TCRLA_Public/130429.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

              Monday, April 29, 2013, Vol. 14, No. 83


                            Headlines



B R A Z I L

BRASKEM SA: Remains at Risk of Rating Downgrade, Fitch Says
WPE INTERNATIONAL: Fitch Assigns 'B+' Rating to Guaranteed Notes


C A Y M A N  I S L A N D S

ABSOLUTE EAGLES: Shareholders Receive Wind-Up Report
DB CONCERTO: Shareholders Receive Wind-Up Report
DB CONCERTO (LP): Shareholders Receive Wind-Up Report
DB SIRIUS: Shareholder Receives Wind-Up Report
DB TWEED: Shareholder Receives Wind-Up Report

ERJF ONE: Shareholders Receive Wind-Up Report
FIRST EAGLE: Shareholders Receive Wind-Up Report
GOLDENTREE CLO: Shareholder Receives Wind-Up Report
GOLDENTREE CLO OFFSHORE: Shareholder Receives Wind-Up Report
GRAND CAYMAN: Shareholder Receives Wind-Up Report

IPSWICH VI-A: Shareholder Receives Wind-Up Report
JSKY TECHNOLOGY: Members Receive Wind-Up Report
KINGS LIMITED: Shareholders Receive Wind-Up Report
LINCOLN CORPORATION: Sole Member Receives Wind-Up Report
RAB EUROPE: Shareholders Receive Wind-Up Report

SIGNUM IV: Shareholders Receive Wind-Up Report
SIGNUM PLATINUM: Shareholders Receive Wind-Up Report
ZAIS MATRIX III-A: Shareholders Receive Wind-Up Report
ZAIS MATRIX III-B: Shareholders Receive Wind-Up Report
ZAIS MATRIX III-C: Shareholders Receive Wind-Up Report


J A M A I C A

* JAMAICA: Losing Millions Due to Slow Harmony Cove Development


M E X I C O

CORPORACION GEO: Fitch Cuts Issuer Default Rating to  'C'
DESARROLLADORA HOMEX: Moody's Downgrades Sr. Debt Rating to B2
DESARROLLADORA HOMEX: Moody's Lowers Nat'l. Debt Rating to Ba1.mx
MAXCOM TELECOMUNICACIONES: Considers Filing for Bankruptcy
* MEXICO: Moody's Assign Ba2 Rating to San Luis Colorado


P A N A M A

INVERSIONES FINANCIERAS: Fitch Assigns 'B' Issuer Default Ratings


X X X X X X X X

* BOND PRICING: For the Week April 22 to April 26, 2013




                            - - - - -


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


BRASKEM SA: Remains at Risk of Rating Downgrade, Fitch Says
-----------------------------------------------------------
Recent initiatives announced by the Brazilian government to
support the competitiveness of the local chemical industry through
lower taxes should marginally improve the profitability and
operating cash flow generation of Braskem. Nevertheless, Fitch
believes the expected change in Braskem's cash flow will not be
sufficient to materially lower the company's leverage, which is
high for the rating category. As a result, Braskem remains at risk
of a rating downgrade in the near-to-medium term if a deleverage
does not occur.

Braskem has not been able to reduce its leverage to levels
expected by Fitch. In Fitch's base case for the current rating
category, it had factored in non-core asset sales of about BRL1.5
billion by Braskem by the end of 2012 and the first quarter of
2013, which would have lowered Braskem's leverage to below 3.5x.
As of March 31, 2013, Braskem had sold only BRL652 million of
assets. Most of the proceeds from this sale will be received in
the second half of 2013.

Fitch had also incorporated in its base case rating the scenario
that Braskem's operating cash flow would improve in 2013 as a
result of these anticipated government incentives together with
those announced at the end of 2012. The 2012 measures included the
termination of tax incentives that states were giving to imported
products. Combined, divestments of BRL1.5 billion plus increasing
cash flow was anticipated to lower Braskem's net leverage to about
3.0x.

As per Fitch's calculation, the announced tax reduction of 4.6% on
raw materials such as naptha, which combined represent 52% of
Braskem's cost of goods sold (COGS), along with the 9.25% tax
reduction for propylene, which represents an additional 8% of
COGS, should increase operating cash flow by about BRL650 million
in 2013 and BRL1 billion annually in 2014 and 2015. While
positive, these improvements on a stand-alone basis would not be
sufficient to reduce leverage to 3.0x or below by the end of 2013.
On a pro forma basis, considering the cash flow increase due to
the tax reductions and the receipt of BRL652 million from the
asset sale, Braskem's net leverage should be around 3.6x by the
end of 2013. Absent other assets sales or operation improvements,
the probability of a future downgrade for Braskem still remains.

Fitch currently rates Braskem as follows:

Braskem S.A.
-- Long-term foreign currency IDR 'BBB-';
-- Long-term local currency IDR 'BBB-';
-- Long-term national rating 'AA+(bra)';
-- Unsecured senior notes due 2014 and 2017 'BBB-'.

Braskem International
-- Long-term foreign currency IDR 'BBB-';
-- Unsecured senior notes due in 2015 'BBB-'.

Braskem Finance Limited
-- Long-term foreign currency IDR 'BBB-';
-- Unsecured senior notes due 2018, 2020 and 2021 'BBB-';
-- Unsecured senior perpetual bonds 'BBB-'.

Braskem America Finance Company
--  Long-term local and foreign currency IDR 'BBB-';
--  Unsecured senior notes due 2041 'BBB-'.

The Rating Outlook is Negative.


WPE INTERNATIONAL: Fitch Assigns 'B+' Rating to Guaranteed Notes
----------------------------------------------------------------
Fitch Ratings has assigned 'B+(exp)'/'RR4' to WPE International
Coorperatief's proposed guaranteed notes due in 2018. These notes
will be irrevocably and unconditionally guaranteed by Industrias
Metalurgicas Pescarmona (IMPSA) and WPE on a senior unsecured
basis. Proceeds are expected to be used to refinance shorter
maturity indebtedness.

Key Rating Drivers

WPE International is a direct subsidiary of WPE, which in turn is
wholly owned by IMPSA. The rating of the notes reflects the
creditworthiness of the guarantors. Fitch rates IMPSA 'B+', with a
Stable Outlook, while WPE is a fully owned subsidiary of IMPSA
with strong operating, strategic and financial ties to its parent
company.

IMPSA's 'B+' ratings reflect the positive trend for the company's
long-term business fundamentals due to sustained global demand for
hydro and wind power generating equipment. They also incorporate
the company's growing business presence in Brazil and its sizeable
backlog, which provides some certainty to the company's cash
generation over the medium term. Balanced against these strengths
are the company's high leverage, aggressive capital expenditure
program and its backlog concentration in a few large projects in
developing countries. A sudden downturn in key markets would
negatively impact IMPSA's ability to develop new projects.

IMPSA's operations have a significant concentration in Brazil. For
the fiscal year ended (FYE) December 2012, 45% of revenues and 82%
of the company's backlog by country manufacturing was concentrated
in Brazil. The growth of the company's business in Brazil has
reduced IMPSA's exposure to more volatile markets such as
Argentina and has increased its access to multiple funding
sources. This has reduced concerns about IMPSA's need to finance
its working capital needs in Argentina should trading conditions
in that market deteriorate. Additionally, it has enabled the
company's foreign currency rating to exceed the 'B-' country
ceiling of Argentina. Going forward, it is expected that over 50%
of IMPSA's total revenues will be generated by its Brazilian
production facilities.

At December 2012, IMPSA's backlog was USD4 billion with 78% in
wind manufacturing and 74% in projects with third parties. Given
the long-term production cycle of IMPSA's developments (usually in
the range of four years for hydro and 12-18 months for wind
farms), this backlog level provides some certainty to the
company's cash generation in the medium term. Existing power
purchase agreements (PPAs) also contribute to the company's future
revenue generating ability. IMPSA has installed its second factory
in Brazil, doubling its hydro capacity.

The company's free cash flow (FCF) is anticipated to remain
negative during 2013 because of capital expenditures and growing
working capital needs. Investments in the construction of wind
farms are estimated at USD252 million for FYE 2013. Much of the
cash deficit will be funded with non-recourse project financing to
develop wind farm projects in Brazil.

Fitch expects IMPSA's total recourse debt-to-LTM EBITDA ratio to
remain around 4.0x, and decrease in accordance with the successful
execution of the project backlog and the cash flow generation of
the new energy projects in operation. As of Dec. 31, 2012, IMPSA
had USD1.436 million of total debt, of which USD418 million was
structured as project finance. The total recourse debt-to-EBITDA
ratio was 4.0x.

As of December 2012, IMPSA had USD68 million of cash and
marketable securities, covering short-term debt by 20%. The
company is expected to meet its upcoming debt obligations with a
mix of cash from operations and the rollover of existing debt.

Rating Sensitivity

The company's ratings could be downgraded or a Negative Outlook
could be assigned if non-recourse financing increases above levels
anticipated by Fitch. Additionally, any material performance
problems that threaten future projects and cash flow, or a failure
to comply with the terms for the operation of the wind farms (for
which long-term PPAs have been signed with Eletrobras and the CCEE
and are financed by BNDES) could also result in a downgrade or
Negative Outlook.


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


ABSOLUTE EAGLES: Shareholders Receive Wind-Up Report
----------------------------------------------------
On April 18, 2013, the shareholders of Absolute Eagles Fund Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DB CONCERTO: Shareholders Receive Wind-Up Report
------------------------------------------------
On April 26, 2013, the shareholders of DB Concerto Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


DB CONCERTO (LP): Shareholders Receive Wind-Up Report
-----------------------------------------------------
On April 26, 2013, the shareholders of DB Concerto (LP) Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


DB SIRIUS: Shareholder Receives Wind-Up Report
----------------------------------------------
On April 19, 2013, the shareholder of DB Sirius (Cayman) Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jeremy Simon Spratt
          c/o Jacqueline Edwards
          Telephone: +44 (0) 20 7311 8563
          Facsimile: +44 (0) 20 7694 3533
          KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB


DB TWEED: Shareholder Receives Wind-Up Report
---------------------------------------------
On April 19, 2013, the shareholder of DB Tweed Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jeremy Simon Spratt
          c/o Jacqueline Edwards
          Telephone: +44 (0) 20 7311 8563
          Facsimile: +44 (0) 20 7694 3533
          KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB


ERJF ONE: Shareholders Receive Wind-Up Report
---------------------------------------------
On April 26, 2013, the shareholders of ERJF One (Cayman Islands)
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


FIRST EAGLE: Shareholders Receive Wind-Up Report
------------------------------------------------
On April 18, 2013, the shareholders of First Eagle Value
Realization Fund, Ltd received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GOLDENTREE CLO: Shareholder Receives Wind-Up Report
---------------------------------------------------
On April 26, 2013, the shareholder of Goldentree CLO Debt Recovery
Master Fund Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


GOLDENTREE CLO OFFSHORE: Shareholder Receives Wind-Up Report
------------------------------------------------------------
On April 26, 2013, the shareholder of Goldentree CLO Debt Recovery
Offshore Fund Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GRAND CAYMAN: Shareholder Receives Wind-Up Report
-------------------------------------------------
On April 12, 2013, the shareholder of Grand Cayman Estates Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Naul Bodden
          Telephone: +1 (345) 949 9622
          c/o Travers Thorp Alberga
          Harbour Place 2nd Floor
          103 South Church Street, George Town
          Grand Cayman KY1-1106
          Cayman Islands


IPSWICH VI-A: Shareholder Receives Wind-Up Report
-------------------------------------------------
On April 26, 2013, the shareholder of Ipswich VI-A Holdings Cayman
Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JSKY TECHNOLOGY: Members Receive Wind-Up Report
-----------------------------------------------
On April 5, 2013, the members of JSKY Technology Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Fang, Ta-Chang
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946 6145
          Facsimile: (345) 946 6146
          Portcullis TrustNet (Cayman) Ltd
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


KINGS LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
On April 26, 2013, the shareholders of Kings Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


LINCOLN CORPORATION: Sole Member Receives Wind-Up Report
--------------------------------------------------------
On April 23, 2013, the sole member of Lincoln Corporation received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Huynh Van Hon
          c/o 549/66, Xo Viet Nghe Tinh Stree
          Ward 26, Bihn Thanh District
          Ho Chi Minh City
          Viet Nam
          Telephone: +8 (490) 279 3223


RAB EUROPE: Shareholders Receive Wind-Up Report
-----------------------------------------------
On April 17, 2013, the shareholders of Rab Europe Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769 9351


SIGNUM IV: Shareholders Receive Wind-Up Report
----------------------------------------------
On April 26, 2013, the shareholders of Signum IV Limited received
the liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders Receive Wind-Up Report
----------------------------------------------------
On April 26, 2013, the shareholders of Signum Platinum III Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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-A: Shareholders Receive Wind-Up Report
------------------------------------------------------
On April 26, 2013, the shareholders of ZAIS Matrix CDO III-A
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
------------------------------------------------------
On April 26, 2013, the shareholders of ZAIS Matrix CDO III-B
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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-C: Shareholders Receive Wind-Up Report
------------------------------------------------------
On April 26, 2013, the shareholders of Zais Matrix CDO III-C
received the liquidator's report on the company's wind-up
proceedings and property disposal.

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


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


* JAMAICA: Losing Millions Due to Slow Harmony Cove Development
---------------------------------------------------------------
RJR News reports that Edmund Bartlett, Opposition Spokesman on
Tourism, claimed that Jamaica is losing J$55-J$65 million annually
due to the slow pace in completing the Harmony Cove project in
Trelawny.

During his contribution to the annual Budget Debate in Parliament,
Mr. Bartlett urged the government to complete the project as it
will have to fork out billions of dollars to investors if the
decision is made to terminate it, according to RJR News.

The report relates that Mr. Bartlett said, under the joint venture
members agreement, if the Government is responsible for the
project being derailed, the investors will have to be paid US$32
to US$50 million in compensation.

An agreement between Harmonisation Limited and the Tavistock Group
was signed in September 2006 for the development of the multi-
billion dollar resort, RJR News notes.

The government's stake in the project, which is managed by
Harmonisation Limited, was in the form of 2,200 acres of prime
beach front land. Tavistock's role was to prepare the master plan,
organize the financing, and construct and market the development,
RJR News says.

RJR News discloses that Mr. Bartlett is also calling for an audit
to determine the number of rooms in the local tourism sector.

Mr. Bartlett said this is necessary to determine the room stock
that is in need of upgrading and the level of investment required
for the industry, RJR News relays.

Mr. Bartlett said the process should involve the Tourism
Enhancement Fund and the financial sector to create a pool of
funds to enable small- and medium-sized properties to upgrade and
refurbish, the report adds.


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


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

-- Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC';
-- Local Currency IDR to 'C' from 'CCC';
-- National Long-term rating to 'C(Mex)' from 'CCC(Mex)';
-- USD54 million senior notes due 2014 to 'C/RR4' from 'CCC/RR4';
-- USD250 million senior notes due 2020 to 'C/RR4' from 'CCC/RR4';
-- USD400 million senior notes due 2022 to 'C/RR4' from 'CCC/RR4';
-- MXN400 million Certificados Bursatiles due 2014 to 'C(Mex)'
   from 'CCC(Mex)';

These ratings have been affirmed as follows:

-- National Long-term rating at 'C(cl)'
-- Unsecured Notes (Linea de bonos No 726), USD16.5 million due
   in 2022 at 'C(cl)'

The ratings remain on Rating Watch Negative.

KEY RATING DRIVERS

The downgrades follow GEO's announcement that it did not make an
interest payment due April 26, 2013 on its Certificados Bursatiles
(GEO 11). The notes contain a five-day grace period. As a result
of the company's actions, a default or a distressed debt exchange
(DDE) is highly likely, 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
Recovery Rating of 'RR4' reflects an anticipated recovery in the
event of default of between 30% and 50%.

RATING SENSITIVITY

Failure to pay in full the due amount at the end of the grace
period and/or the execution of a DDE will result in a downgrade of
GEO's IDRs to Restricted Default (RD).


DESARROLLADORA HOMEX: Moody's Downgrades Sr. Debt Rating to B2
--------------------------------------------------------------
Moody's Investors Service downgraded Homex's global scale foreign
currency senior unsecured debt rating to B2, from Ba3 and placed
the rating under review for downgrade.

Ratings Rationale:

This rating action reflects Homex's highly constrained liquidity
and funding as a result of market dynamics, leaving the company
with a diminished capacity to pay and refinance debt maturities
and the ability to grow its business, despite its monetization of
the penitentiaries. Furthermore, Homex's operating results for
2013 will remain under significant pressure, resulting in
continued negative free cash flow. Homex's delays in collecting
accounts receivables have impacted working capital cycles and
liquidity, stressing its credit metrics.

In its review Moody's will focus on the completion of the sale of
Homex's interest in the penitentiaries, its future cash flow
generation and its ability to make timely interest and principal
payments on its upcoming debt. Although, the sale of the
penitentiaries provides the company with some liquidity, Homex's
limited cash flows will continue to be stressed, which likely
implies difficulty in being able to quickly develop and sell homes
in the near-term. Furthermore, Moody's expects that the
deterioration in the company's operating profits and credit
metrics will persist. Should the company complete the sale of its
interest in the penitentiaries as planned and be able to increase
its home sales while generating neutral cash flows the ratings
will most likely be confirmed. Conversely, should Homex fail to
complete the sale of its interest in the penitentiaries and/or
face any liquidity challenges the ratings will most likely be
downgraded multiple notches.

Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale unsecured debt rating and issuer rating to
Ba1.mx, from A3.mx (global scale local currency rating to B2 from
Ba3), its Certificados Bursatiles program rating to Ba1.mx, from
A3.mx (global scale local currency rating to (P)B2 from (P)Ba3).
Concurrently, Moody's will withdraw the Certificados Bursatiles
program rating and the issuances from this program as the Homex
has not been able to place these issuances in the market. The
ratings were placed under review for downgrade.

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

Moody's Investors Service

Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA to B2, from Ba3.

Moody's De Mexico

Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating to Ba1.mx, from A3.mx and global scale local currency
issuer rating to B2, from Ba3.

The following ratings were downgraded and will be withdrawn:

Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on
senior unsecured debt program for up to $2 billion Mexican pesos
to Ba1.mx, from A3.mx, global scale local currency rating to
(P)B2, from (P)Ba3.

Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on
senior unsecured notes of $500 million Mexican pesos to Ba1.mx,
from A3.mx, global scale local currency rating to B2, from Ba3 and
national scale rating on senior unsecured notes of $700 million
Mexican pesos to Ba1.mx, from A3.mx, global scale local currency
rating at B2, from Ba3.

The last rating action with respect to Homex was on March 20,
2013, when Moody's de Mexico affirmed Homex's national scale
unsecured debt rating and issuer rating at A3.mx. Moody's
Investors Service affirmed the global scale, foreign currency
senior unsecured debt rating at Ba3 and revised the outlook to
negative, from stable.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately MXP50,189 million and equity of approximately
MXP14,792 million as of December 31, 2012. Homex is a homebuilder
engaged in the development, construction, marketing and sale of
mostly affordable housing in Mexico.

The principal methodology used in this rating was Global
Homebuilding Industry 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.


DESARROLLADORA HOMEX: Moody's Lowers Nat'l. Debt Rating to Ba1.mx
-----------------------------------------------------------------
Moody's de Mexico downgraded Desarrolladora Homex, S.A.B. de
C.V.'s national scale unsecured debt rating and issuer rating to
Ba1.mx, from A3.mx (global scale local currency rating to B2 from
Ba3), its Certificados Bursatiles program rating to Ba1.mx, from
A3.mx (global scale local currency rating to (P)B2 from (P)Ba3).
Concurrently, Moody's will withdraw the Certificados Bursatiles
program rating and the issuances from this program as the Homex
has not been able to place these issuances in the market. The
ratings were placed under review for downgrade.

Ratings Rationale:

These rating actions reflect Homex's highly constrained liquidity
and funding as a result of market dynamics, leaving the company
with a diminished capacity to pay and refinance debt maturities
and the ability to grow its business, despite its monetization of
the penitentiaries. Furthermore, Homex's operating results for
2013 will remain under significant pressure, resulting in
continued negative free cash flow. Homex's delays in collecting
accounts receivables have impacted working capital cycles and
liquidity, stressing its credit metrics.

In its review Moody's will focus on the completion of the sale of
Homex's interest in the penitentiaries, its future cash flow
generation and its ability to make timely interest and principal
payments on its upcoming debt. Although, the sale of the
penitentiaries provides the company with some liquidity, Homex's
limited cash flows will continue to be stressed, which likely
implies difficulty in being able to quickly develop and sell homes
in the near-term. Furthermore, Moody's expects that the
deterioration in the company's operating profits and credit
metrics will persist. Should the company complete the sale of its
interest in the penitentiaries as planned and be able to increase
its home sales while generating neutral cash flows the ratings
will most likely be confirmed. Conversely, should Homex fail to
complete the sale of its interest in the penitentiaries and/or
face any liquidity challenges the ratings will most likely be
downgraded multiple notches.

Moody's Investors Service downgraded Homex's global scale foreign
currency senior unsecured debt rating to B2, 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

Desarrolladora Homex, S.A.B. de C.V. -- global scale foreign
currency rating on senior notes issued in the USA to B2, from Ba3.

Moody's De Mexico

Desarrolladora Homex, S.A.B. de C.V. -- National scale issuer
rating to Ba1.mx, from A3.mx and global scale local currency
issuer rating to B2, from Ba3.

The following ratings were downgraded and will be withdrawn:

Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on
senior unsecured debt program for up to $2 billion Mexican pesos
to Ba1.mx, from A3.mx, global scale local currency rating to
(P)B2, from (P)Ba3.

Desarrolladora Homex, S.A.B. de C.V. -- National scale rating on
senior unsecured notes of $500 million Mexican pesos to Ba1.mx,
from A3.mx, global scale local currency rating to B2, from Ba3 and
national scale rating on senior unsecured notes of $700 million
Mexican pesos to Ba1.mx, from A3.mx, global scale local currency
rating at B2, from Ba3.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is
based in Culiacan, Sinaloa, Mexico. The firm reported assets of
approximately $50,189 million Mexican Pesos and equity of
approximately $14,792 million Mexican Pesos as of December 31,
2012. Homex is a homebuilder engaged in the development,
construction, marketing and sale of mostly affordable housing in
Mexico.

The principal methodology used in this rating was Global
Homebuilding Industry 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.


MAXCOM TELECOMUNICACIONES: Considers Filing for Bankruptcy
----------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Maxcom
Telecomunicaciones SAB said it's considering operational and
financial alternatives, including a Chapter 11 bankruptcy filing,
after a takeover deal with Ventura Capital Privado SA collapsed.

The Mexican phone company said that only 61.93% of old notes were
tendered in a bond exchange, not enough to complete a swap, which
was a requirement for an equity offer from Ventura Capital,
according to Bloomberg News.

"In light of this outcome, Maxcom is considering all of its
alternatives including, but not limited to, commencement of a
Chapter 11 case or other restructuring proceeding," the company
said in the statement obtained by the news agency.

Maxcom was seeking to complete the 2.90-pesos-a-share takeover
offer, which would include an investment of $45 million to use for
network improvements, to better compete with America Movil SAB
(AMXL), the report notes.

Maxcom said this month it may have to file for bankruptcy and may
miss a June 15 coupon payment if enough debt holders didn't agree
to the bond swap, which expired on April 26, Bloomberg News
relates.

The company had asked to exchange notes due in 2014 for new ones
due in 2020, and Ventura had set a requirement that 80 percent of
bondholders accept the swap.

Ventura had the right to reduce that threshold to 75.1 percent at
its discretion. Maxcom's cash had dwindled to 102.9 million pesos
($8.4 million) from 147 million pesos at the end of 2012, it said
April 11, Bloomberg News discloses.

Ventura, which announced its offer for Maxcom in December, is a
Mexico City-based private-equity firm led by investors including
Enrique Castillo and Javier Molinar Horcasitas, former executives
of bank Ixe Grupo Financiero SAB. Ixe was sold in 2011 to Grupo
Financiero Banorte SAB, the report adds.


* MEXICO: Moody's Assign Ba2 Rating to San Luis Colorado
--------------------------------------------------------
Moody's de Mexico assigned issuer ratings of A2.mx (Mexico
National Scale) and Ba2 (Global Scale, local currency) to the
Municipality of San Luis Rio Colorado. The ratings outlook is
stable.

Ratings Rationale:

The issuer ratings of A2.mx (Mexico National Scale) and Ba2
(Global Scale, local currency) assigned to the Municipality of San
Luis Rio Colorado reflect a relatively solid economy and a
recovering trend in operating results combined with a track record
of negative consolidated financial results and weak liquidity.

San Luis Rio Colorado is a municipality of the State of Sonora
located at the border with the United States. The municipality
benefits from a stable economic base and has shown a gradual
improvement in its operating results. The own source revenues have
been stable averaging 33% of total revenues in the last five
years. However personnel costs represented 60% of operating
expenditures exerting pressure on the municipality's operating
results and financial flexibility. Moody's notes that the
municipality has plans to reign on its operating costs.

The debt burden averaged 1.2% of operating revenues in 2008-12, a
low level and below other Ba-rated municipalities. Debt is
expected to increase to a still manageable 27% of operating
revenues by the end of 2013, on the back of municipality's capital
expenditures plan.

The net working capital position averaged -2.9% of total
expenditures during the last five years. Current liabilities have
shown a declining trend over the last three years. The reduction
of accounts payable affected the cash levels leading to a -4.6%
working capital position registered in 2012.

What Can Change the Rating Up/Down

The continued strengthening of operating margins and the recording
of consolidated financial results that lead the improvement of
liquidity levels could exert upward pressure on the ratings.
Conversely the deterioration in the financial performance and deep
depletion of the liquidity position of the municipality could
exert downward pressure on the ratings.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013 and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in 9-Oct-
2012.

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


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


INVERSIONES FINANCIERAS: Fitch Assigns 'B' Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has assigned a long-term Issuer Default Ratings
(IDR) of 'B' to Inversiones Financieras CrediQ Business, S.A.
(ICQB). The Rating Outlook is Stable. Fitch also expects to rate
ICQB's upcoming $30 million issuance due in 2016 'B(EXP)'.

ICQB's IDR drives the expected rating as the issuance will be
senior unsecured with no credit enhancement. The final rating of
the $30 million issuance is contingent upon the receipt of final
documents and legal opinions conforming to the information already
received. A full list of ICQB's rating follows at the end of this
press release.

KEY RATING DRIVERS

ICQB's ratings reflect its relatively small size and consequently
limited financial flexibility, and the sensitivity of its core
business to changes in the economic cycle and/or market
conditions. The ratings also factor in the sound capital position
in all subsidiaries as well as the regional leading market
position of the related vehicle distributors, the main business
source for ICQB's subsidiaries. The holding company encompasses
auto finance operations in Honduras, Costa Rica and El Salvador.

The holding company's specialization in auto financing implies a
high correlation with the business cycle. Negative changes in the
economic environment can drastically affect the financial
performance of all subsidiaries. Slow economic growth directly
affects new car purchases, limiting asset growth, and may also
have a negative impact on asset quality. In Fitch's opinion, the
subsidiaries' sensitivity to changes in the business cycle is
partially off-set by the group's experience in this business line
and its geographic diversification. As of December 2012; the three
main operating subsidiaries registered very low impairment ratios
(below 2% on an individual basis and just 1.2% on a consolidated
basis); while historic loan charge offs have been limited. It is
worth mentioning that a proportion of the loan portfolio in
Honduras and Costa Rica is granted in USD, exposing some debtors
to exchange rate changes that may hinder their payment capacity.

ICQB is taking relevant steps towards a more flexible funding
structure by diversifying sources by country and type (i.e.,
deposits, local and international issuance, multilateral financial
institutions, and commercial banks). However, ICQB's subsidiaries'
sensitivities to changes in market conditions remain important.
Challenges vary between subsidiaries. As a regulated financial
institution, the Honduran operation benefits from its ability to
take deposits. However, its capacity to manage changes in funding
costs is limited. The Salvadoran operation's main challenge is its
funding renewal, which is dependent on market liquidity
conditions. The short-term funding structure favors its cost of
funding, but pressures its cash flow. In turn, the Costa Rican
operation is highly dependent on commercial banks funding, which
is expensive and requires a high proportion of loans to be pledged
as collateral.

In Fitch's opinion, the expected enhancements in the subsidiaries'
funding structure will likely improve the group's financial
flexibility in the event of challenging market conditions.

All subsidiaries have an adequate capital position to support
projected growth. Given their expected profitability and growth,
Fitch expects the group's capital position to remain at a
comfortable level over the medium term.

At a consolidated level, debt is moderate and double leverage is
expected to remain at its current level (around 115%). Debt
service ratios at the moment reflect the low financial debt at the
holding company, but will remain close to a low 1.5 times (x)
after the proposed issuance (EBITDA to interest expenses on a
cumulative basis for 2013). Also, debt to EBITDA metrics will be
around 6x, according to the projected dividend payments from the
operating subsidiaries. Fitch expects that the local operations'
profitability will be sufficient to provide a consistent dividend
and interest payment flow to the holding company. The vast
majority of the loan portfolio is granted in USD, hence the
current USD issuance won't result in additional FX risk to ICQB
balance sheet, albeit, creditors still bear a devaluation risk.

The issuance will be senior unsecured, and will be guaranteed by
all captive financing companies consolidating in ICQB, subject to
certain exceptions. Most of the funding provided by this issuance
will be used to support growth through lending to the subsidiaries
rather than equity investments.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's expectation of no substantial
changes in ICQB's risk profile in the foreseeable future. However,
changes ICQB's subsidiaries' risk profiles would affect the
holding's IDRs.

ICQB's IDRs are sensitive to a change in Fitch's assumptions on
asset quality, profitability and capital position. They could be
upgraded if financial flexibility improves beyond Fitch's
expectations. Such improvements should include more diversified
funding and an extended maturity profile. The ratings may be
downgraded if significant changes in market conditions reduce the
subsidiaries' capacity to stream dividends and interest payments
to the holding. Also, an increase of the double leverage ratio
above 125% may result in a negative rating action.

PROFILE

ICQB is a Panamanian holding company that consolidates the captive
financing companies of Grupo Q in El Salvador, Honduras and Costa
Rica(including CrediQ, S.A. de C.V., Financiera CrediQ, S.A. ,
Inversiones CrediQ C.R.). Each one of these operations accounts
for about a third of the consolidated assets, and are considered
equally important to the holding company.

Fitch has assigned ICQB the following initial ratings:

-- Long-term IDR of 'B'; Outlook Stable;
-- Short-term IDR of 'B';
-- Long-term senior unsecured bonds of 'B'.


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


* BOND PRICING: For the Week April 22 to April 26, 2013
-------------------------------------------------------

Issuer              Coupon    Maturity     Currency   Price
------              ------    --------     --------   -----

ARGENTINA
---------


ARGENT-$DIS          8.28     12/31/2033    USD          57.5
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD        58.491
ARGENT-$DIS          8.28     12/31/2033    USD            60
ARGENT- PAR          1.18     12/31/2038    ARS        45.344
ARGENT- DIS          7.82     12/31/2033    EUR            45
ARGENT- DIS          7.82     12/31/2033    EUR            50
ARGENT- DIS          7.82     12/31/2033    EUR          50.5
ARGENT- DIS          4.33     12/31/2033    JPY          35.5
ARGENT- DIS          4.33     12/31/2033    JPY            36
ARGENT- PAR          0.45     12/31/2038    JPY            15
ARGENT-PAR&GDP       0.45     12/31/2038    JPY             8
ARGENTINA               9     11/29/2018    USD        74.875
ARGNT-BOCON PRE9        2     3/15/2014     ARS         152.5
BANCO MACRO SA       9.75     12/18/2036    USD         71.25
BANCO MACRO SA       9.75     12/18/2036    USD         71.03
BANCO MACRO SA       9.75     12/18/2036    USD          72.1
CAPEX SA               10      3/10/2018    USD          73.9
CAPEX SA               10      3/10/2018    USD        73.375
CIA LATINO AMER       9.5    12/15/2016     USD            66
EMP DISTRIB NORT     9.75    10/25/2022     USD            46
EMP DISTRIB NORT     10.5    10/9/2017      USD        95.001
EMP DISTRIB NORT     9.75    10/25/2022     USD        46.125
METROGAS SA         8.875    12/31/2018     USD        72.875
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.664
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.625
PROV BUENOS AIRE    9.375     9/14/2018     USD         67.25
PROV BUENOS AIRE    9.375     9/14/2018     USD        67.127
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.263
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.245
PROV DE FORMOSA         5     2/27/2022     USD         62.25
PROV DE MENDOZA       5.5     9/4/2018      USD         74.42
PROV DE MENDOZA       5.5     9/4/2018      USD        74.375
PROV DEL CHACO          4    12/4/2026      USD         27.25
PROV DEL CHACO          4    11/4/2023      USD         54.75
TRANSENER            9.75     8/15/2021     USD         46.69
TRANSENER           8.875    12/15/2016     USD            41
TRANSENER            9.75     8/15/2021     USD         42.75



CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035    EUR         71.75
BCP FINANCE CO        4.239                             45.917
BCP FINANCE CO        5.543                             45.7
BES FINANCE LTD       4.5                               65
BES FINANCE LTD       5.58                              69.167
CAM GLOBAL FIN        6.08     12/22/2030   EUR         71.25
CHINA FORESTRY       10.25     11/17/2015   USD         52
CHINA FORESTRY       10.25     11/17/2015   USD         52.5
CHINA SUNERGY        4.75      6/15/2013    USD         59.141
ERB HELLAS CAYMA        9      3/8/2019     EUR         16
ESFG INTERNATION    5.753                               56.6
GOL FINANCE          8.75                               77
JINKOSOLAR HOLD         4     5/15/2016     USD         66.899
LDK SOLAR CO LTD       10     2/28/2014     CNY         69.071
LUPATECH FINANCE    9.875                               31
LUPATECH FINANCE    9.875                               30.95
PUBMASTER FIN       6.962     6/30/2028     GBP         63.086
RENHE COMMERCIAL    11.75     5/18/2015     USD         74.5
RENHE COMMERCIAL       13     3/10/2016     USD         78.75
RENHE COMMERCIAL       13     3/10/2016     USD         72.75
RENHE COMMERCIAL    11.75     5/18/2015     USD         75.005
SUNTECH POWER           3     3/15/2013     USD         33
SUNTECH POWER           3     3/15/2013     USD         44.75


CHILE
-----

ALMENDRAL TEL           3.5  12/15/2014     CLP        43.436
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2040      CLP        66.564
CHILE                   3     1/1/2040      CLP        66.564
COLBUN SA             3.2     5/1/2013      CLP        25.26
TALCA CHILLAN         2.75   12/15/2019     CLP        65.673


PUERTO RICO
-----------

PUERTO RICO CONS       6.2    5/1/2017      USD        58.5
PUERTO RICO CONS       6.5    4/1/2016      USD        69.48


VENEZUELA
---------

PETROLEOS DE VEN       5.5    4/12/2037     USD        69.75
PETROLEOS DE VEN       5.375  4/12/2027     USD        69.35


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is US$775 per half-year,
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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202-241-8200.


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