TCRLA_Public/121008.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 8, 2012, Vol. 13, No. 200


                            Headlines



A R G E N T I N A

AIRES PLUS: Creditors' Proofs of Debt Due Nov. 6
FORESY SA: Creditors' Proofs of Debt Due Oct. 10
N&GV SRL: Asks for Reorganization Proceedings
PETROQUIMICA GENERAL: Creditors' Proofs of Debt Due Nov. 6
STYLE LAB: Creditors' Proofs of Debt Due Nov. 14

* PROVINCE OF CHUBUT: Moody's Assigns 'B2' Issuer Ratings


B R A Z I L

SAO MARTINHO: S&P Affirms 'BB+' Global Corporate Credit Rating


C O L O M B I A

ISAGEN: Moody's Assigns Issuer Rating; Outlook Stable


C A Y M A N  I S L A N D S

BRAZILIAN MERCHANT: Shareholders' Final Meeting Set for Oct. 12
CAPRICORN INVESTMENT: Members Receive Wind-Up Report
CREP INVESTMENT D: Shareholders' Final Meeting Set for Oct. 12
FRONT STREET: Shareholders Receive Wind-Up Report
IT PRIVATE CLIENT: Shareholders Receive Wind-Up Report

IVC RAINBOW: Shareholders' Final Meeting Set for Nov. 5
IVY DYNAMIC: Shareholders' Final Meeting Set for Oct. 12
RENAISSANCE INVESTMENTS: Shareholders Receive Wind-Up Report
TANGARA US 4: Shareholders' Final Meeting Set for Oct. 12
TANGARA US 5: Shareholders' Final Meeting Set for Oct. 12


E L  S A L V A D O R

DIGICEL GROUP: To Sell Business in El Salvador to Claro


M E X I C O

CEMEX FINANCE: S&P Gives 'B-' Rating on 10-Year Dollar Bonds
CONSUPAGO SA: Fitch Affirms Low-B Issuer Default Ratings
GRUPO PETROTEMEX: Fitch Raises Issuer Default Rating From 'BB+'


X X X X X X X X

* BOND PRICING: For the Week Oct. 1 to Oct. 5, 2012



                            - - - - -


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


AIRES PLUS: Creditors' Proofs of Debt Due Nov. 6
------------------------------------------------
Susana Luisa Erusalimsky, the court-appointed trustee for Aires
Plus SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 6, 2012.

Ms. Erusalimsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Susana Luisa Erusalimsky
         Espinosa 2501
         Argentina


FORESY SA: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------
Antonio Sayago, the court-appointed trustee for Foresy SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Oct. 10, 2012.

Mr. Sayago will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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:

         Antonio Sayago
         Viamonte 1636
         Argentina


N&GV SRL: Asks for Reorganization Proceedings
---------------------------------------------
N&GV SRL asked for reorganization proceedings.  The company
defaulted its payments last Oct. 27, 2011.


PETROQUIMICA GENERAL: Creditors' Proofs of Debt Due Nov. 6
----------------------------------------------------------
Mario Nicolas Degese, the court-appointed trustee for Petroquimica
General Mosconi SAIC's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 6, 2012.

Mr. Degese will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mario Nicolas Degese
         Bouchard 468
         Argentina


STYLE LAB: Creditors' Proofs of Debt Due Nov. 14
------------------------------------------------
Marta Cristina Lucena, the court-appointed trustee for Style Lab
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 14, 2012.

Ms. Lucena will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

         Marta Cristina Lucena
         Lavalle 1718
         Argentina


* PROVINCE OF CHUBUT: Moody's Assigns 'B2' Issuer Ratings
---------------------------------------------------------
Moody's Latin America has assigned issuer ratings of B2 (Global
Scale) and Aa3.ar (Argentina National Scale) to the Province of
Chubut. At the same time, Moody's assigned ratings of B2 (Global
Scale) and Aa3.ar (Argentina National Scale) to the province's
Short-Term Treasury Note Program, which has a maximum authorized
amount of USD50 million, or its equivalent in local currency.
These issuer and debt ratings are under review for possible
downgrade, consistent with the rating actions on Argentinean sub-
sovereign entities.

Ratings Rationale

The assigned ratings reflect an ongoing trend of positive gross
operating and cash financing results, a strong own-source revenue
base and low debt to revenue levels.

Between 2004 and 2011, Chubut's gross operating balances averaged
a high 38% of operating revenues. The province posted cash
financing surpluses equivalent to 15% of total revenues, on
average, in the same period. "This trend of positive gross
operating margins reflects the province's strong own source
revenue base, allowing to finance capital expenditures without
significant new borrowing", said Moody's analyst Patricio Esnaola.

Chubut's own source revenues represent around 65% of total
revenues. The province accounts for 28% of oil production in
Argentina. Nearly 46% of the province's own source revenues are
comprised of oil royalties, while taxes represent about 28%. "Such
strong own-source revenue base provides the province with a high
degree of fiscal flexibility", said Mr. Esnaola.

Chubut's stock of debt has remained fairly unchanged during the
last 8 years, at around ARS$1 billion. When related to revenues,
net direct and indirect debt declined from 63% in 2004 to 14% in
2011, a low level when compared with rated peers in the country.
"We expect debt levels to increase marginally going forward as the
province plans to tap the local market this year and is also
considering borrowing from the international capital markets",
added Esnaola. Net direct and indirect debt is expected to remain
at 13% of revenues in 2012 and around 15% by the end of 2013,
according to Moody's forecasts.

"The province still faces strong rigidities in its personnel costs
which have been exacerbated by Argentina's high inflation rates".
"This challenge is partially mitigated by the province's proven
capacity to balance revenue and expenditure growth", Esnaola said.

The assigned ratings to the short-term treasury note program
reflect Moody's view that the willingness and capacity of the
Province of Chubut to honor short-term treasury notes is in line
with the province's long-term credit quality as captured in the
B2/Aa3.ar issuer ratings.

Chubut's ratings are under review for possible downgrade along
with those Argentinean sub-sovereigns that are rated above the
sovereign rating. The review will focus on reassessing the
operational and financial linkages between the country's sub-
sovereigns and the central government. Thus, Moody's will evaluate
whether Chubut continues to benefit from enough degree of
independence from the sovereign to justify higher ratings. In
particular, Moody's will look at the province's reliance on
federal funding and its access to capital markets or bank funding.

What Could Change The Rating UP/DOWN

Moody's does not expect upward pressures for the Province of
Chubut in the near to medium term.

Throughout the review period, Moody's will evaluate the linkages
that exist between the sovereign and the Province of Chubut and
define whether or not a rating compression of the assigned ratings
closer to or at the sovereign level is merited.

Also, a downgrade on the Sovereign rating could lead to a rating
downgrade as would a deterioration of Chubut's financial metrics,
including sudden increases in short-term borrowing arising from a
deterioration of its liquidity position.



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


SAO MARTINHO: S&P Affirms 'BB+' Global Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
rating and 'brAA+' corporate credit ratings on Sao Martinho S.A.
The outlook is stable.

"The ratings affirmation reflects our view that the company's
solid assets will allow it to continue generating free operating
cash flows and quickly reduce the leverage metrics. Credit metrics
have weakened in the past few quarters given poor weather and weak
ethanol prices. However, we expect stronger operating performance
in the 2012-2013 harvest, stemming from higher availability of
cane following greater maintenance and expansion investments in
its plantation fields during the past few harvests. Better
agricultural yields and higher capacity use should translate into
stronger cash flow generation," S&P said.



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


ISAGEN: Moody's Assigns Issuer Rating; Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a Baa3 Issuer Rating to ISAGEN.
The outlook is stable. This is the first time Moody's has assigned
a rating to ISAGEN.

Ratings Rationale

ISAGEN's Baa3 Issuer rating reflects its ownership structure and
linkages with the Government of Colombia. ISAGEN falls under the
scope of Moody's rating methodology for government-related issuers
(GRIs) given the 57.66% majority ownership-interest held by the
Colombian government (Baa3, stable). The government currently
guarantees one piece of indebtedness incurred in 2005; however,
Moody's does not anticipate this will be a recurrent event and
believes that there is a "medium" likelihood of government
extraordinary support in the case of distress mainly for
reputational reasons. Moody's estimate of "high" default
dependence reflects the expectation that there is an elevated
likelihood that the government and ISAGEN would default
simultaneously due to common risk factors.

ISAGEN's Baseline credit assessment (BCA) which is an opinion of
the issuer's intrinsic creditworthiness before taking into account
possible extraordinary support from the sovereign is ba1. This is
based on a scale of aaa to c in which aaa indicates the highest
credit quality.

ISAGEN's BCA factors its market position as the third largest
wholesale power generation company in Colombia in terms of
installed capacity (around 16% market share) and generated output.
The BCA incorporates limited uplift from the geographic diversity
associated with ISAGEN's operations via the interconnections with
Venezuela, where operations are, in Moody's opinion, overall
challenging, albeit Moody's acknowledges that ISAGEN has several
tools in place to minimize any potential delays in payments.

The BCA also captures the company's fleet composition in Colombia
that closely resembles the country's power generation mix given
that hydro-facilities account for the bulk of ISAGEN's plants
(1,832 MW pending the completion of the 80MW Amoya hydro-plant)
and the national installed capacity. As such, ISAGEN's relative
contribution to the output injected into the Colombian
interconnection system largely depends on the prevailing hydro-
conditions. This has ranged between 16.5% (2009) and 18.8% (2011)
in recent years when the country was affected by the extreme
weather phenomena El Ninio (June 2009 until mid 2010) and La Ninia
(that started during the second half of 2010 and lasted until the
first half of 2012). In Colombia, these phenomena result in lower
or higher than usual hydrology conditions, respectively. However,
ISAGEN's BCA also acknowledges the benefits associated with its
300MW natural gas fired facility Termocentro that provides some
diversification and supports ISAGEN's overall prudent commercial
policy, another credit positive.

Moody's understands that ISAGEN's commercial policy consists of
contracting only a certain percentage of ISAGEN's expected output
depending on the hydro-conditions, namely between around 80%
(during the drier periods) and 90% (when hydrology is at the
higher end). Moody's believes that the severity of the 2009/2010
El Ninio phenomena tested the adequacy of ISAGEN's commercial
policy and risk management practices given that during those years
its aggregated sales under Power Purchase Agreements (PPAs)
accounted for less than 85% of its actual output. Moody's
considers this credit enhancing, because it reduces the risk of
having to procure power in the spot markets at higher than
contracted power prices to honor the contractual obligations when
unfavorable hydro conditions prevail. The predictability of
ISAGEN's cash flows is further underpinned by the reliability
charges that the generators have received since 2006. These are
based on the firm energy obligations (OEF) that are allocated
based on the maximum power output that a plant is able to deliver
on a continual basis during a year under extreme hydrology
conditions. ISAGEN has entered contractual obligations to procure
the natural gas required to ensure that its Termocentro plant
meets its OEF, albeit delivery is contingent to force majeure
conditions as was the case in 2010 when El Ninio resulted in some
natural gas supply restrictions in Colombia, a credit risk. The
BCA also acknowledges ISAGEN's success in reselling a portion of
its excess natural gas during those years when Termocentro is
dispatched less frequently under more favorable hydro conditions.
The resulting reduction in the net procurement costs is a credit
positive.

ISAGEN's BCA is largely tempered by the risks associated with its
investment program, which started in 2008, to improve and
modernize some of ISAGEN's existing fleet operations but
particularly by the construction risks in connection with the
projects to add 900MW of new capacity. These consist of the 80MW
Amoya (over 90% completed) and the 820MW Sogamoso hydro-facilities
(total capex of around US$1.8 billion excluding financing costs;
current progress of around 50%). ISAGEN's rating acknowledges that
these projects will enhance the company's cash flow generation
ability (+60% output) and that the company fully funded with
internally generated cash flows its modernization projects and the
Amoya plant. However, Moody's notes that some of these projects
have faced significant challenges and in the case of the Amoya
plant they have resulted in delays in its completion which has
been now postponed to not later than the first quarter of 2013
after it was rescheduled earlier this year to November 2012
(completion initially expected in July), a credit negative.
Moody's notes that ISAGEN has already executed the financing,
which started in 2009, to secure the bulk of the indebtedness to
fund 50% of Sogamoso's expected construction costs. While this
level of financing is not considered aggressive, a credit
positive; nevertheless, the company's overall leverage is expected
to increase substantially given the total size of the project with
debt growing to approximately US$1.3 billion upon the expected
completion of the plant during the first half of 2014 (year-end
2008: US$290 million) despite some amortizing bank debt. As a
result, ISAGEN's credit metrics will continue their progressive
deterioration that started in 2010 when CFO pre-W/C to debt
declined to less than 40% compared to over 51% at year-end 2008
and 2009. Pending the completion of the Amoya plant, ISAGEN's cash
flows this year are being impacted by higher natural gas
procurement expenses for its Termocentro facility which have been
only partially mitigated by the cost recovery under its resale
program, as well as higher administrative costs associated with
the new headquarters facility, which Moody's understands are of a
temporary nature.

The BCA also acknowledges that the successful completion of the
Sogamoso power plant will somewhat reduce ISAGEN's current high
dependence on the 1,240MW San Carlos hydro-plant that accounts for
a substantial portion of the company's installed capacity and
output, a credit negative. Moody's also understands that ISAGEN is
considering a pipeline of new projects that could be pursued over
a longer period of time not only in Colombia but elsewhere in
Latin America. While Moody's acknowledges the benefits of the
geographic diversification associated with the latter, Moody's
also believes this is not without risks. However, Moody's concerns
are somewhat mitigated by Moody's understanding that any future
international expansion will consider only projects in
neighbouring investment grade countries and such projects will be
funded in a prudent fashion. This expectation is underpinned by
the incurrence test embedded in a significant portion of ISAGEN's
indebtedness, including a debt to EBITDA covenant below 4.0x. As a
result, the rating assumes that despite the further expected
deterioration in ISAGEN's credit metrics these will remain
commensurate with the current rating category, such that ISAGEN
will record average CFO pre-W/C to debt and interest coverage in
the very high teens and at least 3.5x, respectively, on a
sustainable basis.

Moody's view about the management's overall prudent financial
policy also considers the company's dividend policy, and the
expectation that at least until the completion of the Sogamoso
plant, the company will further build its reserves and maintain a
dividend payout ratio below 60% that compares favorably with
ISAGEN's peers in Colombia. The company's reliance on the capital
markets to meet any unforeseen fund requirements, particularly in
the absence of committed credit facilities, is a credit negative.
That said, Moody's also acknowledges that ISAGEN has already
executed all the financing necessary to fund the Sogamoso facility
along with its manageable debt maturity profile. The vast majority
of ISAGEN's indebtedness (except for around US$150 million in debt
to fund Sogamoso's equipment) is denominated in Colombian pesos, a
credit positive. The rating also assumes the issuer will also
prudently manage the exchange rate risk exposure that may arise in
connection with any future indebtedness incurred in foreign
currency.

ISAGEN's stable outlook reflects Moody's expectation that the
issuer will be able to successfully manage its ongoing
construction program and increasing leverage position, such that
it reports credit metrics that remain commensurate with the rating
category. The stable outlook also reflects the stable outlook of
the sovereign rating amid Moody's assumptions of medium support
and high dependence under the GRI methodology.

Limited prospects exist for an upgrade of ISAGEN's BCA and the
Baa3 Issuer rating given the delays in the operations of the 80MW
Amoya plant, the sizeable construction risk associated with the
Sogamoso plant and the further anticipated deterioration in its
credit metrics. That said, positive momentum on the BCA could be
triggered if upon completion of its current construction program
ISAGEN is able to report credit metrics that are robust for the
current rating category. Quantitatively, an upgrade could be
triggered if its CFO pre-W/C and interest coverage were to exceed
25% and 5x, respectively, on a sustainable basis. A rating upgrade
of the sovereign rating could also trigger an upgrade of ISAGEN's
rating if in Moody's opinion the government's extraordinary
support to ISAGEN under the GRI methodology is also higher than
Moody's current assessment of "medium".

A downgrade of ISAGEN's BCA or rating could be triggered by a
permanent significant deterioration of the company's operations, a
more aggressive future expansion strategy and/or poor management
of its liquidity, indebtedness profile or current construction
risk that results in significant delays and/or cost overruns.
Negative momentum is likely if ISAGEN reports credit metrics that
are weakly positioned within the rating category. Specifically, if
it reports CFO pre-W/C to debt and interest coverage below 17% and
3.0x, respectively, on a sustainable basis. ISAGEN's rating is
likely to be downgraded if Moody's perceives that Moody's
assessment about the government's extraordinary support of the
company should be lower than "medium" and/or following a downgrade
of the sovereign rating.

The methodologies used in this rating were Unregulated Utilities
and Power Companies published in August 2009 and Government-
Related Issuers: Methodology Update published in July 2010.

Headquartered in Medellin, ISAGEN S.A. E.S.P. (ISAGEN) is the
third largest generation company in Colombia (Baa3, stable) in
terms of generated output and installed capacity of around 2,132
MW pending the completion of the 80MW Amoya plant. In addition,
ISAGEN is the representative of the electrical interconnection
with Venezuela through the Cuestecitas-Cuatricentenario and the
Corozo-San Mateo circuits and also one of the main Energy Exchange
agents in Colombia. At the end of June 2012, ISAGEN's reported
total assets approximated US$3.2 billion.



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


BRAZILIAN MERCHANT: Shareholders' Final Meeting Set for Oct. 12
---------------------------------------------------------------
The shareholders of Brazilian Merchant Voucher Receivables Limited
will hold their final meeting on Oct. 12, 2012, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CAPRICORN INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------------
The members of Capricorn Investment Advisors (Cayman) Ltd.
received on Oct. 4, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

Mikkel Thorup is the company's liquidator.


CREP INVESTMENT D: Shareholders' Final Meeting Set for Oct. 12
--------------------------------------------------------------
The shareholders of Crep Investment D Cayman will hold their final
meeting on Oct. 12, 2012, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FRONT STREET: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Front Street Canadian Opportunities Fund Ltd.
received on Sept. 10, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


IT PRIVATE CLIENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of IT Private Client Services, Ltd. received on
Oct. 1, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         ITA Global Trust Company, Ltd.
         Suite 4210 Canella Court
         48 Market Street, Camana Bay
         PO Box 32203 Grand Cayman, KY-1208
         Cayman Islands


IVC RAINBOW: Shareholders' Final Meeting Set for Nov. 5
-------------------------------------------------------
The shareholders of IVC Rainbow Limited will hold their final
meeting on Nov. 5, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Evania Ebanks
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


IVY DYNAMIC: Shareholders' Final Meeting Set for Oct. 12
--------------------------------------------------------
The shareholders of Ivy Dynamic Credit Fund, Ltd. will hold their
final meeting on Oct. 12, 2012, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RENAISSANCE INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Renaissance Investments Management
Compensation Fund received on Oct. 2, 2012, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Appleby Trust (Cayman) Ltd.
         PO Box 1350 Clifton House, 75 Fort Street
         Grand Cayman KY1-1108
         Cayman Islands


TANGARA US 4: Shareholders' Final Meeting Set for Oct. 12
---------------------------------------------------------
The shareholders of Tangara US 4 Leasing Limited will hold their
final meeting on Oct. 12, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         TMF Nominees Ltd.
         P.O. Box 10338 Grand Cayman KY1-1003
         Cayman Islands
         Telephone: 345-949-7232


TANGARA US 5: Shareholders' Final Meeting Set for Oct. 12
---------------------------------------------------------
The shareholders of Tangara US 5 Leasing Limited will hold their
final meeting on Oct. 12, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         TMF Nominees Ltd.
         P.O. Box 10338 Grand Cayman KY1-1003
         Cayman Islands
         Telephone: 345-949-7232



====================
E L  S A L V A D O R
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DIGICEL GROUP: To Sell Business in El Salvador to Claro
-------------------------------------------------------
RJR News reports that a plan by Digicel Group to sell its business
in El Salvador to Claro has again been rejected by the country's
regulator.

The regulator said a technical, legal and economic analysis showed
a merger would likely have an adverse effect on competition and
the welfare of consumers in the fixed and mobile telephony markets
in El Salvador, according to RJR News.  The report relates that
Digicel Group said it's examining the 129-page ruling.

The report notes that this is the second time the deal has been
rejected in the past 18 months.

The transaction dates back to March last year when Digicel Group
agreed to acquire Claro's business in Jamaica and sell its
businesses in El Salvador and Honduras to the Mexican company, RJR
News notes.

The Jamaican and Honduran legs of the deal have already been
completed, the report adds.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service has assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020. Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.



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M E X I C O
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CEMEX FINANCE: S&P Gives 'B-' Rating on 10-Year Dollar Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue-level
rating and a recovery rating of '3' to CEMEX Finance LLC's
proposed 10-year benchmark dollar bonds. The recovery rating of
'3' indicates that lenders can expect substantial (50% to 70%)
recovery in the event of a payment default.

CEMEX Finance LLC is a wholly-owned subsidiary of CEMEX S.A.B. de
C.V. (CEMEX; B-/Watch Neg/--) and is incorporated for an unlimited
period of time as a private limited liability company under the
laws of Delaware. The bonds will benefit from a security package
on the same terms as in all other senior capital markets debt. The
security package includes the full and unconditional guarantee, on
a joint and several basis and on a general senior basis, by CEMEX
Mexico, S.A. de C.V., CEMEX Espa¤a, S.A., CEMEX Corp., New Sunward
Holding B.V., and CEMEX's other subsidiaries.

"CEMEX intends to use the net proceeds from the offering to repay
its debt under its Facilities Agreement. If the company is able to
successfully issue the proposed bonds and raise most of the funds
required for the next $1 billion payment under the Facilities
Agreement due March 2013, we will soon consider resolving the
CreditWatch listing on all the ratings on CEMEX and its key
operating subsidiaries--CEMEX Espa¤a, CEMEX Mexico, CEMEX Corp.,
and CEMEX Inc.-where we placed them on July 3, 2012. For the
latest credit rationale on CEMEX, please see 'Cemex 'B-' Rating
Placed On CreditWatch Negative On Higher Short-Term Risk From
Proposed Debt Refinancing,' published July 3," S&P said.


CONSUPAGO SA: Fitch Affirms Low-B Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Consupago, S.A. de C.V.'s ratings as
follows:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BB-';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BB-';
  -- Short-term local currency IDR at 'B';
  -- Senior unsecured debt for up to MX$750 million at 'BB-';
  -- Long-term national-scale rating at 'A-(mex)';
  -- Short-term national-scale rating at 'F2(mex)';
  -- Short-term national-scale rating for local MX$1,000 million
     senior unsecured debt at 'F2(mex)'.
  -- Long-term national-scale rating for local MX$500 million
     senior unsecured debt at 'A-(mex)' from a long-term unsecured
     debt of MX$2,000 million.

The Rating Outlook is Stable.

Consupago's ratings are driven by its strong capitalization; sound
and recurring profitability driven by ample margins, well-
contained provisions and strong efficiency levels; and adequate
asset quality and loan loss reserve coverage.  However, the
ratings also factor in the limited flexibility of its funding
structure, the challenging operating and competitive environment,
and portfolio concentrations by region and employer.

Material improvements on the profile, diversification and
flexibility of Consupago's funding mix, coupled with smaller asset
liability tenor mismatches, could potentially trigger a revision
of Consupago's ratings; nevertheless, Consupago's ratings could be
downgraded if core or tangible common capital falls below 20% of
total assets, and/or if asset quality weakens to an extent that
materially diminishes its loss absorption capacity, and/or if core
earnings decline materially (operative ROA below 5%).

Consupago grants loans to public sector employees that explicitly
agree to repay those loans through direct payroll debits, largely
mitigating credit risk.  These jobs are typically stable, but the
relatively lower salaries in the public sector mean few financing
alternatives for these individuals, which explain the relatively
high interest rates.  Unlike most peers, Consupago's businesses
are primarily direct, avoiding heavy broker-related fees.
However, operational, reputational and event risks could be
material.

Strong and recurring net interest margin (NIM) of 49.9% and sound
efficiency of 31.5% as of June 2012, are major drivers of sound
and ample core earnings.  Some pressure has arisen from a more
challenging environment, increasing competition and higher
expenses driven by its soon conversion into a bank.  Fitch
considers that Consupago will likely maintain robust earnings,
comfortably absorbing its high credit costs.

Given the payroll deduction mechanism, overall impairments,
provisions and charge-offs are relatively moderate.  The negative
recent trends are driven by lower charge-offs and a tough economic
environment.  Loans are diversified by borrower, although certain
concentrations by regions and employers remain.  A gradually
enhanced credit process in recent years and ample loan loss
reserves are additional mitigating factors for credit risk.
Consupago further strengthened its risk management framework while
migrating into a bank.

Given its exceptionally high profitability and the slowdown in
loan growth in recent years, the capital base is ample and has
continued growing steadily.  Even after adjusting for certain non-
core assets; Fitch's measurement of core capital remained at a
robust 44.3% of total assets as of June 2012. Sound capital is one
of Consupago's key strengths.

In Fitch's opinion, improving its funding structure is one of
Consupago's major challenges.  While liquidity is comfortable and
sustained by ample and recurring portfolio cash flows, the funding
base is concentrated in a few secured banking facilities, as well
as unsecured local and global debt issues that have shorter tenors
than its loan portfolio.  While Consupago does not plan to
materially change its business profile following its conversion
into a bank, Fitch expects a gradual improvement on its funding
profile.

Despite its conversion into a bank, Consupago will focus on the
current business model, as it does not plan in the near future to
expand its array of financial products or attend different
sectors, neither developing a network of bank branches, while its
funding sourced from customer deposits will be moderate.  Given
the small size of the banking entity into which Consupago's
activities will be transferred, Fitch does not expect a material
change on the company's financial profile or performance upon its
completion.

While credit risk is low, Fitch considers that Consupago's
exposure to operational, political and event risk is somewhat
higher, like most companies in this market.  These are related to
the properly execution of the agreements with employers, and
potential unwillingness or inability from the latter to timely or
fully disburse retained collections.

Consupago was established in 2001 and it was initially conceived
as the financial channel for the sales of home appliances at
Tiendas Chedraui, one of the largest retailers of furniture,
clothes and durable goods in Mexico.  In 2003, it entered into a
new business line, personal loans exclusively for public-sector
employees with cash collections through payroll deduction made by
the employer, which rapidly turned into Consupago's core business
and the company has consolidated as one of the leading
institutions in this market.


GRUPO PETROTEMEX: Fitch Raises Issuer Default Rating From 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded Grupo Petrotemex, S.A. de C.V. ratings
as follows:

  -- Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+';
  -- Local Currency IDR to 'BBB-' from 'BB+'.

Petrotemex's Rating Outlook is Stable.

In addition, Fitch upgraded DAK Americas, LLC's Long-Term IDR
'BBB-' from 'BB+'.  The Outlook is Stable.

Fitch has also upgraded the following ratings for Petrotemex and
DAK Americas, LLC:

  -- Petrotemex US$75 million privately placed senior notes due
     2012 (outstanding balance of US$11 million) to 'BBB-' from
     'BB+';
  -- Petrotemex US$275 million senior notes due 2014 (outstanding
     balance of US$121 million) to 'BBB-' from 'BB+';
  -- DAK Americas US$115 million privately placed senior notes due
     2014 (outstanding balance of US$33 million) to 'BBB-' from
     'BB+'.

The rating upgrades reflect Petrotemex's earlier than anticipated
deleverage process and Fitch expectations that the company will
maintain a net debt to EBITDA ratio around 1.5x over the long
term, in line with its parent's financial target.  The combination
of a net equity injection of USD279 million with improved cash
flow from operations and synergies gained from past acquisitions
has allowed Petrotemex to reduce its indebtedness.  Event risks is
still present for Petrotemex, nevertheless Fitch's analysis
incorporates the company's strong commitment to support a robust
financial profile going forward and that any likely acquisition,
that could weaken its capital structure from current levels,
should be financed with a mix of capital and debt.  Net leverage
may increase to approximately 2.0x but with a gradual reduction to
1.5x once the projects mature.

Petrotemex ratings are supported by the company's strong domestic
and global competitive position, its long-term supply and customer
arrangements and geographically diversified operating base.  The
resilience of the company's client base, which consists of many
food, beverage and personal care products, to economic downturns
is also factored into the company's ratings.

Strong Business Profile

Petrotemex growth through acquisitions and organic expansions has
positioned it as a major player in the polyester chain in North
America, which strengthens its business profile and allows it to
operate in a less volatile market.  The exit of some participants
in U.S. has resulted in market rationalization and ease
competitive pressures.  Volumes in the region should be driven by
stable customer demand and the expectation of no additional
capacity in the near term.  Fitch expects the company will
continue investing in efficiency projects, as well as capacity
growth, with a combination of green field investments and
potential acquisitions.

Increasing Cash Flow From Operations

During the last twelve months ended in June 30, 2012, Petrotemex
registered Revenues and EBITDA of approximately USD5.9 billion and
USD560 million, respectively.  In addition, Free Cash Flow was in
excess of USD50 million after capex and dividend payments.  Fitch
believes Petrotemex is well positioned to continue generating
positive free cash flow in the next years.  Funds flow from
operations is expected to cover working capital and normal capex
requirements.

Low leverage and Adequate Liquidity

Petrotemex leverage is low.  On a pro forma basis after the debt
reduction coming from the equity injection, the company's Total
Debt to EBITDA will strengthen to 1.5x and Net Debt to EBITDA
1.0x, from 2.0 and 1.5x as of June, 2012, respectively.  Fitch
expects these credit metrics will remain relatively stable in the
future.

As of 30 June, 2012, Petrotemex's cash and marketable securities
was USD283 million, short term debt was USD151 million and total
debt at USD1.1 billion.  Pro forma total debt balance is expected
to be approximately USD900 million and debt maturities during 2013
are manageable at approximately USD90 million.  The company's
liquidity is further supported by committed credit lines in excess
of USD200 million; availability under these facilities on a pro
forma basis after debt repayment is approximately USD190 million.

Key Rating Drivers

A negative rating action could arise from a combination of sharp
and consistent reductions in volumes, profitability and cash flow
generation resulting in lower fixed-cost absorption and weaker
main credit metrics.  A larger than expected debt-financed
acquisition that impacts the company's capital structure away from
the target net debt to EBITDA of 1.5x on the long term should also
pressure the ratings.

Positive rating actions are limited at the time and could be
supported by consistent positive free cash flow generation through
economic cycles combined with the expectation of lower leverage
levels in the mid to long term.



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


* BOND PRICING: For the Week Oct. 1 to Oct. 5, 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 * * *