TCRLA_Public/130308.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 8, 2013, Vol. 14, No. 48


                            Headlines



C A Y M A N  I S L A N D S

ADVISERS BOND: Placed Under Voluntary Wind-Up
BELVEDERE INVESTMENTS: Placed Under Voluntary Wind-Up
CASA TIARA: Members Receive Wind-Up Report
CSAM TOTAL: Commences Liquidation Proceedings
FORMENTOR HOLDINGS: Placed Under Voluntary Wind-Up

GAMBRINUS INVESTMENTS: Commences Liquidation Proceedings
HM MVS: Commences Liquidation Proceedings
HM MVS CAPITAL: Shareholders Receive Wind-Up Report
MERIDIAN PERFORMANCE: Commences Liquidation Proceedings
METHANE POWER: Placed Under Voluntary Wind-Up

OFFICE PARK: Commences Liquidation Proceedings
SILVER SWANS: Placed Under Voluntary Wind-Up
SSF III ISLAND: Placed Under Voluntary Wind-Up
TREVI OFFSHORE: Commences Liquidation Proceedings
TREVI OFFSHORE INVESTORS: Shareholder Receives Wind-Up Report


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Foreign Debt Tops US$13.9BB, 23.7% of GDP


J A M A I C A

* JAMAICA: Delays Caused by New System Affects Customs Brokers
* JAMAICA: S&P Ups Rating to 'CCC+' After Debt Restructuring
* JAMAICA: Moody's Cuts Rating on Government Debt to Caa3


M E X I C O

* HIDALGO: Moody's Changes Outlook on Ba2 Rating to Positive
* MONTERREY: Moody's Changes Ratings Outlook to Negative


P U E R T O   R I C O

PABELLON DE LA VICTORIA: Court Approves Justiniano as Counsel
PABELLON DE LA VICTORIA: Court Okays Carlos Cardona as Accountant


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: May Forge Alliance With Grenada


X X X X X X X X

* Moody's Concludes Review of 8 Banks in Argentina and Bolivia




                            - - - - -


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


ADVISERS BOND: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 7, 2012, the sole shareholder of The Advisers Bond Fund
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1764
          Facsimile: (345) 949-9877


BELVEDERE INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 5, 2012, the sole shareholder of Belvedere Investments
(Cayman) Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2012, will be included in the company's dividend
distribution.

The company's liquidators are:

          Rankine McMillan
          Emily Anne Tibbetts
          62 Forum Lane, 2nd Floor, Camana Bay
          Grand Cayman KY1-1004
          Cayman Islands


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

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170 George Town
          Grand Cayman
          Cayman Islands KY1-1102


CSAM TOTAL: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 7, 2012, the sole shareholder of CSAM Total Commodity
Return, Ltd. passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


FORMENTOR HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 13, 2012, the sole member of Formentor Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814-7394
          Facsimile: (345) 945-3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GAMBRINUS INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 12, 2012, the sole shareholder of Gambrinus Investments
passed a resolution that voluntarily liquidates the company's
business.

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:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


HM MVS: Commences Liquidation Proceedings
-----------------------------------------
On Dec. 11, 2012, the shareholders of HM MVS Capital Inc. passed a
resolution that voluntarily liquidates the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888


HM MVS CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On Jan. 25, 2013, the shareholders of HM MVS Capital Inc. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuarts Walker Hersant
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888


MERIDIAN PERFORMANCE: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 11, 2012, the shareholder of Meridian Performance
Partners, Ltd. passed a resolution that voluntarily liquidates the
company's business.

The company's liquidator is:

          Meridian Diversified Fund Management, LLC
          20 Corporate Woods Blvd., 4th Floor
          Albany, NY 12211
          USA
          Telephone: (518) 432-1600
          e-mail: thickey@mcphedge.com


METHANE POWER: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 13, 2012, the sole member of Methane Power Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814-7394
          Facsimile: (345) 945-3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


OFFICE PARK: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 13, 2012, the sole shareholder of Office Park Limited
passed a resolution that voluntarily liquidates the company's
business.

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:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SILVER SWANS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 12, 2012, the shareholders of Silver Swans Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170 George Town, Grand Cayman
          Cayman Islands KY1-1102


SSF III ISLAND: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 10, 2012, the sole shareholder of SSF III Island Holding,
Ltd. 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:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815-1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TREVI OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 11, 2012, the sole shareholder of Trevi Offshore Investors
Limited passed a resolution that voluntarily liquidates the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


TREVI OFFSHORE INVESTORS: Shareholder Receives Wind-Up Report
-------------------------------------------------------------
On Jan. 25, 2013, the shareholder of Trevi Offshore Investors
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949-3344
          Facsimile: (345) 949-2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


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


* DOMINICAN REPUBLIC: Foreign Debt Tops US$13.9BB, 23.7% of GDP
---------------------------------------------------------------
Dominican Today reports that figures from the Central Bank and the
Public Debt General Directorate reveal that Dominican Republic
public sector's foreign debt at the close of November 2012 topped
US$13.9 billion, or 23.7% of GDP.

The preliminary report on the Dominican economy's performance
published by the Central Bank also notes that the external debt
level rose by US$1.14 billion, compared with December 2011, or
8.9% in relative terms, according to Dominican Today.

Dominican Today relates that the report also specifies that the
growth of the external debt stemmed mostly from late disbursements
for investment projects with multilateral agencies, especially the
World Bank and bilateral institutions such as the National
Economic and Social Development Bank, as well as the Petrocaribe
Agreement.

The report adds that of the US$13.9 billion debt, around US$12.9
billion is from the nonfinancial public sector, while US$1.0
billion are from the Central Bank, accounting for 22.0% and 1.7%
of GDP respectively, notes Dominican Today.


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


* JAMAICA: Delays Caused by New System Affects Customs Brokers
--------------------------------------------------------------
RJR News reports that customs brokers are complaining of delays in
clearing goods due to lingering challenges with the system at the
Customs Department, following the implementation of one of the
government's revenue measures.

Since introduction of General Consumption Tax (GCT) charges on
customs user fees there have reportedly been problems with the
cargo processing system at Customs, according to RJR News.

The report relates that Jacqueline Cole, president of the Customs
Brokers and Freight Forwarders Association of Jamaica, said there
have been six upgrades of the system in recent days and this is
posing a major challenge to importers.

"We have to redo our entries on a daily basis, because each day
after you have finished the work day and figuring that everything
is OK, when you return to work the next morning, there's a new
upgrade so we have to be doing the processes. We have to be
resubmitting the paper work. . . . As we work though the system
there are importers who are experiencing delays and additional
costs," the report quoted Mr. Cole as saying.

RJR News notes that the Customs Department had said that by Monday
of this week it would have ironed out the kinks in its system.

It said the changes required significant modification and upgrade
to the systems at Customs, the report adds.


* JAMAICA: S&P Ups Rating to 'CCC+' After Debt Restructuring
------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'CCC+' from 'SD' following the completion of the
government's debt restructuring (known as NDX).  At the same time,
S&P raised its short-term foreign and local currency sovereign
credit ratings on Jamaica to 'C' from 'SD'.  The outlook on the
long-term foreign and local currency sovereign credit ratings is
stable.

In addition, Standard & Poor's will assign its 'CCC+' rating to
Jamaica's new benchmarks bonds, issued at the conclusion of the
debt exchange.  The new rating will reflect S&P's assessment of
the government's continued vulnerability to adverse external
shocks, its low level of international reserves, and the risks to
a successful implementation of its reform program in conjunction
with assistance from the International Monetary Fund (IMF).  The
failure of a 2010 domestic debt exchange (known as JDX) to achieve
sustainable debt reduction highlights the difficulties facing
Jamaica.

"The ratings on Jamaica reflect the government's still high debt
burden, offset somewhat by its improved amortization and cost
profile in the short term," said Standard & Poor's credit analyst
Joydeep Mukherji.

The debt exchange, which the government launched on Feb. 12, 2013,
and concluded on Feb. 28, 2013, affected roughly Jamaica dollar
(JM$) 860 billion of domestic debt, or just under half of
Jamaica's total public debt.  The government's external debt was
excluded from the transaction.  The participation rate in the
restructuring was high, at more than 97% of eligible claims.

Although the restructuring did not reduce the stock of the
government's debt, it lengthened the maturity of the locally
issued debt by five years on average and lowered the coupon on it
by an average of 2 percentage points.  As a result, the government
achieved a reduction of interest payments of nearly 1.25% of GDP.
However, general government debt remains high at above 140% of
GDP.

Official estimates indicate that the Jamaican economy contracted
around 0.3% in 2012.  S&P expects the pace of recovery in the real
economy to be slow, despite various proposed reforms the
government plans to implement as part of its new agreement with
the IMF.  GDP may grow by 1%-2% in 2013.  Slow growth, and a low
level of investment by the private sector, could make it difficult
for the government to meet its goal to reduce its debt to 95% of
GDP by 2020.  The country's net international reserves are around
$1.0 billion, down from over $1.9 billion at the beginning of
2012.  Low external reserves, along with low prospects for GDP
growth, will constrain the 'CCC+' sovereign rating.

The stable outlook reflects Standard & Poor's view that the
government's ability to improve its financial position has
strengthened following the debt restructuring.  Lower debt-
servicing costs, along with added external funding as part of the
planned IMF agreement, should provide more scope for the
government to undertake other reforms designed to boost the
country's growth rate and strengthen public finances.

Success in reversing the recent decline in external liquidity, as
well as in embarking on a sustainable long-term path of reducing
the government's debt burden, could ease liquidity pressures and
support an upgrade of the sovereign.  However, if the government
does not capitalize on the benefits of the current situation and
fails to improve fiscal policies and management, the loss of
momentum and resulting failure to reduce its debt could lead to
downward pressure on the rating.


* JAMAICA: Moody's Cuts Rating on Government Debt to Caa3
---------------------------------------------------------
Moody's Investors Service downgraded Jamaica's government debt
rating to Caa3 from B3, concluding the review for downgrade
initiated on February 14. The outlook is stable.

The downgrade was prompted by the following factors:

(1) The debt exchange announced on February 12 affecting US$9.1
billion in domestic debt, equivalent to 54% of total government
debt outstanding at year-end 2102, that Moody's considers a
distressed exchange; the debt exchange resulted in net present
value losses for investors in excess of 10% and is the second
distressed debt exchange in three years;

(2) The still high debt burden as nominal debt levels remain
unchanged since the announced restructuring did not impose any
principal haircuts; at a projected 119% of GDP and 470% of
revenues, Jamaica's 2013 debt metrics are among the highest of all
rated sovereigns; and

(3) Expectations of continued slow growth that will make fiscal
consolidation efforts more difficult.

As part of this rating action, Moody's has lowered Jamaica's
country ceiling for foreign-currency bonds to B3 from Ba3 and the
country ceiling for foreign-currency bank deposits to Ca from B3.
Moody's has also lowered Jamaica's local-currency bond and deposit
ceilings to B2 from Baa2.

In addition, the ratings of Air Jamaica and National Road
Operating Company Limited, both tied to the rating of the
government of Jamaica, are lowered to Caa3 from B3. The outlook on
both entities is stable.

Ratings Rationale:

On February 12 2013, Jamaica's government announced a debt
exchange of its domestic debt which Moody's considers a distressed
debt exchange. The government's offer, which did not incorporate
haircuts to principal, involved both lower coupon rates as well as
maturity extension of 3-5 years for domestic instruments and
closed on February 28 with approximately 99% participation rate.

This debt exchange follows the one carried on January 2010 which
Moody's also categorized as a distressed exchange.

Despite net present value losses in excess of 10%, Jamaica exits
its most recent debt restructuring with a very high debt burden,
raising the specter of yet another debt exchange in the next few
years. Jamaica's government debt-to-revenues ratio is the 5th
highest among rated sovereigns, and the government dedicates 40%
of its revenues to make interest payments.

High debt levels are exacerbated by continued fiscal deficits.
Last year's fiscal deficit reached 5.5% of GDP, and Moody's
expects the deficit will fall below 5% of GDP in 2013 as the
government implements greater fiscal consolidation in the context
of a new IMF program. However, since the Jamaican government has
failed to meet its fiscal targets in seven of its last eight
budgets, fiscal sustainability remains an elusive target.

Government gross financing needs - fiscal deficits plus
amortizations - averaged 20% of GDP in the last five years.
Moody's expects financing needs will drop to less than 10% of GDP
this year and next as the debt restructuring pushes out upcoming
maturities. Moody's projections indicate that the debt burden will
rise rapidly starting in 2015, posing credit concerns absent
greater growth.

Jamaica's growth rate is among the lowest of all countries rated
by Moody's averaging just 0.5% annually in the last 10 years - GDP
growth was negative in four of the last five years. Low growth is
the result of a series of structural factors, including high
reliance on a mature industry (tourism) and limitations including
high energy costs. As these factors will be hard to change in the
medium term they will likely remain a ratings constraint for the
foreseeable future. For 2013 Moody's expects that modest growth of
1% of GDP will be insufficient to improve the country's debt
metrics.

Outlook

The stable outlook incorporates the view that Jamaica could enter
a third debt exchange over the rating horizon, with losses
consistent with a Caa3 rating.

What Could Change The Rating Up

At present an upgrade is unlikely over the near term. A change in
the rating outlook to positive would require improved debt
sustainability associated to both effective fiscal consolidation
efforts and higher economic growth, conditions that are necessary
to support a sustainable drop in government debt metrics.

What Could Change The Rating Down

Failure to avoid a persistent increase in debt ratios and/or
continued low economic growth could lead to another negative
rating action.

Previous Rating Action

Moody's previous action affecting Jamaica's government bond rating
was implemented on February 14, 2013, when the rating agency
placed Jamaica's government bond ratings on review for possible
downgrade.

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


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


* HIDALGO: Moody's Changes Outlook on Ba2 Rating to Positive
------------------------------------------------------------
Moody's de Mexico changed the outlook on the State of Hidalgo's
A2.mx issuer rating (Mexico National Scale) and Ba2 issuer rating
(Global Scale, local currency) to positive from stable.

Ratings Rationale:

Moody's revised the outlook of the State of Hidalgo's issuer
ratings to positive from stable, reflecting Moody's expectation
that the state's roughly balanced results along with moderate debt
levels will continue in the near to medium term, which could exert
upward pressure on the ratings.

Over the last five years, Hidalgo has registered roughly balanced
results, equivalent, on average, to -0.3% of total revenues. These
results reflect the state's consistent efforts to control
expenditure growth and initiatives to increase own-source
revenues. Moody's estimates a cash financing requirement of around
-2% of total revenues in 2012, which is considered low compared to
peers. For 2013, Moody's expects the state to return to balance.

The stable financial results are underpinned by own-source
revenues, which have grown at a compound annual growth rate of 14%
over the period 2007-2011. Own source revenues represent 8.5% of
Hidalgo's total revenues, above Ba rated peers.

Moody's also expects debt indicators to remain low at roughly 13%
of total revenues, well below the median of Mexican states .
Furthermore, Hidalgo has relatively contained pension liabilities.
Since 2008 new state employees adhere to the federal pension
system which ensures medium term sustainability.

Hidalgo has relatively tight liquidity which may hinder the
state's capacity to react to unexpected financial shocks. Moody's
expects Hidalgo' s net working capital (current assets minus
current liabilities) to recover slightly in 2012 from the level of
-4.5%of total expenditures recorded in 2011, but will remain below
peers.

What Could Change The Rating Up/Down

The positive outlook reflects the improving trends of financial
performance and low debt metrics. Positive rating pressure would
result from a) improving liquidity levels b) registering modest
cash financing deficits, c) maintaining low debt levels, and c)
strengthening of governance and management practices.

Hidalgo is well positioned within its current rating and downward
rating pressure is not expected over the medium-term.
Nevertheless, a shift in fiscal policy, generating larger-than-
expected debt levels and sustained decreases in the state's net
working capital position, could lead to a revision back to a
stable outlook.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published on 9-Oct-
2012.


* MONTERREY: Moody's Changes Ratings Outlook to Negative
--------------------------------------------------------
Moody's de Mexico affirms Monterrey's issuer ratings at Ba2
(Global Scale, local currency) and A2.mx (Mexico National Scale)
and changes the outlook to negative from stable.

Ratings Rationale:

The change of outlook to negative from stable was prompted by the
recent downgrade of the State of Nuevo Leon to Ba2/A2.mx from
Ba1/A1.mx and the maintenance of the negative outlook.

As capital city of the State of Nuevo Leon, Monterrey plays a
strategic role within the state. Monterrey's issuer ratings
consider a moderate likelihood that the State would act to prevent
a default in the extreme event that the municipality faced acute
liquidity stress. Given the state's weakening credit profile, its
ability to provide such support to Monterrey is reduced. This is
reflected in Monterrey's ratings.

Monterrey's credit profile is characterized by a strong local
economy, which supports a productive tax base and high levels of
own-source revenue that represent a high 48% of operating
revenues. The municipality's issuer ratings also reflect high debt
levels and tight gross operating balances. According to
preliminary results for 2012, net direct and indirect debt stood
at 67.3% of operating revenues. Gross operating balances are
estimated to be equivalent to 0.6% of operating revenues with a
cash financing surplus of around 2.4% of total revenues.

What Could Change The Ratings Up/Down

While currently Moody's does not expect upward pressure on
Monterrey's ratings, the ratings can stabilize if the municipality
registers a sustained improvement in its operating margins, which
in turn lead to decreasing debt levels. Also, the stabilization of
Nuevo Leon's issuer ratings could prompt a review of Monterrey's
outlook back to stable.

Weakening operating results and a deterioration of consolidated
financial results leading to higher debt levels, could exert
downward pressure on Monterrey's issuer ratings. A downgrade of
the State of Nuevo Leon's issuer ratings (Ba2/A2.mx, negative
outlook) could also exert downward pressure on Monterrey's
ratings.

The methodologies used in this rating were "Regional and Local
Governments" published in January 2013, and "Mapping Moody's
National Scale Ratings to Global Scale Ratings" published in
October 2012.


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


PABELLON DE LA VICTORIA: Court Approves Justiniano as Counsel
-------------------------------------------------------------
Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.
sought and obtained permission from the Bankruptcy Court to employ
Gloria M. Justiniano Irizarry, Esq., from Justiniano's Law Office
as Chapter 11 counsel.

The Debtor said it requires the assistance of counsel to perform
property its duties as debtor-in-possession.  The firm will assist
in, among others, the preparation of the disclosure statement
and plan of reorganization, and prosecution of claims and causes
of action.

The firm has agreed with the Debtor to be paid on an hourly rate
of $200 plus $125 for associates and $50 for paralegal, and
reimbursement of expenses incurred.  The firm has received a
$5,800 retainer from the Debtor.

The firm attests it is a "disinterested person" as defined in
11 U.S.C. Sec. 101(14).

                   About Pabellon De La Victoria

Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in
Ponce, Puerto Rico, on Oct. 16, 2012.  Bankruptcy Judge Edward A.
Godoy oversees the case.  Gloria M. Justiniano Irizarry, Esq., at
Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as
counsel.  The Debtor estimated assets and debts of $10 million to
$50 million.  Banco Popular De Puerto Rico has $14 million in
unsecured claims.  The petition was signed by Evelyn Dominguez
Ramos, president.


PABELLON DE LA VICTORIA: Court Okays Carlos Cardona as Accountant
-----------------------------------------------------------------
Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.,
sought and obtained permission from the U.S. Bankruptcy Court to
employ Carlos Cardona Crespo as external accountant.

The accountant, will among other things, provide these services:

     a. provide assistance in preparing monthly reports of
        operations,

     b. prepare the necessary financial statements; and

     c. assist the debtor in any/all financial and accounting
        pertaining to, or in connection with the administration of
        the estate.

The firm's rates are:

  Professional                     Rates
  ------------                     -----
  Carlos Cardona Crespo            $60/hr
  Associates                       $35/hr

Carlos Cardona Crespo attests that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code.

                   About Pabellon De La Victoria

Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.,
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in
Ponce, Puerto Rico, on Oct. 16, 2012.  Bankruptcy Judge Edward A.
Godoy oversees the case.  Gloria M. Justiniano Irizarry, Esq., at
Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as
counsel.  The Debtor estimated assets and debts of $10 million to
$50 million.  Banco Popular De Puerto Rico has $14 million in
unsecured claims.  The petition was signed by Evelyn Dominguez
Ramos, president.


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


CARIBBEAN AIRLINES: May Forge Alliance With Grenada
---------------------------------------------------
RJR News reports that Grenada Prime Minister Dr. Keith Mitchell
has hinted that Caribbean Airlines Limited might be granted flag
carrier status by his government soon.

The issue came up earlier this week during informal talks with
Caribbean Airlines Chairman Rabindra Moonan, as both men discussed
the role the airline could play in deepening relations between
Grenada and Trinidad.

Dr. Mitchell said the issue of granting flag carrier status to
Caribbean Airlines will be referred to the Grenada Airlift
Committee, according to RJR News.  The report relates that
Caribbean Airlines currently operates several international
flights to Grenada from North America.

There are two weekly services to New York out of Grenada and this
is increased according to demand during the peak seasons of summer
and Christmas, RJR News notes.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


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


* Moody's Concludes Review of 8 Banks in Argentina and Bolivia
--------------------------------------------------------------
Moody's Latin America downgraded the ratings assigned to
subordinated debt issued by Banco de Galicia y Buenos Aires S.A.
and Banco Supervielle S.A. Moody's also downgraded the ratings
assigned to subordinated debt issued by Banco Economico S.A.
(Bolivia), Banco Ganadero S.A., Banco Nacional de Bolivia S.A.,
Banco Solidario S.A. (Bolivia) and Banco FIE S.A. At the same
time, Moody's confirmed the ratings assigned to junior
subordinated debt issued by Banco Macro S.A.

These rating actions conclude the review for downgrade initiated
on these ratings on October 26, 2012 in the case of the Argentine
banks, and November 27, 2012 in the case of the Bolivian financial
institutions. Moody's has removed systemic support from these
banks' subordinated debt instruments, placing them one notch below
their respective adjusted baseline credit assessments in the case
of subordinated debt.

The outlook on the affected subordinated and junior subordinated
debt ratings of the Argentine banks is negative, following the
negative outlook on the sovereign rating. In the case of the
Bolivian banks, all the subordinated debt ratings carry stable
outlooks. All other ratings and outlooks for these issuers remain
unaffected by these rating actions.

The following subordinated debt ratings were downgraded:

Banco de Galicia y Buenos Aires S.A.

Long-Term Global Foreign Currency Subordinated Debt Rating to Caa1
from B3, negative outlook

Long-Term National Scale Foreign Currency Subordinated Debt Rating
to Ba1.ar from A2.ar

Banco Supervielle S.A.

Long-Term Global Foreign Currency Subordinated Debt Rating to Caa1
from B3, negative outlook

Long-Term National Scale Foreign Currency Subordinated Debt Rating
to Ba1.ar from A2.ar

Banco Economico S.A. (Bolivia)

Long-term global foreign currency subordinated debt rating to B2
from B1, outlook stable

Long-term global foreign currency subordinated debt program rating
to (p)B2 from (p)B1, outlook stable

Long-term Bolivia National Scale foreign currency subordinated
debt rating to Aa3.bo from Aa2.bo

Long-term Bolivia National Scale foreign currency subordinated
debt program rating to Aa3.bo from Aa2.bo

Banco Ganadero S.A.

Long-term global local and foreign currency subordinated debt
rating to B2 from B1, outlook stable

Long-term global foreign currency subordinated debt program rating
to (p)B2 from (p)B1, outlook stable

Long-term Bolivia National Scale local and foreign currency
subordinated debt rating to Aa3.bo from Aa2.bo

Long-term Bolivia National Scale foreign currency subordinated
debt program rating to Aa3.bo from Aa2.bo

Banco Nacional de Bolivia S.A.

Long-term global foreign currency subordinated debt rating to B1
from Ba3, outlook stable

Long-term global foreign currency subordinated debt program rating
to (p)B1 from (p)Ba3, outlook stable

Long-term Bolivia National Scale foreign currency subordinated
debt rating to Aa2.bo from Aa1.bo

Long-term Bolivia National Scale foreign currency subordinated
debt program rating to Aa2.bo from Aa1.bo

Banco Solidario S.A. (Bolivia)

Long-term global local currency subordinated debt rating to B1
from Ba3, outlook stable

Long-term global local currency subordinated debt program rating
to (p)B1 from (p)Ba3, outlook stable

Long-term global foreign currency subordinated debt program rating
to (p)B1 from (p)Ba3, outlook stable

Long-term Bolivia National Scale local currency subordinated debt
rating to Aa2.bo from of Aa1.bo

Long-term Bolivia National Scale local currency subordinated debt
program rating to Aa2.bo from of Aa1.bo

Banco FIE S.A.

Lon term global local currency debt rating to B2 from B1, outlook
stable

Long-term Bolivia National Scale local currency subordinated debt
program rating to Aa3.bo from Aa2.bo

The following subordinated debt ratings were confirmed:

Banco Macro S.A.

Long-Term Global Foreign Currency Subordinated Debt Rating of Caa3
(hyb), negative outlook

Long-Term National Scale Foreign Currency Subordinated Debt Rating
of Caa1.ar (hyb)

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 subordinated debt is consistent
with recent actions Moody's has taken elsewhere, including
Colombia, Brazil, Mexico, Chile, Peru, 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 Argentine banking regulators have the legal
ability to impose losses on subordinated debt holders under
Argentine banking regulations (Com. A5369) that allow a financial
entity under liquidity or solvency distress to impose losses on
subordinated debt holders or convert subordinated debt into
shares.

In the case of Bolivia, banking regulators have the legal ability
to impose losses on any and all liabilities of an intervened
financial entity in case of non-payment under the Bolivian Banking
Law, although subordinated debt may not be converted into capital
under any circumstances.

The outlook on all affected subordinated debt ratings of the
Argentine banks is now negative, following the negative outlook on
the sovereign rating. In the case of the Bolivian banks, all
subordinated debt ratings carry a stable outlook.

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 Galicia y Buenos Aires S.A.: b3/b3

Banco Supervielle S.A.: b3/b3

Banco Economico S.A.: b1/b1

Banco Ganadero S.A.: b1/b1

Banco Nacional de Bolivia S.A.: ba3/ba3

Banco Solidario S.A.: ba3/ba3

Banco FIE S.A.: b1/b1

Banco Macro S.A.: b3/b3

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


                            ***********


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.


                   * * * End of Transmission * * *