TCRLA_Public/130311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, March 11, 2013, Vol. 14, No. 49


                            Headlines



A R G E N T I N A

METROGAS SA: S&P Raises CCR to 'CCC'; Rates $180MM Notes 'CCC'


B R A Z I L

NAVIOS SOUTH AMERICAN: S&P Affirms 'B+' Rating
VIRGOLINO DE OLIVEIRA: S&P Affirms 'B' Rating; Outlook Stable


C A Y M A N  I S L A N D S

AC2000A LIMITED: Placed Under Voluntary Wind-Up
ADM MACULUS: Placed Under Voluntary Wind-Up
AL RIFAI: Commences Liquidation Proceedings
ASHMORE GLOBAL: Commences Liquidation Proceedings
CHESTNUT FUND: Placed Under Voluntary Wind-Up

DF I LTD: Commences Liquidation Proceedings
FIRTH HOLDINGS: Placed Under Voluntary Wind-Up
FRONTIER ASIA: Commences Liquidation Proceedings
FRONTIER ASIA OFFSHORE: Commences Liquidation Proceedings
FRONTIER ASIA US: Commences Liquidation Proceedings

HIMALAYAN CAPITAL: Placed Under Voluntary Wind-Up
JAPAN RESORTS: Placed Under Voluntary Wind-Up
JUPITER FUND: Placed Under Voluntary Wind-Up
NATSOURCE MAC 77: Commences Liquidation Proceedings
NB CREDIT: Placed Under Voluntary Wind-Up

NB CREDIT MASTER: Placed Under Voluntary Wind-Up
RAB INNOVATIONS: Placed Under Voluntary Wind-Up
REL VAL: Placed Under Voluntary Wind-Up
STORM LAKE: Placed Under Voluntary Wind-Up
WEALTH ABSOLUTE: Placed Under Voluntary Wind-Up


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

* DOMINICAN REPUBLIC: IMF Concludes 2012 Article IV Consultation


J A M A I C A

DIGICEL GROUP: Completes US$1 Billion Bond Offering


S T.  K I T T S  &  N E V I S

TRISTAR INSURANCE: A.M. Best Affirms FSR of 'C-'


U R U G U A Y

* URUGUAY: Fitch Upgrades Issuer Default Ratings From 'BB+'


V E N E Z U E L A

* VENEZUELA: PetroCaribe's Fate for Caribbean Countries Uncertain


X X X X X X X X

* BOND PRICING: For the Week March 4 to March 9, 2013




                            - - - - -


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


METROGAS SA: S&P Raises CCR to 'CCC'; Rates $180MM Notes 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Metrogas S.A. (Metrogas) to 'CCC' from 'D'.  S&P also
assigned its 'CCC' issue-level rating to its $180 million series A
senior notes due 2018.  The outlook is negative.

"The rating action follows Metrogas' Jan. 11, 2013, $314 million
debt issuance, in exchange for its defaulted financial and non-
financial debt obligations," said Standard & Poor's credit analyst
Andrea Zombory.  The notes are divided into series A $180 million
notes due 2018 and series B $134 million notes.  The B notes
represent a contingent obligation that will be payable if the
company fails to service its series A notes by June 2014 or breaks
other minor commitments, which S&P believes is unlikely.
According to S&P's criteria, it will not rate the series B notes,
since their activation is contingent on a default on the series A
notes.

The ratings reflect S&P's assessment of Metrogas' "vulnerable"
business risk profile and "highly leveraged" financial risk
profile.  Furthermore, S&P's analysis recognizes Argentina's high
political and regulatory risk, the company's exposure to foreign-
exchange risk (because it generates cash in Argentine pesos while
its debt is dollar-denominated), its somewhat high capital
expenditures to meet growing demand for natural gas amid very low
tariffs and non-automatic tariff adjustments, and its weak
liquidity.  These weaknesses are partially offset by Metrogas'
solid competitive position, stemming from its exclusive concession
to distribute natural gas to the city of Buenos Aires and the
southern district of greater Buenos Aires.

On Nov. 29, 2012, the local regulator, Ente Nacional Regulador del
Gas (ENARGAS), approved a variable tariff increase for Metrogas
depending on consumer category.  The tariff will likely represent
an increase in revenues of about $35 million in 2013, which will
mainly be applied to finance capital expenditures.  This should
alleviate Metrogas' limited cash flow generation because this
tariff adjustment is not tied to an increase in capital
expenditure requirements.


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


NAVIOS SOUTH AMERICAN: S&P Affirms 'B+' Rating
----------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' ratings on
Navios South American Logistics Inc. (Navios Logistics) and its
9.25% bond due 2019.  The outlook on the corporate rating is
stable.

The ratings reflect the company's "weak" business risk profile and
"aggressive" financial risk profile.  Navios Logistics operates in
a cyclical business and is exposed to volatile commodity prices,
weather conditions, and risky jurisdictions, such as Argentina and
Paraguay.  The partly mitigating factors are Navios Logistics'
conservative policies and operating efficiencies.  S&P believes
the company will keep raising its revenues and EBITDA in the next
few years, as it did amid difficult operating conditions in the
Paraguay River area in 2012.  Severe weather conditions in 2012
weakened agricultural production in Paraguay and Brazil and
undermined the navigability of the Paraguay River.  The company's
relatively stable performance in 2012 underpins its strategy to
expand its operations in the region and diversify revenues among
its cabotage, river, and port operations.  The $75 million add-on
to its $200 million bond will allow the company to continue
expanding its operations, as it will use the net proceeds for
higher capital expenditures, including the purchase of new
convoys.


VIRGOLINO DE OLIVEIRA: S&P Affirms 'B' Rating; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
and 'brBBB-' national scale ratings on Virgolino de Oliveira S.A.
- Acucar e Alcool (GVO) and its two bonds totaling $600 million.

"The ratings affirmation reflects our view that the fundamentals
for sugar and ethanol for the upcoming 2013/2014 crop will be
mildly favorable, and that the company's increased agricultural
investments in the past two harvests will result in stronger cash
flow generation," said Standard & Poor's credit analyst Flavia
Bedran.  Consequently, credit metrics should result in rating
stability.  S&P expected the company to deleverage more quickly,
and the still low levels of capacity utilization in the 2012/2013
harvest did not meet S&P's expectations for improved cash
generation.  On the other hand, the company's stronger capital
structure has mitigated refinancing risks, and supports the rating
at the current level.

In S&P's view, the company will be able to strengthen its
agricultural productivity levels during the 2013/2014 harvest
(starting in April 2013).  S&P forecasts GVO's agricultural yield
to grow to roughly 84 tons of cane per hectare next year from
current levels of around 75, and remain stable in the following
three harvests given adequate investments in crop renewal.  S&P
also estimates a gradual improvement in the company's total
recoverable sugar (TRS) from its sugarcane, recovering to
historical levels close to 145 kilos of sugar per ton of cane,
versus about 135 harvested in 2012/2013.


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


AC2000A LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 18, 2012, the shareholders of AC2000A Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Trident Voluntary Liquidators (Cayman) Ltd
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949-0880
         Facsimile: (345) 949-0881
         P.O. Box 847, George Town Grand Cayman KY1-1103
         Cayman Islands


ADM MACULUS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 14, 2012, the shareholders of ADM Maculus Investments
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Christopher Robert Botsford
         1008 ICBC Tower, 3 Garden Road
         Central
         Hong Kong
         Telephone: +8 (522) 536-4567
         Facsimile: +8 (522) 147-2813


AL RIFAI: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 19, 2012, the shareholder of Al Rifai Private Placement
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Adel Guenena
         c/o RLG Holdings Ltd - DFM Management
         Le Montaigne, 7 Ave de Grande Bretagne
         Monte Carlo
         Monaco 98000
         Telephone: (961) 137-1333


ASHMORE GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 19, 2012, the shareholder of Ashmore Global Emerging
Markets Fund, Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         George Peter Grunebaum
         c/o 61 Aldwych, London, WC2B 4AE
         United Kingdom
         Telephone: +4 (402) 03077-6260


CHESTNUT FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 13, 2012, the sole member of Chestnut Fund Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gene Dacosta
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


DF I LTD: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 19, 2012, the shareholder of DF I, Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

         George Peter Grunebaum
         c/o 61 Aldwych, London, WC2B 4AE
         United Kingdom
         Telephone: +4 (402) 03077-6260


FIRTH HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 14, 2012, the shareholders of Firth Holdings Ltd. resolved
to voluntarily wind up the company's operations.

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:

         Campbells Directors Limited
         Willow House, Floor 4
         Cricket Square
         P.O. Box 268 Grand Cayman KY1-1104
         Telephone: (345) 949-6258
         Facsimile: (345) 945-2877


FRONTIER ASIA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 7, 2012, the shareholders of Frontier Asia Fund resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

         Jeffrey Kung
         Landmark Square
         West Bay Road
         PO Box 775 Grand Cayman KY1-9006
         Cayman Islands


FRONTIER ASIA OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 7, 2012, the shareholders of Frontier Asia Offshore Fund
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Jeffrey Kung
         Landmark Square
         West Bay Road
         PO Box 775 Grand Cayman KY1-9006
         Cayman Islands


FRONTIER ASIA US: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 7, 2012, the shareholders of Frontier Asia U.S. Fund
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

         Jeffrey Kung
         Landmark Square
         West Bay Road
         PO Box 775 Grand Cayman KY1-9006
         Cayman Islands


HIMALAYAN CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 18, 2012, the sole member of Himalayan Capital 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


JAPAN RESORTS: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 13, 2012, the sole member of Japan Resorts & Leisure
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gene Dacosta
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


JUPITER FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 9, 2012, the sole shareholder of Jupiter Fund SPC resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Sophie Raven
         228 Marmion Street, Cottesloe WA 6011
         Australia
         Telephone: +6 (140) 000-7906
         Facsimile: +6 (189) 286-3786


NATSOURCE MAC 77: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 14, 2012, the shareholders of Natsource MAC 77 Ltd
resolved to voluntarily liquidate 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:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


NB CREDIT: Placed Under Voluntary Wind-Up
-----------------------------------------
On Dec. 7, 2012, the sole member of NB Credit Arbitrage Fund 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:

         Gene Dacosta
         c/o Tania Dons
         Telephone: (345) 814-7766
         Facsimile: (345) 945-3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


NB CREDIT MASTER: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 7, 2012, the sole member of NB Credit Arbitrage Master
Fund 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:

         Gene Dacosta
         c/o Tania Dons
         Telephone: (345) 814-7766
         Facsimile: (345) 945-3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


RAB INNOVATIONS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 14, 2012, the sole shareholder of RAB Innovations Fund
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: +1 (345) 769-4422
         Facsimile: +1 (345) 769-9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


REL VAL: Placed Under Voluntary Wind-Up
---------------------------------------
On Dec. 17, 2012, the sole member of REL VAL Special Purpose Fund
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 22, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         Gene Dacosta
         c/o Maree Martin
         Telephone: (345) 814-7376
         Facsimile: (345) 945-3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STORM LAKE: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 14, 2012, the shareholders of Storm Lake Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 29, 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 KY1-1102
         Cayman Islands


WEALTH ABSOLUTE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 17, 2012, the sole shareholder of Wealth Absolute Return
SPC resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Avalon Management Limited
         Reference: GL
         Telephone: +1 (345) 769-4422
         Facsimile: +1 (345) 769-9351
         Landmark Square
         1st Floor, 64 Earth Close
         West Bay Beach
         PO Box 715, George Town
         Grand Cayman KY1-1107
         Cayman Islands


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


* DOMINICAN REPUBLIC: IMF Concludes 2012 Article IV Consultation
----------------------------------------------------------------
On Jan. 25, 2013, the Executive Board of the International
Monetary Fund (IMF) concluded the 2012 Article IV consultation
with the Dominican Republic.

                             Background

Over the past two years, economic activity has decelerated and
macroeconomic imbalances have increased.  Economic growth declined
from 7.8% in 2010 to 4.5% in 2011 and to a projected 4% in 2012.
A large increase in government spending in 2012 was partly offset
by declining private sector demand.  As the impact of earlier
world price shocks dissipated, headline inflation declined below 3
%, well below the central bank's target range of 4.5-6.5%. The
large fiscal expansion combined with the easing of monetary
policy, and limited exchange rate flexibility increased public
sector debt, kept the external current account deficit high, and
fueled losses in international reserves.

The fiscal deficit in 2012 rose to an estimated 8.5% of GDP.  This
reflected a combination of weak revenue performance (excluding
temporary factors), and an increase of about 40% in primary
expenditure.  As fiscal deficits widened, the stock of public debt
reached nearly 45 % of GDP, compared with 35% of GDP in 2007-08.
Monetary policy was eased.  In December 2011 the central bank
formally adopted an inflation-targeting framework and set a target
for inflation of 51/2% (+/- 1%) for 2012 and 4% by 2015.

As inflation eased during the year, the central bank lowered its
overnight deposit rate during May-August by a total of 175 basis
points (to 5%).  Following the easing of monetary conditions,
private sector credit growth picked up in recent months.
The external position weakened.  The external current account
deficit in 2012 was about 7% of GDP, somewhat lower than in 2011,
but still above the 1994-2011 average of about 3% of GDP.

However, net capital inflows were also lower than in 2011 and
gross international reserves declined to about US$3.6 billion
(about two months of imports), about US$500 million lower than at
end-2011.

According to official data, the financial sector is well
capitalized. At end-October, average capital adequacy ratios of
commercial banks were 15% of assets, although non-performing loan
ratios rose to 31/2%.  The share of claims on the government in
the asset portfolio of some banks increased significantly.  The
government is planning to develop special financing facilities to
support small- and medium-size enterprises and microfinance.  The
recapitalization of the central bank continues broadly as
envisaged.

There are risks in the near-term.  The fiscal tightening
contemplated by the authorities would keep growth subdued while
inflation is expected to rise to 5% (within the central bank's
target).  Confidence and the external environment will be critical
for a strong recovery in private sector activity.  Lower-than-
projected growth in the United States and Europe could worsen the
outlook for tourism and remittances.  Unexpected increases in oil
prices and lower availability of external financing would also
carry risks.

                      Executive Board Assessment

Executive Directors observed that economic growth in the Dominican
Republic has slowed significantly since 2010, while inflation also
declined sharply in 2012.  Directors saw downside risks to the
outlook stemming from continuing global uncertainties and domestic
and external vulnerabilities.  They urged decisive implementation
of strong macroeconomic policies and structural reforms to address
fiscal and external imbalances, build policy space, and boost
growth.
Directors welcomed the fiscal package put forward by the new
government to enhance revenue collection and contain total
spending, while increasing spending on education.  Going forward,
Directors saw a need for additional fiscal adjustment, especially
on the revenue side by further reducing tax exemptions, to lower
the public debt relative to GDP and ensure fiscal sustainability.

They encouraged timely specification of additional consolidation
measures, and steps to enhance fiscal transparency and public
accountability.

Directors stressed the importance of boosting international
reserves over the medium term. In this regard, they welcomed the
central bank's intention to allow more exchange rate flexibility,
which is important to absorb external shocks and will facilitate
the transition to full-fledged inflation targeting.  They
encouraged the authorities to improve the monetary management and
foreign exchange intervention policy.

Directors commended the solid performance of the financial sector,
noting its high capitalization and strong prudential indicators.

They encouraged close monitoring of the rapid increase in banks'
holdings of government debt and risks associated with special
financing facilities, and welcomed the authorities' efforts to
strengthen the financial regulatory and supervisory framework.

Directors also stressed the importance of recapitalizing the
central bank to underpin monetary policy credibility.

Directors welcomed the authorities' renewed commitment to
structural reform.  They commended the recent measures to
eliminate administrative barriers to the creation of new firms and
the priority being given to improving the quality of education.
Directors urged the authorities to put in place quickly a
comprehensive reform program for the electricity sector, which
remains a major fiscal and structural vulnerability.  This should
include a mechanism to adjust tariffs in line with energy costs
and measures to enhance the efficiency and reliability of the
electricity supply, improve the financial viability of the
electricity distribution enterprises, stimulate investment in the
sector, and better target subsidies to the poor.

A full text copy of the data on the country's selected economic
indicators is available free at:

                        http://is.gd/mnqi1H

Public Information Notices (PINs) form part of the IMF's efforts
to promote transparency of the IMF's views and analysis of
economic developments and policies.  With the consent of the
country (or countries) concerned, PINs are issued after Executive
Board discussions of Article IV consultations with member
countries, of its surveillance of developments at the regional
level, of post-program monitoring, and of ex post assessments of
member countries with longer-term program engagements.  PINs are
also issued after Executive Board discussions of general policy
matters, unless otherwise decided by the Executive Board in a
particular case.  The staff report for the Article IV consultation
with the Dominican Republic may be made available at a later stage
if the authorities consent.


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


DIGICEL GROUP: Completes US$1 Billion Bond Offering
---------------------------------------------------
The Gleaner reports that Digicel Group has completed a US$1-
billion private corporate bond offering, which carry a six per
cent coupon rate.

The bond matures in year 2021.

Just over half the proceeds will pay for the early redemption of
the telecom's 12% bonds due to mature in 2014, according to The
Gleaner.

The report relates that Digicel Group said the rest of the funds
could be used for capital expenditures, acquisitions or to pay
dividends to a subsidiary, which is also owned by Irish
billionaire Denis O'Brien.

"With the strong investor interest, Digicel was able to issue US$1
billion at one of the lowest coupons ever for a single B-rated
corporate issuer in the Latin and Caribbean debt markets," the
report quoted Blake Haider, a director with Citi, as saying.

Citi, JP Morgan, Credit Suisse, Barclays, Deutsche Bank and Davy's
acted as initial purchasers of the bond offering.

The Gleaner notes that Digicel Group's offer to buy back its 2014
bonds expire on March 18.

Meanwhile, the report relates Digicel Group said it had already
received and accepted tenders amounting to 51.49% or US$262.59
million of the total US$510 million offer.

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.


=============================
S T.  K I T T S  &  N E V I S
=============================


TRISTAR INSURANCE: A.M. Best Affirms FSR of 'C-'
------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of C-
(Weak) and issuer credit rating of "cc" of Tristar Insurance
Company Limited (Tristar) (Saint Kitts and Nevis).  The outlook
for both ratings is stable.  Concurrently, A.M. Best has withdrawn
the ratings in response to the company's request to no longer
participate in A.M. Best's interactive rating process.

The rating affirmations reflect Tristar's narrow business profile,
inconsistent overall operating results and limited financial
flexibility.  Tristar is a niche reinsurer primarily focused on
surety coverages in Latin America, mainly in Colombia and the
Dominican Republic.  Overall operating results have been
inconsistent and primarily reflect Tristar's investment
performance.  In addition, A.M. Best considers the company's risk
management as weak.

Partially offsetting these weaknesses is Tristar's adequate risk-
adjusted capitalization for its current business profile, although
A.M. Best believes that Tristar's current ownership structure as a
closely held organization limits its financial flexibility.


=============
U R U G U A Y
=============


* URUGUAY: Fitch Upgrades Issuer Default Ratings From 'BB+'
----------------------------------------------------------
Fitch Ratings has upgraded Uruguay's ratings as follows:

-- Long-term foreign currency (FC) Issuer Default Rating (IDR)
    to 'BBB-' from 'BB+';

-- Long-term local currency (LC) IDR to 'BBB' from 'BBB-';

-- Short-term FC IDR to 'F3' from 'B'.

-- Country Ceiling to 'BBB+' from 'BBB'.

The Rating Outlook is revised to Stable from Positive.

KEY RATING DRIVERS

The upgrade of Uruguay's sovereign ratings reflects the following:

-- Uruguay's demonstrated economic resilience in recent years,
most recently reflected by the country's healthy growth of 3.6% in
2012 despite the economic difficulties confronting its main
trading partners. Uruguay's five-year average GDP growth at 5.6%
is well above the 'BBB' median and its medium-term prospects
remain favorable. Fitch forecasts a 4% average GDP growth for
Uruguay in 2013 and 2014.

-- Uruguay's social and political stability, strong institutions
and relatively high per capita income are characteristics that are
fully in line with investment- grade sovereigns. Policy continuity
is likely after the 2014 presidential elections.

-- Prudent fiscal management has led to a decline in government
indebtedness and a significant improvement in debt composition in
recent years. Financing flexibility has been enhanced with Uruguay
having good access to international markets and multilaterals.
Moreover, the steady development of the government's local
securities market has broadened financing sources.

-- Uruguay's public debt profile has improved thanks to well-
timed liability management operations that have extended
maturities, reduced dollarization, and deepened markets for
Uruguayan debt. The foreign currency exposure of central
government debt has fallen to 45% in 2012 from 74% in 2007.

-- Uruguay's market-friendly policies have facilitated a strong
flow of foreign direct investment, allowing for better financing
of current account deficits and a steady diversification of the
economy.

-- Uruguay's external balance sheet has strengthened, increasing
the country's shock-absorption capacity. International reserves
have more than doubled between 2008 and 2012, reaching USD13.6
billion last year. Fitch estimates that Uruguay could become a net
sovereign external creditor in 2013, which will be positive given
its high commodity dependence and financial dollarization.

-- Rating constraints include a relatively high government debt
burden, high financial dollarization, and challenges posed by the
sustained high inflation rate.

-- Inflationary pressures remain high with inflation hovering
close to the double-digit mark. A robust domestic demand, a still
expansionary monetary stance, and limited effectiveness of
monetary policy due to high financial dollarization and low
financial intermediation mean that inflation will recede only
gradually over the forecast period. Avoiding a wage-price spiral
is important to maintaining inflation on a downward path and
maintaining monetary policy credibility.

-- Uruguay's fiscal deficits widened last year mainly due to
'one-off' factors. Fitch believes the country will continue to
proceed gradually with fiscal consolidation, relying mainly on
expenditure restraint in the next two years. This coupled with
favourable growth should allow for a steady decline in government
debt burden over the coming years, although it is unlikely to
converge with the 'BBB' median.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently well balanced. Progress
in reducing government indebtedness and improvement in the
macroeconomic policy framework reflected in lower inflation and
further strengthening of external credit metrics would improve
Uruguay's creditworthiness. While not Fitch's base case, a
material deterioration in the government debt burden and
composition or increased macroeconomic instability could weigh on
Uruguay's credit profile

KEY ASSUMPTIONS

Fitch assumes that Argentina's economic difficulties will have
only a limited spillover in Uruguay due to Uruguay's strengthened
external buffers and the reduced trade and financial links between
the two countries in recent years. In addition, Fitch expects
economic growth in Brazil, Uruguay's main trading partner, to
recover in 2013.

Fitch expects some improvement in the policy mix, whereby a
conservative fiscal policy and a prudent wage policy will be
supportive of the monetary authorities' objective of reducing
inflationary pressures.

Fitch expects that the conservative nature of Uruguay's
policymakers will continue in the future, meaning that high fiscal
deficits are unlikely unless there is a large economic shock. The
authorities will continue to broadly adhere to their multi-annual
budgetary targets.

Fitch assumes that China will avoid a hard landing and that
commodity prices will remain at relatively high levels. Fitch also
assumes that the eurozone remains intact and there is no
materialisation of severe tail risks to global financial stability
that could trigger a sudden stop to capital inflows to emerging
markets and a sharp decline to commodity prices.


=================
V E N E Z U E L A
=================


* VENEZUELA: PetroCaribe's Fate for Caribbean Countries Uncertain
-----------------------------------------------------------------
RJR News reports that more concern is being raised about the
future of the PetroCaribe agreement, with the death of Venezuela's
President, Hugo Chavez.

Sir Ronald Sanders, a former Caribbean diplomat, warned on
Thursday that 17 Caribbean countries, including Jamaica, face a
heightened period of economic uncertainty, according to RJR News.

The report relates that in a published opinion piece, Sir Ronald
said these countries have become highly reliant on their oil
supplies from Venezuela via PetroCaribe, a part-payment loan
scheme.

Sir Ronald is of the view that if Mr. Chavez's chosen successor,
Nicolas Maduro, wins the Presidential election, the PetroCaribe
deal may continue for a while longer but probably under amended
arrangements.

On the other hand, if the election is won by the opposition
candidate, Henrique Capriles, PetroCaribe, he said, will unwind
fairly rapidly, RJR News notes.

Mr. Capriles, who lost last year's Presidential contest against
Mr. Chavez by a 10-point margin, has already indicated that the
scheme would end and the money focused instead on the needs of the
Venezuelan people, RJR News adds.


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


* BOND PRICING: For the Week March 4 to March 9, 2013
-----------------------------------------------------

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

ARGENTINA
---------


ARGENT-$DIS          8.28     12/31/2033    USD          57.5
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD        58.491
ARGENT-$DIS          8.28     12/31/2033    USD            60
ARGENT- PAR           1.18     12/31/2038    ARS        45.344
ARGENT- DIS          7.82     12/31/2033    EUR            45
ARGENT- DIS          7.82     12/31/2033    EUR            50
ARGENT- DIS          7.82     12/31/2033    EUR          50.5
ARGENT- DIS          4.33     12/31/2033    JPY          35.5
ARGENT- DIS          4.33     12/31/2033    JPY            36
ARGENT- PAR          0.45     12/31/2038    JPY            15
ARGENT-PAR&GDP      0.45     12/31/2038    JPY             8
ARGENTINA               9     11/29/2018    USD        74.875
ARGNT-BOCON PRE9        2     3/15/2014     ARS         152.5
BANCO MACRO SA       9.75     12/18/2036    USD         71.25
BANCO MACRO SA       9.75     12/18/2036    USD         71.03
BANCO MACRO SA       9.75     12/18/2036    USD          72.1
CAPEX SA               10      3/10/2018    USD          73.9
CAPEX SA               10      3/10/2018    USD        73.375
CIA LATINO AMER       9.5    12/15/2016     USD            66
EMP DISTRIB NORT     9.75    10/25/2022     USD            46
EMP DISTRIB NORT     10.5    10/9/2017      USD        95.001
EMP DISTRIB NORT     9.75    10/25/2022     USD        46.125
METROGAS SA         8.875    12/31/2018     USD        72.875
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.664
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.625
PROV BUENOS AIRE    9.375     9/14/2018     USD         67.25
PROV BUENOS AIRE    9.375     9/14/2018     USD        67.127
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.263
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.245
PROV DE FORMOSA         5     2/27/2022     USD         62.25
PROV DE MENDOZA       5.5     9/4/2018      USD         74.42
PROV DE MENDOZA       5.5     9/4/2018      USD        74.375
PROV DEL CHACO          4    12/4/2026      USD         27.25
PROV DEL CHACO          4    11/4/2023      USD         54.75
TRANSENER            9.75     8/15/2021     USD         46.69
TRANSENER           8.875    12/15/2016     USD            41
TRANSENER            9.75     8/15/2021     USD         42.75



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

BANCO BPI (CI)        4.15    11/14/2035    EUR         71.75
BCP FINANCE CO        4.239                             45.917
BCP FINANCE CO        5.543                             45.7
BES FINANCE LTD       4.5                               65
BES FINANCE LTD       5.58                              69.167
CAM GLOBAL FIN        6.08     12/22/2030   EUR         71.25
CHINA FORESTRY       10.25     11/17/2015   USD         52
CHINA FORESTRY       10.25     11/17/2015   USD         52.5
CHINA SUNERGY        4.75      6/15/2013    USD         59.141
ERB HELLAS CAYMA        9      3/8/2019     EUR         16
ESFG INTERNATION    5.753                               56.6
GOL FINANCE          8.75                               77
JINKOSOLAR HOLD         4     5/15/2016     USD         66.899
LDK SOLAR CO LTD       10     2/28/2014     CNY         69.071
LUPATECH FINANCE    9.875                               31
LUPATECH FINANCE    9.875                               30.95
PUBMASTER FIN       6.962     6/30/2028     GBP         63.086
RENHE COMMERCIAL    11.75     5/18/2015     USD         74.5
RENHE COMMERCIAL       13     3/10/2016     USD         78.75
RENHE COMMERCIAL       13     3/10/2016     USD         72.75
RENHE COMMERCIAL    11.75     5/18/2015     USD         75.005
SUNTECH POWER           3     3/15/2013     USD         33
SUNTECH POWER           3     3/15/2013     USD         44.75


CHILE
-----

ALMENDRAL TEL           3.5  12/15/2014     CLP        43.436
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2040      CLP        66.564
CHILE                   3     1/1/2040      CLP        66.564
COLBUN SA             3.2     5/1/2013      CLP        25.26
TALCA CHILLAN        2.75    12/15/2019    CLP         65.673


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

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


VENEZUELA
---------

PETROLEOS DE VEN       5.5    4/12/2037     USD         69.75
PETROLEOS DE VEN       5.375  4/12/2027     USD         69.35

                            ***********


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 * * *