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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Tuesday, February 5, 2013, Vol. 14, No. 25


                            Headlines



A R G E N T I N A

CAPEX SA: Fitch Affirms 'B-' For. Curr. Issuer Default Rating
GENNEIA: Moody's Rates Class XI Notes Offer 'B3/A3.ar'
SUPERVIELLE CREDITOS 68: Moody's Rates ARS15-Million Certs 'B2'
* ARGENTINA: Utilities Seek to Raise Revenue, Nacion Relates


B A R B A D O S

CL FIN'L: CLICO Faces US$64 Million Suit in Barbados


B E L I Z E

* BELIZE: Agree With Creditors to Restructure Debt, Barrow Says


B R A Z I L

BANCO BTG: Fitch Affirms 'BB' Subordinated Notes Rating
BANCO PANAMERICANO: Fitch Affirms 'BB+' LT Issuer Default Ratings
BRAZILIAN FINANCE: Fitch Affirms 'BB+' LT Issuer Default Ratings
BRAZILIAN MORTGAGES: Fitch Affirms 'B' ST Issuer Default Ratings
BRAZILIAN SECURITIES: Fitch Affirms 'B' ST Issuer Default Ratings


C A Y M A N  I S L A N D S

AL DANA SHARIAH: Commences Liquidation Proceedings
BGI MULTI-STRATEGY: Commences Liquidation Proceedings
CAYMAN ECONOMIC: Placed Under Voluntary Wind-Up
CHAMOMILE REALTY: Commences Liquidation Proceedings
CROWN INVESTMENT: Commences Liquidation Proceedings

GMI GLOBAL: Commences Liquidation Proceedings
GOLDEN ARCHES: Placed Under Voluntary Wind-Up
IHS INVESTMENTS: Commences Liquidation Proceedings
JF TWO: Commences Liquidation Proceedings
NAUTILUS GLOBAL: Commences Liquidation Proceedings

ORISTAN OPPORTUNITY: Commences Liquidation Proceedings
ORISTAN OPPORTUNITY MANAGEMENT: Commences Liquidation Proceedings
RASMALA ISLAMIC: Commences Liquidation Proceedings
RASMALA ISLAMIC GLOBAL: Commences Liquidation Proceedings
REMEDIAL CAYMAN: Placed Under Voluntary Wind-Up

RODOMONTE FUNDING: Commences Liquidation Proceedings
SEAGULL HOLDING: Commences Liquidation Proceedings
SEVENWOOD LIMITED: Placed Under Voluntary Wind-Up
SPRING ASSET: Commences Liquidation Proceedings
SWAN CAPITAL: Commences Liquidation Proceedings


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            - - - - -


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


CAPEX SA: Fitch Affirms 'B-' For. Curr. Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Capex S.A.:

-- Foreign currency Issuer Default Rating (FC IDR) at 'B-',
    Outlook Negative;
-- Local currency (LC) IDR at 'B-', Outlook Negative;
-- USD200 million senior unsecured notes due 2018 at 'B-/RR4';
-- National scale ratings at 'A(arg)', Outlook Stable;
-- National scale senior unsecured notes at 'A(arg)'.

The 'B-' ratings of Capex S.A. are constrained by the 'B-' country
ceiling of Argentina. The Negative Rating Outlooks that have been
assigned to the FC and LC IDRs are in line with ones assigned to
Argentina's sovereign ratings and reflect the high degree of
uncertainty about the business climate and economic conditions
that should persist throughout 2013.

The ratings are also restricted by the high regulatory risks
associated with operating in the electricity sector in Argentina,
exposure to devaluation risk (currency mismatch between peso-
denominated cash flows and dollar-denominated debt), and the need
to pursue an aggressive capital expenditure plan in the long term
to sustain the company's vertically integrated business model.

Capex is an integrated thermoelectric generating company.
Originally formed as an oil exploration and production company,
Capex was transformed into an electric generation company due to
its large discoveries of natural gas in 1991, coupled with the
liberalization of Argentina's electricity sector. Capex is amongst
the 12 largest producers of gas and liquefied petroleum gas (LPG)
in Argentina's oil & gas sector. As of fiscal year ended (FYE)
April 30, 2012, 64.1% of Capex's sales were derived from electric
sales and 35.9% from oil and other liquids sales. In the last
fiscal year, gross energy generation was 3,270 GWh (gigawatt
hours), a decline of 14.9% compared to the year before due to a
one-time external event that affected the combined cycle
generation for four months.

Capex benefits from operating efficiencies as an integrated
thermoelectric generating company in Argentina and the flexibility
from having its own natural gas reserves, as approximately 80% of
gas needs at the electric plant being self-supplied. This gives
the company an advantage against other players in the industry,
especially given existing gas restrictions in the country. Capex's
generating units are efficient, and the proximity to its natural
gas reserves in the Agua del Cajon field coupled with gas
transportation restrictions from Neuquen basin to the main
consumption area in Buenos Aires reduce the gas supply risk.

Regulatory risk is high. Electricity and gas prices remain sub-
optimal compared with other countries in the region; this has
discouraged investments in both sectors. Capital investments for
maintenance in the power generation industry depend on
discretional approvals by the regulatory authority. In addition,
the cost of power generation has increased significantly due to
natural gas restrictions and reliance on more expensive fuels,
while electric tariffs have been frozen (especially to the
residential market). Such deficit between electricity tariffs and
industry costs is funded through subsidies, which depend on public
funding.

Capex's cash flow generation is volatile; power generation is,
among other things, subject to regulatory issues and weather
conditions. Operating cash flow generation is concentrated in
Argentina. During the first six months of FYE April 30, 2013, as
of Oct. 31, 2012, Capex generated USD23 million in funds from
operations (FFO) and funded USD25.8 million of capital
expenditures. Capex has some flexibility to manage capital
expenditures in the short term. Yet, in the long run investments
are vital to secure the company's vertically integrated model.
Proven gas reserves cover approximately six to eight years of the
electric plant's needs (depending on the percentage bought in the
market and the power generation).

Fitch believes Capex's leverage needs to remain moderate to
mitigate regulatory risks. At Oct. 31, 2012, Capex had a total
debt-to-EBITDA ratio of 3.9x and EBITDA-to-interest of 2.1x. As of
Oct.31, 2012, the company had USD7.5 million of short-term cash
and marketable securities and USD43 million in long term debt.
These figures compared to USD26.7 million of short-term debt.
During 2011, Capex issued USD200 million of notes maturing in
2018. These notes account for the majority of the company's
USD243.9 million of total debt at the end of October.

SENSITIVITY/RATING DRIVERS

The Stable Outlook reflects Fitch's expectations that Capex will
manage its balance sheet to a targeted debt-to-EBITDA ratio of
around 3.0x. Under a conservative scenario, Fitch estimates the
company's interest coverage to be around 2.5x.

Any significant increase in Capex's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action. Also, ratings could be negatively affected by a sustained
decline in gas reserves and production or failure to further
develop new fields, threatening the integrated business model in
the long term. In addition, ratings could be affected by a
significant and sustained change in the regulatory environment.


GENNEIA: Moody's Rates Class XI Notes Offer 'B3/A3.ar'
------------------------------------------------------
Moody's Latin America has assigned B3/A3.ar ratings to Genneia's
Class XI proposed notes for up to USD 20 million (expandable up to
USD 35 million) and affirmed its B3/A3.ar global local currency
corporate family rating and the current B3/A3.ar senior unsecured
rating on Genneia's outstanding Notes. The outlook for all ratings
is stable.

Genneia will use proceeds from the new notes to complete the
financing of its 2013 investment program.

Rating Rationale:

The B3/A3.ar ratings are supported by Moody's expectation of
stable cash flows arising from its wind and "energia distribuida"
(ED) operations and moderate leverage.

The wind generation that entered into commercial operations in
early 2012 is producing energy in line with expectations, showing
capacity factors above 40% and, therefore, stable revenues under a
long term, fixed price contract. In addition, in spite of reduced
prices under the renewed ED contracts, the company has extended
its contractual horizon to 7 years from the original 3 year
contract. This agreement going forward should also generate stable
revenues of approximately USD 120 million per year .

The ratings are also supported by the various payment mechanisms
available for debt repayment. Most of Genneia's outstanding debt
is payable from direct transfers to a trustee arising from
collections under the Res. 220 ED contracts and by payments under
the off-take contract with Cammesa for the wind farm production,
which has a fixed price per MWh for a 15-year period.
Consequently, Genneia's improved operating performance after the
initial delays in the implementation of its ED project should
result in significant debt reduction over coming years.

Nevertheless, the ratings remain mainly constrained by the
concentration of its operations in only the Argentinean market,
which has been highly unpredictable in recent years. Furthermore,
most of Genneia's cash flows arise from contracts where the off-
taker is Cammesa, a federal government agency that administers the
wholesale electricity market in Argentina. Cammesa administers not
only the operation of the system but also manages its collections
and payments. Since the price paid for electricity by most
consumers is not enough to cover electricity production costs,
Cammesa faces an ongoing operating deficit that is currently
financed with federal government resources to facilitate payments
to the producers. This represents a high degree of exposure to the
Argentine government credit risk (B3, Negative), which adds a
constraint to the ratings.

Additional constraining factors are Genneia's relatively tight
liquidity and limited financial flexibility. In particular,
Moody's sees Genneia's limited flexibility under its current bank
loan covenants and short term debt concentration as challenging
over the short term. Longer term, the rating agency expects
Genneia's operations to stabilize, leverage to decline and
financial flexibility to improve.

The stable outlook reflects Moody's expectation that Genneia will
stabilize its cash flows and operations during fiscal year 2013
and beyond while reducing leverage over time.

Negative pressure on the ratings or outlook could occur if
Genneia's financial policy becomes more aggressive than expected.
Specifically, Moody's would become concerned should debt to EBITDA
exceed 4.5x times; interest coverage (CFO pre WC +
Interest/Interest) falls below 1.5x or RCF /Debt becomes lower
than 15%.

The ratings could also come under downward pressure if payments
from Cammesa begin to experience significant delays. In addition,
given Genneia's exposure to the Argentine government credit risk,
a negative rating action at the sovereign level could also add
further downwards rating pressure.

Given the current constraining factors on Genneia's ratings,
limited prospects exist for an upgrade over the near term. Longer
term a rating up-grade would require Genneia to continue to
generate stable cash flows from its ED business and from its wind
generation farm for which Moody's would expect capacity
realizations of around 40%. Quantitatively, a rating upgrade would
require Genneia to generate CFO (pre WC) to debt of above 20%, and
positive levels of FCF on a sustainable basis in conjunction with
a stabilization of the sovereign government rating.

Genneia S.A., headquartered in the province of Buenos Aires,
Argentina, initiated operations in 1991 in the gas distribution
and transportation business under its previous denomination
"Emgasud". However, since 2008 power generation has been its main
business, contributing more than 80% of its total revenues. For
the last 12 months ending September 2012, Genneia reported
revenues of approximately USD 140 million.


SUPERVIELLE CREDITOS 68: Moody's Rates ARS15-Million Certs 'B2'
---------------------------------------------------------------
Moody's rates Supervielle Creditos 68, which is a transaction that
will be issued by Equity Trust S.A. - acting solely in its
capacity as Issuer and Trustee. As of February 1, 2013, the
securities for this transaction have not yet been placed in the
market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

   ARS75,000,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 68", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

   ARS160,000,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 68", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
   Local Currency)

   ARS15,000,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 68", rated Aa3.ar (sf) (Argentine National
   Scale) and B2 (sf) (Global Scale, Local Currency)

Ratings Rationale:

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 36,002 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS250,001,796.10

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security-Administracion Nacional de la Seguridad
Social). The pool is also constituted by loans granted to
government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 6% for
the Class A Fixed Rate Debt Securities, 6% for the Floating Rate
Securities, calculated under the occurrence of a special event. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 0.01% expected loss for Class A Fixed
Rate Debt Securities, 1.26% for Class B Floating Rate Debt
Securities and 7.33% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3
percentage points from the base case scenario for the pool (i.e.,
mean of 5.5% and a coefficient of variation of 50%), the ratings
of Class A Fixed Rate debt securities and Class B Floating Rate
debt securities would remain the same. The ratings for the
Certificates would be likely downgraded to Caa1 (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.


* ARGENTINA: Utilities Seek to Raise Revenue, Nacion Relates
------------------------------------------------------------
Camila Russo at Bloomberg News reports that some Argentine power
companies sent letters to the government last month asking for a
change in the regulatory framework which caps rates, the newspaper
La Nacion reported, without saying how it obtained the
information.

Electricity companies including Central Puerto SA, Endesa
Costanera S.A. and Central Termica Loma de la Lata SA told Deputy
Economy Minister Axel Kicillof they need higher revenue to afford
salary increases for their unions, La Nacion reported, according
to Bloomberg News.

Bloomberg News relates that the Argentine government has kept caps
on utility rates since the country's 2002 financial crises, La
Nacion said.

Companies filed for bankruptcy protection and others left the
country as inflation at an estimated 25% caused costs to rise
faster than revenue, Bloomberg News says.



===============
B A R B A D O S
===============


CL FIN'L: CLICO Faces US$64 Million Suit in Barbados
----------------------------------------------------
Caribbean360.com reports that after four years of waiting without
redress, the representative body for the investors and
policyholders in the Barbados operations of failed insurance
companies CLICO and British American Insurance Company (BAICO)
have launched a multi-million dollar lawsuit to reclaim
outstanding monies owed to them.

In a release issued to the media, the Barbados Investors and
Policyholders Alliance (BIPA) had instructed their attorneys-at-
Law, Alair Shepherd QC and Esther Obiora Arthur, to serve Pre-
Action Protocol Letters to the directors of BAICO and CLICO, as
well as to the Supervisor of Insurance, the Attorney General of
Barbados and auditors PricewaterhouseCoopers, according to
Caribbean360.com.

The report relates that the letters are accompanied by Draft
Statements of Claims, which list a litany of alleged acts of
negligence on the part of the Directors and Auditors of BAICO and
CLICO, as well as the alleged negligence and breach of statutory
duties on the part of the then Supervisor of Insurance, all of
which it is claimed individually and collectively contributed to
the unnecessary demise of the two companies, and the consequent
massive losses to policyholders.

The report discloses that the Attorney General is being sued as
representing the Crown, which is responsible for the actions and
defaults of the Supervisor of Insurance.   The claims associated
with BAICO amount to BDS$52 million, while those relating to CLICO
amount to BDS$76 million, the report says.

BAICO directors named in the claim as defendants are:

   -- Lawrence Duprey,
   -- Brian Branker, and
   -- Robert Fullerton.

In the CLICO Claim, directors named as Defendants are:

   -- Leroy Parris,
   -- Anthony Ellis,
   -- Terrence Thornhill,
   -- Woodbine Davis QC,
   -- Leslie Haynes QC,
   -- Elridge Thompson,
   -- Adrian Lorde,
   -- Basil Springer,
   -- Edrick Griffith, and
   -- Vishnu Ramlogan.

The defendants are required to respond within 14 days of the Pre-
Action Protocol Letters, failing which; legal proceedings will be
commenced without further notice.

"It is with a heavy heart that BIPA has instructed its Attorneys-
at-Law to proceed with these actions. . . . but as we approach the
fourth anniversary of the collapse of CLICO in Trinidad, the
35,000 policyholders of both BAICO and CLICO in Barbados are no
closer to a satisfactory resolution, despite many of our regional
neighbours having taken action and come up with plans, some of
which are already repaying policyholders," the report quoted BIPA
President June Fowler as saying.

The report notes that BIPA stated it hoped that this action will
bring to justice those who failed in their statutory duties either
by action or omission and were thus culpable in allowing the
situation to develop and deteriorate unchecked.  BIPA also notes
that the respective Judicial Managers have failed to pursue these
avenues to recover the shortfalls suffered by the companies and
their policyholders, the report discloses.

While the Alliance campaigns for the rights and restitution of
funds to all 35,000 policyholders in Barbados, the Court action
names as Claimants, only those policyholders who are members of
BIPA so the recovery may be limited to the losses suffered by
those individuals, the report adds.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



===========
B E L I Z E
===========


* BELIZE: Agree With Creditors to Restructure Debt, Barrow Says
---------------------------------------------------------------
Adam Williams at Bloomberg News reports that Belize's defaulted
bondholders and the government agreed to restructure US$544
million of the country's debt, Prime Minister Dean Barrow told
reporters.

The final terms, that will save Belize as much as US$33 million
this year, will be disclosed soon, Barrow said from Belize City,
according to Bloomberg News.



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


BANCO BTG: Fitch Affirms 'BB' Subordinated Notes Rating
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A.
and its subsidiaries: Banco Panamericano S.A., Brazilian Finance &
Real Estate, Brazilian Mortgages Companhia Hipotecaria and
Brazilian Securities Companhia de Securitizacao.  The Rating
Outlook of all entities is Stable.

Rating Action and Rationale

The rating affirmation and Stable Outlook for BTG Pactual reflects
its solid franchise as a merchant bank and solid profitability
through economic cycles. Management has expanded the balance sheet
rapidly over the last several years, although risk controls are
considered strong. These strengths are counterbalanced by weaker
leverage and a steady increase of less liquid assets, although the
long-term financing is growing accordingly.

In the last five years, BTG Pactual has been aided by capital
injections, including a recent IPO in 2012 (capital injection of
BRL 4.5 billion since 2010). As a result, BTG Pactual expanded its
activities into consumer financing (through BP), financial
services to the real estate sector (including real estate
financing and securitizations through BFRE, BM and BS) and also
expanded into the brokerage business and investment banking in
several countries of Latin America (Chile, Colombia and Peru).

All these acquisitions were funded with capital injections and
should assist future income diversification. Currently, the
subsidiaries provide limited income to BTG Pactual due their small
size and/or the need to revamp their business model. Most of the
acquisitions have been completed and new management has been
appointed. As such, execution risks have decreased, though
monetizing the investments is still a challenge.

BTG Pactual's capital and leverage ratios have weakened
considerably since end-2010 as a result of the fast balance sheet
growth. Leverage metrics have remained fairly stable recently but
somewhat weaker than similarly rated peers. Tangible equity to
tangible assets has averaged 7% since 2010. Gross leverage
measured as total assets over Fitch Core Capital (FCC) was 14.6x
as of September 2012 (adjusted leverage of 7.5%). This relative
weakness is partially offset by BTG Pactual's history of stable
profitability. That said, it certainly demands a more conservative
approach by the bank in times when its profitability may be
pressured by the low interest rate environment and heightened
competition.

BP's VR remains limited by weak profitability, poor asset capital
and negligible capital base. The bank enjoys a stable funding base
with committed funding and liquidity lines from both its
controlling shareholders: BTG Pactual and Caixa Economica Federal
(Caixa, Foreign Currency LT IDR rated 'BBB' with a Stable Outlook
by Fitch).

SENSITIVITY/RATING DRIVERS: VR's and IDR's

Fitch may downgrade BTG Pactual's VR and IDRs due a deterioration
of its leverage (adjusted leverage above 8x), a decrease in its
operating profit ratio or unexpected large trading losses. Also, a
sudden deterioration of the operating environment or a troublesome
performance of one or more of its subsidiaries may negatively
affect BTG Pactual's ratings. Fitch believes that the potential
for near-term rating upgrades is limited due to the bank's
business model, wholesale funding structure, and weak leverage.
Future upgrades would be dependent on a broader business mix,
consistent adjusted leverage below 5x, and a lower share of income
derived from proprietary trading.

Fitch believes that there is also limited rating upside over the
near-term for BP's VR. A longer than expected breakeven point of
its operations and diminution of already low capital ratios may
trigger a negative rating action by Fitch.

SENSITIVITY/RATING DRIVERS: Support and Support Rating Floors

BTG Pactual's current IDRs are equal with its VR. Given its nature
of merchant/investment bank and relative small deposit base; Fitch
believes that the probability of support from the government is
unlikely.

SENSITIVITY/RATING DRIVERS: Subordinated Debt and other Hybrid
Securities

Subordinated debt and other hybrid capital issued by BTG Pactual
are all notched down from the banks' VR. These securities two
notches lower than BTG Pactual's VR, one notch lower due to Loss
Severity features and its subordinated status, and a one-notch
deduction due to moderate risk of non-performance. The
subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

SENSITIVITY/RATING DRIVERS: Subsidiary Ratings

BP, BFRE, BM and BS are strategically important subsidiaries for
BTG Pactual. As a result, the ratings are one notch lower from the
parent IDR. Fitch believes that despite their relatively small
size and low earnings contribution, these entities are part of BTG
Pactual's plan to diversify away from merchant banking. The IDR's
and National Scale Ratings of Banco Pactual subsidiaries would be
affected if their strategic importance and ability to provide
support from BTG Pactual changes; Fitch believes that the
likelihood of this scenario is low.

Fitch has affirmed these ratings:

BTG Pactual
--Long-Term Foreign and Local Currency IDRs at 'BBB-', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'F3';
--Viability Rating at 'bbb-';
--Support Rating at '5';
--Support Rating Floor at 'No Floor';
--Long-Term National Rating at 'AA(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--Senior unsecured notes, due in July 2016, Foreign Currency
   Rating at 'BBB-';
--Senior unsecured notes, due in September 2017, Foreign Currency
   Rating at 'BBB-';
--Subordinated notes due in September 2022, Foreign Currency
   Rating at 'BB';
--Senior unsecured notes due in January 2020, Foreign Currency
   Rating at 'BBB-'.

BP
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '3';
--Support Rating Floor withdrawn;
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

BFRE
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Mortgages Companhia Hipotecaria (BM)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Securities Companhia de Securitizacao (BS)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--First debenture issuance due in October 2014, Long-Term
   National Rating at 'AA-(bra)'.


BANCO PANAMERICANO: Fitch Affirms 'BB+' LT Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A.
and its subsidiaries: Banco Panamericano S.A., Brazilian Finance &
Real Estate, Brazilian Mortgages Companhia Hipotecaria and
Brazilian Securities Companhia de Securitizacao.  The Rating
Outlook of all entities is Stable.

RATING ACTION AND RATIONALE

The rating affirmation and Stable Outlook for BTG Pactual reflects
its solid franchise as a merchant bank and solid profitability
through economic cycles. Management has expanded the balance sheet
rapidly over the last several years, although risk controls are
considered strong. These strengths are counterbalanced by weaker
leverage and a steady increase of less liquid assets, although the
long-term financing is growing accordingly.

In the last five years, BTG Pactual has been aided by capital
injections, including a recent IPO in 2012 (capital injection of
BRL 4.5 billion since 2010). As a result, BTG Pactual expanded its
activities into consumer financing (through BP), financial
services to the real estate sector (including real estate
financing and securitizations through BFRE, BM and BS) and also
expanded into the brokerage business and investment banking in
several countries of Latin America (Chile, Colombia and Peru).

All these acquisitions were funded with capital injections and
should assist future income diversification. Currently, the
subsidiaries provide limited income to BTG Pactual due their small
size and/or the need to revamp their business model. Most of the
acquisitions have been completed and new management has been
appointed. As such, execution risks have decreased, though
monetizing the investments is still a challenge.

BTG Pactual's capital and leverage ratios have weakened
considerably since end-2010 as a result of the fast balance sheet
growth. Leverage metrics have remained fairly stable recently but
somewhat weaker than similarly rated peers. Tangible equity to
tangible assets has averaged 7% since 2010. Gross leverage
measured as total assets over Fitch Core Capital (FCC) was 14.6x
as of September 2012 (adjusted leverage of 7.5%). This relative
weakness is partially offset by BTG Pactual's history of stable
profitability. That said, it certainly demands a more conservative
approach by the bank in times when its profitability may be
pressured by the low interest rate environment and heightened
competition.

BP's VR remains limited by weak profitability, poor asset capital
and negligible capital base. The bank enjoys a stable funding base
with committed funding and liquidity lines from both its
controlling shareholders: BTG Pactual and Caixa Economica Federal
(Caixa, Foreign Currency LT IDR rated 'BBB' with a Stable Outlook
by Fitch).

SENSITIVITY/RATING DRIVERS: VR's and IDR's

Fitch may downgrade BTG Pactual's VR and IDRs due a deterioration
of its leverage (adjusted leverage above 8x), a decrease in its
operating profit ratio or unexpected large trading losses. Also, a
sudden deterioration of the operating environment or a troublesome
performance of one or more of its subsidiaries may negatively
affect BTG Pactual's ratings. Fitch believes that the potential
for near-term rating upgrades is limited due to the bank's
business model, wholesale funding structure, and weak leverage.
Future upgrades would be dependent on a broader business mix,
consistent adjusted leverage below 5x, and a lower share of income
derived from proprietary trading.

Fitch believes that there is also limited rating upside over the
near-term for BP's VR. A longer than expected breakeven point of
its operations and diminution of already low capital ratios may
trigger a negative rating action by Fitch.

SENSITIVITY/RATING DRIVERS: Support and Support Rating Floors

BTG Pactual's current IDRs are equal with its VR. Given its nature
of merchant/investment bank and relative small deposit base; Fitch
believes that the probability of support from the government is
unlikely.

SENSITIVITY/RATING DRIVERS: Subordinated Debt and other Hybrid
Securities

Subordinated debt and other hybrid capital issued by BTG Pactual
are all notched down from the banks' VR. These securities two
notches lower than BTG Pactual's VR, one notch lower due to Loss
Severity features and its subordinated status, and a one-notch
deduction due to moderate risk of non-performance. The
subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

SENSITIVITY/RATING DRIVERS: Subsidiary Ratings

BP, BFRE, BM and BS are strategically important subsidiaries for
BTG Pactual. As a result, the ratings are one notch lower from the
parent IDR. Fitch believes that despite their relatively small
size and low earnings contribution, these entities are part of BTG
Pactual's plan to diversify away from merchant banking. The IDR's
and National Scale Ratings of Banco Pactual subsidiaries would be
affected if their strategic importance and ability to provide
support from BTG Pactual changes; Fitch believes that the
likelihood of this scenario is low.

Fitch has affirmed these ratings:

BTG Pactual
--Long-Term Foreign and Local Currency IDRs at 'BBB-', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'F3';
--Viability Rating at 'bbb-';
--Support Rating at '5';
--Support Rating Floor at 'No Floor';
--Long-Term National Rating at 'AA(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--Senior unsecured notes, due in July 2016, Foreign Currency
   Rating at 'BBB-';
--Senior unsecured notes, due in September 2017, Foreign Currency
   Rating at 'BBB-';
--Subordinated notes due in September 2022, Foreign Currency
   Rating at 'BB';
--Senior unsecured notes due in January 2020, Foreign Currency
   Rating at 'BBB-'.

BP
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '3';
--Support Rating Floor withdrawn;
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

BFRE
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Mortgages Companhia Hipotecaria (BM)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Securities Companhia de Securitizacao (BS)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--First debenture issuance due in October 2014, Long-Term
   National Rating at 'AA-(bra)'.


BRAZILIAN FINANCE: Fitch Affirms 'BB+' LT Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A.
and its subsidiaries: Banco Panamericano S.A., Brazilian Finance &
Real Estate, Brazilian Mortgages Companhia Hipotecaria and
Brazilian Securities Companhia de Securitizacao.  The Rating
Outlook of all entities is Stable.

Rating Action and Rationale

The rating affirmation and Stable Outlook for BTG Pactual reflects
its solid franchise as a merchant bank and solid profitability
through economic cycles. Management has expanded the balance sheet
rapidly over the last several years, although risk controls are
considered strong. These strengths are counterbalanced by weaker
leverage and a steady increase of less liquid assets, although the
long-term financing is growing accordingly.

In the last five years, BTG Pactual has been aided by capital
injections, including a recent IPO in 2012 (capital injection of
BRL 4.5 billion since 2010). As a result, BTG Pactual expanded its
activities into consumer financing (through BP), financial
services to the real estate sector (including real estate
financing and securitizations through BFRE, BM and BS) and also
expanded into the brokerage business and investment banking in
several countries of Latin America (Chile, Colombia and Peru).

All these acquisitions were funded with capital injections and
should assist future income diversification. Currently, the
subsidiaries provide limited income to BTG Pactual due their small
size and/or the need to revamp their business model. Most of the
acquisitions have been completed and new management has been
appointed. As such, execution risks have decreased, though
monetizing the investments is still a challenge.

BTG Pactual's capital and leverage ratios have weakened
considerably since end-2010 as a result of the fast balance sheet
growth. Leverage metrics have remained fairly stable recently but
somewhat weaker than similarly rated peers. Tangible equity to
tangible assets has averaged 7% since 2010. Gross leverage
measured as total assets over Fitch Core Capital (FCC) was 14.6x
as of September 2012 (adjusted leverage of 7.5%). This relative
weakness is partially offset by BTG Pactual's history of stable
profitability. That said, it certainly demands a more conservative
approach by the bank in times when its profitability may be
pressured by the low interest rate environment and heightened
competition.

BP's VR remains limited by weak profitability, poor asset capital
and negligible capital base. The bank enjoys a stable funding base
with committed funding and liquidity lines from both its
controlling shareholders: BTG Pactual and Caixa Economica Federal
(Caixa, Foreign Currency LT IDR rated 'BBB' with a Stable Outlook
by Fitch).

SENSITIVITY/RATING DRIVERS: VR's and IDR's

Fitch may downgrade BTG Pactual's VR and IDRs due a deterioration
of its leverage (adjusted leverage above 8x), a decrease in its
operating profit ratio or unexpected large trading losses. Also, a
sudden deterioration of the operating environment or a troublesome
performance of one or more of its subsidiaries may negatively
affect BTG Pactual's ratings. Fitch believes that the potential
for near-term rating upgrades is limited due to the bank's
business model, wholesale funding structure, and weak leverage.
Future upgrades would be dependent on a broader business mix,
consistent adjusted leverage below 5x, and a lower share of income
derived from proprietary trading.

Fitch believes that there is also limited rating upside over the
near-term for BP's VR. A longer than expected breakeven point of
its operations and diminution of already low capital ratios may
trigger a negative rating action by Fitch.

SENSITIVITY/RATING DRIVERS: Support and Support Rating Floors

BTG Pactual's current IDRs are equal with its VR. Given its nature
of merchant/investment bank and relative small deposit base; Fitch
believes that the probability of support from the government is
unlikely.

SENSITIVITY/RATING DRIVERS: Subordinated Debt and other Hybrid
Securities

Subordinated debt and other hybrid capital issued by BTG Pactual
are all notched down from the banks' VR. These securities two
notches lower than BTG Pactual's VR, one notch lower due to Loss
Severity features and its subordinated status, and a one-notch
deduction due to moderate risk of non-performance. The
subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

SENSITIVITY/RATING DRIVERS: Subsidiary Ratings

BP, BFRE, BM and BS are strategically important subsidiaries for
BTG Pactual. As a result, the ratings are one notch lower from the
parent IDR. Fitch believes that despite their relatively small
size and low earnings contribution, these entities are part of BTG
Pactual's plan to diversify away from merchant banking. The IDR's
and National Scale Ratings of Banco Pactual subsidiaries would be
affected if their strategic importance and ability to provide
support from BTG Pactual changes; Fitch believes that the
likelihood of this scenario is low.

Fitch has affirmed these ratings:

BTG Pactual
--Long-Term Foreign and Local Currency IDRs at 'BBB-', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'F3';
--Viability Rating at 'bbb-';
--Support Rating at '5';
--Support Rating Floor at 'No Floor';
--Long-Term National Rating at 'AA(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--Senior unsecured notes, due in July 2016, Foreign Currency
   Rating at 'BBB-';
--Senior unsecured notes, due in September 2017, Foreign Currency
   Rating at 'BBB-';
--Subordinated notes due in September 2022, Foreign Currency
   Rating at 'BB';
--Senior unsecured notes due in January 2020, Foreign Currency
   Rating at 'BBB-'.

BP
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '3';
--Support Rating Floor withdrawn;
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

BFRE
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Mortgages Companhia Hipotecaria (BM)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Securities Companhia de Securitizacao (BS)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--First debenture issuance due in October 2014, Long-Term
   National Rating at 'AA-(bra)'.


BRAZILIAN MORTGAGES: Fitch Affirms 'B' ST Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A.
and its subsidiaries: Banco Panamericano S.A., Brazilian Finance &
Real Estate, Brazilian Mortgages Companhia Hipotecaria and
Brazilian Securities Companhia de Securitizacao.  The Rating
Outlook of all entities is Stable.

Rating Action and Rationale

The rating affirmation and Stable Outlook for BTG Pactual reflects
its solid franchise as a merchant bank and solid profitability
through economic cycles. Management has expanded the balance sheet
rapidly over the last several years, although risk controls are
considered strong. These strengths are counterbalanced by weaker
leverage and a steady increase of less liquid assets, although the
long-term financing is growing accordingly.

In the last five years, BTG Pactual has been aided by capital
injections, including a recent IPO in 2012 (capital injection of
BRL 4.5 billion since 2010). As a result, BTG Pactual expanded its
activities into consumer financing (through BP), financial
services to the real estate sector (including real estate
financing and securitizations through BFRE, BM and BS) and also
expanded into the brokerage business and investment banking in
several countries of Latin America (Chile, Colombia and Peru).

All these acquisitions were funded with capital injections and
should assist future income diversification. Currently, the
subsidiaries provide limited income to BTG Pactual due their small
size and/or the need to revamp their business model. Most of the
acquisitions have been completed and new management has been
appointed. As such, execution risks have decreased, though
monetizing the investments is still a challenge.

BTG Pactual's capital and leverage ratios have weakened
considerably since end-2010 as a result of the fast balance sheet
growth. Leverage metrics have remained fairly stable recently but
somewhat weaker than similarly rated peers. Tangible equity to
tangible assets has averaged 7% since 2010. Gross leverage
measured as total assets over Fitch Core Capital (FCC) was 14.6x
as of September 2012 (adjusted leverage of 7.5%). This relative
weakness is partially offset by BTG Pactual's history of stable
profitability. That said, it certainly demands a more conservative
approach by the bank in times when its profitability may be
pressured by the low interest rate environment and heightened
competition.

BP's VR remains limited by weak profitability, poor asset capital
and negligible capital base. The bank enjoys a stable funding base
with committed funding and liquidity lines from both its
controlling shareholders: BTG Pactual and Caixa Economica Federal
(Caixa, Foreign Currency LT IDR rated 'BBB' with a Stable Outlook
by Fitch).

SENSITIVITY/RATING DRIVERS: VR's and IDR's

Fitch may downgrade BTG Pactual's VR and IDRs due a deterioration
of its leverage (adjusted leverage above 8x), a decrease in its
operating profit ratio or unexpected large trading losses. Also, a
sudden deterioration of the operating environment or a troublesome
performance of one or more of its subsidiaries may negatively
affect BTG Pactual's ratings. Fitch believes that the potential
for near-term rating upgrades is limited due to the bank's
business model, wholesale funding structure, and weak leverage.
Future upgrades would be dependent on a broader business mix,
consistent adjusted leverage below 5x, and a lower share of income
derived from proprietary trading.

Fitch believes that there is also limited rating upside over the
near-term for BP's VR. A longer than expected breakeven point of
its operations and diminution of already low capital ratios may
trigger a negative rating action by Fitch.

SENSITIVITY/RATING DRIVERS: Support and Support Rating Floors

BTG Pactual's current IDRs are equal with its VR. Given its nature
of merchant/investment bank and relative small deposit base; Fitch
believes that the probability of support from the government is
unlikely.

SENSITIVITY/RATING DRIVERS: Subordinated Debt and other Hybrid
Securities

Subordinated debt and other hybrid capital issued by BTG Pactual
are all notched down from the banks' VR. These securities two
notches lower than BTG Pactual's VR, one notch lower due to Loss
Severity features and its subordinated status, and a one-notch
deduction due to moderate risk of non-performance. The
subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

SENSITIVITY/RATING DRIVERS: Subsidiary Ratings

BP, BFRE, BM and BS are strategically important subsidiaries for
BTG Pactual. As a result, the ratings are one notch lower from the
parent IDR. Fitch believes that despite their relatively small
size and low earnings contribution, these entities are part of BTG
Pactual's plan to diversify away from merchant banking. The IDR's
and National Scale Ratings of Banco Pactual subsidiaries would be
affected if their strategic importance and ability to provide
support from BTG Pactual changes; Fitch believes that the
likelihood of this scenario is low.

Fitch has affirmed these ratings:

BTG Pactual
--Long-Term Foreign and Local Currency IDRs at 'BBB-', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'F3';
--Viability Rating at 'bbb-';
--Support Rating at '5';
--Support Rating Floor at 'No Floor';
--Long-Term National Rating at 'AA(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--Senior unsecured notes, due in July 2016, Foreign Currency
   Rating at 'BBB-';
--Senior unsecured notes, due in September 2017, Foreign Currency
   Rating at 'BBB-';
--Subordinated notes due in September 2022, Foreign Currency
   Rating at 'BB';
--Senior unsecured notes due in January 2020, Foreign Currency
   Rating at 'BBB-'.

BP
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '3';
--Support Rating Floor withdrawn;
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

BFRE
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Mortgages Companhia Hipotecaria (BM)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Securities Companhia de Securitizacao (BS)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--First debenture issuance due in October 2014, Long-Term
   National Rating at 'AA-(bra)'.


BRAZILIAN SECURITIES: Fitch Affirms 'B' ST Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A.
and its subsidiaries: Banco Panamericano S.A., Brazilian Finance &
Real Estate, Brazilian Mortgages Companhia Hipotecaria and
Brazilian Securities Companhia de Securitizacao.  The Rating
Outlook of all entities is Stable.

Rating Action and Rationale

The rating affirmation and Stable Outlook for BTG Pactual reflects
its solid franchise as a merchant bank and solid profitability
through economic cycles. Management has expanded the balance sheet
rapidly over the last several years, although risk controls are
considered strong. These strengths are counterbalanced by weaker
leverage and a steady increase of less liquid assets, although the
long-term financing is growing accordingly.

In the last five years, BTG Pactual has been aided by capital
injections, including a recent IPO in 2012 (capital injection of
BRL 4.5 billion since 2010). As a result, BTG Pactual expanded its
activities into consumer financing (through BP), financial
services to the real estate sector (including real estate
financing and securitizations through BFRE, BM and BS) and also
expanded into the brokerage business and investment banking in
several countries of Latin America (Chile, Colombia and Peru).

All these acquisitions were funded with capital injections and
should assist future income diversification. Currently, the
subsidiaries provide limited income to BTG Pactual due their small
size and/or the need to revamp their business model. Most of the
acquisitions have been completed and new management has been
appointed. As such, execution risks have decreased, though
monetizing the investments is still a challenge.

BTG Pactual's capital and leverage ratios have weakened
considerably since end-2010 as a result of the fast balance sheet
growth. Leverage metrics have remained fairly stable recently but
somewhat weaker than similarly rated peers. Tangible equity to
tangible assets has averaged 7% since 2010. Gross leverage
measured as total assets over Fitch Core Capital (FCC) was 14.6x
as of September 2012 (adjusted leverage of 7.5%). This relative
weakness is partially offset by BTG Pactual's history of stable
profitability. That said, it certainly demands a more conservative
approach by the bank in times when its profitability may be
pressured by the low interest rate environment and heightened
competition.

BP's VR remains limited by weak profitability, poor asset capital
and negligible capital base. The bank enjoys a stable funding base
with committed funding and liquidity lines from both its
controlling shareholders: BTG Pactual and Caixa Economica Federal
(Caixa, Foreign Currency LT IDR rated 'BBB' with a Stable Outlook
by Fitch).

SENSITIVITY/RATING DRIVERS: VR's and IDR's

Fitch may downgrade BTG Pactual's VR and IDRs due a deterioration
of its leverage (adjusted leverage above 8x), a decrease in its
operating profit ratio or unexpected large trading losses. Also, a
sudden deterioration of the operating environment or a troublesome
performance of one or more of its subsidiaries may negatively
affect BTG Pactual's ratings. Fitch believes that the potential
for near-term rating upgrades is limited due to the bank's
business model, wholesale funding structure, and weak leverage.
Future upgrades would be dependent on a broader business mix,
consistent adjusted leverage below 5x, and a lower share of income
derived from proprietary trading.

Fitch believes that there is also limited rating upside over the
near-term for BP's VR. A longer than expected breakeven point of
its operations and diminution of already low capital ratios may
trigger a negative rating action by Fitch.

SENSITIVITY/RATING DRIVERS: Support and Support Rating Floors

BTG Pactual's current IDRs are equal with its VR. Given its nature
of merchant/investment bank and relative small deposit base; Fitch
believes that the probability of support from the government is
unlikely.

SENSITIVITY/RATING DRIVERS: Subordinated Debt and other Hybrid
Securities

Subordinated debt and other hybrid capital issued by BTG Pactual
are all notched down from the banks' VR. These securities two
notches lower than BTG Pactual's VR, one notch lower due to Loss
Severity features and its subordinated status, and a one-notch
deduction due to moderate risk of non-performance. The
subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

SENSITIVITY/RATING DRIVERS: Subsidiary Ratings

BP, BFRE, BM and BS are strategically important subsidiaries for
BTG Pactual. As a result, the ratings are one notch lower from the
parent IDR. Fitch believes that despite their relatively small
size and low earnings contribution, these entities are part of BTG
Pactual's plan to diversify away from merchant banking. The IDR's
and National Scale Ratings of Banco Pactual subsidiaries would be
affected if their strategic importance and ability to provide
support from BTG Pactual changes; Fitch believes that the
likelihood of this scenario is low.

Fitch has affirmed these ratings:

BTG Pactual
--Long-Term Foreign and Local Currency IDRs at 'BBB-', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'F3';
--Viability Rating at 'bbb-';
--Support Rating at '5';
--Support Rating Floor at 'No Floor';
--Long-Term National Rating at 'AA(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--Senior unsecured notes, due in July 2016, Foreign Currency
   Rating at 'BBB-';
--Senior unsecured notes, due in September 2017, Foreign Currency
   Rating at 'BBB-';
--Subordinated notes due in September 2022, Foreign Currency
   Rating at 'BB';
--Senior unsecured notes due in January 2020, Foreign Currency
   Rating at 'BBB-'.

BP
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '3';
--Support Rating Floor withdrawn;
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

BFRE
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Mortgages Companhia Hipotecaria (BM)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)'.

Brazilian Securities Companhia de Securitizacao (BS)
--Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
   Stable;
--Short-Term Foreign and Local Currency IDRs at 'B';
--Long-Term National Rating at 'AA-(bra)', Outlook Stable;
--Short-Term National Rating at 'F1+(bra)';
--First debenture issuance due in October 2014, Long-Term
   National Rating at 'AA-(bra)'.



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


AL DANA SHARIAH: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 20, 2012, the members of Al Dana Shariah Compliant Global
Equity Manager Selection Fund 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


BGI MULTI-STRATEGY: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 20, 2012, the members of The BGI Multi-Strategy Select
(Sterling) Fund Limited 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:

         Intertrust Corporate Services (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CAYMAN ECONOMIC: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 20, 2012, the sole member of Cayman Economic Development
Ltd 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:

         Gene Dacosta
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


CHAMOMILE REALTY: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 16, 2012, the sole shareholder of Chamomile Realty Corp.
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


CROWN INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 16, 2012, the members of Crown Investment Company Limited
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:

         Intertrust SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GMI GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 19, 2012, the shareholders of GMI Global Funds Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Glenn Chin-Yuen Chao
         c/o Alan G. de Saram
         Telephone: 345-949-4544
         Facsimile: 345-949-7073
         e-mail: alandesaram@card.com.ky
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709 Grand Cayman KY1-1107
         Cayman Islands


GOLDEN ARCHES: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Nov. 19, 2012, the
shareholders of Golden Arches 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
         Cayman Islands KY1-1102


IHS INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 16, 2012, the sole shareholder of IHS Investments Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Michael Sharp
         15 Inverness Way East
         W300C, Englewood, CO  80112
         USA


JF TWO: Commences Liquidation Proceedings
-----------------------------------------
On Nov. 16, 2012, the sole shareholder of JF Two Holdings Corp. II
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


NAUTILUS GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 20, 2012, the shareholders of Nautilus Global Capital
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Wei Liu
         c/o Stephen Nelson
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709
         Grand Cayman KY1-1107
         Cayman Islands


ORISTAN OPPORTUNITY: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 15, 2012, the shareholders of Oristan Opportunity Fund
Investments Limited 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:

         Intertrust Corporate Services (Cayman) Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ORISTAN OPPORTUNITY MANAGEMENT: Commences Liquidation Proceedings
-----------------------------------------------------------------
On Nov. 15, 2012, the shareholders of Oristan Opportunity Fund
Management Limited 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:

         Intertrust Corporate Services (Cayman) Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


RASMALA ISLAMIC: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 20, 2012, the members of Rasmala Islamic Global Equity
Opportunity 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


RASMALA ISLAMIC GLOBAL: Commences Liquidation Proceedings
---------------------------------------------------------
On Nov. 20, 2012, the members of Rasmala Islamic Global Equity
Opportunity Fund 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


REMEDIAL CAYMAN: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 20, 2012, the sole member of Remedial Cayman ESV2 Limited
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:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


RODOMONTE FUNDING: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 15, 2012, the shareholders of Rodomonte Funding 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 KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SEAGULL HOLDING: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 6, 2012, the shareholder of Seagull Holding Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         PO Box 709
         122 Mary Street Grand Cayman KY1-1107
         Cayman Islands


SEVENWOOD LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Nov. 19, 2012, the
shareholders of Sevenwood 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
         Cayman Islands KY1-1102


SPRING ASSET: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 22, 2012, the members of
Spring Asset Funding Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         PO Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


SWAN CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 6, 2012, the shareholder of Swan Capital Limited resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         PO Box 709
         122 Mary Street Grand Cayman KY1-1107
         Cayman Islands



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


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

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

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

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

BRAZIL
------

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


COLOMBIA
---------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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