TCRLA_Public/130410.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

              Wednesday, April 10, 2013, Vol. 14, No. 70


                            Headlines



A R G E N T I N A

BNB LEASING: Moody's Assigns Ba3 Global Rating to New Debt Issue


B R A Z I L

ARALCO INDUSTRIA: Fitch Assigns 'B' Foreign/Local Currency IDR
ARALCO INDUSTRIA: S&P Assigns 'B' Rating to Proposed $200MM Bond
CONCESSAO METROVIARIA: Moody's Affirms Ba3 Global Scale Rating
EMPRESA NORTE: Moody's Lifts Global Scale Issuer Rating to Baa3
JBS SA: S&P Retains 'BB' Rating Following Proposed Bond Add-On

OAS SA: S&P Assigns 'BB-' Rating to Proposed Perpetual Notes
OAS SA: Moody's Rates $200-300 Million Perpetual Notes 'B1'
VIVER INCORPORADORA: Weak Finances Cue Moody's to Lower CFR to B3


C A Y M A N  I S L A N D S

ABSOLUTE BLUE: Shareholders Receive Wind-Up Report
AP US MAN: Shareholders Receive Wind-Up Report
CLOVIS (CAYMAN): Shareholder Receives Wind-Up Report
DEL MAR OFFSHORE: Shareholder Receives Wind-Up Report
DEL MAR RIVERSIDE: Shareholder Receives Wind-Up Report

DELTA MASTER: Shareholders Receive Wind-Up Report
DELTA OFFSHORE: Shareholders Receive Wind-Up Report
FIRTH HOLDINGS: Shareholders Receive Wind-Up Report
FIVEMORE FUND: Shareholders Receive Wind-Up Report
FRM ACCESS II: Shareholder Receives Wind-Up Report

FRM EMERGING: Shareholder Receives Wind-Up Report
KPH HOLDINGS: Shareholders Receive Wind-Up Report
LIONTRUST DIVERSITY: Shareholders Receive Wind-Up Report
LIONTRUST FUND: Shareholders Receive Wind-Up Report
LIONTRUST SORBUS: Shareholder Receives Wind-Up Report

LIONTRUST SORBUS FUND: Shareholders Receive Wind-Up Report
MEPI HOLDINGS: Shareholders Receive Wind-Up Report
NCL INVESTMENT: Shareholders Receive Wind-Up Report
OSTERFAK LTD: Member Receives Wind-Up Report


J A M A I C A

* JAMAICA: BOJ to Introduce Instrument to Curb Declining Dollar
* JAMAICA: IDB Gives Statement on Extended Fund Facility


M E X I C O

* MEXICO: Moody's Changes Outlook on Nogales' Rating to Negative
* MEXICO: Moody's Improves Coverage of RMBS with Two New Products
* MEXICO: Moody's Notes Stable Performance of RMBS Market in 2012


P U E R T O   R I C O

BERWIND REALTY: Court Confirms Plan of Reorganization
INTERNATIONAL HOME: Amends Chapter 11 Plan & Disclosures
JVMW PROPERTIES: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: To Report to T&T Security Minister on Work Permits




                            - - - - -


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A R G E N T I N A
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BNB LEASING: Moody's Assigns Ba3 Global Rating to New Debt Issue
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local currency
debt rating to the expected issuance of up to Bs 22,88 million
which will be due in 1,800 days of BNB Leasing S.A. At the same
time, Moody's Latin America assigned a Aaa.bo local currency
national scale debt rating to the expected issuance.

The outlook on all ratings is stable.

The following ratings were assigned to BNB Leasing's expected debt
issuance:

Bs. 22,88 million debt issuance:

Global Local Currency Debt Rating: Ba3, stable outlook

Bolivia National Scale Local Currency Debt Rating: Aaa.bo, stable
outlook

Ratings Rationale:

Moody's explained that the local currency senior debt rating
derives from BNB Leasing's Ba3 global local currency CFR. Moody's
also noted that seniority was taken into consideration in the
assignment of the debt ratings.

BNB Leasing's global local and foreign currency corporate family
ratings of Ba3 reflects the company's stand-alone credit profile
of b3 and incorporates Moody's assessment of a high likelihood of
support deriving from its controlling shareholder, Banco Nacional
de Bolivia (rated Ba2), resulting in a three-notch uplift from BNB
Leasing's unsupported stand-alone credit profile. The stand-alone
credit profile of b3 reflects BNB Leasing's limited
diversification and below average financial metrics, particularly
its profitability. In addition, the company operates in Bolivia's
small and developing leasing market, which is highly competitive,
adding pressure to the entity's margins.

BNB Leasing is headquartered in La Paz, Bolivia. As of December
2012, the company had total assets of Bs. 85 million and equity of
Bs. 10 million.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.

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


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


ARALCO INDUSTRIA: Fitch Assigns 'B' Foreign/Local Currency IDR
--------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Aralco
Industria e Comercio S/A:

-- Foreign currency IDR 'B';
-- Local currency IDR 'B';
-- National Scale Rating 'BBB-(bra)';
-- Rating Outlook Stable.

Aralco Finance S.A. (Aralco Finance)
-- Proposed US$200 million senior unsecured notes due
   to 2020 'B/RR4'.

Aralco Finance is a wholly-owned subsidiary of Aralco.

The notes are unconditionally guaranteed by Aralco, Industria e
Comercio Destilaria Generalco S/A; Alcoazul S/A Acucar e Alcool;
Figueira Industria e Comercio S.A. and Agral S.A. - Agricola
Aracangua, which are operational subsidiaries that fully
consolidated into Aralco's financial statements. Net proceeds from
this proposed issuance will be used to refinance existing senior
secured debt and improve company's debt amortization profile.

KEY RATING DRIVERS

Negative rating actions for Aralco could be triggered by
continuous reduction in operational cash flow, with net leverage
above Fitch's expectations of 5.0x in 2015, and/or inability to
refinance short term debt and extend short term maturities over
the short term. Lower than expected leverage ratios in a scenario
of sizeable capital expenditures, coupled with the maintenance of
adequate liquidity and a more lengthened debt amortization profile
could lead to positive rating actions.

RATING SENSITIVITES

Aralco's ratings reflect the company's exposure to the cyclical
sugar and ethanol industry. This is characterized by strong price
volatility and risks inherent to the agribusiness sector. Aralco's
ethanol business is also exposed to industry dynamics with prices
linked to the Brazil's regulated gasoline prices. The government
energy policies can potentially impact the profitability of the
ethanol business.

The ratings incorporate Aralco's tight liquidity and high
leverage, coupled with a robust CAPEX plan for the upcoming years.
Both of which chould pressure Aralco's free cash flow (FCF), which
in turn will improve its capacity utilization and Cash Flow of
Operations (CFFO).

Aralco's position as a shareholder in Copersucar provides company
operational and financial advantages. The ratings also incorporate
the expectation that Aralcowill be able to execute its refinancing
plan and extend maturities over the near term; inability to
execute on this plan could put downward pressure on the rating.

Average Business Position in the Sugar and Ethanol Sector

Aralco is a medium-sized sugar and ethanol company in a reasonably
fragmented, commodity sector where scale is relevant and
volatility is common. Aralco is a shareholder of Copersucar, a
cooperative entity, which provides logistics, trading, risk
management and financing for its members. This reduces demand
risks, lowers logistic costs and provides stability in Aralco's
cash flow collections.

Aralco also benefits from less restrictive access to liquidity
during challenging operating scenarios when compared to other
peers in the sugar and ethanol business, due to the credit lines
provided by Copersucar. Aralco holds 5% of Copersucar's total
capital.

Copersucar's large scale business accounts for approximately 18%
of sugar and ethanol sales in the Central South region of Brazil
and 10% of the sugar international market, making it an important
market player. Copersucar has 48 partner mills with a combined
sugar cane crushing capacity of around 115 million tons per year
and also counts on sales contracts with non-partner mills to a
lesser extent.

Copersucar Supports Aralco's Operations:

Aralco sells 100% of its production to Copersucar, through a long
term exclusive contracts, mitigating demand risk. Prices for its
products are linked to the average sugar and ethanol market prices
plus a premium (Esalq+2%). The premium is due to logistics savings
and scale gains obtained through the contractual partnership with
Copersucar. Aralco is responsible for the agricultural activities
and for the sugar and ethanol production, while Copersucar is
responsible for all commercial activities and associated
logistics, as well as for the implementation of hedging policies.

Copersucar remunerates Aralco based on the realized production on
a monthly basis during the year, independently of the moment the
sale to the final customer occurs. This translates to a higher
flexibility in Aralco's working capital management compared to
other companies that face seasonality in their activities.
Aralco's businesses are exposed to the volatility of the sugar and
ethanol prices. However, the risks of future sales operations
through derivatives transactions and eventual margin calls remain
under Copersucar's responsibility.

Standalone Liquidity is Weak:

As of Dec. 31, 2012, the group reported a cash position of BRL46.2
million that covered only 8% of its short-term debt. Partially
mitigating refinancing risk, Aralco's financial profile benefits
from a significant working capital financing line, in the amount
of up to 40% of its annual revenues, equivalent to approximately
BRL200 million, granted by Copersucar. This credit line is subject
to certain limits in terms of revenues and it is linked to
guarantees on inventories and/or bank guarantees.

This facility is an important liquidity source for Aralco,
especially in periods of more restrictive access to credit.
Subsequent to the end of 2012, Aralco had refinanced circa
BRL154.7 million from its short term bank facilities, and
refinanced an extra BRL 172 million of short term tax refinancing.
Company seeks to lengthen its debt profile in order to meet up
with its expected cash flow generation over the next years.

Leverage and Capex are High

In the 2011/2012 harvest, unfavorable weather conditions decreased
its effective crushing volumes by 30% to 4.7 million tons compared
to 6.7 million tons in the previous harvest. CFFO was negatively
impacted and was negative BRL 90 million in the fiscal year-end
(FYE) ended March 2012 comparing to negative BRL 10 million in the
FYE ended Dec 2010 and positive BRL131 million in the FYE ended
Dec. 31, 2009. From FYE 2009 to FYE 2012 total debt increased to
BRL1.043 billion from BRL 580 million, funded mainly by banks
(BRL169 million), Copersucar (BRL156 million) and tax refinancing
(BRL144 million).

Fitch expects effective crushing volumes to increase for the next
several years and consequently, improve CFFO and deleveraging.
Fitch's projections consider mid-cycle prices of sugar and
ethanol, assuming USD20 cents per pound and BRL1,300 per cubic
meters, respectively, for the next harvest periods. Aralco's
results will ultimately depend on improvements on agricultural
productivity and on effective crushing volumes to reduce idle
capacity, currently at 33%. Capital expenditures should be high
over the next five years, which are expected to be around BRL120
million per year. The high capex should result in a negative FCF
until 2015/2016 harvest.

Fitch expects Aralco to gradually reduce its current high leverage
levels to levels below 5.0x in the 13/14 harvest. In the latest
twelve months ended December 2012, net leverage achieved 7,2x
compared to 5.8x in the FYE ended March 2012. Effective crushing
should increase in 1.1 million tons to 5.9 million tons in 13/14
as result of BRL 213 million CAPEX, invested in FYE 2012.

Moderate Business Scale

Aralco is a cluster of four industrial unities in the northwest
State of Sao Paulo. Its business model benefits from lower
agricultural costs in terms of logistics and leasing expenses due
to its geographical formation, but its production is limited by
lower flexibility in terms of product mix. Two-thirds of its
effective crushing is typically directed to both the hydrous and
anhydrous ethanol production aimed at primarily the domestic
market. Domestic market ethanol prices are linked to the gasoline
prices, and even though Brazilian gasoline prices tend to have
lower volatility than sugar prices, are subject to federal
government energy policies.


ARALCO INDUSTRIA: S&P Assigns 'B' Rating to Proposed $200MM Bond
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
global scale and 'brBBB-' Brazilian national scale corporate
credit ratings to Aralco S.A. Industria e Comercio.  At the same
time, S&P assigned its 'B' issue-level rating to Aralco Finance
S.A.'s proposed $200 million bond.  The outlooks on the corporate
credit ratings are stable.

The 'B' ratings on Aralco reflect S&P's view of its "fair"
business risk profile, "highly leveraged" financial risk profile,
and "less than adequate" liquidity.  The company's "fair" business
risk profile reflects its volatile track record of profitability
and cash flows, though S&P expects margins to be higher than the
industry average.  S&P's business risk profile assessment also
incorporates the commercial and funding advantages Aralco enjoys
from its affiliation with Cooperativa de Produtores de Cana-de-
A‡ucar, A‡ucar e Alcool do Estado de Sao Paulo (Copersucar S.A.; a
cooperative for 48 sugar mills in Brazil).  The affiliation, in
S&P's view, gives Aralco a competitive advantage, as it benefits
from Copersucar's commercial, logistics, and financial platform.
Aralco's financial risk profile reflects its high debt, due to the
capacity expansion, and an unfavorable capital structure, despite
S&P's assumption that the company will be able to extend its debt
maturities and that the Copersucar's credit lines are revolving.
At the same time, its higher debt hindered sufficient investments
in the plantations, lowering the company's cash flows and
weakening credit metrics.

Aralco is located in the most productive sugarcane region in
Brazil, with four industrial mills that are strategically located
near the company's sugarcane plantations and logistics
infrastructure.  The capacity to allocate raw materials among its
mills, which form a geographic cluster, increases the company's
operating efficiencies in sugarcane supply and reduces costs,
resulting in higher-than-average profitability.  However,
productivity depends on weather conditions, which affect all of
Aralco's mills alike, and its underinvestment in the sugarcane
plantations in 2010 and 2009 resulted in idle capacity for the
past two crop cycles.  The mills affiliated with Copersucar
benefit from lower funding costs for its working capital needs and
stronger bargaining power in the sales agreements, which the
cooperative exclusively negotiates.


CONCESSAO METROVIARIA: Moody's Affirms Ba3 Global Scale Rating
--------------------------------------------------------------
Moody's America Latina changed the outlook to stable from negative
of Concessao Metroviaria do Rio de Janeiro S.A. -- MetroRio. At
the same time, Moody's affirmed METRORIO's issuer ratings of Ba3
and A3.br on the global scale and on the Brazilian national scale,
respectively.

Ratings Rationale:

METRORIO's Ba3 rating reflects the relatively stable operating
cash flows generated by the Company's long-term concession
contract, positive track record of operating performance, and
significant and timely financial support from its controlling
shareholder, Investimentos e Participacoes em Infraestrutura S.A.
- INVEPAR (Ba3/A2.br; negative) and its ultimate shareholders, as
recently demonstrated by INVEPAR having converted METRORIO's
outstanding inter-company loan (which was extended in 2010 with a
face value of BRL450 million in conjunction with Invepar's
issuance of BRL 450 million in debentures which were guaranteed by
Invepar's toll road subsidiary Linha Amarela S.A.) into shares,
thus strengthening METRORIO's capital base by BRL514 million. This
followed previous capital injections from INVEPAR which totaled
BRL160 million in 2011 plus BRL160 million in 2012.

However, the ratings continue to be constrained by METRORIO's
still highly leveraged capital structure, potential delays and/or
cost overruns in the Company's Capital Expenditure (CAPEX) program
as well as traffic growth risk. The ratings are also somewhat
constrained by the potential political interference related to
fare adjustments and/or modifications to the current expansion
plans of the mass transportation system in the City of Rio de
Janeiro which could directly impact METRORIO's performance.

The A3.br national scale rating reflects the standing of the
Company's credit quality relative to its domestic peers.

The stable outlook reflects Moody's view that: (i) METRORIO's
CAPEX program will continue to be carried out according to plan
without material delays or cost-overruns; (ii) the Company's
credit metrics will continue to improve as the key milestones of
the CAPEX program are achieved in 2013 and 2014; (iii) the
Company's ultimate shareholders will continue to provide financial
support, if needed; and (iv) the Company will continue to be able
to access long-term financing from public banks such as BNDES and
CEF.

METRORIO's concession contract, which was executed with the State
of Rio de Janeiro, generates relatively stable and predictable
operating cash flows. Pursuant to the concession contract,
METRORIO has to comply with specific operating performance
parameters, which are periodically monitored by AGETRANSP-RJ, the
transportation regulatory agency of the State of Rio de Janeiro.
Tariffs are adjusted once a year in accordance with the general
price inflation index (IGP-M).

In 2007, METRORIO negotiated with the Government of the State of
Rio de Janeiro the extension of the concession from 2018 to 2038.
In exchange, METRORIO is contractually obligated to invest
approximately BRL1.1 billion through 2018.This amount is related
to the acquisition of 114 new railway cars, the construction of
two new subway stations (Cidade Nova operating and Uruguai,
expected for 2014, first quarter), 3.2 kilometers of additional
tracks and the acquisition of ancillary operating systems.

Moody's expects that METRORIO's operating revenues and cash flows
will ramp-up in 2013 as all 114 new railway cars will have been
commissioned. Given the characteristics of the concession area,
METRORIO has a clear comparative advantage over other existing
means of transportation within its concession area given the
generally lower quality of services currently offered by competing
modes of transportation. The elimination of operational
bottlenecks, and the increase in availability, both through the
acquisition of the new railway cars as well as the remodeling of
the existing ones are also expected to contribute to an increase
in ridership.

A rating upgrade is unlikely to occur until: (i) the planned CAPEX
investments, which aim at capturing more passengers thus
increasing operating revenues and cash flows, are fully completed
and commissioned; (ii) the liquidity position materially improves;
and (iii) leverage is reduced. Quantitatively, a rating upgrade
could be considered if, on a sustainable basis, Retained Cash Flow
(RCF)-to-CAPEX remains above 1.2x, and Cash Interest Coverage
remains above 2.5x.

A rating downgrade could occur in case there are material delays
and/or cost overruns in the remaining CAPEX program, the financial
support and commitment from the Company's ultimate shareholders is
perceived to have diminished, or the Company's liquidity position
deteriorates. Quantitatively, a rating downgrade could occur if
RCF-to-CAPEX stays below 0.5x, and Cash Interest Coverage remains
below 1.8x for an extended period.

Concessao Metroviaria do Rio de Janeiro S.A. -- MetroRio is a
railway passenger transportation company that has the concession
rights to operate Lines 1 and 2 of the subway system in the City
of Rio de Janeiro, with an extension of 41 km and 35 stations (the
"Concession"). The Concession was granted by the State Government
of Rio de Janeiro in 1998 for a 20-year period. In December 2007,
METRORIO committed to making additional investments in
modernization and expansion resulting in the extension of the
Concession period for an additional 20 years, until January 2038.
At the end of the Concession period, the assets will revert to the
State Government of Rio de Janeiro. In 2012, according to Moody's
standard adjustments, METRORIO reported net operating revenues of
BRL507 million, EBITDA of BRL253 million, and net income
distributable (after unusual and non-recurring items) of BRL 1
million, as compared 2011 net operating revenues of BRL453
million, EBITDA of BRL200 million, and net loss of BRL82 million.

METRORIO is wholly owned by Investimentos e Participacoes em
Infraestrutura S.A. - INVEPAR (Ba3/A2.br; negative) a holding
company controlled by three of the largest Brazilian pension funds
(PREVI, FUNCEF and PETROS) and the construction company OAS
(unrated). INVEPAR was created in March 2000 to invest in
companies operating in the infrastructure sector. In addition to
METRORIO, INVEPAR's current portfolio of concessions consists of
several toll roads, such as: Linha Amarela S.A. - LAMSA (LAMSA),
Concessionaria Auto Raposo Tavares S.A. (CART), Concessionaria
Litoral Norte S.A. (CLN), Concessionaria Rio - Teresopolis S.A.
(CRT), in which INVEPAR holds a 24.9% stake, Concessionaria Rota
do Atlantico (CRA) and Concessionaria Bahia Norte (CBN), a joint-
venture with the Brazilian Odebrecht group. In February 2012,
INVEPAR won the auction for the concession of Guarulhos, the
busiest airport in Latin America, which is located near the City
of Sao Paulo. In March 2012, INVEPAR acquired 100% ownership of
V.P.R. Brasil Participacoes S.A., which, through a special purpose
entity (Linea Amarilla S.A.C.) controls the 30-year concession of
Via Parque Rimac, a 25-km urban road in the city of Lima, Peru. In
addition, the Consortium led by Invepar (33.34% stake) and joined
by Odebrecht Transport Participacoes SA (33.33%) and CCR SA
(33.33%), was declared the winner of the bidding for the
Transolimpica Expressway, which is part of set of investments for
the 2016 Olympic Games.

The principal methodology used in this rating was Operational Toll
Roads Rating Methodology published in December 2006.

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


EMPRESA NORTE: Moody's Lifts Global Scale Issuer Rating to Baa3
---------------------------------------------------------------
Moody's America Latina Ltda upgraded Empresa Norte de Transmissao
de Energia S.A.'s issuer ratings to Baa3 on the global scale and
Aa1.br on the national scale from Ba1 on the global scale and
Aa2.br on the national scale respectively.

At the same time, Moody's upgraded to Baa3 from Ba1 on the global
scale and to Aa1.br from Aa2.br on the national scale the ratings
of the existing 5-year amortizing BRL190 million senior unsecured
debentures issued by ENTE in the local market on February 23,
2011.

The outstanding balance of these debentures was BRL 134 million as
of December 31, 2012. The outlook for all ratings is stable.

Ratings Rationale:

The ratings upgrade to Baa3/Aa1.br has been prompted by the steady
improvement in ENTE's credit metrics over the past two years.
During this period ENTE's cash flow has been strong, boosted by
lower interest expenses and virtually no capital expenditures.
Moody's projects that ENTE will reduce its debt level further as a
result of the strong funds from operations expected over the
medium term in spite of a forecasted high dividend pay-out ratio
during the period.

The major downside risks to the scenario are potential capital
expenditures, new concessions or acquisitions above Moody's
expectations, which could lead to deterioration in credit metrics.
Moody's base scenario is that ENTE will balance its growth
strategy in line with its cash generation ability so that credit
metrics remain compatible with the Baa3 rating category.

ENTE's strong credit metrics have been supported by the stable and
predictable cash flow provided by its long-term regulated
concession agreement to operate an electricity network in the
north of Brazil. The relatively long track record of operations
supports the ratings as does management's expertise in the
transmission business.

The high level of investment activity of its controlling
shareholders constrains the ratings. These shareholders are Alupar
(Ba1/Aa2.br Corporate Family Ratings, Outlook stable) and Cemig
(Ba1/Aa2.br Issuer Ratings, Outlook negative). Also constraining
the ratings are ENTE's evolving corporate governance practices as
well as its relatively small scale and limited portfolio
diversification.

ENTE operates two transmission lines under a 30-year concession
that was signed in December 2002; the lines started operations in
February 2005. The company largely benefits from a concession
granted prior to 2006 wherein the tariffs are not subject to
periodic reviews. One long-term concern is that the Permitted
Annual Revenue (RAP) for this concession is scheduled to step down
50% starting in February 2020. The current RAP authorized by the
regulator is BRL167 million, which is valid from July 2012 through
June 2013.

The network availability has been around 99.9% over the past five
years and maintenance capital expenditures represent less than 1%
of its regulated asset base. ENTE's cash generation has been
further boosted by fiscal incentives that have lowered its income
tax rate. Moody's estimates the effective tax rate to be around
15% over the next three years, after which it would return to the
regular 34% rate.

The stable outlook reflects Moody's expectation that ENTE will
continue to prudently manage capital expenditures and the
distribution of dividends in tandem with its cash flow capacity
while maintaining an adequate liquidity position.

The ratings could be upgraded if ENTE's corporate governance
practices improve and there is a track record of continued strong
financial performance, such that FFO interest coverage is greater
than 7.0x along with FFO to Net debt above 70% on a sustainable
basis.

The ratings or outlook could be downgraded if there is a
significant increase in leverage and deterioration of the
liquidity profile driven, for example, by an unexpectedly sizeable
investment program or dividend distribution. Quantitatively, the
ratings or outlook could come under downward pressure if the FFO
interest coverage ratio falls below 4.0x and the FFO to Net debt
stays below 40% for an extended period. A material change in the
regulatory framework in Brazil could also cause a downgrade in the
ratings or outlook.

The principal methodology use in this rating was "Regulated
Electric and Gas Networks" published in August 2009.

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


JBS SA: S&P Retains 'BB' Rating Following Proposed Bond Add-On
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' rating on
JBS S.A.'s (BB/Stable/--) bonds issued through its subsidiary,
ESAL GmbH, is unaffected by the proposed add-on to its
$500 million bond issued in January 2013 and due 2023.  The
proceeds will be used to refinance short term maturities.

RATINGS LIST

JBS S.A.
  Corporate Credit Rating                    BB/Stable/--

Rating Assigned

ESAL GmbH
  10-year Sr. Unsec. Notes                   BB


OAS SA: S&P Assigns 'BB-' Rating to Proposed Perpetual Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
and 'brA-' national scale ratings on OAS S.A.  The outlook remains
stable.  At the same time, S&P assigned its 'BB-' global scale
issue-level rating to OAS Finance Limited's proposed perpetual
notes of up to $300 million.  OAS Finance is a wholly-owned
finance subsidiary of OAS S.A.  The notes will benefit from
unconditional guarantee from OAS S.A., Construtora OAS S.A., and
OAS Investimentos S.A.

The ratings on OAS continue to reflect its "fair" business risk
profile and "aggressive" financial risk profile.  The ratings also
reflect the company's large debt due to aggressive growth strategy
in previous few years and some execution risks associated with the
ramp-up of its main investments.  The positive rating factors are
OAS' favorable market position in the Brazilian engineering and
construction (E&C) industry and the expectation that the company's
growth strategy will moderate and it will pay down its debt in the
next few years.'


OAS SA: Moody's Rates $200-300 Million Perpetual Notes 'B1'
-----------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating to
OAS S.A. and to its proposed $200-300 million perpetual notes, to
be issued by OAS Finance Ltd., a wholly-owned finance subsidiary
of OAS S.A. The notes will be unconditionally and irrevocably
guaranteed by OAS S.A., Construtora OAS S.A. and OAS Investimentos
S.A. The outlook for the ratings is stable. This is the first time
Moody's rates OAS S.A.

The net proceeds will be used primarily for equity contribution in
OAS infrastructure business (concession and non-concession
companies), mainly through OAS Investimentos. The rating of the
notes and the stable outlook assume that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Issuer: OAS Finance Limited

Assignments:
$200 - 300M Senior Unsecured Regular Bond, Assigned B1

Issuer: OAS S.A.
Corporate Family Rating, Assigned B1

Ratings Rationale:

OAS' B1 rating reflects the company's good position in the
Brazilian construction market; its aggressive expansion of the
concession business and of the construction activities outside
Brazil in recent years and the high leverage stemming from the
strong growth and funding of new investments. The rating also
reflects OAS experienced management team with solid track of
execution and backlog that supports near term revenue generation,
as well as the positive prospects for infrastructure investments
in Brazil, and increased participation of the private sector in
the company's revenues.

Credit negatives include the company's small size compared to its
global peers and a relatively concentrated market base that relies
heavily on Brazil and neighboring countries. OAS' ownership
structure, with experienced management, but family-based corporate
governance, is an additional credit negative. Written and
consistent financial policies and publication of quarterly
financials would be positive developments toward improved
corporate governance for OAS.

OAS' liquidity profile is supported by the company's solid cash
position at the consolidated level (BRL3.1 billion at the end of
December 2012), which improved with the contribution of the $500
million bonds issued in October 2012 for the amortization of the
debt coming due in 2013 and 2014. OAS liquidity profile is
enhanced by its solid banking relationships with the largest banks
in Brazil through uncommitted credit facilities.

The proposed $200-300 million issuance will increase leverage in
the short to medium term, but will be used to fund investments in
the infrastructure business (concessions and non-concession
companies), which will bring stable cash flow generation and
higher margins to the company from 2015 onwards. At the end of
2012, OAS adjusted leverage (including non-recourse and limited
recourse debt) of 8.2 times compared unfavorably to its rated
peers. However, Moody's acknowledges that 43% of OAS's total debt
is limited recourse to the parent company, related to project
finance in its concession business and pegged to future
receivables. Still, Moody's believes that if necessary, OAS would
likely support the concessions debt due to the projects' high
margins, cash contributions and positive long-term prospects
(average tenor of 24 years). Reputation risk also exists as OAS
may be compelled to support projects in order to remain a credible
participant in the concession business. Moody's expects OAS's
leverage to decline in the next 12-18 months, as the company uses
funds from the issuance made in 2012 to pay the portion of the
existing debt coming due in 2013 and early 2014.

The stable outlook is based on Moody's expectations that OAS will
be successful in maintaining its presence and market share both in
the construction and infrastructure business. OAS should benefit
from increased government spending in infrastructure in Brazil in
the coming years and from stable revenue contribution from the
concessions, especially after 2015. The outlook also incorporates
Moody's expectation that the company's leverage will decline
overtime, with the increased contribution of dividends from new
projects as well as stronger cash flows at the construction
segment. The assigned rating assumes that OAS will prudently
manage capex and dividend distribution in order to preserve
adequate leverage and liquidity positions during the expansion of
its concessions.

The rating or outlook could face upward pressure in case OAS is
able to maintain sustained revenue growth and improved operating
performance, while diversifying its backlog to others countries
and regions, reducing the high exposure to Brazil (currently 74%
of total backlog). An upgrade of the rating would require improved
leverage, with total adjusted debt to total adjusted EBITDA to
remain below 4.25x (8.2x as of December 31, 2012), and a good
liquidity profile. Also, improvement in interest coverage,
measured by adjusted EBITA to interest expense, to levels above
2.25x (2.2x as of December 31, 2012) would also be necessary for
an upgrade.

Conversely, OAS' ratings could be downgraded if credit metrics
deteriorate with adjusted funds from operations to adjusted debt
remaining in levels below 5% (4.6% as of December 31, 2012)
without expectation of improving in the long term, or if liquidity
deteriorates, most likely due to cash drain to support the new
investments within the group. Negative pressure could also come
from deterioration in the operating environment (stemming from
economic slowdown and/or increased competition), impacting OAS'
margins and revenue growth.

The principal methodology used in rating OAS was Moody's Global
Construction Industry Methodology published in November 2010.

Headquartered in Sao Paulo, Brazil, OAS S.A. is a major
engineering, construction and infrastructure investment company in
Brazil, with net consolidated revenues of about BRL 7.0 billion ($
3.6 billion converted by the average exchange rate) in 2012. OAS
construction projects include highways, railways, bridges, power
plants, tunnels, subways, airports, ports, commercial and
residential buildings, mining and industrial facilities. The
company has presence in 22 countries, with construction works in
Brazil, in 9 countries in Latin America and 4 countries in Africa.
OAS also has 20 infrastructure projects in its portfolio.


VIVER INCORPORADORA: Weak Finances Cue Moody's to Lower CFR to B3
-----------------------------------------------------------------
Moody's America Latina downgraded Viver Incorporadora e
Construtora S.A.'s corporate family rating to B3 from B2 on the
global scale and to B1.br from Ba2.br on the Brazilian national
scale. At the same time, Moody's downgraded Viver's BRL300 million
senior secured debentures due in 2016 to B3 from B2 and to B1.br
from Ba2.br. The outlook for all ratings remains negative.

Ratings downgraded:

Viver Incorporadora e Construtora S.A.

- Corporate Family Rating: to B3 from B2 (global scale); to B1.br
from Ba2.br (national scale);

- BRL300 million 5-year senior secured debentures (First
Issuance): to B3 from B2 (global scale); to B1.br from Ba2.br
(national scale);

- Outlook: negative.

Ratings Rationale:

The downgrade to B3 reflects the company's weaker than expected
performance and constrained financial flexibility. Despite Viver's
announced turnaround plan including divestitures of non-core
assets and capitalization from the shareholders, weak operating
performance has postponed improvement in the company's credit
profile and has resulted in a weak liquidity profile and in a
highly leveraged capital structure that may not be sustainable in
longer term.

In 2012, Viver experienced cost overruns, contract cancellations,
and dissolutions in partnerships, which caused earnings
adjustments of BRL154 million. During the last quarter, the
company also recognized BRL145 million impairment losses related
to the expected asset sales of Lagoa dos Ingleses and TCI -- Viver
Desenvolvimento. These adjustments have materially impacted
Viver's gross margin, bringing it down to -42% in 2012 from 24% in
2011. At the same time, Viver's leverage ratio as measured by
gross debt capitalization reached of 72% in December 31, 2012, up
from 64% one year earlier.

Liquidity has also deteriorated. The company ended 2012 with
BRL183 million in cash and marketable securities and BRL366
million in receivables from finished units that should become
available with the effective transfer mortgages to lending banks,
a process that takes on average ten months in Viver's case
(industry average is around six months).The company has around
BRL746 million in effective short term debt coming due during
2013, of which BRL329 million (44%) are project related loans that
will be repaid with the mortgage transfers once these projects are
delivered. Besides the BRL183 million in cash, Viver has around
BRL300 million in approved and signed SFH loans that covers
approximately 80% of its project's completion costs.

Viver scaled back new launches in order to reduce its cash burn
and mitigate working capital pressures. The company recently
announced a new strategic plan with focus on the mid and middle
high income residential segment, but Moody's expects them to wait
for a recovery in sales velocity and the bulk of credit transfers
to cash in before announcing the construction of new units. As a
result, operating cash generation should improve significantly
during 2013, with the deliveries of projects launched up to mid-
2011 and gross margins around 25%, but leverage reduction will
likely occur at a slower pace than Moody's previously expected.

In order to find a more permanent solution to its liquidity
challenges and capital structure, Viver is exploring various
alternatives including additional asset divestures. Moody's sees a
high risk in the execution of the asset monetization strategy as
announced by the management, given the low availability of
unencumbered assets, which requires effort for debt restructure.
Nevertheless, those initiatives would alleviate the pressure on
the company's cash flow stemming from high interest payments and
improve the currently unsustainable debt profile.

The negative outlook reflects the company's challenges to improve
operating performance and deleverage its balance sheet over the
next 12 to 18 months.

Outlook stabilization would require material liquidity improvement
and leverage reduction, which could be triggered by the successful
completion of the planned asset sales or another substantial
equity increase. Quantitatively, the outlook stabilization could
be triggered by positive cash flow from operations, gross debt
capitalization ratio reduced to below 60% and interest coverage
increased to above 2.0 times on a sustainable basis

Another rating's downgraded could occur if Moody's perceives
further deterioration in Viver's liquidity profile driven by lower
than expected improvement in working capital or lower availability
of construction loans to complete its existing pipeline of
projects. A downgrade could also be triggered if the gross debt
capitalization ratio remains above 65% over the next two quarters
or if the company were to face significant deterioration in the
quality of its receivables, especially in a more adverse macro-
economic scenario.

The principal methodology used in rating the company was the
Global Homebuilding Industry Methodology published in March 2009.

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

Headquartered in Sao Paulo, Brazil, and founded in 1992, Viver
Incorporadora e Construtora S.A. (Viver) is an integrated
homebuilder historically focused in high-rise construction for the
middle and mid-high income families. Viver has a track record of
operations having delivered more than 15,000 units since 1995.
Concentrated in the southeast region, mainly in Sao Paulo, Viver
has changed its main focus towards the middle and low income
segments. The company is also involved in commercial, tourism and
land development segments spread across 17 states targeting all
income brackets. Viver reported net revenues of BRL334 million ($
167 million) during 2012.


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


ABSOLUTE BLUE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Absolute Blue Fund received on March 6, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Luigi Guarino
          208 Upper East Coast Road #08-02
          Singapore 455287


AP US MAN: Shareholders Receive Wind-Up Report
----------------------------------------------
On March 6, 2013, the shareholders of AP US Man Participation Ltd
(Cayman) received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          ATC Financial Services B.V
          c/o Barnaby Gowrie
          Walkers 190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 6365
          Facsimile: +1 (345) 814 8264
          e-mail: barnaby.gowrie@walkersglobal.com


CLOVIS (CAYMAN): Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Clovis (Cayman), Ltd. received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mark Farrell
          640 Fifth Avenue, 14th Floor
          New York, NY 10019
          U.S.A.


DEL MAR OFFSHORE: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Del Mar Riverside Offshore Fund Ltd.received on
March 15, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


DEL MAR RIVERSIDE: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Del Mar Riverside Fund Ltd received on
March 15, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


DELTA MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Delta Offshore Master, Ltd received on
March 8, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815 1889
         Facsimile: (345) 949 9877


DELTA OFFSHORE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Delta Offshore, Ltd received on March 8, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Susan Lock
         Telephone: (345) 815 1889
         Facsimile: (345) 949 9877


FIRTH HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Firth Holdings Ltd. received on Jan. 31, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

Campbells Directors Limited is the company's liquidator.


FIVEMORE FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
On March 11, 2013, the shareholders of Fivemore Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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
          Cayman Islands


FRM ACCESS II: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of FRM Access II Fund SPC received on March 12,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877


FRM EMERGING: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of FRM Emerging Markets Fund SPC received on
March 12, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


KPH HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of KPH Holdings Ltd received on March 5, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Michael Benjamin Fisch
          250 North Bridge Road
          #24-00 Raffles City Tower
          179101, Singapore


LIONTRUST DIVERSITY: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Liontrust Diversity General Partner Inc.
received on March 15, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LIONTRUST FUND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Liontrust Diversity Fund Inc. received on
March 14, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LIONTRUST SORBUS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Liontrust Sorbus General Partner Inc. received
on March 15, 2013, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


LIONTRUST SORBUS FUND: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Liontrust Sorbus Fund Inc. received on
March 14, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MEPI HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Mepi Holdings Ltd received on March 11, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Sydney J. Coleman
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


NCL INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of NCL Investment II Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Esteban (Steven) Martinez
          c/o Apollo Management Asia Pacific Limited
          The Hong Kong Club Building
          Suites 1301-1303, 3A Chater Road
          Central
          Hong Kong


OSTERFAK LTD: Member Receives Wind-Up Report
--------------------------------------------
The member of Osterfak Ltd. received on March 13, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


* JAMAICA: BOJ to Introduce Instrument to Curb Declining Dollar
---------------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) will be offering a
special instrument to dealers, which analysts say is aimed at
curbing the decline in the value of the Jamaican dollar.

The Central Bank will offer a one year U.S. dollar indexed note at
4.75% interest rate per annum, according to RJR News.

However, RJR News relates that it was the initial exchange rate of
J$98.01 on the instrument, which analysts say points to the fact
that the central bank is aiming to curb depreciation.  The
instrument is expected to reduce the amount of money in
circulation as well as the rate for the U.S. dollar quoted on the
instrument which should help in stabilizing the exchange rate, the
report notes.

RJR News says that the Jamaican dollar has lost about 7% of its
value, which is roughly equivalent to the depreciation for all of
last year.

The Bank of Jamaica will launch the instrument at the same time
the IMF, World Bank and IDB say they will provide at least US$2
billion in support of an economic program to last over the next
four years, the report adds.


* JAMAICA: IDB Gives Statement on Extended Fund Facility
--------------------------------------------------------
The World Bank and the Inter-American Development Bank (IDB)
recognize the decision by the management of the International
Monetary Fund (IMF) to present to its Board its proposal for a new
Extended Fund Facility with Jamaica.  This is an important
reflection of that institution's confidence in Jamaica's
macroeconomic stabilization program.

Jamaica has taken the bold decision to tackle the structural
impediments to growth that have hindered its development for
decades.

Pending approval by their respective Boards of Directors, the
World Bank and the IDB have each preliminarily allocated $510
million in financing over the next four years.  This supplements
the support provided by the IMF.

The World Bank has recently started a series of consultations with
Jamaican authorities on a new CountryPartnership Strategy (CPS)
which will be launched later this year.  The new CPS will be
designed to support the country as it looks to increase economic
growth, create jobs and fight poverty.  Since the global financial
crisis hit Jamaica in 2008/09, the World Bank and its private
sector arm, the International Finance Corporation (IFC) have
provided more than $800 million for social, human development and
fiscal management projects, as well as natural disasters risk
management and private sector development.

The IDB has long been committed to its partnership with Jamaica.
Since the onset of the international financial and economic
downturn in 2008, the IDB has approved $1.6 billion in loans and
$10.4 million in non-reimbursable technical assistance to Jamaica.

In addition to social development, agriculture and infrastructure,
part of this envelope also contributed to a coordinated,
multilateral support program for macroeconomic stabilization.  The
IDB has also increased the capacity of our local office with more
technical staff and a new representative.

The IDB and the World Bank are expediting implementation of
important ongoing projects that will improve growth, protect
Jamaica's most vulnerable and increase fiscal stability.
The IDB and the World Bank share the high priority assigned by the
Government to restoring macroeconomic stability and recognize the
significant steps already taken to achieve this.

The two multilateral institutions stand ready to accompany the
Government's efforts to bring about sustained growth to the
benefit of all its citizens.


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


* MEXICO: Moody's Changes Outlook on Nogales' Rating to Negative
----------------------------------------------------------------
Moody's de Mexico revised the outlook on the Municipality of
Nogales' A2.mx (Mexican National Scale) and Ba2 (Global Scale,
local currency) issuer ratings to negative from stable. The issuer
ratings of the municipality remain at Ba2/A2.mx.

Ratings Rationale:

According to Moody's analyst Roxana Munoz, "the outlook change
reflects the deterioration in the municipality's financial
performance which emerged in recent years and is expected to
persist over the medium term." The change in outlook also reflects
a weakening in the municipality's liquidity position.

Between 2007 and 2011, the Municipality of Nogales registered
positive gross operating balances. In the past two years, however,
Nogales' operating balances declined to 7.7% of operating revenues
from 21% in 2008 driven by rapidly growing operating expenditures,
namely salaries and general services. Given persistent pressures
in expenditures, returning to the gross operating surpluses of
previous years will be challenging going forward.

As a result of the weakening operating performance coupled with
high capital expenditure levels, Nogales registered a cash
financing deficit in 2011 equivalent to -9.2% of its consolidated
revenues, a high level compared to Ba rated peers. This cash
financing deficit was financed with cash on hand and an increase
in current liabilities. As a result, Nogales' net working capital
decreased to a -8.0% of total expenditures at year-end 2011,
compared to a positive 2.4% in 2010.

Moody's believes that further deterioration in Nogales' financial
performance is likely in 2012-13, given the pressures in public
security and in other infrastructure needs. However, as Moody's
has not yet received the 2012 realized income statement, the
magnitude of last year's financial deterioration is uncertain.
According to the municipality's balance sheet, cash reserves and
its debt to suppliers deteriorated further in 2012. Therefore,
Moody's expects a rapid increase in debt levels in the next 12-18
months, which will add pressure to the municipality's ratings of
Ba2/A2.mx.

What Could Move The Ratings Up/Down

While Moody's does not expect upward pressure on the ratings, if
Nogales redresses its operating and financial deterioration, debt
levels stabilize at current levels and liquidity improves, the
outlook could return back to stable.

If Nogales records cash financing requirements leading to a
weakening of liquidity or higher debt levels, a downgrade on the
municipality's ratings could take place.


* MEXICO: Moody's Improves Coverage of RMBS with Two New Products
-----------------------------------------------------------------
Moody's announced the rollout of two new products covering
performance of Mexican RMBS: a Mexican RMBS Index and performance
overview (PO) reports.

"The index offers a general overview of the performance of the
Mexican RMBS market," said Moody's Senior Vice President Maria
Muller. "We group deals according to common characteristics, such
as vintage or originator, and include performance information
illustrated by charts and other graphic materials."

Performance overview (PO) reports, on the other hand, offer
detailed performance information for individual structured deals
in the Mexican market on a periodic basis. The POs are presented
in a standardized format and use standardized calculations, which
will allow comparisons among different transactions.

"Moody's Mexican RMBS Index and the performance overview reports
are part of Moody's efforts to provide investors and market
participants with a more comprehensive coverage of performance
data in the Mexican market," Muller added. "Taken together, they
will allow market participants to have a general view of the RMBS
market trends, and deep-down, detailed information on each RMBS
transaction."

Moody's Mexican RMBS index will usually be published mid-month on
a periodic basis, they will be available to all registered users
of its website.

Moody's PO reports for Mexican RMBS will be published on a monthly
or bi-monthly basis, depending on the transaction's reporting
frequency, starting this month. They will be available only to
subscribers.


* MEXICO: Moody's Notes Stable Performance of RMBS Market in 2012
-----------------------------------------------------------------
The performance of the Mexican residential mortgage-backed
securities market, excluding Sofoles transactions, remained stable
as of the end of 2012, according to the new Mexican RMBS Index
published by Moody's Investors Service.

The 90-plus delinquency rate of the Mexican RMBS index decreased
to 3.0% over original balance in December 2012 from 3.1% at the
same point in 2011. The new index covers Mexican RMBS rated by
Moody's de Mexico but excludes those with mortgages denominated in
UDIs (unidades de inversion), which Moody's tracks separately.

Moody's rates 77 transactions in the Mexican RMBS market, with a
total outstanding pool balance of MXN$ 201.9 billion as of the
start of this year. The rating agency expects the performance of
RMBS issued by banks, INFONAVIT and FOVISSSTE to remain strong and
stable in 2013 as Mexico continues its gradual recovery from the
global recession. In contrast, Sofol RMBS transactions will
continue to underperform in 2013.


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


BERWIND REALTY: Court Confirms Plan of Reorganization
-----------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico signed off an order dated March 28, 2013,
confirming Berwind Realty LLC's Plan of Reorganization.

                     About Berwind Realty

Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012.
Berwind Realty, a real estate firm, scheduled assets of
$53.8 million and liabilities of $58.1 million.  Berwind Realty's
president, Saleh Yassin signed the petition.  Charles A. Cuprill,
PSC Law Offices, serves as bankruptcy counsel.


INTERNATIONAL HOME: Amends Chapter 11 Plan & Disclosures
--------------------------------------------------------
International Home Products Inc. and Health Distillers
International Inc. amended their disclosure statement and plan of
reorganization to provide for these terms:

   * The secured claim of A. Bert Foti will be allowed in the
     amount of $500,000 and will be paid on the second year of the
     Plan.

   * First Bank's valid liens over the Debtor's properties arising
     from the $12.2 million prepetition term loan facility will be
     paid in monthly installments of $32,105 considering an
     amortization of 20 years and interest at the prime rate.
     First Bank's allowed secured claims arising from other
     prepetition lines of credit will be paid in the amount of
     $1.9 million with monthly installments of $8,328 considering
     an amortization of 20 years and interest at the prime rate.
     First Bank's unsecured claim, estimated in the amount of $6.6
     million will receive 10% of its claim.

   * CRIM's secured claim in the amount of $30,539 will be paid in
     monthly installments within 60 months from the Petition Date,
     including interest at the prime rate.

   * The class that includes the secured portion of the claim
     filed by each of Preferred Credit Inc. and American
     Enterprises International Inc. will retain its liens and will
     be paid pursuant to the agreement that rules their relation
     with the Debtor.

   * General unsecured priority claims related to clients deposits
     will be paid on the effective date.  Other general unsecured
     claims will be paid 10% of its claim in monthly installments
     within 60 months from the effective date.

   * Insiders and holders of equity interests will not receive
     anything under the Plan.

A full-text copy of the Amended Disclosure Statement dated
March 20 is available for free at:

        http://bankrupt.com/misc/INTLHOMEds0320.pdf

                 About International Home Products

International Home Products, Inc., is engaged in the sale,
financing of "Lifetime" cookware and other kitchenware as well as
sale of account receivables in the secondary market.  It is the
exclusive distributor of "Lifetime" products in Puerto Rico for
over 40 years.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 12-02997) on April 19,
2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.

On May 7, 2012, International Home's affiliate, Health Distillers
International, Inc., filed a separate Chapter 11 petition (Bankr.
D.P.R. Case No. 12-03574.


JVMW PROPERTIES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: JVMW Properties Management Corp
        P.O. Box 364666
        San Juan, PR 00936-4666

Bankruptcy Case No.: 13-02532

Chapter 11 Petition Date: April 1, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Wigberto Lugo Mender, Esq.
                  LUGO MENDER GROUP, LLC
                  Centro Internacional De Mercadeo
                  Carr 165 Torre 1, Suite 501
                  Guaynabo, PR 00968
                  Tel: (787) 707-0404
                  E-mail: wlugo@lugomender.com

Scheduled Assets: $15,694,947

Scheduled Debts: $25,782,161

The petition was signed by Julio Blanco D'Arcy, president.

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
BPPR                               Commercial Loan      $8,842,073
P.O. Box 362708
San Juan, PR 00936-2708

BPPR                               Commercial Loan      $5,914,785
P.O. Box 362708
San Juan, PR 00936-2708

BPPR                               Commercial Loan      $5,111,010
P.O. Box 362708
San Juan, PR 00936-2708

BPPR                               Commercial Loan      $1,370,304
P.O. Box 362708
San Juan, PR 00936-2708

Edith Castillo Palomo              Action for Damages     $262,000
Urb Buenaventura 1241
Calle Magnolia
Mayaguez, PR 00680

Mayra Lugo Segarra                 Action for Damages     $160,630

Eulogia Mu¤iz                      Action for Damages     $125,000

CRIM                               Real Property Taxes     $61,622

Asoc de Residentes del Cond        Association             $48,346
Mont Blanc                         Maintenance Fee

CRIM                               Real Property Taxes     $40,416

CRIM                               Real Property Taxes     $40,077

CRIM                               Real Property Taxes     $39,330

Asoc de Residentes del Cond        Association             $36,412
Mont Blanc                         Maintenance Fee

Asoc de Residentes del Cond        Association             $35,648
Mont Blanc                         Maintenance Fee

CRIM                               Real Property Taxes     $32,690

Asoc de Residentes del Cond        Association             $29,702
Mont Blanc                         Maintenance Fee

CRIM                               Real Property Taxes     $27,553

CRIM                               Real Property Taxes     $27,553

CRIM                               Real Property Taxes     $27,553

CRIM                               Real Property Taxes     $27,553


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


CARIBBEAN AIR: To Report to T&T Security Minister on Work Permits
-----------------------------------------------------------------
RJR News reports that Trinidad & Tobago's Ministry of National
Security is awaiting answers from officials of Caribbean Airlines
(CAL) over the carrier's failure to secure work permits for
several of its foreign pilots.

The Trinidad's Guardian newspaper has reported that the Ministry
wrote to the airline inquiring about five American pilots,
according to RJR News.  The report relates that the work permit
issue was exposed last month after four Jamaican pilots, who had
been flying for CAL out of T&T for several months without work
permits, did not have their contracts renewed by the airline.

RJR News says that their cause has been taken up by the Jamaican
Airline Pilots' Association (JALPA) which said they were given 15
hours to vacate their staff accommodation in T&T and return to
Jamaica, without pay.

In response to concerns raised about the airline's treatment of
the Jamaican pilots, CAL communications manager Clint Williams
said their contracts ended on March 10, RJR News notes.  The
report relates Mr. Williams said the contracts were "for a limited
time" and were not being renewed.

RJR News notes that sources told the Trinidad Guardian that while
the Jamaican pilots were ejected from T&T, several US pilots hired
by CAL to operate its Boeing 767s on the London route as well as
train local pilots, have been working without permits since
January.

This has been generating considerable controversy on the Jamaican
end of CAL's operations, with JALPA and the Bustamante Industrial
Trade Union (BITU) expressing strong dissatisfaction over the way
the pilots were treated, RJR News adds.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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