TCRLA_Public/121213.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

           Thursday, December 13, 2012, Vol. 13, No. 248


                            Headlines



B E R M U D A

AURUM UNIVERSAL: Placed Under Voluntary Wind-Up
AURUM UNIVERSAL DOLLAR: Placed Under Voluntary Wind-Up
AURUM UNIVERSAL EURO: Placed Under Voluntary Wind-Up
AURUM UNIVERSAL FUND: Placed Under Voluntary Wind-Up
COMMERCIAL & MANUFACTURERS: Placed Under Voluntary Wind-Up

DKR COMMODITY: Placed Under Voluntary Wind-Up
DKR IBEX: Placed Under Voluntary Wind-Up
DKR IBEX HOLDING: Placed Under Voluntary Wind-Up


B O L I V I A

* BOLIVIA: Gets US$20-Million IDB Loan for Solid Waste Management


B R A Z I L

BANCO RURAL: S&P Cuts Issuer Credit Rating to 'B-' on Weak Capital
ENERGISA SA: Fitch Hikes Issuer Default Ratings to 'BB'
MASTELLONE HERMANOS: S&P Cuts ICR to 'CCC+' on Weaker Liquidity


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Fitch Affirms 'B' Issuer Default Ratings


J A M A I C A

* JAMAICA: Gov't to Inject $4 Billion Into Sugar Production


M E X I C O

AUTOPISTA MONTERREY: Moody's Affirms 'Ba1' Currency Ratings
COMPANHIA DE ENERGIA: S&P Cuts ICR to 'SD' on Debt Payment
PETROLEUM CO: S&P Assesses Stand-Alone Credit Profile at 'bb-'
PROYECTOS ADAMANTINE: S&P Withdraws Rating on MXMACFW 07-6U RMBS
* MEXICO: Moody's Says Non-Revolving Consumer Credit Hits Banks


T R I N I D A D  &  T O B A G O

CL FIN'L: Campari Gets 99% Offer for Lascelles deMercado Shares


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AURUM UNIVERSAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
At a special general meeting held on Oct. 31, 2012, the members of
Aurum Universal Sterling Fund Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road, Hamilton
         Bermuda


AURUM UNIVERSAL DOLLAR: Placed Under Voluntary Wind-Up
------------------------------------------------------
At a special general meeting held on Oct. 31, 2012, the members of
Aurum Universal Dollar Fund Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road, Hamilton
         Bermuda


AURUM UNIVERSAL EURO: Placed Under Voluntary Wind-Up
----------------------------------------------------
At a special general meeting held on Oct. 31, 2012, the members of
Aurum Universal Euro Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road, Hamilton
         Bermuda


AURUM UNIVERSAL FUND: Placed Under Voluntary Wind-Up
----------------------------------------------------
At a special general meeting held on Oct. 31, 2012, the members of
Aurum Universal Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road, Hamilton
         Bermuda


COMMERCIAL & MANUFACTURERS: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On May 23, 2012, the members of Commercial & Manufacturers
Insurance Limited resolved to voluntarily wind up the company's
operations.

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

The company's liquidators are:

         Mike Morrison
         Charles Thresh
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton
         Bermuda


DKR COMMODITY: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 13, 2012, the member of DKR Commodity Arbitrage Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR IBEX: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 13, 2012, the member of DKR Ibex Fund Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DKR IBEX HOLDING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 13, 2012, the member of DKR Ibex Holding Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 28, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda



=============
B O L I V I A
=============


* BOLIVIA: Gets US$20-Million IDB Loan for Solid Waste Management
-----------------------------------------------------------------
Bolivia will improve municipal solid waste management services
including sweeping, collection, transportation, and disposal, with
a $20 million loan from the Inter-American Development Bank (IDB).

The program is expected to increase the final disposal of trash in
landfills from 37% to 51% nationwide, contributing to
environmental improvements in Riberalta, Potosi and other Bolivian
cities.  The program, which will benefit approximately one million
people, was designed taking into account lessons learned
throughout successful experiences in other cities, including La
Paz.

As part of the program, comprehensive municipal service frameworks
will be implemented covering street sweeping, collection,
transportation, recycling and disposal of solid waste through
activities that enhance the quality and coverage of the various
services, increase the disposal of trash in landfills and improve
the operating efficiency of service providers.

The program will also improve the quality of life of recyclers
currently working in landfills, offering them training under the
framework of a labor inclusion and formalization plan.
Participation and training of all stakeholders at all levels of
the solid waste management process is crucial to the financial and
institutional sustainability of these municipal services.

The resources of the loan come from the IDB's Ordinary Capital
(OC) and the Fund for Special Operations (FSO).  The OC funds,
totaling $16 million, will have a 30-year repayment term, a 6-year
grace period and a variable interest rate.  The remaining
$4 million, financed by the FSO, of will have a 40-year repayment
term and grace period, with an annual interest rate of 0.25%.



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


BANCO RURAL: S&P Cuts Issuer Credit Rating to 'B-' on Weak Capital
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
rating on Banco Rural S.A. (Rural) to 'B-' from 'B' on global
scale and to 'brB' from 'brBB+' on national scale. The outlook is
negative.

Standard & Poor's bases its ratings on Rural on its "weak"
business position, "weak" capital and earnings, "moderate" risk
position, "below average" funding, and "moderate" liquidity. The
stand-alone credit profile is 'b-'.

"The bank decided to exit the payroll deductible segment in 2011,
in which it made the last loan in August of that year, following
the management's that decision that this product was no longer
viable and profitable for the bank. Under the new regulations,
revenues from ceded loans must be accrued during the term of this
loan, as opposed to the revenues recognized upfront. Also, ceded
loans with co-obligation must be provisioned. Furthermore,
increasing competition from the large retail banks (many actively
winning payroll auctions), a shifting base of loan originators,
and their increasing commissions convinced Rural to discontinue
this business, which should be completed by 2014. Until then, the
bank's results will suffer from this loan portfolio," S&P said.

"Recently, the Central Bank required Rural to adjust its exposures
twice to comply with regulatory requirements. In addition, Rural's
results sharply weakened following credit portfolio deleveraging,
exit of the payroll deductible segment, asset quality
deterioration, and increasing loan loss provisioning," S&P said.

The continuing asset quality deterioration required more loan loss
provisioning, which weakened the bank's results further, and this
trend will continue in the next few months. However, the bank
doesn't have client concentration.


ENERGISA SA: Fitch Hikes Issuer Default Ratings to 'BB'
-------------------------------------------------------
Fitch Ratings has upgraded Energisa S.A.'s Issuer Default Ratings
(IDRs) to 'BB' from 'BB-', and its subsidiaries' IDRs to 'BB+'
from 'BB'. The Rating Outlook for all corporate ratings is Stable.

The upgrade reflects Energisa's expected ability to keep its
consolidated leverage ratios at levels consistent with the
assigned rating category, even during a time of higher capital
expenditures. Fitch considers the investments in the generation
segment as positive, based on asset diversification and more
predictable cash flow generation. The generation segment has
improved its business profile and should represent 20%-25% of the
group's consolidated EBITDA in 2014. Energy generation activities
benefit from long-term energy sales contracts with fixed prices
adjusted for inflation, which mitigate the cash flow volatility
related to periodical tariff reviews of Energisa's energy
distribution subsidiaries.

Energisa's ratings reflect the company's adequate consolidated
financial profile, which is characterized by moderate leverage,
robust liquidity, and a lengthened debt maturity profile. The
group's credit profile is bolstered by its diversified power
distribution concessions, which dilutes business risk, and the
benefits of a diversified and growing client base. The ratings
also incorporate the group's exposure to foreign exchange
movements, hydrological risk, and a moderate regulatory risk.

Energisa announced a capital increase estimated to be between
BRL300 million and BRL 500 million, which is expected to be
completed in the first quarter of 2013. Fitch sees the injection
of new capital into the group as positive, depending on how the
new funds are used and the time it takes for the new investments
to generate cash flow from operations.

The one-notch difference between Energisa's ratings and those of
its subsidiaries is based on the relevance and structural
subordination of the holding company's debt compared to that of
the operating companies. The holding company debt represented
approximately 35% of net consolidated debt as of Sept. 30, 2012.

Sound Operational Profile:

In general, Energisa's consolidated cash flow has benefited from a
higher than expected increase in energy consumption in the group's
concession areas, and, to a lesser extent, from the gradual
improvement of its operational indicators. The group has
consistently reduced its energy losses, both on a consolidated
basis and individually. Currently, all of Energisa's distribution
companies report losses below the maximum percentages established
by the regulatory agency (Aneel) and contemplated in the energy
tariffs, which is an important factor regarding their operating
cash flow.

For the last 12 months (LTM) ended Sept. 30, 2012, consolidated
net revenues, EBITDA and cash flow from operations (CFFO) reached
BRL2.7 billion, BRL618 million and BRL604 million, respectively,
compared to BRL2.4 billion, BRL555 million and BRL571 million
reported in 2011. Fitch believes Energisa should continue to
benefit from increased energy consumption in its concession areas
in the near future. This aspect, combined with the start-up of
some generation projects, could partly offset the negative effects
of the third tariff review process.

The ongoing tariff review process in Brazil is expected to have a
moderately negative impact on Energisa's cash flow generation. The
expected negative impact will likely be offset by the commencement
of operations of electric generation projects as well as the
recent acquisition of energy cogeneration assets from Tonon
Bioenergia S.A., which will add to cash flow generation. Although
the new tariff has already been announced for two of the company's
subsidiaries, these represent only 15% of consolidated EBITDA. The
tariff review for the most significant subsidiaries will come in
2013.

Negative Free Cash Flow to Improve After Project Start-ups:

Energisa's free cash flow (FCF) is expected to stay negative in
the next two years as a result of high capital expenditures and
dividend distribution. Fitch believes that the generation segment
will improve Energisa's business profile, after the start-up of
its ongoing projects, which should increase the group's energy
generation installed capacity from current 95 MW to 363 MW by
2015. These activities provide more stable cash flow.

CFFO was BRL604 million for the LTM ended Sept. 30, 2012. Cash
generation was used to fund capital expenditures (approximately
BRL402 million within this period, including the power generation
projects) and the dividend distribution (BRL103 million),
resulting in FCF of BRL99 million.

Robust Liquidity and Adequate Debt Profile:

Energisa presents comfortable liquidity levels on a consolidated
basis. As of Sept. 30, 2012, the group reported BRL868 million of
cash and marketable securities, which covered its short-term debt
by 1.5x. For the same period, the cash + CFFO-to-short-term debt
ratio was 2.5x, evidencing the company's adequate debt repayment
schedule. Debt is concentrated in the long term, with maturities
well-distributed over time, with some concentration in 2014 and
2015 not being a major concern and an adequate average maturity
profile of 4.3 years as of Sept. 30, 2012.

Leverage to Remain Adequate Despite High Capex and Third Tariff
Review Cycle:

Energisa's consolidated net adjusted-debt-to-EBITDA ratio was 3.0x
for the LTM ended Sept. 30, 2012, slightly higher than the 2.9x
recorded in 2011. Fitch expects Energisa to maintain net leverage
between 3.0x and 3.5x during its aggressive investment program in
the next two years. For subsequent periods, as the group continues
to obtain efficiency gains and to reduce losses, and begins
reaping the benefits of the generation projects, leverage should
present a decreasing trend.

Key Rating Drivers:

The ratings could be negatively pressured from higher than
anticipated leverage ratios. Relevant acquisitions and/or
additional new investments beyond those envisioned and mostly
financed by debt could pressure credit quality. A rating upgrade
is not likely to happen in the near future. Subsequently, it could
be driven by greater CFFO, more conservative leverage and credit
protection measures, and increased contribution of cash flow from
the energy generation activities.

Fitch has taken the following rating actions:

Energisa

-- Foreign currency IDR upgraded to 'BB' from 'BB-';
-- Local Currency IDR upgraded to 'BB' from 'BB-;
-- Long-term national scale rating upgraded to 'A+(bra)' from
    'A(bra)';
-- Long-term national rating of the third debentures issuance, in
    the amount of BRL150 million, due in 2014, upgraded to
    'A+(bra)' from 'A(bra)';
-- Long-term international rating of the senior perpetual notes,
    in the amount of USD200 million, withdrawn due to the buyback
    of these notes.

Energisa Paraiba - Distribuidora de Energia S/A (Energisa Paraiba)

-- Foreign currency IDR upgraded to 'BB+', from ''BB';
-- Local Currency IDR upgraded to 'BB+' from ''BB';
-- Long-term national scale rating upgraded to 'AA-(bra)' from
    'A+(bra)';
-- Long-term international rating of the notes units, in the
    amount of USD83 million, due in 2013, upgraded to 'BB+' from
    ''BB';
-- Long-term national rating of the first debentures issuance, in
    the amount of BRL80 million, due in 2014, upgraded to 'AA-
    (bra)' from 'A+(bra)';

Energisa Sergipe- Distribuidora de Energia S/A (Energisa Sergipe)

-- Foreign currency IDR upgraded to 'BB+' from ''BB';
-- Local currency IDR upgraded to 'BB+' from ''BB';
-- Long-term national scale rating upgraded to 'AA-(bra)' from
    'A+(bra)';
-- Long-term international rating of the notes, in the amount of
    USD167 million, due in 2013, upgraded to 'BB+, from ''BB';
-- Long-term national rating of the first debentures issuance, in
    the amount of USD42 million, due in 2015, upgraded to
    'A+(bra)' from 'A(bra)';
-- Long-term national rating of the second debentures issuance,
    in the amount of BRL60 million, due in 2014, upgraded to 'AA-
    (bra)' from 'A+(bra)'.

Energisa Minas Gerais - Distribuidora de Energia S/A (Energisa
Minas Gerais)

-- Foreign currency IDR upgraded to 'BB+' from ''BB';
-- Local currency IDR upgraded to 'BB+' from ''BB';
-- Long-term national scale rating upgraded to 'AA-(bra)' from
    'A+(bra)';
-- Long-term national rating of the seventh debentures issuance,
    in the amount of BRL60 million, due in 2014, upgraded to 'AA-
    (bra)' from 'A+(bra)'.


MASTELLONE HERMANOS: S&P Cuts ICR to 'CCC+' on Weaker Liquidity
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
rating on Mastellone Hermanos S.A. to 'CCC+' from 'B-'. The
outlook is negative. Standard & Poor's also said that it lowered
its issue rating on the company's senior unsecured notes to 'CCC+'
from 'B-'.

"The downgrade reflects our view of Mastellone's ability to meet
its short-term debt payments, which has led us to revise our
assessment of its liquidity profile to 'weak' from 'less than
adequate.' We believe that the company depends significantly on
exogenous factors to honor its financial obligations, including
access to new financing and the extension of credit from its
suppliers. According to our base case scenario, the company's
sources of funds for the next 12 months fall short of uses by $30
million. Although Mastellone could count on some bank financing
and eventually tap the local debt markets to cover this funding
gap, we believe that the company's ability to refinance its
maturities is scant due to the limited financial flexibility of
issuers in the Republic of Argentina (unsolicited foreign and
local currency ratings B-/Negative/B). In addition, we expect that
it will be very difficult for Mastellone to sustain the extension
of credit from its suppliers, which has led to a material cash
inflow in 2012," S&P said.

S&P's rating on Mastellone also reflects its "vulnerable" business
risk profile, "highly leveraged" financial risk profile, "weak"
liquidity, and "fair" management and governance.

"Our assessment of Mastellone's business risk profile reflects its
high exposure to Argentina, where the company has asset and cash
flow concentration. Argentine corporates face elevated business
risks and challenging refinancing conditions, in our view, given
the sovereign's declining credit quality and the high inflation
and regulatory risks. Furthermore, Mastellone is exposed to the
volatility inherent to the dairy industry. The company's profits
greatly depend on the availability and price of raw milk, which is
susceptible to uncontrollable factors such as weather and global
demand and supply. These factors are partly offset by Mastellone's
sound competitive position both as a dairy products marketer and
as a raw milk procurer in Argentina. The company also has the
leading market share in several dairy products in Argentina, owns
one of most recognizable brands in the country (La Serenísima),
and has an efficient distribution network with nationwide
coverage. As the largest buyer of raw milk in Argentina,
Mastellone has a high bargaining power with dairy farmers," S&P
said.

"The negative outlook reflects our expectation that Mastellone
will remain exposed to high refinancing risk in the coming months
as it faces limited funding sources," said Standard & Poor's
credit analyst Flavia Bedran. "The company greatly relies on
exogenous factors to meet its short-term debt maturities. We could
lower the rating if we see further pressure on liquidity due to
negative free operating cash flow generation or dwindling cash
balances, for instance. We would also lower the rating if the
company does not have a viable strategy to refinance its debt
maturities. Although unlikely in the near term, we could revise
the outlook to stable or even raise the rating if the company is
able to address its short-term maturities and improve its debt
maturity profile."



===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Fitch Affirms 'B' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings-New York-11 December 2012: Fitch Ratings has revised
the Outlooks on the Dominican Republic's ratings to Stable from
Positive. The agency has also affirmed the long-term foreign and
local currency Issuer Default Ratings (IDRs) at 'B'. In addition,
Fitch has affirmed the Dominican Republic's Country Ceiling at
'B+' and its short-term foreign currency IDR at 'B'.

Rating Rationale

The revision of the Outlooks to Stable from Positive reflects the
deterioration in the sovereign's fiscal accounts; present external
vulnerabilities; and the new government's challenges to reduce
fiscal deficits and stabilize debt ratios in the context of
budgetary rigidities, rising social demands and slower economic
growth.

Dominican Republic ratings are underpinned by the country's high
income per capita and social indicators, diversified service-based
economic structure, stable macroeconomic performance, rising gold
export receipts and increased fiscal financing flexibility.

Electoral spending and revenue underperformance have undermined
public finances and fiscal management this year. The central
government deficit is estimated to have doubled to 5.4% of GDP in
2012, which is materially worse than Fitch's earlier expectations.
This fiscal outturn will exceed the 0.9% of GDP deficit stipulated
in the 2012 budget and the additional 3% of GDP deficit approved
in a supplementary budget in July 2012.

The incoming President Danilo Medina has put forward an ambitious
consolidation plan that includes raising taxes by 1.5% of GDP in
2013, withdrawing the infrastructure stimulus of 2% of GDP and
containing current spending at the levels observed during non-
electoral periods. However, burdensome electricity subsidies and
public sector wages as well as legally mandated transfers to
recapitalize the central bank and invest in pre-university
education represent challenges for the fiscal consolidation
strategy.

Fiscal deterioration and slower GDP growth has led to a further
increase in government indebtedness. Fitch forecasts that the debt
burden is likely to remain above 30% of GDP in the coming two
years. While lower than the 'B' median, the debt to revenue ratio
of over 227% is well above the 'B' median and highlights the
narrowness of the country's revenue base.

The cyclical slowdown of the economy adds downside risks to fiscal
performance. Growth fell from 7.8% in 2010 to 4.5% in 2011 and
eased further to 3.9% in Q312. Policy unpredictability and the tax
reform continue to affect business confidence and domestic
consumption. Fitch forecasts real GDP growth at 3.1% in 2013 and a
rebound to 4.5% in 2014, well below the country's five-year
average of 5%.

Dominican Republic's capacity to weather external shocks is
limited. International reserves declined to USD3.5 billion in
November 2012, covering two months of current external payments.
External financing needs at 117% of reserves remain among the
highest in the 'B' category. The new administration will have to
preserve investor confidence and restore its fiscal policy
credentials to maintain multilateral support and access
international capital markets at favorable interest rates.

However, the long-awaited start of gold exports by Barrick is
strengthening the capacity of the economy to generate larger and
more resilient export receipts. Fitch expects the current account
deficit to halve to 3.4% of GDP by 2014, half the forecast 'B'
median of 7%.

The transition towards an inflation targeting regime and a stable
currency have enhanced monetary policy credibility and helped
anchor inflation expectations. Average inflation fell from 8.5% in
2011 to an expected 4% in 2012, below the official target of 5.5%
plus/minus 1%.

Market access and the development of the local bond market have
increased fiscal financing flexibility. Dominican Republic placed
USD1.5 billion in 10-year global bonds between April 2010 and
November 2011. On the domestic front, auctioned and private
placements of treasury bonds recorded USD1.2bn in 2012, covering
20% of the government's borrowing program.

Rating Outlook Stable

The main factors that could lead to a positive rating action are:

-- Improved fiscal management under the new administration that
    bolsters confidence in the fiscal consolidation strategy;

-- Reduction in external vulnerabilities, which enhances the
    country's shock-absorption capacity.

The main factors that could lead to a negative rating action are:

-- Continued fiscal deterioration and growth underperformance
    leading to negative debt dynamics and macroeconomic
    instability;

-- Financing constraints in the context of fiscal and external
    pressures.

KEY ASSUMPTIONS AND SENSITIVITIES

The ratings and Outlooks are sensitive to a number of assumptions:

-- Fitch's economic growth forecasts factor in a mild recovery in
    the U.S. through 2014 and assume that the U.S. fiscal cliff
    would be avoided. Given the Dominican Republic's significant
    ties to the U.S. through trade, tourism and remittances, a
    sharp deterioration in U.S. prospects would materially weaken
    the island's economic growth performance.

-- The reduction in the current account deficit assumes that
    Barrick sustains annual gold production at one million ounces
    and international prices fare around USD1,700 per ounce. It
    also assumes average oil import prices of USD100 per barrel
    over the next two years. A severe oil price shock could have
    adverse impact on external and fiscal accounts.

-- Fitch assumes that there is no materialisation of severe tail
    risks to global financial stability that could trigger a
    sudden stop in capital inflows and hinder external market
    financing for the Dominican Republic.



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


* JAMAICA: Gov't to Inject $4 Billion Into Sugar Production
-----------------------------------------------------------
RJR News reports that the Jamaican government is to provide
JM$4 billion over the next four years to increase sugar
production.

Minister of Agriculture, Roger Clarke, said despite relative
decline, the sugar industry remains important to the Jamaican
economy, according to RJR News.  The report relates that Mr.
Clarke said that through the Cane Expansion Fund, the Government
is supporting a massive planting and replanting exercise to take
cane farmers output to 1.4 million tons from the current half a
million tons.

It will also increase cane yields to above 70 tons per hectare
from the current average of 50 tons, RJR News notes.

RJR News says that the aim is bring 8,000 hectares of new land
into production and increase cane production by 800,000 tons
within the next four years.



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


AUTOPISTA MONTERREY: Moody's Affirms 'Ba1' Currency Ratings
-----------------------------------------------------------
Moody's de Mexico S.A. de C.V. has changed the outlook to stable
from negative for the ratings on the Certificados Bursatiles
Fiduciarios of Autopista Monterrey Cadereyta. The ratings are
affirmed at A1.mx (Mexico National Scale) and Ba1 (Global scale,
local currency). The change in outlook stems from the turnaround
growth in tolled transactions which are showing a growth of 6%
through the third quarter of 2012. While the improvement falls far
short of recouping the close to 30% drop in tolled transactions
since 2008, it is a change in the right direction in an
environment in which the public safety and drug related security
issues appear to have tempered. The rating is unlikely to go up at
this time, but could improve over the next 18-24 months with a
return to traffic in the range of that experienced in 2008 that
would once again provide high operating margins and strong debt
service coverage above 1.5 times. On the flip side, additional
drops in traffic that leads to a 40% - 50% decline from that
experienced in 2008, and/or declines in revenue of another 5% --
10% is likely to push the rating down once again.

Ratings Rationale

Revenue is expected to rebound to more typical levels this year,
and through September toll collections are trending to be up 20%
from that of the same period last year. Revenue is also trending
above that of the closing financial model, which points to the
toll road's ability to meet debt service requirements going
forward given that annual debt service remains level at an average
of 45 million UDIs through the life of the debt.

The debt service coverage (DSCR) ratio in 2011 was 1.08 times,
after accounting for capital spending for reconstruction related
to the damage caused by Hurricane Alex. The funds would have
otherwise been used to prepay debt per the trust agreement
restrictions, after meeting the mandatory debt service. The debt
service coverage ratio for the first semi-annual period of 2012
was 1.15 times indicating more robust net revenues given the
increase in the traffic activity. The second semi-annual the year
will be made on December 17 and the DSCR is expected to be at
least at similar levels. Funds will be sufficient to make a
prepayment in the amount of approximately MXP 26 million,
indicating the improvement in the financial footing of the toll
road project.

Located in the State of Nuevo León (Ba1/A1.mx/NEG), the Autopista
Monterrey Cadereyta is a 29km toll road which serves as one of the
primary east-west approaches to the municipality of Monterrey
(Ba2/A2.mx/STA) metropolitan area. The road provides an important
connector to one of the largest Pemex refineries in the country,
which is located along the toll road in Cadereyta. Nuevo León's
economy is among the most dynamic in Mexico, and is the third
largest economy in Mexico contributing 7.5% of national Gross
Domestic Product (GDP). GDP per capita is approximately 180% of
the national level.

An important part of the metro area's economic base consists of
industrial conglomerates and multinational corporations, which
support a high level of economic diversification. Additionally,
the road is a vital route for traffic to the U.S. via its
connection to the federal road that leads to Laredo, Tx.
Approximately 60% of the trade from Mexico goes through the
crossing at Laredo, thus making truck traffic an important
component of the road's users.

Autopista Monterrey Cadereyta has historically been rated under
the Operating Toll Roads rating methodology and is in transition
to being rated under the Government Owned Toll Roads rating
methodology, which was updated and published in October 2012.

The date of the last Credit Rating Action was August 11, 2011.


COMPANHIA DE ENERGIA: S&P Cuts ICR to 'SD' on Debt Payment
----------------------------------------------------------
Standard & Poor's Ratings Services downgraded Companhia de Energia
Eletrica do Estado do Tocantins (Celtins) to 'SD' from 'CC'. "At
the same time, we affirmed our 'SD' rating on Centrais Eletricas
Matogrossenses S.A. (Cemat). Celtins and Cemat are electric energy
distribution companies, which Brazil-based Rede Energia S.A.
owns," S&P said.

"The downgrade reflects Celtins' standstill agreement with some of
its creditors to defer its debt service payments, as part of the
request for debt restructuring with all its creditors. In
accordance with our criteria and the lack of appropriate
compensation with respect to the deferred obligations, we view the
restructuring as tantamount to default. The standstill agreement
that both companies signed (Cemat signed one earlier) temporarily
prevents the payment acceleration of the issuances and is part of
their strategy to renegotiate its debt. The ratings on both will
remain at 'SD' until the obligations are subsequently
restructured," S&P said.


PETROLEUM CO: S&P Assesses Stand-Alone Credit Profile at 'bb-'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' corporate
credit and senior unsecured ratings on Petrotrin. The outlook is
stable. "The rating affirmation follows our regular annual
review," S&P said.

"The 'BBB' corporate credit rating on Petrotrin reflects our
opinion that there is a very high likelihood that the Republic of
Trinidad and Tobago (A/Stable/A-1) would provide timely and
sufficient extraordinary support to Petrotrin in the event of
financial distress. We assess Petrotrin's stand-alone credit
profile (SACP) at 'bb-'," S&P said.

The rating also reflects Petrotrin's limited geographic and asset
concentration in refining and oil and gas exploration and
production, its refinery's dependence on premium but mature local
and regional niche markets, and its large capital expenditures.

"The rating also incorporates Trinidad and Tobago's position as a
leading producer of refined products, the only significant
producer of crude oil among Caribbean nations, and Petrotrin's
ability to supply small mixed-cargo deliveries to customers in the
Caribbean market. We assess the company's business risk profile as
'weak' and financial risk profile as 'aggressive.' Also, we assess
the company's management and governance as 'fair,'" S&P said.


PROYECTOS ADAMANTINE: S&P Withdraws Rating on MXMACFW 07-6U RMBS
----------------------------------------------------------------
Standard & Poor's Rating Services withdrew its long-term ratings
on eight tranches from four Mexican residential mortgage-backed
securities (RMBS) transactions issued by Proyectos Adamantine,
S.A. de C.V., SOFOM, E.N.R. (former GMAC Financiera). "We also
withdrew the underlying ratings (SPURs) on two series. The rating
withdrawals were made at issuer's request," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS WITHDRAWN

               Series     Rating           Outs. amount
Tranche        type    To      From        (mil. UDI)
MXMACFW 06U    Senior  NR      C (sf)      98.85
MXMACFW 06U    Senior  NR      mxCC (sf)   98.85
MXMACFW 06-2U  Sub.    NR      D (sf)      15.60
MXMACFW 07U    Senior  NR      CCC+ (sf)   124.39
MXMACFW 07U    Senior  NR      mxB (sf)    124.39
MXMACFW 07-2U  Sub.    NR      mxCCC (sf)  14.67
MXMACFW 07-3U  Senior  NR      B (sf)      199.55
MXMACFW 07-3U  Senior  NR      mxBB+ (sf)  199.55
MXMACFW 07-3U  SPUR    NR      CC (sf)     199.55
MXMACFW 07-4U  Sub.    NR      mxCC (sf)   18.18
MXMACFW 07-5U  Senior  NR      B (sf)      106.07
MXMACFW 07-5U  Senior  NR      mxBB+ (sf)  106.07
MXMACFW 07-5U  SPUR    NR      CC (sf)     106.07
MXMACFW 07-6U  Sub.    NR      mxCC (sf)   14.89

NR - Not rated.


* MEXICO: Moody's Says Non-Revolving Consumer Credit Hits Banks
---------------------------------------------------------------
Mexican banks exposure to non-revolving consumer loans is up over
32% over year ago, as banks loosen lending standards and increase
lending amounts, says Moody's Investors Service in a new special
comment "Fast Expansion of Non-Revolving Consumer Credit Weakens
Mexican Banks' Asset Quality."

The swift expansion in mainly unsecured lending has caused an
almost doubling of nonperforming loans in 18 months, says Moody's.

"The rapid rise of nonperforming loans raises our concerns that
Mexican banks are venturing into a high risk, high margin loan
segment that will weaken asset quality," says Felipe Carvallo, a
Moody's Assistant Vice President and author of the report.

Moody's special comment finds that the fast growth of non-
revolving consumer loans and resultant increase in delinquency is
linked to loosening origination standards indicated by longer loan
durations and larger average amounts.

Moody's notes that non-revolving consumer loans in the Mexican
banking system comprise all consumer lending products, excluding
credit cards. Payroll-linked loans and personal loans represented
about 71% of non-revolving consumer loans as of September 2012.

In the period between February and September 2012, payroll-linked
loans expanded by a annual average growth rate of 41%, while
personal loans were up by 49%. The rapid growth feels similar to
the environment just ahead of Mexico's 2008 credit card crisis,
notes Moody's.

Still, these concerns are balanced by the low indebtedness levels
among Mexican households, the still modest share of non-revolving
consumer loans relative to total loans and Mexican banks' adequate
reserve cushion and diversified portfolios that help mitigate the
risk of significant losses, says Moody's.

The report is titled "Fast Expansion of Non-Revolving Consumer
Credit Weakens Mexican Banks' Asset Quality".



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


CL FIN'L: Campari Gets 99% Offer for Lascelles deMercado Shares
---------------------------------------------------------------
Jamaica Gleaner reports that the Italy-based producer of alcoholic
and non-alcoholic beverages, Davide Campari-Milano Group, on
Monday described as successful the 99% acceptance of its tender
offer for all issued and outstanding ordinary and preferred shares
of Lascelles deMercado and Company.

The offer expired and Campari received more than 94.6 million
ordinary shares of Lascelles deMercado, or approximately 98.6% of
the issued ordinary shares, according to Jamaica Gleaner.  The
report relates that it also received 59,727 preferred shares of
Lascelles deMercado, or about 99.5% of the issued preferred
shares, Campari said in a release.

Campari said it intends to exercise its right pursuant to a
statutory process under Jamaica law to acquire all the remaining
shares, including from those shareholders who have not accepted
the offer, Jamaica Gleaner notes.

"The total value of the shares acquired through the offer is
approximately US$409 million," said Campari, which had offered
US$414.7 million for the entire 100% shareholding at J$4.32 per
ordinary share, Jamaica Gleaner discloses.

The report relays that the acceptance will result in the delisting
of Lascelles deMercado's shares from the Jamaica Stock Exchange.

Jamaica Gleaner says that the tender offer was made following a
November 8 offer circular in accordance with the Jamaica Takeovers
and Mergers Rules and Regulations.

Campari first announced this transaction on September 3.

The deal transfers one of Jamaica's oldest company, J. Wray &
Nephew Limited, to European ownership, the report relays.  It also
gives Campari ownership of the iconic Appleton rum brand and
assets, Jamaica Gleaner notes.

Lascelles deMercado was sold by its Jamaican owners to CL
Financial Group of Trinidad in 2008, the report recalls.

                        About CL Financial

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

                          *     *     *

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

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



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *