TCRLA_Public/130225.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 25, 2013, Vol. 14, No. 39


                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: CARICOM Firm in Backing Antigua in Dispute


B E L I Z E

* BELIZE: Bondholders Has Finally Agreed to a Debt Exchange


B E R M U D A

ENERGY XXI: S&P Retains 'B+' Rating on Unsecured Debt


C A Y M A N  I S L A N D S

CASTLERIGG GLOBAL: Commences Liquidation Proceedings
DB SUKUK: Commences Liquidation Proceedings
HENRI OCTO: Commences Liquidation Proceedings
LOOMIS SAYLES: Commences Liquidation Proceedings
LOOMIS SAYLES ALPHA: Commences Liquidation Proceedings

LOOMIS SAYLES EXTENDED: Commences Liquidation Proceedings
LOOMIS SAYLES FUND II: Commences Liquidation Proceedings
LOOMIS SAYLES LEVERAGED: Commences Liquidation Proceedings
LOOMIS SAYLES RETURN: Commences Liquidation Proceedings
LOOMIS SAYLES SENIOR: Commences Liquidation Proceedings

MARIZA PRIVATE: Placed Under Voluntary Wind-Up
MELCO CROWN SPV: Commences Liquidation Proceedings
MORTGAGE OPPORTUNITY: Commences Liquidation Proceedings
SCARABEE INVESTMENTS: Commences Liquidation Proceedings
SG CAYMAN POWER: Commences Liquidation Proceedings

SPECIAL SELECT: Placed Under Voluntary Wind-Up
SYNERGY GROUP: Placed Under Voluntary Wind-Up
WELLINGTON EQUITIES: Commences Liquidation Proceedings
WINDSOR CHARITABLE: Commences Liquidation Proceedings


J A M A I C A

RBC JAMAICA: Union Upset on Delay in Restructuring Proposal


M E X I C O

FINCOMUN SERVICIOS: S&P Lowers Rating to 'B+'; Outlook Stable
MAXCOM TELECOM: Moody's Rates Proposed USD200MM Sr. Notes (P)Caa1
MAXCOM TELECOM: S&P Downgrades CCR to 'CC'
* New Mexican Housing Laws Might Impact Homebuilders Says Moody's


X X X X X X X X

* Latin American Banks Issues More Debts in 2012 Says Moody's
* BOND PRICING: For the Week Feb. 18 to Feb. 22, 2013




                            - - - - -


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


* ANTIGUA & BARBUDA: CARICOM Firm in Backing Antigua in Dispute
---------------------------------------------------------------
Caribbean360.com reports that the Caribbean Community (CARICOM)
disclosed its full backing for Antigua and Barbuda and called for
the United States to co-operate with the territory in its efforts
to secure compensation.

"The Caribbean Community affirms its full support for Antigua and
Barbuda in its fight to obtain United States of America compliance
with the ruling of the World Trade Organization (WTO) Dispute
Settlement Body on the subject of cross-border provision of
gambling and betting services. . . . The Conference of Heads of
Government calls on the US to settle the dispute with Antigua and
Barbuda by honoring its obligations to respect international rules
and by complying with the decision of the WTO in this matter.
Those rules apply to all countries whether small, large, rich or
poor.  All countries must abide by their obligations within the
Community of Nations in the WTO.  The Community has stood with the
US and the Community of Nations to defend the imperative of full
compliance with internationally accepted norms and rules. However,
in this case, the US must review its actions in the context of the
principles referred to above," CARICOM stated, according to
Caribbean360.com.

The report relates that negotiators from the United States had
held consultations with Antigua and Barbuda to discuss meaningful
compensation for the hurt that Antigua and Barbuda claims was
caused by.  In 2006, Antigua and Barbuda-based providers held a
25% online gaming market share in the US, the report recalls.

The report says that in a landmark decision in 2004, the WTO
agreed that the introduction of a number of laws criminalizing
remote gambling services offered to American consumers were in
violation of the US's international treaty obligations.

However, to date, the government of Antigua and Barbuda has said
that "it has been unable, despite sustained efforts, to either get
the United States to comply with the WTO ruling or negotiate any
reasonable compromise to settle the dispute," the report relates.


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


* BELIZE: Bondholders Has Finally Agreed to a Debt Exchange
-----------------------------------------------------------
Caribbean360.com, citing Reuters, said a committee representing
major Belize bondholders has agreed to a debt exchange on the
country's US$550 million "super bond" after almost a year of
negotiations.

Committee members agreed unanimously to swap their old United
States dollar bonds for new bonds with a maturity date of 2038,
the group said in a statement, according to Caribbean360.com.

"The Committee appreciates the (Belize government's) willingness
to negotiate in good faith and to adhere to what was in the end a
fair and transparent process," the report quoted AJ Mediratta,
joint chair of the committee and co-president of Greylock Capital
Management, as saying.

Caribbean360.com notes that under the deal put forward by the
government, creditors would write off 10% of the value of the
bonds, far less than the 45% haircut Belize had proposed as one of
the original restructuring options.

The maturity of the bonds will be extended by nine years to 2038.

The interest rate will be set initially at 5% for 4.5 years and
stepping up to 6.788% for the remaining term, a reduction from the
current 8.5% rate, Caribbean360.com discloses.

The report notes that Glenford Ysaguirre, Belize's central bank
governor, said the committee represented holders of 66% of the
superbond's value.  The remaining 34% is held by others, who must
be dealt with individually by the Belize government, Mr. Ysaguirre
added, the report relays.

The report discloses that the Belize government needs a 75% take-
up rate to trigger a collective action clause, a mechanism used to
restructure government bonds in a crisis.

"The new bond offer will stay open for three weeks.  At that time
(Belize's government) will know if it was successful in reaching
the 75% threshold," Mr. Ysaguirre said in a statement obtained by
the news agency.

The committee and another group of 20 institutional bondholders
together represent creditors holding 62% of the outstanding debt.

An unnamed spokesman for the committee said it was likely the 20
institutional investors would follow the committee's
recommendation, the report says.

The committee said participants in the exchange would receive most
favored creditor status and the principal would be protected in
the event of a future default, the report adds.


=============
B E R M U D A
=============


ENERGY XXI: S&P Retains 'B+' Rating on Unsecured Debt
-----------------------------------------------------
Standard & Poor's Ratings Services said it has revised its
recovery rating on Energy XXI Gulf Coast Inc.'s senior unsecured
debt to '3' from '4'. Energy XXI Gulf Coast Inc. is a subsidiary
of Energy XXI (Bermuda) Ltd.  The '3' recovery rating reflects
S&P's expectation that creditors would receive meaningful (50% to
70%) recovery in the event of a payment default.  The issue-level
rating on Energy XXI's unsecured debt remains 'B+' (same as the
corporate credit rating).


S&P's 'B+' corporate credit rating and stable outlook on Energy
XXI (Bermuda) Ltd. are also unchanged.


The higher recovery expectation reflects an updated PV10 valuation
of proved reserves, including the recent acquisition of additional
interests in the Laphroaig field, based on S&P's revised recovery
price deck assumptions of $50 per barrel (bbl) for West Texas
Intermediate crude oil and $3.50 per million British thermal unit
(mmBtu) for Henry Hub natural gas (previously $45/bbl and
$4/mmBtu, respectively).


RATINGS LIST


Energy XXI (Bermuda) Ltd.

Corporate Credit Rating                B+/Stable/--

Ratings Affirmed/Recovery Rating Revised

Energy XXI Gulf Coast Inc.

Senior Unsecured                        B+
Recovery rating                        3                 4


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


CASTLERIGG GLOBAL: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 28, 2012, the sole shareholder of Castlerigg Global Select
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 17, 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


DB SUKUK: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 6, 2012, the sole shareholder of DB Sukuk Company 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 SPV (Cayman) Limited
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814-6847


HENRI OCTO: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 5, 2012, the sole shareholder of Henri Octo Fund 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


LOOMIS SAYLES: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi-
Sector Absolute Return 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


LOOMIS SAYLES ALPHA: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi-
Sector Absolute Return Extended Alpha 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


LOOMIS SAYLES EXTENDED: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi-
Sector Absolute Return Extended Alpha 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


LOOMIS SAYLES FUND II: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Loomis Sayles Cayman
Leveraged Senior Loan Fund II, 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


LOOMIS SAYLES LEVERAGED: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Loomis Sayles Leveraged
Senior Loan 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


LOOMIS SAYLES RETURN: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi-
Sector Absolute Return 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


LOOMIS SAYLES SENIOR: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 3, 2012, the sole shareholder of Loomis Sayles Leveraged
Senior Loan Fund II 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


MARIZA PRIVATE: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 26, 2012, the sole shareholder of Mariza Private Trust
Company resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622
         Grand Cayman KY1-1203
         Cayman Islands


MELCO CROWN SPV: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 29, 2012, the shareholders of Melco Crown SPV 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:

         Chung Yuk Man
         The Centrium, 38th Floor
         60 Wyndham Street
         Central, Hong Kong
         Telephone: (852) 3151-3728


MORTGAGE OPPORTUNITY: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Mortgage Opportunity Fund
VI Series B, 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


SCARABEE INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 4, 2012, the sole shareholder of Scarabee Investments Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Roberto Alarcon
         Av. Cerro Colorado 5240
         Torre del Parque II Piso 9
         Las Condes, Santiago
         Chile


SG CAYMAN POWER: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 28, 2012, the sole shareholder of SG Cayman Power
Holdings, 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


SPECIAL SELECT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 5, 2012, the sole shareholder of The Special Select (USD)
Fund Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Susan Lo Yee Har
         Telephone: (852) 2980-1618
         Facsimile: (852) 2262-7818
         Tricor Services Limited
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SYNERGY GROUP: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 5, 2012, the sole shareholder of Synergy Group Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


WELLINGTON EQUITIES: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 4, 2012, the shareholders of Wellington Equities Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WINDSOR CHARITABLE: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 4, 2012, the shareholders of The Windsor Charitable
Foundation resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


RBC JAMAICA: Union Upset on Delay in Restructuring Proposal
-----------------------------------------------------------
RJR News reports that the main union representing workers at RBC
Jamaica is taking issue with the delay by the bank's management to
present details of its proposed restructuring.

During a meeting earlier with representatives of the bank, the
Bustamante Industrial Trade Union (BITU) said it was not happy
with the lack of information flow on the restructuring, according
to RJR News.

The report relates that Senator Kavan Gayle, BITU president-
general is worried about the implications.  Mr. Gayle told RJR
News that further meetings will be held with RBC to discuss the
matter.

As reported in the Troubled Company Reporter-Latin America on
Jan. 29, 2013, Jamaica Observer said that RBC Royal Bank
Jamaica (RBCJ) plans to close four branches and lay off 10% of its
staff.  Over the next three to four months, the bank will close
Cross Roads, Linstead, Santa Cruz, and Spanish Town, leaving 13
branches open, according to Jamaica Observer.  The report related
that after the reorganization, which is part of a two-year plan to
return the bank to profitability, RBCJ will have 70 less employees
than the approximately 700 currently on its payroll.


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


FINCOMUN SERVICIOS: S&P Lowers Rating to 'B+'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term global
scale issuer credit rating on FinComun Servicios Financieros
Comunitarios S.A. de C.V. Sociedad Financiera Popular (FinComun)
to 'B+' from 'BB-' and its national scale rating to 'mxBBB/mxA-3'
from 'mxBBB+/mxA-2' .  At the same time, S&P affirmed its 'B'
short-term global scale issuer credit rating.  The outlook is
stable.

"The downgrade on FinComun is the result of a decrease in its
capitalization as it has significantly expanded its loan
portfolio, and posted net losses over the last two fiscal years,"
said Standard & Poor's credit analyst Elena Enciso.  The
investments that the company has made in order to achieve this
growth have been reflected in higher expenses causing the
deterioration of Fincomun's capitalization.  In this sense, S&P's
projected risk-adjusted capital (RAC) ratio before diversification
on FinComun dropped to 6.01% from S&P's March 2012 estimate of
more than 7%.  S&P's ratings on FinComun reflect its "moderate"
business position, and capital and earnings, "weak" risk position,
"adequate" liquidity and "below-average" funding, as S&P's
criteria define these terms.


MAXCOM TELECOM: Moody's Rates Proposed USD200MM Sr. Notes (P)Caa1
-----------------------------------------------------------------
Moody's Investors Service assigned (P)Caa1 rating to Maxcom
Telecomunicaciones, S.A.B. de C.V. (Maxcom)'s proposed up to USD
200 million in senior secured notes due 2020. The provisional
rating is subject to the successful exchange of existing notes for
new notes, as offered by Maxcom. Simultaneously, Moody's affirmed
Maxcom's Caa1 corporate family rating and the Caa1 rating on
existing USD 200 million in senior secured notes due 2014. The
ratings outlook remains developing.

The date of the last Credit Rating Action was December 5, 2012.

Ratings Rationale:

On February 20, 2013, Maxcom announced an offer to exchange any
and all of the company's outstanding 11% USD 200 million Senior
Secured Notes due December 2014 for up to USD 200 million Senior
Secured Notes due 2020.

The exchange offer expires on March 20, 2013. If the offer is
accepted by bondholders representing over 90% of current notes
outstanding, the control of Maxcom could be transferred to Ventura
Capital Privado (Ventura), which on the same date has offered to
acquire all of Maxcom's outstanding shares. The exchange of at
least 90% of the existing 2014 notes is a condition precedent for
Ventura to acquire and take control of Maxcom.

Based on its definitions and under the terms and conditions of the
proposed notes exchange, Moody's would consider it a distressed
exchange. If 100% of the existing notes are exchanged for new
notes, Moody's would withdraw the ratings on the existing notes.

Moody's expects no change to Maxcom's current Caa1 corporate
family rating if the existing notes are exchanged for the new
notes. Possible credit positives from the exchange include 1)
improved capital structure and liquidity position considering an
expected capital injection by Ventura of about USD45 million; 2)
higher profitability, assuming a lower interest rate on the new
notes; 3) a more comfortable debt maturity profile; and 4) the new
shareholders successful experience with small and medium size
business in Mexico. However, these positives are mitigated by
Maxcom's poor operating results in the last 4 years and a
challenging business environment in Mexico given strong
competition from larger and better capitalized telcos and cable TV
companies.

Instead, given Maxcom's current weak liquidity position (as of
November 30, 2012 the company held about USD 16 million in readily
available cash) and the limited prospects of a short term
solution, if the exchange is not successful, Maxcom's ratings
could be downgraded, potentially by more than one notch.

On December 4, 2012, Maxcom announced that Ventura, a Mexican
private equity fund, offered to acquire up to 100% of the
company's shares and that shareholders which represent about 44%
of the capital of Maxcom have accepted the offer, subject to 1)
regulatory approvals and other conditions; 2) Ventura being able
to acquire a minimum of 51% of Maxcom's capital; and 3) a
successful exchange of the outstanding USD 200 million in global
notes for new notes to be issued by Maxcom.

Maxcom's current Caa1 ratings reflect the company's weak sales
performance; small revenue size; and negative free cash flow, as
calculated by Moody's. Maxcom's current leverage (at 3.6 times
adjusted debt to EBITDA for LTM September 30, 2012) is adequate
for its Caa1 rating category. However, interest coverage as per
adjusted EBITDA minus capex to interest payments is weak at 0.8
times during the last twelve months.

The principal methodology used in rating Maxcom was the Global
Telecommunications Industry Methodology published in December
2010.

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider.
It delivers last-mile connectivity to micro, small and medium-
sized businesses and residential customers (social classes C and
D) in Mexico. It provides local and long-distance voice, data,
high speed, dedicated and dial-up Internet access, cable TV,
public telephony and Voice over Internet Protocol telephony, as
well as service bundles. Maxcom launched commercial operations in
May 1999 and is currently offering services in greater
metropolitan Mexico City, Puebla, Queretaro and San Luis Potosi
and, on a selected basis to business subscribers, in several
cities in Mexico. Revenues during the last twelve months ended in
September 30, 2012 amounted to about USD 167 million with a 37%
adjusted EBITDA margin.


MAXCOM TELECOM: S&P Downgrades CCR to 'CC'
------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue level ratings on Maxcom Telecomunicaciones S.A.B. de
C.V. (Maxcom) to 'CC' from 'CCC+'.  S&P removed the ratings from
CreditWatch with negative implications, where it placed them on
Dec. 6, 2012.  The recovery rating of '3' on the company's senior
secured notes remains unchanged.  The outlook on the corporate
credit rating is negative.

The downgrade follows the company's announcement of an offer to
exchange its current $200 million senior secured notes due 2014
for an issuance of an aggregate principal amount of $200 million
6% senior secured notes due 2020, with a step-up in interest rate
by 100 basis points in 2016 and 2018.  The company will not
receive any cash proceeds in the exchange offer.

"According to our criteria, we view this as a distressed exchange
and tantamount to a default," said Standard & Poor's credit
analyst Marcela Duenas.  The offer, in S&P's view, implies that
the investors will receive less value than the promise of the
original securities, the interest rate is lower than the original
yield, and the new security maturity extends beyond the original
maturity date.

The exchange offer, if completed, will give Maxcom a more
manageable debt maturity profile and will allow the company to
reduce its interest rate payments.


* New Mexican Housing Laws Might Impact Homebuilders Says Moody's
-----------------------------------------------------------------
The new housing policy of Mexico's federal government will create
negative credit implications for homebuilders over the next two
years as it will increase their cost of doing business, says
Moody's Investors Service in a new report.

"As with the past regulations, the new rules will be especially
onerous as the homebuilders have to bring their practices into
compliance with the new standards," said Moody's Analyst Griselda
Bisono, author of the report, "New Mexican Housing Policy Will Be
Short-Term Credit Negative for Homebuilders."

However, she explained, "this will not begin until 2014 and the
changes will be phased-in over a 24-month transition period."

Mexico's President Enrique Pea Nieto announced the general
outlines of the new national housing policy earlier this month
with additional details expected later. The new regulations
maintain several objectives of the prior administration.

The rating agency report highlights that Moody's is "comfortable
with the current ratings and outlooks on our rated Mexican
homebuilders given their low leverage and strong market presence."
The reports further notes that Moody's "will monitor any effects
this new policy may have to the homebuilders' liquidity and future
earnings."

"Other factors that mitigate the negative credit implications
include the fact that the policy creates new goals such as
improved coordination and oversight of the different housing-
related agencies, and the expansion of financing and government
subsidies to a growing population," said Moody's Bisono. "This is
a credit positive."

The registration and classification of land reserves by the
government as called for by the new policy could lead to
discounted land sales in non-favored regions and higher land
prices in favored regions, according to the Moody's report. In
addition, says Moody's, the policy is likely to favor vertical
over traditional horizontal housing, which bodes well for
homebuilders that have begun shifting their product mix more
towards vertical construction.


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


* Latin American Banks Issues More Debts in 2012 Says Moody's
-------------------------------------------------------------
Moody's-rated banks in Latin America have defied a declining
global trend for unsecured debt issuance by issuing a record $27.7
billion in unsecured long term debt in 2012, says Moody's
Investors Service in its special comment "Moody's Latin America
Bank Debt Report: Issuance Rises, Bucking Global Trend."

"The record level of debt issuance is a 13.6% increase from last
year", said Jeanne Del Casino, a Moody's Vice President -- Senior
Credit Officer and one of the authors of the report. "The increase
was spurred by strong loan growth, merger and acquisition activity
and growing investor demand."

Moody's notes that global debt issuance declined by 6% as bank
restructurings and deleveraging, primarily in the Euro zone,
weighed on the markets since the 2008-2009 financial crisis.

"Brazilian banks in particular have led the way for debt
issuance," added Del Casino. "Of the $87 billion of unsecured debt
issued by Moody's-rated banks during the three-year period between
2009 and 2012, banks in Brazil have issued $55 billion, or two
thirds, while banks in Mexico, Chile, Colombia, and Peru have
issued most of the remaining third, or about $28 billion."

These historically high levels reflect unprecedented low interest
rates and high global liquidity that offers low funding costs and
term opportunities for the region's banks, says Moody's. It is
also indicative of stable credit metrics and country fundamentals
that have provided Latin American banks with improved access to
capital markets, says the report.

However, increased debt issuance by banks is on balance credit
negative, as it increases their reliance on wholesale markets and
raises refinancing risk should investors become more risk averse
to emerging market instruments, says Moody's. Still, refinancing
risks are partially mitigated by banks' ability to take medium and
longer tenors in the international markets, notes the report.


* BOND PRICING: For the Week Feb. 18 to Feb. 22, 2013
-----------------------------------------------------

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

ARGENTINA
---------

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


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


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


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


BRAZIL
------

CESP                 9.75   1/15/2015      BRL        74.7


CHILE
-----

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


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

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


VENEZUELA
---------

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


                            ***********


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

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

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


                            ***********


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

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