TCRLA_Public/130121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, January 21, 2013, Vol. 14, No. 14


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Signs Deal With French Aviation Company


B E R M U D A

AC TRADING: Members to Receive Wind-Up Report on Jan. 25
AERCO BERMUDA: Members to Receive Wind-Up Report on Jan. 25
BAUDELAIRE LIMITED: Members to Receive Wind-Up Report on Jan. 25
BERMUDA HOTELS (4): Member to Receive Wind-Up Report on Jan. 25
CA CABLE: Member to Receive Wind-Up Report on Jan. 25

LIDERTYL (BERMUDA): Members to Receive Wind-Up Report on Jan. 25
MUTUAL INDEMNITY: Declares First and Final Dividend


B R A Z I L

CORPORACION PESQUERA: S&P Retains 'B+' CCR Despite $75MM Add-On


C A Y M A N  I S L A N D S

BABSON CLO: Commences Liquidation Proceedings
BARCLAYS WEALTH: Placed Under Voluntary Wind-Up
BATTLEGROUND CAPITAL: Commences Liquidation Proceedings
BRIKASA INVESTMENTS: Placed Under Voluntary Wind-Up
COURTNEY FYNN: Commences Liquidation Proceedings

DESTINATION EME: Placed Under Voluntary Wind-Up
LANGFOSS CAPITAL: Commences Liquidation Proceedings
LANGFOSS LIMITED: Commences Liquidation Proceedings
MAURITIUS INTERNATIONAL: Placed Under Voluntary Wind-Up
MPC HOLDCO: Commences Liquidation Proceedings

MPC HOLD CO CAYMAN: Commences Liquidation Proceedings
MPC INVESTORS: Commences Liquidation Proceedings
NORTHERN WALLEYE: Placed Under Voluntary Wind-Up
PACIFIC LEASING: Commences Liquidation Proceedings
RAMIUS HEDGED: Commences Liquidation Proceedings

SAHARA INVESTMENTS: Placed Under Voluntary Wind-Up
SHINOSAKA HOLDINGS: Commences Liquidation Proceedings
TAPESTRY POOLED I: Commences Liquidation Proceedings
TAPESTRY POOLED II: Commences Liquidation Proceedings
TAPESTRY POOLED VI: Commences Liquidation Proceedings


C H I L E

CORP GROUP: Moody's Assigns Ba3 Foreign Curr. Senior Debt Rating


M E X I C O

PESQUERA EXALMAR: Moody's Assigns 'B2' CFR; Rates Sr. Notes 'B2'


P A R A G U A Y

* PARAGUAY: Moody's Publishes Annual Credit Analysis
* PARAGUAY: S&P Assigns 'BB-' Rating to Proposed US$500MM Bonds


P U E R T O   R I C O

POPULAR INC: Fitch Hikes Longterm Issuer Default Rating to 'BB-'
FIRST BANCORP: Fitch Affirms LT Issuer Default Rating at 'B-'
DORAL FINANCIAL: Fitch Affirms 'B-' LT Issuer Default Rating
LAUSELL INC: Can Access Bank's Cash Collateral Until March 31
MIRAMAR REAL ESTATE: Confirms Plan, Transfers Assets to Putman


S U R I N A M E

* SURINAME: Partnership With IDB Grows Stronger in 2012


T R I N I D A D  &  T O B A G O

CL FINANCIAL: New CLICO Fund Continues to Trend Downward


X X X X X X X X

* BOND PRICING: For the Week Jan. 14 to Jan. 18, 2013


                            - - - - -


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


LIAT: Signs Deal With French Aviation Company
---------------------------------------------
RJR News reports that French aviation company ATR and regional
airline LIAT have signed an agreement for the purchase of three
48-seater aircraft by Leeward Islands Air Transport, known as
LIAT.

The deal also includes options for two 68-seater planes, and is
valued at more than US$100 million, according to the report.

The report relates that LIAT will take delivery of its very first
ATR 42-600 in June.

RJR News notes that with the arrival of these aircraft from ATR,
plus additional ATR-600s under discussion from leasing companies,
LIAT will progressively replace its current fleet of former
turboprop aircraft.

The airline currently operates a fleet of 14 aircraft over its
Caribbean network, which includes main hubs at Antigua-Barbuda,
Barbados and Trinidad & Tobago, RJR News says.

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

                            About LIAT

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



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


AC TRADING: Members to Receive Wind-Up Report on Jan. 25
--------------------------------------------------------
The members of AC Trading Management Limited will receive on
Jan. 25, 2013, at 10:45 a.m.., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 19, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


AERCO BERMUDA: Members to Receive Wind-Up Report on Jan. 25
-----------------------------------------------------------
The members of Aerco Bermuda Leasing Limited will receive on
Jan. 25, 2013, at 11:00 a.m.., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 19, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


BAUDELAIRE LIMITED: Members to Receive Wind-Up Report on Jan. 25
----------------------------------------------------------------
The members of Baudelaire Limited will receive on Jan. 25, 2013,
at 10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 19, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


BERMUDA HOTELS (4): Member to Receive Wind-Up Report on Jan. 25
---------------------------------------------------------------
The member of Bermuda Hotels (4) Limited will receive on Jan. 25,
2013, at 9:30 a.m.., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 19, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


CA CABLE: Member to Receive Wind-Up Report on Jan. 25
-----------------------------------------------------
The member of CA Cable Investment Group Limited will receive on
Jan. 25, 2013, at 10:00 a.m.., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Christopher C. Morris
         c/o Century House
         16 Par-la-Ville Road
         Hamilton HM08, Bermuda


LIDERTYL (BERMUDA): Members to Receive Wind-Up Report on Jan. 25
----------------------------------------------------------------
The members of Lidertyl (Bermuda) Limited will receive on
Jan. 25, 2013, at 10:00 a.m.., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 18, 2012.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


MUTUAL INDEMNITY: Declares First and Final Dividend
---------------------------------------------------
Mutual Indemnity (U.S.) Ltd., which is in liquidation declared its
first and final distribution to creditors of 100 cents on the
dollar.

Mike Morrison is the company's liquidator.



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


CORPORACION PESQUERA: S&P Retains 'B+' CCR Despite $75MM Add-On
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' corporate
credit and issue-level ratings on Corporacion Pesquera Inca S.A.C.
are not affected following the proposed $75 million add-on to its
$175 million bond due 2017.  The add-on is under the same terms
and conditions as the bond.  The company will use the proceeds to
pay down operating leasing agreements, for capital expenditures,
and improve liquidity.



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


BABSON CLO: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 8, 2012, the sole shareholder of Babson CLO Ltd. 2003-I
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BARCLAYS WEALTH: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 8, 2012, the sole shareholder of Barclays Wealth Advisor
Series-International Core Equity Ltd. resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square, 1st Floor
         64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


BATTLEGROUND CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 9, 2012, the shareholder of Battleground Capital Master
Fund, Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         William Connors
         c/o Fiona MacAdam
         Walkers
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands
         Telephone: +1 345 914 4273
         e-mail: Fiona.MacAdam@walkersglobal.com


BRIKASA INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 8, 2012, the shareholder of Brikasa Investments Inc
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


COURTNEY FYNN: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 31, 2012, the shareholders of Courtney Fynn Capital
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Grant Cellier
         Telephone: +1 345-815-2632/ +1 345-949-4800
         Facsimile: +1 345-949-7164/ +1 345-949-7164


DESTINATION EME: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 8, 2012, the sole shareholder of Destination EME Fund
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Avalon Management Limited
         Reference:  GL
         Telephone:  (+1) 345 769 4422
         Facsimile:    (+1) 345 769 9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


LANGFOSS CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 31, 2012, the sole shareholder of Langfoss Capital
Management Limited resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

         Edel Andersen
         Alexander Bullmore
         Telephone: (345) 945 3466
         Facsimile:   (345) 945 3470
         c/o Genesis Trust & Corporate Services Ltd.
         P.O. Box 448 Midtown Plaza, Elgin Avenue
         George Town
         Grand Cayman KY1-1106
         Cayman Islands


LANGFOSS LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 31, 2012, the sole shareholder of Langfoss Limited
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

         Edel Andersen
         Alexander Bullmore
         Telephone: (345) 945 3466
         Facsimile:   (345) 945 3470
         c/o Genesis Trust & Corporate Services Ltd.
         P.O. Box 448 Midtown Plaza, Elgin Avenue
         George Town
         Grand Cayman KY1-1106
         Cayman Islands


MAURITIUS INTERNATIONAL: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On Nov. 6, 2012, the sole shareholder of Mauritius International
Corp. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622
         Grand Cayman KY1-1203
         Cayman Islands


MPC HOLDCO: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 1, 2012, the shareholders of MPC Holdco Limited resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

         KPH Holdings Ltd
         c/o Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


MPC HOLD CO CAYMAN: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 1, 2012, the shareholders of MPC Hold Co Cayman resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

         KPH Holdings Ltd
         c/o Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


MPC INVESTORS: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 1, 2012, the shareholders of MPC Investors Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         KPH Holdings Ltd
         c/o Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


NORTHERN WALLEYE: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 7, 2012, the shareholder of Northern Walleye Ltd resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


PACIFIC LEASING: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 8, 2012, the sole shareholder of Pacific Leasing Limited
resolved to voluntarily liquidate the company's business.

The company's liquidators are:

         Edel Andersen
         Alexander Bullmore
         Telephone: (345) 945 3466
         Facsimile: (345) 945 3470
         c/o Genesis Trust & Corporate Services Ltd.
         P.O. Box 448
         Midtown Plaza, Elgin Avenue, George Town
         Grand Cayman KY1-1106
         Cayman Islands


RAMIUS HEDGED: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 6, 2012, the sole shareholder of Ramius Hedged Equity FOF
Ltd. resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Ramius Alternative Solutions LLC
         c/o Sharon Gnessin
         599 Lexington Avenue, 19th Floor
         New York, New York 10022
         United States of America
         Telephone: + 1 646 562 1702


SAHARA INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 9, 2012, the shareholders of Sahara Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SHINOSAKA HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 7, 2012, the sole shareholder of Shinosaka Holdings Inc
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TAPESTRY POOLED I: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 6, 2012, the sole shareholder of Tapestry Pooled Account
I, Ltd. resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Ramius Alternative Solutions LLC
         c/o Sharon Gnessin
         599 Lexington Avenue, 19th Floor
         New York, New York 10022
         United States of America
         Telephone: + 1 646 562 1702


TAPESTRY POOLED II: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 6, 2012, the sole shareholder of Tapestry Pooled Account
II, Ltd. resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Ramius Alternative Solutions LLC
         c/o Sharon Gnessin
         599 Lexington Avenue, 19th Floor
         New York, New York 10022
         United States of America
         Telephone: + 1 646 562 1702


TAPESTRY POOLED VI: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 6, 2012, the sole shareholder of Tapestry Pooled Account
VI, Ltd. resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Ramius Alternative Solutions LLC
         c/o Sharon Gnessin
         599 Lexington Avenue, 19th Floor
         New York, New York 10022
         United States of America
         Telephone: + 1 646 562 1702



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C H I L E
=========


CORP GROUP: Moody's Assigns Ba3 Foreign Curr. Senior Debt Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long term foreign
currency senior debt rating to Corp Group Banking S.A. (CG
Banking)'s proposed issuance of up to US$ 500 million in unsecured
senior notes for up to 10 years. Moody's also assigned Ba3 long
term local and foreign currency issuer ratings to CG Banking.

The outlook on the ratings is negative, in line with the outlook
for the ratings of its parent holding, Inversiones CorpGroup
Interhold (Interhold) (Ba3, negative) that in turn reflects the
negative outlook on the group's main operating subsidiary,
CorpBanca ((D+/baa3/Baa1, negative). The negative outlook was
assigned on October 11, 2012, pending completion of the bank's
acquisition and financing of Helm Bank S.A. (Colombia) expected in
first quarter of 2013.

The following ratings were assigned to Corp Group Banking S.A.:

  Foreign currency senior unsecured debt rating: Ba3, negative
  outlook

  Long term local currency issuer rating: Ba3, negative outlook

  Long term foreign currency issuer rating: Ba3, negative outlook

Rating Rationale

The Ba3 debt and issuer ratings assigned to CG Banking are in line
with the Ba3 debt and issuer ratings Moody's assigns to its 99.9%
parent, Inversiones Corp Group Interhold (Interhold), as they
share similar risk profiles. They are based on the following
considerations: 1) steady and growing dividend contributions from
its main operating subsidiaries, particularly CorpBanca, under
both expected and adverse earnings scenarios; 2) the holding's
high reliance on dividends from its operating subsidiaries to meet
its obligations; and 3) the present and potential cash needs of
both the holding and the group's expanding operations. The ratings
take into account the refinancing risks inherent in the group's
strategy of increasingly financing its acquisitions with debt
alongside ongoing capital support from its controlling and other
shareholders. The group's high growth profile and cross border
acquisition strategy, as demonstrated by the purchase of two banks
in Colombia, add a level of uncertainty to the company's future
cash flows that is also incorporated in the Ba3 rating.

The Ba3 ratings for CG Banking are anchored on the baa3 stand
alone credit assessment of CorpBanca, its largest and most
profitable operating subsidiary. However, CorpBanca, as well as
the holding's insurance subsidiaries Corp Group Vida Chile S.A.
and Corpseguros S.A. are regulated by the Chilean Superintendency
of Financial Institutions and Superintendency of Securities and
Insurance, respectively, and are therefore subject to minimum
capital requirements that could affect the upstreaming of
dividends to CG Banking and therefore its ability to meet its debt
obligations.

The three-notch differential between the Ba3 ratings of CG Banking
and CorpBanca's baa3 standalone credit assessment reflects the
structural subordination of the holding company's debt holders to
all liability holders of the regulated operating companies,
particularly bank depositors and insurance policy holders, and to
all other creditors of the operating companies, given that the
debt is not guaranteed by the operating companies. The Ba3 rating
for CG Banking also takes into account the lack of restrictions on
holding company dividends. Moody's said that this risk is not
significantly mitigated by the transaction modest financial
covenants or by restrictions on additional debt, payments, or
liens.

The negative outlook on CG Banking's ratings reflects the negative
outlook on the ratings of its main operating subsidiary,
CorpBanca. Moody's assigned a negative outlook on CorpBanca's
ratings to reflect the potential for negative pressures on its
capitalization after the bank announced its second large cross
border bank acquisition in Colombia in less than a year and that
hinged on the bank's ability to raise a large amount of capital.
The negative outlook also reflects the execution risks related to
the financing plan particularly in light of current market
uncertainties, although Moody's acknowledges the bank's success in
raising capital to finance the Santander Colombia acquisition in
first half of 2012. A major deviation from the planned capital
structure supporting the acquisition could therefore result in
further negative rating actions.

The main challenge for CG Banking lies in its increasing
indebtedness related to the group's expansion strategy,
particularly the proposed issuance, which is expected to be used
to refinance its own debts as well as those of the group. While
the issuance will not affect the group's overall indebtedness, it
will significantly raise CG Banking's standalone leverage, and
therefore its refinancing risk, as well as reduce its standalone
debt servicing capacity. CG Banking's acquisition strategy also
adds a level of unpredictability to the cash flows that are
required to service its increasing debt load. Moody's noted that
CG Banking's ratings could come under pressure in the event of
additional acquisitions financed by debt.

Established in 1998 and incorporated in Chile, CG Banking S.A. (CG
Banking) is an intermediate holding company 99.99% owned by
Inversiones Corp Group Interhold, that is in turn 75.6% owned and
controlled by the Saieh family. CG Banking's main operating
subsidiary is CorpBanca, Chile's fifth largest bank, in which it
holds a 50.4% stake. CG Banking also holds a 40% stake in the
group's insurance company, Corp Group Vida Chile, the country's
second largest provider of annuities. The Saieh family controls
61% of CorpBanca via CG Banking, CorpGroup Inversiones Bancarias
and other entities related to the Saieh group.

As of September 30, 2012, CG Banking reported unconsolidated
assets of US$1.6 billion (CLP 757 billion) and shareholders'
equity of US$1.5 billion. On a consolidated basis as of September
30, 2012, CG Banking and its subsidiaries reported total assets of
US$28 billion and total net equity of US$2.6 billion.

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



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


PESQUERA EXALMAR: Moody's Assigns 'B2' CFR; Rates Sr. Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Pesquera
Exalmar, S.A.A.'s senior unsecured global notes due 2022 for an
amount up to US$200 million. At the same time, Moody's assigned a
B2 corporate family rating to Exalmar. The rating outlook is
stable. This is the first time that Moody's has rated Exalmar.

Issuance proceeds will be used to refinance an existing US$140
million syndicated loan and to purchase approximately 0.5% of
additional fishing quota.

Exalmar's B2 rating reflects the company's limited operating scale
and modest business diversification compared to regional peers as
well as other seafood and protein-industry companies; its exposure
to potentially volatile volume and price trends of the
commoditized global fishmeal and fish oil market; the sensitivity
of cash flows to climatic conditions and regulation; a pronounced
cash flow seasonality; and its strategy to increase its market
share through debt-financed quota acquisitions.

These credit negatives are to some extent offset by Exalmar's
position as the fourth largest fishmeal producer in Peru, the
world's leading fishmeal nation; a successful operating history in
its current business configuration; the favorable earnings
prospects resulting from improved efficiency potential under
Peru's ITQ system; and the potential for revenue diversification
that could come from its growing direct human consumption
business.

Exalmar's credit metrics are currently strong for the B2 rating
category and compare favorably with other rated industry peers.
Moody's adjusted debt/EBITDA was 3.7x as of September 30, 2012 and
interest coverage (adjusted EBITA/Interest expense) was 3.7x over
the last twelve months ended September 30, 2012. Pro-forma for
this transaction Moody's anticipates leverage (debt/EBITDA) to
increase to 4.4x in 2012 reflecting the additional debt from the
proposed US$200 million global notes. Longer term Moody's expects
leverage to decline, to close to 3.5x in 2013, and to continue
improving to below 2.5x by 2015 as the company generates
additional EBITDA. Similarly, interest coverage is estimated to
continue recovering every year from 3.2x just after the
transaction to above 5x by 2015.

In 2011 Exalmar's cash flow generation was affected by high
capital expenditures and dividend payments resulting in negative
free cash flow. Exalmar's projects that it will spend US$86
million in 2013 both to acquire sufficient additional fishing
quota in the north-center region to bring its' total quota up to
7% and to continue investing in its plants and vessels. As a
result, free cash flow (defined as cash flow from operations minus
capital expenditures and dividend payments) is expected to remain
negative in 2012 and 2013. The company will finance the
acquisition of additional quota with the proceeds of the proposed
notes. From 2014 and beyond free cash flow is expected be positive
as the company plans to reduce capex to US$15-US$17 million per
year while keeping dividend payment in the US$17-US$20 million
range

In 2010, the company began developing its direct human consumption
(DHC) business and started a US$40 million investment plan to
build two new plants (Tambo de Mora and Paita) for frozen fish
processing and to provide six of its vessels with refrigeration
systems. As of Jan. 17, the company essentially finished this
investment program and expects the Tambo de Mora plant to start
operations in 2013 with a 575 MT/day capacity. This will increase
the company's installed capacity of its DHC business from 108
MT/day to 683 MT/day. Exalmar plans to benefit from the increasing
importance of fish for direct human consumption as according to
the Food and Agriculture Organization over 75% of the global fish
production is used for DHC. Exalmar's DHC business could provide
the company with some revenue diversification as it is planned to
grow to represent up to 25% of total revenues by 2017. In addition
it will allow the company to strengthen its competitive position
against other Peruvian fishing companies which also have a DHC
business.

The senior unsecured global notes are effectively subordinated to
the company's secured debt. However after the issuance of the
notes, secured debt will amount to approximately US$4 million or
less than 2% of total debt. Given that secured debt after the
issuance of the notes will represent a very small amount of the
company's total debt Moody's will not notch down the rating of the
senior unsecured global notes.

The stable ratings outlook reflects Moody's expectation that
Exalmar will continue to operate successfully under the ITQ system
while improving earnings trends and that any debt-financed quota
acquisition should not be done in detriment of the company's
credit profile. The outlook also incorporates Moody's expectation
that the company's cash position should improve by generating
positive free cash flow in the medium term as capital expenditures
are expected to decline with moderate dividend payments.

In the longer term, upward ratings pressure could emerge if the
company is able to maintain positive cash flow generation while
maintaining robust credit metrics and strong liquidity on a
sustainable basis with debt/EBITDA below 2.5x

A prolonged period of negative free cash flow generation with
material additional external funding needs, for example because of
an abrupt deterioration of global fishmeal demand or anchovy
supply or because a debt financed quota acquisition, could cause
downward pressure on the ratings. Large dividend payouts
materially affecting free cash flow or operating margin
deterioration below double digit can also pressure the rating.

The principal methodology used in rating Exalmar was the Global
Food - Protein and Agriculture Industry Methodology published in
September 2009.

Founded in 1992, Pesquera Exalmar, S.A.A. is a Peruvian fishing
company which produces fishmeal and fish oil used for indirect
human consumption. In addition, Exalmar also sells fresh and
frozen fish (mackerel, horse mackerel, giant squid, and mahi-mahi)
for direct human consumption. The company has a 6.45% assigned
quota in the north-center of Peru and has the ability to process
3rd party catch which increases its overall participation in the
market to 10.76%. For the last twelve months ended September 30,
2012, the company reported revenues of USD208 million.



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


* PARAGUAY: Moody's Publishes Annual Credit Analysis
----------------------------------------------------
Moody's Investors Service has published its annual credit analysis
of Paraguay, providing an in-depth analysis of key credit
strengths and challenges, as well as the rationale behind its
upgrade of Paraguay's government bond rating to Ba3 from B1, with
a stable outlook.

The key drivers supporting the upgrade were government finances
that align well with peers in the 'Ba' rating category (despite
volatile growth), a sustained build-up in international reserves,
and improved medium-term growth prospects supported by government
plans to increase investment in infrastructure.

Government finances in Paraguay have remained strong despite the
country's volatile growth because the large agricultural sector,
the main source of this volatility, is not a significant
contributor to government revenues. Consecutive budget surpluses
during 2004-11 led to improved government debt metrics, says
Moody's.

The government posted a deficit in 2012 and Moody's expects it to
do so again in 2013. On the order of 1% of GDP, both of these
deficits should be easily financed, says Moody's.


* PARAGUAY: S&P Assigns 'BB-' Rating to Proposed US$500MM Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
issue rating and '3' recovery rating to Paraguay's proposed debut
issuance of US$500 million bonds due in 2023.  At the same time,
S&P affirmed the 'BB-/B' sovereign credit ratings on Paraguay.
The outlook remains stable.

"The ratings on Paraguay reflect its solid fiscal position, low
debt, and improved external indicators," said Standard & Poor's
credit analyst Richard Francis.  Although the central government
likely had a fiscal deficit of nearly 1% of GDP in 2012 after
running surpluses since 2004, we expect the central government to
return to a balanced budget in 2013, partly because of the
introduction of an income tax and higher value-added-tax receipts
as a result of the rebounding economy.  The fiscal position has
resulted in a steadily declining general government debt burden,
likely reaching 14% of GDP (or 4% in net terms) in 2012.  At the
same time, the country's external indicators have continued to
strengthen as a result of solid export growth (except in 2009 and
2012) and rising international reserves, which now cover more than
five months of current account payments.

"Paraguay's weak political institutions, less developed economy,
and limited monetary flexibility constrain the ratings," said
Mr. Francis.  Despite the improvements in the country's economic
fundamentals, a difficult political environment and weak, albeit
improving, institutional capacity--especially in areas such as
debt management and financial supervision--remain rating
constraints.  In addition, Transparency International's 2012
Corruption Perceptions Index, which measures perceptions of
public-sector corruption, indicates significant corruption in the
country.  The index ranked Paraguay 150 out of the 176 countries
it surveys (with 1 being the best and 176 the worst).  Monetary
flexibility is constrained because of the high level of
dollarization (albeit declining) in the economy and persistent
central bank deficits, which reflect nonperforming loans to
government-owned entities and financial institutions that were
largely incurred prior to the 1995 charter prohibiting
such practices.  The Paraguayan Congress passed a bill allowing
for the recapitalization of the central bank in 2010, and S&P
expects it to begin implementing the recapitalization in 2013.

The stable outlook balances the country's narrow economy and
substantial infrastructure needs against the government's
improving fiscal underpinnings and low debt.  The ratings could
improve if Paraguay undertakes important investment projects,
which would further boost growth prospects and external
indicators.  Additional reform measures in the areas of debt
management, financial supervision, and successful recapitalization
of the central bank--a precursor to inflation targeting--would
also improve rating prospects.  On the other hand, rapid credit
growth that impairs external and fiscal flexibility or leads to
financial-sector problems could lead to a downgrade.  S&P could
also downgrade Paraguay if the political and economic isolation is
more severe or lasts longer than S&P's current expectation.



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


POPULAR INC: Fitch Hikes Longterm Issuer Default Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has completed a peer review of four rated Puerto
Rican banks. Fitch has affirmed the Long-term Issuer Default
Ratings (IDR) of Doral Financial Corp. and First BanCorp at 'B-'.
Fitch has upgraded the Long-term IDR of Popular Inc. to 'BB-' from
'B+', which is now equalized with its bank subsidiaries ratings.
The Outlook for BPOP and FBP is Stable.

For Santander Bancorp, Fitch has affirmed its Viability Rating at
'bb+'. Fitch notes that SBP's IDRs and Rating Outlook are linked
with that of its ultimate parent, Banco Santander (based in
Spain), and changes in the parent company's ratings result in
changes to SBP's. Currently, SBP's Long-term IDRs is 'BBB' with a
Negative Outlook. (For additional details, please see 'Fitch
Downgrades Santander & BBVA to 'BBB+'/Negative Outlook on
Sovereign Action', dated Feb. 13, 2012, and available at
www.fitchratings.com..

RATING ACTION RATIONALE AND RATING DRIVERS AND SENSITIVITIES - VRs
and IDRs (applicable to all banks in the peer group)

Fitch-rated Puerto Rican bank Viability Ratings (VRs) and IDRs
incorporate limiting rating factors. These VRs and IDRs are
significantly more sensitive to the economic conditions within
their respective footprints. Given the peer group's concentration
in Puerto Rico and the pressures on the local economy, Fitch
believes prospects for earnings growth is difficult in the near
term. Additionally, this group's funding profiles have generally
been weaker compared to its U.S. bank peers. It includes a
reliance on non-core deposits, such as brokered certificates of
deposit (CDs) time deposits, and wholesale borrowings with a
higher cost of funds. Further, non-performing loans (NPLs) are
stubbornly high and are reflected in current ratings levels. In
Fitch's view, the banks will likely continue to operate with
elevated levels of non-performing assets (NPAs), absent loan
sales, given pressures in the real estate sector, which has a glut
of housing inventory that will likely take a few years to balance
out.

Fitch believes current rating levels are indicative of the
significant challenges facing Puerto Rican banks. For 3Q'12,
Fitch-rated Puerto Rico banks' NPA ratio (which includes TDRs) was
13.19% compared to an average of 3.5% for Fitch-rated Mid-Tier and
Community bank peer groups combined. For the group, average net
charge-offs (NCOs) totaled 1.90% for 3Q'12, despite the elevated
levels of non-performers. Fitch believes NCOs may begin to
increase from residential mortgages given the rising delinquency
rates in this loan catergory and the increase in foreclosures. In
Fitch's view, credit trends reflect the continued stress from the
real estate market, particularly commercial real estate (CRE),
construction and residential mortgage loans. Fitch notes that
Puerto Rican banks' (including those not rated by Fitch) loan mix
is heavily weighted towards real estate lending, mainly CRE &
construction and residential mortgages, with an average of 32% and
38%, respectively.

Puerto Rican bank funding profiles are considered weaker when
compared to those on the U.S. mainland given the higher reliance
on noncore funding sources. This characteristic, considered a
rating constraint, has been a historical trend as the local market
does not have sufficient core deposits to support funding needs.
Of note, the peer group's average net interest margin (NIM) was
4.23% for 3Q'12, which is higher than most U.S. banks. This is
mainly due to the liability sensitive nature of the balance sheet
for most Puerto Rican banks. In a rising rate environment, the NIM
would likely be pressured.

Current rating levels incorporate the weak state of the economy in
Puerto Rico, which is expected to pressure credit and financial
performance over the longer term. The island has been in a
recession for seven years with unemployment at 13.6% for 3Q'12 and
GNP for 2011 of negative 3.8%. Recent economic trends reflect
modest improvements year-over-year. However, much uncertainty
remains as to future strategies to address the fiscal and
structural issues hurting the local economy. The Stable Outlook
reflects the view that any impact from future negative economic
weakness would be manageable given the increased capital position
across most of the banks, deleveraging of the balance sheet, and
modest improvements to liquidity profiles.

Given the challenges noted above, in Fitch's opinion, future
consolidation in Puerto Rico may take place as management teams
may have more of an incentive to consider M&A as a way to
strengthen franchises, improve product diversity, and enhance
funding profile to help offset the
challenging operating environment.

RATING DRIVERS AND SENSITIVITIES FOR THE IDRS AND VRS OF EACH BANK
ARE SUMMARIZED BELOW:

DRL (Long-term IDR/VR 'CCC/ccc')

DRL's ratings affirmation reflects the company's ongoing
challenges such as longer-term strategic plans, geographic and
product concentration with a limited franchise, and high levels of
non-performers. Additionally, DRL's funding profile is much more
reliant on wholesale borrowings versus its peers at 35% of total
liabilities versus an average of 17% for the peer group. Further,
the company's capital position is considered weak and not
sufficient to support future losses should NCOs begin to rise from
current levels. For 3Q'12, DRL's Fitch Core Capital ratio was
2.17% and Tangible Common Equity (TCE) was 5.43%. During 2012,
DRL's capital position trended down.

During 3Q'12, the company reported a net loss as it doubled loan
loss provisions compared to the full-year of 2011. Further, Fitch
expects credit and capital pressures to persist throughout 2013
that may result in the company needing additional capital as it
works through its problem assets. DRL has managed to maintain
regulatory capital ratios at well-capitalized as balance sheet
shrinkage continues to support capital ratios. However, DRL's
Texas ratio defined as NPAs/(TCE + Reserves) is on the high end of
most Fitch-rated institutions at above 200% as of Sept. 30, 2012.

The company has the worst rank in terms of NPA at 20.7% for 3Q12
(which includes Troubled Debt Restructurings or TDRs), although
reporting a relatively modest NCO ratio of 2.5%. Non-performers
are split about 58% related to residential mortgages) and 42%
related to CRE & construction loans. On a positive note, on an
absolute basis, non-performers are down for 3Q12 to $1.31 billion
compared to $1.86 billion the same quarter a year ago. Fitch
believes NCOs will likely increase as the real estate sector in
Puerto Rico continues to face pressures with high levels of unsold
housing inventories and weak economic conditions. NCOs remain
manageable up to this point, but well above normalized levels.

Should credit losses and provision expenses trend to levels
similar to 2011, Fitch believes DRL could fall below 'well
capitalized' status in 2014. DRL's ratings could move lower if
regulatory capital ratios are expected to fall into to
'undercapitalized' status. Additionally, deteriorating liquidity
or inability to access to funding markets could also place
negative rating pressure on the institution.

FBP (Long-term IDR/VR 'B-/b-', Outlook Stable)

FBP's ratings affirmation incorporates the company's geographic
concentration in Puerto Rico. Despite some improvements in credit
trends compared to 2011, the company is operating with a high
level of NPLs and some volatility is expected in NCOS given that
61% of its loan book is tied to real estate in the local market.
Further, the loss content in the CRE and construction loan
portfolios tends to be higher, which still accounts for about 42%
of NPLs. Nonetheless, Fitch does not expect credit losses to
return to the peak level experienced in 2010.

Fitch expects profitability to be sustainable at current modest
levels, as FBP returned to profitability 2Q'12. The company is
focused on improving its franchise by growing its consumer book as
it tries to diversify its loan book and customer base. FBP
currently ranks 2 in terms of loans with 18.4% in September 2012.
During 2012, FBP has seen a steady increase to its pre-provision
net revenue, although it is still relatively low. The NIM also
improved by 116bps to 3.98% in 3Q12 versus same period a year ago,
as the company has benefited from reduced funding costs.

Following a recapitalization in 4Q11, FBP capital is considered
solid, as it provides a buffer for potential losses in its loan
portfolio and improves its financial flexibility. The company's
(TCE) and Tier 1 Common equity ratios improved to 10.39% and
13.33% during 3Q12, respectively, compared to 3.80% and 5.01% for
3Q'11.

Ratings could be positively affected should the improvement in
earnings and capital position remain sustainable and/or if
nonperforming assets were to materially decline. However, if
credit problems continue trending toward peak levels while eroding
capital, FBP's ratings would face downward pressure.

Popular Inc. (Long-term IDR/VR upgraded to 'BB-/bb-' from 'B+/b+',
Outlook Revised to Stable from Positive)

Popular Inc. and Popular North America's (the holding companies)
VRs and IDRs have been upgraded and equalized with the bank
subsidiary ratings given the improved liquidity position and
manageable near-term obligations. Incorporated in the equalization
is also the view that the bank subsidiaries will not require
capital injections from the parent company.

Prudent liquidity management is important for BPOP given the
sizeable amount of total debt outstanding - roughly $1.2 billion
of which $935 million is trust preferred securities, including
securities issued under the U.S. Treasury's Troubled Assets Relief
Program (TARP). The company is currently operating with 2x
coverage of its total debt interest expense, which Fitch considers
sufficient given manageable near-term debt obligations (about $42
million total maturing in 4Q'12).

Fitch believes the bank's recent operating performance is
sustainable despite the difficult operating environment. The
company's strong franchise in Puerto Rico is also viewed
positively as it holds the number one market share position for
loans and deposits by a wide margin at 38% and 40%, respectively.
However, current and expected challenges in Puerto Rico's
operating environment could limit improvements in the company's
financial performance over the near term. BPOP has been profitable
since 2011 and capital continues to build. Fitch views BPOP's
capital position as adequate (given a still high level of risks)
with a TCE of 9.26% and Tier 1 Common of 12.72%. The solid capital
base provides a cushion should net losses start to increase.

The company continues to operate with elevated levels of NPAs and
NCOs, which totaled 11.6% and 1.80% for 3Q'12, respectively. Fitch
notes credit metrics reflect an improvement year-over-year. NPL
inflows have slowed compared to the previous year, excluding
purchased impaired loans. Nonetheless, BPOP's loan book remains
exposed to the pressured real estate conditions as CRE and
construction and residential lending account for 55% of total
loans.

Positive rating action could ensue should BPOP experience a
reduction in level of problem loans while maintaining good
earnings trend and build its capital position. Further, the
possible removal of regulatory orders with regulators at the
holding company and continued liquidity management that is
appropriate relative to its debt service could lead to an
equalization of the holding company and bank ratings. Offsetting
that, the Outlook could be revised to Negative if BPOP's capital
position reflected a declining trend and/or a decrease in reserve
coverage absent improvement in the level of NPAs.

Santander Bancorp (Long-term IDR/VR 'BBB/bb+', Outlook Negative)

Fitch affirmed SBP's standalone rating, the VR, at 'bb+'. The
affirmation is supported by the company's sound operating
performance and solid capital position while operating in the
challenging Puerto Rican market. Similar to local peers, asset
quality remains a challenge.

Although Fitch is concerned with SBP's elevated levels of NPAs at
7.41%, it compares well to local peers with an average NPA of
13.19% at 3Q'12. SBP's loan portfolio exhibits better credit
performance due to more conservative underwriting and overall risk
management practices (including a relatively low concentration in
construction lending). Additionally, given good profitability the
company's capital position has remained solid with a TCE ratio at
8.88% for 3Q'12.

Fitch believes there is limited upside to SBP's VR given the
concentration in its loan book by product and geography and
relatively small franchise. The VR could be negatively affected if
loan portfolio quality deteriorates, particularly if significant
operating losses emerge and the company's capital position is
eroded.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
FLOOR RATING

DRL, FBP and BPOP have Support Ratings of '5' and Support Floor
Ratings of 'NF'. In Fitch's view, the Puerto Rico banks are not
systemically important and therefore, Fitch believes the
probability of support is unlikely. IDRs and VRs do not
incorporate any support.

SBP's Support Rating is '2' reflecting Fitch's view that there is
a high probability of support from its parent, Banco Santander.
Since this support is based on institutional support, as opposed
to sovereign support, there is no Support Floor Rating assigned.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and hybrid capital instruments issued by the
banks are notched down from the issuers' VRs in accordance with
Fitch's assessment of each instrument's respective non-performance
and relative loss severity risk profiles, which vary considerably.
The ratings of subordinated debt and hybrid securities are
sensitive to any change in the banks' VRs or to changes in the
banks' propensity to make coupon payments that are permitted but
not compulsory under the instruments' documentation.

HOLDING COMPANY RATING DRIVERS AND SENSITIVITIES

All of the entities reviewed in the Puerto Rican Banks Peer Review
Group have a bank holding company (BHC) structure with the bank as
the main subsidiary. All subsidiaries are considered core to the
parent holding company, supporting equalized ratings between bank
subsidiaries and bank holding companies. IDRs and VRs are
equalized with those of its operating companies and banks,
reflecting its role as the bank holding company which is mandated
in the U.S. to act as a source of strength for its bank
subsidiaries. Double leverage is below 120% for all the parent
companies reviewed in this peer group.

SUBSIDIARY AND AFFILIATED COMPANY RATING DRIVERS AND SENSITIVITIES

All of the entities reviewed in the Puerto Rican Banks Peer Review
factor in a high probability of support from parent institutions
to its subsidiaries. This reflects the fact that performing parent
banks have very rarely allowed subsidiaries to default. It also
considers the high level of integration, brand, management,
financial and reputational incentives to avoid subsidiary
defaults.

Fitch has affirmed these ratings.

Doral Financial Corporation
--Long-term Issuer Default Rating (IDR) at 'CCC';
--Viability rating at 'ccc';
--Senior debt at 'CCC/RR6';
--Preferred stock at 'C/RR6';
--Short-term Issuer Default Rating (IDR) at 'C';
--Support '5';
--Support Floor 'NF';

Doral Bank
--Long-term IDR at 'CCC';
--Viability rating at 'ccc';
--Long-term deposits at 'CCC/RR4';
--Short-term IDR at 'C';
--Short-term deposit at 'C'.
--Support at '5';
--Support Floor at 'NF';

Fitch has affirmed these ratings. The Outlook is Stable:

First BanCorp
--Long-term IDR at 'B-';
--Viability rating at 'b-'
--Short-term IDR at 'B';
--Support at '5'.
--Support floor at 'NF'.

FirstBank Puerto Rico
--Long-term IDR at 'B-';
--Long-term deposit at 'B-/RR3';
--Viability rating at 'b-'.
--Short-term IDR at 'B';
--Short-term Deposits at 'B'.
--Market Linked deposit securities at 'B-emr/RR3';
--Support at '5'.
--Support floor at 'NF'.

Banco Popular North America
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B'.
--Viability rating at 'bb-'
--Support at '5'
--Support floor at 'NF'.

Banco Popular de Puerto Rico
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B';
--Viability rating at 'bb-';
--Support at '5'
--Support floor at 'NF'.

Popular,Inc.
--Short-term IDR at 'B';
--Short-term Debt at 'B'.
--Support at '5'
--Support floor at 'NF'.

Popular North America, Inc
--Short-term IDR at 'B';
--Short-term Debt at B
--Support at '5'
--Support floor at 'NF'.

Fitch has upgraded these ratings. The Outlook is revised to Stable
from Positive.

Popular,Inc.
--Long-term IDR to 'BB-' from 'B+';
--Senior unsecured to 'BB-' from 'B+/RR4'';
--Viability rating to 'bb-' from 'b+'
--Preferred stock to 'B-' from 'CCC/RR6'.

Popular North America, Inc.
--Long-term IDR to 'BB-' from 'B+';
--Viability rating to 'bb-' from 'b+'

BanPonce Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust II
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular North America Capital Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust III
--Trust preferred to 'B-' from 'CCC/RR6'

Fitch has affirmed the following ratings:

Santander Bancorp
--Viability Rating affirmed at 'bb+';
--Support rating at '2'.

Banco Santander Puerto Rico
--Viability rating at 'bb+'.

Santander PR Capital Trust I
--Trust preferred at 'BB'.


FIRST BANCORP: Fitch Affirms LT Issuer Default Rating at 'B-'
---------------------------------------------------------------
Fitch Ratings has completed a peer review of four rated Puerto
Rican banks. Fitch has affirmed the Long-term Issuer Default
Ratings (IDR) of Doral Financial Corp. and First BanCorp at 'B-'.
Fitch has upgraded the Long-term IDR of Popular Inc. to 'BB-' from
'B+', which is now equalized with its bank subsidiaries ratings.
The Outlook for BPOP and FBP is Stable.

For Santander Bancorp, Fitch has affirmed its Viability Rating at
'bb+'. Fitch notes that SBP's IDRs and Rating Outlook are linked
with that of its ultimate parent, Banco Santander (based in
Spain), and changes in the parent company's ratings result in
changes to SBP's. Currently, SBP's Long-term IDRs is 'BBB' with a
Negative Outlook. (For additional details, please see 'Fitch
Downgrades Santander & BBVA to 'BBB+'/Negative Outlook on
Sovereign Action', dated Feb. 13, 2012, and available at
www.fitchratings.com..

RATING ACTION RATIONALE AND RATING DRIVERS AND SENSITIVITIES - VRs
and IDRs (applicable to all banks in the peer group)

Fitch-rated Puerto Rican bank Viability Ratings (VRs) and IDRs
incorporate limiting rating factors. These VRs and IDRs are
significantly more sensitive to the economic conditions within
their respective footprints. Given the peer group's concentration
in Puerto Rico and the pressures on the local economy, Fitch
believes prospects for earnings growth is difficult in the near
term. Additionally, this group's funding profiles have generally
been weaker compared to its U.S. bank peers. It includes a
reliance on non-core deposits, such as brokered certificates of
deposit (CDs) time deposits, and wholesale borrowings with a
higher cost of funds. Further, non-performing loans (NPLs) are
stubbornly high and are reflected in current ratings levels. In
Fitch's view, the banks will likely continue to operate with
elevated levels of non-performing assets (NPAs), absent loan
sales, given pressures in the real estate sector, which has a glut
of housing inventory that will likely take a few years to balance
out.

Fitch believes current rating levels are indicative of the
significant challenges facing Puerto Rican banks. For 3Q'12,
Fitch-rated Puerto Rico banks' NPA ratio (which includes TDRs) was
13.19% compared to an average of 3.5% for Fitch-rated Mid-Tier and
Community bank peer groups combined. For the group, average net
charge-offs (NCOs) totaled 1.90% for 3Q'12, despite the elevated
levels of non-performers. Fitch believes NCOs may begin to
increase from residential mortgages given the rising delinquency
rates in this loan catergory and the increase in foreclosures. In
Fitch's view, credit trends reflect the continued stress from the
real estate market, particularly commercial real estate (CRE),
construction and residential mortgage loans. Fitch notes that
Puerto Rican banks' (including those not rated by Fitch) loan mix
is heavily weighted towards real estate lending, mainly CRE &
construction and residential mortgages, with an average of 32% and
38%, respectively.

Puerto Rican bank funding profiles are considered weaker when
compared to those on the U.S. mainland given the higher reliance
on noncore funding sources. This characteristic, considered a
rating constraint, has been a historical trend as the local market
does not have sufficient core deposits to support funding needs.
Of note, the peer group's average net interest margin (NIM) was
4.23% for 3Q'12, which is higher than most U.S. banks. This is
mainly due to the liability sensitive nature of the balance sheet
for most Puerto Rican banks. In a rising rate environment, the NIM
would likely be pressured.

Current rating levels incorporate the weak state of the economy in
Puerto Rico, which is expected to pressure credit and financial
performance over the longer term. The island has been in a
recession for seven years with unemployment at 13.6% for 3Q'12 and
GNP for 2011 of negative 3.8%. Recent economic trends reflect
modest improvements year-over-year. However, much uncertainty
remains as to future strategies to address the fiscal and
structural issues hurting the local economy. The Stable Outlook
reflects the view that any impact from future negative economic
weakness would be manageable given the increased capital position
across most of the banks, deleveraging of the balance sheet, and
modest improvements to liquidity profiles.

Given the challenges noted above, in Fitch's opinion, future
consolidation in Puerto Rico may take place as management teams
may have more of an incentive to consider M&A as a way to
strengthen franchises, improve product diversity, and enhance
funding profile to help offset the
challenging operating environment.

RATING DRIVERS AND SENSITIVITIES FOR THE IDRS AND VRS OF EACH BANK
ARE SUMMARIZED BELOW:

DRL (Long-term IDR/VR 'CCC/ccc')

DRL's ratings affirmation reflects the company's ongoing
challenges such as longer-term strategic plans, geographic and
product concentration with a limited franchise, and high levels of
non-performers. Additionally, DRL's funding profile is much more
reliant on wholesale borrowings versus its peers at 35% of total
liabilities versus an average of 17% for the peer group. Further,
the company's capital position is considered weak and not
sufficient to support future losses should NCOs begin to rise from
current levels. For 3Q'12, DRL's Fitch Core Capital ratio was
2.17% and Tangible Common Equity (TCE) was 5.43%. During 2012,
DRL's capital position trended down.

During 3Q'12, the company reported a net loss as it doubled loan
loss provisions compared to the full-year of 2011. Further, Fitch
expects credit and capital pressures to persist throughout 2013
that may result in the company needing additional capital as it
works through its problem assets. DRL has managed to maintain
regulatory capital ratios at well-capitalized as balance sheet
shrinkage continues to support capital ratios. However, DRL's
Texas ratio defined as NPAs/(TCE + Reserves) is on the high end of
most Fitch-rated institutions at above 200% as of Sept. 30, 2012.

The company has the worst rank in terms of NPA at 20.7% for 3Q12
(which includes Troubled Debt Restructurings or TDRs), although
reporting a relatively modest NCO ratio of 2.5%. Non-performers
are split about 58% related to residential mortgages) and 42%
related to CRE & construction loans. On a positive note, on an
absolute basis, non-performers are down for 3Q12 to $1.31 billion
compared to $1.86 billion the same quarter a year ago. Fitch
believes NCOs will likely increase as the real estate sector in
Puerto Rico continues to face pressures with high levels of unsold
housing inventories and weak economic conditions. NCOs remain
manageable up to this point, but well above normalized levels.

Should credit losses and provision expenses trend to levels
similar to 2011, Fitch believes DRL could fall below 'well
capitalized' status in 2014. DRL's ratings could move lower if
regulatory capital ratios are expected to fall into to
'undercapitalized' status. Additionally, deteriorating liquidity
or inability to access to funding markets could also place
negative rating pressure on the institution.

FBP (Long-term IDR/VR 'B-/b-', Outlook Stable)

FBP's ratings affirmation incorporates the company's geographic
concentration in Puerto Rico. Despite some improvements in credit
trends compared to 2011, the company is operating with a high
level of NPLs and some volatility is expected in NCOS given that
61% of its loan book is tied to real estate in the local market.
Further, the loss content in the CRE and construction loan
portfolios tends to be higher, which still accounts for about 42%
of NPLs. Nonetheless, Fitch does not expect credit losses to
return to the peak level experienced in 2010.

Fitch expects profitability to be sustainable at current modest
levels, as FBP returned to profitability 2Q'12. The company is
focused on improving its franchise by growing its consumer book as
it tries to diversify its loan book and customer base. FBP
currently ranks 2 in terms of loans with 18.4% in September 2012.
During 2012, FBP has seen a steady increase to its pre-provision
net revenue, although it is still relatively low. The NIM also
improved by 116bps to 3.98% in 3Q12 versus same period a year ago,
as the company has benefited from reduced funding costs.

Following a recapitalization in 4Q11, FBP capital is considered
solid, as it provides a buffer for potential losses in its loan
portfolio and improves its financial flexibility. The company's
(TCE) and Tier 1 Common equity ratios improved to 10.39% and
13.33% during 3Q12, respectively, compared to 3.80% and 5.01% for
3Q'11.

Ratings could be positively affected should the improvement in
earnings and capital position remain sustainable and/or if
nonperforming assets were to materially decline. However, if
credit problems continue trending toward peak levels while eroding
capital, FBP's ratings would face downward pressure.

Popular Inc. (Long-term IDR/VR upgraded to 'BB-/bb-' from 'B+/b+',
Outlook Revised to Stable from Positive)

Popular Inc. and Popular North America's (the holding companies)
VRs and IDRs have been upgraded and equalized with the bank
subsidiary ratings given the improved liquidity position and
manageable near-term obligations. Incorporated in the equalization
is also the view that the bank subsidiaries will not require
capital injections from the parent company.

Prudent liquidity management is important for BPOP given the
sizeable amount of total debt outstanding - roughly $1.2 billion
of which $935 million is trust preferred securities, including
securities issued under the U.S. Treasury's Troubled Assets Relief
Program (TARP). The company is currently operating with 2x
coverage of its total debt interest expense, which Fitch considers
sufficient given manageable near-term debt obligations (about $42
million total maturing in 4Q'12).

Fitch believes the bank's recent operating performance is
sustainable despite the difficult operating environment. The
company's strong franchise in Puerto Rico is also viewed
positively as it holds the number one market share position for
loans and deposits by a wide margin at 38% and 40%, respectively.
However, current and expected challenges in Puerto Rico's
operating environment could limit improvements in the company's
financial performance over the near term. BPOP has been profitable
since 2011 and capital continues to build. Fitch views BPOP's
capital position as adequate (given a still high level of risks)
with a TCE of 9.26% and Tier 1 Common of 12.72%. The solid capital
base provides a cushion should net losses start to increase.

The company continues to operate with elevated levels of NPAs and
NCOs, which totaled 11.6% and 1.80% for 3Q'12, respectively. Fitch
notes credit metrics reflect an improvement year-over-year. NPL
inflows have slowed compared to the previous year, excluding
purchased impaired loans. Nonetheless, BPOP's loan book remains
exposed to the pressured real estate conditions as CRE and
construction and residential lending account for 55% of total
loans.

Positive rating action could ensue should BPOP experience a
reduction in level of problem loans while maintaining good
earnings trend and build its capital position. Further, the
possible removal of regulatory orders with regulators at the
holding company and continued liquidity management that is
appropriate relative to its debt service could lead to an
equalization of the holding company and bank ratings. Offsetting
that, the Outlook could be revised to Negative if BPOP's capital
position reflected a declining trend and/or a decrease in reserve
coverage absent improvement in the level of NPAs.

Santander Bancorp (Long-term IDR/VR 'BBB/bb+', Outlook Negative)

Fitch affirmed SBP's standalone rating, the VR, at 'bb+'. The
affirmation is supported by the company's sound operating
performance and solid capital position while operating in the
challenging Puerto Rican market. Similar to local peers, asset
quality remains a challenge.

Although Fitch is concerned with SBP's elevated levels of NPAs at
7.41%, it compares well to local peers with an average NPA of
13.19% at 3Q'12. SBP's loan portfolio exhibits better credit
performance due to more conservative underwriting and overall risk
management practices (including a relatively low concentration in
construction lending). Additionally, given good profitability the
company's capital position has remained solid with a TCE ratio at
8.88% for 3Q'12.

Fitch believes there is limited upside to SBP's VR given the
concentration in its loan book by product and geography and
relatively small franchise. The VR could be negatively affected if
loan portfolio quality deteriorates, particularly if significant
operating losses emerge and the company's capital position is
eroded.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
FLOOR RATING

DRL, FBP and BPOP have Support Ratings of '5' and Support Floor
Ratings of 'NF'. In Fitch's view, the Puerto Rico banks are not
systemically important and therefore, Fitch believes the
probability of support is unlikely. IDRs and VRs do not
incorporate any support.

SBP's Support Rating is '2' reflecting Fitch's view that there is
a high probability of support from its parent, Banco Santander.
Since this support is based on institutional support, as opposed
to sovereign support, there is no Support Floor Rating assigned.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and hybrid capital instruments issued by the
banks are notched down from the issuers' VRs in accordance with
Fitch's assessment of each instrument's respective non-performance
and relative loss severity risk profiles, which vary considerably.
The ratings of subordinated debt and hybrid securities are
sensitive to any change in the banks' VRs or to changes in the
banks' propensity to make coupon payments that are permitted but
not compulsory under the instruments' documentation.

HOLDING COMPANY RATING DRIVERS AND SENSITIVITIES

All of the entities reviewed in the Puerto Rican Banks Peer Review
Group have a bank holding company (BHC) structure with the bank as
the main subsidiary. All subsidiaries are considered core to the
parent holding company, supporting equalized ratings between bank
subsidiaries and bank holding companies. IDRs and VRs are
equalized with those of its operating companies and banks,
reflecting its role as the bank holding company which is mandated
in the U.S. to act as a source of strength for its bank
subsidiaries. Double leverage is below 120% for all the parent
companies reviewed in this peer group.

SUBSIDIARY AND AFFILIATED COMPANY RATING DRIVERS AND SENSITIVITIES

All of the entities reviewed in the Puerto Rican Banks Peer Review
factor in a high probability of support from parent institutions
to its subsidiaries. This reflects the fact that performing parent
banks have very rarely allowed subsidiaries to default. It also
considers the high level of integration, brand, management,
financial and reputational incentives to avoid subsidiary
defaults.

Fitch has affirmed these ratings.

Doral Financial Corporation
--Long-term Issuer Default Rating (IDR) at 'CCC';
--Viability rating at 'ccc';
--Senior debt at 'CCC/RR6';
--Preferred stock at 'C/RR6';
--Short-term Issuer Default Rating (IDR) at 'C';
--Support '5';
--Support Floor 'NF';

Doral Bank
--Long-term IDR at 'CCC';
--Viability rating at 'ccc';
--Long-term deposits at 'CCC/RR4';
--Short-term IDR at 'C';
--Short-term deposit at 'C'.
--Support at '5';
--Support Floor at 'NF';

Fitch has affirmed these ratings. The Outlook is Stable:

First BanCorp
--Long-term IDR at 'B-';
--Viability rating at 'b-'
--Short-term IDR at 'B';
--Support at '5'.
--Support floor at 'NF'.

FirstBank Puerto Rico
--Long-term IDR at 'B-';
--Long-term deposit at 'B-/RR3';
--Viability rating at 'b-'.
--Short-term IDR at 'B';
--Short-term Deposits at 'B'.
--Market Linked deposit securities at 'B-emr/RR3';
--Support at '5'.
--Support floor at 'NF'.

Banco Popular North America
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B'.
--Viability rating at 'bb-'
--Support at '5'
--Support floor at 'NF'.

Banco Popular de Puerto Rico
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B';
--Viability rating at 'bb-';
--Support at '5'
--Support floor at 'NF'.

Popular,Inc.
--Short-term IDR at 'B';
--Short-term Debt at 'B'.
--Support at '5'
--Support floor at 'NF'.

Popular North America, Inc
--Short-term IDR at 'B';
--Short-term Debt at B
--Support at '5'
--Support floor at 'NF'.

Fitch has upgraded these ratings. The Outlook is revised to Stable
from Positive.

Popular,Inc.
--Long-term IDR to 'BB-' from 'B+';
--Senior unsecured to 'BB-' from 'B+/RR4'';
--Viability rating to 'bb-' from 'b+'
--Preferred stock to 'B-' from 'CCC/RR6'.

Popular North America, Inc.
--Long-term IDR to 'BB-' from 'B+';
--Viability rating to 'bb-' from 'b+'

BanPonce Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust II
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular North America Capital Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust III
--Trust preferred to 'B-' from 'CCC/RR6'

Fitch has affirmed the following ratings:

Santander Bancorp
--Viability Rating affirmed at 'bb+';
--Support rating at '2'.

Banco Santander Puerto Rico
--Viability rating at 'bb+'.

Santander PR Capital Trust I
--Trust preferred at 'BB'.


DORAL FINANCIAL: Fitch Affirms 'B-' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has completed a peer review of four rated Puerto
Rican banks. Fitch has affirmed the Long-term Issuer Default
Ratings (IDR) of Doral Financial Corp. and First BanCorp at 'B-'.
Fitch has upgraded the Long-term IDR of Popular Inc. to 'BB-' from
'B+', which is now equalized with its bank subsidiaries ratings.
The Outlook for BPOP and FBP is Stable.

For Santander Bancorp, Fitch has affirmed its Viability Rating at
'bb+'. Fitch notes that SBP's IDRs and Rating Outlook are linked
with that of its ultimate parent, Banco Santander (based in
Spain), and changes in the parent company's ratings result in
changes to SBP's. Currently, SBP's Long-term IDRs is 'BBB' with a
Negative Outlook. (For additional details, please see 'Fitch
Downgrades Santander & BBVA to 'BBB+'/Negative Outlook on
Sovereign Action', dated Feb. 13, 2012, and available at
www.fitchratings.com..

RATING ACTION RATIONALE AND RATING DRIVERS AND SENSITIVITIES - VRs
and IDRs (applicable to all banks in the peer group)

Fitch-rated Puerto Rican bank Viability Ratings (VRs) and IDRs
incorporate limiting rating factors. These VRs and IDRs are
significantly more sensitive to the economic conditions within
their respective footprints. Given the peer group's concentration
in Puerto Rico and the pressures on the local economy, Fitch
believes prospects for earnings growth is difficult in the near
term. Additionally, this group's funding profiles have generally
been weaker compared to its U.S. bank peers. It includes a
reliance on non-core deposits, such as brokered certificates of
deposit (CDs) time deposits, and wholesale borrowings with a
higher cost of funds. Further, non-performing loans (NPLs) are
stubbornly high and are reflected in current ratings levels. In
Fitch's view, the banks will likely continue to operate with
elevated levels of non-performing assets (NPAs), absent loan
sales, given pressures in the real estate sector, which has a glut
of housing inventory that will likely take a few years to balance
out.

Fitch believes current rating levels are indicative of the
significant challenges facing Puerto Rican banks. For 3Q'12,
Fitch-rated Puerto Rico banks' NPA ratio (which includes TDRs) was
13.19% compared to an average of 3.5% for Fitch-rated Mid-Tier and
Community bank peer groups combined. For the group, average net
charge-offs (NCOs) totaled 1.90% for 3Q'12, despite the elevated
levels of non-performers. Fitch believes NCOs may begin to
increase from residential mortgages given the rising delinquency
rates in this loan catergory and the increase in foreclosures. In
Fitch's view, credit trends reflect the continued stress from the
real estate market, particularly commercial real estate (CRE),
construction and residential mortgage loans. Fitch notes that
Puerto Rican banks' (including those not rated by Fitch) loan mix
is heavily weighted towards real estate lending, mainly CRE &
construction and residential mortgages, with an average of 32% and
38%, respectively.

Puerto Rican bank funding profiles are considered weaker when
compared to those on the U.S. mainland given the higher reliance
on noncore funding sources. This characteristic, considered a
rating constraint, has been a historical trend as the local market
does not have sufficient core deposits to support funding needs.
Of note, the peer group's average net interest margin (NIM) was
4.23% for 3Q'12, which is higher than most U.S. banks. This is
mainly due to the liability sensitive nature of the balance sheet
for most Puerto Rican banks. In a rising rate environment, the NIM
would likely be pressured.

Current rating levels incorporate the weak state of the economy in
Puerto Rico, which is expected to pressure credit and financial
performance over the longer term. The island has been in a
recession for seven years with unemployment at 13.6% for 3Q'12 and
GNP for 2011 of negative 3.8%. Recent economic trends reflect
modest improvements year-over-year. However, much uncertainty
remains as to future strategies to address the fiscal and
structural issues hurting the local economy. The Stable Outlook
reflects the view that any impact from future negative economic
weakness would be manageable given the increased capital position
across most of the banks, deleveraging of the balance sheet, and
modest improvements to liquidity profiles.

Given the challenges noted above, in Fitch's opinion, future
consolidation in Puerto Rico may take place as management teams
may have more of an incentive to consider M&A as a way to
strengthen franchises, improve product diversity, and enhance
funding profile to help offset the
challenging operating environment.

RATING DRIVERS AND SENSITIVITIES FOR THE IDRS AND VRS OF EACH BANK
ARE SUMMARIZED BELOW:

DRL (Long-term IDR/VR 'CCC/ccc')

DRL's ratings affirmation reflects the company's ongoing
challenges such as longer-term strategic plans, geographic and
product concentration with a limited franchise, and high levels of
non-performers. Additionally, DRL's funding profile is much more
reliant on wholesale borrowings versus its peers at 35% of total
liabilities versus an average of 17% for the peer group. Further,
the company's capital position is considered weak and not
sufficient to support future losses should NCOs begin to rise from
current levels. For 3Q'12, DRL's Fitch Core Capital ratio was
2.17% and Tangible Common Equity (TCE) was 5.43%. During 2012,
DRL's capital position trended down.

During 3Q'12, the company reported a net loss as it doubled loan
loss provisions compared to the full-year of 2011. Further, Fitch
expects credit and capital pressures to persist throughout 2013
that may result in the company needing additional capital as it
works through its problem assets. DRL has managed to maintain
regulatory capital ratios at well-capitalized as balance sheet
shrinkage continues to support capital ratios. However, DRL's
Texas ratio defined as NPAs/(TCE + Reserves) is on the high end of
most Fitch-rated institutions at above 200% as of Sept. 30, 2012.

The company has the worst rank in terms of NPA at 20.7% for 3Q12
(which includes Troubled Debt Restructurings or TDRs), although
reporting a relatively modest NCO ratio of 2.5%. Non-performers
are split about 58% related to residential mortgages) and 42%
related to CRE & construction loans. On a positive note, on an
absolute basis, non-performers are down for 3Q12 to $1.31 billion
compared to $1.86 billion the same quarter a year ago. Fitch
believes NCOs will likely increase as the real estate sector in
Puerto Rico continues to face pressures with high levels of unsold
housing inventories and weak economic conditions. NCOs remain
manageable up to this point, but well above normalized levels.

Should credit losses and provision expenses trend to levels
similar to 2011, Fitch believes DRL could fall below 'well
capitalized' status in 2014. DRL's ratings could move lower if
regulatory capital ratios are expected to fall into to
'undercapitalized' status. Additionally, deteriorating liquidity
or inability to access to funding markets could also place
negative rating pressure on the institution.

FBP (Long-term IDR/VR 'B-/b-', Outlook Stable)

FBP's ratings affirmation incorporates the company's geographic
concentration in Puerto Rico. Despite some improvements in credit
trends compared to 2011, the company is operating with a high
level of NPLs and some volatility is expected in NCOS given that
61% of its loan book is tied to real estate in the local market.
Further, the loss content in the CRE and construction loan
portfolios tends to be higher, which still accounts for about 42%
of NPLs. Nonetheless, Fitch does not expect credit losses to
return to the peak level experienced in 2010.

Fitch expects profitability to be sustainable at current modest
levels, as FBP returned to profitability 2Q'12. The company is
focused on improving its franchise by growing its consumer book as
it tries to diversify its loan book and customer base. FBP
currently ranks 2 in terms of loans with 18.4% in September 2012.
During 2012, FBP has seen a steady increase to its pre-provision
net revenue, although it is still relatively low. The NIM also
improved by 116bps to 3.98% in 3Q12 versus same period a year ago,
as the company has benefited from reduced funding costs.

Following a recapitalization in 4Q11, FBP capital is considered
solid, as it provides a buffer for potential losses in its loan
portfolio and improves its financial flexibility. The company's
(TCE) and Tier 1 Common equity ratios improved to 10.39% and
13.33% during 3Q12, respectively, compared to 3.80% and 5.01% for
3Q'11.

Ratings could be positively affected should the improvement in
earnings and capital position remain sustainable and/or if
nonperforming assets were to materially decline. However, if
credit problems continue trending toward peak levels while eroding
capital, FBP's ratings would face downward pressure.

Popular Inc. (Long-term IDR/VR upgraded to 'BB-/bb-' from 'B+/b+',
Outlook Revised to Stable from Positive)

Popular Inc. and Popular North America's (the holding companies)
VRs and IDRs have been upgraded and equalized with the bank
subsidiary ratings given the improved liquidity position and
manageable near-term obligations. Incorporated in the equalization
is also the view that the bank subsidiaries will not require
capital injections from the parent company.

Prudent liquidity management is important for BPOP given the
sizeable amount of total debt outstanding - roughly $1.2 billion
of which $935 million is trust preferred securities, including
securities issued under the U.S. Treasury's Troubled Assets Relief
Program (TARP). The company is currently operating with 2x
coverage of its total debt interest expense, which Fitch considers
sufficient given manageable near-term debt obligations (about $42
million total maturing in 4Q'12).

Fitch believes the bank's recent operating performance is
sustainable despite the difficult operating environment. The
company's strong franchise in Puerto Rico is also viewed
positively as it holds the number one market share position for
loans and deposits by a wide margin at 38% and 40%, respectively.
However, current and expected challenges in Puerto Rico's
operating environment could limit improvements in the company's
financial performance over the near term. BPOP has been profitable
since 2011 and capital continues to build. Fitch views BPOP's
capital position as adequate (given a still high level of risks)
with a TCE of 9.26% and Tier 1 Common of 12.72%. The solid capital
base provides a cushion should net losses start to increase.

The company continues to operate with elevated levels of NPAs and
NCOs, which totaled 11.6% and 1.80% for 3Q'12, respectively. Fitch
notes credit metrics reflect an improvement year-over-year. NPL
inflows have slowed compared to the previous year, excluding
purchased impaired loans. Nonetheless, BPOP's loan book remains
exposed to the pressured real estate conditions as CRE and
construction and residential lending account for 55% of total
loans.

Positive rating action could ensue should BPOP experience a
reduction in level of problem loans while maintaining good
earnings trend and build its capital position. Further, the
possible removal of regulatory orders with regulators at the
holding company and continued liquidity management that is
appropriate relative to its debt service could lead to an
equalization of the holding company and bank ratings. Offsetting
that, the Outlook could be revised to Negative if BPOP's capital
position reflected a declining trend and/or a decrease in reserve
coverage absent improvement in the level of NPAs.

Santander Bancorp (Long-term IDR/VR 'BBB/bb+', Outlook Negative)

Fitch affirmed SBP's standalone rating, the VR, at 'bb+'. The
affirmation is supported by the company's sound operating
performance and solid capital position while operating in the
challenging Puerto Rican market. Similar to local peers, asset
quality remains a challenge.

Although Fitch is concerned with SBP's elevated levels of NPAs at
7.41%, it compares well to local peers with an average NPA of
13.19% at 3Q'12. SBP's loan portfolio exhibits better credit
performance due to more conservative underwriting and overall risk
management practices (including a relatively low concentration in
construction lending). Additionally, given good profitability the
company's capital position has remained solid with a TCE ratio at
8.88% for 3Q'12.

Fitch believes there is limited upside to SBP's VR given the
concentration in its loan book by product and geography and
relatively small franchise. The VR could be negatively affected if
loan portfolio quality deteriorates, particularly if significant
operating losses emerge and the company's capital position is
eroded.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
FLOOR RATING

DRL, FBP and BPOP have Support Ratings of '5' and Support Floor
Ratings of 'NF'. In Fitch's view, the Puerto Rico banks are not
systemically important and therefore, Fitch believes the
probability of support is unlikely. IDRs and VRs do not
incorporate any support.

SBP's Support Rating is '2' reflecting Fitch's view that there is
a high probability of support from its parent, Banco Santander.
Since this support is based on institutional support, as opposed
to sovereign support, there is no Support Floor Rating assigned.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and hybrid capital instruments issued by the
banks are notched down from the issuers' VRs in accordance with
Fitch's assessment of each instrument's respective non-performance
and relative loss severity risk profiles, which vary considerably.
The ratings of subordinated debt and hybrid securities are
sensitive to any change in the banks' VRs or to changes in the
banks' propensity to make coupon payments that are permitted but
not compulsory under the instruments' documentation.

HOLDING COMPANY RATING DRIVERS AND SENSITIVITIES

All of the entities reviewed in the Puerto Rican Banks Peer Review
Group have a bank holding company (BHC) structure with the bank as
the main subsidiary. All subsidiaries are considered core to the
parent holding company, supporting equalized ratings between bank
subsidiaries and bank holding companies. IDRs and VRs are
equalized with those of its operating companies and banks,
reflecting its role as the bank holding company which is mandated
in the U.S. to act as a source of strength for its bank
subsidiaries. Double leverage is below 120% for all the parent
companies reviewed in this peer group.

SUBSIDIARY AND AFFILIATED COMPANY RATING DRIVERS AND SENSITIVITIES

All of the entities reviewed in the Puerto Rican Banks Peer Review
factor in a high probability of support from parent institutions
to its subsidiaries. This reflects the fact that performing parent
banks have very rarely allowed subsidiaries to default. It also
considers the high level of integration, brand, management,
financial and reputational incentives to avoid subsidiary
defaults.

Fitch has affirmed these ratings.

Doral Financial Corporation
--Long-term Issuer Default Rating (IDR) at 'CCC';
--Viability rating at 'ccc';
--Senior debt at 'CCC/RR6';
--Preferred stock at 'C/RR6';
--Short-term Issuer Default Rating (IDR) at 'C';
--Support '5';
--Support Floor 'NF';

Doral Bank
--Long-term IDR at 'CCC';
--Viability rating at 'ccc';
--Long-term deposits at 'CCC/RR4';
--Short-term IDR at 'C';
--Short-term deposit at 'C'.
--Support at '5';
--Support Floor at 'NF';

Fitch has affirmed these ratings. The Outlook is Stable:

First BanCorp
--Long-term IDR at 'B-';
--Viability rating at 'b-'
--Short-term IDR at 'B';
--Support at '5'.
--Support floor at 'NF'.

FirstBank Puerto Rico
--Long-term IDR at 'B-';
--Long-term deposit at 'B-/RR3';
--Viability rating at 'b-'.
--Short-term IDR at 'B';
--Short-term Deposits at 'B'.
--Market Linked deposit securities at 'B-emr/RR3';
--Support at '5'.
--Support floor at 'NF'.

Banco Popular North America
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B'.
--Viability rating at 'bb-'
--Support at '5'
--Support floor at 'NF'.

Banco Popular de Puerto Rico
--Long-term IDR at 'BB-';
--Long-term deposits at 'BB';
--Short-term IDR at 'B';
--Short-term deposits at 'B';
--Viability rating at 'bb-';
--Support at '5'
--Support floor at 'NF'.

Popular,Inc.
--Short-term IDR at 'B';
--Short-term Debt at 'B'.
--Support at '5'
--Support floor at 'NF'.

Popular North America, Inc
--Short-term IDR at 'B';
--Short-term Debt at B
--Support at '5'
--Support floor at 'NF'.

Fitch has upgraded these ratings. The Outlook is revised to Stable
from Positive.

Popular,Inc.
--Long-term IDR to 'BB-' from 'B+';
--Senior unsecured to 'BB-' from 'B+/RR4'';
--Viability rating to 'bb-' from 'b+'
--Preferred stock to 'B-' from 'CCC/RR6'.

Popular North America, Inc.
--Long-term IDR to 'BB-' from 'B+';
--Viability rating to 'bb-' from 'b+'

BanPonce Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust II
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular North America Capital Trust I
--Trust preferred to 'B-' from 'CCC/RR6'.

Popular Capital Trust III
--Trust preferred to 'B-' from 'CCC/RR6'

Fitch has affirmed the following ratings:

Santander Bancorp
--Viability Rating affirmed at 'bb+';
--Support rating at '2'.

Banco Santander Puerto Rico
--Viability rating at 'bb+'.

Santander PR Capital Trust I
--Trust preferred at 'BB'.


LAUSELL INC: Can Access Bank's Cash Collateral Until March 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Lausell, Inc., to use Firstbank Puerto Rico and
Citibank N.A.'s cash collateral and to pay critical vendor Alcan
Primary Products Company, LLC, in addition to the full amount of
Alcan's post-petition invoices, 10% thereof to be credited by
Alcan to its pre-petition claim.

The Banks have agreed to the extension of Debtor's authority to
use their cash collateral to allow the Debtor the time require to
finalize its application for a postpetition financing from the
Economic Development Bank for Puerto Rico in order to pay off the
loans with the banks, in a discounted pay off transaction ("DPO")
for a reduced amount of $6,300,000.

The total authorized use of cash collateral is $5,267,000 and will
be for the period of the week commencing on Dec. 13, 2012, and
ending on the earlier of (i) March 31, 2012, or (ii) 30 days after
the rejection or denial by the EDB of the financing being
requested by the Debtor.

As adequate protection, the Banks are granted replacement liens
and a postpetition security interest on all of the assets and
after acquired collateral of the Debtor.  As additional adequate
protection, the Debtor will make a payment to the Banks equivalent
to the daily rate of $1,035 to cover interest becoming due during
the term of the stipulation.  The Debtor will also make monthly
payments to the Banks of $5,000, for a total of $20,000 during the
period of this stipulation to cover accrued interest.

As additional adequate protection, the Banks are also granted a
superpriority claim, having priority over all administrative
expenses specified in Sections 503(b) and 507 of the Bankruptcy
Code.

                        About Lausell Inc.

Lausell, Inc., filed a bare-bones Chapter 11 petition (Bankr.
D.P.R. Case No. 12-02918) on April 17, 2012, in Old San Juan,
Puerto Rico.  Lausell, also known as Aluminio Del Caribe, is a
manufacturer of windows and doors.

Bankruptcy Judge Mildred Caban Flores oversees the case.  Charles
Alfred Cuprill, Esq., at Charles A. Curpill, PSC, serves as
counsel to the Debtor.

The Bayamon, Puerto Rico-based company disclosed $34,059,950 in
assets and liabilities of $24,489,414 in its amended schedules.


MIRAMAR REAL ESTATE: Confirms Plan, Transfers Assets to Putman
--------------------------------------------------------------
Miramar Real Estate Management Inc. has confirmed a Plan of
Reorganization dated Aug. 13, 2012, that transfers the assets to
Banco Popular de Puerto Rico or its assignee on account of its
secured claim.

Together with the Disclosure Statement and Plan, the Debtor
requested approval of a settlement among the Debtor, its direct
subsidiary La Ciudadela de Santurce Inc., Banco Popular de Puerto
Rico as agent and lender and Banco Popular de Puerto Rico's co-
lenders.

As per the settlement, all of the assets of La Ciudadela de
Santurce, Inc. will be transferred to the Debtor, and the Debtor
will in turn sell, free and clear of liens, the aforesaid assets
to Putman Bridge Funding III, LLC's PBF-TEP Acquisitions, Inc.  In
consideration, the purchaser will pay BPPR the amount of
$60,000,000, subject to certain adjustments, to reduce the
existing claim of Banco Popular.  The purchaser will also make an
additional payment of $150,000 to the Debtor, which funds, as a
result of the agreement by BPPR to forebear from distributions on
its unsecured claim, will be distributed in accordance with the
confirmed Plan or further order of the Court.

The Plan also provides for the funding of certain carve-out
accounts.

A copy of the Disclosure Statement is available for free at:

           http://bankrupt.com/misc/MIRAMAR_REAL_ds.pdf

                     About Miramar Real Estate

San Juan, Puerto Rico-based Miramar Real Estate Management Inc.
is a private corporation organized under the laws of the
Commonwealth of Puerto Rico.  Incorporated in 1990, Miramar began
its business providing administration services to the private
sector and government agencies.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 11-01786) on March 2, 2011.  Fausto D. Godreau
Zayas, Esq., at Latimer, Biaggi, Rachid & Godreau, LLP, serves as
the Debtor's bankruptcy counsel.  FPV & Galindez, CPAs, PSC, and
its principal, Marcos A. Claudio Agosto, serve as its external
auditors and restructuring advisors.  The Debtor estimated its
assets and debts at US$100 million to US$500 million.



===============
S U R I N A M E
===============


* SURINAME: Partnership With IDB Grows Stronger in 2012
-------------------------------------------------------
In 2011, the Inter-American Development Bank's (IDB) Board of
Directors endorsed the organization's re-engagement with the
Government of Suriname by approving the 2011-2015 Country Strategy
with Suriname.  During 2011, the IDB's Board approved the
unprecedented allocation of US$300 million to Suriname, and
specifically committed US$80 million of its medium-term lending
envelope to Suriname for projects that would modernize the
country's financial sector, strengthen its public finances, and
promote its social protection mechanisms.

The Government of Suriname continued to partner with the IDB in
2012 to deliver on the objectives of the Development Plan and the
2011-2015 Country Strategy.  For example, the IDB's sovereign
lending program with Suriname delivered two programmatic policy-
based loans, totaling US$35 million, which supported structural
reforms in the energy sector and public capital expenditure
management.  A complementary investment program of US$53.7 million
financed capital works in education and transport. In addition,
the Bank provided US$1.7 million in grants and technical
assistance in agriculture, energy, and social protection.

With respect to the private sector windows of the IDB, the
Multilateral Investment Fund (MIF) recorded high approvals with
US$2.7 million in technical assistance for small-scale farming,
micro franchising, and rural electrification.  The Bank's Trade
Finance Facilitation Program formalized a line of credit of up to
US$5 million with to promote economic growth through trade
promotion.  Suriname also received US$500,000 through the Compete
Caribbean regional initiative to support its home-grown
competitiveness enhancing initiatives for fostering private sector
development.

Knowledge generation and dissemination were also a prominent
feature of the partnership in 2012.  The IDB facilitated the
training of more than 100 public officials, executing agencies
staff, and prospective project members in project management for
results, procurement and financial management.  The Bank's
analytical efforts concentrated around understanding the role of
productivity, private sector constraints, and the effects of
global price movements on the domestic economy.

Going into the third year of the strategy implementation, IDB
officials are optimistic about the partnership with Suriname.  "We
continue to see the fruits of our close collaboration with
Suriname and are excited to work with such a committed partner.
We are strengthening our dialogue and expanding our support to key
economic sectors.  Keeping up, while paying attention to
development objectives is important.  We have a challenging year
and look forward to working with the authorities and the people of
Suriname," said Marco Nicola, the IDB Representative in
Paramaribo.



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


CL FINANCIAL: New CLICO Fund Continues to Trend Downward
--------------------------------------------------------
Caribbean360.com reports that the CLICO Investment Fund (CIF)
listed on the Trinidad and Tobago Stock Exchange (TTSE) on
January 7 at TT$25 per share, but ended the day at $24.90.

This trend has continued for the past 10 days and now stock in the
CIF, which was created as part of measures announced by Finance
and the Economy Minister, Larry Howai in his national budget
presentation on October 1, to compensate CLICO and British
American Trinidad investors and policyholders, is valued at TT$23
per share, with some bids coming in on the TTSE as low as $22,
according to the report.

The report relates that the CIF, which is being traded on the
TTSE's Mutual Fund Market, had an estimated market capitalization
of TT$5.25 billion when it started trading with 204 million units
on January 7.

Caribbean360.com discloses that the declining value has been a
cause of some concern for investors and policyholder who had been
able to convert the 11- to 20-year bonds in the compensation
package that they received from government into units in the CIF.

However, the report notes, spokesperson for the largest
representative body for policy owners and investors Peter Permell
appears to be taking a circumspect approach to the situation.

"Because it's a new security, people are adopting a wait-and-see
approach both by the sellers and the buyers. . . . The first
distribution is going to take place on February [21].  Therefore
what you would find is that most people are going to want to
ensure that they get that payment," Mr. Permell recently told the
Trinidad Guardian, the report discloses.

The report relays that Mr. Permell predicted that not too many
people will offer their units.

Jerry Hospedales, chairman of the Clico Trust Corporation Ltd,
which is the trustee of the CIF, reported recently that 6582
bondholders exchanged their bonds for units during the initial
offer period of November 1 to Dec. 14, 2012, the report says.

The report notes that Mr. Hospedales said the remaining
bondholders who did not, can still do so through any broker
registered with the Trinidad and Tobago Securities and Exchange
Commission, for which there was no deadline.

TTSE Chief Executive Officer Wain Iton said the dividend payment
schedule for the fund will be semi-annual, the report discloses.

Mr. Hospedales also said the 7,983 holders of Short-Term
Investment Products (STIPS) from Clico and its sister company
British American who have not yet converted their bonds to units
have just over two weeks left to do so, if they want to be
included in Republic Bank's first dividend payment to CIF
unitholders on Feb. 21, 2013, 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.



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


* BOND PRICING: For the Week Jan. 14 to Jan. 18, 2013
-----------------------------------------------------

Issuer              Coupon    Maturity    Currency      Price
------              ------    --------     --------     -----

ARGENTINA
---------

ARGENT-$DIS           8.28    12/31/2033    USD         63.6
ARGENT-$DIS           8.28    12/31/2033    USD        69.63
ARGENT-$DIS           8.28    12/31/2033    USD        69.63
ARGENT-$DIS           8.28    12/31/2033    USD        70.75
ARGENT-$DIS           8.28    12/31/2033    USD         73.5
ARGENT-PAR            1.18    12/31/2038    ARS        44.91
ARGENT- DIS           7.82    12/31/2033    EUR           45
ARGENT- DIS           7.82    12/31/2033    EUR        59.25
ARGENT- DIS           7.82    12/31/2033    EUR           60
ARGENT- DIS           4.33    12/31/2033    JPY           36
ARGENT- DIS           4.33    12/31/2033    JPY           36
ARGENT- PAR           0.45    12/31/2038    JPY           15
ARGENT- PAR&GDP       0.45    12/31/2038    JPY            8
ARGNT-BOCON PRE9         2    3/15/2014     ARS         51.5
BANCO MACRO SA        9.75    12/18/2036    USD        75.48
BANCO MACRO SA        9.75    12/18/2036    USD        71.88
BANCO MACRO SA        9.75    12/18/2036    USD        71.88
CAPEX SA                10    3/10/2018     USD           71
CAPEX SA                10    3/10/2018     USD        67.88
CIA LATINO AMER        9.5    12/15/2016    USD         65.3
EMP DISTRIB NORT      10.5    10/9/2017     USD        36.85
EMP DISTRIB NORT      9.75    10/25/2022    USD         47.5
EMP DISTRIB NORT      9.75    10/25/2022    USD        44.63
PROV BUENOS AIRE     9.625    4/18/2028     USD        67.04
PROV BUENOS AIRE     9.625    4/18/2028     USD        66.88
PROV BUENOS AIRE     9.375    9/14/2018     USD        73.86
PROV BUENOS AIRE     9.375    9/14/2018     USD        73.75
PROV BUENOS AIRE    10.875    1/26/2021     USD        75.74
PROV DE FORMOSA          5    2/27/2022     USD         65.5
PROV DE MENDOZA        5.5    9/4/2018      USD        70.38
PROV DEL CHACO           4    12/4/2026     USD        30.88
PROV DEL CHACO           4    11/4/2023     USD        57.75
TRANSENER             9.75    8/15/2021     USD        37.75
TRANSENER             9.75    8/15/2021     USD           41
TRANSENER            8.875    12/15/2016    USD         40.5


CAYMAN ISLAND
-------------

BANCO BPI (CI)         4.15   11/14/2035    EUR         59.5
BCP FINANCE CO         4.239                EUR        41.06
BCP FINANCE CO         5.5                  EUR        39.67
BES FINANCE LTD        4.5                  EUR        63.17
BES FINANCE LTD       5.58                  EUR        64.33
CHINA FORESTRY       10.25    11/17/2015    USD        53.88
CHINA FORESTRY       10.25    11/17/2015    USD         54.1
CHINA SUNERGY         4.75    6/15/2013     USD        53.46
EFG HELLAS CAYMA         9    3/8/2019      EUR         70.5
ESFG INTERNATION     5.753                  EUR        50.67
GOL FINANCE           8.75                  USD        65.75
GOL FINANCE           8.75                  USD        65
JINKOSOLAR HOLD          4   5/15/2016      USD        50.19
LDK SOLAR CO LTD      4.75   4/15/2013      USD        63
LDK SOLAR CO LTD        10   2/28/2014      CNY        67.82
LUPATECH FINANCE     9.875                  USD        37.75
LUPATECH FINANCE     9.875                  USD        42
PUBMASTER FIN        6.962   6/30/2028      GBP        62.36
RENHE COMMERCIAL        13   3/10/2016      USD        76.13
SUNTECH POWER            3   3/15/2013      USD        54.38
SUNTECH POWER            3   3/15/2013      USD        53.5


CHILE
-----

ALMENDRAL TEL            3.5 12/15/2014      CLP       42.34
CHILE                    3    1/1/2042       CLP       65.9
CHILE                    3    1/1/2042       CLP       65.9
CHILE                    3    1/1/2040       CLP       67.41
CHILE                    3    1/1/2040       CLP       67.41
COLBUN SA              3.2    5/1/2013       CLP       24.86


PUERTO RICO
-----------

PUERTO RICO CONS       6.5     4/1/2016      USD       67.5


VENEZUELA
---------

PETROLEOS DE VEN       5.5     4/12/2037     USD       72
PETROLEOS DE VEN     5.375     4/12/2027     USD       76.7


                            ***********


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 * * *