TCRLA_Public/121019.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

           Friday, October 19, 2012, Vol. 13, No. 209


                            Headlines



A R G E N T I N A

CANDY STORE: Creditors' Proofs of Debt Due Dec. 7
GPAT COMPANIA: Moody's Assigns 'B1' Currency Debt Rating
HERRFAL COMPUTERS: Creditors' Proofs of Debt Due Nov. 1
PSA FINANCE: Moody's Assigns 'B1' Senior Debt Rating
LEIRATAX SRL: Creditors' Proofs of Debt Due Nov. 23

TCM SRL: Creditors' Proofs of Debt Due Nov. 16
* PROVINCE OF CHACO: Moody's Cuts Issuer & Debt Ratings to 'Caa3'


B R A Z I L

EMPRESA CATARINENSE: Moody's Assigns 'Ba1' Global Scale Rating


C A Y M A N  I S L A N D S

AIS SPC: Creditors' Proofs of Debt Due Oct. 24
ARES V CLO: Creditors' Proofs of Debt Due Nov. 5
CAIRN COMPANY: Creditors' Proofs of Debt Due Nov. 5
CAPPADOCIA AVIATION: Creditors' Proofs of Debt Due Nov. 5
CAYMO INC: Creditors' Proofs of Debt Due Nov. 5

FARMILO LTD: Creditors' Proofs of Debt Due Nov. 5
MANTIS REEF II: Creditors' Proofs of Debt Due Oct. 25
OSCAR FUNDING: Creditors' Proofs of Debt Due Nov. 5
SP CAYMAN 2: Creditors' Proofs of Debt Due Oct. 25
TROR CORPORATION: Creditors' Proofs of Debt Due Nov. 5


C O L O M B I A

LA SOURCE GRENADA: Closes Operations, Cuts 150 Jobs


M E X I C O

CERVECERIA NACIONAL: S&P Withdraws 'BB' Corporate Credit Rating
GRUPO SENDA: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive


T R I N I D A D  &  T O B A G O

PETROTRIN: President Denies $2 Billion Loss


U R U G U A Y

BANCO BILBAO: S&P Revises Outlook on 'BB+' Issuer Credit Rating


                            - - - - -


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


CANDY STORE: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
Adriana E. Torrado, the court-appointed trustee for Candy Store
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 7, 2012.

Ms. Torrado will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, 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:

         Adriana E. Torrado
         Tucuman 1553
         Argentina


GPAT COMPANIA: Moody's Assigns 'B1' Currency Debt Rating
--------------------------------------------------------
Moody's Investors Service assigned a B1 global local-currency debt
rating to the expected tenth issuance of GPAT Compania Financiera
(GPAT) Class A, up to the amount of Ar$50 million which will be
due in 270 days, and Class B, up to the amount of Ar$150 million
which will be due in 18 months. The issuances are under an already
rated program up to the amount of Ar$800 million. At the same
time, Moody's Latin America assigned Aa2.ar national scale local
currency debt rating to GPAT's expected issuances.

The outlook on all ratings is negative, following the rating
action, Moody's change to negative the outlook on rated Argentine
financial institutions.

The following ratings were assigned to GPAT Compania Financiera
S.A.'s issuances:

Class A: Ar$50 million senior unsecured debt issuance:

  B1 Global Local Currency Debt Rating

  Aa2.ar Argentina National Scale Local Currency Debt Rating

Class B: Ar$150 million senior unsecured debt issuance:

  B1 Global Local Currency Debt Rating

  Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's B1 global local currency issuer rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported Ar$1.297 million of total assets and Ar$
269 million of shareholders' equity as of June 30, 2012.


HERRFAL COMPUTERS: Creditors' Proofs of Debt Due Nov. 1
-------------------------------------------------------
Juan Carlos Sosa, the court-appointed trustee for Herrfal
Computers SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 1, 2012.

Mr. Sosa 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. 39, 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 Sosa
         Viamonte 783
         Argentina


PSA FINANCE: Moody's Assigns 'B1' Senior Debt Rating
----------------------------------------------------
Moody's Investors Service assigned a B1 global local currency
senior debt rating to PSA Finance Argentina Compania Financiera's
ninth bond issuance for an amount up to Ar$80 million, which will
be due in 24 months, as well as to the tenth issuance for an
amount of Ar$40 million, which will be due in 9 months. At the
same time, on the National Scale, Moody's assigned Aa2.ar local
currency debt rating to both issuances.

The outlook on all ratings is stable.

The following ratings were assigned to PSA Finance Argentina
Compania Financiera S.A.:

  AR$80 million senior unsecured debt issuance:

  B1 Global Local Currency Debt Rating

  Aa2.ar Argentina National Scale Local Currency Debt Rating

  AR$40 million senior unsecured debt issuance:

  B1 Global Local Currency Debt Rating

  Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from PSA Finance's B1 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

PSA Finance Argentina Compania Financiera S.A. is headquartered in
Buenos Aires, Argentina, with assets of Ar$1.556 million, and
equity of Ar$177 million as of June 2012.


LEIRATAX SRL: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------
Roberto Leibovicius, the court-appointed trustee for Leiratax
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 23, 2012.

Mr. Leibovicius 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:

         Roberto Leibovicius
         Tucuman 1585
         Argentina


TCM SRL: Creditors' Proofs of Debt Due Nov. 16
----------------------------------------------
Jose Maria Larrory, the court-appointed trustee for TCM SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 16, 2012.

Mr. Larrory will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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 Maria Larrory
         Rodriguez Pena 231
         Argentina


* PROVINCE OF CHACO: Moody's Cuts Issuer & Debt Ratings to 'Caa3'
-----------------------------------------------------------------
Moody's Latin America downgraded the Province of Chaco's issuer
and debt ratings (local currency) to Caa3/Caa2.ar from B3/A3.ar.
This action follows Chaco's recent default on USD-denominated
bonds (not rated by Moody's).

Moody's Latin America also downgraded the issuer and debt ratings
(local currency) of the Province of Formosa to Caa2/B2.ar from
B3/A3.ar. At the same time, Formosa's debt ratings (foreign
currency) for its USD denominated and payable bond under local law
were downgraded to Caa3/Caa2.ar from B3/A3.ar.

In addition, Moody's Latin America concludes the review initiated
on October 3, 2012 with the following rating actions:

1. The global scale ratings (local currency) of all Argentine sub-
sovereigns are now in line with or below Argentina's sovereign
bonds rating, B3 negative.

2. The global scale ratings (foreign currency) of all other
Moody's rated sub-sovereign governments in Argentina with foreign
currency obligations have been capped at Caa1, one notch below the
sovereign rating. This adjustment reflects Moody's view on the
growing risks that sub-sovereigns face to access foreign currency
and serve their obligations in foreign currency.

The ratings of the following regional and local governments were
affected: City of Buenos Aires, Province of Chubut, Province of
Mendoza, Municipality of Mendoza, Municipality of Cordoba,
Province of Buenos Aires, Province of Cordoba, Municipality of Rio
Cuarto, Province of Chaco, and Province of Formosa.

With the exception of the Province of Formosa, the outlook for all
the rated provinces and municipalities in Argentina is negative
and follows the negative outlook of Argentina's B3 local and
foreign currency government bond ratings. Formosa's issuer and
debt ratings were placed under review for a possible downgrade.

Ratings Rationale

The downgrade of the Province of Chaco to Caa3/Caa2.ar from
B3/A3.ar follows the province's recent default on its US dollar-
denominated bonds with an outstanding value of around US$34
million USD. On October 4, the province failed to honor debt
service payment in US dollars due to the restrictions imposed by
the central bank to acquire US dollars to service local debt
obligations. Consequently, the province paid in pesos at the
official exchange rate implying a loss of about 25%.

Formosa's issuer ratings downgrade to Caa2/B2.ar from B3/A3.ar
reflects the increased probability of default on its US dollar-
denominated bond in the local market. In addition, the current
ratings reflect Moody's assessment of the province's high exposure
to a deteriorating operating environment. Formosa's debt ratings
on the US dollar 5% coupon Co-participation Tax Revenue Secured
Notes due 2022 were downgraded to Caa3/Caa2.ar from B3/A3.ar.

The review for a possible further downgrade will focus on
assessing the magnitude of the loss to investors following a
default caused by the forced conversion of the debt service
payments in Argentinean pesos instead of US dollars. The next debt
service payment date is November 27.

Additionally, for other sub-sovereign governments with foreign
currency obligations, the foreign currency global scale rating has
been downgraded to Caa1 reflecting Moody's view on the growing
risks that Argentine sub-sovereigns face to access foreign
currency in an environment of increasingly restrictive policies by
the central bank.

The negative outlook reflects the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. Despite
the intrinsic financial characteristics of various Argentinean
provinces and municipalities, the lack of consistent and
predictable policies at the national level affects the
institutional framework under which provinces and municipalities
operate and ultimately anchors their credit quality to that of the
Sovereign.

With these actions, Moody's concludes the review initiated on
October 3, 2012.

ISSUERS AND RATINGS AFFECTED

(1) Sub-sovereigns previously rated above the Sovereign

- City of Buenos Aires: Downgrade of issuer and debt ratings
   (local currency) to B3/A3.ar from B1/Aa2.ar; Downgrade of
   issuer and debt ratings (foreign currency) to Caa1/Ba1.ar from
   B2/Aa3.ar; Negative Outlook.

- Province of Chubut: Downgrade of issuer and debt ratings (local
   currency) to B3/Baa1.ar from B2/Aa3.ar; Negative Outlook.

- Province of Mendoza: Downgrade of issuer and debt ratings
   (local currency) to B3/Baa1.ar from B2/A1.ar; Downgrade of
   issuer and debt ratings (foreign currency) to Caa1/Ba2.ar from
   B2/A1.ar; Negative Outlook.

- Municipality of Mendoza: Downgrade of issuer and debt ratings
   (local currency) to B3/Baa1.ar from B2/Aa3.ar; Negative
   Outlook.

- Municipality of Cordoba: Downgrade of issuer and debt ratings
   (local currency) to B3/Baa2.ar from B2/Aa3.ar; Negative
   Outlook.

(2) Sub-sovereigns that were previously rated at the Sovereign
    level

- Province of Buenos Aires: Downgrade of issuer and debt ratings
   (local currency) to B3/Baa3.ar from B3/A3.ar; Downgrade of
   issuer and debt ratings (foreign currency) to Caa1/Ba3.ar from
   B3/A3.ar; Negative Outlook.

- Province of Cordoba: Downgrade of issuer and debt ratings
   (local currency) to B3/Baa2.ar from B3/A2.ar; Downgrade of
   issuer and debt ratings (foreign currency) to Caa1/Ba3.ar from
   B3/A2.ar; Negative Outlook.

- Municipality of Rio Cuarto: Downgrade of issuer and debt
   ratings (local currency) to B3/Baa2.ar from B3/A2.ar; Negative
   Outlook.

- Province of Chaco: Downgrade of issuer and debt ratings (local
   currency) to Caa3/Caa2.ar from B3/A3.ar; Negative Outlook.

- Province of Formosa: Downgrade of issuer and debt ratings
   (local currency) to Caa2/B2.ar from B3/A3.ar; Downgrade of
   issuer and debt ratings (foreign currency) to Caa3/Caa2.ar from
   B3/A3.ar; Ratings under review for a possible downgrade.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in rated Argentinean sub-
sovereigns in the near to medium term. These issuers could be
further downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade. Furthermore, any action
taken by the central government that would negatively impact the
ability of a sub-sovereign entity to repay its financial
obligations could lead to a further downgrade of Moody's rated
sub-sovereigns in Argentina. Any such actions would be viewed by
Moody's as further illustration of a deteriorating institutional
framework and an unstable policy environment.

Formosa's issuer and debt ratings could be further downgraded if
the review concludes with Moody's assessment that the expected
loss to the bondholders is greater than the loss captured by the
current assigned ratings.



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


EMPRESA CATARINENSE: Moody's Assigns 'Ba1' Global Scale Rating
--------------------------------------------------------------
Moody's America Latina assigned a Ba1 global scale rating and
Aa2.br rating on the Brazilian National Scale to the 5-year BRL80
million senior unsecured amortizing debentures to be issued by
Empresa Catarinense de Transmissao de Energia S.A. (ECTE) in the
local market. At the same time, Moody's affirmed ECTE's issuer
ratings of Ba1 on the global scale and Aa2.br on the Brazilian
National Scale. The outlook for all ratings is stable.

The proceeds of the proposed BRL80 million debentures will be used
to support capital expenditures at the level of its subsidiary
Empresa de Transmissao Serrana S/A (ETSE) to construct two
transmission substations in the state of Santa Catarina, estimated
at around BRL130 million from 2012 through 2014. Management
indicated it would tap for additional funding, which Moody's
expects to be either BNDES or the local capital markets, to
complement the funding needs most likely in the second half of
2013.

Ratings Rationale

The Ba1 and Aa2.br issuer ratings reflect ECTE's predictable and
stable cash flows provided by its long-term regulated concession
agreement to operate an electricity network in the south of
Brazil. The relatively long track record of operations,
management's expertise in the transmission business and the
company's strong credit metrics further support the ratings.

ECTE's small scale and geographic concentration constrain the
rating, as do its aggressive dividend distribution policy,
relatively high capital expenditures and the company's evolving
corporate governance practices.

Moody's views the regulatory framework for transmission companies
in Brazil as well developed and highly predictable in terms of
cost recovery and return on invested capital. The predictable and
stable cash flow nature of the transmission segment stems from the
Permitted Annual Revenues (RAP), which are based on fixed capacity
payments throughout the concession period that have provisions for
automatic annual adjustments for inflation. Nevertheless, the
track record of the current framework is rather limited and some
procedures are still untested, such as the indemnification of non-
depreciated assets upon the non-renewal or termination of an
existing concession.

ECTE operates a single transmission line under a 30-year
concession that was signed in November 2000; the line started
operations in March 2002. The company largely benefits from a
concession granted prior to 2006, which is not subject to periodic
tariff reviews. On the other hand, the Permitted Annual Revenue
(RAP) for this concession is scheduled to step down 50% starting
in March 2017. The current RAP authorized by the regulator is
BRL71 million, which is valid from July 2012 through June 2013.

The inherently stable nature of its transmission services provides
ECTE with predictable and stable cash flows, which support its
strong credit metrics for the rating category. The network
availability has been around 99.9% over the last three years and
maintenance capital expenditures represent less than 1% of its
regulated asset base.

As a result of very low capital requirements, ECTE's leverage has
been very low, which is evidenced by a Net Debt to EBITDA ratio of
just 1.0x as of December 31, 2011. Moody's foresees an increase in
leverage over the next three years as a result of the BRL130
million capital expenditures program at the level of its
subsidiary ETSE, which is expected to be partly tempered by a
significant reduction in the payment of dividends as indicated by
the company's management. Moody's projects that the FFO over debt
ratio will average 26% from 2012 through 2014, which compares with
the previous 58.5% three-year average. Interest coverage is
expected to shrink to 3.3x in the same period down from 4.4x in
the previous three-year period.

Despite expected deterioration in ECTE's credit metrics, they are
expected to remain appropriate for the Ba1 rating category. When
the Ba1 issuer rating was assigned to ECTE in February 2011,
Moody's had factored into the rating the potential for new capital
expenditures and corresponding deterioration in credit metrics.

ECTE has corporate governance standards that are below the average
of its peer group of electric utilities with investment grade
ratings. Moody's understands there is room for further improvement
in corporate governance, which could be accomplished by the
publication of audited and consolidated cash flows on a quarterly
basis and the preparation of financial projection based on IFRS.

The stable outlook reflects Moody's expectation that ECTE will
continue to prudently manage the capital expenditures and the
distribution of dividends in line with its cash flow capacity
while maintaining an adequate liquidity position. ECTE's
management forecasts it will need to raise around BRL60 million in
the second half of 2013, which Moody's expects to be raised either
in the local capital markets or BNDES to complement ETSE's funding
needs. Moody's believes that ECTE has adequate access to the
banking and local capital markets not just because of the
inherently stable nature of its business but also because the
company can count on the support of financially strong
shareholders, which could step in, if necessary, to make sure ETSE
obtains timely and adequate funding.

The ratings could be upgraded if ECTE's corporate governance
practices improve along with a track record of continued strong
financial performance, such that the FFO interest coverage ratio
is greater than 3.5x along with a FFO to Net debt above 35% on a
sustainable basis.

The ratings or outlook could be downgraded if there is significant
increase in leverage and deterioration of the liquidity profile
driven by an unexpected sizeable investment program, capital split
or inability to raise timely funding as planned. Quantitatively,
the ratings or outlook could come under downward pressure if the
FFO interest coverage ratio falls below 2.5x and the FFO to Net
debt stays below 25% for an extended period.

The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.

Empresa Catarinense de Transmissao de Energia S.A. (ECTE), owns a
30-year concession contract that expires in November 2030 to
operate a 253 kilometer high-voltage transmission line in the
state of Santa Catarina. Alupar Investimentos S.A. (Alupar) is
ECTE major shareholder with 45.02% of its voting and total
capital. The other shareholders are Centrais Eletricas de Santa
Catarina (Celesc) with 30.88%, Companhia Energetica de Minas
Gerais S.A. (CEMIG) with 19.09% and MDU Resources (MDU) with
5.00%. In 2011, ECTE posted consolidated net revenues of BRL59
million (USD35 million) and EBITDA of BRL54 million (USD32
million) under Moody's standards, which include financial income
from cash and cash equivalents.



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


AIS SPC: Creditors' Proofs of Debt Due Oct. 24
----------------------------------------------
The creditors of AIS SPC 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. 29, 2012.

The company's liquidator is:

         Matthew Wright
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897
         Windward 1, Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


ARES V CLO: Creditors' Proofs of Debt Due Nov. 5
------------------------------------------------
The creditors of Ares V CLO Ltd. are required to file their proofs
of debt by Nov. 5, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 13, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box  1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CAIRN COMPANY: Creditors' Proofs of Debt Due Nov. 5
---------------------------------------------------
The creditors of Cairn Company Cayman Islands No. 2. Limited are
required to file their proofs of debt by Nov. 5, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 13, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box  1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CAPPADOCIA AVIATION: Creditors' Proofs of Debt Due Nov. 5
---------------------------------------------------------
The creditors of Cappadocia Aviation Limited are required to file
their proofs of debt by Nov. 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 13, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box  1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


CAYMO INC: Creditors' Proofs of Debt Due Nov. 5
-----------------------------------------------
The creditors of Caymo Inc. are required to file their proofs of
debt by Nov. 5, 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:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


FARMILO LTD: Creditors' Proofs of Debt Due Nov. 5
-------------------------------------------------
The creditors of Farmilo Ltd are required to file their proofs of
debt by Nov. 5, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 11, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


MANTIS REEF II: Creditors' Proofs of Debt Due Oct. 25
-----------------------------------------------------
The creditors of Mantis Reef II Limited are required to file their
proofs of debt by Oct. 25, 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


OSCAR FUNDING: Creditors' Proofs of Debt Due Nov. 5
---------------------------------------------------
The creditors of Oscar Funding Corp. XV are required to file their
proofs of debt by Nov. 5, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 13, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box  1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SP CAYMAN 2: Creditors' Proofs of Debt Due Oct. 25
--------------------------------------------------
The creditors of SP Cayman 2 Ltd. are required to file their
proofs of debt by Oct. 25, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 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


TROR CORPORATION: Creditors' Proofs of Debt Due Nov. 5
------------------------------------------------------
The creditors of Tror Corporation Limited are required to file
their proofs of debt by Nov. 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 13, 2012.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box  1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands



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


LA SOURCE GRENADA: Closes Operations, Cuts 150 Jobs
---------------------------------------------------
Caribbean360.com reports that La Source Grenada Limited closed its
operation on Oct. 15 due to "unforeseen circumstances" cutting 150
jobs in the process.

The 100-room luxury resort was seriously damaged by Hurricane Ivan
in 2004 and didn't reopen until February 2008, according to
Caribbean360.com.

The report relates that La Source's demise comes just months after
Delta Air Lines and American Eagle cancelled service to Grenada.
The report relays that American Airlines, British Airways and
regional carrier LIAT have also announced flight reductions to the
island.



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


CERVECERIA NACIONAL: S&P Withdraws 'BB' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' corporate
credit and senior unsecured debt rating on the Dominican Republic-
based beverage producer and distributor Cerveceria Nacional
Dominicana S.A. (CND) at its request. The withdrawal follows CND's
redemption of the remaining portion of its $270 million senior
unsecured notes due 2014 after AmBev - Companhia de Bebidas das
Americas completed the acquisition of 51% of the company. The
outlook was stable at the time of the withdrawal.


GRUPO SENDA: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Grupo
Senda Autotransporte S.A. de C.V. (Senda) to positive from stable.
"At the same time, we affirmed our 'B' global scale corporate
credit and senior secured ratings. The recovery rating of '3'
remains unchanged. We also affirmed our 'mxBBB-' national scale
long-term corporate credit rating and of 'mxA-3' short-term and
commercial program notes ratings," S&P said.

"The outlook revision reflects our expectation that Senda should
be able to maintain its improved operating performance thanks to
lower administrative, transportation, and maintenance costs, fleet
and route optimization, price increases, and organic growth," said
Standard & Poor's credit analyst Bernardo Gonzalez.

"Our ratings on Senda reflect our assessment of the company's
'aggressive' financial risk profile that is based on its sizable
outstanding debt relative to its cash generation, 'less than
adequate' liquidity, additional debt mainly to finance capital
expenditures, and exposure to exchange rate volatility. The
ratings also reflect our assessment of its 'weak' business risk
profile which reflects the company's small size relative to its
peers, the competitive Mexican bus transportation market, and the
industry's slow growth," S&P said.



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


PETROTRIN: President Denies $2 Billion Loss
-------------------------------------------
Carolyn Kissoon South Bureau at Trinidad Express reports that
Petroleum Company of Trinidad and Tobago (Petrotrin) President
Khalid Hassanali has admitted to multiple delays and cost overruns
during the time the Fluidised Catalytic Cracking Unit (FCCU) was
out of service at the company's Pointe-a-Pierre refinery.

However, Mr. Hassanali denied that the shutdown cost $2 billion,
according to Trinidad Express.

The report notes that Mr. Hassanali said the $2 billion was an
operating expenditure for purchasing blending stock to ensure
continuity of quality supply to customers.

Mr. Hassanali was responding to Opposition Senator Terrence
Deyalsingh's claims made during the 2012/2013 budget debate in the
Senate, the report notes.

Mr. Deyalsingh, the report relates, said the unprecedented
shutdown of the FCCU for 16 months had resulted in a cost of about
$2 billion.

However, speaking with reporters at an Energy Chamber luncheon at
Paria Suites, La Romaine, Mr. Hassanali said: "The $2 billion loss
took me by surprise because the $2 billion that was spent over the
last period when the cat cracker was out of service was really for
purchasing blending stock . . .  We didn't stop the refinery over
the last two years.  The refinery has been running.  It is only a
little more than 12 months now that the cat cracker was taken out
of service.  It has been upgraded while it was running, but since
December last year it was taken out of service," the report
discloses.

The report notes that Mr. Hassanali said upgrade works on the FCCU
began in 2006 at an estimated cost of US$173 million.

The contract comprised a lumpsum portion for engineering,
procurement and some management and fabrication services and the
rest of the work comprising the major part was on a cost
reimbursable basis, meaning Petrotrin took all the costs of
construction, the report relates.

The report notes that Mr. Hassanali said the procurement process
proved a major delay, but an accident in the boiler and a death at
the refinery further delayed the completion of upgrades this year.

The initial estimate was revised on two occasions - 2008 and 2010
- to US$439 million, the report says.

Mr. Hassanali said that final commissioning activities are in
progress and full commercial production is expected in November
2012, the report adds.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.



=============
U R U G U A Y
=============


BANCO BILBAO: S&P Revises Outlook on 'BB+' Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Banco
Bilbao Vizcaya Argentaria Uruguay (BBVA Uruguay) 'BB+' issuer
credit rating to negative from stable. The outlook revision
follows the downgrade of the parent bank, Banco Bilbao Vizcaya
Argentaria (BBVA; BBB-/Negative/A-3), which resulted in its
weakened capacity to provide support to BBVA Uruguay.

"We consider BBVA Uruguay as a 'moderately strategic' subsidiary
to its parent. Under our group methodology, the long-term issuer
credit rating on a 'moderately strategic' subsidiary is generally
one notch above its stand-alone credit profile (SACP), subject to
a cap of one rating notch below the group credit profile. The
ratings on BBVA Uruguay include one-notch uplift over its SACP of
'bb'," S&P said.

"The ratings on BBVA Uruguay would depend on its SACP and the
creditworthiness of its parent. We classify the Uruguayan
government as 'support uncertain' under bank criteria methodology.
For that reason, and despite BBVA Uruguay's moderately systemic
importance to the country's financial system, the credit ratings
on the bank are not expected to factor extraordinary government
support.The ratings on BBVA Uruguay reflect its 'strong' business
position, 'weak' capital and earnings, 'adequate' risk position,
'average' funding, and 'adequate' liquidity," S&P said.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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