  MX-2

The BFSR and all the long-term ratings have a negative outlook.
All the short-term ratings have a stable outlook.

ING (Mexico), S.A. C.V. Casa de Bolsa

- Long-term global local currency issuer rating to Ba3, from Baa3

- Short-term global local currency issuer rating to Not Prime,
  from Prime-3

- Long-term Mexican National Scale issuer rating to Baa1.mx, from
  Aa3.mx

- Short-term Mexican National Scale issuer rating to MX-3, from
  MX-2

The long-term ratings have a negative outlook. The short-term
ratings have a stable outlook.

List of Ratings Placed On Review for Downgrade

BBVA Bancomer, S.A.

- Prime-1 global local currency deposit rating

Casa de Bolsa BBVA Bancomer, S.A. de C.V.

- Prime-1 global local currency issuer rating

LIST OF RATINGS CONFIRMED WITH A STABLE OUTLOOK

Banco Nacional de Mexico, S.A.

- A2 long-term global local currency deposit rating

- A2 long-term global local currency senior unsecured debt rating

- (P)A2 long-term global local currency senior unsecured program
  debt rating

- (P)A2 long-term foreign currency senior unsecured program debt
rating

Acciones y Valores Banamex, Casa de Bolsa, S.A.

- A2 long-term global local currency issuer rating

Citi Mexico Investments, S. de R.L. de C.V.

- (P)Prime-2 short-term global local currency senior debt rating

Bank of America Mexico, S.A.

- D+ bank financial strength rating

- MX-1 short-term Mexican National Scale deposit rating

Barclays Bank Mexico, S.A.

- MX-1 short-term Mexican National Scale deposit rating

Barclays Capital Casa de Bolsa, S.A. de C.V.

- MX-1 short-term Mexican National Scale issuer rating

A list of the Affected Credit Ratings, which identifies each
issuer is available at:

  http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143529

Principal Methodologies

The methodologies used in these banks' ratings were Bank
Financial Strength Ratings: Global Methodology, published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: Global Methodology, published in March
2012.

Last Rating Actions

The last rating actions on BBVA Bancomer, S.A.; Banco Nacional de
Mexico, S.A.; Banco Santander (Mexico), S.A.; Deutsche Bank
Mexico, S.A.; Banco Credit Suisse Mexico, S.A.; Barclays Bank
Mexico, S.A.; and Citi Mexico Investments, S. de R.L. de C.V.;
Bank of America Mexico, S.A., and Merrill Lynch Mexico, S.A.,
were on 24 February 2012, when Moody's placed their ratings on
review for downgrade.

The last rating action on Banco Santander (Mexico), S.A. was on
15 March 2012, when Moody's placed its BFSR on review for
downgrade.

The last rating actions on ING Bank, S.A. (Mexico) was on 17 May
2012, when Moody's downgraded the bank's ratings and paced them
on review for further downgrade.

NATIONAL SCALE RATINGS

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico.

The following Global Scale Credit Ratings are EU endorsed by
Moody's Investors Service Ltd., One Canada Square, Canary Wharf,
London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the
Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further
information on the EU endorsement status and on the Moody's
office that has issued a particular Credit Rating is available
on http://www.moodys.com/

Banco Credit Suisse Mexico, S.A.

Banco Nacional de Mexico, S.A.

Banco Santander (Mexico), S.A.

BBVA Bancomer, S.A. Texas Agency

BBVA Bancomer, S.A., Grand Cayman Branch

Citi Mexico Investments S. de R.L. de C.V

Deutsche Bank Mexico, S.A.

ING Bank, S.A. (Mexico)

BBVA Bancomer, S.A.

For ratings issued on a program, series or category/class of
debt, this announcement provides relevant regulatory disclosures
in relation to each rating of a subsequently issued bond or note
of the same series or category/class of debt or pursuant to a
program for which the ratings are derived exclusively from
existing ratings in accordance with Moody's rating practices. For
ratings issued on a support provider, this announcement provides
relevant regulatory disclosures in relation to the rating action
on the support provider and in relation to each particular rating
action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings, this
announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of
the definitive rating in a manner that would have affected the
rating.

The ratings have been disclosed to the rated entities prior to
public dissemination.

Sources of Information: Information sources used to prepare the
rating are the following: parties involved in the ratings,
parties not involved in the ratings, public information, and
confidential and proprietary Moody's Investors Service
information.

Moody's considers the quality of information available on the
rated entities, obligations or credits satisfactory for the
purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it
uses in assigning the ratings is of sufficient quality and from
sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.

The ratings issued by Moody's de Mexico are opinions regarding
the credit quality of securities and/or their issuers and not a
recommendation to invest in any such security and/or issuer.


KLOECKNER HOLDINGS: Moody's Assigns 'B2' CFR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and probability of default rating to Kloeckner
Holdings S.C.A. (KP), the ultimate holding company for German
plastic packaging manufacturer Kl”ckner Pentaplast following a
recent financial restructuring.

Concurrently, Moody's has assigned a Ba3 (LGD 3, 31%) rating to
the group's senior debt, consisting of (i) a USD 65 million
revolving credit facility due 2016; and (ii) term loan B of USD
435 million due 2016. In addition, Moody's assigned a provisional
(P)Caa1 (LGD 5, 85%) rating to the proposed EUR 255 million
second lien notes maturing 2017 to be issued by KP Erste Germany
GmbH. The equity contribution will be made in the form of
subordinated, long-dated Preferred Equity Certificates (PECS) and
Tracking Preferred Equity Certificates (TPECS), which Moody's has
deemed to be 75% equity-like and 25% debt-like in its metrics
calculation. The outlook on the ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of debt instruments and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavour to assign a definitive rating to the debt. A definitive
rating may differ from a provisional rating.

Proceeds from the transaction, together with proceeds from
the PECs and TPECs from new sponsors led by Strategic Value
Partners, are used to refinance existing senior debt at Kl”ckner
Pentaplast/Kleopatra as part of the recent debt restructuring of
the group.

Ratings Rationale

The assigned B2 CFR reflects the group's high financial leverage
with Debt/EBITDA as adjusted by Moody's of 6.4x on a pro forma
basis based on the new capital structure, which positions KP
initially weakly in its rating category. Furthermore, the rating
is constrained by the group's fairly commoditised product
portfolio as well as the price competitive nature of the
industry. In addition, input cost management is deemed to be a
major challenge as only about 50% of contracts contain automatic
pass-through mechanisms, leaving the group exposed to the price
volatility of resin and to individual negotiations with its
customers to preserve profitability. Moody's notes however the
solid track record with fairly stable EBITDA generation over the
past years.

The rating also reflects (i) the group's solid size and market
position in the rigid plastic packaging market with leading
positions in most of its business areas; (ii) fairly stable
volumes through the cycle as a result of a high share of sales
towards non-discretionary pharma and food end markets with solid
customer diversification and longstanding relationships; (iii)
the stable operating profitability over the past years despite
challenging economic conditions and extensive restructuring
measures, helped by the group's ability to swiftly pass on input
cost volatility.

Moody's forecasts adequate liquidity following the
recapitalisation. Cash on balance sheet of about USD 43 million
initially and access to a USD 65 million revolver should be
sufficient to cover operational cash needs. In
addition, Moody's notes that KP is forecasted to generate
positive free cash flows from fiscal year end 2012 onwards. Main
cash uses arise from seasonal working capital swings and capital
expenditure, which Moody's expects to be tightly managed with
about EUR 40 million spent per year. Other cash uses arise from a
50% excess cash flow sweep which should provide for a modest
reduction in debt going forward.

The stable outlook incorporates Moody's expectation that KP will
largely withstand pressure from weakening European consumer
sentiment due to its large exposure to the stable food and pharma
market. This, together with lower restructuring costs in 2012
should enable KP to gradually improve operating profitability
over 2012 and 2013, which is a prerequisite to maintaining the
rating assigned. The stable outlook also assumes that KP
preserves a solid liquidity cushion including sufficient headroom
under financial covenants going forward, also helped by modest
though positive free cash flow generation.

Upwards pressure could build should KP manage to significantly
reduce leverage towards 5 times on a sustainable basis on the
back of improvements in operating profitability. Furthermore, the
rating could enjoy upwards pressure were KP to improve free cash
flow generation towards 5% of total debt and interest cover in
terms of EBIT/Interest towards 1.5 times.

A deterioration in profitability, caused for instance by
increasing competition or challenges to manage volatile raw
material costs resulting in weaker profitability and material
negative free cash flow or a the inability to improve Debt/EBITDA
as adjusted by Moody's towards 6 times (from a pro forma leverage
of 6.4x as of June 2012) as well as tightening headroom under the
company's financial covenants could put negative pressure on the
ratings.

Moody's has assigned a Ba3 instrument rating to the group's USD
65 million revolving credit facility and USD 435 million senior
secured term loan B. The instrument ratings are two notches above
the B2 CFR, reflecting Moody's expectation of a relatively higher
recovery rate in a distress scenario, given that the instruments
are secured by a comprehensive security package (including both
share pledges and charges over all material tangible assets)
granted by the holding companies and operating companies that are
guarantors under the credit facility. In addition, the senior
secured loans will benefit from upstream guarantees of operating
subsidiaries that account for at least 80% of the company's
consolidated EBITDA and gross assets, which ensures proximity to
operating cash flows. Moody's has assigned a (P)Caa1 rating to
the proposed USD 255 million second lien notes, as the notes
benefit from the same collateral package on a subordinated basis
only and payments in respect of the guarantees are applied first
to the senior secured revolving credit facility and senior
secured term loan B and only thereafter to the second lien notes.

Assignments:

Issuer: Kloeckner Holdings S.C.A.

  Probability of Default Rating, Assigned B2

  Corporate Family Rating, Assigned B2

Issuer: Kleopatra Acquisition Corp

  Senior Secured Bank Credit Facility, Assigned a range of 31 -
  LGD3 to Ba3

Issuer: KP Erste Germany GmbH

  Senior Secured Regular Bond/Debenture, Assigned a range of 85 -
  LGD5 to (P)Caa1

The methodologies used in these ratings were Global Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
June 2009, and Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Kloeckner Holdings S.C.A., with legal domicile in Luxembourg, is
the ultimate holding company of German plastic packaging
Manufacturer Klockner Pentaplast, a global leader in the
manufacturing of rigid plastic films for the pharmaceutical,
food, medical, electronics and other packaging industry. The
group generated EUR 1.2 billion of sales in the last twelve
months ending March 2012.


VITRO SAB: Appeals Court Stops Bondholders From Seizing Assets
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that creditors of Vitro SAB for now can't begin to attach
assets of the Mexican glassmaker and its subsidiaries.  The U.S.
Court of Appeals in New Orleans temporarily extended a stay
pending appeal that the bankruptcy judge in Dallas imposed
earlier this month when he refused to enforce Vitro's Mexican
reorganization plan in the U.S.  The bankruptcy judge left it up
to an appellate court to decide whether the prohibition against
seizing asset would extend beyond June 29.

According to the report, the Fifth Circuit in New Orleans granted
a direct appeal from the ruling by the bankruptcy judge and told
the bondholders Thursday to submit papers on July 2 opposing an
extension of the stay halting asset seizures. The appeals court
said the temporary stay it imposed yesterday will remain in
effect "pending further order of this court."

The bankruptcy judge refused to enforce the Vitro reorganization
in the U.S., finding it was "manifestly contrary" to U.S. law and
public policy. He said the Mexican plan improperly allowed Vitro
subsidiaries to reduce their guarantees on $1.2 billion in
defaulted bonds even though they weren't in bankruptcy
themselves.

Vitro argues that no other Mexican reorganization plan has ever
been denied enforcement in the U.S.  The company called the
bankruptcy court's opinion "unprecedented and erroneous."  The
bondholders have been fighting the Mexican plan because it gives
them only a 40 percent recovery while Vitro's owners retain stock
worth $500 million.

The appeal in the Circuit Court is Vitro SAB de CV v. Ad Hoc
Group of Vitro Noteholders (In re Vitro SAB de CV), 12-10689,
U.S. Court of Appeals for the Fifth Circuit (New Orleans).  The
suit in bankruptcy court where the judge decided not to enforce
the Mexican reorganization in the U.S. is Vitro SAB de CV v. ACP
Master Ltd. (In re Vitro SAB de CV), 12-03027, U.S. Bankruptcy
Court, Northern District of Texas (Dallas).

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds.  The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.



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


CARIBBEAN AIRLINES: Planning to Sell 4 of 9 Aircraft Ordered
------------------------------------------------------------
RJR News reports that news have surfaced that Caribbean Airlines
Limited is looking to sell four of the nine aircraft which it
ordered last year.

The ATR-72-600 turbo prop aircraft have been sitting in hangars
in France, according to RJR News.

RJR News, citing a report out of Trinidad, relates that the
management of Caribbean Airlines has decided to sell the planes
because the company's financial circumstances do not allow it to
pay for the aircraft.

RJR News notes that Senator Devant Maharaj, had hinted at this
possibility more than a month ago, shortly after a CAL delegation
met with two representatives of the company which supplied the
planes.

The French team had flown to Trinidad for a better understanding
as to why CAL was not taking delivery of the planes, RJR News
says.

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: Completes Debt Restructuring
---------------------------------------------
Jamaica Observer reports that Trinidad Cement Limited has
completed the restructuring of TT$1.95 billion (US$26.8 billion)
in outstanding debts to more than 30 regional and international
financial institutions and bondholders.

The re-profiling plan extends the maturities of secured and
unsecured debt obligations, and involves a quarterly amortization
schedule starting March 30, 2013, with a final maturity of
Dec. 30, 2018, TCL advised the stock exchange, according to
Jamaica Observer.

"Final documentation has been signed and all conditions precedent
have been satisfied in full," the report quoted the company as
saying.

Jamaica Observer notes that TCL said it intends to meet the
amortization requirements prior to final maturity using funds
from a variety of sources, including free cash flow from
operations and net cash proceeds from strategic initiatives, as
well as capital market transactions.

What's more is that the re-profiling plan includes a covenant
package, including revised financial covenants and a mandatory
cash sweep repayment mechanism; and a security package comprised
of selected additional security over the stock and assets in
certain subsidiaries, the company added, the report notes.

Jamaica Observer says that the restructuring exercise comes a
month after the end of a 90-day strike action at cash strapped
TCL.

TCL reported a TT$73.2-million loss for the first quarter ending
March 2012, more than double the TT$28 million it loss over the
corresponding period last year, the report adds.

As reported in the Troubled Company Reporter - Latin America on
May 24, 2012, Strike action began February 27 after the Oilfields
Workers Trade Union (OWTU) served notice of strike action
following a breakdown of negotiations between the OWTU and the
company, according to Trinidad and Tobago Newsday.  A few days
later, the company responded by locking out the workers, the
report related.  TCL General Manager Satnarine Bachew observed
that should either the union or the company refer the dispute to
the Ministry of Labour which would then refer the issue to the
Industrial Court, the industrial action would then be halted,
Trinidad and Tobago Newsday noted.

                      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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