TCRLA_Public/120717.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

            Tuesday, July 17, 2012, Vol. 13, No. 141


                            Headlines



A R G E N T I N A

CEYEQ SA: Applies for Bankruptcy Protection
FIANZAS Y CREDITO: Moody's Affirms B3 IFS Rating; Outlook Stable
GARANTIZAR SGR: Moody's Affirms 'B2' IFSR Rating; Outlook Stable
MULTIGRANOS CEREALES: Asks for Bankruptcy Proceedings
PUENTE SGR: Moody's Affirms 'B3' IFS Rating; Outlook Positive

PUENTE SGR: Moody's Affirms 'B3' IFS Rating; Outlook Positive
TEXTIL MAGU: Creditors' Proofs of Debt Due Sept. 13
TRANSPORTADORA DE GAS: Fitch Affirms 'B' Rating on Unsecured Debt
* ARGENTINA: Moody's Says Politics Credit Neg. for Utility Cos.


B A G O T A

BANCO GNB: Moody's Assigns 'D-' Bank Finc'l. Strength Rating
BANCO GNB: Fitch To Rate 10-Year Subordinated Notes 'BB'


B R A Z I L

BANCO BMG: Moody's Affirms 'D-' BFSR; Outlook Negative
COSAN SA: Moody's Confirms 'Ba2' CFR; Outlook Stable
EDP ENERGIAS: MABE Takeover No Impact on Moody's 'Ba1' Rating
RODOPA FINANCE: Fitch Withdraws 'B-' Issuer Default Ratings


C A Y M A N   I S L A N D S

ARUNDEL MEZZANINE: Shareholders' Final Meeting Set for Sept. 17
BANCO PINE: Fitch Withdraws 'BB' Rating to Sr. Unsec. Notes
GTF ASIAN: Members' Final Meeting Set for Aug. 3
MAN EMERGING: Members' Final Meeting Set for July 24
MAN ENERGY: Members' Final Meeting Set for July 24

MOUNT AUSTIN: Shareholders' Final Meeting Set for Aug. 3
POPPY HOLDINGS: Members' Final Meeting Set for July 25
RMF-MGS ARBITRAGE: Members' Final Meeting Set for July 24
RMF-MGS DIRECTIONAL: Members' Final Meeting Set for July 24
SOCRATE INVESTMENTS: Members' Final Meeting Set for July 25

SOUTHLAND MEZZ: Shareholders' Final Meeting Set for Sept. 17


G U A T E M A L A

BANCO INDUSTRIAL: Moody's Lifts Bank Fin'l. Strength Rating to D+


H A I T I

* HAITI: Coffee Farmers to Receive US$300,000 Aid


M E X I C O

PACIFIC RUBIALES: S&P Affirms 'BB' Corporate Credit Rating
* MUNICIPALITY OF TUXPAN: Moody's Assigns 'B2' Issuer Ratings


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Projects Turnaround by January


V I R G I N   I S L A N D

DIGICEL GROUP: Regulator Labels Firm as Anti-Competitive


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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CEYEQ SA: Applies for Bankruptcy Protection
-------------------------------------------
Ceyeq SA applied for bankruptcy protection.


FIANZAS Y CREDITO: Moody's Affirms B3 IFS Rating; Outlook Stable
----------------------------------------------------------------
Moody's Latin America affirmed its B3 global local currency
insurance financial strength (IFS) rating and its A3.ar national
scale IFS rating of Fianzas y Credito S.A. Compania de Seguros.
The outlook on the global local currency IFS rating remains
stable, while the outlook for the company's national scale rating
was revised to positive from stable.

Fianzas is a leading surety insurer in Argentina and was launched
in 2004 by a small group of businessmen. The company distributes a
diverse array of surety products, including coverages for public
construction projects, export and import national custom duties,
and for input suppliers.

Rating Rationale

According to Moody's, Fianzas' ratings reflect the company's
leading position in the surety segment in Argentina (with a 13%
market share based on both gross and net premiums written), its
consistently good underwriting results and overall sustained
profitability, and adequate and stable capitalization (with gross
underwriting leverage in the range of three to four times equity).
Management's experience and expertise in the surety market is a
further positive credit consideration.

Fianzas' credit profile is, however, constrained by the company's
small scale, by its modest market presence in the general
insurance sector and lack of diversification, as well as by
Argentina's weak operating environment and high sovereign risk
profile. A further credit challenge is Fianzas' ability to sustain
its current growth rate without adversely affecting its
profitability or underwriting discipline.

The stable outlook on Fianzas' global local-currency IFS rating
reflects the company's history in the Argentine surety market,
which allows for more reliable and predictable profitability,
capital adequacy and reserve adequacy. Additionally, while Fianzas
is smaller and less diversified by business line than most other
B2 rated insurers, it surpasses many of them in terms of strength
of capitalization and underwriting results. In recognition of its
better positioning in those rating factors and its longer
operating experience in the market, Moody's has revised the
outlook on Fianzas' national scale rating to positive from stable.
The A3.ar is at the upper middle end of the B3 global local
currency mapping range; consequently, it is possible that
Fianzas's national scale IFS rating could be upgraded while the
company's global local currency IFS rating remains at the B3
level.

Moody's noted that a combination of the following factors could
lead to an upgrade: 1) sustained record of strong profitability
over the next few years with lower combined ratios, 2) the raising
of additional capital from new and stronger investors, 3) more
conservative shareholder dividend policy that results in a
sustained reduction in underwriting leverage (i.e. below 3 times),
4) improved market presence in its specialized niche and/or 5) a
significant improvement in Argentina's government bond rating
and/or operating environment. Conversely, the following could
contribute to a rating downgrade: 1) deterioration in the
company's profitability (e.g. combined ratio consistently above
100% and/or returns on capital consistently below 10%), 2)
significant and sustained increase in operating leverage (e.g.
gross underwriting leverage above 6x its shareholders equity) and
3) significant deterioration in Argentina's government bond rating
and/or the country's operating environment.

Based in Buenos Aires, Argentina, Fianzas y Credito reported total
gross written premiums of AR$80 million for the third quarter of
the 2012 fiscal year, ended March 31, 2012, while net income for
the same period was AR$4.9 million, more than double that reported
for the same period in 2011. As of March 31, 2012, total assets
amounted to AR$72.5 million and shareholders' equity stood at
AR$30.6 million.


GARANTIZAR SGR: Moody's Affirms 'B2' IFSR Rating; Outlook Stable
----------------------------------------------------------------
Moody's Latin America affirmed Garantizar SGR's B2 global local-
currency (GLC) insurance financial strength (IFS) rating, and its
Aa3.ar IFS rating on Argentina's national scale. Both ratings
carry stable outlooks.

Rating Rationale

Garantizar, which is the largest financial guarantor in Argentina,
focuses on serving the small and medium-sized corporates in the
country to facilitate their access to different sources of
funding. The largest shareholder of Garantizar is the state-owned
Banco de la Nacion Argentina (Banco Nacion; unrated by Moody's)--
the biggest bank in the country.

The rating agency noted that Garantizar's ratings primarily
reflect its very strong market position, brand, and reputation.
Besides Banco Nacion, the company is also integrated with other
important banks including Banco de Inversion y Comercio Exterior
(BICE), and Banco de la Ciudad de Buenos Aires. As a dominant
participant in this market, Garantizar plays a major role in the
economy as a developer of these types of guarantees, promoting
them across most of Argentina's provinces. Commenting on other
positive considerations, Moody's mentioned Garantizar's improved
diversification and investment returns over the last 5 years.

Offsetting these positive credit considerations, however, are
considerable credit risks in Garantizar's investment portfolio--
which is mostly comprised of non-investment grade instruments--as
well as concerns about the company's operating leverage, which has
increased over the last couple of years, and the nation's weak
operating environment.

Among factors that could lead to an upgrade of Garantizar's
ratings, Moody's indicated the following: 1) a significant
improvement in Garantizar's asset quality (ie: given by a
multiple-notch upgrade of Argentina's sovereign bonds and/or local
bank deposit ratings), 2) improved capitalization levels, with the
ratio of outstanding guarantees relative to investments
consistently below 2x, and 3) continued solid profitability, with
delinquency ratios consistently below 3%. Conversely, Garantizar's
ratings could be downgraded should its capitalization deteriorate
(e.g.: outstanding guarantees being more than 4 times the
company's investments), its diversification deteriorates (ie:
concentration of outstanding guarantees in a single industry is
above 50%), or the overall quality of assets worsens.

Based in Buenos Aires, Garantizar SGR reported total assets of
AR$423 million, outstanding guarantees of AR$1.2 billion, and
shareholders' equity of AR$333 million as of March 31. 2012.
During the first quarter of the year, Garantizar reported a net
profit of AR$2.5 million, up from AR$1 million of net profit
during the same period of 2011


MULTIGRANOS CEREALES: Asks for Bankruptcy Proceedings
-----------------------------------------------------
Multigranos Cereales SA asked for bankruptcy proceedings.  The
company defaulted its payments last Jan. 6.


PUENTE SGR: Moody's Affirms 'B3' IFS Rating; Outlook Positive
-------------------------------------------------------------
Moody's Latin America has affirmed Puente SGR's B3 global local-
currency (GLC) insurance financial strength (IFS) rating and its
A3.ar IFS rating on Argentina's national scale (NS). The outlook
for the GLC IFS rating remains stable, whereas the outlook for the
NS rating has been changed to positive from stable.

Rating Rationale

According to Moody's, the affirmation of Puente's GLC rating
primarily reflects its stable financial and business profile. The
recent financial performance of the guarantor is indicated by its
adequate profitability and fee growth. Furthermore, management's
ongoing plans to enter and develop new markets are another
positive development, as this could improve its overall market
presence and size. Offsetting these positive credit
considerations, however, are considerable credit risks in Puente's
investment portfolio -- which is mostly comprised of non-
investment grade instruments -- as well a slow-down of the
economic activity in the country, which could increase claims
and/or diminish future recoveries.

In shifting the outlook for Puente's NS IFS rating to positive
from stable, Moody's noted the company's improved investment
returns, good product diversification, and better-than-peers
expense ratio. Moody's also noted another positive credit
development, namely the decision by the Argentine Small and Medium
Size Business Secretary in January 2012 to close a previous
resolution in 2007 revoking Puente's authorization to operate in
the market. Moody's analyst Diego Nemirovsky noted "This recent
resolution grants more certainty about the company's operations
going forward". The rating agency went on to say that the company
maintains a high degree of integration with Puente Sociedad de
Bolsa, a Buenos Aires Stock Exchange brokerage firm that is part
of the same economic group. The integration with the group's
brokerage firm has benefited Puente, because its sponsor enjoys
significant market share in the local check-trading business,
which Puente in turn guarantees.

Among factors that could lead to an upgrade of Puente's NS rating,
Moody's indicated the following: 1) a significant improvement in
Puente's asset quality (e.g.: resulting from a multiple-notch
upgrade of Argentina's sovereign bond and/or local bank deposit
ratings); 2) improved capitalization levels, with the ratio of
outstanding guarantees relative to investments consistently below
3 times; and 3) continued solid profitability, with low
delinquency ratios. Conversely, Puente's NS IFS rating outlook
could be reversed back to stable should it capitalization
deteriorate (e.g.: outstanding guarantees being more than 4 times
the company's investments), or the overall quality of assets
worsens.

Based in Buenos Aires, Argentina, Puente SGR reported total assets
of AR$27 million, outstanding guarantees of AR$77 million, and
shareholders' equity of AR$28 million as of March 31, 2012. During
the first quarter of 2012, Puente reported a net loss of AR$0.2
million.


PUENTE SGR: Moody's Affirms 'B3' IFS Rating; Outlook Positive
-------------------------------------------------------------
Moody's Latin America has affirmed Puente SGR's B3 global local-
currency (GLC) insurance financial strength (IFS) rating and its
A3.ar IFS rating on Argentina's national scale (NS). The outlook
for the GLC IFS rating remains stable, whereas the outlook for the
NS rating has been changed to positive from stable.

Rating Rationale

According to Moody's, the affirmation of Puente's GLC rating
primarily reflects its stable financial and business profile. The
recent financial performance of the guarantor is indicated by its
adequate profitability and fee growth. Furthermore, management's
ongoing plans to enter and develop new markets are another
positive development, as this could improve its overall market
presence and size. Offsetting these positive credit
considerations, however, are considerable credit risks in Puente's
investment portfolio -- which is mostly comprised of non-
investment grade instruments -- as well a slow-down of the
economic activity in the country, which could increase claims
and/or diminish future recoveries.

In shifting the outlook for Puente's NS IFS rating to positive
from stable, Moody's noted the company's improved investment
returns, good product diversification, and better-than-peers
expense ratio. Moody's also noted another positive credit
development, namely the decision by the Argentine Small and Medium
Size Business Secretary in January 2012 to close a previous
resolution in 2007 revoking Puente's authorization to operate in
the market. Moody's analyst Diego Nemirovsky noted "This recent
resolution grants more certainty about the company's operations
going forward". The rating agency went on to say that the company
maintains a high degree of integration with Puente Sociedad de
Bolsa, a Buenos Aires Stock Exchange brokerage firm that is part
of the same economic group. The integration with the group's
brokerage firm has benefited Puente, because its sponsor enjoys
significant market share in the local check-trading business,
which Puente in turn guarantees.

Among factors that could lead to an upgrade of Puente's NS rating,
Moody's indicated the following: 1) a significant improvement in
Puente's asset quality (e.g.: resulting from a multiple-notch
upgrade of Argentina's sovereign bond and/or local bank deposit
ratings); 2) improved capitalization levels, with the ratio of
outstanding guarantees relative to investments consistently below
3 times; and 3) continued solid profitability, with low
delinquency ratios. Conversely, Puente's NS IFS rating outlook
could be reversed back to stable should it capitalization
deteriorate (e.g.: outstanding guarantees being more than 4 times
the company's investments), or the overall quality of assets
worsens.

Based in Buenos Aires, Argentina, Puente SGR reported total assets
of AR$27 million, outstanding guarantees of AR$77 million, and
shareholders' equity of AR$28 million as of March 31, 2012. During
the first quarter of 2012, Puente reported a net loss of AR$0.2
million.


TEXTIL MAGU: Creditors' Proofs of Debt Due Sept. 13
---------------------------------------------------
Jorge H. Capurro, the court-appointed trustee for Textil Magu SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Sept. 13, 2012.

Mr. Capurro 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:

         Jorge H. Capurro
         Quintino Bocayuva 333
         Argentina


TRANSPORTADORA DE GAS: Fitch Affirms 'B' Rating on Unsecured Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Transportadora
de Gas del Sur S.A. (TGS):

  -- Foreign currency Issuer Default Rating (IDR) at 'B';
  -- Local currency IDR at 'B+';
  -- Unsecured debt at 'B/RR4'.

The Rating Outlook is Stable.

TGS' ratings are supported by its solid credit metrics and sound
operating performance despite frozen tariffs for its pipeline
business and rising inflation.  Ratings are tempered by the weak
regulatory framework in Argentina, lack of tariff adjustments, and
high government interference in the sector.

As of March 2012, TGS' liquidity was strong, with USD139 million
in cash and marketable securities and USD385 million of total
debt. The company faces no debt maturities until May 2014 and has
annual interest payments of approximately USD30 million.  For the
latest 12 months (LTM) ended March31, 2012, the company generated
USD171 million of EBITDA and USD112 million of cash flow from
operations.  Near-term capital expenditures (capex) plans are
expected to remain at a level of approximately USD40 million,
which should allow the company to generate approximately USD40
million to USD55 million of free cash flow and maintain
considerable financial flexibility for the rating category.

In 2011, the company's liquefied natural gas (LNG) processing unit
continue to represent the bulk of the company's cash generation,
representing 64% of sales and 63% of EBITDA.  This business
segment continued to show a good performance, despite natural gas
supply cuts, based on international price increases and better
negotiated prices on export agreements in liquefied petroleum gas
and natural gasoline.  The production of liquids decreased to
800,000 tons from 900,000 tons in 2010 due to shutdowns related to
maintenance works and lower natural gas availability following its
redirectioning to ensure residential customers' supply.

TGS' regulated segment benefited from an increase in its
transportation capacity by 2.8 MMm3/d in 2011 which resulted in a
1% increase in its firm contracted capacity.  During 2011, the
company's pipeline utilization factor increased to 81%, while its
contracted capacity increased to 81 million cubic meters per day
(MMm3/d) from 79 MMm3/d.  Fitch anticipates that even in a
scenario of falling international prices by 20%, TGS' credit
profile would not be significantly altered.

Triggers for a negative rating action include increased government
interference in the natural gas transportation business,
significant reduction in natural gas availability for the LNG
business and/or a sustained decrease in international and domestic
prices of liquefied petroleum gas and natural gasoline.  A
positive rating is not envisioned due to the prevailing weak
regulatory environment.

TGS is primarily controlled by Compania de Inversiones de Energia
(CIESA), which holds 55.3% of the company's common stock and its
major shareholder is Petrobras Energia S.A. (PESA).  PESA is
materially involved in the operations of TGS, as it has a three-
year contract to provide technical support until 2011.  The
remaining 50% of CIESA's equity is distributed between Enron
Pipeline Company Argentina (10%) and a trust administered by ABN
Ambro Bank N.V. (40%).


* ARGENTINA: Moody's Says Politics Credit Neg. for Utility Cos.
---------------------------------------------------------------
Ongoing political intervention in Argentina's regulatory framework
is having a seriously negative impact on the country's utility
companies, says Moody's Investors Service in a new special comment
that focuses on the impact of changing tariff rates.

The new special comment "Political Intervention Creates
Unsupportive Regulatory Environment, a Material Credit Negative"
notes that political interference in the rate setting process
creates negative ratings pressure and is likely to continue in the
absence of clarity and transparency in the regulatory framework in
Argentina.

This highly politicized process is particularly prevalent for
federally regulated utilities which have tariffs that are not
reflective of true operating costs, hobbling utility companies,
says Moody's.

"Cost recovery is a key credit consideration, and in Argentina,
frozen tariffs prevent utilities from recovering costs while also
battling inflation's additional damage," said Daniela Cuan, a
Moody's Vice President -- Senior Analyst and author of the report.
"As a result, most of Moody's rated utilities have a declining
financial profile and shrinking liquidity."

Unable to raise tariffs, the rising costs and inflexible grid
maintenance expenditure are squeezing company cash flow meant for
debt repayment, even as utilities hold back from paying out
dividends. In fact, utilities' selling, general and administrative
expenses (SG&A), which represents companies' labor and services
costs, grew to on average more than 50% of revenues in 2011 from
25% in 2007, leading to zero or negative operating profits for
most of the federally regulated companies within the industry,
says Moody's.

Provincially regulated utilities are better positioned, although
still subject to central government rate setting interference. But
a slightly more supportive regulatory environment and greater
ability to recover costs have allowed for more reasonable rates of
return and cash flow, says Moody's.



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B A G O T A
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BANCO GNB: Moody's Assigns 'D-' Bank Finc'l. Strength Rating
------------------------------------------------------------
Moody's Investors Service assigned a standalone financial strength
(BFSR) of D-, which maps to a standalone credit assessment (BCA)
of ba3, to Banco GNB Sudameris S.A. (GNB). At the same time
Moody's assigned long term local and foreign currency deposit
ratings of Ba1, and short term local and foreign currency deposit
ratings of Not Prime to GNB. The outlook is stable for all
ratings.

The following ratings were assigned to GNB:

- Bank financial strength rating of D-

- Long term local currency deposit rating of Ba1

- Short term local currency deposit rating of Not Prime

- Long term foreign currency deposit rating of Ba1

- Short term foreign currency deposit rating of Not Prime

All these ratings have stable outlooks

Ratings Rationale

GNB's standalone ratings reflect the bank's niche franchise
focused on small and medium-sized companies and payroll-linked
loans that are funded in the wholesale market. The ba3 standalone
BCA also incorporates GNB's adequate profitability, which reflects
some instability given the bank's market-making activities in
Colombian government securities that contribute around 60% of the
bank's earnings. The bank also posts a narrower net interest
margin when compared to those of larger retail banks in Colombia
in light of its primarily wholesale funding base and significant
holdings of relatively low-yield Colombian government securities.

GNB's ratings incorporate the bank's seven-year track record as a
merged entity, which has been profitable and produced relatively
low average past due loan levels of 1.24% and good reserve
coverage of 252%, including delinquency and coverage ratios of
1.6% and 197.6% as of March 2012, which compared favorably with
system averages. These resilient metrics partly reflect the bank's
concentration in secured payroll linked loans and cashflow-based
analysis on the commercial side, supported by strict risk
management policies and controls. GNB's commercial portfolio is
also developed with well known borrowers and business
relationships.GNB is the largest supplier in Colombia of payroll-
linked loans, which are repaid directly from salaries, thus
limiting defaults.

GNB's predominantly wholesale-funded franchise also exposes the
bank to funding volatility and potential pressure on its financial
margin. Though funding is deposit based, only 11% is from retail
customers, a low proportion compared to the more granular funding
base of its larger local peers. The bulk of deposits are also
institutional in nature and present high depositor concentrations.
Moody's said that the bank's primarily Tier 1 capital and modest
loan to deposit ratio of 65.3% act as buffers against this funding
risk.

Moody's indicates that GNB's announced acquisition of HSBC's
subsidiaries in Colombia, Peru, Uruguay, and Paraguay, that is
still pending regulatory approval, should support GNB's franchise
growth strategy, particularly in Colombia and Peru. The
acquisition in Colombia is expected to increase GNB's loan book by
one third, ranking it tenth in the financial system, and without a
major change in asset composition. In Peru, GNB will be the only
Colombian bank with a full banking license and in Uruguay and
Paraguay GNB will rank sixth and seventh, respectively. The
transaction is expected to close at year end 2012 through June
2013 and will be financed by cash.

At the same time, this large acquisition exposes the bank to
cross-border integration and transition risks that will challenge
GNB's existing management structure given its expansion into
several new markets at once, said Moody's. It will also present
greater credit and market risks to manage, the results of which
are yet to be quantified. GNB also faces fierce competition in
these new markets from much larger, entrenched banks.

GNB's Ba1 local and foreign currency deposit ratings are two
notches above the bank's standalone credit assessment of ba3, as
they incorporate Moody's assumption of a high probability of
systemic support for GNB. This assumption takes into account the
bank's market shares in deposits and loans and Moody's assessment
of Colombia as a high support country. As of year-end 2011, GNB
held a 2.2% market share in loans and 3.2% in deposits, and with a
substantially higher 11.4% share of payroll linked loans.

GNB is headquartered in Bogota, Distrito Capital and is the
thirteenth largest bank in Colombia in terms of loans. As of 31
March 2012, GNB reported total assets of US$5.6 billion, gross
loans of US$2.5 billion, deposits of US$3.7 billion, and
shareholders' equity of US$373 million.


BANCO GNB: Fitch To Rate 10-Year Subordinated Notes 'BB'
--------------------------------------------------------
Fitch Ratings expects to assign a 'BB' rating to Banco GNB
Sudameris S.A's upcoming 10-year U.S. dollar subordinated notes.

The notes will mature in 10 years and interest payments will be
made semi-annually until maturity.  The amount notes and fixed
interest rate will be set at the time of issuance.  The final
rating is contingent upon the receipt of final documents
conforming to information already received.

The notes will be subordinated to GNB's existing and future senior
obligations and structurally subordinated to the existing and
future obligations of GNB's subsidiaries (including trade
payables) and to labor, tax and other obligations that are
privileged by law.  The notes will rank pari-passu with all of
GNB's existing and future subordinated debt.  The notes will be
senior to GNB's capital stock and to any other instruments that
may qualify as Tier I capital according to Colombian regulation.

Fitch will rate the notes one notch below GNB's bb+ Viability
Rating due to their subordinated nature and the higher than
average losses that these securities typically incur in case of a
default.  The notes will contribute to length the funding tenor
but its features do not meet the characteristics required to
achieve any equity credit as per Fitch rating criteria.

GNB will use the proceeds of the issuance of the notes to
strengthen its regulatory capital and general corporate purposes.
However, the notes do not meet Fitch's criteria for eligible
capital.  As such, Fitch expects GNB's leverage to increase
slightly in the short run. Fitch expects that continued growth,
capital injections and positive returns, will allow the bank to
sustain adequate Fitch core capital levels.

Fitch Currently Rates Banco GNB Sudameris as follows:

  -- Long-term foreign currency Issuer Default Rating (IDR) 'BB+';
     Outlook Stable;
  -- Short-term foreign currency IDR 'B';
  -- Long-term local currency IDR 'BB+'; Outlook Stable;
  -- Short-term local currency IDR 'B';
  -- Viability rating 'bb+';
  -- Support Rating '4';
  -- Support floor 'B+';
  -- National Scale Long-term Rating 'AA+(col)';
  -- National Scale Short-term Rating 'F1+(col)';

GNB is a medium-sized Colombian universal bank that has
successfully positioned itself in several niches (corporate middle
market, sub-national public entities, payroll consumer lending
among others) and enjoys a 3.3% market share by assets.  The bank
has grown steadily since 2003, consolidated its business model and
achieved consistent performance metrics. GNB is controlled by a
well-regarded local family.



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B R A Z I L
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BANCO BMG: Moody's Affirms 'D-' BFSR; Outlook Negative
------------------------------------------------------
Moody's Investors Service has affirmed all the ratings assigned to
Banco BMG S.A. (BMG), including its D- bank financial strength
rating (BFSR), its Ba3 long-term global local and foreign currency
deposit rating and its Not Prime short-term global local and
foreign currency deposit rating. The bank's long-term foreign
currency senior unsecured and subordinated debt ratings were
affirmed at Ba3 and B1, respectively, as were its long-term and
short-term deposit ratings on the Brazilian national scale, at
A3.br and BR-2, respectively. The outlook on all the ratings
remains negative.

This rating action follows the July 10, 2012 announcement that BMG
and Itau Unibanco S.A. (IU) will enter a joint venture to form a
new entity, Banco Itau BMG Consignado, which will be dedicated to
payroll lending, subject to the execution of final agreements and
regulatory approval. In a related action, Moody's has affirmed all
the ratings assigned to IU, maintaining its positive rating
outlook.

Rating Rationale

Affirmation of Banco BMG's ratings

In affirming Banco BMG's ratings, Moody's acknowledges the
benefits of the joint venture, which include BMG's partnership
with the higher rated IU in the development of a strategic
business for both banks, as well as the provision of a long-term
funding facility at competitive rates that will support BMG's loan
origination. In addition, under the agreement BMG will transfer
its distribution platform, controls and back-office operations to
the new bank, which will bring down its currently high operating
costs. IU is expected to retain 70% of the new bank's ownership,
with the remaining 30% in the hands of BMG.

The structure of the deal will allow BMG to retain control over
30% of all loans originated by the new bank, with the possibility
of selling them back to IU. Such an arrangement ensures that
funding will be available to support loan origination and growth,
while addressing BMG's own on-balance-sheet funding challenges.

Moody's notes that concerns about reduction of the bank's core
operation as the new bank takes over the payroll origination is
mitigated by the expectation that the new venture will provide
opportunities for loan growth and earnings generation,
particularly given its importance in diversifying IU's product mix
and that bank's commitment to funding the operation. The
affirmation of the ratings, therefore, incorporates Moody's
assessment that BMG's minority interest in the new bank should
result in higher earnings than those that would have been
generated by the bank alone.

Moody's also notes that by transferring its expertise and
infrastructure in payroll lending to the new bank, BMG likely will
need to develop new markets and products, which may affect its
earnings, asset quality and capital. Management intends to focus
on developing a commercial lending platform and other consumer
finance products such as auto finance, as it leverages the
platform it acquired last year from Banco Schahin.

The negative rating outlook reflects Moody's concerns about the
transition of the franchise in a more competitive market, as the
bank shifts its business toward other consumer products and
lending to small and midsized enterprises. Negative revenue
dynamics for the next few quarters and the bank's currently
limited capital are also incorporated into the negative outlook,
since these factors likely will continue to restrict BMG's
business growth.

The last rating action on Banco BMG occurred on March 19, 2012,
when Moody's rated the bank's US$150 million 9.625% senior
unsecured notes due March 2017 at Ba3. All other ratings remained
unchanged.

Banco BMG S.A. is headquartered in Belo Horizonte, Brazil and had
consolidated assets of R$19.7 billion (US$10.8 billion) and equity
of R$3.4 billion (US$1.9 billion) as of March 31, 2012.

Affirmation of Itau Unibanco's ratings

The affirmation of Itau Unibanco S.A.'s ratings takes into account
the positive effect of the deal on the bank's portfolio mix, as it
allows for increased exposure to low-risk, low-margin loans, in
line with management's stated strategy. The capitalization of the
joint venture, at R$700 million, is not material for IU
considering its consolidated BIS ratio of 16.1% as of 31 March
2012.

The last rating action on IU occurred on June 27, 2012, when
Moody's downgraded the bank's standalone BSFR to C- from B- and
its supported long-term and short-term global local currency
deposit ratings to A3 from A1 and to Prime 2 from Prime 1,
respectively. This concluded the rating review initiated in
February 2012 related to the assessment of sovereign linkages.
Other ratings remained unchanged. The ratings have a positive
outlook, in line with the outlook on Brazil's Baa2 sovereign debt
rating.

Itau Unibanco Holding S.A. is headquartered in Sao Paulo, Brazil
and had consolidated assets of R$896.84 billion (US$492.3 billion)
and equity of R$72.5 billion (US$39.8 billion) as of  March 31,
2012.


COSAN SA: Moody's Confirms 'Ba2' CFR; Outlook Stable
----------------------------------------------------
Moody's Investors Service confirmed the Ba2 corporate family and
senior unsecured debt ratings of Cosan. This concludes the review
that began on June 2011, following the creation of the Raizen
joint ventures with Shell. The rating outlook is stable.

Ratings confirmed are as follows:

Cosan S.A. Industria e Comercio

- Corporate Family Rating (CFR): Ba2 /A1.br/Stable

Cosan Overseas Limited

- $500 million perpetual notes: Ba2/Stable

Cosan's ratings were placed under review for a possible upgrade in
June 2011, following the creation of Raizen, the 50-50 JV with
Shell and the largest sugar-ethanol producer and the third-largest
distributor of fuels in Brazil. The review was driven by (i) the
credit-positive effect on Cosan of transferring its volatile and
capital-intensive sugar-ethanol business to the joint venture;
(ii) the positive effect on Cosan's leverage and capital structure
of contributing a significant amount of funded debt to the
venture; and (iii) Moody's expectation of the joint venture's
sizable and consistent dividend distributions.

"The confirmation of the ratings reflect Moody's view that the
recent announced transactions, including the planned acquisition
of Comgas (Baa3 stable) and the negotiation for a stake in America
Latina Logistica - ALL (Ba3 stable), will pressure Cosan's credit
metrics over the next few years and offset some of the credit
positives related to the creation of Raizen", says Moody's analyst
Marianna Waltz. Moody's recognizes that the planned transactions
provide revenue diversification and, in the case of Comgas, also a
fair amount of cash flow stability. On the other hand, in addition
to the impact in credit metrics, Moody's also views operating
challenges in the integration of these disparate businesses, that
could affect financial performance and reduce management focus.
Moody's also highlights the lack of Cosan's track record under the
current corporate configuration, since, considering the planned
acquisitions, the company will be no longer focused on the sugar-
ethanol chain, and uncertainties over the future strategic
direction of the company.

The company announced in February 2012, an agreement to buy a
5.67% stake in ALL, a railroad and logistics operator, for
BRL897 million (US$477 million). The deal is still under
negotiation and subject to shareholders' approval. Moreover, it is
not yet clear whether Cosan would use cash on hand or fund the
acquisition through debt, or even if the company would look for an
strategic partner in the venture. As for Comgas, which transaction
was announced in April 2012, Cosan has agreed to acquire a 60.1%
stake in the company for BRL3.4 billion, with
BRL3.3 billion to be funded via debt. The transaction is currently
awaiting approval of the Sanitation and Energy Regulatory Agency
of the State of Sao Paulo (ARSESP).

Combining the effects of the creation of Raizen and the above-
mentioned acquisitions, Cosan's ratings reflect the expected lower
concentration in the volatile sugar-ethanol business, that
currently accounts for approximately 35% of EBITDA on a pro-forma
basis, as compared to about 50% in 2011. Furthermore, Moody's
estimates a significant amount of dividends to be received from
both Raizen and Comgas; in the first case, expectations are for
dividends above the minimum 25% of net income required by law. In
May 2012, Cosan also announced the sale of its sugar retail
subsidiary, Cosan Alimentos, to the Camil Group in exchange for a
cash payment of BRL345 million and a 11.72% stake in Camil.

Offsetting some of these positive attributes, Moody's estimates an
increase in adjusted leverage, measured by total debt /EBITDA, to
up to 4.0x by March 2013, if Moody's considers that Cosan would
acquire the totality of ALL's stake using debt funding. On the
other hand, if approved, the transaction is unlikely to generate
any meaningful dividend income over the near term as its
operations continue to show negative free cash flow and still face
potential significant capital expenditure requirements.

The rating for the US$500 million global notes, which are
guaranteed by Cosan and Cosan Combustiveis e Lubrificantes, may be
subject to structural subordination depending on the debt and
guarantee structure to be used to fund the acquisition of Comgas
and could be notched down from the CFR once the transaction
closes. In addition, although the integration of Comgas should
improve performance predictability and stability, it also implies
the need for additional capex and working capital investments. In
Moody's estimates, Comgas will require around BRL600 million in
capital expenditures per year over the next three years in order
to meet its gas distribution network expansion target.

The stable outlook reflect Moody's view that Cosan will be able to
fund future capital investments with cash generation and also from
the dividends inflow from Raizen and Comgas, thus being able to
maintain leverage below 3.5x over time and profitability near
current levels. It also considers that the company will conduct
any future acquisition plans in a prudent manner, in order not to
impact its current credit metrics.

The ratings could be upgraded if Cosan proves able to integrate
its recent acquisitions, while preserving cash generation and
current credit metrics. Quantitatively, that would be the case if
leverage approaches 3.0x, CFO/Net Debt is above 35% and
EBITA/interest expense is higher than 4.0x.

A downgrade could result from a deterioration in liquidity and
also from the inability of keeping operating margins near current
levels. More specifically, the ratings could be downgraded if
total adjusted debt to EBITDA is sustained above 4.0x, CFO/Net
Debt less than 20% and EBITA/ interest expense below 3.5x. A large
debt funded acquisition could also put downward pressure on the
rating.

Headquartered in Sao Paulo, Cosan S.A. Industria e Comercio,
through its 50% stake in Raizen (Baa3 stable) is globally one of
the leading players in the growing of sugar cane (with an
installed crushing capacity of 65 million tons), the production of
sugar (4 million tons per year) and ethanol (2 billion liters) and
domestically the third largest operator of fuel stations
(operating 4,600 gas stations, principally under the Shell brand).
Additionally, Cosan produces and distributes lubes and base oil
under the Mobil brand; has a 69.7% stake in Rumo, a leading
logistics provider for the transportation and loading of sugar;
has a 18.9% stake in Radar, a land management company with various
interests in agricultural properties. As of the fiscal year ended
March 2012, Cosan's net sales reached BRL24 billion.


EDP ENERGIAS: MABE Takeover No Impact on Moody's 'Ba1' Rating
-------------------------------------------------------------
On July 8, 2012, EDP Energias do Brasil S/A (EDB) (Ba1; stable)
announced that it had taken over the management of three power
projects in association with MPX Energia S/A (MPX) (not rated)
through its acquisition of MABE Brasil Ltda (MABE, not rated), a
special purpose company. MABE had been operating as the
engineering and procurement contractor (EPC) company for the three
power projects.

Ratings Rationale

EDB's management said that the aim of the acquisition was to
minimize the risks associated with further delays and assure that
the construction of PECEM I project, a 720 MW coal fired power
plant jointly controlled by EDB and MPX, is completed in the
second half of the year.

The shareholders' agreement between EDB and MPX envisages that MPX
will be solely responsible for the completion of the two other
power projects, PECEM II and ITAQUI. The agreement makes EDB
exempt from any potential loss, contingent liability or any cash
disbursement stemming from the management of those two projects.
Subject to the approval of the Brazilian Antitrust Authority, the
formal execution of the transaction is expected within two months.

The PECEM I project was originally scheduled to come on stream
last January, before an agreement was reached with the regulator
to start operations in July. While the acquisition of MABE is not
a credit negative per se, it clearly indicates that PECEM I will
not meet the July deadline, ultimately posing some additional
financial losses on EDB.

The potential magnitude of further losses will depend on a
combination of the length of time required to complete the project
and the energy spot price over the next few months when EDB will
have to honor the energy purchase power agreement it had signed in
the regulated market. Moody's remains skeptical that the company
will be able to obtain another waiver from the regulator that
would further postpone the start of operations.

EDB's management indicated that part of the losses incurred from
the delay in the start-up of PECEM I will be reimbursed by MABE's
previous shareholders, which are committed to re-capitalize MABE
by BRL421 million, of which BRL196 million is slated for PECEM I.
In addition, EDB affirms that around BRL100 million of retained
cash, specifically created to guarantee the payment of losses
associated with the project delay, will also be used to make up
for the project cash short-fall.

The agreement also contemplates that the previous shareholders
will provide banking guarantees in the form of new performance
bonds up to BRL411 million, of which BRL200 million will relate to
PECEM I to guarantee that the power plants under construction
reach certain technical performance standards during the
commercial operation phase with an additional BRL166 million
banking guarantees (BRL80 million for PECEM I) to cover potential
claims and other contingent liabilities.

EBD has incurred financial losses because of the delay in starting
operations at the PECEM I power plant. Moody's preliminary
estimates is that the non-recognized revenues the company would
have been entitled to if operations had started according to the
PPA agreement could well have exceeded BRL 100 million in the
first half of the year.

EDB's management is confident that PECEM I will start operations
in the second half of the year and that further financial losses
will be mostly restricted to the non-recognition of revenues. EDB
argues that the expected re-capitalization of MABE along with the
banking guarantees should assure that the projects will be
completed at the specified technical terms and within the agreed
timeframe.

Moody's will continue to closely monitor the completion of the
PECEM I project to evaluate the impact that potential losses would
have on EDB's financial condition.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.


RODOPA FINANCE: Fitch Withdraws 'B-' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has withdrawn the 'B-' local and foreign currency
Issuer Default Ratings (IDRs) assigned to Rodopa Finance S.A.
(Rodopa Finance) and the 'B-/RR4' expected rating of its proposed
2017 senior unsecured bond issuance, guaranteed by the parent
company Rodopa Industria e Comercio de Alimentos S.A. (Rodopa).

The withdrawal of the ratings follows the delay of Rodopa Finance
to sell the bond, due to unfavorable market conditions.  As there
is no set time frame for resuming the issuance process, no rating
is required at this time.

Fitch continues to rate Rodopa, the parent company, as follows:

  -- Local and foreign currency IDRs 'B-';
  -- Long-term National Scale Rating 'BBB-(bra)'.



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


ARUNDEL MEZZANINE: Shareholders' Final Meeting Set for Sept. 17
---------------------------------------------------------------
The shareholders of Arundel Mezzanine Funding Limited will hold
their final meeting on Sept. 17, 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 Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


BANCO PINE: Fitch Withdraws 'BB' Rating to Sr. Unsec. Notes
-----------------------------------------------------------
Fitch Ratings has withdrawn the 'BB' expected rating assigned to
Swiss franc denominated (CHF) 100 million senior unsecured notes
that were expected to be issued by Banco Pine S.A. through its
Cayman Branch.

The reason for the withdrawal is that the bank does not plan to
carry on with this issuance due to unfavorable market conditions.


GTF ASIAN: Members' Final Meeting Set for Aug. 3
------------------------------------------------
The members of GTF Asian Star Fund will hold their final meeting
on Aug. 3, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

Ho Hsiu Mei is the company's liquidator.


MAN EMERGING: Members' Final Meeting Set for July 24
----------------------------------------------------
The members of Man Emerging Market Opportunities (Master) Ltd will
hold their final meeting on July 24, 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


MAN ENERGY: Members' Final Meeting Set for July 24
--------------------------------------------------
The members of MAN Energy Fund (Master) Ltd. will hold their final
meeting on July 24, 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


MOUNT AUSTIN: Shareholders' Final Meeting Set for Aug. 3
--------------------------------------------------------
The shareholders of Mount Austin Asia Fund will hold their final
meeting on Aug. 3, 2012, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


POPPY HOLDINGS: Members' Final Meeting Set for July 25
------------------------------------------------------
The members of Poppy Holdings Limited will hold their final
meeting on July 25, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town
         Grand Cayman KY1-1102
         Cayman Islands


RMF-MGS ARBITRAGE: Members' Final Meeting Set for July 24
---------------------------------------------------------
The members of RMF-MGS Arbitrage (Master) Limited will hold their
final meeting on July 24, 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


RMF-MGS DIRECTIONAL: Members' Final Meeting Set for July 24
-----------------------------------------------------------
The members of RMF-MGS Directional (Master) Limited will hold
their final meeting on July 24, 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


SOCRATE INVESTMENTS: Members' Final Meeting Set for July 25
-----------------------------------------------------------
The members of Socrate Investments Limited will hold their final
meeting on July 25, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town
         Grand Cayman
         Cayman Islands KY1-1102


SOUTHLAND MEZZ: Shareholders' Final Meeting Set for Sept. 17
------------------------------------------------------------
The shareholders of Southland Mezz Funding Limited will hold their
final meeting on Sept. 17, 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 Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands



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


BANCO INDUSTRIAL: Moody's Lifts Bank Fin'l. Strength Rating to D+
-----------------------------------------------------------------
Moody's Investors Service has upgraded Banco Industrial S.A.'s
standalone bank financial strength rating (BFSR) to D+ from D, and
the baseline credit assessment (BCA) to ba1 from ba2. Moody's also
affirmed the bank's long and short term local and foreign currency
deposit ratings of Baa3 and Prime-3 and Ba2 and Not Prime,
respectively. The outlook on all ratings is now stable.

The rating agency also affirmed Industrial's B1 (hyb) foreign
currency junior subordinated debt rating and the Ba2 foreign
currency subordinated debt rating assigned to Industrial
Subordinated Trust.

Banco Industrial S.A.:

The following rating was upgraded:

Bank financial strength rating to D+, stable outlook, from D

The following ratings were affirmed:

Long term local currency deposit rating of Baa3, stable

Short term local currency deposit rating of Prime-3

Long term foreign currency deposit rating of Ba2, stable

Short term foreign currency deposit rating of Not Prime

Foreign currency junior subordinated debt rating of B1 (hyb),
stable

Industrial Subordinated Trust:

The following rating was affirmed:

Foreign currency subordinated debt rating of Ba2, stable

Ratings Rationale

Moody's said that the upgrade of Industrial's standalone ratings
incorporates the bank's growing core profitability, diversifying
revenue and product mix, and improving risk management.
Industrial's higher standalone ratings also reflect the bank's
well executed expansion strategy and favorable growth prospects
within its home country and target markets of Central America, a
natural footprint for the bank as it leverages its customer
relationships. The bank's strong base of relatively low cost local
deposit funding and focus on accessing alternative long term
funding sources also provide a platform for business development
and position the bank favorably relative to other similarly rated
banks in Latin America, said Moody's.

Nevertheless, Industrial's lower core capital ratios relative to
those of regional peers coupled with an aggressive dividend
policy, remain a constraint on the bank's standalone ratings
particularly in light of its ongoing expansion strategy. Moreover,
the bank's high single borrower concentrations continue to be a
key risk factor that although endemic to its largely corporate
lending focus expose Industrial to potential earnings and asset
quality volatility. Plans to shift its asset mix towards more
consumer and small business lending may also lead to asset quality
pressures given their higher risk profiles, although these
activities should also serve to boost both margin and fee
generation. Moody's noted that increased credit risk is also
partly mitigated by Industrial's strong earnings generation,
proactive risk management practices, and by a track record of
financial support from shareholders.

Competition is also a key risk factor as larger regional and
international banks pose a tangible threat to Industrial's
dominance in Guatemala and to its regional strategy. Industrial's
entrenched positioning with the Guatemalan corporate and retail
segment and deep knowledge of and commitment to the market as an
indigenous bank represent strong mitigants to this encroachment.
Over the longer term, however, the bank's still limited access to
diverse long term funding, including reliable foreign currency
sources to support its expanding operations in dollarized markets,
could restrict its ability to compete effectively particularly in
a scenario of heightened competition.

Industrial's Baa3 long term local currency deposit rating
incorporates one notch of uplift from its BCA, reflecting Moody's
assessment of a very high probability of systemic support for the
bank's local currency obligations given its dominant deposit
market shares and key role as a local paying bank, custodian, and
tax collector. The Ba2 foreign currency deposit rating remains
constrained by the Guatemalan country ceiling for deposits.

The B1 (hyb) foreign currency debt rating for Industrial's capital
notes due 2068 now reflect a three notch differential with the
bank's ba1 BCA versus two notches previously, to bring it in line
with the ratings of similarly structured issuances in the region,
said Moody's. The notching captures the notes' non-cumulative
coupon skip mechanism, optional deferral features, and deep
subordination in liquidation.

The Ba2 foreign currency subordinated debt rating of Industrial
Subordinated Trust, Industrial's Cayman Islands-based debt
issuance vehicle, reflects a two notch differential with the
bank's local currency deposit rating, given the limited recourse
of the note obligations relative to direct subordinated issuances
of the bank.

The last rating action on Banco Industrial was on July 19, 2011,
when Moody's assigned a Ba2 foreign currency subordinated debt
rating to the issuance of ten year notes by Industrial
Subordinated Trust.

The principal methodology used in rating Banco Industrial S.A. was
Moody's Consolidated Global Bank Rating Methodology published in
June 2012.

Based in Guatemala City, Industrial is the largest bank in the
country, with 25% and 26% market shares in loans and deposits. As
of March 31, 2012, it reported total consolidated assets of
US$7.4 billion, shareholders' equity of US$488 million, and
quarterly net income of US$30.9 million.



=========
H A I T I
=========


* HAITI: Coffee Farmers to Receive US$300,000 Aid
-------------------------------------------------
Nestle will join a project to improve the incomes and economic
opportunities for 10,000 small-scale coffee producers in Haiti,
the Inter-American Development Bank (IDB) said.

The Switzerland-based Nestle will provide US$300,000 in in-kind
technical assistance to a coffee value chain project supported by
the IDB's Multilateral Investment Fund (FOMIN), the French Agency
for Development (AFD), the Colombian government, the National
Coffee Federation of Colombia (FNC) and Haiti's National Coffee
Institute (INCAH).

Nestle's assistance will focus on efforts to rehabilitate coffee
orchards, improve farmer productivity, and facilitate knowledge
transfer.  The project is being carried out by the French NGO
Agronomists and Veterinarians without Borders (AVSF).

Until two decades ago, coffee was Haiti's principal farm export,
representing as much as 70 percent of its foreign agricultural
sales.  A combination of international and domestic factors
contributed to a sharp decline in output, which was compounded by
a persistent lack of farm investment.  As a result, coffee exports
shriveled from 191,000 bags in 1990 to 16,000 bags in 2009.

The value chain project aims to help Haiti regain its position as
a world-class coffee producer.  One of its principal goals is to
raise yields of coffee and other staples grown by farmers in
"Creole gardens," strengthening their families' food security.
With appropriate investments and cultivation techniques, their
coffee output could double.

To help raise farm productivity, Nestle will supply high-yielding
coffee seedlings to replace ageing coffee trees on Haitian
smallholder farms.  The company will also provide seedlings for
staple crops such as banana and yams that promote food security.

Through its office in the Dominican Republic, Nestle will provide
direct technical assistance to small coffee producers in Haiti.
The company will foster knowledge transfer and best practices by
sponsoring study tours between Haiti and other coffee producing
countries.

The coffee value chain project is due to be launched in Port-au-
Prince, with the participation of more than 100 stakeholders in
Haiti's coffee sector including growers, representatives of
producer organizations, cooperative networks, roasters, the
Ministry of Agriculture, donor agencies, and NGOs.




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


PACIFIC RUBIALES: S&P Affirms 'BB' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Pacific
Rubiales Energy Corp. (PRE) to positive from stable. "At the same
time, we affirmed the company's 'BB' corporate credit rating and
its 'BB' senior unsecured debt rating," S&P said.

"The outlook revision is primarily based on the company's
continued increase in production volume and reserves, and its
maintenance of a strong financial performance," said Standard &
Poor's credit analyst Fabiola Ortiz.

As of March 31, 2012, the company's revenues doubled that of the
same period of 2011, reaching $3.7 billion. The company's credit
metrics continue to improve, with debt to EBITDA and funds from
operations (FFO) to debt of 0.6x and 121.6% as of March 31, 2012,
compared with 0.9x and 83.1% a year ago.

"The positive outlook indicates that we could raise the ratings by
one notch if the company continues to strengthen its operating
performance by developing its reserve base further, implementing
its growth strategy successfully, and fully integrating its new
acquisitions in the next 12 to 18 months. It would have to also
maintain its current financial profile. We could revise the
outlook to stable if Pacific Rubiales' production increases are
lower than we expect (about 100,000 boe/d at the end of the year)
or if recent acquisitions do not materialize in the next two to
three years," S&P said.


* MUNICIPALITY OF TUXPAN: Moody's Assigns 'B2' Issuer Ratings
-------------------------------------------------------------
Moody's de Mexico assigned issuer ratings of Ba2.mx (Mexico
National Scale) and B2 (Global Scale, local currency) to the
Municipality of Tuxpan, Veracruz. The outlook assigned to the
ratings is negative.

Ratings Rationale

The ratings assigned to the Municipality of Tuxpan, Veracruz
reflect a sharp operating and financial deterioration in 2011,
leading to rapid increases in debt and a very weak liquidity. The
negative outlook reflects Moody's assessment of the major
challenges that the municipality faces to rebalance its financials
in the short to medium term.

Tuxpan experienced a sharp operating deterioration in 2011. While
the average gross operating balance (operating revenues minus
operating expenditures) recorded in 2007-2010 was 13.7% of
operating revenues, a moderate level, in 2011 it dropped
significantly to -31.5%, an extremely low level.

On a consolidated basis, considering capital revenues and
expenditures, Tuxpan has recorded three consecutive deficits
driven by its sizable capital expenditures. In 2011, the
municipality's consolidated deficit reached -32.7% of total
revenues, a very weak level. As a result, based on Moody's
projections for 2012, net direct and indirect debt could reach
42.4% of operating revenues from 11% in 2011. Unless the
municipality takes prompt action debt could quickly come
unsustainable by the end of the year.

In addition, Tuxpan faces a heavy debt repayment calendar. All of
its outstanding debt matures by the end of 2013, posing
significant pressure on the municipality's financial situation.
Liquidity has also deteriorated sharply, reflecting the use of
suppliers to fund part of the cash financing requirements and
reducing cash available. Net working capital dropped to -17% of
total expenditures in 2011 from relatively solid levels of 8% in
2007-2010. While these levels are similar to B rated
municipalities, weak liquidity levels are expected in the near to
medium term and could deteriorate further.

What Can Change The Rating Up/Down

Given the negative outlook, Moody's does not expect upward
pressure on the ratings in the near term.

However, if Tuxpan successfully refinances a significant portion
of its debt to longer maturities at manageable terms and redresses
its poor operating performance and reduces its cash financing
requirements, Moody's could review the outlook to stable.

Failure to redress Tuxpan's finances, further increases in debt
levels and a weakening in the municipality's liquidity position,
ratings will be reviewed for a possible downgrade.

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.



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


CARIBBEAN CEMENT: Projects Turnaround by January
------------------------------------------------
Steven Jackson at Jamaica Gleaner reports that Caribbean Cement
Company has racked up losses for three years but its directors
emerged from the annual meeting of shareholders with a more
bullish message: expect a turnaround by next January.

The new outlook comes behind disclosures out of Claxton Bay that
Caribbean Cement's parent and benefactor, Trinidad Cement Limited
(TCL), has finalized a debt 'reprofiling' plan with some 30 of its
biggest creditors, giving the company breathing room to pay off
some JM$1.95 billion of debt over five years, starting from March
2013 to December 2018, according to Jamaica Gleaner.

The report notes that a more operationally sound Caribbean Cement
increases the possibility of profit and positive working capital
for the first time in three financial years.

"We are not out of the woods (but) definitely our outlook is more
positive . . . .  We need to maintain careful cost containment and
also be careful with our decisions," the report quoted General
Manager Anthony Haynes as saying.

Jamaica Gleaner notes that Caribbean Cement's financial troubles
track back to its ambitious US$177 million expansion project that
concluded just as Jamaica and the world were about to be hammered
by recession, and as the market share of the Rockfort, Kingston-
based plant was being tested by cheaper imports.

The debt restructuring by TCL is expected to reduce lease payments
by Caribbean Cement to its parent, Jamaica Gleaner says.

The report relates that under the repayment terms for US$105
million of loans obtained by TCL to finance construction of Kiln 5
and Cement Mill 5 at the Rockfort Plant, the Trinidadian parent
holds the assets, which Caribbean Cement operates under lease.

Meanwhile, Jamaica Gleaner relays that Caribbean Cement is also
expecting to boost revenues via a price increase implemented last
month on its Carib cement product and to grow sales via the export
market.  As such, Mr. Haynes expects production at the plant to
rise from 50% of capacity to about 70% by January, the report
discloses.

As reported in the Troubled Company Reporter - Latin America on
June 1, 2012, Jamaica Observer said that Trinidad Cement
Limited Group subsidiary Caribbean Cement Company Limited has
reported a consolidated loss for this year's first quarter, though
the group will have to restart debt payment in December as per the
terms of an agreement with lenders.  In a consolidated unaudited
financial report for the quarter ended in March, Carib Cement said
it had a loss of $625 million for the first quarter of 2012,
compared with a $374-million loss before tax credits for the same
period last year, according to Jamaica Observer.  The report
related that the company said this has resulted in equity for the
(TCL) Group now holding a negative position of $216 million.

                      About Caribbean Cement

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.



=========================
V I R G I N   I S L A N D
=========================


DIGICEL GROUP: Regulator Labels Firm as Anti-Competitive
--------------------------------------------------------
Caribbean360.com reports that Digicel Group Limited and Landline,
I for Internet, M for Mobile and E for Entertainment (LIME) have
been found equally guilty of being anti-competitive against CCT
Global Communications in their battle for market share in the
British Virgin Islands (BVI).

BVI Telecommunications Regulatory Commission disclosed in
accordance with Section 75 of the Telecommunications Act, that it
had concluded that the mobile operators' respective regional
offers, 'Caribbean Calling' (Digicel) and 'All Talk' (LIME),
constitute an "anti-competitive margin squeeze on CCT", according
to Caribbean360.com.

Caribbean360.com notes that in the regulator's final decisions
issued following its investigations into the anti-competitive
behavior of the two regional telecommunications giants, the
commission ordered both Lime and Digicel Group to cease their
anti-competitive behavior and were ordered to pay fines by
June 30, 2012.  However, the report relates that Digicel Group was
not required to withdraw the offending plan from the market
altogether.

The report relates that Ayana Hull, chairman of the Commission
stated that: "The problem is that CCT cannot offer the same
product as Digicel BVI because they cannot access Digicel's
Caribbean networks on the same terms as Digicel BVI. It appears
anti-competitive that Digicel BVI's customers can call Digicel's
Caribbean networks for a retail price which is far below the
wholesale price that CCT must pay to access Digicel's Caribbean
networks.  If Digicel BVI offered similar wholesale terms to CCT,
then both would be able to offer cheap calls to Digicel Caribbean
networks and there would be no need for Digicel BVI to withdraw
their Caribbean plans.  Digicel (BVI) could also revise the terms
of the Caribbean plans for their customers which we hope they will
consider."

Guy Malone, chief executive officer of the commission reportedly
stated that the regulator was forced to intervene because the
plans "impact the long term competitive dynamic of the BVI mobile
market", the report relays.

                     About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.  Digicel is based in Jamaica.
It has operations in 31 markets worldwide.  Its Caribbean and
Central American markets comprise Anguilla, Antigua & Barbuda,
Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the
Cayman Islands, Curacao, Dominica, El Salvador, French Guiana,
Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica,
Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the
Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos.  The
Caribbean company also has coverage in St. Martin and St. Barts.
Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga
and Vanuatu.

                      *     *     *

As of June 25, 2012, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.



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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                    Total          Shareholders
                                       Assets            Equity
Company             Ticker            (US$MM)          (US$MM)
-------             ------          ---------       ------------

ARGENTINA

IMPSAT FIBER-$US      IMPTD AR           535007008      -17164978
IMPSAT FIBER NET      330902Q GR         535007008      -17164978
IMPSAT FIBER-CED      IMPT AR            535007008      -17164978
IMPSAT FIBER-C/E      IMPTC AR           535007008      -17164978
IMPSAT FIBER NET      IMPTQ US           535007008      -17164978
IMPSAT FIBER-BLK      IMPTB AR           535007008      -17164978
IMPSAT FIBER NET      XIMPT SM           535007008      -17164978
SOC COMERCIAL PL      CADN SW          231024530.5     -308335991
SOC COMERCIAL PL      COME AR          231024530.5     -308335991
SOC COMERCIAL PL      CVVIF US         231024530.5     -308335991
SOC COMERCIAL PL      COMED AR         231024530.5     -308335991
SOC COMERCIAL PL      CADN EU          231024530.5     -308335991
SOC COMERCIAL PL      CAD IX           231024530.5     -308335991
COMERCIAL PLA-BL      COMEB AR         231024530.5     -308335991
SOC COMERCIAL PL      SCDPF US         231024530.5     -308335991
SOC COMERCIAL PL      COMEC AR         231024530.5     -308335991
COMERCIAL PL-ADR      SCPDS LI         231024530.5     -308335991
SOC COMERCIAL PL      CADN EO          231024530.5     -308335991
SNIAFA SA-B           SNIA5 AR         11229696.22    -2670544.88
SNIAFA SA-B           SDAGF US         11229696.22    -2670544.88
SNIAFA SA             SNIA AR          11229696.22    -2670544.88


BRAZIL

CELGPAR               GPAR3 BZ          2639764737     -675967203
PORTX OPERA-GDR       PXTPY US          1025101052    -3076374.61
PORTX OPERACOES       PRTX3 BZ          1025101052    -3076374.61
VARIG SA-PREF         VAGV4 BZ           966298048    -4695211008
VARIG SA-PREF         VARGPN BZ          966298048    -4695211008
VARIG SA              VARGON BZ          966298048    -4695211008
VARIG SA              VAGV3 BZ           966298048    -4695211008
LUPATECH SA-RT        LUPA11 BZ        815799477.6    -65082852.9
LUPATECH SA-ADR       LUPAY US         815799477.6    -65082852.9
LUPATECH SA           LUPAF US         815799477.6    -65082852.9
LUPATECH SA -RCT      LUPA9 BZ         815799477.6    -65082852.9
LUPATECH SA-RTS       LUPA1 BZ         815799477.6    -65082852.9
LUPATECH SA           LUPA3 BZ         815799477.6    -65082852.9
AGRENCO LTD-BDR       AGEN11 BZ          637647275     -312199404
AGRENCO LTD           AGRE LX            637647275     -312199404
PARMALAT              LCSA3 BZ           388720096     -213641152
PARMALAT-PREF         LCSA4 BZ           388720096     -213641152
PARMALAT BR-RT P      LCSA6 BZ           388720096     -213641152
PARMALAT BR-RT C      LCSA5 BZ           388720096     -213641152
PARMALAT BRAS-PF      LCSAPN BZ          388720096     -213641152
PARMALAT BRASIL       LCSAON BZ          388720096     -213641152
BOMBRIL CIRIO-PF      BOBRPN BZ        381113282.6    -25127292.3
BOMBRIL SA-ADR        BMBBY US         381113282.6    -25127292.3
BOMBRIL-RIGHTS        BOBR1 BZ         381113282.6    -25127292.3
BOMBRIL CIRIO SA      BOBRON BZ        381113282.6    -25127292.3
BOMBRIL SA-ADR        BMBPY US         381113282.6    -25127292.3
BOMBRIL               BMBBF US         381113282.6    -25127292.3
BOMBRIL-PREF          BOBR4 BZ         381113282.6    -25127292.3
BOMBRIL-RGTS PRE      BOBR2 BZ         381113282.6    -25127292.3
BOMBRIL               BOBR3 BZ         381113282.6    -25127292.3
CIA PETROLIFERA       MRLM3B BZ        377602195.2    -3014291.72
CIA PETROLIFERA       1CPMON BZ        377602195.2    -3014291.72
CIA PETROLIF-PRF      MRLM4 BZ         377602195.2    -3014291.72
CIA PETROLIFERA       MRLM3 BZ         377602195.2    -3014291.72
CIA PETROLIF-PRF      MRLM4B BZ        377602195.2    -3014291.72
CIA PETROLIF-PRF      1CPMPN BZ        377602195.2    -3014291.72
TEKA                  TKTQF US         332104715.8     -455378043
TEKA                  TEKAON BZ        332104715.8     -455378043
TEKA-ADR              TEKAY US         332104715.8     -455378043
TEKA-PREF             TEKA4 BZ         332104715.8     -455378043
TEKA-RCT              TEKA9 BZ         332104715.8     -455378043
TEKA-PREF             TEKAPN BZ        332104715.8     -455378043
TEKA-RTS              TEKA2 BZ         332104715.8     -455378043
TEKA-ADR              TKTQY US         332104715.8     -455378043
TEKA-RTS              TEKA1 BZ         332104715.8     -455378043
TEKA-ADR              TKTPY US         332104715.8     -455378043
TEKA                  TEKA3 BZ         332104715.8     -455378043
TEKA-RCT              TEKA10 BZ        332104715.8     -455378043
TEKA-PREF             TKTPF US         332104715.8     -455378043
PET MANG-RECEIPT      0229296Q BZ      323293708.4     -112268877
PETRO MANGUINHOS      MANGON BZ        323293708.4     -112268877
PET MANG-RT           RPMG1 BZ         323293708.4     -112268877
PET MANG-RECEIPT      RPMG10 BZ        323293708.4     -112268877
PET MANG-RIGHTS       3678565Q BZ      323293708.4     -112268877
PET MANG-RECEIPT      RPMG9 BZ         323293708.4     -112268877
PETRO MANGUIN-PF      MANGPN BZ        323293708.4     -112268877
PET MANG-RT           4115360Q BZ      323293708.4     -112268877
PET MANG-RECEIPT      0229292Q BZ      323293708.4     -112268877
PET MANG-RT           0229268Q BZ      323293708.4     -112268877
PET MANG-RT           4115364Q BZ      323293708.4     -112268877
PET MANG-RT           RPMG2 BZ         323293708.4     -112268877
PET MANG-RT           0229249Q BZ      323293708.4     -112268877
PET MANG-RIGHTS       3678569Q BZ      323293708.4     -112268877
PET MANGUINH-PRF      RPMG4 BZ         323293708.4     -112268877
PETRO MANGUINHOS      RPMG3 BZ         323293708.4     -112268877
BATTISTELLA           BTTL3 BZ         291826534.8    -29594537.2
BATTISTELLA-RECP      BTTL10 BZ        291826534.8    -29594537.2
BATTISTELLA-RECE      BTTL9 BZ         291826534.8    -29594537.2
BATTISTELLA-RI P      BTTL2 BZ         291826534.8    -29594537.2
BATTISTELLA-RIGH      BTTL1 BZ         291826534.8    -29594537.2
BATTISTELLA-PREF      BTTL4 BZ         291826534.8    -29594537.2
HOTEIS OTHON SA       HOTHON BZ        288171869.8    -77685728.7
HOTEIS OTHON-PRF      HOOT4 BZ         288171869.8    -77685728.7
HOTEIS OTHON-PRF      HOTHPN BZ        288171869.8    -77685728.7
HOTEIS OTHON SA       HOOT3 BZ         288171869.8    -77685728.7
DOCAS SA-PREF         DOCAPN BZ        272567786.7     -202595760
DOCA INVESTIMENT      DOCA3 BZ         272567786.7     -202595760
DOCA INVESTI-PFD      DOCA4 BZ         272567786.7     -202595760
DOCAS SA              DOCAON BZ        272567786.7     -202595760
DOCAS SA-RTS PRF      DOCA2 BZ         272567786.7     -202595760
SANSUY-PREF B         SNSY6 BZ           190512467     -137678051
SANSUY SA-PREF A      SNSYAN BZ          190512467     -137678051
SANSUY-PREF A         SNSY5 BZ           190512467     -137678051
SANSUY SA             SNSYON BZ          190512467     -137678051
SANSUY                SNSY3 BZ           190512467     -137678051
SANSUY SA-PREF B      SNSYBN BZ          190512467     -137678051
CAFE BRASILIA-PR      CSBRPN BZ        160938139.9     -149281089
CAF BRASILIA-PRF      CAFE4 BZ         160938139.9     -149281089
CAF BRASILIA          CAFE3 BZ         160938139.9     -149281089
CAFE BRASILIA SA      CSBRON BZ        160938139.9     -149281089
BALADARE              BLDR3 BZ         159454015.9    -52992212.8
DHB IND E COM-PR      DHBPN BZ         151002419.5     -118054988
D H B-PREF            DHBI4 BZ         151002419.5     -118054988
D H B                 DHBI3 BZ         151002419.5     -118054988
DHB IND E COM         DHBON BZ         151002419.5     -118054988
TEXTEIS RENA-RCT      TXRX9 BZ         136405144.3    -72823992.4
TEXTEIS RENAUX        RENXON BZ        136405144.3    -72823992.4
RENAUXVIEW SA-PF      TXRX4 BZ         136405144.3    -72823992.4
TEXTEIS RENAU-RT      TXRX1 BZ         136405144.3    -72823992.4
TEXTEIS RENAUX        RENXPN BZ        136405144.3    -72823992.4
TEXTEIS RENA-RCT      TXRX10 BZ        136405144.3    -72823992.4
TEXTEIS RENAU-RT      TXRX2 BZ         136405144.3    -72823992.4
RENAUXVIEW SA         TXRX3 BZ         136405144.3    -72823992.4
BUETTNER SA-PRF       BUETPN BZ        114336116.2    -25308352.3
BUETTNER SA-RTS       BUET1 BZ         114336116.2    -25308352.3
BUETTNER              BUET3 BZ         114336116.2    -25308352.3
BUETTNER SA           BUETON BZ        114336116.2    -25308352.3
BUETTNER-PREF         BUET4 BZ         114336116.2    -25308352.3
BUETTNER SA-RT P      BUET2 BZ         114336116.2    -25308352.3
RIMET-PREF            REEM4 BZ         112551851.9     -196235615
RIMET-PREF            REEMPN BZ        112551851.9     -196235615
RIMET                 REEMON BZ        112551851.9     -196235615
RIMET                 REEM3 BZ         112551851.9     -196235615
WETZEL SA             MWET3 BZ         105473506.2    -3423680.68
WETZEL SA-PREF        MWET4 BZ         105473506.2    -3423680.68
WETZEL SA-PREF        MWELPN BZ        105473506.2    -3423680.68
WETZEL SA             MWELON BZ        105473506.2    -3423680.68
COBRASMA SA           COBRON BZ         94105674.9    -2240770420
COBRASMA-PREF         CBMA4 BZ          94105674.9    -2240770420
COBRASMA              CBMA3 BZ          94105674.9    -2240770420
COBRASMA SA-PREF      COBRPN BZ         94105674.9    -2240770420
VARIG PART EM-PR      VPSC4 BZ         83017828.56     -495721700
VARIG PART EM SE      VPSC3 BZ         83017828.56     -495721700
FABRICA RENAUX-P      FRNXPN BZ         78479539.9    -67506773.4
FABRICA RENAUX        FTRX3 BZ          78479539.9    -67506773.4
FABRICA TECID-RT      FTRX1 BZ          78479539.9    -67506773.4
FABRICA RENAUX-P      FTRX4 BZ          78479539.9    -67506773.4
FABRICA RENAUX        FRNXON BZ         78479539.9    -67506773.4
ESTRELA SA-PREF       ESTRPN BZ         77832771.4     -110076267
ESTRELA SA-PREF       ESTR4 BZ          77832771.4     -110076267
ESTRELA SA            ESTR3 BZ          77832771.4     -110076267
ESTRELA SA            ESTRON BZ         77832771.4     -110076267
GRADIENTE ELETR       IGBON BZ         69132281.21     -253174445
GRADIENTE-PREF C      IGBR7 BZ         69132281.21     -253174445
GRADIENTE-PREF A      IGBR5 BZ         69132281.21     -253174445
IGB ELETRONICA        IGBR3 BZ         69132281.21     -253174445
GRADIENTE-PREF B      IGBR6 BZ         69132281.21     -253174445
GRADIENTE EL-PRC      IGBCN BZ         69132281.21     -253174445
GRADIENTE EL-PRB      IGBBN BZ         69132281.21     -253174445
GRADIENTE EL-PRA      IGBAN BZ         69132281.21     -253174445
SCHLOSSER SA          SCHON BZ         63039069.14      -50573360
SCHLOSSER             SCLO3 BZ         63039069.14      -50573360
SCHLOSSER SA-PRF      SCHPN BZ         63039069.14      -50573360
SCHLOSSER-PREF        SCLO4 BZ         63039069.14      -50573360
VARIG PART EM TR      VPTA3 BZ         49432124.18     -399290396
VARIG PART EM-PR      VPTA4 BZ         49432124.18     -399290396
CIMOB PARTIC SA       GAFON BZ          44047411.7    -45669963.6
CIMOB PART-PREF       GAFP4 BZ          44047411.7    -45669963.6
CIMOB PART-PREF       GAFPN BZ          44047411.7    -45669963.6
CIMOB PARTIC SA       GAFP3 BZ          44047411.7    -45669963.6
RECRUSUL - RT         0163579D BZ       43284321.9    -27789423.5
RECRUSUL - RT         4529781Q BZ       43284321.9    -27789423.5
RECRUSUL              RCSL3 BZ          43284321.9    -27789423.5
RECRUSUL - RT         4529785Q BZ       43284321.9    -27789423.5
RECRUSUL-BON RT       RCSL12 BZ         43284321.9    -27789423.5
RECRUSUL - RCT        0163582D BZ       43284321.9    -27789423.5
RECRUSUL - RT         RCSL1 BZ          43284321.9    -27789423.5
RECRUSUL SA           RESLON BZ         43284321.9    -27789423.5
RECRUSUL - RCT        RCSL10 BZ         43284321.9    -27789423.5
RECRUSUL - RCT        RCSL9 BZ          43284321.9    -27789423.5
RECRUSUL-PREF         RCSL4 BZ          43284321.9    -27789423.5
RECRUSUL-BON RT       RCSL11 BZ         43284321.9    -27789423.5
RECRUSUL - RT         RCSL2 BZ          43284321.9    -27789423.5
RECRUSUL SA-PREF      RESLPN BZ         43284321.9    -27789423.5
RECRUSUL - RCT        0163583D BZ       43284321.9    -27789423.5
RECRUSUL - RT         0163580D BZ       43284321.9    -27789423.5
RECRUSUL - RCT        4529793Q BZ       43284321.9    -27789423.5
RECRUSUL - RCT        4529789Q BZ       43284321.9    -27789423.5
WIEST SA              WISAON BZ        34108201.43     -126997429
WIEST-PREF            WISA4 BZ         34108201.43     -126997429
WIEST                 WISA3 BZ         34108201.43     -126997429
WIEST SA-PREF         WISAPN BZ        34108201.43     -126997429
SANESALTO             SNST3 BZ          31802628.1    -2924062.87
CONST BETER SA        1COBON BZ        31374373.74    -1555470.16
CONST BETER SA        1007Q BZ         31374373.74    -1555470.16
CONST BETER-PF B      COBE6 BZ         31374373.74    -1555470.16
CONST BETER-PR A      1008Q BZ         31374373.74    -1555470.16
CONST BETER SA        COBE3B BZ        31374373.74    -1555470.16
CONST BETER SA        COBEON BZ        31374373.74    -1555470.16
CONST BETER-PR B      COBEBN BZ        31374373.74    -1555470.16
CONST BETER-PF B      COBE6B BZ        31374373.74    -1555470.16
CONST BETER-PR A      COBEAN BZ        31374373.74    -1555470.16
CONST BETER-PFA       COBE5B BZ        31374373.74    -1555470.16
CONST BETER-PF A      COBE5 BZ         31374373.74    -1555470.16
CONST BETER-PR B      1009Q BZ         31374373.74    -1555470.16
CONST BETER-PF B      1COBBN BZ        31374373.74    -1555470.16
CONST BETER-PF A      1COBAN BZ        31374373.74    -1555470.16
CONST BETER SA        COBE3 BZ         31374373.74    -1555470.16
BOTUCATU-PREF         STRP4 BZ         27663604.95    -7174512.03
STAROUP SA            STARON BZ        27663604.95    -7174512.03
BOTUCATU TEXTIL       STRP3 BZ         27663604.95    -7174512.03
STAROUP SA-PREF       STARPN BZ        27663604.95    -7174512.03
STEEL - RCT ORD       STLB9 BZ         27168332.71    -942060.853
ALL ORE MINERACA      STLB3 BZ         27168332.71    -942060.853
ALL ORE MINERACA      AORE3 BZ         27168332.71    -942060.853
STEEL - RT            STLB1 BZ         27168332.71    -942060.853
NUTRIPLANT            NUTR3M BZ        24748712.23    -500384.099
SAUIPE-PREF           PSEG4 BZ         24470538.18    -213980.042
SAUIPE SA             PSEGON BZ        24470538.18    -213980.042
SAUIPE SA-PREF        PSEGPN BZ        24470538.18    -213980.042
SAUIPE                PSEG3 BZ         24470538.18    -213980.042
NOVA AMERICA-PRF      1NOVPN BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVAPN BZ           21287489     -183535527
NOVA AMERICA SA       NOVAON BZ           21287489     -183535527
NOVA AMERICA SA       NOVA3B BZ           21287489     -183535527
NOVA AMERICA SA       1NOVON BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVA4B BZ           21287489     -183535527
NOVA AMERICA-PRF      NOVA4 BZ            21287489     -183535527
NOVA AMERICA SA       NOVA3 BZ            21287489     -183535527
BOMBRIL HOLDING       FPXE3 BZ         19416015.78     -489914902
BOMBRIL               FPXE4 BZ         19416015.78     -489914902
FERRAGENS HAGA        HAGAON BZ        19097885.26    -54511171.5
FER HAGA-PREF         HAGA4 BZ         19097885.26    -54511171.5
HAGA                  HAGA3 BZ         19097885.26    -54511171.5
FERRAGENS HAGA-P      HAGAPN BZ        19097885.26    -54511171.5
B&D FOOD CORP         BDFCE US            14423532       -3506007
B&D FOOD CORP         BDFC US             14423532       -3506007
REII INC              REIC US             14423532       -3506007
LATTENO FOOD COR      LATF US             14423532       -3506007
NORDON METAL          NORDON BZ        13825854.07    -32802043.2
NORDON MET-RTS        NORD1 BZ         13825854.07    -32802043.2
NORDON MET            NORD3 BZ         13825854.07    -32802043.2
CONST A LINDEN        LINDON BZ        13567432.02    -4206628.17
CONST LINDEN RCT      CALI10 BZ        13567432.02    -4206628.17
CONST A LIND-PRF      LINDPN BZ        13567432.02    -4206628.17
CONST LINDEN RT       CALI2 BZ         13567432.02    -4206628.17
CONST A LINDEN        CALI3 BZ         13567432.02    -4206628.17
CONST A LIND-PRF      CALI4 BZ         13567432.02    -4206628.17
CONST LINDEN RT       CALI1 BZ         13567432.02    -4206628.17
CONST LINDEN RCT      CALI9 BZ         13567432.02    -4206628.17
ARTHUR LANGE-PRF      ARLA4 BZ         11642255.92    -17154461.9
ARTHUR LANG-RC C      ARLA9 BZ         11642255.92    -17154461.9
ARTHUR LANG-RT C      ARLA1 BZ         11642255.92    -17154461.9
ARTHUR LANGE SA       ALICON BZ        11642255.92    -17154461.9
ARTHUR LAN-DVD C      ARLA11 BZ        11642255.92    -17154461.9
ARTHUR LANG-RT P      ARLA2 BZ         11642255.92    -17154461.9
ARTHUR LANGE-PRF      ALICPN BZ        11642255.92    -17154461.9
ARTHUR LAN-DVD P      ARLA12 BZ        11642255.92    -17154461.9
ARTHUR LANG-RC P      ARLA10 BZ        11642255.92    -17154461.9
ARTHUR LANGE          ARLA3 BZ         11642255.92    -17154461.9
CHIARELLI SA          CCHON BZ         11281940.72    -81454622.1
CHIARELLI SA-PRF      CCHPN BZ         11281940.72    -81454622.1
CHIARELLI SA          CCHI3 BZ         11281940.72    -81454622.1
CHIARELLI SA-PRF      CCHI4 BZ         11281940.72    -81454622.1
TECEL S JOSE-PRF      SJOS4 BZ         11174696.21    -61473722.8
TECEL S JOSE-PRF      FTSJPN BZ        11174696.21    -61473722.8
TECEL S JOSE          FTSJON BZ        11174696.21    -61473722.8
TECEL S JOSE          SJOS3 BZ         11174696.21    -61473722.8
F GUIMARAES-PREF      FGUI4 BZ         11016542.14     -151840377
F GUIMARAES           FGUI3 BZ         11016542.14     -151840377
FERREIRA GUIM-PR      FGUIPN BZ        11016542.14     -151840377
FERREIRA GUIMARA      FGUION BZ        11016542.14     -151840377
LARK MAQUINAS         LARON BZ         6280039.909    -13860968.7
LARK SA MAQU-RTS      LARK1 BZ         6280039.909    -13860968.7
LARK MAQS             LARK3 BZ         6280039.909    -13860968.7
LARK SA MAQU-RTS      LARK2 BZ         6280039.909    -13860968.7
LARK MAQUINAS-PR      LARPN BZ         6280039.909    -13860968.7
LARK MAQS-PREF        LARK4 BZ         6280039.909    -13860968.7


CHILE


EMPRESA DE LOS F      2940894Z CI       1933599186    -50416405.6
LA POLAR-RT           LAPOLARO CI      626658111.9     -537455813
LA POLAR SA           LAPOLAR CI       626658111.9     -537455813
PUYEHUE               PUYEH CI         25568725.55     -2547071.2
PUYEHUE RIGHT         PUYEHUOS CI      25568725.55     -2547071.2




                            ***********


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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