TCRLA_Public/130513.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 13, 2013, Vol. 14, No. 93


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Shareholder Governments to Meet in Barbados


A R G E N T I N A

BANCO BILBAO: Fitch Rates US$1.5BB Preferred Securities at 'BB-'
* ARGENTINA: Moody's Puts (P)B3 Rating to Buenos Aires Notes Issue


B R A Z I L

BANCO PINE: Fitch Ups Rating on Subordinated USD Notes to 'BB-'
CONCESSIONARIA RODOVIAS: Moody's Rates New Debt Issue '(P)Ba2'
MARFRIG ALIMENTOS: S&P Lowers CCR to 'B'; Outlook Negative


C A Y M A N  I S L A N D S

A2CT2 SYSTEMATIC: Creditors' Proofs of Debt Due May 22
ALL SEASONS: Creditors' Proofs of Debt Due May 22
BLACK PEARL: Creditors' Proofs of Debt Due Today
COMPASS ASSET: Creditors' Proofs of Debt Due May 22
FAIRFIELD ARGENIS: Shareholder to Hear Wind-Up Report on May 17

HT2 LTD: Creditors' Proofs of Debt Due May 17
IAM MINI-FUND 19: Creditors' Proofs of Debt Due May 16
IMPALA KINGFISHER: Creditors' Proofs of Debt Due Today
IMPERIAL FUND: Creditors' Proofs of Debt Due May 15
LAVA IAM: Creditors' Proofs of Debt Due May 16

LIBRA OFFSHORE: Creditors' Proofs of Debt Due May 16
LUMAX FINANCE: Creditors' Proofs of Debt Due May 22
MUTLEY INTERNATIONAL: Creditors' Proofs of Debt Due May 22
R-ONE KAGOSHIMA: Creditors' Proofs of Debt Due May 22
R-ONE SAKAI: Creditors' Proofs of Debt Due May 22


M E X I C O

GRUPO FAMSA: S&P Revises Outlook to Positive & Affirms 'B' CCR
* MEXICO: Housing Affordability Plan May Pressure RMBS, Fitch Says


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Expects to Break Even on London Route
PETROTRIN: Impasse 'Bad for T&T,' Labor Relations Expert Says


U R U G U A Y

* Continued Economic Growth to Boost Uruguay's Banking Sector


X X X X X X X X

* BOND PRICING: For the Week May 6 to May 10, 2013


                            - - - - -

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


LIAT: Shareholder Governments to Meet in Barbados
-------------------------------------------------
Caribbean360.com reports that the shareholder governments of
Leeward Islands Air Transport, known as LIAT will meet in
Barbados, but a planned meeting in Bridgetown with Trinidad and
Tobago's Prime Minister Kamla Persad Bissessar will not
materialize, Prime Minister Dr. Ralph Gonsalves has said.

Mr. Gonsalves told a news conference that his Trinidad and Tobago
counterpart was unable to attend the meeting because Parliament
would be meeting on the same day, according to Caribbean360.com.

LIAT shareholder governments are Antigua and Barbuda, St. Vincent
and the Grenadines, Barbados and Dominica.

The report discloses that Mr. Gonsalves, who serves as chairman of
the shareholders, said that the meeting with Prime Minister Persad
Bissessar would have dealt with the ongoing concerns the regional
airline has with the Trinidad and Tobago owned Caribbean Airlines
(CAL).

Mr. Gonsalves has in the past said he wants to engage in
discussions, not a fight with Trinidad and Tobago over the fuel
subsidy Port-of-Spain provides to CAL, the report notes.

In February, Mr. Gonsalves told reporters he had received a legal
opinion on the matter and is now seeking the talks with the Kamla
Persad-Bissessar-led coalition People's Partnership
administration, the report recalls.

Mr. Gonsalves contends that the fuel subsidy given to CAL
contravenes the treaty governing the Caribbean Community (CARICOM)
and that the legal opinion supports his view that the subsidy
contravenes the Revised Treaty of Chaguaramas, the report
discloses.

LIAT has in the past complained that it is put at a disadvantage
because of the fuel subsidy provided to CAL, the report relays.

Meanwhile, Mr. Gonsalves said that closer relationship between
LIAT and a Venezuelan-based airline had been discussed during last
weekend's PetroCaribe meeting in Caracas and that he has reported
to Captain Brunton on the outcome, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.



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


BANCO BILBAO: Fitch Rates US$1.5BB Preferred Securities at 'BB-'
----------------------------------------------------------------
Fitch Ratings has assigned Banco Bilbao Vizcaya Argentaria's
(BBVA) USD1.5bn non-step-up non-cumulative perpetual tier 1
capital securities (preferred securities) with fully discretionary
coupons and pre-set triggers for contingent conversion a final
rating of 'BB-'.

The final rating is in line with the expected rating assigned on
April 29, 2013 (see "Fitch Assigns BBVA's Tier 1 Capital
Securities 'BB-(EXP)'" at www.fitchratings.com).

KEY RATING DRIVERS

The preferred securities are rated five notches below BBVA's
'bbb+' Viability Rating (VR), in accordance with Fitch's criteria
for "Assessing and Rating Bank Subordinated and Hybrid Securities"
dated Dec. 5, 2012 at www.fitchratings.com.

The notes are notched twice for loss severity as recoveries are
expected to be poor, because the preferred securities will rank
junior to all liabilities, including subordinated debt and because
of conversion into common equity on breach of one of the pre-set
triggers. These triggers are set at a 5.125% common equity Tier 1
ratio at a consolidated and unconsolidated level, a 7%
consolidated core Tier 1 (CT1) ratio as defined by the European
Banking Authority (EBA) and a 7% capital principal (Spain's
adaption of EBA CT1 ratio) ratio on a consolidated basis. At end-
March 2013, BBVA's capital ratios were well in excess of these
triggers.

To reflect the incremental non-performance risk of the notes
relative to the risk incorporated by the VR, the notes are notched
three times given the instrument's fully discretionary coupon
payment, which is deemed to be the most easily activated form of
loss absorption.

Fitch has assigned 100% equity credit to the securities, given
that they are permanent, subordinated to all senior creditors and
senior to common equity and mandatory convertible bonds, and have
full coupon flexibility and the ability to be converted into
common equity well before the bank would become non-viable. The
agency considers that the 7% EBA CT1 and capital principal
triggers would be breached well before the bank became non-viable.
Should these ratios be subject to change and triggers lowered
because of a change in applicable banking regulations, Fitch will
review the level of equity credit assigned, which could fall to
50%.


* ARGENTINA: Moody's Puts (P)B3 Rating to Buenos Aires Notes Issue
------------------------------------------------------------------
Moody's Latin America has assigned ratings of (P)B3 (global scale)
and A3.ar (Argentina National Scale) to the Series 4 of notes to
be issued by the City of Buenos Aires under the Local Financing
Program for up to $216 million, payable in Argentine pesos. Series
1 and 2 under this program were issued in 2012, adding up $185
million and both were rated (P)B3 (global scale) and A3.ar
(Argentina National Scale). Series 3 was issued in past February
for an additional amount of $100 million.

The new series to be issued under the program, Series 4, will be
subscribed and payable in Argentine pesos at the specified
exchange rate and sold in the local capital market. The assigned
ratings are in line with the city's local currency debt ratings.

Ratings Rationale:

The creation of the Financing Program has been authorized by the
Law 4315. The notes to be issued under the program constitute
direct, general, unconditional, and unsubordinated obligations of
the city, ranking at all times pari passu without any preference
among themselves. Considering the new series, the program will
reach $501 million in total, which represents around 12.6% of the
city's estimated net direct and indirect debt as of March 31,
2013, and barely 6% of total projected revenues for that year.

The city will offer a four tranche of up to $216 million with an
expected maturity of up to six years. These notes will be
subscribed and payable in Argentine pesos at the specified
exchange rate and pay interest at a fixed rate.

The assigned ratings are in line with the city's B3 (global scale)
and A3.ar (Argentina national scale) local currency debt ratings.
The rating level is in line with the B3 Sovereign rating. The
outlook is negative, reflecting the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. Despite
the intrinsic financial characteristics of the City of Buenos
Aires, the lack of consistent and predictable policies at the
national level affects the institutional framework under which the
city operates and ultimately anchors its credit quality to that of
the Sovereign.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in the City of Buenos
Aires' ratings in the near to medium term. The city could be
further downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade. Furthermore, any action
taken by the central government that would negatively impact the
ability of the city to repay its financial obligations could lead
to a further downgrade. Any such actions would be viewed by
Moody's as further illustration of a deteriorating institutional
framework and an unstable policy environment.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013 and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 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.

The last rating action was on February 28, 2013 when Moody's
assigned debt ratings of (P)B3/A3.ar.



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


BANCO PINE: Fitch Ups Rating on Subordinated USD Notes to 'BB-'
---------------------------------------------------------------
Fitch Ratings has completed a peer review of the following five
Brazilian mid-sized banks: Banco ABC Brasil S.A. (ABC), Banco
Daycoval S.A. (Daycoval), Banco Pine S.A. (Pine), Banco Alfa de
Investimento S.A. (Alfa) and Banco Industrial e Comercial S.A.
(Bicbanco).

Fitch upgraded Pine's international and national ratings, revised
the Rating Outlook on Bicbanco's long-term national rating from
Stable to Negative and affirmed Alfa's ratings. Fitch upgraded ABC
Brasil and Daycoval's ratings in March 2013 and affirmed them
today. Fitch upgraded Alfa's ratings in October 2012.

The mid-sized Brazilian banks reviewed today are banks with total
assets ranging from R$10 billion to R$18 billion. The business
model of these and other similar banks in Brazil is reliant on
wholesale funding to fund retail and/or SME loan portfolios. In
Fitch's view, this model poses significant challenges and
historically had relegated most of these banks to sub-investment
grade ratings. The current sluggish economic environment has
tested these banks, as have past cycles. Some banks have fared
better than others, and some bank failures and consolidation in
the sector have occurred. Recent rating actions and those taken in
today's peer review have recognized this differentiation, with
select upgrades for banks that have withstood the cycles well,
while fortifying both balance sheets and their respective
franchises.

A common characteristic of these banks is their well-defined
strategies to focus on lending to SMEs and small corporate
clients. More recently, there has been increased focus on the
upper-end of the SME segment / lower-end of the corporate segment
(annual sales above BRL 250 million). Among the banks reviewed,
Daycoval and Alfa are exceptions, as both count on growing retail
operations (auto and payroll deductible loans), the former also
focuses on smaller SME clients and the latter's corporate lending
is concentrated on large and upper-middle corporates, with little
exposure to SMEs and small corporates.

Asset quality of these banks has evolved in tandem with the market
and deteriorated slightly in 2012. Alfa has the lowest delinquency
ratios, despite the relatively higher and still growing share of
the retail loans (90 day past due loans of 0.4% versus an average
of 1.5% for the remaining four banks, at year-end 2012). ABC
Brasil and Pine also have slightly lower levels of 90 days past
due loans (0.4% and 0.6%, respectively), which is a reflection of
their focus on lower risk and larger companies. Daycoval's higher
delinquency (90 days past due loans of 2.34%) reflects its focus
on smaller corporate clients, however is offset by strong
collateral coverage, adequate pricing and limited loan charge
offs. Bicbanco has the poorest asset quality 2.8% 90 days past
due, which continues to negatively affect its bottom line
earnings. All boast solid reserve coverage of their 90 day past
due loans well above 1.5x (average of 2.6x).

The main revenue source of these banks is lending, although all of
the banks have been working to increase fee income and cross
selling initiatives. Fitch believes that it will take time for
such income to become relevant but considers the trend positive,
given the relatively lower interest rate environment. On average,
non-interest income represents 10% of total revenues for this peer
group, while Fitch's large bank universe generates 38% of revenue
from non-interest income.

Fitch expects that these banks, like most in the Brazilian
financial system, will continue to face greater earnings headwinds
in 2013 compared to larger institutions with greater revenue
diversification, considering the current environment of low
interest rates and limited potential to improve fee income in the
near term. In 2012, the average Operating ROAA for these five
banks was 2.43% (2.34% in 2011), which still compares favorably
with the average of the market and other similarly rated banks
around the world. Profitability of four out of the five banks
included on this peer review has proven to be resilient to market
volatilities. Bicbanco is the only bank in this group that has
underperformed due to asset quality deterioration.

After facing increased scrutiny following the revelation of fraud
cases in banks of similar size, the banks included in this peer
group developed and implemented solid liquidity controls and asset
and liability management practices, which led to a clear
improvement in their liquidity profiles; diversifying their
funding sources and putting emphasis in midterm tenors, with
controlled refinancing risk. They have been putting more effort to
diversify funding and to reduce the portion of deposits with daily
withdrawal clauses, which have also helped to prolong average
funding maturity and build a good cushion of liquid assets, mainly
comprising government securities.

The reviewed banks, including those with more leveraged balance
sheets, have comfortable capital ratios (Fitch core capital ratio
average for the group was 13.30% and 14.27% in 2012 and 2011,
respectively). Fitch does not expect capitalization to be a
constraint for growth or earnings generation for any of these
banks. Bicbanco has the most unfavorable capitalization trend
(Fitch core capital ratio 9.64%% and 10.97% in 2012 and 2011,
respectively), which is explained by its meager profits in the
recent years. Daycoval stands out as the best capitalized bank in
the group (Fitch core capital ratio 17.20% and 16.16% in 2012 and
2011, respectively). The Brazilian Central Bank has recently
reviewed the capitalization guidelines under a Basel III approach,
which in the medium term will help to improve the capital base of
Brazilian banks, specially through the replacement of old Tier II
securities into new issuances with larger equity content. This
will positively affect both the Fitch core capital and regulatory
capital ratios of all banks reviewed today, except Alfa, which
does not have any Tier II securities eligible as capital.

The recent upgrades of ABC Brasil, Daycoval and the upgrade of
Pine reflect these banks's overall good asset quality, improved
liquidity and a consistent overall improvement in ALM, despite the
volatility of the operating environment. The better risk profile
of these banks has been evidenced by an overall lower average
funding cost combined with longer average tenor and a slightly
more diversified funding composition.

KEY RATING DRIVERS

ABC Brasil:
Fitch upgraded ABC Brasil's IDRs to 'BBB-' from 'BB+' and the
long-term national rating to 'AA(bra)' from 'AA-(bra)' on
March 15, 2013. The upgrades were based on the bank's low risk
profile, which is underpinned by its low funding cost, sound risk
management and consistent profitability over the years even facing
a fierce and volatile competitive environment. Over the last
years, improvements included a further diversification of its
funding profile leading to a stronger asset and liabilities
management as it continues to expand its corporate and middle
market operations. ABC Brasil's credit portfolios are
conservatively matched and continue to show strong liquidity. Its
continued high quality asset and liquidity combined with its
satisfactory profitability and capital adequacy evidences the
bank's overall solid financial strength.

Alfa:
Fitch has affirmed Alfa's long-term national rating at 'AA(bra)'.
Alfa's ratings reflect its highly conservative lending strategy
and risk management, excellent asset quality, very good liquidity,
relatively low leverage, comfortable capital ratios and its
consistent performance track record. On the other hand, they also
reflect the concentrated funding base. The growth of its retail
lending business, particularly since 2010, has provided additional
business diversification and further enhanced the bank's sound
financial profile. Its asset quality and performance are
underpinned by a focused strategy on the retail lending side that
targets high income individuals and by the long-term relationship
of the bank with its large and upper-middle corporate clients. The
bank has consistently maintained a very comfortable liquidity
position and has prolonged the average funding maturity in recent
years at an attractive cost. This partially offsets the risks
stemming from its relatively more concentrated funding base, where
top 20 investors represent 58% of total funding (excluding repos
and funding for on-lending) at year-end 2012.

Bicbanco:
Fitch has affirmed Bicbanco's long-term national rating at
'A+(bra)' and revised the Outlook for Bicbanco to Negative from
Stable. The Outlook revision reflects Fitch's assessment that the
asset quality problems experienced during 2011 and 2012 are
pressuring its profits and also its leverage, which have forced
the bank to restructure its credit policies and practices and its
commercial strategy, and to make adjustments to its structure as
to overcome the problems generated by a too aggressive loan
expansion during 2010. Given the aforementioned change in
strategy, Bicbanco's asset quality indicators may come closer to
the peer average and with that regain part of its lost
profitability, a primary source of capital recovery.

Daycoval:
Fitch upgraded Daycoval's IDRs to 'BBB-' from 'BB+' and the long-
term national rating to 'AA(bra)' from 'AA-(bra)' on March 26,
2013. The upgrades reflected the bank's consistent track record of
performance, maintained in different cycles of local economy,
higher business diversification and comfortable liquidity and
capitalization positions. The bank has recorded consistent
profitability, even during stress scenarios, sustained by an
adequate asset pricing, strong cost control and low funding cost.
It is also worth its prudent liquidity management and adequate
assets and liabilities management that help to mitigate the burden
of a less diversified funding base compared to larger peers.

Pine:
Fitch has upgraded Pine's Issuer Default Rating (IDR) to 'BB+'
from 'BB' and the long-term national rating to 'AA-(bra)' from
'A+(bra)'. The Outlook is Stable. This rating action reflects the
ability of the bank to preserve and enhance its credit profile in
the last several years in the midst of a deteriorating and
relatively volatile operating environment. Also, the ratings
reflect Pine's consistent performance, higher funding
diversification and sound asset quality, liquidity and
capitalization. Concentrations on the asset and funding sides have
been maintained at acceptable levels and ALM continues to be good.
Pine has managed carefully its growth in the low corporate segment
with a strategy of revenue diversification and cross-selling
aiming to reduce the dependence of revenues from lending and
increase the participation of its derivatives desk and advisory
services in the revenues composition.

RATING SENSITIVITIES

ABC Brasil
Given its funding profile and narrow business niche, further
upgrades of ABC's ratings may be limited under its current
business model. Although unlikely in Fitch's view, a significant
deterioration of ABC's asset quality that results in credit costs
that severely limit its profitability and ability to grow its
capital, combined with a reduction on its liquidity or
capitalization position could lead towards a reduction on the
bank's ratings. A decline in Fitch core capital to risk-weighted
assets ratio below 9% along with a reduction in operating income
to average asset ratio below 2% could result in a ratings review.

Alfa
The concentration of Alfa's funding base is higher compared to the
other mid-sized banks reviewed. Improvements in funding
concentration could affect ratings positively, although this
scenario may be of low probability considering the business model
of the bank. Conversely, in the unlikely scenario of significant
deterioration in asset quality and performance, its ratings would
be negatively affected. A drop in Fitch core capital to risk-
weighted assets ratio below 12% along with deterioration in its
operating income to average asset ratio below 1.5% could result in
a negative rating action.

Bicbanco
Fitch believes that the adjustments made will result in an
improvement in the asset quality during 2013, but it is yet to be
seen how Bicbanco's results will be under the restructured
commercial strategy and more conservative credit risk management.
Asset quality and profitability trends need to be monitored. If
the unfavorable trend persists, and no improvement on asset
quality and profitability bring both up and closer to historic
averages, the Negative Outlook may turn into a downgrade.
Similarly, a sustained FCC below 9% could also trigger a
downgrade.

A revision of the Outlook to Stable will depend on the bank's
ability to overcome the challenges of presenting better asset
quality ratios and reducing credit costs as well as successfully
accessing new clients with a lower risk credit profile, which
could lead to more robust operating results. Credit costs would
need to come down and stabilize in a level around 35% of pre-
impairment operating profits, while its Fitch Core Capital Ratio
would need to rise to around 11%. These improvements would need to
be complemented with the maintenance of its adequate loan loss
coverage similar to the average of previous years and asset
quality levels similar to those of its peers. Should this trend
materialize Bicbanco's ROAA could increase to more than 1.5% in a
sustained manner.

Daycoval

Given its current business model, with asset and liability
concentrations inherent to its size, including its wholesale
funding nature, further upgrades to Daycoval ratings may be
limited. Such positive changes will be contingent on significant
reduction of the concentration in its funding and a successful
diversification of its lending activities.

The ratings could be negatively impacted by a continued asset
quality deterioration which result in pressures on the bank's
results (ROA below 2%) and on capital (Fitch core capital lower
than 11%), which may be triggered by larger than expected asset
quality deterioration and/or aggressive asset growth or cash
dividend policy.

Pine
Further rating upgrades may not be expected in the short-term as
the bank needs to improve its income, asset and liability
diversification. Ratings may be negatively affected by continued
asset quality deterioration that may undermine its earnings and
capital base.

A deterioration in the asset quality ratios to levels below its
peers' average or a decline in Fitch core capital to risk-weighted
assets ratio below 10%, along with a reduction in operating income
to average asset ratio below 1.5% could result in a negative
ratings review.

The rating actions are:

ABC Brasil:
-- Long-term foreign and local currency IDRs affirmed at 'BBB-';
   Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F3';
-- Viability rating affirmed at 'bbb-';
-- Long-term national rating affirmed at 'AA(bra)'; Outlook
   Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support rating affirmed at '3';
-- Senior unsecured BRL notes due 2016 foreign currency rating
   affirmed at 'BBB-'

Alfa:
-- National Long-term Rating affirmed at 'AA(bra)'; Outlook
   Stable;
-- National Short-term Rating affirmed at 'F1+(bra)'.

Bicbanco:
-- National Long-term Rating affirmed at 'A+(bra)'; Outlook
   revised to Negative from Stable;
-- National Short-term Rating affirmed at 'F1(bra)'.

Daycoval:
-- Long-term foreign and local currency IDRs affirmed at 'BBB-';
   Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F3';
-- Viability rating affirmed at 'bbb-';
-- Long-term national rating affirmed at 'AA(bra)'; Outlook
   Stable;
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support rating affirmed at '5';
-- Support rating floor affirmed at 'No Floor';
-- Senior unsecured USD notes due March 2015, foreign currency
   rating affirmed at 'BBB-';
-- Senior unsecured USD notes due January 2016, foreign currency
   rating affirmed at 'BBB-'.

Pine:
-- Long-term foreign and local currency IDRs upgraded to 'BB+'
   from 'BB'; Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability rating upgraded to 'bb+' from 'bb';
-- Long-term national rating upgraded to 'AA-(bra)' from
   'A+(bra)'; Outlook Stable;
-- Short-term national rating upgraded to 'F1+(bra)' from
   'F1(bra)';
-- Support rating affirmed at '5';
-- Support rating floor affirmed at 'No Floor';
-- Subordinated USD notes due 2017 upgraded to 'BB-' from' B+';
-- Senior unsecured BRL letras financeiras due 2014 and 2015
   upgraded to 'AA-(bra)' from 'A+(bra)';
-- Huaso bonds program expiring in 2022 upgraded to 'A(cl)' from
   'A-(cl)';
-- Huaso bonds due 2017 upgraded to 'A(cl)' from 'A-(cl)'.


CONCESSIONARIA RODOVIAS: Moody's Rates New Debt Issue '(P)Ba2'
--------------------------------------------------------------
Moody's America Latina Ltda assigned a (P)Ba2 rating on the global
scale and a Aa2.br rating on the Brazilian National scale to
Concessionaria Rodovias do Tiete S.A.'s (Rodovias do Tiete or the
concessionaire) proposed BRL1,065 million senior secured
amortizing debentures with a final maturity in 15 years that will
be issued in the domestic market as well as in the U.S. and other
markets under Rule 144A and Regulation S.

Moody's has also affirmed the Ba2 issuer ratings on the global
scale and Aa3.br on the Brazilian national scale the ratings on
Rodovias do Tiete and changed the outlook to stable from negative,
assuming successful financial closing of the transaction.
Assignment of the final rating is predicated on a review of final
documents and verification of the final financing structure and
amount. The outlook is stable for all ratings.

Net proceeds from the proposed debentures will be used for: (i)
the repayment of the 4th emission of outstanding commercial
promissory notes, and (ii) the payment of future costs, expenses
and/or payables from the date of the sale, related to the
concession's investments. The Brazilian Ministry of Transportation
has approved this project as a priority investment for the
development of road transportation infrastructure in the country.
As a result, the project's proposed debt issue qualifies for tax
incentives for investors under the framework of Law 12,431/2011.
ARTESP must approve both the issuance as well as the granting of
the security package.

The BRL1,065 million debentures will be secured by the pledge of
the concessionaire's equity shares, future receivables of its toll
revenues, project accounts and indemnification rights over the
concession assets. The debenture holders will also benefit from a
robust package of cash funded reserves including a 12-month debt
service reserve, a 12-month capex reserve and a 3-month O&M
reserve, all funded at the financial closing of the transaction.
In addition, in order to mitigate the ongoing ramp-up and negative
operating cash flow generation anticipated during 2013 and 2014,
there will be a prefunded interest reserve account also funded at
close, in an amount equivalent to the projected cash flow
shortfall required to cover interest expense over the first four
years (estimated at BRL113.5 MM). The debentures will not contain
any type of cross default provision with immediate and ultimate
shareholders or its affiliates.

The debentures will make interest and principal payments on semi-
annual basis, with interest payments starting in December 2013 and
principal having a grace period until December 2017. No restricted
payments will be permitted until the first principal amortization
payment is made in 2017. Additional protection includes a
requirement to trap cash if DSCR is <=1.30x and mandatory
amortization in the event such condition would continue for three
consecutive semesters.

Ratings Rationale:

The (P)Ba2 and Aa2.br ratings reflect the diversified role of the
Rodovias do Tiete's road system, which connects the cities of
Bauru, Piracicaba and Campinas and other major routes in the state
of Sao Paulo. Through its 415-kilometer extension, Rodovias do
Tiete serves a relatively small but evolving service area. The
stable regulatory environment prevailing in the state of Sao Paulo
further supports the ratings. The existence of important competing
routes, comprising the SP-280, SP-075 and SP-348 roads, along with
Rodovias do Tiete's currently weak asset features (according to
Moody's Methodology), and limited track record for traffic at the
nine existing toll plazas constrain the ratings.

The rating also considers the highly leveraged financial structure
during the ongoing ramp-up period during which significant
investments are required to be made. The negative operating cash
flows expected over the 2013-2014 period are partially mitigated
by the significant level of operating cash funded reserves and the
ability to delay select investments. The ratings are also
predicated upon comparatively weak financial metrics which are
highly susceptible to deviations in projected traffic growth
during the ramp-up period.

The (P) provisional ratings will remain in place until the full
disbursement of the BRL1,065 million for Rodovias do Tiete. Should
the ultimate issuance deviate from the amount described, Moody's
will review all ratings accordingly. These 15-year debentures are
crucial to implementing the concessionaire's investment program
successfully and to improving Rodovias do Tiete's liquidity
position.

The stable outlook reflects Moody's expectation that the issuance
will close as planned serving to improve Rodovias do Tiete's
currently weak liquidity condition and that traffic during the
ramp up period will grow in line or above the growth of the
Brazilian GDP.

The ratings could be upgraded if: (i) actual traffic volume is
closely aligned to or exceeds the traffic projected by the
concessionaire's consultant, (ii) capex program meets the schedule
and (iii) Moody's calculated DSCRs and FFO/Debt ratios are
consistently above 1.30x and 8% respectively.

The ratings could be downgraded if: (i) there are capital
expenditures' delays which negatively impact traffic volume and
toll revenues, (ii) traffic consistently stays below consultant's
report,(iii) there are cost overruns associated with the
investment program, (iv) there is higher than anticipated
utilization of pre-funded interest reserve in first two years so
that, (v) cash interest coverage drops below 1.50x over initial
two-year period and FFO remains lower than 5% over debt during
2014.

Concessionaria Rodovias do Tiete S.A. (Rodovias do Tiete) holds a
30-year toll road concession to expand, operate and maintain five
roads in the interior of Sao Paulo, which the state regulatory
agency ARTESP granted under a single concession in April 2009. The
road system operated by Rodovias do Tiete consists of 415
kilometers and includes the following road sections: SP-300
(Corredor Marechal Rondon Leste), SP-308 (Rodovia do Acucar), SP-
101, SP-113 and SP-209. The service area includes 24
municipalities, where the largest cities are Bauru, Campinas, and
Piracicaba. Rodovias do Tiete reported Net Revenues of BRL162
million ($81 million) and EBITDA of BRL86 million ($43 million) in
2012 versus Net Revenues of BRL145 million ($ 87 million) and
EBITDA of BRL85 million ($ 51 million) in 2011 respectively.

Rodovias to Tiete's road system serves a relatively small but
evolving service area. Current asset features are relatively weak
which aggravates the impact that existing large competing routes
are having on the system. Nevertheless, Rodovias do Tiete's
diversified traffic profile could eventually insulate its cash
flows against potential economic volatility. Contributing 60% of
consolidated traffic, the western section carries mostly
agricultural freight. The eastern section generates 25% of
consolidated traffic, and features diversified industries and
commuters. The middle section is less developed and accounts only
for 15% of total traffic.

Rodovias do Tiete is currently owned by a joint venture of the
Atlantia Bertin Participacoes S.A. (50%) and ASCENDI International
Holdings B.V. (50%).

The principal methodology used in this rating was Operational Toll
Roads published in December 2006.

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.


MARFRIG ALIMENTOS: S&P Lowers CCR to 'B'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating to 'B' from 'B+' and its national scale
rating to 'brBBB-' from 'brBBB+' on Marfrig Alimentos S.A.  The
outlook is negative.

"The downgrade reflects Marfrig's weaker-than-expected results for
2012, preventing the credits metrics from improving," said
Standard & Poor's credit analyst Flavia Bedran.  S&P expected some
debt reduction and stronger cash generation to result in debt to
EBITDA of 7.0x and funds from operations (FFO) to debt close to
10%, a scenario that S&P now expects for 2014-2015.  S&P believes
that high interest burden and the still challenging ramp-up of
Seara's production will continue to hinder cash-flow generation
and prevent faster debt reduction.  The negative outlook indicates
that given tight liquidity and covenant headroom, S&P could lower
the ratings further if cash generation does not improve in the
next few quarters.



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


A2CT2 SYSTEMATIC: Creditors' Proofs of Debt Due May 22
------------------------------------------------------
The creditors of A2CT2 Systematic Funds, SPC are required to file
their proofs of debt by May 22, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 27, 2013.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Telephone: (345) 743 7770
          Facsimile: (345) 743-6770
          Buckingham Square, 2nd Floor
          West Bay Road, PO Box 11735
          Grand Cayman KY1-1009
          Cayman Islands


ALL SEASONS: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of All Seasons Africa Multi-Strategy Ltd are
required to file their proofs of debt by May 22, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 27, 2013.

The company's liquidator is:

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


BLACK PEARL: Creditors' Proofs of Debt Due Today
------------------------------------------------
The creditors of Black Pearl Enterprises are required to file
their proofs of debt today, May 13, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2013.

The company's liquidator is:

          Vincent G Maffei Jr.
          11531 NW 27 Court
          Plantation
          Florida 33323
          U.S.A.
          Telephone: +1 (954) 445 8461


COMPASS ASSET: Creditors' Proofs of Debt Due May 22
---------------------------------------------------
The creditors of Compass Asset Management Ltd. are required to
file their proofs of debt by May 22, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 2, 2013.

The company's liquidator is:

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


FAIRFIELD ARGENIS: Shareholder to Hear Wind-Up Report on May 17
---------------------------------------------------------------
The shareholder of Fairfield Argenis SPV I, Ltd will receive on
May 17, 2013, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on March 25, 2013.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


HT2 LTD: Creditors' Proofs of Debt Due May 17
---------------------------------------------
The creditors of HT2 Ltd are required to file their proofs of debt
by May 17, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 28, 2013.

The company's liquidators are:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


IAM MINI-FUND 19: Creditors' Proofs of Debt Due May 16
------------------------------------------------------
The creditors of IAM Mini-Fund 19 Limited are required to file
their proofs of debt by May 16, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 2, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


IMPALA KINGFISHER: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Impala Kingfisher Limited are required to file
their proofs of debt today, May 13, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 26, 2013.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          c/o Clifton House, 75 Fort Street
          PO Box 1350, George Town
          Grand Cayman KY1-1108
          Cayman Islands


IMPERIAL FUND: Creditors' Proofs of Debt Due May 15
---------------------------------------------------
The creditors of Imperial Fund Limited are required to file their
proofs of debt by May 15, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 27, 2013.

The company's liquidators are:

          Hugh Dickson
          Mike Saville
          c/o Saskia Lawrence
          10 Market Street #765, Camana Bay
          Grand Cayman
          Cayman Islands, KY1 9006
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


LAVA IAM: Creditors' Proofs of Debt Due May 16
----------------------------------------------
The creditors of Lava IAM Limited are required to file their
proofs of debt by May 16, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 2, 2013.

The company's liquidator is:

          Westport Services Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          PO Box 1111 Grand Cayman KY1-1102
          Cayman Islands


LIBRA OFFSHORE: Creditors' Proofs of Debt Due May 16
----------------------------------------------------
The creditors of Libra Offshore Ltd are required to file their
proofs of debt by May 16, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 3, 2013.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


LUMAX FINANCE: Creditors' Proofs of Debt Due May 22
---------------------------------------------------
The creditors of Lumax Finance Limited are required to file their
proofs of debt by May 22, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 27, 2013.

The company's liquidator is:

          Michelle R. Bodden-Moxam
          Telephone: (345) 946 6145
          Facsimile: (345) 946 6146
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands


MUTLEY INTERNATIONAL: Creditors' Proofs of Debt Due May 22
----------------------------------------------------------
The creditors of Mutley International Ltd are required to file
their proofs of debt by May 22, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 3, 2013.

The company's liquidator is:

          David O'Connor
          c/o Rotschild Trust (Schweiz) AG
          Zollikerstrasse 181
          8034 Zurich
          Switzerland
          Telephone: +0 (0414) 4384 7280


R-ONE KAGOSHIMA: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------
The creditors of R-One Kagoshima Holdings are required to file
their proofs of debt by May 22, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 3, 2013.

The company's liquidator is:

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


R-ONE SAKAI: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of R-One Sakai Ishihara Holdings are required to
file their proofs of debt by May 22, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 3, 2013.

The company's liquidators are:

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



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


GRUPO FAMSA: S&P Revises Outlook to Positive & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook to positive
from stable and affirmed its 'B' corporate credit and senior
unsecured debt ratings on Grupo Famsa, S.A.B. de C.V. (GFamsa).

The outlook revision to "positive" from "stable" reflects S&P's
expectation that GFamsa will improve its financial risk profile
through stronger EBITDA and cash flow generation.  This also
reflects S&P's expectation that the company will maintain stable
debt levels which will also improve its liquidity even considering
GFamsa's expansion program.

"The ratings on GFamsa reflect the company's smaller scale
compared to its Mexican peers in a highly competitive retail
industry," said Standard & Poor's credit analyst Sandra Tinoco.
The ratings also reflects S&P's expectation that GFamsa will
generate negative free operating cash flow (FOCF) for the next
three years.  The offsetting factors are the company's favorable
profitability compared to its peers, funding from deposits of its
subsidiary Banco Ahorro Famsa S.A.  Institucion de Banca Multiple
(BAF; B/Stable/--) to cover most of GFamsa's shortfalls related to
its high working capital needs, and the company's favorable
geographic and client diversification in Mexico, despite its small
scale.


* MEXICO: Housing Affordability Plan May Pressure RMBS, Fitch Says
------------------------------------------------------------------
President Pena Nieto's affordable housing policies may have
negative consequences for existing private-sector RMBS sponsored
by Sofoles. This segment has already been hit with an increase in
REOs as foreclosures have risen and servicers have been slow to
dispose of existing inventories. Fitch Ratings believes the policy
changes could put further pressure on future sales of these REOs
as prospective new home buyers are lured closer to urban centers
by potential incentives. RMBS servicers will continue to compete
to unload these nonperforming assets that in many cases are
concentrated in some of the outlying areas within Mexico.

"With legal and maintenance costs rising and the sales cycle
lengthening for this segment, we may see additional pressure on
recovery rates that have already decreased over the past three
years from 70% to 50% on Fitch-rated RMBS transactions," Fitch
says.

"It remains unclear how these policies will impact existing
housing supply in the short and medium term, as many major
homebuilders continue to face financial difficulties that may curb
supply, providing potential pricing support."

President Pena Nieto's strategy on housing affordability has
focused on three main areas: better coordination on housing
policy, intelligent and sustainable urban development processes,
and growth in housing supply to cope with demand while improving
quality of life.

Many of these polices are designed to promote housing projects --
either vertically or horizontally constructed -- closer to city
centers. The new Secretaria de Desarrollo Agrario Territorial y
Urbano is the federal body supervising these changes.

For the leading Mexican homebuilders, these policy objectives will
cause a strategic shift away from building large developments of
mainly single-family homes on city peripheries. Homebuilders are
redefining their construction strategy and re-sizing in order to
manage these policies.

Infonavit (the country's main funder of construction projects)
announced it will set up a fund to promote multifamily
construction. Infonavit will pay to homebuilders 70% of the
project's value when the construction is halfway completed.
Earlier this year, the Sociedad Hipotecaria Federal (a national
development bank) announced it will provide first-loss partial
credit guarantees for up to 30% of commercial bank funding granted
to homebuilders. These measures will assist homebuilders to adapt
to the changing landscape within the country in order to mitigate
any potential disruption in housing supply.



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


CARIBBEAN AIRLINES: Expects to Break Even on London Route
---------------------------------------------------------
RJR News reports that Caribbean Airlines Limited said it expects
to break even on its London route this year.  This is earlier than
the three-year period previously anticipated when CAL launched its
Port of Spain to Gatwick route a year ago.

Caribbean Airlines Chairman Rabindra Moonan said the load factor
on the flights is close to 90 per cent, according to RJR News.

The report notes that Mr. Moonan said the transformation and
restructuring program for the airline was going well and the board
is pleased with the progress.  The airline is also looking to
increase its service from Georgetown, Guyana, to New York, the
report relates.

Meanwhile, the report relates that Trinidad's Guardian newspaper
reported that CAL employees were angry over a US$20,000 trip
granted to 19 friends of Caribbean Airlines vice-chairman Mohan
Jaikaran.

                About Caribbean Airlines

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

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

                         *     *     *

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


PETROTRIN: Impasse 'Bad for T&T,' Labor Relations Expert Says
-------------------------------------------------------------
Julien Neaves at Trinidad Express reports that Dr. Michael
Maccoby, the international expert on labour relations, said that
the industrial relations conflict at State oil company Petrotrin
was not about money but about respect and trust.

Mr. Maccoby, speaking at the HRC Associates Management Consultants
breakfast meeting "Bridging the Labour Management Divide," told
the gathering he had held discussions with stakeholders in the
Petrotrin conflict, according to Trinidad Express.

The report relates that the current impasse has reached the
Industrial Court.

Trinidad Express said Mr. Maccoby spent a day with the management
at Petrotrin, more than five hours with Oilfields Workers Trade
Union president general Ancel Roget and an hour with Labor
Minister Errol McLeod.  The report relates that Mr. Maccoby noted
that they all recognized the current situation at Petrotrin "is
bad for the company and the country and all share a sense of
common purpose that they need to work for the benefit of this
country".

Mr. Maccoby, the report relays, said he was convinced from all his
discussions that the conflict at Petrotrin was not about money but
about respect and trust.

"And I am convinced the conflict cannot be solved by the normal
types of collective bargaining but only by raising the whole level
of the relationship," the report quoted Mr. Maccoby as saying.

The report notes that New Chamber President Moonilal Lalchan said
trust was essential in labour management and it promoted goodwill.

When this trust was broken it could lead to a culture of
resentment, barriers to efficiency and reduced productivity, the
report adds.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.



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


* Continued Economic Growth to Boost Uruguay's Banking Sector
-------------------------------------------------------------
The outlook the Uruguayan banking system is stable, based on
expectations that continued economic growth and favorable labor
market conditions will sustain loan growth and banks'
profitability, says Moody's Investors Service in the report
"Banking System Outlook: Uruguay."

Moody's industry outlooks reflect the rating agency's expectations
for fundamental business conditions in the industry over the next
12 to 18 months.

"We expect that banks will continue to profit from Uruguay's
continued economic growth and its strong labor market," said Maria
Valeria Azconegui, a Moody's Assistant Vice President and author
of the report. "The outlook also incorporates our view on banks'
high liquidity and robust capitalization, which provides
sufficient buffer to absorb potential losses."

This cushion will protect Uruguayan banks against a likely modest
deterioration in asset quality following the recent expansion in
consumer loans, says Moody's. But high financial dollarization
continues to be a key issue for Uruguayan banks, despite ongoing
efforts by the Uruguayan authorities to improve this structural
weakness.

In addition, Uruguay's banks will continue to experience earnings
pressure from weak credit demand, high operating costs and the
low-interest rate environment, says Moody's.

Depositors' preference for dollar-denominated demand deposits even
at very low-yields, benefits banks' cost of funding, but suggests
an underlying lack of confidence in the domestic currency. It also
creates a significant tail risk for the banks' funding profile as
large non-resident deposits, mostly from Argentina, remain very
volatile and subject to the evolution of the political and
economic situation in this country.

Moody's central scenario forecasts Uruguay's economy to grow by
4.5% in 2013, in line with its trend growth over the past five
years, supported by strong domestic demand, low unemployment, high
commodity prices and capital inflows from foreign direct
investments in export-oriented projects.



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


* BOND PRICING: For the Week May 6 to May 10, 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.


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