TCRLA_Public/130131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, January 31, 2013, Vol. 14, No. 21


                            Headlines



B R A Z I L

PETROBRAS BRASILEIRO: Increases Fuel Prices to Cut Import Losses


C A Y M A N  I S L A N D S

AALTO ASIA: Shareholders Receive Wind-Up Report
AALTO ASIA MASTER: Shareholders Receive Wind-Up Report
ALTAI CAPITAL: Shareholders Receive Wind-Up Report
ALTAI CAPITAL MASTER: Shareholders Receive Wind-Up Report
BARSTON INC: Shareholders Receive Wind-Up Report

BATTLEGROUND CAPITAL: Shareholders Receive Wind-Up Report
GENEVA INSURANCE: Members Receive Wind-Up Report
LANGFOSS LIMITED: Shareholder Receives Wind-Up Report
MAURITIUS INTERNATIONAL: Shareholders Receive Wind-Up Report
NATEDRILL COMPANY: Members Receive Wind-Up Report

RAMIUS HEDGED: Shareholders Receive Wind-Up Report
RIVERSIDE WISDOM: Shareholders Receive Wind-Up Report
RIVERSIDE WISDOM OFFSHORE: Shareholders Receive Wind-Up Report
ROMSEY HOLDINGS: Members Receive Wind-Up Report
ROLF LIMITED: Members Receive Wind-Up Report

SHINOSAKA HOLDINGS: Shareholder Receives Wind-Up Report
STRAND OVERSEAS: Shareholders Receive Wind-Up Report
TAPESTRY POOLED I: Shareholders Receive Wind-Up Report
TAPESTRY POOLED II: Shareholders Receive Wind-Up Report
TAPESTRY POOLED VI: Shareholders Receive Wind-Up Report

WINNWELL CAPITAL: Shareholders Receive Wind-Up Report


J A M A I C A

OMNI INDUSTRIES: Resumes Operations After Massive Layoffs
UC RUSAL: Forecasts Increase in Aluminum Prices


M E X I C O

AXTEL SAB: S&P Lowers Corporate Credit Rating to 'SD'
HIPOTECARIA SU CASITA: S&P Cuts Rating on Class A SPUR Notes to D
SMU SA: S&P Assigns 'B' Corporate Credit Rating


P E R U

SCOTIABANK PERU: Moody's Retains 'D+' Standalone BFSR


P U E R T O   R I C O

PONCE DE LEON: PRLP Wants Court to Revisit Cash, Plan Orders
PONCE DE LEON: Christiansen & Portela OK'd as Real Estate Broker


X X X X X X X X

* 2013 Latin America Financing Needs Back to Pre-Crisis Levels
* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


PETROBRAS BRASILEIRO: Increases Fuel Prices to Cut Import Losses
----------------------------------------------------------------
Tais Fuoco & Peter Millard at Bloomberg News report that
Petroleo Brasileiro S.A.  will increase gasoline prices at
refineries by 6.6% and diesel by 5.4%, according to a regulatory
filing.

The company is seeking to eventually eliminate the discount
between domestic and international prices, it said, according to
Bloomberg News.

Bloomberg News relates that fuel price controls, designed to
contain inflation amid lackluster economic growth, contributed to
the company's first quarterly loss in 13 years in the second
quarter and an unexpected profit decline in the third quarter.

The company's refining unit lost about $9 billion in the first
nine months of 2012 as it sold imported gasoline below cost,
Bloomberg News discloses.

"These are steps in the right direction, but more is needed. . . .
The pricing ultimately needs to be at international parity. They
need to keep moving in this direction," Gianna Bern, president of
Brookshire Advisory & Research Inc. in Chicago, told Bloomberg
News in a telephone interview.

The adjustment will reduce the price gap for gasoline to 11.8% and
diesel to 12.2%, Bradesco SA analysts Auro Rozenbaum, Bruno
Varella and Marcos Dong wrote in a note distributed to clients,
Bloomberg News says.

The price gap reduced the company's revenue by BRL6 billion ($3
billion) in the fourth quarter, according to Bradesco, Bloomberg
News adds.

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.



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


AALTO ASIA: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Aalto Asia Fund Limited received on Dec. 21,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alric Lindsay
         Telephone: 345-926-1688
         PO Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


AALTO ASIA MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Aalto Asia Master Fund Limited received on
Dec. 21, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Alric Lindsay
         Telephone: 345-926-1688
         PO Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


ALTAI CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Altai Capital PV1 Offshore Fund, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Toby Symonds
         152 West 57th Street, 10th Floor
         New York
         NY 10019
         U.S.A.


ALTAI CAPITAL MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Altai Capital PV1 Master Fund, Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Toby Symonds
         152 West 57th Street, 10th Floor
         New York
         NY 10019
         U.S.A.


BARSTON INC: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Barston Inc. received on Dec. 18, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Philip Mosely
         Cayman Management Ltd.
         42 North church Street
         PO Box1569 Grand Cayman KY1-110
         Cayman Islands
         Telephone: +1 345 949 4018
         Facsimile: +1 345 949 7891


BATTLEGROUND CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Battleground Capital Master Fund, Ltd received
on Dec. 12, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         William Connors
         379 Thornall Street
         Edison NJ 08837
         USA


GENEVA INSURANCE: Members Receive Wind-Up Report
------------------------------------------------
The members of Geneva Insurance SPC Limited received on Dec. 21,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Margot Macinnis
         c/o Jeremy Anderson at
         Governors Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         Telephone: +1 345 815 8440
         Facsimile: +1 345 946 6728


LANGFOSS LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The sole shareholder of Langfoss Limited received on Dec. 20,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Edel Andersen
         Alexander Bullmore
         c/o Genesis Trust & Corporate Services Ltd.
         Midtown Plaza, 2nd Floor
         Elgin Avenue, George Town
         Grand Cayman
         Cayman Islands KY1-1106
         Telephone: (345) 945 3466
         Facsimile: (345) 945 3470


MAURITIUS INTERNATIONAL: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Mauritius International Corp. received on
Dec. 14, 2012, 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


NATEDRILL COMPANY: Members Receive Wind-Up Report
-------------------------------------------------
The members of Natedrill Company Limited received on Dec. 11,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


RAMIUS HEDGED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Ramius Hedged Equity FOF Ltd. received on
Dec. 14, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RIVERSIDE WISDOM: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Riverside Wisdom World Fund received on
Dec. 14, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


RIVERSIDE WISDOM OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Riverside Wisdom World Fund Offshore Investors
received on Dec. 14, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


ROMSEY HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Romsey Holdings Ltd received on Dec. 21, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         F. Adrian Ramirez Gallegos
         c/o Higgs & Johnson
         Telephone: (345) 949 7555


ROLF LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of Rolf Limited received on Dec. 11, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town
         Grand Cayman KY1-1102
         Cayman Islands


SHINOSAKA HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Shinosaka Holdings Inc received on Dec. 21,
2012, 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


STRAND OVERSEAS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Strand Overseas Limited received on Dec. 18,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Philip Mosely
         Cayman Management Ltd.
         42 North church Street
         PO Box1569 Grand Cayman KY1-110
         Cayman Islands
         Telephone: +1 345 949 4018
         Facsimile: +1 345 949 7891


TAPESTRY POOLED I: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Tapestry Pooled Account I, Ltd. received on
Dec. 14, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TAPESTRY POOLED II: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Tapestry Pooled Account II, Ltd. received on
Dec. 14, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TAPESTRY POOLED VI: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Tapestry Pooled Account VI, Ltd. received on
Dec. 14, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WINNWELL CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Winnwell Capital Partners LLC received on
Dec. 21, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102



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


OMNI INDUSTRIES: Resumes Operations After Massive Layoffs
---------------------------------------------------------
RJR News reports that operations have resumed at Omni Industries
and Flexpak Limited at Industrial Estate in Twickenham Park, St
Catherine, following a massive fire at the offices a little over a
week ago.

The Jamaica Manufacturers' Association (JMA) said Omni Industries
was back to full production after the fire gutted its warehouse
and partially damaged machinery on January 19, according to RJR
News.  The report relates that full power has also been restored
to its sister company, Flexpak, which is back to 80% of production
capacity.

As a result, Brian Pengelley, JMA president, said there is no need
to import plastic products manufactured by Omni Industries and
Flexpak. He commended the employees for the support given to the
company, the report notes.

"We are very happy to report that they are back in business; which
through a tremendous amount of work by the employees -- they have
to be noted because everybody rallied around the business.  It was
a big fire; there was a lot of devastation.  But people can work
wonders when they put their backs to it and that company is proof
of that," the report quoted Mr. Pengelley as saying.

The report says that representatives of the Association will be
visiting both factories.


UC RUSAL: Forecasts Increase in Aluminum Prices
-----------------------------------------------
RJR News reports that Russian aluminum company, UC Rusal, which
has a major stake in Jamaica's mining sector is forecasting an
increase in aluminum prices.  It has predicted prices to reach
US$2,300 a ton by the end of 2013, with a further upswing in 2014,
according to RJR News.

The report relates that Vladislav Soloviev, Rusal's first deputy
chief executive, said next year it is hoped that there will be a
recovery in prices.

The London Metals Exchange's three-month price for aluminum is
currently at US$2,048 per ton, the report notes.

In the third quarter, the report discloses that the heavily-
indebted firm reported a net loss of US$118 million, largely due
to weak aluminum prices that sunk as low as US$1,918 dollars per
ton during the three months.

This was compared to US$2,399 in the third quarter in 2011, the
report adds.

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



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


AXTEL SAB: S&P Lowers Corporate Credit Rating to 'SD'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Axtel S.A.B. de C.V. to 'SD' from 'CC'.  At the
same time, S&P lowered its issue-level rating on the company's
senior unsecured notes to 'D' from 'CC'.

The downgrade follows the company's announcement that it has
accepted a 65% subpar exchange of its outstanding bonds due 2017
and 2019 for senior secured bonds, senior convertible secured
bonds, and cash.  "Under our criteria, a debt exchange by a highly
leveraged issuer is tantamount to a default," said Standard &
Poor's credit Analyst Marcela Duenas.  It implies that the
investor will receive less value than the promise of the original
securities and that the exchange is distressed, rather than purely
opportunistic.

The recapitalization will reduce Axtel's debt by about
$225 million and should improve the company's financial
flexibility.  In addition, the sale and leaseback of approximately
890 towers to American Tower Corp. for $250 million will allow
Axtel to improve its cash position and pay down its outstanding
syndicated term loan.  This will free the company from its
acceleration covenants and will allow it to continue investing in
its network.


HIPOTECARIA SU CASITA: S&P Cuts Rating on Class A SPUR Notes to D
-----------------------------------------------------------------
Standard & Poor's Rating Services lowered 'D (sf)' from 'CC (sf)'
its Standard & Poor's underlying ratings (SPURs) on the senior
Class A notes from one Mexican residential mortgage-backed
securities (RMBS) transaction issued by Hipotecaria Su Casita S.A.
de C.V. SOFOM E.N.R. (Su Casita) and serviced by Patrimonio S.A.
de C.V. S.F.O.L. (Patrimonio).  S&P's 'B (sf)' global-scale rating
on the senior Class A notes, as well as its 'D (sf)' rating on the
subordinated Class B notes, are unchanged.

Class A benefits from a swap agreement.  According to the
agreement, the indenture trust pays Mexican peso amounts (indexed
to UDIs) to the swap provider, Credit Suisse (through its Cayman
Islands branch), to cover the notional interest and required
principal under the swap agreement.  The swap provider converts
these peso amounts into U.S. dollars and deposits them into the
U.S. distribution trust account to pay debt service on the Class A
notes.  Class A also benefits from a full financial guarantee
insurance policy from MBIA that has two components: a swap
guarantee, which covers the trust's payments to the swap provider,
and a note guarantee, which covers all the trust's payments to the
Class A investors.

On the Jan. 28, 2013, payment date, interest collections were
insufficient to cover the notional interest peso amounts required
under the swap agreement.  Nevertheless, the senior Class A
received its full scheduled interest payment due to the swap
agreement from Credit Suisse.  It is intended that this shortfall
is covered from next payment date flows; if these are not
sufficient, MBIA, as the swap guarantor, will cover these amounts
to Credit Suisse.  S&P lowered its SPUR to 'D (sf)' because
interest collections alone would have been insufficient to fully
cover the interest payment

Under S&P's criteria, the issue rating on an insured bond reflects
the higher of the rating on the bond insurer (monoline) or the
SPUR on the security.  S&P's SPUR ratings on deals with full bond
insurance reflect the stand-alone capacity of an issue to pay debt
service without giving effect to the external enhancement, in this
case, the bond insurance provided by MBIA Mexico.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

Hipotecaria Su Casita-Residential Mortgage Backed Notes

               Class       Rating           Outs. amount
Tranche        type    To          From     (Mil. USD)

Class A        SPUR    D (sf)      CC(sf)     108.4

RATINGS UNCHANGED

Hipotecaria Su Casita-Residential Mortgage Backed Notes

               Class                    Outs. amount
Tranche        type       Rating        (mil.)

Class A        Senior     B (sf)         USD108.4
Class B        Sub.       D (sf)         MXN184.97


SMU SA: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to SMU S.A. y Subsidiarias.  At the same time, S&P
assigned its 'B' rating to the company's proposed five-to- seven
year senior unsecured notes of $300 million.  The company's main
operating subsidiaries will guarantee the proposed notes.  The
outlook on the corporate credit rating is positive.

The ratings on SMU reflect its low profitability compared to
peers, its "highly leveraged" financial risk profile reflected by
high leverage levels, an aggressive financial policy due to its
significant expansion program, and S&P's expectations of a
negative discretionary cash flow.  Somewhat mitigating these
factors are the company's "fair" business risk profile with a
strong market position, a favorable geographic and product
diversification, adequate liquidity, and the ongoing support from
its shareholders through capital injections.

With 605 stores as of Sept. 30, 2012, SMU is a multi-format
retailer in Chile and Peru.  It has presence in the food and home
improvement segments in Chile and has incurred in the Peruvian
supermarket industry.  "SMU was founded in 2008 and has expanded
mainly through acquisitions; the largest ones being Supermercados
del Sur (SdS) and Construmart in Chile, and Alvi, Mayorsa, and
Maxi Bodega in Peru.  CorpGroup currently owns 39.9% of SMU's
shares and private investment funds and other minor shareholders
own the remainder; we don't believe this ownership will change
significantly in the following years," said Standard & Poor's
credit analyst Sandra Tinoco.  We expect SMU to continue operating
through and exploiting its brands.  The company has also a joint
venture with Corpbanca S.A., which CorpGroup also owns, allowing
SMU to provide financial services within its stores, thus
attracting more clients.



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


SCOTIABANK PERU: Moody's Retains 'D+' Standalone BFSR
-----------------------------------------------------
Moody's Investors Service has downgraded its long-term local
currency deposit rating for Scotiabank Peru to Baa2 from Baa1,
following the downgrade of the standalone financial strength
rating and baseline credit assessment (BCA) of its 97.7% parent,
The Bank of Nova Scotia (BNS), to B- and a1, respectively, from B
and aa3. Moody's has also therefore lowered Scotiabank Peru's
foreign currency subordinated debt rating to Baa3 from Baa2. The
rating actions conclude the review for downgrade initiated on 29
October 2012. All other ratings for Scotiabank Peru remain
unchanged, and all ratings have a stable outlook.

The following ratings of Scotiabank Peru were downgraded:

  Long-term local currency deposit rating: downgraded to Baa2 from
  Baa1, outlook stable

  Foreign currency subordinated debt rating: downgraded to Baa3
  from Baa2, outlook stable

The following ratings remain unchanged:

  Standalone bank financial strength rating: D+, outlook stable

  Long term foreign currency deposit rating: Baa2, outlook stable

  Short term local and foreign currency deposit ratings: Prime-2

Ratings Rationale

Moody's said that the downgrade of Scotiabank Peru's Baa2 long-
term local currency deposit rating was based on the downgrade of
its parent bank's standalone financial strength rating and
baseline credit assessment. Scotiabank Peru's Baa2 local currency
deposit rating now benefits from one notch of uplift from its baa3
standalone credit assessment, from two notches previously,
reflecting Moody's assumption of a still high probability of
support from its parent if needed. While Moody's incorporates a
moderate probability of systemic support in Scotiabank Peru's
ratings due to its important loan and deposit franchise as the
third largest bank in Peru, this assessment does not lead to
further rating uplift at this rating level.

Moody's also noted that the downgrade of Scotiabank Peru's foreign
currency subordinated debt rating is only due to the downgrade of
the parent bank's ratings. Because the subordinated debt rating
does not currently benefit from uplift due to systemic support,
and is already anchored on the bank's adjusted BCA, it will not be
subject to further review or rating action as a result of the
rating agency's ongoing global reassessment of systemic support in
bank subordinated debt ratings. The rating continues to be
positioned at one notch below the adjusted BCA in line with
"Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt," published in November 2009.

The last rating action on Scotiabank Peru was on December 3, 2012,
when Moody's assigned a Baa2 foreign currency debt rating, on
review for downgrade, to the bank's US$ 400 million issuance of
subordinated notes due in 2027.

Based in Lima, Scotiabank Peru reported consolidated assets of
US$13 billion (PEN33.7 billion), loans of US$8.6 billion and
shareholders' equity of US$1.7 billion as of September 30, 2012.
The bank is 97.7% owned by The Bank of Nova Scotia.

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



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


PONCE DE LEON: PRLP Wants Court to Revisit Cash, Plan Orders
------------------------------------------------------------
Secured creditor PRLP 2011 Holdings, LLC, asks the U.S. Bankruptcy
Court for the District of Puerto Rico to reconsider a decision
entered in November that denied RPLP's bid to stop the Debtor from
using cash and moving forward with tits Chapter 11 plan.

As reported in the Nov. 26, 2012 edition of the TCR, Bankruptcy
Judge Enrique S. Lamoutte denied the request of creditor PRLP 2011
Holdings to stay two orders authorizing Ponce De Leon 1403, Inc.,
to use cash collateral up to and including the date of the plan
confirmation hearing; and approving the disclosure statement
explaining the Debtor's bankruptcy-exit plan.

On Nov. 20, the Court determined that PRLP did not comply with the
four-prong test required for the issuance of a stay pending
appeal, chief among them was the Court's finding that "PRLP has
failed to establish a likelihood to succeed on the merits."

PRLP requests that the Court reconsider its order denying the
motion to stay due to the fact that the same appears to have
relied on alleged "uncontested valuations" which have not been
established, determined or presented before the Court by the
Debtor.

The crux of the Motion to Stay, as well as PRLP's pending appeal
before the USDC, consists on Debtor's failure to submit any
evidence whatsoever as to the fair market value of the Metro Plaza
properties pursuant to the "sales data" test.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

On April 13, 2012, the Debtor filed its Disclosure Statement and
Chapter 11 Plan of Reorganization.  The Court approved the
Disclosure Statement on June 25, 2012.


PONCE DE LEON: Christiansen & Portela OK'd as Real Estate Broker
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Ponce de Leon 1403, Inc., to employ Gerald J.
Christiansen from Christiansen & Associates, Inc., doing business
as Christiansen & Portela, as real estate broker.

Mr. Christiansen and the firm will, among other things:

   -- act as exclusive sales and leasing agent of the Debtor's
      commercial units located at Metro Plaza Towers Condominium,
      San Juan, Puerto Rico;

   -- offer the property for sale in accordance with established
      practices;

   -- assist the debtor in any negotiations for the sale/ leasimg
      of the property; and

   -- assist the Debtor in the preparation and selection of all
      advertising and promotional materials, including, but not
      limited to printed media advertisements, brochures, and
      signs to be places at the property offering the property for
      sale/ lease.

The Debtor agreed to compensate the broker as:

  (i) a disposition fee equal to 4% of the sales price of the
      property will be earned by the broker if the property is
      sold during the term of the agreement or within 180 days of
      its termination if sold to a client introduced to the
      property by broker prior to the termination or expiration
      of the agreement; and

(ii) a disposition fee equal to 5% of the sales price of the
      property will be earned by the broker if the property is
      sold during the term of the agreement or 180 days of its
      termination is sold to a client with the assistance of the
      third party co-operating brokers.

To the best of the Debtor's knowledge, the firm is a
"disinterested person' as that term is defined in Section 101(14)
of the Bankruptcy Code.

                        About Ponce De Leon

San Juan, P.R.-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and retail
space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available for
lease.  The common areas of the project include a swimming pool, a
gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

U.S. Bankruptcy Court for the District of Puerto Rico has
granted Ponce De Leon 1403 Inc. permission to employ Doris Barroso
Vicens as accountant, with compensation to be paid in such amounts
as may be allowed by the Court.



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


* 2013 Latin America Financing Needs Back to Pre-Crisis Levels
--------------------------------------------------------------
Fitch Ratings related that Latin American government financing
needs are forecasted to decline to USD428 billion in 2013, or 7.3%
of regional GDP, from an average of 9% in the four years after the
global financial crisis.

"Most of the decrease in the region's borrowing requirements stems
from the reduction in domestic and external debt redemptions
resulting from adept liability management in several countries
while fiscal deficits reduction contributes only marginally to the
decline," said Shelly Shetty, Head of Fitch's Latin America
Sovereign Group.

The financing needs of some of the largest economies including
Brazil, Colombia and Mexico, are expected to fall but - except for
Colombia - will remain higher than the Latin American median of
5.9% of GDP in 2013. These countries show lower fiscal deficits
but higher amortizations than their regional peers. However, the
large absorption capacity of their domestic bond markets mitigates
financing risks.

The funding requirements of some of the smaller countries
including Bolivia, Chile, Guatemala, Peru and Uruguay, are lower
than the Latin American median thanks to their sustained growth,
prudent fiscal management, low amortizations and ample financing
flexibility. Proactive debt management could further extend
government debt maturities, lower interest costs and support the
development of local bond markets in some of these countries.

Fitch forecasts Ecuador, El Salvador, Dominican Republic, Panama
and Venezuela to pose higher fiscal deficits than the regional
median of 2.6% of GDP in 2013. Argentina, Costa Rica and Jamaica
are the only countries where borrowing requirements are expected
to exceed 10% of GDP in 2013.

The drive towards domestic and local currency issuance will
continue in 2013, with governments likely to raise up to 91% of
their total borrowing requirements from domestic sources.
Countries will progressively lengthen maturities and substitute
floating-rate debt for fixed rate obligations to insulate their
sovereign debt portfolios from interest rate variations.

"Increasing foreign participation in government domestic debt
markets will likely continue this year given the interest rate
differentials with the developed world and stable to appreciating
currencies in the region," said Cesar Arias, Associate Director in
Fitch's Latin America Sovereign Group and co-author of the report.
"These portfolio inflows are broadening the investor base,
enhancing market liquidity and improving debt composition."

As a result, Fitch forecasts external bond supply to increase only
slightly to USD19.3 billion in 2013, covering a marginal 4.4% of
regional financing needs. While speculative grade sovereigns with
narrower domestic investor bases are expected to ramp up
international issuance in 2013 to cover fiscal gaps and finance
infrastructure plans, placements by investment grade countries -
which use external debt primarily to diversify their funding
sources and provide liquidity to their long-term global benchmarks
- could drop by 8% relative to 2012.

Fitch's special report '2013 Latin America Government Financing
Needs: Back to Pre-Crisis Levels amid Improved Debt Management' is
available at 'www.fitchratings.com'.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            ***********


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

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

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


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *