TCRLA_Public/130128.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 28, 2013, Vol. 14, No. 18


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Increasing Fleet but Losing Profits


A R G E N T I N A

BANCO DE SERVICIOS: Moody's Assigns 'B3' Rating to AR$100MM Debt


B R A Z I L

BANCO DO BRASIL: S&P Rates Perpetual Subordinated Securities 'BB'
GAFISA SA: Moody's Says Debt Renegotiation Credit Positive
RB CAPITAL: Moody's Says Amendments No Impact on 'Ba3' Rating


C A Y M A N  I S L A N D S

3L FUND: Shareholders Receive Wind-Up Report
3L MASTER: Shareholders Receive Wind-Up Report
ARES IV: Shareholders Receive Wind-Up Report
ARROW FUND: Shareholder Receives Wind-Up Report
BCI HOLDINGS: Shareholders Receive Wind-Up Report

CABLE (DFS 2002): Shareholders Receive Wind-Up Report
CHYPS CBO 1999-1: Shareholders Receive Wind-Up Report
DRAXIS ENERGY: Shareholders Receive Wind-Up Report
DRAXIS ENERGY FUND: Shareholders Receive Wind-Up Report
DRAXIS ENERGY INTERMEDIATE: Shareholders Receive Wind-Up Report

KNIGHT FUNDING: Shareholders Receive Wind-Up Report
MILLGATE INTERNATIONAL: Shareholders Receive Wind-Up Report
NMT HOLDINGS: Shareholders Receive Wind-Up Report
NS INVESTMENTS XIV: Shareholder Receives Wind-Up Report
PIXCEL LTD: Shareholder Receives Wind-Up Report

RELIANCE EUROPEAN: Shareholders Receive Wind-Up Report
SORIN CL MASTER: Shareholder Receives Wind-Up Report
SORIN CL OFFSHORE: Shareholder Receives Wind-Up Report
TWICKENHAM INSURANCE: Shareholder Receives Wind-Up Report
VALE CAPITAL: Shareholder Receives Wind-Up Report


C O L O M B I A

BANCO DAVIVIENDA: Fitch Affirms 'BB+' Subordinated Debt Rating


M E X I C O

AEROPUERTOS DOMINICANOS: S&P Assigns 'BB-' Rating to $550MM Notes


P U E R T O   R I C O

ORIENTAL FINANCIAL: S&P Affirms 'BB+' Counterparty Credit Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: Ex-Boss Duprey Doesn't Want to be Questioned on CLICO


T U R K S  &  T A I C O S

SANDALS RESORTS: To Pay Government US$12 Million


X X X X X X X X

* BOND PRICING: For the Week Jan. 21 to Jan. 25, 2013


                            - - - - -


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


LIAT: Increasing Fleet but Losing Profits
-----------------------------------------
Caribbean360.com reports that Leeward Islands Air Transport's
(LIAT) fleet upgrade has started with two new ATR 72-600 aircraft
slated to be delivered in June and August this year by the Air
Lease Corporation.

The aircraft will be on a long-term lease from the Los Angeles,
California-based company, according to Caribbean360.com.

Caribbean360.com notes that the airline has also announced that it
has ordered three 48-seater ATR 42-600s to start replacement of
former turboprops.  According to a release issued by LIAT, the
deal also includes options for two 68-seat ATR 72-600, and is
valued at over US$ 100 million, the report relates.  LIAT is
expected to receive its first ATR 42-600 in June 2013, the report
discloses.

Caribbean360.com notes that the airline currently operates a fleet
of 14 aircraft over its Caribbean network and LIAT will be
progressively replacing its current fleet of former turboprop
aircraft.

However, the report says that despite the progress being made in
this area, indications are from the airline that its profit
projections are falling short of target.

The report relays that Antigua Observer reported that despite
initial projections that the airline would make a "modest" US$7
million profit in 2013, a document prepared by LIAT's Chief
Executive Officer (CEO) Captain Ian Brunton, indicates that this
profit had hinged on completing its re-fleeting exercise earlier
than now contemplated.

In early December 2012, the report notes that the severely
undercapitalized airline said it expected to record $23 million in
losses for that year.  The airline lost $20.2 million in 2010 and
$43 million in 2011, the report discloses.

The losses were attributed to the 66 taxes that LIAT pays and the
many unprofitable flights the airline provides to 18 of the 21
destinations it serves, the report says.

Caribbean360.com relays that LIAT's five-year business plan
indicated 39 out of the 100 daily flights would be dropped from
this year because they are unbeneficial to the company.

It was noted that if regional governments want LIAT to retain
those flights, they must offer financial support to the company,
the report adds.

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.



=================
A R G E N T I N A
=================


BANCO DE SERVICIOS: Moody's Assigns 'B3' Rating to AR$100MM Debt
----------------------------------------------------------------
Moody's Investors Service assigned a B3 global local-currency debt
rating to Banco de Servicios y Transacciones S.A. (BST)'s fourth
expected issuance of Ar$100 million, which will be due in 21
months, under the Ar$ 500 million multicurrency MTN Program. At
the same time, Moody's Latin America assigned A2.ar national scale
local currency debt rating to the expected issuance. The outlook
for all ratings is negative, following the negative outlook on the
sovereign rating.

The following ratings were assigned to BST's expected issuance:

Ar$100 million senior unsecured debt issuance:

B3 Global Local Currency Debt Rating, with negative outlook

A2.ar Argentina National Scale Local Currency Debt Rating, with
negative outlook

RATINGS RATIONALE

Moody's explained that the local currency senior unsecured debt
rating derives from BST's B3 global local currency deposit rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.

Banco de Servicios y Transacciones is headquartered in Buenos
Aires, with assets of Ar$1.980 million and equity of Ar$ 143
million as of September, 2012.

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



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


BANCO DO BRASIL: S&P Rates Perpetual Subordinated Securities 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' rating to
Banco do Brasil S.A.'s (BdB) perpetual, unsecured, junior
subordinated, non-cumulative hybrid equity instruments, callable
capital securities.

The proposed capital securities will be eligible for designation
as minimal equity content under our classification of hybrid
equity instruments because these securities contain only
nonviability contingency clauses and S&P do not expect these
securities to absorb losses.

The proposed securities will be perpetual and junior subordinated.
The securities will also contain mechanisms for potential
noncumulative coupon deductions that the bank can exercise.
According to the Brazilian central bank's capital requirements,
mandatory cupon or principal deductions should only occur if the
bank is technically insolvent.  The capital securities will be
callable on the 11th anniversary from issuance and on every coupon
payment thereafter.  There is no provision for a step-up in the
interest-rate margin at any time, or any other explicit incentive
for BdB to call the securities.  The rating on these securities is
three notches lower than the bank's issuer credit rating,
reflecting a one-notch deduction for subordination risk, one-notch
deduction for partial or untimely payment risk, and another
deduction for principal write-down risk.

Since the securities carry provisions that allow the bank to amend
its terms and conditions at any time upon the implementation of
the Basel III global regulatory standards in Brazil, S&P may
review the rating if such amendments either exceed or fall short
of subordination, coupon deductions, and principal loss provisions
incorporated in this rating.

S&P's ratings on BdB (foreign currency BBB/Stable/A-2; local
currency BBB/Stable/--) reflects the bank's "very strong" business
position, "moderate" capital and earnings, "adequate" risk
position, and "adequate" funding and liquidity (as our criteria
define the term), compared with other banks in Brazil.  S&P
considers BdB as a government-related entity (GRE), since the
Federative Republic of Brazil (foreign currency BBB/Stable/A-2;
local currency A-/Stable/A-2) is BdB's majority owner.  S&P
believes there is a "very high" likelihood that the government
would provide timely and sufficient extraordinary support to BdB
if the bank experiences financial distress.

RATINGS LIST

Banco do Brasil S.A.

Issuer Credit Rating

   Foreign Currency                          BBB/Stable/A-2
   Local Currency                            BBB/Stable/--

New Rating

   Perpetual Junior Subordinated             BB


GAFISA SA: Moody's Says Debt Renegotiation Credit Positive
----------------------------------------------------------
Moody's America Latina stated on Jan. 24, Gafisa's debt
renegotiation is credit positive for the issuer. Gafisa S.A. (CFR:
Ba3/ A3.br, negative) announced on January 9, 2013, it
renegotiated the terms of the 7th debentures issuance (BRL600
million senior secured debt: Ba2/A1.br, negative) extending its
tenor by 36 months in exchange for an interest rate increase of 15
basis points.

Given the modest borrowing cost increase vis-a-vis the liquidity
profile improvement, Moody's sees the renegotiation as credit
positive for the company. However, Moody's does not expect an
immediate impact on ratings since 24% of Gafisa's total adjusted
debt is still due in the short term and Moody's does not expect
material improvements on key credit metrics before 2013 year-end.

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in Brazil, and
also one of the most diversified in terms of product offering to
different income levels. During the last twelve months ended
September 2012, Gafisa had net revenues of BRL3.4 billion (USD1.7
billion).


RB CAPITAL: Moody's Says Amendments No Impact on 'Ba3' Rating
-------------------------------------------------------------
After analysis of the upcoming amendment to the first issuance of
the 59th Series of real estate certificates (CRI) issued by RB
Capital Securitizadora S.A. (RB Capital or the issuer), Moody's
Am‚rica Latina announced that the amendment, in and of itself and
at this time, will not result in the downgrade or withdrawal of
its A2.br (Brazilian National Scale) and Ba3 (Global Scale, Local
Currency) ratings currently assigned to the certificates.

The 59th Series of certificates issued by RB Capital is backed by
current and future tenancy agreements and is collateralized by the
real estate assets by means of a fiduciary assignment ("alienacao
fiduci ria de imoveis") and a guarantee issued by the sponsor of
the transaction, BR Properties S.A. Originally the real estate
assets collateralizing the CRIs were three commercial properties
(office buildings).

Under the proposed amendments, one of the three commercial
properties pledged to the issuer under a fiduciary regime,
together with its related tenancy payments, are released from the
pledge. In addition, the guaranteed monthly cash flows from the
two remaining properties, which continue to be fully guaranteed by
BR Properties, are increased so they are sufficient to make
payments under the CRIs.

The ratings of the certificates are based mainly on: (1) the
structure of the transaction, which fully matches payments due
under the tenancy agreements guaranteed by BR Properties to
payments due under the rated certificates; and (2) the ability and
willingness of BR Properties, which has a senior unsecured debt
rating of Ba3 (Global Scale, Foreign Currency), to guarantee
payments under the tenancy agreements.

The A2.br / Ba3 ratings assigned to the CRIs continue to be based
on BR Properties' ability to make payments under the guarantee.
This is commensurate with BR Properties' Ba3 senior unsecured
rating. Any future changes to the senior unsecured rating of BR
Properties may lead to a change in the ratings assigned to the
certificates.

The principal methodology used in assigning the ratings to the CRI
was the Global Rating Methodology for REITs and Other Commercial
Property Firms published in July 2010.



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


3L FUND: Shareholders Receive Wind-Up Report
--------------------------------------------
On Nov. 30, 2012, the shareholders of 3L Fund received the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Matthew Wright
         Tamara Corbin
         Rawlinson and Hunter Limited
         PO Box 897
         Windward 1, Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands
         Rawlinson and Hunter Limited
         PO Box 897
         Windward 1, Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands


3L MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------
On Nov. 30, 2012, the shareholders of 3L Master Fund received the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Matthew Wright
         Tamara Corbin
         Rawlinson and Hunter Limited
         PO Box 897
         Windward 1, Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands
         Rawlinson and Hunter Limited
         PO Box 897
         Windward 1, Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands


ARES IV: Shareholders Receive Wind-Up Report
--------------------------------------------
On Dec. 21, 2012, the shareholders of Ares IV CLO Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ARROW FUND: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Dec. 18, 2012, the shareholder of The Arrow Fund (111919)
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Celina Lin
         Telephone: 852 2845 0956
         Facsimile: 852 2845 0931


BCI HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Dec. 21, 2012, the shareholders of BCI Holdings Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CABLE (DFS 2002): Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Dec. 21, 2012, the shareholders of Cable (DFS 2002) Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CHYPS CBO 1999-1: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Dec. 21, 2012, the shareholders of CHYPS CBO 1999-1 Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DRAXIS ENERGY: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Dec. 19, 2012, the shareholders of Draxis Energy Master Fund
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


DRAXIS ENERGY FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Dec. 19, 2012, the shareholders of Draxis Energy Fund Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


DRAXIS ENERGY INTERMEDIATE: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
On Dec. 19, 2012, the shareholders of Draxis Energy Intermediate
Fund Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


KNIGHT FUNDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Dec. 21, 2012, the shareholders of Knight Funding Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MILLGATE INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
On Jan. 16, 2013, the shareholders of Millgate International
Trading Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


NMT HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Dec. 21, 2012, the shareholders of NMT Holdings Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


NS INVESTMENTS XIV: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Dec. 21, 2012, the sole shareholder of NS Investments XIV, Inc.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PIXCEL LTD: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Dec. 21, 2012, the sole shareholder of Pixcel Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


RELIANCE EUROPEAN: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Dec. 19, 2012, the shareholders of Reliance European Fund SPC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


SORIN CL MASTER: Shareholder Receives Wind-Up Report
----------------------------------------------------
On Dec. 11, 2012, the sole shareholder of Sorin CL Master Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877


SORIN CL OFFSHORE: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Dec. 11, 2012, the sole shareholder of Sorin CL Offshore Fund,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877


TWICKENHAM INSURANCE: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Jan. 7, 2013, the sole shareholder of Twickenham Insurance
Company received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         RSM Cayman Ltd.
         Harbour Place, 2nd Floor
         George Town, PO Box 10311
         Grand Cayman KY1-1003
         Cayman Islands


VALE CAPITAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 21, 2012, the sole shareholder of Vale Capital Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847



===============
C O L O M B I A
===============


BANCO DAVIVIENDA: Fitch Affirms 'BB+' Subordinated Debt Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda S.A.'s viability
rating (VR) at 'bbb-' and Issuer Default Ratings (IDRs) at 'BBB-'.

KEY RATING DRIVERS:

Davivienda's ratings reflect the bank's clear long-term strategy,
sound asset quality and risk management, well established
franchise, consistent performance, ample, diversified funding.
Fitch's view of Davivienda's creditworthiness is tempered by the
bank's somewhat stretched capital base, moderate efficiency and
the execution risk related to its recent acquisitions.

Daviviendas's support rating and support rating floor are driven
by Fitch's opinion that there is a moderate probability of support
from Colombia's central bank, given Davivienda's size and systemic
importance. The ability of the central bank to provide support is
constrained by the country's financial and fiscal standing;
Colombia's sovereign rating is 'BBB-' with a Stable Outlook.

SENSITIVITY/RATING DRIVERS

Davivienda's VR and IDRs would benefit from a steady, material,
and swift restoration of its capital base, a seamless integration
of its recently acquired subsidiaries in Central America, as well
as from improved efficiency that would underpin its performance,
while maintaining reasonable asset quality and sound reserves.
Upside potential on these ratings is contingent on improving
capital adequacy above pre-acquisition levels, which Fitch
believes can only be achieved over the medium term.

A disruptive integration of Davivienda's new subsidiaries, a
significant decline in its capital ratios - namely a Fitch Core
Capital below 6% - or a severe deterioration of asset quality that
would pressure the bottom line through increased loan loss
provisions, would negatively affect the bank's VR and IDRs.

Changes in the support rating and support rating floor are
contingent on changes in Colombia's sovereign ratings.

Credit Profile

Davivienda has shown a proven ability to devise and execute a
long-term strategy. Building patiently around its core mortgage
business, Davivienda became a universal bank and successfully
diversified its target market, revenue sources, funding base, and
loan portfolio. This has allowed the bank to gain market share
while leaving behind its monoline structure and image.

Davivienda cherry-picked its mergers and acquisitions to
complement and enhance its business then seamlessly integrated
them into a new organization that is strengthened by its parts. In
late 2012, the bank closed the acquisition of the former
subsidiaries of HSBC in El Salvador, Honduras and Costa Rica. This
transaction has affected the bank's capital ratios and
profitability but these are expected to revert to pre-acquisition
levels within 18-30 months.

Owing to its sound risk management policies and mature
organization, the bank was able to bring asset quality under
control while bolstering reserves under increasingly stringent
regulation. Davivienda's asset quality ratios (NPLs: 1.6% at
September 2012) compare well to those of its regional peers even
though its loan portfolio has a slightly riskier profile.

A few years of sustained growth and steady performance as well as
a conservative dividend payout policy resulted in a rapid
improvement in the size and quality of Davivienda's capital. The
burden of its goodwill had also declined and become more
manageable but increased again due to the acquisition of HSBC's
subsidiaries in Central America.

By the same token, capital levels declined to the lower end of
similarly rated banks, with Fitch Core Capital declining to the
6%-6.5% range and Fitch Eligible Capital to the 9.0-9.5% range.
Fitch's assessment of Davivienda's capital adequacy considers its
sound internal capital generation (earnings) and ample loan loss
reserves. Fitch expects that sustained profitability and
conservative dividend payouts will allow the bank to restore its
capital levels closer to pre-acquisition levels (6.5%-7.5% for the
FCC and 9.5%-10.5% for the FEC respectively) by the end of 2014

Sound loan growth and resilient margins have resulted in a steady
performance that may not be as spectacular as that of some
regional high-flyers but remains impressive (ROAA was about 1.96%
at Sept. 2012) given the economic background and structural
constraints to its retail business.

Its heightened market presence allowed Davivienda to widen and
deepen its deposit base. At the same time, the bank opened its
capital to local investors and actively tapped the local and
international securities market.

A relatively high cost structure and low non-interest revenues
weigh on its efficiency ratios. Efforts are underway to improve
this and bolster the bank's performance but gains in this area
tend to be slow to come. In the short term, efficiency should
improve through stronger revenues rather than nimbler processes or
better cross-selling.

Davivienda is Colombia's third largest bank by assets with a
market share of about 11% at end 2012. It is a universal bank
operating across all business segments with a particular strength
in the consumer business. The bank is controlled by Sociedades
Bolivar, which has interests in the construction and insurance
industries in Colombia.

Fitch has affirmed Davivienda's ratings as:

-- Long-term foreign currency IDR at 'BBB-'; Outlook Stable;
-- Long-term local currency IDR at 'BBB-'; Outlook Stable;
-- Short-term foreign currency IDR at 'F3';
-- Short-term local currency IDR at 'F3';
-- Viability rating at 'bbb-';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+';
-- Senior unsecured debt at 'BBB-';
-- Subordinated debt at 'BB+'.



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


AEROPUERTOS DOMINICANOS: S&P Assigns 'BB-' Rating to $550MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating on
Aeropuertos Dominicanos Siglo XXI S.A's (Aerodom) $550 million
seven-year senior secured notes.

The rating on Aerodom's notes mirrors the corporate credit rating
of Aerodom's parent, Bermuda-based Latin American Airports
Holdings Ltd. (LAAH; BB-/Stable/--).  LAAH provides an
unconditional and irrevocable guarantee of both principal and
interest payments.  "Our equalization of the rating on the notes
with the rating on LAAH reflects our view that the guarantee
qualifies for rating substitution treatment," said Standard &
Poor's credit analyst Candela Macchi.  The rating of LAAH continue
to reflect the credit quality of its operating subsidiaries and
the company's "fair" business risk profile and "aggressive"
financial risk profile.



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


ORIENTAL FINANCIAL: S&P Affirms 'BB+' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
counterparty credit rating on Puerto Rico-based regional banking
company Oriental Financial Group.  S&P also affirmed its 'BBB-'
counterparty credit rating on its primary banking subsidiary,
Oriental Bank.  At the same time, it removed the ratings from
CreditWatch, where it had placed them with negative implications
on June 29, 2012.  The outlook is negative.

S&P is affirming its ratings on Oriental Financial Group and its
primary banking subsidiary, Oriental Bank, following its review of
the companies.  "We think Oriental's acquisition of BBVA PR in
December 2012 has improved Oriental's competitive market position,
loan diversification, and funding profile," said Standard & Poor's
credit analyst Robert Hansen.  "We think Oriental should be able
to successfully integrate BBVA PR given management's knowledge of
the local market and its experience integrating Eurobank.
However, Oriental faces some integration risk, in our view, given
the size of BBVA PR." We think operational synergies and eductions
in noninterest expenses are possible given that the recently
acquired BBVA PR has a similar geographic footprint as Oriental.

Recent acquisitions have substantially improved Oriental's
competitive market position; diversified its business and loan
portfolio, albeit within Puerto Rico; and strengthened its funding
profile, in S&P's opinion.  Oriental and BBVA PR collectively had
about $11 billion in assets, $5.4 billion in loans, and nearly
$5.7 billion in customer deposits as of Sept. 30, 2012.  Oriental
Bank, the main bank subsidiary of Oriental Financial Group, has
the second-largest branch network and the third-largest deposit
market share in Puerto Rico following the acquisition, according
to the company.  S&P believes that the banking market will remain
highly competitive in Puerto Rico, but it thinks industry
consolidation in recent years has somewhat reduced deposit pricing
pressures.

The outlook is negative.  S&P could lower the rating if the bank's
loan performance weakens, if integration challenges arise, or if
S&P's projections for capital ratios decline substantially.  More
specifically, S&P could lower the rating if net charge-offs
increase materially or if adjusted nonperforming assets, including
restructured loans, rise to more than 13% of total loans.  S&P is
unlikely to raise the rating, given the bank's high loan
concentrations in Puerto Rico and S&P's view that asset quality
issues will likely persist.



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


CL FIN'L: Ex-Boss Duprey Doesn't Want to be Questioned on CLICO
---------------------------------------------------------------
Caribbean360.com reports that despite initially confirming that he
would attend the ongoing CLICO commission of enquiry, former head
of CLICO Lawrence Duprey is now backing out.

Trinidad Guardian said Mr. Duprey has written a letter to the
commission, which was received by its secretary Judith Gonzalez,
to say that he is unwilling to appear before the commission
chaired by British QC Sir Anthony Colman to give evidence,
according to Caribbean360.com.

The report relates that unnamed sources reportedly told the
Guardian that when he consulted his legal team, he was advised not
to take part in it since the police had begun an official probe
into the collapse of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  Mr. Duprey also wrote to say
he was withdrawing his legal team Andrew Mitchell, QC, and
attorney Lionel Luckhoo from the proceedings, the report notes.

On November 8, Director of Public Prosecutions Roger Gaspard,
announced in a media release that police had started a criminal
investigation into the conduct of individuals and corporate
entities involved in the collapse of CLICO and related companies,
the report recalls.

Mr. Gaspard, the report discloses, warned the media "not [to]
publish or broadcast anything which might jeopardise, hinder or
otherwise prejudice the investigation or any possible proceedings
which might result from it."

Mr. Gaspard also wrote to Attorney General Anand Ramlogan and
Colman over the public hearing of the enquiry, the report relates.
Caribbean360.com relays that Mr. Gaspard said if the enquiry went
on, it was likely to delay a prosecution and jeopardize the police
investigation.

Mr. Gaspard's initial letter to Mr. Ramlogan expressed concern
over the enquiry but the AG refused to advise the President to
suspend it immediately, or at least vary its terms of reference,
the report notes.

Caribbean360.com discloses that Mr. Colman also refused Gaspard's
request, saying it was ultimately up to the Government to decide
whether the enquiry should continue in light of a police probe.

After Mr. Gaspard's warning, Mr. Colman ruled that Mr. Duprey
would not have to respond to requests to attend the hearing on the
basis of the police probe and the right to not incriminate
himself, 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.



=========================
T U R K S  &  T A I C O S
=========================


SANDALS RESORTS: To Pay Government US$12 Million
------------------------------------------------
Caribbean360.com reports that special prosecutors in the Turks &
Caicos Islands say Sandals Resorts will pay $12 million to the
government as part of a probe into corruption.

Sandals operates the Beaches resort in Turks and Caicos and it
recently purchased the former Veranda resort property as part of
an expansion in TCI, according to Caribbean360.com.

A statement from Turks and Caicos said the Special Investigation
Prosecution Team (SIPT) and the Turks and Caicos Islands
government have reached an agreement with Sandals Resorts due "in
part to the cooperation of the company with the United States
authorities to a degree that has been acknowledged to be both
extraordinary and unique and included the early and voluntary
release of valuable evidence that has been shared with the SIPT,"
Caribbean360.com discloses.

In 2011, the report recalls that Sandals counsel Dimitri Singh
said a former senior Sandals officer was linked to "various
unauthorized transactions" and said the Jamaica-based resort
company was voluntarily cooperating with international authorities
probing former islands officials.

Caribbean360.com says that the SIPT said the agreement involves no
admission of liability.  It said the agreement and the payout
relate to the resort company's cooperation with a US investigation
and voluntary release of evidence that was shared with the special
prosecutor's office in Turk and Caicos, Caribbean360.com notes.

Caribbean360.com notes that the SIPT is investigating corruption
in the Turks and Caicos; it was formed after a Commission of
Inquiry led by Sir Robin Auld in 2009 found evidence of widespread
corruption in the Turks and Caicos Islands.

That led to the suspension of democratic government in the British
Overseas Territory, Caribbean360.com relays.  The TCI returned to
democratic government with elections in November, the report
notes.

No other details were provided on the agreement were provided but
a former senior Sandals employee has been linked to transactions
involving former Turks and Caicos officials currently under
investigation, the report says.

So far, 13 people, including developers and former Turks and
Caicos government ministers, have been indicted on corruption-
related charges, Caribbean360.com discloses.  Earlier this month,
British officials said they were starting extradition proceedings
for the island's former premier, Michael Misick, from Brazil where
he was arrested in December on an international arrest warrant,
the report adds.



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


* BOND PRICING: For the Week Jan. 21 to Jan. 25, 2013
-----------------------------------------------------

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

ARGENTINA
---------


ARGENT-$DIS           8.28    12/31/2033    USD        59.65
ARGENT-$DIS           8.28    12/31/2033    USD        60.75
ARGENT-$DIS           8.28    12/31/2033    USD        61.63
ARGENT-$DIS           8.28    12/31/2033    USD        61.63
ARGENT-$DIS           8.28    12/31/2033    USD        63.25
ARGENT-PAR            1.18    12/31/2038    ARS        42.04
ARGENT-EURDIS         7.82    12/31/2033    EUR        45
ARGENT-EURDIS         7.82    12/31/2033    EUR        60
ARGENT-EURDIS         7.82    12/31/2033    EUR        60.5
ARGENT-¯JPYDIS         4.33    12/31/2033    JPY        35.5
ARGENT-¯JPYDIS         4.33    12/31/2033    JPY        36
ARGENT-¯JPYPAR&GDP     0.45    12/31/2038    JPY        8
ARGNT-BOCON PRE9      2        3/15/2014    ARS        50
BANCO MACRO SA        9.75    12/18/2036    USD        72.5
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        75
CAPEX SA             10        3/10/2018    USD        73.25
CIA LATINO AMER       9.5     12/15/2016    USD        70
EMP DISTRIB NORT      9.75    10/25/2022    USD        46.05
EMP DISTRIB NORT      10.5    10/9/2017     USD        36.85
EMP DISTRIB NORT      9.75    10/25/2022    USD        44.5
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        67
METROGAS SA           8.875   12/31/2018    USD        69.13
PROV BUENOS AIRE      9.625    4/18/2028    USD        65.87
PROV BUENOS AIRE      9.625    4/18/2028    USD        65.88
PROV BUENOS AIRE      9.375    9/14/2018    USD        70.91
PROV BUENOS AIRE      9.375    9/14/2018    USD         70.7
PROV BUENOS AIRE     10.875    1/26/2021    USD         72.7
PROV BUENOS AIRE     10.875    1/26/2021    USD        72.31
PROV DE FORMOSA       5        2/27/2022    USD        62.63
PROV DE MENDOZA       5.5      9/4/2018     USD        73.78
PROV DEL CHACO        4       12/4/2026     USD        27.75
PROV DEL CHACO        4       11/4/2023     USD        55.13
TRANSENER             9.75     8/15/2021    USD        39
TRANSENER             9.75     8/15/2021    USD        38.75
TRANSENER             8.875   12/15/2016    USD        41.01


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


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


BANCO BPI (CI)        4.15    11/14/2035    EUR        59.5
BANCO BPI (CI)        4.15    11/14/2035    EUR        65.13
BCP FINANCE CO        4.239                 EUR        42
BCP FINANCE CO        5.543                 EUR        43
BES FINANCE LTD       4.5                   EUR        64.83
BES FINANCE LTD       5.58                  EUR        67.5
CAM GLOBAL FIN        6.08    12/22/2030    EUR        61
CHINA FORESTRY       10.25    11/17/2015    USD        53
CHINA FORESTRY       10.25    11/17/2015    USD        53.13
CHINA SUNERGY         4.75     6/15/2013    USD        57.87
ERB HELLAS CAYMA      9        3/8/2019     EUR        50.75
ESFG INTERNATION      5.753                 EUR        53.19
GOL FINANCE           8.75                  USD        77.25
GOL FINANCE           8.75                  USD        74.88
JINKOSOLAR HOLD       4        5/15/2016    USD        60
LUPATECH FINANCE      9.875                 USD        45
LUPATECH FINANCE      9.875                 USD        43.5
PUBMASTER FIN         6.962    6/30/2028    GBP        62.76
PUBMASTER FIN         8.44     6/30/2025    GBP        64
SUNTECH POWER         3        3/15/2013    USD        49.5
SUNTECH POWER         3        3/15/2013    USD        50.4


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


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       6.2     5/1/2017      USD       58.5
PUERTO RICO CONS       6.5     4/1/2016      USD      69.48


VENEZUELA
---------

PETROLEOS DE VEN       5.5     4/12/2037     USD       69
PETROLEOS DE VEN       5.375  4/12/2027     USD        72.25


                            ***********


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 * * *