TCRLA_Public/130204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, February 4, 2013, Vol. 14, No. 24


                            Headlines



B R A Z I L

FIDC BCSUL 2009-1: Moody's Lowers Senior Shares Ratings to 'Caa1'


C A Y M A N  I S L A N D S

AFA PRIVATE: Commences Liquidation Proceedings
AFFINIA HOLDINGS: Placed Under Voluntary Wind-Up
APC ABSOLUTE: Commences Liquidation Proceedings
APC ABSOLUTE MASTER: Commences Liquidation Proceedings
C.I. DIRECTORS: Commences Liquidation Proceedings

C.I. SECRETARIES: Commences Liquidation Proceedings
CAPITAL ALLIANCE: Commences Liquidation Proceedings
DGC PENDULUM: Commences Liquidation Proceedings
FRONT STREET: Commences Liquidation Proceedings
JULIUS BAER: Commences Liquidation Proceedings

LIBERTY CAYMAN: Placed Under Voluntary Wind-Up
LIMITLESS INC: Commences Liquidation Proceedings
LITTLE PLANE: Placed Under Voluntary Wind-Up
PARKTON RE: Placed Under Voluntary Wind-Up
RIVERSIDE WISDOM: Commences Liquidation Proceedings

SCJREP CAYMAN I: Commences Liquidation Proceedings
SCJREP CAYMAN II: Commences Liquidation Proceedings
YAOLAN LTD: Placed Under Voluntary Wind-Up
YMK INVESTMENTS: Placed Under Voluntary Wind-Up


J A M A I C A

UC RUSAL: Enters Deal With International Banks


M E X I C O

AXTEL SAB: Fitch Cuts LC Issuer Default Rating to 'RD'
AXTEL CREDIT: S&P Raises Corporate Credit Rating to 'B-'
SU CASITA: Missed Interest Payments Prompt Moody's Downgrades


P E R U

REPSOL SA: To Sell Its Peru Liquefied Natural Gas Assets


P U E R T O   R I C O

CLINICA INTERDISCIPLINARIA: Case Summary & Creditors List
HILL CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
ROCMEC MINING: AMF Grants Management Cease Trade Order


U R U G U A Y

BANCO BANDES: Moody's Lowers Deposits Ratings One Notch to 'B3'


V E N E Z U E L A

SIDETUR DEL TURBIO: Trustee Said to Declare Firm in Default


X X X X X X X X

* BOND PRICING: For the Week Jan. 28 to Feb. 1, 2013




                            - - - - -


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


FIDC BCSUL 2009-1: Moody's Lowers Senior Shares Ratings to 'Caa1'
-----------------------------------------------------------------
Moody's America Latina has downgraded to Caa1 (sf) (Global Scale,
Local Currency) and Caa1.br (sf) (National Scale) from B3 (sf)
(Global Scale, Local Currency) and B1.br (sf) (National Scale) the
ratings of the senior shares of the 5th series (Series 2009-1)
issued by FIDC BCSul Verax Credito Consignado II (FIDC BCSul or
the Issuer), a securitization of payroll deducted loans originated
by Banco Cruzeiro do Sul S.A. (BCSul, the originator and seller to
the transaction). This rating action concludes the review for
possible downgrade commenced on August 21, 2012.

Ratings Rationale:

The downgrade is based mainly on the following factors: (i) low
level of monthly collections received by the FIDC BCSul when
compared to the scheduled portfolio cash flows in the period
between September 15, 2012 and January 14, 2013 following
declaration of liquidation of BCSul on September 14, 2012, (ii)
uncertainties surrounding future collection projections of the
run-off portfolio due to lack of data about drivers for loan
delinquency and about prepayments, and (iii) high probability that
the senior shares may not be fully repaid by the final legal
maturity date on January 15, 2014.

Performance data of the securitized portfolio following the
liquidation of BCSul indicates a material deterioration of assets,
which highlights the uncertainties surrounding asset integrity.
During the period starting September 15, 2012 and ending on
January 14, 2013, the BCSul liquidator has transferred collections
to the FIDC in three lump sum payments.

The amount of actual portfolio collections transferred to the FIDC
BCSul (recoveries) is materially lower than the contractual cash
flows scheduled to be collected on the run-off portfolio (as
provided by Deutsche Bank, the Master Servicer, to the Trustee
when the bank's liquidation commenced).

Moody's notes that the pool's contractual scheduled cash flows
include void assets, and that Moody's has not received to date an
updated schedule of expected collections on the run-off portfolio
net of the void loans.

Actual collections received by the FIDC BCSul are as follows:

- Period starting September 15, 2012 and ending November 11, 2012:
BRL12,320,448 (48% of contractual scheduled collections)

- Period starting November 12, 2012 and ending December 9, 2012:
BRL 9,583,855 (76% of contractual scheduled collections)

- Period starting December 10, 2012 and ending January 14, 2013:
BRL10,922,684 (77% of contractual scheduled collections).

For the entire period (starting in September 15, 2012 and ending
on January 14, 2013), actual collections were approximately BRL 33
million versus scheduled contractual collections of BRL 52
million, indicating a BRL 19 million shortfall in collections.
This represents a 63% recovery rate or a 37% average loss
severity.

The causes of this cumulative BRL 19 million collection shortfall
to date remain unexplained and have not been reconciled. As a
result, Moody's cannot determine whether the cause of the
cumulative BRL 19 million collection shortfall is due to (i) the
BRL 46.9 mm in void assets uncovered, (ii) delinquencies of
existing assets, (iii) trapped cash, and/or (iv) non-remittance by
the jurisdictions. As a result, projections of future collections
are highly uncertain and volatile.

Furthermore, the lack of prepayment data for the current portfolio
introduces further uncertainties. If the reported collections
received after the bank's intervention include prepayments, the
recoveries shown above may be overstated and future collections
may be lower.

In its base case scenario, Moody's is assuming a 63% recovery rate
in line with collections received between September 15, 2012 and
January 14, 2013 with no further stresses, assuming a flat DI
Rate, and 0% prepayments.

Under this scenario, collections are barely sufficient to amortize
the senior share by the final legal maturity on January 15, 2014.
Any further deterioration in recoveries may result in an unpaid
amounts under the certificates by the final legal maturity in
January 2014, which constitutes a payment default under Moody's
rating definitions.

For example, if collections are less than 52% of contractual
scheduled cash flows, the senior shares would not fully amortize
by the final legal scheduled payment date but they would pay down
in full with promised interest at a later point in time.

Under Moody's rating methodology, a Caa1 global scale rating
implies a 9.5% expected loss on the securities over a one-year
time horizon.

This rating action concludes the review commenced on August 21,
2012 and which was prompted by the public announcement by Oliveira
Trust as Trustee that an audit by Price Waterhouse Coopers in
connection with the RAET declared by the Brazilian Central Bank
upon BCSul, had found BRL 46.9 million of void loans ("creditos
insubsistentes") sold by Banco Cruzeiro do Sul as seller to FIDC
BCSul. Subsequently on September 14, 2012, and during the review
period, the Brazilian Central Bank decreed the liquidation of
BCSul following failure of the tender offer of the bank.



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


AFA PRIVATE: Commences Liquidation Proceedings
----------------------------------------------
AFA Private Equity Fund I commenced liquidation proceedings on
Nov. 16, 2012.

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


AFFINIA HOLDINGS: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 19, 2012, the shareholders of Affinia Holdings Limited
resolved to voluntarily wind up the company's operations.

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:

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


APC ABSOLUTE: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 19, 2012, the shareholder of APC Absolute Return
(Offshore) Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         Jonathan Paul
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


APC ABSOLUTE MASTER: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 19, 2012, the shareholder of APC Absolute Return Master
Fund resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Jonathan Paul
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


C.I. DIRECTORS: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 9, 2012, the sole shareholder of C.I. Directors 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:

         Simon Conway
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


C.I. SECRETARIES: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 9, 2012, the sole shareholder of C.I. Secretaries 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:

         Simon Conway
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Island


CAPITAL ALLIANCE: Commences Liquidation Proceedings
---------------------------------------------------
Capital Alliance Private Equity, Ltd. commenced liquidation
proceedings.

Only creditors who were able to file their proofs of debt by
Jan. 4, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Sam Oniovosa
         Plot 1684, Sansui Fafunwa Street
         Victoria Island
         Lagos, Nigeria


DGC PENDULUM: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 15, 2012, the sole member of DGC Pendulum Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FRONT STREET: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 15, 2012, the sole shareholder of Front Street Agri 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


JULIUS BAER: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 9, 2012, the sole shareholder of Julius Baer Cayman 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:

         Simon Conway
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Island


LIBERTY CAYMAN: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 14, 2012, the sole shareholder of Liberty Cayman Preferred
Company resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


LIMITLESS INC: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 9, 2012, the shareholders of Limitless Inc. 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:

         Peter Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


LITTLE PLANE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 19, 2012, the shareholders of Little Plane Five Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Trident Liquidators (Cayman) Ltd
         c/o Mrs Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847, George Town
         Grand Cayman KY1-1103
         Cayman Islands


PARKTON RE: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on Nov. 15, 2012, the
members of Parkton Re Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Dena Thompson
         Yohann Regnard
         P.O. Box 10233 171 Elgin Avenue
         The Pavilion Building
         Grand Cayman
         Cayman Islands
         Telephone: 914-2266
         Facsimile: 949-6021


RIVERSIDE WISDOM: Commences Liquidation Proceedings
---------------------------------------------------
Riverside Wisdom World Allocation Fund commenced liquidation
proceedings on Nov. 16, 2012.

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
         Reference: NDL
         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 Grand Cayman KY1-1108
         Cayman Islands


SCJREP CAYMAN I: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 19, 2012, the shareholder of SCJREP Cayman I, Ltd.
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Phi Le
         c/o Secured Capital Investment Management Co., Ltd.
         4-1-28 Toranomon, Minato-ku
         Tokyo 105-001
         Japan


SCJREP CAYMAN II: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 19, 2012, the shareholder of SCJREP Cayman II, Ltd.
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Phi Le
         c/o Secured Capital Investment Management Co., Ltd.
         4-1-28 Toranomon, Minato-ku
         Tokyo 105-001
         Japan


YAOLAN LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 15, 2012, the shareholders of Yaolan Ltd. 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:

         Matthew J. Estes
         East Gate Plaza, 4th Floor, Bldg. A
         Dong Cheng District, Beijing
         Telephone: (86-10) 6419 8866
         Facsimile: (86-10) 6418-2021
         Bldg. A, East Gate Plaza, 4th Floor
         Dong Cheng District, Beijing
         100027 PRC


YMK INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 19, 2012, the shareholders of YMK Investments Ltd.
resolved to voluntarily wind up the company's operations.

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:

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



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


UC RUSAL: Enters Deal With International Banks
----------------------------------------------
RJR News reports that UC Rusal has entered into a syndicated
credit facility agreement of up to US$400 million with various
international banks aimed at the early partial debt prepayment.

The financial institutions include ING Bank as the lead arranger,
according to RJR News.

The report relates that early February UC Rusal intends to prepay
the scheduled amortization of principal due in the third and
fourth quarters of this year.

RJR News notes that following the payment UC Rusal will not have
any principal due in 2013 under the US$4.75 billion syndicated
facility.

UC Rusal has a stake in the Alpart and Kirkvine alumina refineries
in Jamaica, the report says.

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: Fitch Cuts LC Issuer Default Rating to 'RD'
------------------------------------------------------
Fitch Ratings has downgraded Axtel, S.A.B. de C.V.'s IDRs as:

--Local currency Issuer Default Rating (IDR) to Restricted
   Default 'RD' from 'C';

--Foreign currency IDR to 'RD' from 'C';

--Long Term National Scale Rating to 'RD(mex)' from 'C(mex)'.

Fitch's downgrade reflects the company's announcement of the
successful completion of the exchange offer, which is considered
by Fitch as a distressed debt exchange (DDE). Holders of 51.6% of
the US$275 million senior notes due 2017 and 72.5% of US$490
million senior notes due 2019 elected to participate in the
exchange.

These holders will receive US$249 million of new 7% step-up senior
secured notes due 2020, US$22 million of 7% step-up senior secured
convertible dollar-indexed notes due 2020, and US$82.6 million of
cash for an early tender and cash payment. The exchange results in
a recovery of approximately 71% of the principal for holders that
elected to tender their old bonds.

Fitch has simultaneously taken various rating actions to reflect
Axtel's post-exchange capital structure and the fundamental
outlook of the company:

--Local Currency IDR upgraded to 'B' from 'RD';
--Foreign Currency IDR upgraded to 'B' from 'RD';
--Long Term National Scale rating upgraded to 'BB-(mex)' from
   RD(mex);
--Senior unsecured old notes due 2019 upgraded to 'B-/RR5' from
   C/RR4';
--Senior unsecured old notes due 2017 assigned a rating of 'B-
   /RR5';
--Senior secured new notes due 2020 assigned a rating of
   'B+/RR3';
--Senior secured convertible new notes due 2020 assigned a rating
   of 'B+/RR3'.

The Rating Outlook is Stable.

Axtel's 'B' IDR ratings reflect the successful debt exchange,
which resulted in a less levered capital structure. Nevertheless,
the company still continues to face a strong competitive
environment. After the exchange, Axtel will have US$580 million of
debt, which is mainly composed of US$249 million of senior secured
notes due 2020, US$22 million of senior secured convertible
dollar-indexed notes due 2020 and the outstanding balance of the
2017 and 2019 unsecured notes of US$133 million and US$135
million, respectively. The exchange will reduce pressure on the
company's liquidity position, as debt service will be reduced and
the debt maturity profile extended.

The new secured notes rated at 'B+/RR3' reflect good recovery
prospects given default. These notes will be secured by first
priority liens on all capital stock of subsidiary guarantors and
substantially all assets. Securities rated 'RR3' consider good
recovery prospects given default and have characteristics
consistent with securities historically recovering 51%-70% of
current principal and related interest. Conversely, the remaining
old notes rated 'B-/RR5' will be structurally subordinated to
senior debt and the covenants have been removed. 'RR5' rated
securities have characteristics consistent with securities
historically recovering 11%-30% of current principal and related
interest.

Company's liquidity position will also improve due to the sale and
lease back of 883 of towers for approximately $250 million. Annual
lease payments for these assets are expected to be approximately
US$20 million. The proceeds will be used to cover the US$83
million cash payment associated with the exchange and about US$15
million of fees. An addition US$82 million will be used to prepay
a secured syndicated loan of $82 million. The balance will be used
for general corporate purposes. Though this transaction is not
expected to materially change off-balance sheet leverage ratios,
the prepayment of the syndicated loan should improve the financial
flexibility of the company, as the covenants for this loan were
pressured. After the exchange and considering the effect of the
sale and leaseback of towers, Axtel's total debt to EBITDA ratio
should improve to 2.7x from 3.7x, while its net debt to EBITDA
ratio will decline to approximate 2.1x. Including lease adjusted
debt, Axtel's total adjusted debt to EBITDAR ratio should decline
to 3.6x from 4.2x.

Axtel continues making significant investments in deploying fiber
to the home (FTTH) which should contribute to strengthen its
service portfolio with a bundle offering of high-end broadband to
both residential and corporate customers, as well as Information
and Telecommunications Technology (ICT) services to both users.
Considering the new capital structure, Fitch incorporates that, in
the next few years, Axtel's total debt should remain relatively
stable, as the company will fund its capital expenditures with
internal generation, resulting in a minimal FCF generation. Fitch
expects that adjusted debt to EBITDAR ratio to remain around 3.5x
during the next three to four years.

SENSITIVITY/RATING DRIVERS

A positive rating action is unlikely in the short term given the
recent distressed debt exchange but positive factors to credit
quality include improvement in the operating performance, margins,
FCF generation, competitive environment and competitive position.
A negative rating action could be triggered by poor liquidity or
weak operating results as a consequence of tougher competition or
higher leverage related an adverse ruling of contingent
liabilities.


AXTEL CREDIT: S&P Raises Corporate Credit Rating to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Axtel S.A.B. de C.V. (Axtel) to 'B-' from 'SD'.
At the same time, S&P assigned a 'B' issue-level ratings and
recovery ratings of '2' to the company's $249 million senior
secured bonds due 2020 and $22 million peso-denominated senior
secured convertible dollar-indexed bonds due 2020.  The recovery
rating of '2' indicates S&P's expectation of a very high recovery
of 90%-100% if Axtel were to default.  S&P is also withdrawing the
'D' ratings on the outstanding balance under its $275 million and
$490 million bonds due 2017 and 2019, at the issuer's request.
The outlook is stable.

The upgrade reflects Axtel's completion of the 65% subpar exchange
of its $275 million and $490 million outstanding bonds due 2017
and 2019 for $249 million in senior secured bonds, $22 million in
senior convertible secured bonds, and $83 million in cash.  In
S&P's view this will improve the company's capital structure and
liquidity.

"The exchange reduces Axtel's principal debt by about
$225 million, extends maturity dates to 2020, and reduces the
company's interest expenses given lower debt levels, improving its
financial flexibility," said Standard & Poor's credit analyst
Marcela Duens.  In addition, the sale and leaseback of
approximately 890 towers to American Tower Corp. for $250 million
will improve Axtel's cash position, allowing it to pay down its
outstanding syndicated term loan, freeing it from acceleration
covenants and allowing it to continue investing in its network.


SU CASITA: Missed Interest Payments Prompt Moody's Downgrades
-------------------------------------------------------------
Moody's de Mexico downgraded the ratings on the BRHCCB 08U Class
A1 certificates that HSBC Mexico, S.A. Institucion de Banca
Multiple, Grupo Financiero HSBC, Division Fiduciaria, acting
solely as trustee, has issued.

This rating action concludes the review for possible downgrade.

The complete rating action is as follows:

Originator: Hipotecaria Su Casita, S.A. de C.V. Sociedad
Financiera de Objeto Multiple E.N.R.

Servicer: Patrimonio, S.A. de C.V. Sociedad Financiera de Objeto
Limitado, SOFOL.

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

BRHCCB 08U Class A1, ratings downgraded to B3.mx (sf) from A2.mx
(sf); previously on Jun 28, 2012 Downgraded to A2.mx (sf) and
Remained On Review for Possible Downgrade (Mexican National Scale)
and to B3 (sf) from Ba2 (sf); previously on Jun 28, 2012
Downgraded to Ba2 (sf) and Remained On Review for Possible
Downgrade (Global Scale, Local Currency).

Ratings Rationale:

Moody's rating action is based mainly on: (a) the recurring missed
interest payments on the BRHCCB 08U Class A1 certificates since
June 2012, and (b) the continued weak level of collections since
the servicing transfer to Patrimonio from Su Casita in February
2012.

The interest payment defaults on Class A1 BRHCCB 08U persist since
the last review in June 2012. The factors that are negatively
affecting the transaction are lower interest collections and
higher transaction expenses.

After the servicing transfer to Patrimonio in February 2012, gross
interest collections have declined by approximately 28% as
compared to the average level of interest collections in the
months prior to the servicing transfer. Moody's maintained the
certificates on review for possible downgrade to determine whether
the level of collections would revert to the levels seen prior to
the servicing transfer after the review period. Instead,
delinquencies increased and collections remained low after the
servicer transfer. Nearly 39% of the total original pool is either
more than 90 days past due or in real-estate-owned status.

In addition, monthly collection expenses (including servicing fee,
life/insurance premiums, SHF swap premiums and mortgage insurance
premiums) have increased after the servicing transfer and have now
stabilized at MXN4.5 million monthly. Prior to the transfer,
monthly collection expenses were lower (approximately MXN4
million). Most of the increase is due to the higher servicing fee
paid to Patrimonio.

The lower level of collections combined with the higher collection
expenses are resulting in significantly lower amounts available to
distribute under the interest waterfall, resulting in recurring
interest shortfalls. Per the distribution report sent by the
common representative, as of the last reported month (December
2012), the cumulative interest shortfall of UDIs 800,629
represents 1.2% of the Class A1 current balance of UDIs 65.03
million or 0.4% of the original Class A1 balance.

Moody's expects that interest shortfalls will continue in the
future due to the weak pool performance and higher expenses. Under
the assumption that Class A1 will receive just 70% of its
scheduled monthly interest payments during its remaining life, the
estimated cumulative interest shortfalls on Class A1 will
represent approximately 3.0% of its original balance. The rating
action reflects the possibility of such an interest shortfall
during the life of the Class A1 certificates. With respect to the
sensitivity of the ratings, if during the course of monitoring
this certificate, Moody's were to instead assume that the
projected cumulative interest shortfalls on Class A1 will
represent more than 5.0% of its original balance (instead of the
3.0% projected), the certificates would like be downgraded by one
notch to Caa1 (sf) on the global scale.

Moody's notes that the Class A1 certificates benefit from a strong
level of credit enhancement of 82.1% in the form of
overcollateralization and subordination from the Class A2 and
Class B certificates, neither of which receive principal payments
until the Class A1 pays down in full. This credit enhancement of
82.1% compares to Moody's projection of pool lifetime losses of
33.9% as a percent of the current pool balance (the product of a
severity of 52% and projected lifetime defaults of 65.2% as a
percent of the current pool). Even if Moody's were to assume a
severity of 100%, it would project lifetime losses 65.2% of the
current pool, which is well below Class A1's credit enhancement of
82.1%. This implies that while Class A1 will most likely continue
to suffer interest shortfalls (with high uncertainty regarding
their ultimate repayment), there is a high likelihood that Class
A1 will receive all principal payments due.

In the current dual waterfall definition, the remaining principal
collections can be used to pay interest shortfalls only after the
Class A group (A1 and A2) are paid in full.

Moody's notes that as of this date, investors have not approved
any amendments to modify the transaction to allow the use of
principal collections to make interest payments, which would
increase the likelihood of timely interest payments on Class A1.

The principal methodology used in this rating was "Moody's
Approach to Monitoring Residential mortgage-Backed Securitizations
in Mexico" published in August 2009.

Other Factors used in this rating are described in: "Moody's
Approach to Rating Structured Finance Securities in Default"
published in November 2009.

Moody's considered the servicer's practices and considers them
adequate.



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


REPSOL SA: To Sell Its Peru Liquefied Natural Gas Assets
--------------------------------------------------------
Trinidad Express reports that Spanish energy giant Repsol SA is
negotiating the sale of a block of liquefied natural gas assets,
including its stake in Pt Fortin-based Atlantic LNG, with more
than one international bidder and expects to finalize a deal in
the coming weeks, a source with knowledge of the matter said.

Repsol SA is selling LNG assets based in Canada, Trinidad and
Tobago and Peru in a drive to remove debt from its balance sheet
and improve its chances of keeping an investment grade rating,
Canada's Financial Post reported, according to Trinidad Express.

Earlier, newspaper Cinco Dias said Repsol SA would likely announce
the sale of the assets to Royal Dutch Shell after a board meeting,
Trinidad Express notes.

Trinidad Express discloses that Repsol has not provided an
official valuation of the LNG interests but in a presentation in
August said they had off-balance sheet debt of EUR3.6 billion and
gross debt of one billion euros.

China's Sinopec, Russia's Gazprom, GAIL Ltd of India and GDF Suez
of France - in consortium with China's sovereign wealth fund CIC -
have been tipped as other potential bidders, the Financial Post
said, Trinidad Express notes.

Trinidad Express relays that Goldman Sachs is advising Repsol SA
on the sale, which the oil firm has said it wants to carry out in
one block rather than hiving off the assets, in which it is not
the sole shareholder.

However, some analysts have expressed doubts that the company
could fetch interest for the whole block, particularly from a
company like Shell, Trinidad Express notes.

"We find the logic of such a deal difficult from Shell's
perspective.  We would not expect it to show much interest in
Repsol's stakes in either Atlantic LNG or Canaport, but there may
be some synergy on Peru LNG," said Peter Hutton of RBC Capital
Markets in the Financial Post, Trinidad Express adds.



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


CLINICA INTERDISCIPLINARIA: Case Summary & Creditors List
---------------------------------------------------------
Debtor: Clinica Interdisciplinaria De Psiquiatria Avanzada Inc.
          aka CIPA Inc.
        650 Lloveras Edif Centro Plaza, Suite 101
        San Juan, PR 00909-2113

Bankruptcy Case No.: 13-00561

Chapter 11 Petition Date: January 29, 2013

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

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                  LAW OFFICE OF CARLOS RODRIGUEZ QUES
                  P.O. BOX 9023115
                  San Juan, PR 00902-3115
                  Tel: (787) 724-2867
                  E-mail: cerqlaw@coqui.net

Scheduled Assets: $1,813,991

Scheduled Liabilities: $1,738,882

A copy of the Company's list of its three largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/prb13-00561.pdf

The petition was signed by Carlos Augusto Caban Pacheco,
president.


HILL CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Hill Construction, Corp.
        P.O. Box 9750
        San Juan, PR 00908

Bankruptcy Case No.: 13-00601

Chapter 11 Petition Date: January 29, 2013

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

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  E-mail: alex@fuentes-law.com

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

Estimated Debts: $10,000,001 to $50,000,000

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/prb13-00601.pdf

The petition was signed by CARMEN RIOS, authorized agent.


ROCMEC MINING: AMF Grants Management Cease Trade Order
------------------------------------------------------
Rocmec Mining Inc. on Jan. 30 disclosed that it has been granted a
management cease trade order by its principal regulator, the
Autorite des marches financiers, and as such, the AMF has accepted
the Corporation's request for such MCTO.  As previously announced
on January 24, 2013 by way of press release, the application for
the MCTO was made by the Corporation in respect to the late filing
of the Corporation's annual financial statements, accompanying
management's discussion and analysis and related CEO and CFO
certifications for the financial year ended September 30, 2012,
which were to be filed at the latest on January 28, 2013.

The MCTO restricts all trading in securities of the Corporation,
whether direct or indirect, by the Chief Executive Officer, the
Chief Financial Officer and the directors of the Corporation until
such time as the 2012 Annual Financial Statements have been filed
by the Corporation.  The MCTO does not affect the ability of
shareholders who are not insiders of the Corporation to trade
their securities.  However, the applicable Canadian securities
regulatory authorities could determine, in their discretion, that
it would be appropriate to issue a general cease trade order
against the Corporation affecting all of the securities of the
Corporation.

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

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

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

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



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


BANCO BANDES: Moody's Lowers Deposits Ratings One Notch to 'B3'
---------------------------------------------------------------
Moody's Investors Service downgraded Banco Bandes Uruguay S.A.'s
deposit ratings in local and foreign currency, to B3 from B2, in
the global scale, and to Baa3.uy from Baa1.uy, in the national
scale. Moody's also changed the outlook of the deposits ratings to
negative, from stable. At the same time, Moody's affirmed Bandes'
standalone financial strength rating of E, which maps to a
standalone credit assessment of caa1.

The following ratings were downgraded, with a negative outlook:

Long Term Global Local Currency Deposit Rating to B3

Long Term Global Foreign Currency Deposit Rating to B3

Long Term National Scale Local Currency Deposit Rating to Baa3.uy

Long Term National Scale Foreign Currency Deposit Rating to
Baa3.uy

The following rating was affirmed, with a stable outlook:

Bank Financial Strength Rating of E

Ratings Rationale:

The downgrade of Bandes' deposit ratings reflects Moody's
assessment of a lower, though still high, probability of parental
support from the bank's ultimate parent, the Venezuelan
government, which reflects uncertainties about the support that
Bandes Venezuela would provide to its Uruguayan subsidiary. The
negative outlook on the bank's deposit ratings is in line with the
outlook on the Venezuelan government bond rating, which Moody's
changed to negative from stable on January 15, 2013.

Bandes's B3 deposit rating incorporates one notch of uplift from
the bank's standalone credit assessment of caa1. Moody's rates B2
the Venezuelan Government bonds, with a negative outlook.

In affirming Bandes' E standalone financial strength rating,
Moody's mentioned the bank's modest business volume and limited
franchise in Uruguay, as well as its persistent losses, despite a
gradually improving operating income. Moody's also pointed out
that the bank's large nationwide network continues to affect
Bandes' efficiency, and thus its profitability.

Bandes caters to Uruguayan retail clients and small and medium
sized entities, yet as a subsidiary of the Venezuelan government
development bank, Banco de Desarrollo Economico y Social de
Venezuela (Bandes Venezuela), the bank could benefit from
Venezuela's recent entry into Mercosur, and the potential for
trade-related and other businesses that the alliance could
generate.

Banco Bandes Uruguay S.A. is located in Montevideo, Uruguay, and
reported UR$7.1 billion in assets and Ur$954 million in
shareholders' equity as of year-end 2012.

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



=================
V E N E Z U E L A
=================


SIDETUR DEL TURBIO: Trustee Said to Declare Firm in Default
-----------------------------------------------------------
Nathan Crooks & Corina Pons at Bloomberg News report that
Siderurgica del Turbio SA, the Venezuelan steelmaker taken over by
the government in 2010, was found to be in default, creating a
fresh opportunity for bondholders to demand immediate repayment.

Deutsche Bank Trust Company Americas, the trustee for the $75
million of outstanding bonds issued by the Caracas-based steel
producer known as Sidetur, said in a Jan. 30 letter to creditors
that a technical default occurred because a reserve account
maintained by the company wasn't fully funded, according to
Russell Dallen, the head trader at Caracas Capital Markets, and
Ray Zucaro at SW Asset Management LLC, according to Bloomberg
News.

Bloomberg News notes that they said they received the trustee's
notice because they own some of the debt.

The technical default offers another chance for debtholders to
vote to demand they immediately be repaid in full, an opportunity
that first surfaced when the company was taken over because of a
change-of-control clause in the bonds, Mr. Dallen said, Bloomberg
News discloses.

The securities, which Fitch Ratings cut to seven steps below
investment grade in November, last traded at 85 cents on the
dollar on Jan. 22 to yield 16, according to prices compiled by
Trace, the bond price reporting system of the Financial Industry
Regulatory Authority, Bloomberg News relays.

Bloomberg News discloses that Venezuela's government, which
nationalized Sidetur in 2010 and seized its assets in October,
said last year it would determine a 'fair' price for the company
that it would pay.

Venezuelan President Hugo Chavez has seized companies in the
energy, food, metals, cement and banking industries since first
taking office in 1999 as part of his plan to create a socialist
country, Bloomberg News.

President Hugo Chavez's takeover of FertiNitro in October 2010
handed bond investors windfall profits the next year because of a
clause requiring a payout above face value in the event of a
nationalization, Bloomberg News recalls that says.



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


* BOND PRICING: For the Week Jan. 28 to Feb. 1, 2013
----------------------------------------------------

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

ARGENTINA
---------


ARGENT-$DIS           8.28    12/31/2033    USD        59.65
ARGENT-$DIS           8.28    12/31/2033    USD        60.75
ARGENT-$DIS           8.28    12/31/2033    USD        61.63
ARGENT-$DIS           8.28    12/31/2033    USD        61.63
ARGENT-$DIS           8.28    12/31/2033    USD        63.25
ARGENT-PAR            1.18    12/31/2038    ARS        42.04
ARGENT-EURDIS         7.82    12/31/2033    EUR        45
ARGENT-EURDIS         7.82    12/31/2033    EUR        60
ARGENT-EURDIS         7.82    12/31/2033    EUR        60.5
ARGENT- JPYDIS         4.33    12/31/2033    JPY        35.5
ARGENT- JPYDIS         4.33    12/31/2033    JPY        36
ARGENT- JPYPAR&GDP     0.45    12/31/2038    JPY        8
ARGNT-BOCON PRE9      2        3/15/2014    ARS        50
BANCO MACRO SA        9.75    12/18/2036    USD        72.5
BANCO MACRO SA        9.75    12/18/2036    USD        71.88
BANCO MACRO SA        9.75    12/18/2036    USD        71.88
CAPEX SA             10        3/10/2018    USD        75
CAPEX SA             10        3/10/2018    USD        73.25
CIA LATINO AMER       9.5     12/15/2016    USD        70
EMP DISTRIB NORT      9.75    10/25/2022    USD        46.05
EMP DISTRIB NORT      10.5    10/9/2017     USD        36.85
EMP DISTRIB NORT      9.75    10/25/2022    USD        44.5
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        66.75
METROGAS SA           8.875   12/31/2018    USD        67
METROGAS SA           8.875   12/31/2018    USD        69.13
PROV BUENOS AIRE      9.625    4/18/2028    USD        65.87
PROV BUENOS AIRE      9.625    4/18/2028    USD        65.88
PROV BUENOS AIRE      9.375    9/14/2018    USD        70.91
PROV BUENOS AIRE      9.375    9/14/2018    USD         70.7
PROV BUENOS AIRE     10.875    1/26/2021    USD         72.7
PROV BUENOS AIRE     10.875    1/26/2021    USD        72.31
PROV DE FORMOSA       5        2/27/2022    USD        62.63
PROV DE MENDOZA       5.5      9/4/2018     USD        73.78
PROV DEL CHACO        4       12/4/2026     USD        27.75
PROV DEL CHACO        4       11/4/2023     USD        55.13
TRANSENER             9.75     8/15/2021    USD        39
TRANSENER             9.75     8/15/2021    USD        38.75
TRANSENER             8.875   12/15/2016    USD        41.01


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


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


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


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


CHILE
-----

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


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

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


VENEZUELA
---------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *