TCRLA_Public/121031.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 31, 2012, Vol. 13, No. 217


                            Headlines



A R G E N T I N A

CHUBIT REGALIAS: Moody's Cuts Rating on Class A Notes to 'B1(sf)'
CONSTRUCCION Y ENSAMBLE: Creditors' Proofs of Debt Due Nov. 20
EMPRESA PROVINCIAL: Moody's Affirms 'B3' Global Scale Rating
ESTANCIAS DEL BERMEJO: Creditors' Proofs of Debt Due Nov. 14
FRAVEGA: Moody's Lowers Corp. Family Rating to 'B3'; Outlook Neg

HELY SA: Creditors' Proofs of Debt Due Dec. 3
OBRA SOCIAL: Creditors' Proofs of Debt Due Nov. 5
PAN AMERICAN: Fitch Affirms 'B+' Issuer Default Rating
SULLAIR: Moody's Lowers Corporate Family Rating to 'B3'

* ARGENTINA: Moody's Cuts Ratings on Subsovereign Securitizations
* ARGENTINA: Moody's Cuts Foreign Currency Debt Ratings to 'B3'
* ARGENTINA: Moody's Cuts Foreign Currency Debt Ratings of Banks


B R A Z I L

CENTRAIS ELETRICAS: Equatorial Sees End-October OK for Purchase
MINERVA SA: S&P Affirms 'B+' Global Scale Issuer Credit Rating
PETROLEO E GAS: Fitch Says "Put Option" May Affect Credit Quality
COMPANHIA DE CREDITO: Moody's Assigns 'Ba1' CFR; Outlook Stable
* BRAZIL: Vox Capital Fund Gets $4MM Equity Investment From MIF


C A Y M A N  I S L A N D S

CRC CAPITAL: Placed Under Voluntary Wind-Up
FLORA PDP: Creditors' Proofs of Debt Due Nov. 8
GALISTEO CAPITAL: Creditors' Proofs of Debt Due Nov. 8
JL FALCON: Creditors' Proofs of Debt Due Nov. 8
JL FALCON FUND: Creditors' Proofs of Debt Due Nov. 8

MOTRICITY CAYMAN: Creditors' Proofs of Debt Due Oct. 31
NORTHBRIDGE DIVERSIFIED: Creditors' Proofs of Debt Due Nov. 5
WARRICK INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 8


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Rates $550-Mil. Sr. Notes 'Ba3'


G R E N A D A

LA SOURCE RESORT: Sandals Resorts to Take Over Operations


M E X I C O

GRUPO POSADAS: Fitch Raises Issuer Default Rating to 'B'
RUTAS DEL BOSQUE: S&P Affirms 'BB+' Rating on Fixed-Rate Notes
VITRO SAB: Profit Jumps 151% as Auto Glass Sales Rise
* STATE OF NAYARIT: Moody's Assign Ba1 Ratings to Enhanced Loans


P E R U

DOE RUN PERU: Smelter Reactivation Pending Environmental Permit
SCOTIABANK PERU: Moody's 'D+' BFSR Remains Unchanged




                            - - - - -


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A R G E N T I N A
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CHUBIT REGALIAS: Moody's Cuts Rating on Class A Notes to 'B1(sf)'
-----------------------------------------------------------------
Moody's Latin America has downgraded the current ratings of the
Class A notes (VDF A) of Fideicomiso Financiero Chubut Regalias
Hidrocarburiferas I from Ba3 (sf) to B1 (sf) (Foreign Currency,
Global Scale) and from Aa1.ar (sf) to Aa2.ar (sf) (National Scale
Rating).

The complete rating action is as follows:

Issuer: Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I

  VDF A, Downgraded to B1 (sf); previously on Jul 27, 2010
  Definitive Rating Assigned Ba3 (sf)

  VDF A, Downgraded to Aa2.ar (sf); previously on Jul 27, 2010
  Assigned Aa1.ar (sf)

Ratings Rationale

The downgrade follows the downgrade of Argentina's foreign
currency bond ceiling from B2 to B3.

Moody's notes that the transaction's ratings continue to pierce
the Argentine foreign currency bond ceiling by two notches based
on structural protections, including: (i) an offshore reserve
account for the benefit of investors with Bank of New York Mellon
(Aa1) that covers five quarterly interest payments on the Class A
notes, (ii) provisions that allow Banco de Valores as the
Argentine trustee, in case of a convertibility or transferability
event, to purchase an amount of Argentine government or corporate
bonds denominated in US dollars to be sold in the New York, Zurich
or Montevideo's market, so that the amount in US dollars resulting
from that bonds' sale, net of expenses and taxes, equals the debt
service to be paid to the note holders, and (iii) payment-in-kind
provisions.

The Argentine trustee has confirmed that currently there are no
restrictions in effect to pay debt service in US dollars to
offshore investors related to transactions issued under foreign
law.

The ratings of the Class B notes (VDF B), which are payable in
local currency, are not affected by this rating action. VDF B are
currently rated Ba3 (sf) (Local Currency, Global Scale) and Aaa.ar
(sf) (National Scale Rating).

As of August 2012, the Interest Debt Service Coverage Ratio (DSCR)
was 33.25 times, in line with Moody's original expectations. As a
result of recent strikes that interrupted oil and gas production
in Cerro Dragon (the largest field in the Province of Chubut), the
DSCR declined moderately during June and July 2012. In August
2012, DSCR levels recovered and resumed pre-crisis levels.


CONSTRUCCION Y ENSAMBLE: Creditors' Proofs of Debt Due Nov. 20
--------------------------------------------------------------
Jacobo Luterstein, the court-appointed trustee for Construccion y
Ensamble SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 20, 2012.

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

The Trustee can be reached at:

         Jacobo Luterstein
         Rodriguez Pena 694
         Argentina


EMPRESA PROVINCIAL: Moody's Affirms 'B3' Global Scale Rating
------------------------------------------------------------
Moody's Latin America S.A. has downgraded Empresa Provincial de
Energia de Cordoba's (EPEC) national scale rating to Baa2.ar from
A3.ar; the B3 global scale rating has been affirmed. The outlook
continues to be negative.

Ratings Rationale

The rating downgrade is triggered by the recent downgrade of the
Province of Cordoba's national scale rating to Baa2.ar.

The negative outlook reflects both the negative outlook for the
Province's rating and also the negative outlook of Argentina's B3
bond rating.

Because EPEC is an agency of the provincial government, it is
considered a government related issuer ("GRI"). As a GRI, the B3
and Baa2.ar ratings reflect the application of Moody's joint
default analysis (JDA) framework for GRIs, which takes into
account the following four input factors: (i) a baseline credit
assessment (BCA) of 17 as a measure for the rated entity's
standalone creditworthiness, which is consistent with a caa1
rating; (ii) the B3 rating of the Province of Cordoba as the
support provider, as well as Moody's estimates of (iii) a high
degree of implied government support in the case of financial
distress and (iv) a high default dependence between EPEC and the
Province.

EPEC's BCA of caa1 reflects its relatively weak credit profile and
the material increase in leverage to fund the company's expansion
program which has resulted in a deterioration in EPEC's historical
credit metrics. The BCA also takes into account EPEC's
historically poor operating margins and weak cash generation.
Offsetting those credit negatives, EPEC's ratings are supported by
the importance of the company for the continuity of the
electricity service provided within the Province of Cordoba, its
position as the fourth largest electricity company in the country
behind the 3 regulated companies with operations in Buenos Aires,
and the province's 100% ownership.

The ratings could be downgraded further if the Province of
Cordoba's ratings are downgraded or if collections under the Res.
220 contracts or receipts under the co-participated tax regime are
not available to be transferred to the trustee in charge of making
payments under EPEC's notes.

Given the current negative outlook, EPEC's highly aggressive
leverage position, weak liquidity and poor operating results an
upgrade in the rating is unlikely in the near term. However,
EPEC's ratings or outlook could be revised upward if there were an
upgrade of the Province's ratings. A material improvement in
EPEC's operating results such that Funds from Operations pre-
Working Capital (FFO/Debt - W/C) + Interest to Interest and to
Debt exceeded 2.0x and 10%, respectively, on a sustainable basis
could also be a catalyst for an upgrade.

EPEC, wholly owned by the Province of Cordoba (B3/Baa2.ar,
negative) is the province's vertically integrated utility and the
fourth-largest electricity company in the country. It is engaged
in the generation, transmission and distribution of electricity in
the Province's territory serving a population of around 860
thousand clients and annual revenues of approximately ARS 3.0
billion.


ESTANCIAS DEL BERMEJO: Creditors' Proofs of Debt Due Nov. 14
------------------------------------------------------------
Marta Susana Serra, the court-appointed trustee for Estancias del
Bermejo SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 14, 2012.

Ms. Serra 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:

         Marta Susana Serra
         Gaona 1488
         Argentina


FRAVEGA: Moody's Lowers Corp. Family Rating to 'B3'; Outlook Neg
----------------------------------------------------------------
Moody's Latin America has downgraded Fravega's local currency
corporate family rating to B3 from B1. At the same time, Moody's
downgraded its rating on Fravega's local notes to B3 from B1, and
its Argentina national scale rating to A2.ar from Aa2.ar. The
outlook for all these ratings is negative.

Ratings Rationale

The downgrade to B3/A2.ar was prompted by the deterioration in
Fravega's operating margins due to continued high inflation in
Argentina. The downgrade incorporates the challenges the company
faces in recovering its profitability, given the reduced
availability of favorable government-sponsored consumer credit
plans at local banks. The rating action also takes into
consideration the high exposure that the company has to the
Argentine operating environment and the sovereign rating. In
September 2012, Moody's revised the outlook for Argentina's B3
rating to negative.

The B3 global scale rating continues to reflect Fravega's position
as one of the main dedicated retailers of consumer electronics and
appliances in Argentina, long track record in the retail business
and vertically integrated operations. However, the rating also
considers the company's weakened profitability as a result of its
discount and promotions strategy to help drive revenue growth,
amid reduced availability of consumer credit.

The negative outlook on Fravega's ratings is in line with the
Argentine government rating. Moody's believes that a weaker
sovereign has the potential to create a ratings drag on companies
operating within its borders, and that it is therefore appropriate
to limit the extent to which these issuers can be rated higher
than the sovereign.

Even though an upgrade is not anticipated in the foreseeable
future, Fravega's ratings could experience upward pressure if
Argentina's B3 government bond rating were upgraded. In addition,
upward pressure could result from sustained operating improvement,
allowing Fravega to recover its operating margins and
profitability. Quantitatively, an upgrade could result from an
operating margin above 5% (0.6% as of the 12 months ended 30 June
2012) or an improved liquidity profile, with free cash flow to
adjusted debt above 35% (-7.7% as of the 12 months ended 30 June
2012).

Downward pressure could result from reduced availability of
consumer loans and a weaker than expected performance that leads
to further deterioration in the company's operating margins. A
downgrade could also result from a drop in Fravega's EBIT margin
to below 1% or a significant increase in leverage, with adjusted
total debt to EBITDA above 4.5 times.

Indications of weakening in its share of the domestic retail
market could also drive negative rating pressure. Finally,
evidence of weaker than expected cash flows and/or deterioration
in the company's relationship with Banco Saenz could threaten
Fravega's liquidity profile and result in a downgrade. Moody's
notes that a downgrade of the sovereign rating would likely result
in negative rating action for Fravega.


Fravega is one of the largest home appliance retailers in
Argentina.  With total revenues of ARS 4.5 billion and
approximately 4,900 employees as of the 12 months ended 30 June
2012, Fravega is a family-owned company with a widely known brand
in the local retail market.


HELY SA: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------
Juan Angel Fontecha, the court-appointed trustee for Hely SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 3, 2012.

Mr. Fontecha 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. 24, 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 Angel Fontecha
         Tucuman 1455
         Argentina


OBRA SOCIAL: Creditors' Proofs of Debt Due Nov. 5
-------------------------------------------------
Estudio Stolzing, Olivares y Asociados, the court-appointed
trustee for Obra Social del Personal Grafico's reorganization
proceedings, will be verifying creditors' proofs of claim until
Nov. 5, 2012.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 24, 2013.

The Trustee can be reached at:

         Estudio Stolzing, Olivares y Asociados
         Sarmiento 1574
         Argentina


PAN AMERICAN: Fitch Affirms 'B+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed Pan American Energy LLC's (PAE) Foreign
currency Issuer Default Rating (IDR) at 'B+' and its local
currency IDR at 'BB'.  Simultaneously, Fitch has affirmed the
international scale rating of the debt issuance by Pan American
Energy LLC Sucursal Argentina (PAME) at 'BB-/RR3'.  RR3 reflects
good recovery prospects in the event of default.  Fitch has also
affirmed the National Long-term rating of PAME and its debt
issuance at 'AAA (arg)'.  The rating actions affect USD500 million
of issued debt.

The Rating Outlook for all ratings is Stable.

PAE's ratings are supported by the company's strong business
position, large reserves base, low leverage and good operating
performance.  The one-notch foreign currency IDR above the country
ceiling of Argentina is supported by PAE LLC's reliable strong
cash flow generation, high level of dollar-denominated export
revenues relative to total debt, ownership by a strong parent, and
a good track record of payment during stressed sovereign
scenarios.

The ratings are tempered by PAE's exposure to political
interference in Argentina, volatility of the domestic business
environment and inflation pressures on its cost structure.
Mitigants to this situation include PAE's ample liquidity and its
proved access to the financial markets.

Strong Business Position, Strong Parents

PAE has a strong business position in the Argentine market as the
second largest producer of oil and gas in Argentina, accounting
for approximately 19% of domestic 2011 production.  The company
exports approximately 50% of its oil production.  PAE's exports
totaled USD2.1 billion in 2011 and favorably compare to its long-
term debt maturities.  PAE is a company incorporated in the United
States, 40% owned by Bridas Corporation (Bridas) and 60% by BP's
(rated 'A' by Fitch with a Outlook Positive).  Bridas is 50% owned
by Bridas Energy Holdings Ltd (BEH) and 50% by China National
Offshore Oil Corporation International Limited (CNOOC, rated 'A'
by Fitch).

Large Reserves Base

As of December 2011, PAE had oil and gas reserves of 1.4 billion
barrels of oil equivalent (boe), equivalent to 15.9 years of
production (23 years for oil, 8.6 years for natural gas).  The
company has historically increased reserves and production volumes
sustainably, despite operating under a challenging environment.

Strong Capital Structure and Good Operating Performance

PAME's leverage is low at approximately USD1.5 of debt per barrel
of proved reserves as of June 2012.  The company maintained a
strong operating performance during the past year despite domestic
price caps and a double-digit inflation rate.  For the 12 months
ended June 2012, EBITDA was USD1.5 billion, sufficient to cover
its USD1.0 billion capex.  In the second half of 2012, EBITDA is
expected to be negatively affected by the seizure of PAE's main
producing field, Cerro Dragon, by some group of contractor workers
in June 2012. Still, operating metrics are expected to remain
strong with a Debt to EBITDA below 1.5x and EBITDA to interest
above 7x.

Exposure to Government Interference

The Argentine government has been increasing its interference in
the oil and gas sector, as reflected by the recent publication of
decree No 1277, which includes regulations related to investment
levels in the oil and gas sector and domestic price references.
The Secretariat of Energy has reestablished, with certain
modifications, the oil plus regime suspended in February 2012.
This regime provides certain tax benefits for oil producers that
reach certain production and reserves replacement levels.  The
magnitude and timing of such benefits is uncertain and subject to
the government's discretion.

High Transfer and Convertibility Risk

Following the publication of Decree No 1722 on Oct. 26, 2011, Pan
American Energy Sucursal Argentina (PAME, PAE's Argentine branch)
is obliged to repatriate 100% of its export revenues.  Prior to
that date, oil and gas producers could maintain up to 70% of
export proceeds abroad, which provided a shield against transfer
and convertibility risk.  This change in regulation highlights an
increased intervention by the government in the oil and gas sector
and the potential for foreign currency controls.  This risk is one
factor that limits the company's foreign currency IDR to 'B+'.

Rating Drivers

PAE and PAME's Outlook remain Stable.  A negative rating action on
these entities ratings could result from a material increase in
the government's interference in the sector, a significant
increase in debt levels without the associated revenue increase.
A Debt to EBITDA ratio greater than 3.5x and EBITDA to interest
coverage below 4.5x could trigger a negative rating action.  A
positive rating action seems unlikely due to the business
environment in Argentina and the fact that PAE is rated one notch
above the country ceiling.  An upgrade of the Argentine Sovereign
could potentially result in a positive rating action.


SULLAIR: Moody's Lowers Corporate Family Rating to 'B3'
-------------------------------------------------------
Moody's Latin America has downgraded Sullair's corporate family
rating to B3 from B2 and affirmed its A2.ar national scale rating.
The rating downgrade in the global scale rating follows Moody's
downgrade in the foreign currency ceiling of Argentina to B3 from
B2 on October 25, 2012.

Ratings Rationale

The rating downgrade in the global scale for Sullair is aligned
with Moody's downgrade of Argentina's foreign currency country
ceiling to B3 from B2.

The affirmation of the A2.ar national scale rating indicates that
there has been no deterioration in the intrinsic credit quality of
Sullair.

The lowering of the foreign-currency bond ceiling reflects the
rating agency's rising concern that private sector and local
government Argentine debt issuers may be unable to access foreign
exchange.

Argentina's central bank has for some time controlled the purchase
of foreign exchange by domestic residents. Restrictions have been
tightening over time and the central bank recently refused to
provide the foreign exchange needed by a bond issuer to meet a
debt service payment. While Moody's recognizes that the central
bank currently permits the purchase of foreign exchange to meet
debt service payments on bonds that are issued under international
law and payable abroad, the growing restrictions on access to
foreign exchange for payment in the domestic market make the
availability of foreign exchange for external debt service
payments less certain.

Moody's foreign-currency bond ceilings reflect transfer and
convertibility risks and denote the maximum credit rating
achievable in foreign currency for a domestic debt issuer, absent
dependable access to foreign exchange through overseas operations.
In Argentina, the foreign-currency bond ceiling denotes the
maximum rating achievable for debt instruments which are issued
and payable overseas under international law.

The negative outlook for Sullair mainly reflects Moody's negative
outlook for Argentina's government bond rating and foreign
currency bond ceiling (B3, negative). Given the high proportion of
Sullair's debt denominated in foreign currency on its capital
structure, Sullair's B3 corporate family rating reflects the risks
associated with debt instruments or loans that are payable in
foreign currency by Argentine domiciled issuers. Moody's also
notes that Sullair's Brazilian operations are a mitigant factor
for its exposure to convertibility and transfer risk. However
further rating downgrade of the sovereign may result in negative
rating actions for the company even in the absence of any
significant change in their underlying credit quality.


* ARGENTINA: Moody's Cuts Ratings on Subsovereign Securitizations
-----------------------------------------------------------------
Moody's Latin America has downgraded the ratings of certain
Argentine securitizations linked to subsovereign entities
following Moody's downgrade of the ratings of Argentine provinces
and municipalities on October 17, 2012.

The full rating action is as follows:

Issuer: Fideicomiso Financiero de Infraestructura Electrica -
Serie I

  Series I, Downgraded to Caa2.ar (sf); previously on Sep 22, 2010
  Assigned A3.ar (sf)

  Series I, Downgraded to Caa3 (sf); previously on Sep 22, 2010
  Assigned B3 (sf)

Issuer: Fideicomiso Financiero Programa Federal Plurianual de
Construccion de Viviendas - Provincia del Chaco - Serie I

  VRD, Downgraded to B2.ar (sf); previously on Oct 25, 2010
  Assigned A2.ar (sf)

  VRD, Downgraded to Caa2 (sf); previously on Oct 25, 2010
  Assigned B3 (sf)

Issuer: Fideicomiso Financiero Programa Federal Plurianual de
Construccion de Viviendas - Provincia del Chaco - Serie II

  VRD, Downgraded to B2.ar (sf); previously on Mar 14, 2011
  Assigned A2.ar (sf)

  VRD, Downgraded to Caa2 (sf); previously on Mar 14, 2011
  Assigned B3 (sf)

Issuer: Fideicomiso Financiero Programa Plurianual de Construccion
de Viviendas -- Provincia de Buenos Aires

  VRD, Downgraded to Baa3.ar (sf); previously on May 31, 2011
  Assigned A3.ar (sf)

Issuer: Infraestructura Electrica - Serie III

  VRD, Downgraded to Caa2.ar (sf); previously on May 25, 2012
  Assigned A3.ar (sf)

  VRD, Downgraded to Caa3 (sf); previously on May 25, 2012
  Assigned B3 (sf)

Ratings Rationale

* Fideicomiso Financiero Programa Federal Plurianual de
   Construccion de Viviendas -- Provincia de Buenos Aires

Moody's has downgraded the national scale rating from A3.ar (sf)
to Baa3.ar (sf). The B3 (sf) global scale, local currency rating
is not affected. The downgrade follows Moody's downgrade of the
Province of Buenos Aires' national scale rating from A3.ar to
Baa3.ar.

Moody's considers that the transaction is highly linked to the
credit risk of the Province of Buenos Aires. The transaction is
backed by resources of the Housing Agency of the Province of
Buenos Aires (IPVBA) and by federal coparticipation taxes, as an
additional guarantee. Moody's has not provided credit for the
assignment of coparticipation revenues, as similar assignments
have been legally challenged in the past.

Moody's notes that to date collections from the IVPBA have been
sufficient to make principal and interest payments on the VRD
without resorting to the assigned coparticipation cash flows.

* Fideicomiso Financiero Plan Plurianual de Construccion de
   Viviendas -- Provincia de Chaco Serie I & Serie II

Moody's has downgraded the ratings of Serie I and Serie II VRD
from B3 (sf) (Global Scale, Local Currency) and A2.ar (sf)
(National Scale Rating) to Caa2 (sf) (Global Scale, Local
Currency) and B2.ar (sf) (National Scale Rating). The downgrade
follows Moody's downgrade of Province of Chaco's ratings from B3
(Global Scale, Local Currency) and A3.ar (sf) (National Scale
Rating) to Caa3 (Global Scale, Local Currency) and Caa2.ar
(National Scale Rating).

Moody's considers that the transactions are highly linked to the
credit risk of the Province of Chaco. The transaction is backed by
resources of the Housing Agency of the Province of Chaco (IPDUV
Chaco) and by FONAVI resources, as an additional guarantee.

However, unlike the assignment of coparticipation taxes, the
assignment of FONAVI resources to a financial trust has never been
legally challenged in Argentina. This is reflected in the rating
of this transaction, which is higher than the rating of the
province of Chaco by one notch in the global scale and three
notches in national scale.

* Fideicomiso Financiero Infraestructura Electrica Serie I & III

Moody's has downgraded the ratings of the VRD Serie I and Serie II
from B3 (sf) (Global Scale, Local Currency) and A3.ar (sf)
(National Scale Rating) to Caa3 (sf) (Global Scale, Local
Currency) and Caa2.ar (sf) (National Scale Rating). The downgrade
follows the downgrade of the ratings of the Province of Chaco from
B3 (Global Scale, Local Currency) and A3.ar (National Scale
Rating) to Caa3 (Global Scale, Local Currency) and Caa2.ar
(National Scale Rating).

The ratings of these transactions are now at the same level as the
current ratings of the Province of Chaco. Moody's views these
transactions as highly linked to the credit risk of the Province
of Chaco because the Province creates and establishes the legal
framework for the specific tariff that constitutes the underlying
asset of the trust and, the seller (Secheep), the collection agent
(Nuevo Banco del Chaco) and the trustee (Fiduciaria del Norte),
are all entities that have the Government of the Province of Chaco
as the main shareholder. Therefore, any change in the rating of
the Province may have an impact on the rating of the
securitization.

The main underlying asset of the trust is a specific tariff paid
by most users of the electric service in the Province of Chaco in
Argentina. Electric service is provided by the Provincial company
Secheep (Servicios Energeticos del Chaco Empresa del Estado
Provincial).

The trust agreement bans the Province from reducing the specific
tariff in terms of nominal amount or duration. If the Province
interferes with the specific tariff, investors will have a legal
claim against the Province, currently rated Caa3 (global scale,
local currency) and Caa2.ar (national scale).

* Fideicomisos Financieros Municipalidad de Ro Cuarto Serie I
   and II

The current ratings of the securities issued by Fideicomisos
Financieros Municipalidad de Ro Cuarto Serie I and II, B1 (Global
Scale, Local Currency) and Aa2.ar (National Scale Rating), are not
affected. The Municipality of Rio Cuarto is currently rated B3
(Global Scale) and Baa2.ar.

Moody's believes there is a lower probability of interference with
the assignment of the assets to the trust, due to: (i) the
relatively short term to maturity (Series I and II are scheduled
to be paid down completely in December 2012 and April 2013,
respectively), (ii) the high interest debt service coverage ratio
(37.87x and 24.40x for Series I and II, respectively, as of August
2012), (iii) the relative low bond factors (8.19% and 20.72% as of
September 2012) and (iv) the amounts available in the liquidity
reserve fund, equivalent to approximately 48.62% of the combined
outstanding balance of Series I and II.


* ARGENTINA: Moody's Cuts Foreign Currency Debt Ratings to 'B3'
---------------------------------------------------------------
Moody's Latin America downgraded the global scale foreign currency
debt ratings for various utilities and infrastructure companies
operating in Argentina to B3 from B2. These rating downgrades
follow Moody's downgrade in the foreign currency ceiling of
Argentina to B3 from B2 on October 25, 2012.

At the same time and in light of the downgrade in the global scale
of their foreign currency debt ratings, Moody's downgraded the
national scale ratings of Aeropuertos Argentina 2000 S.A.
("AA2000") to A2.ar from Aa3.ar and Transportadora de Gas del Sur
S.A. ("TGS") to A2.ar from A1.ar. The A2 national scale ratings
for Hidroelectrica El Chocon S.A.(HECSA) and Empresa Distribuidora
de Electricidad de Salta (EDESA) were affirmed. The outlook for
all ratings continues to be negative.

The ratings affected by this action are listed below:

(1) Empresa Distribuidora de Electricidad de Salta S.A. (EDESA):

      USD63 million Senior Unsecured Notes: downgraded to B3 from
      B2

      A2.ar National Scale Rating affirmed

(2) Hidroelectrica El Chocon S.A.(HECSA):

      Corporate Family Rating: downgraded to B3 from B2.

      A2.ar National Scale Rating affirmed

(3) Transportadora de Gas del Sur S.A. (TGS):

      USD400 million Senior Unsecured Notes: downgraded to
      B3/A2.ar from B2/A1.ar

(4) Aeropuetos Argentina 2000 (AA2000):

      Corporate Family Rating, USD 300 million 2020 Senior
      Unsecured Notes and Class "A" , Class "B" and Class "C"
      Senior Unsecured Local Notes: downgraded to B3/A2.ar from
      B2/Aa3.ar

Ratings Rationale

The rating downgrades in the global scale for these companies are
aligned with Moody's downgrade of Argentina's foreign currency
country ceiling to B3 from B2.

The lowering of the foreign-currency bond ceiling reflects the
rating agency's rising concern that private sector and local
government Argentine debt issuers may be unable to access foreign
exchange.

Argentina's central bank has for some time controlled the purchase
of foreign exchange by domestic residents. Restrictions have been
tightening over time and the central bank recently refused to
provide the foreign exchange needed by a bond issuer to meet a
debt service payment. While Moody's recognizes that the central
bank currently permits the purchase of foreign exchange to meet
debt service payments on bonds that are issued under international
law and payable abroad, the growing restrictions on access to
foreign exchange for payment in the domestic market make the
availability of foreign exchange for external debt service
payments less certain.

Moody's foreign-currency bond ceilings reflect transfer and
convertibility risks and denote the maximum credit rating
achievable in foreign currency for a domestic debt issuer, absent
dependable access to foreign exchange through overseas operations.
In Argentina, the foreign-currency bond ceiling denotes the
maximum rating achievable for debt instruments which are issued
and payable overseas under international law.

The negative outlook for all these companies mainly reflects
Moody's negative outlook for Argentina's government bond rating
(B3, negative) and Moody's view that the creditworthiness of these
companies cannot be completely de-linked from the credit quality
of the Argentine government. Therefore, a further rating downgrade
of the sovereign would likely result in negative rating actions
for these companies even in the absence of any significant change
in their underlying credit quality.


* ARGENTINA: Moody's Cuts Foreign Currency Debt Ratings of Banks
----------------------------------------------------------------
Moody's Investors Service has downgraded to B3, from B2, the
global foreign currency senior debt and debt program ratings of
Banco Comafi S.A. (Comafi), Banco de Galicia and Buenos Aires S.A.
(Galicia) and Banco Macro S.A. (Macro). Moody's has also lowered
to (P) B3, from (P) B2, the global foreign currency debt ratings
on multicurrency medium term note programs of 13 other financial
institutions.

The outlook on these ratings is stable.

At the same time, Moody's Latin America has downgraded by one or
two notches the long-term foreign currency debt program ratings on
the Argentinean national scale of 16 financial institutions, as
well as the Argentinean national scale long-term foreign currency
debt ratings of Comafi, Galicia, and Macro.

These actions follow the recent lowering of Argentina's foreign-
currency bond ceiling to B3, from B2, that is explained in detail
in the press release "Moody's Lowers Argentina's Foreign Currency
Bond Ceilings ," published 25 October 2012 and available on
moodys.com.

Moody's has also placed on review for downgrade the subordinated
debt ratings of Galicia, Macro, and of Banco Supervielle S.A.
(Supervielle), as the rating agency reassesses systemic support
assumptions that are incorporated into these ratings currently.
This approach is discussed in detail in the special comment
"Supported Bank Debt Ratings at Risk of Downgrade due to New
Approaches to Bank Resolution," published February 2011.

Moody's has also downgraded Banco de la Ciudad de Buenos Aires
(Banco Ciudad)'s long-term local currency deposit ratings on both
global and Argentinean national scales, with negative outlook.
This action follows the recent downgrade of the City of Buenos
Aires' global and national scale local currency issuer and debt
ratings, respectively, to B3 and A3.ar , from B1 and Aa2.ar, with
negative outlook, discussed in the press release, "Moody's
downgrades ratings of Argentinean provinces and municipalities,"
published on 17 October 2012.

A List of Affected Issuers is available at http://is.gd/H1cPwy

Ratings Rationale

Foreign Currency Debt Ratings

The downgrade of the Argentinean banks' foreign currency senior
debt and debt program ratings follows the lowering of Argentina's
foreign-currency bond ceiling and reflects Moody's rising concern
that private sector and local government Argentinean debt issuers
may be unable to access foreign exchange.

While Moody's recognizes that the central bank currently permits
the purchase of foreign exchange to meet debt service payments on
bonds that are issued under international law and payable abroad,
the growing restrictions on access to foreign exchange for payment
in the domestic market make the availability of foreign exchange
for external debt service payments less certain.

Given that the ratings of the foreign currency senior debt and
debt programs of the affected banks remain constrained by Moody's
country ceiling for foreign currency bonds in Argentina, the
lowering of the country ceiling would trigger further downgrades
of these banks' respective foreign currency debt ratings, said
Moody's.

In placing the subordinated debt ratings of Galicia, Macro, and
Supervielle on review for downgrade, Moody's said it will revise
the approach of notching the ratings of subordinated debt from the
banks' standalone credit assessments, instead of from the
supported deposit ratings, which now incorporate one notch of
uplift due to systemic support. During the review period, Moody's
will assess the ability and willingness of the Argentinean
regulators to impose losses on holders of subordinated debt issued
by Argentinean banks outside a liquidation process.

Banco Cuidad's local currency deposit ratings

The downgrade of Banco Ciudad's local currency deposit rating to
B2, from B1, and the national scale deposit rating to Aa3.ar, from
Aa2.ar, follow the recent downgrade of the global and national
scale local currency issuer and debt ratings of its 100%
shareholder, the City of Buenos Aires, to B3 and A3.ar,
respectively, from B1 and Aa2.ar, with negative outlook.

Moody's noted however that Banco Ciudad's B2 deposit rating
continues to benefit from one notch of uplift from its b3 baseline
credit assessment to reflect Moody's assessment of a very high
probability of systemic support because of its important regional
deposit franchise within the Argentinean banking system. The
outlook on Banco Ciudad's ratings is negative, in line with the
negative outlook on the sovereign ratings.

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
".ar" for Argentina.

LIST OF AFFECTED BANKS AND RATINGS

Banco de Galicia y Buenos Aires S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

  Long-Term Global Foreign Currency Senior Debt Rating to B3 from
  B2, with outlook changed to stable from negative

  Long-Term National Scale Foreign Currency Senior Debt Rating to
  A2.ar from Aa3.ar, with outlook changed to stable from negative

  Long-Term Global Foreign Currency Subordinated Debt Rating of
  B3, placed on review for possible downgrade

  Long-Term National Scale Foreign Currency Subordinated Debt
  Rating of A2.ar, placed on review for possible downgrade

Banco Macro S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

  Long-Term Global Foreign Currency Senior Debt Rating to B3 from
  B2, with outlook changed to stable from negative

  Long-Term National Scale Foreign Currency Senior Debt Rating to
  A2.ar from Aa3.ar, with outlook changed to stable from negative

  Long-Term Global Foreign Currency Subordinated Debt Rating of
  Caa3, placed on review for possible downgrade

  Long-Term National Scale Foreign Currency Subordinated Debt
  Rating of Caa1.ar, placed on review for possible downgrade

Banco Comafi S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from A1.ar

  Long-Term Global Foreign Currency Senior Debt Rating to B3 from
  B2, with outlook changed to stable from negative

  Long-Term National Scale Foreign Currency Senior Debt Rating to
  A2.ar from A1.ar, with outlook changed to stable from negative

Banco Supervielle S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

  Long-Term Global Foreign Currency Subordinated Debt Rating of
  B3, placed on review for possible downgrade

  Long-Term National Scale Foreign Currency Subordinated Debt
  Rating of A2.ar, placed on review for possible downgrade

Banco Cetelem Argentina S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Banco de Servicios Financieros S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Banco Itau Argentina S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Banco Patagonia S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Compania Financiera Argentina S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Cordial Compania Financiera S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P)B3 from (P)B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

GPAT Compania Financiera S.A

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P)B3 from (P)B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

HSBC Bank Argentina S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P)B3 from (P)B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Standard Bank Argentina S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P)B3 from (P)B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Toyota Compania Financiera de Argentina S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P)B3 from (P)B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Caterpillar Financial Services Argentina S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

John Deere Credit Compania Financiera S.A.

  Long-Term Global Foreign Currency Debt Rating for the Senior
  Debt Program to (P) B3 from (P) B2

  Long-Term National Scale Local Foreign Debt Rating for the
  Senior Debt Program to A2.ar from Aa3.ar

Banco de la Ciudad de Buenos Aires

  Long-Term Global Local Currency Deposit Ratings to B2 from B1,
  with negative outlook

  Long-Term National Scale Local Currency Deposit Rating to Aa3.ar
  from Aa2.ar, with negative outlook



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


CENTRAIS ELETRICAS: Equatorial Sees End-October OK for Purchase
---------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Equatorial
Energia SA said Brazil's electricity regulator probably will
approve at the end of next month its purchase of Centrais
Eletricas do Para SA (Celpa).

The power distributor however doesn't know when antitrust
regulators will rule on the Celpa acquisition, Equatorial's
Firmino Sampaio said during a conference call, according to
Bloomberg News.

Bloomberg News notes that Equatorial is interested in buying other
energy assets, including other operations owned by Rede Energia SA
that may come up for sale, Chief Financial Officer Eduardo Haiama
said.

Equatorial, Bloomberg News notes, agreed to buy Celpa for
BRL1 (US 49 cents).

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2012, Bloomberg News related that Nelson Hubner,
general director of Brazil's electric regulatory agency, Agencia
Nacional de Energia Eletrica or ANEEL, approved a transitional
plan for the acquisition of CELPA.  Mr. Hubner said ANEEL
refused a request to ease the utility's quality standards and
accepted a proposal allowing the utility's buyer to invest in it
rather than pay off its previously accrued fines, according to
Bloomberg News.  Bloomberg News related that the plan was
presented by Equatorial Energia SA.  Mr. Hubner, Bloomberg News
noted, said its terms are valid for every company interested
in acquiring control of the utility that filed for bankruptcy.

Based in Belem, Brazil, Centrais Eletricas do Para SA (Celpa)
filed for bankruptcy protection on Feb. 28 after a four-year
freeze on rates pushed up debt to about BRL2.3 billion.

                           *     *     *

On Feb. 28, 2012, Fitch downgraded Celpa's Issuer Default Ratings
(IDRs) to 'D' following the company's announcement that it filed
for bankruptcy protection in Brazil.

Fitch currently rates Celpa as follows:

  -- Local and Foreign Currency IDRS 'D';
  -- Long-Term National Scale Rating ) 'D(bra)';
  -- USD250 million senior unsecured notes due in 2016 'C/RR4'.


MINERVA SA: S&P Affirms 'B+' Global Scale Issuer Credit Rating
--------------------------------------------------------------
Standard & Poor's Rating Services raised its Brazilian national
scale rating on Minerva S.A. to 'brBBB+' from 'brBBB'. "At the
same time, we affirmed our 'B+' global scale issuer credit and
issue ratings on Minerva and revised the outlook on the global and
national scale ratings to positive from stable," S&P said.

"The upgrade and outlook revision reflect Minerva's better-than-
anticipated cash generation as a result of its sound operating
performance in 2012, and our expectation that the company will
deleverage faster," said Standard & Poor's credit analyst Dario
Lopez. "This could occur if the industry's positive trends persist
and the recently announced equity offering materializes, since the
company would use the proceeds mainly to reduce leverage."

"For the 12 months ended Sept. 30, 2012, funds from operations
(FFO) to debt and debt to EBITDA were 10.5% and 6.4x, improving
from 1.2% and 7.4x a year earlier. The company's credit metrics
are still weak for the rating category, in our view, but we expect
a fast deleveraging trend, with sound operating performance and
potential debt repayment," S&P said.

"The company's profitability and cash flow measures have surpassed
our forecasts. Minerva focuses most of its business on beef and,
consequently, it has been benefiting significantly from the
favorable operating conditions for beef production in the Republic
of Brazil (foreign currency rating BBB/Stable/A-2, local currency
rating A-/Stable/A-2). We expect this trend to persist for at
least the next 12 months to 18 months," S&P said.

"The positive outlook reflects our view that we could raise the
ratings on Minerva during the next 12 months if the company's
credit indicators continue to strengthen, with debt to EBITDA
consistently of about 3.5x and FFO to debt of roughly 20%," said
Mr. Lopez. "This could occur if the favorable market trends for
Brazilian beef producers persist and Minerva reduces its debt
using both the proceeds from the recently announced share sale and
its free cash flow generation. However, we could revise the
outlook to stable if market trends reverse, if the planned share
sale does not materialize, or if the company assumes a more
aggressive acquisitive strategy that further depletes its
liquidity and makes debt reduction more difficult."


PETROLEO E GAS: Fitch Says "Put Option" May Affect Credit Quality
-----------------------------------------------------------------
OGX Petroleo e Gas Participacoes S.A.'s (OGX) recently announced
put option could have either a negative or positive effect on the
company's credit quality depending on what it decides to do with
the proceeds, according to Fitch Ratings.

On Oct. 24, OGX's controlling shareholder granted the company the
right to demand the subscription of new common shares, up to the
equivalent of US$1 billion.  Fitch believes the addition of the
put option is neutral to OGX's credit quality.  The option expires
on April 30, 2014, and the price per share has been set at Reais
6.30 (slightly above the current market price).

If exercised, Fitch believes the impact on the company's credit
quality could swing in either direction ultimately dependent on
how the proceeds are used.  It would be negative for credit
quality if the proceeds are invested to acquire new undeveloped
reserves that could add to capital expenditures requirements which
would likely delay any increase in cash flow generation.
Conversely, if the proceeds are used to accelerate production and
ramp up cash flow generation more rapidly, that would be positive
for credit quality.  Fitch notes that the put option can only be
exercised in the event that favorable financing options are not
available.

In July 2012, Fitch downgraded OGX's foreign currency Issuer
Default Rating to 'B' from 'B+', due to the significant reduction
in expected production volumes that will delay OGX from becoming
cash flow positive and will prolong its deleveraging process.
Fitch also recognizes that OGX has pre-funded and secured the
equipment for its capital expenditure program.


COMPANHIA DE CREDITO: Moody's Assigns 'Ba1' CFR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service affirmed Companhia de Credito,
Financiamento e Investimento RCI Brasil (RCI Brasil)'s (RCI
Brasil) long-term local currency issuer rating at Ba1 and long-
term local currency issuer rating, on the Brazilian national
scale, at Aa1.br. At the same time, Moody's maintained RCI
Brasil's standalone baseline credit assessment (BCA) at ba3.
Moody's also assigned a long-term local currency corporate family
rating (CFR) of Ba1 to RCI Brasil. All ratings have a stable
outlook.

The following ratings were affirmed:

  Long term global local currency issuer rating: Ba1, with a
  stable outlook

  Long term Brazilian national scale local currency issuer rating:
  Aa1.br, with a stable outlook

The following rating was assigned:

  Long-term global local currency corporate family rating: Ba1,
  with a stable outlook

Ratings Rationale

Moody's said that RCI Brasil's ba3 standalone BCA continues to
reflect the company's low diversification of revenues and high
dependence on wholesale funding, both intrinsic characteristics of
a captive finance operation. RCI Brasil's monoline activity is
closely linked to the performance of the automakers Renault and
Nissan, which makes earnings of the finance company susceptible to
fluctuations should car production and sales vary. Moody's noted
that RCI Brasil's reliance on expensive and predominantly short-
term funding sources constrains the company's standalone BCA.
Nevertheless, RCI Brasil has reported consistent and adequate
metrics for profitability and asset quality as new vehicle
financing continues to expand in Brazil. Renault and Nissan in
particular have seen growth, as their combined market share
reached 10% in car sales as of September 2012.

RCI Brasil's issuer rating of Ba1 reflects the company's
standalone BCA of ba3 and incorporates Moody's assessment of a
high likelihood of support from RCI Banque (Baa2 review for
downgrade; C-/baa2 review for downgrade), the France-based
controlling shareholder.

Moody's also assigned a corporate family rating (CFR) of Ba1 to
RCI Brasil. 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 RCI Brasil's outstanding
obligations are unsecured debt, the company's Ba1 issuer rating is
at the same rating level as its Ba1 CFR. Upon issuance of new debt
obligations, Moody's will reassess the seniority and level of
asset protection in the company's capital structure.

The last rating action on RCI Brasil occurred on June 29, 2011,
when Moody's assigned first time ratings to the finance company.
Moody's assigned a long-term global local currency issuer rating
of Ba1 and local currency issuer rating of Aa1.br on the Brazilian
national scale.

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

RCI Brasil is headquartered in Curitiba, Brazil. As of June 2012,
the finance company had total assets of approximately R$6.3
billion (US$3.1 billion) and equity of R$908 million (US$450
million).


* BRAZIL: Vox Capital Fund Gets $4MM Equity Investment From MIF
---------------------------------------------------------------
The Multilateral Investment Fund (MIF), a member of the Inter-
American Development Bank Group, will make a $4 million equity
investment in Vox Capital Impact Investing Fund I, a Brazilian
venture capital fund that will provide long-term financing and
value-added advice to up to 10 small and medium-sized enterprises
and up to 12 start-up companies.

The Fund will target companies with profitable business models
that offer high-quality goods and services to poor and low-income
populations, a segment also known as the Base of the Pyramid
(BoP), primarily in the education, health, financial service and
housing sectors.  Vox Capital Impact Investing Fund will be the
first venture capital fund in Brazil focused on the needs of the
BoP population and it will be operated by Vox Capital, a firm with
relevant experience and a long-term commitment to this segment.

Through the Fund's investment strategy, Vox Capital aims not only
to invest in individual companies but to support the development
of an ecosystem of companies that will meet the needs of BoP
populations.  It will target SMEs that address bottlenecks in the
provision of goods and services to the BoP, and that have proven
business models with annual revenues in the range of $500,000 to
$7.5 million at the time of investment.  The fund will also target
start-ups with high potential for growth.

With an extensive track record investing in seed and venture
capital funds in Brazil and other Latin America and
Caribbeancountries, the MIF will add value to the new fund's
managers by providing know-how, facilitating access to a network
of practitioners and potential partners, and promoting the use of
international best practices, environmental and social standards
in the fund's corporate governance.  The MIF's experience in
investing and participating in investment, advisory and technical
committees of other BoP funds in the region, such as IGNIA in
Mexico and Inversor in Colombia, will be key to the transfer of
knowledge and lessons learned, helping this fund shorten its
learning curve.

By supporting the first BoP fund in Brazil, the MIF expects to
raise awareness about the need to invest in sustainable companies
that can provide profitability while focusing on the BoP
population as clients, consumers, and service providers.



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


CRC CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Sept. 14, 2012, the sole shareholder of CRC Capital Release
Investments (Cayman) SPC resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 8, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Matthew Ronald Cavanagh
         28 Queen Anne's Gate
         London UK
         SW1H 9AB


FLORA PDP: Creditors' Proofs of Debt Due Nov. 8
-----------------------------------------------
The creditors of Flora PDP Limited are required to file their
proofs of debt by Nov. 8, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 20, 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


GALISTEO CAPITAL: Creditors' Proofs of Debt Due Nov. 8
------------------------------------------------------
The creditors of Galisteo Capital Master Fund, Ltd. are required
to file their proofs of debt by Nov. 8, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

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


JL FALCON: Creditors' Proofs of Debt Due Nov. 8
-----------------------------------------------
The creditors of JL Falcon Global Limited are required to file
their proofs of debt by Nov. 8, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2012.

The company's liquidator is:

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


JL FALCON FUND: Creditors' Proofs of Debt Due Nov. 8
----------------------------------------------------
The creditors of JL Falcon Global Fund are required to file their
proofs of debt by Nov. 8, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2012.

The company's liquidator is:

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


MOTRICITY CAYMAN: Creditors' Proofs of Debt Due Oct. 31
-------------------------------------------------------
The creditors of Motricity Cayman Ltd. are required to file their
proofs of debt by Oct. 31, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 19, 2012.

The company's liquidator is:

         Gary Swearingen
         601 108th Avenue, NE Suite 800 Bellevue
         Washington 98004
         USA
         c/o Barnaby Gowrie
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


NORTHBRIDGE DIVERSIFIED: Creditors' Proofs of Debt Due Nov. 5
-------------------------------------------------------------
The creditors of The Northbridge Diversified Fund 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 May 5, 2009.

The company's liquidator is:

         Ogier Fiduciary Services (Cayman) Limited
         c/o Jennifer Collins
         Telephone: +1 345 815 1446
         Facsimile: (345) 945-6265
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


WARRICK INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 8
-----------------------------------------------------------
The creditors of Warrick International Ltd are required to file
their proofs of debt by Nov. 8, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 14, 2012.

The company's liquidator is:

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



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


AEROPUERTOS DOMINICANOS: Moody's Rates $550-Mil. Sr. Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Aeropuertos
Dominicanos Siglo XXI, S.A. senior notes expected to be issued in
an amount of $550 million.

Aeropuertos Dominicanos Siglo XXI, S.A. ("Aerodom" or "the
airport") operates 6 of the 9 airports in the Dominican Republic,
including one of the largest (Las Americas International Airport
in Santo Domingo), through a long-term concession granted by the
federal government. These 6 airports represented approximately 42%
of all passenger traffic in the Dominican Republic in 2011.
Aerodom's concession agreement with the government expires in 2030
with an option for renewal.

Aerodom is one of two wholly-owned operating subsidiaries of Latin
American Airports Holdings Ltd. ("LAAH"). The other operating
subsidiary, Inmobiliaria Fumisa, S.A. de C.V. ("Fumisa"), has a
master lease agreement with the Mexico City International Airport
(AICM) which grants them the exclusive right to sublease over
38,000 square meters of commercial space in Terminal 1 ("T1") of
the AICM.

Security for the debt includes shares of Aerodom and shares of
LAAH's subsidiary holding companies of Latin American Holdings
(Bermuda) II Ltd., LatAm Airport Holding ND Cooperatief, and
Advent Airports BV. Aerodom and LAAH have also pledged their best
efforts to include the additional collateral, which includes a
lien on all of Aerodom's right, title and interest in and to the
O&M Agreement; an assignment of Aerodom's rights to receive
payments under certain insurance policies; and an assignment of
all of Aerodom's rights under the Concession Agreement. The debt
issuance is guaranteed by LAAH, which is 86%-owned by Advent
International, a global private equity firm with significant
presence in Latin America, as well as LAAH's subsidiary holding
companies mentioned above.

Ratings Rationale

The Ba3 rating is based on the airport's strong market position,
control over approximately 42% of all passenger traffic in the
Dominican Republic, expectations of continued economic and tourism
growth, and the proven ability to increase regulatory tariffs.
Improving financial results of Fumisa are also incorporated into
the rating...

The notes are being issued to refund all of Aerodom's existing
debt, as well as to provide a one time distribution to the equity
sponsor of LAAH, Advent International. LAAH does not have any
other debt outstanding, nor do any of its subsidiaries. The rating
also contemplates the credit weaknesses, which include a high-
yield covenant structure with only limited bondholder protections,
organizational and transactional complexities, event risk
associated with being domiciled in an area susceptible to natural
disasters, the exposure related to the B1 credit rating of the
service area (Government of the Dominican Republic rated B1), and
the risks associated with the current December 31, 2013 expiration
date of the Fumisa master lease contract..

Moody's cites the revenue diversity from LAAH as a key driver of
credit quality. LAAH has holdings in both the Dominican Republic
and Mexico. These holdings represent 66% and 34% of consolidated
revenues for LAAH respectively. Over the last 3 years LAAH's
Mexican holding, Fumisa, has generated approximately 70 million
dollars in revenue each year. Fumisa is an operating subsidiary of
the guarantor, LAAH, hence profits from Fumisa are expected to
support Aerodom's debt service. Moody's views this revenue
diversity as an important credit positive.

The Ba3 rating also reflects the mitigation of currency risk given
that the majority of revenues of Aerodom are denominated in U.S.
Dollars (approximately 92%) with approximately 87% collected in
off-shore accounts. Moody's rating also considered that
approximately 40% of Aerodom's revenues are non-regulated. The
majority of these non-regulated combined revenues are generated by
commercial sub-leasing of concession and other terminal space. The
second largest component of the company's revenues is the
Passenger Fee, accounting for 53% of Aerodom revenues. This fee is
set by presidential decree and currently stands at $16.30 per
international passenger and $1.00 per domestic passenger and is
collected for both arriving and departing passengers. The charge
has increased from $6.13 in 2001 demonstrating the government's
support of the financial condition of Aerodom.

The rating also acknowledges that although Aerodom has a
concession to operate 6 of the 9 airports in the Dominican
Republic, the airport concession faces competition from 3 large
rival airports in the service area. In addition to the risks
associated with competition, the company faces tourism-based
concentration risk. According to the World Travel & Tourism
Council, tourism in the Dominican Republic indirectly accounts for
15% of GDP and 14% of employment. With over 50% of tourism
arrivals coming from North America (35% from the US alone), the
Dominican Republic is heavily exposed to a protracted slowdown in
the U.S. and the Canadian economies.

Aerodom has experienced stable passenger volume throughout the
financial downturn, averaging approximately 4.1 million
enplanements per year since 2007, with a relatively low standard
deviation of around 6%. Stable traffic to large end-markets like
New York and Miami, which comprise of 20% and 14% of passenger
traffic respectively, were also factored into the rating. This
stability demonstrates the strength of the Aerodom market
position, particularly for Dominican travelers. Moody's believes
passenger growth will remain quite stagnant due to competition for
tourist traffic with the larger airport in Punta Cana. Aerodom's
potential for growth exists mainly at Puerto Plata where Carnival
Cruise Lines has announced plans to build a two-ship terminal and
where there is a reinvestment in a significant number of hotel
rooms to better compete as a destination with Punta Cana.

For the company's operations in Mexico City, passenger traffic
through Terminal 1 (T1) of AICM has been much more volatile in
recent years demonstrating the competitive environment in which it
operates, and negatively affecting FUMISAs revenue. The opening of
Terminal 2 at Mexico City Airport in 2008 and the termination of
Mexicana Airlines in 2010 greatly reduced traffic operating in
Terminal 1. Passenger levels declined 18.9%, 5.9%, and 11.2% in
the years 2009 through 2011, respectively. United Airlines (backed
senior secured rated B2) returned to T1 in late 2011 and that has
sparked an increase in traffic of 33.2% year-to-date as of June
2012. While Moody's expects traffic at T1 to stabilize going
forward, Fumisa will remain in a highly competitive environment
that could result in substantial passenger and revenue volatility.

Fumisa's lease at AICM expires on December 31, 2013; however, the
lease terms do not allow for termination of the concession until
Fumisa's internal rate of return (IRR) reaches 12.82%. Fumisa
calculated their current IRR is well below this as of June 30,
2012. Most of Fumisa's commercial sub-lease agreements that
generate 77% of its revenue also expire on that date. This near-
term expiration of both the master concession and the sub-leases
poses a key credit concern. If the Fumisa assets are disposed of
in any way, LAAH has the option to use 100% of the funds received
in the disposition to reduce up to 40% of the outstanding notes.
While this offers bondholders some protection in the event of a
disposition, if the lease is extended, renewal of the sub-leases
will remain a risk.

Management is focused on working with the government to extend the
lease, but that discussion faces a number of challenges.
Negotiations with the government are currently stalled as the
presidential administration changes hands in December and
discussions will not likely see progress until a number of key
appointments from the new administration are in place. The lease
and the calculation of the IRR have been the focus of ongoing
legal proceedings, which have not been fully resolved. Moody's
will view the full resolution of the IRR calculation to Fumisa's
benefit and extension of the master lease as key credit positives.

Additionally, Moody's rating reflects the minimal legal covenants
and relatively weak protections provided to bondholders. These
credit negatives include a standard high yield covenant package,
limited liquidity insofar as there are no cash reserves nor debt
service reserve funds, a bullet principal payment at the end of
2019, and a 4.0x debt-to-EBITDA test that must be met to further
increase leverage. Moody's also notes that Aerodom is subject to
natural disaster-related risk given the Dominican Republic is not
only located inside the hurricane belt, but is also located in an
earthquake-prone region.

The principal methodology used in this rating was Operational
Airports outside of the United States published in May 2008.



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G R E N A D A
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LA SOURCE RESORT: Sandals Resorts to Take Over Operations
---------------------------------------------------------
RJR News reports that the government of Grenada is awaiting
documents from Sandals Resorts International that Finance Minister
Nazim Burke said will be doing business in Grenada by mid-
December.

Sandals Resorts, established in 1981 by Jamaican businessman,
Gordon "Butch" Stewart, is reported to be eyeing La Source Resort
that ceased operations in Grenada on October 15, according to RJR
News.

The report relates that the finance minister said that as part of
the incentive package, Sandals plans on expanding the 100-room La
Source Resort to 265 rooms over the next ten years.



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


GRUPO POSADAS: Fitch Raises Issuer Default Rating to 'B'
--------------------------------------------------------
Fitch Ratings has upgraded the ratings of Grupo Posadas S.A.B. de
C.V.'s as follow:

  -- Local currency Issuer Default Rating (IDR) to 'B' from 'B-';

  -- Foreign currency IDR to 'B' from 'B-';

  -- National scale rating to 'BB+(mex)' from 'B+(mex)';

  -- USD200 million senior notes due 2015 to 'B+/RR3' from
     'B-/RR4';

  -- MXN2.25 billion Certificados Bursatiles issuance 'Posadas08'
     due 2013 to 'BB+(mex)' from 'B+(mex)'.

The ratings have been removed from Rating Watch Negative. The
Rating Outlook is Stable.

The rating actions reflect the successful completion of the
divestiture of Posadas' South American hotel operation for US$275
million.  The company has received the proceeds where US$245
million are available, mitigating refinancing concerns related to
the MXN2.25 billion 'Certificados Bursatiles' issuance due April
2013.  The divested South American operations accounted for
approximately 19% of last year EBITDA and historically have
accounted for approximately 14%.

The ratings upgrade incorporates the expectation that leverage
will remain stable after the proceeds from the asset sale are used
to reduce the company's indebtedness.  This, in conjunction with
other initiatives related to liability management, should result
in a less levered capital structure, with an extended maturity
profile.  The rating actions are not contingent to the closing of
the announced sale of 12 hotels to a real estate investment trust,
which if successful, should give additional liquidity but should
also affect the cash flows as those hotels will change the format
to managed hotels.  Excluding South American operations, a one-
time charge related to a write-down of accounts receivable at the
vacation club in the fourth quarter of 2011 and assuming proceeds
from the divestiture are used to pay debt; total adjusted debt to
EBITDAR and total debt to EBITDA should improve from previous
levels of above 6.0 times (x) to 4.8x and 4.1x, respectively.

The recovery ratings of the senior notes improved to 'RR3' from
'RR4' as a result of lower leverage.  This improvement results in
good recovery prospects given default from the previous
expectation of average recovery prospect given default.  'RR3'
rated securities have characteristics consistent with securities
historically recovering 51%-70% of current principal and related
interest.

Cash flow contribution to consolidated EBITDA from the Vacation
Club operation should increase in the short term as a result of
the divestiture of South America, however, cash flow contribution
from the hotel operations should become increasingly important in
the medium term as new openings and key performance indicators
approach levels registered prior to 2008.  Going forward, Fitch
views Posadas' strategy to be centered in operating and providing
services to hotels as opposed to owning the properties.  New
openings should continue for all brands, mainly Fiesta Inn and
One, under managed and leased formats.  This strategy of openings
reduces capex and supports free cash flow generation.  The sale of
the South American operations will reduce EBITDA generation by
about 14%-19%, as well as geographical diversification and will
downsize rooms offering by 1,903 to 18,472 rooms.

Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by a track record of high
leverage, as well as industry cyclicality.  Posadas' presence in
all major urban and coastal locations in Mexico, consistent
product offering and quality brand image have resulted in
occupancy levels that are above the industry average in Mexico.
The use of multiple hotel formats allows the company to target
domestic and international business travelers of different income
levels as well as tourists, diversifying its revenue base.

Key Rating Factors

Positive factors to creditworthiness include stable EBITDA
generation, improving KPIs (RevPAR mainly) and a proven track
record of stronger and stable credit metrics.  Negative factors
for credit quality could include any weakening of operating trends
or decreases in RevPAR that could lead to lower EBITDA and cash
flow levels, as well as incurring indebtedness that results in
consistently higher leverage levels from current expectations.


RUTAS DEL BOSQUE: S&P Affirms 'BB+' Rating on Fixed-Rate Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
senior secured debt rating on Rutas del Bosque Sociedad
Concesionaria S.A.'s (RdB) fixed-rate notes. The outlook is
stable.

"The rating affirmation takes into consideration RdB's rising cash
flow generation after the 2010 earthquake. All reconstruction
works were finished in the first quarter of the year and RdB
already collected the remaining portion of insurance payments. RdB
was less affected than other toll roads as it maintained full
connectivity along the route and all its toll plazas were reopened
a few days after the earthquake," S&P said.


VITRO SAB: Profit Jumps 151% as Auto Glass Sales Rise
-----------------------------------------------------
Brendan Case at Bloomberg News reports that Vitro SAB, the Mexican
glassmaker embroiled in a legal battle with Elliott Management
Corp. and Aurelius Capital Management LP, said net income rose
151% in the third quarter as sales to automakers climbed and the
company's foreign exchange gain nearly doubled.

According to the report, net income was $30 million compared with
$12 million a year earlier, the San Pedro Garza Garcia, Mexico-
based company said in a statement.  Sales climbed 4.7% to $455
million, including a 15% gain in automotive glass sales.  Vitro
defaulted on $1.2 billion of bonds in February 2009 amid a
recession that reduced demand for construction and auto glass.

The report relates that in the third quarter, earnings before
interest, taxes, depreciation and amortization, a profit measure
known as EBITDA, increased 25% to $105 million.  Vitro said it
benefited from "lower-than-expected electricity costs" and "lower
fees in connection with the company's debt restructuring process."

The Bloomberg report discloses that total net debt dropped 28% to
$957 million, which Vitro said reflected the conclusion of its
Mexican restructuring as well as higher cash balances.  The
company posted a foreign exchange gain of $47 million compared
with $25 million a year earlier.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  Vitro's appeal is
pending.


* STATE OF NAYARIT: Moody's Assign Ba1 Ratings to Enhanced Loans
----------------------------------------------------------------
Moody's de Mexico assigned debt ratings of Ba1 (Global Scale,
local currency) and A1.mx (Mexico National Scale) to the following
enhanced loan:

- MXN 1,255.6 million (original face value) enhanced loan from
   Banorte, with a maturity of 20 years and a pledge of 13% of
   participation revenues

- MXN 287.5 million (original face value) enhanced loan from
   Bansi, with a maturity of 20 years and a pledge of 3.18% of
   participation revenues

- MXN 200 million (original face value) enhanced loan from Bansi,
   with a maturity of 20 years and a pledge of 2.20% of
   participation revenues

The three enhanced loans are payable through the same master trust
(INVEX No. 1268) and they all pay interest rate composed of the
28-day Mexican Interbank Interest Rate (TIIE in Spanish) plus a
spread.

Ratings Rationale

The debt ratings assigned to the three loans reflect the
underlying creditworthiness of the State of Nayarit (Ba3/A3.mx,
negative outlook), supported by the following legal and credit
enhancements embedded in the loans:

1. Validity of the legal authorization of the transaction, which
authorizes the trust to be used as a mechanism for debt service
payment.

2. Strong trust structure based on an irrevocable instruction to
the federal treasury regarding the transfer of rights and flows of
participation revenues to the trustee

3. Strong level of reserves of the three loans that represent 3.0x
debt service coverage over the life of the loans providing cushion
against potential payment delays.

4. The three loans have a TIIE interest rate CAP of 10%.
Furthermore the loan structure contains a CAP contract funding
mechanism, ensuring the renewal or contraction of new CAPs and
thus, mitigating potential interest rate volatility.

5. The loans generate solid debt service coverage ratios (DSC)
under Moody's scenarios. For the two Bansi loans, estimated cash
flows generate a minimum DSC if 1.9x under a Moody's base case
scenario and a minimum DSC of 1.8x under the Moody's stress case
scenario. In the Banorte loan, estimated cash flows generate a
minimum DSC of 2.0x under a Moody's base case scenario and a
minimum DSC of 1.7x under the Moody's stress case scenario.

What Could Change The Ratings Up/Down

Given the links between the loans and the credit quality of the
obligor, an upgrade of the State of Nayarits issuer ratings could
exert upward pressure on debt ratings for these loans. Conversely,
a downgrade of the State of Nayarit's issuer ratings or if debt
service coverage levels fall materially below Moody's expectations
would likely result in a downgrade of the ratings on the loans.

The methodologies used in this rating were Regional and Local
Governments Outside the US published in May 2008, The Application
of Joint Default Analysis to Regional and Local Governments
published in December 2008, and Enhanced Municipal and State Loans
in Mexico published in January 2011.



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P E R U
=======


DOE RUN PERU: Smelter Reactivation Pending Environmental Permit
---------------------------------------------------------------
Alex Emery at Bloomberg News reports that the Peruvian La Oroya
smelter's restart of lead production is pending an environmental
permit, the Andean country's Energy & Mines Minister Jorge Merino
said.

The smelter, which will be put up for sale next year by a group of
creditors led by Glencore International Plc, will have to undergo
the same permitting process as for its zinc circuit, which
restarted in July after a three-year shutdown, Mr. Merino told
reporters in Piura, Peru, according to Bloomberg News.

As reported in the Troubled Company Reporter-Latin America on
April 16, 2012, Bloomberg News related that Doe Run Peru Vice
President Jose Mogrovejo said creditors unanimously rejected a
debt restructuring plan and will seek the liquidation of its
closed zinc smelter in La Oroya.  The creditors included Glencore
International Plc, Trafigura Beheer BV and Pan American Silver
Corp.  Mr. Mogrovejo said the creditors had a 30-day "window" to
take a final decision.  Carlos Galvez, chief financial officer at
precious metals miner Buenaventura, said the plan was rejected
because creditors found that it lacked clear financing commitments
from parent company Renco Group Inc. and a timetable for a
$160 million environmental clean-up, Bloomberg News stated.
Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur,
local newspaper La Republica related that Doe Run Peru submitted
new conditions to complete environmental cleanup at the smelter,
including a new restructuring plan in the hopes to restart
operations this year.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.

According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi.  CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.


SCOTIABANK PERU: Moody's 'D+' BFSR Remains Unchanged
-----------------------------------------------------
Moody's Investors Service has placed Scotiabank Peru's long-term
Baa1 local currency deposit rating on review for downgrade,
following the same action on the B standalone and aa3 baseline
credit assessment of its 97.7% parent, The Bank of Nova Scotia
(BNS). As a result of the review on the local currency rating,
Moody's has also changed the outlook on the bank's Baa2 foreign
currency deposit rating to stable, from positive. All other
ratings for Scotiabank Peru remain unchanged.

The following ratings of Scotiabank Peru were affected by this
action:

  Long-term local currency deposit rating of Baa1, on review for
  downgrade

  Long-term foreign currency deposit rating of Baa2, outlook
  changed to stable, from positive

The following ratings remain unchanged:

  Standalone financial strength of D+, stable outlook

  Short-term local currency deposit rating of Prime-2

  Short-term foreign currency deposit rating of Prime-2

Ratings Rationale

Moody's said that the review for downgrade on Scotiabank Peru's
Baa1 long term local currency deposit rating is based on the
review for downgrade of BNS' B standalone financial strength
rating and aa3 baseline credit assessment. Currently, Scotiabank
Peru's Baa1 rating benefits from two notches of uplift from its
baa3 standalone credit assessment due to a high probability of
parental support. Although Moody's assesses a moderate probability
of systemic support for the bank if needed, given its important
loan and deposit franchise in Peru, this assessment does not
generate further rating uplift at these rating levels.

The change in outlook to stable from positive on the bank's long
term foreign currency deposit rating of Baa2 indicates that this
rating is no longer constrained by the Baa2 Peruvian country
ceiling for foreign currency deposits.

Scotiabank Peru's other ratings, including its standalone bank
financial strength rating of D+ and baseline credit assessment of
baa3, and Prime-2 short term ratings, are not affected by this
rating action.

The last rating action on Scotiabank Peru was on September 21,
2012, when Moody's assigned a standalone financial strength rating
and standalone credit assessment of D+ and baa3, as well as long
and short term local and foreign currency deposit ratings of Baa1
and Prime-2 and Baa2 and Prime- 2 respectively.

Based in Lima, Scotiabank Peru reported consolidated assets of
US$12.4 billion, loans of US$8.2 billion and shareholders' equity
of US$1.6 billion as of June 30, 2012. The bank is 97.7% owned by
The Bank of Nova Scotia.

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


                            ***********


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


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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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