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/raid1/www/Hosts/bankrupt/TCRLA_Public/101020.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 Wednesday, October 20, 2010, Vol. 11, No. 207 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Antigua Government Prepares to Fight Investors B E R M U D A LB OSOCP: Creditors' Proofs of Debt Due October 27 LB OSOCP: Members' Final Meeting Set for November 16 PEGASUS LEVERAGED: Creditors' Proofs of Debt Due October 27 PEGASUS LEVERAGED: Members' Final Meeting Set for November 16 SEA EAGLE: Placed Under Voluntary Wind-Up C A Y M A N I S L A N D S ALLMERICA CBO: Creditors' Proofs of Debt Due November 11 AMRITSAR CORPORATION: Creditors' Proofs of Debt Due November 11 BOWLIK 1998: Creditors' Proofs of Debt Due November 11 BRANT POINT: Creditors' Proofs of Debt Due November 11 CBO HOLDINGS: Creditors' Proofs of Debt Due November 11 DREWAFU DEAL: Creditors' Proofs of Debt Due November 11 EGFU DEAL: Creditors' Proofs of Debt Due November 11 INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due November 12 MEDIA FUNDING: Creditors' Proofs of Debt Due November 11 MUTUAL AND HEDGE: Creditors' Proofs of Debt Due November 11 MUTUAL FUND: Creditors' Proofs of Debt Due November 11 MUTUAL FUND: Creditors' Proofs of Debt Due November 11 MUTUAL FUND: Creditors' Proofs of Debt Due November 11 O'CONNOR CREDIT: Creditors' Proofs of Debt Due November 11 O'CONNOR PIPES: Creditors' Proofs of Debt Due November 11 SIGNUM ZINC: Creditors' Proofs of Debt Due November 11 STONY HILL: Creditors' Proofs of Debt Due November 11 STONY HILL: Creditors' Proofs of Debt Due November 11 SUBMIT LIMITED: Creditors' Proofs of Debt Due November 11 SUMMIT DOM: Creditors' Proofs of Debt Due November 11 C O L O M B I A ECOPETROL SA: Fitch Gives Positive Outlook; Keeps 'BB+' Rating C O S T A R I C A BANCO DE COSTA: Fitch Affirms Issuer Default Rating at 'BB' G U A T E M A L A BANCO INDUSTRIAL: Fitch Upgrades Individual Rating to 'C/D' M E X I C O HIPOTECARIA SU: S&P Downgrades Counterparty Credit Rating to 'SD' T R I N I D A D & T O B A G O UNIVERSITY OF THE WEST INDIES: Lecturers Threaten "Total Shutdown" - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Antigua Government Prepares to Fight Investors -------------------------------------------------------------- The Antigua and Barbuda government said it's building a defence against a lawsuit brought by the Stanford Victims Coalition, which is seeking to recover financial losses as a result of the fall of Robert Allen Stanford's empire, Carribbean360.com reports. According to the report, Attorney General Justin Simon said that the administration has instructed its lawyers from Texas who recently visited the island. The report relates that the SVC alleges that government has benefited from Stanford's investments and, on that basis, should compensate the members for their losses. "Government is looking at whether that action is sustainable against a sovereign state and the whole issue as to whether or not there was a commercial enterprise in which the government participated with Stanford would first of all have to be established," a statement from the government said, the report notes. Caribbean360.com discloses that the Attorney General noted, though, that there were very few actual engagements between Stanford and the United Progressive Party (UPP) administration and it is hoped that, with the information given to the lawyers, the lawsuit would be dismissed. The Stanford investors, the report says, want US$24 billion in compensation -- three times the amount the businessman is alleged to have defrauded customers out of. The report relates that they have also filed another lawsuit, in which the Eastern Caribbean Central Bank is also named, accusing the regional institution of unlawfully seizing Stanford's Bank of Antigua after news of Mr. Stanford's charges caused a run on the bank and threatened its stability. The Attorney General said no papers have been served in relation to that matter, the report adds. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009, before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57- page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ============= B E R M U D A ============= LB OSOCP: Creditors' Proofs of Debt Due October 27 -------------------------------------------------- The creditors of LB OSOCP II Holdings Ltd are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 7, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LB OSOCP: Members' Final Meeting Set for November 16 ---------------------------------------------------- The members of LB OSOCP II Holdings Ltd will hold their final meeting on November 16, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on October 7, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda PEGASUS LEVERAGED: Creditors' Proofs of Debt Due October 27 ----------------------------------------------------------- The creditors of Pegasus Leveraged Fund Limited are required to file their proofs of debt by October 27, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 8, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda PEGASUS LEVERAGED: Members' Final Meeting Set for November 16 ------------------------------------------------------------- The members of Pegasus Leveraged Fund Limited will hold their final meeting on November 16, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on October 8, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda SEA EAGLE: Placed Under Voluntary Wind-Up ----------------------------------------- On October 5, 2010, the members of Sea Eagle (Bermuda) Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda ========================== C A Y M A N I S L A N D S ========================== ALLMERICA CBO: Creditors' Proofs of Debt Due November 11 -------------------------------------------------------- The creditors of Allmerica CBO I, Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands AMRITSAR CORPORATION: Creditors' Proofs of Debt Due November 11 --------------------------------------------------------------- The creditors of Amritsar Corporation Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 31, 2010. The company's liquidator is: Company Secretaries Ltd. P.O. Box 30592 Landmark Square 3rd Floor 64 Earth Close Grand Cayman KY1-1203 Cayman Islands BOWLIK 1998: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of Bowlik 1998 Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands BRANT POINT: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of Brant Point II CBO 2000-1, Ltd are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands CBO HOLDINGS: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------- The creditors of CBO Holdings X Ltd are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands DREWAFU DEAL: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------- The creditors of Drewafu Deal Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands EGFU DEAL: Creditors' Proofs of Debt Due November 11 ---------------------------------------------------- The creditors of Egfu Deal Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due November 12 ---------------------------------------------------------------- The creditors of Investcorp Washington Corner GP Limited are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands MEDIA FUNDING: Creditors' Proofs of Debt Due November 11 -------------------------------------------------------- The creditors of Media Funding Company 2007-1 are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 16, 2010. The company's liquidators are: David Dyer Alan Corkish Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands MUTUAL AND HEDGE: Creditors' Proofs of Debt Due November 11 ----------------------------------------------------------- The creditors of Mutual And Hedge Fund-Linked Reference Fund (1-A) Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MUTUAL FUND: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of Mutual Fund Basket Reference Fund (1-V) Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MUTUAL FUND: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of Mutual Fund Basket Reference Fund (1-W) Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MUTUAL FUND: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of Mutual Fund Basket Reference Fund (1-X) Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands O'CONNOR CREDIT: Creditors' Proofs of Debt Due November 11 ---------------------------------------------------------- The creditors of O'Connor Credit Opportunity Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, Windward 1 Regatta Office Park, Grand Cayman KY1-1103 Cayman Islands O'CONNOR PIPES: Creditors' Proofs of Debt Due November 11 --------------------------------------------------------- The creditors of O'Connor Pipes Corporate Strategies Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 16, 2010. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands SIGNUM ZINC: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of Signum Zinc Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands STONY HILL: Creditors' Proofs of Debt Due November 11 ----------------------------------------------------- The creditors of Stony Hill CDO IV (Cayman) Ltd are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands STONY HILL: Creditors' Proofs of Debt Due November 11 ----------------------------------------------------- The creditors of Stony Hill CDO V (Cayman) Ltd are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands SUBMIT LIMITED: Creditors' Proofs of Debt Due November 11 --------------------------------------------------------- The creditors of Submit Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 16, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands SUMMIT DOM: Creditors' Proofs of Debt Due November 11 ----------------------------------------------------- The creditors of Summit DOM, Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 30, 2010. The company's liquidator is: Darren Riley Ellen J. Christian Telephone: 345 945 9208 Facsimile: 345 945 9210 c/o BNP Paribas Bank & Trust Cayman Limited Royal Bank House, 3rd Floor Shedden Road George Town, Grand Cayman Cayman Islands =============== C O L O M B I A =============== ECOPETROL SA: Fitch Gives Positive Outlook; Keeps 'BB+' Rating -------------------------------------------------------------- Fitch Ratings has revised Ecopetrol S.A.'s Outlook to Positive from Stable following the Outlook revision of Colombia's sovereign ratings. Ecopetrol's foreign and local currency Issuer Default Ratings remain unchanged at 'BB+' and 'BBB-', respectively. Colombia's Outlook revision to Positive reflects the country's economic resilience and improved macroeconomic performance in relation to its peers. Colombia's expected increase in oil and mining production will likely benefit overall economic activity and export receipts, in turn supporting improvements in external solvency and liquidity metrics. Fiscal measures that are currently being discussed in Congress also augur well for further strengthening of Colombia's fiscal capacity and policy credibility. Ecopetrol's ratings reflect its strong financial profile, improving production capacity and adequate reserve levels. Ecopetrol's growth strategy and associated capital investment are considered aggressive. The company is expected to maintain a financial and credit profile consistent with the assigned rating while it implements its growth strategy. The company's ratings also reflect the close linkage with the Republic of Colombia, which currently owns 89.9% of the company and appoints the majority of the board of director members according to established corporate governance policies. ================== C O S T A R I C A ================== BANCO DE COSTA: Fitch Affirms Issuer Default Rating at 'BB' ----------------------------------------------------------- Fitch Ratings has affirmed Banco de Costa Rica, S.A.'s ratings: -- Long-term foreign currency Issuer Default Rating at 'BB'; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BB+'; -- Short-term local currency IDR at 'B'; -- Individual at 'C/D'; -- Support at '3'; -- Support Rating Floor at 'BB'; -- National-scale long-term rating at 'AA+(cri)'; -- National-scale short-term rating at 'F1+(cri)'. -- Long term national-scale rating for local senior debt issues at 'AA+(cri)'; -- Short-term national-scale rating for local senior debt issues at 'F1+(cri)'; The Rating Outlook is Stable. The bank's IDRs, Support rating and Support rating floor are driven by and aligned to Costa Rica's sovereign ratings (long-term foreign currency IDR 'BB'; local currency IDR 'BB+'; Stable Outlook), since the government is BCR's sole shareholder, and it grants an explicit guarantee for BCR and other state-owned banks. However, the ability to provide support could be limited, given the country's sub-investment grade sovereign rating and fiscal constraints. In turn, BCR's Individual rating reflects the bank's strong franchise, adequate capital levels, and sound funding and liquidity. The Individual rating also considers the exposure to foreign exchange rate volatility, relatively modest and barely improving core earnings, still high borrower and sector concentrations, and limited loan loss reserves. Over the medium term, BCR's Individual rating could be positively influenced by further improvements in core earnings, declining risk concentrations and FX exposure, and demonstrated ability to steadily grow and shift its business mix without materially affecting its key rating fundamentals. Downside risk would stem from unexpected deterioration in asset quality and/or profitability. While BCR's IDRs are not constrained by the sovereign rating and could be eventually upgraded by a positive rating action on the bank's Individual rating, the likelihood of the latter is limited over the foreseeable future, which results in BCR's Rating Outlook also being aligned to that of the sovereign at Stable. Thus, the most likely potential events that could result in changes to the bank's IDRs (in either direction) are mostly related to changes in Costa Rica's sovereign ratings. Established in 1877 and wholly owned by the government, BCR is one of the oldest banks in Central America and the second largest in Costa Rica, with market shares by assets, loans and deposits between 18% and 20% as of June 2010. In addition to three small local wholly-owned subsidiaries in non-credit activities, it also has a 51% stake in Banco Internacional de Costa Rica (BICSA), a Panama-based bank established in 1976, specializing in corporate banking, in which local peer Banco Nacional de Costa Rica (also fully government-owned) holds the remainder 49% stake. ================= G U A T E M A L A ================= BANCO INDUSTRIAL: Fitch Upgrades Individual Rating to 'C/D' ----------------------------------------------------------- Fitch Ratings has upgraded the Individual rating of Guatemala's Banco Industrial to 'C/D' from 'D', while the Outlook on the 'BB' long-term Issuer Default Rating and the 'AA-(gtm)' national scale rating was revised to Positive from Stable. A full list of rating actions is at the end of this release. BI's ratings reflect its strong local franchise, resilient asset quality and well-contained credit costs, adequate funding and liquidity, and good and stable profitability, although somewhat limited. The ratings are constrained primarily by BI's modest loss absorption capacity (capitalization and loan loss reserves), although they have recently been gradually improving. The upgrade of its Individual rating to 'C/D' is driven by some recent improvements on the bank's capital adequacy and, more importantly, by Fitch's perception that such improvements will not only continue, but actually could be more robust on a forward looking basis. To a lesser extent, the upgrade also reflects BI's better- than-expected resilience to the recent economic downturn as the bank was able to prevent material worsening of asset quality, credit costs and overall performance while maintaining sound and roughly unchanged liquidity and funding. BI's capital position has been historically tight and further affected by some acquisition-driven growth in previous years, but this trend has gradually reverted over the past couple of years. The Positive Outlook on BI's IDR reflects that this rating could also be upgraded if the bank sustains recent trends and further improves its capital adequacy. While capital metrics have been strengthening only recently and at a moderate pace, Fitch expects that these could be further enhanced in the near future on the back of relatively modest projected loan growth, growing internal capital generation (retained core earnings), and continued positive developments on capital constraints at the ultimate- parent level (Panama-based Bicapital Corp.). Previously, Fitch had stated that BI's ability to strengthen its overall capital levels could be constrained by Bicapital's needs to source dividends from its operating subsidiaries, particularly BI, to fulfill a relative ample and rapidly approaching maturity credit facility contracted by Bicapital in 2007 to finance an acquisition in Honduras. Positively, that syndicated loan was replaced in late 2009 with a longer-term issue of preferred shares subscribed by some of Bicapital's shareholders. Although these securities are not considered equity-like under Fitch's criteria, the refinancing risk was significantly reduced. Also, the sustained profitability of most of Bicapital's subsidiaries has allowed a quicker-than-expected reduction in double leverage at the parent company, currently estimated by Fitch at roughly 130% (from over 150% about 18 months ago). However, if these positive trends on capital adequacy at BI and Bicapital are not sustained, the most likely outcome then would be an affirmation of the bank's IDR and an Outlook revision back to Stable. BI is Guatemala's largest bank (27% of the system's assets and deposits as of June 2010) and a major regional player in Central America. It is owned by Bicapital, which also owns 89.6% of Honduras-based Banco del Pais. Fitch has upgraded these ratings of BI: -- Individual rating to 'C/D' from 'D'; -- Short-term national-scale rating to 'F1+(gtm)' from 'F1(gtm)'. Fitch has affirmed BI's other ratings: -- Long-term foreign and local currency IDRs at 'BB'; -- Short-term foreign and local currency ratings at 'B'; -- Support rating at '3'; -- Support rating floor at 'BB-'; -- US$35 million non-cumulative fixed-/floating-rate step-up Tier 1 capital notes due 2068 at 'B+'; -- Long-term national-scale rating at 'AA-(gtm)'. The Rating Outlook was revised to Positive from Stable for both the international- and national-scale long-term ratings. =========== M E X I C O =========== HIPOTECARIA SU: S&P Downgrades Counterparty Credit Rating to 'SD' ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term counterparty credit rating on Mexico-based mortgage and construction lender Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. to 'SD' from 'CC'. At the same time, S&P lowered its Mexican national scale rating on HSC to 'SD' from 'mxCC/mxC'. S&P also lowered its national scale rating on its debt issuance CASITA 06 and its commercial paper programs to 'D'. The rating actions come after HSC missed its Mexican pesos MXN300 million CASITA 06 programmed amortization payment. The company did not renew its commercial paper program series CASITA 01810 and CASITA 01910, both totaling MXN425 million. Even though HSC had cash in hand to fulfill these payments, it decided not to do so as it restructures its debt. The default comes after a bondholders meeting did not meet the required minimum quorum. The nonpayment stems from HSC's extremely weak financial position, low liquidity, bad asset quality, and poor adjusted capitalization. An obligation rated 'D' is in payment default. The 'D' rating category is used when payments on an obligation are not made on the date due, even if the applicable grace period has not expired. =============================== T R I N I D A D & T O B A G O =============================== UNIVERSITY OF THE WEST INDIES: Lecturers Threaten "Total Shutdown" ------------------------------------------------------------------ Gyasi Gonzales at Trinidad Express reports that lecturers at the University of the West Indies in St. Augustine are threatening to press ahead with a "total shutdown" of the facility. The report relates that the threat came after the president of the West Indies Group of University Teachers, Dr. Godfrey Steele, and his members made good on their promise to lead a demonstration during a meeting at the Centre for Language Learning at UWI. Earlier this week, the report notes, Mr. Steele said the reason for a "sick-out protest" resulted from a meeting on September 28 with Labour Minister Errol McLeod and Tertiary Education Minister Fazal Karim. The report relates that Mr. Steele said back then both ministers had assured that the lecturers' salary negotiations would continue and "[Mr.] McLeod told us we would get a reasonable offer but when we met on October 1, 2010, we were offered the same thing the last administration offered us, which is one per cent for each year that we were negotiating for." According to the report, UWI principal Clement Sankar came and told the lecturers that he was fully apprised of the situation, adding "we were given a verbal mandate to speak to the union and resume negotiations". About UWI The University has expanded to four campuses that serve diverse communities across the Caribbean region -- Cave Hill in Barbados, St. Augustine in Trinidad and Tobago, Mona in Jamaica and the Open Campus -- all of which deliver high-quality education, research and services to all 15 contributing countries that support the University, as well as the Turks & Caicos Islands. The University of the West Indies currently has a total enrolment of over 39,000 students and graduates annually approximately 5,800 students (at undergraduate, graduate and diploma levels). *********** 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., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. 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$625 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 Christopher Beard at 240/629-3300. * * * End of Transmission * * *