TCRLA_Public/130318.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 18, 2013, Vol. 14, No. 54


                            Headlines



B R A Z I L

COSAN LUXEMBOURG: Fitch Rates Sr. Unsecured Notes at 'BB+'


C A Y M A N  I S L A N D S

BIRMINGHAM HOLDINGS: Placed Under Voluntary Wind-Up
CARNAUBA FUND: Placed Under Voluntary Wind-Up
HARVEST ORION III: Commences Liquidation Proceedings
IVY DEFENDERS 1099: Commences Liquidation Proceedings
JPMP SK HOLDINGS: Commences Liquidation Proceedings

LIONTRUST DIVERSITY: Commences Liquidation Proceedings
LIONTRUST DIVERSITY GENERAL: Commences Liquidation Proceedings
LIONTRUST SORBUS: Commences Liquidation Proceedings
LIONTRUST SORBUS FUND: Commences Liquidation Proceedings
MAPLEWOOD C.I: Commences Liquidation Proceedings

PRS GLOBAL: Placed Under Voluntary Wind-Up
RHOMBUS CAPITAL: Commences Liquidation Proceedings
SKY CORP: Placed Under Voluntary Wind-Up
STONE BEACH: Placed Under Voluntary Wind-Up
SUSQUEHANNA TRADING: Commences Liquidation Proceedings

TECH ALPHA: Commences Liquidation Proceedings
TERRA BANGLADESH: Commences Liquidation Proceedings
THIRD AVENUE: Placed Under Voluntary Wind-Up
TOMKINS MANAGEMENT: Placed Under Voluntary Wind-Up
VINCI HIGH: Placed Under Voluntary Wind-Up


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Needs to Boost Logistics Coordination


H O N D U R A S

* HONDURAS: S&P Assigns 'B+' Rating to Planned $500MM Bond Issue


J A M A I C A

* JAMAICA: Confident of IMF Deal by End of March


M E X I C O

BANCO G&T: S&P Affirms 'BB/B' ICRs; Outlook Stable
BANCO INDUSTRIAL: S&P Affirms 'BB' ICR; Outlook Stable
BANCO PANAMENO: S&P Assigns 'BB' Issuer Credit Rating
CEMEX SAB: S&P Assigns 'B' Rating to $600MM Senior Secured Notes
CEMEX SAB: Fitch Assigns 'B+' Rating to New High Yield Notes

GRUPO ACP: Fitch Affirms 'BB-' Issuer Default Rating
GRUPO KUO: Fitch Affirms 'BB' LT Issuer Default Rating
SIDERURGICA DEL TURBIO: S&P Lowers CCR to 'CC' & Withdraws Rating


P A N A M A

AES EL SALVADOR: Fitch Assigns 'BB' Rating to $310MM Debt Issue
AES EL SALVADOR II: Moody's Assigns Ba2 CFR; Outlook is Stable


T R I N I D A D  &  T O B A G O

PETROTRIN: OWTU Head Accuses Firm of Shutting Down Good Oil Wells


X X X X X X X X

* BOND PRICING: For the Week March 11 to March 15, 2013




                            - - - - -


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


COSAN LUXEMBOURG: Fitch Rates Sr. Unsecured Notes at 'BB+'
----------------------------------------------------------
Fitch rates Cosan Luxembourg S.A.'s senior unsecured notes issue,
in the amount of BRL500 million and coupon of 9.5%, due 2018,
'BB+'.

The notes will be unconditionally and irrevocably guaranteed by
Cosan S.A. Industria e Comercio and will rank equally with all
Cosan's unsecured indebtedness. Net proceeds will be used to
prepay a portion of Cosan's BRL3.3 billion debentures issued to
finance the acquisition of Comgas.

KEY RATING DRIVERS:

Cosan's ratings reflect the increasing contribution of a more
diversified asset portfolio and more predictable cash flow
businesses on a consolidated basis, which partially soften the
impacts of the volatility of the sugar and ethanol industry.
Cosan's ratings fundamental has been positively enhanced by the
creation of a joint-venture with Shell Brazil Holdings BV
(Raizen), under conservative financial terms, and it is strongly
linked to Raizen's credit profile, given the relevance of this
joint venture compared to Cosan's consolidated performance (55% of
2013 EBITDA, as per Fitch estimates). Cosan's pro forma credit
ratios, considering the last 12 months (LTM) EBITDA of Comgas, its
robust liquidity position and its manageable debt profile further
support the ratings.

The high volatile sugar & ethanol industry fundamentals, exposure
to climatic conditions and challenges related to the ethanol's
industry dynamics in Brazil, currently strongly linked to gasoline
regulated prices and governmental policies related to this issue,
are further incorporated into the ratings.

Increased Diversification & Lower Exposure to Sugar & Ethanol:
Comgas' acquisition was strategically positive for Cosan, as it
contributes to broader business diversification and should lessen
its cash flow volatility. This transaction also enhanced Cosan's
presence in the energy segment, which, together with logistics,
are the main focus on the company's business plan going forward.
As per Fitch estimates, the contribution of more stable business
for Cosan's cash flow should range from 52% in the 2011/2012
harvest period to the 65%-75% range in the next three years,
depending on the sugar and ethanol prices behavior and speed of
planned expansion projects. Fitch estimates Cosan's 2013 EBITDA
breakdown by segment as follows: 35% natural gas distribution, 32%
sugar and ethanol, 19% fuel distribution, 8% logistics and 6%
others.

Leverage on a Declining Trend as Expected:

Cosan's pro forma net debt/EBITDA considering Comgas' LTM EBITDA
is 3.2x, despite lower than historical EBITDA margins of the
acquired company in that period, due to some cost mismatches to be
passed through its tariffs. Considering a normalized EBITDA for
Comgas, Cosan's pro forma net leverage on a consolidated basis
would be around 3.1x. This ratio compares favorably with the 3.3x
pro forma net leverage ratio as of March, 2012. Fitch's debt
calculations also consider rescheduled taxes net of credits to be
received from ExxonMobil, pension fund obligations (mostly
migrated from Comgas) and intercompany loans.

Considering the mid-point of the sugar and ethanol price cycle,
Fitch estimates that Cosan should maintain its net leverage around
3.0x while preserving a robust liquidity position to reduce the
risks related to the inherent cyclicality of some of its
businesses.

Robust Liquidity Essential to Support Ratings:
Cosan has maintained robust liquidity. As of Dec. 31, 2012, its
consolidated cash position amounted to BRL2.3 billion and covered
its short-term debt of BRL1.8 billion by 1.3x. Considering also
cash flow from operations (CFFO), the cash+CFFO/short-term debt
ratio would be strong at 3.0x. Debt maturity profile was
adequately distributed, with concentration in the long term.

Fitch expects that Cosan will continue to adequately manage its
short-term debt maturities and to preserve a robust liquidity, in
order to be prepared for occasional market downturns. The
favorable terms of the financing line obtained to finance the
Comgas acquisition, characterized by an eight-year tenor with a
two-year grace period, also positively contributed to the
company's financial profile.

Increased Cash Flow Generation:
Cosan presented a robust operational performance on a consolidated
basis in the LTM period ended December 2012. Net revenues, EBITDA
and CFFO amounted to BRL27.3 billion, BRL2.5 billion and BRL3.1
billion, respectively, which compare positively to BRL24.1
billion, BRL2.1 billion and BRL2 billion reported in March 2012,
excluding the non-recurring effects of the creation of Raizen
(BRL3.2 billion).

Cosan's EBITDA expansion reflects, among other factors, the strong
performance of the fuel distribution activities, which benefited
from advances in the gas stations rebranding process and a
favorable product mix and higher operational margins in the sugar,
ethanol and cogeneration business, driven mainly by a greater
crushing volume, adequate price hedging strategy and increased
cogeneration revenues in that period. The beginning of
consolidation of the agricultural land development business,
conducted through the subsidiary Radar, also contributed with an
incremental EBITDA of BRL96 million.

Pending Negotiations on Acquisition of ALL Shares:
Cosan is also negotiating the purchase of a 5.7% stake on America
Latina Logistica (ALL), for BRL896.5 million, which was not
incorporated in Fitch's financial projections. The transaction is
still dependent upon the approval of other signatories of ALL's
shareholders agreement and also from the Brazilian Transport
Regulatory Agency (ANTT) and the Brazilian Antitrust Council
(CADE). In case the acquisition is concluded, Fitch estimates that
Cosan's consolidated net debt/EBITDA ratio on a pro forma basis
would range between 3.0x and 3.3x depending on the funding
strategy for this transaction.

RATING SENSITIVITIES:

A positive rating action could be driven in the medium term by
lower than expected leverage, coupled with the maintenance of more
stable and predictable cash flows.

Any action related to Raizen's ratings could have an impact on
Cosan's ratings. Factors that could lead to a negative rating
action include further acquisitions or investments not
contemplated in the current business plan that could result in
leverage levels beyond expectations and/or material refinancing
needs. Should net leverage exceed Fitch expectations and be above
3.5x on a recurring basis, it would trigger a negative rating
action.

Fitch currently rates Cosan as follows:

Cosan:
-- Foreign and local currency Issuer Default Ratings (IDRs) 'BB+';
-- National scale rating 'AA-(bra)'.

Cosan Overseas:
-- Foreign currency IDR 'BB+';
-- Perpetual notes 'BB+'.

The Rating Outlook of the corporate ratings is Stable.


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


BIRMINGHAM HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 21, 2012, the sole shareholder of Birmingham Holdings,
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 Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CARNAUBA FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 19, 2012, the sole shareholder of The Carnauba Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-9808
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


HARVEST ORION III: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 21, 2012, the sole shareholder of Harvest Orion III
(Cayman) Limited resolved to voluntarily liquidate 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:

         Gerald Yung
         Harvest Capital Partners Limited
         China Resources Building, 37th Floor
         26 Harbour Road
         Wanchai, Hong Kong
         Telephone: (852) 2131 2180


IVY DEFENDERS 1099: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 18, 2012, the sole shareholder of Ivy Defenders 1099
Access Fund Ltd. resolved to voluntarily liquidate the company's
business.

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:

         Peter D. Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


JPMP SK HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 21, 2012, the shareholders of JPMP SK Holdings Company
Limited resolved to voluntarily liquidate 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:

         Ian D. Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


LIONTRUST DIVERSITY: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Liontrust Diversity Fund
Inc. resolved to voluntarily liquidate 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:

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Christine Fletcher
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647; or

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Peter Goulden
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


LIONTRUST DIVERSITY GENERAL: Commences Liquidation Proceedings
--------------------------------------------------------------
On Dec. 18, 2012, the sole shareholder of Liontrust Diversity
General Partner Inc. resolved to voluntarily liquidate 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:

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Christine Fletcher
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647; or

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Peter Goulden
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


LIONTRUST SORBUS: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Liontrust Sorbus General
Partner Inc. resolved to voluntarily liquidate 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:

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Christine Fletcher
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647; or

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Peter Goulden
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


LIONTRUST SORBUS FUND: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Liontrust Sorbus Fund
Inc. resolved to voluntarily liquidate 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:

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Christine Fletcher
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647; or

         Mourant Ozannes Cayman Voluntary Liquidators Limited
         Reference: Peter Goulden
         Telephone: +1 (345) 949 4123
         Facsimile: +1 (345) 949 4647
         94 Solaris Avenue, Camana Bay
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


MAPLEWOOD C.I: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 18, 2012, the sole shareholder of Maplewood C.I. Limited
resolved to voluntarily liquidate the company's business.

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:

         Peter D. Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


PRS GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 21, 2012, the sole shareholder of PRS Global Income Fund
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 Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


RHOMBUS CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 19, 2012, the shareholders of Rhombus Capital Overseas
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 14, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108


SKY CORP: Placed Under Voluntary Wind-Up
----------------------------------------
At an extraordinary general meeting held on Dec. 21, 2012, the
shareholder of Sky Corp Ltd. resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman KY1-1107
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman KY1-1107
         Cayman Islands


STONE BEACH: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 20, 2012, the sole shareholder of Stone Beach Mortgage
Opportunity 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:

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


SUSQUEHANNA TRADING: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 19, 2012, the sole shareholder of Susquehanna Trading
Services, Inc. resolved to voluntarily liquidate the company's
business.

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:

         Peter D. Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


TECH ALPHA: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 20, 2012, the sole shareholder of Tech Alpha Fund, Ltd
resolved to voluntarily liquidate the company's business.

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:

         Peter D. Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


TERRA BANGLADESH: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 24, 2012, the sole shareholder of Terra Bangladesh Fund
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:

         Appleby Trust (Cayman) Ltd.
         Clifton House, 75 Fort Street
         PO Box 1350 Grand Cayman KY1-1108
         Cayman Islands


THIRD AVENUE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 20, 2012, the sole shareholder of Third Avenue Value
Equity Offshore Fund, Ltd 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:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 949 9876
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


TOMKINS MANAGEMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 20, 2012, the sole shareholder of Tomkins Management
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


VINCI HIGH: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 20, 2012, the sole shareholder of Vinci High Income Fund
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 Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949 9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


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


* DOMINICAN REPUBLIC: Needs to Boost Logistics Coordination
-----------------------------------------------------------
To cope with the larger vessels that will transit through the
Panama Canal when its expansion is complete in 2015, Central
American countries must dramatically improve their intermodal road
and port network infrastructure, the quality of their trucking
services and strengthen their institutional coordination, two
studies issued by the Inter-American Development Bank show.

The first study, Assessment of Port Performance and Port
Connectivity Study in Belize, Central America and the Dominican
Republic, evaluates port performance and the connectivity of 18
ports in Belize, Central America and the Dominican Republic.  The
second report, Trucking services in Belize, Central America and
the Dominican Republic: performance analysis and policy
recommendations, assesses the trucking industry and makes
recommendations going forward.

The reports were released at a seminar on logistics at the IDB's
Annual Meeting in Panama City.  The IDB called for countries to
establish national logistics agendas to improve policy
coordination and tackle bottlenecks that hurt the region's ability
to compete in the global marketplace.

Efficient logistics performance requires the public sector to act
at the regional, national and local levels, under a coordinated
agenda, with shared priorities and objectives, based on consistent
information that aids in defining public policies and allows
continuous monitoring.

The need for more coordination is especially urgent as the
expansion of the Panama Canal will accommodate post-Panamax
vessels that carry 12,600 containers, against 4,500 for the
current ones.  Today only two countries can handle post-Panamax
vessels in the region: the Dominican Republic through the port of
Caucedo, and the Panama terminals.

              New Freight Transportation Dynamics

Post-Panamax vessels will profoundly change the dynamics of
freight transportation.  Instead of ships calling on multiple
ports and handling small cargo loads, post-Panamax vessels will be
serviced with much greater volumes into a hub and spokes system.

This system will require ports and roads to handle larger cargo
loads more quickly and efficiently.

"The region needs to change course in the way it handles freight
logistics to enhance its integration with the world and continue
to grow," said Alexandre Meira da Rosa, manager of the IDB's
Infrastructure and Environment Sector.  "Companies may be
extremely efficient producing goods at low prices, but if there
are inefficiencies in shipping and transporting these goods within
the country, by the time they ship abroad they lose their
competitive advantage."

High transport costs also prevent the country's products from
effectively competing in the global market.  For example, in
Central America, transport and logistics can account for up to 20-
60 percent of delivered food prices.

The study assesses the readiness of 18 ports in 7 countries in
Central America plus the Dominican Republic, in areas that range
from transport and trade regulations to geography. For instance,
only one-Caucedo-received a "very good" rating in land
connectivity, which factors in road congestions, security and the
number of lanes at port gates, among other.  Six ports received
"good" ratings, four were "adequate" and seven were "poor."

"Transportation in the mainland of Central America is complex,"
the study on ports says, "as the region is too small and does not
have enough volume for a dense short-sea shipping maritime network
but too big and lacking in road infrastructure to be adequately
served by land for national and international trade needs."

The report recommends countries develop a national coordinating
body to oversee both sea and land transport, and highlights that
an integrated sea-land intermodal transportation network is
crucial for future development of the region.

The second study looks at the trucking industry, from regulations
to cargo security and border crossings.  Trucking rates are
expensive and security costs high, the report finds, and the lack
of low-sulfur diesel fuel inhibits fleet renewal investments with
the latest more efficient engine technologies.  The percentage of
paved roads in countries like Honduras and Belize stands at 22%,
and in Nicaragua it does not exceed 15%.

"It is often said that the supply chain is only as good as its
weakest link and the roads are often this link," according to the
study.

Border crossing coordination needs improvement and countries need
to tackle difficult domestic issues, such as laws that protect
national fleets by prohibiting foreign trucks from transporting
domestic cargo on their return routes, making the service more
expensive for everyone.



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


* HONDURAS: S&P Assigns 'B+' Rating to Planned $500MM Bond Issue
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
foreign currency senior unsecured debt rating to the Republic of
Honduras' planned $500 million bond issue.  This is Honduras'
first international bond issue.  The 7.5% fixed-rate notes mature
March 15, 2024, with the principal amortizing in three equal
installments during the last three years to maturity.  Proceeds of
the bond are designated for general budget purposes as well as
payment of Honduras' domestic debt and "deuda flotante" (domestic
arrears).

The country's weak political institutions, as well as
deterioration of the central government fiscal deficit during 2012
to 6% of GDP, constrain S&P's ratings on Honduras.

S&P projects that fiscal pressures during the 2013 election year,
recurrent financial losses of public-sector utilities, and
Honduras' limited revenue base will lead to a central government
deficit of about 6% of GDP, higher than the government's 4.5%
target.  S&P expects net general government debt to rise to 32% of
GDP in 2013 from 28% of GDP in 2011.  Shallow domestic capital
markets and an increase of domestic debt in 2009-2010 during
Honduras' extraordinary political events, which coincided with the
temporary loss of concessional financing from the international
financial community, have also contributed to the steepening of
the central government's domestic yield curve.

External liquidity of Honduras' small, open economy diminished
during 2012.  Honduras' net international reserves declined by 12%
(to US$2.5 billion from US$2.8 billion, according to central bank
figures) between June 2012 and Feb. 21, 2013.  S&P expects the
bond issue will strengthen Honduras' external liquidity, but a
coffee fungus that has reduced Central American coffee exports
will continue to pose downside risks for external liquidity this
year.

Honduras' low $2,200 per capita GDP and 1% per capita real GDP
growth, high poverty rates, high crime and violence rates in urban
areas, and significant human capital and infrastructure investment
needs continue to pose long-term challenges for higher,
sustainable growth.  S&P expects 3% growth in 2013.

RATINGS LIST

Republic of Honduras

  Sovereign Credit Rating       B+/Negative/B

New Rating

Republic of Honduras

  Senior unsecured notes        B+


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J A M A I C A
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* JAMAICA: Confident of IMF Deal by End of March
------------------------------------------------
RJR News reports that the Jamaican government is confident that it
will have the recently concluded deal with the International
Monetary Fund (IMF), approved by the entity's board, before the
end of this month.

A Finance Ministry official, said the Letter of Intent was sent to
the IMF earlier this week and it is expected that the IMF's
Executive Board will review the deal on March 25, according to RJR
News.

The report notes that the Letter of Intent was sent after the
government fulfilled certain criteria, such as a successful debt
exchange program, a wage agreement with the public sector and
legislation to withdraw J$45.6 billion from the National Housing
Trust (NHT) over the next four years.

The report relates that the government is seeking a four year
Extended Fund Facility from the IMF, with a proposal for US$750
million of inflows to come in, over that period.

The IMF deal is also critical, to give a stamp of approval to
Jamaica's economic program, which will give other international
financiers confidence to provide temporary support to the U.S.
dollar starved Jamaican economy, the report notes.


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


BANCO G&T: S&P Affirms 'BB/B' ICRs; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' issuer
credit ratings on Banco G&T Continental S.A. (BG&TC).  The stand-
alone credit profile (SACP) remains at 'bb+'.  The outlook is
stable.

The ratings reflect BG&TC's "strong" business position, S&P's
"moderate" capital and earnings assessment, "moderate" risk
position, and "average" funding with "adequate" liquidity.

"Our bank criteria uses the Banking Industry Country Risk
Assessment's (BICRA) economic and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  The anchor for a commercial bank operating
in Guatemala is 'bb+'.  Our economic risk score of '7' on
Guatemala reflects its limited fiscal flexibility stemming
primarily from a low tax base, likely higher debt over the next
several years, the absence of any measures to strengthen tax
revenue and boost GDP growth, and very high credit risk primarily
because of high foreign currency lending.  Our industry risk score
of '5' is based on Guatemala's still developing regulatory, and
institutional framework, as well as low competitive risk as
private banks dominate the Guatemalan banking system as a result
of a low market presence of nonbank finance companies," S&P noted.

"Despite a stable and growing core customer deposit base, access
to external funding is limited and the Guatemalan debt capital
market remains undeveloped," said Standard & Poor's credit analyst
Jesus Sotomayor.


BANCO INDUSTRIAL: S&P Affirms 'BB' ICR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term and
'B' short-term issuer credit ratings on Banco Industrial S.A.
(BI).  The bank's stand-alone credit profile (SACP) is 'bb+'.  The
outlook is stable.

The ratings on BI reflect its "strong" business position in the
low-banking-penetrated Guatemalan banking system, S&P's
expectation of "moderate" risk-adjusted capital (RAC) ratios and
earnings capacity, and a "moderate" risk position.  The ratings
also reflect its "average" funding and "adequate" liquidity.

"Our bank criteria uses the Banking Industry Country Risk
Assessment's (BICRA) economic and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  The anchor for a commercial bank operating
in Guatemala is 'bb+'.  Our economic risk score of '7' on
Guatemala reflects its limited fiscal flexibility stemming
primarily from a low tax base, likely higher debt over the next
several years, the absence of any measures to strengthen tax
revenue and boost GDP growth prospects, and very high credit risk
in the economy, primarily due to high foreign currency lending.
Our industry risk score of '5' is based on Guatemala's still-
developing regulatory, supervisory, and institutional framework,
as well as its low competitive risk as private banks dominate the
Guatemalan banking system as a result of low market presence of
nonbank finance companies.  "Despite a stable and growing core
customer deposit base, access to external funding is limited and
the Guatemalan debt capital market remains undeveloped," said
Standard & Poor's credit analyst Jesus Sotomayor.


BANCO PANAMENO: S&P Assigns 'BB' Issuer Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issuer credit
rating to Banco Panameno de la Vivienda S.A. (Banvivienda).  The
outlook is stable.

S&P's rating on Banvivienda reflects the bank's "moderate"
business position, "adequate" capital and earnings, "adequate"
risk position, "below average" funding, and "adequate" liquidity,
as S&P's criteria define these terms.

In 2009, Banvivienda and its shareholder Grupo Mundial initiated
significant organizational changes.  These modifications
significantly improved the bank's capitalization, liquidity, and
asset quality metrics, and strengthened risk and corporate
governance practices.  The bank continues to work to improve its
profitability and efficiency amid heavy competition.  Grupo
Mundial supported Banvivienda through capital infusions totaling
$30 million between 2009 and 2011 and capitalization of profits.


CEMEX SAB: S&P Assigns 'B' Rating to $600MM Senior Secured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
rating and a recovery rating of '3' to CEMEX S.A.B. de C.V.'s
proposed $600 million senior secured notes due 2019.  The recovery
rating of '3' indicates that bondholders can expect a meaningful
(50% to 70%) recovery in the event of a payment default.

CEMEX (B/Positive/--) intends to use the net proceeds from the
offering to repay in full the remaining debt under the 2009
Financing Agreement and for the purchase of outstanding eurobonds
due 2014.  The notes will benefit from a security package on the
same terms as in the company's all other senior capital markets
debt.  The security package includes the full and unconditional
guarantee, on a joint and several basis and on a general senior
basis, by CEMEX Mexico S.A. de C.V., CEMEX Espana S.A., CEMEX
Corp., New Sunward Holding B.V., and other subsidiaries owned
directly or indirectly by CEMEX.

According to S&P's criteria, it considers this bond issuance as an
opportunistic refinancing proposal, rather than a distressed
restructuring.  In S&P's view, CEMEX does not depend on the
issuance of the proposed notes to mitigate the risk of an
insolvency or bankruptcy scenario in the near term.

RATINGS LIST

CEMEX S.A.B. de C.V.
  Corporate credit rating                        B/Positive/--


Ratings Assigned

CEMEX S.A.B. de C.V.
  $600 million senior secured notes due 2019     B
   Recovery rating                               3


CEMEX SAB: Fitch Assigns 'B+' Rating to New High Yield Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR3' rating to CEMEX S.A.B. de
C.V.'s proposed senior secured high yield notes due in 2019. The
notes will be guaranteed by CEMEX Mexico, S.A. de C.V.; CEMEX
Concretos, S.A. de C.V.; Empresas Tolteca de Mexico, S.A. de C.V.;
CEMEX Espana, S.A.; New Sunward Holding B.V.; CEMEX Asia B.V.;
CEMEX Corp.; CEMEX Egyptian Investments B.V.; CEMEX France
Gestion; CEMEX Research Group AG; CEMEX Shipping B.V.; and CEMEX
UK. The guarantees are full and unconditional for both principal
and interest payment. Proceeds from the issuance will be used to
repay debt remaining under the 2009 Financing Agreement and for
general corporate purposes.

The Rating Outlook for CEMEX is Stable.

Key Rating Drivers

High Leverage and Modest Free Cash Flow
The 'B' ratings of CEMEX and its subsidiaries continue to reflect
the company's high leverage and limited free cash flow from
operations. CEMEX generated $2.6 billion of EBITDA in 2012, an
improvement from $2.3 billion in 2011. The growth in EBITDA was
due to stronger performance by the company's operations in the
U.S. and in Central and South America. Growth in taxes and
interest expense led to a decline in CEMEX's cash flow from
operation (CFFO) to $428 million in 2012 from $521 million in
2011. Free cash flow from operations for debt reduction was flat
due to $426 million of capex. Through the IPO of 26.65% of the
company's subsidiary, CEMEX Latam Holding, CEMEX was able to raise
$960 million that it used to lower its net debt to $16.3 billion
at the end of 2012 from $17.1 billion at the end of 2011. As a
result of the aforementioned, CEMEX's net debt/EBITDA ratio
declined to 6.3x in 2012 from 7.2x in 2011.

Leverage to Remain High Through 2014
Fitch expects CEMEX's leverage to remain high through the end of
2014. Fitch projects that CEMEX will generate about $2.8 billion
in 2013, and $3.1 billion in 2014. Fitch projects free cash flow
after capex and the payment of coupons on the company's perpetual
notes to be $250 million in 2013 and $600 million in 2014. At
these levels, absent asset sales, CEMEX's leverage will not fall
below 5.0x until the second half of 2014.

Manageable Debt Amortizations
CEMEX has a manageable debt amortization schedule as a result of
the refinancing of its 2009 Financing Agreement during September,
the successful issuance of a $1.5 billion note due in 2022 during
October, and the IPO during November. The company had $582 million
of debt maturing in 2013 as of Dec. 31, 2012, of which $536
million was related to the securitization of receivables. During
2014 and 2015, CEMEX's amortizations total $564 million and $753
million, respectively. The company is expected to repay most of
the debt falling due in 2013 and 2014 with proceeds from the
proposed note issuance.

Above-Average Recovery Prospects
The 'RR3' Recovery Rating (RR) on the company's capital market's
debt indicates above-average recovery prospects in the event of
default (anticipated to be in the range of 50% to 70%). CEMEX and
its subsidiaries have issued debt instruments from Mexico, the
United States, the British Virgin Island, the Netherlands and
Spain. The guarantors of these instruments are also domiciled in
various countries. As a result of the complexity of the company's
capital structure and the various legal jurisdictions, Fitch does
not envision a bankruptcy scenario for CEMEX that would result in
liquidation in the event of default. In Fitch's opinion, the most
likely scenario under additional stress would be a negotiated
restructuring of the debt subject to the Financing Agreement and
the company's additional capital markets debt.

In deriving a distressed enterprise valuation to determine the
recovery under this scenario, Fitch discounted the company's LTM
EBITDA to $2 billion, a level that would just cover operating
leases, interest expenses and maintenance capital expenditures. A
30% decline in EBITDA to this level would most likely be driven by
a marked deterioration of the eurozone, which would send the U.S.
into a double-dip recession, and have a negative impact on CEMEX'S
Mexican operations. In determining a projected recovery in the
event of default, Fitch applied a 6x distressed EBITDA multiple.
The low multiple reflects the high leverage within the industry,
which would hamper a competitive bidding process. It also reflects
the fact that if Europe would deteriorate to the point that the
U.S. entered a double-dip recession, the core operations of some
potential bidders would also be hemorrhaging cash, limiting their
ability to pursue the purchase of CEMEX or some of its larger
assets.

Key Rating Drivers

Positive rating actions could result from the continued recovery
of the company's U.S. operations. A stabilization in risks related
to the eurozone and Egypt would also be positive. Debt reduction
through the sale of non-core assets or the issuance of additional
equity would also accelerate deleveraging and would likely lead to
positive rating actions in 2013.

A number of factors could lead to a negative rating action. They
include a downturn in the company's businesses in Mexico and
Central/South America, which have been crucial in offsetting
weakening of the company's northern European division and
Mediterranean divisions.

Fitch currently rates CEMEX as follows:

CEMEX
-- Foreign and local currency IDR 'B';
-- Senior unsecured notes 'B+/RR3';
-- National scale long-term rating 'BB-(mex)';
-- National scale short-term rating 'B (mex)'.

In addition to the aforementioned ratings of CEMEX, Fitch also
maintains the 'B' foreign currency IDRs of the following entities
that CEMEX has used to issue debt, as well as 'B+/RR3' ratings of
debt issued by them:

Cemex Espana S.A.
CEMEX Finance LLC
CEMEX Finance Europe B.V., which is incorporated in the
Netherlands
CEMEX Materials Corporation, a limited liability company
incorporated in the U.S.
C5 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C8 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C10 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C-10 Euro Capital (SPV) Limited, a British Virgin Island
restricted-purpose company


GRUPO ACP: Fitch Affirms 'BB-' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed Grupo ACP Inversiones y Desarrollo's
Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is
Positive.

KEY RATING DRIVERS - IDRs, VRs and SUPPORT RATING

ACP's ratings reflect its industry leading expertise, consistent
expansion strategy and expected changes in legal structure that
will strengthen its balance sheet. The aforementioned changes will
offset ACP's weaker financial performance, as well as delays in
the implementation, growth and consolidation of the commercial
strategies of its main subsidiaries.

Fitch believes external support cannot be relied upon due to the
entity's non-profit nature, underpinning ACP's Support Rating of
'5'.

ACP had an operative loss at end-2012 due to the decline of
dividend income as well as to the increase in operating expenses.
The decline in dividend income was largely due to a similar trend
in the profitability of ACP's main revenue generator, Mibanco,
which was not able to offset weak financial performance of the
smallest subsidiaries as in past periods.

In Fitch's opinion, ACP should be able to reverse its negative
results during 2013, supported by an improvement and consolidation
of Mibanco's results.

ACP has invested considerable resources to support some key
subsidiaries. However these subsidiaries - especially in Mexico
and Brazil - have yet to mature and consolidate hence affecting
ACP's cash flow generation which fell short of expectations. Fitch
expects that the performance of these investments will pick up in
the mid-term.

As a non-for-profit organization ACP cannot raise capital, hence
the decision to create a holding company (Grupo ACP Corp, ACPC)
and open its capital to well know partners that already cooperate
with ACP. As part of the transaction, ACP will transfer its
operating subsidiaries to the aforementioned new holding company
ACPC.

As the group raised funds in international markets, its 'double
leverage' (investment in subsidiaries + goodwill/ equity)
increased to a peak of 171% in 2012. The cash flow projections
consider a fresh capital injection from the new shareholders of
ACPC, which once completed should bring ACP's double leverage
close to 120%. In addition, it improves liquidity and cover ACP's
cash flow needs for the next four years.

ACP has a leading expertise in microcredit since 1969. ACP created
Peru's largest microcredit bank (Mibanco) and invested in several
microcredit ventures throughout the region amassing a significant
expertise and in-depth knowledge of the economic environment and
microcredit business in the region. In addition, the creation of
ACPC and the incorporation of shareholders/ partners with
significant expertise and clout in the microfinance business will
enrich ACP's corporate governance and overall technical expertise.

RATING SENSITIVITIES - IDRs, VRs and SUPPORT RATING

ACP's ratings upside potential is largely dependent on a sustained
improvement in financial performance of its operating companies
and/or improvement of its double leverage ratios to around 120%.

A severe deterioration of profitability or assets quality of its
key operating companies, together with a higher leverage would
place downward pressure on ACP's ratings.

ACP is a non-for profit civil association active in microcredit
throughout the region. It controls Mibanco, Peru's largest
microfinance bank and has several related investments in Peru and
seven countries in the region.

Fitch has affirmed these ratings for ACP:

-- Long-term foreign currency IDR at 'BB-'; Outlook Positive;
-- Short-term foreign currency IDR at 'B';
-- Long-term local currency IDR at 'BB-'; Outlook Positive;
-- Short-term local currency IDR at 'B';
-- Viability Rating at 'bb-';
-- Support Rating at '5';
-- Support Rating Floor at 'NF'.


GRUPO KUO: Fitch Affirms 'BB' LT Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed Grupo Kuo, S.A.B. de C.V.'s ratings as
follows:

-- Long-term foreign currency Issuer Default Rating (IDR) at
    'BB';
-- Long-term local currency IDR at 'BB';
-- Long-term national scale rating at 'A(mex)';
-- USD325 million senior notes due 2022 at 'BB';
-- MXN700 million Certificados Bursatiles due in 2015 at
    'A(mex)';
-- MXN700 million Certificados Bursatiles due in 2019 at
    'A(mex)'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings affirmation continues to reflect Kuo's strong
operating performance, stable financial profile, solid liquidity
and improved debt maturity profile. The ratings incorporate the
company's diversified revenue stream, hard currency generation
with 47% of total sales coming from exports and subsidiaries
located outside of Mexico in 2012, and joint ventures (JVs) with
international industry leaders. The ratings are limited by the
exposure to volatility in demand and input costs related to
commodity prices across business lines.

Kuo's revenue growth has been supported by the integration of
acquisitions and organic growth; while profitability has remained
relatively stable. During 2012, revenues and EBITDA in dollar
terms increased 6% and 16% to USD2.2 billion and USD215 million,
when compared to full year 2011, driven mainly by higher volumes
from the acquisitions of Fritec and Fresherized Foods in its
automotive and consumer sectors, respectively, that fully offset
the decrease of 2% in sales from the chemical sector mainly as a
result of lower volume and flat prices. EBITDA margin, excluding
the effect of a non-recurrent income of USD8 million coming from
the registration of the brand Fritec, remained flat in around 9%
in 2012.

Fitch estimates that Kuo's free cash flow (FCF) generation to be
negative to neutral in the following 12 to 24 months as it deploys
its investing plan of around USD100 million in 2013. Fitch
anticipates that current projects will be financed with cash on
hand and internally generated funds. During the last five years,
the average FCF generation estimated by Fitch after capital
expenditures and dividends was negative for approximately
USD30 million.

Kuo's credit metrics in dollar terms remained stable in 2012.
Total debt to EBITDA and net debt to EBITDA for year-end 2012 were
2.3x and 2.0x compared to 2.3x and 2.1x at year-end 2011. Total
debt balance was USD496 million. Fitch anticipates that Kuo will
maintain these ratios relatively stable in the absence of large
debt financed acquisitions. However, Fitch believes that the
company's current financial strength provides flexibility in case
of pursuing merger and acquisitions opportunities. Management
continues with its long-term target of net debt to EBITDA between
1.5x and 2.5x.

Liquidity is ample and the debt maturity profile is manageable. At
the end of 2012, Kuo had a cash balance of USD73 million,
available committed credit lines of approximately USD20 million
and short-term debt of USD15 million. In addition, the company's
cash balance will be supported by additional USD54 million
received in March 2013 from the sale of assets of its
particleboard and laminates business to Maderas y Sinteticos de
Mexico, S.A. de C.V. (Masisa). Kuo's next significant debt
maturities are in 2015 and 2016 when MXN700 million (USD54
million) of Certificados Bursatiles and USD54 million of bank
loans come due, respectively.

RATING SENSITIVITIES

Positive factors for the ratings include a combination of stable
profitability across business segments, neutral to positive FCF
generation through the cycle and consistent leverage below current
levels. In contrast, negative ratings actions could arise by a
combination of sustained deterioration of volume demand and
profitability, or large debt financed acquisitions, leading to a
net leverage above the company's long-term target.


SIDERURGICA DEL TURBIO: S&P Lowers CCR to 'CC' & Withdraws Rating
-----------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term corporate
credit and senior unsecured issue ratings on Siderurgica del
Turbio, S.A. (Sidetur) to 'CC' from 'CCC-' after first removing
them from CreditWatch with negative implications, where the
ratings were placed on Dec. 4, 2012.  S&P then withdrew the
ratings at Sidetur's request.  The outlook at the time of the
withdrawal was negative.

"The downgrade reflects our opinion that Sidetur's ability to meet
its financial obligations is very limited and will continue
deteriorating in the next few months, as the reserve account
associated with the company's senior unsecured notes will only
cover the next principal and interest payment scheduled for April
20, 2013," said Standard & Poor's credit analyst Bernardo
Gonzalez.  In addition, the government of Venezuela has not yet
provided any clarity as to the timing or the amount of
compensation it will offer for the expropriation of Sidetur's
assets.  In S&P's view, the company relies entirely on this
compensation to pay down its debt.


===========
P A N A M A
===========


AES EL SALVADOR: Fitch Assigns 'BB' Rating to $310MM Debt Issue
---------------------------------------------------------------
Fitch Ratings expects to rate AES El Salvador Trust II's USD310
million debt issuance 'BB(EXP)'. Fitch has also assigned foreign
and local currency Issuer Default Ratings (IDRs) of 'BB' to AES El
Salvador Trust II. The Rating Outlook is Stable. The company
expects to use the proceeds from the issuance to refinance all AES
El Salvador Trust outstanding debt.

AES El Salvador Trust II (AES El Salvador) is a special-purpose
vehicle (SPV) located in Panama that was created to issue USD310
million of notes on behalf of AES El Salvador Group. AES El
Salvador's ratings are based on the combined credit quality of AES
Corp.'s operating assets in El Salvador: Compania de Alumbrado
Electrico de San Salvador, Empresa Electrica de Oriente, AES CLESA
y Cia, and Distribuidora Electrica de Usulutan. These operating
companies will guarantee, on a joint and several basis, AES El
Salvador's proposed debt issuance.

KEY RATING DRIVERS

AES El Salvador's ratings are based on the combined credit
strength of the operating assets that guarantee its debt and
reflect the group's relatively large size compared to the market,
low business risk profile, and its predictable cash flow
generation. The ratings also reflect the distribution companies'
high exposure to government intervention risk, and the continued
sovereign risk exposure through subsidies and regulation. The
ratings also take into account the weakening macroeconomic
conditions in El Salvador. The notes benefit from six-month debt-
service reserve account in the form of cash funded from the
guarantors or alternatively by a letter of credit provided by a
financial institution.

LARGE MARKET POSITION AND LOW BUSINESS RISK

AES El Salvador's low business risk results from its stable
customer base and a predictable cash flow. Although distribution
service territories are not exclusive and distributors are free to
compete for customers, the risk of new competition is low given
that distribution companies possess significant economies of scale
that make it inefficient for more than one company to operate in
any particular geographic area. The company's operations are
considered efficient compared with other distribution companies in
the region. Although energy loses increased during 2012, to 9.36%
from 8.71% in 2011 due to higher energy prices, the company is
still considered efficient and losses low.

The ratings factor in the key player position of AES El Salvador
in the country as the largest electric distributor utility group
in El Salvador. The company's market share position is high,
serving 80% of El Salvador's electricity distribution area, and
supplying 67% of the total energy demand in the country during
2012. The company serves approximately 1.2 million customers with
976 employees; in 2012 it sold 3.497 gigawatt hours (GWh) (2011:
3.440).

The long-term power purchase agreements (PPAs) with generation
companies contracts were established in a variable cost production
based regulation since August 2011. The distribution companies in
El Salvador are now required to contract at least 70% of expected
demand by year end 2017.

AES El Salvador has contracts for approximately 66% of its maximum
average demand. This contractual requirement increases
distribution companies contractual risks as customers are
currently free to transfer between electricity suppliers, still
paying wheeling fees to the incumbent distribution company.

HIGH EXPOSURE TO GOVERNMENT INTERVENTION

The ratings incorporate AES El Salvador's high exposure to
regulatory risk, and receipt of government subsidies. The
weakening macroeconomic conditions in El Salvador could affect
large subsidies due to pressures on country fiscal accounts.
Nevertheless, energy subsidies for residential customers are
considered a priority for the government.

The Salvadorian government subsidizes consumers with a monthly
consumption of 99KWh or less. Additionally, the government
implemented an extraordinary subsidy for users with consumption
below 200 kilowatts (KWh). The permanence or modifications of this
extraordinary subsidy is reviewed quarterly by the government. The
country's users connected to the distribution system with energy
consumption of 99KWh or less represent 66.6% of total users, which
accentuate the importance of the government subsidies in the
country. The state owned utility company, Comision Ejecutiva
Hidroelectrica del Rio Lempa - (CEL) has been providing the
funding for these subsidies.

Subsidies are relevant to AES El Salvador as 63% of its total
customers as of December 2012 have a monthly energy consumption of
99KWh or less. Total subsidies (consumption 99KWh or less, and
extraordinary subsidy for consumption between 99KWh and 200KWh)
for 2012 amounted USD135.2 million for the company (2011:106.7
million). The government has transferred subsidies to distribution
companies in a timely manner. Any future payment delay that will
impact AES El Salvador's leverage due to working capital financial
needs, could pressure the ratings.

TARIFF RESET SUPPORTS CREDIT FUNDAMENTALS

The company's credit profile is supported by its stable and
predictable cash flow generation and strengthening credit metrics
as result of higher EBITDA levels as outcome of the tariff reset
for the 2013-2017 period. The tariff reset was determined as per
the new methodology that considers real costs of the companies
based on El Salvador distribution grid instead of an optimized
company model as it was considered in the past methodology.

The recently implemented tariff reset is expected to increase the
company's cash flow generation over the next four years, starting
in 2013, by approximately 23% from previous years. EBITDA is
expected to increase to approximately USD85 million by the end of
2013, and to average between USD90-95 million going forward.

Total debt as of December 2012 amounted to USD297.3 million,
maturing in 2016, and USD13 million of short-term banking debt.
Fitch expects AES El Salvador leverage ratio to strengthen and to
range between 3.5x and 4-0x as result of the new tariff regime.
AES El Salvador's interest coverage will improve to 4.0x on
average, from 2.5x-3.0x in the 2008-2012 period due to the higher
EBITDA generation.

AES El Salvador's liquidity is supported by its cash on hand,
which as of year-end 2012 was approximately USD20.6 million, and a
USD43.5 million short-term bank credit facility to buy electricity
from generators. Historically, AES El Salvador has been able to
access bank and debt capital markets. The long term debt maturity
is expected to be extended to 2023 as per the issuance by AES El
Salvador Trust II. Liquidity could be affected in case of higher
energy prices for final users that could lead to higher ageing
account receivables. Should distribution companies be forced to
issue additional debt to fund their working capital requirements,
while they continue distributing dividends, their credit quality
could deteriorate.

RATINGS SENSITIVITY

-- AES El Salvador's ratings could be negatively affected by any
combination of the following factors: deterioration of
macroeconomic conditions in El Salvador that could affect
subsidies payments from the government; deterioration of credit
metrics; shortages of electricity supply resulting in lower
consumption and lower cash flow generation; further political or
regulatory intervention that negatively affects the company's
financial performance;

-- AES El Salvador's ratings could be positively affected by a
sustainable leverage reduction; regulatory stability; and
improving macroeconomic conditions in El Salvador.


AES EL SALVADOR II: Moody's Assigns Ba2 CFR; Outlook is Stable
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 Corporate Family Rating
to the Panamanian AES El Salvador Trust II.  Concurrently, Moody's
also assigned a Ba2 senior unsecured rating to the proposed
issuance of up to US$310 million 10-year senior unsecured notes to
be issued by Trustco II. This is the first time Moody's has
assigned a rating to AES El Salvador Trust II. The rating outlook
is stable.

Proceeds from Trustco II's offering will be used to fund the early
redemption of the outstanding US$300 million senior unsecured
Notes issued in 2006 by AES El Salvador Trust (Trustco) which are
due in 2016 (2016 Notes) following the successful completion of a
concurrent tender offer to purchase those 2016 notes for cash.

Similar to the current structure, Trustco II's bullet Notes due in
2023 will be jointly, unconditionally and severally guaranteed by
the following four electricity distribution affiliated companies:
Compania de Alumbrado Electrico de San Salvador, S.A. de C.V.
(CAESS) and its 98.29%-owned subsidiary of CAESS, Distribuidora
Electrica de Usulutan, S.A. de C.V. (DEUSEM); AES CLESA S. en C.
de C.V. (CLESA); and Empresa Electrica de Oriente, S.A. de C.V.
("EEO").

Ratings Rationale:

"The Ba2 ratings reflect Moody's expectation that the guarantors
will continue to report credit metrics that are robust for the
current rating category" said Natividad Martel, a Moody's
Assistant Vice President. The Ba2 ratings are based on the
guarantors' consolidated credit profile due to Trustco's
dependence on their payments under promissory notes to service the
senior unsecured bonds and, if required, under their guarantees
which represent a senior unsecured obligation of the guarantors.
This is the only long-term debt of Trustco and the guarantors.

Given the infrastructure nature of the companies' operations their
financial results are closely tied to local economic and market
conditions. Consequently, the Ba2 ratings are constrained by the
government ratings of El Salvador that were downgraded to Ba3 in
November 2012 with a stable outlook. In accordance with Moody's
previously published guidance, infrastructure and utility
companies would not normally be expected to have a rating more
than two notches higher than that of the government of the country
in which the majority of their business is located. In the case of
AES El Salvador Trust, a one-notch, rather than two-notch,
differential between the Ba2 ratings and the Ba3 government rating
is considered appropriate given the absence of any non-domestic
revenues at the guarantors.

The Ba2 rating are underpinned by the regulated nature of the
guarantors' revenues, the relatively low business risk profile of
their distribution operations, their leading market position in El
Salvador despite their overall modest size. Albeit subject to some
inconsistency, the rating further captures Moody's opinion that
the regulatory framework is overall credit supportive as evidenced
by the overall fair outcome of the guarantors' recent tariff
review that became effective January 1, 2013. The rating also
acknowledges the progressive implementation of several regulatory
initiatives to enhance the electric system's mechanisms including
the requirement of the guarantors to procure over 70% of their
power load under medium and long-term Power Procurement Agreements
(PPA) along with their ability to recover energy costs on a more-
timely basis.

The Ba2 ratings also consider some structural features for the
debt securities, including a debt service reserve account, and the
assumption that the guarantors will be able to renew their
committed bank credit facilities that aggregate US$16.5 million
before their scheduled expiration in January 2014, and that they
collectively will maintain significant cash balances amid an
appropriate dividend policy managed by AES.

The retention of sufficient cash balances is particularly relevant
until there is an improvement in the country's energy mix that
results in less volatile spot power prices. In this regard,
maintaining a robust liquidity profile remains key for the ratings
and the one-notch difference with the government rating. The
latter also considers the limited moratorium risk given that the
country's economy is officially dollarized driving the current Ba1
Foreign Currency bond and deposit ceiling ratings of El Salvador.

The stable rating outlook reflects Moody's expectation that the
guarantors will be prudently managed, and that the recent tariff
adjustments will allow the credit metrics to remain commensurate
with the low-range of the Baa-rating category despite the
aggressive historical dividend payout-ratio. It also assumes that
ample liquidity with adequate committed bank facilities and cash
balances will be maintained to cope with any external shocks.
Given the guarantors' dependence on El Salvador's economic and
political environment, the stable outlook also incorporates the
expectation that the sovereign rating will not be further
downgraded given its current stable outlook.

Limited prospects for a rating upgrade exist over the near to
medium term since the ratings are effectively capped by the
current Ba3 government sovereign rating. Over the longer term, the
ratings could be upgraded if the government sovereign rating is
upgraded and the guarantors' consolidated CFO pre-W/C interest
coverage and RCF to debt metrics are above 3.5x and 17%,
respectively, on a sustainable basis.

Trustco II's ratings could be downgraded if Moody's perceives that
the liquidity arrangements are insufficient to comfortably cope
with potential external shocks. Negative rating momentum could
result from unexpected changes in the regulatory framework that
further reduces the predictability or consistency in which
regulation is applied, or if the El Salvadorian sovereign ratings
were to experience a further downgrade and/or if AES' ratings were
to experience a multi-notch downgrade. Evidence of deterioration
in the consolidated credit metrics, such that the consolidated
interest coverage ratio and the CFO pre-W/C to debt fell below
2.5x and 8.5%, respectively, for an extended period or the
continuation of

AES' aggressive distribution policy results in RCF to debt falling
below 4.5% for an extended period, could also result in a
downgrade.

The principal methodology used in this rating was the Regulated
Electric and Gas Utilities Industry Methodology published in
August 2009.

The guarantors' service territory extends over 80% of the country
while their market share in terms of the national electricity
demand exceeds 65%. They are subject to the regulatory overview of
the Superintendencia General de Electricidad y Telecomunicaciones
(SIGET). The guarantors' ultimate parent company is AES Corp (AES;
CFR: Ba3, stable), headquartered in Arlington, Virginia, which
holds indirect ownership stakes ranging between 64.15% and 89.11%.


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


PETROTRIN: OWTU Head Accuses Firm of Shutting Down Good Oil Wells
-----------------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that Oilfields
Workers' Trade Union (OWTU) President General Ancel Roget has
accused state oil firm Petroleum Company of Trinidad and Tobago
(Petrotrin) of working with government to shut down producing oil
wells located along the proposed path of the Solomon Hochoy
Highway extension to Point Fortin.

Mr. Roget said more than 65 wells were being capped to facilitate
development in the Penal area, according to Trinidad Express.

The report notes that Mr. Roget said, "They are reducing our
ability to produce by putting down these complex in areas where
you have productive wells.  They want to run that highway in the
pathway of productive wells which will cut the company's
production."

Mr. Roget, the report relates, said a survey showed the wells
could be reactivated to add to the company's crude oil production.

The report discloses that Mr. Roget challenged the oil company to
explain why it was capping the wells to make way for major
projects including a judicial complex, university and highway.

Petrotrin President Khalid Hassanali said in December only 46
barrels of oil a day would be lost if the company capped 39 wells
to facilitate the $7.5 billion highway project, the report
recalls.  The capping of the wells is being undertaken at a cost
of US$60 million, the report adds.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


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


* BOND PRICING: For the Week March 11 to March 15, 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 * * *