TCRLA_Public/130201.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

             Friday, February 1, 2013, Vol. 14, No. 23


                            Headlines



A R G E N T I N A

EMPRESA PROVINCIAL: Moody's Places B3/Baa2.ar Ratings on Review
CORDOBA, AR: Moody's Puts B3 Rating on Downgrade Watch
* ARGENTINA: Fitch Puts Negative Outlook on Insurance Industry


B E R M U D A

ARDEN CAPITAL: Creditors' Proofs of Debt Due Feb. 8
ARDEN CAPITAL: Member to Receive Wind-Up Report on Feb. 26
EAST (BERMUDA): Creditors' Proofs of Debt Due Feb. 8
EAST (BERMUDA): Member to Receive Wind-Up Report on Feb. 26
NORTH FINANCE: Creditors' Proofs of Debt Due Feb. 8

NORTH FINANCE: Member to Receive Wind-Up Report on Feb. 26


C A Y M A N  I S L A N D S

AOI INVESTMENTS 1: Placed Under Voluntary Wind-Up
APOLLO ORANGE: Placed Under Voluntary Wind-Up
AZURRA LTD: Commences Liquidation Proceedings
BAKERSFIELD INVESTMENT: Placed Under Voluntary Wind-Up
BLACK'S LINK: Commences Liquidation Proceedings

BLACK'S LINK CAPITAL: Commences Liquidation Proceedings
BRENNUS SPECIAL: Placed Under Voluntary Wind-Up
CINEMARK SP: Commences Liquidation Proceedings
HOPU MANAGEMENT: Commences Liquidation Proceedings
HORIZON SEPARATE: Commences Liquidation Proceedings

ISLAND FUND III: Commences Liquidation Proceedings
JSK 1 (NON-US INVESTOR): Commences Liquidation Proceedings
JSK 1 (US INVESTOR): Commences Liquidation Proceedings
JSK MULTI-STRATEGY: Commences Liquidation Proceedings
K2 CURRENCY: Commences Liquidation Proceedings

LISTON FUNDING: Commences Liquidation Proceedings
NEW CASTLE: Placed Under Voluntary Wind-Up
PACIFICTECH MICROELECTRONICS: Placed Under Voluntary Wind-Up
QFS CAYMAN: Commences Liquidation Proceedings
ROCKHAMPTON ASIA: Placed Under Voluntary Wind-Up


C H I L E

SMU S.A.: Moody's Assigns '(P)B2' Rating to USD300MM Sr. Notes


E C U A D O R

* ECUADOR: Pension Fund Plans US$200MM Bond Sale to Test Market


G U Y A N A

EZJET: Former Boss Faces March Trial


J A M A I C A

CLARENDON ALUMINA: Fitch Affirms 'B-' Issuer Default Ratings


M E X I C O

ALG B.V.: Moody's Sets CFR at B2, Outlook Stable
DESARROLLADORA HOMEX: Fitch Affirms BB- FC Issuer Default Rating
GRUPO POSADAS: S&P Affirms 'B' Corp. Credit Rating


X X X X X X X X

* Fitch Says Credit Growth Stagnant in Developed World


                            - - - - -


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


EMPRESA PROVINCIAL: Moody's Places B3/Baa2.ar Ratings on Review
---------------------------------------------------------------
Moody's Latin America placed Empresa Provincial de Energia de
Cordoba (EPEC) B3/Baa2.ar Corporate Family and its senior notes
ratings on review for possible downgrade.

Ratings Rationale

The review is prompted by the recently communicated ruling that
impedes the direct transfer of co-participation taxes to the
Trustee for the repayment of the notes.

The review follows a recent communication made by the trustee
informing that it had not received the co-participation funds that
are allocated under the trust for the repayment of the notes. The
lack of that transfer follows in turn a court ruling received by
the Banco de la Nacion Argentina (BNA) by which it was instructed
by a federal court - based in Cordoba -- to stop making the
transfer of co-participation taxes for the repayment of the notes
for a period of 9 months.

Although the Province of Cordoba has transferred on its own the
funds necessary to make this month's payment under EPEC's notes,
it is uncertain how the legal dispute will continue going forward
and if the Province will continue providing the funding for debt
repayment on a timely basis.

EPEC's current ratings incorporate an implied level of support
provided to the company by the Province which is embedded in
Moody's analysis of EPEC as a GRI (government related issuer).

"We believe that the level of support previously incorporated in
our analysis has been diminished to some extent by the court
ruling as it constitutes a legal barrier to provide funds to make
timely payments under the notes according to their original terms
and conditions" said Daniela Cuan, Moody's VP Senior Analyst.
"However, the funds transfer from the Province to provide for
EPEC's upcoming monthly debt payments showed the Province's
willingness to continue providing support to the GRI", Cuan added.

EPEC is considered a GRI and the B3/Baa2.ar ratings reflect the
application of Moody's joint default analysis (JDA) framework for
GRIs, which takes into account the following four input factors:
i) a baseline credit assessment (BCA) of caa1 as a measure for the
rated entity's standalone creditworthiness, ii) the B3 rating of
the Province of Cordoba as the support provider, as well as iii)
Moody's estimates of a high degree of implied government support
in the case of financial distress and iv) a high default
dependence between EPEC and the Province.

EPEC's BCA of caa1 reflects its relatively weak credit profile and
the material increase in leverage taken on to fund the company's
expansion program which has resulted in a deterioration in EPEC's
historical credit metrics. The BCA also takes into account EPEC's
historically poor operating margins and weak cash generation
profile. Offsetting those credit negatives, EPEC's ratings are
supported by the importance of the company for the continuity of
the electricity service provided within the Province of Cordoba,
its position as the fourth largest electricity company in the
country behind the three regulated companies with operations in
Buenos Aires, and the Province's 100% ownership.

The review will focus on how the Province intends to manage its
upcoming commitment in relation to the notes and will basically
test if the level of support incorporated in Moody's analysis
remains appropriate. In addition, the review will focus on how the
legal dispute evolves in the following months and what are the
potential consequences in relation to the repayment mechanisms for
EPEC's notes.

The notes were issued to refinance the bridge loan EPEC obtained
for the construction of Pilar combined cycle and they basically
have two sources of payment: collections under the contract with
Cammesa for the sale of energy and the Coparticipacion taxes that
have been pledge to guarantee the repayments of the notes. Both
sources of funding are automatically transferred to a trust for
the repayment of the notes.

The court ruling basically requires to Banco de la Nacion
Argentina (BNA, the coparticipation agent) to stop retaining the
funds from those coparticipated taxes belonging to the Province
and allocated to the notes debt repayment for a period of 9 months
that if confirmed, in the absence of an alternative remedy from
the Province and given the fact that the remaining source of
repayment --the energy supply contract with Cammesa- is not
sufficient to cover EPEC's monthly debt service EPEC will likely
default under the notes.

The principal methodology used in this rating was the Regulated
Electric and Gas Utilities published in August 2009. Other
methodologies used include the Government-Related Issuers
methodology published in July 2010.

Empresa Provincial de Energia de Cordoba, wholly owned by the
Province of Cordoba, is the province's vertically-integrated
utility and the fourth-largest electricity company in the country.
EPEC is engaged in the generation, transmission and distribution
of electricity in the Province's territory serving a population of
around 920 thousand clients and annual revenues of approximately
ARS3.5 billion.


CORDOBA, AR: Moody's Puts B3 Rating on Downgrade Watch
------------------------------------------------------
Moody's Latin America placed the issuer and debt ratings of the
Province of Cordoba under review for a possible downgrade.
Throughout the review, Moody's Latin America will assess the
continuing performance of the province's guarantee, through co-
participation flows, on notes issued by the Empresa Provincial de
Energia de Cordoba, an electric utility 100% owned by the
province. In addition, Moody's will assess the impact that a
default on EPEC's bond would have on the province's direct debt
through potential cross default clauses or other contractual
obligations.

Ratings Rationale

A recent court ruling impedes Banco de la Nacion Argentina, the
federal government's agent transferring co-participation funds to
the Provinces in Argentina, to transfer Cordoba's co-participation
funds directly to the bond's trustee serving EPEC's notes. After
the ruling, the structure has become unsecured and relies
completely on the province's willingness to pay.

This action follows Moody's Latin America recent action to put all
of the ratings of EPEC under review for possible downgrade.

The ratings for the Province of Cordoba that were placed under
review are:

- Issuer ratings: B3 (Global Scale, local currency) and Baa2.ar
   (National Scale, local currency); and Caa1 (Global Scale,
   foreign currency) and Ba3.ar (National Scale, foreign currency)

- Debt ratings: B3 (Global Scale, local currency) and Baa2.ar
   (National Scale, local currency); Caa1 (Global Scale, foreign
   currency)

The Province of Cordoba has transferred its own funds to make this
month's payment under EPEC's notes. Yet, the province's actions
provide uncertainty on its willingness to pay this obligation
going forward.

What Could Change The Rating Up/Down

While Moody's does not expect upward pressure on the ratings, the
review could conclude with a confirmation of the ratings if
Moody's confirms that Cordoba's guarantee continues to perform.
Conversely, a deterioration of the provincial support towards
EPEC's notes or a default in any of Cordoba's obligations, direct
or indirect, would lead to a downgrade of its ratings. The
province could also be downgraded if the negative outlook on the
sovereign rating materializes into a rating downgrade.
Furthermore, any action taken by the central government that would
negatively impact the ability of the province to repay its
financial obligations could lead to a further downgrade. Any such
actions would be viewed by Moody's as further illustration of a
deteriorating institutional framework and an unstable policy
environment.

The last rating action was in October 17, 2012 when issuer and
debt ratings (local currency) were downgraded to B3/Baa2.ar from
B3/A2.ar, and issuer and debt ratings (foreign currency) to
Caa1/Ba3.ar from B3/A2.ar; Negative Outlook.


* ARGENTINA: Fitch Puts Negative Outlook on Insurance Industry
--------------------------------------------------------------
Fitch Ratings has published a special report on the southern cone
insurance industry. Fitch maintains a Stable Outlook for the
insurance industry in Bolivia, Chile and Uruguay, which indicates
a majority of insurers' ratings are likely to be affirmed over the
next 12-24 months. On the other hand, Fitch assigned a Negative
Outlook to Argentina's insurance industry, which indicates
potential pressure on companies' operating flexibility and may
lead to downgrades over the next 12-24 months.

The southern cone insurance industry has demonstrated uneven
results. While Chile exhibits a mature and solid underwriting
profile, including premiums diversification as well as a stable
regulatory framework, other countries, such as Bolivia and
Argentina face regulatory uncertainty, or greater inflation, such
as Argentina and Uruguay.

Inflation rates in Argentina and Uruguay tend to be more elevated
than those reported in the rest of the region, and has resulted in
high nominal growth in premiums. Uruguay faces a high but
controlled inflation scenario, whereas Argentina's insurers have
demonstrated flexibility to anticipate tariff adjustments. Fitch
believes that the significant gap between the official and
unofficial inflation rates in Argentina could pressure companies'
operating margins, in a business environment already characterized
by reduced operating flexibility.

Financial revenue continues to be key to companies' bottom lines,
either compensating for tight technical results in Argentina and
Uruguay, or the significance of asset management portfolios in
Chile and Bolivia. The volatility experienced in capital markets
will continue to lead to fluctuations in net income, and in
Fitch's opinion it will be critical for the industry's solvency
and for a company's ability to manage the natural delay between
slow technical price adjustments and the rapid dynamics of
financial markets.

The Negative Outlook assigned to Argentina's insurers followed
Fitch's downgrade of the country's sovereign rating in November
2012, which increased credit risk of the investment portfolio
managed by the insurance companies, as well as the changes in the
regulatory and operating framework of the industry over the past
few years.

Uruguay is experiencing the slow but progressive decentralization
of Banco de Seguros del Estado's dominant position in the country.
However, the intense competition by business line has resulted in
significant pressures on tariffs, which has led to substantially
diverse results in underwriting margins, a situation that is
expected to continue in 2013.

The insurance business in Bolivia continues to reflect the
significant importance of the retirement business in the insurance
aggregate, currently in run-off, exhibiting less operating
flexibility and likely pressuring creditworthiness over the long
term. The opposite is occurring in the non-life segment and
traditional life business lines, which have demonstrated greater
adaptability to a challenging environment and an adequate
technical performance.



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


ARDEN CAPITAL: Creditors' Proofs of Debt Due Feb. 8
---------------------------------------------------
The creditors of Arden Capital Limited are required to file their
proofs of debt by Feb. 8, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 22, 2013.

The company's liquidator is:

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


ARDEN CAPITAL: Member to Receive Wind-Up Report on Feb. 26
----------------------------------------------------------
The member of Arden Capital Limited will receive on Feb. 26, 2013,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 22, 2013.

The company's liquidator is:

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


EAST (BERMUDA): Creditors' Proofs of Debt Due Feb. 8
----------------------------------------------------
The creditors of East (Bermuda) Limited are required to file their
proofs of debt by Feb. 8, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 22, 2013.

The company's liquidator is:

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


EAST (BERMUDA): Member to Receive Wind-Up Report on Feb. 26
-----------------------------------------------------------
The member of East (Bermuda) Limited will receive on Feb. 26,
2013, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 22, 2013.

The company's liquidator is:

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


NORTH FINANCE: Creditors' Proofs of Debt Due Feb. 8
---------------------------------------------------
The creditors of North Finance (Bermuda) Limited are required to
file their proofs of debt by Feb. 8, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 22, 2013.

The company's liquidator is:

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


NORTH FINANCE: Member to Receive Wind-Up Report on Feb. 26
----------------------------------------------------------
The member of North Finance (Bermuda) Limited will receive on
Feb. 26, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Jan. 22, 2013.

The company's liquidator is:

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



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


AOI INVESTMENTS 1: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 23, 2012, the sole shareholder of AOI Investments 1
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         c/o Ogier
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


APOLLO ORANGE: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 23, 2012, the sole shareholder of Apollo Orange
Investments resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


AZURRA LTD: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 15, 2012, the sole shareholder of Azurra Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BAKERSFIELD INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Nov. 5, 2012, the sole shareholder of Bakersfield Investment
Fund resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


BLACK'S LINK: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 14, 2012, the sole shareholder of Black's Link Asia Event
Driven GP Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLACK'S LINK CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 12, 2012, the sole shareholder of Black's Link Capital
Management Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BRENNUS SPECIAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 13, 2012, the sole shareholder of Brennus Special
Situations Fund Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

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


CINEMARK SP: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 15, 2012, the members of Cinemark S.P., Inc. resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         Valmir Fernandes
         Brasil Holdings, LLC
         3900 Dallas Parkway
         Suite 500, Plano, TX 75093
         USA
         Telephone: +1 972.665.1024
         Facsimile: +1 972.665.1003


HOPU MANAGEMENT: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 14, 2012, the sole shareholder of Hopu Management Co.,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 3, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Mourant Ozannes
         Attorneys-at-Law for the Company
         Reference: Tracy Hylton
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


HORIZON SEPARATE: Commences Liquidation Proceedings
---------------------------------------------------
On July 19, 2012, the sole shareholder of Horizon Separate Account
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 4, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road
         Hamilton HM 09
         Bermuda


ISLAND FUND III: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 12, 2012, the sole shareholder of Island Fund III Corp
Cayman resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin Lee Mcmahon
         c/o Robert Crockett
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         PO Box 510 Grand Cayman KY1 -1106
         Cayman Islands
         Telephone: +1 345 814 8962


JSK 1 (NON-US INVESTOR): Commences Liquidation Proceedings
----------------------------------------------------------
On Oct. 24, 2012, the members of JSK 1 (Non-US Investor) resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2013, will be included in the company's dividend
distribution.

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


JSK 1 (US INVESTOR): Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 24, 2012, the members of JSK 1 (US Investor) resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2013, will be included in the company's dividend
distribution.

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


JSK MULTI-STRATEGY: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 24, 2012, the members of JSK Multi-Strategy Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2013, will be included in the company's dividend
distribution.

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


K2 CURRENCY: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 6, 2012, the sole shareholder of K2 Currency Fund, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2013, will be included in the company's dividend
distribution.

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


LISTON FUNDING: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 8, 2012, the members of Liston Funding 2009-3 Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NEW CASTLE: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 5, 2012, the sole shareholder of New Castle Investment
Fund resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


PACIFICTECH MICROELECTRONICS: Placed Under Voluntary Wind-Up
------------------------------------------------------------
On Nov. 6, 2012, the shareholders of Pacifictech Microelectronics
Co., Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Johnston Chien-Chan Chen
         726 Solstice Court
         Fremont, CA 94539
         USA
         Telephone: 1-510-770-1128
         Facsimile: 1-510-770-1188


QFS CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
On Aug. 1, 2012, the sole shareholder of QFS Cayman Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 10, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road
         Hamilton HM 09
         Bermuda


ROCKHAMPTON ASIA: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 9, 2012, the sole shareholder of Rockhampton Asia Fund
(OG-176818) resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 25, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Atkinson
         Telephone: 81- 03-5114-1296
         Facsimile: 81-03-5114-1150
         c/o Rockhampton Management
         Ark Mori Building, 22nd Floor
         PO Box 578 1-12-32 Akasaka Minato-Ku
         Tokyo 107-6022 Japan



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


SMU S.A.: Moody's Assigns '(P)B2' Rating to USD300MM Sr. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional (P)B2 Corporate
Family Rating to Chilean retailer SMU S.A. and its proposed up to
USD300 million senior unsecured notes. This is the first time
Moody's has rated SMU. The provisional ratings are assigned
pending the successful issuance of the proposed notes. The rating
outlook is stable.

Ratings assigned as follows:

- Corporate Family Rating: (P)B2

- Proposed up to USD300 million senior unsecured notes: (P)B2

Ratings Rationale

"SMU's (P)B2 rating is based on its initial high leverage, its
acquisitive growth strategy thus far combined with negative free
cash flow and limited history as an integrated company," explained
Moody's Vice-President/Senior Credit Officer, Soummo Mukherjee.
"At the same time, the rating is supported by the company's strong
market position in the Chilean food retail market, the positive
growth fundamentals for food retail in Chile and Peru, as well as
the company's shareholder support and experienced management
team," added Mukherjee.

Since its incorporation in 2007, SMU has acquired more than 60
retail chains in Chile and Peru that have been funded by a
combination of capital from its shareholders and debt. At the end
of 30th September, 2012, SMU's leverage, as measured by Total Debt
to EBITDA was 11.3x (according to Moody's standard definitions and
analytic adjustments) but the current assigned (P)B2 rating
assumes an expected deleveraging to around 6.0x by the end of
2013. The expected deleveraging should occur as a result of margin
improvement as SMU integrates its series of acquisitions and
improves revenue per square meter in its stores. At the same time,
the company concluded a capital increase amounting to
approximately USD100 million that was used to reduce debt plus an
additional capital increase of up to USD50 million to be completed
within the first half of 2013.

The stable outlook reflects Moody's expectations that SMU will
focus on integrating its past acquisitions and improving its
operating margins while remaining on a deleveraging trajectory.
The stable outlook also assumes that SMU will continue to maintain
its strong market position as one of the largest food retailers in
Chile while maintaining good liquidity at all times.

SMU's ratings or outlook could be upgraded if the company shows
the ability to meaningfully improve its EBITDA margin while its
adjusted Debt to EBITDA is sustained below 5.0x and its EBIT to
interest strengthens to 1.75x. An upgrade would also only be
likely through evidence of the company balancing its growth
strategy so that it can at least generate positive free cash flow
considering a moderate level of growth Capex.

The ratings or outlook is likely to come under downward pressure
if the company fails to continue on a deleveraging trajectory
and/or if EBIT to interest remains below 1.25x, which would also
imply weak operating margins.

Structurally, a substantial increase in secured debt could also
lead to a downgrade of the (P)B2 rating of the senior unsecured
bonds due to effective subordination.

The principal methodology used in this rating was the Global
Retail Industry Methodology published in June 2011.

Headquartered in Santiago, Chile, SMU operates a network of stores
that includes a total of 339 supermarkets, 148 wholesale stores,
84 convenient stores, 34 construction material wholesale stores
and an online grocer. For the last-twelve months ended
September 30, 2012 the company reported annual revenues of
CLP2.105.000 million (approx. USD4.2 billion) and an EBITDA margin
of 4.1%.



=============
E C U A D O R
=============


* ECUADOR: Pension Fund Plans US$200MM Bond Sale to Test Market
---------------------------------------------------------------
Nathan Gill at Bloomberg News reports that the lending arm of
Ecuador's state- run pension fund plans to sell $200 million of
bonds in international credit markets this year to take advantage
of lower rates, the unit's chief executive said.

Banco del Instituto Ecuatoriano de Seguridad Social, known as
Biess, is in talks with banks over the debt sale, Chief Executive
Officer Efrain Vieira said in an interview in his office in Quito,
according to Bloomberg News.

The report relates that while the banks are indicating that Biess
could issue bonds at an interest rate of 7% to 7.5%, Vieira is
trying to push them to 6.5%, he said.

"There's a trend toward rates falling. . . .  At the end of this
year we hope to be able to place at least $200 million of notes
outside of Ecuador," the report quoted Viera as saying.  Biess
manages $9.53 billion for the country's retirees.

Bloomberg News discloses that Ecuador's government, which hasn't
issued foreign debt since defaulting on $3.2 billion in 2008, has
relied on funding from China, credit from multilateral lenders as
well as loans from Biess to finance spending.

The country is rated B by Standard & Poor's, five levels below
investment grade.

Getting a lower rate on the Biess bonds is important because it
might set a precedent for the sovereign to return to the market,
Mr. Vieira said, Bloomberg News relays.

"We need to agree on a convenient rate for Biess and the
government, because if I fix an international rate, this could
generate unnecessary noise," Mr. Viera said, the report adds.



===========
G U Y A N A
===========


EZJET: Former Boss Faces March Trial
------------------------------------
Caribbean360.com reports that deemed a flight risk, Sonny Ramdeo
has been remanded back to prison after Magistrate Judge Dave Lee
Brannon ruled out the possibility of bail for the founder of the
now defunct Guyanese airline EZjet.

The Guyana-born founder and former chief executive officer of the
low-cost carrier faced Judge Brannon on January 14 in the Southern
District Court of Florida, where Mr. Ramdeo is accused of three
counts of wire fraud, totaling US$20 million, according to
Caribbean360.com.

The report relates that in ordering Mr. Ramdeo to a corrections
facility ahead of his trial, Judge Brannon said: "The Court
specifically finds that no condition or combination of conditions
will reasonably assure the Defendant's appearance in court. . . .
His dual citizenship and extensive travel history to an
international destination where he maintains significant ties,
combined with the circumstances of his arrest and the large sum of
money that remains unaccounted for as a result of his alleged
fraudulent scheme, all lead the Court to find the Defendant to be
a flight risk."

The trial date is set for March 11.

The report notes that the 35-year old is accused of embezzling the
money as early as 2005 from Promise Healthcare Inc. and Success
Healthcare Group, where he worked as the payroll supervisor.

As the payroll supervisor for both companies, Mr. Ramdeo managed
the payroll for more than 3,500 employees in hospitals nationwide,
the report says.

The report discloses that federal officials said Mr. Ramdeo
incorporated PayServ Tax Inc., and told the hospital chains he
would handle the transfer of local, state and federal payroll
taxes to the proper agencies on their behalf. Instead, authorities
say, he kept the money.

Mr. Ramdeo is being represented by a public defender, Attorney
Robert Adler.  He has pleaded not guilty to the charge.

In October last year, Promise Healthcare filed a lawsuit accusing
Mr. Ramdeo of embezzling more than US$5 million to keep his
airline afloat, the report recalls.

The report notes that the airline collapsed last November after
the lawsuit surfaced and Mr. Ramdeo resigned from EZJet,
reportedly to devote time to defending himself against the suit.

EZJet flew between Georgetown and New York and had just started a
Toronto route before it had to be shut down after less than a year
in operation, the report adds.



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


CLARENDON ALUMINA: Fitch Affirms 'B-' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Clarendon Alumina Production Limited's
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
Fitch has also affirmed CAP's USD200 million 8.5% unsecured notes
due November 2021 at 'B-/RR4'. The notes continue to be supported
by an explicit unconditional and irrevocable guarantee by the
Government of Jamaica (GoJ) for the timely payment of interest and
principal. The Rating Outlook is revised to Negative from Stable.

Sensitivity/Rating Drivers

CAP's Negative Outlook Mirrors Outlook for Jamaica:

The Negative Outlook on CAP's ratings follows the revision of
Jamaica's Outlook to Negative on Jan. 18, 2013 to reflect rising
financing constraints in the context of elevated fiscal and
external imbalances. CAP's ratings are directly linked to the GoJ.
CAP is 100% owned by the GoJ and is the holding company for its
45% ownership in a joint venture with a subsidiary of Alcoa called
Jamalco, which is a bauxite mining and alumina refining operation
in Jamaica. Jamalco is an unincorporated joint venture association
that involves the proportionate sharing of production costs and
the alumina output of the Clarendon Alumina Refinery (CAR). CAR's
production rate during fiscal 2012 was 1.27 million tons, down on
normal average production of 1.36 million tons due to power issues
during the fiscal year.

Cash Flows Negative; Unfavorable Contracts to Expire in 2015:

CAP's negative cash flow generation is primarily due to the long-
term inflexible supply contracts which have constrained the
entity's ability to pass on higher caustic soda and fuel input
costs. FFO generated for fiscal 2012 was negative USD43.2 million.
This compares with FFO of negative USD23.8 million in fiscal 2011.
CAP's 2012 capital expenditures were USD11.2 million, mostly used
for Jamalco's mining infrastructure. CAP has two remaining
unfavorable alumina off-take contracts for a total of 652,500
metric tons in 2013 and 637,500 metric tons in 2014 and the same
amount in 2015, at fixed terms. The remaining onerous contracts
expire in 2015.

Negative EBITDA Generation Continues:

As a result of the unfavorable long-term contracts, CAP generated
negative EBITDA of USD44.7 million during fiscal year 2012 and has
exhibited negative EBITDA since 2007. Fiscal year 2012 revenues of
USD164 million were based on total alumina sales of 666,444 metric
tons with an average price per ton of USD256. This compares to
fiscal 2011 revenues of USD126 million based on total alumina
sales of 657,372 metric tons with an average price per ton of
USD194. The improvement in revenues was due to the expiration of
one of CAP's most unfavorable contracts, allowing for a better mix
of current contract terms.

Government of Jamaica Support Essential:

CAP is unable to meet its debt commitments on a standalone basis
and requires grants from the GoJ to service these obligations. CAP
received grants from the GoJ of USD87 million in fiscal 2012 and
USD17 million in fiscal 2011. These grants ensure that CAP is able
to perform to the level required to meet its supply agreement
obligations with customers. CAP is obliged to fund its share of
running and operating expenses at CAR, and it would be unable to
meet these obligations without support from the GoJ.

On a stand-alone basis, CAP has an extremely weak financial
profile for its rating category. Most of CAP's long-term debt is
comprised of the USD200 million notes issued in November 2006.
CAP, via its affiliate, Jamaica Bauxite Mining Limited (JBM), also
has a USD11 million obligation (USD65 million original amount) to
Glencore, CAP's main customer. The proceeds of this loan were used
to fund CAP's share of an expansion project with Alcoa. Total debt
has increased to USD424 million in fiscal 2012 from USD373 million
in fiscal 2010. Cash and equivalents increased to USD100 million -
USD99 million of which were short term deposits - in fiscal 2012
from USD4 million in fiscal 2011. The cash increase was due to
Alcoa transferring money into Jamalco to fund capex. Short term
debt was USD145 million as of March 31, 2012.

Ongoing Search for a Buyer:

The GoJ announced in 2009 that it is seeking to sell its 45% stake
in Jamalco, and Fitch understands that this process is ongoing.
Fitch notes that Alcoa has a right of first refusal on buying the
shares. CAP's USD200 million 8.5% unsecured notes due 2021 are
subject to a change of control clause which creditors may choose
to activate. Should any potential change of control result in
effective acceleration of the obligation, Fitch will review for
possible rating action. Should CAP not be sold, its future rating
actions are directly linked to Fitch's actions taken on Jamaica.
If Fitch were to downgrade the ratings on the sovereign due to
concerns regarding macroeconomic pressures, or upgrade the ratings
due to liquidity improvement, then CAP's ratings would also mirror
this action. This rating linkage will continue as long as the
company remains 100% owned by the GoJ.



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


ALG B.V.: Moody's Sets CFR at B2, Outlook Stable
------------------------------------------------
Moody's Investors Service assigned a first time B2 Corporate
Family Rating to ALG B.V. Moody's also assigned a B2-PD
Probability of Default Rating, a B2 rating to the company's
proposed first lien term loan and Caa1 rating to its proposed
second lien term loan. ALG B.V. is the parent of three
subsidiaries, Apple Vacations, L.P., AMSTAR Holdings, L.P., and
AMResorts Holdings, L.P., that comprise the credit entity for
these ratings. ALG B.V. was acquired for USD343.5 million by
affiliates of private equity firm Bain Capital in December 2012.
Ratings are subject to final terms and conditions.

New ratings assigned:

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

USD20 million 5 year revolving credit facility at B2 (LGD 3, 44%)

USD150 million 6 year first lien term loan at B2 (LGD 3, 44%)

USD65 million 7 year second lien term loan at Caa1 (LGD 5, 88%)

Ratings Rationale

ALG's B2 Corporate Family Rating reflects the company's small
scale in terms of number of resorts and absolute earnings -- pro
forma EBITDA for the 12-month period ended September 30, 2012 was
less than USD40 million -- and geographic concentration with all
earnings derived from travel to Mexico and the Caribbean. Although
ALG's top line revenues are large at around USD837 million, the
company's gross margin is just under USD100 million or 12%.

Also considered is ALG's high leverage. ALG's pro-forma debt/LTM
EBITDA is approximately 5.8 times, a level that Moody's typically
considers high for the B2 rating category as well as for an issuer
with small scale in terms of revenue and earnings. Risks also
include ALG's inherent vulnerability to economic cycles that can
reduce leisure travel demand, lingering safety concerns regarding
travel to Mexico, and significant competition among travel
providers.

Ratings are supported by ALG's good interest coverage -- pro-forma
EBITDA/interest is about 2.5 times -- the benefits afforded to the
company by its vertically integrated operating segments, and
Moody's stable outlook for leisure travel reflecting modest GDP
growth in North America, the company's largest source of
customers.

Additionally, Moody's expects that the company's low capital
requirements and vertically integrated business model will
mitigate, to some degree, the earnings volatility that is
experienced during periods of weak demand.

The stable rating outlook reflects a modest growth assumption for
leisure travel into Mexico and the Caribbean principally from
North America that will drive EBITDA growth and modest debt
reduction. ALG's ratings could be downgraded if the outlook for
leisure travel demand to Mexico and the Caribbean were to show
signs of deterioration or if debt/EBITDA appeared likely to rise
above 6.0 times. Moody's does not anticipate upward rating changes
given the company's small size.

However, ratings could be upgraded if debt/EBITDA declined to and
could be sustained around 4.0 times and if interest coverage
increased to 3.0 times.

Since the recession ended, visitation to Mexico and Caribbean has
been growing, albeit slowly, and Moody's expects that continued
growth will help ALG improve its earnings and lower its
debt/EBITDA to about 5.0 times over the next two years.
EuroMonitor International estimates outbound leisure travel from
the U.S. will increase in the low single digits over the next few
years due to modest GDP growth estimates for North America, ALG's
largest source market. Mexico is the top travel destination for
travelers from the U.S. based upon data published by the U.S.
Department of Commerce, Office of Travel and Tourism while the
Caribbean ranks as the fourth largest travel destination after
Canada and Europe. Moody's expects Mexico and the Caribbean will
continue to be top destinations for North American travelers given
proximity and all-inclusive property offerings.

AMResorts, which accounts for nearly 60% of ALG's consolidated
EBITDA, manages 32 resorts (11.7 thousand rooms) located
principally in Mexico and the Caribbean. Apple Vacations, which
accounts for about 35% of ALG's consolidated EBITDA, provided all-
inclusive vacations to more than 600 thousand passengers for the
last twelve months ended September 30, 2012. This compares to
approximately 23 million international arrivals to Mexico and 23
million to the Caribbean in 2011, according to government
statistics. Apple Vacations offers all-inclusive vacation packages
by contracting with air, hotel, ground tour providers and adding a
margin. AMResorts supplies room inventory and AMSTAR provides
ground services to support Apple Vacations wholesale business
while the wholesale business can direct customers to the resorts
and ground business segments. Apple Vacations is a source of
customers for AMResorts that Moody's believes will maintain a
higher level of occupancy at AMResorts relative to other stand-
alone resort companies, and will assist the company's efforts to
win new management contracts.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

AMResorts manages 32 all-inclusive resorts located in Mexico and
the Caribbean; Apple Vacations sells all-inclusive (air, hotel,
excursions) travel packages for travel to Mexico and the
Caribbean; and AMSTAR provides transfers, optional tours, and
ground transportation services. In the last twelve months ended
September 30, 2012, ALG generated total revenues and gross profit
of USD837 million and USD98 million, respectively.


DESARROLLADORA HOMEX: Fitch Affirms BB- FC Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings affirms Desarrolladora Homex, S.A.B. de C.V.'s
ratings as:

-- Foreign currency Issuer Default Rating (IDR) at 'BB-';
-- Local currency IDR at 'BB-';
-- USD250 million in senior notes due 2015 'BB-';
-- USD250 million in senior notes due 2019 'BB-';
-- USD400 million in senior notes due 2020 'BB-'.

The Rating Outlook is Stable.

The rating affirmation incorporates Fitch's expectation that
Homex's Homebuilding segment (excluding the penitentiary business
line) free cash flow (FCF) will be neutral to positive in
following years, EBITDA generation and margins will remain stable
and the total debt to EBITDA ratio will be around 3.0 times (x).
The ratings also reflect the company's solid market position in
Mexico in terms of revenues and units sold, geographic
diversification, as well as business strategy oriented mainly to
the affiliated low-income housing segment. In addition, the
ratings consider the company's business line diversification
strategy and significant land reserves. The ratings are tempered
by Homex's moderate leverage, expectation of substantial negative
FCF in 2013 on a consolidated basis due to its penitentiary
project and challenges associated with its construction and
operation, a challenging operating environment and growing working
capital requirements.

The Stable Outlook reflects the expectation that Homex's
profitability and main credit metrics from its traditional
homebuilding businesses will remain relatively stable in the
short-to-medium term. On a consolidated basis, Fitch expects
additional deterioration in credit metrics in 2013 mainly related
to the penitentiaries project development.

Geographic Diversification Within Mexico:

Homex's geographic and business diversification strategy allows it
to have alternate revenue sources, which are different from the
traditional Mexican homebuilding segment. For the 12 months ended
Sept. 30, 2012, traditional homebuilding represented 70% of
consolidated income and Fitch expects this percentage to be around
85% in following years. Homex is one of the most geographically
diversified homebuilders in Mexico with operations in 35 cities in
22 states. In Fitch's view, this operating diversification allows
the company to mitigate local or regional volatility, which in
turn translates into more stable results. Even though
diversification exists, units sold are concentrated in Jalisco,
Estado de Mexico and Baja California Sur.

Strategy on Low-Income Housing:

Business strategy is oriented mainly to the affiliated low-income
housing segment in Mexico, which supports the ratings. Demand in
this segment is strong because affiliated workers receive their
mortgage financing from the government agencies such as Infonavit
and Fovissste, and cash incentives in form of subsidies by Conavi.
Low-income segment represented 89% of units sold and 55% of
consolidated revenues for 12 months ended September 2012.

Increased Leverage but Stable Cash from Penitentiaries:

The development of this business segment has resulted in increased
consolidated leverage ratios and negative FCF during the
construction period, however, the contracts are expected to
provide sustained cash flows of approximately MXN2.2 billion
adjusted by inflation annually once the construction is finished
in 2013 that will be associated to fully cover operations and debt
service related to the construction of the penitentiaries. The
construction is accounted under the percentage of completion
method recording revenues that are not cash flow. The construction
is funded by a loan from the Government's bank Banobras to Homex.
This loan will be paid with the MXN2.2 billion in cash that Homex
will receive over the 20-year term of the contract from the
government related construction and operating services.

Land Reserves Provide Flexibility:

Fitch believes that Homex's strategy has flexibility to support
future positive FCF generation, as the industry moves to a higher
proportion of vertical construction. As of Sept. 30, 2012, Homex
had land reserves of 78 millions square meters equivalent to
447,896 homes, out of which approximately 90% is reserved for low-
income units, 9% is reserved for middle income homes and the rest
for the tourism. The company's land reserves cover nine years of
future operations at its current run rate; management's long term
view is to maintain at least 3.5 years of future production.

Negative FCF Generation in 2013:

Fitch expects Homex's consolidated FCF to be negative in 2013
around MXN1 billion and positive around MXN0.7 billion excluding
the penitentiaries projects. Fitch estimates that the company will
deploy around 48,000 units during 2013; 60% of which are expected
to be executed as vertical developments which require a longer
working capital cycle. In addition, on a consolidated basis, the
construction of the penitentiaries projects will reflect some
additional working capital requirements that are funded by the
Banobras loan. The company is expected to fund working capital
requirements from its traditional homebuilding operations with
cash on hand and internally generated cash flows.

Manageable Debt Profile

The issuance in 2013 of MXN$2 billion in long-term Certificados
Bursatiles in the Mexican Market will be used to refinance a
portion of its indebtedness with maturities from 2013 to 2015.
Fitch considers this positive as it will improve Homex's financial
flexibility and will extend its debt maturity profile. As of Sept.
30, 2012, Homex had MXN4 billion in cash and marketable
securities. Total consolidated debt was around MXN20.9 billion:
MXN16.1 from traditional operations and 4.8 from the penitentiary
project. Scheduled maturities for 2013 and 2014 are MXN0.8 billion
and MXN1.2 billion respectively. The company's long-term debt is
primarily composed of two USD250 million senior unsecured notes
due in 2015 and 2019, respectively and USD400 million senior
unsecured notes due in 2020.

During the first nine months of 2012, total debt increased MXN5.5
billion compared to Dec. 31 2011; MXN4.8 billion of this increase
is associated to loan for the construction of the penitentiaries.
This loan is non-recourse to Homex, and the penitentiaries are
non-restricted subsidiaries. In addition, the cash flows obtained
from the operation of these contracts will be associated to cover
operations and debt service of the project.

The ratings incorporate Fitch's expectation that Homex's
homebuilding business gross leverage will be around 3.0x during
2013 and in the long term in the range of 2.5x-3.0x. According to
Fitch's calculations, the company's EBITDA increased to MXN5.9
billion LTM September 2012 on a consolidated basis and MXN4.7
billion excluding penitentiaries from MXN4.2 billion at year-end
2011. Also according to Fitch's calculation, consolidated total
debt to EBITDA ratio increased to 3.6x for the 12 months ended
Sept. 30, 2012. This ratio excluding penitentiaries was 3.4x
versus 3.3x in December 2011. For the 12 months ended Sept.30,
2012 Homex's consolidated net debt to EBITDA was 2.9x.

Sensitivity/Rating Drivers

Sustained improvement in the company's FCF and leverage in the
traditional business operations, in conjunction with stable market
share, liquidity and profitability, are factors that could result
in positive rating actions.

Conversely, negative rating actions could result from some
combination of the following factors: Pro forma debt/EBITDA
leverage ratio (excluding the penitentiary business line) is
consistently above expected levels, the penitentiary construction
and execution fails to a point that demands additional resources
from Homex's core business, longer working capital cycle from its
homebuilding segment, growth more aggressive than expected in
Brazil Homebuilding and Tourism segments, a decline of government
funding programs, and deterioration in the company's industry
business environment leading to erosion in the company's market
position.


GRUPO POSADAS: S&P Affirms 'B' Corp. Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
corporate credit rating on Grupo Posadas S.A.B. de C.V. (Posadas).
S&P also affirmed its 'B' ratings on the company's $200 million
notes due 2015 ($83 million outstanding) and $275 million
(including the $50 million add-on) due 2017.  The recovery rating
on the notes is unchanged at '3'.  The outlook on the corporate
credit rating is stable.

The affirmation on the ratings reflects that although Posadas will
use the proceeds of the sale of 11 hotels to a real estate trust
(FIBRA) to pay down debt, its financial risk profile remains
"highly leveraged" given S&P's expectations that the company's
debt to EBITDA ratio will continue above 5.0x and FFO to debt
below 12%.  The company will use the $50 million add-on of its
original $225 million unsecured notes due 2017 to refinance debt.

The ratings on Posadas reflect S&P's assessment of its business
risk profile as "weak", due to the cyclicality of the hotel
industry, its geographic concentration in Mexico and its low
profitability compared to its peers.  "The offsetting factors are
the company's diversified hotel portfolio, including well-
recognized brands, despite the recent sale of its South American
division, and its position as the largest hotel operator in
Mexico," said Standard & Poor's credit analyst Sandra Tinoco.  The
ratings also reflect our assessment of the company's financial
risk profile as "highly leveraged", due to still-high debt despite
its improvement in liquidity and capital structure.



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


* Fitch Says Credit Growth Stagnant in Developed World
------------------------------------------------------
Fitch Ratings says in its latest Macro-Prudential Risk Monitor
that global real lending growth was 3.6% in 2012, much the same as
in 2011 and down from 4% in 2010. This is well below a pace that
would cause renewed concerns about over-lending.

Real credit growth in the developed world was a meagre 0.5%. The
pace of credit contraction has declined in a number of countries
but there are few signs of any major pick up in credit growth. By
contrast in EMs, even though generally slowing, credit growth was
around 7.5% in both Latin America and Asia, 5.5% in Middle
East/Africa, but only 1% in Emerging Europe.

The ratio of credit to GDP was stable in 2012 at 160% on average
for developed markets and 53% in EMs. Despite substantial falls in
some crisis countries, there is no sign of a generally falling
trend in credit/GDP. However, in the developed world, credit/GDP
is falling increasingly below trend and indeed is now below trend
in the majority of countries.

The combination of stable credit/GDP and generally slowing real
credit growth explains the continued progression of countries into
lower risk categories as measured by Fitch's Macro-Prudential Risk
Indicator (MPI). Australia, Denmark, Malta and the Netherlands and
in EMs Brazil and Colombia all move into the MPI 1 category in the
latest report.

Rapid lending growth is confined to a handful of emerging markets.
13 countries - all EMs - experienced real credit growth of more
than 15% in 2011/12 and therefore are in the MPI 2 category.
Credit growth picked up significantly, to a double-digit pace, in
Azerbaijan, Belarus, Bolivia, China, Guatemala, Saudi Arabia and
Venezuela. But Africa has the most countries showing a significant
pick-up in real credit growth - Ghana, Lesotho, Rwanda and Zambia.
The increase is from a low base and reflects increased bank
lending penetration alongside rapid economic development. There is
little evidence of asset bubbles, though in some cases (Angola,
Cameroon, Gabon and Rwanda) data limitations may obscure warning
signals.

Increased MPI scores are confined to EMs: Ghana, Qatar, Russia,
Venezuela and Zambia all rise to MPI 2 in this report. There are
no new MPI 3s.

Sluggish or slowing credit growth brings lower MPI scores in
Cyprus and Uganda (MPI 2) as well as Australia, Brazil, Colombia,
Denmark, Malta and the Netherlands (MPI 1). The lower score for
Cyprus is because it's former MPI 3 score, which pre-dates the
current banking crisis, was based on 2009 data which drops out of
the assessment period (2010-2012) in this report.

Changes in bank Viability Ratings result in three BSI changes:
Azerbaijan and Ireland improve to 'b'; Cyprus weakens to 'c'.

This report updates the systemic risk indicators Fitch has
published since 2005. Formerly the Bank Systemic Risk Report, the
Macro-Prudential Risk Monitor identifies the build-up of potential
stress in banking systems due to a specific set of circumstances:
rapid credit growth associated with bubbles in housing or equity
markets, or appreciated real exchange rates, the latter sometimes
associated with asset market bubbles. The focus of the report is
therefore only one potential source of bank systemic stress.

The latest "Macro-Prudential Risk Monitor" is available at
www.fitchratings.com.


                            ***********


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
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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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