TCRLA_Public/120801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Wednesday, August 1, 2012, Vol. 13, No. 152


                            Headlines



A R G E N T I N A

BONESI SA: Creditors' Proofs of Debt Due Oct. 15
DROGUERIA MILENIUM: Creditors' Proofs of Debt Due Sept. 7
EMPRESA NACIONAL: S&P Revises Stand-alone Credit Profile to 'b'
PIXEL SRL: Creditors' Proofs of Debt Due Sept. 4
TRANSPORTADORA DE GAS: Extends Period for Early Tender Premium


C A Y M A N   I S L A N D S

BRAVIA INT'L: Shareholder to Hear Wind-Up Report on Aug. 7
GLOBAL TRADING: Shareholders' Final Meeting Set for Aug. 17
GLOBAL TRADING MANAGER: Shareholders' Meeting Set for Aug. 17
GREENLAKE VIETNAM: Shareholders' Final Meeting Set for Aug. 17
SAGA INVESTMENT: Shareholders' Final Meeting Set for Aug. 17

TMS FUNDING: Shareholders' Final Meeting Set for Aug. 9
TMS FUNDING II: Shareholders' Final Meeting Set for Aug. 9
WESLEY CAPITAL: Shareholders' Final Meeting Set for Aug. 17
WESLEY CAPITAL-CL: Shareholders' Final Meeting Set for Aug. 17
ZEELAND INVESTMENT: Members' Final Meeting Set for Aug. 7


J A M A I C A

DIGICEL GROUP: Gets Forced to Suspend New Mobile Rates


P U E R T O   R I C O

INTERNATIONAL HOME: Court OKs $250,000 Loan from Principal


S T.  K I T T S  &  N E V I S

CL FIN'L: St. Kitts & Nevis Decides on CLICO Assets Sale


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Returns Cement Prices Back to Pre-Strike Rates


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Corporate Credit Rating


                            - - - - -


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


BONESI SA: Creditors' Proofs of Debt Due Oct. 15
------------------------------------------------
Estudio Plastina, Torralba y Asociados, the court-appointed
trustee for Bonesi SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Oct. 15, 2012.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Estudio Plastina, Torralba y Asociados
         Viamonte 2043
         Argentina


DROGUERIA MILENIUM: Creditors' Proofs of Debt Due Sept. 7
---------------------------------------------------------
Carlos Berges, the court-appointed trustee for Drogueria Milenium
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Sept. 7, 2012.

Mr. Berges 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 17, 2013.

The Trustee can be reached at:

         Carlos Berges
         Suipacha 1172
         Argentina


EMPRESA NACIONAL: S&P Revises Stand-alone Credit Profile to 'b'
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Empresa
Nacional del Petroleo (ENAP) to stable from positive. "At the same
time, we revised the company's SACP to 'b' from 'b+'. In addition,
we affirmed our 'BBB-' ratings on ENAP," S&P said.

"The SACP revision reflects ENAP's deteriorating financial
performance, particularly in the refining and marketing segment.
This is due to lower global refining margins, a relative
appreciation of price for its crude oil, and rising energy costs.
ENAP's high debt continues to weaken capital structure and credit
metrics. Because we expect the firm's free cash flow to be
negative in the next 12 months, ENAP is likely to continue
refinancing most of its short-term maturities, which will
gradually increase its gross debt," S&P said.


PIXEL SRL: Creditors' Proofs of Debt Due Sept. 4
------------------------------------------------
Carmen Beatriz Santa Maria, the court-appointed trustee for Pixel
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Sept. 4, 2012.

Ms. Maria will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, 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:

         Carmen Beatriz Santa Maria
         Avenida Corrientes 1557
         Argentina


TRANSPORTADORA DE GAS: Extends Period for Early Tender Premium
--------------------------------------------------------------
Transportadora de Gas del Norte S.A. has extended the period for
tenders eligible to receive the Early Tender Premium in its
previously announced private exchange offer for any and all of its
US$141,279,932 outstanding Series A Notes and its US$203,630,111
outstanding Series B Notes held by Eligible Holders for exchange
consideration consisting of a combination of a cash payment, New
7-Year Step-Up Notes and Claim Protection Notes, as further
described below. The Exchange Offer is being conducted upon the
terms and subject to the conditions set forth in the Information
Memorandum dated July 12, 2012 and the related Letter of
Transmittal.

The Early Tender Date, previously scheduled for 5:00 p.m., New
York City time, on July 25, 2012, has been extended to 5:00 p.m.,
New York City time, on Aug. 1, 2012.

All Eligible Holders who validly tender Outstanding Debt prior to
the Expiration Date will be eligible to receive for each US$1,000
principal amount of Outstanding Debt tendered (i) US$494.20
principal amount of New Step-Up Notes, (ii) US$164.68 principal
amount of Claim Protection Notes and (iii) a cash payment
consisting of (a) solely for holders who validly tender their
Outstanding Debt prior to or at the Early Tender Date, US$329.45
in cash, which includes a premium of US$49.45, or (b) for holders
who validly tender their Outstanding Debt after the Early Tender
Date but prior to or at 11:59 p.m., New York City time, on Aug. 8,
2012, US$280.00 in cash, which does not include the Early Tender
Premium.

The Exchange Offer is conditioned upon, among other matters set
forth in the Information Memorandum, at least 88% of the principal
amount of the Outstanding Debt being validly tendered prior to or
at the Expiration Date.  Tendering holders of the Outstanding Debt
will not be entitled to withdrawal rights in the Exchange Offer,
other than to the extent required by applicable laws, unless the
Company extends the Expiration Date beyond Aug. 17, 2012.

The company intends to have certain of the New Notes authorized
for public offering in Argentina and listed on the Bolsa de
Comercio de Buenos Aires, authorized for trading in the Mercado
Abierto Electronico S.A. and listed on the Luxembourg Stock
Exchange for trading on the Euro MTF.

The Exchange Offer is made only by, and pursuant to, the terms and
conditions set forth in the Information Memorandum, and the
information in this press release is qualified in its entirety by
reference to the Information Memorandum.  The Exchange Offer will
also be made in Argentina using a separate Spanish-language
document, as amended or supplemented from time to time, containing
information similar to that contained in the Information
Memorandum.

The Exchange Offer is only being made to holders of Outstanding
Debt who have certified to the Company that they are: (i) if in
the United States, (a) "qualified institutional buyers" ("QIBS"),
as that term is defined in Rule 144A under the U.S. Securities Act
of 1933, as amended or (b) institutional "accredited investors,"
as that term is defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act, who are not QIBs, or (ii) if outside the
United States, persons other than "U.S. persons," as that term is
defined in Rule 902 under the Securities Act (each, an "Eligible
Holder").  Documents relating to the Exchange Offer will be
distributed only outside Argentina to holders of Outstanding Debt
who complete a letter of eligibility confirming that they are
Eligible Holders.

The New Notes described in the Information Memorandum have not
been and will not be registered under the Securities Act and may
not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements.  The
Argentine Comision Nacional de Valores has not approved or
disapproved and will not approve or disapprove the Exchange Offer
or any of the other transactions discussed in the Information
Memorandum or the Argentine offering document or passed upon their
accuracy or adequacy.

                    About Transportadora de Gas

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering
approximately 40% of the country's total gas consumption and more
than 50% of Argentine total gas exports.  The northern Argentine
gas pipeline system connects major gas fields in northern and
central-western Argentina.  The company benefits from an
exclusive 35-year concession contract, ending Dec. 28, 2027,
which may be extended for an additional 10 years.  The parent
company is Gasinvest S.A., which has a 56.35% stake and comprises
five companies: Totalfinaelf (27.2%), Transcogas Inversora S.A.
(22.3%), Compania General de Combustibles (5%), Organizacion
Techint (27.2%), and Petroliam Nasional Berhad (18.3%).  In
addition, CMS Gas Argentina holds 23.5% of Transportadora Norte's
shares, while the remaining 20% is traded on the Buenos Aires
stock exchange.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2012, Fitch Ratings has withdrawn Transportadora de Gas
del Norte's (TGN) proposed USD 247.3 million debt issuance rating
of 'CCC(exp)/RR4/BB(arg)'.  The rating withdrawal reflects the
suspension of the debt issuance due to the withdrawal of TGN's
proposed debt restructuring process.



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


BRAVIA INT'L: Shareholder to Hear Wind-Up Report on Aug. 7
----------------------------------------------------------
The shareholder of Bravia International will receive on Aug. 7,
2012, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815-1790
         Facsimile: (345) 949-9877


GLOBAL TRADING: Shareholders' Final Meeting Set for Aug. 17
-----------------------------------------------------------
The shareholders of Global Trading Strategies (Master) SPC will
hold their final meeting on Aug. 17, 2012, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GLOBAL TRADING MANAGER: Shareholders' Meeting Set for Aug. 17
-------------------------------------------------------------
The shareholders of Global Trading Strategies Manager Limited will
hold their final meeting on Aug. 17, 2012, at 1:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GREENLAKE VIETNAM: Shareholders' Final Meeting Set for Aug. 17
--------------------------------------------------------------
The shareholders of Greenlake Vietnam Real Estate Fund Ltd will
hold their final meeting on Aug. 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:

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


SAGA INVESTMENT: Shareholders' Final Meeting Set for Aug. 17
------------------------------------------------------------
The shareholders of Saga Investment Series Limited will hold their
final meeting on Aug. 17, 2012, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TMS FUNDING: Shareholders' Final Meeting Set for Aug. 9
-------------------------------------------------------
The shareholders of TMS Funding Limited will hold their final
meeting on Aug. 9, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Joe Thom
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


TMS FUNDING II: Shareholders' Final Meeting Set for Aug. 9
----------------------------------------------------------
The shareholders of TMS Funding II Limited will hold their final
meeting on Aug. 9, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Joe Thom
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


WESLEY CAPITAL: Shareholders' Final Meeting Set for Aug. 17
-----------------------------------------------------------
The shareholders of Wesley Capital Institutional Master Fund, Ltd.
will hold their final meeting on Aug. 17, 2012, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WESLEY CAPITAL-CL: Shareholders' Final Meeting Set for Aug. 17
--------------------------------------------------------------
The shareholders of Wesley Capital-CL Master Fund, Ltd. will hold
their final meeting on Aug. 17, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ZEELAND INVESTMENT: Members' Final Meeting Set for Aug. 7
---------------------------------------------------------
The members of Zeeland Investment Ltd will hold their final
meeting on Aug. 7, 2012, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands



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J A M A I C A
=============


DIGICEL GROUP: Gets Forced to Suspend New Mobile Rates
------------------------------------------------------
Jamaica Gleaner reports that Digicel Group Limited has been forced
to suspend its plans to offer significantly reduced overseas
mobile rates to consumers following an order by the Public
Utilities Commission (PUC) and a court injunction obtained by the
Guyana Telephone and Telegraph Company (GT&T).

Digicel Group must now take steps, under threat of sanction by
GT&T, to withdraw the offers for reduced international calling
rates as launched earlier this week, the company said in a
statement obtained by Jamaica Gleaner.

The Court Order obtained by GT&T was secured without any notice
having been provided to Digicel Group, according to Jamaica
Gleaner.

The report relates that Digicel Group was not granted the
opportunity to appear at a hearing despite having notified the
relevant bodies of its availability and willingness to appear at
any such hearing to make its case for the continued provision of
cheap international calls, Digicel Group said, the report notes.

Jamaica Gleaner notes that the PUC has also ordered Digicel Group0
to stop all commercials highlighting reduced rates for
international calling, noting that no permission had been granted
for the reduction as is required by law.

Jamaica Gleaner says that Digicel Group is gravely disappointed
that GT&T has, once again, torpedoed the introduction of lower
rates in Guyana.

Digicel Group had announced that it would cut its rates in
international calls by more than 60% following the High Courts
ruling on GT&Ts monopoly, the report discloses.

                      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.



=====================
P U E R T O   R I C O
=====================


INTERNATIONAL HOME: Court OKs $250,000 Loan from Principal
----------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico authorized International Home
Products, Inc., and Health Distillers International, Inc., to
obtain $250,000 unsecured debtor-in-possession financing from
their principal A. Berti Foti.

The Debtors would use the money to continue to purchase new
inventory, fund its operations and pay its employees.  Mr. Foti
committed to provide the funding because First Bank of Puerto Rico
refused to allow the use of the Debtors' cash collateral.

The Court also ordered that repayment obligations be afforded
superpriority status.

             About International Home Products

International Home Products, Inc., is engaged in the sale,
financing of "Lifetime" cookware and other kitchenware as well as
sale of account receivables in the secondary market.  It is the
exclusive distributor of "Lifetime" products in Puerto Rico for
over 40 years.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 12-02997) on April 19,
2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.



=============================
S T.  K I T T S  &  N E V I S
=============================


CL FIN'L: St. Kitts & Nevis Decides on CLICO Assets Sale
--------------------------------------------------------
Caribbean360.com reports that St Kitts and Nevis is being asked to
permit the US$6.6 million worth of assets held in CLICO
International Life (CIL) to be disposed of as part of a
transaction that could see the insurance company's traditional
business sold to one of two regional insurance entities.

According to a recent cabinet briefing, Prime Minister and
Minister of Finance, Dr. Denzil Douglas, put this to his cabinet
colleagues for their consideration as agreement from St Kitts and
Nevis is needed in order to pave the way for judicial managers
Deloitte to go ahead with the sale of CIL, according to
Caribbean360.com.

The report relates that Dr. Douglas reported that representative
for the appointed judicial manager Deloitte Consulting Ltd, Oliver
Jordan, had stated that after conducting an extensive search
process regionally and internationally, had received non-binding
offers from two regionally-based insurance companies for the
purchase of CLICO's traditional business.

Caribbean360.com notes that the traditional business consists of
Individual and Group Life insurance, pensions and annuities.  The
report says that the condition of the sale is that sufficient
assets of an acceptable nature must be transferred from CIL to the
purchaser and that there would be no cash sale of the assets but
rather a discounting of the portfolio liability.

The Minister of Finance was careful to highlight that no investor
had expressed an interest in the purchase of CIL's Executive
Flexible Premium Annuities (EFPA) product as presently structured
but that some were interested in considering its purchase under
some restructured arrangement, Caribbean360.com notes.

Caribbean360.com relays that a recent valuation indicated that the
asset position of CIL is in the vicinity of US$220 million region-
wide whereas the policy holder liability position is approximately
US$425 million.

For St Kitts and Nevis, the policy holder liability of CIL is
about BD$4.5 million with US$2.73 million of that amount allocated
to the EFPA portfolio and the balance of US$1.77 million assigned
to the traditional insurance business portfolio, Caribbean360.com
notes.

Caribbean360.com discloses that Dr. Douglas said that given the
nature of the non-binding offer agreements which have been made,
the assets of CIL will have to be converted into an acceptable
format to facilitate the sale of CIL's insurance business to the
new investors.  A model for achieving this conversion was
discussed and may require some limited level of guarantee by
regional governments, Caribbean360.com notes.

The report relates that Dr. Douglas explained that the impact of
the model is that all traditional policyholders (that is,
individual and group life, pension and annuity policyholders)
would become new policyholders of a new insurance company.

For the EFPA policyholders, based on the level of success of the
asset conversion, there is likely to be a payout of a fixed sum on
their outstanding principal, with the balance on the principal
discounted and converted into annuities, the report adds.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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


TRINIDAD CEMENT: Returns Cement Prices Back to Pre-Strike Rates
---------------------------------------------------------------
Trinidad & Tobago Newsday reports that Trinidad Cement Limited has
removed the $13 per 42.5kg bag surcharge, which the company placed
on the price of cement two weeks into a strike that began on
February 27 and ended on May 28.

A statement from the Claxton Bay company explained "the additional
charge was driven by the higher cost of satisfying the local
cement demand due to extenuating circumstances created by the
strike," according to Trinidad & Tobago Newsday.

The report relates that the company cited the importation of
cement and clinker (intermediate product in the manufacture of
cement) from other TCL Group operations in Barbados and Jamaica,
administrative and other logistical challenges.

With TCL's removal of the surcharge, retail prices in the local
market are expected to revert to pre-strike prices, which were in
the range of $49.50 to $54.50 per 42.5kg bag of TCL Premium Plus,
Trinidad & Tobago Newsday notes.  Prices during the strike rose
$60 to $80, the report relays.

                     About Trinidad Cement

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

                        *     *     *

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



=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and senior unsecured ratings on Petroleos de
Venezuela S.A. (PDVSA). The outlook is stable. "The affirmation
follows our regular annual review," S&P said.

"The 'B+' rating on PDVSA, which is at the same level as that on
its owner, the Bolivarian Republic of Venezuela (B+/Stable/B),
reflects our opinion that there is an 'almost certain' likelihood
that the government would provide timely and sufficient
extraordinary support to PDVSA in the event of a financial
distress. We assess PDVSA's stand-alone credit profile (SACP) at
'b+', which reflects our assessment of a fair business risk
profile and an aggressive financial profile. It also incorporates
continued delays in releasing its financial information, as well
as our view that the company could prioritize transfers to the
government before debt payments in a distressed scenario," S&P
said.


                            ***********


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
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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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