TCRLA_Public/130129.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

             Tuesday, January 29, 2013, Vol. 14, No. 19


                            Headlines



A R G E N T I N A

BISA LEASING: Moody's Assigns 'Ba2' CFR; Outlook Stable


B E R M U D A

CAREFUSION BERMUDA: Member to Receive Wind-Up Report on Feb. 18
KOREA WINE: Creditors' Proofs of Debt Due Jan. 30
KOREA WINE: Member to Receive Wind-Up Report on Feb. 18
MAPELEY ACQUISITION: Court Appoints Smith & Bowers as Liquidators


B R A Z I L

* BRAZIL: Decline in Default Rates to Benefit Local Banks


C A Y M A N  I S L A N D S

55 NORTH EMERGING: Shareholder Receives Wind-Up Report
AJAX COMPANY: Shareholders Receive Wind-Up Report
AMUK FUNDING: Shareholders Receive Wind-Up Report
BAY HILL: Shareholders Receive Wind-Up Report
CC ASIA: Shareholders Receive Wind-Up Report

CHINA VALUE: Shareholders Receive Wind-Up Report
EXECUTIVE JET: Shareholders Receive Wind-Up Report
FMCP VOLATILITY: Shareholders Receive Wind-Up Report
FORT TRYON: Shareholder Receives Wind-Up Report
GMB GLOBAL: Shareholders Receive Wind-Up Report

GMB GLOBAL OFFSHORE: Shareholders Receive Wind-Up Report
SOROS CAPITAL: Shareholders Receive Wind-Up Report
STERLINGARBITRAGE LTD: Shareholders Receive Wind-Up Report
STORMHARBOUR ALTERNATIVE: Shareholders Receive Wind-Up Report
STORMHARBOUR ALTERNATIVE FUND: Shareholders Get Wind-Up Report

T-CUBED INVESTMENTS: Shareholder Receives Wind-Up Report
TRIAN CREDIT: Shareholder Receives Wind-Up Report
UNIX FUND: Shareholders Receive Wind-Up Report
VANILLA REALTY: Shareholders Receive Wind-Up Report


C H I L E

GEOPARK LATIN: Fitch Assigns 'B' Issuer Default Ratings


G U A T E M A L A

CENTRAL AMERICA: Fitch Affirms 'BB+' Rating on $200MM Sr. Notes


E L  S A L V A D O R

AES EL SALVADOR: Moody's Affirms 'Ba2' CFR; Outlook Stable


J A M A I C A

DIGICEL GROUP: Signs Deal With Idiro to Provide Data Analytics
NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Rating
RBC ROYAL BANK: Closing 4 Branches; 70 People to Lose Jobs


M E X I C O

CEMENTOS PACASMAYO: S&P Assigns 'BB+' LT CCR to $300-Mil. Notes
CEMEX SAB: S&P Raises Corporate Credit Rating to 'B'
GEOPARK LATIN: S&P Assigns 'B' Rating to Proposed $300MM Notes
GRUPO CEMENTOS: Fitch Assigns 'B+' IDRs, Rates $260MM Notes 'BB-'
GRUPO CEMENTOS: S&P Assigns 'B' ICR, Rates $260MM Notes 'B'

GRUPO POSADAS: Fitch Rates $50MM Sr. Unsecured Notes 'B+/RR3'


P E R U

ROCMEC MINING: Delays Filing of Annual Financial Statements


P U E R T O   R I C O

DO-JARR INC.: Case Summary & 3 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Faces Criticism on Price Increase


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


BISA LEASING: Moody's Assigns 'Ba2' CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a local currency corporate
family rating (CFR) of Ba2 to Bisa Leasing S.A. The rating was
assigned with a stable outlook.

The following rating was assigned to Bisa Leasing:

   Long term local currency corporate family rating of Ba2, stable
   outlook

Ratings Rationale

The assignment of the corporate family rating follows the
implementation of Moody's revised global rating methodology for
finance companies, which establishes the key operational,
financial and environmental factors Moody's considers when rating
this type of company. The CFR incorporates the standalone credit
profile of a finance company as well as any parental or affiliate
support. Moody's has assigned a CFR of Ba2 to Bisa Leasing which
is equal to the company's Ba2 long term global local currency
issuer rating. The Ba2 CFR is based on a b1 standalone credit
assessment that receives two notches of uplift as a result of
Moody's assumption of a high probability of support from its
parent, Banco Bisa (rated Ba2).

In contrast to a finance company's issuer ratings, which represent
Moody's opinion of credit risk equivalent to the companies' senior
unsecured debt obligations, the CFRs represent the rating agency's
opinion of a company's consolidated credit risk, equivalent to the
weighted average of all debt classes within the company's capital
structure. Using the CFR as a reference point, the methodology
codifies Moodys' framework for assigning ratings to the various
classes of debt issued by non-investment grade finance companies
on the basis of expected differences in loss given default. This
framework considers the proportionality, seniority and level of
asset protection associated with various debt classes, both
nominally and in relation to each other. Bisa Leasing's CFR is
equal to its issuer rating as it reflects the predominance of
senior unsecured obligations in the company's debt structure.

Bisa Leasing is headquartered in La Paz, Bolivia, and reported
total assets of Bs. 236 million and equity of Bs. 44 million as of
September 30, 2012.

The principal methodology used in this rating is Moody's Finance
Company Global Rating Methodology published in March 2012.



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


CAREFUSION BERMUDA: Member to Receive Wind-Up Report on Feb. 18
---------------------------------------------------------------
The member of CareFusion Bermuda 224 Ltd. will receive on Feb. 18,
2013, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Alison Tomb
         Garth Calow
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton HM 11
         Bermuda


KOREA WINE: Creditors' Proofs of Debt Due Jan. 30
-------------------------------------------------
The creditors of Korea Wine Investment 1 Ltd. are required to file
their proofs of debt by Jan. 30, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 10, 2013.

The company's liquidator is:

         Christopher Dye
         Bermuda Corporate & Trust Law Ltd.
         Trinity Hall, 43 Church Street
         Hamilton HM 12
         Bermuda


KOREA WINE: Member to Receive Wind-Up Report on Feb. 18
-------------------------------------------------------
The member of Korea Wine Investment 1 Ltd. will receive on
Feb. 18, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Christopher Dye
         Bermuda Corporate & Trust Law Ltd.
         Trinity Hall, 43 Church Street
         Hamilton HM 12
         Bermuda


MAPELEY ACQUISITION: Court Appoints Smith & Bowers as Liquidators
-----------------------------------------------------------------
On Jan. 11, 2013, the Supreme Court of Bermuda appointed Mark W R
Smith and Phil Bowers of Deloitte LLP (UK) as liquidators of
Mapeley Acquisition Co (7) Limited.



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


* BRAZIL: Decline in Default Rates to Benefit Local Banks
---------------------------------------------------------
After enjoying years of robust growth, Brazilian banking industry
went through a tough period last year.  During the first three
quarters of 2012, profit margins at Brazilian banks fell to the
lowest levels in a decade.  However, Brazilian banks saw a
turnaround in the fourth quarter.  All eyes are now set on banks'
earnings, which will be kicked off by Banco Bradesco SA on January
28, 2012.  Itau Unibanco Holding S.A., one of the biggest
Brazilian banks, will report its quarterly results on February 5.

        Decline in Default Rates to Benefit Brazilian Banks

While commodities export has been one of the drivers of the
Brazilian economy, in recent years, the country has also seen a
sharp rise in consumer spending. Consumer spending was driven by
credit growth. The growth model worked well as the Brazilian
economy expanded, however, as growth stalled last year, Brazilian
banks saw a sharp rise in consumer-loan default rate.

In the third quarter of 2012, the Brazilian economy grew 0.6%. The
trend, however, reversed in the fourth quarter of 2012. Recent
data indicates that economic activity picked up in the fourth
quarter of 2012.  This augurs well for Brazilian banks such as
Banco Bradesco and Itau Unibanco.

Another encouraging development for Brazilian banks has been a
decline in default rate. According to data released by Brazil's
central bank last month, the country's consumer-loan default rate
fell to 7.8% in November from 7.9% in October, the first drop in
default rate in five months.

                      Falling Interest Rates

As the Brazilian economy saw a sharp slowdown in 2012, the
Brazilian central bank implemented monetary easing measures to
boost economic growth.  The Brazilian central bank has cut the
benchmark Selic rate to a record low 7.25%.  More importantly, the
central bank has pledged to keep interest rates low for a
prolonged period.

While lower interest rates have helped in bringing down default
rate, they are also hurting banks' net interest margins and
profitability.  This is because a decline in interest rates means
tighter spreads for banks.  It will be interesting to see how much
of this has had an impact on bottom-line when Banco Bradesco and
Itau Unibanco Holding S.A.

In order to boost lending, the Brazilian government is also
putting pressure on banks to cut fees and lower rates.  While the
move will help in boosting economic growth, it will hurt Brazilian
banks' profit margins.

           Bradesco and Itau Unibanco Still Look Good

A decline in default rate is a good sign for Banco Bradesco and
Itau Unibanco.  However, the two banks will feel the pinch from
record low-interest rates.  Still Bradesco and Itau Unibanco look
attractive, especially if the Brazilian economy continues to
improve this year.

Both banks are reasonably valued at current level.  While Itau
Unibanco trades on a P/E ratio of 12.23, Banco Bradesco trades on
a P/E ratio of 13.09.

Overall, the major concern for the Brazilian banking industry
remains record low interest rates.  However, a pickup in economic
activity and a decline in default rates are an encouraging sign.

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


55 NORTH EMERGING: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Dec. 21, 2012, the sole shareholder of 55 North Emerging Europe
Long/Short Fund Inc. 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


AJAX COMPANY: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Dec. 14, 2012, the shareholders of Ajax Company Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


AMUK FUNDING: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Dec. 21, 2012, the shareholders of Amuk Funding Limited
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
         Jennifer Chailler
         Telephone: (345) 814 6847


BAY HILL: Shareholders Receive Wind-Up Report
---------------------------------------------
On Dec. 17, 2012, the shareholders of Bay Hill Capital Fund, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         MG Management Ltd.
         PO Box 2745
         64 Earth Close, Landmark Square, 2nd Floor
         Seven Mile Beach
         Grand Cayman KY1-1111
         Cayman Islands
         Telephone: 1 345 749 8181


CC ASIA: Shareholders Receive Wind-Up Report
--------------------------------------------
On Dec. 11, 2012, the shareholders of CC Asia Advantage Master
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         PO Box 2681 Grand Cayman KY1-1111
         Cayman Islands


CHINA VALUE: Shareholders Receive Wind-Up Report
------------------------------------------------
On Dec. 11, 2012, the shareholders of China Value Investment Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hao Wang
         87 Headland Drive, Discovery Bay
         Hong Kong
         Telephone: +852 2523 3060


EXECUTIVE JET: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Dec. 14, 2012, the shareholders of Executive Jet Middle East
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Netjets Services, Inc.
         c/o Matthew L. Potts
         4111 Bridgeway Avenue
         Columbus, Ohio 43219
         United States of America
         Telephone: + 1 614 849 7275
         Facsimile: + 1 614 239 2119


FMCP VOLATILITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Dec. 12, 2012, the shareholders of FMCP Volatility Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Krys Global VL Services Limited
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 21237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 947 4700
         Facsimile: +1 345 946 6728


FORT TRYON: Shareholder Receives Wind-Up Report
-----------------------------------------------
On Dec. 13, 2012, the sole shareholder of Fort Tryon Equities
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 Joanne Steven
         Telephone: (345) 815-1895
         Facsimile: (345) 949-9877


GMB GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Dec. 13, 2012, the shareholders of GMB Global Alpha Master,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Buenzow
         FTI Consulting, Inc.
         227 West Monroe Street
         Suite 900
         Chicago
         Illinois 60606
         United States of America
         Telephone: +1 312 759 8100


GMB GLOBAL OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On Dec. 13, 2012, the shareholders of GMB Global Alpha Offshore,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Buenzow
         FTI Consulting, Inc.
         227 West Monroe Street
         Suite 900, Chicago
         Illinois 60606
         United States of America
         Telephone: +1 312 759 8100


SOROS CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
On Dec. 21, 2012, the shareholders of Soros Capital Offshore
Partners LDC received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


STERLINGARBITRAGE LTD: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Dec. 11, 2012, the shareholders of Sterlingarbitrage Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Gene DaCosta
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STORMHARBOUR ALTERNATIVE: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
On Dec. 19, 2012, the shareholders of Stormharbour Alternative
Investments Navigator 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


STORMHARBOUR ALTERNATIVE FUND: Shareholders Get Wind-Up Report
--------------------------------------------------------------
On Dec. 19, 2012, the shareholders of Stormharbour Alternative
Investments Navigator 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


T-CUBED INVESTMENTS: Shareholder Receives Wind-Up Report
--------------------------------------------------------
On Dec. 11, 2012, the sole shareholder of T-Cubed Investments
Cayman 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 Joanne Steven
         Telephone: (345) 815-1895
         Facsimile: (345) 949-9877


TRIAN CREDIT: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 21, 2012, the sole shareholder of Trian Credit Partners,
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


UNIX FUND: Shareholders Receive Wind-Up Report
----------------------------------------------
On Dec. 18, 2012, the shareholders of Unix Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Rolf Kung
         c/o Kristoffer Huldt
         IFIT Fund Services AG
         Voltastrasse 61
         PO Box 2520 CH-8033 Zurich
         Switzerland
         Telephone: +41 44 366 4016 949 4018
         Facsimile: +41 44 366 4039


VANILLA REALTY: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Dec. 21, 2012, the shareholders of Vanilla Realty Corp.
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



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C H I L E
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GEOPARK LATIN: Fitch Assigns 'B' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDRs) of 'B' to GeoPark Latin America Limited
Agencia en Chile.  In addition, Fitch has assigned an expected
rating of 'B' to the company's proposed debt issuance of up to
USD300 million The Rating Outlook is Stable.

GeoPark expects to use the proceeds from the issuance to refinance
most of its existing debt, partially fund its 2013 capital
expenditures, and for other general corporate purposes, including
possible new acquisitions. The issuance will be secured by a
pledge of approximately 80% of the shares of its operating
companies in Chile and Colombia (GeoPark Chile S.A. and GeoPark
Colombia S.p.A.) and by a pledge on inter-company loans granted by
the issuer to its operating companies.

GeoPark's ratings reflect the company's small scale of production
and relatively small reserve profile as well as its production
concentration. Free cash flow (FCF) is expected to remain negative
during the next couple of years due to the company's aggressive
growth strategy, which could limit financial flexibility.
Positively, GeoPark's ratings also reflect the company's improving
financial and operating performance and its adequate leverage. The
company's production and reserves diversification efforts also
augur well for its credit quality.

Small and Concentrated Production Profile:

GeoPark's ratings reflect the company's production concentration
and relatively small reserve base and production. Although the
company has exploration and production interest in 19 blocks in
Chile, Colombia and Argentina, the current net production of
approximately 13.2 thousand barrels of equivalent per day (boed)
is mainly concentrated in four fields. Fell Block in Chile, and
Llanos 34, La Cuerva and Yamu blocks in Colombia. These four
blocks account for approximately 95% of current production. This
limited diversification exposes the company to operational as well
as economical risks associated with small-scale oil and gas
production. Going forward, increasing geographic diversification
would be positive for the company's credit quality.

The ratings also consider as positive the growing diversification
efforts made by the company in the last years. Until March 2012,
the company's production was almost completely concentrated in the
Fell Block in Chile, which represented 99% of total production.
After the acquisition of two oil companies in Colombia in March
2012, GeoPark increased its diversification with three additional
productive blocks, and almost doubled its production to 11,300
boed from 7,800 boed; proved reserves (P1) increased from 16.5 MM
boe to 30.1 MM boe, 66% of which are oil.

Negative Free Cash Flow Due to Large Capex:

The company has reported negative FCF (defined as cash flow from
operations less capital expenditures and dividends) over the past
five years, mainly as a result of its aggressive growth strategy.
For the last 12 months (LTM) ended Sept. 30, 2012, FCF was
negative USD175 million mainly as a result of significant capital
expenditures of USD183 million during the same period, in addition
to the acquisitions made in Colombia for USD105 million. Capex in
the past has been funded by a combination of financial debt, cash
flow from operations and capital contributions from strategic
partner, LG International Corporation. Historically, GeoPark has
not paid dividends.

GeoPark's significant capital expenditure plans over the next few
years will involve high capex related to developing and increasing
productions at existing operations as well as new acquisitions in
the region. This could continue pressuring FCF in the near term
and reduce the company's cash flow flexibility to face a downturn
in international commodity price scenarios.

Improving Financial Metrics:

GeoPark's credit metrics have been improving over the past few
years as a result of the company's growth strategy. As of the LTM
ended Sept. 30, 2012, the company's leverage ratio, as measured by
Total Debt-to-EBITDA, reached 1.7x, down from 2.6x in 2011 and
4.1x at the end of 2010. The company's interest coverage has also
improved, reaching 6.5x for the LTM ended Sept. 30, 2012. Leverage
measured as total debt-to-total proved reserves decreased to
USD6.3 per boe from USD10.0 per boe in 2010-2011, yet still
remains at a high level.

On a pro forma basis after the proposed issuance, leverage is
expected to increase to 2.3x (assuming annualized pro forma EBITDA
as of Sept. 30, 2012) and should decline over time as the company
increases production. Debt-to-proved reserves ratio would stand
around USD10 per boe assuming existing P1 reserves, and should
decline as the company adds new proved reserves. EBITDA generation
as of LTM Sept. 30, 2012 reached USD118 million (USD63.4 million
in 2011), 62% generated in Chile and the remaining 38% in
Colombia.

Going forward, the company's indebtedness should be limited by the
proposed notes' covenants, which include: consolidated debt to
consolidated EBITDA ratio not higher than 2.75x for the first two
years, and 2.5x for the remaining life of the notes, and
consolidated EBITDA to consolidated interest expenses over 3.5x.

Gas Production Declines: Business Growth Focus on Oil

GeoPark has been successful in developing its growth strategy
towards the oil business while the importance of its natural gas
business in Chile decreases. In 2011, gas represented 34% of total
revenues and is currently estimated to account for approximately
10% of total revenues in 2012. Also, P1 composition shifted to 33%
gas and 67% oil in 2012 from 63% gas and 37% oil in 2011. This
becomes more important and supports the company's cash generation
capacity going forward as the gas production in southern Chile has
declined significantly in the last year, with GeoPark's production
level falling to 2,500 boed in 2012 from 5,100 boed in 2011.
GeoPark will continue to develop its natural gas business with
Methanex Corporation in Chile, although its growing strategy for
the future is oriented toward the oil business.

Strategic Alliance with LGI

In 2010, GeoPark and LG International Corporation (LGI, subsidiary
of the Korean LG Group) agreed on a strategic alliance to build a
portfolio of upstream oil and gas assets throughout Latin America
through 2015. This partnership is currently targeting new project
acquisitions in Brazil, Colombia, Peru and Chile in addition to 16
existing exploration, development and production blocks in Chile
and Colombia. Fitch believes that this partnership is positive for
GeoPark as it could provide additional cash resources to help fund
the company's growth strategy and provide technical support and
expertise.

In 2011, LGI acquired a 20% equity interest in GeoPark's Chilean
business for USD148 million. LGI also committed USD31.6 million of
new capital injections in Tierra del Fuego licenses over the next
three years. In December 2012, LGI acquired a 20% equity interest
in GeoPark's Colombian business for a consideration of USD20.1
million.

SENSITIVITY/RATING DRIVERS

Factors that could lead to a negative rating action are: failure
to reach and maintain leverage at 2.75x or below, or an overly
aggressive growth strategy that could pressure credit metrics.
Still, these risks should be somewhat mitigated by the proposed
issuance's covenants.

Key considerations for a positive rating action or Outlook
include: increased diversification of the company's production
profile and consistent growth in both production and reserves
while maintaining adequate financial metrics. The debt-to-proven
reserves ratio should also be reduced.



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G U A T E M A L A
=================


CENTRAL AMERICA: Fitch Affirms 'BB+' Rating on $200MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has affirmed these ratings of The Central America
Bottling Corporation (CBC):

--Foreign currency long-term Issuer Default Rating (IDR)
   at 'BB+';
--Local currency long-term IDR at 'BB+';
--USD200 million senior notes due 2022 at 'BB+'.

The Rating Outlook is Stable.

CBC's ratings are supported by the company's long track record of
operations as an anchor bottler of PepsiCo system in Central
America and the Caribbean, diversified product portfolio of
leading beverages brands across its franchised territories, and
broad distribution network. The ratings also benefit from the
company's good operating performance, characterized by positive
and stable cash flow generation, and solid credit metrics. In
addition, the company has the implied operative and technical
support of PepsiCo that owns an 18% of its equity.

CBC's ratings are constrained by strong competition within the
beverage industry, the volatility in the cost of its main raw
materials which pressure the company's margins and some exposure
of cash generation to low rated countries.

CBC's ratings incorporate the acquisition of a majority (50%+1)
equity interest in the operations of Grupo Tesalia, which is the
only bottler of PepsiCo products in Ecuador. The acquisition was
closed in May 2012 and the CBC paid in cash around USD78 million
and assumed USD59 million of net debt. Grupo Tesalia's expected
annual revenues and EBITDA in 2012, assuming full year operations,
are approximately USD184 million and USD22 million, respectively.
On a pro forma basis, Fitch estimates CBC's total net debt to
EBITDA should be around 2.5 times (x) at the end of 2012.

CBC's credit metrics remain solid for the rating category. For the
LTM ended Sept. 30, 2012, the company's EBITDA to gross interest
expenses was 3.4x, while adjusted leverage ratio measured as total
debt plus preferred capital to EBITDA was 3.6x and adjusted net
debt to EBITDA was 2.4x. CBC's total adjusted debt reached USD335
million, out of which USD4 million were related to preferred
capital. Fitch expects that CBC will gradually decrease its gross
adjusted leverage ratios to levels around 2.0x in the mid-term.

Fitch anticipates that CBC's margins should gradually improve as a
result of continuous implementation of production and distribution
efficiencies, hedge initiatives in main raw materials, and the
consolidation of its operations in the Caribbean and Ecuador. For
the last 12 months as of September 2012, the company's
profitability has been relatively stable with an EBITDA margin
around 9%. In terms of operating performance Fitch expects that
CBC will maintain its positive growth trend. Fitch estimates that
the company's volume, revenues and EBITDA (measured as operating
income plus depreciation and amortization) have increased
approximately 28%, 19% and 12%, respectively, when compared to
last year same period.

Fitch expects that the company cash flow generation to be negative
in 2012 as a result of the acquisitions executed. Excluding this
effect, CBC continued generating stable free cash flow (FCF,
defined as cash flow from operations less capital expenditures and
dividends) of approximately USD22 million for the last 12 months
as of Sept. 30, 2012. Planned capital expenditures of around USD90
million in 2013 could limit FCF generation.

CBC's liquidity position is adequate with USD107 million of cash
and marketable securities and USD52 million of short-term debt.
The company has refinanced the short term debt during the last
quarter of 2012 and does not face significant maturities in the
following years.

SENSITIVITY/RATING DRIVERS

Factors considered positive to credit quality include a
combination of better operative results, stronger cash flow
generation from higher rated countries and solid credits metrics
on a sustained basis. The ratings could be negatively pressured by
a deterioration of the company's capital structure resulting in
higher debt and leverage ratios, as well as a decline in its
operating results due to adverse market conditions.



====================
E L  S A L V A D O R
====================


AES EL SALVADOR: Moody's Affirms 'Ba2' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service affirmed the Ba2 Corporate Family Rating
(CFR) and senior unsecured rating of AES El Salvador Trust
(Trustco). The rating outlook is stable.

Trustco issued the 10-year bullet US$300 million bonds due in 2016
for the benefit of four electricity distribution affiliates in El
Salvador: Compania de Alumbrado Electrico de San Salvador, S.A. de
C.V. (CAESS); the 98.29%-owned subsidiary of CAESS, Distribuidora
Electrica de Usulutan, S.A. de C.V. (DEUSEM); AES CLESA S. en C.
de C.V. (CLESA); and Empresa Electrica de Oriente, S.A. de C.V.
("EEO"). These four distribution utilities (collectively the
guarantors) jointly, unconditionally and severally guarantee the
debt of Trustco.

Ratings Rationale

"The affirmation of the Ba2 ratings is prompted by the fair
outcome of the guarantors' recent tariff review that became
effective January 1, 2013" said Natividad Martel, an Assistant
Vice-President analyst at Moody's. "The Ba2 ratings also reflect
Moody's expectation that the guarantors will continue to report
credit metrics that are robust for the current rating category".
The Ba2 ratings are based on the guarantors' consolidated credit
profile due to Trustco's dependence on their payments under
promissory notes to service the senior unsecured bonds and, if
required, under their guarantees which represent a senior
unsecured obligation of the guarantors. This is the only long-term
debt of Trustco and the guarantors.

Given the infrastructure nature of the company's operations it is
closely tied to local economic and market conditions.
Consequently, the Ba2 rating is constrained by the government
ratings of El Salvador that were downgraded to Ba3 in November
2012 with a stable outlook. In accordance with Moody's previously
published guidance, infrastructure and utility companies would not
normally be expected to have a rating more than two notches higher
than that of the government of the country in which the majority
of their business is located. In the case of AES El Salvador
Trust, a one-notch, rather than two-notch, differential between
the Ba2 ratings and the Ba3 government rating is considered
appropriate given the absence of any non-domestic revenue at the
guarantors.

The Ba2 ratings are underpinned by the regulated nature of the
guarantors' revenues, the relatively low business risk profile of
their distribution operations, their leading position despite
their overall modest size, as well as Moody's opinion that the
regulatory framework is overall credit supportive albeit subject
to some inconsistency. Moody's also acknowledges the progressive
implementation of several regulatory initiatives to enhance the
electric system's mechanisms and the requirement to procure over
60% of the guarantors' power load under medium and long-term PPAs
along with their ability to recover energy costs on a more timely
basis. The Ba2 ratings also consider some structural features for
the debt securities, including a debt service reserve account, and
the assumption that the guarantors will be able to renew their
committed bank credit facilities that aggregate US$16.5 million
before their scheduled expiration in January 2014, and that they
collectively will maintain significant cash balances amid an
appropriate dividend policy managed by AES. This is particularly
relevant until an improvement in the country's energy mix results
in less volatile spot power prices. In this regard, maintaining a
robust liquidity profile remains key for the rating and the one-
notch difference with the government rating. The latter also
considers the limited moratorium risk given that the country's
economy is officially dollarized driving the current Ba1 Foreign
Currency bond and deposit ceiling ratings of El Salvador.

The stable rating outlook reflects Moody's expectation that the
guarantors will be prudently managed, and that the recent tariff
adjustments will allow the credit metrics to remain commensurate
with the low-range of the Baa-rating category despite the current
aggressive dividend payout-ratio. It also assumes that ample
liquidity with adequate committed bank facilities and cash
balances will be maintained to cope with any external shocks.
Given the guarantors' dependence on El Salvador's economic and
political environment, the stable outlook also incorporates the
expectation that the sovereign rating will not be further
downgraded given its current stable outlook.

Limited prospects for a rating upgrade exist over the near to
medium term since the rating is effectively capped by the current
Ba3 government sovereign rating. Over the longer term, the rating
could be upgraded if the government sovereign rating is upgraded
and the guarantors' consolidated CFO pre-W/C interest coverage and
RCF to debt metrics are above 3.5x and 17%, respectively, on a
sustainable basis.

Trustco's rating could be downgraded if Moody's perceives that the
liquidity arrangements are insufficient to comfortably cope with
potential external shocks. Negative rating momentum could result
from unexpected changes in the regulatory framework that further
reduces the predictability or consistency in which regulation is
applied, or if the El Salvadorian sovereign ratings were to
experience a further downgrade and/or if AES' ratings were to
experience a multi-notch downgrade. Evidence of deterioration in
the consolidated credit metrics, such that the consolidated
interest coverage ratio and the CFO pre-W/C to debt fell below
2.5x and 8.5%, respectively, for an extended period or the
continuation of AES' aggressive distribution policy results in RCF
to debt falling below 4.5% for an extended period, could also
result in a downgrade.

The principal methodology used in rating AES El Salvador Trust was
the Regulated Electric and Gas Utilities Industry Methodology
published in August 2009.

The guarantors' service territory extends over 80% of the country
while their market share in terms of the national electricity
demand exceeds 65%. They are subject to the regulatory overview of
the Superintendencia General de Electricidad y Telecomunicaciones
(SIGET). The guarantors' ultimate parent company is AES Corp (AES;
CFR: Ba3, stable), headquartered in Arlington, Virginia, which
holds indirect ownership stakes ranging between 64.15% and 89.11%,
averaging 80% overall.



=============
J A M A I C A
=============


DIGICEL GROUP: Signs Deal With Idiro to Provide Data Analytics
--------------------------------------------------------------
RJR News reports that Idiro Technologies, a major Irish firm, has
signed a deal with the Digicel Group Limited to provide data
analytics to a number of its operating entities around the globe.

As part of the assignment, Idiro Technologies will provide
comprehensive subscriber analytics and related consulting to
Digicel Group marketing teams, who will use the service to
structure customer-facing acquisition and retention programs,
according to RJR News.

RJR News relates that Idiro's solutions help mobile operators
combat churn and improve customer acquisition rates by predicting
which mobile users are most likely to switch carriers.

The report notes that Idiro analytics are also used to improve the
results of mobile operator marketing campaigns by predicting which
customers are most likely to take up offers for new tariffs,
smartphones, and other services.

Digicel Group, the report relates, carried out an intensive trial
in a select market in 2012, where the churn reduction capability
of Idiro's analytics service was rigorously evaluated in a highly
competitive environment.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008, RJR News adds.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has revised the Rating Outlooks for National
Commercial Bank Jamaica Limited to Negative from Stable and
affirmed the long-term foreign and local currency Issuer Default
Ratings (IDR) at 'B-'.

Rating Action Rationale

The Outlook revisions on NCBJ's IDRs are in line with a similar
action that Fitch took on Jamaica's sovereign ratings, given the
bank's exposure to the government of Jamaica and the potential for
a more challenging operating environment.

The sovereign's Outlook revision to Negative from Stable reflected
Jamaica's rising financing constraints in the context of elevated
fiscal and external imbalances.

SENSITIVITY/RATING DRIVERS - VR & IDRs

NCBJ's Viability Rating drives its long-term IDRs. The bank's VR
reflects its strong domestic franchise, solid profitability, and
adequate capitalization. Nevertheless, NCBJ's ratings remain
constrained by the sovereign's weak credit profile given high
exposure to the Jamaican government, lending concentrations, as
well as a challenging operating environment.

Investments and loans to the Jamaican government, public entities
and entities with a Jamaican government guarantee continued to
represent a high proportion of NCBJ's total assets at 52%, or
about 3 times (x) its equity, in the fiscal year ended September
2012 (FYE12). Fitch remains concerned about this high asset
concentration given Jamaica's low sovereign rating [Long-term
Issuer Default Rating (IDR) of 'B-' with a Negative Rating
Outlook].

Future rating actions will be highly contingent on a change in
Fitch's view of the sovereign given the bank's sizable sovereign
exposure. Additionally, a downgrade of the bank's ratings could be
driven by an unexpected marked deterioration of asset quality that
weakens profitability or capitalization to a level that is no
longer consistent with its current peers (emerging market
commercial banks with a VR of 'b-', 'b' or 'b+').

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support rating is constrained by the sovereign's weak
credit profile. However, the Support floor of 'B-' indicates
Fitch's view that NCBJ's systemic importance makes the
government's propensity to support the bank high although its
capacity may be weak.


NCBJ is the largest bank in the system in terms of assets with
more than 40% market share of the commercial banking system in
recent years. In 2002, the Jamaican government sold a majority
stake in the bank to Advantage Investment Corporation (AIC), one
of Canada's largest privately held mutual fund management
companies.

Fitch has affirmed NCBJ's ratings as follows:

-- Long-term foreign and local currency Issuer Default Ratings
    (IDR) at 'B-'; Outlook revised to Negative from Stable;

-- Short-term foreign and local currency IDR at 'B';
-- Viability Rating at 'b-'
-- Support Rating at '5';
-- Support floor at 'B-'.


RBC ROYAL BANK: Closing 4 Branches; 70 People to Lose Jobs
-----------------------------------------------------------
Shamille Scott at Jamaica Observer reports that RBC Royal Bank
Jamaica (RBCJ) plans to close four branches and lay off 10% of its
staff.

Over the next three to four months, the bank will close Cross
Roads, Linstead, Santa Cruz, and Spanish Town, leaving 13 branches
open, according to Jamaica Observer.

The report relates that after the reorganization, which is part of
a two-year plan to return the bank to profitability, RBCJ will
have 70 less employees than the approximately 700 currently on its
payroll.

RJR News notes that it also won't have any offices in the parishes
of Hanover, St Thomas, Portland, and Trelawny, while its Portmore
location will be the only walk-in store serving St Catherine.

"We've done a strategic review to ensure that our franchise is
returned to profitability," the report quoted Roger Cogle, market
head personal banking at RBCJ, as saying.

Jamaica Observer discloses that the company looked at cost control
and identified the branches that were underperforming, according
to the bank manager.  The review also showed ways for the bank to
improve its revenue and grow its client base, the report relays.

"We recognize and are committed to turning around the franchise
and returning RBCJ to profitability over the next two years by
increasing our revenue and decreasing the cost base," Mr. Cogle
told the Jamaica Observer.

Jamaica Observer notes that apart from enhancing overall
efficiency, RBCJ also aims to increase the number of products and
service it offers, such as a National Housing Trust (NHT) mortgage
package.

The rationalization plans still await approval -- RBCJ has
initiated discussions with the Bank of Jamaica (BOJ) and the
Ministry of Finance, but the closure of the four least profitable
branches in its network are expected by May 2013, the report
relays.

Jamaica Observer says that even though the branches will be
closed, customers will still have access to the automated banking
machines (ABMs) that are currently at the locations.

Additionally, most of the accounts at Cross Roads branch will be
moved to RBCJ on Dominica Drive, but customers will have the
option to bank at any of the other five branches in Kingston,
Jamaica Observer discloses.

Jamaica Observer notes that account holders at Linstead and
Spanish Town will have the option of using May Pen, Portmore or
Kingston offices, while RBCJ's Santa Cruz clients can go to Black
River or Mandeville, even though they are 20 to 30 kilometres
farther away in either direction.

Ultimately, clients will be able to choose which branch they want
to bank at, according to Mr. Cogle, Jamaica Observer says.

After the closures, the leaner, more efficient commercial bank
hopes to get more of its clients using online banking, while it
plans to send sales teams to companies to appeal to employees by
bringing retail banking to them, Jamaica Observer notes.

Jamaica Observer relays that the bank has been making losses over
the last three years, mainly due to bad debt.

BOJ statistics and RBCJ's financial statements revealed that the
commercial bank incurred some $7.5 billion in losses over the
three-and-a-half years to September 2012.

"Low or negative growth in most of the countries in the region
have contributed to weak overall growth in the banking sector as a
result of subdued movements in the loan book, increases in the
non-performing category, and resulting downward pressures on
profitability. . . .  As a responsible financial institution we
have strengthened our provisions for credit losses as a result of
this," the report quoted Mr. Cole as saying.

The report notes that RBCJ has managed to maintain a substantial
capital base ($9 billion as at Sept. 30, 2012) to cover its
customers' deposits.

What's more, RBCJ's parent is the largest bank in Canada, by
assets and market capitalization, and its banking system was
ranked as the "soundest" by the World Economic Forum for a fifth
consecutive year, the report discloses.

Across the Caribbean, RBC's operations are well capitalized, with
a capital base of TT$16.9 billion ($246 billion) and a group
capital adequacy ratio of 13.4% - a level that is well in excess
of required regulatory thresholds, the report adds.

"This strong capital base allows us to significantly increase loan
loss coverage on impaired loans and advances and to pursue our
strategic focus on investment for growth," the report quoted Mr.
Cogle as saying.



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


CEMENTOS PACASMAYO: S&P Assigns 'BB+' LT CCR to $300-Mil. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Cementos Pacasmayo S.A.A. (Pacasmayo).
At the same time, S&P assigned its 'BB+' issue-level rating to
Pacasmayo's approximately $300 million notes.  The outlook is
stable.

The ratings on Pacasmayo reflect S&P's assessment of its "fair"
business risk profile and "significant" financial risk profile.
The positive rating factors are Pacasmayo's leading market
position in northern Peru, healthy profitability, and adequate
liquidity.  These are offset by the company's limited geographic
diversification, aggressive financial policy, and increasing debt,
due to both organic expansion in cement production and expected
investments in new businesses.  The ratings also incorporate the
positive fundamentals of the Peruvian economy partly fueled by the
country's robust construction industry.

Pacasmayo is the leading cement producer in northern Peru, where
it maintains a 99% market share through two production facilities
that together yield 3.4 million tons per year.  To supply rising
cement demand in the region, the company plans to open Piura, a
new plant that will increase the company's total production
capacity to near 5 million tons per year by 2015.  S&P believes
Pacasmayo will maintain its leadership role in the region,
supported by its well-known brand, extensive distribution network
(comprised of 280 construction supply stores under the Dino brand
name) and high market entry barriers.  The cement market across
Peru is clearly established and segmented; Pacasmayo essentially
has no competition in its area of operations.  "We believe Peru's
northern region has considerable growth potential due to its large
housing deficit, which we expect will remain a key driver of
Pacasmayo's growth, mainly through do-it-yourself construction
products, which currently represent about 60% of its customer
base," said Standard and Poor's credit Analyst Fernanda Hernandez.


CEMEX SAB: S&P Raises Corporate Credit Rating to 'B'
----------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit ratings on CEMEX S.A.B. de C.V. and its key
operating subsidiaries, CEMEX Espana S.A., CEMEX Mexico S.A.
de C.V., CEMEX Corp., and CEMEX Inc., to 'B' from 'B-'.  In
addition, S&P raised its Mexican national scale ratings to 'mxBBB-
' from 'mxBB'.  S&P also removed the ratings on CEMEX and its
subsidiaries from CreditWatch with positive implications, where it
had placed them on Dec. 7, 2012.  The outlook is positive.

The rating action reflects the company's extended debt maturity
profile and increased liquidity, following the successful
execution of its liability management and asset sales plan.  It
also reflects the company's improved operating performance and
gradual recovery in most of its major markets, resulting in
sustained EBITDA growth during the last five quarters, as well as
higher operating margins.  "The rating action incorporates our
view that CEMEX will gradually improve its credit metrics and
sustain top-line growth, particularly stemming from a moderate
recovery in its U.S. markets," said Standard & Poor's credit
analyst Luis Manuel Martinez.


GEOPARK LATIN: S&P Assigns 'B' Rating to Proposed $300MM Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to GeoPark Latin America Limited Agencia En Chile
(GPLAC) and to its proposed senior secured notes of up to $300
million.  The outlook is stable.

GeoPark Holding Limited (GeoPark) controls GPLAC and has
operations in Chile, Colombia, and Argentina.  Therefore, S&P
based its analysis on GPLAC on its parent's consolidated figures
as it believes both entities constitute a single economic entity
with a single default risk.  Currently, GPLAC generates about 99%
of the group's revenues.  "GeoPark uses GPLAC as a vehicle to
acquire and manage group investments.  As a result, S&P views the
group as a single economic entity and base this analysis on its
business and consolidated financial statements," said Standard &
Poor's credit analyst Fabiola Ortiz.

The rating on the proposed senior secured notes is based on S&P's
expectation that the ratio of priority liabilities to total assets
will remain below 15%, allowing for no structural subordination of
the notes.  In fact, GeoPark will fully guarantee the proposed
bond issuance, and pledge an aggregate amount of around $200
million on intercompany loans to its main operating companies.

The 'B' ratings on GeoPark primarily reflect its small reserve
base, low production levels (compared with its international
peers), inherent volatility in profitability and cash flow and
aggressive four-year capital spending program.  The group's growth
potential in the region, mainly in Chile and Colombia, relatively
strong profitability, its credit metrics and strong commercial
agreements with creditworthy partners are positive rating factors.


GRUPO CEMENTOS: Fitch Assigns 'B+' IDRs, Rates $260MM Notes 'BB-'
-----------------------------------------------------------------
Fitch Ratings has assigned these ratings to Grupo Cementos de
Chihuahua, S.A.B. de C.V.'s:

--Long-Term Issuer Default Rating (IDR) 'B+';
--Local Currency Long-Term IDR 'B+'
--Proposed 5 to 10 years senior secured notes 'BB-/RR3' up
   to USD260 million

The Rating Outlook is Stable.

The expected recovery ratings of 'RR3' reflect good recovery
prospects given default. 'RR3' rated securities have
characteristics consistent with securities historically recovering
51% - 70% of current principal and related interest.

GCC's ratings reflects the company's solid business position in
the cement, ready mix and aggregates segments in the regions where
it has a presence; diversified operations in Mexico and U.S. in
the non-residential and residential sectors; as well as positive
free cash flow generation through the recent industry cycle. The
ratings are limited by the company's high leverage, pressure on
profitability given market and competitive conditions, and
geographic concentration in one Mexican State and the
Central/Mountain region in the U.S.

The company plans to issue senior secured notes up to $260 million
USD. The notes will be secured by substantially all shares of its
subsidiaries: GCC Cemento, S.A. de C.V., Cementos de Chihuahua
S.A. de C.V., and GCC of America, Inc... The notes will also be
guaranteed by these three subsidiaries.

Additionally the company will obtain a syndicated bank facility
for $250 million USD that will share the security package with the
notes and will have scheduled maturities of USD4 million in 2013,
USD20 million in 2014, USD53 million in 2015, USD83 million in
2016 and USD91 million in 2017. Proceeds from the proposed notes
and the syndicated bank loan will be used to refinance the
company's total existing indebtedness.

Construction Activity Driving Profitability

The recent global crisis has affected the construction activity in
Mexico and the U.S. GCC volumes of cement decreased 11% from 2007
to 2011, with Mexico decreasing 11% and the U.S. 10%. In contrast,
according to the Portland Cement Association (PCA) national cement
consumption in the U.S. fell over 40% to 72 million metric tons
from 117 million in the same period. In Mexico, in addition to the
economic slowdown, the volume reduction was also influenced by
insecurity issues in the State of Chihuahua.

GCC's revenues decreased to USD579 million in 2011 from USD722
million in 2008 as a result of lower volumes and tough competition
which affected prices. The company's U.S. revenues decreased 17.8%
to USD373 million while its Mexican operations fell 23% to USD206
million. Consolidated EBITDA margin also was pressured to 18% in
2011 from 29% in 2008.

During the first nine months of 2012, the company's volumes have
recovered 13% from the same period a year ago, with Mexico
relatively flat and the U.S. contributing with an important 19%.
The States where GCC operates have shown better volume dynamics
than the US national average. On the other hand, prices have
remained under pressure as a result of intense competition and
industry oversupply.

GCC has expanded its geographic reach to existing and new
customers, which in turn has translated into higher operating
costs and expenses. For the latest-twelve-month (LTM), EBITDA
margin stood at 18.5%, similar to fiscal year (FY) 2011 but below
22.5% in 2010, 26.6% in 2009 and 28.5% in 2008. A better pricing
environment driven by better industry prospects in the U.S.
residential construction in 2013 and 2014, would allow GCC to
improve operating results due to better fixed-cost absorption.

Business Position Supported By Leading Market Shares

GCC is leader in the State of Chihuahua in all product segments
and has relevant cement market positions in North Dakota, South
Dakota, Wyoming, Colorado, New Mexico and Texas (in El Paso).
These markets were less affected during the U.S. housing crisis,
and have shown above average volume recovery in 2012, according to
the PCA. Higher consumption in the northern states is related to
increased exploration and drilling of oil and gas fields and
related activities, as well as agricultural positive dynamism. In
Mexico, increased government and housing related activities are
expected to support current trends.

Leverage Improving But Still High

Fitch expects that the company's total debt/EBITDA at the end of
2013 will be similar at current levels of approximately 4.0x.
GCC's leverage remains high despite the company's management debt
reduction efforts through internal free cash flow generation and
asset sales. These actions have resulted in debt repayments of
around USD220 million since the second quarter of 2010. At the end
of 2011 the company sold its 49% stake in its Bolivian subsidiary
(SOBOCE) for approximately USD75 million which was used to pay
down debt. For the LTM ended Sept. 30 2012, GCC's total debt to
EBITDA ratio was 4.4x which compares favorably with 5.4x
registered in the same period of 2011 and to 5.6x and 5.0x at year
end 2011 and 2010, respectively.

On the other hand, GCC's EBITDA/gross interest expense coverage
has improved in recent quarters reaching 3.1x for the LTM ended in
Sep. 30, 2012, compared to 2.1x in the same period of 2011 and to
2.6x and 2.4x at year end 2011 and 2010, respectively.

Positive Free Cash Flow Generation Through The Cycle

Fitch expects the company will continue generating stable free
cash flows as recovery in its main markets continues. Factored in
the ratings is the company's positive free cash flow generation in
the past years, which in conjunction with asset sales has been
used to reduce debt levels. Total debt as of Sept. 30, 2012 was
USD518 million, down from USD663 million at the end of 2010. For
the LTM period ended Sep. 30, 2012 the company generated free cash
flow (FCF) of around USD25 million after capex of USD35 million
and dividend received of USD4 million. During 2011, 2010 and 2009
FCF averaged over USD55 million. The company estimates a
normalized capex level of USD40-50 million for the following
years.

Liquidity Supported By Cash Generation

The company intends to strengthen its liquidity position with the
execution of its liability management strategy, which will allow
it to adjust debt maturities to cash flows and extend its debt
average life. At Sept. 30, 2012 GCC had total debt of USD518
million, short-term debt of USD95 million and USD74 million of
cash and marketable securities. During the LTM ended Sept. 30,
2012, GCC generated USD115 million of EBITDA, an increase from
USD107 million during FY2011 but a decline compared to USD119
million during FY2010. The company's cash flow from operations
(CFFO) during the LTM ended Sept. 30, 2012 was USD55.3 million, a
decline from USD65.1 million and USD65.4 million at year end 2011
and 2010, respectively. The drop in operating cash flow was
primarily due to price competition and higher costs.

Sensitivity/Rating Drivers

Lower Profitability and Cash Generation: A negative rating action
could be triggered by a deterioration of the company's credit
protection measures and cash position due to weak operational
results, reflecting increased price competition or higher costs,
deterioration in FCF generation driven by increasing working
capital needs and Capex, and declining EBITDA margins. Another
factor that can likely result in a downgrade is if the debt to
EBITDA ratios is consistently at or beyond 5.0x.

On the other hand, positive rating actions could derive from a
better operative performance due to price increases and costs
contention initiatives, following a recovery in the U.S.
residential sector resulting in higher gross margins and EBITDA
generation, in addition to the expectation that total debt to
EBITDA will remain below 4.0x over time, while maintaining
adequate liquidity and a manageable debt maturity profile.


GRUPO CEMENTOS: S&P Assigns 'B' ICR, Rates $260MM Notes 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
issuer credit rating to Grupo Cementos de Chihuahua S.A.B. de C.V.
(GCC).  The outlook is positive.  Standard & Poor's also said that
it assigned its 'B' rating to the company's up to $260 million
five- to 10-year senior secured notes.  The recovery rating is
'3', indicating a meaningful recovery of 50%-70% in the event of a
payment default.

The ratings reflect S&P's assessment of GCC's "aggressive"
financial risk profile and "weak" business risk profile.  The
ratings also reflect S&P's view of the company's geographic
concentration and limited scale; the risks inherent to building
materials companies, including demand that is highly correlated
with economic conditions, affecting both price and volume; and the
potentially volatile raw material costs--energy in particular.
However, GCC's conservative financial policy, leading position in
regional markets, and efficient vertical integration partially
offset these risks.

The recovery rating on GCC's up to $260 million five- to 10-year
notes is '3', indicating S&P's meaningful (50%-70%) recovery of
principal in the event of a payment default.  S&P's simulated
default scenario contemplates a default in 2016, when a larger
portion ($82.5 million) of the syndicated loan is due.

"The positive outlook reflects a potential upgrade of GCC if the
company's operation results strengthen further, fueled by the
expected economic recovery in the U.S., which could lead to larger
volume sales and higher profitability levels than in our base case
scenario," said Standard & Poor's credit analyst Fernanda
Hernandez.  An upgrade would also depend on GCC's reducing its
refinancing risks and improving its financial profile, which we
assume as part of our base case scenario.  We could raise the
rating if the company maintains an improving trend in its
consolidated credit metrics and liquidity.  We could revise the
outlook to stable if the company's liquidity diminishes as a
result of lower-than-expected EBITDA and cash flows generation.


GRUPO POSADAS: Fitch Rates $50MM Sr. Unsecured Notes 'B+/RR3'
-------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR3' rating to Grupo Posadas
S.A.B. de C.V.'s USD $50 million reopening of its senior unsecured
notes due 2017. Proceeds from the reopening are expected to be
used primarily to pay down existing debt and, to a lesser extent,
for general corporate uses.

The recovery ratings are 'RR3', which indicates good recovery
prospects given default. 'RR3' rated securities have
characteristics consistent with securities historically recovering
51% - 70% of current principal and related interest.

Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by a track record of high
leverage, as well as industry cyclicality. Posadas' presence in
all major urban and coastal locations in Mexico, consistent
product offering and quality brand image have resulted in
occupancy levels that are above the industry average in Mexico.
The use of multiple hotel formats allows the company to target
domestic and international business travelers of different income
levels as well as tourists, diversifying its revenue base.

Posadas recently completed a successful divestiture of its South
American hotel operation for USD $275 million as well as the sale
of 11 hotels to the FibraHotel REIT for about USD $117 million.
Going forward, Posadas' strategy will be mostly focused on
operating and providing services to new hotels rather than
acquiring additional properties. New openings should continue for
all brands, mainly Fiesta Inn and One, under managed and leased
formats. This strategy of openings reduces Capex and supports free
cash flow generation.

This reopening does not unduly affect leverage. On a pro forma
basis, excluding the recently divested South American operations,
hotels sold to FibraHotel and one-time charges, Fitch estimates
total adjusted debt to EBITDAR and total debt to EBITDA at 5.3
times (x) and 4.7x, respectively, from estimates of 5.1x and 4.4x
before the reopening. Taking into account estimated cash levels,
Fitch believes that net adjusted debt to EBITDAR and net debt to
EBITDA will be about 3.9x and 2.9x, respectively.

Fitch currently rates Posadas as:

--Local currency Issuer Default Rating (IDR) 'B';
--Foreign currency IDR 'B';
--National scale rating 'BB+(mex)';
--USD $300 million senior notes due 2017 'B+/RR3';
--USD $200 million senior notes due 2015 'B+/RR3';

The Rating Outlook is Stable.



=======
P E R U
=======


ROCMEC MINING: Delays Filing of Annual Financial Statements
-----------------------------------------------------------
Rocmec Mining Inc. on Jan. 24 disclosed that it will not be able
to file its annual financial statements, accompanying management's
discussion and analysis and related CEO and CFO certifications for
the financial year ended September 30, 2012, within the period
prescribed for the filing of such documents under Parts 4 and 5 of
Regulation 51-102 respecting Continuous Disclosure Obligations and
pursuant to Regulation 52-109 respecting Certification of
Disclosure in Issuers' Annual and Interim Filings, namely within
120 days of year-end, being January 28, 2013.

Despite its efforts, the Corporation is currently not in a
position to timely file the 2012 Annual Financial Statements,
primarily as a result of the time and costs required for auditors
in Peru to complete the audit of the annual financial statements,
such audit being required due to the mining operations conducted
by Rocmec during the financial year ended September 30, 2012 on
the Rey Salomon property located in Peru.

Rocmec has made an application to the Autorite des marches
financiers (the "AMF") for a management cease trade order (the
"MCTO"), which would restrict all trading in securities of the
Corporation, whether direct or indirect, by management of the
Corporation.  The MCTO would not affect the ability of
shareholders who are not insiders of the Corporation to trade
their securities.  There is no certainty that the MCTO will be
granted.  If the MCTO is not issued by the AMF, the applicable
Canadian securities regulatory authorities could issue a general
cease trade order against the Corporation for failure to file the
2012 Annual Financial Statements within the prescribed time
period.

Rocmec's board of directors and its management are working
expeditiously to meet Rocmec's obligations relating to the filing
of the 2012 Annual Financial Statements.  The Corporation expects
to file the 2012 Annual Financial Statements on or about February
25, 2013.

The Corporation confirms that it intends to satisfy the provisions
of the alternative information guidelines found at sections 4.3
and 4.4 of Policy Statement 12-203 respecting Cease Trade Orders
for Continuous Disclosure Defaults for so long as it remains in
default as a result of the late filing of the 2012 Annual
Financial Statements.  During the period of default, Rocmec will
issue bi-weekly default status reports in the form of further
press releases, which will also be filed on SEDAR.  The
Corporation confirms that there are no insolvency proceedings
against it as of the date of this press release.  The Corporation
also confirms that there is no other material information
concerning the affairs of the Corporation that has not been
generally disclosed as of the date of this press release.

Rocmec is active in the exploration and the development of gold
resources in Quebec and Peru.



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


DO-JARR INC.: Case Summary & 3 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: DO-JARR, Inc.
        P.O. Box 190159
        San Juan, PR 00919

Bankruptcy Case No.: 13-00411

Chapter 11 Petition Date: January 23, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Juan Manuel Suarez Cobo, Esq.
                  LEGAL PARTNERS, PSC
                  138 Winston Churchill Avenue, Suite 316
                  San Juan, PR 00926-6023
                  Tel: (787) 791-1818
                  Fax: (787) 791-4260
                  E-mail: suarezcobo@gmail.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $100,001 to $500,000

A copy of the Company's list of its largest unsecured creditors
that contains only three entries is available for free at:

           http://bankrupt.com/misc/prb13-00411.pdf

The petition was signed by Jaime Rodriguez Rosario, president.



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


CARIBBEAN CEMENT: Faces Criticism on Price Increase
---------------------------------------------------
RJR News reports that Caribbean Cement Company Limited's parent
company Trinidad Cement Limited is facing criticism in Trinidad
following its announcement of another price increase.

Gerry Brooks, chief operating officer of Trinidadian conglomerate
ANSA McAL, said the company cannot keep raising prices annually,
according to RJR News.

The report relates that Mr. Brooks said what the company needs is
a restructuring and business plan.

According to Mr. Brooks, TCL must tackle two of its most pressing
problems: debt and material cost, the report notes.

RJR News discloses that increasing cement prices, Mr. Brooks said,
will lead to rising raw material cost for the construction sector.

On January 8, TCL said it would be raising prices by 9.5%, the
report relays.

The company said it was unable to further absorb escalating prices
in operating costs, specifically in the areas of energy, packaging
and spares, in spite of improved operational efficiencies, RJR
News says.

TCL previously raised prices in August, the report adds.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.



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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                        Total
                                        Total        Shareholders
                                        Assets          Equity
Company              Ticker            (US$MM)        (US$MM)
-------              ------          ---------      ------------

ARGENTINA
-----------

SNIAFA SA-B          SDAGF US          11229696.22   -2670544.88
CENTRAL COSTAN-B     CRCBF US            410955501     -20459083
ENDESA COSTAN-A      CECO1 AR            410955501     -20459083
ENDESA COSTAN-       CECO2 AR            410955501     -20459083
CENTRAL COST-BLK     CECOB AR            410955501     -20459083
ENDESA COSTAN-       CECOD AR            410955501     -20459083
ENDESA COSTAN-       CECOC AR            410955501     -20459083
ENDESA COSTAN-       EDCFF US            410955501     -20459083
CENTRAL COSTAN-C     CECO3 AR            410955501     -20459083
CENTRAL COST-ADR     CCSA LI             410955501     -20459083
ENDESA COST-ADR      CRCNY US            410955501     -20459083
CENTRAL COSTAN-B     CNRBF US            410955501     -20459083
SNIAFA SA            SNIA AR           11229696.22   -2670544.88
SNIAFA SA-B          SNIA5 AR          11229696.22   -2670544.88
IMPSAT FIBER NET     IMPTQ US            535007008     -17164978
IMPSAT FIBER NET     330902Q GR          535007008     -17164978
IMPSAT FIBER NET     XIMPT SM            535007008     -17164978
IMPSAT FIBER-CED     IMPT AR             535007008     -17164978
IMPSAT FIBER-C/E     IMPTC AR            535007008     -17164978
IMPSAT FIBER-$US     IMPTD AR            535007008     -17164978
IMPSAT FIBER-BLK     IMPTB AR            535007008     -17164978

BRAZIL
------

FABRICA TECID-RT     FTRX1 BZ          71426302.46   -70883547.3
TEKA-ADR             TEKAY US          341291511.1    -388484677
BOMBRIL              BMBBF US          344846084.5   -16082109.1
TEKA                 TKTQF US          341291511.1    -388484677
TEKA-PREF            TKTPF US          341291511.1    -388484677
BATTISTELLA-RIGH     BTTL1 BZ          246036232.2   -51251360.7
BATTISTELLA-RI P     BTTL2 BZ          246036232.2   -51251360.7
BATTISTELLA-RECE     BTTL9 BZ          246036232.2   -51251360.7
BATTISTELLA-RECP     BTTL10 BZ         246036232.2   -51251360.7
AGRENCO LTD-BDR      AGEN11 BZ         640440282.3    -323456366
REII INC             REIC US              14423532      -3506007
PET MANG-RIGHTS      3678565Q BZ       246810936.7    -224879124
PET MANG-RIGHTS      3678569Q BZ       246810936.7    -224879124
PET MANG-RECEIPT     0229292Q BZ       246810936.7    -224879124
PET MANG-RECEIPT     0229296Q BZ       246810936.7    -224879124
BOMBRIL HOLDING      FPXE3 BZ          19416015.78    -489914902
BOMBRIL              FPXE4 BZ          19416015.78    -489914902
SANESALTO            SNST3 BZ           31802628.1   -2924062.87
B&D FOOD CORP        BDFCE US             14423532      -3506007
BOMBRIL-RGTS PRE     BOBR2 BZ          344846084.5   -16082109.1
BOMBRIL-RIGHTS       BOBR1 BZ          344846084.5   -16082109.1
AGRENCO LTD          AGRE LX           640440282.3    -323456366
CELGPAR              GPAR3 BZ           2657428496    -817505840
RECRUSUL - RT        4529781Q BZ       41094940.32   -21379158.8
RECRUSUL - RT        4529785Q BZ       41094940.32   -21379158.8
RECRUSUL - RCT       4529789Q BZ       41094940.32   -21379158.8
RECRUSUL - RCT       4529793Q BZ       41094940.32   -21379158.8
RECRUSUL-BON RT      RCSL11 BZ         41094940.32   -21379158.8
RECRUSUL-BON RT      RCSL12 BZ         41094940.32   -21379158.8
BALADARE             BLDR3 BZ          159454015.9   -52992212.8
TEXTEIS RENAU-RT     TXRX1 BZ          118475706.5   -73851057.6
TEXTEIS RENAU-RT     TXRX2 BZ          118475706.5   -73851057.6
TEXTEIS RENA-RCT     TXRX9 BZ          118475706.5   -73851057.6
TEXTEIS RENA-RCT     TXRX10 BZ         118475706.5   -73851057.6
CIA PETROLIF-PRF     MRLM4 BZ          377602195.2   -3014291.72
CIA PETROLIFERA      MRLM3 BZ          377602195.2   -3014291.72
CONST BETER SA       COBE3 BZ          31374373.74   -1555470.16
NOVA AMERICA SA      NOVA3 BZ             21287489    -183535527
NOVA AMERICA-PRF     NOVA4 BZ             21287489    -183535527
ALL ORE MINERACA     AORE3 BZ          21657457.41   -7184940.82
B&D FOOD CORP        BDFC US              14423532      -3506007
PET MANG-RT          4115360Q BZ       246810936.7    -224879124
PET MANG-RT          4115364Q BZ       246810936.7    -224879124
BI CIA SECURITIZ     BICS BZ           99573939.68   -140405.614
STEEL - RT           STLB1 BZ          21657457.41   -7184940.82
STEEL - RCT ORD      STLB9 BZ          21657457.41   -7184940.82
MINUPAR-RT           9314542Q BZ       153054387.9   -2037402.69
MINUPAR-RCT          9314634Q BZ       153054387.9   -2037402.69
CONST LINDEN RT      CALI1 BZ          12894010.61   -2805191.16
CONST LINDEN RT      CALI2 BZ          12894010.61   -2805191.16
PET MANG-RT          0229249Q BZ       246810936.7    -224879124
PET MANG-RT          0229268Q BZ       246810936.7    -224879124
RECRUSUL - RT        0163579D BZ       41094940.32   -21379158.8
RECRUSUL - RT        0163580D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0163582D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0163583D BZ       41094940.32   -21379158.8
PORTX OPERA-GDR      PXTPY US          976769402.8   -9407990.35
PORTX OPERACOES      PRTX3 BZ          976769402.8   -9407990.35
ALL ORE MINERACA     STLB3 BZ          21657457.41   -7184940.82
MINUPAR-RT           0599562D BZ       153054387.9   -2037402.69
MINUPAR-RCT          0599564D BZ       153054387.9   -2037402.69
CONST LINDEN RCT     CALI9 BZ          12894010.61   -2805191.16
CONST LINDEN RCT     CALI10 BZ         12894010.61   -2805191.16
CONST BETER-PFA      COBE5B BZ         31374373.74   -1555470.16
CONST BETER-PF B     COBE6B BZ         31374373.74   -1555470.16
PET MANG-RT          RPMG2 BZ          246810936.7    -224879124
PET MANG-RT          RPMG1 BZ          246810936.7    -224879124
PET MANG-RECEIPT     RPMG9 BZ          246810936.7    -224879124
PET MANG-RECEIPT     RPMG10 BZ         246810936.7    -224879124
RECRUSUL - RT        0614673D BZ       41094940.32   -21379158.8
RECRUSUL - RT        0614674D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0614675D BZ       41094940.32   -21379158.8
RECRUSUL - RCT       0614676D BZ       41094940.32   -21379158.8
TEKA-RTS             TEKA1 BZ          341291511.1    -388484677
TEKA-RTS             TEKA2 BZ          341291511.1    -388484677
TEKA-RCT             TEKA9 BZ          341291511.1    -388484677
TEKA-RCT             TEKA10 BZ         341291511.1    -388484677
MINUPAR-RTS          MNPR1 BZ          153054387.9   -2037402.69
MINUPAR-RCT          MNPR9 BZ          153054387.9   -2037402.69
RECRUSUL SA-RTS      RCSL1 BZ          41094940.32   -21379158.8
RECRUSUL SA-RTS      RCSL2 BZ          41094940.32   -21379158.8
RECRUSUL SA-RCT      RCSL9 BZ          41094940.32   -21379158.8
RECRUSUL - RCT       RCSL10 BZ         41094940.32   -21379158.8
ARTHUR LANGE         ARLA3 BZ          11642255.92   -17154461.9
ARTHUR LANGE SA      ALICON BZ         11642255.92   -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ          11642255.92   -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ         11642255.92   -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ          11642255.92   -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ          11642255.92   -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ          11642255.92   -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ         11642255.92   -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ         11642255.92   -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ         11642255.92   -17154461.9
BOMBRIL              BOBR3 BZ          344846084.5   -16082109.1
BOMBRIL CIRIO SA     BOBRON BZ         344846084.5   -16082109.1
BOMBRIL-PREF         BOBR4 BZ          344846084.5   -16082109.1
BOMBRIL CIRIO-PF     BOBRPN BZ         344846084.5   -16082109.1
BOMBRIL SA-ADR       BMBPY US          344846084.5   -16082109.1
BOMBRIL SA-ADR       BMBBY US          344846084.5   -16082109.1
BUETTNER             BUET3 BZ          106502171.9   -24836079.6
BUETTNER SA          BUETON BZ         106502171.9   -24836079.6
BUETTNER-PREF        BUET4 BZ          106502171.9   -24836079.6
BUETTNER SA-PRF      BUETPN BZ         106502171.9   -24836079.6
BUETTNER SA-RTS      BUET1 BZ          106502171.9   -24836079.6
BUETTNER SA-RT P     BUET2 BZ          106502171.9   -24836079.6
CAF BRASILIA         CAFE3 BZ          160938139.9    -149281089
CAFE BRASILIA SA     CSBRON BZ         160938139.9    -149281089
CAF BRASILIA-PRF     CAFE4 BZ          160938139.9    -149281089
CAFE BRASILIA-PR     CSBRPN BZ         160938139.9    -149281089
CHIARELLI SA         CCHI3 BZ          11165368.88   -88048393.7
CHIARELLI SA         CCHON BZ          11165368.88   -88048393.7
CHIARELLI SA-PRF     CCHI4 BZ          11165368.88   -88048393.7
CHIARELLI SA-PRF     CCHPN BZ          11165368.88   -88048393.7
IGUACU CAFE          IGUA3 BZ          290414420.7   -57976224.4
IGUACU CAFE          IGCSON BZ         290414420.7   -57976224.4
IGUACU CAFE          IGUCF US          290414420.7   -57976224.4
IGUACU CAFE-PR A     IGUA5 BZ          290414420.7   -57976224.4
IGUACU CAFE-PR A     IGCSAN BZ         290414420.7   -57976224.4
IGUACU CAFE-PR A     IGUAF US          290414420.7   -57976224.4
IGUACU CAFE-PR B     IGUA6 BZ          290414420.7   -57976224.4
IGUACU CAFE-PR B     IGCSBN BZ         290414420.7   -57976224.4
COBRASMA             CBMA3 BZ          85057466.09   -2098881762
COBRASMA SA          COBRON BZ         85057466.09   -2098881762
COBRASMA-PREF        CBMA4 BZ          85057466.09   -2098881762
COBRASMA SA-PREF     COBRPN BZ         85057466.09   -2098881762
CONST A LINDEN       CALI3 BZ          12894010.61   -2805191.16
CONST A LINDEN       LINDON BZ         12894010.61   -2805191.16
CONST A LIND-PRF     CALI4 BZ          12894010.61   -2805191.16
CONST A LIND-PRF     LINDPN BZ         12894010.61   -2805191.16
CONST BETER SA       1007Q BZ          31374373.74   -1555470.16
CONST BETER SA       COBEON BZ         31374373.74   -1555470.16
CONST BETER SA       COBE3B BZ         31374373.74   -1555470.16
CONST BETER-PR A     1008Q BZ          31374373.74   -1555470.16
CONST BETER-PR A     COBEAN BZ         31374373.74   -1555470.16
CONST BETER-PF A     COBE5 BZ          31374373.74   -1555470.16
CONST BETER-PR B     1009Q BZ          31374373.74   -1555470.16
CONST BETER-PR B     COBEBN BZ         31374373.74   -1555470.16
CONST BETER-PF B     COBE6 BZ          31374373.74   -1555470.16
CONST BETER-PF A     1COBAN BZ         31374373.74   -1555470.16
CONST BETER-PF B     1COBBN BZ         31374373.74   -1555470.16
CONST BETER SA       1COBON BZ         31374373.74   -1555470.16
D H B                DHBI3 BZ          138254321.9    -115344519
DHB IND E COM        DHBON BZ          138254321.9    -115344519
D H B-PREF           DHBI4 BZ          138254321.9    -115344519
DHB IND E COM-PR     DHBPN BZ          138254321.9    -115344519
DOCA INVESTIMENT     DOCA3 BZ          272567786.7    -202595760
DOCAS SA             DOCAON BZ         272567786.7    -202595760
DOCA INVESTI-PFD     DOCA4 BZ          272567786.7    -202595760
DOCAS SA-PREF        DOCAPN BZ         272567786.7    -202595760
DOCAS SA-RTS PRF     DOCA2 BZ          272567786.7    -202595760
FABRICA RENAUX       FTRX3 BZ          71426302.46   -70883547.3
FABRICA RENAUX       FRNXON BZ         71426302.46   -70883547.3
FABRICA RENAUX-P     FTRX4 BZ          71426302.46   -70883547.3
FABRICA RENAUX-P     FRNXPN BZ         71426302.46   -70883547.3
HAGA                 HAGA3 BZ          20081896.26   -49045924.8
FERRAGENS HAGA       HAGAON BZ         20081896.26   -49045924.8
FER HAGA-PREF        HAGA4 BZ          20081896.26   -49045924.8
FERRAGENS HAGA-P     HAGAPN BZ         20081896.26   -49045924.8
CIMOB PARTIC SA      GAFP3 BZ           44047411.7   -45669963.6
CIMOB PARTIC SA      GAFON BZ           44047411.7   -45669963.6
CIMOB PART-PREF      GAFP4 BZ           44047411.7   -45669963.6
CIMOB PART-PREF      GAFPN BZ           44047411.7   -45669963.6
IGB ELETRONICA       IGBR3 BZ          412300918.9    -112050649
GRADIENTE ELETR      IGBON BZ          412300918.9    -112050649
GRADIENTE-PREF A     IGBR5 BZ          412300918.9    -112050649
GRADIENTE EL-PRA     IGBAN BZ          412300918.9    -112050649
GRADIENTE-PREF B     IGBR6 BZ          412300918.9    -112050649
GRADIENTE EL-PRB     IGBBN BZ          412300918.9    -112050649
GRADIENTE-PREF C     IGBR7 BZ          412300918.9    -112050649
GRADIENTE EL-PRC     IGBCN BZ          412300918.9    -112050649
HOTEIS OTHON SA      HOOT3 BZ          260899978.4   -73596837.4
HOTEIS OTHON SA      HOTHON BZ         260899978.4   -73596837.4
HOTEIS OTHON-PRF     HOOT4 BZ          260899978.4   -73596837.4
HOTEIS OTHON-PRF     HOTHPN BZ         260899978.4   -73596837.4
RENAUXVIEW SA        TXRX3 BZ          118475706.5   -73851057.6
TEXTEIS RENAUX       RENXON BZ         118475706.5   -73851057.6
RENAUXVIEW SA-PF     TXRX4 BZ          118475706.5   -73851057.6
TEXTEIS RENAUX       RENXPN BZ         118475706.5   -73851057.6
PARMALAT             LCSA3 BZ            388720096    -213641152
PARMALAT BRASIL      LCSAON BZ           388720096    -213641152
PARMALAT-PREF        LCSA4 BZ            388720096    -213641152
PARMALAT BRAS-PF     LCSAPN BZ           388720096    -213641152
PARMALAT BR-RT C     LCSA5 BZ            388720096    -213641152
PARMALAT BR-RT P     LCSA6 BZ            388720096    -213641152
ESTRELA SA           ESTR3 BZ          83538938.27    -102223933
ESTRELA SA           ESTRON BZ         83538938.27    -102223933
ESTRELA SA-PREF      ESTR4 BZ          83538938.27    -102223933
ESTRELA SA-PREF      ESTRPN BZ         83538938.27    -102223933
WETZEL SA            MWET3 BZ          93591243.36   -7959637.41
WETZEL SA            MWELON BZ         93591243.36   -7959637.41
WETZEL SA-PREF       MWET4 BZ          93591243.36   -7959637.41
WETZEL SA-PREF       MWELPN BZ         93591243.36   -7959637.41
MINUPAR              MNPR3 BZ          153054387.9   -2037402.69
MINUPAR SA           MNPRON BZ         153054387.9   -2037402.69
MINUPAR-PREF         MNPR4 BZ          153054387.9   -2037402.69
MINUPAR SA-PREF      MNPRPN BZ         153054387.9   -2037402.69
NORDON MET           NORD3 BZ          12234778.35   -30283728.6
NORDON METAL         NORDON BZ         12234778.35   -30283728.6
NORDON MET-RTS       NORD1 BZ          12234778.35   -30283728.6
NOVA AMERICA SA      NOVA3B BZ            21287489    -183535527
NOVA AMERICA SA      NOVAON BZ            21287489    -183535527
NOVA AMERICA-PRF     NOVA4B BZ            21287489    -183535527
NOVA AMERICA-PRF     NOVAPN BZ            21287489    -183535527
NOVA AMERICA-PRF     1NOVPN BZ            21287489    -183535527
NOVA AMERICA SA      1NOVON BZ            21287489    -183535527
RECRUSUL             RCSL3 BZ          41094940.32   -21379158.8
RECRUSUL SA          RESLON BZ         41094940.32   -21379158.8
RECRUSUL-PREF        RCSL4 BZ          41094940.32   -21379158.8
RECRUSUL SA-PREF     RESLPN BZ         41094940.32   -21379158.8
PETRO MANGUINHOS     RPMG3 BZ          246810936.7    -224879124
PETRO MANGUINHOS     MANGON BZ         246810936.7    -224879124
PET MANGUINH-PRF     RPMG4 BZ          246810936.7    -224879124
PETRO MANGUIN-PF     MANGPN BZ         246810936.7    -224879124
RIMET                REEM3 BZ          103098360.9    -185417655
RIMET                REEMON BZ         103098360.9    -185417655
RIMET-PREF           REEM4 BZ          103098360.9    -185417655
RIMET-PREF           REEMPN BZ         103098360.9    -185417655
SANSUY               SNSY3 BZ          183826187.4    -133218258
SANSUY SA            SNSYON BZ         183826187.4    -133218258
SANSUY-PREF A        SNSY5 BZ          183826187.4    -133218258
SANSUY SA-PREF A     SNSYAN BZ         183826187.4    -133218258
SANSUY-PREF B        SNSY6 BZ          183826187.4    -133218258
SANSUY SA-PREF B     SNSYBN BZ         183826187.4    -133218258
BOTUCATU TEXTIL      STRP3 BZ          27663604.95   -7174512.03
STAROUP SA           STARON BZ         27663604.95   -7174512.03
BOTUCATU-PREF        STRP4 BZ          27663604.95   -7174512.03
STAROUP SA-PREF      STARPN BZ         27663604.95   -7174512.03
TEKA                 TEKA3 BZ          341291511.1    -388484677
TEKA                 TEKAON BZ         341291511.1    -388484677
TEKA-PREF            TEKA4 BZ          341291511.1    -388484677
TEKA-PREF            TEKAPN BZ         341291511.1    -388484677
TEKA-ADR             TKTPY US          341291511.1    -388484677
TEKA-ADR             TKTQY US          341291511.1    -388484677
F GUIMARAES          FGUI3 BZ          11016542.14    -151840377
FERREIRA GUIMARA     FGUION BZ         11016542.14    -151840377
F GUIMARAES-PREF     FGUI4 BZ          11016542.14    -151840377
FERREIRA GUIM-PR     FGUIPN BZ         11016542.14    -151840377
VARIG SA             VAGV3 BZ            966298048   -4695211008
VARIG SA             VARGON BZ           966298048   -4695211008
VARIG SA-PREF        VAGV4 BZ            966298048   -4695211008
VARIG SA-PREF        VARGPN BZ           966298048   -4695211008
BATTISTELLA          BTTL3 BZ          246036232.2   -51251360.7
BATTISTELLA-PREF     BTTL4 BZ          246036232.2   -51251360.7
SAUIPE SA            PSEGON BZ         18005034.37   -5223527.47
SAUIPE               PSEG3 BZ          18005034.37   -5223527.47
SAUIPE SA-PREF       PSEGPN BZ         18005034.37   -5223527.47
SAUIPE-PREF          PSEG4 BZ          18005034.37   -5223527.47
CIA PETROLIFERA      MRLM3B BZ         377602195.2   -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ         377602195.2   -3014291.72
CIA PETROLIFERA      1CPMON BZ         377602195.2   -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ         377602195.2   -3014291.72
LATTENO FOOD COR     LATF US              14423532      -3506007
VARIG PART EM TR     VPTA3 BZ          49432124.18    -399290396
VARIG PART EM-PR     VPTA4 BZ          49432124.18    -399290396
VARIG PART EM SE     VPSC3 BZ          83017828.56    -495721700
VARIG PART EM-PR     VPSC4 BZ          83017828.56    -495721700


COLOMBIA
---------

LA POLAR SA          NUEVAPOL CI         623197996    -605184456
PUYEHUE RIGHT        PUYEHUOS CI       24251713.88   -3390038.99
LA POLAR-RT          LAPOLARO CI         623197996    -605184456
LA POLAR-RT          LAPOLAOS CI         623197996    -605184456
LA POLAR SA          LAPOLAR CI          623197996    -605184456
PUYEHUE              PUYEH CI          24251713.88   -3390038.99


                            ***********


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.


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