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

           Wednesdays, September 26, 2012, Vol. 13, No. 192


                            Headlines



B E R M U D A

ALLWEATHER PERFORMANCE: Creditors' Proofs of Debt Due Oct. 3
ALLWEATHER PERFORMANCE: Members' Final Meeting Set for Oct. 24
ASIAN MARINE: Court Appoints Calow and Tomb as Liquidators
EASTERN MARINE: Court Appoints Calow and Tomb as Liquidators
MOMENTUM PERFORMANCE: Creditors' Proofs of Debt Due Oct. 3

MOMENTUM PERFORMANCE: Members' Final Meeting Set for Oct. 24
SELCO INTERNATIONAL: Court Appoints Calow and Tomb as Liquidators
TRIUMPH MANAGEMENT: Court Appoints Calow as Liquidator


B R A Z I L

AMERICA LATINA: Fitch Affirms 'BB-' Issuer Default Rating
CELPA: Regulator Approves Plan for Acquisition
ROSSI RESIDENCIAL: Moody's Affirms 'Ba2' CFR; Outlook Negative
SANLUIS RASSINI: Fitch Rates Proposed $250-Mil. Sr. Notes 'B+'


C A Y M A N  I S L A N D S

BOZARCHE LIMITED: Creditors' Proofs of Debt Due Oct. 2
DEL MAR GLOBAL: Creditors' Proofs of Debt Due Oct. 10
FFMER CAYMAN 2007-2: Creditors' Proofs of Debt Due Oct. 10
FFMER CAYMAN NIM 2007-3: Creditors' Proofs of Debt Due Oct. 10
FFMER CAYMAN NIM 2007-4: Creditors' Proofs of Debt Due Oct. 10

GALISTEO CAPITAL: Creditors' Proofs of Debt Due Oct. 10
RGF PRIVATE: Creditors' Proofs of Debt Due Oct. 2
SILKROAD CHINA: Creditors' Proofs of Debt Due Oct. 10
SOGEPA GLOBAL: Creditors' Proofs of Debt Due Oct. 10
SONG GROWTH: Creditors' Proofs of Debt Due Oct. 10


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Current Situation Not Easy, IMF Says


P E R U

* PERU: IDB Approves US$30 Million Loan to Government


                            - - - - -


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


ALLWEATHER PERFORMANCE: Creditors' Proofs of Debt Due Oct. 3
------------------------------------------------------------
The creditors of Allweather Performance Strategies Limited are
required to file their proofs of debt by Oct. 3, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidator is:

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


ALLWEATHER PERFORMANCE: Members' Final Meeting Set for Oct. 24
--------------------------------------------------------------
The members of Allweather Performance Strategies Limited will hold
their final general meeting on Oct. 24, 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


ASIAN MARINE: Court Appoints Calow and Tomb as Liquidators
----------------------------------------------------------
On Aug. 24, 2012, the Supreme Court of Bermuda appointed Garth
Calow and Alison Tomb as liquidators of Asian Marine Limited.

The Liquidators can be reached at:

         Garth Calow
         Alison Tomb
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


EASTERN MARINE: Court Appoints Calow and Tomb as Liquidators
------------------------------------------------------------
On Aug. 24, 2012, the Supreme Court of Bermuda appointed Garth
Calow and Alison Tomb as liquidators of Eastern Marine Limited.

The Liquidators can be reached at:

         Garth Calow
         Alison Tomb
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


MOMENTUM PERFORMANCE: Creditors' Proofs of Debt Due Oct. 3
----------------------------------------------------------
The creditors of Momentum Performance Strategies Series I Limited
are required to file their proofs of debt by Oct. 3, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidator is:

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


MOMENTUM PERFORMANCE: Members' Final Meeting Set for Oct. 24
------------------------------------------------------------
The members of Momentum Performance Strategies Series I Limited
will hold their final general meeting on Oct. 24, 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


SELCO INTERNATIONAL: Court Appoints Calow and Tomb as Liquidators
-----------------------------------------------------------------
On Aug. 24, 2012, the Supreme Court of Bermuda appointed Garth
Calow and Alison Tomb as liquidators of Selco International
Limited.

The Liquidators can be reached at:

         Garth Calow
         Alison Tomb
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


TRIUMPH MANAGEMENT: Court Appoints Calow as Liquidator
------------------------------------------------------
On Sept. 5, 2012, the Supreme Court of Bermuda appointed Garth
Calow as liquidator of Triumph Management International Limited.

The Liquidators can be reached at:

         Garth Calow
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda



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


AMERICA LATINA: Fitch Affirms 'BB-' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed the Foreign and Local Currency Issuer
Default Ratings (IDR) of America Latina Logistica S.A. (ALL) at
'BB-'.  Fitch has also affirmed the National Scale Long-term
Ratings of the company, its subsidiaries and their respective
unsecured debentures at 'A(bra)'.  The Rating Outlook is Stable.
In conjunction with these rating actions, Fitch expects to assign
an 'A(bra)' to ALL's BRL750 million unsecured 10th debentures
issuance's proposal, guaranteed by the operational subsidiaries
and due in 2017.  Fitch also expects to assign an 'A(bra)' to the
BRL160 million unsecured 8th debentures issuance's proposal of
ALL's subsidiary, America Latina Logistica Malha Norte (ALL Malha
Norte), guaranteed by ALL and with final maturity in 2020.  The
proceeds of ALL's issuance proposal will be used for general
corporate purposes whereas the proceeds of ALL Malha Norte's
transaction will be used to finance its capex plan.

The affirmation of the ratings with a Stable Outlook is based on
ALL's consistent and strong volumes, as well as its improving
operating cash flow, even under adverse economic and agricultural
crop scenarios.  The credit ratings of ALL continue to reflect its
adequate business profile and competitive position as the sole
railroad transportation operator in the South and Mid-Western
regions of Brazil, which are areas with high growth potential due
to firm global demand for grain.  ALL's ratings are constrained by
its leveraged credit profile and its aggressive capex program.

In Fitch's opinion, the regulatory risk of the railroad concession
sector has recently increased. This is a negative rating
consideration.  On Sept. 10, 2012, the Brazilian Federal
Government announced measures that guide the railroad concession
sector in Brazil negatively.  The main measure was the cut in the
base tariff ceiling, in an effort by the government to boost the
competitiveness of industrial sector in the country.

Fitch does not expect the cuts in the tariff ceilings to generate
material deterioration in ALL's cash flow generation or
significantly affect its potential growth in the short term.  On
average, ALL already operates with railroad tariffs below the new
base tariffs set by the government and presents commercial
flexibility, which should mitigate likely negative effects of the
new governmental measure.  Fitch's concern is related to the risks
of further initiatives by the Brazilian government in this sector.


The ratings of ALL's subsidiaries have been equalized with those
of ALL due to the strong operational, financial and legal ties
between the companies.  This relationship relies on the majority
ownership of ALL on its subsidiaries; the total influence of the
parent in the management and the flow of dividends from the
operational companies; the strong financial integration between
the companies; the cross guarantees between ALL and its
subsidiaries' debt; and the strategic importance of the railroad
subsidiaries to ALL.  Structural subordination risks due to ALL's
status as a holding company are mitigated by the unrestricted cash
distribution policy of its operating subsidiaries, and the
guarantees that these Brazilian operational subsidiares provides
to great part of ALL's debt.

Ratings Supported by Resilient Business Model:

ALL's business model has demonstrated resilience to adverse global
economic conditions, as seen by the increasing volumes transported
by the company in the last years.  During the LTM ended June 30,
2012 ALL transported a total of 47.2 million tons per useful
kilometer (RTK) as compared to 46.5 million and 43.1 million in
2011 and 2010.  As a result, ALL has strengthened its competitive
position as the sole railroad transportation provider in the
Southern and Mid-Western regions of Brazil, which are the
country's primary crop growing regions.

For the LTM ended June 30, 2012, about 95% of ALL's consolidated
EBITDA of BRL1.6 billion was generated by its Brazilian railroad
activities, mainly through the transportation of agricultural
commodities (75%) and industrial products (20%).  ALL's operations
in Argentina represent just 6% of consolidated revenues and 1% of
consolidated EBITDA, while the new businesses of logistics of
containers and highway transportation service together represented
4% of ALL's consolidated EBITDA.  ALL continues to exhibit weak
performance in its railroad businesses in Argentina, which is not
expected to improve expressively over the medium term.  This
enhances the probability of these assets to be sold.  Fitch does
not expect that this transaction will materially impact ALL's cash
generation capacity, if ALL decides to sell these assets.

Adequate Liquidity & Well-Scheduled Debt Payments:

ALL continues to maintain a strong liquidity position, supported
by approximately BRL1.6 billion of cash and marketable securities
as of June 30, 2012.  ALL's total adjusted debt was BRL9.7
billion, adjusted to the lease and concession off balance
obligation of BRL544 million, being BRL1.5 billion due over the
short-term.  The company's exposure to refinancing risk is
manageable, as reflected by its satisfactory ratios of cash to
short term debt of 1.1 times (x) and cash plus CFFO to short-term
debt ratio of 1.4x.

The company has a manageable debt amortization schedule, with no
concentration. ALL's indebtedness is principally comprised of
BRL2.7 billion of lease and concession obligations; BRL2.4 billion
of debentures; and BRL2.1 billion of loans with the development
bank, Banco Nacional de Desenvolvimento Economico e Social
(BNDES).

High Capex Should Pressure FCF Until 2013:

ALL has been presenting consistent CFFO levels, boosted by its
ability to capture additional volumes of cargo; its operating
margins are high and stable.  During the LTM ended June 30, 2012,
the company's CFFO was BRL520 million.  This compares with CFFO
levels of BRL698 million during 2011 and BRL475 million during
2010.  The most recent figures have been hurt by a lower harvest.
The positive trend in the company's CFFO has not been enough to
generate positive FCF due to large investments over the past three
years.  During the LTM ended June 30, 2012, the company's FCF was
negative BRL540 million, pressured by BRL1 billion of capital
expenses.

FCF generation is expected to remain negative during the next two
years. Fitch's projections indicate investments of about BRL1.8
billion over the next two years, which may continue to pressure
the company's FCF until 2013.  Fitch believes that FCF will become
positive by 2014, due to an increase in the company's
transportation capacity coming from the new capacity added by the
conclusion of the Rondonopolis project.  This project, which has
been underway since 2009, extends the company's presence from Alto
Araguaia to Rondonopolis, an important grain producing region in
the state of Mato Grosso.  The group's investments planned for the
next two years are expected to be financed by a combination of
operational cash flow and debt issuances.

ALL's leverage remains above average for the rating category but
is mitigated by its capacity to generate increasing EBITDAR in a
business environment that has below-average risk.  For the LTM
ended June 30, 2012, ALL's consolidated net adjusted debt/EBITDAR
ratio as calculated by Fitch was 4.8x. Fitch expects this ratio to
remain relatively steady until the end of 2012 due to the
scheduled capital expenditures.  The company's leverage should
then begin to gradually decline, reaching approximately 4.0 times
by the end of 2013 and about 3.5x at the end of 2014.  The key
driver of increased EBITDAR will be the new railway line from
Alto-Araguaia to Rondonopolis.

Key Rating Drivers:

The ratings may be upgraded as a result of an improvement in the
company's credit profile with a focus on an ongoing reduction in
leverage, along with consistently high levels of liquidity.
Positive actions could also result from a decreased presence of
the government in the regulation of the industry.  The ratings
could be downgraded if there is deterioration in the company's
operational performance, or if leverage increases materially.
Negative ratings actions could also result from acquisitions
and/or investments that are not considered core to operations by
Fitch, or if the company distributes an unexpected amount of
dividends.

Fitch has affirmed the following ratings:

ALL:

  -- Long-term Foreign and Local Currency IDRs at 'BB-';
  -- Long-term National Rating at 'A(bra)';
  -- Long-term National Rating of the 5th Debenture Issue at
     'A(bra)';
  -- Long-term National Rating of the 6th Debenture Issue at
     'A(bra)';
  -- Long-term National Rating of the 8th Debenture Issue at
     'A(bra)';
  -- Long-term National Rating of the 9th Debenture Issue at
     'A(bra)'.

ALL Malha Sul:

  -- Long-term National Scale Rating at 'A(bra)';
  -- Long-term National Rating of the 3rd Debenture Issue at
     'A(bra)'.

ALL Malha Norte:

  -- Long-term National Scale Rating at 'A-(bra);
  -- Long-term National Rating of the 6th Debenture Issue at
     'A(bra)'.

ALL Malha Paulista:

  -- Long-term National Scale Rating at 'A(bra)';
  -- Long-term National Rating of the 1st Debenture Issue at
     'A(bra)'.

The Outlook for the corporate ratings is Stable.

Fitch expects to assign the following ratings:

  -- Long-term National Rating at 'A(bra)' to ALL's proposal of
     10th Debenture Issuance, totaling BRL750 milhoes, due in
     2017;
  -- Long-term National Rating at 'A(bra)' to ALL Malha Norte's
     proposal of 8th Debenture Issuance, totaling BRL160 milhoes,
     due in 2020.


CELPA: Regulator Approves Plan for Acquisition
----------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Nelson Hubner,
general director of Brazil's electric regulatory agency, Agencia
Nacional de Energia Eletrica or ANEEL, approved a transitional
plan for the acquisition of Centrais Eletricas do Para SA.

Mr. Hubner said that ANEEL refused a request to ease the utility's
quality standards and accepted a proposal allowing the utility's
buyer to invest in it rather than pay off its previously accrued
fines, according to Bloomberg News.

Bloomberg News relates that the plan was presented by Equatorial
Energia SA.  Mr. Hubner, Bloomberg News notes, said that its terms
are valid for every company interested in acquiring control of
the utility that filed for bankruptcy.

As reported in the Troubled Company Reporter - Latin America on
Aug. 23, 2012, Bloomberg News said ANEEL will consider requests by
Equatorial Energia SA regarding a bid to take over Celpa following
a judge's request to accelerate the process.  Equatorial Energia
has requested an easing of service targets and fines during a
transitional period as part of its offer to take over Celpa,
according to Bloomberg News.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale.  At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA.  Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).


ROSSI RESIDENCIAL: Moody's Affirms 'Ba2' CFR; Outlook Negative
--------------------------------------------------------------
Moody's America Latina affirmed Rossi's corporate family ratings
at Ba2 on the global scale and A1.br on the Brazilian national
scale, but changed the outlook to negative from stable.

Ratings:

Rossi Residencial S.A. (Rossi)

- Corporate Family Ratings: Ba2 (global scale); A1.br (national
   scale)

- Outlook: negative

Ratings Rationale

The change in outlook to negative from stable was triggered by the
company's weaker than expected operating performance over the last
twelve months that caused significant deterioration in the
company's credit metrics, particularly leverage ratios and
interest coverage. Despite the BRL500 million equity
capitalization plan announced last August and the other ongoing
initiatives to restructure and downsize the business, Moody's
believes that Rossi's credit metrics and margins may not recover
before 2014.

The ratings affirmation takes into consideration that Rossi will
eventually obtain financial resources from its shareholders under
the proposed capitalization plan to maintain adequate liquidity
for the execution of its current projects and growth plans. It
also considers that Rossi will significantly reduce leverage as
the company streamline its operations and improve profitability
with the implementation of its strategic plan.

Rossi's Ba2 rating reflects its solid position among Brazil's
largest vertically integrated homebuilders with a nationwide
footprint and moderate product diversity covering low, middle and
high income segments. The rating also incorporates the company's
strong management and its long track record in the real estate
development business. On the other hand, Rossi's rating is
constrained by its increasing leverage and still weak internal
cash flow generation, which has been hampered by high working
capital requirements as a consequence of rapid growth.

Rossi experienced an accelerated growth pace during the last five
years with an average revenue growth rate of 37% from 2007 to the
2Q12 (LTM) and more than 49,000 delivered units. With some BRL3.2
billion in net revenues in the last twelve months ending in June
2012, Rossi currently ranks among the six largest Brazilian
homebuilding companies due to its strong presence in the low
income segment and large geographic diversification. Such scale
provides the company adequate bargaining power for land
acquisition and raw material procurement, but managing a large
number of projects in various locations also increases execution
risk.

Like most Brazilian homebuilders, Rossi is challenged by cost
overruns, as well as delays in construction and mortgage transfers
to the banks. As a result, adjusted gross margins have shrunk due
to cancelled contracts and budget revisions to 33.8% LTM June 2012
(unaudited) from 36.6% in 2011 and 38.1% in 2010; while total debt
capitalization increased to approximately 59.9% in the end of June
2012 from 53.6% in December 2011 and 45.1% in December 2010. The
sharp debt increase is also associated with a more conservative
accounting approach during the 2Q12 that kept securitized
receivables of constructed units of approximately BRL460 million
on its balance sheet until the effective mortgage transfer,
otherwise debt capitalization would have been around 57%.

As a result, Rossi has recently revised its strategic guidelines
to focus on fewer metropolitan areas, such as Porto Alegre (RS),
Aracaju (SE), Manaus (AM), Brasilia--DF, Sao Paulo (SP), Rio de
Janeiro (RJ) and Belo Horizonte (BH), where they have strong
market share and a well established position. As part of this
process, the company is cancelling certain development projects
that have underperforming margins and sales. During 2012, Rossi
cancelled 11 projects with a Potential Sales Value (PSV) of BRL376
million due to a low return, which is in line with the company's
strategy to reposition in more profitable cities. It is yet
unclear whether the company will implement further adjustments to
its project backlog and how these new cancelations will impair
earnings recognized as percentage of completion (POC). The company
replaced auditors in January 2012 and the financial reports
reviewed by the auditors for the second quarter have yet to be
filed, which creates more uncertainty regarding additional
accounting adjustments.

At the same time, the company is downsizing new launches in 2012
to approximately BRL3.0 billion, compared to BRL4.2 billion in
2011, along with office closures and reductions in headcount in
order to bring operating margins back to the historical levels.
Additionally, Rossi announced the creation of two new businesses:
Rossi Commercial Properties that will operate in the strip malls
segment and Rossi Urbanizadora that will focus on less cash
intensive single-family and multi-family land developments. The
objective is to maximize the return of its land bank with an
estimated potential sales value of BRL20.5 billion as of June 30,
2012. Lots unsuitable for development and construction of
residential units according to the new strategic guidelines will
be transferred to or swapped with these newly created subsidiaries
and new investments may be leveraged with new strategic partners
that will eventually dilute Rossi's final participation in those
subsidiaries.

Rossi still has adequate liquidity despite its high consolidated
leverage. At the end of June, 2012, according to the unaudited
earnings release, the company had BRL1,259 million in cash and
marketable securities on its balance sheet and BRL792 million in
receivables from finished units that should become available with
the effective transfer of mortgages to lending banks, a process
that takes on average six months. Short term debt maturities of
BRL1,589 million comprised primarily of construction and land
financing loans will be self liquidated with the delivery of the
finished units to the respective homebuyers.

From 2009 through 2011, working capital needs ranged from BRL700
million to BRL1.1 billion per year. Over the last six months ended
in June 2012, Moody's estimates working capital needs to have
reached BRL400 million as a result of the significant pipeline of
construction projects launched in 2010 and 2011 and lower sales
speed, a trend that should prevail towards year end. In 2013, free
cash flow could turn positive provided that Rossi's successfully
implements its restructuring plans and turnover the land bank to
generate cash while the sale/supply ratio stabilizes.

The limited internal cash flow generation has been supported by
adequate availability of project loans under the Sistema
Financeiro de Habitacao (SFH). The company has about BRL1.2
billion undrawn committed facilities under the SFH that puts the
company in a comfortable position to meet its ongoing project
commitments. Since 78% of the units in Rossi's land bank are
priced below BRL 500 thousand, the company will continue to
benefit from relatively cheaper and government-sponsored funds
during construction under the Sistema Financeiro de Habitacao
(SFH) and Fundo de Garantia do Tempo de Serviā€”o (FGTS) funded
mortgages for homebuyers.

Moody's believes that the fundamentals for this industry remain
strong. Companies in the sector in general should continue to
benefit from solid demand as a result of Brazil's significant
housing deficit and expansion of the middle class. The government
also remains supportive of the industry through programs that
promote home ownership. In view of the slower economic activity
during the first half of 2012, the central bank has lowered basic
interest rates and at the same time the government has stepped up
competition with commercial banks through Caixa Economica Federal
(CEF) and Banco do Brasil (BB) with the objective of reducing the
wide spreads charged on consumer loans. Once these measures begin
to affect, they should help ease mortgage rates and aid the
homebuilding industry, which might also benefit through increased
affordability.

On September 5, 2012, Rossi announced it is negotiating a capital
increase of BRL500 million. Rossi expects to get all the approvals
necessary over the next three months to cash in the resources
before the end of this year. Moody's considers this a crucial
development for the company to maintain adequate liquidity to
execute current projects.

The negative outlook considers that Rossi should experience
significant challenges in the near term to preserve liquidity and
improve profitability, as a result of more selective demand,
higher costs and slower approval process.

Rossi's outlook could be stabilized if the company is able to
materially reduce leverage and increase interest coverage for
example by maintaining total debt to capitalization below the mid
40% range, and EBIT interest coverage above 3.5 times on a
sustainable basis.

Rossi's ratings could be downgraded if the company is not
successful in streamlining operations in a timely fashion in order
to generate positive cash and reduce leverage to an appropriate
level for its rating category. Quantitatively the ratings could be
downgraded if total debt to capitalization stays consistently
above 50% or if the EBIT interest coverage stays below 1.5 times.
Further negative rating pressure would arise if the company's cash
balance decreases to a level that is insufficient to meet short
term financial obligations and minimum working capital
requirements or if there is a significant downturn in the
homebuilding industry.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Founded in 1980 and headquartered in Sao Paulo, Rossi Residencial
S.A. (Rossi) is one of Brazil's largest homebuilders with
operations in 95 cities from 20 states and the Federal District.
Rossi currently offers homebuilding products to the conventional
and low income segments as well as commercial buildings. The
company currently has 272 projects under development to be
delivered between 2012 and 2014. Total revenues and consolidated
net income for the last twelve months ending June 30, 2012 were
approximately BRL3.2 billion (US$1.8 billion) and BRL212 million
(US$119 million), respectively.


SANLUIS RASSINI: Fitch Rates Proposed $250-Mil. Sr. Notes 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned the following initial ratings to
SANLUIS Rassini, S.A. de C.V. (SLR):

  -- Foreign currency Issuer Default Rating (IDR) 'B';
  -- Local currency IDR 'B';
  -- Proposed USD250 million senior notes 'B+/RR3'.

The Rating Outlook is Stable.

SLR's ratings reflect its solid business position in the auto
industry as an essential supplier of suspension and break parts,
especially in North America (NA).  The ratings further reflect the
geographic diversification of the company's operations, its
flexible cost structure, long-term contracts and lower leverage
after the debt restructuring process completed in 2011.  SLR's
ratings are limited by the cyclicality of the industry and its
high customer concentration level.  The company's history of debt
restructurings and its corporate structure further limit the
ratings.

The Stable Outlook reflects the positive momentum in the North
American market and the stabilization in the Brazilian heavy
trucks segment.  These factors should benefit the company's cash
flow in the near term and should further strengthen its financial
profile.  The volumes of light vehicles in North America are
expected to be in the range of 14-15 million units in the next
years, while in Brazil, commercial vehicles volumes are expected
to stabilize in the second half of 2012.  Sales in Brazil were
high in 2011 due to high demand ahead of change in environmental
regulations.

Solid Business Position Supports the Ratings

SLR, a subsidiary of SANLUIS Corporacion, S.A.B. de C.V. (SLC),
manufactures suspension and brake system components for light and
heavy vehicles, with a leading position in North America and an
important presence in Brazil.  The company's main product line,
leaf springs which accounted for more than 70% of total sales in
2011, has historically had market shares of over 90% in North
American and an estimated share in Brazil of 65%.  This strong
position results from the group's technology development over the
years, close and long relationships with customers through product
design and development, geographic location and integrated
operations.

These factors had allowed the company to deliver high service
levels and renew or gain new contracts with customers in the
region. During the downturn cycle during 2008 through 2010, where
major OEM's in North America entered reorganization processes, SLR
was designated as an essential supplier for GM and Chrysler, which
allowed it to keep collecting accounts receivables.  However,
SLR's customer base is concentrated. Detroit's three OEM's
represent approximately 60% of total revenues.  In 2011, North
America represented 62% of total SLC Revenues and 59% of its
consolidated EBITDA. Fitch expects these values to remain
relatively stable in the next years.

Low Cost Structure Provides Flexibility

During the latest industry downturn, SLR reorganization process
was similar to other auto parts suppliers' initiatives.  The
company rationalized its installed capacity and headcount,
allowing it to reduce the breakeven point of operations from
historical levels; currently management believes the company has a
lean structure and has available capacity to absorb additional
volumes.  SLR's contracts usually are granted for the life of the
platform, with an average of six years.  Suspension customers'
contracts provide raw material pass-through to prices (in either
direction) and management has implemented strict cost and expenses
controls in order to maintain plants efficiency and productivity.
These actions, in conjunction with volume recovery from industry
dynamics, have resulted in EBITDA margins between 12-14% during
2010 and the first half of 2012.  However, the company's business
nature is closely dependant on volumes and industry cyclicality.

Moderate Leverage after Debt Restructuring

During 2010, the group completed its debt restructuring. This
process included the rescheduling of the maturity until 2014 of
USD142 million of Secured Bank Loans at the NA Suspension Group
level.  In 2011, the group also exchanged USD237 million of the
old SANLUIS Co-Inter (SISA) senior notes and mandatory convertible
debentures for usd61.5 million of guaranteed notes due 2017 and
USD14.5 million of new SISA Notes due 2020 plus 30.4 million of
SLC shares (approximately 9.5% of shares in circulation). This
resulted in a debt reduction to USD260 million from USD420
million.  Debt at the Brazilian and Brake divisions was
unaffected.

As of June 30, 2012, SLC's total consolidated debt was USD253
million, distributed as follows: USD124.9 million of bank loans at
the NA suspension group, USD21.8 million at the Brake Division,
USD19 million at the Brazilian operations; USD7.7 million of
outstanding balances of Euro Commercial Paper and Eurobonds at the
SLC level that were not tendered in the 2001-2003 debt
restructuring, USD65.8 million of SLC notes due 2017, and USD14.3
million of SISA notes due 2020.

On a consolidated basis, SLC's total debt to EBITDA ratio as of
June 30, 2012 was 2.7x and its net debt to EBITDA ratio was 2.3x.
The company intends to issue USD250 million in 10 year senior ntes
and use the proceeds to simplify the consolidated debt structure
and refinance approximately USD200 million of bank loans and SLC
notes due 2017.  If successful, on a pro forma basis, the group's
total debt to EBITDA ratio would increase to approximately 3.1x
and its net debt to EBITDA ratio would remain stable at 2.3x.  The
company plans to maintain cash balances of approximately USD50
million in order to have enough flexibility and cushion in case of
external shocks and fund future growth.

Corporate and Debt Structure

According to Fitch's criteria and methodology, debt at holding or
sub-holding companies is structurally subordinated to debt at
operating subsidiaries.  SLR owns 100% of North America Suspension
and Brake operations, and 51% of the Brazilian Suspension Group
which funds its operations individually; the company only receives
dividends from the Brazilian joint venture.  On a pro forma basis,
taking into account the proposed USD250 million senior notes and
adjusting the consolidated debt to EBITDA ratio by considering
only 51% of the dividends received from Brazil and excluding the
debt of the Brazilian joint venture, the total debt to EBITDA
ratio would be about 3.8x.  In addition, current and/or future
debt held at SLC or SISA (SISA notes due 2020) is subordinated to
SLR's obligations, which would likely be translated in lower
ratings for those instruments.

The 'RR3' Recovery Rating reflects above average recovery
prospects in the case of default.  Fitch used a discount for
distressed EBITDA of 35% and an enterprise value multiple of 5.2x,
based upon the agency's experience in the North American Auto
sector.


Key Rating Drivers
Negative rating actions could result from a combination of lower
volume sales and profitability as a result of a sharp U.S.
recession and/or the loss of customers which in turn translates to
increased leverage above expected levels.

Conversely, positive rating actions could be taken if the company
consistently maintains leverage levels below 2.5x in conjunction
with a strong liquidity profile and positive free cash flow
generation.



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


BOZARCHE LIMITED: Creditors' Proofs of Debt Due Oct. 2
------------------------------------------------------
The creditors of Bozarche Limited are required to file their
proofs of debt by Oct. 2, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 8, 2012.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


DEL MAR GLOBAL: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------
The creditors of Del Mar Global Volatility Offshore Fund Ltd. are
required to file their proofs of debt by Oct. 10, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 20, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


FFMER CAYMAN 2007-2: Creditors' Proofs of Debt Due Oct. 10
----------------------------------------------------------
The creditors of FFMER Cayman NIM 2007-2, Ltd. are required to
file their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


FFMER CAYMAN NIM 2007-3: Creditors' Proofs of Debt Due Oct. 10
--------------------------------------------------------------
The creditors of FFMER Cayman NIM 2007-3, Ltd. are required to
file their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


FFMER CAYMAN NIM 2007-4: Creditors' Proofs of Debt Due Oct. 10
--------------------------------------------------------------
The creditors of FFMER Cayman NIM 2007-4, Ltd. are required to
file their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GALISTEO CAPITAL: Creditors' Proofs of Debt Due Oct. 10
-------------------------------------------------------
The creditors of Galisteo Capital Master Fund, Ltd. are required
to file their proofs of debt by Oct. 10, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


RGF PRIVATE: Creditors' Proofs of Debt Due Oct. 2
-------------------------------------------------
The creditors of RGF Private Trust Company Limited are required to
file their proofs of debt by Oct. 2, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 22, 2012.

The company's liquidator is:

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


SILKROAD CHINA: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------
The creditors of Silkroad China Master Fund are required to file
their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         c/o Mourant Ozannes
         Reference: JFL
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


SOGEPA GLOBAL: Creditors' Proofs of Debt Due Oct. 10
----------------------------------------------------
The creditors of Sogepa Global Equity Ltd are required to file
their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 16, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SONG GROWTH: Creditors' Proofs of Debt Due Oct. 10
--------------------------------------------------
The creditors of Song Growth Company are required to file their
proofs of debt by Oct. 10, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847



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


* DOMINICAN REPUBLIC: Current Situation Not Easy, IMF Says
----------------------------------------------------------
Dominican Today reports that the International Monetary Fund (IMF)
Mission Leader Przemek Gajdeczka said that Dominican Republic's
most important challenges are the fiscal imbalance and the plight
of its electricity sector.

Mr. Gajdeczka said the mission's conclusion stems from the
information gathered during 10 days of meetings with government
and Central Bank officials, and civil society representatives, who
held discussions and provided cooperation, according to Dominican
Today.

The report notes that the credit agency representative spoke in a
press conference in the National Palace after members of the IMF
delegation met for an hour with President Danilo Medina, and a
commission of the government's economic team to share some
observations and findings on the country's economic situation.

The report discloses that Mr. Gajdeczka stressed that the
country's situation "isn't easy" and will take to Washington the
information gathered during their visit, to "prepare its
recommendations and findings to improve the understanding of the
current situation and work together with the Dominican authorities
in the redesign of macroeconomic policies. "

The report relays that when asked whether the fiscal situation
found would merit an urgent agreement between the government and
the IMF, Mr. Gajdeczka noted that they first have to analyze the
situation and discuss the findings with the authorities, for which
the delegation will return in November and the IMF Board will
discuss what's agreed between both parties in January 2013, so
that "it will take a little longer."



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


* PERU: IDB Approves US$30 Million Loan to Government
-----------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$30
million loan to the government of Peru to support social sector
reform.  It is the third of three loans to foster human capital
development and increase employment opportunities.

The goal of this third phase is to support government efforts to
consolidate policy instruments used in its anti-poverty and social
inclusion strategy.  In particular, it intends to consolidate the
National Program of Direct Support for the Very Poor (Juntos),
which aims to interrupt the transmission of poverty from one
generation to another.

The operation also supports the government's Comprehensive Health
Insurance Program, which provides health services for people not
covered by Social Security; improves participants' employability
through job-training programs, such as Trabaja Peru, Jovenes a la
Obra, and the One-Stop Employment Promotion Window.  In addition,
it will strengthen the Household Targeting System (SISFOH).

The first two phases of the loan program were approved in 2009 for
US$50 million and in 2010 for US$100 million.  During these early
phases, the government sought to raise program efficiency and
extend coverage by improving operating processes, information
systems, monitoring, and evaluation.

"This operation is designed to help the government to consolidate
the efforts to improve the effectiveness, efficiency, and
targeting of key labor and social programs," said Maria Fernanda
Merino, IDB project team leader.

Loans to support policy reform provide the recipient government
withresources that can be used flexibly to meet priority fiscal
needs. For a loan of this type, governments commit to specific
policy reforms in a particular sector.

The IDB loan has a 12.75-year term with interest based on LIBOR.


                            ***********


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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