TCRLA_Public/130215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Friday, February 15, 2013, Vol. 14, No. 33


                            Headlines



A T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: US Court Dismisses US$750,000 Lawsuit


A R G E N T I N A

AGROPECUARIA SANTA: Creditors' Proofs of Debt Due Feb. 19
CELESIA SRL: Creditors' Proofs of Debt Due Feb. 28
PREMIUM BEEF: Creditors' Proofs of Debt Due March 28
UXSA SRL: Creditors' Proofs of Debt Due Feb. 20


C A Y M A N  I S L A N D S

BPSA FONDS: Shareholders Receive Wind-Up Report
CHARTREUSE (CAYMAN): Shareholder Receives Wind-Up Report
CIL CLAIRVOYANCE: Shareholder Receives Wind-Up Report
CIL INDEA: Shareholder Receives Wind-Up Report
CUAM GREATER: Shareholder Receives Wind-Up Report

CUAM GREATER CHINA: Shareholder Receives Wind-Up Report
DVA MASTER: Shareholders Receive Wind-Up Report
FIRST ENGINEERING: Shareholders Receive Wind-Up Report
FIRST ENGINEERING CAYCO: Shareholders Receive Wind-Up Report
GARRISON CAPITAL: Shareholder Receives Wind-Up Report

HANGER STRAIGHT: Shareholder Receives Wind-Up Report
HARBOUR LITIGATION: Shareholders Receive Wind-Up Report
HOT DESERT: Shareholders Receive Wind-Up Report
IMAGE STORE: Shareholders Receive Wind-Up Report
KEYCORP OFFSHORE: Shareholder Receives Wind-Up Report

MARCO POLO: Shareholders Receive Wind-Up Report
NATURALLY CAYMAN: Shareholders Receive Wind-Up Report
RENAISSANCE COMMODITY: Shareholders Receive Wind-Up Report
STRATEGIC OPPORTUNITIES: Shareholders Receive Wind-Up Report
UNIVERSITY COMMUNITY: Shareholders Receive Wind-Up Report


C H I L E

INVERSIONES ALSACIA: Fitch Puts Bonds Rating on Watch Negative


C O L O M B I A

LATAM TRUST: Fitch Affirms 'BB+' Rating on CLP5.1MM Notes


J A M A I C A

NCB: To Close Red Hills Road Branch After 42 Years


V E N E Z U E L A

BANCO PROVINCIAL: Fitch Affirms 'B+' Long-Term IDR; Outlook Neg.


X X X X X X X X

* LATAM: CDB Head Warns of 'Fiscal Cliff' Facing Countries


                            - - - - -


=============================
A T I G U A  &  B A R B U D A
=============================


* ANTIGUA & BARBUDA: US Court Dismisses US$750,000 Lawsuit
----------------------------------------------------------
Jamaica Gleaner reports that a United States federal district
court has dismissed a US$750,000 breach of contract lawsuit
against the Antigua & Barbuda government.

The suit was filed on July 19, 2010, by Dan Abraham Sarfati, the
son of Maurice Sarfati, of Roydan Limited regarding the payment of
three promissory notes issued to the company and signed by then
agriculture minister Hilroy Humphreys in June 1990 and guaranteed
by the Ministry of Finance, according to Jamaica Gleaner.

Roydan Limited is based in Antigua.

Jamaica Gleaner reports that Dan Sarfati, who was eight years old
in 1990, alleged that the monies had never been repaid, and that
because of "threats and coercion" made to his father by people
associated with the then government, the senior Sarfati became
fearful for his safety and made no legal attempt then to recover
the funds.

A statement by the Antigua government said it engaged the services
of two US-based Antigua-born lawyers to act on its behalf in the
matter and that they had filed a motion to dismiss the claim on
the grounds that the lawsuit was barred by the statute of
limitations, "notwithstanding the alleged threats which were
pleaded were baseless," Jamaica Gleaner notes.

The report relates that they also argued that the issue of the
promissory notes "did not constitute a commercial activity by the
government because Hilroy Humphreys had no legal authority to
issue or sign the promissory notes".

Antigua Attorney General Justin Simon said he was happy with the
outcome of the case, noting that the potential financial
disbursement would have been "an enormous debt on the government's
finances, particularly at this time of economic challenge, the
report notes.

"Strangely, there was little in the files at the Ministry of
Agriculture and Lands or the Ministry of Legal Affairs on the
matter," the report quoted Mr. Simon as saying.



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


AGROPECUARIA SANTA: Creditors' Proofs of Debt Due Feb. 19
---------------------------------------------------------
Sergio Hernan Diego Gomez Marti, the court-appointed trustee for
Agropecuaria Santa Catalina SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until Feb. 19, 2013.

Mr. Marti will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Sergio Hernan Diego Gomez Marti
         Viamonte 1546
         Argentina


CELESIA SRL: Creditors' Proofs of Debt Due Feb. 28
--------------------------------------------------
Juan Emilio Cavallieri, the court-appointed trustee for Celesia
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 28, 2013.

Mr. Cavallieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Emilio Cavallieri
         Avenida Cordoba 904
         Argentina


PREMIUM BEEF: Creditors' Proofs of Debt Due March 28
----------------------------------------------------
Diana Ines Panitch, the court-appointed trustee for Premium Beef
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 28, 2013.

Ms. Panitch will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Diana Ines Panitch
         Avenida Corrientes 1250
         Argentina


UXSA SRL: Creditors' Proofs of Debt Due Feb. 20
-----------------------------------------------
Juan Roque Treppo, the court-appointed trustee for Uxsa SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Feb. 20, 2013.

Mr. Treppo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Juan Roque Treppo
         Sarmiento 1183
         Argentina



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


BPSA FONDS: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Dec. 31, 2012, the shareholders of BPSA Fonds received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Michael Penner
         c/o Rachel Williams
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 3302
         Facsimile: +1 (345) 949 8258


CHARTREUSE (CAYMAN): Shareholder Receives Wind-Up Report
--------------------------------------------------------
On Dec. 24, 2012, the sole shareholder of Chartreuse (Cayman)
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Andrew Edwards
         Telephone: 345-815-2608/345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


CIL CLAIRVOYANCE: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Dec. 28, 2012, the shareholder of CIL Clairvoyance Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


CIL INDEA: Shareholder Receives Wind-Up Report
----------------------------------------------
On Dec. 28, 2012, the shareholder of CIL Indea Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


CUAM GREATER: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Dec. 24, 2012, the sole shareholder of Cuam Greater China
Opportunities Absolute Return Fund received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Qing Wan
         2701, One IFC
         1 Harbour View Street
         Central
         Hong Kong
         Telephone: +852 3983 5658


CUAM GREATER CHINA: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Dec. 24, 2012, the sole shareholder of CUAM Greater China
Opportunities Absolute Return Master Fund received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Qing Wan
         2701, One IFC
         1 Harbour View Street
         Central
         Hong Kong
         Telephone: +852 3983 5658


DVA MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Dec. 31, 2012, the shareholders of DVA Master Fund Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         Grant Hiley, Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2353
         Facsimile: +1(345) 949 8258


FIRST ENGINEERING: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Jan. 3, 2013, the shareholders of First Engineering Bidco
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Cosimo Borrelli
         Jason Kardachi
         One Raffles Place
         Tower 2, #10-62
         Singapore 048616
         Telephone: (65) 6603 0795


FIRST ENGINEERING CAYCO: Shareholders Receive Wind-Up Report
------------------------------------------------------------
On Jan. 3, 2013, the shareholders of First Engineering Cayco
Limited received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Cosimo Borrelli
         Jason Kardachi
         One Raffles Place
         Tower 2, #10-62
         Singapore 048616
         Telephone: (65) 6603 0795


GARRISON CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Jan. 4, 2013, the shareholder of Garrison Capital CLO Ltd.
received 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


HANGER STRAIGHT: Shareholder Receives Wind-Up Report
----------------------------------------------------
On Jan. 4, 2013, the shareholder of Hanger Straight Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HARBOUR LITIGATION: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Dec. 27, 2012, the shareholders of Harbour Litigation
Investments Ltd. received 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


HOT DESERT: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Dec. 24, 2012, the shareholders of Hot Desert Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Yuliya Sasina-Yates
         c/o Andrea Aegerter
         Telephone: +41 22 319 01 76
         Facsimile: +41 22 319 01 02
         13 Quai de L'lle, PO Box 5511
         1211 Geneva
         Switzerland


IMAGE STORE: Shareholders Receive Wind-Up Report
------------------------------------------------
On Dec. 28, 2012, the shareholders of The Image Store Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Brynley Davies
         Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147 Grand Cayman KY1-1002
         Cayman Islands


KEYCORP OFFSHORE: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Jan. 4, 2013, the shareholder of Keycorp Offshore Investments
Company, Ltd. received 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


MARCO POLO: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Dec. 27, 2012, the shareholders of Marco Polo Pure Pan-China
Fund received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marco Polo Pure Asset Management (Cayman Islands) Limited
         P.O. Box 309, Ugland House
         Grand Cayman, KY1-1104
         Cayman Islands


NATURALLY CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 9, 2013, the shareholders of Naturally Cayman Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stephen Herron
         P.O. Box 1004 Grand Cayman KY1-1503
         Cayman Islands
         Telephone: 345-916-0200


RENAISSANCE COMMODITY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Dec. 27, 2012, the shareholders of Renaissance Commodity Plus
Fund received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Appleby Trust (Cayman) Ltd.
         Clifton House
         75 Fort Street
         Grand Cayman
         Cayman Islands


STRATEGIC OPPORTUNITIES: Shareholders Receive Wind-Up Report
------------------------------------------------------------
On Dec. 27, 2012, the sole shareholder of The Strategic
Opportunities Fund Ltd. received 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


UNIVERSITY COMMUNITY: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On Dec. 28, 2012, the shareholders of University Community Health
Insurance Company SPC, Ltd. received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands



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


INVERSIONES ALSACIA: Fitch Puts Bonds Rating on Watch Negative
--------------------------------------------------------------
Fitch Ratings places the 'BB' rating on Inversiones Alsacia's
USD464 million senior secured bonds due in 2018 on Rating Watch
Negative. The negative action reflects the impact of a combination
of events occurred in 2012 that may adversely affect the company's
future operational and financial performance. The rating will be
reviewed within the next six months, in order to assess the
progress on the concerning issues that triggered this rating
action.

KEY RATING DRIVERS

-- INCREASED DEPENDENCE ON DEMAND: The Operating Contract
amendment of May 2012 heightened the project's risk profile by
significantly increasing the linkage between passenger demand and
revenue levels. In the last two years demand has performed below
expectations. The contractual amendment includes a restated
economic equilibrium mechanism that partially mitigates such risk
by compensating to some extent, demand declines over 3%, among
others. However, compensation payments are received several months
after the occurrence of a negative impact in revenue, stressing
the project's liquidity.

-- HIGHER OPERATIONAL COMPLEXITY: Compared to other availability-
based projects, bus operations are logistically complex. The
incorporation of additional bus routes has heightened operational
complexity. Synergies coming from Alsacia and Express' operational
merger have taken longer than expected to materialize. In 2012,
operational and administrative cost was largely increased mainly
due to a series of one-time events. The risk of a continued cost
escalation in the coming years is partially mitigated by the
indexed pass-through of major cost items that is present in the
formula to calculate revenues.

-- ADEQUATE DEBT STRUCTURE: Tight covenants for equity
distribution and additional leverage, fixed interest rate, a
cross-currency swap contracted with highly-rated institutions, and
a 6-month debt service reserve account.

-- WEAKENING COVERAGES: Although coverage for the first three
payments surpassed Fitch's base projection, the amended formula to
calculate revenues paired with the cost increase during 2012
tightened financial coverage ratios to the point that the use of
reserve funds is imminent. Debt coverage performance for the
coming payments is highly uncertain given that new a negotiation
round to discuss the contractual terms with the Government is
scheduled for April 2013.

-- CAPEX RESERVES ARE BELOW INDUSTRY STARDARDS: In 2012, ALSACIA
made important investments in overhauling a portion of its bus
fleet. However, given such investment and the fact that current
fleet has a remaining life of 10 years average, Fitch does not
foresee infrastructure renewal risk as material.

KEY RATING SENSITIVITIES

-- New contractual terms following the April 2013 negotiations
    with  the Chilean Ministry of Transportation and
    Telecommunications (MTT) that could lead to a negative impact
    on the company's operations and cash available for debt
    service.

-- Liquidity reduction resulting in DSCR under 1.00 times (x),
    which would imply the Debt Service Reserve Account (DSRA) was
    not fulfilled, but used again.

-- End of governmental subsidy could negatively impact the
    system's and the company's financial position.

SECURITY

The notes are secured by a first lien interest of total revenues
and contract rights, as well as all assets owned by Alsacia and
Express, excluding a bus terminal located in Huachuraba.

CREDIT UPDATE

During 2012, with information as of the third quarter, Alsacia's
expenses grew higher than revenues, resulting in a 24% contraction
of Ebitda. As a result, resources from the DSRA will be needed to
partially fund the coming debt payment scheduled for February
2013.

Lower-than-expected revenue growth, albeit improvements to evasion
control and operation indexes, came basically from the restatement
of the formula as established in the Operational Agreements signed
between the operators and the MTT and effective starting May 1,
2012. Revenues are now more linked and sensitive to demand
performance, which has been contracting since the end of 2011. In
addition, the contractual amendments also include that those
transfers across the services of a single operator will now
account as one passenger only. Demand for Alsacia and Express
slightly recovered in the last quarter of the year, and their
performance generally follows that of the whole Transantiago
system.

According to Alsacia, lower demand was mainly driven by the
numerous holidays in Chile during 2012, the greater competition
from the Metro lines, and an increased use of automobiles.
Although the revenue volatility has potentially increased, the
Operating Agreement comprises two economic equilibrium mechanisms
to offset the companies for demand losses over 3%. The mechanisms
include annual compensation payments and biannual adjustments to
the amount the MTT pays per passenger using the operators'
services. The first compensation payment is scheduled for May
2013, and the company expects to partially use its proceeds to
replenish the DSRA. The annual frequency of these payments is
likely to further stress the project's cash flows.

In addition to the contractual compensation mechanisms, in 2012
the MTT declared its intention to reimburse some of the
Transantiago operators for the Technical-Operative Reserve they
contributed with in 2005. Alsacia already received CLP 9,090
million, while Express will be able to receive CLP 29,432 million
in as much as five installments between January 2014 and October
2018.

On the expense side, in 2012 the company faced a series of
extraordinary one-time costs, such as: a heavy bus overhaul
program that was expected in a later period, the temporary
outsourcing of the recently taken over Feeder D, the external
advisory services needed to restructure the operating plans, and
the restructuring of the Union Agreements that were restated and
extended for three and four more years.

Some of the additional and recurring expenditures are the
engagement of 400 inspectors in charge of improving evasion
control, and supplementary drivers and maintenance personnel to
properly operate Feeder D. Since most of the deviation was due to
the single-time incidents, it is Fitch's belief that costs will
normalize within the few coming months.

Regarding the system's subsidy that ends in 2014, aiming to stop
fares' escalation, in 2012 the Government started the process to
obtain a subsidy of USD 750 million per year, to be approved until
2022. The process is at a very advanced stage, and expected to be
resolved by the first semester of 2013. While the subsidy
termination is a potential risk, Fitch considers it is very unlike
to occur, given the fact that Transantiago is a top-priority
project for the country, as has been demonstrated in the past.
Recently, the MTT announced in April 2013 there will be another
round of negotiations with the operators for possibly re-adjusting
the Operational Contracts. The direction and result of such
discussions are still unknown but are likely to strongly determine
Alsacia's financial performance.

Fitch believes that, if the current terms of the Operation
Agreement continue and demand does not recover in the short term,
Alsacia will have increased pressure to keep costs controlled at
or under budgeted levels, in order to reach at least the 22%
Ebitda averaged in 2008-2011, and still be able to face its
increasing debt obligations.

Fitch Base Case assumed demand stays at current (2012) level while
cost increases 3% over budget to reach 22% Ebitda average over the
2013-2018 projected horizon. DSCR results in 1.03x minimum and
1.10x average.

Fitch Stress Case considered demand contracts 5% in 2013 and then
stays stable, while cost increases 5% over budget to reach 20%
Ebitda average. DSCR results in 0.93x minimum and 1.02x average.
Under this scenario, funds from the DSRA have to be called several
times.

Alsacia and Express are two of the top bus concessionaires of the
Transantiago System, which provides mass urban bus/metro
transportation services to the City of Santiago, in Chile since
2005, and is regulated by the MTT. The transaction consisted of
the acquisition by Alsacia of the remaining shares of Express, and
the refinancing of all the existing debt of both concessionaires.



===============
C O L O M B I A
===============


LATAM TRUST: Fitch Affirms 'BB+' Rating on CLP5.1MM Notes
---------------------------------------------------------
Fitch Ratings has affirmed the notes issued by Latam Trust series
2007-105, removed the Negative Watch status and assigned a Stable
Outlook as follows:

-- CLP5,136,000 credit-linked notes 'BB+sf'; Outlook Stable.

The rating action is based on the rating of the reference entity,
Endesa, S.A. (rated 'BBB+'; Outlook Negative by Fitch). Fitch
affirmed the rating of Endesa and resolved its Negative Watch
status on Jan. 16, 2013. Fitch monitors the performance of the
underlying risk-presenting entities and adjusts the rating
accordingly through application of its current credit-linked note
(CLN) criteria, 'Global Rating Criteria for Single- and Multi-Name
Credit-Linked Notes' dated Feb. 22, 2012.

Fitch's rating of Latam 2007-105 is credit-linked to the rating of
the qualified investment, Merrill Lynch & Co., Inc. subordinated
notes (ISIN XS0267827169, rated 'BBB' by Fitch), and the reference
entity. Since the subordinated notes are considered the highest
risk-presenting entity, the Rating Outlook assigned to Latam 2007-
105 reflects the Outlook on the issuer of the subordinated notes,
Merrill Lynch & Co., Inc. (rated 'A'; Outlook Stable by Fitch).

Latam 2007-105 (the issuer) is a single-name CLN structure
referencing Endesa, S.A. via a Credit Default Swap (CDS) between
the issuer and the swap counterparty, Merrill Lynch Capital
Services (MLCS), which is guaranteed by Merrill Lynch & Co., Inc.
The CDS is funded by subordinated notes (the qualified investment)
issued by Merrill Lynch & Co., Inc. The rating of the notes
addresses the likelihood that investors will receive full and
timely payments of interest and repayment of principal by the
legal final maturity date according to the terms of the notes.
Payments of interest and principal will be made in U.S. dollar
(USD) amounts adjusted according to both the prevailing value of
the Unidad de Fomento (UF) and the CLP/USD exchange rate.



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


NCB: To Close Red Hills Road Branch After 42 Years
--------------------------------------------------
Julian Richardson at Jamaica Observer reports that National
Commercial Bank will shut down its Red Hills Road branch in March
after more than four decades in operation on the St Andrew strip.

The financial institution said it will consolidate the outlet,
located inside the Red Hills Mall shopping complex, with its Half-
Way-Tree branch, according to Jamaica Observer.  The report
relates that the NCB automated teller machine (ATM), however, will
remain at the entrance to the shopping halls at the mall.

Jamaica Observer notes that NCB Manager of Group Corporate
Communications Belinda Williams said that the move is "in order to
achieve greater operating efficiency."

However, Jamaica Observer says that the firm's exit from Red Hills
Road is another blow to the once commercially vibrant thoroughfare
that has become a shadow of its former self, milked of its appeal
by criminal activities and feuding politically-aligned gangs over
the years.

NCB did not disclose how many workers are employed at the Red
Hills Road branch, but Williams noted that "staff will be
redeployed throughout the NCB network," the report discloses.

The NCB Red Hills Road branch was first established in 1971, but
was moved to its present spot inside the complex in 1976, said
Williams, who noted that the location is owned by the financial
institution.



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


BANCO PROVINCIAL: Fitch Affirms 'B+' Long-Term IDR; Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Venezuela-based Banco Provincial's
long-term Issuer Default Rating (IDR) at 'B+' with a Negative
Rating Outlook.

Rating Action Rationale

Provincial's financial profile, as reflected in its Viability
Rating (VR), drives the bank's long-term IDR. Provincial's IDRs
are at the same level as Fitch's Sovereign ratings for Venezuela
(foreign and local currency IDRs 'B+'; Outlook Negative).

Fitch has affirmed Provincial's VR and IDRs as the bank remains
well positioned to deliver strong financial results (even when
adjusting for inflation) despite the high degree of government
intervention in the banking business. In Fitch's opinion, strong
risk policies bolstered by Provincial's largest shareholder,
Spain's Banco Bilbao Vizcaya Argentaria, combined with the bank's
vast knowledge of the Venezuelan market will continue to underpin
the resilience of the bank's solid credit profile, even with the
expected weakening of the operating environment this year.

Fitch believes that the shareholders' willingness to provide
support should it be required is possible, though it cannot be
relied upon due to the governments interference with the banking
system, which is what results in Provincial's Support rating of
'5'. Despite Provincial's systemic importance, its support floor
of 'No Floor' (NF) reflects Venezuela's speculative-grade rating,
and the government's limited willingness and capacity to provide
support.

SENSITIVITIES/RATING DRIVERS - IDRS, VR, AND NATIONAL RATINGS

Provincial's ratings reflect its strong franchise and financial
profile. The ratings also incorporate the bank's conservative risk
management and operational support from BBVA. Despite the bank's
strong credit profile, the ratings are constrained by the
sovereign due to the negative effects of government control over
the financial sector and the broader economy (reflected in
Venezuela's 'B+'; Negative Outlook).

Provincial continues to be one of the most profitable private
sector banks in Venezuela due to its stable and ample net interest
margin, controlled credit costs and better efficiency. The bank's
ROAA ratio reached a historic peak of 5.85% (not adjusted for
inflation) at year-end 2012, comparing favorably to both domestic
(private sector universal banks) and international (emerging
market commercial banks with a VR of 'b-/b/b+') peers. Given the
recent currency devaluation, Fitch expects lower credit growth, as
well as higher credit costs and operational expenses to pressure
earnings in 2013. Nevertheless, Provincial is likely to maintain
its strong financial performance relative to peers, even on an
inflation-adjusted basis.

Low impaired loans and charge-offs and ample loan loss reserve
coverage continues to support the bank's stellar asset quality
relative to peers. The bank's loan portfolio is adequately
diversified given its leading position in most business segments.
Although Fitch expects asset quality to deteriorate in the short
term due to the challenging economic environment, Provincial's
indicators should remain among the best relative to domestic and
international peers.

Access to ample retail funding is a key strength of the bank in
terms of funding costs and liquidity management as well as a tool
to leverage its growth through cross-selling from its vast
customer base. Excess liquidity continued to drive robust deposit
growth in 2012, reducing Provincial's loans/customer deposits
ratio to 59% at year-end. Fitch expects the bank's loan portfolio
to remain fully funded by deposits over the medium term.

Moderate cash dividends limited by local regulation and high
profits sustained Provincial's equity growth at almost the same
level as asset growth. As a result, the bank's Fitch core
capital/adjusted weighted risks ratio decreased only slightly to
17.2% at YE2012 from 17.5% at YE2011. Nevertheless, Provincial's
capitalization still compares favorably to both domestic and
international peers, a trend Fitch expects to continue in 2013.

SENSITIVITIES/RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING
FLOOR

There is limited upside to the bank's Support rating and Support
Floor over the medium term given the sovereign's current ratings
and Outlooks and the government's propensity to intervene in the
banking business and overall private sector activities.

Provincial is Venezuela's third largest bank, with a 12.2% market
share in terms of total assets at Dec. 31, 2012. Spain's BBVA
controls about 55.2% of Provincial's equity and Grupo Polar is the
second largest shareholder with a 26.5% stake.

Fitch has affirmed these ratings:

-- Long-term foreign and local currency IDRs at 'B+'; Outlook
    Negative;
-- Short-term foreign and local currency ratings at 'B';
-- Viability at 'b+';
-- Support at 5;
-- Support Floor NF;
-- Long-term national-scale rating at 'AA+(ven)';
-- Short-term national-scale rating at 'F1+(ven)'.



===============
X X X X X X X X
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* LATAM: CDB Head Warns of 'Fiscal Cliff' Facing Countries
----------------------------------------------------------
RJR News reports that Dr .Warren Smith, president of  the
Caribbean Development Bank (CDB), has warned Jamaica and six other
member countries of the institution to avoid facing their own
"fiscal cliff" - as happened to the US - by moving vigorously to
reduce their mounting debt stock.

The other countries are Trinidad and Tobago, Barbados, Grenada, St
Kitts and Nevis, and Grenada, according to RJR News.

The report relates that the CDB boss said the debt levels of
Jamaica and other countries have become unsustainable.

And, Mr. Smith emphasized, anchoring investor confidence, both at
home and abroad, will require governments to take corrective
policy action, RJR News notes.

The report relates that as analyzed by the CDB, the fiscal policy
agenda of the seven economies identified with unsustainable debt
levels must include measures that tackle improvements in tax
yields by reassessing the range of exemptions and concessions
offered.

Jamaica is currently struggling with $1.7 trillion in debt, the
report discloses.

                            ***********


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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