TCRLA_Public/130610.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, June 10, 2013, Vol. 14, No. 113


                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: IMF Completes Tenth and Final Review


B R A Z I L

ALL-AMERICA LATINA: Contracts Rescission Neutral to Credit Quality
MARFRIG ALIMENTOS: Fitch Lowers Issuer Default Rating to 'B'
STATE OF MARANHAO: Fitch Assigns 'B' FC Short-Term Rating


C A Y M A N  I S L A N D S

CASTLE AIRCRAFT: Shareholder to Receive Wind-Up Report on June 24
DKR FUSION: Shareholder to Receive Wind-Up Report on June 18
DKR FUSION 2x: Shareholder to Receive Wind-Up Report on June 18
DKR FUSION HFT: Shareholder to Receive Wind-Up Report on June 18
DKR FUSION HOLDING: Shareholder to Hear Wind-Up Report on June 18

DKR QUANTITATIVE: Shareholder to Receive Wind-Up Report on June 18
HARMONY FUND: Shareholder to Receive Wind-Up Report on June 11
KAI YIH: Shareholder to Receive Wind-Up Report on June 19
LIQUIDMACRO MASTER: Members to Receive Wind-Up Report on June 21
NEXT GENERATION: Shareholder to Receive Wind-Up Report on June 11

OASIS PERSONNEL: Shareholder to Receive Wind-Up Report on June 21
ONCA 2007-1: Shareholder to Receive Wind-Up Report on June 20
STAN LIMITED: Shareholder to Receive Wind-Up Report on June 24
SURF'S UP: Shareholder to Receive Wind-Up Report on June 24
TEXAS DE BRAZIL: Shareholder to Receive Wind-Up Report on June 21

XLIT LTD: Fitch Affirms 'BB+' $999.5MM Ordinary Shares Rating


D O M I N I C A

* DOMINICA: Seeks US$50 Million for Infrastructure Projects


M E X I C O

SERVICIOS CORPORATIVOS: S&P Revises Outlook & Affirms 'B+' CCR


P U E R T O   R I C O

SANTANDER PR: Fitch Affirms 'BB' Preferred Stock Rating


T R I N I D A D  &  T O B A G O

HINDU CREDIT UNION: Depositors in Long Wait


X X X X X X X X

* BOND PRICING: For the Week From June 3 to 7, 2013


                            - - - - -


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


* ANTIGUA & BARBUDA: IMF Completes Tenth and Final Review
----------------------------------------------------------
The Executive Board of the International Monetary Fund completed
the tenth and final review of Antigua and Barbuda's economic
performance under a program supported by a Stand-By Arrangement
(SBA).  The completion of the review enables the immediate
disbursement of an amount equivalent to SDR 16.875 million (about
$25.4 million).

This is the last review under the SBA, which will expire on
June 6.  Owing to strong implementation by the authorities, the
Fund-supported program has been successfully completed.

The aims of the program were largely achieved despite considerable
challenges.  The fiscal deficit dropped from 18 percent of GDP in
2009 to just over 1 percent in 2012.  Fiscal adjustment and debt
restructuring have put the debt ratio on a downward path with the
debt ratio dropping from 102.5 percent of GDP in 2009 to 89
percent of GDP at the end of 2012.  Additionally, the economic
recovery is picking up speed with improvements in the tourism and
construction sectors.

Nevertheless, significant challenges remain. Much of the
adjustment under the program has come from cuts in public spending
and investment, while tax revenue targets for 2013 have been met
largely through one-off payments of back taxes.

Another risk looms in the expiration of debt relief and upcoming
payments due to foreign creditors. Further improvements in the
collection of tax revenues are necessary to allow the authorities
to meet their targets and while making needed public investment.

In particular, the elimination of tax exemptions and a broadening
of the tax base could help.

In completing the review the Executive Board approved the
authorities' request for a waiver of nonobservance of the
performance criterion on the central government budget expenditure
arrears accumulation. The waiver was granted on the basis of the
temporary and minor nature of the deviations from the program
objectives and the corrective measures undertaken by the
authorities.

After the expiration of the SBA, Antigua and Barbuda and the IMF
will continue to maintain a constructive policy dialogue.  In
accordance with Fund policy, Post Program Monitoring1 (PPM) will
now be initiated.

The 36-month SBA was approved on June 7, 2010 (see Press Release
No. 10/232) for an original amount of total access equivalent to
SDR 81 million (about US$121.9 million).

Following the Executive Board's discussion, Ms. Nemat Shafik,
Deputy Managing Director and Acting Chair, stated:
"The recovery in Antigua and Barbuda is starting to take hold,
with tourism and construction returning to pre-crisis levels.
Nevertheless, risks to the macroeconomic outlook remain, given the
dependence on imports and tourism from advanced markets, and
vulnerability to natural disasters.

"The authorities' have successfully implemented their program,
supported by a Stand-By Arrangement, under very challenging
circumstances, and the economy is now better positioned for a
robust recovery.  Fiscal consolidation and debt restructuring have
reduced the debt ratio and arrears, while structural reforms have
improved revenue administration and public financial management.
The strong first quarter fiscal performance puts public finances
in a good position to achieve 2013 targets, consistent with the
goal of reducing the debt ratio to 60 percent of GDP by 2020.

"Fiscal consolidation continues to be achieved largely through
expenditure contraction, at the expense of public investment,
jeopardizing the sustainability of further adjustment.  Contingent
liabilities and rising external financing needs in 2014 and beyond
may also require additional adjustment.  In light of these
challenges continued efforts are needed to improve revenue
administration, rationalize tax expenditures and move forward with
civil service reform.

"The resolution of Antigua and Barbuda Investment Bank (ABIB) is
now expected by end-June 2013. This will be critical for
sustaining confidence in the banking system, and will release
resources to advance reforms in banking supervision, regulation
and the consolidation of the indigenous banks.  The government has
taken important steps to operationalize the asset management
company to take over the residual assets from ABIB's resolution.

"Antigua and Barbuda will continue its close policy dialogue with
the Fund under the post-program monitoring framework."


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

ALL-AMERICA LATINA: Contracts Rescission Neutral to Credit Quality
------------------------------------------------------------------
Fitch Ratings considers neutral for the credit quality of ALL-
America Latina Logistica S.A. (ALL) and its subsidiaries the
rescission of the concession contracts of its Argentine
subsidiaries, America Latina Logistica Central S.A. e America
Logistica Mesopotamica S.A. (ALL Argentina).

ALL Argentina's operations have not had a positive impact upon
ALL's consolidated credit profile. In 2012, the Argentine
operations corresponded to 6.5% of pro-forma net revenues and
adjusted EBITDA was a negative BRL4.1 million. ALL has been making
maintenance CAPEX of BRL50 million in these operations. Fitch
considers that ALL will not pay large cash contingencies for these
concessions to the Argentine regulatory authority.

As a consequence of this event, the contracts for ALL's 5th and
6th debenture issuances could have had an accelerated maturity. To
prevent this from occurring, the company has tended for a
repurchase of the debentures. As of March 31, 2013, the
outstanding balance of these debentures was about BRL180 million.
ALL has the financial ability to repurchase these debentures given
its robust liquidity. On March 31, 2013, consolidated cash and
marketable securities totaled BRL2.3 billion, while its total
adjusted debt was BRL10.7 billion. For the LTM ended March 31,
2013, ALL EBITDAR was BRL1.8 billion.

Fitch rates ALL and subsidiaries as follows:

ALL:
-- Foreign and Local Currency Long-Term IDRs (Issuer Default
   Ratings) 'BB-';
-- National Long-Term Rating 'A(bra)';
-- National Long-Term Rating of the 5th debenture issue 'A(bra)';
-- National Long-Term Rating of the 6th debenture issue 'A(bra)';
-- National Long-Term Rating of the 8th debenture issue 'A(bra)';
-- National Long-Term Rating of the 9th debenture issue 'A(bra)';
-- National Long-Term Rating of the 10th debenture issue 'A(bra)'.

ALL - America Latina Logistica Malha Sul S.A. (ALL Malha Sul):
-- National Long-Term Rating 'A(bra)';
-- National Long-Term Rating of the 3rd debenture issue 'A(bra)'.

ALL - America Latina Logistica Malha Norte S.A. (ALL Malha Norte):
-- National Long-Term Rating 'A(bra)';
-- National Long-Term Rating of the 6th debenture issue 'A(bra)';
-- National Long-Term Rating of the 8th debenture issue 'A(bra)'.

ALL - America Latina Logistica Malha Paulista S.A. (ALL Malha
Paulista):
-- National Long-Term Rating 'A(bra)';
-- National Long-Term Rating of the 1st debenture issue 'A(bra)'.

The Rating Outlook for the corporate ratings is Stable.


MARFRIG ALIMENTOS: Fitch Lowers Issuer Default Rating to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded to 'B' from 'B+' all international
scale ratings of Marfrig Alimentos S.A. (Marfrig) and its
subsidiaries. Concurrently Fitch has downgraded Marfrig's national
scale rating to 'BBB(bra)' from 'BBB+(bra)', as well as its
debentures due in 2015. Fitch has also placed the ratings for
Marfrig and its subsidiaries on Rating Watch Negative.

The downgrades reflect Marfrig's weak operating performance and
negative free cash flow generation that resulted in increased debt
since the end of 2011. The ratings build in the expectation that
Marfrig will sell assets during 2013 to lower leverage. The size
and timing of these sales will determine the status of the Rating
Watch Negative.

KEY RATING DRIVERS

Weak Operating Results Have Increased Leverage

Marfrig's EBITDA increased to BRL2.0 billion in 2012 from BRL1.8
billion during 2011. Despite EBITDA growth, working capital needs
were high due to rising grain costs and costs associated with the
integration of assets received from BRF S.A.'s (BRF) in an asset
swap. Consequently, the company's cash flow from operations
declined to BRL 111 million from BRL 768 million in 2011. With
capex at BRL870 million and dividends of BRL15 million, Marfrig's
free cash flow was negative BRL775 million in 2012. This compares
unfavorably with the company's negative free cash flow of BRL 175
million in 2011.

To bolster liquidity Marfrig issued BRL1.05 billion of equity
during December 2012 and a USD600 million note in January 2013.
Marfrig's operational challenges of lowering its costs and
integrating the assets received from BRF continued during the
first quarter of 2013, as the company's cash flow from operations
was a negative BRL179 million. Fitch expects the second quarterly
to be equally, if not more difficult, and the company to continue
burning cash through the end of 2013. As a result of the
aforementioned, Marfrig's ended March 31, 2013 with BRL13.6
billion of total debt and BRL3.2 billion of cash. The company's
total net debt to EBITDA ratio was 5.1x as of March 31, 2013, an
increase from 4.3x as of Dec. 31, 2013.

Asset Sales Likely in 2013

The 'B' and 'BBB (bra)' ratings reflect Fitch's expectation that
Marfrig will sell assets during 2013 but that its capital
structure will remain highly leveraged relative to its cash flow.
The asset sales are essential for maintaining Marfrig's liquidity
and avoiding acceleration of USD 2.2 billion of public debt that
could be precipitated by a breach of financial covenants. At the
end of the first quarter, the company announced that it had
targeted gross debt reduction by up to BRL2.0 billion by the end
of 2013.

At the end of March 31, 2013, the test of Marfrig's most
restrictive financial covenant of net debt to EBITDA stood at
4.4x. The maximum allowed level is 4.75x. With the expected
deterioration of operating results during the second quarter of
2013, this covenant's test is expected to approach or even exceed
its maximum level as early as June 30, 2013. The Negative Rating
Watch reflects Marfrig's tightening liquidity and proximity to
covenants violation.

Business Portfolio Will Change

Marfrig's 'B' and 'BBB (bra)' ratings are supported by the quality
of the company's business portfolio, which includes strong
performers such as Key Stone, Moy Park in the UK and its beef
business in Brazil. The company acquired some of those assets in a
series of acquisitions that resulted in both product and
geographic diversification which is positive for the ratings, but
also led to highly levered capital structure. Marfrig is in the
process of selling some assets. Fitch believes some of these
assets will be sold in 2013 to meet the company's deleveraging
goals. The presence of BNDESPAR as a shareholder of 19.63% of
Marfrig's equity provides additional support for this company that
operates in a strategic sector for the Brazilian economy.

Ultimately, Marfrig's ability to maintain a sustainable capital
structure will depend on its ability to start generating positive
free cash flow, which in turn hinges upon the company's success in
executing its strategy to realign business priorities, cut down
cost, improve logistics, and establish itself as a viable niche
player in the branded food segment.

Marfrig's branded food portfolio grew in importance with the
acquisition of Seara a few years ago. This segment's contribution
increased substantially in the middle of 2012 with the acquisition
of some of BRF's lower tiered brands, production and logistics
assets. Marfrig's Seara brand is positioned in the second and
third-tier of the industrialized food products, trading at 10 -
15% to leading competitors in Brazil. The company aspires to
reduce this price gap, which, in Fitch's opinion, would require
redefining Seara's brand strategy. Additional investments would
also be needed to allow Marfrig to benefit from the market
opportunity created by the CADE ruling of last year that led to
the suspension of product categories of BRF's Perdigao brand. The
company's financial and operational challenges could prevent them
from capturing this opportunity.

RATING SENSITIVITIES

Capital injections and or asset sales for debt reduction are
expected to be of a magnitude consistent with a capital structure
of 'B' and 'BBB (bra)'. Sales less than forecast by Fitch could
result in a downgrade. A delay in these sales, which leads to a
covenant breach, could also lead to negative rating actions.

An upgrade of Marfrig's ratings is unlikely in the near future
considering the challenges the company continues to face
financially and operationally. The company's capital structure is
expected to continue to be highly leveraged after asset sales. In
addition, asset sales could limit the company's product and
geographic diversification, which could also be a constraining
factor on future rating actions.

Fitch downgrades the following as indicated:

Marfrig Alimentos S.A.
-- Local currency IDR to 'B' from 'B+';
-- Foreign currency IDR to 'B' from 'B+';
-- National scale rating to 'BBB'(bra) from 'BBB+(bra)';
-- BRL 300 million 3rd debentures issue (1st tranche) to
   'BBB'(bra) from 'BBB+(bra)';
-- BRL 300 million 3rd debentures issue (2nd tranche) to
   'BBB'(bra) from 'BBB+(bra)'.

Marfrig Overseas Ltd
-- Foreign currency IDR to 'B' from 'B+';
-- US$375 million senior unsecured notes due 2016 to 'B/RR4'
   from 'B+/RR4';
-- US$500 million senior unsecured notes due 2020 to 'B/RR4'
   from 'B+/RR4'.

Marfrig Holdings (Europe) B.V.
-- Foreign currency IDR to 'B' from 'B+';
-- US$600 million senior unsecured notes due 2017 to 'B/RR4'
   from 'B+/RR4'.
-- US$750 million senior unsecured notes due 2018 to 'B/RR4'
   from 'B+/RR4'.

The ratings are informed by 'Fitch Parent and Subsidiary Linkage
Criteria'.


STATE OF MARANHAO: Fitch Assigns 'B' FC Short-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned the following ratings for the State of
Maranhao:

-- Foreign currency long-term rating 'BB+'; Stable Outlook;
-- Foreign currency short-term rating 'B';
-- Local currency long-term rating 'BB+'; Stable Outlook;
-- Local currency short-term rating 'B';
-- National long-term rating 'AA-(bra)'; Stable Outlook;
-- National short-term rating 'F1+(bra)'.

KEY RATING DRIVERS

The State of Maranhao's ratings are based on its sound fiscal
budgetary performance, moderate debt level and their modest
economic base contra balanced by federal transfers, which
represents an important revenue source, accounting more than 58%
of operating revenues.

Maranhao is the fourth-largest state in Brazil's Northeast region
and the 16th-largest of Brazil's 26 states. Maranhao GDP accounted
for only 1.2% of Brazilian GDP in 2012. Also supporting the rating
is Maranhao's financial flexibility, which results from the fact
that the federal government is its most important creditor of its
debt.

Maranhao's operating balance averaged 17.2% annually over the last
five years. The state exhibits below-average tax autonomy; in
2012, proprietary revenues accounted for only 39.9% of total
revenues despite above-average operating margin of 15.1%. Fitch
believes that operating margins should diminish in upcoming
periods, neighbouring to 10%, considering the high social demands.
The ability of control expenses coupled with margin sustainability
is one of the main triggers of the rating.

The state presents below average social indicators when compared
with the states average in the South and Southeast regions.
Maranhao scores lower in sewage coverage (11.5% versus 57.1%),
water supply (67.5% versus 87.2%), and trash collection (66.1%
versus 92.6%), denoting the need for relevant investments.
Moreover, only 6.3% of the population aged 18-24 is enrolled in
universities, compared with 17.3% in the South and Southeast
regions, and this partially explains Maranhao's shortage of highly
skilled workforce.

The state has implemented a broad investment plan on key areas
called 'Viva Maranhao' involving BRL3.8 billion of investment in
total until 2016, financed by the BNDES and Proinveste through
long term agreements. In addition, out of BRL278 billion in
private investments in the northeast region expected until 2016,
Maranhao hosts roughly 40% of total, or BRL112.3 billion.
Nevertheless, the pace of these investments has been slow given
that the majority has not yet been concluded to date, mainly as a
result of bottlenecks in logistics and workforce shortage. Once
completed, these investments can translate into higher tax
collections thus improving Maranhao's tax autonomy.

Maranhao holds a low debt burden. Financial debt represented 1.8
years of current balance in 2012 And external debt is currently
negligible the expectation of its increased in the near term.
Fitch recognizes that the state has not yet implemented a cap on
maximum debt denominated in foreign currency, and this constitutes
a potential threat to its future budgetary performance, since the
state does not have revenues linked to the U.S. dollar.

Maranhao's pension plans are managed by Fundo Estadual de Pensao e
Aposentadoria (FEPA). In 2012, pension-related expenditures
trended higher to BRL885 million, or 10.1% of operating
expenditures. The state includes shortfalls into its budgetary
planning. The estimated actuarial deficit is BRL16.9 billion,
which is lower when compared to other states in the region and
must be funded in 70 years. This can result in increased pressure
on personal expenditures after 2015.

RATING SENSITIVITIES - INTERNATIONAL AND NATIONAL RATINGS

Though not a likelihood in the short term, Fitch would positively
review the ratings should Maranhao be able to increase its
economic importance nationwide and tax autonomy to levels
comparable with the South and Southern states of Brazil. A
downgrade would be warranted if operating margins fall below 10%.


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


CASTLE AIRCRAFT: Shareholder to Receive Wind-Up Report on June 24
-----------------------------------------------------------------
The shareholder of Castle Aircraft Finance (No.1) Limited will
receive on June 24, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


DKR FUSION: Shareholder to Receive Wind-Up Report on June 18
------------------------------------------------------------
The shareholder of DKR Fusion Quantitative Strategies Fund Ltd.
will receive on June 18, 2013, at 9:45 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DKR FUSION 2x: Shareholder to Receive Wind-Up Report on June 18
---------------------------------------------------------------
The shareholder of DKR Fusion Quantitative Strategies 2x Fund Ltd.
will receive on June 18, 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:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DKR FUSION HFT: Shareholder to Receive Wind-Up Report on June 18
----------------------------------------------------------------
The shareholder of DKR Fusion HFT Ltd. will receive on June 18,
2013, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DKR FUSION HOLDING: Shareholder to Hear Wind-Up Report on June 18
-----------------------------------------------------------------
The shareholder of DKR Fusion Quantitative Strategies Holding Fund
Ltd. will receive on June 18, 2013, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DKR QUANTITATIVE: Shareholder to Receive Wind-Up Report on June 18
------------------------------------------------------------------
The shareholder of DKR Quantitative Strategies 2X Holding Fund Ltd
will receive on June 18, 2013, at 10:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


HARMONY FUND: Shareholder to Receive Wind-Up Report on June 11
--------------------------------------------------------------
The shareholder of Harmony Fund SPC will receive on June 11, 2013,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


KAI YIH: Shareholder to Receive Wind-Up Report on June 19
---------------------------------------------------------
The shareholder of Kai Yih Holding Corporation will receive on
June 19, 2013, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wu, Yung-Hsiang (Crispin Wu)
          No. 98, Sec. 2, Anhe Rd.
          Annan Dist., Taiwan city 709
          Taiwan (R.O.C.)
          Telephone: +886 (6) 3560 511
          Facsimile: +886 (6) 3566 055


LIQUIDMACRO MASTER: Members to Receive Wind-Up Report on June 21
----------------------------------------------------------------
The members of Liquidmacro Master Fund, Ltd. will receive on
June 21, 2013, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


NEXT GENERATION: Shareholder to Receive Wind-Up Report on June 11
-----------------------------------------------------------------
The shareholder of Next Generation Investments SPC will receive on
June 11, 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:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


OASIS PERSONNEL: Shareholder to Receive Wind-Up Report on June 21
-----------------------------------------------------------------
The shareholder of Oasis Personnel Limited will receive on
June 21, 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) 943 3100


ONCA 2007-1: Shareholder to Receive Wind-Up Report on June 20
-------------------------------------------------------------
The shareholder of Onca 2007-1 Ltd will receive on June 20, 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:

          Rob Mcmahon
          c/o Robert Crockett
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          PO Box 510 Grand Cayman
          Cayman Islands KY1 -1106
          Telephone +1 (345) 814 8986


STAN LIMITED: Shareholder to Receive Wind-Up Report on June 24
--------------------------------------------------------------
The shareholder of Stan Limited will receive on June 24, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SURF'S UP: Shareholder to Receive Wind-Up Report on June 24
-----------------------------------------------------------
The shareholder of Surf's Up Ltd will receive on June 24, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TEXAS DE BRAZIL: Shareholder to Receive Wind-Up Report on June 21
-----------------------------------------------------------------
The shareholder of Texas De Brazil International Inc. will receive
on June 21, 2013, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 1350 Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


XLIT LTD: Fitch Affirms 'BB+' $999.5MM Ordinary Shares Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of XLIT Ltd. (XL, a Cayman
Islands subsidiary of XL Group plc) and its property/casualty
(re)insurance subsidiaries, including the Issuer Default Rating
(IDR) for XL at 'BBB+', and the Insurer Financial Strength (IFS)
rating of its core operating companies at 'A'.  The Rating Outlook
has been revised to Positive from Stable.

KEY RATING DRIVERS

The Outlook revision to Positive reflects XL's favorable recent
net earnings from improving calendar year and run-rate accident
year underwriting results, particularly in the company's insurance
segment, as well as improving operating earnings-based interest
and preferred dividend coverage. The ratings also continue to
reflect the company's solid capitalization, reasonable financial
leverage and large diversified market position in both insurance
and reinsurance lines, as well as anticipated challenges in the
overall competitive but generally improving property/casualty
market rate environment.

XL posted net earnings totaling $1 billion in 2012 and through the
first three months of 2013, as results have benefited from more
modest catastrophe losses. This result is improved from a net loss
of $475 million for full-year 2011, which included $761 million of
catastrophe losses from several significant international
catastrophe events. Full-year 2011 results also included a fourth-
quarter $429 million goodwill impairment charge in the insurance
segment.

XL's core property/casualty operations posted a very favorable
first quarter 2013 GAAP combined ratio of 87.7%, which included
minimal catastrophe losses (0.3 points). This underwriting
performance compares favorably to96.3% and 107.5% for full years
2012 and 2011, respectively, which included 8.0 points (6.2 points
from Hurricane Sandy) and 14.3 points for catastrophe losses,
respectively.

Excluding the impact of catastrophes and favorable reserve
development, XL's underlying accident year combined ratio has
exhibited considerable improvement in recent periods to 89.5% in
the first quarter of 2013 and 93.7% in full year 2012. This result
is down from 98.5% for full year 2011, primarily driven by reduced
large property loss activity and business mix changes.

XL's insurance segment, in particular, has demonstrated meaningful
improvement, with an accident year combined ratio excluding
catastrophes of 93.5% in the first quarter of 2013, compared to
98.5% in full year 2012 and a sizable 104.2% in 2011. This
favorable performance is due in part to underwriting actions taken
by the company over the last several years to improve the margins
in its poorer performing challenged insurance businesses.

XL's operating earnings-based interest and preferred dividend
coverage has been weak in recent years, averaging a low 3.0x from
2008 - 2012. However, earnings coverage has improved to more
historic levels in 2012 at 4.3x and through the first three months
of 2013 at 6.2x, with more normal catastrophe losses and overall
reduced interest costs. This increase in coverage follows negative
coverage in 2011 due to the sizable catastrophe losses.

XL continues to maintain a reasonable financial leverage ratio
(adjusted for equity credit and excluding unrealized net
gains/losses on fixed maturities) of 13.1% at March 31, 2013 and
13.2% at Dec. 31, 2012, with debt plus preferred equity to total
capital of 22.4% at March 31, 2013, compared to 22.3% at Dec. 31,
2012. XL's capital position has remained stable thus far in 2013,
with shareholders' equity of $11.8 billion at March 31, 2013, down
slightly from $11.9 billion at Dec. 31, 2012, as solid net income
was offset by share buybacks and net unrealized investment losses.

RATING SENSITIVITIES

The key rating triggers that could result in an upgrade include
consistent favorable underwriting profitability with combined
ratios of 98% or better, overall flat to favorable loss reserve
development, financial leverage ratio maintained below 20%, run-
rate operating earnings-based interest and preferred dividend
coverage of 7x, and continued strong capitalization of the
insurance subsidiaries.

The key rating triggers that could result in a downgrade include
significant charges for reserves, investments, or runoff business
that affect equity and the capitalization of the insurance
subsidiaries, financial leverage ratio maintained above 25% or
debt plus preferred equity to total capital above 30%, and future
earnings that are significantly below industry levels.

Fitch affirms the following ratings with a Positive Outlook:
XLIT Ltd.

-- IDR at 'BBB+';
-- $600 million 5.25% senior notes due 2014 at 'BBB';
-- $400 million 5.75% senior notes due 2021 at 'BBB';
-- $350 million 6.375% senior notes due 2024 at 'BBB';
-- $325 million 6.25% senior notes due 2027 at 'BBB';
-- $345 million series D preference ordinary shares at 'BB+';
-- $999.5 million series E preference ordinary shares at 'BB+'.

Fitch has also affirmed at 'A' the IFS ratings of the following XL
(re)insurance subsidiaries with a Positive Outlook:

-- XL Insurance (Bermuda) Ltd;
-- XL Re Ltd;
-- XL Insurance Switzerland Ltd;
-- XL Re Latin America Ltd;
-- XL Insurance Company Limited;
-- XL Insurance America, Inc.;
-- XL Reinsurance America Inc.;
-- XL Re Europe plc;
-- XL Insurance Company of New York, Inc.;
-- XL Specialty Insurance Company;
-- Indian Harbor Insurance Company;
-- Greenwich Insurance Company;
-- XL Select Insurance Company.

Fitch has withdrawn the following rating as the entity no longer
exists:

XL Capital Finance (Europe) plc
-- IDR at 'BBB+'.


===============
D O M I N I C A
===============


* DOMINICA: Seeks US$50 Million for Infrastructure Projects
-----------------------------------------------------------
Caribbean360.com reports the Dominica government says it will
approach a number of international financial institutions
including the World Bank to finance construction of new roadways,
river defenses, bridges and retaining walls along the east coast
of the island.

"We are going to be contracting a loan from the World Bank, we
have not confirmed it yet but we are looking at it of a very huge
sum to address the issues on the east coast," Prime Minister
Roosevelt Skerrit said.

"We have gotten a grant from the European Union to put with that
and we are also looking at a third source to ensure that we can
address the situation of the entire east coast of Dominica," the
report quoted Mr. Skerrit as saying.

The report notes that the government said it is seeking at least
US$50 million for the projects and Mr. Skerrit said the island had
developed a reputation for a being a model country in its quick
responses to natural disasters.

But Mr. Skerrit said the global economic crisis is causing
problems for  many countries including donors and that it is
important for Dominica to do all it can to minimize the impact of
natural disasters.

"One has to recognize that we are operating in a very difficult
global economic and fiscal period and therefore whatever we can do
to minimize on the damage done by disasters we all have a moral
obligation to do that because we are spending a lot of money to
respond to disasters," Mr. Skerrit added, the report relays.


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


SERVICIOS CORPORATIVOS: S&P Revises Outlook & Affirms 'B+' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Servicios Corporativos Javer, S.A.P.I. de C.V. (Javer) to stable
from positive.  At the same time, S&P affirmed its 'B+' corporate
credit and issue ratings on the company.  S&P's recovery rating on
the company's $320 million senior unsecured notes remains at '4'.

The outlook revision follows Javer's termination of agreement with
Empresas ICA S.A.B. de C.V.'s ViveIca to combine their housing
businesses.  The termination follows both parties' inability to
reach an agreement on the conditions for closing the transaction.

S&P's ratings on Javer reflect its "aggressive" financial risk
profile and its "weak" business risk profile.  The termination of
the agreement will slow down the pace at which Javer will be able
to increase its scale and further improve its competitive
position.  S&P believes Javer's business risk profile will remain
limited by its geographic concentration in the intermediate term.
Although Javer has been focused on reducing this concentration in
the state of Nuevo Leon, its major market, it still lacks a
nationwide presence.  S&P expects Javer to increase its scale
while the biggest players are currently ailing from industry woes.
S&P expects Javer to explore these opportunities under a
conservative approach to avoid jeopardizing its financial
position.


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


SANTANDER PR: Fitch Affirms 'BB' Preferred Stock Rating
-------------------------------------------------------
Fitch Ratings has affirmed the long- and short-term Issuer Default
Ratings (IDRs) of Santander Bancorp (SBP) at 'BBB/F2'. The rating
action was a result of Fitch's affirmation of the long-term IDR of
SBP's parent company, Banco Santander, on May 23, 2013. The Rating
Outlook for SBP is Negative, which is in line with Banco
Santander's Outlook, which remains Negative (see the press release
titled 'Fitch Affirms Santander's BBVA's and CaixaBank's Ratings',
dated May 23, 2013) reflecting the close correlation between the
bank and the sovereign credit risk of Spain (rated L/T IDR BBB,
Outlook Negative, by Fitch).

KEY RATING DRIVERS - VRS, IDRS AND SENIOR DEBT
Fitch affirmed SBP's standalone rating, the Viability Rating (VR),
at 'bb+'. The affirmation is supported by the company's sound
operating performance and solid capital position while operating
in the challenging Puerto Rican market. Similarly to local peers,
asset quality has been a challenge given the weak macro
environment in Puerto Rico as evidenced by high unemployment of
13.7% and continued negative Gross National Product (GNP).

Although Fitch is concerned with SBP's elevated levels of non-
performing assets (NPAs), which includes restructured loans, at
6.77% for the first quarter of 2013 (1Q'13), it compares well to
local peers with an average nonperforming asset (NPA) of 12.22% at
1Q'13. SBP's loan portfolio exhibits better credit performance due
to more conservative underwriting and overall risk management
practices (including a relatively low concentration in
construction lending). Additionally, the company continues to
build its capital base improving its tangible common equity ratio
to 9.62% for 1Q'13 compared to 8.48% for 1Q'12 attributed to
internal capital generation.

RATING SENSITIVITIES -VR, IDRS AND SENIOR DEBT
Fitch believes there is limited upside to SBP's VR given the
concentration in its loan book by product and geography and
relatively small franchise. The VR could be negatively affected if
loan portfolio quality deteriorates, particularly if significant
operating losses emerge and the company's capital position is
eroded.

SBP's IDRs are correlated to Banco Santander's, therefore, changes
in Banco Santander's IDRs result in changes to SBP's. SBP's IDRs
would be negatively affected if the parent bank's ratings are
downgraded or Fitch's view of support changes.

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING
The Support Rating is '2', which reflects Fitch's view that there
is still a high probability of support for SBP by its parent in
the event of need.

Fitch considers SBP to be strategically important to, but not a
core subsidiary of Banco Santander. This is reflected in the
support-driven IDR, which is notched one notch below the parent
company's IDRs at 'BBB'. Since SBP's support reflects
institutional support, no support rating floor is assigned. In the
event Fitch's views of support changes, its support rating could
be downgraded.

KEY RATING DRIVERS AND SENSITIVITIES - HOLDING COMPANY
SBP's IDR and VR are equalized with those of Banco Santander
Puerto Rico, reflecting its role as the bank holding company,
which is mandated in the U.S. to act as a source of strength for
its bank subsidiaries. Should SBP's holding company begin to
exhibit signs of weakness, or have inadequate cash flow coverage
to meet near-term obligations, there is the potential that Fitch
could notch the holding company IDR and VR from the ratings of the
bank subsidiary.

SBP is the third largest bank in Puerto Rico by deposits with
approximately a 12% share. SBP offers banking and other financial
services through its subsidiaries, Banco Santander Puerto Rico,
Santander Financial Services, Santander Securities Corporation
among other smaller subsidiaries. SBP is wholly owned by Banco
Santander following the completion of a tender offer for remaining
publicly owned shares in 2010.

Fitch has taken the following rating actions:

Santander Bancorp
-- Long-term IDR affirmed at 'BBB'; Outlook Negative;
-- Short-term IDR affirmed at 'F2';
-- Viability Rating affirmed at 'bb+';
-- Support Rating affirmed at '2';
-- Subordinated debt affirmed at 'BBB-'.

Banco Santander Puerto Rico
-- Long-term IDR affirmed at 'BBB'; Outlook Negative;
-- Short-term IDR affirmed at 'F2';
-- Viability Rating affirmed at 'bb+';
-- Support Rating affirmed at '2';
-- Long-term deposit rating affirmed at 'BBB+';
-- Short-term deposit rating affirmed at 'F2'.

Santander PR Capital Trust I
-- Preferred stock affirmed at 'BB'.


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


HINDU CREDIT UNION: Depositors in Long Wait
-------------------------------------------
Trinidad and Tobago Newsday reports that Hindu Credit Union Co-
Operative Society Limited (HCU) Depositors and Shareholders
Chairman, Leslie Dookie, said depositors in HCU with investments
of over $75,000 are still awaiting payments.

Mr. Dookie indicated that a total of 3,000 persons who had such
investments in the credit union were yet to receive payments
promised them by the Ministry of Finance, according to Trinidad
and Tobago Newsday.

The report relates that Mr. Dookie however, said many of the
118,000 to 200,000 HCU depositors with investments under $75,000
have received their payments.  Mr. Dookie said while packages were
distributed to those depositors last year, the procedure whereby
the information in the package was being processed too slow, the
report notes.

The report says that Mr. Dookie noted in contrast that Clico
depositors with investments over $75,000 have already started
receiving their payments.  Mr. Dookie said the group has written
to the Finance Ministry on several occasions to express its
concerns, but is yet to receive a response, the report relays.

In a release dated Nov. 14, 2012, the ministry announced the
processing of payments to HCU depositors with investments of over
$75,000 would begin "during the week of Nov. 19, 2012," the report
says.  The ministry said this was in-keeping with Howai's 2013
Budget statement in the House of Representatives, the report
discloses.

The report notes that the release indicated "a brief delay was
experienced from the original date of Nov. 1, 2012 but this was to
ensure that all of the procedural systems were in place for the
payouts, and to minimize any difficulties."

The report relates that the process involved the Liquidator
dispatching packages to each depositor.  The packages included the
details of the process involved in paying each depositor, the
report adds.

                             About HCU

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Trinidad Express said that former Hindu
Credit Union President Harry Harnarine said that the Trinidad and
Tobago government is "fooling" depositors and shareholders with
its "Offer of Relief" and any attempt at payments would be
prevented by legal complications.  Trinidad Express related that
Mr. Harnarine also pointed out that the clause in the Offer of
Relief was for credit union members to transfer their rights to
the government.  Mr. Harnarine, Trinidad Express relayed, argued
that members would be in contempt of court if they gave up their
rights, as a credit union share was vested in the society, and
this would be blocked by the State Solicitor and attorneys.

The failed credit union was put into liquidation by the government
in 2009.  The High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


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


* BOND PRICING: For the Week From June 3 to 7, 2013
---------------------------------------------------

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

ARGENTINA
---------

Argentine International Bond   7.82   12/31/2033    EUR      58.15
Argentine International Bond   7.82   12/31/2033    EUR      57.65
Venezuela International Bond   7       3/31/2038    USD      71.25
Cia Energetica de Sao Paulo    9.75    1/15/2015    BRL      72.5
Petroleos de Venezuela SA      5.5     4/12/2037    USD      60.5
Gol Finance                    8.75                 USD      76.5
Argentine International Bond   8.28   12/31/2033    USD      56
Renhe Commercial Holdings
Co Ltd                         11.75   5/18/2015    USD      66
Renhe Commercial Holdings
Co Ltd                         13      3/10/2016    USD      60
Provincia de Buenos
Aires/Argentina                10.87   1/26/2021    USD      69.92
EDENOR                          9.75   10/25/2022   USD      52
Banco Bonsucesso SA             9.25   11/3/2020    USD      73
Emerald Plantation
Holdings Ltd                    6       1/30/2020   USD      67.5
Bank Austria Creditanstalt
Finance Cayman Ltd              1.61                EUR      49.88
Capex SA                       10       3/10/2018   USD      74
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
CLISA                           9.5    12/15/2016   USD      61.5
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.33
Banco Macro SA                  9.75   12/18/2036   USD      72.7
BES Finance Ltd                 5.58                         69.67
Bank Austria Creditanstalt
Finance Cayman Ltd 2            1.83                EUR      48
Provincia de Buenos
Aires/Argentina                 9.62    4/18/2028   USD      63.28
Argentine International Bond    8.28   12/31/2033   USD      62.13
Sifco SA                       11.5     6/6/2016    USD      57.68
Transer S.                      8.87   12/15/2016   USD      52.5
Renhe Commercial
Holdings Co Ltd                13       3/10/2016   USD      61.13

JinkoSolar Holding
Co Ltd                          4       5/15/2016   USD      58.62
ESFG International Ltd          5.753               EUR      57.48
Provincia de Mendoza
Argentina                       5.5     9/4/2018    USD      74.28
BCP Finance Co Ltd              4.2                 EUR      45.17
Transer S.A                     9.75   8/15/2021    USD      48
Argentine International
Bond                            8.28  12/31/2033    USD      58.13
BCP Finance Co Ltd              5.54                EUR      45
Edenor                         10.5    10/9/2017    USD      51.25
Argentine International
Bond                            1.18   12/31/2038   ARS      45.72
BES Finance Ltd                 3.03                EUR      74.25
MetroGas SA                     8.87   12/31/2018   USD      68.63
Argentina Bocon                        23/15/2014   ARS      38.45
Edenor                          9.75   10/25/2022   USD      49.13
Argentine International
Bond                            7.82   12/31/2033   EUR      45
Transer S.A                     9.75    8/15/2021   USD      46
Banco Finantia
International Ltd               2.45    7/26/2017   EUR      44.05
BES Finance Ltd                 4.5                 EUR      61.5
Punch Taverns Finance
B Ltd                           6.9     6/30/2028   GBP      62.13
Argentine International Bond    4.3    12/31/2033   JPY      36
Bolivarian Republic
of Venezuela                    7       3/31/2038   USD      69.19
Provincia de Buenos
Aires/Argentina                10.8     1/26/2021   USD      70.25
Argentine International Bond    4.3    12/31/2033   JPY      36.5
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
Argentine International Bond    8.28   12/31/2033   USD      58.13
Renhe Commercial
Holdings Co Ltd                11.75    5/18/2015   USD      66.38
Puerto Rico Conservation        6.5     4/1/2016    USD      67.61
Capex SA                       10       3/10/2018   USD      71.75
Argentine International
Bond                            9      11/29/2018   USD      74
City of Buenos
Aires Argentina                 3.98    3/15/2018   USD      68.75
Caixa Geral De
Depositos Finance               1.01                EUR      35.45
Banco Macro SA                  9.75   12/18/2036   USD      71
Gol Finance                     8.75                USD      73.13
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.5
ERB Hellas Cayman
Islands Ltd                     9        3/8/2019   EUR      26.38
MetroGas SA                     8.87    12/31/2018  USD      71.25
Argentine International Bond    8.28    12/31/2033  USD      57.75
Banif Finance Ltd               1.58                EUR      44
Argentine International Bond    0.45    12/31/2038  JPY       8
Banco BPI SA/Cayman Islands     4.15    11/14/2035  EUR      53.5
Provincia de Buenos
Aires/Argentina                 9.62     4/18/2028  USD      63.25
Almendral Telecomunicaciones
SA                              3.51     2/15/2014  CLP      44.24
Banco Bonsucesso SA             9.25    11/3/2020   USD      70.75
Banco Macro SA                  9.75    12/18/2036  USD      71
Provincia del Chaco             4       11/4/2023   USD      54
BCP Finance Bank Ltd            5.0     13/31/2024  EUR      72.63
Formosa Province of Argentina   5        2/27/2022  USD      61.63
CAM Global Finance              6.08    12/22/2030  EUR      69.63
Cia Sud Americana
de Vapores SA                   6.4     10/1/2022   CLP      69.99
Aguas Andinas SA                4.15    12/1/2026   CLP      72.27
Provincia del Chaco             4       12/4/2026   USD      25.88
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP      66.57
Cia Cervecerias Unidas SA       4       12/1/2024   CLP      58.32
Provincia de Mendoza Argentina  5.5      9/4/2018   USD      74.13
Petroleos de Venezuela SA       5.37     4/12/2027  USD      64.15
Quinenco SA                     3.5      7/21/2013  CLP      12.87
Metro S.A.                      5.5      7/15/2027  CLP       3.0


                            ***********


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 * * *