TCRLA_Public/120802.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

           Thursday, August 2, 2012, Vol. 13, No. 153


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Names Ian Brunton As New Chief Executive Officer


A R G E N T I N A

ALTERNATIVO SRL: Files for Bankruptcy
EMPRENDIMIENTOS INMOBILIARIOS: Asks for Bankruptcy Proceedings
INMANTEC SRL: Asks for Bankruptcy Proceedings
OSATO SA: Creditors' Proofs of Debt Due Aug. 30
PLASTIC SAN: Applies for Bankruptcy Protection

REEFER CONTROL: Creditors' Proofs of Debt Due Sept. 18
RENACITY INVESTMENT: Applies for Bankruptcy Protection
SALON DORADO: Asks for Bankruptcy Proceedings
* BUENOS AIRES: Moody's Assigns 'B3' Rating to Series 2 Bonds


B R A Z I L

BANCO BARCLAYS: Moody's Assigns 'D' BFSR; Outlook Stable
HYPERMARCAS SA: S&P Affirms 'BB-' Issuer Credit Ratings
RAIZEN ENERGIA: S&P Ups Ratings on Cosan Notes From 'BB'


C A Y M A N   I S L A N D S

BIO/PHARMACCELERATOR: Shareholders' Final Meeting Set for Aug. 27
BUNYAN 2 FINANCE: Shareholders' Final Meeting Set for Aug. 17
CT OPPORTUNITY: Shareholder to Hear Wind-Up Report on Aug. 13
GEMINI CAYMAN: Shareholders' Final Meeting Set for Aug. 17
GREENLAKE INVESTMENT: Shareholders' Final Meeting Set for Aug. 17

INJET400 AIRCRAFT: Shareholders' Final Meeting Set for Aug. 17
INJET800 AIRCRAFT: Shareholders' Final Meeting Set for Aug. 17
K SERA SERA: Sole Member to Hear Wind-Up Report on Aug. 31
PILOTROCK OFFSHORE: Shareholders' Final Meeting Set for Aug. 17
SSO I LTD: Sole Member to Hear Wind-Up Report on Aug. 17


D O M I N I C A

* DOMINICA: Economy and Debt Burden Both Grew in 2011


D O M I N I C A N   R E P U B L I C

MCC FINANCE: Moody's Rates US$150-Mil. Senior Secured Notes 'B2'


E L   S A L V A D O R

BANCO HSBC: Fitch Affirms Viability Rating at 'BB'


G U A T E M A L A

GUATEMALA: Fitch Affirms 'BB+' Issuer Default Ratings


U R U G U A Y

* URUGUAY: Moody's Upgrades Sovereign Ratings From 'Ba1'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


LIAT: Names Ian Brunton As New Chief Executive Officer
------------------------------------------------------
Trinidad Express reports that former Chief Executive of State-
owned Caribbean Airlines Ltd Captain Ian Brunton has been
appointed Chief Executive Officer of its competitor Antigua-based
Leeward Island Air Transport.

LIAT disclosed that Mr. Brunton will head the airline, whose major
shareholders are the governments of Barbados, Antigua & Barbuda
and St Vincent & the Grenadines, according to Trinidad Express.

The report notes that Mr. Brunton has over fifty years' experience
as a pilot, starting his career in the Royal Air Force flying
military jets, before moving to commercial airplanes at BWIA West
Indies Airways.

Mr. Brunton was appointed CAL's CEO in 2009 under the Arthur Lok
Jack led board of directors, but was subsequently dismissed in
2010 following a "verbal disagreement" between then chairman
George Nicholas III and CAL's line minister, then works and
transport minister Jack Warner, the report notes.

In a brief telephone interview with the news agency, Mr. Brunton
said his new job would be a challenge, but he has always wanted to
make a difference by helping the struggling airline achieve its
full potential.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.



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


ALTERNATIVO SRL: Files for Bankruptcy
-------------------------------------
Alternativo SRL filed for bankruptcy.  The company defaulted its
payments last Oct. 10, 2011.


EMPRENDIMIENTOS INMOBILIARIOS: Asks for Bankruptcy Proceedings
--------------------------------------------------------------
Emprendimientos Inmobiliarios Arenales SA asked for bankruptcy
proceedings.


INMANTEC SRL: Asks for Bankruptcy Proceedings
---------------------------------------------
Inmantec SRL asked for bankruptcy proceedings.  The company
defaulted its payments last June 19.


OSATO SA: Creditors' Proofs of Debt Due Aug. 30
-----------------------------------------------
Alejandra Viviana Paz, the court-appointed trustee for Osato SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Aug. 30, 2012.

Ms. Paz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 10, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Alejandra Viviana Paz
         Marcelo Torcuato de Alvear 1354
         Argentina


PLASTIC SAN: Applies for Bankruptcy Protection
----------------------------------------------
Plastic San SA applied for bankruptcy protection.  The company
defaulted payments last June 1.


REEFER CONTROL: Creditors' Proofs of Debt Due Sept. 18
------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Reefer
Control Service SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until Sept. 18, 2012.

Ms. de Nobile will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Nelida Grunblatt de Nobile
         Felipe Vallese 1195
         Argentina


RENACITY INVESTMENT: Applies for Bankruptcy Protection
------------------------------------------------------
Renacity Investment SA (Sucursal argentina) applied for bankruptcy
protection.  The company defaulted its payments last March.


SALON DORADO: Asks for Bankruptcy Proceedings
---------------------------------------------
Salon Dorado SA asked for bankruptcy proceedings.  The company
defaulted its payments last Dec. 15, 2011.


* BUENOS AIRES: Moody's Assigns 'B3' Rating to Series 2 Bonds
-------------------------------------------------------------
Moody's Latin America has assigned ratings of B3 (global scale)
and A3.ar (Argentina National Scale) to the Province of Buenos
Aires' Series 2 of bonds to be issued under the 2012 Local Market
Bonds Program for up to US$250 million. The Series 1 was issued in
May 2012. The bonds to be issued under the Series 2 will be
payable in Argentine pesos and sold in the local capital market.
The assigned ratings are in line with the province's long term
issuer ratings.

Ratings Rationale

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

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

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

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

What Could Change the Rating Up/Down

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

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



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


BANCO BARCLAYS: Moody's Assigns 'D' BFSR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a standalone bank financial
strength rating of D to Banco Barclays S.A. (Barclays Brazil), the
wholly-owned subsidiary of UK Barclays Bank Plc (A2, negative, C-
/baa2 negative). At the same time, Moody's assigned long- and
short-term global local and foreign-currency deposit ratings of
Baa3 and Prime-3, respectively, as well as long- and short-term
national scale ratings of Aa1.br and BR-1 to Barclays Brazil. The
outlook on all ratings is stable.

The following ratings were assigned to Banco Barclays S.A.:

Bank Financial Strength Rating: D, stable outlook

Long-term global local-currency deposits: Baa3 , stable outlook

Short-term global local-currency deposits: Prime-3

Long-term foreign currency deposits: Baa3, stable outlook

Short-term foreign currency deposits: Prime-3

Long-term Brazilian national scale: Aa1.br

Short-term Brazilian national scale: BR-1

Ratings Rationale

Moody's notes that Barclays Brazil' standalone bank financial
strength rating, which maps to ba2 in the long-term scale,
reflects its relatively small and still developing investment
banking franchise, as indicated by the overall modest earnings and
market share in its targeted products. The Brazilian operation,
which evolved from a wholesale lending franchise back in 2000, is
focused on the rates business, and particularly on foreign
exchange, fixed income and derivative transactions, as well as
investment banking activities, as it leverages the group's global
markets strategy.

The standalone rating also incorporates Barclays Brazil's highly
liquid balance sheet, and its solid capital base, which supports
management's business growth plans. Currently, the subsidiary
relies on the group for a large part of its funding, but
management intends to expand and diversify its sources locally, as
operations grow. Moody's also notes that earnings, are still
primarily derived from proprietary trading , foreign exchange and
derivatives, and therefore, they tend to be volatile, despite the
local bank's limited market risk appetite. A growing share of fee-
based revenues from brokerage activities and client business is
likely to result in more balanced contribution from the various
business lines over time.

Moody's acknowledges the growth and earnings potential offered by
the Brazilian investment bank market, which supports Barclays'
ambitions of achieving a more relevant local market share over the
next two years. Nonetheless, the bank faces growing competition by
other global banks present in Brazil, as well as large domestic
institutions, which may pose pressures on earnings generation.
Since 2010, the bank has been seeking to increase its business
with local clients - particularly in the areas of corporate
finance, capital markets, and brokerage activities -- at the same
time that it continues to emphasize its products and services to
Barclays' global customer relationships interested in investing in
Brazil, a strategy that is likely to enhance earnings recurrence
in the local balance sheet.

The rating also acknowledges that the Brazilian bank follows
strict risk management and control guidelines that are aligned to
the parent's, and which ensure that potential losses are contained
and minimized, particularly in its treasury and brokerage
positions. The Brazilian operation has a relatively low risk
profile, with a significant portion of risks being transferred to
other offshore books of the group.

Moody's Baa3 global local currency rating is two notches above the
standalone credit assessment and incorporates Moody's assessment
of a high probability of support from the bank's parent company in
light of its long-term commitment to the Brazilian operations, as
indicated by significant liquidity and funding support that is
provided to Banco Barclays. Moody's ascribes no degree of systemic
support to Banco Barclays, considering its limited footprint in
the Brazilian deposit industry. The supported rating considers the
parent Barclays Bank Plc's standalone rating of C-/baa2, with
negative outlook.

Based in Sao Paulo, Banco Barclays S.A. had total assets of R$5.97
billion (US$3.3 billion) and equity of R$736.2 billion (US$ 404.5
million) as of March 31, 2012.


HYPERMARCAS SA: S&P Affirms 'BB-' Issuer Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Hypermarcas S.A. to stable from negative. "At the same time, we
affirmed our 'BB-' ratings on the company," S&P said.

"The outlook change reflects our expectation that Hypermarcas will
continue improving its operating and financial performance in the
coming years, following several quarters of poor cash generation
and weak credit metrics in 2011. It also reflects a change in our
assessment of the company's liquidity to 'strong' due to our
expectation that it will maintain significant cash reserves, which
mitigates the still high gross leverage metrics for its rating
Category," S&P said.


RAIZEN ENERGIA: S&P Ups Ratings on Cosan Notes From 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB' global scale
and 'brAAA' national scale ratings, including the corporate credit
ratings, to Raizen Energia S.A. and Ra¡zen Combust¡veis S.A.,
jointly referred to as Ra¡zen.

"At the same time, we raised the issue ratings on the notes that
Cosan Finance Ltd. and CCL Finance Ltd. originally issued to 'BBB'
from 'BB'. The upgrade reflects our view of the combined credit
quality of Ra¡zen and in line with the ratings on senior unsecured
debts of the entities that form Ra¡zen. We also removed these
issue ratings from CreditWatch positive, where we placed them on
Feb. 1, 2010, following the announcement of the creation of the
joint venture," S&P said.



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


BIO/PHARMACCELERATOR: Shareholders' Final Meeting Set for Aug. 27
-----------------------------------------------------------------
The shareholders of Bio/Pharmaccelerator Partners Ltd. will hold
their final meeting on Aug. 27, 2012, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Jonathan Nicholson
         P.O. Box 1976 Grand Cayman KY1-1104
         Cayman Islands


BUNYAN 2 FINANCE: Shareholders' Final Meeting Set for Aug. 17
-------------------------------------------------------------
The shareholders of Bunyan 2 Finance Co. will hold their final
meeting on Aug. 17, 2012, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 27th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808, Safat 13149
         Kuwait
         Telephone: (+965) 1844488 Ext-1402


CT OPPORTUNITY: Shareholder to Hear Wind-Up Report on Aug. 13
-------------------------------------------------------------
The shareholder of CT Opportunity Investment Company will receive
on Aug. 13, 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:

         Cheng Tai-Keh
         8th Floor, No. 3 Sung Shou Road, Taipei 110
         Taiwan
         Telephone: +8862-8780-8867
         Facsimile: +8862-8780-2876


GEMINI CAYMAN: Shareholders' Final Meeting Set for Aug. 17
----------------------------------------------------------
The shareholders of Gemini Cayman Limited will hold their final
meeting on Aug. 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:

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


GREENLAKE INVESTMENT: Shareholders' Final Meeting Set for Aug. 17
-----------------------------------------------------------------
The shareholders of Greenlake Investment Management Ltd will hold
their final meeting on Aug. 17, 2012, at 11:15 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


INJET400 AIRCRAFT: Shareholders' Final Meeting Set for Aug. 17
--------------------------------------------------------------
The shareholders of Injet400 Aircraft Leasing Co Limited will hold
their final meeting on Aug. 17, 2012, at 10:45 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


INJET800 AIRCRAFT: Shareholders' Final Meeting Set for Aug. 17
--------------------------------------------------------------
The shareholders of Injet800 Aircraft Leasing Co Limited will hold
their final meeting on Aug. 17, 2012, at 11:00 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


K SERA SERA: Sole Member to Hear Wind-Up Report on Aug. 31
----------------------------------------------------------
The sole member of K Sera Sera Investments Limited will receive on
Aug. 31, 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:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71
         Road Town, Tortola VG1110
         British Virgin Islands


PILOTROCK OFFSHORE: Shareholders' Final Meeting Set for Aug. 17
---------------------------------------------------------------
The shareholders of Pilotrock Offshore Fund, Ltd. will hold their
final meeting on Aug. 17, 2012, at 11:45 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


SSO I LTD: Sole Member to Hear Wind-Up Report on Aug. 17
--------------------------------------------------------
The sole member of SSO I Ltd will receive on Aug. 17, 2012, at
11:30 a.m., 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



===============
D O M I N I C A
===============


* DOMINICA: Economy and Debt Burden Both Grew in 2011
-----------------------------------------------------
Caribbean360.com reports that while the Dominica economy appears
to be on a moderate recovery path, government is still facing
challenges in reigning in the country's debt burden.

This was revealed by Prime Minister Roosevelt Skerrit in
Parliament as he delivered the national budget on July 17,
according to Caribbean360.com.

The report notes that Prime Minister Skerrit said that the economy
is estimated to have grown by 1.9% in 2011, and projected to grow
by 2.0% in 2012, but to drop back to 1.8% in 2013.

Caribbean360.com says that Prime Minister Skerrit reported to
parliament that the improvement in performance was due mainly to
growth in the agriculture, construction and tourism sectors.
Additionally, the prime minister reported a significant increase
in the tourism sector, Prime Minister Skerrit said,
Caribbean360.com notes.

However, Caribbean360.com notes that the total number of visitor
arrivals up to December 2011 is estimated to have decreased by
1.2%.  The report relates that there was also a decrease in the
number of cruise calls and passengers "as a direct result of the
global crisis".

Despite this, the tourism sector is expected to grow by 1.9% in
2012, Caribbean360.com notes.

However, Caribbean360.com says that Prime Minister Skerrit also
revealed that Dominica's total disbursed outstanding debt at the
end of the financial year 2011/12 amounted to EC$896.3 million.

Caribbean360.com notes that Prime Minister Skerrit said that that
figure was 3.4% more than the previous year, when the debt stood
at EC$866.2 million.

Caribbean360.com discloses that the 2011/2012 figure's said to
consist of external debt "of which EC$541.9 million is held by
central government and $109.6 million is debt guaranteed for
public corporations".

According to the prime minister, domestic debt for the same period
was EC$202.2 million for central government, and debt guaranteed
for public corporations was $42.6 million, the report relays.

The report relates that the prime minister said the increase in
total disbursed outstanding debt is as a result of disbursements
"on new and existing commitments".

The government said during the financial year it contracted five
external loans amounting to EC$75.9 million from the Caribbean
Development Bank (CDB), the International Monetary Fund (IMF), and
Agence Fran‡aise de Developement (AFD), the report notes.

"The loans from CDB and IMF were contracted to repair damages
caused by the Layou floods and Tropical Storm Ophelia, while the
loan from AFD was contracted for the completion of the Roseau to
Melville Hall Road project," the report quoted Mr. Skerrit as
saying.

He also indicated that in December 2011 "a loan of EC$20 million
was obtained to provide bridging finance, particularly for project
implementation," the report notes.

Parliament's been told that a three year medium term debt
management strategy for the period 2010/11 to 2013/14 was
developed to guide the management of government's debt, the report
adds.



===================================
D O M I N I C A N   R E P U B L I C
===================================


MCC FINANCE: Moody's Rates US$150-Mil. Senior Secured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to MCC Finance
Company Limited's proposed US$150 million senior secured notes,
with an expected maturity of 2019 and a legal final maturity of
2022. MCC Finance Company Limited is a wholly-owned subsidiary of
real estate developer Metro Country Club. This is the first time
Moody's has rated Metro Country Club. The outlook is stable.

The following rating was assigned with a stable outlook:

MCC Finance Company Limited - Proposed senior secured notes at B2

Ratings Rationale

Metro Country Club is a real estate developer located in Juan
Dolio, San Pedro de Macor¡s, Dominican Republic focused mainly on
the development, construction and sale of real estate as well as
the purchase and sale of land. The company has been in existence
for almost 20 years, generating a stable revenue stream from the
sale of land (lots), apartments and villas as well as, to a lesser
extent, fees from its golf course and beach club.

The notes will be secured by a first priority security interest
from MCC Finance Company Limited, Operadora de Golf, S.A. (manager
of the developments) and Metro Country Club's subsidiary
guarantors of their respective rights in all real property and
improvements (excluding the assets pledged under the Villas Loan).
In addition, the notes are secured by a pledge of the receivables,
rights and interests under the agreements related to the sale of
real property, a pledge of all the shares of Metro Country Club
and its subsidiaries, insurance proceeds and all other revenue
arising from the operation of developments including golf courses,
marinas, tennis courts and beach clubs.

While the notes have a legal final maturity of 2022, Metro Country
Club has an expected maturity of 2019. In addition, the company
has a redemption option in years four, five and six. The notes are
senior secured obligations of Metro Country Club and will rank
senior, to the extent of the collateral, in right of payment to
their existing and future senior indebtedness. The notes contain
certain covenants which include restricted payments, the
incurrence of debt and a debt service coverage ratio minimum of
1.15x, which would trigger an early amortization period. There are
additional limits related to the distribution of funds to Metro
Country Club as a dividend that limit the debt service coverage
ratio to 1.40x. The interest and principal payments on the notes
will not be hedged. This creates foreign currency risk, which is
somewhat mitigated by Metro Country Club's collection of
approximately 75% of sales in US dollars. Also, recent history
supports a stable Dominican currency. However, any substantial
currency movements that would stress Metro Country Club's ability
to pay the bonds' debt service will place negative pressure on the
rating. Proceeds from the transaction will be used to finance part
of the construction for the third phase of several developments,
which include the acquisition of land and construction costs
associated with the Costa Blanca project as well as the
acquisition of land for the Metro Country Club Expansion project,
which consists of residential lot sales. The company will also use
part of the proceeds from the sale of the notes to refinance
existing debt.

Moody's B2 rating accounts for Metro Country Club's proforma
credit metrics, which are in-line with other B-rated companies, as
well as its mix of real estate products, and the location, price
point and amenities of the development, which differentiate it
from other developments in the area. Metro Country Club's other
projects have sold well and on schedule, and the company has a
strong pipeline of pre-sales on existing developments. These
positive factors are counterbalanced by the narrow market in which
the company operates, as well as the speculative nature of its
construction -- Metro Country Club bears the risk of finding
buyers and not all units are pre-sold. This is somewhat mitigated
by the company's 20-year operating history, with an experienced
management, sales and marketing teams and a track record of condo
sales. Furthermore, the success of the project could be affected
by current and future economic and political conditions in the
Dominican Republic.

Positive ratings movement would be difficult in the medium term
but would reflect strong presales and collections at the Costa
Blanca project as in the other Metro projects, with sales prices
at least meeting projections, if not exceeding projections by 10%.
Furthermore, it assumes no economic difficulties or natural
disasters which would prevent the company from meeting
projections. Negative ratings movement would reflect economic
difficulties in the Dominican Republic, a natural disaster or
other event that delays or damages the development, or sales
demand for Metro Country Club's housing and related property being
close to or less than 20% of what was anticipated. In addition,
defaults by buyers greater than 5% at closing for the company's
Las Olas, Marbella or Costa Blanca projects would place negative
ratings pressure.

MCC Finance Company Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside MCC
Finance Company Limited's core industry and believes MCC Finance
Company Limited's ratings are comparable to those of other issuers
with similar credit risk.



=====================
E L   S A L V A D O R
=====================


BANCO HSBC: Fitch Affirms Viability Rating at 'BB'
--------------------------------------------------
Fitch Ratings has revised to Negative from Stable the Rating
Outlook of Banco Agricola's (Agricola) long-term Issuer Default
Rating (IDR).  This action follows Fitch's revision of El
Salvador's sovereign rating Outlook to Negative from Stable.

In turn, HSBC Salvadoreno's IDRs and National Ratings remain on
Rating Watch Negative, pending the completion of the sale
agreement between HSBC Holdings and Banco Davivienda (Davivienda),
which is expected to take place this year.

Agricola's and HSBC Salvadoreno's IDRs are two notches above the
sovereign rating and at the same level of El Salvador's country
ceiling.  An eventual downgrade of El Salvador's sovereign rating
could result in a downgrade of the country ceiling, which would,
in turn, lead to a downgrade of Agricola's IDRs, accordingly.  On
the other hand, if the sovereign ratings are eventually affirmed
at 'BB' and the Outlook is revised to Stable from Negative, it is
highly likely that Agricola's IDR would also be affirmed with a
Stable Outlook.

Agricola's Viability Rating (VR), currently at 'bbb-' could also
be downgraded in the event of a reduction in the country ceiling,
reflecting the increased risks of a deteriorated operating
environment.  Agricola's IDRs are underpinned by the bank's sound
financial condition, reflected in its strong local franchise,
sound performance, robust capitalization, good asset quality,
ample depositary base, and strong loss-absorption capacity.
Agricola's ratings also consider the bank's proven resilience to
downturns in economic cycles and its dominant position in the
local market.  However, the bank's ratings factor in El Salvador's
challenging economic conditions, which may still have some impact
on the asset quality and growth prospects.  On the other hand, the
downside potential on Agricola's IDRs is limited to one notch
given the moderate probability of support that it would receive
from Bancolombia ('BBB'), should it be required, which is
reflected on Agricola's support rating of '3'.  Fitch believes
that Agricola's national ratings would not be affected should El
Salvador's sovereign and country ceiling be downgraded.

HSBC Salvadoreno's IDRs were placed on Rating Watch Negative on
Jan. 27, 2012, after the announcement of HSBC's agreement to sell
its operations in El Salvador, Honduras, and Costa Rica to Banco
Davivienda of Colombia.  The Rating Watch indicates that there is
a heightened probability of a potential downgrade of HSBC
Salvadoreno's ratings once the transaction is completed.  Fitch's
base case scenario considers that the Rating Watch Negative will
be resolved before any further rating action on El Salvador's
sovereign rating takes place.  However, in the event that this
transaction is not completed, the Rating Watch Negative would be
replaced by a Negative Outlook, in line with that of the
sovereign.  If Fitch downgrades El Salvador's sovereign rating
before the acquisition is completed, HSBC Salvadoreno's IDRs are
also likely to be downgraded similar to those of Agricola.  In any
scenario, HSBC Salvadoreno's VR is expected to remain at its
current level given the bank's financial profile.

Established in 1955, Agricola is the largest and most diversified
bank in El Salvador and one of the major players in Central
America.  In May 2007, Bancolombia completed de acquisition of
Agricola.  At present, Bancolombia, directly or indirectly, owns
around 99% of Agricola's shares.  As of March 2012, Agricola's
market share in terms of assets and deposits was 28.4% and 27%,
respectively.

HSBC Salvadoreno is the fourth largest bank in El Salvador in
terms of assets, with a market share of 14.1% as of March 2012.
The bank has a well-balanced loan portfolio and a nationwide
network of 344 points of service.  HSBC Salvadoreno consolidates
two financial services subsidiaries in El Salvador.  HSBCS is part
of a local financial group consolidated under Inversiones
Financieras HSBC, S.A. (IFHSBC), where it accounts for the
majority of consolidated assets and earnings.

Fitch has affirmed the following ratings:

Banco Agricola:

  -- Long-term IDR at 'BBB-'; Outlook revised to Negative from
     Stable;
  -- Viability rating at 'bbb-';
  -- Short-term IDR at 'F3';
  -- Support at '3';
  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;
  -- National-scale short-term rating at 'F1+(slv)';
  -- National-scale rating for local issues of senior unsecured
     debt at 'AAA(slv)';
  -- National-scale rating for local issues of senior secured debt
     at 'AAA(slv)'.

Inversiones Financieras Banco Agricola

  -- National-scale long-term rating at 'AAA(slv)'; Outlook
     Stable;
  -- National-scale short-term rating at 'F1+(slv)'.

Banco HSBC Salvadoreno:

  -- Viability Rating at 'bb'.

The following ratings remain on Rating Watch Negative

Banco HSBC Salvadoreno:

  -- Long-term IDR 'BBB-';
  -- Short-term IDR 'F2';
  -- Support '2';
  -- Long-term National Rating 'AAA(slv)';
  -- Short-term National Rating 'F1+(slv)';
  -- Senior Unsecured Debt Long-term Rating 'AAA(slv)';
  -- Senior Secured Debt Long-term Rating 'AAA(slv)';
  -- Senior Unsecured Debt Short-term Rating 'F1+(slv)';
  -- Senior Secured Debt Short-term Rating 'F1+(slv)'.

Inversiones Financieras HSBC:

  -- Long-term National Rating 'AAA(slv)';
  -- Short-term National Rating 'F1+(slv)'.



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


GUATEMALA: Fitch Affirms 'BB+' Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and
Country Ceiling for Guatemala as follows:

  -- Foreign currency IDR at 'BB+';
  -- Local currency IDR at 'BB+';
  -- Foreign currency short-term IDR at 'B';
  -- Country ceiling at 'BBB-'.

The Rating Outlook remains Stable.

Guatemala's 'BB+' ratings are supported by the country's sustained
macroeconomic stability, solid debt repayment record and its lower
public and external debt burdens relative to those of 'BB'-rated
peers.  However, creditworthiness is constrained by structural
factors such as weak social development and governance indicators,
high crime and inequality and low savings and investment rates
that constrain long term potential growth.  Fiscal rigidity and a
low revenue base limit the sovereign's ability to address the
structural shortcomings.

Growth has been resilient but slow through the global financial
crisis. Protracted sluggish growth in the U.S., Guatemala's main
trading partner and the origin of 90% of remittances, will likely
cap average growth in Guatemala to 3.3% between 2012 and 2014 but
keep inflation stable at an average 5% over the period.  Downside
risks stem from a renewed weakness in the U.S. and an escalation
of the eurozone debt crisis.

President Perez Molina's administration early success in passing a
tax reform that is expected to yield 1.5% of GDP by 2015 would
facilitate fiscal consolidation.  However, due to fiscal
rigidities and a still low revenue base, the tax reform may prove
insufficient to address structural issues facing the economy.  Tax
revenues estimates for 2015, incorporating the reform, are 12.6%
of GDP, well below the 'BB' median of 30.5%.  In this context,
expanding the government revenue base and making fiscal management
more flexible will remain among Guatemala's key credit challenges.

Guatemala's government debt burden of 24.3% of GDP is low relative
to the 'BB' median of 40% of GDP as a result of a track record of
conservative fiscal management.  Fitch expects public debt to
stabilize below 26% of GDP as the fiscal deficit drops to negative
1.9% of GDP in 2014 from negative 3.3% of GDP in 2010.
Guatemala's financing needs remain modest at 3.2% of GDP and lower
than its peers.  In addition, the sovereign's ample access to
multilateral financing and the recent successful placement of
USD700million in the international capital markets support
financing flexibility.

President Perez Molina's administration intends to address the
country's structural shortcomings in a comprehensive way aided by
a battery of legislative reforms.  The credit's structural
weaknesses weigh on the country's investment and growth dynamics.
Reform efforts will possibly be limited due to the highly divided
Congress, fluid political affiliation and cumbersome legislative
rules.  In addition, low fiscal flexibility will test the
president's ability in fully implementing his campaign agenda.
Nonetheless, Fitch believes that broad political and macroeconomic
stability will be preserved over the next two years.

External solvency and liquidity indicators are credit strengths.
Low public and external debt burdens, a favorable debt profile and
an adequate level of international reserves translate in a strong
external liquidity ratio relative to peers.  Moreover, big
structural trade deficits tend to be offset by family remittances,
which results in a stable foreign exchange market.

Guatemala's credit ratings could be negatively affected by its
continued macroeconomic under-performance compared with its rating
peers.  Lack of progress in key structural areas that hinder
private investments and growth prospects will place downward
pressure on the rating.  On the other hand, implementation of
reforms that strengthen public finances and growth prospects and
help arrest the relative decline of its economic standing would be
consistent with maintaining ratings at current levels.
Significant progress in addressing structural weaknesses will be
critical for achieving an upgrade.



=============
U R U G U A Y
=============


* URUGUAY: Moody's Upgrades Sovereign Ratings From 'Ba1'
--------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
government of Uruguay local- and foreign-currency bond ratings.
The outlook remains positive.

Key drivers of the rating action include:

1. A sovereign credit profile that, in general terms, has come in
line with that of Baa-rated investment-grade countries;

2. Steady improvement in Uruguay's fiscal metrics coupled with a
significant strengthening of the government's balance sheet;

3. Reduced credit vulnerabilities to regional shocks in light of
increased diversification and ample liquidity buffers.

Ratings Rationale

Uruguay's income level is above the median for the Baa peer group.
The economy's performance has been characterized by robust growth
over an extended period of time with GDP reporting average annual
growth of more than 6% during 2004-2011.

Uruguay's economic fundamentals have strengthened and potential
growth has increased underpinned by an upward shift in total
factor productivity. As a result, the economy is capable of
reporting higher growth rates on a sustained basis, a condition
that benefits Uruguay relative to peers.

Fiscal metrics have shown steady improvement reporting gradual
convergence with Baa medians. The government accounts reflect a
strong commitment to fiscal responsibility and strict compliance
with targets set in the multi-year budget framework. Since 2004,
government deficits have been on the order of 1% to 2% of GDP,
with primary balances exceeding 1% of GDP. The central
government's debt ratio has moved below 40% of GDP after reaching
nearly 80% in 2004.

Moody's anticipates that positive trends will persist, leading to
additional reductions in government debt indicators in the coming
years.

The credit resiliency of the government's balance sheet is
strongly supported by a debt structure that incorporates a
maturity profile exceeding that of most Baa-rated countries -
average debt maturity stands at some 11 years. The government
faces moderate refinancing risks: gross financing needs are among
the lowest for all sovereigns rated by Moody's coming to 3% of GDP
annually.

A strong institutional feature of Uruguay is its conservative
fiscal management. An attitude of extreme risk aversion on the
part of the authorities has led to a substantial build up of
financial buffers that make the government capable of handling
adverse shocks, including those associated with severe stress
scenarios.

A high level of precautionary liquidity reserves -- equivalent to
6% of GDP -- combined and contingent credit lines with
multilateral banks provide ample coverage against events that
could restrict government access to markets, placing Uruguay in a
stronger position when compared to similarly rated countries.

While potential credit risks derived from the country's character
as a small open economy and its commodity dependence are lower
than before, vulnerabilities continue to be present. Moody's
recognizes that the country's exposure to some of its less-stable
neighbors has been reduced and that diversification of its export
base mitigates concentration risks. Still, regional contagion
remains an important challenge for policy makers and fluctuations
in commodity markets pose non-negligible risks.

Moody's indicated that credit vulnerabilities derived from the
government's exposure to foreign currency-denominated debt are
mitigated in part by asset holdings that reduce the potential
impact of exchange rate shocks on the sovereign's balance sheet.
Additionally, liability management operations have been effective
in lowering the share of foreign-currency debt with two
transactions carried during the last eight months moving it to the
50% mark.

While credit risks related to the level of debt dollarization are
already captured by both the current rating and the positive
outlook, Moody's indicated that dollarization will likely
constrain the potential upside for Uruguay's ratings over the
medium term.

WHAT COULD MOVE THE RATING UP/DOWN?

While no single condition would be sufficient to modify Uruguay's
sovereign rating, elements that will be monitored on an ongoing
basis to determine if the positive outlook can eventually lead to
higher ratings include:

* The economy's ability to avoid sharp growth deceleration in an
environment that will be characterized by less favorable economic
and financial external conditions during the next 12-18 months,
the time period associated with the current outlook horizon;


A fiscal performance associated - at most - with modest deviations
on the government accounts with respect to targets set in the
medium-term budget framework;

* Evidence of continued diversification in Uruguay's export base
that contributes to reduce further concentration risks.

Even though a downgrade is unlikely given the positive rating
outlook, elements that could trigger negative rating actions
include:

* A reversal of the declining trend in foreign currency-
denominated debt that takes the corresponding share above the 50%
mark;

* Growing macroeconomic imbalances (i.e., current account deficit,
inflation, etc.) associated to persistent above-trend growth;

* Deterioration of the underlying (structural) fiscal balance

As part of the rating action, Uruguay's country ceiling for
foreign-currency deposits was upgraded to Baa3 from Ba2 in line
with Moody's practice of aligning foreign-currency deposit
ceilings with government ratings for investment grade countries --
the country ceiling foreign-currency bonds remains at Baa1.

The local currency country ceilings for both bond and deposits
were downgraded to Baa1 from A3 to reflect a relatively high
degree of correlation between foreign-currency and local-currency
ratings, given a highly dollarized financial system.

Additionally, the short-term foreign-currency country ceiling for
deposits was changed to P3 from NP, and the foreign-currency
country ceiling for bonds to P2 from P1.

The last rating action on the government of Uruguay was
implemented on January 26, 2012 when Moody's assigned a positive
outlook to Uruguay's sovereign ratings.

The principal methodology used in this rating was Moody's
Sovereign Bond Methodology published in 2008.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact:      1-703-739-0800
http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact:      1-703-739-0800
http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/


                            ***********


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
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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                   * * * End of Transmission * * *