TCRLA_Public/121001.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, October 1, 2012, Vol. 13, No. 195


                            Headlines



A R G E N T I N A

BEBIDAS LA FAVORITA: Creditors' Proofs of Debt Due Oct. 19
EL ALAMEIN: Creditors' Proofs of Debt Due Nov. 8
FARMACIA IBERICA: Creditors' Proofs of Debt Due Nov. 5
NOVO FRIO: Creditors' Proofs of Debt Due Oct. 16
SMG SRL: Creditors' Proofs of Debt Due Dec. 12

* ARGENTINA: Moody's Changes Outlook on Banks to Negative


B R A Z I L

BANCO ABC: Moody's Assigns 'Ba1' Foreign Currency Debt Rating
BANCO BVA: Moody's Corrects September 26 Rating Release
EVEN CONSTRUTORA: Moody's Rates BRL150-Mil. Sr. Debentures 'Ba3'


C A Y M A N  I S L A N D S

CLEAN RESOURCES ASIA: Creditors' Proofs of Debt Due Oct. 1
CLEAN RESOURCES LONG: Creditors' Proofs of Debt Due Oct. 1
CLEAN WATER (OFFSHORE): Creditors' Proofs of Debt Due Oct. 1
CLEAN WATER ASIA: Creditors' Proofs of Debt Due Oct. 1
CLEAN WATER LONG: Creditors' Proofs of Debt Due Oct. 1

CLEAN WATER ONLY: Creditors' Proofs of Debt Due Oct. 1
FIELD POINT I: Creditors' Proofs of Debt Due Oct. 10
KENT FUNDING II: Creditors' Proofs of Debt Due Oct. 10
WIN CORPORATION: Creditors' Proofs of Debt Due Oct. 10
WOLFACRE GLOBAL: 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: Public Debt Jumps US$1.9BB to US$18.5BB


M E X I C O

COMISION DE AGUA: Moody's Withdraws 'B1' Currency Ratings
* MUNICIPALITY OF NAUCALPAN: Moody's Cuts Currency Ratings to Ba3


P A N A M A

GLOBAL BANK: Moody's Says Structural Changes No Rating Impact


P U E R T O  R I C O

ADVANCED COMPUTER: Seeks to Use Banco Bilbao Cash Collateral


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Undergo Restructuring, Government, Says
CL FINANCIAL: CLICO Group Questions Govt's US$2 Billion Bond


X X X X X X X X

* BOND PRICING: For the Week Sept. 24 to Sept. 28, 2012


                            - - - - -


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


BEBIDAS LA FAVORITA: Creditors' Proofs of Debt Due Oct. 19
----------------------------------------------------------
Angel Vello Vazquez, the court-appointed trustee for Bebidas La
Favorita SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Oct. 19, 2012.

Ms. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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:

         Angel Vello Vazquez
         Parana 275
         Argentina


EL ALAMEIN: Creditors' Proofs of Debt Due Nov. 8
------------------------------------------------
Juan Carlos Caro, the court-appointed trustee for El Alamein SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 8, 2012.

Mr. Caro will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 5 in
Buenos Aires, with the assistance of Clerk No. 9, 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:

         Juan Carlos Caro
         Florida 470


FARMACIA IBERICA: Creditors' Proofs of Debt Due Nov. 5
------------------------------------------------------
Jose Manuel Montana, the court-appointed trustee for Farmacia
Iberica SCS's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 5, 2012.

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

The Trustee can be reached at:

         Jose Manuel Montana
         Paraguay 2081


NOVO FRIO: Creditors' Proofs of Debt Due Oct. 16
------------------------------------------------
Luis Alberto Cortes, the court-appointed trustee for Novo Frio
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Oct. 16, 2012.

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

The Trustee can be reached at:

         Luis Alberto Cortes
         Av. Cordoba 1646
         Argentina


SMG SRL: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------
Estudio Manfredi - Gonzalez Sturla, the court-appointed trustee
for SMG SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 12, 2012.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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 Manfredi - Gonzalez Sturla
         Av. Rivadavia 789
         Argentina


* ARGENTINA: Moody's Changes Outlook on Banks to Negative
---------------------------------------------------------
Moody's Investors Service has changed to negative, from stable,
the outlooks on the standalone financial strength ratings (BFSR)
of 30 Argentine financial institutions, as well as the outlooks on
the local currency deposit ratings of 24 financial institutions.
The outlooks on the local and foreign currency debt ratings and on
the issuer ratings of certain Argentine financial institutions
were also changed to negative, from stable.

The rating actions follow the change in outlook to negative, from
stable, on Moody's B3 local- and foreign-currency government bond
ratings on September 17, 2012 (see press release titled "Moody's
changes outlook on Argentina's B3 rating to negative from
stable").

The rating actions on the financial institutions reflect Moody's
assessment of the high correlation between their credit profiles
and that of the Argentine sovereign, as indicated by standalone
baseline credit assessments that are aligned to the government
bond rating. Because of the sovereign linkages, the change in
outlook on the government bond ratings led to the change in
outlook on the bank ratings.

Ratings Rationale

The change of outlook to negative from stable reflects Moody's
assessment that the creditworthiness of these entities is highly
correlated with that of the government taking into account (i) the
degree to which their businesses depend on the domestic
macroeconomic and financial environment; (ii) their direct and
indirect exposures to the sovereign, and (iii) their lack of cross
border diversification.

The negative outlook incorporates the risks related to increasing
government intervention through mechanisms unfavorable to the
earnings generation, funding dynamics, and financial flexibility
of financial institutions. Such mechanisms include the application
of ever tighter foreign exchange controls, the enforcement of
interest rate caps on credit cards, the compulsory sector lending
measures and other administrative and legal measures that may
affect banks' pricing of risk and their risk appetite. These
policies, together with the change in the central bank's bylaws,
also raise questions regarding the predictability of government
policies. This uncertainty has weakened the confidence in the
financial system as demonstrated by the severe foreign currency
deposit outflows experienced in the last year.

WHICH BANKS AND RATINGS ARE AFFECTED

The outlook on the following ratings were changed to negative from
stable:

BANCO COLUMBIA S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A3.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B3

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of A3.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B3

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of A3.ar

BANCO COMAFI S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

Long-Term National Scale Local Currency Deposit Rating of A1.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B2

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of A1.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B2

Long-Term National Scale Local Currency Senior Debt Debt Rating
of A1.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B2

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of A1.ar

Long-Term Global Foreign Currency Senior Debt Rating of B2

Long-Term National Scale Foreign Currency Senior Debt Rating of
A1.ar

BANCO DE GALICIA Y BUENOS AIRES S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

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

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B2

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B2

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Foreign Currency Senior Debt Rating of B2

Long-Term National Scale Foreign Currency Senior Debt Rating of
Aa3.ar

Long-Term Global Foreign Currency Subordinated Debt Rating of B3

Long Term National Scale Foreign Currency Subordinated Debt
Rating of A2.ar

BANCO DE SERVICIOS Y TRANSACCIONES S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A2.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B3

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of A2.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B3

Long-Term National Scale Local Currency Senior Debt Debt Rating
of A2.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B3

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of A2.ar

Long-Term Global Local Currency Subordinated Debt Rating of Caa1

Long Term National Scale Local Currency Subordinated Debt Rating
of Ba1.ar

BANCO MACRO S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

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

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B2

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B2

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Foreign Currency Senior Debt Rating of B2

Long-Term National Scale Foreign Currency Senior Debt Rating of
Aa3.ar

Long-Term Global Foreign Currency Subordinated Debt Rating of
Caa3

Long-Term National Scale Foreign Currency Subordinated Debt
Rating of Caa1.ar

BANCO SAENZ S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A2.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B3

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of A2.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B3

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of A2.ar

BANCO SUPERVIELLE S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

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

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B2

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B2

Long-Term National Scale Local Currency Senior Debt Debt Rating
of Aa3.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B2

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Foreign Currency Subordinated Debt Rating of B3

Long-Term National Scale Foreign Currency Subordinated Debt
Rating of A2.ar

CAJA DE CREDITO CUENCA COOP. LTDA.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of Baa2.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B3

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Baa2.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B3

Long-Term National Scale Local Currency Senior Debt Debt Rating
of Baa2.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B3

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of Baa2.ar

COMPANIA FINANCIERA ARGENTINA S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

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

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B2

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B2

Long-Term National Scale Local Currency Senior Debt Debt Rating
of Aa3.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B2

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of Aa3.ar

CORDIAL COMPANIA FINANCIERA S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

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

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B2

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Aa3.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B2

Long-Term National Scale Local Currency Senior Debt Debt Rating
of Aa3.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B2

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of Aa3.ar

METROPOLIS COMPANIA FINANCIERA

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A3.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B3

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of A3.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B3

Long-Term National Scale Local Currency Senior Debt Debt Rating
of A3.ar

Long-Term Global Foreign Currency Debt Rating for the Senior Debt
Program of (P)B3

Long-Term National Scale Foreign Currency Debt Rating for the
Senior Debt Program of A3.ar

GRUPO SUPERVIELLE S.A.

Long-Term Global Local Currency Issuer Ratings of B3

Long-Term National Scale Local Currency Issuer Rating of A2.ar

Long-Term Global Foreign Currency Issuer Ratings of B3

Long-Term National Scale Foreign Currency Issuer Rating of A2.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B3

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of A2.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B3

Long-Term National Scale Local Currency Senior Debt Debt Rating
of A2.ar

Long-Term Global Local Currency Debt Rating for the Subordinated
Debt Program of (P)Caa1

BANCO PATAGONIA S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of Ba3

Long-Term National Scale Local Currency Deposit Rating of Aa1.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)Ba3

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Aa1.ar

Long-Term Global Local Currency Senior Debt Debt Rating of Ba3

Long-Term National Scale Local Currency Senior Debt Debt Rating
of Aa1.ar

GPAT COMPANIA FINANCIERA S.A

Long-Term Global Local Currency Issuer Ratings of B1

Long-Term National Scale Local Currency Issuer Rating of Aa2.ar

Long-Term Global Local Currency Debt Rating for the Senior Debt
Program (P)B1

Long-Term National Scale Local Currency Debt Rating for the
Senior Debt Program of Aa2.ar

Long-Term Global Local Currency Senior Debt Debt Rating of B1

Long-Term National Scale Local Currency Senior Debt Debt Rating
of Aa2.ar

MERCADO A TERMINO DE BUENOS AIRES S.A.

Long-Term Global Local Currency Issuer Ratings of B1

Long-Term National Scale Local Currency Issuer Rating of Aa2.ar

BANCO CREDICOOP COOPERATIVO LIMITADO

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

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

BANCO DE LA CIUDAD DE BUENOS AIRES

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B1

Long-Term National Scale Local Currency Deposit Rating of Aa2.ar

BANCO DE LA PROVINCIA DE CORDOBA S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A2.ar

BANCO DE SANTIAGO DEL ESTERO S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

Long-Term National Scale Local Currency Deposit Rating of A1.ar

BANCO DEL CHUBUT S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

Long-Term National Scale Local Currency Deposit Rating of A1.ar

BANCO DEL TUCUMAN S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

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

BANCO FINANSUR S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A2.ar

BANCO INDUSTRIAL S.A. (ARGENTINA)

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A2.ar

BANCO PIANO S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B3

Long-Term National Scale Local Currency Deposit Rating of A2.ar

NUEVO BANCO DE LA RIOJA S.A.

Bank Financial Strength Rating of E+

Long-Term Global Local Currency Deposit Ratings of B2

Long-Term National Scale Local Currency Deposit Rating of A1.ar

BANCO DE VALORES S.A.

Long-Term Global Local Currency Deposit Ratings of B2

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

BANCO CETELEM ARGENTINA S.A.

Bank Financial Strength Rating of E+

BANCO DE SERVICIOS FINANCIEROS S.A.

Bank Financial Strength Rating of E+

BANCO ITAU ARGENTINA S.A.

Bank Financial Strength Rating of E+

BANCO SANTANDER RIO S.A.

Bank Financial Strength Rating of E+

HSBC BANK ARGENTINA S.A.

Bank Financial Strength Rating of E+

PSA FINANCE ARGENTINA COMP.FIN.S.A.

Bank Financial Strength Rating of E+

STANDARD BANK ARGENTINA S.A.

Bank Financial Strength Rating of E+

TOYOTA COMPANIA FINANCIERA DE ARGENTINA S.A.

Bank Financial Strength Rating of E+



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


BANCO ABC: Moody's Assigns 'Ba1' Foreign Currency Debt Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency debt
rating to the proposed reopening of USD300 million 7.875%
subordinated notes issued in 2010 by Banco ABC Brasil S.A.(BAB).
The notes are due April 2020. The outlook on the rating is stable.

Assignments:

Issuer: Banco ABC Brasil S.A.

Subordinated Unsecured Regular Bond, Assigned Ba1

Ratings Rationale

The rating agency noted that the Ba1 foreign currency debt rating
derives from Banco ABC Brasil's Baa3 global local currency deposit
rating, and takes into account the one-notch differential from
BAB's senior rating to reflect the subordination of the proposed
notes, as per Moody's notching convention.

The amount of the reopening will be eligible for Tier 2 capital
upon regulatory approval.

The last rating action on Banco ABC Brasil was on March 8, 2012,
when Moody's changed the outlook on all ratings to stable from
negative following the outlook change on the ratings of parent
Arab Banking Corporation B.S.C. (ABC) on March 5, 2012.

The principal methodology used in rating the debt was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Banco ABC Brasil S.A. is headquartered in Sao Paulo, Brazil and
had total consolidated assets of BRL12.9 billion (USD6.2 billion)
and equity of BRL1.57 billion (USD753.3 million) as of 30 June
2012.


BANCO BVA: Moody's Corrects September 26 Rating Release
-------------------------------------------------------
Moody's Investors Service issued a correction to the September 26,
2012 rating release of Banco BVA S.A.

Moody's Investors Service downgraded Banco BVA S.A.'s (BVA)
standalone bank financial strength rating (BFSR) to E from E+, as
well as its long-term global local and foreign currency deposit
ratings to Caa1 from B2. At the same time, Moody's downgraded
BVA's Brazilian national scale deposit ratings to Caa1.br and BR-4
from Ba1.br and BR-3, long- and short-term, respectively. The
bank's long-term foreign currency senior debt rating was lowered
to Caa1 from B2. Moody's also lowered BVA's standalone baseline
credit assessment to caa1, mapped from the E BFSR, from b2. The
short-term global local and foreign deposit ratings were not
affected. All deposit and debt ratings were placed on review for
downgrade; the outlook on the standalone BFSR is stable.

Ratings Rationale

The downgrade of BVA's ratings incorporates the uncertainty about
its financial performance given the delay in publishing interim
six-month statements. The bank's last published statements for
year-end 2011 reported weakening quality of earnings, also
affected by high operating and credit costs, as asset quality
deteriorated, despite a robust and rapid loan growth. Since then,
Moody's notes that market conditions have become increasingly
challenging for the bank as delinquencies have remained high in
the context of loan portfolio seasoning, thus requiring additional
provisioning, while profitability has been pressured by increasing
competition, moderate growth, and unfavorable cost and
availability of funding. Under this scenario, Moody's is concerned
that the trends identified in BVA's performance in 2011 persist,
with negative effect on profitability and particularly on capital
adequacy.

According to Moody's, the review for downgrade will focus on the
analysis of upcoming financial statements, as well as on the
forthcoming shareholder support and on the sustainability of the
bank's business model.

The last rating action on BVA occurred on May 25, 2011, when
Moody's affirmed all ratings of BVA. Moody's also changed to
stable, from positive, the outlook on all deposit and debt
ratings. The outlook on the BFSR remained stable.

The principal methodology used in rating this bank was "Moody's
Consolidated Global Bank Rating Methodology" published on 29 June
2012.

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.

Banco BVA S.A. is headquartered in Sao Paulo, Brazil. As of
December 2011, the bank had total assets of approximately R$6.74
billion (US$3.61 billion) and equity of R$747 million (US$401
million).

The following ratings of Banco BVA S.A. were downgraded:

Bank financial strength rating: to E from E+, with stable outlook

Short-term Brazilian national scale deposit rating: to BR-4 from
BR-3

The following ratings of Banco BVA S.A. were downgraded and placed
on review for downgrade:

Long-term global local-currency deposit rating: to Caa1 from B2

Long-term foreign-currency deposit rating: to Caa1 from B2

Long-term foreign-currency senior debt rating: to Caa1 from B2

Long-term Brazilian national scale deposit rating: to Caa1.br
from Ba1.br

The following ratings of Banco BVA S.A. were not affected:

Short-term global local-currency deposit rating of Not Prime

Short-term foreign-currency deposit rating of Not Prime


EVEN CONSTRUTORA: Moody's Rates BRL150-Mil. Sr. Debentures 'Ba3'
----------------------------------------------------------------
Moody's America Latina assigned a Ba3 rating on the global scale
and A2.br on the Brazilian national scale to the BRL150 million
senior unsecured debentures issuance proposed by Even Construtora
e Incorporadora S.A. (Even) with final maturity in 2017. The
proceeds will be used to pay down debt coming due over the next
twelve months and to improve the company's debt maturity profile.
The outlook for the ratings is stable.

Ratings Assigned:

- BRL150 million senior unsecured debentures due in 2017: Ba3
   (global scale); A2.br (national scale)

Ratings Unchanged:

- Corporate Family Ratings (CFR): Ba3 (global scale); A2.br
   (national scale)

- BRL125 million senior unsecured debentures due in 2015:
   Ba3/A2.br

- BRL125 million senior unsecured debentures due in 2016:
   Ba3/A2.br

Ratings Rationale

Even's Ba3 rating reflects its strong brand name in its geographic
niche market and track record in the construction of apartments
for the middle income families. The rating also considers the
company's high market share, especially in the Sao Paulo's
metropolitan area, and good profitability, in part derived from
its low exposure to the lower income housing segment. The rating
also considers Even's conservative financial policies that result
in adequate liquidity position and strong cost control mechanisms.
On the other hand, the company's reduced geographic
diversification and relatively small size when compared to local
and global rated peers constrain the rating. The rating is also
limited by the size of Even's landbank, which is considered
relatively small for a company focused in few metropolitan areas,
where low land availability and many building restrictions could
limit future growth.

Even' land bank is concentrated in the Sao Paulo state, which
makes up 57% of the BRL6.3 billion Potential Sales Value (PSV).The
company's focus in few metropolitan areas, such as Sao Paulo, Rio
de Janeiro and Belo Horizonte, with an average target ticket
ranging from BRL200 thousand to BRL500 thousand, grants relatively
stable and adequate margins given the high demand for new units in
these regions in this price range. Even's good vertical
integration ensures that 95% of all its construction projects are
executed by the company, which result in greater flexibility in
cost control and also helps to reduce margin volatility. During
the last twelve months ended in June 2012, Even had gross margins
of 31.2%, compared to 31.1% in 2011 and 30.9% in 2010.

Even has grown fast but mostly organically since its IPO in 2007.
With some BRL2.1 billion in net revenues in the last twelve months
ending in June, 2012, Even is still relatively small when compared
to its higher rated competitors, such as Cyrela
(Ba2/Aa2.br/Stable) and PDG (Ba2/Aa3.br/Stable) that reported,
respectively, BRL6.5 billion and BRL6.1 billion in net revenues
during the same period. Although Even's small size and low
geographic diversification tends to reduce scale and bargaining
power acquiring land and raw materials, the streamlined operation
insulated the company from some of the recent challenges related
to cost overruns, lower sales speed, as well as construction
delays and mortgage transfer to banks that affected most
homebuilders in Brazil.

Moody's acknowledges that the company's strategy of high land bank
turnover is a competitive advantage, particularly at a market
downturn, since it requires lower invested capital in the balance
sheet leaving room for opportunistic acquisitions if prices fall.
Nevertheless, this is not fully reflected in Even ratings, because
Moody's believes that the fundamentals for this industry remain
strong.

Despite the above mentioned challenges, companies in the
homebuilding 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
large 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.

Over the last year, Even has been able to grow and, at the same
time, maintain an adequate capital structure with total debt to
book capitalization of 46% at the end of June 2012 with and a
modest EBIT interest coverage of 2.7 times. These ratios are in
line with higher rated peers. Even's current total debt of BRL1.5
billion is comprised mainly of Sistema Financeiro de Habita‡ao
(SFH) (55%) followed by unsecured debentures (26%), land financing
(13%) and mortgage backed securities (CRIs) (6%). Since 56% of the
company's units are priced below BRL500 thousand they can benefit
from relatively cheaper and flexible government-sponsored funds
during the construction and Fundo de Garantia do Tempo de Servi‡o
(FGTS) funded mortgages for homebuyers.

At the end of June, 2012, the company had BRL485 million in cash
and marketable securities on its balance sheet compared to BRL576
million in short term debt maturities, comprised primarily of
construction and land financing loans that will be self liquidated
with the delivery of the units to the respective homebuyers. The
remaining portion of short term maturities will be refinanced with
the proposed BRL150 million senior unsecured debentures.

From 2007 through 2011, working capital needs ranged from BRL460
million to BRL590 million per year. Over the last twelve months
ended in June 2012, working capital needs decreased to BRL274
million, as a result of the successful delivery of finished units
of approximately BRL1.1 billion in PSV of launch. Towards the rest
of this year, Even has a balance of BRL483 million in receivables
from finished units that should become available with the
effective transfer of mortgages to lending banks. Additionally,
the company has BRL881 million of receivables under the final
phase of construction that should be delivered during the second
half of 2012 and will support positive cash flow generation for
this year. Moody's expects Even to continue with its high
inventory turnover strategy to generate cash, while it stabilizes
its sale/supply ratios. Nevertheless, Moody's anticipates negative
to break-even free cash flow in 2013 as a result of the
significant pipeline of construction projects launched in 2010 and
2011.

The expected positive internal cash generation in 2012 plus
adequate availability under the company's SFH lines of BRL1,237
millions put the company in a comfortable position to meet its
ongoing project commitments and achieve its growth target of
BRL2.5 billion launches per year over the next two years.
Although, additional sources of cash may be required to
significantly improve the size and diversity its landbank
potentially putting pressure on the company's leverage metrics.

The stable outlook takes into consideration that Even will
continue to acquire strategic lots for its land bank in a timely
fashion while maintaining adequate liquidity on its balance sheet
to execute its launched projects and growth plans, preserving a
minimum cash balance to face weaker economic environments and
honor its debt obligations during an eventual downturn in the
homebuilding industry.

Even's rating or outlook could experience upward pressure if the
company is able to increase in size in terms of revenues and
tangible net worth, increase and diversify its landbank in
strategic locations, and at the same time maintain or improve its
leverage metrics, for example by maintaining total debt to
capitalization below the mid 40% range, and EBIT interest coverage
above 4.5 times on a sustainable basis.

Even's ratings would likely be downgraded if the company were to
face a significant deterioration in its liquidity profile due to a
downturn in the homebuilding industry or due to excessive dividend
payout that could instead be used in the down payment of debt or
in the built up of a liquidity cushion. Negative pressure could
arise if the company's cash balance decreases to a level that
would not be sufficient to meet the company's short term financial
obligations and minimum working capital requirements.
Quantitatively, the ratings could be downgraded if total debt to
capitalization increased above the mid 50% range or the EBIT
interest coverage remains below 3.0 times on a sustainable basis.

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. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in March 2011 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

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

Headquartered in Sao Paulo, and established in 1974, Even is a
real estate developer with activities in the states of Sao Paulo,
Minas Gerais, Rio de Janeiro and Rio Grande do Sul and focus on
residential developments with units priced from BRL200 thousand to
BRL500 thousand. The company is vertically integrated, executing
all real estate development phases from the analysis of the
prospective land to the construction of the units and sale to the
final homebuyer. During the last twelve months ended at June 2012
the company had BRL2.1 billion in net revenues.



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


CLEAN RESOURCES ASIA: Creditors' Proofs of Debt Due Oct. 1
----------------------------------------------------------
The creditors of Clean Resources Asia Long Only Fund Limited are
required to file their proofs of debt by Oct. 1, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


CLEAN RESOURCES LONG: Creditors' Proofs of Debt Due Oct. 1
----------------------------------------------------------
The creditors of Clean Resources Long Only Fund Limited are
required to file their proofs of debt by Oct. 1, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


CLEAN WATER (OFFSHORE): Creditors' Proofs of Debt Due Oct. 1
------------------------------------------------------------
The creditors of Clean Water (Offshore) Fund Limited are required
to file their proofs of debt by Oct. 1, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


CLEAN WATER ASIA: Creditors' Proofs of Debt Due Oct. 1
------------------------------------------------------
The creditors of Clean Water Asia Fund Limited are required to
file their proofs of debt by Oct. 1, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


CLEAN WATER LONG: Creditors' Proofs of Debt Due Oct. 1
------------------------------------------------------
The creditors of Clean Water Asia Long Only Fund Limited are
required to file their proofs of debt by Oct. 1, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


CLEAN WATER ONLY: Creditors' Proofs of Debt Due Oct. 1
------------------------------------------------------
The creditors of Clean Water Long Only Fund Limited are required
to file their proofs of debt by Oct. 1, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 2012.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


FIELD POINT I: Creditors' Proofs of Debt Due Oct. 10
----------------------------------------------------
The creditors of Field Point I, 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. 29, 2012.

The company's liquidator is:

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


KENT FUNDING II: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------------
The creditors of Kent Funding II, 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. 28, 2012.

The company's liquidator is:

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


WIN CORPORATION: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------------
The creditors of Win Corporation Annex 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. 29, 2012.

The company's liquidator is:

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


WOLFACRE GLOBAL: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------------
The creditors of Wolfacre Global 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



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


* DOMINICAN REPUBLIC: Public Debt Jumps US$1.9BB to US$18.5BB
-------------------------------------------------------------
The Dominican Today reports that Finance Ministry figures revealed
the public debt, or the foreign and domestic debts combined, grew
by $1.9 billion to August, compared with December 2011, from
US$16.6 billion to US$18.5 billion.

However, the report relates that official figures contradict those
of economists of the opposition parties, who say the government
debt jumped US$9.4 billion at the end of 2004 to US$25.0 billion
at midyear.

The Economic Commission for Latin America and the Caribbean
(ECLAC), in a June report on Latin America and the Caribbean and
its prospects, also puts Dominican Republic's gross public debt to
that month at US$17.1 billion, of which US$4.9 billion was local
and US$12.1 billion foreign, according to the report.

The report says that official figures note that the country's
public debt is 32.4% as a nominal percentage of the GDP, estimated
at US$57.1 billion.

The report discloses that the foreign debt, including
multilateral, bilateral, local banks, bonds and suppliers, jumped
US$1.0 billion, an 8.9% increase, from US$11.6 billion to $12.66
billion.  The foreign debt is 22.2% of the nominal estimated GDP,
the report says.



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


COMISION DE AGUA: Moody's Withdraws 'B1' Currency Ratings
---------------------------------------------------------
Moody's de Mexico has withdrawn the issuer ratings of B1 (Global
Scale, local currency) and Baa2.mx (Mexican National Scale) with
negative outlook, assigned to CAPA (Comision de Agua Potable y
Alcantarillado de Quintana Roo). In addition, Moody's de M‚xico
has withdrawn the debt ratings of Ba2 (Global Scale, local
currency) and A2.mx (Mexican National Scale) assigned to a MXN 315
million loan (original face value) contracted with Banamex through
IDEFIN to CAPA.

Ratings Rationale

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

The methodologies used in these ratings were "Government-Related
Issuers: Methodology Update" published in July 2010, "Moody's
Approach to Rating Mexican States' Securitizations Backed by
Future Flows of Own-Source Revenues" published in September 2008,
and "Mapping Moody's National Scale Ratings to Global Scale
Ratings" published in March 2011.

The date of the last Credit Rating Action was 4 April 2012.


* MUNICIPALITY OF NAUCALPAN: Moody's Cuts Currency Ratings to Ba3
-----------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Naucalpan to Baa1.mx (Mexican National Scale) and
Ba3 (Global Scale, local currency) from A2.mx and Ba2
respectively. The ratings outlook remains negative.

At the same time, Moody's downgraded the debt ratings of a MXN 486
million enhanced loan, contracted with Banorte to Aa3.mx (Mexican
National Scale) and Ba1 (Global Scale, local currency) from Aa2.mx
and Baa3 respectively.

Ratings Rationale

The downgrade reflects the continued deterioration of Naucalpan's
gross operating balances, high cash financing requirements leading
to growing dependence on short-term debt and strong deterioration
in the municipality's liquidity.

In the last three years, operating revenue grew by only 2.3%,
while operating expenditure increased by 30%. Naucalpan continues
to face significant pressures on its operating expenditure mainly
in general services and transfers. Since 2010, the municipality
has transferred around 7% of its operating revenues to pay
liabilities incurred by its water company. Even when these non
recurrent operating expenditures are excluded, Naucalpan's gross
operating balances have decreased from 10.2% of operating revenues
in 2009 to -3.1% in 2011.

"Declining gross operating balances coupled with an important
increase in capital expenditures led to a sizeable cash financing
requirement of -18.4% of total revenues in 2011. This large
deficit led to higher dependence on short-term debt and to an
increase of account payables, thereby weakening Naucalpan's
liquidity position. Net working capital to total expenditures
reached -30% in 2011," explained Mar¡a del Carmen Mart¡nez-Richa,
a Moody's Analyst.

At 35% of operating revenues in 2011, the net direct and indirect
debt of Naucalpan remains somewhat moderate. Yet, the municipality
has increasingly depended on short-term debt (34% of total debt at
the end of 2011), exposing the municipality to refinancing risks
and also to a rapid deterioration of its liquidity. If cash
financing requirements are not significantly narrowed, Moody's
estimates that debt levels could increase to around 50% of
operating revenues, a high level.

The negative outlook reflects the challenges associated with
lowering cash financing requirements, and strengthening gross
operating balances and liquidity without incurring a significant
increase in debt levels. It also reflects the lack of any
restructuring measures in order to reverse the worsening deficit
and debt trend.

The ratings downgrade of the MXN486 million enhanced loan reflect
the downgrade of Naucalpan's issuer ratings. While the loan
enhancements continue to provide a two notch uplift from the
global scale issuer ratings, per Moody's methodology on rating
enhanced loans, the loan ratings are directly linked to the credit
quality of the issuer, which ensures that underlying contract
enforcement risks, economic risks and credit culture risks (for
which the issuer rating acts as a proxy) are embedded in the
enhanced loans ratings.

What Could Change The Ratings Up/Down

Although Moody's does not anticipate upward pressure over the near
to medium term, an increase in gross operating balances, a sizable
reduction of cash financing requirements and a significant
improvement in liquidity could stabilize the outlook.

Failure to reduce significantly cash financing requirements and to
strengthen gross operating balances that in turn leads to higher
than expected debt levels could exert downward pressure on the
rating. If the municipality cannot reduce short-term debt and also
liquidity continues to deteriorate, the ratings could also face
downward pressure.

Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Naucalpan's issuer
ratings rating would likely result in an upgrade of the ratings on
the MXN 486 million enhanced loan. Conversely, a downgrade of
Naucalpan's issuer ratings could also exert downward pressure on
the debt ratings of the loan. In addition, the ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations.

The methodologies used in these ratings were "Regional and Local
Governments Outside the US" published in May 2008, "The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008, "Enhanced Municipal and
State Loans in Mexico" published in January 2011 and "Mapping
Moody's National Scale Ratings to Global Scale Ratings" published
in March 2011.

The date of the last Credit Rating Action was November 10, 2011.



===========
P A N A M A
===========


GLOBAL BANK: Moody's Says Structural Changes No Rating Impact
-------------------------------------------------------------
Moody's Investors Service on Sept. 27 disclosed that recent
structural changes to the first covered bond to be issued by
Panamanian bank Global Bank Corporation do not impact the
transaction's (P)Baa3 provisional rating. Moody's notes that as of
Sept. 27, the securities contemplated by this transaction have not
yet settled.

On April 30, 2012, Moody's assigned a provisional rating of
(P)Baa3 to the first series of covered bonds (CBs) to be issued
under the USD500,000,000 covered bond program of the issuer,
Global Bank Corporation (Ba1/D+BFSR).

Global Bank may issue further series under this program, with all
CB issuances ranking pari passu. As with all CBs, the bonds will
benefit from two layers of protection, by having recourse to both
the issuer and a collateral pool held under a guaranty trust.

This transaction is the first covered bond that Moody's rates in
Latin America. It is also Global Bank's first covered bond
issuance.

The CBs will constitute direct, unconditional and senior
obligations of Global Bank. They will also be secured by the cover
pool, which includes a pool of US dollar-denominated residential
mortgage loans originated by Global Bank in Panama, eligible
substitution assets, and any cash that Global Bank assigns to the
guaranty trust to meet the minimum over-collateralization
requirement.

The program will be established under both Panamanian and English
law. Unlike many European jurisdictions, Panama does not have
specific covered bond legislation. Instead, the program relies on
existing contractual law. The program will be structured using
securitization mechanisms intended to isolate the cover pool in
the event of issuer insolvency.

Issuer: Global Bank Corporation

   [USD][]M Series 2012, Assigned (P)Baa3 on April 30, 2012

Guaranty Trustee: HSBC Investment Corporation (Panama), S.A.

Trustee: The Bank of New York Mellon

Ratings Rationale

Moody's (P)Baa3 provisional rating takes into account the
following factors:

- the credit strength of the issuer, rated Ba1

- the value of the cover pool; the CBs will be backed primarily
   by residential mortgage loans originated and serviced by the
   issuer

- the 18.5% minimum level of over-collateralization that Global
   Bank commits to maintain, calculated as a percentage of the CBs
   and considering mortgage pool assets subject to an Asset
   Percentage of 84.4%, and

- an analysis of collateral risk, market risk, and the
   transaction's legal structure.

The 2012 CBs will be issued as soft-bullet bonds with a five-year
term, with the option to extend the legal final maturity date up
to 12 months. Moody's has assigned a Timely Payment Indicator
(TPI) of "Very Improbable" to the CBs.

Recent Changes to Structure and Collateral

After reviewing the recent changes to the transaction structure
and the updated cover pool with a cut-off date of July 31, 2012,
Moody's determined that the CBs' (P)Baa3 provisional rating is
unaffected. The key structural changes include:

- a modification to the asset coverage test that calls for
   additional overcollateralization in the event that the
   Panamanian Mortgage Reference Rate exceeds the portfolio's WA
   interest rate by more than 0.75%,

- a limitation on loan substitutions: in any given calendar year,
   loan substitutions may not represent more than 5% of the sum of
   the pool balance as of the beginning of the year and the loans
   added throughout the year,

- adjustments to eligibility criteria, including i) the addition
   of a new requirement that loans cannot be more than 90 days
   past due in the 12 months prior to assignment, and ii) the
   removal of eligibility criteria requiring that all loans have a
   weighted average yield of 5.00%,

- the addition of an optional servicer termination event in the
   case that the Issuer's rating falls below a certain threshold
   and the inclusion of a backup servicer event that would require
   the issuer to appoint a backup that agrees to act as servicer
   if a servicer termination event occurs.

For further details, please refer to our presale report "Global
Bank - Covered Bond Program", dated September 27, 2012.

Collateral Overview

The cover pool assets include residential mortgage loans secured
by properties in Panama to primarily low- and middle-income
Panamanian citizens. The issuer services around half the mortgage
pool via automatic payroll deductions.

The mortgages have been registered with the Public Registry of
Panama. In Panama, a mortgage is enforceable against the borrower
once registered in the Public Registry. Further, the issuer will
also register its assignment of the mortgages to the Guaranty
Trust in the Public Registry to isolate the mortgages in the event
of issuer insolvency.

As of the cut-off date, July 31, 2012, the pool had the following
characteristics (in some cases weighted average): a total
outstanding balance of USD241,375,865; an average balance of
USD61,450; an average interest rate of 6.2%; 93.8% in first liens;
6.2% in second liens; seasoning of 2.3 years; a remaining term of
23.8 years; and a combined current loan-to-value (LTV) ratio of
74.9%.

The attributes of the cover pool with a cut-off date of 31 July
2012 were very similar to the previously analyzed pool with a cut-
off date of 29 February 2012. The previously reviewed pool is a
subset of the July 31, 2012 cut-off date pool. As a result,
Moody's original assumptions with respect to the pool's collateral
score, probability of default and severity of loss remain
unchanged.

The mortgages carry a fixed rate, as stipulated in the mortgage
agreements. However, these agreements give the servicer the right
to change the interest rate at its discretion. Therefore, Moody's
considers the mortgages adjustable-rate for modeling purposes.
Furthermore, around 25% of the pool's interest is accrued in the
form of interest subsidies from the Panamanian government given
that nearly half the initial pool is comprised of preferential
mortgages.

Key Rating Assumptions/Factors

Moody's determines covered bond ratings by a two-step process: an
expected loss analysis and a TPI framework analysis.

Expected Loss: Moody's determines a rating based on a bond's
expected loss. Moody's covered bond model (COBOL) determines
expected loss as a function of the issuer's probability of default
and the stressed losses on the cover pool following issuer
default.

The stressed cover pool loss assumption for this program is 59.8%.
This is an estimate of the all-in cover pool losses that Moody's
currently models in the event of issuer default. Cover pool losses
can be split between market risk of 49.8% and collateral risk of
10.1%.

For this particular program, the market risk loss of 49.8% is
comprised of losses due to refinancing risk (29.9%) and losses due
to the interest rate mismatch between the cover pool assets and
the CBs (19.9%). With respect to refinancing risk, the maturities
of the cover pool mortgages do not match the maturities of the
CBs: the mortgages have a remaining average life of 23.8 years,
while the CBs will have a five-year bullet principal repayment.
Therefore, as with other CB programs, following an issuer default
the CB holders may need to rely on the proceeds of cover pool
asset sales to ensure timely principal repayment.

With respect to interest rate mismatch, the cover pool mortgages
are adjustable-rate, while the CBs accrue interest at a fixed
rate, which in declining interest rate scenarios results in
stressed model runs.

Collateral risk measures losses resulting directly from the credit
quality of the assets in the cover pool. Collateral risk is
derived from the collateral score, which for this program is
currently 15.00%, the product of a stressed borrower frequency of
default assumption of 25.0% and a severity of loss assumption of
60.0%. The collateral risk loss of 10.1% equals the collateral
score of 15.0% after a haircut of one third. Moody's haircuts the
collateral score to account for the ability of the issuer to
maintain the pool's credit quality. Because the base collateral
score reflects a static pool's expected losses, the score does not
take into account the benefit of an issuer that can, and is
motivated to, replace delinquent mortgages or add more collateral
to the pool if delinquencies rise. Another reason for the haircut
is that not every Issuer default will expose the cover pool to a
scenario of severe stress, which is what the collateral score
addresses.

TPI Framework: Moody's timely payment indicator (TPI) indicates
the likelihood that timely payment will be made to covered
bondholders following issuer default. The TPI framework limits the
covered bond rating to a certain number of notches above the
issuer's rating. Moody's has assigned this program a TPI of "very
improbable," which limits the covered bond rating to one notch
above the issuer's rating of Ba1.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
credit strength of the issuer.

The downgrade of Global Bank's rating from Ba1 to Ba2, all else
being equal, would likely cause a one-notch downgrade of the CBs
unless the issuer chooses to commit more overcollateralization by
contractually lowering the maximum asset percentage. For example,
an issuer rating of Ba2 would require a maximum asset percentage
of 83.0% (or overcollateralization of 20.5% as a percent of the
CBs) in order to maintain the Baa3 rating on the CBs. In order to
change the maximum asset percentage the issuer may have to amend
the transaction documents.

Furthermore, due to Moody's TPI framework, an issuer downgrade of
more than 2 notches to B1 or below would likely cause a downgrade
of the covered bonds regardless of any increase in the amount of
committed overcollateralization. The TPI Leeway measures the
number of downgrade notches the issuer could withstand before
Moody's TPI framework would cap the covered bond ratings below
Baa3. Based on the current TPI of "very improbable", the TPI
Leeway for this program is 2 notches, meaning that the covered
bonds could no longer maintain a Baa3 rating if the issuer's
rating were downgraded to B1.

A multiple notch downgrade of the covered bonds might occur in
certain limited circumstances. Some examples might be (a) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (b) a multiple notch downgrade of
the issuer; or (c) a material reduction in the value of the cover
pool.

Panama's Baa3 sovereign rating, with a positive outlook, reflects
strong medium-term growth prospects and favorable government debt
dynamics.

For further details on Cover Pool Losses, Collateral Risk, Market
Risk, Collateral Score and TPI Leeway across all covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. These figures are
based on the most recent cover pool information provided by the
issuer and are subject to change over time.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds", published in July 2012.

The rating assigned by Moody's addresses the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Moody's ratings are subject to revision, suspension or withdrawal
at any time at Moody's absolute discretion. The ratings are
expressions of opinion and not recommendations to purchase, sell
or hold securities. Moody's ratings are subject to revision,
suspension or withdrawal at any time at Moody's absolute
discretion.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the bond. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor to
assign a definitive rating to the bonds. A definitive rating may
differ from a provisional rating.



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


ADVANCED COMPUTER: Seeks to Use Banco Bilbao Cash Collateral
------------------------------------------------------------
Advanced Computer Technology, Inc., has filed an emergency motion
for leave to use Banco Bilbao Vizcaya Argentaria's cash Collateral
arising from Debtor's accounts receivable as well as the $262,308
on deposit with the Court of First Instance in Civil Number
KCD2004-0604(603), in order to be able to continue its operations.

The Debtor's total outstanding amount of principal owed on the
Credit Agreement with BBVA is $412,500.

According to papers filed with the Bankruptcy Court, BBVA is
adequately protected considering BBVA's excess collateral, the
pertinent portion of which is well maintained and in excellent
condition, with the insurance thereon being current.

BBVA will be receiving replacement liens in the generated accounts
receivable that will compensate or exceed those to be used.  On a
monthly basis, the Debtor will submit a report to BBVA as to the
accounts receivable collected and generated during the preceding
month and will pay BBVA $2,000 per month until the full payment of
the Debtor's debt to BBVA.

                      About Advanced Computer

San Juan, Puerto Rico-based Advanced Computer Technology, Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-04454) in
Old San Juan on June 6, 2012.  The Debtor, an information system
consulting firm, disclosed $10.34 million in assets and $6.176
million in liabilities in its schedules.  It said software and
licenses rights are worth $6.30 million.  The value of its 100%
ownership of Sprinter Solutions, Inc., is unknown.

Debtor's only shareholder is Investigacion Y Programas, S.A.
("IPSA").  Debtor's president is Jaime Romano and its secretary
and chief executive officer is Osvaldo Karuzic, none of whom hold
any shares in Debtor.

Bankruptcy Judge Brian K. Tester presides over the case.  Charles
Alfred Cuprill, PSC Law Office, serves as the Debtor's counsel.
The petition was signed by Osvaldo Karuzic, chief executive
officer.



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


CARIBBEAN AIRLINES: To Undergo Restructuring, Government, Says
--------------------------------------------------------------
RJR News reports that the Trinidadian government said that
Caribbean Airlines Limited is to undergo a restructuring.

Trade Minister Vasant Bharath told the post-Cabinet news
conference that the restructuring involves a review of the
airline's routes, profitability as well as the integration process
with Air Jamaica, according to RJR News.

The report relates that Mr. Bharath said there was an issue with
the flying of Caribbean Airlines jets with the Air Jamaica logo
and the matter has been solved.

Mr. Bharath, the report notes, said CAL can now fly its planes
with Air Jamaica paraphernalia provided that it indicates that
it's an Air Jamaica flight operated under license by Caribbean
Airlines.

In the meantime, Mr. Bharath said CAL's fuel subsidy issue which
runs at about US$250 million is still to be worked out, the report
notes.  It will be addressed after the Budget is read, the report
relates.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


CL FINANCIAL: CLICO Group Questions Govt's US$2 Billion Bond
------------------------------------------------------------
Trinidad Express reports that the CLICO Policyholders Group said
it was disappointed that the government has yet to disclose the
specific purpose for a recent US$2 billion, 15-year fixed rate
bond.

"We are not surprised by the overwhelming response of the
financial community including individual investors, given the
dearth of public Government of the Republic of Trinidad and Tobago
bond auctions and the significant liquidity overhang that
continues to pervade the system," Group Chairman Peter Permell
said in a statement obtained by the news agency.

"Moreover, the mere fact that the bond was oversubscribed to the
tune of approximately 2.8 times, with total bids received
amounting to US$5.6 billion, and eventually had to be upsized to
TT$2.5 billion underscores this very point. . . . And whil[e], we
have not done any in-depth analysis with respect to the impact, if
any, that this particular bond could have on the price and/or
value of GORTT (CLICO) one to ten-year Zero-Coupon bonds
previously issued to policyholders, we are not overly concerned at
this time but this sentiment could change with the advent of
further bond issues by the Government," the report quoted Mr.
Permell as saying.

The report notes that Mr. Permell said the group will continue to
monitor the situation and will be paying close attention to the
budget presentation.

"We are also asking policyholders who may wish to cash in their
one to ten-year bonds but might not have done so as yet, to be
very vigilant going forward," Mr. Permell added, the report
relays.

                         About CL Financial

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

                          *     *     *

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

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



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


* BOND PRICING: For the Week Sept. 24 to Sept. 28, 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.


                   * * * End of Transmission * * *