TCRLA_Public/121017.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

           Wednesday, October 17, 2012, Vol. 13, No. 207


                            Headlines



A R G E N T I N A

BANCOR PERSONALES: Moody's Raises Rating on ARS9.9MM Certs.
PEROXAR SA: Applies for Reorganization Proceedings
STYLECARE ASISTENCIA: Requests Opening of Bankruptcy Proceedings
TELECOM ARGENTINA: Fitch Affirms 'BB-' LC Issuer Default Rating
TUBOLOC SA: Asks for Reorganization Proceedings


C A Y M A N  I S L A N D S

ACG ACQUISITION: Creditors' Proofs of Debt Due Oct. 24
ACHF (CAYMAN): Commences Liquidation Proceedings
AIR KING: Creditors' Proofs of Debt Due Oct. 18
BFI LIMITED: Creditors' Proofs of Debt Due Oct. 23
BLUEPRINT INSURANCE: Creditors' Proofs of Debt Due Oct. 24

COMPASS LATIN: Placed Under Voluntary Wind-Up
COMPASS LATIN AMERICA: Placed Under Voluntary Wind-Up
INVESTCORP SA: Moody's Assigns '(P)Ba2' Rating to Debt Issuance
MV MV LIMITED: Creditors' Proofs of Debt Due Oct. 22
PERCY LIMITED: Creditors' Proofs of Debt Due Oct. 22

TINTIN IV SPC: Commences Liquidation Proceedings


G R E N A D A

LA SOURCE: To Close Operations, Lay Off 150 Workers


H A I T I

YELE HAITI CHARITY: Now Defunct, In Debt


M E X I C O

SIAPA: Moody's Confirms 'Ba3' Issuer Ratings


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Not Saving Enough Money, Ex Governor Says


                            - - - - -


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



BANCOR PERSONALES: Moody's Raises Rating on ARS9.9MM Certs.
-----------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Bancor Personales I, to be
issued by Deutsche Bank S.A., acting solely in its capacity as
issuer and trustee.

Moody's notes that as of Oct. 15, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

- ARS34,966,352 in Class A Debt Securities (VRDA) of "Fideicomiso
   Financiero Bancor Personales I", rated Aaa.ar (sf) (Argentine
   National Scale) and Ba3 (sf) (Global Scale, Local Currency)

- ARS4,995,193 in Class B Debt Securities (VRDB) of "Fideicomiso
   Financiero Bancor Personales I", rated Aaa.ar (sf) (Argentine
   National Scale) and Ba3 (sf) (Global Scale, Local Currency)

- ARS9,990,386 in Certificates (CP) of "Fideicomiso Financiero
   Bancor Personales I", rated Baa2.ar (sf) (Argentine National
   Scale) and B3 (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 13,887
eligible personal loans denominated in Argentine pesos, originated
by Banco de Cordoba, in an aggregate amount of ARS 49,951,931.70.

These personal loans are granted to pensioners and employees of
the Government of the Province of Córdoba, and to private sector
employees.

For approximately 58.87% of the securitized portfolio, Banco de
Cordoba, as payment agent, deducts the monthly loan installment
directly from the employee's or pensioner's savings account at
Banco de Cordoba, where the paycheck is deposited. For the rest of
the pool, the loan installment is deducted directly from the
employee's paycheck or the pensioner's payment, by the Government
of the Province of Cordoba, after receiving instructions from
Banco de Cordoba.

Overall credit enhancement is comprised of an initial
subordination of 30% for the VRDA and 20% for the VRDB. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Banco de
Cordoba's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which determine
the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the underlying pool with a
mean 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean 25%
and a coefficient of variation of 70%.

These assumptions are derived from the historical performance to
date of the Banco de Cordoba's pools. Servicer default was modeled
by simulating the default of the Banco de Cordoba as the servicer
consistent with its current rating of B3/A2.ar.

In the scenarios where the servicer defaults, Moody's assumed that
the defaults on the pool would increase by 20 percentage points.

The model results showed 0.03% expected loss for VRDA, 1.53% for
VRDB and 8.47% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If the mean default rate were increased
to 4.5%, the ratings of the VRDA would remain the same. The
ratings for and VRDB and the Certificates would be likely
downgraded to B1 (sf) and Caa1 (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from the Government of Cordoba to pensioners and
employees, could severely affect the performance of the pool.
Moody's believes that the ratings assigned are consistent with
this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco de Córdoba is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.

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
".mx" for Mexico.


PEROXAR SA: Applies for Reorganization Proceedings
--------------------------------------------------
Peroxar SA applied for reorganization proceedings.  The company
defaulted its payments last December 2009.


STYLECARE ASISTENCIA: Requests Opening of Bankruptcy Proceedings
----------------------------------------------------------------
Stylecare Asistencia Medica Integral SA requested the opening of
bankruptcy proceedings.  The company defaulted its payments last
September.


TELECOM ARGENTINA: Fitch Affirms 'BB-' LC Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings affirms Telecom Argentina S.A.'s (TEO) ratings as
follow:
TEO

--Local currency Issuer Default Rating (IDR) at 'BB-';
--Foreign currency IDR at 'B';
--National Scale Ratings at 'AA+(arg)';
--National Equity Rating at '1'.

The Rating Outlook is Stable.

The rating actions reflect the company's strong operating
performance driven by the mobile segment, solid market position,
diversified services portfolio with multiple platforms and a
conservative financial profile.  The ratings are tempered by
strong competition, regulatory risk in the fixed-line business,
and inflationary pressures over its cost structure.

The foreign currency IDR is constrained by Argentina's country
ceiling of 'B'.  In addition to transfer and convertibility (T&C)
risks, credit constraints related to the Argentine government
include high regulatory risks for fixed-line operators, as well as
risks associated with operating in an environment of high
inflation.

Fitch believes fixed-mobile convergence can help integrated
operators such as TEO, to improve customer loyalty, reduce
operating costs and avoid cannibalization between business
segments.  In addition as fixed and mobile data demand grows in
the future, the company's integrated platforms should enable it to
optimize costs and network investments.  TEO benefits from a
diversified business mix with operations consisting of fixed and
mobile services.  The mobile business unit is the main driver of
the company's operating performance, accounting for 72.2% of
revenues and 73.9% of EBITDA during the six months ended June 30,
2012.  TEO's incumbent position in northern Argentina in fixed-
line services and mobile services mitigates potential fixed-line
traffic loss due to mobile substitution.

TEO's financial profile is expected to remain strong.  The company
has paid down most of its debt, primarily with improved operating
results and the use of free cash flow for debt reduction.  During
2011, TEO had a solid performance with strong operating results
and low leverage.  Consolidated revenues as of Dec. 31, 2011 grew
26.2% when compared with previous year, driven by the mobile
segment.  TEO's consolidated revenues during six month period
ending June 30, 2012 ascended to ARS10,389 million, an increase of
21% when compared with the same period of the previous year.
EBITDA totaled ARS3,139 million maintaining a stable margin of
30.2%.  Fitch expects that TEO growth will slow as the market
matures.

TEO is focusing its efforts in offering of a full range of
integrated fixed and wireless services.  The company's mobile
strategy is oriented towards improving the mix of postpaid users
by promoting 3G services, better customer service and high-end
handsets.  Mobile data services have room for growth despite VAS
accounting for 52% of service revenue, as most of the revenue from
VAS relates to text messaging.  The strategy on the fixed business
continues to center on bundle offering that includes voice and
broadband services and to a lesser extent pay-television services,
including newly offered video streaming services.  The company has
a commercial agreement with Direct TV to offer pay television
services through a bundle offering.

The telecommunications industry in Argentina continues to face
challenges.  On Sept. 6, 2012, the Secretary of Communications
cancelled the spectrum auction for mobile services and was
announced that the awarded company could be state owned ARSAT.  In
Fitch opinion, this event can limit the industry growth, mainly in
the mobile broadband segment, and can result in higher capex.  TEO
has been growing for the past 11 years using the same spectrum and
has shown the ability to adapt to a growing demand.  Fitch will
monitor the forthcoming decision of ARSAT and their impact on the
mobile market.

TEO's liquidity position is strong. As of June 30, 2012, cash
balances totaled approximately ARS 2.3 billion.  Free cash flow
for the six month ended in the same period was negative ARS -0.1
billion, while total debt was ARS 133 million, allocated in
Nucleo. Credit metrics are expected to continue to be robust.  As
of June 30, 2012, the company's total debt-to-EBITDA ratio was 0
times (x) and its EBITDA-to-interest ratio was 448.6x.

What Could Trigger a Rating Action:

Changes Affecting Financial Structure: The Stable Outlook reflects
Fitch's expectations that TEO will maintain a strong operating
performance and a conservative financial profile.

Changes in Country Ceiling: TEO's foreign currency IDR would
likely be affected by an upgrade or downgrade in Argentina's 'B'
country ceiling.


TUBOLOC SA: Asks for Reorganization Proceedings
-----------------------------------------------
Tuboloc SA asked for reorganization proceedings.  The company
defaulted its payments last May.



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


ACG ACQUISITION: Creditors' Proofs of Debt Due Oct. 24
------------------------------------------------------
The creditors of ACG Acquisition (Cayman) 3141 Limited are
required to file their proofs of debt by Oct. 24, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 10, 2012.

The company's liquidator is:

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


ACHF (CAYMAN): Commences Liquidation Proceedings
------------------------------------------------
On Sept. 4, 2012, the members of ACHF (Cayman) Limited passed a
resolution that voluntarily liquidates the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Jiffriy Chandra
         3311-3313 Two IFC, 8 Finance Street, Central
         Hong Kong


AIR KING: Creditors' Proofs of Debt Due Oct. 18
-----------------------------------------------
The creditors of Air King are required to file their proofs of
debt by Oct. 18, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 12, 2012.

The company's liquidator is:

         Campbell Directors Limited
         c/o Peter A. de Vere
         Scotia Centre, 4th Floor
         George Town, Grand Cayman
         Telephone: (345) 9145872
         Facsimile: (345) 9452877


BFI LIMITED: Creditors' Proofs of Debt Due Oct. 23
--------------------------------------------------
The creditors of BFI Limited are required to file their proofs of
debt by Oct. 23, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 4, 2012.

The company's liquidator is:

         Reverio Capital Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


BLUEPRINT INSURANCE: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------------------
The creditors of Blueprint Insurance & Casualty Ltd. are required
to file their proofs of debt by Oct. 24, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 31, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


COMPASS LATIN: Placed Under Voluntary Wind-Up
---------------------------------------------
On Sept. 6, 2012, the sole shareholder of Compass Latin America
Horizons Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


COMPASS LATIN AMERICA: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Sept. 6, 2012, the sole shareholder of Compass Latin America
Horizons Master Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


INVESTCORP SA: Moody's Assigns '(P)Ba2' Rating to Debt Issuance
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2 rating
to the senior unsecured notes proposed to be issued by Investcorp
S.A. and guaranteed by Investcorp Bank B.S.C. The outlook on the
rating is negative.

Ratings Rationale

The foreign-currency debt ratings assigned are in line with
Investcorp S.A.'s and Investcorp Bank B.S.C.'s Ba2 deposit
ratings, both with negative outlooks. The notes proposed to be
issued by Investcorp S.A. and guaranteed by Investcorp Bank
B.S.C., will rank pari passu with other senior unsecured
obligations of both the issuer and guarantor.

Under the preliminary terms and conditions, the notes would be
unconditional, unsubordinated and unsecured obligations and will
rank pari passu with all of Investcorp S.A.'s other senior
unsecured obligations. The guarantee will be an unconditional,
unsubordinated and unsecured obligation of Investcorp Bank B.S.C.
and will rank pari passi with all of Investcorp Bank B.S.C.'s
other senior unsecured obligations. The proposed debt issuance is
being offered under English Law.

Moody's issues provisional ratings in advance of the final sale of
securities, but these ratings only represent Moody's preliminary
credit opinion. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavour to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating. Moody's will disseminate the assignment
of any definitive ratings through its Client Service Desk.

What Could Change The Rating Up/Down

The (P)Ba2 rating is in line with the deposit ratings of
Investcorp S.A. and Investcorp Bank B.S.C. and any change to these
ratings could lead to a change in the debt rating.

A weakening of Investcorp's financial position could lead to a
downgrade of the bank's deposit ratings. This could be driven by
(1) continued weakness in private equity origination and placement
activities, which would further constrain profitability; or (2)
further material investment losses, which would put pressure on
the bank's capital position.

As indicated by the negative outlook, Moody's does not expect
upwards rating pressure over the near term.

Principal Methodologies

The methodologies used in this rating were Global Securities
Industry Methodology published in December 2006 and Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Investcorp Bank B.S.C. is a shareholding company incorporated in
Bahrain and licensed as a wholesale bank by the Central Bank of
Bahrain. Investcorp S.A. is registered as an exempted company in
the Cayman Islands. Investcorp Bank B.S.C. reported total
consolidated assets of US$2.7 billion as of June 30, 2012 under
audited IFRS.


MV MV LIMITED: Creditors' Proofs of Debt Due Oct. 22
----------------------------------------------------
The creditors of MV MV Limited are required to file their proofs
of debt by Oct. 22, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 12, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


PERCY LIMITED: Creditors' Proofs of Debt Due Oct. 22
----------------------------------------------------
The creditors of Percy Limited are required to file their proofs
of debt by Oct. 22, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 12, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


TINTIN IV SPC: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 10, 2012, the members of Tintin IV SPC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 15, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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



=============
G R E N A D A
=============


LA SOURCE: To Close Operations, Lay Off 150 Workers
---------------------------------------------------
The Associated Press reports that La Source said it will close its
operations due to unforeseen circumstances.  The report relates
that it doesn't elaborate.

The 100-room resort was heavily damaged by Hurricane Ivan in 2004
and didn't reopen until February 2008, according to The Associated
Press.

The report notes that more than 150 workers will be laid off as a
result of the closure.  The report discloses that the announcement
comes just months after Delta Air Lines and American Eagle
cancelled service to Grenada.

Meanwhile, the report relates that American Airlines, British
Airways and regional carrier LIAT have announced flight reductions
to the island.

An estimated 55,900 tourists visited Grenada in the first six
months of this year, the report says.  That was a 5 percent drop
from the same period in 2011, the Caribbean Tourism Organization
said, the report relays.

La Source is a four-star resort is closing in the eastern
Caribbean nation of Grenada.



=========
H A I T I
=========


YELE HAITI CHARITY: Now Defunct, In Debt
----------------------------------------
Aly Weisman at Business Insider reports that the Yele Haiti
charity is now defunct and in debt.

The charity's collapse comes after years of accusations of
mishandled funds, which amounted to a reported $16 million
following the 2010 earthquake in Haiti, according to Business
Insider.

"Yele was small before the earthquake, with only $37,000 in assets
. . .  Immediately afterward, money started pouring in. Mr. Jean
said he raised $1 million in 24 hours when he urged his Twitter
followers to text donations," reported The New York Times,
Business Insider notes.

Business Insider discloses that instead of funds going directly to
the cause, The Times said that the organization spent much of its
money on "offices, salaries, consultants' fees and travel," as
well as pay for Jean's family, friends and defense attorneys.

Business Insider notes that in 2005 to 2009, the charity spent
"$256,580 in illegitimate benefits to Mr. Jean and other Yele
board and staff members as well as improper or potentially
improper transactions."

At the end of August, Derek Q. Johnson, Yele's chief executive,
announced his resignation to supporters, said "As the foundation's
sole remaining employee, my decision implies the closure of the
organization as a whole," the report notes.

According to The Times, Johnson, a former Time Warner exec,
resigned "after Jean declined to accept a settlement proposed by
the attorney general covering the charity's pre-earthquake
activities . . . .  The settlement would have required Mr. Jean
and the two other Yele founders to pay $600,000 in restitution 'to
remedy the waste of the foundation's assets," Business Insider
adds.



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


SIAPA: Moody's Confirms 'Ba3' Issuer Ratings
--------------------------------------------
Moody's de Mexico confirmed SIAPA's Baa1.mx (Mexican National
Scale) and Ba3 (Global Scale, local currency) issuer ratings. At
the same time, Moody's de Mexico revised SIAPA's outlook to stable
from under review for a possible downgrade. This rating action
concludes the review for downgrade initiated on February 21, 2012
which was prompted by a potential risk that a MXN1.4 billion loan
with Banco Interacciones could be accelerated. On August 31, 2012,
an amended agreement between SIAPA and Banco Interacciones was
signed which mitigates the acceleration risk.

Ratings Rationale

The stable outlook reflects the conclusion of negotiations between
Banco Interacciones and SIAPA related to the MXN 1.4 billion loan.

On April 2008, SIAPA contracted a MXN1.4 billion loan with Banco
Interacciones. Per the indenture, SIAPA's failure to comply with
any of its contractual obligations gives the bank the right to
accelerate the loan. Should that scenario occur, the trust would
retain every month 100% of the participations pledged by the state
of Jalisco (3.5% or MXN72 million approximately), until the full
repayment of the outstanding loan, in case SIAPA fails to comply
with payment obligations.

In February of this year, Banco Interacciones sent an acceleration
warning to SIAPA. The bank affirmed that SIAPA had failed to
comply with some of its obligations under the loan. Alleged
covenant violations were related to own-source revenue pledges.
The loan continued to perform and SIAPA met all its debt service
payments on a timely basis.

On August 31,2012, negotiations among Banco Interacciones and
SIAPA concluded with an amendment to the loan contract, in which
new loan conditions were established. As such, the loan's
acceleration risk was mitigated. As part of the changes to the
agreement, the interest rate rose to TIIE+1.10 from the original
TIIE+0.29. In Moody's view, the increment in the interest rate
spread is expected to result in a 0.3% increase in debt service to
total revenues for 2012 and should not have a material impact in
SIAPA's debt metrics. The new loan documents were available until
September 2012, month in which the new terms became effective.
Moody's will closely monitor SIAPA's fulfillment of the new loan
conditions.

What Could Change The Rating Up/Down

A sustained structural balance in the revenue and expenditure
growth, leading to consecutive cash financing surpluses and a
decrease in debt levels, could potentially exert upward pressure
to the ratings. A deterioration of financial and debt metrics,
could potentially exert downward pressure to the ratings. Also, a
failure to comply with the new obligations established in the
addendum of the loan agreement could also put downward pressure to
the ratings.



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


* TRINIDAD & TOBAGO: Not Saving Enough Money, Ex Governor Says
--------------------------------------------------------------
Kim Boodram at Trinidad Express reports that former Central Bank
Governor Ewart Williams said that Trinidad and Tobago, which is
still caught in a "boom and bust" cycle after 50 years of
independence, is not saving enough money.

Predicting a bleak future for the energy sector, which remains the
driver behind the local economy, Mr. Williams said a lack of
project implementation continued to stymie non-energy growth,
according to Trinidad Express.

The report notes that Mr. Williams said that the Heritage and
Stabilisation Fund was meant to be a check for government spending
and a repository for saving some of the energy wealth that comes
during boom time, a function it may yet serve.

As it stands, however, the Fund is not being fattened enough, even
as glaring declines continue in non-energy sectors such as
agriculture and tourism, the report relates.

"I happen to think that we are not saving enough," the report
quoted Mr. Willliams as saying.

The report notes that Mr. Williams said that he last boom turned
to a bust around 2008 and the country is still trying to recover.

While higher oil prices today should have signaled a turnaround,
poor project implementation, lackluster investor interest and
slowed demand for oil could mean a few more years of poor economic
activity, the report discloses.

Referring to the 1.2 per cent of economic growth in 2012 projected
by Finance Minister Larry Howai in his budget presentation on
October 1, Mr. Williams said: "I would call that tepid," Trinidad
Express relays.

Mr. Williams said the Vision 2020 plan of the previous People's
National Movement (PNM), was the closest document to a proper plan
for the future that the country has seen - but lack of
implementation may have been a holdback, Trinidad Express notes.
Meanwhile, the report relates that principal of The UWI, Prof
Clement Sankat, said much expectation is centred on the annual
budget and while this year's fiscal package seemed to have a good
plan to succeed, execution and accountability were screws that
need to be tightened.


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


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