TCRLA_Public/130506.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, May 6, 2013, Vol. 14, No. 88


                            Headlines



A R G E N T I N A

COMPANIA DE TRANSPORTE: S&P Affirms 'CCC' Rating; Outlook Neg.
EDENOR SA: Appellate Court Rejects Appeal in Power Cuts Lawsuit
EDENOR SA: Shareholders Approve Reduction of Capital Stock
EMPRESA DISTRIBUIDORA: S&P Affirms 'CCC-' Rating; Outlook Neg.
GP INVESTMENTS: S&P Affirms 'BB-' Rating; Outlook Stable

MINERVA SA: S&P Raises Rating to 'BB-'; Outlook Stable


C A Y M A N  I S L A N D S

CARBON ASSETS: Shareholders to Hear Wind-Up Report on May 7
CEYLON PARTNERS: Shareholder Receives Wind-Up Report
ING ASIA: Shareholders Receive Wind-Up Report
MONTPELIER PROPERTIES: Shareholder to Hear Wind-Up Report Today
ORACLE OFFSHORE: Shareholder Receives Wind-Up Report

ORACLE TEN: Shareholder Receives Wind-Up Report
ROSE INVESTMENTS: Shareholders Receive Wind-Up Report
ROY G. NIEDERHOFFER: Shareholders Receive Wind-Up Report
ROY G. NIEDERHOFFER MASTER: Shareholders Receive Wind-Up Report
SCF FINANCE: Shareholders to Hear Wind-Up Report on May 8

SEMPRA ENERGY: Shareholder Receives Wind-Up Report
STANDARD CHARTERED: Shareholder to Hear Wind-Up Report on May 10


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: IMF Revisits as US$500 Million Debt Looms


J A M A I C A

* JAMAICA: Fitch Says IMF Facility Necessary Step But Risk Persist


M E X I C O

METROFINANCIERA: S&P Lowers Rating on Series MTROCB 07U to CCC


P E R U

BANCO DE CREDITO: Fitch Affirms 'BB-' Jr. Subordinated Debt Rating


T R I N I D A D  &  T O B A G O

CLICO: Commission Public Hearings Comes to an End
SJLRC: Transportation Workers Stage Protest, Demand Back Pay


X X X X X X X X

* BOND PRICING: For the Week April 29 to May 3, 2013


                            - - - - -


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


COMPANIA DE TRANSPORTE: S&P Affirms 'CCC' Rating; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' global scale
ratings on Compania de Transporte de Energia Electrica en Alta
Tension TRANSENER S.A. (Transener).  The outlook remains negative.

Standard & Poor's Ratings Services' ratings on Transener reflect
its expectation that unless there is  a major change in its
business conditions, the company's very poor financial performance
will continue in 2013.  The ratings also reflect Transener's
exposure to high political and regulatory uncertainties, and to
foreign exchange risk resulting from its mostly Argentine peso-
denominated revenues and dollar-denominated debt.  "Transener's
strong competitive position as the largest power transmission
company in Argentina is a positive rating factor," said Standard &
Poor's credit analyst Candela Macchi.

The company is exposed to an uncertain regulatory framework,
including a still pending (since 2002) renegotiation of its
concession contract and erratic tariff adjustments amid increasing
operating costs.  In December 2010, Transener and its subsidiary,
Empresa de Transporte de Energia Electrica por Distribucion
Troncal de la Provincia de Buenos Aires (Transba; not rated),
signed an Instrumental Agreement with the government, which
recognized the companies' right to collect credits resulting from
the variation of costs from June 2005 to November 2010.

Under these agreements, Transener and Transba are to apply the
credits--about $90 million as of December 2012--to cancel existing
financing lines that Compania Administradora del Mercado Mayorista
Electrico Sociedad Anonima (CAMMESA; a nonprofit company that
coordinates the payment and settlement of energy transactions
carried out in the spot market or through contracts) had provided
to Transener.  However, the company received less than the amounts
stipulated in the agreement with CAMMESA (As of December 2012
disbursements rose to $44 million).  Since mid-2012, payments have
accelerated, and by early 2013 reached between $4 million and
$5 million per month.  Under S&P's base-case scenario, it projects
CAMMESA will pay Transener $46 million by year-end 2013, through
ongoing monthly disbursements of  $4 million - $5 million.
Transener is attempting to sign another Instrumental Agreement to
recoup cost increases for December 2010 - December 2012, which S&P
decided not to include in its projections until it is signed and
the company begins receive payments.  In the case that this
agreement is reached, S&P believes the company could carry out an
ambitious capital expenditure plan in order to improve its


EDENOR SA: Appellate Court Rejects Appeal in Power Cuts Lawsuit
---------------------------------------------------------------
An appellate court in Argentina rejected the direct appeal filed
by Edenor SA against the ENRE's Resolution No. 32/11, which had
established that Edenor (i) be fined in the amount of
Ps.1,124,371, together with (ii) a compensation for each T1R
customer who was affected by the power cuts that occurred between
December 20 and Dec. 31, 2010, the amount of which will be
estimated per customer within the range of Ps.180-Ps.450 depending
on the length of the power cut affecting each such customer.
There were approximately 93,100 customers affected by those power
cuts.

The Company was notified of the resolution issued on March 21,
2013, by the Appellate Court in Contentious and Administrative
Federal Matters No. 1 (Camara Nacional de Apelaciones en lo
Contencioso Administrativo Federal - Sala I), in connection with
the action brought by Edenor against the ENRE (Edenor S.A. c/
Resolucion No. 32/2011 ENRE s/ Recurso Directo).

The Company, together with its legal counsel, is assessing the
actions to be undertaken.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about Edenor S.A.'s ability to
continue as a going concern following the financial results for
the year ended Dec. 31, 2012.  The independent auditors noted that
the delay in obtaining tariff increases and the cost adjustments
recognition, requested in the presentations made until now by the
Company in accordance with the terms of the Adjustment Agreement
and the continuous increase in operating expenses that are
necessary to maintain the level of the service, significantly
affected the economic and financial position of the Company.

Edenor SA reported a net loss of ARS1.013 billion on ARS3.843
billion of revenues in 2012, compared with a net loss of
ARS291.4 million on $2.893 billion of revenues in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
ARS 6.801 billion in total assets, ARS6.312 billion in total
liabilities, and equity of $489.3 million.


EDENOR SA: Shareholders Approve Reduction of Capital Stock
----------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR)
reported the resolutions approved on April 25, 2013, by the
general ordinary and extraordinary shareholders' meeting with
respect to the 11th item of the agenda: (11) Consideration of the
mandatory capital stock reduction pursuant to the terms of Section
206 of Corporations Law No. 19,550. Reduction in the number of
shares, maintaining the proportionality of the holdings (for the
consideration of this point the meeting will be held as an
extraordinary meeting).  The Meeting unanimously resolved as
follows:

  (i) The Company's losses will be offset against the following
      line items: share premium (prima de emision), capital stock
      adjustment and capital stock, in accordance with the rules
      of the National Securities Commission (Comision Nacional de
      Valores).  The losses will be offset against the totality of
      the following line items: share premium (prima de emision)
      and capital stock adjustment (ajuste sobre el capital
      social), plus 10% of the capital stock.  A detailed chart
      explaining the procedure was distributed to the people
      attending the meeting.

(ii) Adjust the current capital structure by carrying out a
      mandatory capital stock reduction pursuant to the terms of
      Section 206 of Corporations Law.  The reduction in the
      number of shares will maintain the proportionality of the
      holdings of each class of shares.  As a consequence, the new
      capital stock of the Company would amount to Ps.815,809,590,
      reducing thereby the capital stock from Ps.906,455,100 to
      Ps.815,809,590, where Class A shares would be reduced from
      Ps.462,292,111 to Ps.416,062,899.9, Class B shares would be
      reduced from Ps.442,210,385 to Ps.397,989,346.5, and Class C
      shares would be reduced from Ps.1,952,604 to Ps.1,757,343.6.
      Taking into consideration that the nominal value of the
      shares amounts to one Peso, it corresponds to round the
      amount of shares that correspond to each class, by
      completing, taking both figures, the highest fractional
      amount.  As a result of the stock reduction, the number of
      shares owned by each of the shareholders of the Company will
      be reduced, and thus, the fractional amount of shares that
      correspond to each shareholder will be completed with the
      shares owned by the Company and registered with Caja de
      Valores S.A., and the shareholders that would lose their
      status as shareholder  shall receive at least one share in
      order to maintain said status.

(iii) Delegate to the board of directors and the persons whom the
      board will appoint the following issues: (a) determining the
      definitive terms and conditions of the capital stock
      reduction, taking into consideration the observations to be
      made by the National Securities Commission and the Buenos
      Aires Stock Exchange, (b) determining the procedure and
      quantity of shares to be delivered by the Company in
      exchange for the fractional units resulting from the capital
      stock reduction, (c) undertaking all necessary actions to
      implement the corresponding payments or delivery of shares
      pursuant to the capital stock reduction, and (d) undertaking
      any further necessary or convenient action, with the
      capacity to modify any of the resolutions adopted.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about Edenor S.A.'s ability to
continue as a going concern following the financial results for
the year ended Dec. 31, 2012.  The independent auditors noted that
the delay in obtaining tariff increases and the cost adjustments
recognition, requested in the presentations made until now by the
Company in accordance with the terms of the Adjustment Agreement
and the continuous increase in operating expenses that are
necessary to maintain the level of the service, significantly
affected the economic and financial position of the Company.

Edenor SA reported a net loss of ARS1.013 billion on
ARS3.843 billion of revenues in 2012, compared with a net loss of
ARS291.4 million on $2.893 billion of revenues in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
ARS 6.801 billion in total assets, ARS6.312 billion in total
liabilities, and equity of $489.3 million.


EMPRESA DISTRIBUIDORA: S&P Affirms 'CCC-' Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' global
scale ratings on Empresa Distribuidora Y Comercializadora Norte
S.A. (EDENOR).  The outlook is negative.

S&P's rating on EDENOR reflects its expectation that the company's
very poor financial performance will continue in 2013, which could
hinder its ability to continue complying with its financial
obligations in the second half of 2013.  The rating also reflects
Argentina's high political and regulatory risk, the company's
exposure to foreign exchange risk (because it generates cash in
Argentine pesos, while its debt is denominated in U.S. dollars),
its "weak" liquidity, and the somewhat high capital expenditures
necessary to meet increased demand amid nonautomatic tariff
increases.  EDENOR's solid competitive position, which stems from
both its exclusive concession to distribute electricity in the
northern and northwestern regions of greater Buenos Aires, and its
relatively favorable debt maturity profile (it doesn't have
significant maturities until its series 9 bond amortizes in 2022)
are positive rating factors.

During 2012, EDENOR's financial performance continued to
deteriorate, mainly as a result of increasing operating costs due
to inflationary pressures, higher labor and outsourcing service
costs, and the still-frozen tariffs.  Its consolidated EBITDA
generation decreased to negative $93.7 million in 2012 from
$68.5 million reported a year earlier.  The company's key credit
metrics also remained very weak.


GP INVESTMENTS: S&P Affirms 'BB-' Rating; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
counterparty credit rating on GP Investments Ltd.  The outlook is
stable.

The rating on GP mainly reflects its insufficient recurring cash
revenues (primarily management fees) to cover operating and
financial expenses.  The rating also considers its investment
portfolio's high geographical concentration in Brazil and the
inherent volatility of the private equity business.  "GP's leading
position in the Brazilian private equity industry, its extensive
industry experience, solid reputation, good track record for most
of its investments and good liquidity partly offset these
weaknesses," said Standard & Poor's credit analyst Sebastian
Liutvinas.


MINERVA SA: S&P Raises Rating to 'BB-'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale ratings
on Minerva S.A. (Minerva) to 'BB-' from 'B+', and its national
scale ratings to 'brA-' from 'brBBB+'.  Its total outstanding
rated debt is approximately $1.06 billion.  The outlook is stable.

"The upgrade reflects our expectation that Minerva will maintain
its strong liquidity and long-term debt maturity profile, while it
benefits from positive free and discretionary cash flows to
gradually reduce debt and improve its credit metrics," said
Standard & Poor's credit analyst Flavia Bedran.  "We assess
Minerva's financial risk profile as "aggressive."  Despite
Minerva's weak credit ratios for the rating category, we expect it
to maintain its strong liquidity and pay down debt as it matures.
Therefore, gross debt ratios will gradually reach much stronger
adjusted net debt ratios, with a debt-to-EBITDA ratio of less than
4x and funds from operations (FFO) to debt of more than 12%.  Our
base-case scenario also assumes that Minerva won't incur
additional debt to fund acquisitions".

Minerva has benefited from the positive cattle cycle in the
countries where it operates (Brazil, Paraguay, and Uruguay) which
has allowed it to gradually increase gross margins and cash-flow
generation.  Cattle prices are a significant cost input,
representing about 80% of Minerva's raw material costs.  S&P
believes cattle prices will continue to be favorable in the next
two to three years, contributing to Minerva's gradually improving
credit metrics.  However, an unexpected increase in cattle prices
could pressure its costs.  In any event, Minerva's ability to
adjust prices and rapidly adjust production volumes, coupled with
the declining cattle herd in important beef producing countries
such as the U.S. and Australia, and still high grain prices
affecting cattle confinement costs, should help support beef
export prices, which represent more than 70% of Minerva's revenue
base.


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C A Y M A N  I S L A N D S
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CARBON ASSETS: Shareholders to Hear Wind-Up Report on May 7
-----------------------------------------------------------
The shareholders of Carbon Assets Fund will receive on May 7,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

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


CEYLON PARTNERS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Ceylon Partners LLC received on April 29, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.


ING ASIA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of ING Asia Pacific Growth SPC received on
April 30, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MONTPELIER PROPERTIES: Shareholder to Hear Wind-Up Report Today
---------------------------------------------------------------
The shareholder of Montpelier Properties (International) Limited
will receive today, May 6, 2013, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

Russell Homer is the company's liquidator.


ORACLE OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Oracle Offshore Limited received on April 17,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: 815 1820
          Facsimile: (345) 949 9877


ORACLE TEN: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Oracle Ten Fund Offshore Limited received on
April 17, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815 1820
          Facsimile: (345) 949 9877


ROSE INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Rose Investments Ltd. received on May 2, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ROY G. NIEDERHOFFER: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Roy G. Niederhoffer Trendhedge Fund, Ltd.
received on May 2, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


ROY G. NIEDERHOFFER MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Roy G. Niederhoffer Trendhedge Master Fund
Ltd. received on May 2, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SCF FINANCE: Shareholders to Hear Wind-Up Report on May 8
---------------------------------------------------------
The shareholders of SCF Finance Ltd will receive on May 8, 2013,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o John Royle
          10 Market Street
          PO Box 765 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 769 7206
          Facsimile: (345) 949 7120


SEMPRA ENERGY: Shareholder Receives Wind-Up Report
--------------------------------------------------
The sole shareholder of Sempra Energy International Cayman Holding
Co. received on April 29, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Randall L. Clark
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


STANDARD CHARTERED: Shareholder to Hear Wind-Up Report on May 10
----------------------------------------------------------------
The shareholder of Standard Chartered Investments (Cayman) Limited
will receive on May 10, 2013, at 9:00 a.m., 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


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D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: IMF Revisits as US$500 Million Debt Looms
---------------------------------------------------------------
Dominican Today News reports that Economy Minister Temistocles
Montas said the International Monetary Fund (IMF) will return to
the country this month to continue the post-monitoring program.

Mr. Montas noted however that the visit isn't an agreement because
in his view the government is conducting its fiscal policy in a
"correct manner," according to Dominican Today News.

"For this post-monitoring to develop they'll have to come here.
While our debt situation with the Fund exceeds the level of fees
that we have, they'll be monitoring the Dominican economy," the
report quoted Mr. Montas as saying.

Dominican Today News discloses that Mr. Montas said monitoring
occurs while an agreement is being developed, so the country can
access IMF financing above its fee with the Fund.  "We should have
a quota above US$200 million and the debt with the Fund surpasses
US$500 million," Mr. Montas, the report adds.


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


* JAMAICA: Fitch Says IMF Facility Necessary Step But Risk Persist
------------------------------------------------------------------
Final approval of the International Monetary Fund's (IMF) four-
year Extended Fund Facility (EFF) for Jamaica represents a
necessary step in the country's efforts to stabilize domestic
confidence, manage external vulnerabilities and increase the
sustainability of public finances. However, Fitch Ratings believes
that implementation risks are high given the program's demanding
targets and Jamaica's erratic record in completing previous IMF
programs.

Fitch says, "We see the $932 million IMF facility, together with
commitments from the World Bank and Inter-American Development
Bank, as critical in reducing external pressures given Jamaica's
large current account deficit, sizeable external debt payments and
low international reserves."

Jamaica's credit profile has come under pressure in recent years
as a result of weak growth, high debt, deteriorating fiscal
accounts and increasing balance of payments pressures. Key
external indicators have continued to worsen in 2013 and pressure
on the currency has remained intense. Jamaica's gross
international reserves position declined from $2.9 billion at the
end of 2010 to $2.0 billion at the end of 2012, and the balance
has deteriorated further to $1.7 billion at the end of March.

Jamaica's poor track record with respect to growth (average annual
GDP contraction of 1% between 2008 and 2012) and heavy debt burden
(estimated at 132% of GDP in fiscal 2012) highlight the challenges
faced in increasing the sustainability of fiscal accounts. The
government has taken steps recently to reduce fiscal imbalances
through tax and spending measures in order to increase its primary
surplus.

The National Debt Exchange (NDX) extended maturities and reduced
coupon payments on domestic debt, thus reducing financing needs
over the forecast period. Nevertheless, maintaining high primary
surpluses and achieving stronger growth over the life of the
program will be key in placing debt on a sustained downward
trajectory.

"Our recent upgrade of Jamaica to 'CCC' from 'RD' followed the
completion of a distressed debt exchange in February. The current
rating reflects our continued concerns regarding public debt
sustainability and still high external financing needs. It
incorporates the high degree of implementation risk that the
government continues to face in following through on the IMF-
monitored reform program, as well as uncertainty over Jamaica's
growth trajectory. The IMF has established demanding fiscal
targets. The primary surplus is expected to average 7.5% of GDP
over the life of the program, compared with an average of 4.3%
over the last three years," Fitch says.

"We believe that sustained easing of external financing
constraints and a restoration of investor confidence are critical
if Jamaica's credit profile is to improve. In addition, better
growth performance, fiscal consolidation and a declining debt
trajectory will be important factors supporting improved credit
quality."


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M E X I C O
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METROFINANCIERA: S&P Lowers Rating on Series MTROCB 07U to CCC
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
residential mortgage-backed securities (RMBS) originated and
serviced by Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R.
(Metrofinanciera).  The tickers are METROCB 06U, MTROCB 07U and
MTROCB 08U.  These ratings remain on CreditWatch with negative
implications, where S&P placed them on April 9, 2013.

The servicer and other parties (trustees and common
representatives) have been able to arrange for the transactions to
make their May 2 interest payments.  Nevertheless, S&P lowered
these ratings because in its opinion, the METROCB 06U, MTROCB 07U
and MTROCB 08U deals continues to have liquidity and operational
risks due to the legal actions against Metrofinanciera.

The 'mxB- (sf)' ratings on the METROCB 06U and MTROCB 07U deals
consider that the deals will use almost all of their cash to make
the May 2 debt service payments.  As a result, the transactions'
ability to make the payment after that one hinges on the
servicer's success in collecting sufficient funds into unfrozen
accounts and transferring such funds to the trust in a timely
manner.  On the other hand, the 'mxB (sf)' rating on the MTROCB
08U deal takes into account that cash in the trust's reserve
account could cover the next two interest payments but might not
be sufficient for subsequent ones if most of the collections
continue to be deposited into Metrofinanciera's frozen accounts.

According to information provided by the servicer, collections
received into unaffected accounts could be sufficient to cover the
next interest payments.  However, Metrofinanciera has still not
transferred these funds to the trusts, and in Standard & Poor's
opinion, the servicer could lose access to them if more of its
accounts were frozen.

Debt rated 'mxB' is more vulnerable to adverse business, financial
and economic conditions but currently has the capacity to meet
financial commitments.  Ratings from 'mxAA' to 'mxCCC' may be
modified by the addition of a plus (+) or minus (-) sign to show
relative standing within the major rating categories.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Ratings Lowered

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series       Maturity      Rating               Outs. Amount
             Date        To          From       (mil.)
METROCB 06U  11/14/2033  mxB (sf)   mxBB (sf)  49.42 UDIs
                         / CW Neg   / CW Neg

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II
Series       Maturity      Rating             Outs. Amount
             Date       To         From       (mil.)
MTROCB 07U   12/1/2033  CCC (sf)   CCC+ (sf)  146.43 UDIs
                        / CW Neg   / CW Neg
MTROCB 07U   12/1/2033  mxB- (sf)  mxB (sf)   146.43 UDIs
                        / CW Neg   / CW Neg
MTROCB 08U   4/1/2033   CCC+ (sf)  B- (sf)    160.71 UDIs
                        / CW Neg   / CW Neg
MTROCB 08U   4/1/2033   mxB (sf)   mxBB (sf)  160.71 UDIs
                        / CW Neg   / CW Neg


=======
P E R U
=======


BANCO DE CREDITO: Fitch Affirms 'BB-' Jr. Subordinated Debt Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de Credito del Peru's (BCP)
Viability rating (VR) and Issuer Default Ratings (IDR) at 'bbb+'
and 'BBB+' respectively.

KEY RATING DRIVERS
BCP's VR and IDR reflect its dominant franchise, diversified
balance sheet and revenues, consistent, strong performance, robust
asset quality, ample capital and reserves cushion, ample deposit
and funding base, as well as its positive economic and regulatory
environment and adequate liquidity. Fitch's view of BCP's
creditworthiness is tempered by its moderate efficiency and
heightened competition.

The Support rating and Support Floor rating reflect the high
probability of support from the government given BCP's outsized
market share and systemic importance. Peru's ability to provide
such support is reflected in its sovereign rating ('BBB'/'BBB+',
Outlook Stable).

BCP has long been the largest bank in Peru and boasts a dominant
franchise with leading market shares in almost all segments. A
truly universal bank, BCP has the largest branch network
throughout the country, a wide array of banking products and the
country's largest customer base.

Little concentration on both sides of the balance sheet, a strong
presence in all segments and a growing product offering allows the
bank to minimize risks and diversify its revenue streams. This
should be further deepened by its expansion into new businesses,
segments and markets.

BCP shows a strong and consistent performance based on a good
earnings generation capacity coupled with adequate cost control
and adroit risk management that minimizes loan loss provisions
pressure. Profitability is strong and reflects the bank's positive
environment, sound positioning and focused management.

BCP achieved and sustained a robust asset quality thanks to its
well-diversified portfolio, sound risk management and proactive
remedial action. In addition, the positive economic background and
continuous growth, contribute to BCP's strong 30-day Past Due
Loans (PDL) ratios which stood at 1.78% at YE 2012.

BCP's core capital compares very well with that of its peers and
has grown consistently thanks to earnings retention. In addition,
capital should be viewed in the light of its ample reserve
coverage, sound profitability and robust asset quality.

BCP's franchise and strong perception as a safe haven have allowed
the bank to build, maintain and grow a wide and low-cost deposit
base. This is one of the bank's key strengths as it provides
stability to its balance sheet and underpins its margins.

Peru's economy shows strong growth momentum based on sound macro
fundamentals. In addition, a proactive regulator, eager to take
the lead and apply pre-emptive remedies, has created a strong
regulatory environment.

BCP has a quite liquid balance sheet and robust asset and
liability management processes. In addition, the bank has ample
access to local and international capital markets which it taps
regularly to fund growth and manage its liabilities.

Given its sizeable network and relatively low-risk (i.e. moderate
margin) loan portfolio, BCP is not the most efficient among its
peers. Sound growth weighs on operating expenses but should, over
time, contribute to improve efficiency by deepening its customer
penetration and improving cross-selling.

RATING SENSITIVITIES

BCP's VR and IDRs are highly correlated with the strength of the
Peruvian economy; should the economic environment continue to
improve, as is reflected in its sovereign ratings, and the bank
maintain a consistent performance and its structural strengths,
BCP's ratings could be upgraded.

Though not Fitch's base case, BCP's VR and IDRs could suffer if
operating environment deterioration materially affects the bank's
asset quality and performance, and leads to an erosion of the
bank's reserve and capital cushions.

The Support Rating floor would move in line with Peru's Sovereign
ratings, which are currently deemed stable by Fitch. For further
information on Peru's sovereign ratings sensitivities, please go
to fitchratings.com.

Fitch affirms BCP's ratings as follows:

-- Long-term foreign currency IDR at 'BBB+', Stable Outlook;
-- Short-term foreign currency IDR at 'F2';
-- Long-term local currency IDR at 'BBB+', Stable Outlook;
-- Short-term local currency IDR at 'F2';
-- Viability rating at 'bbb+';
-- Support rating '2';
-- Support floor at 'BBB-';
-- Senior unsecured debt at 'BBB+';
-- Subordinated debt at 'BBB';
-- Junior subordinated debt at 'BB-'.

In addition, the following rating for BCP Emisiones Latam 1 S.A.
is affirmed:

-- Senior unsecured notes at 'AA(cl)'.


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


CLICO: Commission Public Hearings Comes to an End
-------------------------------------------------
Caribbean360.com reports that policyholders with the cash-strapped
Colonial Life Insurance Company (CLICO) have described as a
"travesty of justice," the decision of two former senior CLICO
officials, including former chairman, Lawrence Duprey, not to
testify before a Commission of Enquiry that ended public hearings.

Chairman of the Commission, Sir Anthony Colman, said that evidence
part of the inquiry had ended and that neither Mr. Duprey nor the
former group Financial Director Andre Monteil had appeared before
it, according to Caribbean360.com.

The report relates that Mr. Colman said while legal action would
be taken against Mr. Monteil for failing to heed the summons, the
same could not be done for Mr. Duprey, who lives in the United
States.

However, the report notes that Attorney General Anand Ramlogan
said the Commission is an "important stepping stone in the
pursuit of justice" and that "Sir Anthony's report would provide
an important guidance to the State on the way forward".

But in a statement, the CLICO policy holders said they were
disappointed that "the two central figures, who, according to the
Commission, would be key to assisting them in understanding what
really happened to their money, have essentially thumbed their
noses at policyholders and the citizens of Trinidad and Tobago not
only blatantly refusing to appear before the commission but have
also bold-facedly and shamelessly refused to answer any questions
sent to them by the commission's attorneys," the report discloses.

Caribbean360.com relays that the coalition People's Partnership
government appointed the Commission of Enquiry to examine the
circumstances that led to the financial problems at CLICO while
accusing the then Patrick Manning government of spending billions
of dollars for a minority shareholding in a 'bankrupt' company.

The government signed a shareholders' agreement on June 12, 2009
with CLICO following the signing of a memorandum of understanding
(MOU) between government and CL Financial, CLICLO's parent company
on Jan. 30, 2009, the report notes.

Caribbean360.com says that the MOU gave government control of 49
per cent of CLICO's shares.  The then Patrick Manning government
injected TT$7 billion (US$1.01 billion) into CLICO in 2009 to keep
the collapsed insurance firm running and protect policyholders,
the report recalls.

In 2011, the Kamla Persad Bissessar government through legislation
committed an additional TT$13 billion (US$2.01 billion) to keep
the insurance company afloat, Caribbean360.com adds.


SJLRC: Transportation Workers Stage Protest, Demand Back Pay
------------------------------------------------------------
Trinidad and Tobago Newsday reports that transportation workers
from the San Juan/Laventille Regional Corporation (SJLRC) staged a
protest outside the corporation's office in Mount Hope demanding
outstanding back pay.

One of the workers, Denis Flarey, told Trinidad and Tobago
Newsday, "We are fed up of this treatment. We are constantly told
next fortnight we would get our money."

Since December last, the workers claimed, they were expecting to
get their back pay, but after five months of waiting a decision
was made to stage a protest, according to Trinidad and Tobago
Newsday.

The transportation workers include sewer truck operators, water
truck operators, material truck drivers, and health truck drivers.

Vice Chairman of the PNM-controlled Corporation Dr. Jeffrey Reyes
tried to speak with the irate protesters, offering to hold a
private meeting with them, Trinidad and Tobago Newsday notes.  The
workers declined the offer.

Corporation Chairwoman Nafeesa Mohammed told Trinidad and Tobago
Newsday all efforts were taken to ensure the workers receive their
payments and auditors completed their assessment of the payments
with all documents sent to the Ministry of Finance.

Now the corporation is waiting for the Ministry to approve the
cheques, Ms. Mohammed said, Trinidad and Tobago Newsday relays.

It was explained that all 14 corporations use the same auditors to
assess back payments, and as the SJLRC is one of the bigger
corporations, it took longer to audit the claims, Trinidad and
Tobago Newsday notes.

Trinidad and Tobago Newsday adds that this corporation employs
1,289 workers and the back pay owed is in the vicinity of $35 to
$36 million.


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


* BOND PRICING: For the Week April 29 to May 3, 2013
----------------------------------------------------

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

ARGENTINA
---------

ARGENT-$DIS          8.28   12/31/2033   USD         56.5
ARGENT-$DIS          8.28   12/31/2033   USD         57.9
ARGENT-$DIS          8.28   12/31/2033   USD         57.9
ARGENT-$DIS          8.28   12/31/2033   USD         58.5
ARGENT-$DIS          8.28   12/31/2033   USD         58.1
ARGENT-PAR           1.18   12/31/2038   ARS         50.4
ARGENT-DIS           7.82   12/31/2033   EUR           45
ARGENT-DIS           7.82   12/31/2033   EUR         57.6
ARGENT-DIS           7.82   12/31/2033   EUR         57.3
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
ARGNT-BOCON PRE9        2   3/15/2014    ARS         41.8
BANCO MACRO SA       9.75   12/18/2036   USD         73.8
BANCO MACRO SA       9.75   12/18/2036   USD           71
BANCO MACRO SA       9.75   12/18/2036   USD         74.1
CAPEX SA               10   3/10/2018    USD         74.4
CAPEX SA               10   3/10/2018    USD         74.5
CIA LATINO AMER       9.5   12/15/2016   USD           64
CITY OF BUENOS       3.98   3/15/2018    USD         68.6
EMP DISTRIB NORT     9.75   10/25/2022   USD         49.5
EMP DISTRIB NORT     10.5   10/9/2017    USD           95
EMP DISTRIB NORT     9.75   10/25/2022   USD         46.1
METROGAS SA         8.875   12/31/2018   USD         66.8
METROGAS SA         8.875   12/31/2018   USD         68.1
PROV BUENOS AIRE    9.625   4/18/2028    USD         65.1
PROV BUENOS AIRE    9.625   4/18/2028    USD         65.3
PROV BUENOS AIRE    9.375   9/14/2018    USD         69.8
PROV BUENOS AIRE    9.375   9/14/2018    USD         69.8
PROV BUENOS AIRE    10.88   1/26/2021    USD         71.4
PROV BUENOS AIRE    10.88   1/26/2021    USD         71.5
PROV DE FORMOSA         5   2/27/2022    USD         63.6
PROV DE MENDOZA       5.5   9/4/2018     USD         74.3
PROV DE MENDOZA       5.5   9/4/2018     USD         74.6
PROV DEL CHACO          4   12/4/2026    USD         27.8
PROV DEL CHACO          4   11/4/2023    USD         55.3
TRANSENER            9.75   8/15/2021    USD           48
TRANSENER            9.75   8/15/2021    USD         45.1
TRANSENER           8.875   12/15/2016   USD         47.5


BRAZIL
------

BANCO BONSUCESSO     9.25   11/3/2020    USD         70.6
BANCO BONSUCESSO     9.25   11/3/2020    USD           70


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

BCP FINANCE CO      4.239                EUR         46.7
BCP FINANCE CO      5.543                EUR         44.7
BES FINANCE LTD       4.5                EUR         63.2
BES FINANCE LTD      5.58                EUR         69.2
CHINA FORESTRY      10.25   11/17/2015   USD           53
CHINA FORESTRY      10.25   11/17/2015   USD         47.4
EMER PLANT HLD          6   1/30/2020    USD         67.5
ERB HELLAS CAYMA        9   3/8/2019     EUR           22
ESFG INTERNATION    5.753                EUR         57.3
GOL FINANCE          8.75                USD         70.5
GOL FINANCE          8.75                USD         69.5
HIDILI INDUSTRY     8.625   11/4/2015    USD         75.8
HIDILI INDUSTRY     8.625   11/4/2015    USD         75.6
JINKOSOLAR HOLD         4   5/15/2016    USD         57.5
RENHE COMMERCIAL       13   3/10/2016    USD           60
RENHE COMMERCIAL    11.75   5/18/2015    USD         66.5
RENHE COMMERCIAL    11.75   5/18/2015    USD         66.5
RENHE COMMERCIAL       13   3/10/2016    USD         61.9


CHILE
-----

ALMENDRAL TEL         3.5   12/15/2014   CLP         43.9
EMPRESA METRO         5.5   7/15/2027    CLP         3.39
TALCA CHILLAN        2.75   12/15/2019   CLP           66


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

BANCO SANTANDER       6.1   6/1/2032     USD         34.8
BANCO SANTANDER       6.3   6/1/2032     USD           36
PUERTO RICO CONS      6.5   4/1/2016     USD         67.6


VENEZUELA
---------

PETROLEOS DE VEN      5.5   4/12/2037    USD         68.4
PETROLEOS DE VEN    5.375   4/12/2027    USD         70.2

                            ***********


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 * * *