TCRLA_Public/121130.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 30, 2012, Vol. 13, No. 238


                            Headlines



A R G E N T I N A

* ARGENTINA: Court Suspends Ruling That May Trigger Default
* ARGENTINA: To Receive $60 Million IDB Loan


B R A Z I L

VIVER INCORPORADORA: Moody's Cuts CFR to 'B2'; Outlook Negative


C A Y M A N  I S L A N D S

ASCOT (CAYMAN): Shareholders Receive Wind-Up Report
BELMONT LATIN AMERICA: Members Receive Wind-Up Report
BONOHURST HOLDINGS: Shareholders Receive Wind-Up Report
CASTAWAY INTERNATIONAL: Shareholders Receive Wind-Up Report
CHORDANT LIFESCIENCES: Shareholders Receive Wind-Up Report

EMG ASIA: Shareholders Receive Wind-Up Report
ENVIRONMENTAL HOLDINGS: Shareholder Receives Wind-Up Report
HSINCHU INTERNATIONAL: Shareholder Receives Wind-Up Report
MESIROW FINANCIAL: Shareholders Receive Wind-Up Report
ML HCA: Shareholders Receive Wind-Up Report

ML VEDA: Shareholders Receive Wind-Up Report
OPS LIMITED: Shareholders Receive Wind-Up Report
RESOURCES INVESTMENT: Shareholders Receive Wind-Up Report
RIGHT CHOICE: Shareholders Receive Wind-Up Report


M E X I C O

BANCO MERCANTIL: Moody's Says Loan Changes No Rating Impact
HIPOTECARIA SU CASITA III: S&P Cuts Ratings on 2 Tranches to 'D'
VITRO SAB: Reviewing Alternatives After U.S. 5th Circuit Ruling
VITRO SAB: Beats Bondholders on Appeal in Mexican Court


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Posts $15MM Profit in July to Sept. Period


                            - - - - -


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


* ARGENTINA: Court Suspends Ruling That May Trigger Default
-----------------------------------------------------------
Shane Romig and Ken Parks at The Wall Street Journal report that
Argentina scored a temporary legal victory in its battle with
holdout creditors after a U.S. appeals court suspended a judicial
ruling that could have led to the country's second sovereign
default in just over a decade.

The U.S. Second Circuit Court of Appeals put a stay on New York
federal Judge Thomas Griesa's ruling that barred the Argentine
government from paying investors who swapped defaulted sovereign
bonds for new securities unless it also pays investors who are
suing for full repayment, according to The Journal.  The report
relates that at risk was a $3 billion payment Dec. 15 on GDP
warrants and other bonds that Mr. Griesa conditioned on Argentina
depositing $1.3 billion in an escrow account for the litigating
creditors.

The Journal notes that the ruling effectively means that Argentina
will be able to continue to make payments on its restructured
bonds while appeals are reviewed by the court.

Hours before the ruling, the report relates that Argentina
President Cristina Kirchner reaffirmed her government's commitment
to paying creditors who participated in the 2005 and 2010 debt
swaps.

"Without accessing capital markets, we have been punctually paying
since 2005 with our own resources and we are going to continue to
do so because we are going to honor our obligations as corresponds
to a country that has recovered its self esteem," Mrs. Kirchner
said in a speech, the report says.

The appellate court set an expedited schedule for the case and
fixed a hearing date of Feb. 27.

The Wall Street Journal notes that exchange creditors were also
granted the right to join the appeal against Judge Griesa's
ruling.

The bondholders appealing Judge Griesa's ruling are led by
Gramercy Funds Management, a creditor with more than $1 billion of
the restructured bonds, and Fintech Advisory Inc, the report says.

"The stay issued ensures that the Exchange Bondholders will
receive their rightful payments through December, and until the
Court can carefully consider the significant issues and interests
that are involved before rendering its final ruling," The Wall
Street Journal quoted Sean O'Shea, co-counsel with Boies Schiller
& Flexner LLP for the Exchange Bondholder Group and Gramercy Funds
Management LLC, as saying.

The report discloses that Argentina's battle with the holdouts,
which it calls "vulture funds," stems from its default on almost
$100 billion during the country's 2001-02 economic crisis.  The
holdouts who refused to take a write-down of about 66 cents on the
dollar in the debt swaps have hounded Argentina in courts across
the globe seeking full compensation, the report relays.

The report relates that an Argentine navy training ship is being
held in Ghana after a local judge seized it as collateral to
satisfy court judgements in favor of Elliott Management Corp.'s
NML Capital Ltd.

Argentina's near brush with default has pummeled its bond prices
and credit ratings in recent days, the report adds.


* ARGENTINA: To Receive $60 Million IDB Loan
--------------------------------------------
At least 10,000 small-scale forestry producers and 1,000 micro-,
small-, and medium-scale forest-based industries in Argentina will
benefit from an Inter-American Development Bank (IDB) loan for $60
million to finance the Forest Sustainability and Competitiveness
Program.

The program, which will be carried out in regions of the country
with significant forestry potential, will help to help increase
the value added of forestry production and improve environmental
sustainability by fostering sustainable and competitive forest
plantations, increasing product quality, diversifying the
productive base, and improving the access of micro-, small- and
medium-size enterprises to supply chains and markets.

"Argentina has made a significant transition in its forestry
sector over the past 60 years, moving away from an industry based
on the natural forest to one that relies on plantations for 85
percent of its raw material," said Sergio Ardila, IDB project team
leader.  "The program will help address critical problems that
limit the development of productive chains by providing key public
goods needed to improve the competitiveness of small- and medium-
scale producers and innovators."

The program will target regions with significant forestry
potential, such as the Norte Grande (Corrientes, Misiones, Chaco,
Formosa, Santiago del Estero, Salta, Jujuy, and Tucuman), the
Irrigated Valleys (primarily Rio Negro, Neuquen, Chubut, Mendoza,
and San Juan), and The Pampas (Cordoba, Entre Rios, Buenos Aires,
and La Pampa).

The project is expected to produce a 30,000 hectare increase in
high-value specie plantations and in the production of an
additional five million seedlings from nurseries.

Program components include improvements in management designed to
promote investments in information and forest certification, as
well as activities for technology development and transfer that
include improved plantation technologies and initial processing.

The IDB loan has a 25-year term, a grace period of five-and-a-half
years, and an interest rate based on LIBOR. Counterpart financing
totals $14.8 million.



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


VIVER INCORPORADORA: Moody's Cuts CFR to 'B2'; Outlook Negative
---------------------------------------------------------------
Moody's America Latina has downgraded Viver Incorporadora e
Construtora S.A. (Viver)'s corporate family rating to B2 from B1
on the global scale and to Ba2.br from Baa2.br on the Brazilian
national scale. At the same time, Moody's downgraded Viver's
BRL300 million senior secured debentures due in 2016 to B2 from B1
and to Ba2.br from Baa2.br. The outlook for all ratings remains
negative.

Ratings downgraded:

Viver Incorporadora e Construtora S.A. (Viver)

  - Corporate Family Rating: to B2 from B1 (global scale); to
    Ba2.br  from Baa2.br (national scale);

  - BRL 300 million 5-year senior secured debentures: to B2 from
    B1 (global scale); to Ba2.br from Baa2.br (national scale);

  - Outlook: negative.

Ratings Rationale

Viver's ratings downgrade to B2 follows Moody's rating action
published on July 10, 2012, when Moody's changed the ratings
outlook to negative from stable. The current rating action was
triggered by a further deterioration on the company's credit
metrics and liquidity position. Despite the company's announced
turnaround plan including divestitures of non-core assets and
capitalization from the shareholders, Moody's believes there is
low likelihood that operating performance and credit metrics will
materially recover before 2014. Still, the negative outlook
reflects the company's significant challenges to improve operating
profitability and deleverage its balance sheet over the next 12-18
months.

Viver's B2 rating reflects its strong brand name in the
homebuilding industry and the change of control to Paladin Prime
Residential Investors (Brazil), LLC (Paladin) at the end of 2008,
which improved the company's corporate governance standards.
Viver's relatively small size when compared to its international
and local peers constrains the rating, as does its geographic
concentration in the state of Sao Paulo and exposure to the low
income segment. Furthermore, the ratings consider Viver's high
leverage, low availability of unencumbered assets and execution
risks for its land bank strategy.

During the last twelve months, Viver experienced cost overruns,
contract cancellations, and construction delays, which caused
revenue adjustments of BRL154 million in the 3Q12 and BRL117
million in 4Q11. These adjustments have materially impacted
Viver's gross margin, bringing it down to -5.5% in LTM3Q12 from
25.5% in 2011 and 37.2% in 2010. While most of the 2012 and 2013
deliveries are low-margin projects launched up to 2009, the
potential to recover margin before 2014 is rather limited.

Additionally, the company has been facing difficulties to complete
the credit transfers from clients to commercial banks within a
reasonable timeframe. The company is receiving funds back from
banks in 10 months on average, a much longer period than the 90
days that Moody's considers adequate. Like most Brazilian
homebuilders, Viver depends on Caixa Economica Federal (CEF) or
other commercial banks to complete this process and also on the
homebuyer's credit quality at the end of the construction cycle,
as such the company's shifting focus to the lower income segments
in recent years is a rating constraint.

As result of the weak operating performance, the company has not
been able to deleverage its balance sheet while the liquidity
position deteriorated. Viver's leverage ratio as measured by Total
Adjusted Debt to Book Capitalization reached of 68.8% in the 3Q12
up from 64% in FYE2011. Viver is currently scaling back new
launches in order to reduce cash burn and further working capital
pressures. Moody's expects the company to wait until the recovery
in sales velocity and the bulk of credit transfers to cash in
before announcing the construction of new units. As a result,
operating cash generation should improve during 2013, but at a
slower pace than previous expected.

At the end of September 2012, the company had BRL259 million of
cash and cash equivalents on balance sheet representing 43% of its
short term maturities of BRL605 million (vs. 49% FYE 2011).
Despite the small proportion of cash availability, around 62% of
the debt coming due during the next twelve months is linked to
projects that will be repaid as soon as mortgage transfers are
completed. Viver has about BRL473 million in receivables from
finished units in the transferring process that will generate cash
to repay its project related loans over the next 12 months.
Additionally, the company has BRL225 million undrawn committed
facilities under the Sistema Financeiro de Habitao (SFH) to
support its ongoing project commitments.

The company has announced its intention to divestiture non
strategic assets. At the end of September 2012, Viver reported
BRL945 million book value in landbank, which Moody's estimates
that 40% could be used to generate additional cash over the next
two years. The company also concluded on November 6, 2012, a
capital increase of BRL50 million, subscribed mainly by its four
largest shareholders. Although insufficient to drive a material
leverage reduction in the short term, Moody's sees this equity
increase as a sign of support from the shareholders.

Outlook stabilization would require material improvements on cash-
flow based credit metrics through reduced working capital
requirements and significant leverage reduction. Mortgage
availability at an earlier point in the construction cycle, which
is more common in the lower income and middle-income segments in
which the company is increasing its presence, are an important
factor in Viver's ability to reduce its sizable investments in
working capital. Quantitatively, the outlook stabilization could
be triggered by sustainable positive cash flow from operations,
Total Debt/Capitalization reduced to below 60% and interest
coverage (EBIT / Interest) increased to above 2.0 times on a
sustainable basis.

Viver's ratings could be further downgrade if Total Debt to
Capitalization ratio remains above 65% over the next two quarters
or if the company were to face significant deterioration in the
quality of its receivables, especially in a more adverse macro-
economic scenario. A downgrade could also be triggered by a
further deterioration in Viver's liquidity profile due to a
reduction in the availability and timeliness of disbursements from
SFH credit lines that the company has actually available with CEF
and other commercial banks.

Headquartered in Sao Paulo, Brazil, and founded in 1992, Viver is
an integrated homebuilder historically focused in high-rise
construction for the middle and mid-high income families. Viver
has a track record of operations having delivered more than 15,000
units since 1995. Concentrated in the southeast region, mainly in
Sao Paulo, Viver has changed its main focus towards the middle and
low income segments. The company is also involved in commercial,
tourism and land development segments spread across 17 states
targeting all income brackets. Viver reported net revenues of
BRL479 million during the last twelve months ended in September
2012.



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


ASCOT (CAYMAN): Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of The Ascot (Cayman) Fund received on Nov. 22,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


BELMONT LATIN AMERICA: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Belmont Latin America Ltd. received on Nov. 13,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alternative investment Solutions Ltd.
         P.O. Box 30841 SMB
         Grand Pavilion Commercial Centre
         West Bay Road, Grand Cayman KY1-1204
         Cayman Islands


BONOHURST HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Bonohurst Holdings Limited received on
Nov. 23, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CASTAWAY INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Castaway International Limited received on
Nov. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CHORDANT LIFESCIENCES: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Chordant Lifesciences Fund received on
Nov. 26, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Brian DeChristopher
         Chordant Capital Partners, LLC
         Ten Post Office Square, 8th Floor
         Boston, MA  02109, USA
         Telephone: (617)692-2900
         Facsimile: (617)692-2901


EMG ASIA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of EMG Asia GP, Ltd. received on Nov. 23, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


ENVIRONMENTAL HOLDINGS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Environmental Holdings received on Nov. 23,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


HSINCHU INTERNATIONAL: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Hsinchu International Mortgage Loan 2 Limited
received on Nov. 23, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MESIROW FINANCIAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Mesirow Financial Investment Fund (Cayman),
Ltd - G2 received on Nov. 23, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


ML HCA: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of ML HCA Co-Invest Ltd. received on Nov. 23,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


ML VEDA: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of ML Veda Co-Invest Ltd. received on Nov. 23,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


OPS LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of OPS Limited received on Nov. 22, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RESOURCES INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Resources Investment Managers received on
Nov. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         MG Management Ltd.
         PO Box 2745
         Landmark Square, 2nd Floor
         64 Earth Close, Seven Mile Beach
         Grand Cayman KY1-1111
         Cayman Islands
         Telephone: 1 345 749 8181


RIGHT CHOICE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Right Choice Investments Limited received on
Nov. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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



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


BANCO MERCANTIL: Moody's Says Loan Changes No Rating Impact
-----------------------------------------------------------
After an analysis of the credit impact of the proposed
modifications to one of the loans in the pool backing the Senior
Certificates BNTECB 07 and Subordinated Certificates BNTECB 07-2
of Banco Mercantil del Norte, S.A., Institucion de Banca M£ltiple,
Grupo Banorte (Banorte) issued by The Bank of New York Mellon,
S.A., Institucion de Banca M£ltiple, acting solely as trustee for
the Irrevocable Trust F/00477, Moody's de Mexico S.A. de C.V.
announced on Nov. 28 that the modifications, in and of themselves
and at this time, will not result in the downgrade or withdrawal
of the Senior Certificates' Aa2.mx (sf) (Mexican National Scale)
and Baa3 (sf) (Global Scale, Local Currency) ratings and the
Subordinated Certificates' A3.mx (sf) (Mexican National Scale) and
Ba3 (sf) (Global Scale, Local Currency) ratings.

Ratings Rationale

Interest and principal payments to certificate holders are backed
by cash flow from a portfolio comprised of loans granted to
Mexican states and municipalities by Banorte, rated A3 / Aaa.mx
for Bank Deposits, Local Currency and Mexican National Scale,
respectively. Most of the securitized loans are backed by federal
participation revenues assigned to a trust established under the
laws of Mexico.

Moody's was approached by the participants of the transaction to
provide an opinion as to whether the ratings on the certificates
would be downgraded or withdrawn as a result of certain
modifications to an underlying loan to a Mexican state. The
affected loan represents less than 5% of the total securitized
pool balance as of October 2012. The proposed changes to the loan
include: i) a change in the trustee associated with this loan
(Banco Invex will replace BBVA Bancomer), and ii) a reduction in
the portion of the state's total federal participation revenue
pledged to service the payments due under this loan (from 5.6% to
4.52%).

Moody's believes that the proposed amendments do not have an
adverse effect on the credit quality of the rated securities.
Moody's did not express an opinion as to whether these changes
could have other, non credit-related effects.

In assessing the credit impact of this loan modification on the
outstanding certificates Moody's took into consideration the
credit quality and amortization profiles of the underlying loans
and ran several stress scenarios including stresses on
concentrations for certain large obligors in the pool. With
respect to the sensitivity of the ratings, if Moody's were to
assume that (a) the BNTECB 07 and BNTECB 07-2 certificates benefit
from the minimum 6% and 2% credit enhancement, and that (b)
Moody's credit estimate on one of the top obligors in the pool
jumped to default, or Caa2, the Senior Certificates' rating would
likely suffer a one notch downgrade on the global scale to Ba1
(sf) from Baa3 (sf), while the Subordinate Certificates' rating
would likely suffer a six notch downgrade to Caa3 (sf) from Ba3
(sf).

The Senior Certificates BNTECB 07 benefit from a minimum credit
enhancement of 6% of the total loan balance in the form of
subordination and overcollaterization (as of September 2012, its
total credit enhancement was 16.3%). The Subordinated Certificates
BNTECB 07-2 benefit from a minimum credit enhancement of 2% of the
total loan balance in the form of overcollaterization (as of
September 2012, its total credit enhancement was 14.5%). In
addition, Moody's ratings reflect the role of Banorte as
collateral manager, the stable trend of total collections and a
fully funded cash reserve equivalent to one coupon payment. These
factors mitigate liquidity risks associated with this
transaction's dual waterfall structure. According to the
transaction documents, interest collections net of fees and
expenses are used to pay interest on the certificates, and
principal collections are only to be used to pay principal on the
certificates if credit enhancement is below its minimum level. As
of September 2012, the interest coverage ratio (ICR) during the
last twelve months exhibited an average of 1.2 times (x) for
BNTECB 07 certificates and 2.4x if the cash reserve fund is taken
into account.

The methodology used in this rating was "Moody's Revises its
Methodology for Emerging Market CDOs" published in April 2007.

Moody's has reviewed Banorte's origination and servicer practices
and considers them adequate.

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.

The date of the last Credit Rating Action was May 4, 2012.


HIPOTECARIA SU CASITA III: S&P Cuts Ratings on 2 Tranches to 'D'
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its global scale 'B
(sf)' and Mexican national scale 'mxBB+ (sf)' ratings on the
senior BRHCCB 07U and BRHCCB 07-2U classes from Hipotecaria Su
Casita - Bursatilizaciones de Hipotecas Residenciales III, a
Mexican residential mortgage-backed securities (RMBS) transaction
issued by Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su
Casita) and serviced by Patrimonio S.A. de C.V. S.F.O.L.
(Patrimonio). "At the same time, we lowered the Standard & Poor's
underlying ratings (SPUR) on the classes to 'D (sf)' from 'CC
(sf)'. The rating on the subordinated series BRHCCB 07-3U of 'D
(sf)' remains unchanged," S&P said.

"The affirmed issue ratings reflect the full financial guarantee
from MBIA Mexico, which enables the securities to fully cover
their scheduled debt service. We lowered the SPURs to 'D (sf)' to
reflect securities' stand-alone capacity to pay debt service
without giving effect to the insurance," S&P said.

"The senior BRHCCB 07U and BRHCCB 07-2U classes were able to pay
in full their scheduled debt service on November 26 payment date
with proceeds from a full financial guarantee insurance policy
provided by MBIA Mexico S.A. de C.V. (MBIA Mexico; mxBB+/Negative,
CaVal [Mexico] national scale rating and B/Negative/-- insurer
financial strength rating), which covered the interest shortfalls
on both classes. The lowered SPURs reflect the fact that the
interest collections alone would have been insufficient to fully
cover these classes' interest payments," S&P said.

"Under our criteria, the issue rating on an insured bond reflects
the higher of the rating on the bond insurer (monoline) or the
SPUR on the security. Our SPUR ratings on deals with full bond
insurance reflect the stand-alone capacity of an issue to pay debt
service without giving effect to the external enhancement, in this
case, the bond insurance provided by MBIA Mexico," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

           http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III
               Class    Rating            Outs. amount
Tranche        type  To          From      (mil. UDI)
BRHCCB 07U     SPUR  D (sf)      CC(sf)      25.10
BRHCCB 07-2U   SPUR  D (sf)      CC(sf)      425.20

RATINGS AFFIRMED

Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III
               Class                    Outs. amount
Tranche        type       Rating        (mil. UDI)
BRHCCB 07U     Senior     B (sf)         25.10
BRHCCB 07U     Senior     mxBB+ (sf)     25.10
BRHCCB 07-2U   Senior     B (sf)         425.20
BRHCCB 07-2U   Senior     mxBB+ (sf)     425.20

OTHER RATING OUTSTANDING

Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III
               Class                    Outs. amount
Tranche        type       Rating        (mil. UDI)
BRHCCB 07-3U   Sub.        D (sf)         64.85


VITRO SAB: Reviewing Alternatives After U.S. 5th Circuit Ruling
---------------------------------------------------------------
Vitro S.A.B. de C.V. disclosed that the U.S. Fifth Circuit Court
of Appeals in New Orleans, Louisiana, has affirmed the Bankruptcy
Court's ruling that denied enforcement of the Company's Mexican
restructuring plan in the U.S. under Chapter 15 of the U.S.
Bankruptcy Code.

"We are disappointed by the Fifth Circuit Court's decision in this
matter.  The refusal to reverse the Bankruptcy Court's decision
and enforce Vitro's Mexican restructuring in the U.S. is contrary
to prior Mexican restructurings, which have been recognized and
enforced in the U.S. without exception, including several
restructurings which were very similar to Vitro's in their
treatment of intercompany claims and modification of non-debtor
subsidiary guarantees," said Claudio Del Valle, Vitro's Chief
Restructuring Officer.

Mr. Del Valle further added: "While we analyze the Circuit Court's
ruling and consider our possible legal next steps in order to have
our restructuring plan enforced in the U.S. as it has been in
Mexico, we are also prepared to continue serving our U.S.
customers due to the fact that our main subsidiary is protected by
a separate and distinct Concurso proceeding. In Vitro's 100-year
history we have overcome many challenges, and this will be no
exception."

Vitro's financial restructuring was fully consistent with Mexican
law, which has been consistently recognized and respected in the
U.S. legal system.  The dissident funds' attack on the use of
intercompany debt in Vitro's financial restructuring is simply an
attempt to create an appearance of impropriety using baseless
accusations.  In fact, the dissident funds chose to ignore the
well-established and clear principle that all claims are treated
equally and permitted to vote under Mexican bankruptcy law, even
if they are held by an entity related to the debtor.  This
principle is similar to the insolvency regimes in several other
countries, including the UK, Australia, and Italy.

On Friday, Nov. 23, 2012, the Second Circuit Court in the City of
Monterrey, Mexico issued a decision, (notified Nov. 26, 2012),
regarding the appeals by certain dissident bondholders and Vitro
with respect to the ruling recognizing and establishing the
priority of claims in the prepackaged Mexican Concurso proceeding
commenced by the Company and a majority of its creditors.  The
judge ruled that the dissident bondholders' grievances were
without merit, and also affirmed Vitro's challenge regarding the
calculation of interest the bondholders are attempting to collect.

The group of highly sophisticated short-term investors who are
very familiar with, and specialize in bankruptcy litigation,
invested in Vitro's distressed debt either after or shortly before
Vitro announced its intention to enter a judicial restructuring
process in Mexico in a calculated attempt to maximize their
profits by seeking to disrupt that process and sidestep Mexican
law.

Despite receiving one of the highest recoveries in the history of
successful reorganizations in Mexico, the dissident funds have
continued to intentionally risk the destruction of Vitro's
businesses for the mere prospect, not guarantee, of a slightly
higher return on their investment.  The dissident fund investors
are sophisticated investors, the vast majority of whom purchased
their bonds with full knowledge of Vitro's restructuring plans.

                          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.


VITRO SAB: Beats Bondholders on Appeal in Mexican Court
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB defeated bondholders in a Mexican court on
some of their appeals objecting to parts of the Mexican
glassmaker's bankruptcy reorganization plan.  Holders of 60% of
Vitro bonds persuaded a U.S. Bankruptcy Court in Dallas to rule
that the Mexican reorganization plan is defective and can't be
enforced in the U.S. Vitro appealed and is awaiting a decision
from the U.S. Court of Appeals in New Orleans.  The appeals court
heard argument in early October.

The appeal in the Circuit Court is Vitro SAB de CV v. Ad Hoc Group
of Vitro Noteholders (In re Vitro SAB de CV), 12-10689, 5th U.S.
Circuit Court of Appeals (New Orleans).

                         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.



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


CARIBBEAN CEMENT: Posts $15MM Profit in July to Sept. Period
------------------------------------------------------------
RJR News reports that Caribbean Cement Company Limited reported
its first profit from operations in many years, but interest
payments and a sliding dollar prevented it from posting overall
profits.

The company in its report said operating profits were $15 million
in the three month period July to September, according to RJR
News.

However, the report notes that $260 million in interest expense
and losses from currency exchange brought that good operating
performance to an overall $245 million loss.

The loss came on the back of lower cement sales with the company
reporting sales in the domestic market going down 8% while export
sales fell 35%, the report relates.

The report says that propelling the declines was a softened
construction sector in which housing starts fell 57% between July
and September.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


                            ***********


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 * * *