TCRLA_Public/121226.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

          Wednesday, December 26, 2012, Vol. 13, No. 255



ALTO PARANA: Moody's Maintains 'B1' Corporate Family Rating
* ARGENTINA: Holders of Bonds Seek Documents From Lawyers


* BARBADOS: Moody's Cuts Ratings to 'Ba1'; Outlook Negative

C A Y M A N  I S L A N D S

BELVEDERE SOUTH EAST: Placed Under Voluntary Wind-Up
DAMPIER INTERNATIONAL: Commences Liquidation Proceedings
DAMPIER MASTER: Commences Liquidation Proceedings
FAV LIMITED: Placed Under Voluntary Wind-Up
FIVE OCEANS: Commences Liquidation Proceedings

HBS-SITO UKRAINE: Placed Under Voluntary Wind-Up
LARU LIMITED: Placed Under Voluntary Wind-Up


AUTOMOTORES GILDEMEISTER: Moody's Cuts CFR to Ba2; Outlook Stable


BANCOLOMBIA: To Buy Banks in Guatemala for $216 Million
BANCOLOMBIA: Fitch Affirms 'BB+' Support Rating Floor


* HAITI: To Invest $17.25MM in Programs With IDB Support


CENTRAIS ELECTRICAS: S&P Affirms 'D' Corporate Credit Rating
SANLUS RASSINI: Fitch Withdraws 'B+' Rating on $250MM Sr. Notes
SATELITES MEXICANOS: Moody's Cuts CFR to 'Caa1'; Outlook Neg.

                            - - - - -


ALTO PARANA: Moody's Maintains 'B1' Corporate Family Rating
Moody's Investors Service placed the Baa2 senior unsecured ratings
of Celulosa Arauco y Constitucion S.A.'s (Arauco) on review for
downgrade. The Baa2 rated notes of Arauco's Argentinean subsidiary
Alto Parana were also placed on review for downgrade, as these
notes are guaranteed by Arauco. Alto Parana's B1 global local
currency corporate family rating and the national scale
rating remain unchanged.

On Review for Downgrade:

  Issuer: Celulosa Arauco y Constitucion S.A.

    Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa2

  Issuer: Alto Parana SA

    Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa2

Outlook Actions:

  Issuer: Celulosa Arauco y Constitucion S.A.

    Outlook, Changed To Rating Under Review From Negative

Ratings Rationale

The review for downgrade was prompted by the recent deterioration
in company's performance, and specifically, increase in debt
leverage to levels that are not consistent with current rating.
The company's financial debt increased by approximately US$1.3
billion over the past twelve months, as the company raised
approximately US$500 million in bonds and bank loans (net of
paydowns), consolidated approximately US$185 million in debt in
Flakeboard acquisition, and increased use of short-term pre-export
financing. At the same time, the company's EBITDA deteriorated,
largely due to significant deterioration in pulp prices over the
past twelve months. Moody's believes that in the near term pulp
prices will remain low, due to additional pulp capacity coming
online in Latin America in 2013-2014 (4.3 million tons). That
said, absent significant further deterioration in pulp prices, the
company's metrics should improve in 2013 and 2014, as the joint
project with Stora Enso in Uruguay nears completion, capital
expenditures decrease, new projects finalized in 2012 (including
new Particleboard and MDF lines, and acquisitions like Flakeboard)
contribute more incremental EBITDA in 2013, and the debt balances
are reduced. Moody's review will focus on the company's expected
operating performance in light of the continued weak pulp prices,
as well as its funding requirements and its ability to pare down
debt to levels more commensurate with its rating.

* ARGENTINA: Holders of Bonds Seek Documents From Lawyers
Edvard Pettersson at Bloomberg News reports that holders of
Argentina's defaulted bonds filed a motion in federal court in New
York to compel the nation's lawyers to produce documents on
Argentina's intentions about paying holders of exchange bonds
without making payments to the defaulted bond holders.


* BARBADOS: Moody's Cuts Ratings to 'Ba1'; Outlook Negative
Moody's Investors Service has downgraded the Government of
Barbados' foreign and local currency bond ratings to Ba1 from
Baa3. The outlook remains negative. The rating action was driven
by two key factors:

1) The country's continuing lackluster economic performance

2) ongoing deterioration in the government's debt metrics.

Barbados's economy grew by just 0.6% in 2011 and 0.2% in the first
nine months of 2012, well below expectations. Over the past ten
years, Barbados has grown at a compound average annual rate of
just 1.2%, among the slowest rates for countries rated by Moody's.
While tourism arrivals rebounded strongly in 2011, returning to
2008 levels (and just 1% shy of their 2007 peak), this was driven
in part by heavy discounting and tourism expenditures continued to
decline to just 80% of 2007 levels. Furthermore, arrivals have
started to decline again in 2012, falling 5% in the first ten
months of the year. Unemployment now exceeds 12%.

Moody's believes that the country's growth prospects remain very
limited due to its deteriorating competitiveness and declining
productivity coupled with heavy dependence on tourism,
particularly from the United Kingdom and the United States. Given
the prospects for continued low economic growth in those
countries, discretionary spending on travel is likely to remain
subdued. In addition, Barbados' off-shore business sector, its
second most important industry, also faces greater competition and
is coming under increasing pressure from changes in tax laws in
the U.S., Canada, and the U.K.

In response to the country's poor economic performance, the
government loosened its fiscal consolidation targets last
November, pushing back the deadline for achieving a balanced
budget by two years to the fiscal year ending March 31 2017. While
the fiscal deficit of 4.7% was smaller than expected for the
fiscal year ending March 31, 2012, it remained quite large and it
widened in the first six months of the current fiscal year to 5.9%
(annualized). Debt/GDP equaled 80% as of March 31 this year (net
of holdings of government paper by Barbados' National Insurance
Scheme totaling an additional 30% of GDP), a ratio generally
reached only by much wealthier countries with considerably larger
economies, and it is projected to reach 83% by next March, up from
56% in 2009. Interest expense now consumes more than 20% of the
government's revenues, significantly limiting its budgetary

As a result, the government strategy of gradual fiscal
consolidation relies upon optimistic growth forecasts, very tight
control over expenditures that will be difficult to achieve, and
continued high inflation -- which does not bode well for the
country's competitiveness. While the worst appears to be behind
Barbados both in terms of fiscal deficits and economic
deterioration, Moody's anticipates that the government's deficits
will remain large for the next few years and its debt levels will
continue to rise, albeit at a slowing pace. Even if the country is
able to consolidate its finances and stabilize its debt metrics,
they are unlikely to improve meaningfully for the foreseeable
future given its poor economic prospects. Consequently, Barbados
will have considerably less flexibility to respond to economic
shocks in the future than it did in the past, particularly given
its fixed exchange rate which significantly constrains the
government's capacity to pursue a counter-cyclical monetary

Notwithstanding the rating action, Barbados continues to
demonstrate certain key strengths that support its rating at the
Ba1 level. It has one of the highest levels of GDP/capita relative
to Ba peers and it continues to benefit from a strong reputation
as a tourist destination. It also boasts strong public
institutions and a stable political system supported by
significant policy consensus. In addition, the government's debt
structure is characterized by a well-termed out maturity profile
and a high proportion of domestic currency debt - the government
benefits from a dependable local creditor base. This limits
refinancing and market access risk, though the capacity of the
domestic market to absorb additional issuance is limited in
Moody's view. Finally, the banking system remains sound thanks in
large part to the strong presence of Canadian-owned banks.

Moody's has also revised Barbados' local currency bond and deposit
ceilings to Baa1, its long-term foreign currency bond and deposit
ceilings to Baa2 and Ba2 respectively, and its short-term foreign
currency deposit ceiling to NP.

The negative outlook considers that economic performance is likely
to remain weak; that it will be progressively more difficult for
the government to consolidate its finances given an increasingly
rigid budget structure; and that debt metrics will continue to
rise and financial flexibility to decline as a result. While
access to a stable source of funding reduces roll-over risk, it
does not ensure debt sustainability and it therefore remains
crucial that the sovereign bring down its debt ratios in order to
preserve creditworthiness. However, the government faces difficult
choices in terms of stewardship of the economy: in the absence of
significant corrective measures, debt metrics will continue to
rise, and if the government does take such measures, it risks
putting the economy back into recession. On the other hand, many
of the proposals to boost economic growth carry the risk of
continued deterioration of the government's financial position, at
least in the near term. The outlook also reflects rising pressure
on the country's foreign currency reserves, which continue to
decline despite a reduction in the current account deficit, though
Moody's believes they remain adequate for the time being.

The rating will face further downward pressure unless the
government is able to successfully navigate the current situation
such that a clearly visible and easily achievable path to
stabilizing debt metrics is established within the next 12-18
months, in which case the outlook could be revised to stable. The
rating could also be downgraded if pressures on the currency peg
mount significantly.

Ratings Rationale

The principal methodology used in this rating was Sovereign Bond
Methodology published in September 2008.

C A Y M A N  I S L A N D S

BELVEDERE SOUTH EAST: Placed Under Voluntary Wind-Up
On Oct. 24, 2012, the sole shareholder of Belvedere South East
Asia Investments Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 16, 2012, will be included in the company's dividend

The company's liquidators are:

         Rankine McMillan
         Emily Anne Tibbetts
         62 Forum Lane, 2nd Floor, Camana Bay
         Grand Cayman KY1-1004
         Cayman Islands

DAMPIER INTERNATIONAL: Commences Liquidation Proceedings
On Oct. 23, 2012, the sole shareholder of Dampier International
Fund Ltd. resolved to voluntarily liquidate the company's

Only creditors who were able to file their proofs of debt by
Dec. 5, 2012, will be included in the company's dividend

The company's liquidator is:

         Ian D. Stokoe
         c/o Devina Patel
         Telephone: (345) 914 8739
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands

DAMPIER MASTER: Commences Liquidation Proceedings
On Oct. 23, 2012, the sole shareholder of Dampier Master Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 5, 2012, will be included in the company's dividend

The company's liquidator is:

         Ian D. Stokoe
         c/o Devina Patel
         Telephone: (345) 914 8739
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands

FAV LIMITED: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on Oct. 24, 2012, the
shareholders of Fav Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 5, 2012, will be included in the company's dividend

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102

FIVE OCEANS: Commences Liquidation Proceedings
On Oct. 16, 2012, the sole shareholder of Five Oceans (Global)
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 5, 2012, will be included in the company's dividend

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

HBS-SITO UKRAINE: Placed Under Voluntary Wind-Up
HBS-Sito Ukraine Fund Ltd. commenced wind-up proceedings.

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

The company's liquidator is:

         Alric Lindsay
         Telephone: (345)-926-1688
         P.O. Box 11371 Grand Cayman KY1-1008
         Cayman Islands

LARU LIMITED: Placed Under Voluntary Wind-Up
On Oct. 23, 2012, the sole shareholder of Laru Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


AUTOMOTORES GILDEMEISTER: Moody's Cuts CFR to Ba2; Outlook Stable
Moody's Investors Service has downgraded Automotores Gildemeister
S.A. (Gildemeister)'s corporate family rating and its US$400
million senior unsecured notes due 2021 to Ba2 from Ba1. The
outlook is stable.

Ratings downgraded:

Issuer: Automotores Gildemeister S.A.

- Corporate Family Rating: to Ba2 from Ba1 (global scale)

- US$400 million Senior Unsecured Notes due 2021: to Ba2 from Ba1
   (foreign currency)

Ratings Rationale

The downgrade to Ba2 was triggered by Gildemeister's higher
leverage as a result of its more ambitious growth strategy with
higher capital expenditures that are being funded with debt. As a
result, Gildmeister's leverage, as defined by Moody's and on a
Total Debt to EBITDA basis, is likely to remain at its current
4.0x level, which is more commensurate with the Ba2 level. The
downgrade also reflects Moody's expectation that free cash flow
will remain largely negative as the company has embarked on a
large capex program to expand its network dealership.

After strong passenger and light commercial vehicle sales during
2010 (+67% year-over-year) and 2011 (+21%), the Chilean market
started to soften during 2012. As of November, sales are only 1%
up in comparison to the same period of 2011, according to data
published by ANAC, the Chilean Automobile Association. The weaker
performance has negatively affected Gildemeister's operating
margins and market share as the company has not been able to pass
through increasing costs to the final consumers during times of
softening demand and increasing competition. Gildemeister's market
share dropped slightly from 13% in 1Q12 to 12.5% in 3Q12. In the
same time period, Gildemeister's market share in Peru also dropped
from 17.8% in 1Q12 to 16.5% in 3Q12. Although the Peruvian
automotive market remains robust with passenger and light
commercial vehicle sales up 30% year-to-date October, according to
ARAPER, ANAC's Peruvian counterpart, Gildemeister's sales have not
been able to follow the same pace as the market, which explains
the slight loss of market share in the last few quarters.
Meanwhile, the company has been impacted by higher costs which are
pressuring its EBITDA margins. Therefore, as a result of the
company's growth strategy and planned entry into the Brazilian
market, which will gradually improve margins over time, Moody's
expects Gildemeister's EBITDA margin to level off at around the
10% mark, going forward.

The company has expanded its network in Chile and Peru and has
started to develop its franchise dealership in Brazil, where it
plans to sell approximately 3,000 vehicles of its newest acquired
Mahindra brand during 2013. At the same time the expansion plan is
positive from the scale and geographic diversification point of
view, there are high execution risks as the company plans to spend
over US$400 million during 2013-2017 cycle, of which 57% will be
in Chile, 29% in Peru and 14% in Brazil. Year-to-date September
2012, Gildemeister's US$85 million capital expenditures have
focused on the construction of new dealerships, expansion of its
spare parts facility and the building of a new headquarters
building in Santiago, Chile. Consequently, leverage measured by
gross adjusted debt to EBITDA reached 4.0x (3.5x in 2011 and 3.3x
in 2010), a level considered high for a Ba1 rating category.

At the end of the 3Q12, Gildmeister's cash position was Chilean
Pesos 20.9 billion, covering 55% of its next 12 months of debt
maturities (Chilean Pesos 38.2 billion). With increasing capital
expenditures and Moody's expectation that free cash flow will
remain negative, liquidity as it currently stands is likely to
remain tight and reliant on external sources to fund its growth

The stable outlook reflects Moody's expectation that Gildemeister
will be able to continue to benefit from the attractive medium-
term fundamentals of the Chilean and Peruvian automotive retail
sector, maintain reasonably stable EBITDA margin of around 9-10%
and keep adequate leverage vis--vis its growth plans that include
a larger capex program than before. The stable outlook also
considers that Gildemeister will prudently manage dividends and
intercompany loans in support of a comfortable liquidity position
and that there will have no material changes in its long-standing
relationship with Hyundai.

Although unlikely in the near to-medium-term, due to the current
higher leverage and ambitious growth plans, the ratings or outlook
could face upward pressure, if Gildemeister's adjusted debt to
EBITDA were to remain sustainably below 3.5x, if free cash flow
were to be maintained at positive levels and if the company is
successful in achieving greater brand diversification. An upgrade
would also require Gildemeister to further improve its corporate
governance standards in areas such as an implementation of an
independent fiscal committee and written public financial

Gildemeister's ratings or outlook could come under downward
pressure if adjusted debt to EBITDA rises above 4.5x and adjusted
EBIT to interest falls below 3.0x, both on a sustainable basis.
The ratings or outlook could also be downgraded in case its
agreement with Hyundai were to be unfavorably altered or if
liquidity were to deteriorate significantly.

Structurally, a substantial increase in secured debt could also
lead to a downgrade of the Ba2 rating of the US$400 million senior
unsecured bonds.

The principal methodology used in rating Gildemeister was the
Global Automotive Retailer Industry Methodology published in
December 2009.

Gildemeister S.A., headquartered in Santiago, Chile, is one of the
largest importers and distributors in Chile and Peru operating a
network of company-owned and franchised vehicle dealerships. Its
principal car brand is Hyundai for which it is the sole importer
in both of its markets. During the last twelve months ended
September 30, 2012, Gildemeister reported consolidated net
revenues of Chilean Pesos 714 billion (approximately US$1.44
billion converted by the average exchange rate).


BANCOLOMBIA: To Buy Banks in Guatemala for $216 Million
Dan Molinski at Dow Jones Newswires reports that the Panama
affiliate of Bancolombia SA has agreed to pay $216 million for a
40% stake in Grupo Agromercantil Holding, which owns Guatemala's
Banco Agromercantil bank and other financial institutions.

In a statement on the website of Colombia's financial regulatory
agency, Bancolombia said the deal is subject to regulatory
approval in Colombia, Panama and Guatemala, according to  Dow
Jones Newswires.  The report relates that while the deal would
only give Bancolombia Panama a minority stake in Grupo
Agromercantil, a Panama-based firm, Bancolombia said it plans to
boost that to a controlling stake in the medium term.

Bancolombia said the Agromercantil holding firm's total assets are
$2.23 billion, the report notes.

BANCOLOMBIA: Fitch Affirms 'BB+' Support Rating Floor
Following the announcement of an agreement to acquire up to 75% of
Banco Agromercantil (BAM, Guatemala), Fitch Ratings has today
affirmed Bancolombia's Viability Rating (VR) at 'bbb' and its
Issuer Default Rating (IDR) at 'BBB'.  The Rating Outlook is
Stable.  Fitch has also affirmed the VR and IDRs of Bancolombia

Bancolombia announced on Dec. 18 that it would acquire 40% of the
holding company of Banco Agromercantil (BAM) for $216 million.
The bank has agreed to acquire up to 75% of the financial group
over seven years.  The total assets to be acquired (after getting
a controlling stake) amount to about $2.3 billlion and the
transaction will be closed through Bancolombia Panama (BP), a
wholly owned subsidiary of Bancolombia.

The acquisition is a new step in Bancolombia's expansion into the
region and well in line with the company's policy of acquiring
banks with significant market share, consistent performance and
adequate management.

Given the modest size of the transaction for Bancolombia -- the
bank has $51.2 billlion assets, $6.2 billlion equity at September
2012 -- the financial impact for the bank is quite limited.
Furthermore, the bank will not immediately take control of BAM and
future integration risk is mitigated by Bancolombia's extensive
and successful experience in M&A, including the acquisition of
Banco Agricola (El Salvador) in 2007.

According to Fitch's initial calculations, should the transaction
be closed during 1Q13 (i.e. if Bancolombia takes control of 75% of
BAM), Bancolombia's Fitch core capital ratio would decline by
about 110-150bp but remain in the 11%-12% range and continue to
compare well to that of similarly rated peers; profitability would
barely be affected.  For Bancolombia Panama, the transaction would
mean (again if it were to close during 1Q13) a setback in the
improvement of its tangible capital ratio bringing it back to the
levels of early 2012, in the 6.5%-7% range, also aligned with the
trend of banks with similar VR.

Banco Agromercantil is a mid-sized bank oriented to the corporate
segment and enjoying a 7% market share by assets in Guatemala
which is seen as a prime target market for Bancolombia in Central
America.  The bank has recently strengthened its capital, improved
its asset quality and sustained a consistent performance within a
relatively stable economic background.

In Fitch's opinion, the acquisition will consolidate Bancolombia's
competitive position in the region and has the potential to
contribute to its growth and performance in the coming years.

Bancolombia's VR is underpinned by its sound franchise, solid
balance sheet, consistent performance, robust asset quality and
reserves, ample deposit base and access to funding, and positive
economic environment and prospects.  Fitch's view of Bancolombia's
creditworthiness is tempered by its heightened competitive
environment and the execution risk that any merger or acquisition

Given Bancolombia's systemic importance, it is likely to receive
support from the sovereign should it be required.  Colombia's
ability to provide such support is reflected in its sovereign
rating ('BBB-'/Outlook Stable) and underpins Bancolombia's support
rating and support rating floor.

Bancolombia Panama's IDR reflects the support it would receive
from its parent given its importance to Bancolombia's business and
strategy in the region.  Bancolombia Panama's VR is underpinned by
its high efficiency, improved diversification, sound performance,
improving asset quality, adequate reserves, diversified funding
and sound liquidity.  Bancolombia Panama's VR is limited by its
relatively lower but improving capital.

In the medium term, Bancolombia's IDRs and viability ratings would
be upgraded if the bank is able to sustain its performance while
maintaining its sound balance sheet, including a non-eventful
integration of Banco Agromercantil.

The ratings would be pressured downward if asset quality
deteriorates beyond reasonable levels, performance declines
significantly, and/or the bank's capital/reserves cushion weakens.

Bancolombia Panama's IDR's would move in line with those of its
parent while its VR would benefit from stronger capital levels.  A
dismal performance that would erode its capital/reserve cushion
would pressure its VR downwards.

Fitch has affirmed Bancolombia's ratings as follows:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BBB'; Outlook Stable;
  -- Short-term foreign currency IDR at 'F2';
  -- Long-term local currency IDR at 'BBB'; Outlook Stable;
  -- Short-term local currency IDR at 'F2';
  -- Viability rating at 'bbb';
  -- Support rating at '3';
  -- Support rating floor at 'BB+';
  -- Senior unsecured debt at 'BBB';
  -- Subordinated debt at 'BBB-';
  -- Long term national scale rating at 'AAA(Col)';
  -- Short term local national scale at 'F1+(Col)'.

Fitch has affirmed Bancolombia Panama's ratings as follows:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BBB'; Outlook Stable;
  -- Short-term foreign currency IDR at 'F2';
  -- Viability rating at 'bb';
  -- Support rating at '2';
  -- Long Term Deposits at 'BBB'.
  -- Short Term deposits at 'F2'.


* HAITI: To Invest $17.25MM in Programs With IDB Support
Haiti will invest $17.25 million in programs to promote the
development of micro-, small, and medium-size enterprises, and
support the launch of leasing services to stimulate economic
growth and generate sustainable employment, the Inter-American
Development Bank (IDB) announced today.

One of the programs will expand a pilot project for sustainable
textile production in priority economic areas.  The program will
include the use of a business incubator and the creation of
"microparks" that foster micro-, small, and medium-size
enterprises linked to industry, tourism, and agribusiness value

Through the program, the business incubator is expected to support
56 new companies by providing technical, administrative, and
financial support in the form of seed capital to implement medium-
and long-term business plans.

The program will also include the creation of six microparks for
firms that cannot afford their own production facilities.  The
microparks will give producers access to strategic investments in
basic and productive infrastructure, technical assistance, and
training in organization to support the generation of sustainable

A second program will encourage the creation of financing sources
for small firms and agricultural enterprises.  The program will
finance loans for the creation of new leasing companies for
machinery and other productive equipment.

An invitation will be made for the submission of leasing projects
aimed at micro-, small, and medium-size enterprises, including
small farmers. Resources will be provided to projects that
demonstrate a potential for solid financial returns as well as a
positive impact on beneficiary firms.  Most of resources for this
program will be provided by the government of Haiti.

The programs will be carried out by the Ministry of Economy and
Finance in coordination with the Ministry of Commerce and
Industry.  Program resources will be provided by the government
and the private sector of Haiti ($7 million), the IDB ($5.25
million), and the Haiti Reconstruction Fund ($5 million).


CENTRAIS ELECTRICAS: S&P Affirms 'D' Corporate Credit Rating
Standard & Poor's Ratings Services affirmed its 'D' corporate
credit rating on Centrais Eletricas Do Para S.A. (Celpa).

"The rating on Celpa reflects its judicial reorganization filing
since Feb. 28, 2012. The company's recovery plan, which was
approved on Sept. 1, 2012, includes the debt restructuring (debt
maturity extension, reduction in interest expenses), as approved
by its creditors. An additional feature of the recovery plan was
the change of the controlling shareholder (Equatorial Energia
acquired 65.18% of Celpa's ordinary shares on November 1) and a
minimum capital contribution of R$700 million through either one
or several installments over two years. Celpa received the first
contribution of R$350 million in the second week of December and
began paying R$79 million in labor claims, subject to judicial
recovery. The future capital contributions will depend on the
company's cash flow generation," S&P said.

"Celpa has announced that an extraordinary general meeting will be
held on Dec. 26, 2012, to discuss and approve an additional
capital increase. If shareholders approve the proposal, Celpa's
capital will increase in R$572 million, which it will use for debt
payment," S&P said.

"Upon its emergence from bankruptcy or more disclosure on the
execution of its recovery plan, we will likely upgrade the company
depending on our view of Celpa's business and financial prospects
under its new ownership and capital structure. We will closely
monitor the recovery plan implementation and the resolution of the
extraordinary meeting," S&P said.

SANLUS RASSINI: Fitch Withdraws 'B+' Rating on $250MM Sr. Notes
Fitch Ratings has withdrawn its 'B+/RR3' rating on SANLUIS
Rassini, S.A. de C.V.'s (SLR) cancelled issuance of up to USD250
million senior notes planned in October 2012.  Proceeds were
intended to simplify the consolidated debt structure and refinance
existing indebtedness.  As there is no set time frame for resuming
the issuance process, no rating is required at this time.
Fitch currently rates SLR as follows:

  -- Foreign currency Issuer Default Rating (IDR) 'B';
  -- Local currency IDR 'B';

The Rating Outlook is Stable.

SATELITES MEXICANOS: Moody's Cuts CFR to 'Caa1'; Outlook Neg.
Moody's Investors Service downgraded Satelites Mexicanos, S.A. de
C.V.'s (Satmex) corporate family rating to Caa1 from B3 given
increased operational and liquidity risks resulting from the
company's December 12, 2012 disclosure of a potential further
delay in launching Satmex 8. As part of the same rating action,
the company's 9.5% US$360,000,000 Gtd. Sr. Sec. Global Notes due
2017 were also downgraded to Caa1 from B3 and the rating outlook
was changed to negative. The action concludes a review for
downgrade initiated on September 4, 2012, after the initial
announcement of a delay in Satmex 8's launch from August to
December 28, 2012.

The last action on Satmex's ratings was on September 4, 2012, when
Moody's placed the B3 Corporate Family and Senior Unsecured
Ratings of Satmex and its US$360 million in global notes due 2017
under review for possible downgrade.

Ratings Rationale

Satmex' Caa1 ratings reflect operational and liquidity risks
related to the uncertain launch date of Satmex 8. The new
satellite, which is required to replace Satmex 5 since Satmex 5's
useful life expires in October 2013, does not yet have an updated
launch date after the recently announced delay. Given Satmex 5's
very short remaining useful life and the uncertainty of when
Satmex 8 can replace Satmex 5's revenue-generating capacity,
Satmex faces a potential cash flow fall. Moody's believes that
Satmex' September 30, 2012, cash balance of US$113 million plus
expected cash from operations for the next 12 months ending in
December 2013, should be enough to pay annual interest of about
US$34 million as well as capex related to the construction of
Satmex 7 and launching of Satmex 8. However, "if Satmex 8 is not
launched soon and a smooth transition of customers from Satmex 5
to Satmex 8 does not follow, the company's liquidity position will
be impacted, jeopardizing its ability to meet payment obligations
related to interest and committed capex", said Nymia Almeida, a
Moody's Vice President-Senior Analyst. There is also the potential
of customer losses to competitors if the matter is not addressed
quickly. If Satmex is able to raise external funding to complete
the construction of Satmex 7, it would support its liquidity

The negative outlook is based on the risk that Satmex 8 is not
fully operational shortly but also that Satmex 5, whose useful
life ends in October 2013, presents operating failure, leaving the
company with the revenues related to Satmex 6 only.

Further ratings downgrades are likely if Satmex 8 is not launched
and fully operational shortly. Conversely, positive ratings
actions are likely if the company sustains or increases revenues
starting in 1Q13 from excess capacity that Satmex 8 is expected to
provide, once it is launched, vis--vis that of Satmex 5.

Last December 12, 2012, Satmex informed the market that the launch
date for Satmex 8 is most likely to be further delayed; the
company did not provide an estimation of when it expects Satmex 8
to be launched. Satmex also announced that a testing and analysis
conducted by COMSAT Technical Services (CTS) regarding the
remaining lifetime of Satmex 5 determined that in a worst case
scenario, end of station-kept operational lifetime for Satmex 5 is
October 5, 2013. Moody's estimates that 30 to 90 days before this
date, if Satmex 8 is not yet fully operational, the company will
have to place Satmex 5 in inclined orbit, which would reduce the
satellite's revenue-generating capacity in about 30-50%; if Satmex
5 is placed in inclined orbit, its lifetime would last for another
12 months beyond October 2013, maybe a little more, depending when
it is placed in inclined orbit, but with dramatically decreased
revenue potential.

The December announcement followed a previous announcement on
August 7, 2012, when ILS informed that a Proton launch vehicle
carrying some satellites did not properly reach their orbits. The
failure resulted in a delay in the launch of a number of
satellites, including Satmex 8. Last October, Satmex announced
that the launch was expected for December 28, 2012. Originally,
the satellite was expected to be launched in August 2012.

The principal methodology used in this rating was Moody's Global
Telecommunication Infrastructure Methodology, published in June

Satmex is a privately-owned Mexican satellite operator providing
fixed satellite services (standard C- and Ku-band services) to
local and international broadcasting and telecom firms as well as
to government-related entities. Satmex operates three satellites
in geo-synchronous orbital slots allocated to Mexico, covering the
Americas. The company's satellite fleet includes Satmex 5 and
Satmex 6, that jointly generate around 85% of total revenues;
Solidaridad 2, that currently operates in inclined orbit and has a
marginal contribution to consolidated revenues. As of September
30, 2012, the company's revenues amounted to about US$136 million,
of which fixed satellite services represented around 80%. Moody's
adjusted EBITDA reached US$97 million, with a 71% adjusted EBITDA


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


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
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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.

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