TCRLA_Public/130425.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 25, 2013, Vol. 14, No. 81


                            Headlines



A R G E N T I N A

BBVA: Sura Buys Stake in Peruvian Pension-Fund Unit
* ARGENTINA: S&P Affirms Buenos Aires' 'B-' ICR; Outlook Negative


C A Y M A N  I S L A N D S

CHEVRON THAILAND: Commences Liquidation Proceedings
COGO WOLF: Commences Liquidation Proceedings
DB CONCERTO: Commences Liquidation Proceedings
ERJF ONE: Commences Liquidation Proceedings
FLYING SPUR: Commences Liquidation Proceedings

FPP EMERGING: Commences Liquidation Proceedings
INVESTCORP FIXED: Commences Liquidation Proceedings
IPH FINANCE: Commences Liquidation Proceedings
IVC EMPLOYEE: Commences Liquidation Proceedings
KINGS LIMITED: Commences Liquidation Proceedings

MARIAN CAPITAL: Commences Liquidation Proceedings
RINGWOOD CAPITAL: Commences Liquidation Proceedings
SIGNUM IV: Commences Liquidation Proceedings
SIGNUM PLATINUM: Commences Liquidation Proceedings
SILVER DAWN: Commences Liquidation Proceedings

VIETNAM INVESTMENT: Commences Liquidation Proceedings
WS OPPORTUNITY: Commences Liquidation Proceedings
ZAIS MATRIX III-A: Commences Liquidation Proceedings
ZAIS MATRIX III-B: Commences Liquidation Proceedings
ZAIS MATRIX CDO III-C: Commences Liquidation Proceedings


C O S T A  R I C A

* COSTA RICA: Fitch Rates New Eurodollar Bond Issue 'BB+'
* COSTA RICA: S&P Assigns 'BB' Rating on Global Bond


E L  S A L V A D O R

BANCO DAVIVIENDA: Fitch Affirms 'BB+' Issuer Default Rating


J A M A I C A

UC RUSAL: Admits Bigger Than Reported Losses for 2012


M E X I C O

FIDEICOMISO MAQUINARIA: S&P Lowers Rating on Trust to 'CCC+'
URBI DESARROLLOS: Skips $6.4MM Interest Payment
URBI DESARROLLOS: Moody's Lowers Global Scale Rating to Caa2
URBI DESARROLLOS: Moody's Cuts Senior Debt Rating to Caa2.mx


P A R A G U A Y

* PARAGUAY: Election Will Have Little Impact on Economic Policy


P U E R T O   R I C O

COSTA BONITA: Creditor Wants Quick Payment or Case Dismissal


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


BBVA: Sura Buys Stake in Peruvian Pension-Fund Unit
---------------------------------------------------
Christine Jenkins & John Quigley at Bloomberg News report that
Grupo de Inversiones Suramericana SA, the Colombian pension-fund
manager trying to double assets by 2017, bought a 50 percent stake
in Banco Bilbao Vizcaya Argentaria SA (BBVA)'s pension unit in
Peru.

Sura said in a regulatory filing that it made the purchase through
its Peruvian pension unit, AFP Integra, according to Bloomberg
News.

Bloomberg News notes that Profuturo AFP SA, Bank of Nova Scotia
(BNS)'s pension unit in the country, bought the other 50 percent,
according to a separate statement from Bilbao, Spain-based BBVA.

The total purchase price paid by the two companies was $514
million, Sura said, Bloomberg News discloses.

Chief Executive Officer David Bojanini is targeting 15 percent
annual growth at Medellin-based Sura, with assets set to double
through 2017, Bloomberg News relays.

Peru is "very attractive for investment" because of its economic
growth rate compared with other Latin American countries, Bojanini
said in an interview in November, Bloomberg News notes.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2012, Standard & Poor's Ratings Services lowered its
issuer credit ratings on Banco Bilbao Vizcaya Argentaria (Panama)
S.A. y Subsidiaria to 'BB+/B' from 'BBB-/A-3'.  Standard & Poor's
also said that it revised the outlook on the long-term rating to
negative from stable.


* ARGENTINA: S&P Affirms Buenos Aires' 'B-' ICR; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' global scale
issuer credit rating on the city of Buenos Aires.  The outlook is
negative.

The 'B-' global scale rating on the city of Buenos Aires reflects
the high risk inherent to the Republic of Argentina (B-Negative/B)
and the close linkage between the central and local governments in
Argentina.  Under S&P's criteria for rating local and regional
governments (LRGs), an LRG can be rated higher than its sovereign
only if S&P considers that it can maintain stronger credit
characteristics than the sovereign in a stress scenario.  S&P
currently do not believe that any local government in Argentina
meets this criteria, given their close financial links with the
central government.  Consequently, S&P caps its ratings on the
city of Buenos Aires at the sovereign rating level.

The positive rating factors are the city's low debt level, good
budgetary performance, high degree of independence from the
central government, and its healthy economy.


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


CHEVRON THAILAND: Commences Liquidation Proceedings
---------------------------------------------------
On March 14, 2013, the shareholders of Chevron Thailand Power
Company Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Jeffrey J. Allison
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


COGO WOLF: Commences Liquidation Proceedings
--------------------------------------------
On March 5, 2013, the sole shareholder of Cogo Wolf Global
Strategy Fund, Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          Harbour Place, 4th Floor
          103 South Church Street
          PO Box 11820 Grand Cayman KY1-1009
          Cayman Islands


DB CONCERTO: Commences Liquidation Proceedings
----------------------------------------------
On March 14, 2013, the sole shareholder of DB Concerto (LP)
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ERJF ONE: Commences Liquidation Proceedings
-------------------------------------------
On March 14, 2013, the sole shareholder of ERJF One (Cayman
Islands) Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


FLYING SPUR: Commences Liquidation Proceedings
----------------------------------------------
On March 14, 2013, the shareholders of Flying Spur Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Roland Staub
          c/o John O'Driscoll
          Walkers
          Walker House, 190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


FPP EMERGING: Commences Liquidation Proceedings
-----------------------------------------------
On March 14, 2013, the sole shareholder of FPP Emerging Markets
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
April 24, 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


INVESTCORP FIXED: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on March 14, 2013, the
shareholders of Investcorp Fixed Income Relative Value Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mufeed Rajab
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          Boundary Hall, Cricket Square
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


IPH FINANCE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on March 14, 2013, the
shareholders of IPH Finance Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          Boundary Hall, Cricket Square
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


IVC EMPLOYEE: Commences Liquidation Proceedings
-----------------------------------------------
On March 14, 2013, the sole shareholder of IVC Employee Finance
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 25, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          Boundary Hall, Cricket Square
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


KINGS LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On March 14, 2013, the sole shareholder of Kings Limited resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MARIAN CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On March 12, 2013, the sole shareholder of Marian Capital resolved
to voluntarily liquidate the company's business.

Philippe De Patoul is the company's liquidator.


RINGWOOD CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on March 15, 2013, the
shareholders of Ringwood Capital, Inc. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 25, 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


SIGNUM IV: Commences Liquidation Proceedings
--------------------------------------------
On March 14, 2013, the sole shareholder of Signum IV Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SIGNUM PLATINUM: Commences Liquidation Proceedings
--------------------------------------------------
On March 14, 2013, the sole shareholder of Signum Platinum III
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SILVER DAWN: Commences Liquidation Proceedings
----------------------------------------------
On March 14, 2013, the sole shareholder of Silver Dawn Ltd
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Roland Staub
          Obere Heslibachstrasse 8
          PO Box 1599, 8700 Kusnacht
          Switzerland


VIETNAM INVESTMENT: Commences Liquidation Proceedings
-----------------------------------------------------
On March 1, 2013, the sole shareholder of Vietnam Investment Fund
II, Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Mr. Nguyen Nhen Nghia
          Telephone: (844) 2222 5333
          Facsimile: (844) 2222 5336
          e-mail: nghia@bvim.com.vn
          BIDV-Vietnam Partners Investment
          Management Joint Venture Company
          BIDV Tower, 10th Floor
          35 Hang Voi Hoan Kiem District
          Hanoi
          Vietnam


WS OPPORTUNITY: Commences Liquidation Proceedings
-------------------------------------------------
On March 6, 2013, the sole shareholder of WS Opportunity Fund
International, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
April 24, 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


ZAIS MATRIX III-A: Commences Liquidation Proceedings
----------------------------------------------------
On March 14, 2013, the sole shareholder of Zais Matrix CDO III-A
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ZAIS MATRIX III-B: Commences Liquidation Proceedings
----------------------------------------------------
On March 14, 2013, the sole shareholder of ZAIS Matrix CDO III-B
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ZAIS MATRIX CDO III-C: Commences Liquidation Proceedings
--------------------------------------------------------
On March 14, 2013, the shareholders of Zais Matrix CDO III-C
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


==================
C O S T A  R I C A
==================


* COSTA RICA: Fitch Rates New Eurodollar Bond Issue 'BB+'
---------------------------------------------------------
Fitch Ratings has assigned each of Costa Rica's upcoming benchmark
Eurodollar bonds maturing in 2025 and 2043 respectively an
expected rating of 'BB+'.

KEY RATING DRIVERS

The rating is in line with Costa Rica's long-term foreign currency
Issuer Default Rating (IDR), which has a Stable Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Costa Rica's long-
term foreign currency IDR. Fitch affirmed Costa Rica's ratings on
Feb. 7, 2013.


* COSTA RICA: S&P Assigns 'BB' Rating on Global Bond
----------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB'
foreign currency senior unsecured debt rating on the Republic of
Costa Rica's planned global bond.  The total amount issued, under
Rule 144A Regulation S, on the two tranches of 12 and 30 years is
expected to be $1 billion in total.

The ratings on Costa Rica balance the country's limited monetary
and exchange rate flexibility and persistent fiscal pressures with
good prospects for long-term GDP growth, stable political system,
relatively high social development, and modest current account
deficits largely funded by net foreign direct investment.

The stable outlook on the ratings reflects S&P's expectation that
the government will take minor steps to boost tax revenues to
contain its fiscal deficit at levels that imply an only modest
increase in the general government debt burden.  Good economic
prospects, along with high foreign direct investment that largely
funds the country's current account deficit (perhaps about 5%-6%
of GDP in 2013), contain the risk of a sudden loss of external
liquidity.

RATINGS LIST

Republic of Costa Rica

Sovereign Credit Rating                BB/Stable/B

New Rating

Republic of Costa Rica

Senior Unsecured

  Notes due in 2025 and 2043            BB


====================
E L  S A L V A D O R
====================


BANCO DAVIVIENDA: Fitch Affirms 'BB+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda Salvadoreno's Long-
Term Issuer Default Rating at 'BB+'. The rating outlook is Stable.
Fitch has also affirmed Davivienda Sal's and Inversiones
Financieras Davivienda's National Ratings.

KEY RATING DRIVERS - IDRs, NATIONAL RATINGS AND SENIOR DEBT

The IDRs, National and senior debt ratings reflect the potential
support it would receive from its shareholder, the Colombian Banco
Davivienda, S.A. (Davivienda, BBB-/Stable), should it be required.

Fitch views Inversiones Financieras Davivienda and Davivienda Sal
as strategically important for its Colombian shareholder,
according to Fitch's criteria 'Rating FI Subsidiaries and Holding
Companies'. Such classification is based on Fitch's view on the
role of the Salvadoran subsidiaries to foster the expansion and
diversification of Davivienda in Central America, under a shared
franchise and commercial name. The classification of the
Salvadoran subsidiaries as strategically important also reflects
Fitch's expectation that these operations will provide a recurring
and meaningful share of the consolidated revenues over the medium
term. However, their current contribution is still limited. In
Fitch's opinion, the achieved degree of integration should
increase as the new shareholder enhances its influence over the
Central American operations.

KEY RATING DRIVERS - VR

The bank's Viability Rating (VR) reflects its domestic franchise
and relevant market share, while also factoring in strong capital
position and liquidity. Weaknesses include asset quality, sluggish
credit growth and reserves coverage below peers' average.

RATING SENSITIVITIES - IDRs, NATIONAL RATINGS AND SENIOR DEBT

The Stable Outlook reflects Fitch's expectation of no substantial
changes in Davivienda Sal's key rating drivers. However, the IDRs,
National and senior debt ratings are sensitive to a change in
Fitch's opinion on the parent's capacity and/or propensity to
support its subsidiaries. They could be upgraded if Daviviendas's
IDRs are upgraded.

RATING SENSITIVITIES - VR

The bank's VR is sensitive to a change in Davivienda Sal's capital
position, franchise and competitive position. The VR could be
pressured downward by material deterioration in capital ratios
(Fitch Core Capital <14%) and/or its franchise and competitive
position. In turn, the bank's VR has limited upside potential;
nevertheless, significant improvements on profitability, that
reflect a greater control of operating costs and asset quality,
could potentially result in an upgrade.

Fitch affirmed Davivienda Sal's rating as follows:
- Long-Term IDR at 'BB+', Rating Outlook Stable;
- Short-Term IDR at 'B';
- Viability Rating at 'bb';
- Support at 3.

National Ratings
- Long-Term at 'AA+(slv)', Rating Outlook Stable;
- Short-Term at 'F1+(slv)';
- Long-Term Senior Secured Debt at 'AAA(slv)';
- Long-Term Senior Unsecured Debt at 'AA+(slv)';
- Short-Term Senior Secured Debt at 'F1+(slv)';
- Short-Term Senior Unsecured Debt at 'F1+(slv)'.

Fitch affirmed Inversiones Financieras Davivienda's National
Ratings as follows:
-- Long-Term at 'AA+(slv)', Rating Outlook Stable;
-- Short-Term at 'F1+(slv)'.


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


UC RUSAL: Admits Bigger Than Reported Losses for 2012
-----------------------------------------------------
RJR News reports that UC Rusal said its financial losses for 2012
were bigger than initially reported.

The company has revised its net loss to US$337 million from the
US$55 million US dollar loss reported last month, according to RJR
News.   The report relates that UC Rusal said the adjustment was
made after reviewing its share of profit from its subsidiary
Norilsk Nickel.

UC Rusal, the report relates, said the adjusted financial
statements have been reviewed by its auditor, RJR News notes.

The report relays that Norilsk Nickel, in which Rusal has a 28 per
cent stake, said its full-year net income fell 41 per cent to
US$2.1 billion after taking a US$975 million write down on assets.

UC Rusal is planning to cut output this year after aluminum prices
on the London Metal Exchange dropped 16 per cent from a year
earlier, RJR News says.


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


FIDEICOMISO MAQUINARIA: S&P Lowers Rating on Trust to 'CCC+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on
Fideicomiso Maquinaria Especializada MXO Trust Agreement
No. F/00762's (Geo Maquinaria Trust's) US$160 million fixed-rate
secured notes series 2011 to 'CCC+ (sf)' from 'BB- (sf)'.  The
rating remains on CreditWatch with negative implications, where
S&P placed it on April 16, 2013.  The issuance is an asset-backed
securities transaction secured by the rights of the service
rendering agreement between Maquinaria Especializada MXO S.A. de
C.V. and Corporacion Geo S.A.B. de C.V. (Geo) and its
subsidiaries.

The rating action reflects the recent downgrade on Geo's issuer
credit rating after the company announced it will undergo
financial restructuring.

Geo and its subsidiaries play crucial roles as the sole obligors
of the issuing trust's transferred receivables and quarterly
payment obligations and, as described in the transaction's service
rendering agreement, are the beneficiaries of the machinery
availability services provided by the issuing trust.  As such, S&P
generally views the rating on the series 2011 notes as capped
weak-linked) to the rating on Geo.  It is unclear at this time if
and how Geo's announced financial restructuring could affect the
series 2011 notes, and Geo has not published additional
information on its planned restructuring.

The transaction benefits from a reserve account of US$24.5 million
as of the last payment date in February 2013, which is sufficient
to cover any principal or interest shortfall for at least four
quarterly payments.  It also has a capital expenditures reserve
fund of US$3.2 million used to acquire and replace machinery.

S&P expects to resolve the CreditWatch status of the rating once
it has more clarity and detail on the proposed terms of Geo's
restructuring, its impact on the company's issuer credit rating,
and the possible impact on the 2011 notes.  The rating on the
series 2011 notes could continue to be capped by Geo's issuer
credit rating, or it could be temporarily de-linked under certain
scenarios.  For example, the rating could be de-linked if Geo were
to default on its direct financial obligations, but this
transaction continues to make timely principal and interest
payments, as per its original terms and conditions.

          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


URBI DESARROLLOS: Skips $6.4MM Interest Payment
-----------------------------------------------
Amy Guthrie at Daily Bankruptcy Review reports that Urbi
Desarrollos Urbanos SAB said it will take advantage of a 30-day
grace period to delay a $6.4 billion interest payment on its 2016
bonds due.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.


URBI DESARROLLOS: Moody's Lowers Global Scale Rating to Caa2
------------------------------------------------------------
Moody's Investors Service downgraded Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s global scale foreign currency senior unsecured
debt rating to Caa2 from B2. The rating remains under review for
downgrade.

Ratings Rationale:

On April 19, 2013 the company missed an interest payment on its
$150 million unsecured bond due 2016. The company has a 30-day
grace period to cure the missing payment. A default will cause a
payment acceleration of Urbi's bonds, placing a large burden on
the company's liquidity position and viability.

In its review Moody's will focus on Urbi's future cash flow
generation and its ability to make timely interest and principal
payments on its upcoming debt. The company has a 30-day grace
period to make the missed payment. Urbi has limited liquidity and
its cash flows continued to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.

Moody's stated that should the company make its required payment
during the cure period the ratings will most likely be affirmed.
Conversely, should Urbi fail to pay and is declared in default the
ratings will most likely be downgraded multiple notches.

Moody's de Mexico downgraded Urbi's national scale Certificados
Bursatiles program rating to Caa2.mx, from Ba2.mx (global scale
local currency rating to (P)Caa2 from (P)B2), its national scale
senior unsecured debt rating to Caa2.mx, from Ba2.mx (global scale
local currency rating to Caa2 from B2) and its corporate family
rating to Caa2 from B2. These ratings remain under review for
downgrade. Urbi's commercial paper program on the national scale
was affirmed at MX-4 (global scale local currency commercial paper
program rating affirmed at Not Prime).

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

Moody's Investors Service

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Global scale foreign
currency senior unsecured debt rating to Caa2, from B2

Moody's De Mexico

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
Certificados Bursatiles program rating to Caa2.mx, from Ba2.mx
(global scale local currency rating to (P)Caa2 from (P)B2), its
national scale senior unsecured debt rating to Caa2.mx, from
Ba2.mx (global scale local currency rating to Caa2 from B2) and
its corporate family rating to Caa2 from B2.

The following rating was affirmed:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
commercial paper program at MX-4 (global scale local currency at
Not Prime)

The last rating action with respect to Urbi took place on March
20, 2013 when Moody's Investors Service downgraded the global
scale foreign currency senior unsecured debt rating to B2 from Ba3
and placed the rating under review for downgrade. Moody's de
Mexico downgraded Urbi's Certificados Bursatiles program to
Ba2.mx, from Baa1.mx (global scale local currency to (P)B2 from
(P)Ba3), national scale senior unsecured debt rating to Ba2.mx,
from Baa1.mx (global scale local currency rating to B2 from Ba3)
and its corporate family rating to B2 from Ba3. These ratings were
also placed under review for downgrade. Urbi's national scale
commercial paper program rating was downgraded to MX-4, from MX-2
(global scale local currency commercial paper program rating
affirmed at Not Prime).

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico. The firm reported total
assets of approximately $50.4 billion Mexican pesos and equity of
approximately $16.6 billion Mexican pesos at December 31, 2012.

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


URBI DESARROLLOS: Moody's Cuts Senior Debt Rating to Caa2.mx
-------------------------------------------------------------
Moody's de Mexico downgraded Urbi Desarrollos Urbanos, S.A.B. de
C.V.'s national scale Certificados Bursatiles program rating to
Caa2.mx, from Ba2.mx (global scale local currency rating to
(P)Caa2 from (P)B2), its national scale senior unsecured debt
rating to Caa2.mx, from Ba2.mx (global scale local currency rating
to Caa2 from B2) and its corporate family rating to Caa2 from B2.
These ratings remain under review for downgrade. Urbi's commercial
paper program on the national scale was affirmed at MX-4 (global
scale local currency commercial paper program rating affirmed at
Not Prime).

Ratings Rationale:

On April 19, 2013 the company missed an interest payment on its
$150 million unsecured bond due 2016. The company has a 30-day
grace period to cure the missing payment. A default will cause a
payment acceleration of Urbi's bonds, placing a large burden on
the company's liquidity position and viability.

In its review Moody's will focus on Urbi's future cash flow
generation and its ability to make timely interest and principal
payments on its upcoming debt. The company has a 30-day grace
period to make the missed payment. Urbi has limited liquidity and
its cash flows continued to be stressed, which likely implies
difficulty in being able to quickly develop and sell homes.
Furthermore, Moody's expects that the company will continue to
experience deterioration in its operating profits and credit
metrics.

Moody's stated that should the company make its required payment
during the cure period the ratings will most likely be affirmed.
Conversely, should Urbi fail to pay and is declared in default the
ratings will most likely be downgraded multiple notches.

Moody's Investors Service downgraded Urbi's global scale foreign
currency senior unsecured debt rating to Caa2 from B2. The rating
remains under review for downgrade.

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

Moody's Investors Service

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Global scale foreign
currency senior unsecured debt rating to Caa2, from B2

Moody's De Mexico

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
Certificados Bursatiles program rating to Caa2.mx, from Ba2.mx
(global scale local currency rating to (P)Caa2 from (P)B2), its
national scale senior unsecured debt rating to Caa2.mx, from
Ba2.mx (global scale local currency rating to Caa2 from B2) and
its corporate family rating to Caa2 from B2.

The following rating was affirmed:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale
commercial paper program at MX-4 (global scale local currency at
Not Prime)

The last rating action with respect to Urbi took place on March
20, 2013 when Moody's Investors Service downgraded the global
scale foreign currency senior unsecured debt rating to B2 from Ba3
and placed the rating under review for downgrade. Moody's de
Mexico downgraded Urbi's Certificados Bursatiles program to
Ba2.mx, from Baa1.mx (global scale local currency to (P)B2 from
(P)Ba3), national scale senior unsecured debt rating to Ba2.mx,
from Baa1.mx (global scale local currency rating to B2 from Ba3)
and its corporate family rating to B2 from Ba3. These ratings were
also placed under review for downgrade. Urbi's national scale
commercial paper program rating was downgraded to MX-4, from MX-2
(global scale local currency commercial paper program rating
affirmed at Not Prime).

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico. The firm reported total
assets of approximately $50.4 billion Mexican pesos and equity of
approximately $16.6 billion Mexican pesos at December 31, 2012.

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

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


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


* PARAGUAY: Election Will Have Little Impact on Economic Policy
---------------------------------------------------------------
The victory of Colorado Party candidate Horacio Cartes in
Paraguay's presidential election will likely have little impact on
economic policy, according to Fitch. "We believe better growth
prospects, coupled with a continuation of fiscal and monetary
discipline under the new government, will likely contribute to
stability in the sovereign credit profile this year," Fitch says.

The Colorado Party's long tenure as Paraguay's ruling party prior
to 2008 suggests that any sharp deviations from previous policy
priorities are unlikely. Paraguay's credit profile has benefited
from a long period of fiscal discipline, which began in 2003, when
reforms helped drive seven consecutive years of central government
budget surpluses. This has kept public financing needs low, which
contributed to debt levels remaining below 'BB' sovereign medians.

Fiscal deterioration in 2012 resulted primarily from weaker tax
collection and more rapid growth in current and capital
expenditure. "We expect that an expansionary fiscal stance will
continue in 2013, with fiscal consolidation expected only in 2014
and beyond under the new administration," Fitch says.

"We forecast that GDP growth will exceed 9% in 2013, following the
economic contraction in 2012, when a severe drought hit the
country's vital agricultural sector hard, and sanitary
restrictions were imposed on beef exports. Volatility in
Paraguay's economic growth performance underscores the risks
related to high commodity dependence. This situation is unlikely
to change quickly, and the new government is expected to continue
promoting historically strong sectors, such as cattle ranching and
agribusiness."

Paraguay has the potential to develop its agricultural sector
further, thanks to its ample access to water, fertile soil, and
the possibility of introducing short harvesting cycles. The
country's mining endowments and cheap and abundant electricity
could also attract large inflows of foreign direct investment
(FDI) into the energy-intensive mining sector, further improving
growth prospects. In fact, the government's main economic
objective is for GDP growth to average 7% over the next five
years, up from the 3.6% observed in the last decade.

Structural factors continue to weigh on the sovereign profile.
Despite faster GDP growth in recent years and some progress in
reducing poverty, Paraguay remains a poor country compared with
the 'BB' median. It lags its rating peers in human development
indicators, productivity, and education levels. Lack of
infrastructure remains the main obstacle, the result of public
inaction during recent years despite the fiscal space available.
Still, expected growth in government spending on infrastructure
and education could help improve performance on social indicators
over time.

International reserves remain strong, and external financing needs
are modest. Paraguay's creditor position has become stronger
during the last decade and climbed to 14.4% of GDP in 2012, one of
the strongest showings in the 'BB' category. Paraguay's successful
launch of a $500 million global bond issue in January demonstrated
that the country has access to international financing. This may
become more important under the new government, if large increases
in public spending drive a need for additional external financing.


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


COSTA BONITA: Creditor Wants Quick Payment or Case Dismissal
------------------------------------------------------------
Asociacion de Condomines de Costa Bonita Beach Resort, a creditor,
has asked the U.S. Bankruptcy Court for the District of Puerto
Rico to require Costa Bonita Beach Resort Inc to pay $52,894.08,
or dismiss or convert the Debtor's case to Chapter 7.

On April 23, 2012, the Creditor requested from the Court the
payment of administrative expenses in the amount of $16,028.51
monthly.  The Creditor's motion was granted on May 31, 2012, but
the Debtor failed to pay.  As of April 18, 2013, the expenses
amount to $52,894.08.  The Creditor said that the failure to
comply with the order has provoked irreparable damages to the
Creditor.

The Debtor, according to the Creditor, made a payment in February
"for the amount of $10,472.08 and $5,556.43 both were returned for
lack of sufficient funds."

"The Creditor does not own the means to keep maintaining the
premises and irreparable deterioration will be unstoppable," the
Creditor stated.  The Creditor added that the situation can be
reversed and the premises could be maintained in clean and
appealing conditions if the Debtor complies with their
reponsibility to pay their share of the maintenance fee.

The Creditor said that the only way the Debtors can reorganize is
by selling units, but the premises and communal areas need to be
on a healthy and appealing manner for the banks to lend and for
the future prospect to be willing to pay for the units.

The Court has given the Debtor up to 14 days from the April 19,
2013 notice of the order to file an objection to the Creditor's
moiton.  If no objection is filed, the Court will dismiss or
convert the Debtor's case to Chapter 7.  If a timely opposition is
filed, a hearing will be held on May 15, 2013, at 10:30 a.m.

The Creditor is represented by:

      Jose M. Prieto Carballo, Esq.
      JPC LAW OFFICE
      P.O. Box 363565
      San Juan, PR 00936-3565
      Tel: (787)607-2066
           (787)607-2166
      E-mail: jpc@jpclawpr.com

                        About Costa Bonita

Costa Bonita Beach Resort, Inc., owns 50 apartments at the Costa
Bonita Beach Resort in Culebra, Puerto Rico.  It filed a
bankruptcy petition under Chapter 11 of the Bankruptcy Code for
the first time (Bankr. D.P.R. Case No. 09-00699) on Feb. 3, 2009.
During this case, the Court entered an Opinion and Order finding
that the Debtor satisfied all three (3) prongs of the Single Asset
Real Estate, and, as such is a SARE case subject to 11 U.S.C. Sec.
362(d)(3). The Court also entered an Order modifying the automatic
stay to allow creditor DEV, S.E., to continue in state court
proceedings for the removal of the illegal easement and the
restoration of DEV, S.E.'s land to its original condition by the
Debtor.  The first bankruptcy petition was dismissed on May 10,
2011 on the grounds that the Debtor failed to comply with an April
21, 2011 Order and the Debtor's failure to maintain adequate
insurance.  The case was subsequently closed on Oct. 11, 2011.

Costa Bonita Beach Resort filed a second bankruptcy petition
(Bankr. D. P.R. Case No. 12-00778) on Feb. 2, 2012, in Old San
Juan, Puerto Rico.  In the 2012 petition, the Debtor said assets
are worth $15.1 million with debt totaling $14.2 million,
including secured debt of $7.8 million.  The apartments are valued
at $9.6 million while a restaurant and some commercial spaces at
the resort are valued at $3.67 million.  The apartments serve as
collateral for the $7.8 million while the commercial property is
unencumbered.

Bankruptcy Judge Enrique S. Lamoutte presides over the 2012 case.
Charles Alfred Cuprill, Esq., serves as counsel in the 2012 case.
The petition was signed by Carlos Escribano Miro, president.


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


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





                            ***********


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 * * *