TCRLA_Public/130222.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 22, 2013, Vol. 14, No. 38


                            Headlines



A R G E N T I N A

CATERPILLAR FINANCIAL: Moody's Keeps Ba3 CFR After Debt Guarantee


C A Y M A N  I S L A N D S

AMERICAN GENERAL: Commences Liquidation Proceedings
BLACK DIAMOND: Commences Liquidation Proceedings
CRAFT 2012-3: Commences Liquidation Proceedings
GATKEF DEAL I: Commences Liquidation Proceedings
GATKEF DEAL II: Commences Liquidation Proceedings

GATWA DEAL: Commences Liquidation Proceedings
GREEN FOREST: Commences Liquidation Proceedings
JLOC VII: Commences Liquidation Proceedings
MA WHITNEY: Commences Liquidation Proceedings
NOMURA CBO 1997-2: Commences Liquidation Proceedings

PREFERRED INVESTORS: Commences Liquidation Proceedings
RP FINANCE I: Commences Liquidation Proceedings
STURA DEAL: Commences Liquidation Proceedings
TORA ASSET: Commences Liquidation Proceedings
TRAFALGAR ANSON: Commences Liquidation Proceedings

WESLEY CAPITAL: Commences Liquidation Proceedings
WHITE MOUNTAIN: Commences Liquidation Proceedings
WHITNEY JAPAN: Commences Liquidation Proceedings
WHITNEY JAPAN TRADING: Commences Liquidation Proceedings
WW CHINA: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Power Firms List Actions to Ease Money Woes


H O N D U R A S

* HONDURAS: IDB Approves US$17.2 MM Loan for Road Improvement


J A M A I C A

CLARENDON ALUMINA: Fitch Downgrades IDR to 'CCC'
DIGICEL GROUP: Plans to Raise US$700MM Through Unsecured Bonds
JAMAICA DIVERSIFIED 2006-1: Moody's Cuts DPR Transactions to B3
UC RUSAL: Forecasts Uncertainties in Mining Sector



                            - - - - -


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


CATERPILLAR FINANCIAL: Moody's Keeps Ba3 CFR After Debt Guarantee
-----------------------------------------------------------------
Moody's Investors Service upgraded the local currency rating of
Caterpillar Financial Services Argentina S.A.'s MTN multicurrency
debt program to (P)A2 from (P)Ba3 and the foreign currency rating
to (P)A2 from (P)B3, as well as the related debt issuances to A2
from Ba3, based on the full, unconditional and irrevocable
guarantee of its parent, Caterpillar Financial Services
Corporation (CFSC), rated A2.

Moody's has also upgraded the company's national scale foreign
currency debt rating to Aaa.ar from A2.ar. The rating actions
reflect the implementation of Moody's core principles for credit
substitution in light of the features of the CFSC debt guarantee.
These principles are described in "Moody's Identifies Core
Principles of Guarantees for Credit substitution".

At the same time, Moody's has affirmed CFSA's local currency
corporate family rating (CFR) and issuer rating of Ba3 and the
national scale issuer rating of Aaa.ar. Moody's has also affirmed
the company's national scale local currency debt rating of Aaa.ar.

The outlook on all the ratings is stable.

The following ratings of Caterpillar Financial Services Argentina
were upgraded:

Ar$300 million MTN multicurrency debt program:

Global Local-Currency Debt Rating to (P)A2 from (P)Ba3, stable
outlook

Global Foreign-Currency Debt Rating to (P)A2 from (P)B3, stable
outlook

National Scale Foreign-Currency Debt Rating to Aaa.ar from A2.ar

Ar$100 million issuance:

Global Local-Currency Debt Rating to A2 from Ba3, stable outlook

The following ratings of Caterpillar Financial Services Argentina
S.A. were affirmed:

Local currency corporate family rating: Ba3, stable outlook

Local Currency Issuer Rating: Ba3, stable outlook

National Scale Local-Currency Issuer Rating: Aaa.ar

National Scale Local-Currency Debt Rating: Aaa.ar

Ratings Rationale:

The upgrade of CFSA's debt ratings reflects the full,
unconditional and irrevocable guarantee of its parent, Caterpillar
Financial Services Corporation, rated A2 that provides full credit
substitution for the debt instruments of the subsidiary in
accordance with Moody's core principles for credit substitution.
The parental guarantee i) is irrevocable and unconditional; ii)
promises full and timely payment of the underlying obligations;
iii) covers preference payments, fraudulent conveyance charges,
and other payments that have been rescinded, repudiated, or
"clawed back"; iv) waives all defenses;, v) its term extends as
long as the term of the underlying obligation; vi) is enforceable
against the guarantor, and vii) is governed under New York law, a
jurisdiction hospitable to the enforcement of guarantees.

The Ba3 CFR and issuer ratings are based on the caa1 standalone
credit assessment that receives four notches of uplift as a result
of Moody's assumption of full support by the parent. The caa1
standalone credit assessment reflects the company's limited core
earning power and franchise, though with strong brand recognition
in the market.

CFSA is a finance company headquartered in Buenos Aires,
Argentina, and reported total assets of Ar$82.6 million and equity
of Ar$23 million as of September 30, 2012.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.


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


AMERICAN GENERAL: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
American General CBO 2000-1 Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

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


BLACK DIAMOND: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Black Diamond CLO 2000-1 Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

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


CRAFT 2012-3: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Craft 2012-3, Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

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


GATKEF DEAL I: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Gatkef Deal I Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

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


GATKEF DEAL II: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Gatkef Deal II Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

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


GATWA DEAL: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Gatwa Deal Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

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


GREEN FOREST: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Green Forest Securities Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

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


JLOC VII: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
JLOC VII Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

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


MA WHITNEY: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Ma Whitney Japan Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

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


NOMURA CBO 1997-2: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Nomura CBO 1997-2 Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

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


PREFERRED INVESTORS: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on Dec. 4, 2012, the members of
Preferred Investors Offshore, Ltd resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


RP FINANCE I: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
RP Finance I resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

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


STURA DEAL: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Stura Deal Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

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


TORA ASSET: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 3, 2012, the sole shareholder of Tora Asset Management
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TRAFALGAR ANSON: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Trafalgar Anson Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WESLEY CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Wesley Capital Master
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WHITE MOUNTAIN: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
White Mountain Securities Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

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


WHITNEY JAPAN: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Whitney Japan Feeder I Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

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


WHITNEY JAPAN TRADING: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2012, the members of
Whitney Japan Trading Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

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


WW CHINA: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 28, 2012, the sole member of WW China Global Connection
Fund Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gene Dacosta
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands
         Telephone: (345) 814-7765
         Facsimile: (345) 945-3902


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REP: Power Firms List Actions to Ease Money Woes
------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
grouped in ADIE listed five actions it said will obtain the
sector's short-term financing, bail out the distribution companies
(Edes), boost output and improve the power lines.

Among its proposals figure catting the inter-sector's debt in
arrears, decrease distribution losses to 20% in the next five
years, increase Edes' collections and focalize the electricity
subsidy, according to Dominican Today.

The report relates that ADIE also suggests a revamped and expanded
distribution system, turn users of the service into paying
customers, and promote the expansion of the generating capacity.

In an e-mailed statement, ADIE affirms that those actions would
lead to lowering the sector's operating costs with higher
generation from available units as well as the distribution's
financial costs, and improved service quality, Dominican Today
notes.

"This proposal is part of the measures that must be carried out in
the short, medium and long term, to spur the electricity sector's
continued development, aimed at contributing with its financial
sustainability," the report quoted ADIE as saying.


===============
H O N D U R A S
===============


* HONDURAS: IDB Approves US$17.2 MM Loan for Road Improvement
-------------------------------------------------------------
The Inter-American Development Bank (IDB) disclosed the approval
of a US$17.2 million loan to support the widening and improvement
of CA-5 Norte, the principal highway in Honduras.

CA-5 Norte, of strategic importance to the region and the country
as part of the International Network of Mesoamerican Highways
(RICAM), links the capital city, Tegucigalpa, with Honduras' main
industrial area, San Pedro Sula, and to the only deep-water port
in Central America, Puerto Cortes, on the Caribbean coast.

The new financing complements a US$30 million loan approved by the
IDB in 2007 and a US$50 million loan approved by the IDB in 2004
to finish works across 50.2 kms of CA-5 Norte.  The CA-5 Norte
also has financing from the World Bank, the Central American Bank
for Economic Integration, the OPEC Fund and the U.S. Millennium
Challenge Corporation.

The 50.2 kms improved with IDB financing are divided in two
segments, the first one between San Antonio detour to the end of
the Valle de Comayagua with 24.7 kms, and the second segment
between La Barca and Villanueva with 25.5 kms, including a 320 ml
bridge over the Ulua river.

The investments will turn 60 percent of CA-5 Norte into a four-
lane highway, while 17% will have a third climbing lane, reducing
traveling time by 20%.

The IDB's lending consists of US$12.04 million from ordinary
capital (OC) and US$5.16 million from the concessional Fund for
Special Operations (FSO).  The OC is for a 30-year term, with a
72-month grace period, and carries a variable interest rate; the
FSO component is for a 40-year term, with a 40 year grace period
and 0.25% interest.


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


CLARENDON ALUMINA: Fitch Downgrades IDR to 'CCC'
------------------------------------------------
Fitch Ratings has downgraded Clarendon Alumina Production
Limited's ratings as follows:

-- Long-term foreign currency (FC) Issuer Default Rating (IDR)
    to 'CCC' from 'B-';

-- Local currency (LC) long-term IDR to 'CCC' from 'B-';

-- USD200 million 8.5% unsecured notes due November 2021 to
    'CCC/RR4' from 'B-/RR4'.

The Negative Outlook has been removed.

KEY RATING DRIVERS

CAP's ratings are directly linked to those of Jamaica. The
unsecured notes are supported by an explicit unconditional and
irrevocable guarantee by the Government of Jamaica (GoJ) for the
timely payment of interest and principal.

The downgrade of CAP's ratings to 'CCC' follow the downgrade of
Jamaica's international senior unsecured debt instruments to 'CCC'
from 'B-'and long-term FC and LC IDR's to 'C' from 'B-' on
Feb. 12, 2013.

CAP's ratings mirror the ratings for Jamaica's international
bonds, as an unsuccessful debt exchange could result in increased
financing pressures for the sovereign.

Jamaica's ratings were downgraded after the proposed debt exchange
announced by the government involving approximately J$860 billion
in both FC and LC domestic debt. Fitch considers that Jamaica's
proposed domestic debt exchange will, if completed, constitute a
default. Hence, the sovereign's FC and LC IDRs will be lowered to
'Restricted Default' (RD) upon completion of the exchange. The
government plans to close the exchange on Feb. 21, 2013.

Jamaica's ratings will be raised out of default shortly after
Fitch determines that the exchange has been successful, which is
typically measured by a minimum participation rate of 90%. The new
rating will be consistent with Jamaica's prospective credit
profile and debt structure. CAP's ratings will mirror the action
taken in accordance with its 100% government ownership.

CAP is the holding company for the government of Jamaica's 45%
ownership in a joint venture with a subsidiary of Alcoa called
Jamalco, which is a bauxite mining and alumina refining operation
in Jamaica. Jamalco is an unincorporated joint venture association
that involves the proportionate sharing of production costs and
the alumina output of the Clarendon Alumina Refinery (CAR). CAR's
production rate during fiscal 2012 was 1.27 million tons, down on
normal average production of 1.36 million tons due to power issues
during the fiscal year.


DIGICEL GROUP: Plans to Raise US$700MM Through Unsecured Bonds
--------------------------------------------------------------
RJR News reports that Digicel Group plans to raise US$700 million
by way of unsecured bonds.

The Irish Times newspaper reported that the proceeds will be used
to repurchase notes which are due for repayment in 2014 and carry
a coupon of 12%, according to RJR News.  The report relates that a
tendering process to acquire the notes began on Feb. 19.

Digicel Group, the report discloses, said the principal amount
outstanding on the notes was US$510 million.  It has offered
US$1,068 to bondholders for every US$1,000 in notes that they
hold, says the report.

If taken up in full, the offer will cost Digicel US$545 million,
the report notes.

The tender offer is due to close on March 4.

Moody's assigned a B1 rating to Digicel's proposed new senior
unsecured notes, which will be due in 2021.  The report notes that
Moody's highlighted the company's exposure to Jamaica, which
accounts for about 18% of total revenue.

Moody's noted that Jamaica is struggling to revive its economy and
experiencing competitive telecom pricing following the imposition
of regulatory and additional government taxes, the report adds.

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

                           *     *     *

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 DIVERSIFIED 2006-1: Moody's Cuts DPR Transactions to B3
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Jamaica
Diversified Payment Rights Company, Series 2006-1 and 2007-1. The
transactions are originated by National Commercial Bank Jamaica
Limited.

Complete rating actions are as follows:

Issuer: Jamaica Diversified Payment Rights Company, Series 2006-1

Ser. 2006-1, Downgraded to B3 and Placed Under Review for Possible
Downgrade; previously on Jan 28, 2010 Downgraded to B2

Issuer: Jamaica Diversified Payment Rights Company, Series 2007-1

Ser. 2007-1, Downgraded to B3 and Placed Under Review for Possible
Downgrade; previously on Jan 28, 2010 Downgraded to B2

Ratings Rationale:

The rating action is the result of the government bond ratings of
The Government of Jamaica being placed on review for possible
downgrade with credit -negative consequences to NCB as holder of
Jamaican government securities.

Moody's placed the Government of 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
approximately 46% of the total stock of government debt, which
Moody's estimates exceeded 130% of GDP at year-end 2012.

As in most future flow transactions, the ratings of Jamaica
Diversified Payment Rights Series 2006-1 and 2007-1are linked to
the operational and financial strength of the originator of the
future receivables, in this case, NCB. As a result, a change in
Moody's opinion about the creditworthiness of the Jamaican
government, together with its potential impact on NCB, results in
a change of the rating of NCB's future flow transactions.

Moody's notes that both future flow transactions are currently
performing according to expectations. Both Series 2006-1 and 2007-
1 issued by Jamaica Diversified Payment Rights Company exhibit
strong monthly and quarterly debt service coverage levels.
Quarterly debt service coverage levels have remained above 60x
since 2Q2011 and well above transaction triggers.

The Jamaica Diversified Payment Rights Company, Series 2006-1, and
Series 2007-1 notes are backed by existing and future U.S. dollar
cash flows generated by the electronic remittance business of NCB.
NCB is the originator of and the servicer in both transactions.

The previous rating action on the Jamaican Diversified Payment
Rights, Series 2006-1 and Series 2007-1 Notes occurred on January
2010, when Moody's downgraded the notes to B2.

The principal methodology used in this rating was "Moody's
Approach to Rating Diversified Payment Rights Securitisations"
published in March 2009.


UC RUSAL: Forecasts Uncertainties in Mining Sector
--------------------------------------------------
RJR News reports that Russian Aluminium Company, UC RUSAL, which
has a major stake in Jamaica mining sector, expects that the
uncertainties seen in 2012, namely the Eurozone financial crisis
and slowdown in Chinese growth, will lessen this year.

It said this is due to the strong financial stimulus programs that
have been taken by central banks in key regions and growing data
from China, according to RJR News.

The report relates that the global primary aluminum consumption is
forecast to reach 50 million tonnes with China, the largest
growing market, followed by India, Asia, North America and Russia.

Consumption growth in Europe this year is expected to be 2% lower
than 2012 levels, the report notes.

As a consequence, UC RUSAL forecasts that the global aluminum
market to be balanced in the current year, the report says.

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

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2012, RJR News said that Russian aluminum giant UC
Rusal, which has a major stake in Jamaica's bauxite/alumina
industry, expects to reach a deal with its lenders within six
months to refinance part of an US$11 billion debt burden.  It will
agree to new loan conditions by the end this year before its
covenant holiday expires, according to RJR News.


                            ***********


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, 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
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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