TCRLA_Public/121123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, November 23, 2012, Vol. 13, No. 234


                            Headlines



A R G E N T I N A

CARMAS SRL: Creditors' Proofs of Debt Due Nov. 27
CONEXIM SRL: Creditors' Proofs of Debt Due Nov. 30
CORPTRADER SA: Requests Opening of Bankruptcy Proceedings
TRANSFORMADORA DEL SUR: Creditors' Proofs of Debt Due Dec. 13
VIEIRA ARGENTINA: Creditors' Proofs of Debt Due Feb. 6

* ARGENTINA: Must Pay $1.33 Billion to Defaulted Bond Owners


B R A Z I L

BANCO RIBEIRAO: Moody's Affirms 'D' BFSR; Outlook Negative


C A Y M A N  I S L A N D S

CSERE FREEHOLD: Commences Liquidation Proceedings
CTC OFFSHORE: Commences Liquidation Proceedings
EXECUTIVE JET: Commences Liquidation Proceedings
GS RAVEN: Commences Liquidation Proceedings
HIGH QUALITY: Commences Liquidation Proceedings

HIGH QUALITY (CAYMAN): Commences Liquidation Proceedings
ICAHN FUND III: Commences Liquidation Proceedings
PKRAI DIVERSIFIED: Commences Liquidation Proceedings
VERDANT ASIA: Commences Liquidation Proceedings
VERDANT ASIA MANAGEMENT: Commences Liquidation Proceedings


J A M A I C A

JAMALCO: Seeks Energy Solution for Alumina Plant


M E X I C O

* MEXICO: Acapulco is Being Inundated Due to Debts
KANSAS CITY SOUTHERN: Moody's Hikes CFR to 'Ba1'; Outlook Stable
HSBC MEXICO: Moody's Cuts Ratings on Class A Certs. to 'Caa2'




                            - - - - -


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


CARMAS SRL: Creditors' Proofs of Debt Due Nov. 27
-------------------------------------------------
Ulderico Luis Laudren, the court-appointed trustee for Carmas
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 27, 2012.

Mr. Laudren will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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:

         Ulderico Luis Laudren
         Bernardo de Irigoyen 88
         Argentina


CONEXIM SRL: Creditors' Proofs of Debt Due Nov. 30
--------------------------------------------------
Hector Julio Grisolia, the court-appointed trustee for Conexim
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 30, 2012.

Mr. Grisolia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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:

         Hector Julio Grisolia
         Salguero 2533
         Argentina


CORPTRADER SA: Requests Opening of Bankruptcy Proceedings
---------------------------------------------------------
Corptrader SA requested the opening of bankruptcy proceedings.
The company defaulted its payments last April 1.


TRANSFORMADORA DEL SUR: Creditors' Proofs of Debt Due Dec. 13
-------------------------------------------------------------
Estudio Julio D. Bello y Asociados, the court-appointed trustee
for Transformadora del Sur SRL's reorganization proceedings, will
be verifying creditors' proofs of claim until Dec. 13, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 Oct. 7, 2013.

The Trustee can be reached at:

         Estudio Julio D. Bello y Asociados
         Uruguay 660


VIEIRA ARGENTINA: Creditors' Proofs of Debt Due Feb. 6
------------------------------------------------------
Estudio Stupnik, Stupnik & Varnavoglou, the court-appointed
trustee for Vieira Argentina SA's reorganization proceedings, will
be verifying creditors' proofs of claim until Feb. 6, 2012.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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 Dec. 10, 2013.

The Trustee can be reached at:

         Estudio Stupnik, Stupnik & Varnavoglou
         Paraguay 783


* ARGENTINA: Must Pay $1.33 Billion to Defaulted Bond Owners
------------------------------------------------------------
Bob Van Voris and Katia Porzecanski at Bloomberg News report that
Argentina must pay $1.33 billion to holders of its defaulted bonds
next month if it proceeds with scheduled payments of more than
$3 billion to owners of its restructured bonds, U.S. District
Judge Thomas Griesa in Manhattan ruled.

Judge Griesa in Manhattan ruled that Argentina must pay the money
into an escrow account while an appeals court considers his
rulings in the case, according to a copy of the ruling obtained by
Bloomberg News.

The report notes that the U.S. Court of Appeals in New York ruled
on Oct. 26 that Argentina must pay holders of the defaulted notes
if it pays off on its restructured debt.  It sent the case back to
Judge Griesa to consider how to apply the ruling to third parties
and setting a formula for paying holders of the defaulted bonds,
Bloomberg News notes.

Judge Griesa, Bloomberg News says, denied Argentina's request to
stay his ruling while it's considered by the appeals court, citing
press statements by Argentine President Cristina Fernandez de
Kirchner and members of her cabinet saying they wouldn't pay the
holders of the country's restructured debt.

Bloomberg News recalls that Argentina defaulted on a record $95
billion in debt in 2001.

In 2005 and 2010, the country offered to let holders of the
defaulted bonds exchange them for new bonds at a discount of more
than 70%, according to a brief filed in federal court in Manhattan
by holders of the exchanged bonds, the report notes.  About 92% of
the bondholders accepted the offer, they said in the filing, the
report adds.

The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-
06978, U.S. District Court, Southern District of New York
(Manhattan).



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


BANCO RIBEIRAO: Moody's Affirms 'D' BFSR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service affirmed Banco Ribeirao Preto S.A.
(BRP)'s D bank financial strength rating (BFSR) as well as its
Ba2/Not Prime long- and short-term global local currency deposit
ratings. Moody's also affirmed the bank's long- and short-term
Brazilian national scale deposit ratings of A1.br and BR-1. The
outlook on all ratings was changed to negative, from stable.

The ratings affirmation follows the recent announcement that Vinci
Partners (Vinci/unrated) has negotiated the acquisition of 100% of
BRP's shares. The acquisition remains subject to final regulatory
approval.

The following ratings were affirmed with negative outlook:

Bank Financial Strength Rating: D

  Long-term Global Local Currency Deposit Rating: Ba2

  Short-term Local Currency Deposit Rating: Not Prime

  Long-term Brazilian National Scale Deposit Rating: A1.br

  Short-term Brazilian National Scale Deposit Rating: BR-1

Ratings Rationale

In affirming BRP's ratings, Moody's noted that the bank's small
size and limited business franchise continue to constrain earnings
generation, in the context of modest product and client
diversification, relatively concentrated funding sources, and
modest capital base. These challenges have been balanced by
management's strategy of focusing lending within the bank's
geographic footprint and industry of expertise, particularly
agribusiness, which is a dominant sector in the region, under
adequate credit underwriting criteria. Such strategy has ensured
BRP certain operational, asset quality and earnings stability over
time. However, increasing competition in the region by larger
banks and resulting pressures on financial margins, as well as
decelerating economic activity, have constrained BRP's growth and
earnings prospects, with negative implications for the ratings.
These trends are reflected in recent decline in the bank's balance
sheet and earnings.

The negative outlook on the ratings incorporates BRP's weakening
financial strength as well as the risk implications of the Vinci
acquisition and particularly the execution risks associated with
its strategy for the bank. Moody's acknowledges the Vinci group's
broader business scope and larger financial resources, which could
help address the challenges the bank's franchise currently faces;
however, because of the bank's modest capital base, additional
resources may be needed to support prospects for continued growth.

Moody's explained that BPR's ba2 standalone credit assessment does
not benefit from any uplift for support, and maps to a Ba2 deposit
ratings, to reflect the bank's modest deposit franchise.

The last rating action on Banco Ribeirao Preto S.A. occurred on 13
September, 2010 when Moody's affirmed all the bank's ratings, on
global and national scales. The outlook on all the ratings was
also affirmed as stable.

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

Based in Sao Paulo, Banco Ribeirao Preto S.A. had consolidated
assets of approximately BRL334.9 million (or approximately
US$165.7 million) and equity of BRL68.7 million (or US$34.0
million) as of 30 June, 2012.



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


CSERE FREEHOLD: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 10, 2012, the sole shareholder of CSERE Freehold Holdings
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 22, 2012, will be included in the company's dividend
distribution.

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


CTC OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 11, 2012, the sole shareholder of CTC Offshore Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Andrew Hall
         440 S. LaSalle Street, 4th Floor
         Chicago
         IL 60605
         U.S.A.


EXECUTIVE JET: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 11, 2012, the sole shareholder of Executive Jet Middle
East Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Netjets Services, Inc.
         Matthew L. Potts
         4111 Bridgeway Avenue
         Columbus Ohio 43219
         United States of America
         Telephone: + 1 614 849 7275
         Facsimile: + 1 614 239 2119


GS RAVEN: Commences Liquidation Proceedings
-------------------------------------------
On Oct. 10, 2012, the sole shareholder of GS Raven Holdings
(Cayman) Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Nov. 22, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


HIGH QUALITY: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 11, 2012, the sole shareholder of High Quality Abs
Opportunities (Master) Fund III, Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


HIGH QUALITY (CAYMAN): Commences Liquidation Proceedings
--------------------------------------------------------
On Oct. 11, 2012, the sole shareholder of High Quality Abs
Opportunities (Cayman) Fund III, Ltd resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


ICAHN FUND III: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 8, 2012, the sole shareholder of Icahn Fund III Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 22, 2012, will be included in the company's dividend
distribution.

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


PKRAI DIVERSIFIED: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 11, 2012, the shareholders of PKRAI Diversified Strategies
(Master) 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:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


VERDANT ASIA: Commences Liquidation Proceedings
-----------------------------------------------
On Sept. 28, 2012, the sole shareholder of Verdant Asia Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Felix Law
         York House, 21st Floor
         The Landmark
         15 Queen's Road Central
         Hong Kong
         Telephone: + 852 2878 9115
         Facsimile: + 852 2878 9000


VERDANT ASIA MANAGEMENT: Commences Liquidation Proceedings
----------------------------------------------------------
On Sept. 28, 2012, the sole shareholder of Verdant Asia Fund
Management (Cayman) Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Nov. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Felix Law
         York House, 21st Floor
         The Landmark
         15 Queen's Road Central
         Hong Kong
         Telephone: + 852 2878 9115
         Facsimile: + 852 2878 9000



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


JAMALCO: Seeks Energy Solution for Alumina Plant
------------------------------------------------
RJR News reports that the Jamaican government is seeking a
suitable energy solution for the JAMALCO (Alcoa Minerals of
Jamaica) Alumina plant, as part of efforts to keep majority owner,
Alcoa from pulling out of Jamaica.

Jamalco, which is 55% owned by Alcoa and 45% by the government
through the Clarendon Alumina Partners, (CAP), has been facing
issues surrounding its viability given the cost of energy,
according to RJR News.  The report relates that Alcoa has been
reviewing its continued operation of the plant, but has agreed to
stay if a cheaper fuel source could be found.

"Earlier this year, Minister Paulwell went to New York and held
meetings with Alcoa Minerals and assured them that the government
would help facilitate them identifying suitable energy options.
Following that meeting Alcoa agreed to remain in Jamaica.  Among
other things, the non-binding MOU will propose that all options
will be explored.  The parties will discuss and make final
determinations on December 15" the report quoted Information
Minister, Sandrea Falconer, as saying.

Ms. Falconer said if an agreement is not reached by the end of
this year, the agreement to implement the energy solution will be
terminated, the report notes.  The report relates that it was not
clear if the energy solution is not found, if Alcoa will remain in
Jamaica.

The government is now trying to divest its stake in Jamalco, but
it is not known if the issue of energy costs will affect the
proceedings, the report adds.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 19, 2012, RJR News said that U.S. aluminum giant Alcoa, which
is part owner of the Alcoa Minerals of Jamaica (Jamalco) plant in
Jamaica, has posted a US$2 million second quarter loss after
aluminum prices slumped to near two-year lows.  Alcoa said revenue
declined 9% to US$6 billion as aluminum prices fell 18% from last
year, according to RJR News.

A TCRLA report on April 13, 2009, Radio Jamaica News said Alcoa
plans to cut 13,500 jobs or 13% of the work force in Jamaica,
because of the global slowdown.  Alcoa is also selling four
business units and reducing output to save money, the report
noted.  Caribbean Net News said the government is holding talks
with potential purchasers for its 45% stake in the Jamalco
refinery in south-central parish of Clarendon.  Aluminum giant
Alcoa holds 55% of the company, which has a production capacity of
1.4 million tons of alumina.



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


* MEXICO: Acapulco is Being Inundated Due to Debts
--------------------------------------------------
The Associated Press reports that Mexico's famous Pacific resort
of Acapulco is being inundated, not by rising sea levels, but by a
flood of debt.

The city's mayor says the local government has been "collapsed" by
a total of US$162 million in municipal debt built up by a former
mayor, according to Associated Press.  The report relates that the
figure exceeds the beach city's annual budget of about US$150
million.

Mayor Luis Walton has asked the federal government to step in to
help the city, whose economy was battered after the government
moved an annual tourism fair it used to host, the report notes.

The report relates that Mr. Walton's predecessor said that the
mayor is exaggerating the city's problems. Former Mayor Manuel
Anorve tells local media that he actually reduced the city's debt.

Acapulco has been battered in recent years by a wave of drug-gang
violence, the report adds.


KANSAS CITY SOUTHERN: Moody's Hikes CFR to 'Ba1'; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Kansas City
Southern ("KCS") and The Kansas City Southern Railway Company
("KCSR"), senior unsecured shelf rating to (P)Baa3 from (P)Ba2.
Moody's has also upgraded the ratings of Kansas City Southern de
Mexico S.A. de C.V. ("KCSM", a wholly-owned subsidiary of KCS),
Corporate Family Rating to Ba1 from Ba2. At the same time, Moody's
has assigned a Baa3 rating to KCSR's amended bank credit facility.
The ratings for KCS, KCSR and KCSM have stable outlooks.

Ratings Rationale

The ratings upgrade for KCS and its subsidiaries reflect the
strengthening credit profiles of both companies evidenced by
continuing improvements in the leverage, profitability, and
liquidity at these railroads, and Moody's expectations that these
companies will be able to sustain strong credit metrics over the
near term. The operating ratio (essentially one minus operating
margin) at KCS' US operations, which is predominantly represented
by the company's US railroad subsidiary KCSR, is expected to
remain in the low-70% range over the near term. This ratio
compares well to other larger Class I railroads that are rated
Baa3 and higher. It should also result in strong operating cash
flow that will enable KCS to maintain an aggressive and
strategically important network investment program. Although this
investment program is expected to result in negative free cash
flow during the intermediate term, it should support meaningful
improvement in service levels and greater pricing power over the
long term.

While the company has grown its revenue by over 10% annually since
2009, KCS has been able to reduce debt at its US operations, and
credit metrics have improved accordingly. Leverage (Debt to
EBITDA) at the company's US operations is estimated at less than
2.5 times as of September 2012, and EBIT to Interest at over 8
times. These measures map well against other Baa3 rated companies.
Operating cash flows have been robust, with Retained Cash Flow to
Debt of over 40%. Despite the negative free cash flow resulting
from its large investment program (in excess of 30% of revenue)
debt levels and leverage at the US operations have remained
relatively modest as a result of dividend distributions upstreamed
from KCSM.

Although operating results are also strong at KCS' Mexican
railroad, KCSM, the overall debt levels at this subsidiary remain
somewhat elevated, resulting in ratings at KCSM that lag that of
KCSR. Whereas debt at US operations now represents less than 100%
of revenue in the US, which is roughly in-line with the Class I
railroad average, KCSM's $1.4 billion of total debt represents
over 140% of revenue. KCSM's key credit metrics for the last
twelve months (LTM) through September 2012 include Debt to EBITDA
of 2.7 times and EBIT to Interest of 3.5 times. These levels are
appropriate for the Ba1 rating, but lag those of the US
operations. Moreover, with higher debt levels relative to its
size, Moody's believes that KCSM does not enjoy the same downside
protection as will the US operations in the event of a recession.
KCSM's ratings also take into account recent distributions that it
has made to its shareholder, KCS, and some potential that
distributions in the future could keep KCSM's debt at higher
levels than those of US operations.

KCSR's amended senior bank credit facilities are rated Baa3.
Although this facility is currently secured by substantially all
assets of the company's US operations, the terms of the amended
facility prescribe a fall-away provision relating to certain
rating changes, whereby the collateral is released from security
pledges and the facilities effectively become senior unsecured
obligations of the company. As these provisions will become
effective shortly, Moody's has assigned the ratings of these
facilities at the same level as KCSR's senior unsecured ratings.

The stable ratings outlook for KCS and its subsidiaries reflect
Moody's expectations that the company's operations will be able to
maintain solid operating margins while experiencing slow revenue
growth over the near term. Operating cash flow is expected to be
strong at both railroads over the next few years, sufficient to
support substantial levels of investments in their networks,
although Moody's also expects that KCS will continue to use a
moderate amount of cash distributed from KCSM, partially to cover
a portion of US operations' investments.

The ratings could be raised if KCSR or KCSM can further reduce
leverage, while at the same time grow the railroads' revenue base
and improve margins. At KCSR, the company would need to
demonstrate sustained operating ratios at US operations of below
70% through the business cycle, while maintaining leverage below
2.0 times Debt to EBITDA while substantially growing its revenue
base. The ability to consistently generate positive free cash flow
while maintaining capital spending of at least 17% of revenue will
also be important for a ratings upgrade at KCS and KCSR.
Similarly, the ratings of KCSM could be raised if the company
could consistently grow its revenue base and maintain operating
ratios in the mid-60% range, while reducing leverage to below 2.5
times and achieve EBIT to Interest in excess of 5 times.

Ratings could be lowered if operating conditions were to
unexpectedly deteriorate, with operating ratios increasing
substantially from current levels and negative free cash flow
ensuing despite reductions in capital spending in such a downturn.
Ratings could also be lowered if the company undertakes an
aggressive shareholder return policy, possibly using cash flow or
additional debt to fund such a program. Additionally, KCSM's
ratings could be revised lower if they were to face any risk of
termination of its concession with the Government of Mexico.

Issuer: Kansas City Southern, Inc

  Upgrades:

    Multiple Seniority Shelf, Upgraded to (P)Ba1 from (P)Ba2

  Withdrawals:

     Probability of Default Rating, Withdrawn, previously rated
     Ba1

     Speculative Grade Liquidity Rating, Withdrawn, previously
     rated SGL-2

     Corporate Family Rating, Withdrawn, previously rated Ba1

     Multiple Seniority Shelf, Withdrawn, previously rated LGD5,
     89%

Issuer: Kansas City Southern de Mexico, S.A. de C.V. ,

  Upgrades:

     Corporate Family Rating, Upgraded to Ba1 from Ba2

     Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 from
     Ba2

     Senior Secured Bank Credit Facility, Upgraded to Baa3 from
     Ba1

Issuer: Kansas City Southern Railway Company (The) ,

  Upgrades:

     Senior Unsecured Shelf, Upgraded to (P)Baa3 from (P)Ba2

  Assignments:

     Senior Unsecured Bank Credit Facility, Assigned Baa3

  Withdrawals:

     Senior Unsecured Shelf, Withdrawn, previously rated LGD5, 89%

Issuer: Southern Capital Corporation ,

  Upgrades:

     Senior Secured Equipment Trust, Upgraded to Baa1, Baa1 from
     Baa2, Baa2

The principal methodology used in rating Kansas City Southern and
rated subsidiaries was the Global Freight Railroad Industry
Methodology, published March 2009. Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA, published June 2009.

Kansas City Southern operates a Class I railway in the central
U.S. (The Kansas City Southern Railway Company) and, through its
wholly-owned subsidiary Kansas City Southern de Mexico, S.A. de
C.V., owns the concession to operate Mexico's northeastern
railroad.

Kansas City Southern operates a Class I railway in the central
U.S. (The Kansas City Southern Railway Company) and, through its
wholly-owned subsidiary Kansas City Southern de Mexico, S.A. de
C.V., owns the concession to operate Mexico's northeastern
railroad.


HSBC MEXICO: Moody's Cuts Ratings on Class A Certs. to 'Caa2'
-------------------------------------------------------------
Moody's de Mexico has downgraded the ratings of three certificates
from Mexican residential mortgage backed securitizations (RMBS)
sponsored by Proyectos Adamantine, S.A. de C.V., SOFOM, E.N.R. and
Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto
Multiple E.N.R. These rating actions follow the recent downgrades
of the ratings of the financial guarantors MBIA Insurance
Corporation (MBIA) and MBIA Mexico S.A. de C.V. (MBIA Mexico).

The complete rating action is as follows:

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

-- MXMACFW 07-5U Class A, ratings downgraded to Caa2.mx (sf) from
B1.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B3 (sf)
(Global Scale, Local Currency). The certificates' underlying
ratings (reflecting the certificates' intrinsic credit quality
absent the financial guarantee that MBIA Mexico provides) are
Ca.mx (sf) and Ca (sf).

-- MXMACFW 07-3U Class A, ratings downgraded to Caa2.mx (sf) from
B1.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B3 (sf)
(Global Scale, Local Currency). The certificates' underlying
ratings (reflecting the certificates' intrinsic credit quality
absent the financial guarantee that MBIA provides) are Caa3.mx
(sf) and Caa3 (sf).

Issuer: The Bank of New York Mellon, S.A. Institucion de Banca
Multiple, acting solely as trustee.

-- BRHCCB 07-2U Class A-2, ratings downgraded to Caa2.mx (sf) from
B1.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B3 (sf)
(Global Scale, Local Currency). The certificates' underlying
ratings (reflecting the certificates' intrinsic credit quality
absent the financial guarantee that MBIA Mexico provides) are also
Caa2.mx (sf) and Caa2 (sf).

Ratings Rationale

The affected certificates benefit from a financial guaranty
insurance policy issued by MBIA or MBIA Mexico that covers timely
interest payment and ultimate principal payment by the legal final
maturity date of the certificates. On November 19, 2012, Moody's
downgraded MBIA and MBIA Mexico's insurance financial strength
rating to Caa2 from B3 and MBIA Mexico's national scale insurance
financial strength rating to Caa2.mx from B1.mx.

The certificates' current ratings are consistent with Moody's
practice of rating insured securities at the higher of (1) the
guarantor's insurance financial strength rating and (2) the
underlying ratings, which reflect the intrinsic credit quality of
the certificates in the absence of the guarantee, and based on
Moody's modified approach to rating structured finance securities
wrapped by financial guarantors. In the case of MXMACFW 07-5U
Class A and MXMACFW 07-3U Class A, since MBIA's and MBIA Mexico's
financial strength ratings are higher than the certificates'
underlying ratings, the certificates' ratings are in line with
MBIA's and MBIA Mexico's current ratings. In the case of BRHCCB
07-2U Class A-2, MBIA Mexico's financial strength ratings are the
same as the certificates' underlying ratings; as a result, the
certificates' ratings are in line with both MBIA Mexico's ratings
and the certificates' underlying ratings.

The rating action did not impact the ratings of the following
Mexican RMBS certificates that also benefit from an MBIA or MBIA
Mexico financial guarantee because their current ratings already
reflect their underlying ratings, which are higher than MBIA's and
MBIA Mexico's ratings:

-- BRHCCB 07U Class A-1, rated Aaa.mx (sf) and Baa1 (sf)

-- Hipotecaria Su Casita - Cross-border, Class A Insured
Residential Mortgage Backed Floating Rate Notes, rated B3 (sf)

As part of evaluating the current security ratings, Moody's also
reviewed the certificates' underlying ratings, which are as
follows:

-- MXMACFW 07-5U Class A: Ca.mx (sf), Ca (sf)

-- MXMACFW07-3U Class A: Caa3.mx (sf), Caa3 (sf)

-- BRHCCB 07-2U Class A-2: Caa2.mx (sf), Caa2 (sf)

Regarding the variability of MXMACFW 07-5U Class A's and
MXMACFW07-3U Class A's ratings, any downgrades in MBIA or MBIA
Mexico's insurance financial strength rating of Caa2 would result
in at least a one notch downgrade in the ratings of the affected
certificates. Regarding the variability of BRHCCB 07-2U Class A-2,
if Moody's were to instead assume a cumulative gross default of
70% as a percent of the current pool balance (instead of the 69%
assumed currently), the underlying rating would likely experience
at least a one notch downgrade.

With respect to the underlying ratings, the primary sources of
assumption uncertainty are related to the macroeconomic
environment, the timing of recovery of the Mexican economy and
labor market, and the severity of loss assumption given the
limited market data related to historical recoveries for REOs.

In issuing and monitoring this rating, Moody's de Mexico S.A. de
C.V. considered the existence and extent of arrangements and
mechanism, if any, to align the incentives of the originator,
servicer, administrator and guarantor of the securities with those
of its potential acquirers.

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.

Moody's considered the servicer's practices and considers them
adequate.

Rating Methodology

The current ratings on the certificates are consistent with
Moody's practice of rating insured securities at the higher of (1)
the guarantor's insurance financial strength rating and (2) the
underlying ratings, based on Moody's modified approach to rating
structured finance securities wrapped by financial guarantors.

The principal methodology used in assessing the underlying ratings
was "Moody's Approach to Monitoring Residential Mortgage-Backed
Securitizations in Mexico" August, 2009.

The date of the last Credit Rating Action was December 19, 2011.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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