TCRLA_Public/121026.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 26, 2012, Vol. 13, No. 214


                            Headlines



A R G E N T I N A

ALTO PALERMO: S&P Affirms 'B' Issuer Credit Rating; Outlook Neg
COLT SRL: Creditors' Proofs of Debt Due Nov. 9
DITONARD SA: Creditors' Proofs of Debt Due Nov. 14
INTERBAE SA: Creditors' Proofs of Debt Due Nov. 14
IRSA INVERSIONES: S&P Affirms 'B' Issuer Credit Rating

TRIPLE EFE: Creditors' Proofs of Debt Due Nov. 20
* CHACO PROVINCE: Fitch Says Issued Debt Sparks Speculation


B A R B A D O S

* BARBADOS: May Get $50MM Fine if $44 Million BWA Project Fails


B R A Z I L

ACUCAR E ALCOOL: Fitch Rates Proposed Sr. Unsecured Notes 'BB-'
GENERAL SHOPPING: Fitch Affirms 'BB-' Issuer Default Rating
USJ ACUCAR: S&P Assigns 'BB-' Global Scale Corp. Credit Rating


C A Y M A N  I S L A N D S

AIS SPC: Shareholders' Final Meeting Set for Oct. 30
ARES V CLO: Shareholders' Final Meeting Set for Oct. 26
BASIS PAC-RIM: Shareholders' Final Meeting Set for Nov. 5
BASIS YIELD: Shareholders' Final Meeting Set for Nov. 5
CAPPADOCIA AVIATION: Shareholders' Final Meeting Set for Oct. 26

CAYMO INC: Shareholder to Receive Wind-Up Report on Oct. 29
FARMILO LTD: Shareholder to Receive Wind-Up Report on Oct. 29
OSCAR FUNDING: Shareholders' Final Meeting Set for Oct. 26
PAC-RIM INVESTMENTS: Shareholders' Final Meeting Set for Nov. 5
TROR CORPORATION: Shareholders' Final Meeting Set for Oct. 26


E C U A D O R

* ECUADOR: Fitch Affirms 'B-' IDR; Outlook Changed to Positive


J A M A I C A

* JAMAICA: Decline in Net International Reserves Sparks Concern


M E X I C O

ALMACENADORA ACCEL: Moody's Assigns 'B2' Corp. Family Rating


P A N A M A

DIGICEL GROUP: Appeals US$50,000 Panama Fine


X X X X X X X X

* Moody's Changes Global R&M Sector Outlook to Stable




                            - - - - -


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


ALTO PALERMO: S&P Affirms 'B' Issuer Credit Rating; Outlook Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed 'B' ratings on Alto
Palermo S.A. (APSA). The outlook remains negative.

The ratings on APSA continue to reflect its "vulnerable" business
risk profile and "aggressive" financial risk profile, according to
S&P's corporate criteria.

"We continue to view APSA's credit quality as highly intertwined
with that of its parent IRSA Inversiones y Representaciones S.A.
(IRSA; B/Negative/--) and Cresud S.A.C.I.F. y A. (not rated), the
ultimate controlling shareholder. This is because of the
companies' high degree of integration and our assessment of
the potential benefits of increasing dividends from lower-
leveraged companies, such as APSA, to fund those with weaker
liquidity in an event of financial distress," S&P said.


COLT SRL: Creditors' Proofs of Debt Due Nov. 9
----------------------------------------------
Mabel A. Herrera, the court-appointed trustee for Colt SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 9, 2012.

Ms. Herrera will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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:

         Mabel A. Herrera
         Rodriguez Pena 694
         Argentina


DITONARD SA: Creditors' Proofs of Debt Due Nov. 14
--------------------------------------------------
Marta Susana Rosental, the court-appointed trustee for Ditonard
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 14, 2012.

Ms. Rosental will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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 Susana Rosental
         Viamonte 1592
         Argentina


INTERBAE SA: Creditors' Proofs of Debt Due Nov. 14
--------------------------------------------------
Graciela Esther Palma, the court-appointed trustee for Interbae
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 14, 2012.

Ms. Palma will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14, 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:

         Graciela Esther Palma
         Av. Cordoba 1351
         Argentina


IRSA INVERSIONES: S&P Affirms 'B' Issuer Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' ratings on
IRSA Inversiones y Representaciones S.A. (IRSA). The outlook
remains negative.

The ratings on IRSA continue to reflect its "vulnerable" business
risk profile and "aggressive" financial risk profile, according to
S&P's corporate criteria.

"The company's businesses are mostly located in Argentina, which
in our opinion exposes it to multiple risks such as high
inflation, erratic access to foreign currency, and volatile
domestic policies and regulatory framework. These risks often
cause consumer and business confidence to fall, jeopardize returns
on long-term investments, and add volatility to credit
availability. Due to some recent diversification into other
markets, IRSA has managed to mitigate the potential near-term
impacts of some of these risks, but, in our opinion, this won't be
enough in the long run," S&P said.


TRIPLE EFE: Creditors' Proofs of Debt Due Nov. 20
-------------------------------------------------
Ulderico Luis Laudren, the court-appointed trustee for Triple Efe
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Nov. 20, 2012.

Mr. Laudren will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on Aug. 27, 2013.

The Trustee can be reached at:

         Ulderico Luis Laudren
         Bernardo de Irigoyen 88
         Argentina


* CHACO PROVINCE: Fitch Says Issued Debt Sparks Speculation
-----------------------------------------------------------
The recent settlement in pesos of dollar-denominated debt issued
under Argentine law by the province of Chaco has sparked
speculation of growing "pesofication," according to Fitch Ratings.
Seeking to preserve its relatively comfortable level of hard
currency reserves, the Argentine government has been tightening
foreign exchange restrictions since October 2011.  The latest
manifestation of this trend was the refusal by the Central Bank to
grant the province of Chaco access to the local exchange market
(known locally as the MULC) to purchase a relatively small amount
of USD to service its dollar-denominated debt, leading the
Province to settle the debt in pesos at the official exchange
rate.

A majority of our ratings on Argentine corporate issuers are at
'B+' or below, which reflects a difficult operating environment.
We do not anticipate a general downward trend in corporate ratings
as a function of market turmoil derived from the province of
Chaco's failure to serve its locally issues dollar-denominated in
foreign currency.  However, we note that access to the foreign
exchange market has become increasingly restrictive and believe
this trend is likely to continue for the foreseeable future.

We point out that there have been no new rules governing the
access to foreign exchange markets to pay down debt over the past
few months and note the existing legal framework for purchasing
hard currency for debt service has been in place since 2009.
Under current regulation, access to the MULC for purchasing USD
with local currency is limited to those servicing debt contracted
abroad under non-Argentine law.  Debt denominated in USD issued
under local law must, effectively, be settled in pesos at the
official exchange rate.

The tightening of exchange controls over time has led to
corporates decreasing their reliance on foreign currency-
denominated debt.  Of the more than 75 Argentine companies covered
by Fitch, only a few have foreign-denominated debt subject to
Argentine law, with the bulk of corporate issuance in the domestic
market payable in pesos.

While access to foreign exchange continues in place for cross-
border debt service, in those cases where a local issuance was
dollar-denominated, the terms and conditions of the respective
Indentures allow for alternative settlement if/when there is no
access to local foreign exchange markets; generally, these clauses
allow settlement either by the sale of foreign currency, cross
border acquired in Argentina, or, when this is not practical, in
pesos.  As a result, locally issued dollar denominated debt is
seldom a material part of corporates' capital structures.

Over the past six months, corporates have been prevented from
distributing dividends in dollars and from accessing local
exchange markets to settle other types of cross-border, nondebt
transactions, such as royalties.  In our opinion, exchange
controls limit the financial flexibility of managers by reducing
investments both of local companies and foreign direct investment
in the country and increasing the refinancing risk as lending
options decrease.

Systemic risk is certainly affecting liquidity and the ability to
improve the debt structure of most corporates. Argentine
corporates have been reducing exposure to dollar-denominated debt,
albeit at higher nominal interest rates.  Uncertainty has caused
loan duration for the corporate sector to remain short (below two
years on average) and, despite adequate liquidity in the baking
system, growth in loans to the private sector has slowed versus
2011.  As a result, interest expenses have been increasing and
causing the debt structure for most corporates to deteriorate.
Argentine companies have been managing their financial strategy in
a more conservative way than regional peers and we believe they
will need to maintain that strategy in order to mitigate certain
risks including inflation pressure, operational difficulties
derived from a tightened foreign exchange market, and restricted
financial alternatives.  We have already factored these challenges
into the existing ratings and will continue to monitor them.



===============
B A R B A D O S
===============


* BARBADOS: May Get $50MM Fine if $44 Million BWA Project Fails
---------------------------------------------------------------
NationNews.com reports that Attorney Hal Gollop has warned the
Barbados government that if it fails to proceed with the
$44 million new Barbados Water Authority (BWA) headquarters, it
could find itself having to pay out over $50 million in damages
and other costs.

Attorney Hal Gollop has written a detailed letter stating the
outcome if government ceased the construction that has been
ongoing for the past 11 months, according to NationNews.com.

In the letter dated October 8, which was obtained by the MIDWEEK
NATION, Mr. Gollop explained that the purpose of his opinion was
"to assess the legal consequences and implications of the failure
or inability of the Government of Barbados, through its agent, the
Barbados Water Authority, to proceed with the completion of the
project," NationNews.com notes.

The report relates that pointing to the relevant law, Mr. Gallop
noted that the government of Barbados through the BWA would be
liable to the contractor, the arranger of finance, and all other
consultants in damages, should it fail to have the project
completed.



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


ACUCAR E ALCOOL: Fitch Rates Proposed Sr. Unsecured Notes 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned Foreign and Local Currency Issuer
Default Ratings (IDRs) of 'BB-', and an 'A(bra)' National Scale
Rating to U.S.J. - Acucar e Alcool S.A. (USJ). The Rating Outlook
for the corporate ratings is Stable.  Fitch has also assigned a
'BB-' rating to USJ's proposed up to USD300 million senior
unsecured notes due 2022.  Net proceeds from this issuance will be
used for general corporate purposes.

USJ's ratings are based on the company's reasonable consolidated
financial profile with a moderate capital structure, its solid
competitive position and business model within the volatile sugar
and ethanol industry, and business expansion strategy.  In
September 2011, USJ created a 50/50 joint venture (JV) with
Cargill Holding Participacoes S.A., called SJC Bioenergia Ltda
(SJC), which includes an operational mill and large greenfield
project that should increase USJ's standalone financial
flexibility by bringing in a financially strong partner to help
fund the company's expansion plan.

The ratings also incorporate the potential improvements in the
company's debt profile following the debt issuance, which
substantially lowers amortizing debt and reliance on funding with
short-term credit lines, which should lower refinancing risks over
the near term.  Cash flow to service the proposed notes will
mostly come from USJ's standalone cash flow and, in the future,
the dividends to be received from SJC.  SJC is not expected to
produce meaningful dividend flows over the next five years.

USJ's ratings are limited by the company's exposure to the
volatile sugar and ethanol industry and other risks inherent to
the agribusiness sector.  The ethanol industry dynamics are
strongly linked to Brazil's regulated gasoline prices and related
government energy policies.  Contributions from the energy
cogeneration activities, conducted through the joint venture, are
small and do not mitigate cash flow volatility.  USJ's ability to
maintain the required crop investments is an important challenge.
The maintenance of these investments is crucial for the group to
support high industrial capacity utilization rates in order to
sustain an increase in cash flow from operations (CFFO).

Deleveraging Trend

USJ's leverage metrics are low for the rating category and have
decreased dramatically over the last year as sugar and ethanol
recover and due to the creation of the Cargill JV (SJC); USJ's
contribution to the SJC joint venture consisted of an operational
mill plus a greenfield project, as well as BRL1 billion of debt,
and Cargill made a BRL350 million capital injection.  For the LTM
ended March 31, 2012, net leverage measured by net debt/EBITDA,
was 2.4x for USJ on a standalone basis and 2.9x on a consolidated
pro forma basis, which considers the proportional consolidation of
SJC since the beginning of the 2011/2012 harvest period.

USJ's consolidated net leverage is expected to gradually decline
to approximately 2.3x, from the current 2.9x by March 2014. Fitch
assumed mid-cycle prices of sugar and ethanol and an increase in
the production volumes due to the gradual start-up of SJC's second
mill from the 2013/2014 harvest onwards in its base case scenario.
In a stress case of lower sugar and ethanol prices, these ratios
tend to weaken to between 3.0x and 3.5x. As of March 31, 2012,
USJ's consolidated adjusted debt was BRL962 million, which
compares positively to BRL1.2 billion reported in March 2011.  For
the same period, USJ reported net adjusted debt of BRL773.1
million, a 35% reduction.

During 2008 and 2011, average leverage measured by net debt/EBITDA
was high at 11.1x, and was pressured by a sizeable capex and
capacity expansion program, which were badly timed with the
economic crisis and weak sugar and ethanol prices.  The
combination of better prices for the commodities and the JV with
Cargill provided the reduction in USJ's leverage both on an
individual and a consolidated basis.

Solid Business Profile, Cargill JV Positive

USJ has a broader product mix than its peers, so it can
differentiate its product which allows it to capture higher
margins.  The company produces higher value-added crystal sugar
versus raw sugar, which can command premium prices.  The company
also benefits from its location by selling its product under
medium-term contracts to financially strong food and beverage
companies within a 100km distance from the mill.  USJ's contracts
mitigate demand volatility although they are linked to volatile
international sugar prices.  Thus, USJ's joint venture with
Cargill is a positive.

USJ should benefit by having a financially strong partner share in
the funding of the expansion of the businesses through SJC. USJ's
business strategy of focusing its mill located in the state of Sao
Paulo (crushing capacity of 3.8 million tons of sugar cane) on
higher value-added products is positive.  USJ's current
proportional crushing capacity under the JV is 2.5 million tons of
sugar cane, which will increase to 3.75 million after the start-up
of the greenfield project.  The greenfield investment is
adequately funded and include a long-term loan from the Brazilian
National Development Bank (BNDES).

USJ also benefits from the complementary, large-scale production
of its Goias mills, currently controlled by SJC, a long history
with third party suppliers of sugar cane in the state of Sao
Paulo, and lower leased land costs in its expansion area.  The
flexibility of its product mix towards sugar and ethanol also
helps the company to manage profitability, vis-a-vis the price
behavior of these commodities, which are established by the
market.  In the last harvest period, the sugar business
represented approximately 59% of total revenues, versus an average
of 63% in the last three harvest periods.

Satisfactory Liquidity

USJ's liquidity is satisfactory. As of March 31, 2012, cash and
marketable securities amounted to BRL189 million.  Liquidity
ensured short-term debt coverage of 0.9x. This indicator compares
with a ratio of cash/short-term debt of 0.02x in March 2011.
Consolidated liquidity strengthened in 2012 due to the
proportional consolidation of the JV's cash position.

On a standalone basis, the company has a strategy to improve its
debt profile and financial cost, through the issuance of senior
unsecured notes in an amount between USD200 million and USD300
million. USJ has debt maturities of BRL100 million between April
2013 and March 2014 and BRL147 million in the subsequent period,
which are expected to be refinanced through, in part, the enhanced
liquidity from the proposed notes.  USJ's standalone net adjusted
debt is BRL773.1 million, of which approximately 22% was due in
the short term, and 30% being trade finance lines.

SJC benefits from a liquidity facility provided by Cargill
Holding, which could be used in case of financial need given the
risks inherent to the completion of the second industrial unit of
SJC, in Goias. USJ has a substantial land portfolio (market value
estimated at BRL1 billion), which also provides financial
flexibility.

Negative Free Cash Flow due to Higher Capital Expenditures

Free cash flow (FCF) is negative but expected to turn positive by
2014.  Cash flow generation was not sufficient to fully cover
capital expenditures, which were higher than historical levels due
to the need for larger crop investments to ensure higher
industrial capacity utilization in the coming years and also due
to the ongoing greenfield project in Goias.  These factors led to
negative FCF of BRL31 million in the LTM ended March 2012, funds
from operations (FFO) of BRL179 million, and CFFO of BRL117
million on a consolidated basis, reflecting an increase in the
company's working capital needs for that period.

Fitch expects FCF to become positive in 2014. USJ's FCF should
benefit from the expected increased cash flow contribution
following the estimates of a gradual increase in the utilization
rate of the industrial capacity of the mill located in the state
of Sao Paulo and the ramp up of SJC's second mill, from next year
onwards, coupled with lower planned capital expenditures in the
industrial plants.

Production Volumes Lower in 2011/2012

USJ's sugar cane crushing volume was 14% lower in the 2011/2012
harvest period compared to the previous year.  The 11.4% reduction
in the industry crushing volume in the Central South region of
Brazil, as per UNICA (the Association of Sugar and Ethanol
producers in the Central South), occurred due to unfavorable
weather conditions and high average age of crops.  Even so, USJ's
consolidated net revenues slightly increased in March 2012 due
mainly to higher sugar and ethanol average prices.  In this
period, average international sugar prices were around USD25
c/pound and the average prices for anhydrous ethanol and hydrous
ethanol in the domestic market were BRL1.38/m3 and BRL1.19/m3,
respectively.  These prices when compared to the previous harvest
period represented increases of approximately 12%, 25% and 24%.
For the 2012/2013 harvest, Fitch considered the assumption that
sugar prices should show a moderate reduction and ethanol prices
should remain relatively stable.

In the LTM ended March 2012, USJ's net revenue and EBITDA without
the effect of the fair value of biological assets (BRL56 million
for the period) were BRL846 million and BRL386 million,
respectively, on a consolidated basis.  Although these amounts
were higher than the BRL839 million and BRL199 million,
respectively, reported for March 2011, the comparison is distorted
by different accounting methods (implementation of International
Financial Reporting Standards [IFRS] in the 2011/2012 harvest
period, with relevant changes in EBITDA calculation) and by the
constitution of the JV with Cargill in September 2011.

Key Rating Drivers

Negative rating actions could be triggered if USJ is unable to
maintain its leverage in the current range and/or presents a
relevant worsening in its cash flow from operations.  Going
forward, a faster than expected deleveraging trend of USJ on a
consolidated basis coupled with improved liquidity position on a
recurring basis could lead to a positive rating action.


GENERAL SHOPPING: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of General Shopping Brazil
(GSB) and its fully owned subsidiaries as follows:

General Shopping Brasil S.A. (GSB):

  -- Foreign currency Issuer Default Rating (IDR) at 'BB-';
  -- Local currency IDR at 'BB-';
  -- National scale ratings at 'A-(bra)'.

General Shopping Finance Limited (GSF):

  -- Foreign currency IDR at 'BB-';
  -- USD250 million perpetual notes: at 'BB-'.

General Shopping Investment Limited (GSI):

  -- Foreign currency IDR at 'BB-'.
  -- USD150 million subordinated perpetual notes at 'B'.

Simultaneously, Fitch withdraws the 'RR6' recovery rating of the
subordinated perpetual notes.  The IDR's of GSF and GSI have been
linked to their parent company GSB through Fitch's 'Parent and
Subsidiary Rating Linkage' criteria.

The Rating Outlook for GSB, GSF and GSI is Stable.

The credit ratings of GSB reflect the company's strong business
position as one of the largest shopping center operators in
Brazil's southeastern and southern regions.  GSB owns stakes in 16
shopping centers that have a total owned gross leasable area (GLA)
of 255,000 square meters (m2).  These malls are modern and well
located, with all but two of the malls being constructed within
the past seven years.  Occupancy trends have been positive and
occupancy rates have been at about 96% during the past 24 months.

The ratings also positively factor in GSB's stable and predictable
cash flow generation, adequate liquidity position and manageable
debt amortization schedule.  About 81,000 m2 of GSB's GLA has not
been pledged as collateral for debt, which provides the company
with an additional source of liquidity.  GSB's credit ratings are
constrained by its high leverage and aggressive capital
expenditure plans.  Further ratings constraints include the risk
of completion delays for the company's aggressive growth plans,
and the challenge of maintaining leasing rates at high levels.
GSB's limited geographical and revenue diversification also are
credit considerations.  The company's top-20 tenants account for
approximately 10% of its total revenues.

Leverage Grows as GSB Embarks Upon Aggressive Capex Plan

The company's total debt increased to BRL1.1 billion as of June
30, 2012 from BRL690 million as of Dec. 31, 2011.  The increase in
debt was due to the addition of BRL450 million of secured debt and
the issuance of USD150 million of perpetual subordinated notes.
GSB raised this debt to fund its capex plan and to improve its
cash position.

GSB generated BRL109 million of EBITDA during the LTM ended June
30, 2012.  The company's gross and net leverage ratios, as
measured by total debt/EBITDA and net debt/EBITDA, were 9.7x and
5.9x, respectively, as of June 30, 2012.  These leverage ratios
are above those previously factored into the ratings.  Fitch's
revised base case considers the company's net leverage to reach
levels of about 6.0x at the end of 2012, before declining slightly
to 5.7x at the end of 2013.

Liquidity Remains Healthy; High Level of Unencumbered Assets

As of June 30, 2012, GSB had BRL410 million of cash and marketable
securities, which comfortably covers scheduled debt payments of
BRL38 million during the second half of 2012 and BRL42 million
during 2013.  An additional payment of approximately BRL90 million
related to a secured financing due in 2013 is already covered with
resources allocated as restricted cash.

GSB's free cash flow (FCF) is expected to be negative by about
BRL300 million during 2012, due to about BRL350 million of
investments.  This should result in a growth of the company's net
debt to about BRL763 million as of Dec. 31, 2012 from BRL 577
million as of Dec. 31, 2011.  GSB maintains approximately 28% of
its total GLA as unencumbered assets. The estimated market value
of these assets is approximately BRL400 million, which provides an
additional source of liquidity.  GSB's total investment property
value is estimated at about BRL1.8 billion as of June 30, 2012.

Focus on Capex Plan Execution; GLA Expected to Reach 275,000 M2 by
end of 2013

GSB is currently implementing an aggressive capex plan that is
primarily being funded with debt. Capex levels for 2012 and 2013
are projected to be approximately BRL319 million and BRL187
million, respectively.  The 2012 figure includes the sale of
minority stakes in properties, as well as the acquisition of
Shopping Bonsucesso (GLA of 24,437 m2)for approximately BRL130
million during the third quarter of 2012.

During the third quarter, GSB also completed two important
expansion projects, Prudente and Unimart, as well as a greenfield
project -- Brasilia.  These developments together represent an
addition of 19,000 m2 of GLA, which is similar to the growth rate
achieved by the company in 2011.

The ratings incorporate Fitch's projection that strong occupancy
levels and high growth rates will result in an increase in the
company's EBITDA to approximately BRL126 million during 2012 from
BRL98 million in 2011.  For 2013, Fitch projects an EBITDA level
of BRL165 million. Margins should continue to remain in the range
of 70%.

Rating Expectations

The Stable Outlook incorporates the view that the company's
liquidity will remain solid with a cash position around BRL350
million and that net leverage will remain stable at about 6.0x.  A
negative rating actions could result from a deterioration of the
company's leverage due to: project delays, lower cash flow
generation (EBITDA) by existing malls; and/or incremental debt
associated with acquisition activity.  A weakening of the
company's liquidity position would also hinder credit quality and
could result in a negative rating action.  Considering the high
leverage and aggressive capex plans, GSB's ratings are unlikely to
be upgraded during the next 12 months.


USJ ACUCAR: S&P Assigns 'BB-' Global Scale Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
global scale and 'brA' Brazilian national scale corporate credit
ratings to USJ Acucar e Alcool S/A (USJ). "At the same time, we
assigned our 'BB-' issue-level rating to USJ's proposed $200
million bond issuance. The outlook is stable," S&P said.

"The 'BB-' ratings on USJ reflect our view of its 'fair' business
risk profile, 'aggressive' financial risk profile, and 'adequate'
liquidity. Our analysis of USJ reflects the operation of Usina Sao
Joao, the company's sole industrial mill," said Standard & Poor's
credit analyst Flavia Bedran. "We see as a positive factor the
company's 50% stake in the SJC Bioenergia S.A. (SJC), a joint
venture with Cargill Inc. (A/Negative/A-1). However, given that
USJ doesn't receive cash flows or dividend payments from the joint
venture, we excluded the diversification and cash flow upside in
our analysis of the company," added Ms. Bedran.



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


AIS SPC: Shareholders' Final Meeting Set for Oct. 30
----------------------------------------------------
The shareholders of AIS SPC Ltd. will hold their final meeting on
Oct. 30, 2012, at 2:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Shareholders' Final Meeting Set for Oct. 26
-------------------------------------------------------
The shareholders of Ares V CLO Ltd. will hold their final meeting
on Oct. 26, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Facsimile: (345) 949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


BASIS PAC-RIM: Shareholders' Final Meeting Set for Nov. 5
---------------------------------------------------------
The shareholders of Basis Pac-Rim Opportunity Fund will hold their
final meeting on Nov. 5, 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:

         Peter Dobson
         P.O. Box N115 Grosvenor Place
         Sydney NSW 1220
         Australia


BASIS YIELD: Shareholders' Final Meeting Set for Nov. 5
-------------------------------------------------------
The shareholders of Basis Yield Alpha Fund will hold their final
meeting on Nov. 5, 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:

         Peter Dobson
         P.O. Box N115 Grosvenor Place
         Sydney NSW 1220
         Australia


CAPPADOCIA AVIATION: Shareholders' Final Meeting Set for Oct. 26
----------------------------------------------------------------
The shareholders of Cappadocia Aviation Limited will hold their
final meeting on Oct. 26, 2012, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Facsimile: (345) 949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


CAYMO INC: Shareholder to Receive Wind-Up Report on Oct. 29
-----------------------------------------------------------
The shareholder of Caymo Inc. will receive on Oct. 29, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


FARMILO LTD: Shareholder to Receive Wind-Up Report on Oct. 29
-------------------------------------------------------------
The shareholder of Farmilo Ltd will receive on Oct. 29, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


OSCAR FUNDING: Shareholders' Final Meeting Set for Oct. 26
----------------------------------------------------------
The shareholders of Oscar Funding Corp. XV will hold their final
meeting on Oct. 26, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Facsimile: (345) 949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


PAC-RIM INVESTMENTS: Shareholders' Final Meeting Set for Nov. 5
---------------------------------------------------------------
The shareholders of Pac-Rim Investments Limited will hold their
final meeting on Nov. 5, 2012, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Nicholas Reeves
         Suite 608, 1 Macquarie Place
         Sydney, NSW 2000
         Australia


TROR CORPORATION: Shareholders' Final Meeting Set for Oct. 26
-------------------------------------------------------------
The shareholders of Tror Corporation Limited will hold their final
meeting on Oct. 26, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345) 949-8244
         Facsimile: (345) 949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands



=============
E C U A D O R
=============


* ECUADOR: Fitch Affirms 'B-' IDR; Outlook Changed to Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Ecuador's Long-term foreign currency
Issuer Default Rating (IDR) at 'B-', its Short Term IDR at 'B',
and the Country Ceiling at 'B-'.  The Rating Outlook is revised to
Positive from Stable.

The Outlook revision to Positive reflects Ecuador's improved
growth performance as well as manageable financing needs in the
context of high international oil prices.

Ecuador's ratings currently balance comparatively stronger fiscal
and external solvency indicators against the sovereign's weak debt
service record, limited sources of financing and high commodity
dependence. In addition, a high level of state intervention
weakens the business environment and undermines economic policy
predictability.

Ecuador had a strong economic performance in 2011 with GDP
expanding 8.0%. While higher public investment could increase the
country's growth potential through improved infrastructure and
reduced energy costs, the economy's medium-term performance will
also depend on the government's capacity to transition from a
significant oil-fuelled fiscal stimulus to a more sustainable mix
including increased private sector investment.  In this context,
the government is currently attempting to attract greater private
investment in the oil sector.

Higher than budgeted oil prices have allowed the government to
keep financing needs under control.  The non-financial public
sector (NFPS) deficit, estimated at 2% of GDP in 2012, could
remain lower than 'B' rated peers in the event that oil prices
remain close to current levels.  Chinese loans to the Ecuadoran
government have facilitated the government's capacity to boost
capital spending.  As capital expenditure partly explains the
significant fiscal expansion in recent years, the government could
potentially adjust its investment plans and reduce its financing
needs in the event of a revenue shock.

Nevertheless, Ecuador has high commodity dependence and limited
financing sources. NFPS oil-related revenues have increased to
19.3% of GDP (41.4% of total revenues) in 2011, and oil exports
represented 58% of total exports (18% of GDP).  The current
account deficit, at 0.3% of GDP in 2011, is expected to
deteriorate and underlines the importance of securing greater
external financing to prevent a faster deceleration of the economy
in the context of dollarization.

Ecuador continues to have limited access to financing.  While
China has provided substantial financing for infrastructure
projects and budget support in recent years, financing sources
continue to be limited as a result of Ecuador's relatively shallow
domestic debt market, and its limited access to non-bilateral
foreign funding.

Ecuador's government debt, at 22% of GDP in 2011, remains lower
than 'B' rated peers in spite of significant bilateral borrowing
from China.  Nevertheless, this needs to be balanced against the
demonstrated weak willingness to repay debt, which weighs on
Ecuador's credit profile and highlights the country's low debt
tolerance.  In 2008/09 the sovereign defaulted by conducting a
coercive debt exchange despite existing capacity to pay.  Fitch
notes that Ecuador's commitment to continue servicing debt has not
yet been tested under less favorable external and commodity price
conditions.

Greater confidence as to the sustainability of future economic
growth, evidence of continued government willingness to service
debt and access to international finance, and favorable investment
dynamics in commodity sectors would be positive for Ecuador's
ratings.  Sustained deterioration in the sovereign's fiscal and
external credit metrics, reemergence of financing constraints and
signs of erosion in the sovereign's willingness to service debt
could negatively impact creditworthiness.



=============
J A M A I C A
=============


* JAMAICA: Decline in Net International Reserves Sparks Concern
---------------------------------------------------------------
RJR News reports that Jamaica Opposition Spokesman on Finance,
Audley Shaw, is expressing alarm at the decline in the country's
Net International Reserves to a nine-year low.

The reserves are now in the region of US$1.2 billion dollars,
according to RJR News.  Mr. Shaw, according to the report, said in
April 2011 the reserves peaked at US$2.6 billion.

Mr. Shaw said this has led to international suppliers of goods
being cautious in doing business with Jamaica, the report relates.

RJR News notes that Mr. Shaw said they are cutting supplies of
goods to Jamaica as they are not able to get the foreign exchange
in time.  The report relates that Mr. Shaw also said that local
producers are only getting a caption of the funds they need.

In response, Finance Minister Dr. Peter Phillips threw blame at
the feet of the Opposition saying the state of the NIR was due to
its abandonment of the previous IMF program, the report notes.



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


ALMACENADORA ACCEL: Moody's Assigns 'B2' Corp. Family Rating
------------------------------------------------------------
Moody's Investors Service downgraded Almacenadora Accel S.A.'s
long term local currency issuer rating to B2, from B1. At the same
time, Moody's de M‚xico downgraded Accel's long term Mexican
National Scale issuer rating to Baa3.mx, from Baa2.mx. Moody's
also assigned a long term local currency corporate family rating
(CFR) of B2 to Accel. All ratings have a stable outlook.

The following ratings were downgraded, with a stable outlook:

  Long term local currency issuer rating to B2, from B1

  Long term Mexican National Scale issuer rating to Baa3.mx, from
  Baa2.mx

The following rating was assigned, with a stable outlook:

  Long term local currency corporate family rating of B2

Ratings Rationale

In downgrading Accel's standalone rating to B2, from B1, Moody's
mentioned the declining importance and franchise value of the
regulated warehouse for its holding company, Accel, S.A.B. de
C.V., as the group increasingly focuses on logistics operations
and traditional warehousing, rather than on the regulated issuance
of certificates of deposits in Accel's depots. As such, Accel
continues to report very modest operating profits, which reflect
the high costs derived from its operations, as well as investments
in renovations. The company's quarterly results have been volatile
and dependent on non-recurrent income to offset the weaknesses of
its business model. In that regard, Accel's financial information
does not fully reflect the earnings generated by the non-regulated
activities performed by the group's logistics division within
Accel's warehouses, which is a negative driver for the ratings.

Moody's noted that Accel's ratings incorporate the diversification
of its operations relative to its peers, as exhibited by its
ownership of depots throughout Mexico which include cold storage,
rail-access and complementary processing services. Accel is the
second largest within the regulated warehouse industry in Mexico,
with a market share of 16.8% of assets under custody, as of end-
June 2012.

Accel's Corporate Family Rating of B2

Moody's also assigned a Company family rating (CFR) of B2 to
Accel. As a reference point, CFRs represent the rating agency's
opinion of the consolidated credit risk of a speculative grade
company, equivalent to the weighted average of all debt classes
within the company's capital structure, considering the
proportionality, seniority and level of asset protection
associated with various debt classes, both nominally and in
relation to each other. Because Accel has no outstanding debt
obligations at this time, Moody's assumes that the company's B2
issuer rating is at the same rating level as its B2 CFR. If and
when the company issues debt obligations, Moody's will reassess
the seniority and level of asset protection of the company's
capital structure.

Accel is headquartered in Mexico City, Mexico, and reported
MX$1.1 billion in total assets, MX$766 million in shareholder's
equity and MX$10 billion in assets under custody.

The methodology used in this rating is the Finance Company Global
Rating Methodology published in March 2012.

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

The date of the last Credit Rating Action was 30 September 2010
when Moody's Investors Service affirmed Almacenadora Accel's
ratings and changed its outlook to stable, from negative.

The period of time covered in the financial information used to
determine Almacenadora Accel's rating is between December 31, 2007
and August 31, 2012 (source: Moody's and Issuer's financial
statements).



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


DIGICEL GROUP: Appeals US$50,000 Panama Fine
--------------------------------------------
RJR News reports that Digicel Group has been fined US$50,000 in
Panama for imposing charges on customers who wanted to change
mobile phone networks.

ASEP (National Authority of Public Services), the Panamanian
regulator imposed the fine after customers complained that Digicel
demanded a payment to unblock their phones, according to RJR News.

The report relates that the authority found that Digicel Group had
not properly informed customers at the time of buying a phone that
the unit had a subsidized price and that a fee would be payable if
the contract was cancelled within the first six months of the
phone's acquisition.

The company has appealed the fine, RJR News notes.

A spokeswoman for Digicel Group told the Irish Times newspaper
that the company anticipates that the matter will be resolved in
its favor, RJR News relate.

Digicel subsidizes phones in Panama.

RJR News notes that under the terms of the porting agreement in
that country, Digicel is entitled to recover some or that entire
subsidy in the event that the customer moves to another network.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service 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.


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


* Moody's Changes Global R&M Sector Outlook to Stable
-----------------------------------------------------
Moody's has changed its outlook for the Global Independent
Refining and Marketing (R&M) sector to stable from negative. The
outlook reflects the rating agency's view of fundamental credit
conditions for the industry in the coming 12-18 months.

"Worldwide growth in demand for refined products will slow through
2013," says Vice President Gretchen French, who wrote the new
report, "Capacity Rationalization Eases Pressure from New
Refineries and Slowing Global Growth." "We expect modest growth in
the US, but also see weakness in Europe and economic slowing in
China," French says.

Gasoline demand continues to face a long-term secular decline in
OECD countries, Moody's says, while global demand for distillate
will grow next year, in line with its forecast of 2.9%-3.9% GDP
growth worldwide.

While worldwide capacity overhang will increase next year,
continued capacity rationalization should help the sector to
rebalance over time, Moody's says. Up to 1.7 million barrels per
day in capacity additions are expected in 2013, which is well
above demand growth of 0.8 million barrels a day. Still,
successful rationalization supported companies' margins in 2012,
and rationalization will continue as additional capacity comes
online by 2015.

Feedstock flexibility is increasingly driving profitability for
refiners. While US firms such as Marathon Petroleum, CVR Energy,
HollyFrontier and Northern Tier Energy will benefit from their
access to growing North American oil production and historically
low natural gas prices, those that rely on imported crude or with
higher cost structures, such as Chilean firm Empresa Nacional del
Petroleo, will face disadvantages.

Both merger and acquisition activity and shareholder returns have
increased in line with the sector's overall improved performance.
Further variable distribution master limited partnerships (MLPs),
midstream MLPs, dividends, share buybacks and asset spin-offs are
expected next year. Companies including Tesoro and Marathon
Petroleum have either floated shares for midstream MLPs or will
soon do so.

And although EBITDA is expected to be weaker for the sector in
2013, it will still fall within the -10% to +10% range that
indicates a stable industry outlook, the new report says. Even so,
competition, cyclicality and volatility remain high.

Moody's would revise the outlook to negative if EBITDA were
projected to decline by more than 10% in the next 12-18 months,
while growth of more than 10% could lead to a positive outlook.


                            ***********


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 * * *