TCRLA_Public/121119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, November 19, 2012, Vol. 13, No. 230


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Accountants Helped Hide Ponzi Scheme


A R G E N T I N A

AVAL RURAL XIX: Moody's Assigns 'B2' GS Rating to VRD Securities
TOYOTA COMPANIA: Moody's Rates New AR$100-Mil. Debt 'Ba3'


B E R M U D A

BOUNTY PRIVATE: Members' Final Meeting Set for Dec. 3
COLOMBIA HOLDING: Member to Receive Wind-Up Report on Nov. 26
COLOMBIA PORT: Member to Receive Wind-Up Report on Nov. 26
COLOMBIA TRANSPORTATION: Member to Hear Wind-Up Report on Nov. 26
CONCERTO LIMITED: Member to Receive Wind-Up Report on Nov. 28

OIL CASUALTY: Member to Hear Wind-Up Report on Nov. 26
OIL INVESTMENT: Member to Hear Wind-Up Report on Nov. 26
PACIFIC ALLIANCE: Members' Final Meeting Set for Nov. 30
PANGAEA REINSURANCE: Members' Final Meeting Set for Nov. 30


C A Y M A N  I S L A N D S

CONOCOPHILLIPS IRAQ: Creditors' Proofs of Debt Due Nov. 29
CONOCOPHILLIPS LNG: Creditors' Proofs of Debt Due Nov. 29
CONOCOPHILLIPS SHAH: Creditors' Proofs of Debt Due Nov. 29
CONOCOPHILLIPS SOUTHEAST: Creditors' Proofs of Debt Due Nov. 29
CONOCOPHILLIPS WORLDWIDE: Creditors' Proofs of Debt Due Nov. 29

CONOCOPHILLIPS YANBU: Creditors' Proofs of Debt Due Nov. 29
DIAMOND NOTCH: Creditors' Proofs of Debt Due Nov. 22
INVESTCORP CAPITAL: Moody's Affirms 'Ba2' Sr. Unsec. Debt Rating
JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up
PERISSET INVESTMENTS: Creditors' Proofs of Debt Due Nov. 22

ZLA LTD: Commences Liquidation Proceedings


M E X I C O

* LAZARO CARDENAS: Moody's Assigns 'Ba3' Isuser Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles to Pay $4.1BB in Dividends to Shareholder


X X X X X X X X

* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2012


                            - - - - -


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


STANFORD INT'L: Accountants Helped Hide Ponzi Scheme
----------------------------------------------------
Caribbean360.com reports that United States federal prosecutors
have argued that two former accounting executives should be
convicted of helping Robert Allen Stanford, the failed Texas
financier, conceal the theft of billions of dollars from investors
at his offshore bank in Antigua and Barbuda.

The prosecutors have asked jurors to reject claims by ex-Chief
Accounting Officer Gilbert Lopez, 70, and former Global Controller
Mark Kuhrt, 40, that they were duped by Stanford and his finance
chief into creating false financial statements, according to
Caribbean360.com.

The report relates that investors said they relied on those
statements to buy US$7 billion of fraudulent certificates of
deposit at Stanford's Antigua-based Stanford International Bank
Limited in what prosecutors described as a Ponzi scheme.

"Gil Lopez and Mark Kuhrt were faced with the same choice over and
over again, to either help Allen Stanford lie to his customers and
misuse their money or say "I don't want to be part of it,'" the
report quoted U.S. prosecutor Jeffrey Goldberg as saying in
closing arguments.

Caribbean360.com notes that Judge Goldbery charged that the men
chose to "keep it secret and actively work to keep others from
finding out about it."

Messrs. Lopez and Kuhrt, who went on trial on October 17, are the
last two Stanford executives to be criminally tried for their
roles in the Ponzi scheme built on bogus certificates of deposit,
Caribbean360.com says.

The report discloses that prosecutors charged that early investors
were paid above-market returns with funds taken from later
investors, and the accountants helped cover up the Stanford bank's
insolvency for years before US securities regulators seized the
operation in early 2009 on suspicion of fraud.

Caribbean360.com notes that federal prosecutors told jurors that
Messrs. Lopez and Kuhrt meticulously tracked about US$2 billion
that Stanford "sucked out" of the bank to fund risky private
ventures including Caribbean airlines, resort developments and
international cricket tournaments.

They charged that the accountants didn't disclose these loans or
additional funds that Stanford took to underwrite a lavish
personal lifestyle of private jets, yachts and waterfront
mansions, the report relays.

Caribbean360.com says that prosecutors charged that Stanford told
investors that their money was invested in conservative liquid
assets and overseen by international money managers.

They also said that Stanford and his top deputy, finance chief
James M. Davis, secretly controlled more than 80% of the bank's
investments, most of which was loaned to Stanford or used to
underwrite his other businesses, Caribbean360.com relays.

Jack Zimmermann, Lopez's lawyer, also said that Messrs. Lopez and
Kuhrt were not in the loop, Caribbean360.com says.

Caribbean360.com adds that if convicted of all charges, Messrs.
Lopez and Kuhrt face more than 20 years in jail.

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.



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


AVAL RURAL XIX: Moody's Assigns 'B2' GS Rating to VRD Securities
----------------------------------------------------------------
Moody's Latin America rates the VRD securities of Fideicomiso
Financiero Aval Rural XIX, which will be issued by Banco de
Valores acting solely in its capacity as issuer and trustee.

  USD6,697,000 in VRD of Fideicomiso Financiero Aval Rural XIX,
  rated B2 (Global scale, local currency) and A1.ar (National
  Scale Rating)

As of Nov. 15, the securities for this transaction have not yet
been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.

Ratings Rationale

The rated securities will be backed by a pool of bills of exchange
signed by agricultural producers in Argentina. The bills of
exchange will be guaranteed by Aval Rural S.G.R., which is a
financial guarantor in Argentina. Aval Rural has a rating of A1.ar
(Argentine National Scale) and of B2 (Global Scale, Local
Currency).

The ratings assigned to this transaction are primarily based on
the rating of Aval Rural. Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction.

Banco de Valores S.A. (Issuer and Trustee) will issue one class of
debt securities denominated in US dollars. The rated securities
will bear a 6% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, comprised among others, of a pool of
fixed rate bills of exchange denominated in US dollars, guaranteed
by Aval Rural S.G.R. The bills of exchange will bear the same
interest rate as the rated securities.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos at
the exchange rate published by Banco de la Nación Argentina as of
the day prior to the date that the funds are initially deposited
into the Trust account. As a result, the dollar is used as a
currency of reference and not as a mean of payment. For that
reason, the transaction is considered to be denominated in local
currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Aval Rural to
make payment under the bills of exchange. Aval Rural, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors. Interest on the securities will accrue up to the date
on which the funds are initially deposited by either Aval Rural,
the exporter, or the individual producers into the Trust Account.


TOYOTA COMPANIA: Moody's Rates New AR$100-Mil. Debt 'Ba3'
---------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
debt rating to Toyota Compania Financiera Argentina's ninth
expected issuance worth up to Ar$100 million, with a maturity of
24 months. In addition, Moody's assigned a Aaa.ar national scale
local currency debt rating to the ninth expected issuance.

The outlook for the ratings is stable.

The following ratings were assigned to Toyota Compania Financiera
Argentina's Ar$100 million expected issuance:

Global Local-Currency Debt Rating: Ba3

National Scale Local-Currency Debt Rating: Aaa.ar

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Toyota's Ba3 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Toyota Compania Financiera Argentina is headquartered in Buenos
Aires, Argentina, and it had assets of Ar$872 million and equity
of Ar$113 million as of September 2012.



=============
B E R M U D A
=============



BOUNTY PRIVATE: Members' Final Meeting Set for Dec. 3
-----------------------------------------------------
The members of Bounty Private Trust Company Limited will hold
their final general meeting on Dec. 3, 2012, at 2:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Oct. 22, 2012.

The company's liquidator is:

         Michelle Wolfe
         c/o Meritus Trust Company Limited


COLOMBIA HOLDING: Member to Receive Wind-Up Report on Nov. 26
-------------------------------------------------------------
The member of Colombia Holding Ltd. will receive on Nov. 26, 2012,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


COLOMBIA PORT: Member to Receive Wind-Up Report on Nov. 26
----------------------------------------------------------
The member of Colombia Port Ltd. will receive on Nov. 26, 2012, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


COLOMBIA TRANSPORTATION: Member to Hear Wind-Up Report on Nov. 26
-----------------------------------------------------------------
The member of Colombia Transportation Ltd. will receive on
Nov. 26, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


CONCERTO LIMITED: Member to Receive Wind-Up Report on Nov. 28
-------------------------------------------------------------
The member of Concerto Limited will receive on Nov. 28, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


OIL CASUALTY: Member to Hear Wind-Up Report on Nov. 26
------------------------------------------------------
The member of Oil Casualty Private Trustee Ltd. will receive on
Nov. 26, 2012, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


OIL INVESTMENT: Member to Hear Wind-Up Report on Nov. 26
--------------------------------------------------------
The member of Oil Investment Private Trustee Ltd. will receive on
Nov. 26, 2012, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kehinde A. L. George
         Crawford House, 50 Cedar Avenue
         Hamilton HM 11
         Bermuda


PACIFIC ALLIANCE: Members' Final Meeting Set for Nov. 30
--------------------------------------------------------
The members of Pacific Alliance Reinsurance Ltd. will hold their
final general meeting on Nov. 30, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


PANGAEA REINSURANCE: Members' Final Meeting Set for Nov. 30
-----------------------------------------------------------
The members of Pangaea Reinsurance II, Ltd. will hold their final
general meeting on Nov. 30, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda



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


CONOCOPHILLIPS IRAQ: Creditors' Proofs of Debt Due Nov. 29
----------------------------------------------------------
The creditors of Conocophillips Iraq Ltd. are required to file
their proofs of debt by Nov. 29, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2012.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


CONOCOPHILLIPS LNG: Creditors' Proofs of Debt Due Nov. 29
---------------------------------------------------------
The creditors of Conocophillips LNG Ventures Ltd. are required to
file their proofs of debt by Nov. 29, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 18, 2012.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


CONOCOPHILLIPS SHAH: Creditors' Proofs of Debt Due Nov. 29
----------------------------------------------------------
The creditors of Conocophillips Shah Ltd. are required to file
their proofs of debt by Nov. 29, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 18, 2012.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


CONOCOPHILLIPS SOUTHEAST: Creditors' Proofs of Debt Due Nov. 29
---------------------------------------------------------------
The creditors of Conocophillips Southeast Asia New Ventures Ltd.
are required to file their proofs of debt by Nov. 29, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 18, 2012.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


CONOCOPHILLIPS WORLDWIDE: Creditors' Proofs of Debt Due Nov. 29
---------------------------------------------------------------
The creditors of Conocophillips Worldwide LNG, Ltd are required to
file their proofs of debt by Nov. 29, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 22, 2012.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


CONOCOPHILLIPS YANBU: Creditors' Proofs of Debt Due Nov. 29
-----------------------------------------------------------
The creditors of Conocophillips Yanbu Ltd. are required to file
their proofs of debt by Nov. 29, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 18, 2012.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, One Capital Place
         Shedden Road, George Town
         Grand Cayman KY1-1103
         Cayman Islands


DIAMOND NOTCH: Creditors' Proofs of Debt Due Nov. 22
----------------------------------------------------
The creditors of Diamond Notch Opportunities Master Fund, Ltd. are
required to file their proofs of debt by Nov. 22, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 3, 2012.

The company's liquidator is:

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


INVESTCORP CAPITAL: Moody's Affirms 'Ba2' Sr. Unsec. Debt Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2/Not Prime deposit
ratings of Investcorp Bank B.S.C., and affirmed its standalone D
bank financial strength rating. Moody's also affirmed the Ba2
ratings of the backed senior unsecured debt of Investcorp Bank's
wholly owned subsidiaries, Investcorp Capital Limited and
Investcorp S.A., and the (P)Ba2 rating of Investcorp Capital
Limited's backed senior unsecured MTN, all of which are guaranteed
by Investcorp Bank B.S.C. As part of the same rating action,
Moody's has withdrawn Investcorp S.A.'s Ba2/Not Prime deposit
ratings and standalone D bank financial strength rating, as there
are no deposits outstanding and Investcorp S.A. does not have a
license to take deposits. The outlook on all ratings remains
negative.

Ratings Rationale

Investcorp Bank B.S.C.'s long-term deposit rating of Ba2 is
constrained by (1) its moderate, albeit improving, capitalisation
levels (with the illiquid risk assets-to-adjusted tangible common
equity ratio at 2.8x as at end-June 2012); (2) relatively high,
albeit declining, concentrations to private equity investments
(with the top five investments estimated at around 0.8x adjusted
tangible common equity as at June 2012); and (3) the inherent
volatility in the company's earnings profile.

Investcorp Bank B.S.C.'s long-term deposit rating is supported by
the company's (1) solid position as a provider of international
alternative investments in the Gulf Cooperation Council; and (2)
good liquidity and improved funding profile.

The negative outlook assigned to Investcorp Bank B.S.C.'s ratings
is based on the challenging operating environment for alternative
asset management institutions, which weighs on the company's
earnings generation capacity, and poses risks to its investment
portfolio. A successful execution of the company's plan to further
strengthen its capitalisation ratio and reduce its illiquid risk
assets (by reducing its hedge fund holdings, disposing private
equity businesses and reducing the level of investments in future
acquisitions) may counterbalance the current operating environment
risks. In the meantime, however, current operating conditions pose
risks to the successful execution of the company's strategy and,
in particular, its ability to dispose of its private equity
businesses.

Investcorp's Ba2 long-term deposit rating reflects the company's
intrinsic financial strength and does not incorporate any ratings
uplift based on external support.

Moody's has withdrawn Investcorp S.A.'s Ba2/Not Prime deposit
ratings and standalone D bank financial strength rating, as there
are no deposits outstanding. Investcorp S.A. does not have a
banking license and is registered as an exempted company in the
Cayman Islands.

What Could Change The Rating Up/Down

As indicated by the negative outlook, Moody's does not expect any
upward rating pressure over the near term. A successful execution
of the company's plan to further strengthen its capitalisation
ratio and reduce its balance sheet co-investment portfolio may
lead to a stable outlook on the company's ratings.

Negative rating pressure may result from a failure by Investcorp
Bank B.S.C. to further reduce its investment concentrations,
improve its capitalisation metrics or grow its assets under
management. In addition, negative rating pressure may result from
a weaker financial position driven by (1) continued weakness in
private equity origination and placement activities that would
further constrain the company's profitability; and/or (2) further
material investment losses that would lead to an erosion in the
company's capital position.

Principal Methodologies

Moody's has used "Moody's Global Rating Methodology for Asset
Management Firms", dated October 2007, as the principal
methodology for rating Investcorp and its subsidiaries. Moody's
makes certain adjustments to the Asset Management methodology to
better capture the illiquid risk assets held on its balance sheet.
Moody's also used "Moody's Consolidated Global Bank Rating
Methodology", dated June 2012.

Investcorp Bank B.S.C. is a shareholding company incorporated in
Bahrain and licensed as a wholesale bank by the Central Bank of
Bahrain. Investcorp S.A. is registered as an exempted company in
the Cayman Islands. Investcorp Capital Limited, based in the
Cayman Islands, was specifically set up to issue debt for
Investcorp Bank B.S.C. Investcorp Bank B.S.C. reported total
consolidated assets of USD2.7 billion as of 30 June 2012 under
audited IFRS.


JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 4, 2012, the sole member of Junior Preference Share
Company Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Nov. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


PERISSET INVESTMENTS: Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------------
The creditors of Perisset Investments Limited are required to file
their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2012.

The company's liquidator is:

         Royhaven Secretaries Limited Liquidator
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


ZLA LTD: Commences Liquidation Proceedings
------------------------------------------
On Sept. 16, 2012, the sole member of ZLA Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 12, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Zephyr Management, Inc.
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands



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


* LAZARO CARDENAS: Moody's Assigns 'Ba3' Isuser Rating
------------------------------------------------------
Moody's de Mexico assigned issuer ratings of Baa1.mx (Mexico
National Scale) and Ba3 (Global Scale, local currency) to the
Municipality of Lazaro Cardenas. The ratings outlook is stable.

The issuer ratings of Baa1.mx (Mexico National Scale) and Ba3
(Global Scale, local currency) assigned to the Municipality of
Lazaro Cardenas reflect a relatively strong economic base,
volatile financial results, weak liquidity and expected growth in
debt levels.

Ratings Rationale

Lazaro Cardenas is the third largest municipality of the State of
Michoacan, accounting for 4% of the state's population and
contributing to 30% of the state's GDP. The municipality houses
one of Mexico's largest ports in the Pacific Ocean receiving
imports from Asia. Although the strong economy provides potential
for revenue growth, current metrics show that own-source revenues
are only a small share of overall revenue for the municipality.

The municipality registers volatile operating results albeit, on
average, these are roughly balanced. Own source revenues are low
and have dropped, on average, -2.7% in the last two years.
Personnel services have grown by 6.1% on average in last three
years. The new administration is working to reduce personnel
services. . Cash financing requirements are also volatile but on
average, roughly balanced from 2009-2011.

Lazaro Cardenas's debt is relatively low representing 12% of
operating revenues in 2011. Debt is expected to increase to 40% by
2013 as the municipality seeks to contract new debt to cover
current liabilities and undertake some capital investments.

Net working capital is one of Lazaro Cardenas' main weaknesses
representing -21% of total expenditures. Accounts payable
represented MXN 57 million at year end 2011. In addition, the
municipality owes MXN 53 million to the state of Michoacan. These
short term obligations and low cash levels limit the capacity of
Lazaro Cardenas to face unexpected financial shocks. The
municipality is trying to improve its liquidity position by paying
these obligations with proceeds from longer term debt.

What Can Change The Rating Up/Down

An improvement of liquidity reinforced by the strengthening of
consecutive positive financial results could exert upward pressure
on the ratings. The absence of measures to increase own source
revenues and a further weakening of the municipality's liquidity
position, could exert downward pressure on the ratings.

Credit ratings incorporate Moody's macroeconomic outlook and its
implications on key variables that may include but not be limited
to interest rates, inflation, economic growth, unemployment,
performance of counterparties, credit availability, sector level
changes in competitive conditions, supply/demand and margins, and
issuer specific changes in capital structure, competitive
positioning, governance, risk profile, and liquidity. Unexpected
changes in such variables may lead to changes in the credit rating
level, potentially by several notches. Further information on the
sensitivity of the rating to specific assumptions is included in
this disclosure.

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 "Mapping Moody's
National Scale Ratings to Global Scale Ratings" published in March
2011.



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


CL FIN'L: Lascelles to Pay $4.1BB in Dividends to Shareholder
-------------------------------------------------------------
RJR News reports that Lascelles de Mercado is to pay $4.1 billion
in dividends to shareholders at the end of this month.

The company, which is in the final stage of a US$415 million
takeover by Italy's Gruppo Campari, declared the dividend in two
parts, according to RJR News.

The report relates that the company said shareholders will get
J$9.48 per share dividend, and a special interim dividend of
J$33.18 per share.  Both are to be paid on the 96 million ordinary
shares that have been issued, the report notes.

The report discloses that Gruppo Campari held 81.4% of those
shares, which means, J$3.3 billion of the payout will go to the
Italians.  The payout will be made on November 30, the report
says.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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


* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2012
-----------------------------------------------------

Issuer              Coupon   Maturity    Currency      Price
------              ------   --------     --------     -----

ARGENTINA
---------

ARGENT GLOBAL          8.75    6/2/2017      USD          72
ARGENT-$DIS            8.28    12/31/2033    USD        50.2
ARGENT-$DIS            8.28    12/31/2033    USD        53.9
ARGENT-$DIS            8.28    12/31/2033    USD          54
ARGENT-$DIS            8.28    12/31/2033    USD          55
ARGENT-$DIS            8.28    12/31/2033    USD          57
ARGENT-PAR             1.18    12/31/2038    ARS        39.6
ARGENT- DIS            7.82    12/31/2033    EUR          45
ARGENT- DIS            7.82    12/31/2033    EUR          51
ARGENT- DIS            7.82    12/31/2033    EUR        49.8
ARGENT- DIS            4.33    12/31/2033    JPY          31
ARGENT- PAR            0.45    12/31/2038    JPY          15
ARGENT- PAR&GDP        0.45    12/31/2038    JPY           8
ARGENTINA                 9    11/29/2018    USD        67.3
ARGNT-BOCON PRE9          2     3/15/2014    ARS          53
BANCO DE GALICIA       8.75     5/4/2018     USD        72.5
BANCO DE GALICIA       8.75     5/4/2018     USD          73
BANCO MACRO SA         9.75    12/18/2036    USD        64.5
BANCO MACRO SA         9.75    12/18/2036    USD        65.8
BANCO MACRO SA         9.75    12/18/2036    USD        65.8
BONAR X                   7     4/17/2017    USD        73.3
CAPEX SA                 10     3/10/2018    USD        63.9
CAPEX SA                 10     3/10/2018    USD        63.6
CIA LATINO AMER         9.5    12/15/2016    USD          54
EMP DISTRIB NORT       9.75    10/25/2022    USD        40.9
EMP DISTRIB NORT       10.5    10/9/2017     USD          95
EMP DISTRIB NORT       9.75    10/25/2022    USD        40.5
PROV BUENOS AIRE      9.625     4/18/2028    USD        55.7
PROV BUENOS AIRE      9.625     4/18/2028    USD        55.8
PROV BUENOS AIRE      9.375     9/14/2018    USD        58.9
PROV BUENOS AIRE      10.88     1/26/2021    USD        59.6
PROV BUENOS AIRE      9.375     9/14/2018    USD        59.1
PROV BUENOS AIRE      10.88     1/26/2021    USD        59.6
PROV BUENOS AIRE      11.75    10/5/2015     USD        73.8
PROV BUENOS AIRE      11.75    10/5/2015     USD        73.8
PROV BUENOS AIRE       9.25     4/15/2017    USD        74.7
PROV BUENOS AIRE       9.25     4/15/2017    USD        74.8
PROV DE CORDOBA       12.38     8/17/2017    USD        66.4
PROV DE CORDOBA       12.38     8/17/2017    USD        66.5
PROV DE FORMOSA           5     2/27/2022    USD        57.1
PROV DE MENDOZA         5.5     9/4/2018     USD        69.9
PROV DE MENDOZA         5.5     9/4/2018     USD        69.9
PROV DEL CHACO            4    12/4/2026     USD          23
PROV DEL CHACO            4    11/4/2023     USD          50
PROV DEL NEUQUEN      7.875     4/26/2021    USD        76.7
TRANSENER              9.75     8/15/2021    USD        37.6
TRANSENER              9.75     8/15/2021    USD          45
TRANSENER             8.875    12/15/2016    USD        49.5
BRAZIL
------

REDE EMPRESAS         11.13                  USD          38
REDE EMPRESAS         11.13                  USD          36
REDE EMPRESAS         11.13                  USD          40


CAYMAN ISLAND
-------------

BCP FINANCE CO        5.543                  EUR          37
BCP FINANCE CO        4.239                  EUR        39.2
BES FINANCE LTD        5.58                  EUR        57.4
BES FINANCE LTD         4.5                  EUR          64
CAM GLOBAL FIN         6.08    12/22/2030    EUR        59.4
CHINA FORESTRY        10.25    11/17/2015    USD        53.3
CHINA FORESTRY        10.25    11/17/2015    USD        53.3
CHINA SUNERGY          4.75     6/15/2013    USD        51.9
EFG ORA FUNDING         1.7    10/29/2014    EUR          70
ESFG INTERNATION      5.753                  EUR        42.8
GOL FINANCE            8.75                  USD        72.6
GOL FINANCE            8.75                  USD        72.4
JINKOSOLAR HOLD           4     5/15/2016    USD          35
LDK SOLAR CO LTD       4.75     4/15/2013    USD        67.5
LDK SOLAR CO LTD       4.75     4/15/2013    USD          63
LUPATECH FINANCE      9.875                             44.3
LUPATECH FINANCE      9.875                  USD          40
RENHE COMMERCIAL         13     3/10/2016    USD        61.5
RENHE COMMERCIAL         13     3/10/2016    USD        54.5
RENHE COMMERCIAL      11.75     5/18/2015    USD        65.8
RENHE COMMERCIAL      11.75     5/18/2015    USD        65.8
SOLARFUN POWER H        3.5     1/15/2018    USD        77.5
SOLARFUN POWER H        3.5     1/15/2018    USD        74.7
SUNTECH POWER             3     3/15/2013    USD        39.2
SUNTECH POWER             3     3/15/2013    USD        39.3


CHILE
-----

CGE DISTRIBUCION       3.25    12/1/2012     CLP        10.2
CHILE                     3     1/1/2042     CLP        62.6
CHILE                     3     1/1/2042     CLP        62.6
CHILE                     3     1/1/2040     CLP        64.2
CHILE                     3     1/1/2040     CLP        64.2
CHILE                     3     1/1/2032     CLP        73.3
CHILE                     3     1/1/2032     CLP        73.3
COLBUN SA               3.2     5/1/2013     CLP        24.9


PUERTO RICO
-----------

PUERTO RICO CONS        6.5     4/1/2016     USD          68
PETROLEOS DE VEN        5.5     4/12/2037    USD        60.3
PETROLEOS DE VEN      5.375     4/12/2027    USD        63.3


VENEZUELA
---------

VENEZUELA                 7     3/31/2038    USD        70.7
VENEZUELA                 7     3/31/2038    USD        70.8


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *