TCRLA_Public/130301.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, March 1, 2013, Vol. 14, No. 43


                            Headlines



B R A Z I L

* BRAZIL: Fitch Sees Negative Outlook for Protein Producer
* BRAZIL: Drought Pressures Electricity Distributors, Fitch Says


C A Y M A N  I S L A N D S

ANALYTIC TOTAL: Shareholders Receive Wind-Up Report
ASPET INVESTMENTS: Shareholder Receives Wind-Up Report
BARCLAYS MOSELLE NO 2: Shareholder Receives Wind-Up Report
BARCLAYS MOSELLE NO 3: Shareholder Receives Wind-Up Report
CARLYLE LOAN: Shareholders Receive Wind-Up Report

CLEVER LIMITED: Members Receive Wind-Up Report
COLDSTREAM ALTERNATIVE: Shareholder Receives Wind-Up Report
COLOMBIERE INVESTMENTS: Shareholder Receives Wind-Up Report
EMERALD LIMITED: Members Receive Wind-Up Report
FPP (GENERAL PARTNER): Shareholder Receives Wind-Up Report

FPP JAPAN: Shareholder Receives Wind-Up Report
HUTCHISON HARBOUR: Shareholder Receives Wind-Up Report
JESSICA CONSULTING: Members Receive Wind-Up Report
KALLISTA CREDIT: Shareholder Receives Wind-Up Report
MARIAH RE: Shareholder Receives Wind-Up Report

OTIS HOLDINGS: Members Receive Wind-Up Report
PALISADE MICROCAP: Shareholders Receive Wind-Up Report
PUYDEDOME INVESTMENTS: Shareholders Receive Wind-Up Report
VENTOUX INVESTMENTS: Shareholder Receives Wind-Up Report
YAMANA GOLD: Members Receive Wind-Up Report


J A M A I C A

DIGICEL GROUP: To Restructure Debt Again
UC RUSAL: Offices Raided Amid Tax Evasion Allegations


H O N D U R A S

* HONDURAS: S&P Revises Outlook to Negative & Affirms 'B+' Rating


M E X I C O

HIPOTECARIA SU CASITA: S&P Raises Rating on Notes to 'mxCC'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Interest Rate Did Not Make Sense




                            - - - - -


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


* BRAZIL: Fitch Sees Negative Outlook for Protein Producer
----------------------------------------------------------
Challenges to profitability, free cash flow (FCF) generation, and
business fundamentals result in a negative outlook for Brazilian
protein producers in 2013, according to a new Fitch Ratings
report.

'To varying degrees, all Brazilian protein producers are exposed
to risks including volatile commodity prices, unfavorable currency
fluctuation, potential disease outbreak, and regional export
bans,' said Viktoria Krane, Director at Fitch. 'Competition for
market share among branded meat processors will intensify in
2013.'

Feed costs remain relatively high for large pork and chicken
producers. Beef processors will benefit from a positive cattle
cycle in Brazil, combined with relatively high beef prices
domestically and internationally.

Continuing a multiyear trend, 2013 will be FCF negative to neutral
due to factors including lower profitability, elevated working
capital and capital expenditure requirements to support growth.

The pursuit of scale and diversification is a long-term strategic
positive balanced against an elevated risk of short- to medium-
term operational inefficiencies and, in some cases, weaker balance
sheets.

Close to USD2 billion of long-term debt was raised collectively by
Brazilian protein producers in January 2013, which, when combined
with equity offerings completed at end of 2012, will help address
2013 maturities and improve debt maturity schedules.

Generally, liquidity was not a pressing concern for Brazilian
protein companies during 2012. Most issuers will continue to rely
on external sources of financing in 2014 and beyond.


* BRAZIL: Drought Pressures Electricity Distributors, Fitch Says
----------------------------------------------------------------
Fitch Ratings expects the temporary increase in electricity prices
in the spot market and larger dispatches of thermal plants to
negatively impact Brazilian electricity distribution companies'
(DisCos) financial profile. Electricity prices in Brazil have
spiked during recent months as a result of lower rain levels
affecting the country's hydroelectric generation. The DisCos'
credit metrics are under pressure due to: lower EBITDA generation
resulting from the substantial cost increases and/or higher net
debt to finance increasing working capital needs. Fitch is
currently assessing the credit implications for the different
distribution companies, and negative credit actions might follow
for some DisCos.

The DisCos' exposure to higher spot market price has also
significantly intensified in recent months as the companies are
buying energy in the spot market to meet consumption demand. The
current scenario is leading distribution companies to have cash
disbursements with the Power System Service Charges (ESS) and with
the purchase of energy at levels significantly higher than those
currently passed through to end users.

Fitch understands that such higher costs are beyond the control of
DisCos, which are part of the so-called 'Portion A' of the costs,
and should be ultimately passed-through to end users and gradually
compensated in 12 months after each company's annual tariff
readjustments. As it stands, the company's ability to service
short-term financial obligations will remain under pressure while
they wait for tariffs to catch up with their costs. DisCos with
upcoming tariff readjustment, as well as those with a lower level
of under contracted energy, are less exposed to the current
unfavorable scenario. These DisCos would be less affected and
recover faster, provided that the currently high prices are
reflected in the new tariffs.

Fitch will continue to closely monitor DisCos' financials, and
some rating downgrades may occur over the short term if measures
to effectively alleviate the current situation are not promptly
implemented. In Fitch's opinion, it is important to have a
decision from the Federal Government of Brazil in order to
preserve the DisCos' liquidity during the current stress period,
as well as to lower the negative impacts on their debt financial
covenants and reduce the reliance on third party sources to
finance their working capital needs. A bridge financing from BNDES
or a cash contribution from the government could be two
possibilities. It is unlikely an immediate extraordinary industry-
wide tariff adjustment, as it would come just after the government
implemented a 20% reduction on average on electricity prices for
end users. Instead, Fitch expects that cost pass-through will be
implemented during each individual DisCo's appointed tariff
adjustment.

The spot market price volatility has increased during recent
months, adding to DisCos' risks. During the fourth quarter of
2012, the average spot market price in the Southeastern Region
submarket, for example, was BRL305.17/MWh, up from BRL42.39/MWh in
the same period the year before. During January 2013, electricity
prices in the same region increased to BRL413.95/MWh from an
average of BRL 259.57/MWh during December 2012 and up from
BRL23.14/MWh in January 2012. The average energy spot price in
February 2013 was lower in the first three weeks, close to
BRL183.40/MWh, in average, yet again exceeded BRL300/MWh during
the week of Feb. 23.

Fitch currently analyzes several distribution companies in order
to assign individual ratings or to rate a holding company. The
complete list of distribution companies with the scheduled next
tariff adjustment/review is:

Cemig Distribuicao S.A. - April 2013
Centrais Eletricas Matogrossenses S.A. - April 2013
Companhia Paulista de Forca e Luz -April 2013
Empresa Energetica de Mato Grosso do Sul - April 2013
Energisa Sergipe - Distribuidora de Energia S.A. - April 2013
Caiua Distribuicao de Energia S.A. - May 2013
Cia Nacional de Energia Eletrica - May 2013
Empresa de Distribuicao de Energia Vale Paranapanema S.A - May
2013
Empresa Eletrica Bragantina S.A. - May 2013
Cia Forca e Luz do Oeste - June 2013
Copel Distribuicao S.A. - June 2013
Energisa Minas Gerais - Distribuidora de Energia S.A. - June 2013
Energisa Nova Friburgo - Distribuidora de Energia S.A. - June 2013
Rio Grande Energia S.A. - June 2013
Cia de Energia Eletrica do Estado de Tocantins - July 2013
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. - July
2013
Centrais Eletricas do Para - August 2013
Companhia Energetica do Maranhao - August 2013
Energisa Paraiba - Distribuidora de Energia S.A. - August 2013
Companhia Piratininga de Forca e Luz - October 2013
Light Servicos de Eletricidade S.A. - November 2013
Companhia Jaguari de Forca e Luz - February 2014
Companhia Leste Paulista de Forca e Luz - February 2014
Companhia Mococa de Forca e Luz - February 2014
Companhia Santa Cruz de Forca e Luz - February 2014
Companhia Sul Paulista de Forca e Luz - February 2014
Energisa Borborema - Distribuidora de Energia S.A. - February 2014


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


ANALYTIC TOTAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 17, 2013, the shareholders of Analytic Total Return
Volatility Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Analytic Investors, LLC
         c/o Dennis Roy
         555 West Fifth Street
         Los Angeles, 50th Floor
         California 90013
         United States of America
         Telephone: +1 (213) 787-9761
         E-mail: droy@aninvestor.com


ASPET INVESTMENTS: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Jan. 18, 2013, the shareholder of Aspet Investments 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) 914-3115


BARCLAYS MOSELLE NO 2: Shareholder Receives Wind-Up Report
----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Barclays Moselle No 2
Investments 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) 914-3115


BARCLAYS MOSELLE NO 3: Shareholder Receives Wind-Up Report
----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Barclays Moselle No 3
Investments 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) 914-3115


CARLYLE LOAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
On Jan. 18, 2013, the shareholders of Carlyle Loan Investment Ltd
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) 914-3115


CLEVER LIMITED: Members Receive Wind-Up Report
----------------------------------------------
On Jan. 16, 2013, the members of Clever Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


COLDSTREAM ALTERNATIVE: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Coldstream Alternative
Strategies 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/ (345) 914-3115


COLOMBIERE INVESTMENTS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
On Jan. 18, 2013, the shareholder of Colombiere Investments
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) 914-3115


EMERALD LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
On Jan. 22, 2013, the members of Emerald Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Roberto Alarcon
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


FPP (GENERAL PARTNER): Shareholder Receives Wind-Up Report
----------------------------------------------------------
On Jan. 18, 2013, the shareholder of FPP (General Partner) Inc.
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


FPP JAPAN: Shareholder Receives Wind-Up Report
----------------------------------------------
On Jan. 18, 2013, the shareholder of FPP Japan Fund Inc. 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


HUTCHISON HARBOUR: Shareholder Receives Wind-Up Report
------------------------------------------------------
On Jan. 8, 2013, the sole shareholder of Hutchison Harbour Ring
Holdings Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


JESSICA CONSULTING: Members Receive Wind-Up Report
--------------------------------------------------
On Dec. 28, 2012, the members of Jessica Consulting Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


KALLISTA CREDIT: Shareholder Receives Wind-Up Report
----------------------------------------------------
On Jan. 7, 2012, the shareholder of Kallista Credit Opportunities
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Phillip Tyrrell
         10 Market Street, Box 765
         Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769-7204
         Facsimile: (345) 949-7120


MARIAH RE: Shareholder Receives Wind-Up Report
----------------------------------------------
On Jan. 7, 2013, the shareholder of Mariah Re Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Carl Gosselin
         c/o Wilmington Trust (Cayman), Ltd.
         P.O. Box 32322 Grand Cayman KY1-1209
         Cayman Islands
         Telephone: (345) 640-6712


OTIS HOLDINGS: Members Receive Wind-Up Report
---------------------------------------------
On Jan. 16, 2013, the members of Otis Holdings Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PALISADE MICROCAP: Shareholders Receive Wind-Up Report
------------------------------------------------------
On Jan. 18, 2013, the shareholders of Palisade Microcap Partners
(Cayman) Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Dennison Veru
         c/o Palisade Capital Management, L.L.C.
         One Bridge Plaza
         Suite 695, Fort Lee
         New Jersey 07024
         United States of America
         Telephone: +1 (201) 585-5433
         E-mail: dveru@palcap.com


PUYDEDOME INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------------
On Jan. 18, 2013, the shareholders of Puydedome Investments
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) 914-3115


VENTOUX INVESTMENTS: Shareholder Receives Wind-Up Report
--------------------------------------------------------
On Jan. 18, 2013, the shareholder of Ventoux Investments 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/ (345) 914-3115


YAMANA GOLD: Members Receive Wind-Up Report
-------------------------------------------
On Jan. 8, 2013, the members of Yamana Gold Holdings (Cayman) II
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Roberto Alarcon
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


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


DIGICEL GROUP: To Restructure Debt Again
----------------------------------------
Jamaica Gleaner reports that Digicel Group Limited will use the
US$1 billion it plans to raise via private placement to buy up its
12% bonds and finance other projects.

The bonds were due to mature next year, but Digicel is taking the
opportunity to restructure the profile of its debt, according to
Jamaica Gleaner.

Jamaica Gleaner notes that the 2014 bonds are being redeemed at a
cost of US$510 million, or US$1,068 per US$1,000 of bonds held,
inclusive of a US$30 consent fee for bondholders who agree to lift
certain covenants on the debt.  The offer closes March 18.

The new notes, via private placement, will have a coupon of 6.0%
and mature in 2021, the report relates.

Jamaica Gleaner discloses that Digicel said the rest of the
proceeds, net of expenses, will be used "for general corporate
purposes, which could include capital expenditures, acquisitions,
debt repayment or dividends to Digicel Group Limited (subject to
the limitations in our debt instruments)."

Digicel last refinanced its debt in September 2012.

Digicel Group Limited's total debt at December 2012 was
approximately US$4.9 billion while cash balances amounted to
US$353 million, according to Fitch, 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.


UC RUSAL: Offices Raided Amid Tax Evasion Allegations
-----------------------------------------------------
RJR News reports that Russian officials have raided the offices of
UC Rusal amid an investigation into alleged tax evasion.

The Moscow branch of Russia's Investigative Committee is looking
into claims a Rusal subsidiary dodged more than US$6 million in
taxes, according to RJR News.

The report notes that UC Rusal dismissed the allegations as
groundless.

An official at Rusal's subsidiary, Folga, is at the center of
claims of doctoring accounts from 2008 to 2009 to include services
rendered by a non-existent company, the report relates.

RJR News discloses that UC Rusal said it plans to appeal against
the tax claim, which was issued by a Moscow court but has not yet
come into effect.

Rusal has a major stake in the Kirkvine and Alpart alumina
operations in Jamaica.

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.


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


* HONDURAS: S&P Revises Outlook to Negative & Affirms 'B+' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the long-term ratings on the Republic of Honduras to negative from
stable.  At the same time, S&P affirmed its 'B+/B' sovereign
credit ratings on Honduras.

"Our negative outlook reflects the risk of a continued
deterioration in macroeconomic stability.  On the fiscal side,
Honduras' central government fiscal deficit may exceed the
government's target of 4.5% of GDP this year," said Standard &
Poor's credit analyst Kelli Bissett.  "We expect budgetary
pressures to come from election spending this year and transfers
and subsidies to public utilities, including the Empresa Nacional
de EnergĦa Electrica.  We project that the 2013 central government
deficit could reach 6.0% of GDP (and the general government
deficit, which includes the central bank financial position, to
6.3% of GDP), pushing net general government debt to more than
30% of GDP."

In recent years following the debt relief Honduras received
beginning in 2005, the general government has mostly financed its
deficits internally and with concessional loans from official
lenders.  Large deficits during 2009-2010 contributed to the
increase in the central government's domestic debt to 14.9% of GDP
in 2012 from 8.4% in 2009.  Current government financing needs
have increased domestic long-term interest rates upwards of 14%
because of the shallow domestic capital markets.

The outlook is negative.  S&P could lower its ratings on Honduras
if the government fails to staunch these negative trends, which
external shocks or negative political developments in the country
could exacerbate.

Steps to stabilize the government's debt trajectory, as well as to
increase gradually the central bank's monetary policy and exchange
rate flexibility could stem the recent deterioration in
macroeconomic stability.  That, along with an orderly transition
to a new administration in 2014 following national elections late
this year, could revive investor confidence and lead to an outlook
revision to stable.


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


HIPOTECARIA SU CASITA: S&P Raises Rating on Notes to 'mxCC'
-----------------------------------------------------------
Standard & Poor's Rating Services raised its long-term national
scale rating CaVal to 'mxCC (sf)' from 'D (sf)' on the
subordinated class B residential mortgage-backed notes due 2035, a
cross-border RMBS transaction issued by Hipotecaria Su Casita S.A.
de C.V. SOFOM E.N.R. (Su Casita) and serviced by Patrimonio, S.A.
de C.V. S.F.O.L. (Patrimonio).  At the same time, S&P raised its
Standard & Poor's underlying rating (SPUR) on the senior class A
notes to 'CC (sf)' from 'D (sf)'.  S&P also raised the SPURs of
senior series BRHCCB 07U and BRHCCB 07-2U from another RMBS
transaction issued by Su Casita and serviced by Patrimonio.

S&P raised the senior class A notes SPUR to 'CC (sf)' to reflect
the fact that interest collections were sufficient to cover this
payment date and past-due amounts to the swap provider, Credit
Suisse AG (Credit Suisse).  At the same time, interest collections
were also sufficient to cover this month's interest payment plus
past-due interest from previous payment dates on subordinated
class B notes.  As a result, S&P raised the rating on class B to
'mxCC (sf)'.

On the other hand, the upgrade of the SPURs on the BRHCCB 07U and
BRHCCB 07-2U certificates follows the payment of past-due amounts
to MBIA Mexico S.A. de C.V. (MBIA Mexico), as the full financial
guarantee insurance policy provider, from the previous payment
date.  However, interest collections have not been sufficient to
cover past due and this month's due interest payment for
subordinated series BRHCCB 07-3U, as a consequence, the rating
remains at 'D (sf)'

Ratings on the subordinated tranche and the SPURs are limited by
the deal's default history, the weak financial position of the
trusts, and its decreasing excess spread.

"We are maintaining our 'B (sf)' rating on senior class A due to
the swap guarantee and the full financial guarantee provided by
MBIA Insurance Corp. (B/Negative/--).  We also are maintaining the
global scale rating of 'B (sf)' and national scale rating of
'mxBB+ (sf)' for senior series BRHCCB 07U and BRHCCB 07-2U due to
the full financial guarantee provided by MBIA Mexico.  Under our
criteria, the issue rating on an insured bond reflects the higher
of the rating on the bond insurer or the SPUR on the security.
Our SPUR ratings on classes with full bond insurance reflect the
stand-alone capacity of an issue to pay debt service without
giving effect to the external enhancement, in this case, without
the protection given by the bond insurance provided by MBIA," S&P
said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Hipotecaria Su Casita-Residential Mortgage Backed Notes
           Class       Rating           Outs. amount
Class      type    To       From        (mil.)
B          Sub.   mxCC (sf) D (sf)      MXN184.97
A          SPUR   CC (sf)   D (sf)      USD105.27

Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III
             Class       Rating           Outs. amount
Class        type    To       From        (mil.)
BRHCCB 07U   SPUR   CC (sf)   D (sf)      13.97 UDIs
BRHCCB 07-2U SPUR   CC (sf)   D (sf)      425.20 UDIs

OTHER OUTSTANDING RATINGS

Hipotecaria Su Casita-Residential Mortgage Backed Notes
           Class     Rating     Outs. amount
Class      type                 (mil.)
A          Senior    B (sf)      USD105.27

Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III
               Class     Rating      Outs. amount
Class          type                  (mil.)
BRHCCB 07U     Senior    B (sf)      13.97 UDIs
BRHCCB 07U     Senior    mxBB+ (sf)  13.97 UDIs
BRHCCB 07-2U   Senior    B (sf)      425.20 UDIs
BRHCCB 07-2U   Senior    mxBB+ (sf)  425.20 UDIs
BRHCCB 07-3U   Sub.      D (sf)      64.85 UDIs


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T R I N I D A D  &  T O B A G O
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CL FINANCIAL: CLICO Interest Rate Did Not Make Sense
----------------------------------------------------
Joel Julien at Trinidad Express reports that despite being
involved at varying levels in the audit of failed insurance
company Colonial Life Insurance Company (Trinidad) Limited (CLICO)
for over a decade, PricewaterhouseCoopers Director Dwayne
Rodriguez-Seijas could not say if he would have invested in the
insurance giant when questioned.

CLICO is a subsidiary of CL Financial Limited.

Trinidad Express relates that Mr. Rodriguez-Seijas took the
witness stand at the Commission of Enquiry into the failure of CL
Financial and four of its subsidiaries.

The enquiry, which is being held at the Winsure Building at
Richmond Street in Port of Spain, is currently in its 11th
evidence hearing, according to Trinidad Express.

The report notes that during cross-examination by junior counsel
to the commission, British barrister Marion Smith, Mr. Rodriguez-
Seijas was told that he was talking "nonsense" when questioned
about the "mismatch" between the interest paid on deposits and the
interest received from investments made by CLICO.

Mr. Rodriguez-Seijas's first audit of CLICO was in 2001.

Mr. Rodriguez-Seijas, the report relays, held the post of team
manager during the 2007 audit of the CLICO's financial statements.

Mr. Rodriguez-Seijas said CLICO's 2007 financial statement showed
the insurance company in one of the strongest positions it had
been in during his tenure auditing it, the report notes.

In that financial statement, CLICO's assets grew by almost 20% to
$22 billion, the excess of its assets over liabilities grew by
almost 30% and premium generated by 60%, the report says.

The report relates that Neal Bisnath, the legal representative for
CLICO, said the insurance company had mechanisms in place to fix
its books.

Meanwhile, Mr. Smith, the report notes, highlighted a PwC internal
e-mail correspondence where former CL chairman Lawrence Duprey was
described as a "single dominant voice".

Mr. Duprey's ability to set CLICO's budgetary targets without any
oversight was also labelled as a "fraud risk," the report says.

Mr. Smith alleged that the PwC audit of CLICO's 2007 financial
statement "overstated" the strength of the insurance company, the
report notes.

Mr. Rodriguez-Seijas said "with the benefit of hindsight a lot of
information that is available now could have been useful", to the
PwC audit performed on the 2007 financial statements, the report
adds.

Nigel Panchoo of PwC is expected to testify.

                     About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


                            ***********


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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