TCRLA_Public/130211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, February 11, 2013, Vol. 14, No. 29


                            Headlines



B R A Z I L

BANCO INDUSVAL: Moody's Affirms 'Ba3' Currency Deposit Ratings
J&F INVESTIMENTOS: S&P Assigns 'B+' Global Scale Rating


C A Y M A N  I S L A N D S

AOI INVESTMENTS 1: Shareholder Receives Wind-Up Report
APOLLO ORANGE: Shareholder Receives Wind-Up Report
AZURRA LTD: Members Receive Wind-Up Report
BAKERSFIELD INVESTMENT: Shareholder Receives Wind-Up Report
BLACK'S LINK: Members Receive Wind-Up Report

BLACK'S LINK CAPITAL: Members Receive Wind-Up Report
BRENNUS SPECIAL: Shareholders Receive Wind-Up Report
CAPITAL ALLIANCE: Members Receive Wind-Up Report
DGC PENDULUM: Shareholder Receives Wind-Up Report
FRONT STREET: Shareholder Receives Wind-Up Report

HOPU MANAGEMENT: Shareholders Receive Wind-Up Report
JSK MULTI-STRATEGY: Shareholder Receives Wind-Up Report
JSK 1 (NON-US INVESTOR): Shareholder Receives Wind-Up Report
JSK 1 (US INVESTOR): Shareholder Receives Wind-Up Report
K2 CURRENCY: Shareholder Receives Wind-Up Report

LIMITLESS INC: Shareholders Receive Wind-Up Report
LISTON FUNDING: Shareholder Receives Wind-Up Report
MARCO INVESTMENT: Shareholder Receives Wind-Up Report
NEW CASTLE: Shareholder Receives Wind-Up Report
PARKTON RE LTD: Shareholder Receives Wind-Up Report


C O S T A  R I C A

* COSTA RICA: Fitch Affirms 'BB+' IDR; 'B' For. Currency Rating


G U A T E M A L A

* GUATEMALA: Moody's Rates USD700MM Bonds 'Ba1'; Outlook Stable


J A M A I C A

DICIGEL GROUP: Looking to Far East for New Business Opportunities
* JAMAICA: NIR Dips by US$116 Million in January


M E X I C O

* MEXICO: Recent Equipment Lease ABS Raise Credit Concerns: Fitch


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Economy Threatened by Rise of US Shale


X X X X X X X X

* BOND PRICING: For the Week Feb. 4 to Feb. 8, 2013


                            - - - - -


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


BANCO INDUSVAL: Moody's Affirms 'Ba3' Currency Deposit Ratings
------------------------------------------------------------
Moody's Investors Service affirmed Banco Indusval S.A. 'D-' bank
financial strength rating, as well as the global local and foreign
currency deposit ratings of Ba3 and Not Prime, long and short term
respectively.

At the same time, Moody's affirmed BI&P's long and short-term
deposit ratings of A2.br and BR-2 in the Brazilian national scale.
The outlook remains stable for all ratings.

The following ratings assigned to Banco Indusval were affirmed:

- Bank financial strength rating of D-, stable outlook

- Long term global local currency deposit rating of Ba3, stable
   outlook

- Short term global local currency deposit rating of Not Prime

- Long term global foreign currency deposit rating of Ba3, stable
   outlook

- Short term global foreign currency deposit rating of Not Prime

- Long term national scale local currency deposit rating of
   A2.br, stable outlook

- Short term national scale local currency deposit rating of BR-2

Ratings Rationale

In affirming the ratings, Moody's acknowledged BI&P's strategic
business repositioning into the segment of upper middle and small-
medium size companies over the past two years, as well as its
efforts to improve credit quality and standards. Private equity
firm Warburg Pincus as a new shareholder in early 2011 also
strengthened the bank's capitalization.

Moody's noted, however, that the new business model has yet to
prove sustainable under the challenging funding and profitability
environment for midsize banks in Brazil. Following the completion
of the 2012 restructuring, management is now challenged to
strengthen the bank's small franchise by integrating new business
activities that include investment banking and agribusiness, while
maintaining disciplined risk guidelines and enhancing earnings
recurrence and thus, capitalization.

Over the past 18 months, BI&P's performance has slightly improved,
but its limited balance sheet and high credit and operating costs
still result in modest earnings, an indication of the business
transition. Moreover, large credit and funding concentrations
relative to Tier 1 capital and core earnings remain a source of
volatility.

Moody's noted that upward pressure on the standalone ratings would
depend on the sustainability of earnings and asset quality,
adequate capital levels to support further loan growth, and
funding diversification away from expensive short-term wholesale
deposits that accounted for roughly 74% of the bank's total
funding as of Q3 2012. In that regard, Moody's will monitor BI&P's
efforts to develop alternative lines of business and cross-selling
activities, which will allow it to build a more robust balance
sheet.

BI&P's Ba3 local currency deposit rating does not incorporate any
lift from systemic support because of the bank's modest deposit
position that has a very limited share of the national banking
system's total deposits.

The last rating action on Banco Indusval was on November 25, 2010,
when Moody's first assigned ratings to the bank with a stable
outlook.

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

Banco Indusval S.A. is headquartered in Sao Paulo, Brazil and had
total consolidated assets of BRL4.3 billion (US$2.1 billion) and
equity of BRL572.4 million (US$283 million) as of September 30,
2012.


J&F INVESTIMENTOS: S&P Assigns 'B+' Global Scale Rating
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' global scale
and 'brBBB' national scale corporate credit ratings to J&F
Investimentos S.A. (J&F).  In addition, S&P assigned its 'B+'
global scale issue rating to J&F Finance Inc.'s (J&F Finance)
forthcoming $300 million bond due 2020, which is guaranteed by
J&F.  S&P also assigned its 'brBBB' national scale issue rating to
J&F's R$500 million debenture due 2017.  The outlook is stable.

The 'B+' ratings on J&F and its $300 million bond to be issued by
J&F's subsidiary, J&F Finance, and guaranteed by its parent,
reflect S&P's view of the company's "weak" business risk profile
and "aggressive" financial risk profile, as S&P's criteria define
those terms.  In S&P's view, J&F's moderate portfolio
concentration, namely its stake in protein company JBS S.A.
(BB/Stable/--), and limited cash flows from its assets, except
from JBS, are negative credit factors.  Also, its investments
carry a large credit risk, either because they are start-ups that
have yet to ramp-up cash flows or because their financial risk
positions are weak.  J&F continues to develop its asset portfolio,
as its pulp project (Eldorado) is completed and begins production
and its personal care business (Flora) remains unprofitable.  The
ratings also reflect projected limited dividend flows from its
main investments in the next few years, although JBS is expected
to provide dividend streams from 2013 on. "J&F has been exposed to
refinancing risks on its high-cost debt, but it has secured long-
term bank facilities," said Standard & Poor's credit analyst
Reginaldo Takara.  The partly offsetting factors are the company's
sizable assets that are well-positioned in their respective
industries.  These assets provide additional flexibility for J&F
to address its debt.

The 'B+' issue rating mirrors the corporate credit rating, as S&P
believes there are sufficient unencumbered assets at the parent
company level, including JBS shares, which help enhance recovery
prospects and mitigate structural subordination.



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


AOI INVESTMENTS 1: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of AOI Investments 1 received on Dec. 27, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


APOLLO ORANGE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Apollo Orange Investments received on Dec. 27,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


AZURRA LTD: Members Receive Wind-Up Report
------------------------------------------
The members of Azurra Ltd. received on Dec. 24, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BAKERSFIELD INVESTMENT: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Bakersfield Investment Fund received on
Dec. 27, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


BLACK'S LINK: Members Receive Wind-Up Report
--------------------------------------------
The members of Black's Link Asia Event Driven GP Limited received
on Dec. 24, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BLACK'S LINK CAPITAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Black's Link Capital Management Limited received on
Dec. 24, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BRENNUS SPECIAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Brennus Special Situations Fund Limited
received on Dec. 24, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


CAPITAL ALLIANCE: Members Receive Wind-Up Report
------------------------------------------------
The members of Capital Alliance Private Equity, Ltd. received on
Jan. 4, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DGC PENDULUM: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of DGC Pendulum Limited received on Dec. 27, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FRONT STREET: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Front Street Agri Fund Ltd. received on Jan. 4,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


HOPU MANAGEMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Hopu Management Co., Ltd. received on Jan. 29,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


JSK MULTI-STRATEGY: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of JSK Multi-Strategy Fund Limited received on
Jan. 4, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JSK 1 (NON-US INVESTOR): Shareholder Receives Wind-Up Report
------------------------------------------------------------
The shareholder of JSK 1 (Non-Us Investor) received on Jan. 4,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


JSK 1 (US INVESTOR): Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of JSK 1 (US Investor) received on Jan. 4, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


K2 CURRENCY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of K2 Currency Fund, Ltd. received on Jan. 4,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LIMITLESS INC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Limitless Inc. received on Jan. 8, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LISTON FUNDING: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Liston Funding 2009-3 Ltd. received on Jan. 4,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MARCO INVESTMENT: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Marco Investment received on Dec. 28, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Masato Ogawa
         4-2, Ohtemachi 1-Chome
         Chiyoda-ku, Tokyo 100-0004
         Japan


NEW CASTLE: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of New Castle Investment Fund received on Dec. 27,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


PARKTON RE LTD: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Parkton Re Ltd. received on Dec. 26, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Yohann Regnard
         Dena Thompson
         Telephone: 914-2266 / 914-2267 / 949-5263
         Facsimile: 949-6021
         P.O. Box 10233 Grand Cayman
         Cayman Islands



==================
C O S T A  R I C A
==================


* COSTA RICA: Fitch Affirms 'BB+' IDR; 'B' For. Currency Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Costa Rica's Long-term foreign and
local currency Issuer Default Ratings (IDRs) at 'BB+'. Fitch has
also affirmed the Short-term foreign currency rating at 'B' and
the Country Ceiling of 'BBB-'.

The Rating Outlook is Stable.

Rating Rationale

The affirmation of Costa Rica's ratings is supported by the
country's institutional stability and strong social indicators
that have facilitated large FDI inflows, thereby contributing to
steady growth, high per capita income and better financing of the
country's large current account deficits. The ratings are
constrained by the lack of political consensus to address high
structural fiscal deficits that result in negative debt dynamics,
and by limited monetary and exchange rate policy flexibility.

Costa Rica's diversified value-added export-based economy should
continue to be resilient in the face of sluggish global growth.
Costa Rica's economy is estimated to have expanded 5.1% in 2012,
outperforming the 4% median of 'BB' peers amid a fragile global
economy. Fitch expects the economy to expand an average of 4% over
the next two years. Risks stem from renewed weakness in the U.S.
economy, the country's main export destination and source of FDI
flows.

Pressures on domestic interest rates stemming from hefty fiscal
needs could exacerbate already large portfolio inflows, thereby
increasing challenges for the monetary and exchange rate policy.

Costa Rica's five-year inflation rate remains above the 'BB'
median. However, after a long history of double-digit inflation,
an improved monetary policy framework has raised the central
bank's credibility and could ultimately facilitate inflation
convergence with the peer median. Inflation stood within the band
of 5% plus or minus 1 percentage point for four consecutive years
in 2012. Fitch expects inflation to be 5% over the next two years.
Risks to inflation arise from higher fiscal deficits, swings in
international commodity prices, and monetary expansion related to
the defense of the floor of the FX band in the context of large
portfolio inflows.

In the near term, macroeconomic policy challenges have increased
for the authorities due to the large capital inflows to the
country in the context of limited exchange rate flexibility and
the central bank's persistent losses. A high interest rate
differential attracted portfolio inflows of near 3% of GDP in
2012. As a result, the central bank swiftly introduced macro-
prudential measures to prevent excessive growth in asset prices
and credit which could potentially become a source of risk for the
financial system and the broader economy.

High-quality FDI will continue to support external accounts over
the forecast period. Fitch expects the 2013 current account
deficit to reach 5.0% of GDP and to be mostly financed by FDI.
However, recent strong portfolio inflows render the capital
account somewhat vulnerable to sudden stops. In addition, Costa
Rica's international liquidity position remains weaker than rating
category peers.

High structural fiscal deficits continue to undermine Costa Rica's
credit profile. Fitch expects deficits to average 4.8% of GDP in
the next two years. The lack of political consensus to address
Costa Rica's low revenue base and rigid expenditure structure
weighs on its fiscal profile. Authorities' efforts to rein in
expenditure growth and improve tax collection efficiency are not
sufficient to stabilize debt at current levels. Fiscal
consolidation prospects are uncertain, as the electoral cycle is
already underway. Presidential and legislative elections will take
place in February 2014.

Despite the increasing burden, the general government debt remains
below the 'BB' median. Moreover, Fitch recognizes that Costa
Rica's debt tolerance is well supported by its higher per capita
income level (compared with peers in the 'BB' category), well-
established social and political stability, as well as material
gains in the composition of debt. Costa Rica's borrowing
requirements are expected to exceed 10% of GDP in 2013, but
domestic liquidity and external market access support its
financing flexibility.

RATING SENSITIVITIES

The main factors that could lead to a positive rating action are:

-- Greater political consensus to address structural fiscal
    imbalances leading to a sustained expansion of the revenue
    base, improved fiscal management and favorable debt dynamics;

-- Increased monetary and exchange rate flexibility that enhances
    the shock-absorption capacity of the economy

The main factors that could lead to a negative rating action are:

-- Sustained large fiscal deficits that cause a marked
    deterioration in debt dynamics and emergence of fiscal
    financing constraints;

-- Weakening of the macroeconomic policy framework that reverses
    the disinflation and de-dollarization process;

-- A material downshift in Costa Rica's growth trajectory.

The ratings and Outlooks are sensitive to a number of assumptions:

-- Fitch's base-case scenario assumes no recession or deepening
    of the financial crisis in developed economies, most notably
    the U.S., and therefore a continuation of steady FDI flows;

-- Fitch assumes that no major fiscal reform will be implemented
    over the next two years and that the authorities continue to
    restrain expenditure growth and improve tax collection.

-- Fitch assumes that the central bank will maintain its foreign
    exchange rate regime and that no sustained macroeconomic
    imbalance will result as a consequence of the strong portfolio
    inflows.



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


* GUATEMALA: Moody's Rates USD700MM Bonds 'Ba1'; Outlook Stable
---------------------------------------------------------------
Moody's has assigned a Ba1 rating to the Guatemalan government's
$700 million bond maturing on February 13, 2028. The bond's rating
matches the government bond rating, which is Ba1 with a stable
outlook.

Guatemala's Ba1 foreign currency and local currency ratings
balance the country's commitment to macroeconomic stability and
prudent fiscal and monetary policies with concerns related to
government effectiveness and widespread poverty. The country has a
long track record of fiscal responsibility with government
deficits averaging 2% of GDP from 2000-12. A manageable debt
burden and low debt rollover risk, given the prevalence of
multilateral funding, are elements that support the rating.

Guatemala's ratings are constrained by persistent difficulty
raising tax revenues, coupled with substantial social and
infrastructure needs, factors that limit fiscal flexibility.
Ratings are also constrained by a relatively low level of economic
development. Guatemala's GDP per capita - $4,900 on a PPP basis -
is lower than the corresponding median for Ba peers. Despite
above-trend growth in the years preceding the global financial
crisis, Guatemala's economic performance has lagged that of
similarly-rated sovereigns, a condition that limits its upside
rating potential. Low income levels and limited economic
diversification introduce potential vulnerabilities and leave the
economy susceptible to adverse shocks.

The principal methodology used in this rating was Sovereign Bond
Ratings published on Sept. 9, 2008.



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


DICIGEL GROUP: Looking to Far East for New Business Opportunities
-----------------------------------------------------------------
Caribbean360.com reports that Digicel Group disclosed its bid for
a telecommunications license in Myanmar, formerly known as Burma.

The company said that it submitted its expression of interest in a
bidding process, which is expected to yield two new licensed
operators within the next five months, according to
Caribbean360.com.

The report relates that the winners of the two nationwide
telecommunications licenses are expected to "meet or exceed
specified population and geographic coverage targets".

The deadline for submissions is February 8, and Digicel is vying
against at least four other telecommunications companies who have
officially expressed interest to the tender selection committee,
according to news reports, Caribbean360.com notes.

Singapore's SingTel, Norway's Telenor, Malaysia's Axiata Bharti,
and India's Airtel are also said to be among the bidders,
Caribbean360.com relays.

Caribbean360.com discloses that Teledensity in Myanmar is less
than 10% of the population but the country's government has
publicly expressed its aim to have an overall teledensity to 75%
to 80% by 2016.

There were 5.4 million mobile phone subscribers and the 600,000
fixed-line users at the end of December 2012.

Digicel's founder Denis O'Brien has been quoted by The Myanmar
Times as saying that his group is prepared to invest up to US$1
billion into developing the telecommunications network, the report
adds.

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

                           *     *     *

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


* JAMAICA: NIR Dips by US$116 Million in January
------------------------------------------------
RJR News reports that the Net International Reserves (NIR) dipped
by more than US$116 million last month.

The dip took the NIR to just above US$1 billion, according to RJR
News.

The report relates that at that level and based on estimated
prices of imports, the NIR is capable of purchasing more than 12
weeks of goods and service imports according to the Bank of
Jamaica.

In the meantime, the NIR could be hit next month, as the Bank of
Jamaica starts repaying monies borrowed from the IMF, RJR News
notes.

The report says that the government had borrowed in excess of
US$800 million from the IMF in three tranches in 2010, under the
last program that was agreed with Jamaica.

The first repayment of that loan is to be made next Friday and
will be quickly followed by quarterly payments to start on
February 25, RJR News discloses.

RJR News notes that nearly half of the funds to be repaid is due
in February.



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


* MEXICO: Recent Equipment Lease ABS Raise Credit Concerns: Fitch
-----------------------------------------------------------------
Several recently-issued Mexican equipment lease asset-backed
securities (ABS) include credit risks that were not sufficiently
mitigated to achieve 'AAA(mex)' ratings, according to a new Fitch
Ratings special report.

The report titled 'Credit Concerns in Recent Mexican Equipment
Lease Securitizations' highlights three key credit concerns:
limited sponsor strength; revolving structures susceptible to
operational risks and origination policies; and excessive
concentrations relative to initial credit enhancement levels.

Fitch reviews transactions on a case-by-case basis, and its
criteria allows for Mexican equipment lease ABS to be rated up to
'AAA(mex)' with no explicit cap; in these cases, the combination
of these risks would have limited Fitch's ratings to 'A(mex)'
through 'AA(mex)' or lower.

In Fitch's view, it is difficult to completely de-link sponsor
strength from the transaction rating for small, low credit quality
sponsors that utilize ABS as a primary funding source to fuel
aggressive growth strategies, especially when a large majority of
the balance sheet is transferred to a securitization.

Secondly, transactions structured with pre-funding or revolving
periods present additional risks particularly for sponsors with a
limited track record. Down cycles can present unexpected pressure
which can negatively influence origination policies and corporate
priorities, and potentially contaminate the revolving loan
portfolio.

Lastly, obligor concentration risks have not been adequately
addressed in several recently-closed deals, evidenced in
transactions that have a relatively high cumulative concentration
in unknown obligors with limited initial credit enhancement.



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


* TRINIDAD & TOBAGO: Economy Threatened by Rise of US Shale
-----------------------------------------------------------
Caribbean360.com reports that Trinidad and Tobago's oil and
natural gas resources has made it one of the economic powerhouses
of the Caribbean, but a recent analysis in Petroleum Export
suggests that the twin island republic's economic security could
be under threat from one of its major export markets.

According to writer Justin Jacobs, the Caribbean producer could
suffer more than most other energy producers with the rise of
shale output by the United States, according to Caribbean360.com.

Caribbean360.com notes that Mr. Jacob writes that the surge in US
shale-gas production, a wave of new liquefied natural gas (LNG)
export projects around the world and major gas discoveries
offshore east Africa and elsewhere have ushered in a new era for
the gas sector, which he suggests threatens to undermine the
security of Trinidad and Tobago's markets.

"While it has adapted in the short term, to secure its place in
the new-look global gas market, Trinidad and Tobago must develop a
new, long-term strategy. . . . Trinidad and Tobago's economy is
powered by natural gas.  The industry accounts for about half the
country's GDP, generates nearly two-thirds of the government's
revenues, attracts most of its foreign investment and lines the
sovereign wealth fund.  The country's decision to export its gas
has served it well, making it one of the wealthiest nations in the
Caribbean. . . . But, the assumptions upon which Trinidad and
Tobago's industry were based no longer apply, forcing the country
to rethink its energy strategy to ensure its future," writes Mr.
Jacobs, the report notes.

Caribbean360.com relays that along with the United States,
Trinidad and Tobago supplies markets in the Caribbean, South
America, Asia and Europe with LNG and accounts for approximately
8% of the world's LNG production.



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


* BOND PRICING: For the Week Feb. 4 to Feb. 8, 2013
---------------------------------------------------

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

ARGENTINA
---------

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


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


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


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


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


CHILE
-----

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


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

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


VENEZUELA
---------

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


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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202-241-8200.


                   * * * End of Transmission * * *