TCRLA_Public/130110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Thursday, January 10, 2013, Vol. 14, No. 7


                            Headlines



A R G E N T I N A

YPF SA: Bulgheronis Sue Repsol SA to Defend Firm Pact
* BUENOS AIRES: Moody's Assigns '(P)B3' Global Scale Rating
* ARGENTINA: Banks, Bondholders Fight Injunction in U.S. Court


B E R M U D A

DDJ/ONTARIO OS SUB I: Members Receive Wind-Up Report
DDJ/ONTARIO OS SUB II: Members Receive Wind-Up Report
FORUM REINSURANCE: Court Appoints Calow and Tomb as Liquidators
LSF VII IRISH: Member Receives Wind-Up Report
LSREF II GERMAN: Member Receives Wind-Up Report

LSREF II IRISH: Member Receives Wind-Up Report
SCHRODER PROPERTY: Supreme Court Enters Wind-Up Order


B R A Z I L

AUTOMETAL SA: Fitch Affirms 'BB' IDRs; Outlook Stable
GRUPO FLEURY: Moody's Rates BRL500MM Sr. Unsec. Debentures 'Ba1'
TONON BIOENERGIA: Fitch Assigns 'B' Issuer Default Rating


C A Y M A N  I S L A N D S

BLADE SECURITIES: Shareholder Receives Wind-Up Report
F&C BALANCED: Shareholders Receive Wind-Up Report
MERAK CDO: Shareholder Receives Wind-Up Report
MONDIAL ACTIVE: Members Receive Wind-Up Report
MSR ASIA: Members Receive Wind-Up Report

OAK HILL: Shareholder Receives Wind-Up Report
PFO LIMITED: Shareholders Receive Wind-Up Report
RP FINANCE II: Shareholder Receives Wind-Up Report
RP FINANCE IV: Shareholder Receives Wind-Up Report
RP FINANCE V: Shareholder Receives Wind-Up Report

RP FINANCE VI: Shareholder Receives Wind-Up Report
SIGNUM INTEGRAL: Shareholder Receives Wind-Up Report
STANSTED AIRCRAFT (NO.1): Shareholder Receives Wind-Up Report
STANSTED AIRCRAFT (NO.2) : Shareholder Receives Wind-Up Report
VESTMORE GROWTH: Members Receive Wind-Up Report


M E X I C O

METROFINANCIERA: S&P Lowers Ratings on 2 Notes Series to 'B'


P A R A G U A Y

* PARAGUAY: Moody's Raises Government Bond Rating to 'Ba3'


X X X X X X X X

Upcoming Meetings, Conferences and Seminars




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YPF SA: Bulgheronis Sue Repsol SA to Defend Firm Pact
-----------------------------------------------------
Pablo Gonzalez & Patricia Laya at Bloomberg News report that
Argentina's Bridas Group, the oil producer controlled by
billionaire Bulgheroni brothers and China National Offshore Oil
Corp., is suing Repsol SA to prevent it from blocking a
$1.5 billion shale-gas project.

The group's Virgin Islands-based Bridas International and Bridas
Energy Holdings units filed the lawsuit against Madrid-based
Repsol on Jan. 3 in New York State Supreme Court in Manhattan,
saying the Spanish oil producer sent them letters threatening to
seek to block the deal with YPF SA (YPFD), according to court
documents, Bloomberg News relates.

According to Bloomberg News, Argentine President Cristina
Fernandez de Kirchner's government seized YPF SA from Repsol in
April.

Last month, Repsol sued Chevron Corp. (CVX) in a federal court in
Manhattan, claiming the U.S. oil producer improperly obtained
rights to develop Argentine shale and natural gas resources, the
report notes.

Bloomberg News relates that Bridas wants a court order stating
that the question of YPF SA's ownership is for Argentina's court
to decide, according to the lawsuit.

YPF SA and Bridas agreed on Dec. 28 to invest $1.5 billion to
develop shale oil reserves in Patagonia, Bloomberg News says.

Bloomberg News notes that Bridas has promised to provide as much
as $500 million in financing for YPF, "to be repaid in 10 years,"
according to the court documents filed in New York.

YPF SA has granted Bridas access to Argentina's official currency
market for the "payments of imports, debt and interest repayment
and dividends to Bridas's satisfaction," according to the
documents, Bloomberg News adds.

The case is Bridas International SA v. Repsol SA (REP),
650018/2013, New York State Supreme Court (Manhattan).

                           About YPF SA

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.

As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.


* BUENOS AIRES: Moody's Assigns '(P)B3' Global Scale Rating
-----------------------------------------------------------
Moody's Latin America has assigned a national scale rating of
Baa3.ar (local currency) to the Province of Buenos Aires' 2013
Short-Term Treasury Note Program. At the same time, Moody's
Investors Service has assigned a global scale rating of (P)B3
(local currency) to this program. The ratings are in line with the
province's long term local currency issuer ratings, which carry
negative outlook.

Ratings Rationale

The Short-Term Treasury Note Program has been authorized by the
province's 2013 Budget Law 14393 and the Resolution 276/12 of the
provincial Treasury. The treasury notes, which will be backed by
transfers from the Government of Argentina (B3, negative) under a
tax-sharing agreement and sold under a Dutch auction scheme, will
mature within a period of 365 days. The maximum authorized amount
to be issued under the program is ARS5.6 billion, or its
equivalent in foreign currency, which represents around 8.4% of
the province's net direct and indirect debt as of September 2012
and 4.1% of total revenues budgeted for 2013.

According to the calendar approved by Resolution 276/12 of the
provincial treasury, Buenos Aires is expecting to launch seventeen
tranches under the program in the current fiscal year, the first
of which is scheduled for January 9.

"The assigned ratings, which are in line with those assigned to
the ST Treasury Note Programs of 2010, 2011 and 2012, reflect
Moody's view that the willingness and capacity of the Province of
Buenos Aires to honor short-term treasury notes is in line with
the province's long-term credit quality as captured in the
B3/Baa3.ar (local currency) and Caa1/Ba3.ar (foreign currency)
issuer ratings", said Moody's analyst Patricio Esnaola.

The assigned ratings also reflect the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. "Despite
the intrinsic financial characteristics of the Province of Buenos
Aires, the lack of consistent and predictable policies at the
national level affects the institutional framework under which the
province operates and ultimately anchors its credit quality to
that of the Sovereign", said Esnaola. Province of Buenos Aires'
intrinsic creditworthiness is characterized by structural
imbalances and ongoing spending pressures, reflected in weaker
financial performance since 2005. The ratings also take into
account the financial dependence on the federal government,
including the importance of federal transfers in the provinces'
revenue stream as well as federal debt financing to pay off debt
maturities. It is worth noting, however, that the discretionary
transfers from the national government have been losing share in
the province's total revenues in recent years.

"The province's negative outlook follows the negative outlook
assigned to Argentina's B3 local and foreign currency government
bond ratings, reflecting the ongoing deterioration in Argentina's
operating environment", added Esnaola. In Moody's view, the lack
of consistent and predictable policies at the national level
affects the institutional framework under which provinces and
municipalities operate.

What Could Change The Rating UP/DOWN

Moody's does not expect upward pressures in the Province of Buenos
Aires' ratings in the near to medium term. Notwithstanding, a
change of the sovereign outlook back to stable could lead to a
change in the outlook back to stable.

The province could be further downgraded if the negative outlook
on the sovereign rating materializes into a rating downgrade.
Furthermore, any action taken by the central government that would
negatively impact the ability of the province to repay its
financial obligations could lead to a further downgrade. Any such
actions would be viewed by Moody's as further illustration of a
deteriorating institutional framework and an unstable policy
environment.


* ARGENTINA: Banks, Bondholders Fight Injunction in U.S. Court
--------------------------------------------------------------
Evan Weinberger of BankruptcyLaw360 reported that in a hotly
contested bond exchange, a bank trade group and a group of
European holders of bonds issued by the Republic of Argentina on
Monday told the U.S.

Court of Appeals for the Second Circuit that they should not be
subject to an injunction against the South American nation making
payments to participants in the country's debt restructuring.

The report related that the Clearing House Association LLC and
holders of euro-denominated bonds that were not subject to the
restructurings at issue in the appeal filed separate amici briefs.



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B E R M U D A
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DDJ/ONTARIO OS SUB I: Members Receive Wind-Up Report
----------------------------------------------------
The members of DDJ/Ontario OS Investment Sub I, Ltd. received on
Dec. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 27, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


DDJ/ONTARIO OS SUB II: Members Receive Wind-Up Report
-----------------------------------------------------
The members of DDJ/Ontario OS Investment Sub II, Ltd. received on
Dec. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 27, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


FORUM REINSURANCE: Court Appoints Calow and Tomb as Liquidators
---------------------------------------------------------------
On Nov. 22, 2012, the Supreme Court of Bermuda appointed Garth
Andrew Calow and Alison Tomb of PricewaterhouseCoopers as
liquidators of Forum Reinsurance Company Limited.


LSF VII IRISH: Member Receives Wind-Up Report
---------------------------------------------
The member of LSF VII Irish Holdings, Ltd. received on Jan. 4,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced wind-up proceedings on Nov. 26, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSREF II GERMAN: Member Receives Wind-Up Report
-----------------------------------------------
The member of LSREF II German Lendings, Ltd. received on Dec. 31,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced wind-up proceedings on Nov. 26, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSREF II IRISH: Member Receives Wind-Up Report
----------------------------------------------
The member of LSREF II Irish Holdings, Ltd. received on Jan. 4,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced wind-up proceedings on Nov. 26, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


SCHRODER PROPERTY: Supreme Court Enters Wind-Up Order
-----------------------------------------------------
On Nov. 16, 2012, the Supreme Court of Bermuda entered an order to
wind up the operations of Schroder Property Asia Advisors Ltd and
appointed the official receiver as provisional liquidator of the
company.



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AUTOMETAL SA: Fitch Affirms 'BB' IDRs; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of Autometal S.A.:

  -- Foreign currency Issuer Default Rating (IDR) at 'BB';
  -- Local currency IDR at 'BB';
  -- National long-term rating at 'A+(bra);
  -- BRL250 million local debentures at 'A+(bra)'.

The Rating Outlook is Stable.

The ratings reflect Autometal's market position as a medium size
regional player in the auto parts industry with annual sales
around BRL1.5 billion (USD800 million). They take into
consideration the company's diversified business model with
operations in Mexico and Brazil, its relatively healthy margin
versus peers, low leverage, and solid liquidity.

The ratings incorporate risks associated with Autometal's exposure
to the volatility of raw material costs and changes in consumer
trends. The ratings are also constrained by the weaker credit
profile of Autometal's parent company, CIE Automotive (CIE), and
the expectation that Autometal will maintain a maximum high
dividend payout ratio of 55% in the medium term. Further
considerations include the company's business growth strategy,
which includes M&A activity as an important component.

The Stable Outlook reflects Fitch's expectation that Autometal
will continue to deliver positive operating results due to its
market position in the regional auto industry and geographic and
product diversification. The ratings incorporate the view that the
company will maintain a gross adjusted leverage ratio below 2.5
times (x) and solid liquidity reflected in a minimum cash position
of BRL450 million. Autometal's acquisition activity is
incorporated in the company's expected liquidity and leverage
metrics.

Free Cash Flow to be Neutral to Positive in 2013

Autometal's 2012 financial performance was in line with
expectations incorporated in the ratings. The company's revenues
during the latest 12 months (LTM) September 2012 were BRL1.5
billion, which is similar to the revenue levels reached during
2011 and 2010. During LTM September 2012, the company's EBITDAR
and EBITDAR margin reached levels of BRL272 million and 18%,
respectively. The company's capacity to achieve these margins
reflects its diversified pool of products, customer and processes
which limit pressure on margins from OEMs. These margins are
consistent with the 17% to 19% margins maintained by the company
during the past four years. They compare favorably with industry
peers.

For 2013, Fitch base case considers Autometal's revenue growth
rate and EBITDAR margin to be about 5% and 18%, respectively. The
company's 2013 free cash flow (FCF) is expected to be neutral to
slightly positive.

Solid Liquidity and Low Leverage

Autometal had a cash position of BRL765 million as of Sept. 30,
2012, which compares positively with BRL285 million of short-term
debt. The company's cash position was built through a BRL425
million equity increase (IPO) completed during the first quarter
of 2011 and the issuance in 2012 of BRL250 million of debentures
issued in early 2012. Positively factored is ratings is
Autometal's target of keeping a minimum cash position of BRL450
million.

The company had approximately BRL602 million in total adjusted
debt at the end of September 2012. This debt consists primarily of
BRL559 million of on-balance-sheet debt. Off-balance-sheet debt is
associated with lease obligations (rental payments during LTM
September 2012 totaled BRL8.7 million). About 70% of the company's
balance sheet debt is denominated in Brazilian real, while the
remainder is in U.S. dollar. This debt composition is similar to
the company's revenue structure. The company's leverage, as
measured by the ratio of total adjusted debt/EBITDAR, was 2.2x as
of Sept. 30, 2012. The ratings consider the expectation that the
company will maintain adjusted gross leverage and net adjusted
gross leverage ratios below 2.5x and 1.5x, respectively, in the
medium term. Capex and acquisitions are expected to total about
BRL150 million per year during 2013 and 2014.

Adequate Business Diversification

Autometal's revenue, geographic and product diversification
support its business position by reducing its dependence upon a
single customer or product. The company generates revenues from
four basic processes: plastic molding, metal fabrication,
painting, and stamping. Each of these processes generates
approximately 25% of its total revenues. The company is
geographically diversified through 10 facilities in Brazil and
seven in Mexico. The company's customer base has a degree of
concentration, which is partially mitigated by a more diversified
automotive platform base. Sales with the OEMs Volkswagen, Ford,
Chrysler, GM and Nissan represent approximately 22%, 13%, 13%,
12.5%, and 8%, respectively, of the company's total revenues. The
company maintains a diversified set of products through with more
than 100 platforms. No single platform accounts for more than 6%
of revenues.

Positive Market Dynamics Expected for 2013 and 2014

The ratings reflect Autometal's exposure to Brazil and Mexico's
auto industries, which are the two most important and growing auto
markets in the Latin American region. These operations represent
about 60% and 40%, respective, of the company's EBITDA.
Autometal's operating results should continue to be driven by
trends in the Brazilian and Mexican car production through the
economic cycle. In line with other industrial manufacturing
sectors, the auto supply industry is exposed to pronounced
cyclicality and volatility. The generally discretionary nature of
car demand and the production of vehicles depend, among other
factors, on GDP development, disposable income, consumer
confidence and preferences, and the availability of financing. The
performance of the company's Mexican operations is closely aligned
with auto demand in the U.S. market.

Brazilian automotive sector's fundamentals remain solid in the
medium term based upon the country's positive business
environment, increasing new middle class, and credit availability.
After a challenging first half of 2012, Brazilian car production
recovered, which is reflected in annualized car production for the
12 months ended Nov. 30, 2012 of 3.2 million units, representing
an increase of 0.5% over the level reached by the same period of
2011. Sales in Brazil are forecast to grow annually be about 3% to
4% during 2013 and 2014.

The Mexican automotive industry recovery sharply between 2010 and
2012, following a contraction of about 30% during 2009. During the
12 month period ended Nov. 30, 2012, Mexico's light vehicle
production units totaled 2.8 million units, an increase of 14%
over the same period last year. Between 2013 and 2014, production
levels in Mexico are expected to continue solid growth trends,
reaching annual growth rates of between 15% and 20%.

Parent's Company's Credit Profile Constrains Ratings

Autometal is a subsidiary of Spain-based auto parts maker CIE
Automotive (CIE), which holds a 78% participation in Autometal.
CIE has above average geographic diversification with 65 plants
around the globe; operations in Brazil and Mexico represent
approximately 50% of CIE's total revenues and EBITDA,
respectively. The parent company's revenue derives from Western
Europe (41%), Eastern Europe (8%), Brazil (30%), Mexico (20%), and
China (1%). Spanish operations represent only 5% of CIE's total
revenues.

CIE's credit profile is weaker than Autometal's, which acts as a
constraint upon Autometal's ratings. CIE's consolidated LTM EBITDA
and EBITDA margins for the period ended Sept. 30, 2012 were EUR246
million and 15%, respectively, while its gross and net leverage
ratios were 3.7x and 1.7. Fitch expects Autometal to maintain a
maximum dividend payout ratio of 55%, which should result in its
dividends ranging between BRL100 million and BRL120 million during
the 2012 - 2013 period.

Key Rating Drivers

A combination of the following factors could lead to a positive
rating action: continued expansion of the company's businesses in
Brazil and Mexico that leads to increased cash flow and a stronger
business position; lower leverage and high liquidity over a
sustained period of time; and, a significant improvement in CIE's
businesses outside of Autometal.

Conversely, factors that could lead to the consideration of a
negative rating action include: a change in management's strategy
with regard to the company's 2.5x financial leverage target;
negative trend in cash flow generation due to declining sales
volume in the company's main markets; and, shareholder friendly
actions resulting in deviations in the company's dividend policy
from the expectations incorporated in the ratings.


GRUPO FLEURY: Moody's Rates BRL500MM Sr. Unsec. Debentures 'Ba1'
----------------------------------------------------------------
Moody's America Latina has assigned Ba1 / Aa1.br ratings to Grupo
Fleury S.A.'s proposed BRL 500 million senior unsecured
debentures. At the same time Fleury's Corporate Family Rating and
existing senior unsecured rating were affirmed. The ratings
outlook is stable. Proceeds from the proposed debentures will be
used to fund future acquisitions and Capex.

Rating assigned is as follows:

- Proposed BRL500 million senior unsecured debentures: Ba1 /
   Aa1.br / Stable Outlook

Ratings affirmed are as follows:

  - Corporate Family Rating: Ba1 / Stable Outlook

  - BRL450 million senior unsecured debentures: Ba1/Aa1.br/
    Stable Outlook

Ratings Rationale

"The Ba1 / Aa1.br ratings are supported by Fleury's strong and
well recognized brand, the positive medium-term prospects for the
Brazilian health care industry and by the company`s overall good
financial metrics", says Moody's vice president Marianna Waltz.
The ratings also incorporate the improved diversification in terms
of branding, consumer`s profile and geographic footprint brought
about by the company's 27 acquisitions between 2002 and 2012
brought. Key rating constraints include the company's small size
compared to global peers as well as its limited cash generation
due to expansion activities.

The proposed issuance will bring pressure to leverage and overall
credit metrics over the next several quarters. In Moody's
estimates, the leverage ratio measured by adjusted gross
debt/EBITDA should end 2013 at about 3.0x. Nevertheless, Fleury
has shown a good track record of integrating acquisitions and
delivering results as planned. Following the acquisition of Labs
D'Or in late 2011 and the expected pressure in performance during
the period of integration, the group was able to normalize its
credit metrics by the end of 2012. In Moody's view, it was a well-
managed process, especially given the relatively large size of the
acquisition.

Fleury has one of the strongest brands in its business segment in
Brazil, with wide recognition by patients and physicians. Unlike
the US and other markets, the choice of a health care provider in
Brazil is usually determined by the patient and procedures are
performed outside of hospitals and medical consultations.
Therefore, branding is a key factor in patient's decision.

Moody's also notes that the health care sector in Brazil is highly
fragmented and has no dominant player. Under this scenario,
consolidation is expected and should benefit the larger providers,
such as Fleury, which are more likely to take advantage of M&A
activity. Although acquisitions can entail integration risks and
higher working capital and investment needs, Moody's does
recognize that in the case of Fleury acquisitions have been
accretive. In addition, the company`s growth is mainly organic-
driven, since historically about 2/3 of the group's revenues
increase comes from same store sales operations, except in 2012
due to the Labs D'Or deal.

Offsetting some of the positive attributes supporting the Ba1
rating is Fleury`s relatively small size compared to global peers,
based on consolidated net revenues. Moreover, cash flow generation
is still limited, due to the investments that will be needed to
fund the company`s expansion strategy.

The stable outlook reflects Moody's view that Fleury will be able
to maintain its operating margins and consistent organic growth.
Also Moody's expects the company to prudently manage Capex and to
be disciplined with acquisitions, while maintaining comfortable
liquidity and leverage ratios.

Positive pressure on the rating could develop over time if the
company is able to continue generating good and consistent organic
growth, while pursuing its expansion strategy, and profitability
performance proves sustainable. This will be the case if free cash
flow to net debt consistently exceeds 10% and if (EBITDA-Capex) /
Interest Expense is over four times. Finally, positive rating
pressure depends on company`s keeping leverage as measured by
Debt/EBITDA below 2.5x (all figures considering Moody`s standard
adjustments).

The ratings could be lowered if the company fails to deliver
organic growth or to maintain EBITDA margins near its current
level. The ratings could also come under pressure if leverage
ratio increase to 3.5x or higher Debt/EBITDA in a consistent basis
or if liquidity deteriorates.

Founded in 1926, Fleury is a major provider of high quality
diagnostic medicine (83% of gross revenues) and integrated
medicine (17% of gross revenues) in Brazil. The Group has a
diversified portfolio of brands that envisage different social
classes in seven Brazilian states. For the last twelve months
period ended in September 2012, Fleury Group posted revenues of
BRL 1.5 billion (approximately USD 728 million at current exchange
rates) and adjusted EBITDA was of BRL 367.8 million with margin of
25.3%.

Moody's ratings are constantly monitored, unless designated as
point-in-time ratings in the initial press release. All Moody's
ratings are reviewed at least during every 12-month period.

The principal methodology used in rating Fleury was the Global
Business and Consumer Service Industry Rating Methodology
published in October, 2010.

The date on which some ratings were first released goes back to a
time before Moody's ratings were fully digitized and accurate data
may not be available. Consequently, Moody's provides a date that
it believes is the most reliable and accurate based on the
information that is available to it. The date of the last rating
action was November 11, 2011.


TONON BIOENERGIA: Fitch Assigns 'B' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned ratings to Tonon Bioenergia S.A.:

  -- Foreign and local currency Issuer Default Rating (IDR) 'B'
  -- USD200 million proposed senior unsecured notes due 2020
     'B/RR4'.

The Rating Outlook is Stable.

Net proceeds from this issuance will be used to prepay existing
senior secured debt and for working capital needs.

Tonon's ratings reflect the limited scale of its businesses and
the company's exposure to the cyclical sugar and ethanol industry,
which is characterized by strong price volatility and risks
inherent to the agribusiness sector. Tonon's ethanol business is
also exposed to industry dynamics with prices linked to Brazil's
regulated and gasoline prices. The government energy policies can
potentially impact the profitability of the ethanol business.

The ratings also incorporate Tonon's sizeable investment plans for
the upcoming years, which should pressure the company's free cash
flow (FCF). This risk is somewhat mitigated by the expectation of
manageable leverage levels and adequate debt maturity profile. The
company's credit metrics and liquidity were benefited by the sale
of its cogeneration assets and by a capital injection made by its
minority shareholder, which together represented a cash inflow of
BRL190 million in the third quarter of 2012.

AVERAGE BUSINESS POSITION IN THE SUGAR AND ETHANOL SECTOR

Tonon is a medium-sized sugar and ethanol company in a fragmented
commodity sector in which scale is relevant and volatility is
high. The company has 5.7 million tons of crushing capacity per
year, distributed in two industrial units located in the states of
Sao Paulo and Mato Grosso do Sul. Capital expenditures should
increase crushing capacity to 6.7 million tons within years, while
maintaining flexibility to produce up to approximately 60% of
sugar or ethanol. Sugar production is 100% exported while its
ethanol production is 70% sold to domestic market.

LEVERAGE SHOULD REMAIN AT MANAGEABLE LEVELS

Fitch expects the company will be able to manage its net leverage
at an adequate level below 3.0x after taking into consideration
sizeable investments planned for the upcoming years. Tonon's net
leverage was reduced to 2.5x for the latest 12 months (LTM) ended
Sept. 30, 2012, compared to 3.9x in March 2011, reflecting the
cash inflow in the third quarter of 2012. Fitch's projections
consider mid-cycle prices of sugar and ethanol, assuming USD20
cents per pound and BRL1,300 per cubic meters, respectively, for
the next harvest periods. The company's results will ultimately
depend on the company's ability to complete the necessary
investments and increase its capacity utilization within the
expected schedule, in order to avoid pressure on its capital
structure.

HIGH INVESTMENTS PRESSURE FCF

Fitch expects Tonon to present a negative FCF in the next five
years. Up to the 2015/2016 harvest period, total investment should
reach approximately BRL790 million, to be mostly used for the
maintenance and expansion of sugarcane crops and, to a lesser
extent, to increase installed industrial capacity. The investments
are crucial to sustain an increase in the company's cash flow from
operations (CFFO). In the LTM ended Sept. 30, 2012, the company's
CFFO of BRL153 million was able to meet capital expenditures of
BRL41 million, with a positive FCF of BRL112 million. Net revenues
have been increasing in recent years and the company's EBITDAR
margin of 40%-50% is high for the industry. In the LTM ended
Sept. 30, 2012, net revenues of BRL524 million and EBITDAR of
BRL251 million led to an EBITDA margin of 48%.

ADEQUATE DEBT PROFILE

As of Sept. 30, 2012, Tonon's debt profile was manageable and
liquidity position was adequate. The company's debt maturity
schedule benefited from the closing of a BRL250 million long-term
syndicated loan in September and other long-term export financing
transactions. At the end of the third quarter of 2012, the long-
term debt portion, excluding leased land obligations, was
equivalent to 83% of the company's total debt, compared to 40% and
14% in March 2012 and March 2011, respectively. At the same date,
cash and equivalents of BRL130 million was covering short-term
debt of BRL121 million by 1.1x. The company should need to
refinance part of its debt in the coming years as cash will be
used for investment purposes.

KEY RATING DRIVERS

Negative rating actions for Tonon could be triggered by a relevant
reduction in operational cash flow, with net leverage above
Fitch's expectations of 3.0x. Lower than expected leverage ratios
in a scenario of sizeable capital expenditures, coupled with the
maintenance of adequate liquidity and a more lengthened debt
amortization profile could lead to positive rating actions.



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


BLADE SECURITIES: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Blade Securities Limited received on Dec. 7,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


F&C BALANCED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of F&C Balanced Alpha Fund of Hedge Funds Limited
received on Nov. 29, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         P.O. Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


MERAK CDO: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Merak CDO Limited received on Jan. 2, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


MONDIAL ACTIVE: Members Receive Wind-Up Report
----------------------------------------------
The members of Mondial Active Fund Ltd. received on Dec. 5, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pieter Jan Van Der Pols
         c/o Circle Investment Support Services B.V.
         Utrechtseweg 31D
         3811 NA, Amersfoort
         The Netherlands
         Telephone: +31 (0) 33 467 3880
         Facsimile: +31 (0) 33 467 3890


MSR ASIA: Members Receive Wind-Up Report
----------------------------------------
The members of MSR Asia Acquisitions XIX, Inc. received on
Nov. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OAK HILL: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of Oak Hill Securities Fund II (Offshore I), Ltd.
received on Dec. 7, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


PFO LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of PFO Limited received on Nov. 27, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


RP FINANCE II: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of RP Finance II received on Dec. 7, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


RP FINANCE IV: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of RP Finance IV received on Dec. 7, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


RP FINANCE V: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of RP Finance V received on Dec. 7, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


RP FINANCE VI: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of RP Finance VI received on Dec. 7, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


SIGNUM INTEGRAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Signum Integral Capital Diversified received on
Jan. 2, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


STANSTED AIRCRAFT (NO.1): Shareholder Receives Wind-Up Report
-------------------------------------------------------------
The shareholder of Stansted Aircraft Finance (No.1) Limited
received on Dec. 7, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


STANSTED AIRCRAFT (NO.2) : Shareholder Receives Wind-Up Report
--------------------------------------------------------------
The shareholder of Stansted Aircraft Finance (No.2) Limited
received on Dec. 7, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


VESTMORE GROWTH: Members Receive Wind-Up Report
-----------------------------------------------
The members of Vestmore Growth Fund received on Dec. 12, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John C. Yuan
         Suite 1206, The Broadway
         54-62 Lockhart Road
         Wanchai
         Hong Kong
         Telephone: 852 25299189



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


METROFINANCIERA: S&P Lowers Ratings on 2 Notes Series to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
series from four Mexican residential mortgage-backed securities
(RMBS) transactions originated and serviced by Metrofinanciera
S.A.P.I. de C.V. SOFOM E.N.R. (Metrofinanciera).  At the same
time, S&P affirmed the ratings on three other series (see list).

"We lowered our ratings on series METROCB 05U, MFCB 05U MTROCB
07U, and MTROCB 08U to reflect the continued performance
deterioration of the underlying portfolios within the
transactions, caused by growing delinquencies and non-performing
levels and overall low recovery proceeds from the sale of
foreclosed assets.  As a result, credit enhancement levels are no
longer sufficient to support the previous ratings," S&P said.

"The affirmed ratings reflect our belief that the affected deals
have sufficient credit enhancement levels, in the form of
overcollateralization, excess spread, or a partial credit
guarantee (PCG), to support the current ratings under observed and
projected performance scenarios.  However, if severe weakening on
the underlying portfolios increases to exceed our projections, we
will review these transactions again," S&P added.

DEFAULTS AND CREDIT ENHANCEMENT LEVELS

Series             Defaults (%)       C/E (%)*
METROCB 04U        18.80               13.94
METROCB 05U        27.49               4.50
MFCB 05U           30.10               (11.63)
METROCB 06U        36.72               (25.98)
MTROCB 07U         42.61               (52.67)
MTROCB 08U         38.19               (49.74)
MTROFCB 08         23.69               28.91

Standard & Poor's estimates defaults considering the reported
delinquency buckets of 61-90 days and of over 90 days.

*Calculated as (1  liabilities / current assets) + percentage of
PCG available.
C/E - Credit enhancement.
PCG - Partial credit guarantee.

Metrofinanciera, in its role as a primary servicer and in an
effort to improve monthly collections and reduce foreclosure and
recovery times, intends to implement several loan relief programs
to the underlying portfolio (see Bulletin "Standard & Poor's
comenta sobre la propuesta para implementar productos de solucion
para apoyo a deudores de Metrofinanciera," Oct. 12, 2012).  We
will monitor the performance and the application progress over
these
loan modification programs in the transactions.

"We estimated the transactions' delinquency, defaults, and current
credit enhancement levels using our current RMBS methodology and
assumptions (see "Methodology And Assumptions: Rating Mexican
Residential Mortgage-Backed Securities," published June 5, 2012).
We analyzed the transactions using LEVELS Mexico to determine
updated foreclosure frequency and loss severity levels.
Underlying portfolios have mortgage insurance provided by Seguros
de Credito a la Vivienda SHF S.A. de C.V. (SCV; benefits from a
guaranty by the Mexican Federal government on its outstanding
obligations), Genworth Mortgage Insurance Corp. (Genworth) and/or
AIG United Guaranty (AIG).  We then used our Latin American RMBS
Cashflow Model to determine our rating on each deal based on the
deal's financial position, projected performance, and structure.
We modeled each deal's expected recovery using asset liquidations
that are consistent with the output of LEVELS Mexico," S&P noted.

FORECLOSURE FREQUENCY AND LOSS SEVERITY LEVELS MODELLED

Series              FF (%)         LS (%)
METROCB 04U         29.17          59.31
METROCB 05U         27.06          48.19
MFCB 05U            27.56          41.32
METROCB 06U         28.40          31.04
MTROCB 07U          18.87          40.76
MTROCB 08U          14.64          37.97
MTROFCB 08          22.16          38.38

FF--Foreclosure frequency.
LS--Loss severity.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at
http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

Metrofinanciera-Bursatilizaciones de Hipotecas Residenciales

Series            Maturity      Rating               Outs. Amount
                  Date          To          From       (UDI mil.)
METROCB 05U    2/20/2034     mxA+ (sf)    mxAA- (sf)   43.05
MFCB 05U       10/24/2033    mxBBB+ (sf)  mxA (sf)     54.35

Metrofinanciera-Bursatilizaciones de Hipotecas Residenciales II

Series       Maturity    Rating       Rating     Outs. Amount
              Date       To           From       (UDI mil.)
MTROCB 07U   12/1/2033   B (sf)       BB- (sf)     151.77
MTROCB 07U   12/1/2033   mxBBB- (sf)  mxA- (sf)    151.77
MTROCB 08U   4/1/2033    B (sf)       BB- (sf)     165.90
MTROCB 08U   4/1/2033    mxBBB- (sf)  mxA- (sf)    165.90

RATINGS AFFIRMED

Metrofinanciera-Bursatilizaciones de Hipotecas Residenciales

Series            Maturity    Rating      Outs. Amount
                    Date                  (UDI mil.)
METROCB 04U     11/11/2033  mxAAA (sf)      31.83
METROCB 06U     11/14/2033  mxBBB (sf)      51.18

Metrofinanciera-Bursatilizaciones de Hipotecas Residenciales II

Series           Maturity      Rating       Outs. Amount
                   Date                      (MXN mil.)
MTROFCB 08       6/1/2039    mxAAA (sf)        369.50



===============
P A R A G U A Y
===============


* PARAGUAY: Moody's Raises Government Bond Rating to 'Ba3'
----------------------------------------------------------
Moody's Investors Service has upgraded Paraguay's government bond
rating to Ba3 from B1. At Ba3, the outlook is stable.

Ratings Rationale

The key drivers supporting the upgrade are (1) government finances
that Moody's expects will continue to align well with peers in the
'Ba' rating category, despite volatile growth, (2) a sustained
build-up in international reserves resulting in external liquidity
metrics in line with 'Ba' medians, and (3) improved medium-term
growth prospects supported by government plans to increase
investment in infrastructure.

Government finances have remained strong despite volatile growth
because the large agricultural sector is not a significant
contributor to government revenues. An improvement in government
debt metrics has been possible due to consecutive budget surpluses
during 2004-2011. Debt ratios are significantly lower than the
medians for 'Ba'-rated countries.

Even though Moody's expects the government to post a deficit in
2012 and to do so again in 2013, both are on the order of 1% of
GDP and, in Moody's view, should be easily financed. Debt
affordability is strong, as annual interest payments are
equivalent to only 3% of government revenues, and rollover risks
are very low given the average debt maturity of 21 years.

The country's external liquidity position has improved, with gross
international reserves having grown ten-fold over the past decade,
rising to $5 billion in 2012 from $500 million in 2002. In 2011,
international reserves were sufficient to cover 100% of gross
external debt for the first time, roughly double the median among
peers rated 'Ba.' High FDI potential related to aluminum and
titanium projects should help diversify Paraguay's economic base
over the medium term, thus providing a buffer against
agricultural-related shocks.

The government is making concerted efforts to enhance the long-
term growth outlook by investing in infrastructure. Congress
recently passed a law which will require that the government
utilize over 80% of the revenues from energy sales to Brazil for
investment in infrastructure and education. Furthermore, the
government is legally barred from using any government debt for
current spending. The 2013 budget lists the specific
infrastructure projects (e.g., road construction, electricity) for
which the proceeds of its planned international bond issuance
should be used.

The stable outlook balances Paraguay's credit improvements with
key challenges that include: (1) commodity dependence and related
growth volatility, (2) relative fiscal inflexibility stemming from
earmarked expenditures, as well as a low revenue base related to
the large informal sector, (3) Congress' propensity to approve
expansionary budgets, and (4) a high, albeit falling, level of
financial dollarization.

Upward rating pressure could result from (1) investments in an
aluminum smelter, titanium mining, or other new sectors, enhancing
economic diversity and resiliency, (2) creation of a fiscal
stabilization fund, (3) an increase in the revenue base and/or a
significant reduction in the share of earmarked spending, or (4) a
steady decline in financial dollarization.

Downward rating pressure could stem from (1) a significant and
prolonged commodity shock driven by climate, weaker demand, or
another source, (2) recurrent political instability, (3) a
significant deterioration of fiscal metrics, or (4) worsening
external liquidity metrics.

Paraguay's country ceilings on bonds and deposits were also
adjusted as part of this rating action. The foreign currency bond
ceiling was raised to Ba1 from Ba3; the foreign currency deposit
ceiling was raised to B1 from B2. Paraguay's local currency bond
and deposit ceilings remained unchanged at Ba1.

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



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********


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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., 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 * * *