TCRLA_Public/120803.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

             Friday, August 3, 2012, Vol. 13, No. 154


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Gets Official Approval to Buy New Aircraft
STANFORD INT'L: U.S. Receiver Wins in Receivership Dispute


A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Lifts CP Tranche Rating to 'Caa1'


B E R M U D A

GEROVA FINANCIAL: Court Enters Wind-Up Order
RORO PARTNERS: Creditors' Proofs of Debt Due Aug. 10
RORO PARTNERS: Members' Final Meeting Set for Aug. 31


C A Y M A N   I S L A N D S

AUDA CAPITAL: Shareholder to Hear Wind-Up Report on Aug. 17
CMA MULTI-HEDGE: Shareholders' Final Meeting Set for Aug. 13
GLG ABSOLUTE: Shareholder to Hear Wind-Up Report on Aug. 6
GLG EMERGING: Shareholder to Hear Wind-Up Report on Aug. 6
GLG PENDRAGON: Shareholder to Hear Wind-Up Report on Aug. 6

GUGGENHEIM ADVISORS: Shareholders' Final Meeting Set for Sept. 3
PACIFIC STAR: Shareholders' Final Meeting Set for Aug. 30
UDON INVESTMENT: Shareholders' Final Meeting Set for Aug. 17
VALUE MASTER 2008-1: Shareholders' Final Meeting Set for Aug. 17
YAMANA GOLD: Shareholders' Final Meeting Set for Aug. 8


C H I L E

CHILE MINING: Fails to Achieve Fiscal 2012 Financial Target


J A M A I C A

* JAMAICA: Spokesman Warns Business Confidence Could Plunge


M E X I C O

STATE OF MORELOS: Moody's Reviews 'Ba2' Ratings for Downgrade


U R U G U A Y

BANCO DE LA REPUBLICA: Moody's Raises Deposit Rating From 'Ba1'


                            - - - - -


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


LIAT: Gets Official Approval to Buy New Aircraft
------------------------------------------------
Caribbean360.com reports that the majority shareholders of Leeward
Islands Air Transport (LIAT) in Barbados came to a unanimous
decision on one aircraft type to renew LIAT's ageing fleet.

"The Company will now proceed to discussions with the manufacturer
of the first type selected.  The discussions are intended to
consummate in an agreement for the acquisition of new aircraft for
the airline.  For a number of reasons, we do not wish to declare
just which aircraft type has been chosen. It would also be
inappropriate at this stage before discussion with the
manufacturers to give an indication of the decision of the Company
in the selection of an aircraft type," the report quoted Dr. Ralph
Gonsalves, prime minister of St Vincent and the Grenadines, as
saying.

LIAT Chairman Dr. Jean Holder said the fleet renewal would begin
with the replacement of seven aircraft, the report notes.

Caribbean360.com says that LIAT currently has about 18 Dash-8
aircraft that are reportedly an average age of 24 years old.  The
cost of this fleet renewal is said to be around US$50 million, the
report discloses.

                           About LIAT

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.


STANFORD INT'L: U.S. Receiver Wins in Receivership Dispute
----------------------------------------------------------
Andrew Harris and Laurel Brubaker Calkins at Bloomberg News report
that Robert Allen Stanford's U.S. court-appointed receiver, Ralph
Janvey, defeated a bid by Caribbean court-appointed liquidators to
wrest control of the collection of his assets for liquidation and
distribution to his creditors.

U.S. District Judge David Godbey of Dallas ruled the legal
epicenter of Mr. Stanford's $7 billion international fraud scheme
was in the U.S., even though the Texas financier's Stanford
International Bank Ltd. was in Antigua, according to Bloomberg
News.

Mr. Janvey has primacy over rival liquidators Hugh Dickson and
Marcus Wide of Grant Thornton International Ltd., Judge Godbey
said, Bloomberg News relates.

Bloomberg News notes that Mr. Janvey has been battling Mr. Dickson
and Mr. Wide over the right to marshal assets and pay creditors.

Bloomberg News relates that the Grant Thornton accountants claimed
Antiguan law requires any liquidation to be based in Antigua,
which doesn't recognize Mr. Janvey's authority.

Judge Godbey, Bloomberg News notes, granted Mr. Dickson and Mr.
Wide "nonmain" recognition and conditioned their ability to
collect evidence and testimony in the U.S. on their cooperation
with the Justice Department, Mr. Janvey and the Securities and
Exchange Commission outside the country.

Bloomberg News recalls that the Antiguan liquidators have been
fighting U.S. efforts to repatriate more than US$300 million from
Stanford's foreign accounts, which Mr. Janvey has said could be
the single largest recovery for investors.

The court, Bloomberg News relays, directed the liquidators to
consult with Mr. Janvey and a court-appointed investor advocate,
John Little, and to the court their "best efforts" to adopt a
common claims process.

Mr. Dickson and Mr. Wide, in an e-mailed statement, said that
while they're not now seeking any relief or disclosure in the
U.S., they will probably appeal, Bloomberg News says.

               About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).



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


FIDEICOMISO FINANCIERO: Moody's Lifts CP Tranche Rating to 'Caa1'
-----------------------------------------------------------------
Moody's Latin America has upgraded the ratings of the Class B Debt
Securities (VRDB) and the subordinated certificates and affirmed
the rating of the Class A Debt Securities (VRDA) of Fideicomiso
Financiero Albanesi Gas I.

Issuer: Fideicomiso Financiero Albanesi Gas I

  VRDA, Affirmed at Aa3.ar (sf); previously on Dec 30, 2009
  Assigned Aa3.ar (sf)

  VRDA, Affirmed at B2 (sf); previously on Dec 30, 2009 Assigned
  B2 (sf)

  VRDB, Upgraded to Baa2.ar (sf); previously on Dec 30, 2009
  Assigned Ba3.ar (sf)

  VRDB, Upgraded to B3 (sf); previously on Dec 30, 2009 Assigned
  Caa1 (sf)

  CP, Upgraded to Ba2.ar (sf); previously on Dec 30, 2009 Assigned
  B2.ar (sf)

  CP, Upgraded to Caa1 (sf); previously on Dec 30, 2009 Assigned
  Caa2 (sf)

Ratings Rationale

The upgrade reflects the sound performance of the transaction and
the increase in current credit enhancement levels due to the turbo
sequential structure that captures all collections to pay down the
notes. Overcollateralization levels have increased to 72.57% from
35.76% for the VRDA, to 58.33% from 21.16% for the VRDB and from
0% to 37.83% for the CP. Overcollateralization levels were
calculated using the net present value of the expected cash flows
discounted at 24.81%, the discount rate settled in the transaction
documents, and the same rate used to calculate the original
overcollateralization levels.

Although Class A debt securities (VRDA) have also built
substantial credit enhancement, Moody's affirmed the VRDA ratings.
In Moody's opinion, the current VRDA ratings reflect the
likelihood of changes in the gas industry's legal framework in
Argentina, which is highly regulated. In addition, the ratings
reflect some degree of linkage of the transaction to the
performance of Rafael Albanesi, the transaction's technical
operator.

Moody's rating of the VRDB and subordinated certificates (CP)
addresses only the repayment of principal by legal final; the
ratings of the VRDB and CP do not address the repayment of
interest or residual cash flows.

The debt securities and the subordinated certificates are backed
by certain fixed amounts payable by nineteen Argentine companies
under take-or-pay gas transmission agreements with Rafael G.
Albanesi S.A. (RGA), a gas broker located in Argentina.

In order to determine the new rating levels, Moody's ran the
original cash flow model using the updated estimated ratings (or,
when available, the actual ratings levels) of each of the nineteen
Argentine companies obligated to pay into the trust account. The
updated model uses the current balance of the debt securities and
of the certificates and assumes that the interest rate on the
rated debt is either at its current fixed percentage or at its
cap. Moody's also considered the accrued interest of Class B debt
securities. Moody's cash flow model simulates the transaction cash
flows on a contract-by-contract basis, and stresses the cash flow
using separated discrete distributions (default or no default)
based on the probability of default associated with the ratings of
the each of the nineteen obligors. The model applies the stressed
cash flow to the transaction waterfall as established in the
transactions documents. Finally, Moody's calculated the expected
loss for each of the classes to determine the new ratings.

Moody's run a sensitivity analysis by assuming that the nineteen
obligors would default with a probability consistent with Caa1 and
Caa2 ratings. For both scenarios the ratings are still consistent
with the new assigned rating levels.

The transaction has a turbo sequential payment structure; no
interest or principal will be paid to the VRDB holders (or the CP)
until the VRDA is paid in full.



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


GEROVA FINANCIAL: Court Enters Wind-Up Order
--------------------------------------------
On July 20, 2012, Gerova Financial Group, Ltd Company commenced
wind-up proceedings.

The company's liquidators are:

         Michael W. Morrison
         Charles Thresh
         KPMG Advisory Limited
         Bermuda; and
         John McKenna
         Finance & Risk Services Ltd.
         Bermuda


RORO PARTNERS: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------------
The creditors of RoRo Partners Limited are required to file their
proofs of debt by Aug. 10, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 24, 2012.

The company's liquidator is:

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


RORO PARTNERS: Members' Final Meeting Set for Aug. 31
-----------------------------------------------------
The members of RoRo Partners Limited will hold their final meeting
on Aug. 31, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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



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


AUDA CAPITAL: Shareholder to Hear Wind-Up Report on Aug. 17
-----------------------------------------------------------
The shareholder of Auda Capital Preservation Fund Ltd. will
receive on Aug. 17, 2012, at 10:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


CMA MULTI-HEDGE: Shareholders' Final Meeting Set for Aug. 13
------------------------------------------------------------
The shareholders of CMA Multi-Hedge Ltd. will hold their final
meeting on Aug. 13, 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:

         David Peter Martin Blair
         c/o 25 Eden Quay
         Dublin 1, Ireland
         Telephone: 00353 18780807
         Facsimile: 00353 18780827


GLG ABSOLUTE: Shareholder to Hear Wind-Up Report on Aug. 6
----------------------------------------------------------
The shareholder of GLG Absolute Return Bond Fund will receive on
Aug. 6, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Nicola Wright
         Telephone: 345-815-2621/ 345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


GLG EMERGING: Shareholder to Hear Wind-Up Report on Aug. 6
----------------------------------------------------------
The shareholder of GLG Emerging Markets (Special Assets) Fund 2
will receive on Aug. 6, 2012, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Nicola Wright
         Telephone: 345-815-2621/ 345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


GLG PENDRAGON: Shareholder to Hear Wind-Up Report on Aug. 6
-----------------------------------------------------------
The shareholder of GLG Pendragon Event Driven Fund will receive on
Aug. 6, 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:

         K.D. Blake
         c/o Nicola Wright
         Telephone: 345-815-2621/ 345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


GUGGENHEIM ADVISORS: Shareholders' Final Meeting Set for Sept. 3
----------------------------------------------------------------
The shareholders of Guggenheim Advisors Select Fund II (Cayman)
Ltd. will hold their final meeting on Sept. 3, 2012, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming or Lisa Clarke
         Telephone: (345) 945-2187
         Facsimile: (345) 945-2197
         PO Box 30464 Grand Cayman KY1-1202
         Cayman Islands


PACIFIC STAR: Shareholders' Final Meeting Set for Aug. 30
---------------------------------------------------------
The shareholders of Pacific Star Institutional Fund, Ltd will hold
their final meeting on Aug. 30, 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:

         Warren Keens
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102
         Cayman Islands


UDON INVESTMENT: Shareholders' Final Meeting Set for Aug. 17
------------------------------------------------------------
The shareholders of Udon Investment will hold their final meeting
on Aug. 17, 2012, at 12:15 p.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


VALUE MASTER 2008-1: Shareholders' Final Meeting Set for Aug. 17
----------------------------------------------------------------
The shareholders of Value Master 2008-1 Limited will hold their
final meeting on Aug. 17, 2012, at 12:00 noon 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


YAMANA GOLD: Shareholders' Final Meeting Set for Aug. 8
-------------------------------------------------------
The shareholders of Yamana Gold Holdings (Cayman) Limited will
hold their final meeting on Aug. 8, 2012, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Roberto Alarcon
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Island



=========
C H I L E
=========


CHILE MINING: Fails to Achieve Fiscal 2012 Financial Target
-----------------------------------------------------------
Chile Mining Technologies Inc. has determined that it has not met
the financial performance targets for the fiscal year ended
March 31, 2012, as agreed to with investors in the Company's
May 12, 2010, private placement.  Accordingly, the make good
common stock purchase warrants issued in connection with the
May 12, 2010, private placement have vested in full and may be
exercised for shares of the Company's common stock.  Investors who
wish to exercise the their make good common stock purchase
warrants should either follow the procedure set forth in their
warrant certificate, or they may deliver their original warrant
certificate together with the executed exercise notice to the
Company's outside legal counsel by mail at: Pillsbury Winthrop
Shaw Pittman LLP, 2300 N Street N.W., Washington, DC 20007,
Attention: Brian J. Buck.

                        About Chile Mining

Chile Mining Technologies Inc. is a mineral extraction company
based in the Republic of Chile, with copper as its principal "pay
metal."  Its founders, Messrs. Jorge Osvaldo Orellana Orellana and
Jorge Fernando Pizarro Arriagada, have refined the electrowin
process in a way that permits the electrowin process to be used at
a relatively small mine and/or tailings sites.  Electrowinning is
a process in which positive and negative electrodes are placed in
an acidic solution containing copper ions, and an electric current
passed through the solution causes the copper to be deposited on
the negative electrodes so that it can be collected.

Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada,
expressed substantial doubt about Chile Mining's ability to
continue as a going concern following the fiscal year ended March
31, 2012, annual report.  The independent auditors noted that
the continuance of the Company is dependent upon its ability to
obtain financing and upon future profitable operations from the
production of copper.

The Company reported a net loss of US$3.95 million on US$433,554
of sales in fiscal 2012, compared with a net loss of
US$7.25 million on US$188,227 of sales in fiscal 2011.

The Company's balance sheet at March 31, 2012, showed
US$5.92 million in total assets, US$7.37 million in total
liabilities, and a stockholders' deficit of US$1.45 million.



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


* JAMAICA: Spokesman Warns Business Confidence Could Plunge
-----------------------------------------------------------
RJR News reports that Jamaica Opposition Spokesman on Finance,
Audley Shaw, is warning that business and consumer confidence
could further plunge as Jamaica remains in limbo on whether a new
International Monetary Fund deal is coming.

Mr. Shaw says he's not surprised that consumer confidence
registered its largest decline during the second quarter of this
year, according to RJR News.

The report notes that business confidence fell to 91.8 points down
from 123.7 in the previous quarter.



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


STATE OF MORELOS: Moody's Reviews 'Ba2' Ratings for Downgrade
-------------------------------------------------------------
Moody's de Mexico has placed the issuer ratings of Ba2 (Global
Scale, local currency) and A2.mx (Mexico National Scale) of the
State of Morelos on review for a possible downgrade.

Ratings Rationale

The rating action reflects uncertainty surrounding the state's
obligations under a loan contract between BBVA Bancomer and the
Municipality of Cuernavaca (not rated by Moody's). The state is a
joint obligor under the contract and the loan has been called by
the bank due to covenant violations.

The loan has an original face value of MXN300 million. As of May
2012, the outstanding balance was MXN156 million or roughly 1% of
Morelos' total revenues. While Moody's views this amount as
insignificant relative to the state's financial position and hence
does not impact Moody's assessment of its ability to pay, the
state's credit culture as a joint obligor is being tested.

While negotiations between the bank, municipality and state are
ongoing, the bank could seek a court imposed settlement against
both the municipality and the state. Moody's will monitor the
evolution of the negotiations and continue to assess if the
state's credit culture, as reflected by its willingness to meet
its financial commitments, remains in line with its current
Ba2/A2.mx ratings.

Moody's expects to conclude the review within the next three
months.

What Could Change the Rating Up/Down

Moody's does not expect upward pressures on Morelos' ratings in
the near term. However, this review could conclude with the
confirmation of the state's current ratings if the dispute is
settled promptly.

Alternatively, evidence that the state has failed to meet its
obligations under the loan, could lead to a downgrade of
potentially several notches to reflect Moody's assessment of
Morelos' credit culture and expected loss to the bank.

Moody's also rates (Baa2/Aa2.mx) a MXN 220 million (original face
value) loan from BBVA Bancomer to the State of Morelos. Given the
links between the loan and the credit quality of the obligor, a
downgrade of Morelos' issuer ratings could exert downward pressure
on its debt ratings.



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


BANCO DE LA REPUBLICA: Moody's Raises Deposit Rating From 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the long- and short-term
foreign currency deposit ratings of Banco de la Republica Oriental
del Uruguay (BROU) and Banco Hipotecario del Uruguay (BHU) to
Baa3/Prime-3, from Ba1/Not Prime, in the global scale, and to
Aa1.uy, from Aa2.uy in the Uruguayan national scale. At the same
time, Moody's has upgraded the long and short-term global foreign
currency deposit ratings of Banco Itau Uruguay S.A. (Itau Uruguay)
and of Lloyds TSB Bank plc (Uruguay) (Lloyds Uruguay), to
respectively Baa3/Prime-3, from Ba2/Not Prime, and to Aa1.uy from
Aa3.uy. Additionally, Moody's lowered Lloyds Uruguay's long-term
local currency deposit rating to Baa1, from A3; the Prime-2 short-
term deposit rating was not affected.

Moody's has also upgraded the long term global foreign currency
deposit rating of Banco Santander S.A. (Uruguay) (Santander
Uruguay) to Ba1, from Ba2, and placed the rating on review for
possible upgrade. Santander Uruguay has its long term local
currency deposits ratings under review for possible downgrade,
following the review of its parent, Santander Spain, rated Baa2
under review for possible downgrade.

These rating actions follow Moody's upgrade to Baa3/Prime-3, from
Ba2/Not Prime, of Uruguay's country ceiling for foreign currency
deposits announced on July 31, 2012. The bank financial strength
ratings of the individual Uruguayan banks remain unchanged.


The following ratings and outlooks were changed:

Banco de la Republica Oriental del Uruguay

  - Foreign currency deposit rating upgraded to Baa3/Prime-3, from
    Ba1/NP; outlook changed to stable, from positive

  - Foreign currency national scale deposit rating upgraded to
    Aa1.uy, from Aa2.uy; outlook changed to stable, from positive

Banco Hipotecario del Uruguay

  - Foreign currency deposit rating upgraded to Baa3/Prime-3, from
    Ba1/NP; outlook changed to stable, from positive

  - Foreign currency national scale deposit rating upgraded to
    Aa1.uy, from Aa2.uy; outlook changed to stable, from positive

Banco Itau Uruguay S.A.

  - Foreign currency deposit rating upgraded to Baa3/Prime-3, from
    Ba2/NP; outlook changed to stable, from positive

  - Foreign currency national scale deposit rating upgraded to
    Aa1.uy from Aa3.uy

Lloyds TSB Bank plc (Uruguay)

  - Foreign currency deposit rating upgraded to Baa3/Prime-3,
    from Ba2/NP; outlook changed to stable, from positive

  - Long-term local currency deposit rating downgraded to Baa1,
    from A3

  - Foreign currency national scale deposit rating upgraded to
    Aa1.uy, from Aa3.uy

Banco Santander Uruguay

  - Foreign currency deposit rating upgrade to Ba1 under review
    for possible upgrade, from Ba2

  - Foreign currency national scale deposit rating upgrade to
    Aa2.uy under review for possible upgrade, from Aa3.uy

Ratings Rationale

The upgrades of the long- and short-term foreign currency deposit
ratings of Banco de la Republica Oriental del Uruguay, Banco
Hipotecario del Uruguay, Banco Itau Uruguay and of Lloyds' Uruguay
in the global and national scales are the direct result of Moody's
raising Uruguay's foreign currency ceiling for long- and short-
term deposits to Baa3/Prime-3, respectively.

Moody's downgrade of the long-term local currency deposit rating
of Lloyds TSB Uruguay reflects the recent lowering of the local
currency deposit ceiling for Uruguay to Baa1, from A3.

Finally, the rating action on Santander Uruguay - upgrade of its
foreign currency deposit rating to Ba1, on review for upgrade --
incorporates the recent upward action on Uruguay' sovereign
ratings, as well as Moody's ongoing review for downgrade of
ratings of its parent bank, Banco Santander. Moody's ba1
standalone financial strength rating for Santander Uruguay remains
unchanged.


                            ***********


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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