TCRLA_Public/121210.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 10, 2012, Vol. 13, No. 245


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Reveals Plan to Reverse EC$43-Million Loss Last Year


A R G E N T I N A

* ARGENTINA: Moody's Says Court Ruling May Impact Restructurings


B R A Z I L

COMPANHIA ENERGETICA: S&P Affirms 'BB' ICR on Good Credit Metrics
GOL LINHAS: Renegotiating Debt With Bradesco, Banco do Brasil
MRS LOGISTICA: S&P Affirms 'BB+' Corporate Credit Rating


C A Y M A N  I S L A N D S

CRIMSON: Creditors' Proofs of Debt Due Dec. 4
EMU PARK: Placed Under Voluntary Wind-Up
FIVE OCEANS: Creditors' Proofs of Debt Due Dec. 5
GRYPHON FIDELITY: Commences Liquidation Proceedings
GULF TURK: Creditors' Proofs of Debt Due Dec. 7

HIGHBRIDGE ASIA: Creditors' Proofs of Debt Due Dec. 5
HIGHBRIDGE ASIA FUND: Creditors' Proofs of Debt Due Dec. 5
JADE II: Commences Liquidation Proceedings
MUSICAL HARMONY: Creditors' Proofs of Debt Due Dec. 17
NEWBURY PLACE: Creditors' Proofs of Debt Due Dec. 5

WEXFORD GLOBAL: Creditors' Proofs of Debt Due Dec. 4


J A M A I C A

CITIBANK: Jamaica Unit Not Affected by Staff Cut


M E X I C O

BANCO INTERACCIONES: Moody's Reviews 'B1(hyb)' Sub. Debt Rating
BANCO MERCANTIL: Moody's Reviews Ba1 Jr. Subordinated Debt Rating
GRUPO KUO: S&P Keeps 'BB' Rating on $325MM Unsecured Notes
MAXCOM SAB: S&P Puts 'CCC+' CCR on Watch Neg on Buyout Offer
TELEFONICA CELULAR: Moody's Assigns '(P)B1' Corp. Family Rating

* NAUCALPAN MUNICIPALITY: Moody's Cuts Issuer Ratings to 'B3.mx'


P U E R T O   R I C O

CREDI INTERNATIONAL: Case Summary & 8 Unsecured Creditors


X X X X X X X X

* BOND PRICING: For the Week Dec. 3 to Dec. 7, 2012


                            - - - - -


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


LIAT: Reveals Plan to Reverse EC$43-Million Loss Last Year
----------------------------------------------------------
Jamaica Gleaner reports that Leeward Islands Air Transport, known
as LIAT, unveiled a new business plan it said would help reverse
an EC$43 million loss last year while projecting a 2% profit in
2013.

Recently appointed Chief Executive Officer Ian Brunton told a
regional news conference that the airline is expected to record
EC$23 million in losses at the end of this year, according to
Jamaica Gleaner.

"The projections show strong revenues and significant bottomline
improvement.  LIAT is projected to reverse its current losses and
record a profit of EC$7 million in 2013 and by 2017, profits in
excess of EC$40 million are projected," the report quoted Mr.
Brunton as saying.  He noted that since 2009, the airline has had
to deal with high fuel costs and lower passenger traffic that have
seriously affected its finances.

In 2010, the report recalls that LIAT, whose principal
shareholders are the governments of St Vincent and the Grenadines,
Antigua and Barbuda and Barbados, recorded losses of EC$20.2
million, which increased to EC$43 million in 2011 "largely driven
by higher fuel costs combined with lower passenger volumes."

Jamaiaca Gleaner notes that Mr. Brunton told reporters that the
overall costs have been reduced by 10% since 2011 despite the
higher fuel costs, adding that "the decrease year over year was
mainly attributed to a reduction in both headcount and fleet
size."

The report relates that Mr. Brunton said the major cause of losses
for the regional airline is also the high cost base, mainly driven
by very high aircraft maintenance costs as well as by
significantly high employee costs.

Jamaica Gleaner notes that Mr. Brunton said that while LIAT's
market can be described "as relatively wide", they are also "very
thin since many of the islands have a population that is less than
100,000 persons.

Mr. Brunton, the report relays, said that over the last few years,
LIAT has seen a gradual reduction in competition on most of its
markets, predicting that by March 2013, American Eagle, a
significant competitor, "will finally pull out."

Mr. Brunton said the new business plan "puts LIAT in a position to
take the opportunities presented by these gaps in the market and
increase its revenue base in a cost-effective manner," the report
notes.

Addressing the high cost of airfare in the region, Mr. Brunton
defended the position of the regional airline, noting that taxes
account for nearly 50% of the cost of regional fares, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.



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


* ARGENTINA: Moody's Says Court Ruling May Impact Restructurings
----------------------------------------------------------------
The recent US Appeals Court ruling upholding the right of holdout
creditors to be paid in full on Argentina's sovereign debt may
well have a limited impact on future sovereign debt
restructurings, says Moody's Investors Service in a new report. In
NML Capital Ltd. vs. Republic of Argentina, the court upheld the
right of holdout creditors of a restructuring of Argentinean bonds
to be paid in full, based on the pari passu clause included in
bond contracts.

"In principal, the ruling can have significant implications for
the successful completion of future sovereign bond restructurings,
as it can diminish creditor incentives to participate in debt
restructurings and can also increase the threat of litigation,"
says Moody's Group Credit Officer for Sovereign Risk Elena Duggar,
lead author of "US Court Ruling on Argentina's Debt Could Have
Limited Implications for Sovereign Debt Restructurings". "However,
we find that in practice implications could prove limited in many
situations."

First, not all sovereign bond contracts have the same formulation
of the pari passu clause as do the Argentinean bonds, says
Moody's. In fact, the formulation found in the majority of bonds
issued over the last two decades poses a lower risk of holdout
litigation.

Second, the vast majority of foreign-law sovereign bond contracts
contain Collective Action Clauses (CACs), which set a lower
threshold of bondholder approval for the completion of a
successful debt exchange. Moreover, as in the case of Greece
earlier this year, CACs can be retroactively inserted in domestic
law bonds by an act of legislation.

Third, it is also possible in future sovereign bond restructurings
to legally subordinate holdout bonds, for example by using exit
consents.

The current case is not the first time that a court has enforced a
pari passu clause in a sovereign debt instrument, says Moody's. In
2000, US and Brussels Courts set a precedent in their ruling on
Elliott vs. Peru, which granted the hedge fund Elliott Associates
an injunction against Peru, prohibiting it from paying foreign
creditors unless pro rata payments were made to all creditors who
ranked pari passu.

Despite the furor the injunction created at the time, sovereign
holdout litigation has not been a major impediment to debt
restructuring over the last decade, says Moody's.



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


COMPANHIA ENERGETICA: S&P Affirms 'BB' ICR on Good Credit Metrics
-----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' issuer credit
ratings on Brazil-based electric utility holding company Companhia
Energetica de Minas Gerais S.A. (Cemig) and its operational
subsidiaries Cemig Distribuicao S.A. (Cemig D) and Cemig Geracao e
Transmissao S.A. (Cemig GT). The outlook remains stable. The
stand-alone credit profile (SACP) of these companies is 'bb'.

The ratings reflect the group's "fair" business risk profile and
"significant" financial risk profile. Cemig's diversified
portfolio of assets in the electricity generation, transmission,
and distribution businesses also support the ratings. "In
accordance with our criteria for government-related entities, we
believe that there is a 'moderately high' likelihood that the
Brazilian state of Minas Gerais (foreign and local currency
ratings BBB-/Stable/--), which controls 51% of the company, will
provide timely and sufficient extraordinary support for Cemig and
its subsidiaries in the event of financial distress. Therefore, we
do not incorporate any rating support from the controlling
shareholder," S&P said.

"The stable outlook reflects our view that Cemig's credit metrics
and liquidity will remain adequate, even though the company's
business profile is constrained by the uncertainties related to
the extension of concession agreements," said Standard & Poor's
credit analyst Paula Martins.

"We could raise the ratings if Cemig's business risk profile
improves with reduction of these uncertainties and if the company
is able to improve its credit metrics to adjusted total debt to
EBITDA of 2.5x and FFO to adjusted total debt of more than 35%. We
could lower the ratings if Cemig depletes its liquidity because of
an aggressive investment plan combined with high dividend
payments, leading to adjusted total debt to EBITDA that
consistently exceed 4.0x and FFO to adjusted total debt of less
than 20%," S&P said.


GOL LINHAS: Renegotiating Debt With Bradesco, Banco do Brasil
-------------------------------------------------------------
Christiana Sciaudone at Bloomberg News reports that Gol Linhas
Aereas Inteligentes SA, the Brazilian airline cutting flights and
jobs to end losses, is seeking to renegotiate terms of
BRL1.1 billion in debentures held by Banco Bradesco SA (BBDC4) and
Banco do Brasil SA.

The terms on the 2015 debentures must be reworked by the end of
the year or the carrier will be out of compliance with covenants
and have to pay the debt immediately, Chief Financial Officer
Edmar Prado Lopes Neto said, according to Bloomberg News reports.

The report relates that Mr. Neto said that a weaker real and
rising fuel costs are hurting results.

Bloomberg News discloses that Gol Linhas is working to return to
profit after adjusted losses in five of the past six quarters as
Brazil's economic growth and domestic travel demand slow.  The
country's second biggest airline is firing workers, scaling back
its schedule and returning aging jets, Bloomberg News relays.

"Operations are weak despite cost reductions," Lopes Neto told
Bloomberg News in a telephone interview from Sao Paulo.

                         About Gol Linhas

Sao Paulo, Brazil-based Gol Linhas Aereas Inteligentes S.A. is a
low-cost, low-fare airline in the world providing service on
routes connecting all of Brazil's cities and from Brazil to
cities in South America and select touristic destinations in the
Caribbean.

                           *     *     *

As reported in the Troubled Company Reporter - Latin America on
April 9, 2012, Standard & Poor's Ratings Services lowered its
'BB-' global-scale corporate credit rating on Sao Paulo-based Gol
Linhas Aereas Inteligentes S.A. (Gol) to 'B+'.  S&P also lowered
the 'brA' Brazil national scale rating to 'brBBB'.  The outlook
is negative.


MRS LOGISTICA: S&P Affirms 'BB+' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on MRS
Logistica S.A. "We are also assigning a 'brAA+' rating on the
company's fourth debentures issuance, and affirming the 'brAA+'
issue rating on its fifth debentures issuance. The outlook is
stable," S&P said.

"We expect MRS's performance to be stable in 2013 despite lower
iron ore prices for iron ore producers-the company's main clients-
since mid-2012. We expect that transported volumes will continue
to grow, both additional iron ore cargo from existing and new
clients and expansion in general cargo. MRS has also managed cost
pressures well, and we expect continuing operating efficiency
gains to support margins," S&P said.



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


CRIMSON: Creditors' Proofs of Debt Due Dec. 4
---------------------------------------------
The creditors of Crimson are required to file their proofs of debt
by Dec. 4, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 8, 2012.

The company's liquidator is:

         Brendan Lowell Bibro
         Apt 2, 333 Lehigh Avenue
         Pittsburg PA 15232
         USA
         e-mail: b_bibro@hotmail.com


EMU PARK: Placed Under Voluntary Wind-Up
----------------------------------------
On Oct. 16, 2012, the sole shareholder of Emu Park Fund
(CR-149097) resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Nov. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Atkinson
         Telephone: 81-03-5114-1296
         Facsimile: 81-03-5114-1150
         c/o Rockhampton Management
         Ark Mori Building, 22nd Floor
         PO Box 578 1-12-32 Akasaka Minato-Ku
         Tokyo 107-6022
         Japan


FIVE OCEANS: Creditors' Proofs of Debt Due Dec. 5
-------------------------------------------------
The creditors of Five Oceans (Global Master) Fund are required to
file their proofs of debt by Dec. 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 16, 2012.

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


GRYPHON FIDELITY: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 7, 2012, the shareholders of Gryphon Fidelity Insurance
Company (SPC) Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Nov. 26, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Nicholas Leighton
         c/o Atlas Insurance Management (Cayman) Limited
         198 North Church Street
         Grand Cayman
         Cayman Islands


GULF TURK: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------
The creditors of Gulf Turk Fashion are required to file their
proofs of debt by Dec. 7, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 15, 2012.

The company's liquidator is:

         James Tanner
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         PO Box 1111 Grand Cayman KY1-1102
         Cayman Islands


HIGHBRIDGE ASIA: Creditors' Proofs of Debt Due Dec. 5
-----------------------------------------------------
The creditors of Highbridge Asia Opportunities Fund, Ltd. are
required to file their proofs of debt by Dec. 5, 2012, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


HIGHBRIDGE ASIA FUND: Creditors' Proofs of Debt Due Dec. 5
----------------------------------------------------------
The creditors of Highbridge Asia Opportunities Institutional Fund,
Ltd are required to file their proofs of debt by Dec. 5, 2012, to
be included in the company's dividend distribution.

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

The company's liquidator is:

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


JADE II: Commences Liquidation Proceedings
------------------------------------------
On Oct. 16, 2012, the members of Jade II, Inc. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 26, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


MUSICAL HARMONY: Creditors' Proofs of Debt Due Dec. 17
------------------------------------------------------
The creditors of Musical Harmony Investment Limited are required
to file their proofs of debt by Dec. 17, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 16, 2012.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town, Tortola
         British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point
         Bermudiana Road, Hamilton HM 11
         Bermuda


NEWBURY PLACE: Creditors' Proofs of Debt Due Dec. 5
---------------------------------------------------
The creditors of Newbury Place Offshore, Inc are required to file
their proofs of debt by Dec. 5, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 8, 2012.

The company's liquidator is:

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


WEXFORD GLOBAL: Creditors' Proofs of Debt Due Dec. 4
----------------------------------------------------
The creditors of Wexford Global Strategies Trading Limited are
required to file their proofs of debt by Dec. 4, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 2012.

The company's liquidator is:

         Robert Holtz
         411 West Putnam Avenue, Suite 125
         Connecticut CT 06830
         U.S.A.



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


CITIBANK: Jamaica Unit Not Affected by Staff Cut
------------------------------------------------

RJR News reports that country manager for CitiBank Jamaica, Peter
Moses, said staff will not be affected by the decision of its
parent company to cut more than 10,000 jobs worldwide.

Mr. Moses told the Financial Report that Jamaica is not included
in the regions where the cuts will take place, according to RJR
News.  The report relates that Mr. Moses disclosed that the bank
currently has 73 employees in Jamaica.

Citigroup said that it is cutting 11,000 jobs in an efficiency
drive, with most of the posts being lost in its consumer banking
division, RJR News notes.

The report relates that the bank said the move, which will see its
head count shrink by 4%, would cost it about US$1 billion dollars
in pre-tax charges.

Citigroup said the changes would leave it US$900 million better
off in 2013 and a further US$1.1 billion dollars the following
year, the report adds.



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


BANCO INTERACCIONES: Moody's Reviews 'B1(hyb)' Sub. Debt Rating
---------------------------------------------------------------
Moody's de Mexico has placed on review for downgrade the ratings
assigned to subordinated debt issued by Banco Mercantil del Norte,
S.A. (Banorte) and Banco Interacciones, S.A. (Interacciones) that
currently have systemic support incorporated in their ratings. All
other ratings and outlooks for these issuers remain unaffected by
these rating actions.

The rating actions reflect Moody's opinion that the global trend
towards imposing losses on junior creditors in the context of
future bank resolutions may reduce the predictability of such
support being provided to holders of subordinated debt, as junior
obligations are expected to absorb losses on behalf of senior
creditors and depositors. This view is discussed in the special
comment "Supported Bank Debt Ratings at Risk of Downgrade due to
New Approaches to Bank Resolution," published in February 2011.

LIST OF AFFECTED RATINGS

The following subordinated debt ratings were placed on review:

Banco Mercantil del Norte, S.A.

  Long-term global local currency subordinated debt rating of Baa1

  Long-term global local currency subordinated debt program rating
  of (P) Baa1

  Long-term global local currency junior subordinated debt rating
  of Baa2 (hyb)

  Long-term global local currency junior subordinated debt program
  rating of (P) Baa2

  Long-term Mexican National Scale subordinated debt rating of
  Aaa.mx

  Long-term Mexican National Scale subordinated debt program
  rating of Aaa.mx

  Long-term Mexican National Scale junior subordinated debt rating
  of Aa1.mx (hyb)

Banco Interacciones, S.A.

  Long term global local currency subordinated debt rating of B1
  (hyb)

  Long-term global local currency subordinated debt program rating
  of (P) B1

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

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

Ratings Rationale

The review for downgrade on the Mexican banks' subordinated debt
ratings reflects Moody's revised approach to notching the ratings
of these instruments from a bank's standalone credit assessment
instead of from its supported deposit rating. Moody's currently
incorporates one or two notches of systemic support in the
subordinated and junior subordinated debt ratings of the listed
Mexican banks.

During the rating review, Moody's will consider removing systemic
support from these debt instruments, based on an assessment of the
ability and the willingness of local regulators to impose losses
on holders of subordinated debt outside a liquidation process.

Upon the conclusion of the review and in line with "Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt", published in November 2009, Moody's expects to position the
ratings of subordinated debt one notch below the Adjusted Baseline
Credit Assessment (Adjusted BCA) , which reflects a bank's stand-
alone financial strength including parental and cooperative
support. Junior subordinated debt ratings may be positioned two
notches below the Adjusted BCA while deeply subordinated junior
debt may be positioned three notches below the adjusted BCA.

Last Rating Actions

The last rating action on Banco Mercantil del Norte, S.A. was on
September 7, 2012, when Moody's affirmed Banorte's ratings and
assigned first-time ratings to Ixe Banco and CB Banorte-Ixe.

The last rating action on Banco Interacciones, S.A. was on
August 31, 2012, when Moody's assigned Baa1.mx to Interacciones's
proposed subordinated notes.

Banorte is headquartered in Mexico City. As of September 30, 2012,
the bank reported Mx$641.8 billion in assets.

Interacciones is headquartered in Mexico City. As of September 30,
2012, the bank reported Mx$93.5 billion in assets

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

The period of time covered in the financial information used to
determine Interacciones's 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 Banorte's
rating include 2011 and 2012 interim financial statements (source:
Grupo Financiero Banorte); year-end 2011 audited financial
statements (source: Grupo Financiero Banorte, audited by Deloitte
Touche Tohmatsu Limited); financial statements and information on
market position (source: CNBV); regulatory capital information
(source: Banxico); debt offering memorandum (source: Grupo
Financiero Banorte).

The sources and items of information used to determine
Interacciones's 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.).


BANCO MERCANTIL: Moody's Reviews Ba1 Jr. Subordinated Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings assigned to subordinated debt issued by Banco Mercantil
del Norte, S.A. (Banorte) that currently have systemic support
incorporated in their ratings. All other ratings and outlooks for
this issuer remain unaffected by these rating actions.

The rating action reflects Moody's opinion that the global trend
towards imposing losses on junior creditors in the context of
future bank resolutions may reduce the predictability of such
support being provided to holders of subordinated debt, as junior
obligations are expected to absorb losses on behalf of senior
creditors and depositors. This view is discussed in the special
comment "Supported Bank Debt Ratings at Risk of Downgrade due to
New Approaches to Bank Resolution," published in February 2011.

LIST OF AFFECTED RATINGS

The following subordinated debt ratings were placed on review:

Banco Mercantil del Norte, S.A.

  Long-term foreign currency subordinated debt rating of Baa1
  (hyb)

  Long-term foreign currency junior subordinated debt rating of
  Ba1(hyb)

Ratings Rationale

The review for downgrade on Banorte's subordinated debt ratings
reflects Moody's revised approach to notching the ratings of these
instruments from a bank's standalone credit assessment instead of
from its supported deposit rating. Moody's currently incorporates
one or two notches of systemic support in the subordinated and
junior subordinated debt ratings of Banorte.

During the rating review, Moody's will consider removing systemic
support from these debt instruments, based on an assessment of the
ability and the willingness of local regulators to impose losses
on holders of subordinated debt outside a liquidation process.

Upon the conclusion of the review and in line with "Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt", published in November 2009, Moody's expects to position the
ratings of subordinated debt one notch below the Adjusted Baseline
Credit Assessment (Adjusted BCA) , which reflects a bank's stand-
alone financial strength including parental and cooperative
support. Junior subordinated debt ratings may be positioned two
notches below the Adjusted BCA while deeply subordinated junior
debt may be positioned three notches below the adjusted BCA.

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

Last Rating Action

The last rating action on Banco Mercantil del Norte, S.A. was on
September 7, 2012, when Moody's affirmed Banorte's ratings and
assigned first-time ratings to Ixe Banco and CB Banorte-Ixe.

Banorte is headquartered in Mexico City. As of September 30, 2012,
the bank reported Mx$641.8 billion in assets.


GRUPO KUO: S&P Keeps 'BB' Rating on $325MM Unsecured Notes
----------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' issue rating on
Mexico-based conglomerate Grupo KUO S.A.B. de C.V. (KUO;
BB/Stable/--) remains unchanged following the $75 million add-on
to its existing $250 million 10-year senior unsecured notes
bearing an annual fixed rate of 6.25%. "We don't expect the add-on
to increase KUO's gross consolidated debt because it will use most
of the proceeds from the issuance to refinance existing debt,
including its senior unsecured notes due 2017, short term debt and
other long term debt due 2016. In addition, the add-on will help
extend the debt's average debt term to about 8 years from about
five, and reduce interest expenses with lower-interest debt," S&P
said.

RATINGS LIST

Grupo KUO S.A.B. de C.V.
Corporate credit rating          BB/Stable/--
Senior unsecured notes           BB


MAXCOM SAB: S&P Puts 'CCC+' CCR on Watch Neg on Buyout Offer
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' corporate
credit and debt ratings on Maxcom S.A.B. de C.V. on CreditWatch
with negative implications.

"The CreditWatch placement follows Maxcom's announcement of
private equity firm's, Ventura's, intentions to buy all of
Maxcom's outstanding Certificados de Participacion Ordinaria for
MXN2.90 each (about $54.2 million in total). Maxcom's board and
investors, representing 44% of outstanding stock, have approved
the deal. Ventura also plans to increase Maxcom's capital by $22
million. The closing of the transaction will be subject to
regulatory approvals, the sale of more than 50% of the stock, and
the successful exchange of Maxcom's existing $200 million notes
due 2014 for new bonds the company plans to issue," S&P said.

"We are uncertain about the new terms and conditions of these new
bonds. We are also uncertain on the business strategy Ventura will
have for Maxcom if the transaction occurs," S&P said.

"We will resolve the CreditWatch listing once the transaction is
closed. Potential outcomes of the CreditWatch could be an
affirmation or a downgrade. The outcome will primarily depend on
our view if the exchange of the $200 million notes is distressed
or not. We will analyze the implications of the new ownership,
management, and Ventura's business strategy on Maxcom's business
profile. However, we believe this assessment will take a longer
period of time. In our opinion, while the new capital at this
early stage will improve the company's liquidity, the amount is
still small compared with necessary investments Maxcom must make
to compete with its larger peers," S&P said.


TELEFONICA CELULAR: Moody's Assigns '(P)B1' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a (P)B1 corporate family rating
to Telefonica Celular del Paraguay S.A. (Telecel) and a (P)B1
rating to its proposed senior unsecured global notes for an amount
up to USD300 million. The ratings outlook is stable. Proceeds from
the notes will be used to repay debt and for capex. The ratings
assume that final terms and conditions on the notes will not
materially change from those reviewed by Moody's. The ratings on
the notes are provisional pending completion of the issuance and
debt repayment.

This is the first time Moody's has rated Telecel.

Ratings Rationale

The (P)B1 ratings on Telecel are constrained by Paraguay's B1
sovereign rating. The rating on Telecel and its proposed notes is
supported by the company's status as #1 mobile operator in the
country, with an estimated 56% market share; track record of
strong and resilient growth despite changes in government; and
solid credit profile driven by low adjusted leverage of 0.8x and
high adjusted EBITDA margin during the twelve months ending
September 30, 2012. The ratings are also constrained by the
company's modest revenue size (USD617 million in LTM) as compared
to global peers; a low amount of free cash flow generation after
capex and dividends; and the competitive nature of the Paraguayan
telecom market, which places negative pressure on revenue growth
and margins.

Moody's uses the Global Telecommunications Industry Rating
Methodology to assist in the assessment of Telecel's credit
quality. The methodology grid suggested rating outcome for Telecel
is several levels higher than the assigned ratings. The notching
difference is explained by the aforementioned factors, and foreign
currency convertibility and transferability risks, which are
imbedded in the B1 sovereign rating of Paraguay. Although Moody's
recognizes that Telecel has historically been able to convert
Guaranies into USD and transfer the currency outside Paraguay
without major difficulty, it cannot be certain that this will
continue to be the case in the future.

The stable rating outlook reflects Moody's expectation that
Telecel will grow at high single digit rates in the next 3 years
despite the competitive mobile market given its solid market share
and long operating track record; the stable outlook also assumes
that the company will be able to sustain current operating and
credit metrics.

Telecel was the first provider of mobile communications services
in Paraguay, starting operations in August of 1992. Leading market
position plus a nice share of postpaid subscribers of total (17%)
has allowed the company to report high operating margins well
above 50% in the last several years. Today, with about 3.8 million
mobile subscribers, it estimates its market share at 56%, placing
it in the first position in Paraguay, before Personal (owned by
Telecom Italia Mobile, a subsidiary of Telecom Italia, Baa2
negative), which Telecel estimates has a market share of 29%.
Other smaller competitors include America Movil (A2 stable)'s
Claro and Vox, owned by the Paraguayan government; both have about
7% market share each, as estimated by Telecel. The company has
recently acquired Cablevision Paraguay, #1 cable company in the
country with a 80% market share.

Solid EBITDA margin and strong operating cash flow generation has
allowed Telecel to sustain adjusted debt/EBITDA at below 1 time in
the last several years. Pro forma for the proposed notes, the
company's leverage should reach 1.1x by mid 2013.

Although Telecel has no committed target leverage ratio and its
proposed notes will have a financial covenant of maximum 4x
debt/EBITDA, Moody's expects the company's leverage to remain at
current levels for the foreseeable future given limited
opportunities for large debt-funded acquisitions and legal
restrictions on Telecel's ability to pay dividends much higher
than amounts paid in the last couple of years. In addition, it is
positive that Millicom's target leverage ratio is 1x debt/EBITDA
on a consolidated basis. Telecel's Interest coverage metrics as
measured by EBITDA minus capex to interest expenses should remain
also strong well above 7x in the next several years.

Telecel's liquidity is strong. Moody's foresees that, during the
next 5 quarters ending in December 31, 2013, the company should be
able to use cash on hand of about USD87 million as of September
2012, high amounts of projected EBITDA and the net proceeds from
the new senior notes (about USD137 million, after payment of
bridge loan and transactional fees) to fund capex and also fulfill
cash obligations such as interest payments, working capital, taxes
and dividends; Telecel pays out most of its generated cash in
dividends, after investing in capex.

A positive action on Paraguay's sovereign ratings could trigger a
positive action on Telecel's ratings. In addition, a ratings
upgrade could be triggered by a sizable increase in the company's
hard-currency revenue from sources outside Paraguay. However, an
upgrade would require that the company maintains strong liquidity
and a comfortable debt maturity profile.

A downgrade would be considered if expected revenue growth is not
achieved or if operating margins decline further than anticipated
as a consequence competitors' irrational business behavior. A
negative rating action could also be triggered by a debt leverage
that reaches 2 times for a prolonged period of time without a
clear path to subsequent de-leveraging.

The principal methodology used in rating Telecel was the Global
Telecommunications Industry Methodology published in December
2010.

With 3.8 million subscribers as of September 30, 2012, Telecel is
the largest mobile telecom operator in Paraguay with an estimated
56% market share. It is indirectly 100% owned by Millicom
International Cellular S.A. (Ba1 stable). During the last 12
months ended in September 30, 2012, Telecel's revenues amounted to
USD617 million.


* NAUCALPAN MUNICIPALITY: Moody's Cuts Issuer Ratings to 'B3.mx'
----------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Naucalpan's
issuer ratings to B3.mx (Mexico National Scale) and to B3 (Global
Scale, local currency) from Baa1.mx and Ba3, respectively.
Additionaly, the issuer ratings have been placed under review for
possible downgrade.

At the same time, Moody's downgraded the debt ratings of a MXN486
million enhanced loan, contracted with Banorte to Baa3.mx (Mexican
National Scale) and B1 (Global Scale, local currency) from Aa3.mx
and Ba1, respectively.

Ratings Rationale

The downgrade to B3/B3.mx from Ba3/Baa1.mx reflects information
that Naucalpan may have missed payments on its short term lines of
credit with Banco Interacciones due to acute liquidity pressures.
Moody's understands that Banco Interacciones has initiated legal
procedures against the municipality. In addition, the municipality
is exposed to refinancing risks stemming from the obligation to
pay all outstanding short-term debt before the end of the current
administration on 31st of December of 2012. Moreover, Banorte the
lender that holds all of Naucalpan's long-term debt has now the
right to early amortize the loan, therefore leading to additional
risks. These events add to Naucalpan's structural pressures
signaled on the last rating action of 26 September 2012 (for more
details, see the rating action at www.moodys.com).

At the end of July of 2012, total short-term debt amounted MXN
131.6 million equivalent to 6.3% of 2011 operating revenues.
Naucalpan's liquidity position is very tight, net working capital
to total expenditures was equivalent to -- 29.8% at the end of
2011 and for July 2012, cash and cash equivalents amounted MXN 111
million. While the municipality has the authorization to contract
MXN 80 million on long term debt, Moody's has not received
information of Naucalpan contracting this amount. Moody's notes
that the approval from Congress expires by the end of the current
administration on December 31st.

The ratings review will focus on Naucalpan's capacity and
willingness to respect all upcoming debt service payments on all
other debt obligations in a full and timely manner. Moody's
expects to conclude the review within three months. Over this
period, Moody's will closely monitor Naucalpan's progress in
repaying all of its short-term debt and also the next
administration's willingness to pay all outstanding debt
obligations. Expected loss rates on the defaulted short-term lines
of credit with Interacciones, in conjunction the maintenance of
full and timely debt service payments on all other debt
obligations, will be the key drivers for future rating actions.

The ratings downgrade of the MXN 486 million enhanced loan
reflects the downgrade of Naucalpan's issuer ratings, as well as,
the risks associated with right that has the lender to early
amortize the loan. While the loan enhancements continue to provide
a two notch uplift from the global scale issuer ratings, per
Moody's methodology on rating enhanced loans, the loan ratings are
directly linked to the credit quality of the issuer, which ensures
that underlying contract enforcement risks, economic risks and
credit culture risks (for which the issuer rating acts as a proxy)
are embedded in the enhanced loans ratings.

What Could Change The Ratings UP/DOWN

While currently Moody's does not expect upward pressure on the
ratings, if Naucalpan a) repays in full, including all
corresponding penalties and accrued amounts, the short-term line
of credit currently in default, b) continues to make full and
timely debt service payments on all other debt obligations and c)
successfully pays all outstanding short-term debt and/or
refinances it with longer term maturities, Moody's may maintain
the current ratings and the outlook could be revised back to
stable.

Under a scenario where either Naucalapan a) does not repay in
full, including all corresponding penalties and accrued amounts,
the short-term line of credit currently in default or b) fails to
make full and timely debt service payments on all other debt
obligations, Moody's would likely downgrade the municipality,
depending on expected recovery rates.

Given the links between the loan and the credit quality of the
obligor, an upgrade of the Municipality of Naucalpan's issuer
ratings rating would likely result in an upgrade of the ratings on
the MXN 486 million enhanced loan. Conversely, a downgrade of
Naucalpan's issuer ratings could also exert downward pressure on
the debt ratings of the loan. In addition, the ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations.

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

The methodologies used in this rating were "Regional and Local
Governments Outside the US," published in May 2008, "The
Application of Joint Default Analysis to Regional and Local
Governments," published in December 2008, "Enhanced Municipal and
State Loans in Mexico" published in January 2011 and "Mapping
Moody's National Scale Ratings to Global Scale Ratings" published
in October 2012.

The date of the last Credit Rating Action was September 26, 2012.



=====================
P U E R T O   R I C O
=====================


CREDI INTERNATIONAL: Case Summary & 8 Unsecured Creditors
---------------------------------------------------------
Debtor: Credi International Corp.
        dba Abanico Credi Inc.
        P.O. Box 9157
        San Juan, PR 00908-0157

Bankruptcy Case No.: 12-09582

Chapter 11 Petition Date: December 4, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Enrique M. Almeida Bernal, Esq.
                  ALMEIDA & DAVILA, P.S.C.
                  P.O. Box 191757
                  San Juan, PR 00919-1757
                  Tel: (787) 722-2500
                  Fax: (787) 722-2227
                  E-mail: ealmeida@almeidadavila.com

Estimated Assets: $0 to $50,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its eight largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/prb12-09582.pdf

The petition was signed by Carlos Virelles De Armas, president.



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


* BOND PRICING: For the Week Dec. 3 to Dec. 7, 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
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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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                   * * * End of Transmission * * *