TCRLA_Public/130102.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, January 2, 2013, Vol. 14, No. 1


                            Headlines



A R G E N T I N A

CENTRAL TERMICA: Moody's Reviews 'B3' Rating for Downgrade
ZUCAMOR SA: Moody's Assigns First-Time 'B3' CFR; Outlook Negative


B R A Z I L

COMPANHIA ENERGETICA: Moody's Affirms 'Ba1' CFR; Outlook Stable
COMPANHIA DE SANEAMENTO: S&P Revises Outlook on 'BB+' CCR to Pos
RB CAPITAL Moody's Assigns '(P)Ba2' Rating to Real Estate Certs.


D O M I N I C A

* DOMINICA: Getting EC$50 Million Aid From EU


J A M A I C A

UC RUSAL: Gets Commended for Procurement System


M E X I C O

AXTEL: Moody's Cuts Rating on Sr. Unsec. Global Notes to 'Ca'
AXTEL SAB: S&P Cuts CCR to 'CC' on Distressed Exchange Offer
BANCO AGRICOLA: S&P Revises Outlook on 'BB-' Issuer Credit Rating
CYRELA BRAZIL: S&P Affirms 'BB' Corporate Credit Rating
EMPRESA ELECTRICA: S&P Affirms 'BB-' CCR Based on Steady Results

GRUPO POSADAS: S&P Raises Corp. Credit Rating to 'B'; Off Watch
METROFINANCIERA: S&P Keeps 'SD' Mexican National Scale Rating
* STATE OF JALISCO: Moody's Cuts Global Currency Rating to 'B1'
* ZAPOTLAN EL GRANDE: Moody's Lowers Issuer Rating to 'B2'


T R I N I D A D  &  T O B A G O

CL FIN'L: Shares Trading Jan 7 on Stock Exchange
TSTT: CWU Slams 'Leadership Crisis'




                            - - - - -


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A R G E N T I N A
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CENTRAL TERMICA: Moody's Reviews 'B3' Rating for Downgrade
----------------------------------------------------------
Central Termica Loma de la Lata S.A. (CTLLL) B3/A3.ar ratings on
review for possible downgrade.

Ratings Rationale

The review is prompted by the negative financial impact of the
recent technical failure on the plant's steam turbine unit, which
is now out of operation.

The failure occurred on November 15 and the company is currently
evaluating and analyzing the possible courses of action to remedy
the situation. At this moment there is not a precise timing for
the steam turbine unit to be again fully operational.

Moody's review will focus on the impact on cash flows while the
turbine continues to remain out of service and how much of the
lost cash flows will be covered by insurance. Finally, Moody's
will monitor how the company will manage its upcoming debt
servicing obligations in the context of the plant remaining out of
service for an extended period.

Central Termica Loma de la Lata S.A. (CTLLL) is an electric
generation company that operates a thermo-electric power plant
located in the province of Neuquen-Argentina, with an installed
net capacity of 535 MW. CTLLL is fully owned by Pampa EnergĦa S.A.
(not rated) the largest, fully-integrated electricity company in
Argentina. Through its subsidiaries, the company is engaged in the
generation, transmission and distribution of electricity within
the country. Pampa has an installed capacity of approximately
2,217 MW, which represents about 8% of the country's installed
capacity.


ZUCAMOR SA: Moody's Assigns First-Time 'B3' CFR; Outlook Negative
-----------------------------------------------------------------
Moody's Latin America assigned a first-time corporate family
rating of B3 on its global scale and Baa1.ar on its Argentina
national scale rating to Zucamor S.A. At the same time, Moody's
assigned a B3 local currency rating and an Baa1.ar NSR to
Zucamor's ARS48 million bank credit line with Banco de la Naci˘n
Argentina (BNA; not rated). Finally, Moody's assigned a B3 local
currency rating and a Baa1.ar NSR to Papel Misionero S.A.I.F.C.
(Papel Misionero)'s ARS 70 million BNA bank credit line. The
outlook for all ratings is negative.

Proceeds will be used to satisfy the group's capital expenditure
program.

The ratings assigned are as follows:

Issuer: Zucamor S.A.

- Corporate family rating: Assigned a B3 local currency rating
   and an Baa1.ar NSR

- ARS48 million bank credit facility: Assigned a B3 local
   currency rating and an Baa1.ar NSR

   Negative outlook

Issuer: Papel Misionero S.A.I.F.C.

- ARS70 million bank credit facility: Assigned a B3 local
   currency rating and an Baa1.ar NSR

   Negative outlook

Ratings Rationale

Moody's notes that Papel Misionero's ratings reflect Zucamor's
consolidated credit profile given the companies' operational and
financial integration and the co-signing loan agreements contained
in Papel Misionero and Zucamor's rated bank credit facilities.

The B3/Baa1.ar ratings reflect Zucamor's strong local market
position in its Kraft paper business and adequate market position
in its corrugated containers business with long-term customer
relationships and end-market diversity that allowed the company to
maintain relatively stable operating margins. The company's
partially vertically-integrated operations, being 100% self
sufficient in pulp, also benefit the ratings.

Zucamor's rating is constrained by its small scale, single product
focus, exposure to volatile input costs, and to Argentina's
volatile economy and inflation, as Zucamor focuses almost
exclusively on the Argentine packaging market. The company's
liquidity is modest, with some exposure to refunding risk. The
risk arises from its local bank oriented debt structure, which is
mainly concentrated in the short term, and history of negative
free cash flow.

The company's credit metrics are strong for the rating category.
Moody's expects pro forma financial leverage near 1.5 times
Debt/EBITDA and interest coverage of about 5.5 times
EBITDA/Interest, with credit metrics improving as the company
repays its outstanding bank loans.

The negative outlook on Zucamor's ratings is in line with the
Argentine government rating. Moody's believes that a weaker
sovereign has the potential to create a ratings drag on companies
operating within its borders, and that it is therefore appropriate
to limit the extent to which these issuers can be rated higher
than the sovereign.

Even though an upgrade is not anticipated in the foreseeable
future, Zucamor's ratings could experience upward pressure if
Argentina's B3 government bond rating were upgraded. In addition,
upward pressure could result from an increased size and scale of
the company and/or improved liquidity profile, with positive free
cash flow.

Downward pressure could result from a weaker than expected
performance that leads to further deterioration in the company's
operating margins. A downgrade could also result from a drop in
Zucamor's EBIT margin to below 10% or a significant increase in
leverage, with adjusted total debt to EBITDA above 3.5 times.

Zucamor S.A. is engaged primarily in the manufacturing and selling
of corrugated containers, kraft and recycled paper and primarily
serves Argentina's corrugated packaging market. Its partially
integrated system includes three box plants, two paper recycling
plants, one kraft paper plant, one bags plant and 23.500 hectares
of forest assets. Headquartered in Buenos Aires, Argentina, the
company's revenues for the FYE in December 31, 2012.



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B R A Z I L
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COMPANHIA ENERGETICA: Moody's Affirms 'Ba1' CFR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service revised the outlook of Companhia
Energetica de Sao Paulo's ("CESP") ratings to positive from
stable, based on the upgrade of the State of Sao Paulo's rating to
Baa2 from Baa3 and revised outlook to positive from stable. At the
same time, Moody's affirmed CESP's Corporate Family Rating (CFR)
at Ba1, the Baseline Credit Assessment (BCA) at ba2, and the
ratings of the Company's senior unsecured debt at Ba1.

Ratings Rationale

CESP is Brazil's fourth largest electricity generation utility.
Its generating fleet is composed of six hydroelectric plants with
nameplate capacity of 7,456 MW, with 3,916 MW of physical
guaranteed capacity. CESP's controlling shareholder is the State
of Sao Paulo, which owns 94.1% of CESP's voting capital, and 36%
of its total capital. Therefore, Moody's considers CESP a
Government-Related Issuer (GRI).

Moody's methodology for GRIs ("The Application of Joint-Default
Analysis to GRIs") incorporates the Company's stand-alone credit
risk profile (BCA), the likelihood that both entities (CESP and
the State of Sao Paulo) would default at the same time, and the
probability that the controlling shareholder (the State of Sao
Paulo) would provide extraordinary support to the Company's
financial obligations. Therefore, CESP's Ba1 GRI rating results
from the application of the joint-default analysis of the
Company's BCA of 12, the Baa2 rating of the State of Sao Paulo,
Moody's view of CESP's high dependence on the State of Sao Paulo
(i.e. the likelihood that both entities would default at the same
time), and the high probability of extraordinary support from its
controlling shareholder.

CESP's BCA of 12 (which maps to Ba2) is based on Moody's
methodology for the ratings of "Unregulated Utilities and Power
Companies" and reflects: (i) the relatively predictable operating
cash flows until and after 2015; (ii) the consistent deleveraging
process that has taken place in the last four years which has
resulted in significant improvement in the Company's credit
metrics; (iii) strong support from the State of Sao Paulo; and
(iv) the low expected capital expenditures (primarily
maintenance).

On December 3, 2012, Companhia Energetica de Sao Paulo ("CESP")
turned down the proposal from the Brazilian Federal Government set
out in the Provisional Measure #579 ("MP579") for the renewal of
the Company's 5.8 GW installed capacity concessions (equivalent to
2.8 GW average net assured energy) ahead of their scheduled
expiration in 2015. By turning down the Federal Government's
offer, CESP will keep the concessions until their expiration in
mid-2015 when CESP will return them to the Federal Government, and
then be entitled to receive an indemnification of up to BRL1.8
billion (at current value) representing the value of the non-
depreciated assets of the expired concessions related to the Tres
Irmaos, Ilha Solteira and Jupia hydroelectric plants. Moody's
notes that CESP's Tres Irmaos hydroelectric plant (808 MW
nameplate capacity; 246 MW physical guaranteed capacity)
concession expired in November 2011, and may have to be returned
to the Federal Government as soon as 2013 which is expected to
result in the payment of the largest portion of the
indemnification amount before 2015. This results from the fact
that a large portion of this asset has not yet been fully
depreciated, with the portion of the indemnification related to
Tres Irmaos representing almost the entire amount (BRL1.8
billion), while Ilha Solteira's indemnification would be only
BRL21 million. Jupia would not be indemnified since it has been
fully depreciated.

The non-renewal of the expiring concessions under MP579 conditions
will allow CESP to avoid the reduction of its electricity prices
currently ranging from BRL95 to 100/MWh to the BRL20-25/MWh range.
This would have had a significant negative impact on CESP's cash
flow generation which Moody's estimated at a BRL1.8 billion
reduction both in annual revenues and annual EBITDA (assuming no
immediate change in company's cost structure) combined with an
indemnification of BRL1.8 billion, far less than the BRL7.1
billion book value of the assets under the expiring concessions.

With the July 2015 expiration of two concessions, CESP will become
a significantly smaller company in terms of generation capacity
and revenues. Nevertheless, by continuing its financial
deleveraging process, CESP's indebtedness will decrease in the
same proportion, which will help reduce the pressure on the
Company's BCA.

Also, CESP's decision has prevented a potential mismatch related
to approximately 700 MW of average energy between PPAs in the free
(unregulated) market and available generating capacity, given that
MP579 would have required the allocation of the expired
concessions capacity to regulated market customers (i.e.
distribution companies), resulting in the lack of generating
capacity to fulfill the obligations under legally-binding PPAs
that have been executed with free-market customers.

Notwithstanding, CESP's BCA is constrained by the potential risks
and uncertainties associated with: (i) the Company's ability to
timely align its current cost structure to its new economic
reality; (ii) how the Company will manage its dividend
distributions and deleveraging process; (iii) the potential
volatility of energy prices for the non-contracted portion of its
assured energy; (iv) interest rate and exchange rate volatility;
(v) the final amount of contingent liabilities; and (vi) the
timing and amount of the indemnification of the already-expired
Tres Irmaos concession.

CESP's ratings could be upgraded if there is a material
improvement in CESP's cash flow generation such that Cash Flow
from Operations (CFO) Pre-Working Capital (WC)-to-Debt remains
above 20%, and Cash Flow Interest Coverage stays above 3.6x on a
sustainable basis. Lower contingent liability payments and a
timely indemnification payment for the Tres Irmaos concession
could further contribute to a possible upgrade.

CESP's ratings could be downgraded if there is a significant
deterioration in its cash generation so that CFO Pre WC-to-Debt
falls below 12% and Cash Flow Interest Coverage declines below
2.0x for an extended period of time. Higher contingent liabilities
as well as lower indemnification amounts (on a present value
basis) could also worsen the Company's credit metrics, and
therefore contribute to a possible downgrade.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009 and the
Government-Related Issuers methodology published in July 2010.


COMPANHIA DE SANEAMENTO: S&P Revises Outlook on 'BB+' CCR to Pos
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) to
positive from stable. "At the same time, we affirmed our 'BB+'
corporate credit rating on the company. Its stand-alone credit
profile (SACP) is 'bb+'," S&P said.

"The positive outlook reflects our expectation that the regulatory
environment is improving. It also reflects SABESP's improving
profitability and strengthening credit metrics. An upgrade is
possible if the new-tariff setting methodology allows the company
to maintain its current profitability and continue to improve its
total debt to EBITDA," S&P said.


RB CAPITAL Moody's Assigns '(P)Ba2' Rating to Real Estate Certs.
----------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)Ba2
(Global Scale, Local Currency) and (P)Aa3.br (National Scale) to
the 80th Series of real estate certificates (CRI or certificates)
issued by RB Capital Companhia de Securitizacao S.A. (RB Capital,
the Issuer or the Securitizadora).

Issuer: RB Capital Companhia de Securitizacao S.A.

80th Series/1st Issuance: Approximately BRL56,200,000 of
certificates rated (P)Aa3.br / (P)Ba2

Ratings Rationale

The ratings of the certificates are based, among others, on the
following factors:

- Suzano Papel e Celulose S.A. ("Suzano") as Debtor of Real
   Estate Credits: Suzano (rated Ba2/Aa3.br on a senior unsecured
   basis) is ultimately liable for the timely payment of the Real
   Estate Credits which back the certificates. Also, Suzano
   undertakes not to take any action that may impact negatively
   the Real Estate Credits, such as renegotiation of payments or
   voidance of contract.

- Construction risk is fully mitigated: Suzano is obligated to
   make timely payment under the Real Estate Credits, irrespective
   of whether the residential units are constructed. A failure of
   the project would not impact the obligations of Suzano under
   the Purchase and Sale Agreement giving rise to the Real Estate
   Credits.

- Force Majeure Events risk mitigated: The payment obligations of
   Suzano remain unchanged in respect to the original amortization
   schedule set forth in the purchase and sale agreement
   irrespective of Force Majeure events.

- Fiduciary Regime: The CRIs benefit from the fiduciary regime
   (regime fiduciario) over the segregated assets linked to the
   issuance of the CRI. The segregated assets are destined
   exclusively to the repayment of the CRIs and payment of certain
   fees and expenses. The segregated assets do not commingle with
   the balance sheet of the Issuer. However, Moody's notes that
   there is a residual legal risk that the real estate credits can
   be affected by tax, labor and pension creditors of the
   securitization company, RB Capital, not rated by Moody's (for
   details, see "Fiduciary Regime and Segregation of Assets" of
   the Pre Sale Report).

The CRI are backed by (i) real estate credits rights derived from
purchase and sale agreement of a residential units ("Real Estate
Credits") of residential units to be constructed, and (ii) an
underlying cedula de credito imobiliario ("CCI") that benefits
from a real estate pledge of the residential units. The proceeds
from CRI issuance will be used to finance the construction of the
residential units to be acquired by Suzano Papel e Celulose S.A.
("Suzano"), and which will be pledged via a fiduciary assignment
(alienacao fiduciaria) for the benefit of the CRI.

The (P)Aa3.br (National Scale) and (P)Ba2 (Global Scale, Local
Currency) ratings assigned to the CRI are mainly based on the
willingness and ability of Suzano to honor the payments defined in
transaction documents, and which reflect the senior unsecured
ratings of Aa3.br (National Scale) and Ba2 (Global Scale, Local
Currency) of Suzano. Moody's did not give any credit to the real
estate assets pledged to the transaction. Any future change in the
senior unsecured rating of Suzano will lead to a change in the
ratings of the CRI.

The key steps in the transaction are:

1. Suzano (Promissory Buyer under Purchase and Sale Agreement and
Payer of Real Estate Credits), Dimensao Engenharia (Promissory
Seller under Purchase and Sale Agreement and Seller of Real Estate
Credits) and RB Capital (Securitizadora) enter into a Purchase and
Sale Agreement with Sale of Real Estate Credits and the Fiduciary
Assignment Agreement of the Residential Units.

1.a. Dimensao Engenharia (Dimensao) is the legitimate owner of the
land situated in Imperatriz, State of Maranhao, on which it will
undertake the construction of 258 residential units, being the
sole responsible party of the performance of construction under
contractual specifications. Dimensao promisses to sell (as
Promissory Seller) the residential units to Suzano, which
promisses to purchase (Promissory Buyer) 220 residential units.

1.b. In guarantee to the obligations of Suzano under the Purchase
and Sale Agreement, Dimensao receives the fiduciary assignment
(alienacao fiduciaria) over 220 residential units.

1.c. Dimensao sells the Real Estate Credits to the Issuer pursuant
to the Purchase and Sale Agreement, including any other credit
rights owed by Suzano foreseen by the contracts, such as inflation
adjustments, fees and expenses, insurance payments and others. The
sale is made with view of raising proceeds to finance the real
estate development of the residential units; the residential units
are object of real estate pledges (alienacao fiduciaria),
constituted by Dimensao in favor of the Issuer and with
acknowledgement of Suzano.

2. The Securitizadora issues CCI's with real estate pledges (real
estate pledges or alienacao fiduciaria of the residential units),
which, together, represent the totality of the Real Estate
Credits.

3. The Securitizadora issues the 80th Series of the 1st Issuance
of real estate credits (CRI) backed by CCI with real estate
pledges, which are representative of real estate credits. The CRI
benefit from a fiduciary regime (it does not commingle with the
assets of the Securitizadora).

4. The investors purchase the CRI.

5. The Securitizadora pays the purchase price to Dimensao.

6. Suzano makes payments of the Real Estate Credits directly to
the segregated account managed by the Securitizadora.

The certificates have an initial tenor of 144 months from issuance
and will pay 11 annual principal and interest payments after a 24-
month grace period. The interest rate will be IPCA plus a fixed
spread.

Suzano Papel e Celulose, headquartered in Salvador - Brazil, is a
leading low-cost producer of bleached eucalyptus market pulp,
printing and writing paper and paperboard having reported
consolidated net revenues of BRL4.9 billion (about US$2.6 billion)
in the last twelve months ended on June 30, 2012. The sales volume
mix (55% pulp and 45% paper) gives the company cash flow stability
due to the different supply-demand and pricing dynamics. The
company benefits from its vertical integration and almost complete
self-sufficiency in wood and energy and also from prudent
financial management, solid liquidity position and good risk
management practices.

The Ba2/Aa3.br ratings consider Suzano's position as a low cost
producer of bleached eucalyptus kraft pulp (BEKP) and paper, with
competitive market positions in the global BEKP market and
Brazilian printing and writing paper and paperboard sectors. The
company benefits from a high level of vertical integration, in
addition to the proximity of its pulp mills to its own forests and
port facilities as well as the favorable location of its paper
plants within Brazil's most industrialized region. As a result,
the company has reported relatively strong operating margins even
during the industry's downturns. Recent deteriorating credit
metrics result from weaker operational performance due to
weakening global economic conditions at a time the company has
embarked into a major expansion project that will add 1.5 million
tons of new pulp capacity.



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D O M I N I C A
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* DOMINICA: Getting EC$50 Million Aid From EU
---------------------------------------------
Trinidad Express reports that Dominica will have access to EC$50
million (One EC dollar =US$0.37 cents) under the European Union
Banana Accompanying Measures (BAM) during the first quarter of
next year, a senior government official here has said.
Permanent Secretary in the Ministry of Agriculture, Samuel
Carrette, said the funds had been allocated to Dominica over a
three-year period, according to RJR News.

"Government is embracing collaborative approaches in charting a
course for the transformation of the agricultural sector," Mr.
Carrette said, noting that some people have been advocating for
the government "to implement the same prescriptions administrated
over the past 40 years and of course they expect change in the
sector," the report notes.

Mr. Carrette said the loss of market preferences in Europe and the
support mechanism from the European Union "which supported the
production and export infrastructure seems to be really of the
distant past . . . . However we are of the view that free market
economics in agriculture requires some new approaches and new
business modalities," he added.



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J A M A I C A
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UC RUSAL: Gets Commended for Procurement System
-----------------------------------------------
RJR News reports that UC RUSAL, the Russian aluminum firm that
controls several major bauxite/alumina plants in Jamaica, has been
ranked among the top five businesses with the most transparent
procurement systems in Russia.

RUSAL received the ranking in Russia's National Procurement
Transparency Rating 2012, business customer's category, according
to RJR News.

Since 2009, the report recalls, RUSAL has moved up in ranking by
33 points due to the improvement of its procurement procedures and
greater transparency of its operations.

RUSAL said over the last year, it has implemented a number of
projects aimed at improving transparency and providing all
potential suppliers with access to current tenders on raw
materials and services, RJR News adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2012, RJR News said that Russian aluminum giant UC
Rusal, which has a major stake in Jamaica's bauxite/alumina
industry, expects to reach a deal with its lenders within six
months to refinance part of an US$11 billion debt burden.  It will
agree to new loan conditions by the end this year before its
covenant holiday expires, according to RJR News.



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M E X I C O
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AXTEL: Moody's Cuts Rating on Sr. Unsec. Global Notes to 'Ca'
-------------------------------------------------------------
Moody's Investors Service downgraded Axtel's existing senior
unsecured global notes to Ca from Caa2 following the company's
announcement that it offers to exchange these notes for a
combination of new notes and cash, which translates to about 45%
loss vis-a-vis par value. Simultaneously, Moody's placed Axtel's
Caa2 Corporate Family Rating on review with an uncertain
direction. The exchange is a condition precedent for Axtel to
complete the sale of 890 towers to a subsidiary of American Tower
Corporation for an aggregate amount of US$250 million.

Ratings Rationale

On December 26, 2012, Axtel announced an offer to exchange any and
all of the company's outstanding 7.625% US$275 million Senior
Notes due 2017 and 9.00% US$490 million Senior Notes due 2019 for
a combination of about 7.00% US$356.5 million Senior Secured Notes
due 2020, 7.00% US$26.3 million Pesos-denominated Senior Secured
Convertible Dollar-indexed Notes due 2020 and US$114.8 million in
cash.

The exchange offer expires on January 28, 2013. If the offer is
accepted by bondholders representing over 50% of current notes
outstanding, Axtel will proceed with the exchange and the sale of
890 towers to American Tower for US$250 million, which will be
mostly used to pay for the cash outflows related to the notes
exchange.

If the existing notes are exchanged by the new notes, Axtel's
capital structure will improve and its current Caa2 Corporate
Family Rating could be upgraded. If the exchange is not
successful, Axtel's ratings could be downgraded since its capital
structure and liquidity position would remain weak, with limited
prospects of a short term solution. In the ratings review period,
Moody's will take into consideration the pending resolution on
interconnection rates disputes between Axtel and mobile operators.

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

Based in Monterrey, Nuevo Leon, Mexico, Axtel is a competitive
local telephone company providing bundled products including
voice, data and Internet services to business and residential
users within Mexico. Axtel is the second largest fixed line
telecom in Mexico. During the last twelve months ended in
September 30, 2012, the company's revenues reached US$792 million
with a 34.1% adjusted EBITDA margin.


AXTEL SAB: S&P Cuts CCR to 'CC' on Distressed Exchange Offer
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and issue level ratings on Axtel S.A.B. de C.V. to 'CC'
from 'CCC+'. The outlook is negative.

"The downgrade follows the company's announcement of an offer to
exchange its current senior unsecured notes due in 2017 and 2019,
totaling US$765 million, for a combination of US$356.5 million
7.0% senior secured notes due in 2020, MXN335.5 million
(equivalent to approximately US$26.3 million) 7.0% senior secured
convertible dollar-index notes due in 2020, and cash of up to
US$114.8 million. The new notes will mature on Jan. 31, 2020;
however, if on June 22, 2019, more than $125 million in aggregate
principal amount of 2019 notes is outstanding, the new notes will
mature on June 22, 2019," S&P said.

"Noteholders will recover 65% of their principal amount if they
tender on or prior to early tender date. Those who tender after
the early tender date will not be subject to the cash consent
payment, recovering 55%. Also, noteholders who tender will consent
to eliminate substantially all of the covenants other than the
covenant to pay principal and interest when due," S&P said.

"According to our criteria, we view this as a distressed exchange
and tantamount to a default," said Standard & Poor's credit
analyst Marcela Duenas.

"The offer, in our view, implies the investor will receive less
value than the promise of the original securities; the interest
rate is lower than the original yield; and the new securities'
maturities extend beyond the original maturity date," S&P said.


BANCO AGRICOLA: S&P Revises Outlook on 'BB-' Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its long-term outlook
on Banco Agricola and Banco Davivienda Salvadoreno to negative
from stable.

"The rating action on both banks follows our outlook revision on
El Salvador. Currently, the issuer credit ratings on both banks
are limited by the foreign-currency rating on El Salvador. In this
sense, the ratings continue to move in tandem with those of the
sovereign," S&P said.

"Our issuer credit ratings on Banco Agricola continue to reflect
its 'strong' business position, 'strong' capital and earnings,
'adequate' risk position, 'average' funding profile and 'adequate'
liquidity (as our criteria define these terms)," S&P said.

On the other hand the ratings on Banco Davivienda Salvadoreno
reflect its "adequate" business position, "adequate" capital and
earnings, "adequate" risk position, "average" funding profile and
"adequate" liquidity.

"The negative outlooks on both banks reflect that of the
sovereign. If there is a negative sovereign rating action on El
Salvador, the ratings on Banco Agricola and Banco Davivienda
Salvadoreno will also be downgraded," S&P said.


CYRELA BRAZIL: S&P Affirms 'BB' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit ratings Cyrela Brazil Realty S.A. Empreendimentos e
Participacoes (Cyrela). The outlook is stable.

"The ratings on Cyrela reflect our assessment of its 'fair'
business risk profile and 'significant' financial risk profile.
Our analysis includes as risk factors the company's exposure to
the competitive homebuilding industry in Brazil that is working
capital intensive, its relatively high debt, and exposure to soft
market conditions. The positive ratings factors are Cyrela's
strong market position and well-known brand name, a national
project portfolio that mitigates market risks in specific cities,
and an 'adequate' liquidity, further boosted by sizable amounts of
accounts receivable resources that can be monetized if needed,"
S&P said.


EMPRESA ELECTRICA: S&P Affirms 'BB-' CCR Based on Steady Results
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Guatemala-based electricity distribution company
Empresa Electrica de Guatemala S.A. (EEGSA). The outlook remains
stable.

"Standard & Poor's ratings on EEGSA reflect our opinion that there
is a moderate likelihood of timely and sufficient extraordinary
support from  Guatemala (Republic of) (foreign currency:
BB/Stable/B; local currency: BB+/Stable/B) to EEGSA in the event
of financial distress. In accordance with our criteria for
government-related entities, we base this opinion on our
assessment of EEGSA's important role as the largest electricity
distribution company in Guatemala, and its limited link with the
government, given the latter's 14% ownership stake in the company.
Empresas P£blicas de MedellĦn (EPM; unrated), a water and electric
utility and telecom operating group based in Colombia, holds an
80.9% ownership stake in EEGSA," S&P said.

"We assess EEGSA's standalone credit profile (SACP) at 'bb-'. The
SACP reflects the challenges inherent in doing business in
Guatemala, the discretionary role of Comisi˘n Nacional de EnergĦa
Electrica (CNNE, the National Electric Energy Commission) in
setting the Value Added Distribution (VAD) to compensate
distribution companies for their investment, and the Guatemalan
power sector's dependence on a developing economy that is
especially vulnerable in times of economic stress. In our view,
Guatemala's existing grid capacity, reaching only 67% of the
country's total population and requiring government concessions to
cover all its occupied territory, constrains EEGSA's expansion,"
S&P said.

"The stable outlook reflects our expectation that, despite the
weak and developing institutional and regulatory frameworks that
challenge Guatemala's business environment and the growth
prospects of its electric sector, EEGSA will maintain its current
financial risk profile," said Standard & Poor's credit analyst
Jose Coballasi.

"Moderate debt leverage and adequate cash flow generation
prospects over the next two years support this expectation. Under
our base-case scenario, we believe it will post FFO to total debt
exceeding 20% and total debt to EBITDA of about 3.5x. We could
lower our rating on EEGSA if its dividend policy or profitability
metrics reduce its key financial ratios or weaken its liquidity,"
S&P said.


GRUPO POSADAS: S&P Raises Corp. Credit Rating to 'B'; Off Watch
---------------------------------------------------------------
Standard & Poor's Rating Services raised its global scale
corporate credit rating on Mexican hotel operator Grupo Posadas
S.A.B. de C.V. to 'B' from 'CCC+', and its debt rating on the
company's $200 million unsecured notes, also to 'B' from 'CCC+'.
"We removed all ratings from CreditWatch with positive
implications. The outlook is stable," S&P said.

"At the same time, we raised our national scale rating on Posadas
to 'mxBB+' from 'mxB+' and immediately withdrew it because of the
company's prepayment of the local debt. We also affirmed our 'B'
rating on the $225 million senior unsecured notes due 2017," S&P
said.

"The upgrade is based on Posadas' liability management, which has
significantly improved the company's capital structure and
mitigated its liquidity risks through the payment of its local
debt due in 2013, about $13 million in bank loans, and $117
million of its senior unsecured notes due in 2015 through a tender
offer; with this, the amount outstanding is $83 million. Posadas
is Mexico's largest hotel operator, with about 105 hotels in 50
destinations in the country," S&P said.

"Through the proceeds of the sale of its South American division
and the issuance of $225 million in senior unsecured notes due in
2017, the company has paid down about MXN4 billion ($313
million)," S&P said.

"The sale and issuance of the notes provide Posadas with
additional financial flexibility, as its next significant debt
maturity is not until 2015," said Standard & Poor's credit analyst
Sandra Tinoco. "Moreover, we expect the company to continue paying
down debt with the remaining amount of these resources."

"The ratings on Posadas reflect our assessment of its business
risk profile as 'weak,' as defined in our criteria, because of the
cyclicality of the lodging industry, its geographic concentration
in Mexico, its low profitability compared with that of its core
peers, and our assessment of its 'fair' management and governance.
These factors are offset by the company's diversified hotel
portfolio, including well-recognized brands, despite the recent
sale of its South American division, and its position as the
largest hotel operator in Mexico. The ratings also reflect our
assessment of the company's financial risk profile as 'highly
leveraged,' reflected by still-high debt despite the improvement
in liquidity and capital structure," S&P said.

"Our base-case scenario calls for Mexican GDP growth of 3.8% in
2012 and 3.5% in 2013. Under these conditions, we believe Posadas
can achieve mid-single-digit revenue growth in the following year
and EBITDA margins of about 17% because of the company's focus on
managed hotels and achieving additional operating efficiencies.
This forecast also includes our expectations of an occupancy rate
of about 64% to 66% and revenues per available room (RevPAR) of
about MXN650 to MXN700. Despite our expectations of improved
company profitability, it is still below that of its global and
regional core peers, whose average EBITDA margins are above 20%,"
S&P said.

"We now assess Posadas' liquidity as 'less than adequate' for the
following 12 to 18 months, as we believe the company's resources
will cover its uses by less than 1.2x," S&P said.

"The stable outlook reflects our expectations that the company
will continue improving its capital structure and liquidity while
reinforcing its good market position in Mexico in terms of number
of hotels and rooms. We expect the company to achieve EBITDA
margins close to 20% by 2015 and a debt-to-EBITDA ratio below
5.0x," S&P said.

"We could raise the ratings if the company improves its capital
structure and liquidity beyond our expectations while maintaining
a good market position; this would translate into a debt-to-EBITDA
ratio below 4.0x and positive discretionary operating cash flow,"
S&P said.

"We could lower the ratings if liquidity or financial flexibility
deteriorate significantly, which could result from the company's
taking on additional debt to fund the remodeling of its current
hotels and an expansion program beyond what we currently expect,"
S&P said.


METROFINANCIERA: S&P Keeps 'SD' Mexican National Scale Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its AVERAGE and BELOW
AVERAGE rankings on Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R.
(Metrofinanciera) as a residential and construction loan servicer,
respectively. "At the same time, we revised our outlook on the
company as a construction loans servicer to positive from
developing. The stable outlook on Metrofinanciera as a residential
mortgage servicer remains unchanged," S&P said.

"Metrofinanciera is a Mexico-based mortgage and construction
lender that has been in the market for 16 years. The company, as
most of the nonbank financial institutions in the Mexican market,
was severely affected by the recent financial crisis (2008-2010).
During the downturn, the company's operational and financial
capabilities were weakened, leading the company to enter a chapter
11 phase, which was overcome in June 2010. However, the company
continues to present a financial position that we consider as
INSUFICIENT, and is reflected in its counterparty rating of
Selective Default ('SD'), because it has not completed the bonus
exchange derived of the restructure of its private issuance
METROFI 10," S&P said.

"At the end of 2010, the company renewed the senior management
team and the board of directors, aiming to overcome the period of
financial distress. To date, Metrofinanciera is going through a
phase of financial and organizational restructure, which includes
positioning the company as an originator and substitute servicer
in the Mexican market," S&P said.

"The outlook change reflects the different initiatives that the
company has addressed since the new administration was
established. In our opinion, the projects are having some positive
results over the company's overall managerial, organizational, and
loan administration capabilities that could lead the construction
loan servicer to achieve servicing capabilities that correspond to
our AVERAGE ranking, while allowing the residential mortgage
servicer to maintain its current AVERAGE ranking," S&P said.

"The rankings are supported by our AVERAGE management and
organization subrankings, which reflects the high level of
industry experience of the management team, an adequate
organizational structure, a robust IT platform that support
servicer's requirements, new stringent internal control
mechanisms, and policies and procedures that aim to mitigate high
levels of operational risk that were identified in the past," S&P
said.

"The loan administration subrankings are affirmed at AVERAGE and
BELOW AVERAGE for the residential mortgage and construction loans
servicing. We believe that the recently reorganization of the
servicing areas and collection policies and procedures are
adequate. However, it is still too soon to perceive a consistent
positive effect of these strategies on the performance of the
company's portfolios and the portfolios in which the company
participates as a substitute servicer," S&P said.

KEY RANKING FACTORS

STRENGTHS:

-- New senior management team and board of directors with
    excellent levels of industry experience;

-- A renewed collections area focused on recovery management for
    both in balance sheet and securitized residential and
    construction loans;

-- New policies and procedures that enable the company to have a
    more robust organizational structure as well as stringent
    internal controls; and

-- New IT applications that strengthen its IT platform.

WEAKNESSES:

-- High nonperforming ratios for their diverse portfolios;

-- The new collections strategies have not yet reduce in a
    consistent way the nonperforming assets' levels;

-- "Insufficient financial position, reflected in our
    counterparty rating in national scale for long and short term
    of Selective Default ('SD'), for Metrofinanciera," S&P said;

-- The new contingency plans have not been tested by the current
    management; and

-- The quality of the specialized reports produced by
    Metrofinanciera is not optima, which was evidenced in some of
    the reports requested by S&P for the servicers' assessment.

OUTLOOK

"The outlooks for residential and construction loans servicing are
stable and positive. We believe Metrofinanciera have implemented
initiatives that could continue to strength it's managerial,
organizational, and loan administration capabilities. Therefore,
we will monitor the performance of the recently implemented
initiatives to assess their effect over both the company's
servicing capabilities and the portfolio delinquency trends," S&P
said.


* STATE OF JALISCO: Moody's Cuts Global Currency Rating to 'B1'
---------------------------------------------------------------
Moody's de Mexico downgraded the State of Jalisco's issuer ratings
to Baa3.mx (Mexico National Scale) and to B1 (Global Scale, local
currency) from A1.mx and Ba1, respectively. The downgrade reflects
evidence that Jalisco did not pay the principal of a MXN 1.4
billion short-term loan with Banco Interacciones which was due on
December 21, 2012. Additionally, the issuer ratings have been
placed under review for possible downgrade.

At the same time, Moody's downgraded to Ba2/A2.mx from Baa2
(Global Scale, local currency) and Aa2.mx (Mexico National Scale)
the debt ratings of the following four enhanced loans:

- MXN1 billion enhanced loan from Banobras (original face value),
   with a maturity of 15 years and a pledge of 1.60% of its
   general fund participation revenues.

- MXN665 million enhanced loan from Interacciones (original face
   value), with a maturity of 20 years and a pledge of 1.85% of
   its general fund participation revenues.

- MXN650 million enhanced loan from Scotiabank (original face
   value) with a maturity of 15 years and a pledge of 1.24% of its
   general fund participation revenues.

- MXN409 million enhanced loan from Santander (original face
   value) with a maturity of 20 years and a pledge of 0.59% of its
   general fund participation revenues.

Moody's also downgraded to Ba3/Baa1.mx from Baa3/Aa3.mx the debt
ratings of the following four enhanced loans:

- MXN1.1 billion million enhanced loan from Banco del Bajio
   (original face value), with a maturity of 15 years and a pledge
   of 1.50% of its general fund participation revenues.

- MXN632 million enhanced loan from Banorte (original face
   value), with a maturity of 20 years and a pledge of 0.80% of
   its general fund participation revenues.

- MXN389 million enhanced loan from Banobras (original face
   value), with a maturity of 20 years and a pledge of 0.88% of
   its general fund participation revenues.

- MXN374.7 million enhanced loan from Banorte (original face
   value), with a maturity of 20 years and a pledge of 0.38% of
   its general fund participation revenues.

Ratings Rationale

The downgrade of Jalisco's issuer ratings reflects the fact that
by not paying the principal payment when required, the state
defaulted on a short-term loan with Banco Interacciones. The
rating also reflects, however, Moody's opinion that the expected
loss stemming from the missed payment will be minimal due to the
apparent willingness of Banco Interacciones to renegotiate with
Jalisco. Given the state's moderate debt burden, net direct and
indirect debt equal to 21% of total estimated 2012 revenues, the
default highlights a deterioration of its liquidity position and
weakness in treasury management. Between 2007 and 2011, cash
financing requirements averaged -4.4% of total revenues and net
direct and indirect debt increased to 20.1% of total revenues in
2011 from 10.0% in 2007. Furthermore, Jalisco's liquidity narrowed
as a result of the recording of cash financing requirements in
recent years. Liquidity measured by net working capital to total
expenditures drop to -0.1% in 2011 from 5.7% in 2007.

The placing of the issuer ratings under review for possible
downgrade reflects downside risks regarding current discussions
with the lender and the uncertainties regarding decision making at
the state level due to the current transition period (new
administration to take office in early March 2013). Furthermore,
the review will also take into consideration the additional
refinancing risks that Jalisco is now exposed stemming from the
right of some of Jalisco's lenders to accelerate or early amortize
their loans.

The ratings review will focus on Jalisco'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 Jalisco's progress in
repaying all of its short-term debt and to pay all other
outstanding debt obligations. Expected loss rates on the defaulted
short-term loan 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 eight enhanced loan reflects the
downgrade of Jalisco's issuer ratings, as well as, the risks
associated with rights that have some lenders to accelerate or
early amortize their loans. While the loan enhancements continue
to provide a two or a one 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 Jalisco a) repays in full, including all corresponding
penalties and accrued amounts, the short-term loan currently in
default, and b) continues to make full and timely debt service
payments on all other debt obligations, Moody's may maintain the
current ratings and the outlook could be revised back to stable.

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

Given the links between the eight enhanced loans and the credit
quality of the obligor, an upgrade of the State of Jalisco's
issuer ratings rating would likely result in an upgrade of the
ratings on the enhanced loans. Conversely, a downgrade of
Jalisco's issuer ratings could also exert downward pressure on the
debt ratings of the loans. 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 August 8, 2012.

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


* ZAPOTLAN EL GRANDE: Moody's Lowers Issuer Rating to 'B2'
----------------------------------------------------------
Moody's de Mexico downgraded the issuer rating of the Municipality
of Zapotlan el Grande to B2 (Global Scale, local currency) from
B1. At the same time, Moody's affirmed the issuer rating of the
Municipality of Zapotlan el Grande of Baa3.mx (Mexico National
Scale). The outlook on the ratings remains negative.

Ratings Rationale

This action follows the downgrade of the ratings of the State of
Jalisco to B1/Baa3.mx on December 27, 2012. The issuer rating of
Zapotlan el Grande reflects the likelihood of support coming from
the State of Jalisco to avoid an imminent default by the
municipality, should this situation ever occur. Moreover, the
negative outlook reflects Moody's continued view that there is a
significant risk of downward pressure arising from the
deterioration of key credit factors, as originally outlined in
Moody's press release of September, 2012.

What Could Change The Ratings UP/DOWN

Although we do not anticipate upward pressure over the near to
medium term, an increase in operating revenues and spending
restraint, leading to a) a sustainable correction of the negative
operating and consolidated results, and b) a stabilization in net
direct and indirect debt levels, could stabilize the ratings.

If the municipality proves unable to reverse the deterioration in
its operating and financial performance, stabilizing debt metrics,
the ratings could face further downward pressure.

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, 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 10, 2012.



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


CL FIN'L: Shares Trading Jan 7 on Stock Exchange
------------------------------------------------
Carla Bridglal at Trinidad Express reports that as of Jan. 7,
2013, the CLICO Investment Fund will be listed on the Trinidad and
Tobago Stock Exchange (TTSE).

In a release, the TTSE's board of directors said trading for the
Fund will also begin that day, according to Trinidad Express.

The report relates that this is one week later than the proposed
date of Jan. 2, 2013, given by Finance Minister Larry Howai in his
budget presentation in October.

Once the fund begins trading, however, Government's obligations
towards negotiations of settlements to policyholders will have
finally been brought to an end, the report notes.  Trinidad
Express says that the symbol for the Fund will be CIF.

Units in this fund will be listed at a price of $25.00 each and
will be traded in the Mutual Fund Market, the report discloses.

Trinidad Express says that the Fund was launched November 1 as
part of the settlement to CLICO policyholders by the government as
part of the $20 billion bailout of the country's largest insurance
company's collapsed empire.

Trinidad Express notes that policyholders of Short-Term Investment
Products (STIPS) sold by Colonial Life Insurance Company
(Trinidad) Ltd and British American Insurance Company (Trinidad)
Ltd valued at over $75,000 received cash payments up to $75,000
and zero-coupon one to 20-year bonds for the difference.  When the
Fund begins trading they will be able to exchange those bonds for
units in the Fund, the report relays.

Republic Bank Ltd is the Fund Administration agent as well as one
of the distributors of the Fund.

86% of the Fund comprises 40,072,299 Republic Bank shares with a
nominal value of nearly $4 billion.  These shares represent 25 per
cent of the total issued share capital of Republic.


TSTT: CWU Slams 'Leadership Crisis'
-----------------------------------
Trinidad Express reports that the Communications Workers Union
(CWU) has said it is concerned with new developments regarding the
operation of State-controlled Telecommunications Services of
Trinidad and Tobago (TSTT).

In a release, the CWU said the telecoms provider seemed to be
undergoing a "leadership crisis" as over the last few months there
have been several upper management upsets, according Trinidad
Express.  The report relates that the union called on chairman of
the TSTT board, former police commissioner Everald Snaggs, to
explain the company's management strategy.

"(Snaggs must) clear the air on all the miscommunication that is
taking place at TSTT.  This is creating an environment of
uncertainty and is demotivating the already dishevelled staff,"
the report quoted the union as saying.

Trinidad Express notes that the union said the resignation of
Reberto Peon, former chief executive, in June, would have allowed
the company to finally "return to its profitable ways".

Then the board appointed Dianna De Sousa to be his acting
replacement.  However, she resigned her post last week, effective
January 31, 2013.

The union viewed this move with skepticism, noting that she had
exchanged correspondence with them, signed in her capacity as
acting chief executive, the report adds.

                      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.


                            ***********


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., Washington, D.C.,
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 2013.  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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *