TCRLA_Public/130614.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

           Friday, June 14, 2013, Vol. 14, No. 117


                            Headlines



B R A Z I L

BANCO RURAL: Moody's Lowers Deposit Ratings One Notch to Caa1
DESARROLLADORA HOMEX: Didn't Pay Bond Coupon, To Use Grace Period
DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'C'
JBS SA: Fitch Puts 'BB-' Issuer Default Rating on Negative Watch


C A Y M A N  I S L A N D S

AL RAJHI: Shareholder to Hear Wind-Up Report on July 5
ARBROK FUND: Shareholders' Final Meeting Set for June 25
[REDACTED -- July 3, 2014]
CCB INTERNATIONAL: Members' Final Meeting Set for June 22
FREIGHTER KING: Members' Final Meeting Set for July 8

GALIAM FUND: Shareholder to Hear Wind-Up Report on July 5
GULFMENA MASTER: Members' Final Meeting Set for July 5
GULFMENA OPPORTUNITIES: Members' Final Meeting Set for July 5
MATTER FUND: Members' Final Meeting Set for June 25
POINT RACE: Creditors' Proofs of Debt Due June 24

TAIT ASIA: Members' Final Meeting Set for July 3
TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21
TELEOS MASTER: Member to Hear Wind-Up Report on June 21
THREADNEEDLE INSTITUTIONAL: Members' Final Meeting Set for June 28
THREE KINGDOMS: Shareholder to Hear Wind-Up Report on July 5


J A M A I C A

DIGICEL GROUP: Extends Contract With WICB Until 2016


P U E R T O   R I C O

ALCO CORP: PR Asset Portfolio Buys Banco Popular Claim


V I R G I N   I S L A N D S

CCT GLOBAL: Over a Dozen Workers Abruptly Terminated


X X X X X X X X

* Moody's Notes Continuing Rise of Sovereign Defaults


                            - - - - -


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


BANCO RURAL: Moody's Lowers Deposit Ratings One Notch to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded to E, from E+, the bank
financial strength rating assigned to Banco Rural S.A. and lowered
its unsupported baseline credit assessment to caa1, from b3.

Moody's also downgraded Rural's long-term global local and foreign
currency deposit ratings to Caa1, from B3, and long-term Brazilian
national scale deposit rating to Caa1.br, from B1.br. The short-
term local and foreign currency deposit ratings of Not Prime and
the short-term Brazilian national scale deposit rating of BR-4
remained unchanged. Moody's also maintained the review for
possible downgrade on Rural's supported deposit ratings, while the
BFSR carries a stable outlook.

The following ratings of Banco Rural S.A. were downgraded:

Bank financial strength rating: to E from E+, with stable outlook

Long-term global local-currency deposit rating: to Caa1 from B3,
review for downgrade

Long-term foreign-currency deposit rating: to Caa1 from B3, review
for downgrade

Long-term Brazilian national scale deposit rating: to Caa1.br from
B1.br, review for downgrade

The following ratings of Banco Rural S.A. were not affected:

Short-term global local-currency deposit rating of Not Prime

Short-term foreign-currency deposit rating of Not Prime

Short-term Brazilian national scale deposit rating of BR-4

Ratings Rationale:

Moody's decision to downgrade Rural's ratings is a consequence of
the bank's prolonged delay in publishing audited financials for
2012, and resulting opacity about the bank's financial performance
and credit risk. Preliminary reports submitted to the Brazilian
banking regulator indicate that Rural reported net losses as of
year-end 2012, its second consecutive year of weak results that
reflect high credit, operating and funding costs combined with
poor revenues from core activities. The bank's franchise value has
been substantially impaired by image problems affecting its
shareholders, as well as from increased competition in its
targeted business segment of commercial lending.

Moody's noted that after successive capital injections in 2012,
Rural's capital ratio reached 12%, according to information
provided to regulators. This may also reflect a strategy of
limited loan growth in the period, which, however, limits earnings
generation. Moreover, the soft economic recovery and the overall
high leverage of small and medium size companies may have affected
the performance of the bank's loan book in the early part of the
year. The uncertainties about Rural's operational viability have
led Moody's to maintain the review for downgrade.

The last rating action on Rural occurred on September 21, 2012,
when Moody's downgraded the bank's global local- and foreign-
currency deposit ratings to B3 from B1 and the Brazilian national
scale deposit ratings to B1.br and BR-4 from Baa3.br and BR-3,
long- and short-term, respectively. Moody's also lowered Rural's
standalone baseline credit assessment to b3 from b1. The bank
financial strength rating (BFSR) of E+ and short-term global
deposit ratings of Not Prime were affirmed. Moody's also placed
all ratings on review for possible downgrade.

The principal methodology used in rating this bank was "Global
Banks" published on May 31, 2013.

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
".br" for Brazil.

Banco Rural S.A. is headquartered in Belo Horizonte, Brazil. As of
June 2012, the bank had total assets of approximately R$5.63
billion ($2.79 billion) and equity of R$359 million ($178
million).


DESARROLLADORA HOMEX: Didn't Pay Bond Coupon, To Use Grace Period
------------------------------------------------------------------
Jonathan Levin at Bloomberg News reports that Desarrolladora Homex
SAB said it didn't make an interest payment due June 11, 2013, on
its dollar bonds maturing in 2019.

The company plans to use a 30-day grace period, according to a
regulatory filing obtained by Bloomberg News.

Bloomberg News notes that bonds sold by the company have plunged
this year as a shift in government policy to promote more capital-
intensive apartments in urban areas over homes in commuter towns
depleted their cash.  Bloomberg News relates that Homex and its
largest publicly traded competitors, Corp. Geo SAB and Urbi
Desarrollos Urbanos SAB, have hired financial advisers to study
debt restructurings.

Bloomberg News discloses that the government's policy move has
stemmed a decade of urban expansion in Mexico, with $20,000 homes
springing up in subsidized communities built from scratch.  Many
of those homeowners have abandoned properties to return to cities,
in a rejection of deteriorating neighborhoods and long commutes,
Bloomberg News notes.


DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'C'
-------------------------------------------------------------
Fitch Ratings downgrades Desarrolladora Homex, S.A.B. de C.V.'s
(Homex) ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) to 'C' from 'CCC';

-- Local currency IDR to 'C' from 'CCC';

-- USD250 million in senior notes due 2015 to 'C/RR4' from
   'CCC/RR4';

-- USD250 million in senior notes due 2019 to 'C/RR4' from
   'CCC/RR4';

-- USD400 million in senior notes due 2020 to 'C/RR4' from
   'CCC/RR4'.

The ratings remain on Rating Watch Negative.

KEY RATING DRIVERS

The downgrades follow Homex's announcement that it did not make
the interest payment due June 11, 2013 on its senior notes due
2019. The notes contain a 30-day grace period. As a result of the
company's actions, a default or a distressed debt exchange (DDE)
is highly likely, which would likely impose a material reduction
of principal and/or interest vis-a-vis the original contractual
terms of the company's capital markets debt. The Recovery Rating
of 'RR4' reflects an anticipated recovery in the event of default
of between 30% and 50%.

Homex reports combining financial information as of Dec. 31, 2012,
which has raised concerns about the creation of large intercompany
loans/transactions by the company during 2012. Fitch has not been
able to ascertain the exact details of the intercompany
loans/transactions between Homex, its guarantor subsidiaries, and
its non-guarantor subsidiaries. These loans/transactions have the
potential to hurt recoveries of external creditors in the event
they are treated pari passu by a Mexican bankruptcy court, as this
gives Homex's existing shareholders a significant say in a
potential debt restructuring.

Fitch notes that between Dec. 31, 2011 and Dec. 31, 2012, Homex's
non-guarantor subsidiaries reported a MXN17.5 billion increase in
the balance sheet line entitled 'due from related parties' and a
MXN20.6 billion increase in the balance sheet account line 'due to
related parties'. During the same time period, these balance sheet
lines for Homex and its guarantor subsidiaries grew by MXN9.9
billion and MXN7.1 billion, respectively.

Upon consolidation, Homex reports no figure under the category of
'due to related parties' and only MXN56 million of obligations
under the 'due from related parties' category. As of Dec. 31,
2012, Homex had MXN20.7 billion of consolidated debt.

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


JBS SA: Fitch Puts 'BB-' Issuer Default Rating on Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed JBS S.A.'s (JBS) ratings on Negative
Watch following the announcement that it will acquire certain
assets from Marfrig Alimentos S.A.'s (Marfrig), including
Marfrig's Seara Brazil (Seara) business through the assumption of
BRL5.85 billion (USD2.9 billion) of Marfrig's bank debt with
maturities between 2013 and 2017. The completion of the
transaction would require the approval of CADE, the Brazilian
antitrust authority.

KEY RATING DRIVERS

During its review, Fitch will focus on assessing the benefits JBS
will receive from increased diversification against the risks of
an increasingly leveraged capital structure. The ratings review
would also consider JBS's short- to medium-term strategy for
improving Seara's operating performance, including additional
investments and expected synergies. The composition and the term
structure of JBS's debt will also be considered, along with any
possible re-financing of the assumed debt.

The contemplated transaction appears to be an opportunistic
acquisition of desirable, but troubled, assets for a price that in
Fitch's opinion assumes rapid and material improvement in Seara's
performance. Fitch estimates 2013 EBITDA of the acquired assets to
be in the range of BRL600 million. The acquisition is fully debt
financed and will increase JBS's net debt-to-EBITDA leverage to
above 4.0x, more than one turn above Fitch's expectations of 3.0x
net debt to EBITDA in 2013. As of Dec. 31, 2012, JBS's net
leverage ratio stood at 3.4x.

Fitch expects Seara's free cash flow (FCF) generation to be
negative during 2013, considering the investments required to
integrate the assets acquired in the middle of 2012 from BRF S.A.
as part of an asset swap between the two companies. While Fitch
previously expected JBS to generate positive FCF in 2013, the
addition of Seara and the related investments will likely lead to
negative FCF for JBS in 2013 and possibly 2014.

While JBS has successfully integrated several sizable
acquisitions, the most recent one, Pilgrim's Pride (PPC) in 2009
for USD2.5 billion, was entirely equity funded. The company's
leverage increased in 2011 to 4.5x, the result of a combination of
pressure on its U.S. beef business due to the unfavorable cattle
cycle and high grain prices which tamed PPC's recovery. In 2013,
JBS is expected to benefit from declining grain prices, while the
U.S. beef operations are expected to remain challenged but
profitable.

With the addition of Seara, JBS will become one of the world's
largest chicken producers and exporter. Before selling it to JBS,
Marfrig purchased Seara from Cargill in 2009 for USD900 million,
an 11x-12x valuation. Marfrig more than tripled Seara's business,
from USD 1.7 billion in revenues and USD76 million of EBITDA in
2009, to about USD4.5 billion in revenue and estimated EBITDA of
USD300 million in 2012. In the middle of 2012, Seara's production
capacity more than doubled with the addition of the BRF assets.

RATING SENSITIVITIES
A downgrade could be precipitated by a weakening of the company's
leverage metrics and cash flow generation as expected upon closing
of the transaction.

The rating could be removed from Negative Watch and stabilized if
the capital structure of JBS pro forma for this transaction turns
out to be less leveraged than anticipated. Operational
improvements and synergies from the transaction would be positive,
as would an equity injection.

Fitch has placed the following JBS ratings on Negative Watch

JBS S.A.:
-- Foreign & local currency Issuer Default Rating (IDR) 'BB-';
-- Notes due 2016 'BB-';
-- National scale rating 'A-(bra)'.

JBS USA LLC:
-- Foreign and local currency IDR 'BB-';
-- Term loan B facility due in 2018 'BB'
-- Notes due 2014, 2020, 2021 'BB-'.

JBS USA Finance, Inc:
-- Foreign and local currency IDR 'BB-';
-- Notes due 2014 'BB-';
-- Bonds due 2020 'BB-';
-- Notes due 2021 'BB-'.

ESAL GmbH:
-- Notes due 2023 'BB-'.

JBS Finance II Ltd:
-- Foreign and local currency IDR 'BB-';
-- Notes due 2018 'BB-'.


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


AL RAJHI: Shareholder to Hear Wind-Up Report on July 5
------------------------------------------------------
The shareholder of Al Rajhi Cement Sukuk Company will receive on
July 5, 2013, 8:45 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Jennifer Chailler
          Telephone: (345) 943 3100


ARBROK FUND: Shareholders' Final Meeting Set for June 25
--------------------------------------------------------
The shareholders of Arbrok Fund will hold their final meeting on
June 25, 2013, 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.


[REDACTED -- July 3, 2014]


CCB INTERNATIONAL: Members' Final Meeting Set for June 22
---------------------------------------------------------
The members of CCB International Holdings (Cayman) Limited will
hold their final meeting on June 22, 2013, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FREIGHTER KING: Members' Final Meeting Set for July 8
-----------------------------------------------------
The members of Freighter King Limited will hold their final
meeting on July 8, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy's Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Cayman Islands


GALIAM FUND: Shareholder to Hear Wind-Up Report on July 5
---------------------------------------------------------
The shareholder of Galiam Fund (Offshore), Ltd. will receive on
July 5, 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:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


GULFMENA MASTER: Members' Final Meeting Set for July 5
------------------------------------------------------
The members of Gulfmena Opportunities Master Fund Limited will
hold their final meeting on July 5, 2013, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345 -926 1688
          c/o Artillery Court
          Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


GULFMENA OPPORTUNITIES: Members' Final Meeting Set for July 5
-------------------------------------------------------------
The members of Gulfmena Opportunities Fund Limited will hold their
final meeting on July 5, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345 -926 1688
          c/o Artillery Court
          Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands


MATTER FUND: Members' Final Meeting Set for June 25
---------------------------------------------------
The members of Matter Fund Ltd. will hold their final meeting on
June 25, 2013, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Marco Racy Kheirallah
          c/o Avenida Brigadeiro Faria Lima,
          No. 2277, 9th Floor, Conjuntos 1603 and 1604
          Sao Paulo, Sao Paulo
          Brazil


POINT RACE: Creditors' Proofs of Debt Due June 24
-------------------------------------------------
The creditors of Point Race Capital are required to file their
proofs of debt by June 24, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 14, 2013.

The company's liquidator is:

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


TAIT ASIA: Members' Final Meeting Set for July 3
------------------------------------------------
The members of Tait Asia Ltd. will hold their final meeting on
July 3, 2013, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


TELEOS INTERNATIONAL: Member to Hear Wind-Up Report on June 21
--------------------------------------------------------------
The member of Teleos International, Ltd will receive on June 21,
2013, 10:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Daniel Gressel
           88 Cedar Cliff Road
           Riverside
           Connecticut 06878
           United States of America


TELEOS MASTER: Member to Hear Wind-Up Report on June 21
-------------------------------------------------------
The member of Teleos Master Fund, Ltd will receive on June 21,
2013, 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Daniel Gressel
           88 Cedar Cliff Road
           Riverside
           Connecticut 06878
           United States of America


THREADNEEDLE INSTITUTIONAL: Members' Final Meeting Set for June 28
------------------------------------------------------------------
The members of Threadneedle Institutional Global Equity (Master)
Fund will hold their final meeting on June 28, 2013, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


THREE KINGDOMS: Shareholder to Hear Wind-Up Report on July 5
------------------------------------------------------------
The shareholder of The Three Kingdoms Korea Fund Inc will receive
on July 5, 2013, at 9:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


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


DIGICEL GROUP: Extends Contract With WICB Until 2016
----------------------------------------------------
Caribbean360.com reports that Digicel Group disclosed that it is
extending its sponsorship of the West Indies cricket team for
another three years until September 2016.

Digicel Group's renewed contract sees the company retain its title
as team sponsor which includes all the marketing and branding
rights for the team, according to Caribbean360.com.

The report relates that Digicel has also been disclosed as major
sponsors for the upcoming WICB partnership with CPL Ltd.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


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


ALCO CORP: PR Asset Portfolio Buys Banco Popular Claim
------------------------------------------------------
Banco Popular de Puerto Rico assigned its Claim No. 97 to PR Asset
Portfolio 2013-1 International, LLC, for an undisclosed amount,
according to a notice filed April 23 in Puerto Rico bankruptcy
court.  Ubaldo M. Fernandez Barrera filed the notice on behalf of
PR Asset Portfolio 2013-1 International LLC.

                       About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.

Bankruptcy Judge Mildred Caban Flores in Puerto Rico issued an
opinion and order on March 11, 2013, confirming the Amended
Chapter 11 Plan of Reorganization filed by Alco Corporation.  The
Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.


===========================
V I R G I N   I S L A N D S
===========================


CCT GLOBAL: Over a Dozen Workers Abruptly Terminated
----------------------------------------------------
Virgin Island News Online reports that over a dozen workers have
been terminated by CCT Global Communications on June 3, 2013.

In letters handed out to over a dozen employees, CCT Global
Communications advised staff that they "must reorganize the
workforce to compete with the multinational competitors in the BVI
telecommunications arena," according to Virgin Island News Online.

The letter was dated June 3, 2013 and signed by General Manager,
Jose Luis Fernandez.

The report notes that many of the employees came forward to Virgin
Island News Online news room claiming that there were no prior
meetings or any warning or indication that they would be let go
based on redundancy.

They also alleged that although the termination will take effect
for most in two months from June 3, effective immediately they are
not allowed to return to their CCT work station, the report notes.

The report discloses that the letter advised them to "immediately
return all company property in your possession and to relinquish
access to the company premises and systems."

When contacted, Mr. Fernandez would not confirm how many workers
were laid off in total or how the layoffs would affect the company
in the immediate future, the report adds.


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


* Moody's Notes Continuing Rise of Sovereign Defaults
-----------------------------------------------------
The adverse conditions since the start of the global financial
crisis have led to an increase in the number of sovereign
defaults, says Moody's Investors Service in its ninth annual
sovereign bond default study.

Among the 116 Moody's rated sovereigns, there were three defaults
in 2012, two by the government of Greece and one by the government
of Belize, according to Moody's in "Sovereign Default and Recovery
Rates, 1983-2012." Previously, only one default, by the government
of Jamaica, was reported between 2009 and 2011.

Historically, the study indicates that issuer--weighted recovery
rates on defaulted sovereign bonds have averaged 49% over the
1983-2012 period. However, on a value-weighted basis, recovery
rates have averaged only 26%. Recoveries in 2012, as measured by
post-default trading prices, were 24% in the March Greek debt
exchange, 37% in the December Greek debt buyback, and 40% at the
time of Belize's default.

In addition to presenting an analysis of all sovereign defaults
since 1983, the Moody's report compares and contrasts sovereign
and corporates with regard to default, migration and recovery
rates as well as ratings accuracy measures. Sovereign default
rates have been, on average, modestly lower than those for
corporate issuers; however, the differences are not significant as
the overall size of the sovereign sample is small.

Sovereign ratings have had approximately the same level of
accuracy as corporate ratings in differentiating defaulters from
non-defaulters. "Over the study period, the typical sovereign
defaulter was rated B2 within one year of its default event, and
all sovereign defaulters had ratings of Ba2 or lower within that
period of time," said Merxe Tudela, a Moody's Vice President and
author of the report.


                            ***********


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 * * *