TCRLA_Public/121203.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, December 3, 2012, Vol. 13, No. 240


                            Headlines



A R G E N T I N A

FUNDACION JOVEN: Creditors' Proofs of Debt Due Dec. 17
LADUS SA: Creditors' Proofs of Debt Due Dec. 26


B E R M U D A

OCEANDELL MEZZANINE: Placed Under Voluntary Wind-Up
TRILLIUM INVESTMENT: Placed Under Voluntary Wind-Up


B R A Z I L

SUZANO PAPEL: S&P Revises Outlook on 'BB' ICR to Negative


C A Y M A N  I S L A N D S

CANYON SPECIAL: Shareholder Receives Wind-Up Report
CONVOY INVESTMENTS: Shareholders Receive Wind-Up Report
CSERE FREEHOLD: Shareholders Receive Wind-Up Report
CTC OFFSHORE: Shareholders' Final Meeting Set for Dec. 3
GS RAVEN: Shareholders Receive Wind-Up Report

ICAHN FUND: Shareholders Receive Wind-Up Report
ICAHN FUND II: Shareholders Receive Wind-Up Report
ICAHN FUND III: Shareholders Receive Wind-Up Report
ISAAC ALTERNATIVE: Shareholders Receive Wind-Up Report
LODESTONE ALTERNATIVE: Shareholders Receive Wind-Up Report

LYNAY LTD: Shareholder Receives Wind-Up Report
MEZZANINE CAPITAL: Members Receive Wind-Up Report
PKRAI DIVERSIFIED: Members Receive Wind-Up Report
TRITON 210: Members Receive Wind-Up Report
WAPCO PRODUCTION: Shareholder Receives Wind-Up Report


C H I L E

EMBLEM FINANCE: S&P Affirms 'BB' Rating on Chilean Peso 5BB Notes


J A M A I C A

ALPART: Paulwell Confident Firm Will Reopen Soon
DIGICEL GROUP: Wins 5-year Contract with TCI Government
* JAMAICA: Government Sees Lower Revenues From Ports


M E X I C O

BANCO INTERACCIONES: Moody's Affirms 'B1' Sub. Debt Rating
KANSAS CITY SOUTHERN: Moody's Affirms 'Ba1' Corp. Family Rating
* STATE OF HIDALGO: Moody's Publishes Credit Opinion
* STATE OF ZACATECAS: Moody's Publishes Credit Opinion


X X X X X X X X

* BOND PRICING: For the Week Nov. 26 to Nov. 30, 2012


                            - - - - -


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


FUNDACION JOVEN: Creditors' Proofs of Debt Due Dec. 17
------------------------------------------------------
Nestor Rodolfo Del Potro, the court-appointed trustee for
Fundacion Joven 200's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 17, 2012.

Mr. del Potro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Nestor Rodolfo Del Potro
         Parana 552
         Argentina


LADUS SA: Creditors' Proofs of Debt Due Dec. 26
-----------------------------------------------
Ester Ferraro, the court-appointed trustee for Ladus SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 26, 2012.

Ms. Ferraro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Ester Ferraro
         Esmeralda 960
         Argentina



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


OCEANDELL MEZZANINE: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 7, 2012, the member of Oceandell Mezzanine Leasing Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 23, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TRILLIUM INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 6, 2012, the members of Trillium Investment Company
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 23, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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



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


SUZANO PAPEL: S&P Revises Outlook on 'BB' ICR to Negative
---------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on Suzano
Papel e Celulose S.A. to negative from stable. "At the same time,
we affirmed our 'BB' ratings," S&P said.

"The outlook revision follows the revision of our base-case
scenario, which now incorporates a slower deleveraging trend in
the next few years as uncertainties about the company's
initiatives for debt reduction have grown. Suzano did manage to
issue new equity through its shares offering and will most likely
improve its credit metrics following the opening of its new pulp
mill in Maranhao in late 2013. The company has successfully
maintained sizable cash reserves relative to short-term debt
maturities, and it has reduced refinancing risk by tapping new,
long-term bank loans and securing financing to conclude the
Maranhao project. However, a one-notch downgrade is possible
in the next few quarters if the company can't reduce adjusted debt
to EBITDA to below 5x by 2014," S&P said.



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


CANYON SPECIAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Canyon Special Opportunities Fund (Cayman),
Ltd. received on Nov. 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Colin Berryman
         Telephone: (345) 815-1896
         Facsimile: (345) 949-9877


CONVOY INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Convoy Investments 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 SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CSERE FREEHOLD: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of CSERE Freehold 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


CTC OFFSHORE: Shareholders' Final Meeting Set for Dec. 3
--------------------------------------------------------
The shareholders of CTC Offshore Fund Ltd will receive on Dec. 3,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


GS RAVEN: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of GS Raven Holdings (Cayman) 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


ICAHN FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Icahn Fund 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


ICAHN FUND II: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Icahn Fund II 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


ICAHN FUND III: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Icahn Fund III 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


ISAAC ALTERNATIVE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Isaac Alternative Cayman SPC received on
Nov. 14, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Giacomo Filippo Corsini
         Telephone: +39 328 8174 182
         Facsimile: +39 02 3206 5481
         e-mail: gcorsini@inalternative.com
         Via Conca del Naviglio 22
         20123 Milan
         Italy


LODESTONE ALTERNATIVE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Lodestone Alternative Investment Holdings 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


LYNAY LTD: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Lynay 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:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands


MEZZANINE CAPITAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Mezzanine Capital Corporation Limited received on
Nov. 13, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


PKRAI DIVERSIFIED: Members Receive Wind-Up Report
-------------------------------------------------
The members of PKRAI Diversified Strategies (Master) Ltd. received
on Nov. 19, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TRITON 210: Members Receive Wind-Up Report
------------------------------------------
The members of Triton 210 Ltd. received on Nov. 21, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


WAPCO PRODUCTION: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Wapco Production 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:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands



=========
C H I L E
=========


EMBLEM FINANCE: S&P Affirms 'BB' Rating on Chilean Peso 5BB Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB (sf)' rating
on Emblem Finance Co. No. 2 Ltd.'s Chilean peso 5,660,085,600
inflation-adjusted notes series 5. "At the same time, we removed
the rating from CreditWatch with negative implications, where we
had placed it Oct. 19, 2012," S&P said.

"The certificate issuance is an emerging market synthetic
structured financing with a first-to-default structure that is
credit-linked to Caja de Ahorros y Pensiones de Barcelona S.A. (La
Caixa; BB/Negative/B), the reference entity. In addition, the
transaction includes collateral in the form of peso-denominated
and inflation-adjusted Chilean sovereign bonds (the underlying
collateral; 'AA') and a swap guaranteed by JPMorgan Chase Bank
N.A. (A+/Negative/A-1). The rating on the underlying collateral is
commensurate with the 'AA' local currency issuer credit rating on
the Republic of Chile," S&P said.

The rating action follows the Nov. 23, 2012, affirmation of our
'BB' long-term rating on La Caixa and our removal of the rating
from CreditWatch negative," S&P said.

"If a credit event occurs regarding La Caixa, investors will
receive a cash settlement amount in U.S. dollars, which will be
calculated according to the reference obligation's market value
adjusted by the amount of liquidation proceeds realized from the
collateral," S&P said.

"The notes do not represent La Caixa's direct or contingent
financial obligations. This transaction is linked only to La
Caixa's credit risk. La Caixa did not issue the notes, and has no
obligation toward the parties involved in this deal," S&P said.

"We will continue to surveil the rating on this asset-backed
transaction and revise the rating as necessary to reflect any
changes in the transaction's underlying credit quality," 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.

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

         http://standardandpoorsdisclosure-17g7.com



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


ALPART: Paulwell Confident Firm Will Reopen Soon
------------------------------------------------
RJR News reports that Jamaica will hear in another four weeks when
the Alumina Partners of Jamaica, also known as Alpart, bauxite and
alumina plant in St. Elizabeth will resume operations.

That's the word from Jamaica Mining Minister Phillip Paulwell
following a meeting with UC Rusal the majority shareholders and
operators of the plant, the report notes.

Mr. Paulwell is confident that Alpart will re-open soon, according
to RJR News.  The report relates that Mr. Paulwell who will again
meet with officials of UC Rusal in the near future says it's
urgent that the plant is re-opened so that jobs can be provided.

Mr. Paulwell, the report notes, said that the country cannot
afford to keep the refinery closed and a schedule for the
reopening must be established before the end of 2012.

St. Elizabeth has been affected economically, since Alpart closed
in 2009, the report recalls.

The Minister said energy generation is playing an important role
in the re-opening of the plant and a solution should be found by
next month, the report discloses.

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tons of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica said Alpart's mining and refinery
operations officially came to a halt on May 15.  The report
related Alpart said it will send home 900 permanent employees in
the process amid a 60% decline in alumina product prices since
July 2008.  Mr. Fabrini, as cited by RadioJamaica, said the
temporary shutdown will allow the plant to prepare for future
developments.

Although the company took steps to maintain the operations even
at reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.


DIGICEL GROUP: Wins 5-year Contract with TCI Government
-------------------------------------------------------
RJR News reports that after a competitive bidding war, Digicel
Group Limited has won a five-year contract with the Turks and
Caicos Islands government to overhaul and upgrade its information
technology systems.

The contract is aimed at improving efficiency and revenue
collection, according to RJR News.  The report relates that among
other improvements, the upgrade will see better security and
reliability for the government's systems along with new equipment
and connectivity via wide area network and local area network
connections.

The contract is expected to save the TCI government $62,000 a
month in comparison to its current IT, spending which equates to
$3.7 million over the full five-year term, the report notes.

RJR News says that additionally the newer systems will allow for
better accountability of public spending, reduced costs in phone
calls and internet communications, and improve inter-island
communications throughout the islands' government facilities.


* JAMAICA: Government Sees Lower Revenues From Ports
----------------------------------------------------
RJR News reports that the Jamaican government is reporting that it
is seeing lower revenues than it would have liked as the country's
did not achieve projected collections.

Data released showed that up to the end of November, the
government was seeing a JM$10 billion shortfall in its revenues,
according to RJR News.  The report relates that the chief reason
highlighted was the revenue shortfall at the ports.

In the first six months of the year, the government has seen its
revenue targets at the ports fall by more than $4 billion, the
report notes.  RJR News relates that customs duties, GCT and SCT
on imports all underperformed.

But the government's revenue problem is not confined to the ports,
the report says.

The Statistical Institute of Jamaica shows 13,00 new jobs were
created up to the end of July but income tax collections were also
below target, RJR News discloses.

The report notes that would suggest that either the PAYE taxes are
not being paid over or the wages were below the current income tax
threshold.

Grants depended on to help finance the budgets are also below
target, the report relays.

To compensate for the $10 billion fall-off in revenues the
government has reduced spending, the report adds.

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

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.



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


BANCO INTERACCIONES: Moody's Affirms 'B1' Sub. Debt Rating
----------------------------------------------------------
Moody's de Mexico has affirmed the B1 long term global local
currency subordinated debt rating assigned to Banco Interacciones,
S.A. (Banco Interacciones)'s final issuance of preferred and non-
convertible subordinated notes. On its Mexican National Scale,
Moody's de Mexico affirmed the long term subordinated debt rating
of Baa1.mx assigned to these notes. The outlook is stable.

These notes were for an amount up to Mx$700 million. This was the
third issuance under Banco Interacciones's program of non-
convertible subordinated notes eligible for Tier 2 capital
treatment established for up to Mx$2 billion. The program was
originally rated by Moody's on December 20, 2010.

The following ratings were affirmed for Banco Interacciones's
third issuance of preferred and non convertible subordinated notes
of up to Mx$700 million:

Long term global local currency subordinated debt rating of B1

Long term Mexican National Scale subordinated debt rating of
Baa1.mx

RATINGS RATIONALE

The long term global local currency and Mexican National Scale
subordinated debt ratings are based on the bank's deposit ratings.
The notes issued under Banco Interacciones's Subordinated Debt
Program rank pari passu with other subordinated obligations of the
bank.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
an ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".

The long-term Mexican National Scale rating of Baa1.mx indicates
issuers or issues with average creditworthiness relative to other
domestic issuers.

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

The date of the Last Credit Rating Action on Interacciones was on
August 31, 2012, when Moody's assigned Baa1.mx to Banco
Interacciones's proposed subordinated notes.

Interacciones is headquartered in Mexico City. As of September 30,
2012, the bank reported Mx$93.5 billion in assets (source: Banco
Interacciones, S.A.).

The period of time covered in the financial information used to
determine the rating is between December 31, 2006 and September
30, 2012 (source: Moody's, Issuer's financial statements, CNBV and
Banxico).

The sources and items of information used to determine the rating
include 2011 and 2012 interim financial statements (source: Banco
Interacciones, S.A.); year-end 2011 audited financial statements
(source: Banco Interacciones, S.A., audited by Salles Sainz Grant
Thornton); financial statements and information on market position
(source: CNBV); regulatory capital information (source: Banco de
Mexico); debt offering memorandum (Banco Interacciones, S.A.).

The date of the last Credit Rating Action was August 31, 2012.


KANSAS CITY SOUTHERN: Moody's Affirms 'Ba1' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Kansas City
Southern de Mexico S.A. de C.V. ('KCSM'), Corporate Family Rating
('CFR') at Ba1. At the same time, Moody's has assigned a Baa3
rating to KCSM's amended $200 million senior secured credit
facility. The ratings for KCSM have stable outlooks.

Ratings Rationale

On November 29 2012, KCSM announced that it has entered into an
agreement with lenders to amend its $200 million senior bank
credit facility, extending its maturity by 14 months to November
2017. The Baa3 rating on the revolver, which is one notch above
KCSM's CFR and senior unsecured notes ratings of Ba1, reflects the
security pledged to this facility, which consists of accounts
receivable and certain locomotives of KCSM and its subsidiaries.

The terms of the amended facility prescribe a fall-away provision
relating to certain rating changes, whereby the collateral
securing the revolver would be released, and the facility would
effectively become senior unsecured obligations of the company.
KCSM's current credit ratings do not meet the criteria for this
provision to become effective, and as such this facility remains
secured. However, in the event that the fall-away provision
becomes effective, the ratings on KCSM's credit facility would be
made equal to that of the company' senior unsecured notes, which
are currently Ba1, as essentially all of the company's debt would
rank equally.

KCSM's Ba1 CFR reflects an improving trend in credit metrics
resulting from the revenue and yield growth that the company is
demonstrating in the current economic environment, particularly in
light of higher growth in the Mexican industrial sectors. KCSM's
margins have improved dramatically over the past three years, and
operating ratios (essentially, 1-operating margins) are now close
to 65%, which is better than many of the larger Class I railroads.
Because of this improvement in profitability, Moody's expects that
KCSM will be able to sustain credit metrics at levels that map
well against Ba1-rated entities. While revenue and profit growth
are expected to slow among North American railroads due to
uncertainties surrounding their economic drivers, KCSM is in a
good position to benefit from higher growth forecasts anticipated
in the Mexican economy. This, along with a favorable cost
structure in Mexico, should allow for continued improvement in
credit metrics. Nonetheless, the company's operations are still
sensitive to conditions in both the US and the Mexican economies,
which have historically contributed to more volatile financial
performance compared to other Class I railroads through the
economic cycle.

The stable outlook for KCSM reflects Moody's expectations that the
company will continue to see steady revenue growth over the near
term. Although Moody's anticipates some moderation in margin
growth in 2013, it nonetheless expects that the company will
generate strong earnings and positive free cash flow over this
period.

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 3.0 times
and achieve EBIT to Interest in excess of 5 times. KCSM would also
need to demonstrate a continuous track record of strong positive
free cash flow generation through the industry cycle, while
maintaining capital investments at current levels for higher
ratings consideration. 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 were to
materially increase cash distributions to its parent company KCS,
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.

Assignments:

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

    Senior Secured Bank Credit Facility Nov 15, 2017, Assigned
    Baa3

Withdrawals:

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

    Senior Secured Bank Credit Facility Sep 30, 2016, Withdrawn,
    previously rated Baa3

The principal methodology used in rating Kansas City Southern de
Mexico S.A. de C.V. 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 de Mexico, S.A. de C.V., a wholly owned
subsidiary of US holding company Kansas City Southern, owns the
concession to operate Mexico's northeastern railroad.


* STATE OF HIDALGO: Moody's Publishes Credit Opinion
----------------------------------------------------
In its most recent report on the State of Hidalgo, Moody's
Investors Service says that the issuer ratings of A2.mx (Mexico
National Scale) and Ba2 (Global Scale, local currency) assigned to
the State of Hidalgo reflect moderate debt levels supported by
roughly balanced and stable financial results, strong management
practices, and low unfunded pension liabilities. These strengths
are partially offset by the state's weak liquidity position and a
relatively narrow state economy.

Ratings Rationale

Hidalgo has recorded roughly balanced and stable fiscal results
over the period 2007-2011, which constitutes one of its credit
strengths. Over this period, the state recorded cash financing
requirements that averaged -0.3% of total revenue, a balanced
level. These performance results from the accurate alignment of
revenue and expenditure growth. Hidalgo has also registered
sustained increases in own-source revenues, at a CAGR of 14.1%
over the same period. Moody's expects that own-source revenue
growth will continue to support balanced fiscal results. Given the
close links of the state with Mexico City's metropolitan area,
industrial, touristic and commercial activities are expected to
grow at a faster pace in the next years.

Hidalgo's liquidity position remains as one of its most
significant challenges. Net working capital (current assets minus
current liabilities) in 2011 was equivalent to -4.6% of total
expenditures, a weak level with respect to its Mexican rated
peers. The state's negative net working capital position
constitutes a credit negative as it limits internal capacity to
absorb unforeseen shocks.

Net direct and indirect debt remains at moderate levels,
equivalent to 11.6% of total revenues at the end of 2011. Debt
service levels are also moderate, only equivalent to 1.2% of total
revenues. Unlike many Mexican states, Hidalgo's unfunded pension
liabilities are very low and do not exert significant pressure on
the state's annual budgets. According to a 2009 actuarial
assessment, Hidalgo faces unfunded pension liabilities of MXN2.6
billion or roughly 10% of total revenue.


* STATE OF ZACATECAS: Moody's Publishes Credit Opinion
------------------------------------------------------
In its most recent report on the State of Zacatecas, Moody's
Investors Service says that the issuer ratings of Baa3.mx (Mexico
National Scale) and B1 (Global Scale, local currency) assigned to
the State of Zacatecas reflect moderate debt levels. This strength
is partially offset by the state's negative liquidity position, an
economic base that generates wealth levels below the national
average and relatively high unfunded pension liabilities. The
state's ratings are constrained by a still relatively weak credit
culture as evidenced by a default on its debt in 2010.

Ratings Rationale

In recent years, Zacatecas has generated moderate cash financing
requirements. Between 2007 and 2011, the state recorded cash
financing requirements (total revenues minus total expenditures,
before principal payments) equal to -2.8% of total revenue on
average. Cash financing requirements were driven principally by
increasing expenditures during the last five years.

As a result of recent fiscal imbalances, Zacatecas maintains
negative liquidity levels. Net working capital (current assets
minus current liabilities) declined to -6.2% of total expenditures
at the end of 2011, reflecting the draw-down of short-term credits
to smooth out cash requirements.

Net direct and indirect debt was equivalent to 27% of total
revenues at the end of 2011, compared to 22.2% registered in 2010.
This increase in debt metrics was driven by several short-term
loans contracted by the state to ease liquidity pressures in year-
end 2011. The loans amounted to MXN 1.4 billion. Moody's also
incorporates into the state's net direct and indirect debt metrics
a public private partnership (P3) estimated at MXN 2.5 billion.

Zacatecas faces relatively high unfunded pension obligations. The
government recently conducted an actuarial study that indicates
that the state faces an unfunded pension obligation of MXN 22
billion (using a 4.0% discount rate) or 96% of 2011 total
revenues.

The information in the report does not constitute a rating action
by Moody's.



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


* BOND PRICING: For the Week Nov. 26 to Nov. 30, 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
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Information contained herein is obtained from sources believed to
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                   * * * End of Transmission * * *