TCRLA_Public/120917.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, September 17, 2012, Vol. 13, No. 185


                            Headlines



A R G E N T I N A

ARGENTINA BALLET: Creditors' Proofs of Debt Due Feb. 16
BANCO DE INVERSION: Moody's Withdraws 'E+' BFSR
DIGITAL ORCHID: Creditors' Proofs of Debt Due Nov. 5
GENERAL TOMAS: Creditors' Proofs of Debt Due Nov. 7
JOHN DEERE: Moody's Assigns 'Ba3' Corporate Family Rating

LAMP Y ASOCIADOS: Creditors' Proofs of Debt Due Oct. 19


B R A Z I L

BANCO CRUZEIRO: Gets Liquidated After Failing to Find Buyer
DESENVOLVE SP: Moody's Upgrades Issuer Rating to 'Ba1'
MAESTRO PERU: Moody's Assigns 'Ba2' Corporate Family Rating
* S&P Keeps 'BB' Corp. Credit Ratings on 4 Brazilian Utility Cos.


C A Y M A N   I S L A N D S

CAYMAN TELEVISION: Members' Final Meeting Set for Sept. 19
MAGIC FORTUNE: Sole Member to Hear Wind-Up Report on Sept. 28
MEDIA WORKS: Members' Final Meeting Set for Sept. 19
MERU HOLDINGS: Member Receives Wind-Up Report
MS INVESTMENT SERVICES: Members' Final Meeting Set for Sept. 20

R-ONE KAWASAKI: Shareholders' Final Meeting Set for Sept. 28
STRENUOUS FUND: Shareholders' Final Meeting Set for Sept. 26
TEAM TOUCH: Members' Final Meeting Set for Oct. 8
TSAGRIS HOLDINGS: Members' Final Meeting Set for Sept. 17


C O L O M B I A

COLOMBIA TELECOM: Fitch To Rate $750-Mil. Senior Notes at 'BB'
COLOMBIA TELECOMUNICACIONES: S&P Rates Proposed $750MM Notes 'BB'


E C U A D O R

* ECUADOR: Moody's Upgrades Government Bond Rating to 'Caa1'


M E X I C O

CORPORACION GEO: S&P Affirms 'BB-' Issuer Credit Rating


N I C A R A G U A

* NICARAGUA: Gets $5 Million IDB Loan for Low-Income Families


P E R U

MAESTRO PERU: Fitch Rates Proposed Sr. Unsecured Notes 'BB-'


X X X X X X X X

* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2012


                            - - - - -


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


ARGENTINA BALLET: Creditors' Proofs of Debt Due Feb. 16
-------------------------------------------------------
Felisa Mabel Tamilasci, the court-appointed trustee for Argentina
Ballet SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Feb. 16, 2013.

Ms. Tamilasci will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, 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:

         Felisa Mabel Tamilasci
         Av. Callao 449
         Argentina


BANCO DE INVERSION: Moody's Withdraws 'E+' BFSR
-----------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco de Inversion y Comercio Exterior (BICE) S.A.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Banco de Inversion y Comercio Exterior S.A. has a multicurrency
senior debt program and its first takedown under the program both
rated, but never issued.

Banco de Inversion y Comercio Exterior S.A. is headquartered in
Buenos Aires, Argentina and as of March 2012 it had Ar$3.106
million in assets and Ar$1.704 million in equity.

The following ratings of Banco de Inversion y Comercio Exterior
S.A. were withdrawn:

  Bank Financial Strength Rating: E+, with stable outlook

  Long and Short-term Global Local Currency Deposit Ratings: B2
  and Not Prime, stable outlook

  Long and Short Term Foreign Currency Deposit Ratings: Caa1 and
  Not Prime, stable outlook

  Long-Term National Scale Local-Currency Deposit Rating: Aa3.ar

  Long -Term National Scale Foreign Currency Deposit Rating:
  Ba1.ar

  ARS500 million multicurrency senior debt program:

  (P)B2 Global Local Currency Debt Rating, with stable outlook

  Aa3.ar Argentinean National Scale Local Currency Debt Rating

  (P)B2 Global Foreign Currency Debt Rating, with stable outlook

  Aa3.ar Argentinean National Scale Foreign Currency Debt Rating

  First Issuance of a maximum amount of ARS 100 million:

  B2 Global Local Currency Debt Rating, with stable outlook

  Aa3.ar Argentinean National Scale Local Currency Debt Rating


DIGITAL ORCHID: Creditors' Proofs of Debt Due Nov. 5
----------------------------------------------------
Jose Scheinkopf, the court-appointed trustee for Digital Orchid
Argentina SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 5, 2012.

Mr. Scheinkopf will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Scheinkopf
         Av. Pueyrredon 468
         Argentina


GENERAL TOMAS: Creditors' Proofs of Debt Due Nov. 7
---------------------------------------------------
Estudio Calvino-Queralto, the court-appointed trustee for General
Tomas Guido SACIA's reorganization proceedings, will be verifying
creditors' proofs of claim until Nov. 7, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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 Calvino-Queralto
         Viamonte 1355
         Argentina


JOHN DEERE: Moody's Assigns 'Ba3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
Corporate Family Rating to John Deere Credit Compania Financiera
S.A. (JDC) and a Aaa.ar local currency rating on the Argentinean
National Scale.

At the same time, Moody's assigned global local and foreign
currency debt ratings of (P)Ba3 and (P)B2 to JDC's senior multi-
currency debt program for up to Ar$ 900 million (or its equivalent
in other currencies). Moody's Latin America assigned a Aaa.ar
local currency debt rating and a Aa3.ar foreign currency debt
rating on the National scale to the program. All these ratings
have stable outlooks.

The following ratings were assigned to John Deere Credit Compania
Financiera S.A.

  Global Local-Currency Corporate Family Rating: Ba3, stable
  outlook

  National Scale Local-Currency Corporate Family Rating: Aaa.ar

  AR$900 million(or its equivalent in other currencies) debt
  program:

  Global Local-Currency Debt Rating: (P)Ba3, stable outlook

  National Scale Local-Currency Debt Rating: Aaa.ar

  Global Foreign-Currency Debt Rating: (P)B2, stable outlook

  National Scale Foreign -Currency Debt Rating: Aa3.ar

Ratings Rationale

JDC'S Ba3 and Aaa.ar ratings reflect Moody's assumption of a high
probability of support from the parent, Deere Credit Inc (A2) in
case of need, given its key role as the financial agent for
Industrias John Deere Argentina and its commercial and strategic
importance to the corporation. This support assumption provides
three notches of uplift to the company's b3 standalone credit
assessment, resulting in a long-term global local currency deposit
rating of Ba3 that corresponds to a Aaa.ar long-term deposit
rating on the Argentine national scale. The parent currently
guarantees JDC's bank credit lines while the local subsidiary of
Deere & Co, Industrias John Deere Argentina provides long term
financing with a credit line of US$20 million.

JDC's b3 standalone credit assessment is positioned at the same
level as the Argentinean government's local currency bond rating
(B3) considering its low level of cross-border diversification and
the exposure the company may have to declining macroeconomic and
financial market conditions that may result from a change in
sovereign creditworthiness. The standalone rating also takes into
account JDC's monoline business orientation that is susceptible to
climate risk and the challenging operating environment in which it
operates, as well as its adequate asset quality and funding
structure.

John Deere Credit Compania Financiera S.A. reported total assets
of Ar$434.8 million and total equity of Ar$48.6 million as of June
30 2012. The company is 96% owned by John Deere Credit Inc and 4%
by Deere & Company, both based in Delaware, USA.


LAMP Y ASOCIADOS: Creditors' Proofs of Debt Due Oct. 19
-------------------------------------------------------
Silvia Ines Trombetta, the court-appointed trustee for Lamp y
Asociados SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Oct. 19, 2012.

Ms. Trombetta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Silvia Ines Trombetta
         Viamonte 1337
         Argentina



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


BANCO CRUZEIRO: Gets Liquidated After Failing to Find Buyer
-----------------------------------------------------------
Michael J. Moore and Boris Korby at Bloomberg News report that
Banco Cruzeiro do Sul SA will be liquidated by Brazil central bank
after attempts to find a buyer failed.

Officials appointed to run the Sao Paulo-based company found a
"serious violation" and unfunded liabilities that made it
impossible to resume normal operations, Brazil's central bank said
in a statement obtained by the news agency.

Regulators took over Banco Cruzeiro do Sul on June 4, handing
control to the deposit-insurance fund known as FGC after finding
violations of banking regulations, according to Bloomberg News.

Bloomberg News relates that the fund offered to buy back
$1.6 billion of bonds at discounted prices as part of a
recapitalization plan, and was overseeing efforts to find a buyer.

Bloomberg News relates that takeover talks with Banco Santander
Brasil SA fell apart, Valor Economico newspaper reported earlier,
citing a source it didn't identify.

                       About Banco Cruzeiro

Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil
and had total unconsolidated assets of BRL9.48 billion (US$4.67
billion) and negative shareholders' equity of BRL2.24 billion
(US$1.1 billion) as of June 4, 2012 per the Special Opening
Balance Sheet published by FGC.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2012, Standard & Poor's Ratings Services revised the
CreditWatch implications to negative from developing on its 'CC/C'
global scale and 'brCC/brC' Brazilian national scale ratings on
Banco Cruzeiro do Sul S.A.


DESENVOLVE SP: Moody's Upgrades Issuer Rating to 'Ba1'
------------------------------------------------------
Moody's Investors Service has upgraded the long-term local
currency issuer rating of Desenvolve SP -- Agencia de Fomento to
Ba1 from Ba2, as well as Desenvolve SP's issuer rating on the
Brazilian national scale to Aa2.br from A1.br. The outlook on
these ratings is stable. At the same time, Moody's raised
Desenvolve SP's standalone baseline credit assessment (BCA) to b1
from b2.

The following ratings have been upgraded:

  Long-term issuer rating to Ba1 from Ba2, stable outlook

  Long-term Brazilian national scale issuer rating to Aa2.br from
  A1.br, stable outlook

Rating Rationale

The upgrade of the standalone and supported ratings reflects
Desenvolve SP's improving intrinsic financial fundamentals as well
as the incorporation of three notches of uplift due to Moody's
assessment of a very high probability of support from the Sao
Paulo state government (Baa3, stable) if needed.

Desenvolve SP has experienced steady asset growth in the
competitive local market since 2009 while reporting adequate
financial fundamentals including strong capitalization and
therefore risk absorption capacity as well as growth in recurring
earnings. Desenvolve SP's b1 standalone credit assessment
continues to reflect the fact that its business is still in an
early growth stage as well as the unseasoned nature of its loan
portfolio as the agency extends the duration of its loans to small
and midsized enterprises in its role as a government development
agency.

These challenges are mitigated by the secured nature of the loans
and the agency's conservative provisioning policy. To ensure
adequate asset quality in its developing loan book, management
intends to emphasize more granular, smaller ticket lending and to
enhance its risk-management structure and practices by leveraging
its deep knowledge of the local economy.

The b1 BCA also reflects the entity's intrinsic funding limitation
that has so far relied on equity consumption and on-lendings from
the federal development bank BNDES (A3, stable).

The last rating action on Desenvolve SP (formerly Nossa Caixa
Desenvolvimento) was on December 2, 2010, when Moody's upgraded
the supported global and national scale local currency issuer
ratings, following the upgrade of the state of Sao Paulo to Baa3
from Ba2.

Desenvolve SP is a development agency owned by the State of Sao
Paulo (Baa3; stable), reporting total assets of BRL1,173 million
(US$564.3 million) and equity of BRL1,030 million (US$495 million)
as of June 30, 2012.


MAESTRO PERU: Moody's Assigns 'Ba2' Corporate Family Rating
-----------------------------------------------------------
Moody's has assigned a Ba2 Corporate Family Rating to Peruvian
home improvement retailer Maestro Peru S.A. and its proposed
US$200 million senior unsecured notes. The outlook is stable. The
ratings assigned are as follows:

- Corporate Family Rating: Ba2/Stable outlook

- Proposed US$200 million senior unsecured notes: Ba2/Stable
   outlook

Ratings Rationale

"Maestro's Ba2 ratings are supported by the company's leading
position in the Peruvian home improvement retail industry; its
differentiated business model that combines large assortment of
products, low prices and advisory service to clients; and a
history of stable margins", said Moody's analyst Marianna Waltz.
The solid fundamentals of the sector in Peru, including the
country's favorable macro-economic conditions, considerable
housing deficit of about 29% and the low but increasing
penetration of the larger retail chains versus the traditional mom
& pop format are also viewed as credit positives.

Offsetting some of these positive attributes, Moody's highlights
the company's aggressive growth strategy, which involves the
opening of six new stores per year for the next three years and
five stores per year after that. The expansion plan will require
significant Capex disbursements, and is expected to drive leverage
upwards while preventing free cash generation for the coming
years. According to Moody's estimates, adjusted gross Debt/EBITDA,
considering the capitalization of operating leases, could peak at
5.5x by the end of 2012, with a gradual return to more normalized
levels during 2013, when some of the new stores will be fully
operational. Moody's also highlights that liquidity is dependent
on the issuance of up to US$200 million in long term bonds, which
would provide funding for both the expansion plan and the
improvement in the company's debt profile.

Moody's also considers the entry barriers into the Peruvian home
improvement retail industry as relatively low, which coupled with
its market potential, could attract newcomers and increase
competition longer term. Nevertheless, Moody's view Maestro's
differentiated business model, based on the concept of "one-stop-
shopping," as a solid competitive advantage. Targeting customers
who want to perform projects rather than buy discrete products,
the company carries a big assortment of items in large quantities
to guarantee that clients will find all they need for their
projects and therefore generates higher average ticket sales and
sales per store in comparison to its competitors. Its strategy
also comprises a competitive pricing policy and specialized advice
to consumers through well-trained employees.

The stable outlook reflects Moody's expectations that Maestro's
growth strategy will not result in an excessive increase in the
company's leverage ratios in the mid-term horizon. It also takes
into account that the company will be able to keep operating
margins at least near current levels and maintain sufficient
liquidity.

The ratings could be upgraded if the company is able to implement
its expansion plan, while improving its credit metrics. This will
be the case if the company delivers positive free cash flow, and
if Debt/EBITDA is lower than 3.0x.

The ratings could be lowered if the company fails to grow
organically or maintain EBITDA margins near their current level.
The ratings could also come under downward pressure if the
reported leverage ratio remains at 4.0x or higher on a consistent
basis or if liquidity deteriorates. A large debt-funded
acquisition could also put downward pressure on the rating.

Headquartered in the city of Lima, Peru, Maestro is controlled by
Enfoca, a Peruvian private equity fund. The company is the major
home improvement retailer in Peru, with 20 stores spread across
the country. For the LTM period ended June, 2012 the company
reported annual revenues of SOL 1.1 Billion (approximately
US$420 Million at current exchange rates) and adjusted EBITDA
margin of 11.2%.

The principal methodology used in rating Maestro was the Global
retail Industry Methodology, published in June, 2011. Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found on Moody's
website.


* S&P Keeps 'BB' Corp. Credit Ratings on 4 Brazilian Utility Cos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on the
following utilities remain unchanged following the Brazilian
government's announcement to reduce electricity tariffs to final
consumers by about 20%:

    Eletrobras-Centrais Eletricas Brasileiras S.A.;
    Companhia Energetica de Minas Gerais S.A.;
    Cemig Geracao e Transmissao S.A.;
    Cemig Distribuicao S.A.;
    CESP-Companhia Energetica de Sao Paulo; and
    Interconexion Electrica S.A. E.S.P. (ISA).

About 65% of the tariff reduction would come from a price
reduction of the energy sold or transmitted in certain concessions
for power generation and transmission that end between 2015 and
2017. The remainder of the tariff reduction would come from the
elimination and/or reduction of certain sector charges and taxes.

"The companies that agree to renew the concessions under the new
terms will suffer a significant tariff reduction starting in 2013.
Those companies that don't agree should receive compensation after
the termination of their concessions for the nondepreciated value
of their asset base, and the concessions will return to the
government," S&P said.

"Although the price reduction for power generators and tariff
reductions for transmission companies for each of the concessions
have yet to be defined, we don't expect strong impact on the
ratings mainly due to the companies' good credit metrics for their
rating categories, adequate liquidity, good debt structure, and
access to the financials markets. However, we will continue to
closely monitor the impact on the companies' financial risk
profile and the sector's regulatory risk," S&P said.

"Eletrobras is the most vulnerable to these new measures, as it
holds more than 60% of the concessions for power generation and
transmission that end between 2015 and 2017. However, even if the
company's stand-alone credit profile suffers from these measures,
an almost certain likelihood of extraordinary support from the
government supports the credit rating. We will closely monitor
Companhia Energetica de Sao Paulo's decisions regarding the
renewals of its concessions and the potential impact on its
financial risk profile. We view Companhia Energetica de Minas
Gerais as an integrated company with a more diversified cash flow
to manage a potential significant tariff reduction. Our rating on
ISA, which is the controlling shareholder of CTEEP - Companhia de
Transmissao de Energia Eletrica Paulista, incorporates the
potential renewal of the CTEEP 059 concession in 2015. ISA's
business risk profile benefits from its diversification in other
countries in Latin America and other business and we believe that
our base-case scenario should continue to hold in the current
scenario. However, ISA's future investment in Brazil could be
reassessed under these new terms, potentially harming the
company's growth strategy," S&P said.

RATINGS LIST

Eletrobras-Centrais Eletricas Brasileiras S.A.
  Corporate credit rating     BBB/Stable/--

Companhia Energetica de Minas Gerais S.A.
  Corporate credit rating     BB/Stable/--

Cemig Geracao e Transmissao S.A.
  Corporate credit rating     BB/Stable/--

Cemig Distribuicao S.A.
  Corporate credit rating     BB/Stable/--

Companhia Energetica de Sao Paulo
  Corporate credit rating     BB/Stable/--

Interconexion Electrica S.A. E.S.P. (ISA)
  Corporate credit rating     BBB/Stable/--



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


CAYMAN TELEVISION: Members' Final Meeting Set for Sept. 19
----------------------------------------------------------
The members of Cayman Television Service Ltd. will hold their
final meeting on Sept. 19, 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:

         Jeffrey D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503, Grand Cayman KY1-1104
         40 Linwood Street
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


MAGIC FORTUNE: Sole Member to Hear Wind-Up Report on Sept. 28
-------------------------------------------------------------
The sole member of Magic Fortune Holdings Limited will receive on
Sept. 28, 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:

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


MEDIA WORKS: Members' Final Meeting Set for Sept. 19
----------------------------------------------------
The members of Media Works Ltd. will hold their final meeting on
Sept. 19, 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:

         Jeffrey D. Johnstone
         c/o Broadhurst LLC
         P.O. Box 2503, Grand Cayman KY1-1104
         40 Linwood Street
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725


MERU HOLDINGS: Member Receives Wind-Up Report
---------------------------------------------
The sole member of Meru Holdings Ltd. received on Aug. 29, 2012,
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


MS INVESTMENT SERVICES: Members' Final Meeting Set for Sept. 20
---------------------------------------------------------------
The members of MS Investment Services will hold their final
meeting on Sept. 20, 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:

         Toshihiro Nitta
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


R-ONE KAWASAKI: Shareholders' Final Meeting Set for Sept. 28
------------------------------------------------------------
The shareholders of R-One Kawasaki Holdings will hold their final
meeting on Sept. 28, 2012, at 8:30 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


STRENUOUS FUND: Shareholders' Final Meeting Set for Sept. 26
------------------------------------------------------------
The shareholders of Strenuous Fund Investment Limited will hold
their final meeting on Sept. 26, 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:

         Tam Chiu Kit, Alan
         Luk Fook Jewellery Centre, 14-15th Floor
         No. 239 Temple Street, Jordan
         Kowloon, Hong Kong
         Telephone: 852-2526 6512
         Facsimile: 852-2868 4988


TEAM TOUCH: Members' Final Meeting Set for Oct. 8
-------------------------------------------------
The members of Team Touch Holdings Ltd. will hold their final
meeting on Oct. 8, 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:

         Andrea Dunsby
         Turner & Roulstone Management Ltd.
         PO Box 2636
         Strathvale House, 90 North Church Street
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 1 345 943 5555


TSAGRIS HOLDINGS: Members' Final Meeting Set for Sept. 17
---------------------------------------------------------
The members of Tsagris Holdings Limited will hold their final
meeting on Sept. 17, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands



===============
C O L O M B I A
===============


COLOMBIA TELECOM: Fitch To Rate $750-Mil. Senior Notes at 'BB'
--------------------------------------------------------------
Fitch Ratings expects to rate Colombia Telecomunicaciones S.A.
E.S.P.'s (Coltel) proposed up to US$750 million senior notes due
2022 'BB(exp)'.  Proceeds from the issuance are expected to be
used to refinance existing indebtedness, improving the debt
maturity profile.  Fitch has also assigned to Coltel local and
foreign currency Issuer Default Ratings (IDRs) of 'BB'.  The
Rating Outlook is Stable.

Coltel's ratings incorporate the merger between fixed unit Coltel
and Telefonica Moviles Colombia S.A., with the resulting entity
being 70% owned by Telefonica S.A. (rated 'BBB+', Rating Outlook
Negative by Fitch) and 30% by the Colombian government (rated
'BBB-', Rating Outlook Stable).  Also reflected in the ratings are
the restructuring of the 'Patrimonio Autonomo de Activos y Pasivos
de Telecom (Parapat)' liability (with part of the prior obligation
assumed directly by the Government), which adds flexibility to
future payments when compared with previous conditions, solid
competitive position and operating profile, ability to generate
cash flows, and moderate financial leverage.  The ratings are
tempered by the responsibility of the merged company to undertake
obligations with the Parapat, which increases adjusted leverage
and pressures cash flow generation; higher capital expenditures
over the next few years should limit free cash flow (FCF).

Competitive Position Strengthened

The ratings reflect Fitch's expectations that the post-merger
company will be adequately positioned by offering fixed and mobile
services under the same portfolio of services, including bundled
services.  In addition, the company should be able to achieve some
synergies mainly from operating expenses as well as infrastructure
sharing, IT systems integration, and use of fixed network
transmission capacity to support higher demand for mobile services
among others.  Coltel has an extensive fixed and mobile network,
with nationwide coverage, increased operational scale, and revenue
diversification.  Fitch views the company's strategy to increase
mobile broadband and value added services (VAS), along with Pay-TV
services and fixed line broadband access, to help support blended
ARPU and mitigate the slowdown in revenues from traditional voice
services, as positive.

Moderate Leverage

In Fitch's opinion, Coltel will have moderate financial leverage
after the merger with Telefonica Moviles Colombia.  According to
Fitch's estimations, total on-balance sheet debt-to-EBITDA should
be close to 2.6x during the next few years.  EBITDA generation
relies significantly on mobile and Internet services, which
represents around 60% of total revenues.  During the last two
years, mobile operating results have shown a favorable trend with
increasing revenues and EBITDA and lower leverage.  Revenues were
higher at 8.8%, compared to 2010, which on a pro forma basis
accounted 54% of the revenues and 63% of the EBITDA.

Fitch's base case views the liability with the Parapat as softer
debt in terms of leverage, but not in terms of debt service and
cash flow.  The obligation with the Parapat increases adjusted
leverage but provides flexibility for payments and could more
easily be refinanced under a stress scenario.  Under the new
restructuring terms, Coltel payments to Parapat for the use of the
fixed telecommunication asset should be calculated based on the
EBITDA generation.  By adjusting debt by the present value of this
commitment, leverage will be around 5.0x-5.5x adjusted EBITDA.
The Parapat is a long-term obligation ending in 2028 which should
reduce available cash flow as it is a significant expenditure,
increasing to approximately 10% of revenues in 2014 from 3% in the
current year.

Higher Capex Limits FCF

Fitch believes that company efforts to improve its debt maturity
profile through the proposed bond issuance and debt re-
negotiations with local banks should release short-term cash flow
for capital expenditures.  Fitch estimates that FCF generation
will be limited in the next few years as cash generated from
operations should be used to increase investment with no dividend
payments expected.  Coltel's capital expenditures program over the
next five years should approximate COP4.5 billion (US$2.5 billion)
and should be used primarily for mobile technologies, fixed
broadband, additional spectrum and mobile license renewal.

Improving Liquidity

With the proposed offering, Coltel will be able to address
liquidity concerns related to its near-term maturity schedule.
During 2012 and 2013, the company has significant debt maturities
that are being addressed through the renegotiation of COP1.4
billion with the local bank.  Likewise, the company aims to extend
its average debt life through the up to US$750 million bond
issuance that will allow the company to take out the bridge loan
as well as current debt maturities.  In addition, liquidity is
supported with the availability of uncommitted credit lines with
local banks.

Guidelines for Further Rating Actions

Positive credit quality factors that could lead to an upgrade
include the ending of the Parapat obligation and increased FCF and
FCF margins while maintaining the actual competitive position.
Factors that could trigger a negative rating action include the
expectation that total on-balance sheet debt-to-EBITDA increase
and remain at or above 3.0x over time, due to weak operating
results and higher than expected capital expenditures, among
others.


COLOMBIA TELECOMUNICACIONES: S&P Rates Proposed $750MM Notes 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate
credit rating to Colombia Telecomunicaciones S.A. E.S.P (Coltel).
The outlook is stable. "We also assigned a 'BB' senior unsecured
debt rating to the company's proposed 10-year notes for up to $750
million. We expect the company to use net proceeds from the bond
issuance to repay a bridge loan of $331 million as of June 30,
2012, and prepay other outstanding peso-denominated debt," S&P
said.

"Our ratings on Coltel reflect the company's stand-alone credit
profile (SACP), which we assess at 'bb'. The SACP reflects our
view of the company's 'fair' business risk profile and
'significant' financial risk profile thanks to its
good competitive position in the growing Colombian telecoms
market, efficient operations, operating support from its parent,
and adequate key financial metrics. These strengths mitigate the
competitive pressures, the decreasing revenues and margins in
fixed-line telephony, the company's narrow geographic
diversification, and the cash outflows for its Patrimonio Autonomo
(PARAPAT) payments. (PARAPAT is a trust that owns certain fixed-
line operating assets, which Coltel leases)," S&P said.

"In July 2012, Spain-based Telef˘nica S.A. merged its wireless
business, Telef˘nica Moviles Colombia (originally 100% controlled
by Telefonica) with its fixed-line business Colombia
Telecomunicaciones (originally 52% controlled by Telefonica and
48% by the Colombian government). The merged company is Coltel, of
which Telefonica owns 70% and the government owns the remainder.
As a result of the merger, Coltel is now the second-largest
integrated operator in the country," S&P said.



=============
E C U A D O R
=============


* ECUADOR: Moody's Upgrades Government Bond Rating to 'Caa1'
------------------------------------------------------------
Moody's Investors Service has upgraded Ecuador's long-term
government bond rating to Caa1 from Caa2. The rating outlook
remains stable to reflect a balance between key credit strengths
and challenges for Ecuador's credit profile.

Moody's also raised Ecuador's foreign-currency deposit ceiling to
Caa2 from Caa3. The country's foreign-currency bond ceiling
remains at B3. Ecuador's short-term government bond rating is "Not
Prime" and remains in place, unaffected by the latest action.

Ratings Rationale

Moody's one-notch upgrade is based on: (1) economic and fiscal
indicators that compare favorably to medians for Ecuador's
sovereign peers, most of whom are B-rated, (2) the government's
capacity to secure access to new external financing (e.g., China)
in the wake of its 2008 default, and (3) a track record of
repayment on all of its debt since the last default.

The scale of Ecuador's $66 billion economy compares favorably to
the B-rated median, $17 billion. Average annual real GDP growth of
4.2% over the past five years has been driven by public
investment, financed in part by oil revenue and increased
bilateral lending from China. According to official figures, gross
fixed investment was 25% of GDP in 2011, which is on par with the
B-rated median. As a result of robust growth, GDP per capita of
$4,400 is currently above the median for B-rated peers of $3,600,
while unemployment has fallen, and poverty and inequality
indicators have improved. The government has embarked upon a
strategy focused on actively promoting investment in the mining
and hydroelectric sectors with funding for these projects coming
primarily from China.

Fiscal indicators compare favorably to those of B-rated peers,
with government debt ratios amounting to 21% of GDP and 80% of
revenues -- B medians of 40% and 176%, respectively -- and
interest payments representing just 3.9% of government revenue,
compared to a median of 7% for B-rated sovereigns. In spite of its
lack of access to international capital markets since 2008, after
the government defaulted on its 2012 and 2030 Global Bonds,
Ecuador has managed to secure significant amounts of external
financing from China. It has also continued to service all of its
debt since the last default.

Despite comparing favorably with B medians in economic and fiscal
strength metrics, the rating remains in the Caa range due to
concerns about the government's willingness to pay, particularly
in light of its 2008 strategic default, ongoing high levels of
social spending, dependence of government revenues on oil, and
limited access to external financing.

A stable outlook balances Ecuador's relative credit strengths with
ongoing challenges, including: (1) pro-cyclical fiscal policy that
is highly dependent upon oil revenue and external financing, (2) a
high concentration of external creditors (multilaterals and
China), (3) persistently weak foreign investment due to an
unfavorable environment, and (4) an environment in which political
stability has been strongly supported by government spending.

Upward rating pressure could result if: (a) the investment
environment improves in such a way that it leads to significantly
higher foreign direct investment, (b) the government adopts a
fiscal rule with more clearly delineated exceptions, (c) ongoing
energy projects result in a material improvement in the current
account and fiscal balance, e.g., through an increase in the
domestic supply of energy, (d) the government sets up an oil
stabilization fund to help shield government finances from oil
price shocks, or (e) the government continues to exhibit its
willingness to pay over a more prolonged period of time.

Downward rating pressure could result if: (a) there is a clear
indication that the government's willingness to pay has reversed,
(b) the fiscal position deteriorates to an extent that it poses
severe liquidity problems to the government, (c) balance of
payments problems raise the specter of material risks of de-
dollarization, or (d) there is a return to political instability.

The principal methodology used in rating the government of Ecuador
was the Sovereign Bond Ratings Industry Methodology published in
September 2008.



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


CORPORACION GEO: S&P Affirms 'BB-' Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
and 'mxBBB+/mxA-2' national scale ratings on Corporacion GEO
S.A.B. de C.V. (Geo). The outlook is stable.

The ratings reflect Geo's "aggressive" financial risk profile,
with high working-capital requirements and increased used of debt.
The ratings also reflect the concentration of mortgage origination
for the company's homes through Instituto del Fondo Nacional de la
Vivienda para los Trabajadores (Infonavit) and Fondo de la
Vivienda del Instituto de Seguridad y Servicios Sociales de los
Trabajadores del Estado (Fovissste) as well as the political risk
inherent to these government-related lenders. Geo's "fair"
business risk profile reflects its position as one of the leading
homebuilders in Mexico that provides it with economies of scale,
its satisfactory profitability, and its broad geographic and
product diversification.

"We expect as main assumptions for Geo that the company will
adequately manage the softening in demand as the market is
becoming more mature in the affiliated segment; that its growth
pace will slow down during the next years couple of years at a
rate about 5%; that total debt will gradually reduce slightly
improving its key credit metrics in 2012 and 2013; and that Geo
will continue to access successfully to credit lines to fund its
operations either as working capital loans or construction bridge
loans," S&P said.

"By the end of 2012, we expect a mid-single-digit revenue growth
from the sale of about 59,000 units, due to the company's strategy
to moderate seasonality throughout the year --by minimizing a
large proportion of sales in the last quarter of the year-- and
its focus on increasing its penetration in existing locations
rather than investing in new regions in the intermediate term. We
believe that Geo will maintain EBITDA margins at about 22% thanks
to its ability to slightly increase the average price of its homes
(as evidenced during the first half of the year) and ongoing
economies of scale. This margin compares favorably to that of its
peers across Latin America of about 18%," S&P said.

"In the first half of 2012, Geo's unit sales pace was favorable as
it was successful at complying with recent regulatory changes in
the housing industry. In our opinion, Geo is well positioned to
benefit from government incentives through subsidies and from
mortgage availability through public institutes, which should bode
well for its sales performance through the end of 2012 and in
2013. As of June 30, 2012, Geo sold 30,173 units, up 8.5% compared
with the same period in 2011, out of which 22,577 units through
Infonavit; it also accessed about 10,000 subsidies for its
affordable segment. Nevertheless, free operating cash flow
remained negative, as anticipated payments from customers built up
reflecting slower collection on units not yet collected. We don't
expect further delays during the second half 2012 and, as a
result, we project Geo's cash flows to improve until the end of
the year, as it normalizes its deliveries and therefore its
collections," S&P said.

"As of June 30, 2012, total adjusted debt was MXN20.7 billion,
which includes MXN3.2 billion of securitizations and recourse
factoring, MXN2.7 billion related to its machinery leases, and
MXN104 million of pension obligations. The company prepaid most of
its $250 million unsecured notes due 2014 with the proceeds from
its issuance of $400 million unsecured notes due 2022. The company
used the remainder of this issuance to fund working-capital
requirements to complete various projects in pipeline as well as a
small portion of short-term debt. For the 12 months ended June 30,
2012, total debt to EBITDA was 4.2x and funds from operations
(FFO) to total debt was 12%, compared with 3.0x and 22% for the
same period of 2011," S&P said.

"In our opinion, Geo's focus on a more moderate revenue growth and
a gradual debt reduction through improving cash flows generation
should strengthen its credit metrics by the end of 2012 and in
2013," said Standard & Poor's credit analyst Fernanda Hernandez.

"Despite the consistent historical rise in debt, we do not expect
the company to incur in additional debt during the remainder of
2012 and 2013. We project the company will post flat cash flow
generation for year-end. Additionally, we do not expect a sharp
reduction in debt, as the company currently doesn't have
maturities until 2014, because its short-term debt is mainly
comprised of bridge loans. We project total debt to EBITDA of
about 3.9x and FFO to total debt of 17% for 2012, and 3.8x and 19%
for 2013," S&P said.



=================
N I C A R A G U A
=================


* NICARAGUA: Gets $5 Million IDB Loan for Low-Income Families
-------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan of up to
$5 million to Nicaragua's Foundation for the Promotion of Local
Development (Prodel), paving the way for the non-profit
organization serving the base of the pyramid to expand financing
for basic community infrastructure and incremental home
improvement projects.

Prodel will use proceeds from the IDB loan to expand financing to
local governments, microfinance institutions, credit unions and
microcredit companies, so they can boost lending for home
improvement projects.  The Foundation further plans to expand its
lending to municipalities in the north, central, and western parts
of the country to support local basic community infrastructure
projects that use an innovative methodology in which communities
work with local governments to plan and co-finance infrastructure
works.

"The project seeks to help local governments and low-income
families in Nicaragua to improve their communities by fostering an
innovative and sustainable partnership between the private, the
non-profit sector, organized communities and local governments,"
said Carmen Alvarez-Basso, the project team leader at the IDB's
Opportunities for the Majority, a unit exclusively dedicated to
support business models serving the base of the pyramid in Latin
America and the Caribbean.

"Families earning between three and five minimum wages will be the
biggest beneficiaries of this project because they will not only
be able to improve basic infrastructure in their communities but
also improve the quality of their homes as well as add new rooms
and connect their homes to services."

According to a recent IDB study, 78 percent of the families in
Nicaragua either do not have a roof over their heads or live in
poor quality or inadequate housing. Government data shows that the
country's housing deficit was estimated at 957,000 units in 2007,
of which 64 percent had qualitative problems.

Under the community infrastructure program, Prodel finances small-
to medium-sized projects (averaging $70,000) that seek to improve
streets and pedestrian access to the neighborhoods, as well as
introduce sewer drainage systems, drinking water microsystems, and
access to energy (preferably alternative). The program includes
the implementation of innovative design and construction
methodologies of community infrastructure projects, as well as a
range of different repayment methods for the works based on the
type of infrastructure project and adapted to the income flows of
families and municipalities.

Under the home improvement program, Prodel plans to expand its
financing for home expansions and improvements such as the
connection to new services introduced through the community
infrastructure projects, such as the installation of water pipes
into the home, construction of bathrooms, electrical systems, etc.
Besides financing, the program will provide construction-related
technical assistance for home improvements that low-income
populations would not normally be able to access.

The IDB loan to Prodel has a five-year term and will be
complemented by $7 million from Prodel's own resources and $2
million from other sources.

                 About Opportunities for the Majority

The IDB's Opportunities for the Majority promotes and finances
market-based, sustainable business models that engage companies,
local governments and communities in the development and delivery
of quality products and services for people at the base of pyramid
in Latin America and the Caribbean



=======
P E R U
=======


MAESTRO PERU: Fitch Rates Proposed Sr. Unsecured Notes 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Maestro Peru
S.A.:

  -- Foreign currency Issuer Default Rating (IDR) 'B+'
  -- Local currency IDR 'B+'
  -- Proposed senior unsecured notes 'BB-/RR3'

The target amount of the proposed issuance will be up to USD180
million; the final amount of the issuance will depend on market
conditions.  Proceeds from the seven year proposed issuance will
be used primarily to fund the company's capital expenditures plan,
refinance existing debt, and strengthen the company's liquidity.

The Rating Outlook is Stable

The ratings reflect Maestro's leading market position, positive
business environment, stable operating margins, and support from
its controlling shareholder.  The company is implementing an
aggressive capex plan that will increase leverage and lead to
negative free cash flow (FCF) in the near- to intermediate term.
Maestro has limited business and geographic diversification, as
the company's operations are concentrated in one retail business
format in Peru.  Competition in the market is increasing, but
penetration levels remain low.  The ratings also consider the
sensitivity of the construction and home improvements industry to
economic cycles.  The 'BB-/RR3' ratings on the company's unsecured
senior notes debt reflect good recovery prospects that are
anticipated to be in the range of 50%-70% in the event of a
default.

Solid Business Fundamentals

Maestro is expected to continue to benefit from the solid industry
fundamentals of Peru's home-improvement industry, as a result of
the country's positive macroeconomic environment that is
increasing purchasing power of households.  Low penetration levels
also bode well for the industry and Maestro.  Maestro has a strong
business position as one of the two dominant home retailers in
Peru, with an estimated market share of 43%.

As of Aug. 31, 2012, the company had 20 stores located throughout
Peru, and it plans to open three additional stores during the rest
of 2012.  The Peruvian home improvement industry's low penetration
levels -- estimated at around 19% at the end of 2011 -- support an
expectation of high growth potential for the company's operations.
Maestro is well-positioned as a low price specialist in project-
based sales.  The Peruvian economy is forecasted to post growth
rates of 5.8% and 6.2% during 2012 and 2013, respectively, after
growing 6.9% in 2011.

Growing Business

The ratings also consider Maestro's success at expanding.  Over
the past five years, as a result of new stores openings and
increasing consumption and self-construction demand.  The overall
positive business environment in Peru is expected to continue
during the company's current expansion phase.

Maestro's revenues during 2011 and the last 12 months (LTM) ended
in June 2012 was PEN1,019 million and PEN1,128 million,
representing growth rates of 28% and 11%, respectively, over the
same periods of prior year.  Maestro's EBITDAR levels during the
same periods reached levels of PEN103 million and PEN113 million,
with stable EBITDAR margins above 10% during 2011 and the LTM
ended June 30, 2012.  In addition, Fitch views positively the
performance of the company's controlling shareholder, Enfoca
Inversiones (Enfoca), across numerous sectors in Peru.  Enfoca
maintains a 95% ownership participation in Maestro and has helped
the company to grow, develop, and become more competitive.

High Leverage

Maestro's FCF is expected to remain negative driven by capex plan.
The ratings incorporate an expected increase in the company's
gross leverage from 3.6x as of June 30, 2012.  Pro-forma the
transaction amount, which is expected to be up to USD180 million,
Maestro's leverage will increase 5.5x. By the end of 2014, Fitch
projects the company's leverage to be in the range of 4.0x to
4.5x.

The company is implementing a PEN545 million capex plan during the
2012-2014 periods. Maestro's FCF will remain negative during this
period.  Maestro's credit ratings incorporate an expectation that
the company will be able to deleverage as its new stores mature
and its investments in working capital begin to decline.

Liquidity Expected to Improve Post Issuance

As of June 30, 2012, Maestro's cash and short-term debt was PEN16
million and PEN172 million, respectively.  The company is expected
to gain financial flexibility with the proposed transaction by
improving its debt payment schedule and rebuilding its cash
position.  The company's liquidity has been relatively weak in the
past as the company funded its negative free cash flow from heavy
investments with short-term debt.

Maestro's capex levels during 2011 and the LTM ended June 30, 2012
were PEN157 million and PEN155 million, respectively; negative FCF
margins during this time period were -12% and -11%, respectively.
The ratings incorporate an expectation that Maestro will maintain
adequate liquidity post issuance in the range of PEN100 million to
PEN200 million range during the 2012 - 2013 period and that the
company's short-term debt will be between PEN10 million to PEN20
million during the next years.

Rating Drivers:

The Stable Outlook reflects Fitch's expectation that Maestro will
continue to deliver positive operating results due to its solid
market position and the positive trends of Peru's home improvement
industry.  Maestro is expected to complete its capex plans, as
scheduled during 2012 - 2014 period, without a further increase in
leverage post issuance, and that the company will maintain
adequate liquidity going forward.  The Stable Outlook also
incorporates the view that the company's adjusted gross leverage
will trend toward 4.5x by the end of 2013.

A negative rating action could be triggered by a deterioration of
the company's credit protection measures due to its sizeable
investments.  FCF margins consistently above 12% couple that are
funded with incremental debt could lead to a rating action. An
upgrade is not likely until the company completes its capex plan
and reverses its cash flow trends and lowers leverage.  Key rating
drivers include the development of the Peruvian macroeconomic
environment in which the company operates and Maestro's business
strategy as to organic and inorganic growth.



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


* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2012
-------------------------------------------------------

Issuer              Coupon   Maturity    Currency       Price
------              ------   --------     --------      -----

ARGENTINA
---------

ARGENT-$DIS            8.28   12/31/2033      USD        63.51
ARGENT-$DIS            8.28   12/31/2033      USD        70.88
ARGENT-$DIS            8.28   12/31/2033      USD        71.38
ARGENT-$DIS            8.28   12/31/2033      USD         74.5
ARGENT-PAR             1.18   12/31/2038      ARS        39.66
ARGENT-EURDIS          7.82   12/31/2033      EUR           45
ARGENT-EURDIS          7.82   12/31/2033      EUR         66.5
ARGENT-EURDIS          7.82   12/31/2033      EUR           66
ARGENT-JPYDIS          4.33   12/31/2033      JPY           44
ARGENT-JPYPAR          0.45   12/31/2038      JPY           15
ARGENT-JPYPAR&GDP      0.45   12/31/2038      JPY            8
ARGNT-BOCON PRE9          2   3/15/2014       ARS        58.75
BANCO MACRO SA         9.75   12/18/2036      USD        72.25
BANCO MACRO SA         9.75   12/18/2036      USD        71.03
BANCO MACRO SA         9.75   12/18/2036      USD        73.75
CAPEX SA                 10   3/10/2018       USD           75
CAPEX SA                 10   3/10/2018       USD           75
CIA LATINO AMER         9.5   12/15/2016      USD           70
EMP DISTRIB NORT       9.75   10/25/2022      USD         50.5
EMP DISTRIB NORT       10.5   10/9/2017       USD        39.83
EMP DISTRIB NORT       9.75   10/25/2022      USD        46.88
PROV BUENOS AIRE      9.625   4/18/2028       USD        65.38
PROV BUENOS AIRE      9.625   4/18/2028       USD         66.5
PROV BUENOS AIRE      9.375   9/14/2018       USD        72.17
PROV BUENOS AIRE      9.375   9/14/2018       USD        72.38
PROV BUENOS AIRE     10.875   1/26/2021       USD        73.63
PROV BUENOS AIRE     10.875   1/26/2021       USD        74.13
PROV DE FORMOSA           5   2/27/2022       USD        65.25
PROV DE MENDOZA         5.5   9/4/2018        USD        73.13
PROV DE MENDOZA         5.5   9/4/2018        USD        75.03
PROV DEL CHACO            4   12/4/2026       USD         31.5
PROV DEL CHACO            4   11/4/2023       USD        58.25
TRANSENER              9.75   8/15/2021       USD           45
TRANSENER              9.75   8/15/2021       USD           42


BRAZIL
------

BANCO BONSUCESSO       9.25   11/3/2020       USD           76
BANCO BONSUCESSO       9.25   11/3/2020       USD        74.13
BANCO CRUZEIRO        8.875   9/22/2020       USD        26.75
BANCO CRUZEIRO        8.875   9/22/2020       USD         20.5
BANCO CRUZEIRO          8.5   2/20/2015       USD        35.13
BANCO CRUZEIRO            7   7/8/2013        USD           21
BANCO CRUZEIRO         8.25   1/20/2016       USD           22
BANCO CRUZEIRO        7.625   4/21/2014       USD         20.5
BANCO CRUZEIRO            8   9/17/2012       USD           21
BANCO CRUZEIRO         8.25   1/20/2016       USD        43.75
BANCO CRUZEIRO          8.5   2/20/2015       USD         40.5
CESP                   9.75   1/15/2015       BRL         72.6
REDE EMPRESAS        11.125                   USD        28.88
REDE EMPRESAS        11.125                   USD        28.88
REDE EMPRESAS        11.125                   USD        29.95


CAYMAN ISLAND
-------------

BCP FINANCE BANK       5.01   3/31/2024       EUR           65
BCP FINANCE BANK       5.31   12/10/2023      EUR         67.5
BCP FINANCE CO        4.239                   EUR        29.75
BCP FINANCE CO        5.543                   EUR        31.17
BES FINANCE LTD        5.58                   EUR         39.5
BES FINANCE LTD         4.5                   EUR        50.67
CAM GLOBAL FIN         6.08   12/22/2030      EUR        46.75
CHINA FORESTRY        10.25   11/17/2015      USD         58.2
CHINA FORESTRY        10.25   11/17/2015      USD        56.88
CHINA SUNERGY          4.75   6/15/2013       USD         52.4
EFG HELLAS CAYMA          9   6/8/2019        EUR           61
EFG ORA FUNDING         1.7   10/29/2014      EUR        51.11
ESFG INTERNATION      5.753                   EUR        35.67
GOL FINANCE            8.75                   USD         70.6
GOL FINANCE            8.75                   USD           69
JINKOSOLAR HOLD           4   5/15/2016       USD        43.74
LDK SOLAR CO LTD       4.75   4/15/2013       USD         65.1
LUPATECH FINANCE      9.875                   USD        56.75
LUPATECH FINANCE      9.875                   USD        55.38
RENHE COMMERCIAL         13   3/10/2016       USD        51.25
RENHE COMMERCIAL         13   3/10/2016       USD        50.63
RENHE COMMERCIAL      11.75   5/18/2015       USD        52.01
RENHE COMMERCIAL      11.75   5/18/2015       USD        51.63
SHINSEI FIN CAYM      6.418                   USD        67.13
SHINSEI FIN CAYM      6.418                   USD        67.13
SHINSEI FINANCE        7.16                   USD        67.63
SHINSEI FINANCE        7.16                   USD        67.63
SOLARFUN POWER H        3.5   1/15/2018       USD        72.87
SOLARFUN POWER H        3.5   1/15/2018       USD           74
SUNTECH POWER             3   3/15/2013       USD           29
SUNTECH POWER             3   3/15/2013       USD        31.05


CHILE
-----

CGE DISTRIBUCION       3.25   12/1/2012       CLP         10.1
CHILE                     3   1/1/2042        CLP        62.55
CHILE                     3   1/1/2042        CLP        62.55
CHILE                     3   1/1/2040        CLP        63.91
CHILE                     3   1/1/2040        CLP        63.91
CHILE                     3   1/1/2032        CLP        70.96
CHILE                     3   1/1/2032        CLP        70.97
CHILE                     3   1/1/2030        CLP        73.41
CHILE                     3   1/1/2030        CLP        73.41
COLBUN SA               3.2   5/1/2013        CLP         50.4
MASISA                 4.25   10/15/2012      CLP        10.18
QUINENCO SA             3.5   7/21/2013       CLP        12.52


PUERTO RICO
-----------

BANCO SANTANDER         6.1   6/1/2032        USD        63.59
BANCO SANTANDER         6.3   6/1/2032        USD        65.36
PUERTO RICO CONS        6.5   4/1/2016        USD        63.88


VENEZUELA
---------

ELEC DE CARACAS         8.5   4/10/2018       USD         75.5
PETROLEOS DE VEN        5.5   4/12/2037       USD        61.85
PETROLEOS DE VEN      5.375   4/12/2027       USD        61.38
VENEZUELA                 7   3/31/2038       USD        71.44
VENEZUELA                 7   3/31/2038       USD         71.5


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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