/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110202.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, February 2, 2011, Vol. 12, No. 23 Headlines A R G E N T I N A GPAT COMPANIA: Moody's Assigns 'Ba3' Long-Term Issuer Rating B E R M U D A ESSENTIAL RE: Creditors' Proofs of Debt Due February 11 ESSENTIAL RE: Member to Receive Wind-Up Report on March 1 FAIRLANE HOLDING: Creditors' Proofs of Debt Due February 11 FAIRLANE HOLDING: Members to Receive Wind-Up Report on March 4 B R A Z I L BANCO BMG: Moody's Assigns 'Ba2' Rating to Proposed Senior Notes INDEPENDENCIA SA: Investor Proposes Debt Restructuring C A Y M A N I S L A N D S AMATHEA VIII: Commences Liquidation Proceedings APPALOOSA LEASING: Placed Under Voluntary Wind-Up CASCADIA II: Placed Under Voluntary Wind-Up COOPER ASSET: Placed Under Voluntary Wind-Up DR ENERGY: Placed Under Voluntary Wind-Up GFP DUNAS: Court Enters Wind-Up Order GREEN PARK: Creditors' Proofs of Debt Due February 4 ISAM GOLD: Creditors' Proofs of Debt Due February 4 ISAM TREND: Creditors' Proofs of Debt Due February 4 ISAM TREND: Creditors' Proofs of Debt Due February 4 MKM LONGBOAT: Commences Liquidation Proceedings PEQUOT SHORT: Commences Liquidation Proceedings PEQUOT SHORT: Commences Liquidation Proceedings RAB GOLD: Commences Liquidation Proceedings RAB GOLD: Commences Liquidation Proceedings SENOR FROGS: Court Enters Wind-Up Order SINGH INVESTMENTS: Commences Liquidation Proceedings SUCCESSOR II: Placed Under Voluntary Wind-Up TERRASSA I: Commences Liquidation Proceedings TERRASSA II: Commences Liquidation Proceedings TERRASSA III: Commences Liquidation Proceedings TERRASSA IV: Commences Liquidation Proceedings TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4 TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4 WITTENHAM LATIN: Placed Under Voluntary Wind-Up ZAGORA I: Commences Liquidation Proceedings ZAGORA II: Commences Liquidation Proceedings ZAGORA III: Commences Liquidation Proceedings ZAGORA IV: Commences Liquidation Proceedings J A M A I C A NATIONAL COMMERCIAL BANK: To Continue Branch Rationalization P A N A M A BANCO INTERNACIONAL: Moody's Affirms 'Ba1' Currency Deposit Rating BANCO INT'L: Moody's Affirms 'Ba1' Rating on Currency Deposit U R U G U A Y CREDIT URUGUAY: Moody's Raises Currency Deposit Ratings from 'Ba1' - - - - - ================= A R G E N T I N A ================= GPAT COMPANIA: Moody's Assigns 'Ba3' Long-Term Issuer Rating ------------------------------------------------------------ Moody's Investors Service assigned a Ba3 long term global local currency issuer rating to GPAT Compania Financiera S.A. On the National Scale, Moody's Latin America assigned a Aa2.ar local currency issuer rating. At the same time Moody's assigned global local and foreign currency debt ratings of (P)Ba3 and (P) B2 respectively to GPAT's debt program of AR$400 million or its equivalent in other currencies. The first takedown under the program of AR$50 million was also rated Ba3. On the national scale, the program was rated Aa2.ar and Aa3.ar in local and foreign currency respectively, and Aa2.ar was assigned to the first takedown. Ratings Rationale The ratings of GPAT, the former Argentine operation of GMAC, incorporate the expected high support from its parent, Banco Patagonia (Patagonia, rated Ba2) which produce the one notch uplift from GPAT's B2 standalone fundamental rating. Local currency ratings were placed under review for possible upgrade in line with the review for upgrade on Patagonia's local currency deposit rating. Banco Patagonia acquired 99% of GPAT's stake in July 2010. GPAT is a finance company mainly focused on the financing of General Motors vehicle purchases by individuals through car dealers. The wholesale funding for dealers is currently offered by Banco Patagonia while GPAT provides all the back office services for this financing. GPAT's rating incorporates its adequate risk-management policies, which are aligned to those of the parent as well as its strong financial fundamentals, particularly asset quality and capitalization. Moody's also considers the company's highly competitive environment and its low business diversification which increases GPAT's credit risk due to its correlation with the evolution of the auto industry. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. GPAT Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, and reported Ar$271.4 million of total assets and AR$177.1 million of shareholders' equity as of September 30, 2010. These ratings were assigned to GPAT Compania Financiera S.A.: * Global Local Currency Issuer Rating: Ba3, rating under review for upgrade * National Scale Local Currency Issuer Rating: Aa2.ar * AR$400 million, or its equivalent in other countries, senior debt program: (P)Ba3 and (P)B2 * Global Scale long-term local currency debt rating: (P) Ba3, review for upgrade * National Scale long-term local-currency debt rating: Aa2.ar * Global Scale long-term foreign currency debt rating: (P) B2, stable outlook * National Scale long-term foreign-currency debt rating: Aa3.ar * AR$50 million unsecured notes: Ba3 * Global Scale long-term local currency debt rating: Ba3, review for possible upgrade * National Scale Long-Term Local-Currency Debt Rating: Aa2.Ar ============= B E R M U D A ============= ESSENTIAL RE: Creditors' Proofs of Debt Due February 11 ------------------------------------------------------- The creditors of Essential Re Holdings Ltd. are required to file their proofs of debt by February 11, 2011, to be included in the company's dividend distribution. The company commenced wind up proceedings on January 26, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda ESSENTIAL RE: Member to Receive Wind-Up Report on March 1 --------------------------------------------------------- The member of Essential Re Holdings Ltd. will receive on March 1, 2011, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company commenced wind up proceedings on January 26, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda FAIRLANE HOLDING: Creditors' Proofs of Debt Due February 11 ----------------------------------------------------------- The creditors of Fairlane Holding International Corporation Limited are required to file their proofs of debt by February 11, 2011, to be included in the company's dividend distribution. The company commenced wind up proceedings on January 26, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda FAIRLANE HOLDING: Members to Receive Wind-Up Report on March 4 -------------------------------------------------------------- The members of Fairlane Holding International Corporation Limited will receive on March 4, 2011, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind up proceedings on January 26, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda =========== B R A Z I L =========== BANCO BMG: Moody's Assigns 'Ba2' Rating to Proposed Senior Notes ---------------------------------------------------------------- Moody's Investors Service assigned a Ba2 foreign currency debt rating to the proposed senior unsecured notes to be issued by Banco BMG S.A. The notes will be denominated in Brazilian Reais and due February 2014. The rating outlook is negative. Assignments: Issuer: Banco BMG S.A. -- Senior Unsecured Regular Bond, Assigned Ba2 Ratings Rationale The rating agency explained that the foreign currency senior unsecured debt rating derives from BMG's Ba2 global local currency deposit rating. At this rating level, the bond rating is not constrained by the country ceiling for foreign currency bonds and notes for Brazil. The proposed notes are being issued under the existing multi- currency US$1 billion Short Term Note Programme rated (P)Ba2 by Moody's, with negative outlook. The last rating action on Banco BMG S.A. was on December 9, 2010, when Moody's changed the outlook to negative from stable on all ratings assigned to Banco BMG. Banco BMG S.A. is headquartered in Belo Horizonte, Brazil and had total consolidated assets of BRL11,442 million (US$6,893 billion) and equity of BRL2,337 million (US$1,408 million) as of December 31, 2010. INDEPENDENCIA SA: Investor Proposes Debt Restructuring ------------------------------------------------------ Lucia Kassai at Bloomberg News reports that a potential Independencia SA investor proposed renegotiating the company's bonds and delaying debt payments as part of a plan to restructure the meat exporter. The plan from investor representative Alfredo Chang proposes swapping 2016 bonds for convertible debt and includes a 60-month grace period on 2015 bond payments, according to a presentation made to Independencia SA creditors, Bloomberg relates. According to Bloomberg, the proposal also includes creating a new company, as well as delaying bank-loan payments by 40 months and cattle-rancher debt payments by 24 months. Bloomberg says that Independencia SA is backing the proposal as a way to avoid liquidation. On Sept. 30, 2010, Bloomberg discloses, the company missed an interest payment on its 2015 senior notes. It was due to pay interest of about US$12 million on US$165 million of its 15 percent bonds, according to data compiled by Bloomberg. "This is a proposal of orderly liquidation," Bloomberg quoted Independencia lawyer Luiz Fernando Paiva as saying. About Independencia SA Independencia SA -- http://www.independencia.com.br/-- is Brazil's fourth largest meat exporter. It filed for bankruptcy protection in 2010, after the global economic crisis caused exports to slump. Independencia S.A. filed its Chapter 15 petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903). Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the Debtor's counsel. * * * As reported in the Troubled Company Reporter-Latin America on October 4, 2010, Fitch Ratings downgraded Independencia S.A's local and foreign currency issuer default rating to 'D' from 'C'; and National scale rating to 'D(bra)' from 'C(bra)'. =========================== C A Y M A N I S L A N D S =========================== AMATHEA VIII: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary general meeting held on December 15, 2010, the shareholder of Amathea VIII Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 25, 2011, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands APPALOOSA LEASING: Placed Under Voluntary Wind-Up ------------------------------------------------- At an extraordinary general meeting held on December 13, 2010, the shareholder of Appaloosa Leasing Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 28, 2011, will be included in the company's dividend distribution. The company's liquidators are: David Preston Isabel Mason P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 CASCADIA II: Placed Under Voluntary Wind-Up ------------------------------------------- At an extraordinary general meeting held on December 15, 2010, the shareholder of Cascadia II Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 28, 2011, will be included in the company's dividend distribution. The company's liquidators are: David Preston Beverly Bernard P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Nicola Eccleston Telephone: 949-7755 Facsimile: 949-7634 COOPER ASSET: Placed Under Voluntary Wind-Up -------------------------------------------- On December 13, 2010, the sole shareholder of Cooper Asset Management Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 25, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Michelle Richie Telephone: (345) 815-1755 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands DR ENERGY: Placed Under Voluntary Wind-Up ----------------------------------------- At an extraordinary general meeting held on December 14, 2010, the sole member of DR Energy Holdings Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Krysten Lumsden Telephone: (345) 814 7366 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands GFP DUNAS: Court Enters Wind-Up Order ------------------------------------- On December 17, 2010, the Grand Court of the Cayman Islands entered an order that voluntarily winds up the operations of GFP Dunas Partners Holdings Inc. The company's liquidator is: Hugh Dickson c/o Phillip Tyrrell Telephone: (345) 815 8246 Facsimile: (345) 949 7120 P.O. Box 1370GT, Grand Cayman KY1- 1108 Cayman Islands GREEN PARK: Creditors' Proofs of Debt Due February 4 ---------------------------------------------------- The creditors of Green Park Walk Funding are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 8, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town, Grand Cayman KY1-9005 Cayman Islands ISAM GOLD: Creditors' Proofs of Debt Due February 4 --------------------------------------------------- The creditors of Isam Gold are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 16, 2010. The company's liquidator is: Highwater Limited c/o Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre 1st Floor, 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands ISAM TREND: Creditors' Proofs of Debt Due February 4 ---------------------------------------------------- The creditors of Isam Trend are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 16, 2010. The company's liquidator is: Highwater Limited c/o Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre 1st Floor, 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands ISAM TREND: Creditors' Proofs of Debt Due February 4 ---------------------------------------------------- The creditors of Isam Trend Master are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 16, 2010. The company's liquidator is: Highwater Limited c/o Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre 1st Floor, 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands MKM LONGBOAT: Commences Liquidation Proceedings ----------------------------------------------- On December 15, 2010, the sole shareholder of MKM Longboat Multi- Strategy Master Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 28, 2011, will be included in the company's dividend distribution. The company's liquidators are: Roy Bailey Robin Lee McMahon c/o Barry MacManus Telephone: (345) 814 8968 Facsimile: (345) 814 8529 Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman KY1-1106 Cayman Islands PEQUOT SHORT: Commences Liquidation Proceedings ----------------------------------------------- On November 5, 2010, the sole shareholder of Pequot Short Credit Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 25, 2011, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town, Grand Cayman KY1-9005 Cayman Islands PEQUOT SHORT: Commences Liquidation Proceedings ----------------------------------------------- On November 5, 2010, the sole shareholder of Pequot Short Credit Offshore Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 25, 2011, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town, Grand Cayman KY1-9005 Cayman Islands RAB GOLD: Commences Liquidation Proceedings ------------------------------------------- On December 13, 2010, the sole shareholder of Rab Gold Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 25, 2011, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close West Bay Beach P.O. Box 715, George Town Grand Cayman KY1-1107 Cayman Islands RAB GOLD: Commences Liquidation Proceedings ------------------------------------------- On December 13, 2010, the sole shareholder of Rab Gold Master Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 25, 2011, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close West Bay Beach P.O. Box 715, George Town Grand Cayman KY1-1107 Cayman Islands SENOR FROGS: Court Enters Wind-Up Order --------------------------------------- On December 14, 2010, the Grand Court of the Cayman Islands entered an order that voluntarily winds up the operations of Senor Frogs Cayman Ltd. The company's liquidators are: Kenneth Krys Timothy Le Cornu Krys & Associates Cayman Ltd Governors Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237, Grand Cayman Cayman Islands SINGH INVESTMENTS: Commences Liquidation Proceedings ---------------------------------------------------- On December 7, 2010, the members of Singh Investments Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Singh c/o Maples and Calder Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands SUCCESSOR II: Placed Under Voluntary Wind-Up -------------------------------------------- At an extraordinary general meeting held on December 16, 2010, the shareholder of Successor II Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 28, 2011, will be included in the company's dividend distribution. The company's liquidators are: David Preston Beverly Bernard P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Nicola Eccleston Telephone: 949-7755 Facsimile: 949-7634 TERRASSA I: Commences Liquidation Proceedings --------------------------------------------- On December 14, 2010, the members of Terrassa I Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands TERRASSA II: Commences Liquidation Proceedings ---------------------------------------------- On December 14, 2010, the members of Terrassa II Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands TERRASSA III: Commences Liquidation Proceedings ----------------------------------------------- On December 14, 2010, the members of Terrassa III Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands TERRASSA IV: Commences Liquidation Proceedings ---------------------------------------------- On December 14, 2010, the members of Terrassa IV Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4 ----------------------------------------------------------- The creditors of Transparent Value Fund SPC, Ltd. are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 16, 2010. The company's liquidator is: Highwater Limited c/o Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands TRANSPARENT VALUE: Creditors' Proofs of Debt Due February 4 ----------------------------------------------------------- The creditors of Transparent Value Master Fund SPC, Ltd. are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 16, 2010. The company's liquidator is: Highwater Limited c/o Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands WITTENHAM LATIN: Placed Under Voluntary Wind-Up ----------------------------------------------- At an extraordinary general meeting held on December 10, 2010, the shareholders of Wittenham Latin America Fund Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 1, 2011, will be included in the company's dividend distribution. The company's liquidator is: Peter Douglas GFIA Pte Ltd 59 Club Street Singapore 069434 Telephone: +65 6222 3289 ZAGORA I: Commences Liquidation Proceedings ------------------------------------------- On December 14, 2010, the shareholders of Zagora I Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands ZAGORA II: Commences Liquidation Proceedings -------------------------------------------- On December 14, 2010, the members of Zagora II Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands ZAGORA III: Commences Liquidation Proceedings --------------------------------------------- On December 14, 2010, the members of Zagora III Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands ZAGORA IV: Commences Liquidation Proceedings -------------------------------------------- On December 14, 2010, the members of Zagora IV Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. The company's liquidator is: Michael Edward George Saville Begbies Traynor Cayman Limited P.O. Box 679, Genesis Building Grand Cayman KY1-1107 Cayman Islands ============= J A M A I C A ============= NATIONAL COMMERCIAL BANK: To Continue Branch Rationalization ------------------------------------------------------------ RadioJamaica reports that the National Commercial Bank Jamaica Limited said it will continue its branch rationalization this year to further reduce operating costs. According to RadioJamaica, NCB Group Deputy Chief Executive Officer Dennis Cohen said that the company has already realized success in cutting costs with the relocation of Harbour View branch. "During this year, we expect to begin work on our Trafalgar Road location and in the background, work is going on at our Constant Spring location which will involve the relocation of our Manor Park branch," RadioJamaica quoted Mr. Cohen as saying. Mr. Cohen, however, did not say how many staff will be affected by the merging of branch operations, RadioJamaica notes. In addition to branch rationing, Mr. Cohen noted that the company will step up the fight against fraud, the report adds. Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/-- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the U.K. * * * As of Feb. 1, 2011, the bank continues to carry Standard and Poor's "C" short-term issuer credit ratings. The bank also continues to carry Moody's "D+" bank financial strength rating. =========== P A N A M A =========== BANCO INTERNACIONAL: Moody's Affirms 'Ba1' Currency Deposit Rating ------------------------------------------------------------------ Moody's Investors Service affirmed the Ba1 and Not Prime long-term and short-term foreign currency deposit ratings of Banco Internacional de Costa Rica, S.A. Moody's also affirmed the bank's D bank financial strength rating and changed the outlook on the BFSR to positive from stable. This rating outlook has been changed to positive, from stable: * Bank financial strength: D These ratings have been affirmed: * Long-term foreign currency deposits: Ba1, stable outlook * Short-term foreign currency deposits: Not Prime Rating Rationale Moody's said the positive outlook on BICSA's BFSR reflects the bank's growing franchise and profitability as a lender and trade finance provider within the expanding economies and regional trade of Central America, its main operating footprint. The change in outlook also incorporates the bank's improving revenue and funding diversification, which reflects the bank's increasing emphasis on value-added lending, including a strategy of originating and distributing structured finance transactions, the latter activity which should support BICSA's capital and liquidity. The notable strengthening of the bank's risk management organization and processes will continue to be tested as BICSA expands into new markets and with new clients throughout the region. The bank's D BFSR maps to a stand-alone baseline credit assessment of Ba2. Moody's noted that upward movement on the unsupported BFSR would depend on the sustainability of BICSA's business model and its ability to generate earnings without compromising asset quality. Continued control of operating costs, together with improvement in the bank's 52% cost-income ratio, will also be key to profit performance and align it better with its wholesale banking profile. A rating upgrade would also hinge on the bank's ability to maintain solid loss reserve coverage and capitalization ratios as it continues its expansion in order to guard against future asset quality surprises. Moody's indicated that a principal risk to BICSA's BFSR is the bank's large borrower concentrations relative to capital and earnings, a factor that adds potential volatility to the bank's asset quality and earnings. Increased loan granularity would therefore also provide positive momentum to BICSA's stand alone rating. BICSA's Ba1 deposit rating incorporates Moody's assessment of a high probability of support from its controlling shareholders, Banco de Costa Rica, with a 51% stake, and Banco Nacional de Costa Rica, with a 49% stake, both wholly-owned by the Costa Rican government, as well as their endorsement of the bank's strategy of developing international business on their behalf with Costa Rican and other Central American companies. The last rating action on Banco Internacional de Costa Rica S.A. (BICSA) was on June 12, 2008, when Moody's assigned the bank Ba1/Not Prime foreign currency debt ratings and a D rating for bank financial strength. Based in Panama City, Panama, BICSA reported total assets of US$ 977.9 million, equity of US$ 123 million, and net income of US$10.3 million as of September 30, 2010. BANCO INT'L: Moody's Affirms 'Ba1' Rating on Currency Deposit ------------------------------------------------------------- Moody's Investors Service affirmed the Ba1 and Not Prime long- and short-term foreign currency deposit ratings of Banco Internacional de Costa Rica, S.A. Moody's also affirmed the bank's D bank financial strength rating and changed the outlook on the BFSR to positive from stable. This rating outlook has been changed to positive, from stable: -- Bank financial strength: D These ratings have been affirmed: -- Long-term foreign currency deposits: Ba1, stable outlook -- Short-term foreign currency deposits: Not Prime Moody's said the positive outlook on BICSA's BFSR reflects the bank's growing franchise and profitability as a lender and trade finance provider within the expanding economies and regional trade of Central America, its main operating footprint. The change in outlook also incorporates the bank's improving revenue and funding diversification, which reflects the bank's increasing emphasis on value-added lending, including a strategy of originating and distributing structured finance transactions, the latter activity which should support BICSA's capital and liquidity. The notable strengthening of the bank's risk management organization and processes will continue to be tested as BICSA expands into new markets and with new clients throughout the region. The bank's D BFSR maps to a stand-alone baseline credit assessment of Ba2. Moody's noted that upward movement on the unsupported BFSR would depend on the sustainability of BICSA's business model and its ability to generate earnings without compromising asset quality. Continued control of operating costs, together with improvement in the bank's 52% cost-income ratio, will also be key to profit performance and align it better with its wholesale banking profile. A rating upgrade would also hinge on the bank's ability to maintain solid loss reserve coverage and capitalization ratios as it continues its expansion in order to guard against future asset quality surprises. Moody's indicated that a principal risk to BICSA's BFSR is the bank's large borrower concentrations relative to capital and earnings, a factor that adds potential volatility to the bank's asset quality and earnings. Increased loan granularity would therefore also provide positive momentum to BICSA's stand alone rating. BICSA's Ba1 deposit rating incorporates Moody's assessment of a high probability of support from its controlling shareholders, Banco de Costa Rica, with a 51% stake, and Banco Nacional de Costa Rica, with a 49% stake, both wholly-owned by the Costa Rican government, as well as their endorsement of the bank's strategy of developing international business on their behalf with Costa Rican and other Central American companies. The last rating action on Banco Internacional de Costa Rica S.A. (BICSA) was on June 12, 2008, when Moody's assigned the bank Ba1/Not Prime foreign currency debt ratings and a D rating for bank financial strength. Based in Panama City, Panama, BICSA reported total assets of US$977.9 million, equity of US$123 million, and net income of US$10.3 million as of September 30, 2010. ============= U R U G U A Y ============= CREDIT URUGUAY: Moody's Raises Currency Deposit Ratings from 'Ba1' ------------------------------------------------------------------ Moody's Investors Service upgraded Credit Uruguay Banco S.A.'s long and short term global local currency deposits ratings to Baa3/Prime-3, from Ba1/Not Prime. At the same time, the local currency national scale rating was upgraded to Aa1.uy, from Aa2.uy. The D bank financial strength rating, the Ba2/NP long and short-term foreign currency deposit ratings, and the Aa3.uy foreign currency national scale rating were not affected by this action. The outlook on all ratings is stable. Ratings Rationale The rating action concludes the review for upgrade of Credit Uruguay's deposit ratings, initiated in May 2010, and is driven by the recent approval, by Uruguayan regulators, for Spain's Banco Bilbao Vizcaya Argentaria S.A. to acquire 100% of Credit Uruguay, a subsidiary of France's Credit Agricole S.A. The combination of the Uruguayan operations of BBVA and Credit Uruguay will result in the second privately-owned banking franchise in terms of loans and deposits, with market shares of 11%. Moreover, the new entity will benefit from highly complementary business strategies, as suggested by Credit Uruguay's primary focus on domestic commercial and retail banking, and by BBVA's predominantly wholesale and non- resident transaction banking businesses. The merger of the two banks is expected to conclude by April 2011, following the approval by the ministry of economy. The upgrade also captures Moody's assessment of a high probability of parental support to the merged entity from its new controlling shareholder, BBVA Spain (rated B- for financial strength; Aa2 for deposits) in a situation of stress. Such support assessment is reflected in two notches of uplift to the bank's Ba2 baseline credit assessment, to result in a Baa3 deposit rating. Headquartered in Montevideo, Uruguay, Credit Uruguay had UR$28.1 billion in assets, UR$24.6 billion in deposits, and UR$1.9 billion in shareholders' equity, as of year-end 2010. These ratings were upgraded: - Global local currency deposit rating to Baa3/P-3 from Ba1/NP, with stable outlook - National Scale local currency deposit rating to Aa1.uy from Aa2.uy *********** 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 T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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 * * *