TCRLA_Public/130418.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 18, 2013, Vol. 14, No. 76


                            Headlines



A R G E N T I N A

SUPERVIELLE CREDITOS: Moody's Rates ARS200MM of Debt Securities


B R A Z I L

BANCO ITAU: Five Executives Leave Post Amid Restructuring


C A Y M A N  I S L A N D S

ADM GLADIUS: Placed Under Voluntary Wind-Up
ALPSTAR EUROPEAN: Commences Liquidation Proceedings
ASHLAND INVESTMENTS: Placed Under Voluntary Wind-Up
CLEARVIEW HOLDINGS: Commences Liquidation Proceedings
DIGITAL LI-NING: Commences Liquidation Proceedings

EASTERN ADVISOR: Commences Liquidation Proceedings
EOS STRATEGIC: Commences Liquidation Proceedings
EOS STRATEGIC MASTER: Commences Liquidation Proceedings
GREEN POINT: Commences Liquidation Proceedings
HAV3 (V): Commences Liquidation Proceedings

JCAM MORTGAGE: Commences Liquidation Proceedings
JCAM MORTGAGE (MASTER): Commences Liquidation Proceedings
LEGEND HOLDINGS: Commences Liquidation Proceedings
LWM GROWTH: Commences Liquidation Proceedings
LWM GROWTH MASTER: Commences Liquidation Proceedings

MAN LONGER: Commences Liquidation Proceedings
MORGAN STANLEY ASIA: Commences Liquidation Proceedings
PLUTOS INVESTMENT: Placed Under Voluntary Wind-Up
SPW CAPITAL II: Commences Liquidation Proceedings
TFP OVERSEAS: Commences Liquidation Proceedings


M E X I C O

CORPORACION GEO: Moody's Lowers Unsecured Debt Rating to Caa1
CORPORACION GEO: Debt Restructuring Cues Moody's to Cut Ratings
CORPORACION GEO: Fitch Lowers Issuer Default Rating to 'CCC'
DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'B'
METROFINANCIERA SAPI: Moody's Takes Rating Actions on Six Cert.


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: T&T Finance Minister Bats for Airline


X X X X X X X X

LATIN AMERICA: Caribbean Construction Costs Likely to Fall
* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


SUPERVIELLE CREDITOS: Moody's Rates ARS200MM of Debt Securities
---------------------------------------------------------------
Moody's rated Supervielle Creditos 69, a transaction to be issued
by Equity Trust S.A. -- acting solely in its capacity as Issuer
and Trustee.

The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

- ARS60,000,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 69", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

- ARS128,000,000 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 69", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

- ARS12,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 69", rated Aa3.ar (sf) (Argentine National
Scale) and B1 (sf) (Global Scale, Local Currency)

Ratings Rationale:

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 26,265 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS200,006,766.77

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 6% for
the Class A Fixed Rate Debt Securities, 6% for the Floating Rate
Securities, calculated under the occurrence of a special event. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of Banco Supervielle as the servicer consistent with
its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.76% for Class B Floating Rate Debt
Securities and 7.07% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3
percentage points from the base case scenario for the pool (i.e.,
mean of 5.5% and a coefficient of variation of 50%), the ratings
of Class A Fixed Rate debt securities and Class B Floating Rate
debt securities would remain the same. The ratings for the
Certificates would be likely downgraded to B2 (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.

The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS transaction published in October 12,
2012.

Moody's National Scale Credit 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 credit 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
===========


BANCO ITAU: Five Executives Leave Post Amid Restructuring
---------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that three unnamed
sources said Marcelo Marangon, an executive director of Banco Itau
BBA SA, and at least four directors have left the bank amid a
restructuring with management changes.

According to Bloomberg News, the sources said the departing
directors include:

   -- Andre Cury,
   -- Antonio Sanches,
   -- Jorge Bedran Jettar and
   -- Paulo di Paula Abreu.

Marangon, the former head of global banking in Brazil for HSBC
Holdings Plc (HSBA), was hired by Sao Paulo-based Banco Itau in
October 2011 to handle a newly created unit catering to large
corporations.

Banco Itau BBA is the wholesale arm of Itau Unibanco Holding SA
(ITUB4), the biggest Latin American bank by market value.


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


ADM GLADIUS: Placed Under Voluntary Wind-Up
-------------------------------------------
On Feb. 7, 2013, the sole shareholder of ADM Gladius Fund Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 2, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Cathy Wong
          ADM Capital
          1008 ICBC Tower
          3 Garden Road, Central
          Hong Kong
          Telephone: +8 (522) 536 4567
          Facsimile: +8 (522) 147 2813


ALPSTAR EUROPEAN: Commences Liquidation Proceedings
---------------------------------------------------
Alpstar European Recovery Fund, Ltd. commenced liquidation
proceedings on Feb. 13, 2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ASHLAND INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Jan. 30, 2013, the shareholders of Ashland Investments resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CLEARVIEW HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
Clearview Holdings Ltd. commenced liquidation proceedings on
Feb. 19, 2013.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Campbells Directors Limited
          c/o Peter A de Vere
          Campbells
          Willow House, Floor 4
          PO Box 268 Cricket Square
          Elgin Avenue
          Telephone: +1(345)914 5872
          Facsimile: +1(345)945 2877


DIGITAL LI-NING: Commences Liquidation Proceedings
--------------------------------------------------
Digital Li-Ning Company Limited commenced liquidation proceedings
on Feb. 18, 2013.

The company's liquidator is:

          Adrian Chan
          1503 Ruttonjee House
          11 Duddell Street
          Hong Kong


EASTERN ADVISOR: Commences Liquidation Proceedings
--------------------------------------------------
Eastern Advisor Offshore Fund, Ltd commenced liquidation
proceedings on Feb. 22, 2013.

The company's liquidator is:

          Giles S. Eyre
          405 Lexington Avenue
          32nd Floor
          New York, New York 10174
          United States of America
          Telephone: +1 (212) 984 2339
          E-mail: giles@easternadvisors.com


EOS STRATEGIC: Commences Liquidation Proceedings
------------------------------------------------
EOS Strategic Income Offshore, Ltd commenced liquidation
proceedings on Feb. 21, 2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EOS STRATEGIC MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
EOS Strategic Income Master Fund, Ltd commenced liquidation
proceedings on Feb. 21, 2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GREEN POINT: Commences Liquidation Proceedings
----------------------------------------------
Green Point International Holding (Cayman) Co., Ltd commenced
liquidation proceedings on Feb. 26, 2013.

Only creditors who were able to file their proofs of debt by
April 8, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Sergio A. Cadavid
          10560 Dr. MLK, Jr., Street North
          Saint Petersburg
          Florida 33716, USA
          Telephone: +1 (727) 577 9748
          Facsimile: +1 (727) 803 5678


HAV3 (V): Commences Liquidation Proceedings
-------------------------------------------
HAV3 (V) Limited commenced liquidation proceedings on Feb. 19,
2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


JCAM MORTGAGE: Commences Liquidation Proceedings
------------------------------------------------
JCAM Mortgage Opportunities Fund Ltd. commenced liquidation
proceedings on Feb. 11, 2013.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


JCAM MORTGAGE (MASTER): Commences Liquidation Proceedings
---------------------------------------------------------
JCAM Mortgage Opportunities Fund (Master) Ltd. commenced
liquidation proceedings on Feb. 22, 2013.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LEGEND HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
Legend Holdings Limited commenced liquidation proceedings on
March 11, 2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


LWM GROWTH: Commences Liquidation Proceedings
---------------------------------------------
LWM Growth Opportunities Fund, Ltd. commenced liquidation
proceedings on Feb. 15, 2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LWM GROWTH MASTER: Commences Liquidation Proceedings
----------------------------------------------------
LWM Growth Opportunities Master Fund, Ltd. commenced liquidation
proceedings on Feb. 15, 2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MAN LONGER: Commences Liquidation Proceedings
---------------------------------------------
Man Longer Term Opportunities (Master) Ltd. commenced liquidation
proceedings on Feb. 22, 2013.

Only creditors who were able to file their proofs of debt by
April 1, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MORGAN STANLEY ASIA: Commences Liquidation Proceedings
------------------------------------------------------
Morgan Stanley Asia Pacific (Holdings) Limited commenced
liquidation proceedings on Feb. 20, 2013.

Only creditors who were able to file their proofs of debt by
April 12, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Rainier Hok Chung Lam
          c/o Jodi Jones
          Telephone: (345) 949 7000
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


PLUTOS INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Feb. 17, 2013, the sole shareholder of Plutos Investment
Advisory, Ltd. resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

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


SPW CAPITAL II: Commences Liquidation Proceedings
-------------------------------------------------
SPW Capital II, Ltd commenced liquidation proceedings on Feb. 15,
2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TFP OVERSEAS: Commences Liquidation Proceedings
-----------------------------------------------
TFP Overseas Fund, Ltd commenced liquidation proceedings on
Feb. 19, 2013.

Only creditors who were able to file their proofs of debt by
April 11, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


CORPORACION GEO: Moody's Lowers Unsecured Debt Rating to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded Corporacion GEO., S.A.B. de
C.V.'s global scale foreign currency senior unsecured debt rating
to Caa1 from Ba3 and placed the rating under review for downgrade.

Ratings Rationale:

This rating action reflects GEO's announcement on April 12 that it
has hired a group of advisors to conduct an operational and
financial analysis of the company with the ultimate goal of
evaluating debt restructuring alternatives. The debt restructuring
efforts are expected to focus on extending terms on the company's
bank debt and providing more cushion on the company's covenants.
An analysis of the company's existing projects and the ability to
service debt with the remaining cash flows will also be conducted.
Over 23% of the company's approximately $10.2 billion pesos of
unsecured debt outstanding as of December 31, 2012 expires between
2013 and 2014.

GEO's liquidity position has weakened substantially and is
expected to remain strained over the next year. The company's
business model is heavily focused on the low-income housing sector
which relies on INFONAVIT and FOVISSSTE financing and increasingly
requires subsidies to qualify for a mortgage. GEO experienced
lower than normal sales volume in 2012 as a result of the
company's reliance on home sales dependent on subsidy allocations,
and is expected to continue to struggle with sales in 2013.

In its review Moody's will focus on the company's ability to
manage its near-term debt maturities as well as the nature of the
company's debt restructuring process. Should GEO engage in a
distressed exchange with its creditors, which effectively
diminishes its financial obligation relative to its original
obligation or is done in an effort to avoid a bankruptcy or a
payment default, it will constitute a default under Moody's
definition. This would result in a multiple-notch downgrade.

Moody's de Mexico downgraded GEO's national scale long-term issuer
rating to Caa1.mx from Baa1.mx (global scale local currency rating
to Caa1 from Ba3), national scale short-term issuer rating to MX-4
from MX-3 (global scale local currency rating affirmed at Not
Prime), national scale rating on the company's Certificados
Bursatiles program to Caa1.mx from Baa1.mx (global scale local
currency rating to (P)Caa1 from (P)Ba3) and the national scale
senior unsecured debt rating to Caa1.mx from Baa1.mx (global scale
local currency to Caa1 from Ba3). The ratings were placed under
review for downgrade.

The following ratings were downgraded and placed under review for
downgrade:

Moody's Investors Service

Corporacion GEO, S.A.B. de C.V. -- global scale foreign currency
senior unsecured notes issued in US dollars to Caa1 from Ba3

Moody's De Mexico

Corporacion GEO, S.A.B. de C.V. -- national scale rating on
Certificados Bursatiles program to Caa1.mx from Baa1.mx (global
scale local currency rating to (P)Caa1 from (P)Ba3)

Corporacion GEO, S.A.B. de C.V. -- national scale senior unsecured
notes to Caa1.mx from Baa1.mx (global scale local currency rating
to Caa1 from Ba3 )

Corporacion GEO, S.A.B. de C.V. -- national scale long-term issuer
rating to Caa1.mx from Baa1.mx (global scale local currency rating
to Caa1 from Ba3 )

The following rating was downgraded:

Corporacion GEO, S.A.B. de C.V. -- national scale short-term
issuer rating to MX-4 from MX-3

The following rating was affirmed:

Corporacion GEO, S.A.B. de C.V. -- global scale short-term issuer
local currency rating at Not Prime

The last rating action with respect to GEO was on March 20, 2013,
when Moody's de Mexico downgraded GEO's national scale long-term
issuer rating to Baa1.mx from A3.mx (global scale local currency
long rating affirmed at Ba3), national scale short-term issuer
rating to MX-3 from MX-2 (global scale local currency rating
affirmed at Not Prime), national scale rating on the company's
Certificados Bursatiles program to Baa1.mx from A3.mx (global
scale local currency rating affirmed at Ba3) and the national
scale senior unsecured debt rating to Baa1.mx from A3.mx (global
scale local currency affirmed at Ba3) and revised the outlook to
negative, from stable. Moody's Investors Service affirmed GEO's
global scale foreign currency senior unsecured debt rating at Ba3
and revised the outlook to negative, from stable.

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

Corporacion GEO, S.A.B. de C.V., based in Mexico City, Mexico, is
a publicly traded, fully integrated homebuilder engaged in the
development, construction, marketing and sale of affordable
housing developments in Mexico. The firm reported total assets of
approximately $41.4 billion Mx pesos and total equity of
approximately $11.3 billion Mx pesos at December 31, 2012.


CORPORACION GEO: Debt Restructuring Cues Moody's to Cut Ratings
---------------------------------------------------------------
Moody's de Mexico downgraded Corporacion GEO., S.A.B. de C.V.'s
national scale long-term issuer rating to Caa1.mx from Baa1.mx
(global scale local currency rating to Caa1 from Ba3), national
scale short-term issuer rating to MX-4 from MX-3 (global scale
local currency rating affirmed at Not Prime), national scale
rating on the company's Certificados Bursatiles program to Caa1.mx
from Baa1.mx (global scale local currency rating to (P)Caa1 from
(P)Ba3) and the national scale senior unsecured debt rating to
Caa1.mx from Baa1.mx (global scale local currency to Caa1 from
Ba3). The ratings were placed under review for downgrade.

Ratings Rationale:

These rating actions reflect GEO's announcement on April 12 that
it has hired a group of advisors to conduct an operational and
financial analysis of the company with the ultimate goal of
evaluating debt restructuring alternatives. The debt restructuring
efforts are expected to focus on extending terms on the company's
bank debt and providing more cushion on the company's covenants.
An analysis of the company's existing projects and the ability to
service debt with the remaining cash flows will also be conducted.
Over 23% of the company's approximately $10.2 billion pesos of
unsecured debt outstanding as of December 31, 2012 expires between
2013 and 2014. GEO's liquidity position has weakened substantially
and is expected to remain strained over the next year. The
company's business model is heavily focused on the low-income
housing sector which relies on INFONAVIT and FOVISSSTE financing
and increasingly requires subsidies to qualify for a mortgage. GEO
experienced lower than normal sales volume in 2012 as a result of
the company's reliance on home sales dependent on subsidy
allocations, and is expected to continue to struggle with sales in
2013.

In its review Moody's will focus on the company's ability to
manage its near-term debt maturities as well as the nature of the
company's debt restructuring process. Should GEO engage in a
distressed exchange with its creditors, which effectively
diminishes its financial obligation relative to its original
obligation or is done in an effort to avoid a bankruptcy or a
payment default, it will constitute a default under Moody's
definition. This would result in a multiple-notch downgrade.

Moody's Investors Service downgraded GEO's global scale foreign
currency senior unsecured debt rating to Caa1 from Ba3 and placed
the rating under review for downgrade.

The following ratings were downgraded and placed under review for
downgrade:

Moody's Investors Service

Corporacion GEO, S.A.B. de C.V. -- global scale foreign currency
senior unsecured notes issued in US dollars to Caa1 from Ba3

Moody's De Mexico

Corporacion GEO, S.A.B. de C.V. -- national scale rating on
Certificados Bursatiles program to Caa1.mx from Baa1.mx (global
scale local currency rating to (P)Caa1 from (P)Ba3)

Corporacion GEO, S.A.B. de C.V. -- national scale senior unsecured
notes to Caa1.mx from Baa1.mx (global scale local currency rating
to Caa1 from Ba3 )

Corporacion GEO, S.A.B. de C.V. -- national scale long-term issuer
rating to Caa1.mx from Baa1.mx (global scale local currency rating
to Caa1 from Ba3 )

The following rating was downgraded:

Corporacion GEO, S.A.B. de C.V. -- national scale short-term
issuer rating to MX-4 from MX-3

The following rating was affirmed:

Corporacion GEO, S.A.B. de C.V. -- global scale short-term issuer
local currency rating at Not Prime

Corporacion GEO, S.A.B. de C.V., based in Mexico City, Mexico, is
a publicly traded, fully integrated homebuilder engaged in the
development, construction, marketing and sale of affordable
housing developments in Mexico. The firm reported total assets of
approximately $41.4 billion Mx pesos and total equity of
approximately $11.3 billion Mx pesos at December 31, 2012.


CORPORACION GEO: Fitch Lowers Issuer Default Rating to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Corporacion
GEO, S.A. de C.V. (GEO):

-- Foreign Currency Issuer Default Rating (IDR) to 'CCC' from
   'BB-';

-- Local Currency IDR to 'CCC' from 'BB-';

-- National Long-term rating to 'CCC(Mex)' from 'A-(Mex)';

-- USD54 million senior notes due 2014 to 'CCC/RR4' from 'BB-';

-- USD250 million senior notes due 2020 to 'CCC/RR4' from 'BB-';

-- USD400 million senior notes due 2022 to 'CCC/RR4' from 'BB-';

-- MXN400 million Certificados Bursatiles due 2014 to 'CCC(Mex)'
   from 'A-(Mex)';

-- National Long-term rating to 'C(cl)' from 'BBB(cl)';

-- Unsecured Notes (Linea de bonos No 726), USD16.5 million due
   in 2022 to 'C(cl)' from 'BBB(cl)'.

The ratings remain on Rating Watch Negative.

KEY RATING DRIVERS:

The multi-notch downgrade follows an announcement by Geo that it
has hired Fian Capital to help it undergo an operational and
financial review, which includes evaluating debt restructuring
options in light of difficult market conditions.

These efforts could lead to a default or a distressed debt
exchange (DDE), which would likely impose a material reduction of
principal and/or interest vis-a-vis the original contractual terms
of the company's capital markets debt.

The 'CCC/RR4' ratings of the company's unsecured public debt
reflect average recovery prospects in the event of default. The
recovery prospects incorporate the subordination of the public
unsecured debt with respect to secured debt. As of Dec. 31, 2012,
GEO had MXN14.2 billion of total debt. The company's short term
debt - largely composed of collateralized bank loans - was MXN4.2
billion; its long-term debt at the end of 2012 was MXN10 billion,
primarily composed of unsecured public debt.

The ratings incorporate an expectation of continued liquidity
deterioration driven by negative free cash flow (FCF). GEO's
liquidity - expressed as cash and cash equivalents - was MXN2.3
billion as of Dec. 31, 2012. The company's FCF during the fourth
quarter of 2012 was negative MXN1.5 billion.

RATING SENSITIVITY

Fitch believes the factors that have contributed to the company's
cash flow deterioration in the past - a challenging regulatory
environment and changing demand characteristics for the industry -
are likely to continue in the near-to-medium term.

The announcement of an exchange or tender offer that Fitch
considers to be distressed would result in a rating downgrade.

A positive rating action could occur if GEO receives extraordinary
financial support from its controlling shareholders or from third
parties.


DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'B'
-------------------------------------------------------------
Fitch Ratings downgrades Desarrolladora Homex, S.A.B. de C.V.'s
ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.

The ratings remain on Rating Watch Negative.

KEY RATING DRIVERS

The rating downgrades reflect Fitch's expectations that Homex's
operating results in the first half of 2013 will remain under
significant pressure, resulting in continued negative free cash
flow and rising leverage. The pressure on cash flow is in part a
result of a change in government policy, which is now more focused
on promoting vertical housing in urban areas. This has resulted in
land banks that are less suitable for development. Inventories
have also arisen as a result of a decline in the level of
mortgages granted for new houses by Infonavit, as the agency's
lending for used houses has increased; in addition, delays in
Homex's collecting accounts receivables have impacted working
capital cycles. Homex has expressed that 87% of its land reserves
could be used for the development of housing projects.

Fitch notes that the company continues to seek ways to improve
liquidity; the timing and success of these endeavors remains
uncertain. Possible asset sales include the penitentiaries that
have been developed by the company.

The Rating Watch Negative reflects the expectation that the
company's liquidity will continue to tighten as it gravitates
towards vertical construction. The Negative Rating Watch could be
revised if the company is successful in monetizing assets, such as
its penitentiary projects, in order to improve liquidity.

RATING SENSITIVITY

Further downgrades could result from some combination of the
following factors: the company is not able to monetize its assets
in order to improve its short-term liquidity; consolidated
debt/EBITDA ratios remains above 5.0x, and government funding for
mortgage programs declines.

Conversely, positive rating actions could be taken if consolidated
debt/EBITDA leverage ratio is consistently below 4.0x., free cash
flow generation from homebuilding activities becomes neutral and
the company is able to significantly improve its liquidity and
debt structure.


METROFINANCIERA SAPI: Moody's Takes Rating Actions on Six Cert.
---------------------------------------------------------------
Moody's de Mexico has taken rating actions on six certificates
from Mexican RMBS sponsored by Metrofinanciera. The underlying
collateral consists of first-lien, fixed-rate mortgage loans
denominated in UDIs and granted primarily to low-income borrowers
in Mexico.

The complete rating action is as follows:

Originator and Servicer: Metrofinanciera S.A.P.I. de C.V.,
Sociedad Financiera de Objeto Multiple, Entidad No Regulada.

Issuer: Banco Invex, S.A., Institucion de Banca Multiple, Invex
Grupo Financiero only in its capacity as trustee of the following
securitization trusts:

- METROCB 04U, ratings downgraded to B1 (sf) from Ba2 (sf) (Global
Scale, Local Currency) and to Baa1.mx (sf) from A2.mx (sf)
(National Scale Rating), ratings placed on review for possible
downgrade; previously on Feb 2, 2011 Confirmed at Ba2 (sf) (Global
Scale, Local Currency) and Confirmed at A2.mx (sf) (National Scale
Rating)

- METROCB 05U, ratings downgraded to B1 (sf) from Ba2 (sf) (Global
Scale, Local Currency) and to Baa1.mx (sf) from A2.mx (sf)
(National Scale Rating), ratings placed on review for possible
downgrade; previously on Feb 2, 2011 Confirmed at Ba2 (sf) (Global
Scale, Local Currency) and Confirmed at A2.mx (sf) (National Scale
Rating)

- METROCB 06U, ratings downgraded to Caa1 (sf) from Ba2 (sf)
(Global Scale, Local Currency) and to Caa1.mx (sf) from A2.mx (sf)
(National Scale Rating), ratings remain on review for possible
downgrade; previously on Feb 22, 2013 Ba2 (sf) Placed Under Review
for Possible Downgrade (Global Scale, Local Currency) and A2.mx
(sf) Placed Under Review for Possible Downgrade (National Scale
Rating)

Issuer: Bank of New York, S.A. only in its capacity as trustee of
the following securitization trust:

- MFCB 05U, ratings downgraded to B1 (sf) from Ba2 (sf) (Global
Scale, Local Currency) and to Baa1.mx (sf) from A2.mx (sf)
(National Scale Rating), ratings remain on review for possible
downgrade; previously on Feb 22, 2013 Ba2 (sf) Placed Under Review
for Possible Downgrade (Global Scale, Local Currency) and A2.mx
(sf) Placed Under Review for Possible Downgrade (National Scale
Rating)

Issuer: Banco Nacional de Mexico, S.A., Institucion de Banca
Multiple, Grupo Financiero Banamex only in its capacity as trustee
of the following securitization trusts:

- MTROCB 07U, ratings downgraded to Caa2 (sf) from B2 (sf) (Global
Scale, Local Currency) and to Caa2.mx (sf) from Baa3.mx (sf)
(National Scale Rating), ratings remain on review for possible
downgrade; previously on Feb 22, 2013 B2 (sf) Placed Under Review
for Possible Downgrade (Global Scale, Local Currency) and Baa3.mx
(sf) Placed Under Review for Possible Downgrade (National Scale
Rating)

- MTROCB 08U, ratings downgraded to Caa3 (sf) from Caa1 (sf)
(Global Scale, Local Currency) and to Caa3.mx (sf) from Caa1.mx
(sf) (National Scale Rating), ratings remain on review for
possible downgrade; previously on Feb 22, 2013 Caa1 (sf) Placed
Under Review for Possible Downgrade (Global Scale, Local Currency)
and Caa1.mx (sf) Placed Under Review for Possible Downgrade
(National Scale Rating)

Ratings Rationale:

This decision follows Metrofinanciera's recent announcement that
the company's assets have been attached as a result of a lawsuit
filed against the company. This included a freeze of the bank
accounts where the company receives collections from the
securitized mortgage loans prior to remitting them to the trust
account. As a result, Metrofinanciera may not be able to transfer
collections to the securitization trust accounts, increasing
considerably the risk that the certificates will suffer interest
payment shortfalls.

Metrofinanciera is currently in the process of instructing
borrowers pay directly in new bank accounts. However, it is
unclear when this process will be complete and when the full
amount of collections will be transferred to the securitization
trusts.

In addition, the legal issues surrounding the attachment of
Metrofinanciera's assets and the uncertainty around the timing of
its resolution negatively affect the stability of Metrofinanciera
as servicer and highlight the heightened operational risk that all
the transactions face, despite their levels of credit enhancement.

METROCB 06U, MTROCB 07U, MTROCB 08U:

METROCB 06U, MTROCB 07U, and MTROCB 08U certificates do not
currently benefit from any partial credit guarantees, and in some
cases they have limited cash reserves.

METROCB 04U,METROCB 05U,MFCB 05U:

The transactions METROCB 04U,METROCB 05U,MFCB 05U currently
benefit from available Partial Credit Guarantees (PCG) provided by
Sociedad Hipotecaria Federal and cash reserves. The PCGs can be
used to cover interest and, under certain circumstances, principal
payments under the Class A certificates.

METROCB 04U's available PCG line equals to 9% of Class A's
balance.

METROCB 05U's available PCG line equals to 26% of Class A's
balance.

MFCB 05U's available PCG line equals to 11% of Class A's balance.

Cash reserves listed for all transactions include amounts of cash
yet to be reconciled, which may not be used to make interest and
principal payments if they have not been reconciled by the payment
date.

On February 22, 2013 Moody's had placed on review for possible
downgrade the ratings of METROCB 06U, MTROCB 07U, MTROCB 08U, and
MFCB 05U due to rising concerns about the potential for a higher
severity of loss on defaulted loans. The rating of those
certificates remains on review. In addition, the ratings of
METROCB 04U and METROCB 05U certificates have been placed on
review for possible downgrade. During the review period Moody's
will continue to monitor performance of these transactions and
whether the servicer is able to transfer collections from the
securitized loans to the trusts. Depending on the timing to
resolve the disruption in transfer of collections to the
securitization trusts, the rating of the certificates may be
downgraded again to reflect a potential higher expected loss. In
addition, the ratings of METROCB 06U, MTROCB 07U, MTROCB 08U, and
MFCB 05U certificates may also be downgraded upon the conclusion
of the review regarding transaction severities, as mentioned in
the press release titled "Moody's places ratings of 18 Mexican
Sofol RMBS certificates on review for downgrade", dated February
22, 2013.

Given that this rating action is monitoring-related, a review of
origination practices did not apply. Moody's considered the
servicer's practices and considers them adequate.

The methodologies used in this rating were 'Moody's Approach to
Rating Mexican RMBS' published in August 2012 and 'Moody's
Approach to Monitoring Residential Mortgage-Backed Securitizations
in Mexico' published in August 2009.

Moody's also considered the rating implementation guidance
"Moody's Approach to Rating Structured Finance Securities in
Default," published in November 2009, in its decision to downgrade
the certificates.

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.


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


CARIBBEAN AIRLINES: T&T Finance Minister Bats for Airline
---------------------------------------------------------
RJR News reports that Trinidad and Tobago's Minister of Finance
has declared that bankruptcy is not an option being considered for
debt-riddled Caribbean Airlines which is getting ready to reduce
flights to Jamaica.

Minister Larry Howai on Monday said the airline will have to
reorganize its entire finance structure in order to meet payments
and commitments out of existing cash flows, according to RJR News.
The report relates that Mr. Howai said it is unclear if this will
require staff cuts.  Mr. Howai said everything will be up for
review -- including the board, the report relays.

CAL's predecessor BWIA also suffered from severe debt issues and
was dissolved in 2007, RJR News recalls.

Caribbean Airlines is facing a $1.4 billion debt and has racked up
losses attributed to the 2011 acquisition of Air Jamaica.  The air
carrier intends to bring in international experts to advice on the
best way forward, the report adds.

                    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.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

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 noted
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


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


LATIN AMERICA: Caribbean Construction Costs Likely to Fall
----------------------------------------------------------
Jason Smith at The BVI Beacon reports that Caribbean construction
costs are likely to decline in the coming years until 2015, a
research study shows, attributing the fall to a decrease in
activity and predictions of commodity prices.

The BCQS Market Trend Report 2012, released, studied 10
jurisdictions across the region and recorded a decrease in
construction costs last year for the Bahamas, the Virgin Islands
and St. Lucia, according to The BVI Beacon.

The BVI Beacon relates that while the prediction from the quantity
surveying and construction management firm's news is good for
developers, others in the industry may face tough times.

"We can only foresee that the property and construction industries
will be forced into measures to keep their markets moving and
generating income," the report stated, according to The BVI
Beacon.

The report added that across the region, property prices have
"bottomed out" in some countries and there are signs of growth,
The BVI Beacon notes.

"Whil[e] a staggering number of construction projects still remain
on hold, it would appear that banks are now initiating steps for
reviewing, evaluating and offloading their liabilities, which may
be just the stimulus required for the region," the report said,
The BVI Beacon relays.

While the region's construction costs vary markedly depending on
geography, infrastructure and population, high-quality builders
often are able to distinguish themselves from the competition,
according to the report, The BVI Beacon notes.

"Build quality plays a major role and is not only restricted to a
change in finishing materials or local standards . . . . Changes
in building technology and the quality of standard finishes can
vary drastically between semi-skilled, skilled and professionally
trained tradesmen, making an acceptable product in one
jurisdiction subpar for another," the report added, The BVI Beacon
discloses.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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 * * *