TCRLA_Public/130228.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

           Thursday, February 28, 2013, Vol. 14, No. 42


                            Headlines



A R G E N T I N A

* ARGENTINA: Won't Obey Orders to Pay $1.3BB of Defaulted Debt


B R A Z I L

* BRAZIL: Moody's Completes Review of Leasing Cos.' Debt Ratings


C A Y M A N  I S L A N D S

BAM OPPORTUNITY: Shareholders Receive Wind-Up Report
CG INTERNATIONAL: Shareholders Receive Wind-Up Report
CMT CHINAVALUE: Shareholders Receive Wind-Up Report
ENTERASPEN LIMITED: Shareholder Receives Wind-Up Report
EPIC: Shareholder Receives Wind-Up Report

GMI GLOBAL: Shareholders Receive Wind-Up Report
J-MEZZ INVESTMENTS: Shareholder Receives Wind-Up Report
LOMBARD/APIC MANAGEMENT: Shareholders Receive Wind-Up Report
LONGHILL HOLDING: Shareholders Receive Wind-Up Report
OAK HILL: Shareholders Receive Wind-Up Report

PISCES INC: Shareholders Receive Wind-Up Report
PRIDE INTERNATIONAL: Shareholder Receives Wind-Up Report
RW SERVICES: Shareholders Receive Wind-Up Report
SANDICO CORPORATION: Shareholders Receive Wind-Up Report
SB FINANCE: Shareholders Receive Wind-Up Report

SILKROAD CHINA: Shareholders Receive Wind-Up Report
SSF III EBISU: Shareholder Receives Wind-Up Report
SSF III INVESTMENT: Shareholder Receives Wind-Up Report
SSF III YALE: Shareholder Receives Wind-Up Report
TRF LIQUIDATING: Shareholder Receives Wind-Up Report


H O N D U R A S

* Moody's Affirms B2 Rating on Honduras' Government Bonds


J A M A I C A

* JAMAICA: BOJ Expects Sliding Dollar to Affect Prices


X X X X X X X X

* LATAM: Moody's Cuts Ratings on Subordinated Debt From 5 Banks
* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


* ARGENTINA: Won't Obey Orders to Pay $1.3BB of Defaulted Debt
--------------------------------------------------------------
Bob Van Voris and Christie Smythe at Bloomberg News reports that
Argentina's claim that a U.S. court can't tie its obligation to
make defaulted bondholders whole to payments on restructured debt
faced skepticism from judges as a lawyer for the country said it
won't obey orders to pay as much as $1.3 billion of defaulted
sovereign debt.

Bloomberg News says Jonathan Blackman, the attorney for the South
American nation, said that Argentina would default on its
restructured debt if it's forced by a three-judge appeals panel in
New York to pay holders of the defaulted debt.

"So the answer is you will not obey any order but the one you
propose?" U.S. Circuit Judge Reena Raggi asked Mr. Blackman during
more than two hours of arguments, according the report.

"We would not voluntarily obey such an order," Mr. Blackman said.
Hernan Lorenzino, Argentina's minister of economy, and Vice
President Amado Boudou sat at the counsel table as the lawyer
addressed the panel, notes Bloomberg News.

Mr. Blackman claimed that a lower-court order obliging it to pay
the defaulted bonds whenever it makes payments on restructured
debt violates its sovereignty, threatens to trigger a new
financial crisis and would quadruple the number of Argentine bond
cases in New York federal court, rather than resolving them.

"If that's the confrontation the court seeks with the injunctions,
that is the court's decision," Mr. Blackman said.  "We're
representing a government and governments will not be told to do
things that fundamentally violate their principles," he said,
notes the report.

Bloomberg News says a range of third parties with a stake in the
outcome -- including the holders of Argentina's restructured debt,
international payment intermediaries and banks, and the trustee
for the restructured bonds -- claim the lower court's actions also
threaten their interests.

Holders of defaulted bonds, led by Elliott Management Corp.'s NML
Capital Ltd., run by billionaire hedge-fund manager Paul Singer,
and Aurelius Capital Management, have won U.S. court judgments
recognizing their right to be paid and are asking the appeals
court to uphold the lower court to give them the ability to
collect the $1.3 billion they say they're owed.

Argentina says a ruling in the creditors' favor would open it up
to more than $43 billion in additional claims it can't pay. The
country defaulted on a record $95 billion in debt in 2001. Holders
of about 91 percent of the bonds agreed to take new exchange bonds
in 2005 and 2010, at a deep discount, reports Bloomberg News.

The report says the appeals panel heard arguments from both sides,
as well as from lawyers for the Exchange Bondholder's Group, which
represents holders of the restructured debt, and for Bank of New
York Mellon Corp., the indenture trustee for the restructured
bonds. The court may not rule for weeks or months.

Judges expressed doubt about arguments by BNY Mellon that it can't
be subject to U.S. District Judge Thomas Griesa's order barring
third parties from helping Argentina pay the holders of
restructured bonds without also paying the defaulted bondholders.
Blocking BNY Mellon is key to the defaulted bondholders' efforts
to halt payments on the restructured bonds as a means of forcing
payment to them, notes the Bloomberg report.

"Argentina cannot violate this injunction without participation of
the Bank of New York," Theodore Olson, representing NML Capital,
told the judges.  Holders of the defaulted debt are seeking "what
they are owed," he said, reports Bloomberg News.

The holdout creditors, says Bloomberg News, are seeking to uphold
rulings by Judge Griesa that require Argentina to pay them the
full amount they're owed whenever it makes a required payment to
the holders of the exchange bonds.  The Exchange Bondholder Group
claims the ruling improperly threatens their investment.

"We're innocent parties," attorney David Boies argued for the
Exchange Bondholder Group, note the report.  "I represent people
who did what they thought was right. All I'm saying is what they
did shouldn't count against them."

Judge Griesa's order shouldn't apply to restructured debt holders,
Mr. Boies told the panel, according to Bloomberg News.  The court
can't hold them hostage, he said.

"If you allow Judge Griesa's injunction to exist unchanged,
everybody in this courtroom knows what's going to happen," Mr.
Boies argued.  "Argentina is going to default."

"I hope that the common sense will be enforced and that means that
a bondholder can't get something different than another one," Mr.
Lorenzino said in an interview with Telesur after the hearing,
says the Bloomberg News report.

Argentina won't violate its own law on debt payments, Mr. Boudou
said in an interview with C5N, note the report.

Bloomberg News says Argentina's government officials have
characterized holders of the defaulted debt as "vultures," and the
country's legislature in 2005 passed a law barring payment of the
defaulted bonds. Argentina has spent the past decade opposing
claims brought in U.S. courts by holders of the defaulted bonds.

Many holders of the defaulted Argentina bonds have won U.S. court
rulings requiring the country to pay them. Despite the favorable
rulings, courts have generally prevented the holders of defaulted
debt from moving to seize the country's assets, citing the Foreign
Sovereign Immunities Act, which limits the ability of plaintiffs
to sue foreign countries in U.S. courts, note the report.

Bloomberg News notes that the appeals court has already affirmed
Judge Griesa's ruling that an equal-treatment, or pari passu,
clause in the original bond agreements prevents Argentina from
treating defaulted bondholders less favorably than exchange
bondholders.  The appellate court upheld an injunction issued by
Judge Griesa that barred Argentina from paying the exchange
bondholders without also paying holders of defaulted debt.

Judge Griesa said the order applied to BNY Mellon and other third
parties and said Argentina must pay the full $1.3 billion when it
makes its next scheduled payment on the restructured bonds,
reports Bloomberg News.

Mr. Olson urged the judges not to let Argentina defy the authority
of the courts.  "That is telling this court and all the courts in
the United States that the laws of the United States mean
nothing," Bloomberg News quoted him as saying.

The lower court case is NML Capital Ltd. v. Republic of Argentina,
08-06978, U.S. District Court, Southern District of New York
(Manhattan). The appeal is NML Capital Ltd. v. Republic of
Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit
(New York).


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


* BRAZIL: Moody's Completes Review of Leasing Cos.' Debt Ratings
----------------------------------------------------------------
Moody's America Latina downgraded the long term global local
currency subordinated debt ratings assigned to outstanding
subordinated debentures issued by BFB Leasing S.A. Arrendamento
Mercantil, Dibens Leasing S.A. Arrendamento Mercantil, and
Itaubank Leasing S.A. Arrendamento Mercantil, concluding the
review initiated on these ratings on November 27, 2012.

Moody's has removed systemic support from the rating of these
leasing companies' subordinated debt instruments, placing them one
notch below the adjusted baseline credit assessment of their
parent Itau Unibanco S.A..

The outlook on these ratings has been changed to positive in line
with the positive outlook on these issuers' standalone unsupported
ratings. The Aaa.br Brazilian national scale ratings assigned to
these debt issuances remained unchanged.

The following subordinated debt and MTN ratings were downgraded:

BFB Leasing S.A. Arrendamento Mercantil: global local currency
subordinated debt rating to Baa2 from Baa1; and global local
currency subordinated MTN rating to (P)Baa2 from (P)Baa1; positive
outlook

Dibens Leasing S.A. Arrendamento Mercantil: global local currency
subordinated debt rating to Baa2 from Baa1; and global local
currency subordinated MTN rating to (P)Baa2 from (P)Baa1; positive
outlook

Itaubank Leasing S.A. Arrendamento Mercantil: global local
currency subordinated debt rating to Baa2 from Baa1; and global
local currency subordinated MTN rating to (P)Baa2 from (P)Baa1;
positive outlook

Ratings Rationale:

In notching the subordinated debt ratings of these leasing
companies from the Itau Unibanco's adjusted baseline credit
assessment of baa1, Moody's noted the global trends towards
imposing losses on junior creditors in the context of future bank
resolutions, which reduces the predictability of systemic support
being provided to subordinated debt holders. The removal of
systemic support for subordinated debt is consistent with recent
actions Moody's has taken elsewhere, including Colombia, Canada,
and several European countries, reflecting Moody's views that
there is an increased likelihood that subordinated debt holders
would be subject to burden sharing in the event support were
required.

Moody's notes that according to Law Decree 2321/87, the Brazilian
Central Bank has full discretion to determine resolution of
Brazilian banks in case of systemic crisis in order to preserve
the stability and solvency of the financial system. In addition,
the Brazilian banking regulators have legal ability to impose
losses on any and all liabilities, including all hybrid and
subordinated debt instruments, in the event of intervention of a
financial institution as per the existing Resolutions 3444/07 and
3490/07.

The outlook on these global local currency subordinated debt
ratings is now positive, in line with the positive outlook on
these entities' standalone ratings.

Itau Unibanco's Baseline Credit Assessment

The baseline credit assessment incorporates the intrinsic
financial strength of Itau Unibanco S.A., excluding any assessment
of systemic or parental support. Adjusted baseline credit
assessments incorporate Moody's assessment of the probability of
parental support. Nesse caso, the baseline credit assessment
equals the adjusted baseline credit assessment because Itau
Unibanco does not benefit from parental support.

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

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

Last Rating Actions

The last rating action on BFB Leasing S.A. Arrendamento Mercantil
was on November 27, 2012, when Moody's placed on review for
downgrade its foreign currency subordinated debt rating, in the
context of a global reassessment towards imposing losses on junior
creditors in future bank resolutions.

The last rating action on Dibens Leasing S.A. Arrendamento
Mercantil was on November 27, 2012, when Moody's placed on review
for downgrade its foreign currency subordinated debt rating, in
the context of a global reassessment towards imposing losses on
junior creditors in future bank resolutions.

The last rating action on ItauBank Leasing S.A. Arrendamento
Mercantil was on November 27, 2012, when Moody's placed on review
for downgrade its foreign currency subordinated debt rating, in
the context of a global reassessment towards imposing losses on
junior creditors in future bank resolutions.


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


BAM OPPORTUNITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Jan. 18, 2013, the shareholders of Bam Opportunity Offshore
Fund SPV, Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CG INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 22, 2013, the shareholders of CG International Holdings
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Energy Sky Limited
         20th Floor, East Point Centre
         555 Hennessy Road
         Hong Kong
         Telephone: (582) 2833-8338
         Facsimile: (345) 949-8613


CMT CHINAVALUE: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 18, 2013, the shareholders of CMT Chinavalue Capital
Partners Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ENTERASPEN LIMITED: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Enteraspen Limited received on Dec. 28, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EPIC: Shareholder Receives Wind-Up Report
-----------------------------------------
On Jan. 18, 2013, the shareholder of Epic received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GMI GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Jan. 10, 2013, the shareholders of GMI Global Funds Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Glenn Chin-Yuen Chao
         c/o Alan G. de Saram
         Telephone: +1 (345) 949-4544
         Facsimile: +1 (345) 947-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709 Grand Cayman KY1-1107
         Cayman Islands


J-MEZZ INVESTMENTS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Jan. 8, 2013, the sole shareholder of J-Mezz Investments GP,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877


LOMBARD/APIC MANAGEMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------------
On Jan. 18, 2013, the shareholders of Lombard/Apic Management LDC
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LONGHILL HOLDING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On Jan. 18, 2013, the shareholders of Longhill Holding Company II,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OAK HILL: Shareholders Receive Wind-Up Report
---------------------------------------------
On Jan. 18, 2013, the shareholders of Oak Hill Securities Fund II
(Offshore II), LDC received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PISCES INC: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Jan. 10, 2013, the shareholders of Pisces Inc. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         UBS Nominees Ltd.
         c/o Stephen Nelson
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


PRIDE INTERNATIONAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
On Jan. 18, 2013, the shareholder of Pride International Fund Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


RW SERVICES: Shareholders Receive Wind-Up Report
------------------------------------------------
On Jan. 7, 2013, the shareholders of RW Services Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Brad Kirby
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue, George Town KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814-3471


SANDICO CORPORATION: Shareholders Receive Wind-Up Report
--------------------------------------------------------
On Jan. 10, 2013, the shareholders of Sandico Corporation received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         UBS Nominees Ltd.
         c/o Stephen Nelson
         Telephone: 949-4544
         Facsimile: 949-7073
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


SB FINANCE: Shareholders Receive Wind-Up Report
-----------------------------------------------
On Jan. 24, 2013, the shareholders of SB Finance CI-05-WF2
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jagjit Toor-Comins
         c/o BNP Paribas Bank & Trust Cayman Limited
         PO Box 10632
         Royal Bank House, 3rd Floor
         24 Shedden Road, George Town
         Grand Cayman KY1-1006
         Cayman Islands


SILKROAD CHINA: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 10, 2013, the shareholders of Silkroad China Master Fund
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SSF III EBISU: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Jan. 8, 2013, the sole shareholder of SSF III Ebisu Preferred
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877


SSF III INVESTMENT: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On Jan. 8, 2013, the sole shareholder of SSF III Investment
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877


SSF III YALE: Shareholder Receives Wind-Up Report
--------------------------------------------------
On Jan. 8, 2013, the sole shareholder of SSF III Yale Holding
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877


TRF LIQUIDATING: Shareholder Receives Wind-Up Report
----------------------------------------------------
On Jan. 18, 2013, the shareholders of TRF Liquidating SPV received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


* Moody's Affirms B2 Rating on Honduras' Government Bonds
---------------------------------------------------------
Moody's Investors Service changed Honduras' outlook to negative
from stable and affirmed the B2 local and foreign currency
government bond ratings.

The negative outlook reflects Moody's concerns about (1) the
government's fiscal deterioration in 2012 and the low likelihood
of significant fiscal consolidation in 2013, given that it is an
election year, and (2) a deterioration in the economy's external
finances, including a widening current account deficit, which
remains only partially covered by FDI.

Ratings Rationale:

The government's estimate of the 2012 budget deficit is around 6%
of GDP, well above the prior year's 4.6% and the 3% median deficit
among countries in the 'B' rating category. Fiscal slippage took
place subsequent to the completion of an IMF program in March
2012, at which time the government lost access to budgetary
support from multilaterals, although bilateral budget support
continues. Among the reasons for the fiscal slippage are (i)
spending related to primary elections, (ii) support for loss-
making state-owned enterprises, and (iii) additional spending on
conditional cash transfers. The government is about to begin
negotiations related to a new IMF agreement, but Moody's view is
that the government is unlikely to reach an agreement with the IMF
this year, due to upcoming presidential and legislative elections
in November 2013.

The government debt stock is moderate at 35% of GDP, but it is on
an upward trajectory. Temporary loss of access to multilateral
budget support has led to increased government reliance upon the
domestic market for funding, resulting in higher financing costs.
The government's overall cost of funding has increased, with
interest payments amounting to approximately 10% of government
revenues last year, compared to roughly 3% in 2008. Due to
tightening domestic liquidity conditions, the government has also
borrowed from the central bank and run up arrears with domestic
service providers.

Authorities have conveyed their intention to implement fiscal
consolidation, beginning with a full review of all tax exemptions
that began in January 2013. The government is also taking measures
to enhance the oversight of transfers to municipalities and
improve tax collection efficiency. Moody's view is that it will be
difficult for the government to improve fiscal oversight markedly
and implement significant fiscal consolidation this year, due to
elections.

The negative outlook also captures the steady deterioration in the
balance of payments. The current account deficit amounted to 10%
of GDP in 2012, compared to a 6% average from 2009-11, and was
only partially covered by FDI. While international reserves
declined toward the end of last year, they have since stabilized.
Moody's projects a current account deficit on the order of 11% of
GDP in 2013, with risks to the downside, as coffee, Honduras'
largest export product at 18% of total exports, will be negatively
impacted by the rust leaf disease outbreak affecting Central
America.

Consideration of a stable outlook would require clear evidence of
a return to a path of fiscal consolidation, as well as material
improvement in the external accounts. Alternatively, the rating
could be downgraded in the event of a continued and marked
deterioration of fiscal and/or external finances.

As part of this rating action, the local currency bond and deposit
ceilings were lowered to Ba3 from A3. Honduras' foreign currency
bond and deposit ceilings remained unchanged at Ba3 and B3,
respectively.

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


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


* JAMAICA: BOJ Expects Sliding Dollar to Affect Prices
------------------------------------------------------
RJR News reports that the Bank of Jamaica is predicting that price
movements this quarter will be influenced by the sliding dollar.

The central bank said it expected to see inflation this quarter in
a range of 2 to 3%, according to RJR News.

RJR News notes that the BOJ did not say how much of the inflation
will be due to exchange rate movements, but it has already stated
that for every 1% depreciation in the currency, inflation goes up
by half a percent.

But despite this, the central bank said it was expecting some
relief in the tight foreign exchange market, RJR News says.

RJR News discloses that the relief is predicated on reduced
demand, associated with a seasonal decline in spending on imports.

Additionally, the BOJ is predicting that the country could also
see a moderate increase in the supply of foreign currency, due to
seasonally higher earnings from tourism and major traditional
exports, RJR News notes.

RJR News adds that more foreign currency inflows are expected, as
well from an increase in net private capital inflows, as investor
confidence is restored with an impending IMF deal.


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


* LATAM: Moody's Cuts Ratings on Subordinated Debt From 5 Banks
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings assigned to
subordinated debt issued by Banco de Chile, Banco Santander Chile,
Banco de Credito del Peru, Banco Internacional del Peru, and
Industrial Subordinated Trust, concluding the review for downgrade
initiated on these ratings on November 27, 2012 (June 27, 2012 in
the case of Santander Chile).

Moody's has removed systemic support from these banks'
subordinated debt instruments, placing them one notch below their
respective adjusted baseline credit assessments (BCAs) in the case
of subordinated debt and three notches below the adjusted BCA for
junior subordinated debt, respectively.

All other ratings and outlooks for these issuers remain unaffected
by these rating actions.

List Of Affected Ratings

The following subordinated debt ratings were downgraded:

Banco de Chile: Foreign currency subordinated debt rating to A2
from A1, outlook stable

Banco Santander Chile: Foreign currency subordinated debt rating
to A3 from A1, outlook negative

Banco de Credito del Peru: Local and foreign currency subordinated
debt ratings to Ba1 from Baa3, outlook stable

Banco Internacional del Peru -- Interbank: Foreign currency junior
subordinated debt rating to B1(hyb) from Ba3(hyb), outlook stable

Industrial Subordinated Trust, guaranteed by Banco Industrial
S.A.: Foreign currency subordinated debt rating to Ba3 from Ba2,
outlook stable

Ratings Rationale:

In notching the subordinated debt ratings from the adjusted
baseline credit assessments, Moody's noted the global trend
towards imposing losses on junior creditors in the context of
future bank resolutions, which reduces the predictability of
systemic support being provided to subordinated debt holders. The
removal of systemic support for subordinate debt is consistent
with recent actions Moody's has taken elsewhere, including
Colombia, Canada, and several European countries, reflecting
Moody's view that there is an increased likelihood that
subordinated debt holders would be subject to burden sharing if
support were required.

Moody's notes that Chilean banking regulators have the legal
ability to impose losses on subordinated debt holders under the
General Banking Law that allows a financial entity under distress
to present a restructuring plan to bondholders, that once agreed,
would entail a conversion to shares.

In the case of Peru, banking regulators have the specific legal
ability to impose losses on subordinated debt holders of a
financial entity seeking restructuring of debts or under
intervention per the Peruvian Financial System Law.

In Guatemala, banking regulators have the legal ability to impose
losses on any liabilities of an intervened financial entity as per
Guatemala's Banking Law.

The outlook on all affected subordinated and junior subordinated
debt ratings is now stable, with the exception of the negative
outlook on Santander Chile's subordinated debt rating. The
negative outlook on Santander Chile's subordinated debt rating
reflects the negative outlook on the bank's standalone a2 baseline
credit assessment, which in turn, reflects the current negative
outlook on the standalone ratings of its parent, Banco Santander
S.A.

Baseline Credit Assessments:

Baseline credit assessments incorporate the intrinsic financial
strength of banks, excluding any assessment of systemic or
parental support. Adjusted baseline credit assessments incorporate
Moody's assessment of the probability of parental support. In the
case of all these banks, the baseline credit assessment equals the
adjusted BCA because none of the banks' ratings currently benefit
from uplift due to parental support.

The following baseline credit assessments/adjusted baseline credit
assessments remain unchanged:

Banco de Chile: a1/a1

Banco Santander Chile: a2/a2

Banco de Credito del Peru: baa3/baa3

Banco Internacional del Peru -- Interbank: ba1/ba1

Banco Industrial S.A.: ba1/ba1

Last Rating Actions:

The last rating action on Banco de Chile was on November 27, 2012,
when Moody's placed the A1 subordinated debt rating on review for
downgrade in line with its global reassessment of systemic
support.

The last rating action on Banco Santander Chile was on February 5,
2013, when Moody's assigned a Prime-1 rating to the bank's US
commercial paper note program.

The last rating action on Banco de Credito del Peru was on
November 27, 2012, when Moody's placed the Baa3 subordinated debt
ratings on review for downgrade in line with its global
reassessment of systemic support.

The last rating action on Banco Internacional del Peru was
November 27, 2012, when Moody's placed the Ba3(hyb) junior
subordinated debt rating on review for downgrade in line with its
global reassessment of systemic support.

The last rating action on Industrial Subordinated Trust was on
November 27, 2012, when Moody's placed the Ba2 subordinated debt
rating on review for downgrade in line with its global
reassessment of systemic support.

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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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