TCRLA_Public/130218.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 18, 2013, Vol. 14, No. 34


                            Headlines



A R G E N T I N A

* ARGENTINA: DBRS Confirms Long-term Currency Ratings at 'B'


B R A Z I L

LACTEOS BRASIL: Files for Bankruptcy, Cites Huge Debts


C A Y M A N  I S L A N D S

3G SELECT: Shareholders Receive Wind-Up Report
AUSTRALIA ACQUISITION: Shareholders Receive Wind-Up Report
BLUEALPHA GLOBAL: Shareholders Receive Wind-Up Report
CHAPTERHOUSE HOLDINGS: Shareholder Receives Wind-Up Report
DECCAN VALUE: Members Receive Wind-Up Report

EMERGING MARKETS: Members Receive Wind-Up Report
EMERGING MARKETS MASTER: Members Receive Wind-Up Report
FRUIT OF THE LOOM: Members Receive Wind-Up Report
FTL CARIBE: Members Receive Wind-Up Report
GI ASSET: Shareholders Receive Wind-Up Report

GREENWICH INVESTABLE: Shareholder Receives Wind-Up Report
HUTCHISON TELECOMMUNICATIONS: Shareholder Receives Wind-Up Report
KAISEN CAPITAL: Shareholders Receive Wind-Up Report
KAISEN FORTUNE: Shareholders Receive Wind-Up Report
KAISEN FORTUNE MASTER: Shareholders Receive Wind-Up Report

MELLON SL: Shareholders Receive Wind-Up Report
PERENNIAL OFFSHORE: Shareholder Receives Wind-Up Report
PRODIGAL EQUITY: Shareholders Receive Wind-Up Report
ROSA TORRES: Shareholder Receives Wind-Up Report
SENTIENT EXECUTIVE: Shareholders Receive Wind-Up Report

SURANYA GLOBAL: Shareholder Receives Wind-Up Report


C O L O M B I A

ECOPETROL SA: Net Income Slides 18% to COP3.62 Trillion


J A M A I C A

PALMYRA RESORT: Delinquencies Among Owners Rise to $400,000++
* JAMAICA: Moody's Reviews B3-Rated Bonds for Possible Downgrade


M E X I C O

TENEDORA NEMAK: Fitch Assigns 'BB-' LT Issuer Default Rating
TENEDORA NEMAK: S&P Assigns 'BB-' LT Corporate Credit Rating
TENEDORA NEMAK: Moody's Assigns Ba2 Rating to USD300MM Sr. Notes


P U E R T O   R I C O

P.AGUILERA & ASSOCIATES: Case Summary & Largest Unsec Creditors


X X X X X X X X

* BOND PRICING: For the Week Feb. 11 to Feb. 15, 2013




                            - - - - -


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


* ARGENTINA: DBRS Confirms Long-term Currency Ratings at 'B'
------------------------------------------------------------
DBRS Inc. (DBRS) has confirmed the Republic of Argentina's long-
term foreign and local currency issuer ratings at 'B'.  In
addition, the short-term foreign and local currency issuer ratings
have been confirmed at R-4.  All long-term and short-term issuer
ratings remain Under Review with Negative Implications (URN).

The URN reflects the near-term risk that the U.S. Court of Appeals
will affirm a New York District Court ruling that seeks to compel
Argentina to repay in full its past due debts to holdout creditor
NML Capital Limited (NML) the next time Argentina makes a payment
on its restructured bonds.  A hearing is scheduled for February
27, 2013 but the exact timing of a final ruling is uncertain.  The
U.S. Supreme Court could also decide to hear the case before the
final ruling takes effect.  However, if the ruling (as clarified
by the District Court) is affirmed by the Court of Appeals, DBRS
sees a very high risk that Argentina will selectively default on
its restructured bonds rather than be forced to pay NML.  In the
event of an adverse court ruling, DBRS would consider any actions
or statements by Argentina that appear to jeopardize the timely
servicing of its performing debt to be sufficient reason for a
downgrade of the foreign currency rating, likely to CCC or lower.

In addition to the risks associated with New York litigation, DBRS
believes that significant strains are emerging from Argentina's
inconsistent mix of fiscal, monetary, trade, and exchange rate
policies.  Particularly since late 2011, the Argentine
government's unpredictable policy actions have had a negative
impact on economic activity and have weakened consumer and
investor confidence.  Fiscal performance is deteriorating, though
a lack of available external financing may tighten constraints on
expenditure growth going forward.  Alternatively, greater reliance
on domestic financing sources to cover a growing fiscal deficit
could exacerbate inflationary pressures and increase the risks to
macroeconomic stability.  High inflation already appears to be
entrenched and Argentina has been formally censured by the IMF for
inaccuracies in its price and GDP statistics.

In spite of these growing challenges, Argentina's relatively
modest levels of public debt, adequate reserves, and robust terms
of trade provide the government with sufficient flexibility to
meet its obligations over the next several years.  The government
is meeting its financing needs through a number of domestic
sources, including the Social Security Institute (ANSES) and the
Central Bank.

The central government holds significant sway over the economy,
including through wages, subsidies, prices, import licensing, and
foreign exchange controls.  It remains unclear how the government
will respond to growing economic pressures.  Controls may continue
to expand, even while the implementation of existing controls may
be adjusted to reduce their negative impact on the economy.  In
this environment, a commodity price shock or a sustained
deterioration in the growth outlook could result in downward
pressure on Argentina's credit ratings.  Conversely, continued
high agricultural commodity prices, a stronger recovery in Brazil,
steps to improve relations with creditors, or a shift in policies
toward a more open and market-driven economy could substantially
improve Argentina's outlook.


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


LACTEOS BRASIL: Files for Bankruptcy, Cites Huge Debts
------------------------------------------------------
Rogerio Jelmayer at Dow Jones' DBR Small Cap reports that LBR
Lacteos Brasil SA filed for judicial recovery, citing huge debts.

Silvio Cascione at Reuters, citing securities filing, writes that
Lacteos Brasil filed under Brazilian law.

Hamilton, Bermuda-based Laep Investments Ltd. has an indirect
stake in Lacteos Brasil through investment holding company
Monticiano SA.

Lucia Kassai at Bloomberg News relates that Laep Investments said
it is selling shares because it needs an "urgent capital
injection" to pay creditors and suppliers.

Bloomberg News notes that Laep said it plans to raise US$10.2
million by issuing 40.1 million new class A shares at 25 cents
apiece in the Luxembourg stock exchange.  Laep also trades
Brazilian depositary receipts, or BDRs, in Sao Paulo.

The share sale will "raise capital in the face of the financial
situation of the company, which needs an urgent capital
injection," Laep said in a statement obtained by Bloomberg News.
Proceeds will be used to pay creditors and suppliers, the company
said, according to Bloomberg News.

Lacteos Brasil SA LBR is a dairy producer in Brazil.


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


3G SELECT: Shareholders Receive Wind-Up Report
----------------------------------------------
On Dec. 26, 2012, the shareholders of 3G Select Onshore Fund Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         3G Capital Partners Ltd
         c/o 3G Capital, Inc.
         600 Third Avenue
         New York, NY 10016
         USA
         Telephone: (212) 893-6727


AUSTRALIA ACQUISITION: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Dec. 27, 2012, the shareholders of Australia Acquisition Corp.
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Peter Ziegler
         Ian Zimmer
         Peter O'Brien
         Marion Igarashi
         Level 9 Podium, 530 Collins Street
         Melbourne, Victoria 3000
         Australia


BLUEALPHA GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Dec. 27, 2012, the shareholders of Bluealpha Global Absolute
Return Fund Limited 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


CHAPTERHOUSE HOLDINGS: Shareholder Receives Wind-Up Report
----------------------------------------------------------
On Dec. 24, 2012, the sole shareholder of Chapterhouse Holdings
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 Corinne Bateman
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-815-2606/ 345-949-4800
         Facsimile: 345-949-7164


DECCAN VALUE: Members Receive Wind-Up Report
--------------------------------------------
On Dec. 31, 2012, the members of Deccan Value Advisors 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


EMERGING MARKETS: Members Receive Wind-Up Report
------------------------------------------------
On Dec. 31, 2012, the members of Emerging Markets Futures Fund
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Penner
         Marcin Czarnocki, Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2228


EMERGING MARKETS MASTER: Members Receive Wind-Up Report
-------------------------------------------------------
On Dec. 31, 2012, the members of Emerging Markets Futures Master
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Michael Penner
         Marcin Czarnocki, Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2228


FRUIT OF THE LOOM: Members Receive Wind-Up Report
-------------------------------------------------
On Jan. 28, 2013, the members of Fruit Of The Loom Operating Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd
         Anderson Square, Shedden Rd
         PO Box 866, George Town
         Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 7555


FTL CARIBE: Members Receive Wind-Up Report
------------------------------------------
On Jan. 29, 2013, the members of FTL Caribe, Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd
         Anderson Square, Shedden Rd
         PO Box 866, George Town
         Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 7555


GI ASSET: Shareholders Receive Wind-Up Report
---------------------------------------------
On Jan. 11, 2013, the shareholders of GI Asset Management Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Peter Van Zoost
         Tovel Suite, PO Box 4643
         Road Town VG1110, Tortola
         USA


GREENWICH INVESTABLE: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On Dec. 27, 2012, the sole shareholder of Greenwich Investable
Index Groups Fund SPC, Ltd. received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815 1759
         Facsimile: (345) 949-9877


HUTCHISON TELECOMMUNICATIONS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------------
On Dec. 31, 2012, the sole shareholder of Hutchison
Telecommunications (TH) Limited received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong
         Telephone: 852 2980 1988
         Facsimile: 852 2882 6700


KAISEN CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Dec. 27, 2012, the shareholders of Kaisen Capital Management
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Cheng Shu Yuen
         Room 2505-06
         Greenfield Tower Concordia Plaza
         1 Science Museum Road
         TST East, Kowloon
         Hong Kong


KAISEN FORTUNE: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Dec. 27, 2012, the shareholders of Kaisen Fortune Fund received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Cheng Shu Yuen
         Room 2505-06
         Greenfield Tower Concordia Plaza
         1 Science Museum Road
         TST East, Kowloon
         Hong Kong


KAISEN FORTUNE MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Dec. 27, 2012, the shareholders of Kaisen Fortune Master Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Cheng Shu Yuen
         Room 2505-06
         Greenfield Tower Concordia Plaza
         1 Science Museum Road
         TST East, Kowloon
         Hong Kong


MELLON SL: Shareholders Receive Wind-Up Report
----------------------------------------------
On Dec. 27, 2012, the shareholders of Mellon SL Cayman 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
         PO Box 1350
         Grand Cayman KY1-1108
         Cayman Islands


PERENNIAL OFFSHORE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Dec. 31, 2012, the sole shareholder of Perennial Offshore Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877


PRODIGAL EQUITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 4, 2013, the shareholders of Prodigal Equity Relative
Value Fund 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
         c/o Jennifer Chailler
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         Telephone: (345) 814 6847


ROSA TORRES: Shareholder Receives Wind-Up Report
------------------------------------------------
On Jan. 10, 2013, the sole shareholder of Rosa Torres received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         PO Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


SENTIENT EXECUTIVE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Dec. 28, 2012, the shareholders of Sentient Executive MLP1,
Limited 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


SURANYA GLOBAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
On Dec. 28, 2012, the shareholder of Suranya Global Opportunities
Master Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier, Attorneys
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


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


ECOPETROL SA: Net Income Slides 18% to COP3.62 Trillion
-------------------------------------------------------
Andrea Jaramillo & Oscar Medina at Bloomberg News report that
Ecopetrol SA said profit dropped for a third straight quarter on a
year-on-year basis on lower sales volumes and a rise in costs.

The company said that net income slid 18% to COP3.62 trillion ($2
billion), from COP4.4 trillion a year earlier, according to
Bloomberg News.

Bloomberg News relates that production climbed 3% from a year
earlier to 762,000 barrels a day.  Proven reserves rose to 1.88
billion barrels in 2012, from 1.86 billion barrels a year earlier,
Bloomberg News discloses.

Colombia isn't considering selling any of its 88.5 percent stake
in the company this year, Finance Minister Mauricio Cardenas said
in an interview last month, Bloomberg News adds.

Ecopetrol S.A. -- http://www.ecopetrol.com.co/-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas Company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined
products.


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


PALMYRA RESORT: Delinquencies Among Owners Rise to $400,000++
-------------------------------------------------------------
Janet Silvera at Jamaica Gleaner reports that delinquencies among
condo owners at Palmyra Resort & Spa, which is in receivership,
have climbed to more than $400,000, creating a shortfall in funds
needed to operate the property.

"Delinquency is one of the challenges the property faces, forcing
both banks that own the property, the National Commercial and RBC
Royal Bank Jamaica, to fork out US$6 million in 2012 to maintain
the property," Jamaica Gleaner quoted receiver Ken Tomlinson --
kentom@cwjamaica.com -- of Business Recovery Services Limited, as
saying.

The report relates that Mr. Tomlinson indicated that the initially
reported US$450,000 cost per month to fund the property in
receivership was understated.

Jamaica Gleaner notes that sources said about 55% of the unit
owners reportedly owe some fees.  Collections last year were said
to amount to US$500,000 from US$900,000 owed, the sources said,
the report relays.

The report recalls that Palmyra was placed in receivership in July
2011 by National Commercial Bank and RBC Royal Bank Jamaica, who
accused the developers of defaulting on their loans.  The report
relates that the developers, led by Robert Trotta, have denied
breaching their loan agreements and sued the banks and Mr.
Tomlinson.

The banks and the receiver are preparing to fight the lawsuit,
which was filed in January 2013.

Jamaica Gleaner says that a number of the condo owners are
refusing to pay maintenance fees, claiming that not all the
facilities promised when they acquired their units have been
delivered; some have claimed that the receivership is hurting
their chances at earning rental income from their investment.

The report notes that the development was unfinished at its
takeover by the banks which arranged loans amounting to US$110
million for Palmyra, and the receiver is attempting the sell the
property to new investors to complete the project.  Some 82 units
were reportedly already sold at the takeover, the report
discloses.

NCB and RBC Jamaica have been covering some of the costs to manage
the property.

Jamaica Gleaner says that the receiver forks out more than
US$180,000 per month to maintain an independent power plant that
services the development.  When the banks took over, the
electricity bill was approximately US$300,000 per month, while the
upkeep for the property, including the power plant and hotel, was
costing US$1 million per month, the report adds.

                     About Palmyra Resort

The Palmyra, which is located at Rose Hall in Montego Bay, is a
288-room hotel/condominium complex encompassing three towers, two
of which were completed.  It has 103 owners of individual condos,
with 97 units remaining for sale on the completed blocks, the
Sabal Tower and Silver Tower.  The shell of a high-rise hotel
designed for 88 studio suites, called Sentry Tower, and 11 three-
bedroom villas are at varying stages of completion.

                        *     *     *

Jamaica Observer said that local banks placed the Palmyra Resort
and Spa into receivership on July 22, 2011.  Jamaica Gleaner,
citing information filed with the Companies Office of Jamaica,
reports that businessman Robert Trotta has at least a US$22
million loan with RBC Royal Bank Jamaica (fka RBTT), and a US$88
million loan with National Commercial Bank secured by debenture
dated 2007 amounting to US$110 million.  The size of the
outstanding debts was not ascertained.  Mr. Trotta headed the
U.S.-based Resort Properties Group, which is one of the developers
of the resort.  The second developer is Michelle Rollins' Rose
Hall Developments.

                Plan to Sell Through Auction Fails

Jamaica Gleaner, citing sources, said plans to sell the Palmyra
Resort & Spa at auction have failed despite two extensions on the
original sealed-bid deadline.  The Financial Gleaner has learned
that Palmyra receiver Ken Tomlinson has switched to Plan B and is
now hoping to sell the 16-acre beachfront property via private
treaty.


* JAMAICA: Moody's Reviews B3-Rated Bonds for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed Jamaica's B3 government bond
ratings on review for a possible downgrade as a result of the
authorities' announcement that the government will pursue a debt
restructuring involving a debt exchange that will affect US$9.1
million in domestic debt or approximately 46% of the total stock
of government debt, which Moody's estimates exceeded 130% of GDP
at year-end 2012.

Eligible investors will include Jamaican residents in possession
of government notes issued prior to the launch of the offering.

The government's offer, which does not incorporate haircuts to
principal, involves both lower coupon rates as well as maturity
extension of 3-5 years for most domestic instruments. In Moody's
opinion, the debt exchange is likely to constitute a distressed
exchange and, consequently, considered a default event by Moody's
definition.

The debt restructuring is viewed as a precursor to an IMF program
that will provide the government with short-term liquidity relief
and boost foreign exchange reserves that declined sharply last
year, raising the specter of a balance of payments crisis.

Moody's review will focus on an assessment of anticipated investor
losses. Additionally, since the terms announced by the government
closely mirror Jamaica's debt exchange in 2010, which ultimately
proved insufficient to materially improve the sovereign's credit
profile, the review will also examine the extent to which post-
restructuring conditions are likely to support medium-term debt
sustainability.

The principal methodology used in this rating was "Sovereign Bond
Ratings Methodology" published in September 2008.


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


TENEDORA NEMAK: Fitch Assigns 'BB-' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned these ratings to Tenedora Nemak, S.A.
de C.V.:

-- Foreign Currency Long-Term Issuer Default Rating (IDR) 'BB-';
-- Local Currency Long-Term IDR 'BB-';
-- Proposed USD300 million senior notes due up to 2023 'BB-(exp)'.

Additionally, Fitch currently rates Nemak as follows:

-- Long-Term National Scale 'A-(mex)';
-- Certificados Bursatiles NEMAK 07 issuance 'A+(mex)'.

The Rating Outlook is Stable.

Nemak's ratings reflect the strengthening of the company's
operative and financial position after the integration of JL
French Automotive Castings, Inc., recent acquisition, improved
product portfolio diversification by entering into the aluminum
transmission components, suspension and structural parts' markets,
reduction of the Detroit Three's concentration by strengthening
other OEM relationships, continued favorable consistency of
revenues and EBITDA, and lower leverage due to higher EBITDA
generation.

Fitch expects that Nemak will continue to show a positive trend in
EBITDA generation that will allow it to generate neutral to
positive free cash flow and maintain debt levels relatively stable
in the coming years. In Fitch's view, the main challenges the
company faces are associated mainly with Capex requirements
related to continuing to update installed capacity and addressing
new growth opportunities, as well as continue strengthening of its
credit profile through lower leverage levels.

The rating assigned to the Certificados Bursatiles issuance takes
into account the partial guarantee granted by Bancomext equivalent
to 29% of the principal amount and 100% of the first interest
payment in case of anticipated or scheduled maturity. Fitch
believes that a Partial Credit Guarantee (PCG) can reduce loss
severity given default and uplifts the guaranteed issuance's
rating by some notches above the issuer's stand-alone rating. The
overall recovery estimate considering the execution of the
guarantee and the proceeds from company liquidation determine the
number of the notches for the uplift.

Strong Global Business Position

Nemak's ratings reflect the company's strong position in high-tech
aluminum components for the automotive industry in North American,
South American and European markets. The company also has presence
in high-growth regions, such as Asia; it has limited exposure to
unstable European economies as most of its operations in the
region are located in Northern Europe and a high percentage of
installed capacity is in low-costs countries. The ratings also
reflect the long-term relationship that Nemak has with its
customers; the company is considered an essential supplier for
Detroit Three OEMs. Also considered in the ratings are the
geographic diversification of cash flows and good liquidity
position. The ratings are tempered by cyclicality of the
automotive industry, and North American operations and customers'
concentration.

Geographical Diversification of Cash Flows Strengthens Nemak's
Business Profile.

The company's expansion in Europe, South America and Asia through
the acquisitions made in 2007 allowed it to grow its geographical
diversification, which was a positive during the fiscal crisis in
North America. This expansion strategy also reduced customer
concentration, especially with the Detroit Three OEMs, which
currently represent 48% of the company's total volume compared to
80% before the acquisitions. Nemak is considered an essential
provider for these OEMs. The company has presence in China and
India, markets that provide attractive growth opportunities and
diversification, as in the coming years these countries are
expected to have important developments. Currently, the European
market's tough economic situation has resulted in pressures on car
sales volume in the region; however, most of Nemak's operations
are dedicated to serve both local and export markets, mainly North
America and Asia, which has translated to stable production
volumes.

Higher Volumes and Favorable Pricing Trends Support Results

During the past three years, the company has been reporting a
continued favorable consistency in sales volume, revenues and
EBITDA generation as a result of new programs with OEMs in
America, Europe and Asia, along with additional demand due to
increased market share with American OEMs. Nemak's results are
also supported by higher consumer confidence, in conjunction with
better sales mix, improved productivity and higher fixed costs
absorption in a greater volume, as well as the incorporation of
the recently acquired JL French operations. For 2012 on a pro-
forma forma basis (considering 12 months of JL French operations),
Nemak's revenues and EBITDA were close to USD4 billion and USD530
million, respectively, compared to USD2.9 billion and USD300
million reached during 2007, before the global crisis. Nemak
reported a pro-forma EBITDA per equivalent cylinder head of USD12
dollars for the full year 2012 compared to USD10.5 dollars per
cylinder head in 2011 and US11 in 2010, mainly reflecting a better
sales mix of higher value added products.

Improved Leverage

Nemak has been reducing its leverage in the past three years,
mainly, through higher EBITDA generation. At the end of 2012 on a
pro-forma basis, the company's gross leverage was 2.7x, and 3.1x
considering loans from the parent company. These loans are
subordinated by contract from the rest of Nemak's senior debt. In
Fitch's opinion, these subordinated credits provide flexibility to
its service and amortization, given the parent company's current
position. Fitch estimates that Nemak's gross debt to EBITDA will
remain below 2.8x in the next two years.

At the end of December 2012, Nemak reported a manageable debt
structure. The company had cash balances of USD51 million,
generated USD73 million of free cash flow (LTM) and had annual
average debt maturities of approximately USD150 million for the
next two years. The company's liquidity is further supported by
available committed revolving credit lines of approximately USD160
million which mature in 2014. Fitch believes that Nemak has enough
flexibility to meet its financial commitments. The proceeds of the
proposed senior notes issuance will be used mainly to refinance
existing bank debt.

SENSITIVITY/RATINGS DRIVERS:

Nemak's ratings could be affected by a decrease in sales volume
and/or an increase in costs and expenses that would negatively
impact EBITDA generation, as well as financial and operative
ratios.

Factors that may be considered positive for the credit profile of
the company include a continuing favorable trend in EBITDA
generation and constant positive free cash flow generation,
allowing it to maintain constant gross leverage levels near 2.5x.


TENEDORA NEMAK: S&P Assigns 'BB-' LT Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Tenedora Nemak S.A. de C.V. (Nemak).
S&P also assigned its 'BB-' long-term issue rating to the
company's proposed approximately $300 million senior unsecured
notes with a recovery rating of '3', indicating S&P's expectation
of meaningful (50% to 70%) recovery in the event of a payment
default.  At the same time, S&P affirmed its 'mxA-' national scale
long-term corporate credit rating on the company.  The company
will use the proceeds of the proposed issuance to refinance a
portion of its outstanding debt.  The outlook is stable.

The ratings on Nemak reflect S&P's assessment of the company's
"weak" business risk profile and "aggressive" financial risk
profile, as per S&P's rating criteria and in line with most of
Nemak's rated peers.  S&P's assessment of the company's "weak"
business risk profile reflects the concentration of more than
60% of its sales volume in the three major U.S.-based automakers--
Ford Motor Co. (Ford), General Motors Co. (GM), and Chrysler Group
LLC (Chrysler)--its concentration in manufacturing cylinder heads
and engine blocks (about 85% of revenues), and the cyclical nature
of the automotive industry.  The company's worldwide leading
position in the casting sector of aluminum components for
the automotive industry, geographic diversification, close and
long-term relationship with key customers, and high-technology
processes partly offset these factors.  S&P's assessment of its
"aggressive" financial risk profile reflects the company's growth
strategy through debt-financed acquisitions and a relatively
leveraged capital structure.  Positive factors of its financial
risk profile include the company's improved key financial metrics
and "adequate" liquidity.


TENEDORA NEMAK: Moody's Assigns Ba2 Rating to USD300MM Sr. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Tenedora Nemak,
S.A. de C.V.'s senior unsecured global notes for an amount of
approximately USD300 million and a tenor up to 10 years. At the
same time, Moody's assigned a Ba2 corporate family rating to
Nemak. The outlook is stable. This is the first time Moody's has
rated Nemak.

Issuance proceeds will be used to refinance existing bank debt.

Ratings Rationale

"Nemak's Ba2 rating reflects the company's strong market position;
its importance as a key supplier of cylinder heads to several
automakers; its adequate liquidity; and its geographic
diversification that mitigates earnings volatility," said Alonso
Sanchez, an Assistant Vice President at Moody's. The rating also
incorporates certain level of execution risk in integrating
acquisitions, partly offset by the good track record in M&A of
Nemak and Alfa (Nemak's parent company).

"Partially mitigating these positives are the highly competitive
environment in the automotive supplier industry; Nemak's limited
business diversification evidenced by a narrow product focus on
aluminum cylinder heads, engine blocks and transmission components
which have the same demand drivers; its relative small size when
compared to industry peers; and a still large exposure to the Big
3 U.S. OEMs," added Alonso Sanchez.

Despite Nemak's relatively small scale when compared to other auto
part manufacturers it has a strong market position globally being
only surpassed by the OEMs internal foundries.

Moody's positively views Nemak's geographic diversification as the
different market dynamics in its regions of operation helps to
mitigate revenue volatility. In 2012 the company's revenues came
mainly from North America (59%) and Europe (33%). Nemak's broad
customer base also provides some revenue diversification; however
the company has a high exposure to the US Big-3 OEMs (Ford,
General Motors and Chrysler) which in 2012 accounted for 57% of
its total sales volumes.

The company has a competitive cost base and benefits from aluminum
cost pass-through arrangements with its customers that mitigates
the risk of high commodity price volatility (aluminum represents
around 45% of cost of goods sold). Nemak's profitability as
measured by EBITDA per equivalent unit has remained stable at an
average of USD10.6 over the 2008-2011 period despite lower sales
volumes during the economic crisis. In 2012 Nemak's profitability
increased to a USD12 EBITDA per equivalent unit.

Nemak's credit metrics are weaker as compared to other Ba-rated
industry peers. Moody's estimates adjusted debt/EBITDA of 2.7
times as of December 31, 2012 and adjusted EBIT/Interest expense
of 3.2 times in 2012.

The stable rating outlook reflects Moody's expectation that the
company will be able to achieve its projected growth while
maintaining adequate liquidity and stronger credit metrics with
positive free cash flow generation. It also incorporates Moody's
expectation that the company will manage its leverage at or below
2.5 times. The stable outlook assumes that the company will not
engage in any major acquisitions that could materially weaken its
liquidity or credit profile.

A ratings upgrade is unlikely over the near to medium term because
of the company's limited scale and product diversification. Longer
term, upward rating pressure could occur if the company were to
materially increase its size, maintain positive free cash flow,
and improve its credit metrics with Debt/EBITDA approaching to
around 2.0 times and EBIT/Interest higher than 3.0 times on a
sustained basis.

The rating could be downgraded if the company's margins are
affected for example due to a change in the pass-through aluminum
price agreements with OEMs or if there is an adverse change in the
company's market position. A deterioration in the company's credit
metrics such that debt/EBITDA increases close to 4.0 times with
EBIT/interest expense declining below 2.5 times or if the
company's free cash flow becomes negative could also pressure the
rating.

The principal methodology used in this rating was the Global
Automotive Supplier Industry Methodology published in January
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Tenedora Nemak, S.A. de C.V. is a subsidiary of Alfa, a publicly
traded Mexican company with four main businesses: petrochemicals
(Alpek), high-tech aluminum auto components (Nemak), refrigerated
food (Sigma), and telecommunications (Alestra). Nemak produces
cylinder heads, engine blocks and transmissions for light vehicles
manufactured by OEMs. Nemak products are sold mainly in North
America, South America, and Europe. Nemak's revenues and EBITDA
are estimated at USD3.9 billion and over USD500 million,
respectively for 2012.


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


P.AGUILERA & ASSOCIATES: Case Summary & Largest Unsec Creditors
---------------------------------------------------------------
Debtor: P.Aguilera & Associates, Inc.
        P.O. Box 366263
        San Juan, PR 00936-6263

Bankruptcy Case No.: 13-01048

Chapter 11 Petition Date: February 13, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Teresa M Lube Capo, Esq.
                  LUBE & SOTO LAW OFFICES PSC
                  1130 Ave FD Roosevelt
                  San Juan, PR 00920-2906
                  Tel: (787) 722-0909
                  Fax: (787) 977-1709
                  E-mail: lubeysoto@gmail.com

Estimated Assets: US$100,001 to US$500,000

Estimated Debts: US$1,000,001 to US$10,000,000

A list of the Company's 20 largest unsecured creditors, filed
together with the petition, is available for free at
http://bankrupt.com/misc/prb13-01048.pdf

The petition was signed by Pascual Aguilera Aldamuy, president.


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


* BOND PRICING: For the Week Feb. 11 to Feb. 15, 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
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Tuesday's edition of the TCR-LA features a list of companies with
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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
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                            ***********


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, Julie Anne L. Toledo, 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
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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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