TCRLA_Public/130411.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

            Thursday, April 11, 2013, Vol. 14, No. 71


                            Headlines



B R A Z I L

OGX S.A.: Low Production Flow Rates Cues Moody's to Cut CFR to B2
TONON BIOENERGIA: S&P Affirms 'B' CCR; Outlook Stable


C O L O M B I A

* Three Central Bankers Warn on Financial Stability Risks


C A Y M A N  I S L A N D S

3DCO OFFSHORE: Creditors' Proofs of Debt Due April 15
ARCHIMEDES FUNDING: Members to Hear Wind-Up Report on April 17
ARCHIMEDES FUNDING: Creditors' Proofs of Debt Due April 15
AROCHEM REFINING: Shareholders Receive Wind-Up Report
ATLAS OPERATIONS: Members Receive Wind-Up Report

ATLAS OPERATIONS CAYMAN: Members Receive Wind-Up Report
BBVA BANCO: Fitch Rates Continental Trustees Securities at 'BB+'
BILLION PLUS: Shareholder Receives Wind-Up Report
BJC HEALTHCARE: Creditors' Proofs of Debt Due April 15
BJC HEALTHCARE ERISA: Creditors' Proofs of Debt Due April 15

BLUE HERON: Shareholders Receive Wind-Up Report
FRM FUND: Shareholder Receives Wind-Up Report
GATE SME CLO 2004-2A: Creditors' Proofs of Debt Due April 15
GATE SME 2005-1: Shareholders to Hear Wind-Up Report on April 17
GATE SME 2005-1: Creditors' Proofs of Debt Due April 15

GUNERSBURY LTD: Shareholders to Receive Wind-Up Report on Apr. 15
HOKURIKU INTERNATIONAL: Creditors' Proofs of Debt Due April 15
INVESTMENTS: Shareholders Receive Wind-Up Report
KERALA INVESTMENTS: Shareholder Receives Wind-Up Report
TULA INVESTMENTS: Shareholder Receives Wind-Up Report


J A M A I C A

JAMAICA RAILWAY: Expects Turnaround in Financial Performance


M E X I C O

CORPORACION INTERAMERICANA: Fitch Withdraws 'BB-' Long-Term IDR
CORPORACION LINDLEY: S&P Rates $260MM Sr. Unsecured Notes 'BB+'
METROFINANCIERA: S&P Lowers Ratings on RMBS Deals


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Fined US$100,000 for Holding Passengers


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


OGX S.A.: Low Production Flow Rates Cues Moody's to Cut CFR to B2
-----------------------------------------------------------------
Moody's Investors Service downgraded OGX Petroleo e Gas
Participacoes S.A.'s (OGX) Corporate Family Rating to B2 from B1
and OGX Austria GmbH's senior unsecured notes ratings to B2 from
B1 and placed all ratings on review for further downgrade.

"The rating downgrade of OGX Petroleo e Gas Participacoes S.A. is
driven by continued low production flow rates from the company's
initial offshore producing wells, negatively impacting capital
productivity and cash flows," commented Gretchen French, Moody's
Vice President. "The ratings review for further downgrade reflects
the concern over tightening liquidity over the next 12-18 months,
with the expected need for OGX to pursue alternative liquidity
options in order to build a healthy cash cushion through 2014."

Issuer: OGX Petroleo e Gas Participacoes SA

Downgrades:

Corporate Family Rating, Downgraded to B2 from B1; Placed Under
Review for further Downgrade

Outlook Actions:

Outlook, Changed To Rating Under Review From Negative

Issuer: OGX Austria GMBH

Downgrades:

$2563M 8.5% Senior Unsecured Regular Bond/Debenture, Downgraded to
B2 from B1; Placed Under Review for further Downgrade

$1063M 8.375% Senior Unsecured Regular Bond/Debenture, Downgraded
to B2 from B1; Placed Under Review for further Downgrade

Outlook Actions:

Outlook, Changed To Rating Under Review From Negative

Ratings Rationale:

OGX's offshore production flow rates per well have continued to
remain below expectations as a result of higher than anticipated
geological complexity of the Tubarao Azul field of the Campos
Basin offshore Brazil. While initial results remain limited to
only three producing wells, compartmentalization of the carbonate
reservoir and weaker than expected water drive appears to be a
larger challenge for the company than originally anticipated.
There is also significant well interference between the first two
producing wells, but notably, not the third well, which has also
underperformed. This has resulted in increased costs to fully
develop the field and reduced recovery assumptions for the
reservoir, negatively impacting the company's growth rates and
returns.

With lower production flow rates, cash flow projections for OGX
are weaker than prior projections, despite the benefit of a
favorable oil price environment and relatively high realized
prices on OGX's production. This has resulted in projections for
higher consumption of cash balances and a more constrained
liquidity profile over the next 12-18 months, unless OGX pursues
alternative liquidity options. These alternative options include
potentially selling certain assets. As Moody's has previously
noted, OGX has high operating and capital risk concentrations, as
it holds 100% working interests in the lion's share of its
concessions, and a farm-out a part of certain of its working
interest positions could be a meaningful source of additional
liquidity for the company. An additional source of liquidity could
be the exercise by OGX of its $1 billion put option that was
granted by the company's controlling shareholder, Mr. Eike
Batista, in October 2012. The put option expires on May 1, 2014
and is conditional upon OGX not finding more favorable
alternatives for its capital needs, as determined by the majority
of OGX's independent board members. Moody's also notes that the
company has curtailed its spending, with capital spending
projected to be $1.3 billion in 2013 and $800 million in 2014, and
has also reduced G&A and G&G costs. The review for downgrade will
focus on the company's ability to improve its liquidity profile
and its prospects for better capital productivity and production
growth.

The company hopes to experience better well productivity from the
Tubarao Martelo field, which is another carbonate reservoir in the
Campos Basin, but where permeability levels are higher than in
Tubarao Azul. OGX has already drilled and made the lower
completion of six production wells in this field. The first
producing well in Tubarao Martelo is expected to come on-stream in
late 2013, after the arrival of the FPSO OSX-3 in the third
quarter of 2013, which is in the final stages of engineering. If
OGX is successful in developing the Tubarao Martelo field, this
should meaningfully improve OGX's production and cash flow
profile. Nevertheless, while five of the six wells have been
tested, there are many risks of bringing contingent oil and gas
resources onto production, with inconsistencies inherent to
carbonate reservoirs.

OGX's B2 Corporate Family Rating is supported by the company's
large, world scale resource base, which provides excellent
reserves and production growth potential and energy sector
experienced management team and board. The B2 Corporate Family
rating is restrained by the company's still early stage
development status, with only three offshore wells producing,
large up-front capital spending, with high staging and execution
risk, early stage, small scale and concentrated production
operations through the third quarter of 2013, and high front-end
leverage, with lack of free cash flow until post 2014.

OGX's B2 ratings could be downgraded if the company is not
successful in building a stronger liquidity cushion over the next
3-6 months of at least $500 million in additional liquidity. The
B2 ratings could also face a downgrade as a result of material
delays in the development of the Tubarao Martelo field.

While unexpected over the near-term given the rating review, the
B2 rating could be upgraded if there is sufficient visibility to
OGX maintaining healthy cash balances (minimum cash balances of at
least $400 million) and is able to significantly grow its
production (toward 50,000 barrels of oil equivalent per day).

The principal methodology used in this rating was Global
Independent Exploration and Production Industry Methodology
published in December 2011.

Based in Rio de Janeiro, Brazil, OGX is one of the largest
independent exploration and production companies in Latin America.


TONON BIOENERGIA: S&P Affirms 'B' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit and issue ratings on Tonon Bioenergia S.A.  The company has
$300 million in bonds outstanding.  The outlook on the corporate
credit rating remains stable.

The ratings affirmation reflects S&P's opinion that the recent
acquisition of Paraiso Bioenergia S.A. (not rated) will enable
Tonon to increase its crushing capacity and cash flows, despite
its somewhat higher debt than S&P previously forecasted.  S&P
believes Tonon will be able to absorb a higher debt burden without
affecting its creditworthiness, given its improved capital
structure following the $300 million bond issuance in January
2013, proceeds from which the company will use to refinance
short-term and guaranteed debt.



===============
C O L O M B I A
===============


* Three Central Bankers Warn on Financial Stability Risks
---------------------------------------------------------
Bloomberg Business Week reported that Colombian policy makers are
monitoring credit indicators to ensure that the lowest interest
rate in Latin America doesn't lead to excess risk-taking that
could jeopardize the stability of the financial system.

The central bank will study the quality of household credit, and
the amount of debt that consumers are taking on, when it decides
on the future direction of interest rates, bank co-director Cesar
Vallejo said in an interview with Business Week in Medellin.

"Credit risk would be generated if interest rates are excessively
low, or if low interest rates induce debtors to take on more debt
than they can handle, or creditors in the financial system fall
into the temptation of offering more credit," Mr. Vallejo said, on
the sidelines of a conference of the country's banking association
Asobancaria.

In a separate interview with Business Week at the same event,
central bank board member Carlos Gustavo Cano said that leaving
borrowing costs low for a prolonged period when inflation
accelerates to its target and growth rises to its full potential
rate, could generate financial risks.

The central bank has cut its policy rate two percentage points
since June, to 3.25 percent, the lowest among major economies in
the region, as growth cooled and the inflation rate fell to a six-
decade low.  Even as the economy has slowed, home prices have
risen to record highs and credit growth has begun to pick up after
slowing for more than a year.

Bloomberg Business Week said Messrs. Vallejo's and Cano's remarks
came after central bank Governor Jose Dario Uribe told the banking
association that policy makers could set interest rates higher
than would be necessary to hit the inflation target, in order to
prevent "financial imbalances".

Speaking to reporters after his presentation, Mr. Uribe said the
"first tool at hand" if there were excessive risk-taking would be
regulatory measures such as higher capital requirements for banks.
Home prices rose 71 percent in the third quarter from a decade
earlier, according to the bank's inflation-adjusted housing price
index, while the delinquent payment rate fell to a record low 2.3
percent last year.  Home prices are rising faster than nominal
gross domestic product, Mr. Uribe said.

The central bank repeatedly expressed concern with the pace of
credit growth when it raised interest rates nine times between
February 2011 and February 2012.  Annual credit growth accelerated
for a second straight month in January, to 15.4 percent, from 14.6
percent in November.

The central bank wants annual inflation back at the 3 percent
midpoint of its target range, and doesn't want it to remain at its
current levels, Mr. Cano said.  Mr. Vallejo forecast that
inflation will return to 3 percent in the first half of 2014.

Inflation accelerated to 1.99 percent last month, according to the
median forecast in a Bloomberg survey of 19 analysts, from a six
decade-low of 1.83 percent in February.

The central bank unexpectedly stepped up the pace of rate cuts in
March, with the first half-point reduction in three years. The
move was intended to speed up the elimination of the economy's
excess capacity, Mr. Vallejo said.

"We hope and expect that with this interest rate we can close the
output gap, though there's no guarantee that this is the interest
rate that will do it," Mr. Vallejo said.

Both Messrs. Vallejo and Cano said that the level of the real, or
inflation-adjusted, interest rate played a key role in the
decision to cut rates by half a percentage point last month.

"One of the main reasons the bank decided to cut 50 basis points
was that inflation has been falling faster than nominal rates,
which means that instead of real interest rates falling, they were
stable or went up," Mr. Cano said, notes the Bloomberg Business
Week report.


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

3DCO OFFSHORE: Creditors' Proofs of Debt Due April 15
-----------------------------------------------------
The creditors of 3DCO Offshore Ltd. are required to file their
proofs of debt by April 15, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 12, 2013.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ARCHIMEDES FUNDING: Members to Hear Wind-Up Report on April 17
--------------------------------------------------------------
The members of Archimedes Funding II, Ltd. will receive on
April 17, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ARCHIMEDES FUNDING: Creditors' Proofs of Debt Due April 15
----------------------------------------------------------
The creditors of Archimedes Funding II, Ltd. are required to file
their proofs of debt by April 15, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


AROCHEM REFINING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On March 11, 2013, the shareholders of Arochem Refining Company
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          Telephone: (345) 946 5125
          Facsimile: (345) 946 5126
          FCM LTD.
          PO Box 1982 Grand Cayman
          Cayman Islands


ATLAS OPERATIONS: Members Receive Wind-Up Report
------------------------------------------------
The members of Atlas Operations Ltd. received on April 5, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ATLAS OPERATIONS CAYMAN: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Atlas Operations Cayman Ltd. received on April 5,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BBVA BANCO: Fitch Rates Continental Trustees Securities at 'BB+'
----------------------------------------------------------------
Fitch Ratings expects to rate BBVA Banco Continental's upcoming
five-year U.S. dollar senior unsecured fixed-rate notes
'BBB+(exp)'.

The notes -- for an amount to be determined -- will mature in
2018, and interest payments will be made semi-annually. The notes
will carry a fixed interest rate to be set at the time of the
issuance.

KEY RATING DRIVERS

BC has a long-term local and foreign currency Issuer Default
Ratings (IDR) of 'BBB+'; both of them driven by BC's Viability
Rating (VR) currently at 'bbb+'. BC's ratings reflect its strong
franchise, solid performance, good profitability, high efficiency,
good asset quality, ample reserves, wide and low-cost deposit
base, and improved capital. The IDRs carry a Negative Outlook in
line with that of BC's parent (BBVA, rated 'BBB+' by Fitch),
acknowledging the potential contagion risk from the ongoing crisis
that BBVA faces in Spain. The notes will be rated 'BBB+', at the
same level as the bank's IDRs.

The notes will rank pari-passu with all of BC's existing and
future senior unsecured debt and are senior to BC's existing and
future subordinated and junior subordinated debt. The notes will
be effectively subordinated to all of BC's secured indebtedness
with respect to the value of its assets securing that
indebtedness, certain direct, unsecured general obligations that
in case of insolvency are granted preferential treatment pursuant
to Peruvian law, and all of the existing and future liabilities of
BC's subsidiaries, including trade payables.

RATING SENSITIVITIES

The ratings are sensitive to any changes in BC's VR and IDRs. BC's
ratings would benefit from sustained balance sheet strength and
consistent performance, as well as a stable economic background.

BC's and the notes' ratings would be pressured downwards if the
uncertainty surrounding its parent company deepens and affects its
access to funding and liquidity or, if BC's operating environment
deteriorates significantly, affecting the bank's performance and
eroding the bank's reserve and capital cushions.

BC will use the proceeds for general business purposes. The bank's
leverage will slightly increase in the short run but Fitch expects
that gradual debt replacement, continued growth and positive
returns, will allow the bank to sustain adequate Fitch core
capital levels.

Fitch rates BC as follows:

-- Long-term foreign currency IDR: 'BBB+', Negative Outlook;
-- Short-term foreign currency IDR: 'F2';
-- Long-term local currency IDR: 'BBB+', Negative Outlook;
-- Short-term local currency IDR: 'F2';
-- Viability Rating: 'bbb+';
-- Support rating: '2';
-- Support floor: 'BBB-';
-- Senior unsecured debt: 'BBB+'.

In addition, the following entities issued securities whose
underlying credit risk is that of BBVA Banco Continental; Fitch's
ratings of those securities are as follows:

-- Continental Trustees (Cayman) Ltd 'BB+';
-- Continental Senior Trustees (Cayman) Ltd 'BBB+';
-- Continental Senior Trustees (Cayman) II Ltd 'BBB+'.


BILLION PLUS: Shareholder Receives Wind-Up Report
-------------------------------------------------
On March 4, 2013, the shareholder of Billion Plus Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Lo Choy Yuk Ching Yvonne
         7 Black's Link
         Repulse Bay
         Hong Kong


BJC HEALTHCARE: Creditors' Proofs of Debt Due April 15
------------------------------------------------------
The creditors of BJC Healthcare Fund Ltd. are required to file
their proofs of debt by April 15, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 12, 2013.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


BJC HEALTHCARE ERISA: Creditors' Proofs of Debt Due April 15
------------------------------------------------------------
The creditors of BJC Healthcare Erisa Fund Ltd. are required to
file their proofs of debt by April 15, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 12, 2013.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


BLUE HERON: Shareholders Receive Wind-Up Report
-----------------------------------------------
On March 15, 2013, the shareholders of Blue Heron International
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FRM FUND: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of FRM Emerging Markets Master 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


GATE SME CLO 2004-2A: Creditors' Proofs of Debt Due April 15
------------------------------------------------------------
The creditors of GATE SME CLO 2004-2A First Loss, Ltd. are
required to file their proofs of debt by April 15, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


GATE SME 2005-1: Shareholders to Hear Wind-Up Report on April 17
----------------------------------------------------------------
The shareholders of Gate SME CLO 2005-1 Mezzanine, Ltd. will
receive on April 17, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


GATE SME 2005-1: Creditors' Proofs of Debt Due April 15
-------------------------------------------------------
The creditors of Gate SME CLO 2005-1 Mezzanine, Ltd. are required
to file their proofs of debt by April 15, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2013.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


GUNERSBURY LTD: Shareholders to Receive Wind-Up Report on Apr. 15
-----------------------------------------------------------------
The shareholders of Gunersbury Limited will receive on April 15,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


HOKURIKU INTERNATIONAL: Creditors' Proofs of Debt Due April 15
--------------------------------------------------------------
The creditors of Hokuriku International Cayman Limited are
required to file their proofs of debt by April 15, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 8, 2013.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------
On Feb. 28, 2013, the shareholders of Investments received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Peter Charles Spencer Keeble
          c/o Campbells Corporate Services Limited
          Willow House, Floor 4, Cricket Square
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


KERALA INVESTMENTS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On March 15, 2013, the shareholder of Kerala Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TULA INVESTMENTS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Tula Investments and Services Limited received
on April 5, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lorraine D. Burrows
          Edward B. Turner & Co.
          #10 Petrona House
          Fowler Street off East Bay Street
          P.O. Box N-1375 Nassau
          Bahamas
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin, George Town
          Grand Cayman KY1-9002
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 914 3207



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


JAMAICA RAILWAY: Expects Turnaround in Financial Performance
------------------------------------------------------------
RJR News reported that the Jamaica Railway Corporation (JRC) is
projected to see a turnaround in its financial performance this
fiscal year.

According to RJR News, a Ministry of Finance report on public
bodies stated that the Railway Corporation's limited activities
will result in it generating a net surplus of J$14 million
dollars. The entity racked up a J$31 million dollar deficit in the
last financial year.  The JRC's operations will be confined to
activities necessary to fulfill its contractual arrangements with
UC Rusal and the Jamaica Bauxite Mining Limited. In addition, the
Corporation will manage its real estate portfolio and provide
assistance towards its divestment.

The Jamaica Railway Corporation was established under the Jamaica
Railway Corporation Act.  The corporation is established to
control the expenditure of the corporation whether on revenue or
capital account; to ensure that the annual revenues of the
corporation are sufficient to meet all charges properly
chargeable to revenue; and to direct and control any expansion or
extension of the railway and the construction of any new railway.

                             *     *     *

The Troubled Company Reporter-Latin America reported on March 21,
2013, that according to RJR News, the Jamaican government is
moving closer to finalizing plans for the privatization of the
Jamaica Railway Corporation.

As reported in the Troubled Company Reporter-Latin America on
August 20, 2010, RadioJamica said that the Transport Minister has
confirmed the resignation of Harold Brady, as Chairman of the
Board of the Jamaica Railway Corporation.  The report related
that Mr. Brady's departure comes more than two months before the
October 31 expiration of the life of the Board of the JRC.
According to RadioJamiaca, Mr. Brady's resignation caused some
concern among government officials, as his departure brought an
abrupt halt to the Transport Ministry's plans to divest the
"failing" JRC as quickly as possible.  The report recounts that
the Railway Corporation ceased operations several years ago and
is now on the list of entities to be merged and retained by the
Transport Ministry.



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


CORPORACION INTERAMERICANA: Fitch Withdraws 'BB-' Long-Term IDR
---------------------------------------------------------------
Fitch Ratings withdraws the following ratings for Corporacion
Interamericana para el Financiamiento de Infraestructura (CIFI):

--Long-Term IDR 'BB-';
--Short-Term IDR 'B';
--Viability Rating 'bb-';
--Support '5';
--Support Floor 'NF'.

Fitch has withdrawn the ratings as CIFI has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for CIFI.


CORPORACION LINDLEY: S&P Rates $260MM Sr. Unsecured Notes 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit rating on Corporacion Lindley S.A. (Lindley).  At the same
time, S&P assigned its 'BB+' senior unsecured debt rating to
Lindley's proposed $260 million fixed-rate dollar-denominated
senior unsecured notes due 2023.  The outlook is stable.

The 'BB+' ratings on Lindley reflect S&P's assessment of its
"satisfactory" business risk profile, "significant" financial risk
profile, and "adequate" liquidity.

"Our assessment of Lindley's business risk profile as
"satisfactory" reflects its solid and established relationship
with The Coca-Cola Co. (Coke; AA-/Stable/--) as an exclusive Coke
bottler in Peru, its leading position within the Peruvian
carbonated soft drinks (CSD) market, an extensive product
portfolio with strong brand recognition, and its broad
distribution network.  The partly offsetting factors are the
company's limited geographic diversification, and its relative
exposure to volatile commodity prices, such as sugar and food-
grade packaging plastics (PET)," S&P said.

Following Coke's acquisition of a 38.5% stake in Lindley and
Lindley's 2004 acquisition of Embotelladora Latinoamericana S.A.,
Lindley became the exclusive Coke bottler in Peru.  Lindley's
current share of the Peruvian CSD market is 70%, enjoys the
exclusive right to produce, bottle, and distribute all of Coke's
brands.  "Lindley's integration in Coke's operations and marketing
as well as its strong alignment with Coke's business strategy
benefit its business position," said Standard & Poor's credit
analyst Luis Martinez.  In 2012, Lindley sold 274 million unit
cases through 250,000 points of sale, and the CSD sector generated
79% of its revenues.  Its Inca Kola and Coca-Cola lead the market
and drive the company's business strategy.  However, the company
has gradually strengthened its product portfolio and has gained
strong participation in water, fruit juices, isotonics and energy
drinks, which, combined, posted a 16% volume growth during 2012.


METROFINANCIERA: S&P Lowers Ratings on RMBS Deals
-------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term ratings
on five Mexican residential mortgage-backed securities (RMBS)
transactions originated and serviced by Metrofinanciera S.A.P.I.
de C.V. SOFOM E.N.R. and placed them on CreditWatch with negative
implications.  At the same time, S&P placed the ratings on other
two Metrofinanciera's RMBS deals on CreditWatch negative.

On April 3, a notice published via Emisnet said some
Metrofinanciera bank accounts were frozen because of legal process
against the company; among those accounts are the ones holding
collections belonging to the trusts.  Therefore, these amounts
were not transferred to the trust's accounts and will not be
distributed to make debt-service payments in the next payment
date.

Metrofinanciera and the trustees started a notification process,
seeking borrowers to make their mortgages payments directly into
the trusts' accounts, but it is uncertain how quickly this process
will evolve.

Given the uncertainty regarding resolution of this legal process,
to then release the amounts to the trusts, and regarding the
success and speed of the notification process by Metrofinanciera
and the trustees, S&P expects the transactions may experience
liquidity shortfalls in the near term.  S&P therefore is placing
its ratings on CreditWatch with negative implications.

METROCB 05U and MFCB 05U deals have partial credit guarantees
(PCGs) provided by Sociedad Hipotecaria Federal S.N.C. (SHF;
mxAAA/Stable/mxA-1+) and cash reserve accounts that can mitigate
the liquidity shortfalls for the following payment date.  If the
PCGs and the cash reserves are sufficient to cover interest
payments while the legal process is resolved, and borrowers begin
making their monthly payments directly into the trusts' accounts,
S&P could affirm its ratings.  If not, S&P will lower its ratings
by several notches to reflect a potential missed interest payment.

Although METROCB 04U and MTOFCB 08 transactions have both PCGs and
cash reserves that can mitigate short-term liquidity shortfalls,
S&P is lowering the ratings because of the operational risks the
transactions are encountering no longer correspond, in S&P's
opinion, to an 'mxAAA' rating level.  S&P is also placing these
ratings on CreditWatch with negative implications.

METROCB 06U and MTROCB 08U have cash in their reserve accounts
that may cover interest payment for the next payment date, but
might not be sufficient for the following ones in case most of the
collections continue to be deposited into Metrofinanciera's
accounts.

Finally, MTROCB 07U does not have, via PCGs or cash reserves,
enough room to mitigate liquidity shortfalls in the near term.
S&P therefore believes it likely that this transaction might not
fully meet the interest payment scheduled for May 2, so S&P is
lowering its rating and placing it on CreditWatch with negative
implications.  If sufficient collections from the current period
are transferred into the trust accounts, and are available to make
interest payments on the certificates (if the legal process is at
least partly resolved or the notification process moves quickly
and is effective), S&P could affirm the rating; otherwise, it
could again lower its rating, reflecting the risk of an imminent
missed interest payment.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED AND PLACED ON CREDITWATCH NEGATIVE

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series       Maturity      Rating               Outs. Amount
             Date        To          From       (mil.)
METROCB 04U  11/11/2033  mxAA (sf)  mxAAA (sf)  30.57 UDIs
                         / CW Neg
METROCB 06U  11/14/2033  mxBB (sf)  mxBBB (sf)  50.01 UDIs
                         / CW Neg

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II
Series       Maturity      Rating             Outs. Amount
             Date       To         From       (mil.)
MTROCB 07U   12/1/2033  CCC+ (sf)  B (sf)      148.44 UDIs
                        / CW Neg
MTROCB 07U   12/1/2033  mxB (sf)   mxBBB- (sf) 148.44 UDIs
                        / CW Neg
MTROCB 08U   4/1/2033   B- (sf)    B (sf)      162.97 UDIs
                        / CW Neg
MTROCB 08U   4/1/2033   mxBB (sf)  mxBBB- (sf) 162.97 UDIs
                        / CW Neg
MTROFCB 08   6/1/2039   mxAA (sf)  mxAAA (sf)  MXN356.08
                        / CW Neg

RATINGS PLACED ON CREDITWATCH NEGATIVE

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series       Maturity        Rating               Outs. Amount
             Date        To          From       (mil.)
METROCB 05U  2/20/2034   mxA+(sf)    mxA+ (sf)   41.23 UDIs
                         /Watch Neg
MFCB 05U     10/24/2033  mxBBB+(sf)  mxBBB+(sf)  52.64 UDIs
                         /Watch Neg



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


CARIBBEAN AIRLINES: Fined US$100,000 for Holding Passengers
-----------------------------------------------------------
The Gleaner reported that the Trinidad and Tobago-owned Caribbean
Airlines (CAL) has been fined US$100,000 for violating United
States federal rules after it prevented passengers from
disembarking from one of its planes delayed on the tarmac at the
John F. Kennedy International Airport last August.

According to The Gleaner, the United States Department of
Transportation (DOT) said the plane was delayed for more than four
hours and that CAL failed to provide customers with food and water
until almost four hours after the plane left the gate during the
tarmac delay.

The DOT ordered the carrier to cease and desist from further
violations, the report added.

                     About Caribbean Airlines

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

                         *     *     *

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



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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 * * *