/raid1/www/Hosts/bankrupt/TCRLA_Public/111227.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
Tuesday, December 27, 2011, Vol. 12, No. 256
Headlines
A N T I G U A & B A R B U D A
STANFORD FINANCIAL: Former Chairman Fails to Avoid Trial
A R G E N T I N A
CITY OF BUENOS AIRES: S&P Affirms 'B' Global Scale ICR
EL GRAN PLAN: Creditors' Proofs of Debt Due Feb. 10
ENSEMBLE ARGENTINA: Creditors' Proofs of Debt Due Feb. 3
KOOL DECK: Creditors' Proofs of Debt Due Feb. 2
LADUS SA: Creditors' Proofs of Debt Due Feb. 3
LOMA NEGRA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
PROVINCE OF BUENOS AIRES: S&P Affirms 'B' Global Scale Rating
PROVINCE OF MENDOZA: S&P Affirms Issuer Credit Rating at 'B'
RAGHSA SA: S&P Affirms 'B-' Corp. Credit Rating; Outlook Stable
TRANSPORTADORA DE GAS: Fitch Holds Junk Rating on 3 Note Classes
B R A Z I L
BANCO BONSUCESSO: Fitch Affirm Individual Rating at 'D'
COMPANHIA DE SANEAMENTO: Moody's Puts 'Ba1' CFR; Outlook Stable
COSAN SA: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
NET SERVICOS: Moody's Reviews 'Ba1' Global Scale Rating
SAO MARTINHO: S&P Gives 'BB+' Global Scale Corp. Credit Rating
SUZANO TRADING: Fitch Affirms Rating on US$650-Mil. Notes at 'BB'
TAM SA: S&P Keeps 'B+' Corp. Credit Rating on Watch Positive
C A Y M A N I S L A N D S
BLACKROCK FIXED: Shareholders Receive Wind-Up Report
BLACKROCK FIXED INCOME: Shareholders Receive Wind-Up Report
HARBERT EMERGING: Shareholder Receives Wind-Up Report
HARBERT EMERGING MARKETS: Shareholder Receives Wind-Up Report
MATTERHORN ADVISORY: Shareholder Receives Wind-Up Report
MURRAY LIMITED: Members' Final Meeting Set for Dec. 28
NOVA ADVISORY: Shareholder Receives Wind-Up Report
NOVUS LEMATANG: Shareholders Receive Wind-Up Report
OPTIMA DIVERSIFIED: Shareholders Receive Wind-Up Report
OSPRAIE WINGSPAN: Shareholders Receive Wind-Up Report
PINPOINT ASSET: Shareholders' Final Meeting Set for Dec. 27
PINPOINT OPPORTUNITIES: Member to Hear Wind-Up Report on Dec. 27
SAYAN INVESTMENTS: Shareholders Receive Wind-Up Report
TGEM ASIA: Shareholder Receives Wind-Up Report
VOTORANTIM OVERSEAS: Shareholder Receives Wind-Up Report
M E X I C O
BANCO NACIONAL: Fitch Affirms Individual Rating at 'B/C'
BANCO SANTANDER: Fitch Affirms Individual Rating at 'C'
BBVA BANCOMERS: Fitch Affirms Individual Rating at 'B/C'
CASA DE CAMBIO: Del. Ct. Rules on Capitaliza-T's 2nd Amended Suit
ING BANK: Fitch Affirms Individual Rating at 'C/D'
ZACATECAS STATE: Moody's Gives 'Ba2' Local Currency Rating
T R I N I D A D & T O B A G O
CLICO INVESTMENT: Govt Payout Plan Fails To Appease Policyholders
U R U G U A Y
BANCO HIPOTECARIO: Moody's Raises BFSR to 'E+' from 'E'
V I R G I N I S L A N D S
JEFFREY PROSSER: Court Denies Sanctions Bid vs. Firms
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD FINANCIAL: Former Chairman Fails to Avoid Trial
--------------------------------------------------------
RJR News reports that lawyers of former Stanford Financial Group
chairperson Robert Allen Stanford failed to convince U.S.
District Judge David Hittner that their client isn't mentally fit
to stand trial for allegedly operating a $7 billion Ponzi scheme.
According to RJR News, the lawyers argued that Mr. Stanford, who
has pleaded not guilty to charges of fraud, conspiracy and money
laundering, suffers from an impaired memory following a prison
attack in September 2009.
Kara Scannell at The Financial Times relates that the trial was
previously delayed last January after Mr. Stanford was found
unable to assist his lawyers due to overmedication of anti-
anxiety and other drugs he was prescribed following the assault.
Judge Hittner ruled that Mr. Stanford was competent, after three
days of testimony from medical doctors, The Financial Times
states. Jury selection in the case is set for Jan. 23, according
to the report.
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, 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 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, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).
=================
A R G E N T I N A
=================
CITY OF BUENOS AIRES: S&P Affirms 'B' Global Scale ICR
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' global scale issuer credit rating, on the City
of Buenos Aires. The outlook is stable.
"The global scale rating on the City of Buenos Aires reflects the
high risk inherent to Argentina," said Standard & Poor's credit
analyst Delfina Cavanagh. "And a polarized political and economic
environment, lack of predictability in government policies, and
high inflation still constrain the ratings on the sovereign."
The city's revenue flexibility, which is greater than that of
other local governments in Argentina; financial flexibility; low
debt; and relatively wealthy economy among the other local
economies in Argentina partially offset these weaknesses.
From 2008 through 2011, the city finished repaying five series of
its Tango bonds (series 1 through 5), making its last repayment
on series 1 for $83.5 million in April 2011.
With the issuance of a $475 million bond in April 2010, the
city's debt reached ARS4.49 million by that year's end. This
represented 23% of 2010 operating revenues. As of September 2011,
the city had ARS3.80 million in debt, equivalent to 17% of the
operating revenues it had budgeted for 2011.
With the issuance of the Tango 9 bond, debt reached about 18% of
operating revenues.
"This amount of debt is still low and compares favorably both
locally and internationally," Ms. Cavanagh added. "Based on this
low debt level, Standard & Poor's believes that additional debt
will not likely erode the city's financial profile and that its
low debt will continue to support the rating."
"The recovery rating on the City of Buenos Aires' unsecured debt
is '2', indicating our expectation of substantial (70% to 90%)
recovery for lenders in a payment default scenario," S&P said.
"The stable outlook incorporates our expectation that
conservative management and low debt will continue to provide the
City of Buenos Aires with fiscal flexibility over the next two to
three years. Therefore, we expect the city will manage its
increasing expenditures in a manner consistent with the ratings,"
S&P said.
"Greater fiscal instability resulting from unsustainable
increases in the city's expenditures could prompt us to lower the
ratings," S&P said.
"We could raise the ratings on the city if we raise our sovereign
rating on the Republic of Argentina (B/Stable/B)," S&P said.
EL GRAN PLAN: Creditors' Proofs of Debt Due Feb. 10
---------------------------------------------------
Carlos Alberto Yacovino, the court-appointed trustee for El
Gran Plan SA de Ahorro para Fines Determinados's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
Feb. 10, 2012.
Mr. Yacovino will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Carlos Alberto Yacovino
Planes 663
Argentina
ENSEMBLE ARGENTINA: Creditors' Proofs of Debt Due Feb. 3
--------------------------------------------------------
Ester Ferraro, the court-appointed trustee for Ensemble
Argentina SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Feb. 3, 2012.
Ms. Ferraro will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by the company and its
creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 18, 2012.
The Trustee can be reached at:
Ester Ferraro
Esmeralda 960
Argentina
KOOL DECK: Creditors' Proofs of Debt Due Feb. 2
-----------------------------------------------
Antonio Sayago, the court-appointed trustee for Kool Deck SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Feb. 2, 2012.
Mr. Sayago will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Antonio Sayago
Viamonte 1636
Argentina
LADUS SA: Creditors' Proofs of Debt Due Feb. 3
----------------------------------------------
Ester Ferraro, the court-appointed trustee for Ladus SA's
reorganization proceedings, will be verifying creditors'
proofs of claim until Feb. 3, 2012.
Ms. Ferraro will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by the company and its
creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 18, 2012.
The Trustee can be reached at:
Ester Ferraro
Esmeralda 960
Argentina
LOMA NEGRA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Argentina-based cement producer Loma Negra
C.I.A.S.A. The outlook is stable. The rating action is part of
S&P's regular review.
"We assess Loma Negra's stand-alone credit profile as 'b',
reflecting the inherent risks of operating in Argentina, the
volatile nature of the cement industry, a limited product
diversification, and certain level of currency mismatch. Loma
Negra's good market position as the largest cement producer in
Argentina in terms of market share and installed capacity, and
competitive cost structure, due to convenient access to raw
materials and logistic integration, partially mitigate these
factors. We assess Loma Negra's business risk profile as
'vulnerable' and its financial risk profile as 'aggressive'
(as our criteria define the terms)," S&P said.
PROVINCE OF BUENOS AIRES: S&P Affirms 'B' Global Scale Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
and 'raAA-' national scale ratings, including the issuer credit
ratings, on the Province of Buenos Aires in Argentina. The
outlooks remained stable.
"The recovery ratings on the province's debt, indicating our
expectation of meaningful (50% to 70%) recovery in a payment
default scenario, remained unchanged at '3'," S&P said.
"Our rating on the Province of Buenos Aires remains supported by
the government of Argentina, even though high fiscal deficits in
the provincial budget persist," said Standard & Poor's credit
analyst Sebastian Briozzo.
"We expect GDP growth in Argentina to reach 6.5% in 2011 and to
decelerate from that level going forward. Despite high economic
growth, the province continues to run a substantial operating
deficit, equivalent to 6% of operating revenues for 2011. This
situation will likely persist in 2012," S&P said.
Despite these high fiscal deficits, the province's debt continues
to decline relative to revenue, mainly due to most of that debt -
- 51.5% as of September 2011 -- being held by the federal
government at beneficial terms for the province.
Basically, this indebtedness is no longer indexed to inflation,
while the province's revenue continues to grow at a rapid pace
affected by high inflation and real economic growth.
As in past years, the challenge of closing the remaining
financing gap for 2011 and of meeting future financing needs for
2012 will depend basically on two sources.
The province issued bonds in international capital markets in
2010 and 2011, and will likely continue to do so if market
conditions allow it in 2012.
The second source will be discretional financial assistance from
the federal government. Therefore, maintaining a sound political
relationship with the government remains essential to the
province's fiscal sustainability.
In addition to short-term pressures for salary increases, the
unfavorable redistribution of federal resources to the Province
of Buenos Aires will likely continue to hurt its fiscal
performance. The province contributes about 36% of the national
GDP but receives only an estimated 22% of the pool of resources.
"The stable outlooks on the Province of Buenos Aires reflect our
assessment of the sovereign rating on Argentina, given the strong
links between the two entities," S&P said.
PROVINCE OF MENDOZA: S&P Affirms Issuer Credit Rating at 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' foreign- and
local-currency credit ratings on the Province of Mendoza. The
outlook is stable. The rating action is part of S&P's regular
review.
The 'B' rating on the Province of Mendoza reflects the high
risks in the Republic of Argentina (B/Stable/B). These risks
include: high inflation, a low level of investments, and the
unpredictability of Argentina's economic policies. The province's
weak liquidity position and its limited fiscal flexibility also
constrain the rating. The province's prudent financial policy,
which has allowed it to consistently reduce its debt burden and
debt service, somewhat offset these risks.
The province's debt service declined to 5% of total revenues in
2011 from 16% in 2007, consequently supporting the province's
creditworthiness. As of Oct. 31, 2011, its stock debt was
ARS4.738 billion. This is equivalent to a moderate 48% of
operating revenues that the province budgeted for 2011. During
the past four years, its debt has consistently declined amid
healthy revenues, due to the strong economic activity and high
inflation, although the province's nominal value increased
slightly.
"We assess the province's liquidity as 'weak' under our criteria.
Despite slight improvements from 2010, we believe that it has a
tight liquidity, given its limited budgetary flexibility.
Nevertheless, the province manages its debt prudently, compared
with other provinces in Argentina. Furthermore, its debt service
is relatively low; the conditions surrounding it are favourable
because it owes most of its debt service to the central
government," S&P said.
RAGHSA SA: S&P Affirms 'B-' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit and senior unsecured ratings on Argentinean real estate
developer RAGHSA S.A. The outlook is stable. The rating action is
part of S&P's regular review.
Standard & Poor's Rating Services' ratings on RAGHSA S.A. reflect
its exposure to both the Argentine business environment and the
volatility inherent in the real estate industry. The ratings also
reflect the company's relatively small size, its high leverage,
and its weak credit metrics. The company's extensive experience
in most of its business segments and the domestic recognition of
its main development brand "Le Parc" partially offset its
weaknesses. Its manageable maturity profile, which has no
principal amortizations during the next four years, in
combination with increasing revenues from its office rental
segment, should provide flexibility to begin new development
projects. These should also partially mitigate the company's
higher debt levels. "We assess RAGHSA's business risk profile as
"vulnerable," and its financial risk profile as 'highly
leveraged' as our criteria define them," S&P said.
RAGHSA is an Argentina-based real estate developer, focused on
the development and rental of first-class office buildings, the
development of residential buildings for sale, and the
acquisition of land reserves for future developments. The company
targets clients in upper-middle socioeconomic levels.
"The stable outlook incorporates our view of the company's
manageable debt maturity profile and our expectation that the
company will gradually consolidate the revenues from its new
projects. We are unlikely to raise the ratings in the near term,
given the company's high debt levels. An upgrade would depend on
the satisfactory performance of the company's capital expenditure
plan. If the company's debt levels increase, its projects
experience delays, and if economic conditions worsen and impact
the company's rentals and projects, we could lower the ratings,"
S&P said.
TRANSPORTADORA DE GAS: Fitch Holds Junk Rating on 3 Note Classes
----------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Transportadora de Gas
del Norte (TGN):
-- Foreign and Local Currency Issuer Default (IDR) ratings at
'D';
-- National long-term rating at 'D(arg)';
-- US$250 million notes series A at 'CC/RR5'; national scale
rating at 'D(arg)';
-- US$250 million notes series B at 'CC/RR5'; national scale
rating at 'D(arg)';
-- US$300 million medium-term note program at 'CC/RR5';
national scale rating at 'D(arg)';
-- US$247.3 million expected notes issuance at 'CCC(exp)/RR4';
national scale rating at 'BB(arg)'
-- Equity national scale rating at 'Level 4'.
The Rating Outlook is Stable.
The rating of the US$247.3 million notes issuance has yet to be
finalized upon closing of TGN's debt restructuring process.
TGN's foreign and local currency IDRs of 'D' reflect the
suspension of principal and interest payments on USD345 million
of debt by the company on Dec. 23, 2008. Although TGN has
reached the consent to restructure its debt with 88% of the
bondholders and has initiated the court procedure (Acuerdo
Preventivo Extrajudicial [APE]) to proceed with the debt
restructuring, the process has not been finalized. Fitch expects
to upgrade TGN's local and foreign currency IDRs to 'CCC' upon
completion of the debt restructuring.
The 'CC' rating of the 2012 notes reflects the expectation of
below-average recovery prospects given default; the 'RR5'
indicates a probability of recovery of 11% - 30% of current
principal and related interest.
The 'CCC/RR4' expected rating of the new US$247.3 million seven-
year notes offered in the restructuring process reflect a
moderate improvement in TGN's debt profile following such
restructuring. The 'RR4' indicates a recovery prospect of 31% -
50%, and reflects a debt reduction by US$100 million following
the restructuring. Debt service could be significantly reduced
during the first five years following the restructuring, as the
bonds have a minimum cash interest payment of 3.5% per year, with
the option to capitalize the coupon spread throughout the life of
the bond which begins to amortize on year five. As inflation
pressures continue to erode margins, absent any tariff increases,
cash flow will likely turn negative when principal amortizations
begin which could add to financial distress.
There have been no significant advances in the APE procedure
which should approve the debt restructuring agreed between TGN
and 88% of its bondholders. The efforts by ANSES (Argentina's
national pension fund) and various parties to prevent the
finalization of the restructuring agreement further heighten risk
for creditors. The timing of the restructuring remains
uncertain. First, the APE court will need to issue the initial
endorsement approving the restructuring agreement. If this
endorsement is issued, TGN would need to restructure the debt
held by consenting creditors. On a later date, following the
final endorsement, TGN would restructure its remaining debt with
similar terms and conditions.
TGN's domestic tariffs have remained frozen since 1999. Although
the government seemed to be moving in the right direction when it
approved a 20% tariff increase during October 2008, and
subsequently ratified it on April 2010, the regulatory entity
(ENARGAS) has failed to approve the new tariff scheme.
Cash flow generation and margins have deteriorated due to
inflationary pressures and the suspension of certain export
contracts. During the LTM period ended Sept. 30, 2011, TGN
generated US$25 million of free cash flow. This represents a
decrease from US$47 million during 2010. Fitch Ratings expects
next year's cash generation to deteriorate absent any tariff
increase.
TGN is one of the two largest transporters of natural gas in
Argentina, delivering approximately 40% of the country's total
gas consumption. TGN has an exclusive license to operate the
northern Argentina gas pipeline system for a term of 35 years,
which may be extended for an additional 10-year period. The
Argentine government has intervened into TGN's administration
since December 2008. The designated government's interventor is
responsible for supervising all actions related to the public
service. TGN's main shareholders are Gasinvest S.A. (56.35%) and
Blue Ridge Investments LLC (23.53%), while 20% is floating in the
market. Gasinvest S.A. is in turn owned by TecPetrol
Internacional SL (27.2%), Total Gas y Electricidad Argentina S.A
(20.6%), Petronas Argentina S.A (18.3%). Total Gasandes (6.6%),
and Compania General de Combustibles S.A. (27.2%).
===========
B R A Z I L
===========
BANCO BONSUCESSO: Fitch Affirm Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco Bonsucesso S.A.
and revised its long-term Rating Outlook to Negative from Stable:
-- Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) 'B+'; Outlook Negative;
-- Short-term Foreign and Local Currency IDRs 'B';
-- Individual Rating 'D';
-- Viability Rating 'b+';
-- Support Rating '5';
-- Support Rating Floor 'no floor';
-- Long-Term National Rating 'BBB+(bra)'; Outlook Negative;
-- Short-Term National Rating 'F2(bra)'.
The Negative Outlook reflects Bonsucesso's reduced profitability,
which should be further impacted by the new accounting rules
pertaining to revenue recording and by the limited use of credit
assignments. Fitch highlights that the figures until the third
quarter of 2011 included a sustained increase of provisioning
expenses and increased pressure on its spreads, given rising
funding costs. Fitch had highlighted its concerns in this regard
in its RAC of July 11 2011; should the outlook for these
deteriorating trends not improve over the next 12 to 18 months,
it is likely the bank's ratings would be downgraded. A faster
than expected recovery and stabilization of operating results and
provisioning expenses could result in a new rating outlook
review.
The IDRs and National Ratings reflect the bank's continued strong
expertise in the competitive payroll deductible loans segment.
The ratings also portray its relatively modest size, the downward
trend of Fitch core capitalization and the fact that it is a
niche bank, with large concentrations, making it more susceptible
to economic volatility.
Given the challenges of funding medium-term payroll deductible
loans, its major product, most of which as a result of increased
funding costs for small and medium-sized banks, Bonsucesso
changed its focus to higher margin payroll deductible
partnerships, including payroll deductible credit cards. The
prudential measures implemented by the Central Bank of Brazil in
December 2010 were softened in November 2011 and should benefit
those banks focused on payroll deductible loans with some cushion
in terms of regulatory capital.
So as to reduce its reliance on this segment, Bonsucess has
attempted to increase its middle market portfolio, which showed
significant increase (60%) in 2010, presenting a small reduction
until the third quarter of 2011. For Fitch, reduced dependency
on payroll lending is important, but the agency points out that
competition in this segment is also intense and that delinquency
ratios there are greater, which could cause higher provisioning
expenses.
Despite presenting some deterioration until the third quarter in
2011, Bonsucesso's credit quality remains slightly better than
peer average. Like other medium-sized banks, the significant
dependence on loan assignments and time deposits (especially,
Term Deposits with Special Guarantees - DPGEs, having used
virtually all its limit) restricts Bonsucesso's flexibility in
times of stress and boosts its funding costs.
Fitch Core capital/total risk weighted assets remained around
11%, a percentage considered low by the agency. Although the
recent subordinated debt issue, classified as Tier 2 regulatory
capital, is not considered in this calculation, the agency
recognizes the benefits of this additional source of funding,
which has good maturity terms.
Given the increased provisioning expenses and higher pressure,
mainly from the increase in funding costs on its margins, the
bank's results have significantly decreased in the nine first
months of 2011 and its ROE should end up close to 10%. In 2012,
this scenario will be impacted by the end of anticipated revenues
from portfolio assignments with co-obligation, which should
further and strongly reduce its results, same as with other banks
which are reliant on assignments. Fitch will monitor this trend
considering the potential pressure on its capitalization.
Controlled by the Pentagna Guimaraes family, Bonsucesso's origin
dates back to the creation of Bonsucesso Financeira in 1992,
which was transformed into a multiple bank in 1997. The bank
operates in the payroll deductible loans for public servants and
retirees of the National Institute of Social Security (INSS). On
a smaller scale, it also operates with credit for small and
medium-sized companies (PMEs).
COMPANHIA DE SANEAMENTO: Moody's Puts 'Ba1' CFR; Outlook Stable
---------------------------------------------------------------
Moody's America Latina assigned a Corporate Family Rating of Ba1
rating on the global scale and an Aa2.br rating on the Brazilian
National Scale to Companhia de Saneamento de Minas Gerais S.A. --
COPASA. The outlook is stable for both ratings. This is the first
time that Moody's has assigned ratings to COPASA.
Ratings Rationale
The Ba1 and Aa2.br corporate family ratings reflect COPASA's
credit metrics for the rating category along with its stable cash
flow derived from long-term concession contracts executed with
72% of the municipalities of the State of Minas Gerais (MG), high
operating efficiency, low delinquency rates, secure access to
water supply, diversified customer base, and strong support from
the State Government given COPASA's role as provider of essential
services in MG.
The stable outlook reflects Moody's assessment that COPASA will
continue to grow its portfolio of water and sewerage customers,
and will continue to meet their expectations in terms of quality
of services delivered while maintaining high operating
performance.
The ratings are constrained by the relatively young and untested
sector regulatory framework in MG; lack of definition concerning
the implementation of the methodology for tariff revisions and
the productivity factor affecting tariff adjustments, which still
need to be defined by the State regulatory agency (ARSAE-MG);
COPASA's ability to fund its investment requirements (new and
maintenance CAPEX); and potential political interference given
the importance of the services provided to 69% of the State's
population.
The recent track record of tariff adjustments shows that, at
least since 2005, the State Government of MG has granted
adjustments indexed to the inflation (as measured by the IGPM
rate). In 2009, the adjustment was suspended by the courts until
the State regulatory agency was created (August 2009). In 2010,
the tariff adjustment defined by ARSAE-MG for COPASA was 3.96%.
In March 2011, ARSAE-MG published the Normative Resolution
03/2011 and the Technical Note 03/2011, which defined the
parametric formula for tariff adjustments but not the tariff
revision methodology. In March 2011, the tariff adjustment was
7.02%, following the aforementioned Resolution and Note.
However, the tariff adjustment formula includes the productivity
factor, which still needs to be defined. Consequently the value
of the productivity factor was temporarily set to zero for the
tariff adjustments until the first tariff revision. Therefore,
the productivity factor of the tariff adjustment formula and the
methodology for tariff revisions still need to be defined.
The CAPEX program is another factor that constrains the rating,
given that historically COPASA has made large investments (around
BRL800 million per year). Given that the water and sewage sectors
in Brazil demand significant investments, which typically carry
low margins, there is a clear need for low cost, long tenor
financing.
A rating upgrade would require ARSAE-MG to fully define a market-
based tariff revision methodology, as well as the productivity
factor of the tariff adjustment methodology in the short term
coupled with a positive track record of administering the water
and sewerage regulatory framework in MG along with improved
metrics as a result of, for example, stronger cash flow
generation and lower leverage resulting in Funds from Operations
("FFO") / Net Debt above 25%, and FFO Interest Coverage above
4.5x.
Conversely, downward rating pressure could result from tariff
revisions that do not remunerate current or future investments in
a fair manner; political interference that could affect COPASA's
operating and financial performance; and deteriorating metrics as
a result of, for example, increased leverage to finance CAPEX or
high dividend payout, and/or lower cash generation resulting in
FFO/Net Debt below 15%, and FFO Interest Coverage below 2.5x.
The methodologies used in this rating were "Global Regulated
Water Utilities" published in December 2009, and "Government-
Related Issuers: Methodology Update" published in July 2010.
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. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in March 2011 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings".
Companhia de Saneamento de Minas Gerais S.A. -- COPASA was
founded in 1963. COPASA serves 13.5 million people, which
corresponds to 69% of the total population of the State of Minas
Gerais ("MG"), through its 43,538 km water distribution and
16,850 km sewerage collection networks. COPASA is controlled by
the Government of MG, which owns 53% of COPASA's shares; the
remaining shares are listed on BM&FBOVESPA's stock exchange
(Symbol: CSMG3); 92% of the floated shares are held by foreign
investors. In the LTM ended in September 2011, COPASA reported
net sales related to water and sewerage services of BRL2.5
billion (US$1.5 billion), EBITDA of BRL1.1billion (US$682million)
and net income of BRL683million (US$414 million).
COSAN SA: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Cosan S.A. Industria e Comercio. "We also
affirmed the 'BB' rating on the company's perpetual bonds
and removed it from CreditWatch positive. The outlook on the
corporate credit rating is stable. The issue ratings on Cosan
subsidiaries' bonds remain on CreditWatch positive. The rating
action is part of our regular review," S&P said.
"We placed the issue ratings on Cosan's debts on CreditWatch with
positive implications on Oct. 21, 2010, following the
announcement that Cosan and Shell International Petroleum Co.
Ltd., a subsidiary of Royal Dutch Shell PLC (Shell; AA/Stable/A-
1+), signed a memorandum of understanding for the creation of a
joint venture, Raˇzen. This joint venture would combine the
companies' respective Brazilian ethanol, sugar, cogeneration, and
fuel distribution assets," S&P said.
"The rating affirmation reflects our view that Cosan will sustain
its somewhat stable leverage ratios, with a debt-to-EBITDA ratio
that is consistently less than 4x, and "adequate" liquidity (as
our criteria defines it). We have not incorporated the revenue
that we expect Cosan to generate at its new subsidiary, Raˇzen,
into the rating because the company has not yet published the
joint venture's individual financials. Because we believe that
Raizen could have a higher rating than Cosan and that the company
transferred some of the rated bonds to the joint venture, we will
keep these issue ratings on CreditWatch with positive
implications until we are able to assess Raizen's credit
quality," S&P said.
NET SERVICOS: Moody's Reviews 'Ba1' Global Scale Rating
-------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade the Ba1 global scale and Aa2.br national scale ratings of
Net Servicos de Comunicacao S.A.
Ratings placed under review for possible upgrade are:
-- Corporate Family Rating: Ba1/Aa2.br/Stable
-- US$350 million 7.5% senior unsecured notes due 2020:
Ba1/Aa2.br/Stable
Ratings Rationale
The review process was triggered by: i) the new law in Brazil
that allows fixed-line telecom companies to offer TV services
over their networks and also the elimination of the 49% cap on
foreign ownership of cable operators; ii) the announcement of the
negotiations for Embratel to exercise the option to purchase
approximately 2% in voting shares held by Globo Comunicacao e
Participacoes S.A. ("Globo" Baa2/Stable), which is awaiting
approval from Agencia Nacional de Telecomunicacoes ("ANATEL").
The conclusion of the transaction would allow Embratel to become
Net's controlling shareholder; and iii) the announcement that
Net, Claro and Embratel will jointly offer bundled
telecommunications services.
The acquisition of the controlling interest in Net would allow
America Movil ("AMX" A2/Aaa.mx/MX-1/Stable) to expand its
presence and services in Brazil, a critical market for AMX.
Embratel would benefit from Net's cable infrastructure, since
existing cable networks offer the most cost effective means for
companies to offer bundled services to residential customers.
Also, the combined Net/Embratel would have a large customer base,
given the 4.6 million Net pay-TV customers and Embratel's 1.9
million direct to home ("DTH") video clients, in addition to its
legacy long distance business. Such a subscriber base would
increase Embratel/Net's bargaining power with the providers of
costly video content. So even if other telcos entering the pay-TV
market offer competitive prices, Embratel/Net's scale should give
it a cost advantage. Also, the merger would give Net access to
greater operational support from Embratel, as well as better
access to AMX's capital and access to the financial markets.
Moody's also believes that AMX would adopt its own strict
leverage targets of net debt to EBITDA lower than 1.0 time for
its Brazilian subsidiaries.
The review process will focus on the timing of the approval and
conclusion of the acquisition of Net's controlling shares by
Embratel, the level of AMX's support, the strategy to integrate
the various entities in Brazil, and the financial strategies of
these entities.
The principal methodologies used in rating Net and Embratel were
the Global Cable Television Industry Methodology published in
December 2009 and the Global Telecommunications Industry
Methodology published in December 2010 respectively.
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. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled
"Mapping Moody's National Scale Ratings to Global Scale Ratings".
Net Servicos de Comunicacao S.A. is the largest multi-service
cable company in Latin America providing pay TV, broadband
internet access through its Virtua franchise and voice services
through Net Fone via Embratel to more than 11 million homes in 99
cities. As of September 30, 2011, the company had 38.4% share of
the pay TV market and 26.0% of the broadband market. In the last
twelve months ended September 30, 2011, Net reported consolidated
net revenues of BRL 6.4 billion. America Movil (A2/Aaa.mx/MX-
1/Stable) owns 92% of Net's total capital and 49% of Net's voting
shares, indirectly, through Embratel (Baa2/Aaa.br/Stable). In
turn, Embratel, itself is 98% owned by America Movil.
The Local Market analyst for this rating is Marcos Schmidt, +55
(11) 3043-7310.
SAO MARTINHO: S&P Gives 'BB+' Global Scale Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
global scale and 'brAA+' Brazilian national scale corporate
credit ratings to Brazilian sugar and ethanol producer S.o
Martinho S.A. The outlook is stable.
"The ratings on Sao Martinho reflect our opinion of the company's
exposure to price volatility and cyclicality in the sugar and
ethanol market; its small size compared with competitors; and low
geographic diversity. Partly offsetting these constraints are S.o
Martinho's conservative financial policy; its sound operating
track record (evidenced by high agricultural productivity and low
operating costs); its flexibility to alter its sugar and ethanol
production; and favorable logistics and storage capabilities.
Furthermore, the company will increase biomass cogeneration
revenues in the next few years, which should add more stable
revenues to its consolidated figures. Favorable global
fundamentals support firm sugar prices for the next crops.
However, while ethanol prices in Brazil are somewhat limited by a
parity with gasoline prices, we anticipate that the tight supply-
demand balance in ethanol will sustain S.o Martinho's
profitability," S&P said.
"In our view, Sao Martinho will sustain a conservative financial
policy, with strong credit metrics and adequate liquidity. We
believe that the company should continue to improve its
profitability as it benefits from favorable sugar and ethanol
prices, lower freight costs, and higher cogeneration revenues.
Furthermore, we see higher economies of scale through
acquisitions, partnerships, and growing capacity," S&P said.
"We could raise the rating as S.o Martinho advances its Boa Vista
expansion project, and adjusted total debt to EBITDA consistently
remains less than 2x and FFO to debt consistently grows to more
than 40%. Equally, the rating could come under pressure if S.o
Martinho's financial metrics deteriorate, leading to weaker
liquidity, as well as adjusted total debt to EBITDA of more than
4x and adjusted FFO to debt lower than 30%, on a permanent
basis," S&P said.
SUZANO TRADING: Fitch Affirms Rating on US$650-Mil. Notes at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed Suzano Papel e Celulose S.A.'s
national scale rating of 'A+(bra)' and the national scale rating
of its debentures due in 2014 and 2019 at 'A+(bra)'.
In conjunction with these affirmations, Fitch has assigned these
ratings:
Suzano
-- Foreign Currency Issuer Default Rating (IDR) at 'BB';
-- Local Currency IDR at 'BB'.
Suzano Trading Ltd.
-- Foreign Currency IDR at 'BB';
-- US$650 million Senior Notes due Jan. 23, 2021 at 'BB'.
The Rating Outlook for the corporate ratings is Stable.
Suzano Trading Ltd. is a wholly owned subsidiary of Suzano and is
incorporated in the Cayman Islands. The USD650 million senior
notes are unconditionally and irrevocably guaranteed by Suzano.
The credit quality of Suzano and Suzano Trading Ltd. have been
linked according to Fitch's 'Parent and Subsidiary Rating
Linkage' criteria report dated Aug. 12, 2011.
Suzano's credit ratings reflect the company's leading position in
Brazil's printing and writing paper and paperboard markets, and
its strong position in the bleached eucalyptus kraft market pulp
(BEKP) industry. The ratings also take into consideration
Suzano's large forestry base, which assures it of a competitive
production cost structure in the future and provides it with
organic growth opportunities. The value of the company's land
and forests as of Sept. 30, 2011 was BRL6 billion.
Suzano's ratings are constrained by high leverage ratios and by
the expectation that leverage will remain high during 2012 as
capital expenditures for the pulp mills rise, reaching a peak in
2013, when the start-up of the Maranhao pulp mill is expected.
Fitch projects net debt-to-EBITDA ratios to exceed 4.0 times (x)
during 2012 and 2013, as the company expands its market pulp
capacity to 3.4 million tons per year by 2013 from 1.9 million
tons per year during 2011.
Sustainable Competitive Advantage; Low Production Cost Structure:
Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard, with 1.3 million tons of annual
production capacity. The company's market shares of 31% in
uncoated printing and writing paper and 26% in paperboard allow
it to be a price leader in Brazil. Suzano also produces 1.9
million tons of market pulp, which makes it one of the ten
largest producers of market pulp in the world.
Like other producers of hardwood pulp in Brazil, Suzano enjoys a
production cost structure that is among the lowest in the world.
This enables Suzano to generate positive cash flows during
troughs in the pulp and paper cycle. Suzano's competitive
advantage is viewed as sustainable. The company owns 771,000
hectares of land in Brazil, of which 341,000 are used for the
development of eucalyptus plantations.
Suzano plans to develop pulp mills at Maranhao (targeted start-up
date at the end of 2013), with an annual production capacity of
1.5 million tons. The company recently announced a postponement
of the decision to purchase industrial equipment for a new pulp
mill in Piaui until the first half of 2014; this was viewed
positively by Fitch in light of current market conditions.
Leverage is High; Liquidity is Adequate:
Suzano had BRL8.4 billion of total debt and BRL3 billion of cash
as of Sept. 30, 2011, resulting in net debt of BRL5.5 billion.
These figures compare with net debt of BRL3.6 billion at the end
of 2010 and BRL4.2 billion at the end of 2009. The increase in
net debt was due to the negative impact of BRL depreciation
versus the U.S. dollar (52% of total debt is dollar denominated),
and, to a lesser extent, new debt.
As expected by Fitch, leverage increased during 2011 and should
continue to rise. During the latest 12 months (LTM) ended
Sept. 30, 2011, Suzano's total debt-to-EBITDA ratio was 6.9x,
while its net debt-to-EBITDA ratio was 4.5x, as calculated by
Fitch. These ratios compare with 4.4x and 2.1x, respectively,
in 2010, and 6.6x and 4.1x in 2009. Suzano's leverage has
historically been higher than most of its peers in Latin America.
Between 2005 and 2008, Suzano's net leverage averaged 3.5x.
Leverage should remain high in the next couple of years, as
Suzano plans to invest about BRL4 billion in 2012 and BRL2.2
billion in 2013, not considering the sale of assets. Leverage
should also be pressured by the expectation of relatively weak
pulp prices due to a sluggish global recovery, excess paper
capacity in China, and additional pulp capacity. Higher leverage
ratios may lead to covenant breach of the third debentures
issuance. The company is taking the necessary steps to seek
covenant adjustments or waivers and could repay the obligation
with its cash balance if necessary.
Suzano has historically maintained a strong liquidity position.
As of Sept. 30, 2011, Suzano had BRL3 billion of cash and
marketable securities. This compares with about BRL2.5 billion
of debt maturing by the end of 2012. Maturities of BRL1.2
billion in 2013 and BRL1.1 billion in 2014 should also be
manageable.
Strong Cash Flow Generation Capacity Pressured by High Investment
Plan:
Suzano generated BRL1.2 billion of EBITDA and BRL989 million
of funds from operations (FFO) during the LTM. This compares
with BRL1.7 billion of EBITDA and BRL1.2 billion of FFO during
2010. With investments of BRL2.4 billion and dividends of
BRL162 million, free cash flow was negative BRL1.6 billion
during the LTM.
The high level of investments was due to expansion projects
(Maranhao and Piaui units) and the acquisition of a 50% interest
in Consorcio Paulista de Papel e Celulose (Conpacel) from Fibria
Celulose S.A. (Fibria) for BRL1.450 billion, as well as the
acquisition of the paper distribution company, KSR Distribuidora
(KSR), for BRL50 million.
Suzano's plan to invest an additional BRL6.2 billion in 2012 and
2013 will further pressure free cash flow for the next 18 months.
The company's cash position could benefit from the sale of non-
core assets or partnerships. Suzano has strong access to long-
term debt financing in both the local banking market and the debt
capital markets and is expected to fund much of its growth with
debt.
Potential Rating or Outlook Drivers:
Suzano credit ratings could be negatively affected by a further
increase in leverage ratios, or by a significant reduction in
liquidity. Negative rating actions could also be driven by
additional debt financed acquisitions.
Suzano credit ratings could be positively affected by a decision
by the company's management to maintain lower total debt levels
for a sustained period of time. A change in the company's
capital structure, following an equity increase to support the
aggressive expansion project would also be viewed positively by
Fitch.
TAM SA: S&P Keeps 'B+' Corp. Credit Rating on Watch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services was keeping its ratings, on
Brazil-based airline TAM S.A., including the 'B+' global scale
corporate credit rating, on CreditWatch, where they have been
listed with positive implications since Aug. 16, 2010.
"The positive CreditWatch listing reflects our opinion that the
proposed merger between TAM and Chile-based airline LAN Airlines
S.A. (LAN; not rated), if approved, will produce positive effects
on TAM's business and financial profile," S&P said.
"In our opinion, the likelihood of a successful merger is
increasing, as both companies have obtained regulatory approval
to move on with the transaction, including approval by Chile's
Tribunal de Defensa de la Libre Competencia (TDLC) in September
2011 and by Brazil's Conselho Administrativo de Direito Econ“mico
(CADE) in December 2011," S&P said.
LAN announced that 99.9% of its shareholders approved the merger.
The merger involves an exchange of TAM's shares for LAN's shares,
which is subject to some precedent conditions allowing for the
delisting of TAM's shares and the squeeze-out of minority
dissident shareholders of TAM.
If the exchange offer is successfully approved and completed, LAN
will be renamed LATAM Airlines Group S.A. and will indirectly own
20% of TAM's voting shares and directly hold 100% of TAM's
nonvoting shares. The Amaro family will remain the controlling
shareholder of TAM, but the company will likely be integrated
operationally with LATAM to benefit from operating synergies and
economies of scale deriving from complementary route networks and
higher bargaining power in aircraft purchasing and fuel
procurement, among others.
"The deal will also likely increase TAM's ability to manage its
aggressive financial profile and heavy fleet expenses, in our
view," said Standard & Poor's credit analyst Reginaldo Takara.
"We expect to resolve the CreditWatch listing when the
transaction closes, probably during first-half 2012," Mr. Takara
added. "Our assessment of TAM's improved business and financial
profiles as we obtain more clarity on LATAM's strategic plan,
despite currently weakening results, could lead us to raise our
ratings on TAM."
===========================
C A Y M A N I S L A N D S
===========================
BLACKROCK FIXED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Blackrock Fixed Income Global Opportunities
(Offshore) Fund received on Dec. 22, 2011, the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidator is:
Peter Stafford
Intertrust (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman, KYI-1102
Cayman Islands
BLACKROCK FIXED INCOME: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Blackrock Fixed Income Global Opportunities
(Offshore) Fund II Yen Feeder received on Dec. 22, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Peter Stafford
Intertrust (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman, KYI-1102
Cayman Islands
HARBERT EMERGING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Harbert Emerging Markets Master Fund,
Ltd., received on Dec. 20, 2011, the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Madeleine Welham
Telephone: (345) 815 1750
Facsimile: (345) 949-9877
HARBERT EMERGING MARKETS: Shareholder Receives Wind-Up Report
-------------------------------------------------------------
The shareholder of Harbert Emerging Markets Offshore Fund,
Ltd., received on Dec. 20, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Madeleine Welham
Telephone: (345) 815 1750
Facsimile: (345) 949-9877
MATTERHORN ADVISORY: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Matterhorn Advisory Ltd. received on Dec. 22,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Banque Privee Edmond de Rothschild Europe
20 Boulevard Emmanuel Servais
L-2535 Luxembourg
MURRAY LIMITED: Members' Final Meeting Set for Dec. 28
------------------------------------------------------
The members of Murray Limited will hold their final meeting on
Dec. 28, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town, Grand Cayman
Cayman Islands
NOVA ADVISORY: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Nova Advisory Ltd. received on Dec. 22, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Banque Privee Edmond de Rothschild Europe
20 Boulevard Emmanuel Servais
L-2535 Luxembourg
NOVUS LEMATANG: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Novus Lematang Co. received on Dec. 22, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
OPTIMA DIVERSIFIED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of The Optima Diversified Special Investment
Fund received on Dec. 23, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Maree Martin
Telephone: (345) 814 7376
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
OSPRAIE WINGSPAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Ospraie Wingspan Ltd received on Dec. 13,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
PINPOINT ASSET: Shareholders' Final Meeting Set for Dec. 27
-----------------------------------------------------------
The shareholders of Pinpoint Asset Management Group will hold
their final meeting on Dec. 27, 2011, 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:
Shen Dayou
Telephone: 852 25235990
Facsimile: 852 25235993
Two International Finance Centre, Level 33
8 Finance Street
Central
Hong Kong
PINPOINT OPPORTUNITIES: Member to Hear Wind-Up Report on Dec. 27
----------------------------------------------------------------
The member of Pinpoint Opportunities Fund will receive on Dec.
27, 2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Shen Dayou
Telephone: 852 25235990
Facsimile: 852 25235993
Two International Finance Centre, Level 33
8 Finance Street
Central
Hong Kong
SAYAN INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Sayan Investments Ltd received on Dec. 21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
TGEM ASIA: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of TGEM Asia Ltd. received on Dec. 20, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ogier
c/o Kim Smith
Telephone: (345) 949-9876
Facsimile: (345) 949-9877
VOTORANTIM OVERSEAS: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Votorantim Overseas Fund Ltd. received on
Dec. 20, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815-1759
Facsimile: (345) 949-9877
===========
M E X I C O
===========
BANCO NACIONAL: Fitch Affirms Individual Rating at 'B/C'
--------------------------------------------------------
A result of a similar rating action taken at Citigroup, Inc.,
Fitch Ratings has downgraded Banco Nacional de Mexico's (Banamex)
local currency long-term Issuer Default Rating (IDR) to 'A-' from
'A' and removed the Rating Watch Negative. The Rating Outlook is
now Stable. In addition, Fitch affirms Banamex's national scale
ratings at 'AAA(mex)' and 'F1+(mex)'.
Banamex's IDRs reflect the strong support of its parent,
Citigroup Inc. (rated 'A'/'F1' with a Stable Outlook by Fitch.)
and Banamex's high strategic importance to Citigroup's global
franchise.
Banamex's support rating and IDRs will likely remain driven by
sovereign and/or country ceiling considerations. Downside
potential is limited at present, now that Banamex's IDRs are
aligned to its viability rating of 'a-'. Therefore, Banamex's
IDRs could only be negatively affected by a downgrade of
Citigroup's IDRs, and would be accompanied by deterioration of
Banamex's viability rating.
Banamex's viability rating is driven by its ample loss absorption
capacity, strong and resilient earnings, robust franchise, and
sound liquidity. However, this rating also takes into account
the gradual process of rebuilding pre-crisis core earnings, a
trend currently constrained by low interest rates, above average
credit costs, and somewhat volatile trading revenues. In Fitch's
opinion, the confluence of an improved operating environment and
sustained recovery of profitability metrics arising from
declining provisions could eventually result in an upgrade of
Banamex's viability rating and therefore its IDRs over the medium
term.
Banamex, owned by Grupo Financiero Banamex (GFBanamex), is one of
Mexico's largest banks, with 16% and 19% of the sector's loans
and deposits, respectively, at 3Q11. While Banamex is a broadly
diversified bank, it has a particularly strong position in
corporate lending and retail products, primarily credit cards and
current account deposits.
Fitch downgrades and removes the Rating Watch Negative from this
rating:
Banamex:
-- Long-term local currency IDR to 'A-' from 'A'; Outlook
Stable.
These ratings were affirmed:
Banamex:
-- Long-term foreign currency IDR at 'A-'; Outlook Stable;
-- Short-term foreign currency IDR at 'F1';
-- Short-term local currency IDR at 'F1';
-- Viability rating of 'a-';
-- Individual rating at 'B/C';
-- Support rating at '1';
-- Long-term national-scale rating at 'AAA(mex)'; Outlook
Stable;
-- Short-term national-scale rating at 'F1+(mex)';
-- Long-term national-scale rating for local senior debt issues
at 'AAA(mex)'.
BANCO SANTANDER: Fitch Affirms Individual Rating at 'C'
-------------------------------------------------------
Driven by a similar action taken at its parent company, Fitch
Ratings has placed Banco Santander Mexico's (SanMex) local
currency (LC) long-term Issuer Default Rating (IDR) of 'A' on
Rating Watch Negative. Other of SanMex's international ratings
were affirmed as detailed in the list of rating actions at the
end of this commentary, as well as its 'AAA(mex)' and 'F1+(mex)'
national scale ratings with a Stable Outlook.
SanMex's support and issuer default ratings (IDRs) are driven by
the potential support that the bank would receive from its
ultimate parent, Spain's Banco Santander (SAN; long-term IDR of
'AA-' on Rating Watch Negative by Fitch), if this were required.
In Fitch's opinion, the probability of support from its parent
would be very high, given SanMex's significant contribution to
SAN's global franchise. SanMex's support rating and IDRs will
likely remain driven by sovereign and country ceiling
considerations and by any potential change in the parent's
ratings, although the downside potential for SanMex in the
unlikely event of a multi-notch downgrade of SAN is limited by
SanMex's viability rating of 'bbb+'. The long-term local
currency IDR of SanMex that has been placed on Negative Watch
could eventually be affirmed and removed from the Watch status,
if a potential downgrade of SAN is for up to one notch.
Fitch placed these ratings on Negative Watch:
SanMex:
-- Long-term local currency IDR of 'A'.
These ratings were affirmed:
SanMex:
-- Long-term IDR at 'A-'; Outlook Stable;
-- Short-term IDR at 'F1';
-- Short-term local currency IDR at 'F1';
-- Viability rating at 'bbb+';
-- Individual rating at 'C';
-- Support rating at '1';
-- Long-term national-scale rating at 'AAA(mex)'; Outlook
Stable;
-- Short-term national-scale rating at 'F1+(mex)';
-- Long-term national-scale rating for local senior unsecured
debt issues at 'AAA(mex)';
-- Long-term national-scale rating for local issues of market
linked securities at 'AAA(emr)(mex)'.
BBVA BANCOMERS: Fitch Affirms Individual Rating at 'B/C'
--------------------------------------------------------
As a result of a similar action taken at its parent company,
Fitch Ratings has placed BBVA Bancomer's local currency (LC)
long-term Issuer Default Rating (IDR) of 'A' on Rating Watch
Negative, as well as the global and local ratings of its hybrid
securities, currently rated at 'BBB+' and 'AAA(mex)',
respectively. Other of Bancomer's international ratings were
affirmed as detailed in the list of rating actions at the end of
this commentary, as well as the 'AAA(mex)' and 'F1+(mex)'
national scale ratings, with a long-term Stable Outlook.
Bancomer's support and IDRs are driven by the potential support
that the bank would receive from its ultimate parent, Spain's
Banco Bilbao Vizcaya Argentaria SA (BBVA; long-term IDR of 'A+'
on Rating Watch Negative by Fitch, if this were required. In
Fitch's opinion, the probability of support from its parent would
be very high, given Bancomer's significant contribution to BBVA's
global franchise. These ratings will likely remain driven by
sovereign and/or country ceiling considerations and any potential
changes in the parent's ratings, although the downside potential
in the unlikely event of a multi-notch downgrade is limited to
Bancomer's viability rating, currently at 'a-'.
The placement of Bancomer's hybrids on Negative Watch reflect
Fitch's view that these securities could be potentially affected
by a downgrade of BBVA's viability rating, currently at 'a+' and
recently placed on Rating Watch Negative, which is the anchor
rating for determining the ratings of Bancomer's hybrids, given
institutional support considerations. These securities were not
affected by the recent introduction of the new rating criteria
for such securities, but a potential downgrade of BBVA's
viability rating, coupled with a wider notching for the hybrid
securities, could result in a downgrade of Bancomer's global and
national scale ratings of such hybrids.
Fitch placed these ratings on Negative Watch:
BBVA Bancomer:
-- Long-term local currency IDR at 'A';
-- Long-term rating of global subordinated debt issues
at 'BBB+';
-- Long-term national-scale rating for local subordinated debt
issues at 'AAA(mex)'.
These ratings were affirmed:
BBVA Bancomer:
-- Long-term IDR at 'A-'; Outlook Stable;
-- Short-term IDR at 'F1';
-- Short-term local currency IDR at 'F1';
-- Long-term rating of global senior unsecured debt issues
at 'A-';
-- Viability rating at 'a-';
-- Individual rating at 'B/C';
-- Support rating at '1';
-- Long-term national-scale rating at 'AAA(mex)'; Outlook
Stable;
-- Short-term national-scale rating at 'F1+(mex)';
-- Long-term national-scale rating for local senior unsecured
debt issues at 'AAA(mex)';
-- Long-term national-scale rating for local issues of market
linked securities at 'AAA(emr)(mex)'.
CASA DE CAMBIO: Del. Ct. Rules on Capitaliza-T's 2nd Amended Suit
-----------------------------------------------------------------
Delaware District Judge Jerome B. Simandle denied, in part, the
request of Capitaliza-T Sociedad de Responsabiliad Limitada De
Capital Variable's for leave to file a Second Amended Complaint
in response to the Court's earlier dismissal of the First Amended
Complaint for failure to state a claim. The Plaintiff alleges
causes of action against Wachovia Bank of Delaware National
Association and Wachovia Bank National Association for aiding and
abetting fraud, aiding and abetting breach of fiduciary duty,
breach of contract and unjust enrichment arising out of the
receipt of moneys on deposit and refusal to return the money
deposited to the Plaintiff. In a Dec. 20, 2011 Opinion available
at http://is.gd/6LU9b4from Leagle.com, the Court denied the
Plaintiff's motion to file a second amended complaint with
regards to the aiding and abetting breach of fiduciary duty
claim. The Court granted the Plaintiff's motion with regards to
the aiding and abetting fraud claim, breach of contract claim and
unjust enrichment claim. However, the breach of contract claim
and the unjust enrichment claim are stayed pending the resolution
of the Mexican Bankruptcy proceeding of the entity, Casa de
Cambio Majapara, S.A. de C.V., with which Plaintiff entrusted the
Funds that are the subject of the suit.
The case is CAPITALIZA-T SOCIEDAD DE RESPONSABILIDAD LIMITADA DE
CAPITAL VARIABLE, v. WACHOVIA BANK OF DELAWARE NATIONAL
ASSOCIATION & WACHOVIA BANK NATIONAL ASSOCIATION, Civil No. 10-
520 (D. Del.).
Counsel for Plaintiff are:
Christopher D. Loizides, Esq.
LOIZIDES P.A.
1225 King Street, Suite 800
Wilmington, DE 19801
Tel: (302) 654-0248
Fax: (302) 654-0728
E-mail: loizides@loizides.com
- and -
Georgina Fabian, Esq.
THE INTERNATIONAL BUSINESS LAW GROUP, LLC
John Hancock Center
875 North Michigan Avenue, Suite 3100
Chicago, IL, 60611
Tel: (773) 725-8856
Fax: (773) 423-0223
E-mail: gfabian@intblg.com
- and -
Patrick M. Jones, Esq.
SMITH AMUDSEN, LLC
150 N. Michigan Avenue, Suite 3300
Chicago, IL 60601
Tel: 312-894-3234
Fax: 312-997-1811
E-mail: pjones@salawus.com
Counsel for Defendants are:
Brian M. Rostocki, Esq.
Michael S. Leib, Esq.
REED SMITH LLP
1201 Market Street - Suite 1500
Wilmington, DE 19801
Tel: 302-778-7561
E-mail: brostocki@reedsmith.com
mleib@reedsmith.com
About Casa de Cambio
Headquartered in Mexico City, Casa de Cambio Majapara S.A. de
C.V., a.k.a. Majapara Casa de Cambio --
http://www.majapara.com.mx-- was engaged in financial
transactions processing, reserve, and clearing house activities.
The company filed for Chapter 11 protection on March 5, 2008
(Bankr. N.D. Ill. Case No. 08-05230). Majapara also filed for
bankruptcy in Mexico under the Ley de Concursos Mercantiles (Law
of Commercial Insolvency).
Brian L. Shaw, Esq., at Shaw Gussis Fishman Glantz Wolfson &
Towbin LLC, and Andrew L. Wool, Esq., at Katten Muchin Rosenman
LLP, represented the Debtor. Luis V. Echeverria served as
consultant and foreign representative in the Debtor's insolvency
and bankruptcy proceedings in the United States and in Mexico.
When the Debtor filed for protection from its creditors, it
listed assets of between US$10 million to US$50 million and
debts of between US$10 million to US$50 million.
On Aug. 22, 2008, the Mexican Second Civil District Court
declared Majapara's involuntary liquidation. The Chapter 11
proceedings was later dismissed.
Majapara sought bankruptcy protection under Chapter 15 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 08-30669) on
Nov. 11, 2008. Mark L. Radtke -- mradtke@shawgussis.com -- at
Shaw represented the Chapter 15 debtor. The Chapter 15
proceedings are ongoing.
ING BANK: Fitch Affirms Individual Rating at 'C/D'
--------------------------------------------------
Fitch Ratings has affirmed ING Bank (Mexico)'s (INGMex) long-term
Issuer Default Ratings (IDRs) at 'BBB+/F2', as well as its
national scale ratings at 'AAA(mex)' and 'F1+(mex)'. INGMex's
IDRs reflect the implicit support from its parent company, ING
Bank NV, rated 'A+/1+' with a Stable Outlook by Fitch.
INGMex long-term IDR is currently set at the same level as
Mexico's sovereign local currency rating. It could be negatively
affected in case of weak ability and/or willingness of support
from ING Bank NV. In Fitch's opinion, there is a high
probability that support from ING Bank NV is forthcoming, if
needed, despite the challenges that most global trading banks are
facing at present. However, Fitch considers that a decline in
business volumes is likely in view of the parent company's
efforts to meet the more stringent capital requirements by mid-
2012. A potential downgrade of the bank's IDR to a level that is
below Mexico's sovereign ratings would result in a national-scale
long-term rating lower than its current 'AAA(mex)' level.
Core earnings remain exposed to volatility in trading revenue,
since INGMex is very active in foreign exchange and interest rate
derivatives. The bank's wholesale nature results in a small
number of lending activities on its balance sheet (less than 3%
of total assets as of third quarter 2011 [3Q'11]). In turn, the
absence provisions and well-contained operating cost partially
mitigate market revenue volatility. Securities lending
operations are recurring. Debt instruments are mostly composed of
government issues (94.3% of total securities as of 3Q'11).
INGMex does not have impaired loans. Fitch considers that market
risk levels at INGMex are reasonable and well monitored. Funding
is mostly short-term and wholesale. However, Fitch considers
that INGMex's liquidity risk is modest in view of its large
amount of highly rated marketable securities. Bond lending
transactions show a well-matched funding structure. In Fitch's
opinion, INGMex is adequately capitalized. Backed in the past by
capital infusions, earnings retention acts now as its main source
for capital growth. Fitch also believes that pressures on
capital by credit and market risk are low, especially as the bank
could likely reduce its trading activities in the foreseeable
future.
INGMex is a Mexican specialized bank focused on trading
activities and corporate finance services. It started operations
in Mexico during 1995 and has since been an indirect subsidiary
of ING Bank NV.
These ratings actions were taken:
INGMex:
-- Long-term IDR affirmed at 'BBB+';
-- Short-term IDR affirmed at 'F2';
-- Long-term local currency IDR affirmed at 'BBB+';
-- Short-term local currency IDR affirmed at 'F2';
-- Individual rating affirmed at 'C/D';
-- Support Rating affirmed at '2';
-- National-scale long-term rating affirmed at 'AAA(mex)';
-- National-scale short-term rating affirmed at 'F1+(mex)';
-- National-scale long-term rating of senior unsecured debt
at 'AAA(mex)';
The Rating Outlook for long-term ratings is Stable.
ZACATECAS STATE: Moody's Gives 'Ba2' Local Currency Rating
----------------------------------------------------------
Moody's de Mexico has assigned ratings of A2.mx (Mexican National
Scale) and Ba2 (Global Scale, local currency) to an enhanced loan
of the State of Zacatecas (B1/Baa3.mx). The loan, in the amount
of MXN750 million, was provided by Bancomer.
Ratings Rationale
The loan has a 15-year maturity with a grace period of 24 months
and interest coupon composed of the 28-day Mexican Interbank
Reference Rate (TIIE) plus 122 basis points. The loan is paid
through a single trust (Invex F/1121) to which Zacatecas has
pledged a total of 8.5% of general participation fund revenues
via an irrevocable instruction to the Mexican Federal Treasury.
The ratings assigned are based on documentation received by
Moody's as of the rating assignment date. In the event that the
loan structure changes from the documentation submitted to
Moody's, the ratings agency will assess the corresponding impact
that these factors may have on the ratings and act accordingly.
The Ba2/A2.mx ratings assigned to the loan reflect the underlying
creditworthiness of the State of Zacatecas (B1/Baa3.mx) supported
by the following legal and credit enhancements embedded in the
transaction:
1. Strong trust structure to which the state has pledged 8.5% of
its participation revenues (general participations fund).
Irrevocable instruction has been issued to the Mexican Federal
Treasury to transfer these flows directly to the trust.
2. Estimated cash flows generate solid coverage ratios. Under a
Moody's base case scenario, cash flows for the loans are
projected to provide debt service coverages equal to a minimum
of 2.5x. Under a Moody's stress case scenario, estimated cash
flows for the loans are projected to provide debt service
coverages equal to a minimum of 2.1x.
3. Strong level of reserve funds equivalent to 1.7 months of debt
service for the highest monthly payment.
The ratings also recognize this credit challenge:
The loan contract establishes that the state has to meet a series
of financial indicators during the life of the loan. While these
indicators appear attainable under a base case scenario, a
failure by the administration to accomplish these indicators
could accelerate the loan. In addition, failure to cure the event
of acceleration within 180 days would give the bank the right to
call the loan. This could potentially put downward pressure on
the issuer and the loan ratings.
What Could Change the Rating -- Up/Down
The ratings could face downward pressure if debt service coverage
levels fall materially below Moody's expectations. Given the
links between the loan and the credit quality of the sponsor, a
downgrade of the State of Zacatecas' issuer ratings could also
exert downward pressure on debt ratings for this loan.
Conversely, an upgrade of the State of Zacatecas' issuer ratings
could result in an upgrade of the ratings.
The methodologies used in this rating were Regional and Local
Governments Outside the US published in May 2008, The Application
of Joint Default Analysis to Regional and Local Governments,
published in December 2008 and Enhanced Municipal and State Loans
in Mexico published in January 2011.
===============================
T R I N I D A D & T O B A G O
===============================
CLICO INVESTMENT: Govt Payout Plan Fails To Appease Policyholders
-----------------------------------------------------------------
Trinidad Express Newspapers reports that the Santa Rosa Team,
which represents a number of CLICO Executive Flexible Premium
Annuity (EFPA) policyholders, will go after the assets of those
responsible for the collapse of Clico Investment Bank, as the
group is not happy with the government's payout plan.
The Santa Rosa Team said in a statement that the difference
between what the EFPA policyholders were due and what they were
being offered was a loss resulting directly from a "catalogue of
failures on the part of directors, past and present to discharge
their fiduciary responsibilities, and in some cases perhaps to
have conspired in the execution of fraudulent acts."
The Trinidad Express says that under the payout plan,
policyholders for the first 10 years would get a yield of
approximately 80 cents for every dollar of their investment if
they chose to cash in their investment within six months. The
Trinidad Express relates that for years 11 to 20, if investors
chose to exchange these zero-coupon bonds for units in investment
holding company NEL II, they would get a return of 100 cents on
the dollar.
Clico Investment Bank is owned and managed by CL Financial, a
privately held conglomerate in Trinidad and Tobago.
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat CL
Financial's collapse and the consequent systemic crisis.
=============
U R U G U A Y
=============
BANCO HIPOTECARIO: Moody's Raises BFSR to 'E+' from 'E'
-------------------------------------------------------
Moody's Investors Service upgraded Banco Hipotecario del
Uruguay's (BHU) bank financial strength rating to E+ from E. At
the same time, Moody's affirmed the Baa2/Prime-2 local currency
deposit ratings, and the Ba1/ Not-Prime foreign currency deposit
ratings, respectively in the global and national scale basis. The
outlook on all the ratings is stable.
The rating of Banco Hipotecario del Uruguay was upgraded:
Bank financial strength rating: E+ from E, stable outlook
These ratings were affirmed:
Long term global Local- currency deposit ratings: Baa2/Prime-2,
stable outlook.
Long-Term National Scale Local-Currency Deposit Rating: Aaa.uy,
stable outlook.
Long term global Foreign- currency deposit ratings: Ba1/Not
Prime, stable outlook.
Long-Term National Scale Foreign-Currency Deposit Rating:
Aa2.uy, stable outlook.
Ratings Rationale
The upgrade of Banco Hipotecario del Uruguay's ratings is driven
by improvements to its financial condition, particularly its
capitalization and asset quality, following the restructuring of
its balance sheet that has finally restored the bank's
operational capabilities.
Moody's noted that BHU's restructuring included the transfer of a
significant portion of non-performing loans to the National
Housing Association (ANV) in the form of trusts, at the same time
that expensive liabilities contracted with different banks and
international organizations were taken over by its sole
shareholder, the federal government. Such restructuring reduced
the amount of non-performing loans to 15%, down from 36% in 2009.
In addition, the bank received several capital injections for a
total of $250 million, which has improved its capitalization,
with Tier 1 ratio reaching 46% as of 3Q2011. Since it resumed its
lending activities, in late 2008, BHU has been focused on
financing home purchases and renovations, reaching a market share
of 5% as of September 2011 in that segment.
BHU's recovery was boosted by favorable macroeconomic conditions
in Uruguay over the past years, and by its well established
franchise as the government' savings and loan bank, which
reflected in recovering deposit base, even after years of
inactivity. The willingness of its shareholders to return the
bank to its role of mortgage financing, combined with
management's commitment to enhance the bank's risk management
policies and practices, and to invest in proper technological
platforms has helped revive BHU's business prospects.
Moody's noted that BHU has finally returned to profitability over
the last quarter, after years of poor performance. However,
nearly one third of its earnings are derived from inflation
revaluations on its assets, and not from cash flows from new
loans, which account for modest 8% of total loans. The legacy
portfolio that could yet be restructured, and which accounted for
68% of BHU's total loan book as of September 2011, is a major
constraint to sustainable profitability and thus, an important
rating factor. While capitalization is comfortable enough to
absorb future losses, Moody's expects profits to remain modest
over the coming years.
The rating agency also acknowledges that BHU still has important
challenges to overcome. The bank now faces considerably more
competitive conditions than years ago, when it enjoyed a monopoly
in house financing in Uruguay, and which will challenge
management to adapt to a fragmented market without neglecting the
bank's already weak asset quality. As of 3Q2011, nonperforming
loans were still high at 15%, though declining from 25% in
YE2010, and 36% in YE2009 because of the assets transfer
aforementioned. At this level, the bank's asset quality is still
poor.
BHU is headquartered in Montevideo, Uruguay, and it had assets of
UYU31.8 billion and equity of UYU0.7 billion as of September
2011. It is wholly owned by the Oriental Republic of Uruguay,
which fully guarantees all of its obligations unconditionally.
Moody's incorporates such support in the bank's local currency
deposit rating of Baa2, which is substantially higher than its
stand-alone unsupported baseline credit assessment (BCA) of B3.
The BCA maps directly from the bank financial strength rating of
E+.
==========================
V I R G I N I S L A N D S
==========================
JEFFREY PROSSER: Court Denies Sanctions Bid vs. Firms
-----------------------------------------------------
Bankruptcy Judge Judith K. Fitzgerald, sitting in the U.S.
Bankruptcy Court for the District of Virgin Islands, Bankruptcy
Division, Division of St. Thomas and St. John., denied a request
by Jeffrey J. Prosser to refer various restructuring firms and
other entities for criminal investigation or disciplinary
proceedings for alleged improper conduct related to Mr. Prosser's
and his companies' bankruptcy cases. The case is JEFFREY J.
PROSSER, Movant, v. TOBY GERBER; FULBRIGHT & JAWORSKI, L.L.P.;
JAMES J. LEE; VINSON & ELKINS, L.L.P.; STAN SPRINGEL; JAMES P.
CARROLL; FOX ROTHSCHILD, L.L.P.; GENOVESE, JOBLOVE & BATTISTA,
P.A.; PAUL BATTISTA; THERESA VAN VLIET; ALVAREZ & MARSAL, LLC,
Respondents, Adv. Proc. No. 10-3001 (Bankr. D.V.I.). A copy of
the Court's Dec. 20, 2011 Memorandum Opinion is available at
http://is.gd/6zHgMbfrom Leagle.com.
About Prosser & Innovative Communication
Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser owns Emerging Communications and Innovative
Communications. Innovative and Emerging filed for Chapter 11
protection (D.V.I. Case Nos. 06-30007 and 06-30008) on July 31,
2006. When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than $100
million.
Mr. Prosser also filed for chapter 11 protection (D. V.I. Case
No. 06-10006) on July 31, 2006. According to The (Virgin
Islands) Source, he was fired in October 2007 for failing to make
payments into the company pension funds. The case was later
converted to Chapter 7 liquidation. James P. Carroll was named
Chapter 7 Trustee.
Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd. -- which held an $18,780,614
claim against Mr. Prosser -- had filed an involuntary chapter 11
against Innovative Communication, Emerging Communications, and
Mr. Prosser on Feb. 10, 2006 (Bankr. D. Del. Case Nos. 06-10133,
06-10134, and 06-10135). Mr. Prosser argued that the Greenlight
entities, the former shareholders of Innovative Communications,
and Rural Telephone Finance Cooperative, Mr. Prosser's lender,
conspired to take down his companies into bankruptcy and collect
millions in claims.
The U.S. District Court of the Virgin Islands, Bankruptcy
Division, approved the U.S. Trustee for Region 21's appointment
of Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of
Innovative and Emerging Communications.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
SOC COMERCIAL PL COMEC AR 167911091.5 -342440147
COMERCIAL PL-ADR SCPDS LI 167911091.5 -342440147
SOC COMERCIAL PL CVVIF US 167911091.5 -342440147
SOC COMERCIAL PL CADN EO 167911091.5 -342440147
SOC COMERCIAL PL CAD IX 167911091.5 -342440147
COMERCIAL PLA-BL COMEB AR 167911091.5 -342440147
SOC COMERCIAL PL CADN SW 167911091.5 -342440147
SOC COMERCIAL PL COMED AR 167911091.5 -342440147
SOC COMERCIAL PL COME AR 167911091.5 -342440147
SOC COMERCIAL PL SCDPF US 167911091.5 -342440147
SOC COMERCIAL PL CADN EU 167911091.5 -342440147
SOCOTHERM-5 VT-A STHE5 AR 103531720.8 -8075882.84
SOCOTHERM-SP ADR SOCOY US 103531720.8 -8075882.84
SOCOTHERM SA-B STHE AR 103531720.8 -8075882.84
SNIAFA SA-B SDAGF US 11229696.22 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88
SNIAFA SA SNIA AR 11229696.22 -2670544.88
BELIZE
------
VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316
VARIG SA VAGV3 BZ 966298025.5 -4695211316
VARIG SA VARGON BZ 966298025.5 -4695211316
VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316
PORTX OPERA-GDR PXTPY US 734596799.1 -5675399.32
PORTX OPERACOES PRTX3 BZ 734596799.1 -5675399.32
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
BOMBRIL-PREF BOBR4 BZ 451055441.4 -71738547
BOMBRIL SA-ADR BMBPY US 451055441.4 -71738547
BOMBRIL BOBR3 BZ 451055441.4 -71738547
BOMBRIL-RIGHTS BOBR1 BZ 451055441.4 -71738547
BOMBRIL CIRIO SA BOBRON BZ 451055441.4 -71738547
BOMBRIL SA-ADR BMBBY US 451055441.4 -71738547
BOMBRIL BMBBF US 451055441.4 -71738547
BOMBRIL-RGTS PRE BOBR2 BZ 451055441.4 -71738547
BOMBRIL CIRIO-PF BOBRPN BZ 451055441.4 -71738547
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72
HOTEIS OTHON SA HOTHON BZ 367095149.8 -27491830.2
HOTEIS OTHON-PRF HOOT4 BZ 367095149.8 -27491830.2
HOTEIS OTHON-PRF HOTHPN BZ 367095149.8 -27491830.2
HOTEIS OTHON SA HOOT3 BZ 367095149.8 -27491830.2
DOCAS SA-PREF DOCAPN BZ 265185848.9 -158092426
DOCA INVESTIMENT DOCA3 BZ 265185848.9 -158092426
DOCAS SA DOCAON BZ 265185848.9 -158092426
DOCA INVESTI-PFD DOCA4 BZ 265185848.9 -158092426
DOCAS SA-RTS PRF DOCA2 BZ 265185848.9 -158092426
TEKA TKTQF US 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-PREF TKTPF US 246866965 -392777063
PET MANG-RT RPMG1 BZ 231024467.2 -184606117
PET MANG-RECEIPT 0229296Q BZ 231024467.2 -184606117
PET MANG-RECEIPT 0229292Q BZ 231024467.2 -184606117
PET MANG-RT RPMG2 BZ 231024467.2 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467.2 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467.2 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467.2 -184606117
PET MANG-RT 0229249Q BZ 231024467.2 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467.2 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467.2 -184606117
PET MANG-RT 0229268Q BZ 231024467.2 -184606117
PETRO MANGUINHOS MANGON BZ 231024467.2 -184606117
PET MANG-RT 4115364Q BZ 231024467.2 -184606117
PET MANG-RECEIPT RPMG10 BZ 231024467.2 -184606117
PET MANG-RT 4115360Q BZ 231024467.2 -184606117
D H B-PREF DHBI4 BZ 185992309.4 -151323933
DHB IND E COM DHBON BZ 185992309.4 -151323933
D H B DHBI3 BZ 185992309.4 -151323933
DHB IND E COM-PR DHBPN BZ 185992309.4 -151323933
SANSUY SA-PREF B SNSYBN BZ 180443811.7 -114112111
SANSUY-PREF A SNSY5 BZ 180443811.7 -114112111
SANSUY SA SNSYON BZ 180443811.7 -114112111
SANSUY-PREF B SNSY6 BZ 180443811.7 -114112111
SANSUY SNSY3 BZ 180443811.7 -114112111
SANSUY SA-PREF A SNSYAN BZ 180443811.7 -114112111
WETZEL SA-PREF MWELPN BZ 100017711.4 -5359345.82
WETZEL SA MWELON BZ 100017711.4 -5359345.82
WETZEL SA MWET3 BZ 100017711.4 -5359345.82
WETZEL SA-PREF MWET4 BZ 100017711.4 -5359345.82
FABRICA RENAUX FTRX3 BZ 95282687.94 -59034912
FABRICA RENAUX-P FRNXPN BZ 95282687.94 -59034912
FABRICA RENAUX FRNXON BZ 95282687.94 -59034912
FABRICA TECID-RT FTRX1 BZ 95282687.94 -59034912
FABRICA RENAUX-P FTRX4 BZ 95282687.94 -59034912
ESTRELA SA ESTRON BZ 92218510.26 -92769915.9
ESTRELA SA ESTR3 BZ 92218510.26 -92769915.9
ESTRELA SA-PREF ESTRPN BZ 92218510.26 -92769915.9
ESTRELA SA-PREF ESTR4 BZ 92218510.26 -92769915.9
TEXTEIS RENA-RCT TXRX9 BZ 73095833.69 -103943206
RENAUXVIEW SA-PF TXRX4 BZ 73095833.69 -103943206
RENAUXVIEW SA TXRX3 BZ 73095833.69 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXPN BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095833.69 -103943206
TEXTEIS RENAUX RENXON BZ 73095833.69 -103943206
TEXTEIS RENAU-RT TXRX2 BZ 73095833.69 -103943206
SCHLOSSER SA SCHON BZ 73036749.69 -34357832.6
SCHLOSSER SCLO3 BZ 73036749.69 -34357832.6
SCHLOSSER-PREF SCLO4 BZ 73036749.69 -34357832.6
SCHLOSSER SA-PRF SCHPN BZ 73036749.69 -34357832.6
MINUPAR-RT MNPR1 BZ 63144533.79 -60655823.4
MINUPAR-RT 9314542Q BZ 63144533.79 -60655823.4
MINUPAR SA-PREF MNPRPN BZ 63144533.79 -60655823.4
MINUPAR-PREF MNPR4 BZ 63144533.79 -60655823.4
MINUPAR MNPR3 BZ 63144533.79 -60655823.4
MINUPAR-RCT 9314634Q BZ 63144533.79 -60655823.4
MINUPAR SA MNPRON BZ 63144533.79 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144533.79 -60655823.4
GRADIENTE-PREF A IGBR5 BZ 61088977.95 -282692297
GRADIENTE-PREF C IGBR7 BZ 61088977.95 -282692297
GRADIENTE EL-PRA IGBAN BZ 61088977.95 -282692297
GRADIENTE ELETR IGBON BZ 61088977.95 -282692297
GRADIENTE EL-PRB IGBBN BZ 61088977.95 -282692297
IGB ELETRONICA IGBR3 BZ 61088977.95 -282692297
GRADIENTE EL-PRC IGBCN BZ 61088977.95 -282692297
GRADIENTE-PREF B IGBR6 BZ 61088977.95 -282692297
CAF BRASILIA-PRF CAFE4 BZ 59053509.86 -1138743393
CAFE BRASILIA SA CSBRON BZ 59053509.86 -1138743393
CAF BRASILIA CAFE3 BZ 59053509.86 -1138743393
CAFE BRASILIA-PR CSBRPN BZ 59053509.86 -1138743393
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
WIEST WISA3 BZ 34108201.43 -126997429
WIEST SA WISAON BZ 34108201.43 -126997429
WIEST SA-PREF WISAPN BZ 34108201.43 -126997429
WIEST-PREF WISA4 BZ 34108201.43 -126997429
RECRUSUL SA RESLON BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL11 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529781Q BZ 31427766.04 -30307605.7
RECRUSUL SA-PREF RESLPN BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529793Q BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL10 BZ 31427766.04 -30307605.7
RECRUSUL - RT RCSL2 BZ 31427766.04 -30307605.7
RECRUSUL - RT RCSL1 BZ 31427766.04 -30307605.7
RECRUSUL-PREF RCSL4 BZ 31427766.04 -30307605.7
RECRUSUL - RCT 4529789Q BZ 31427766.04 -30307605.7
RECRUSUL - RCT RCSL9 BZ 31427766.04 -30307605.7
RECRUSUL - RT 4529785Q BZ 31427766.04 -30307605.7
RECRUSUL-BON RT RCSL12 BZ 31427766.04 -30307605.7
RECRUSUL RCSL3 BZ 31427766.04 -30307605.7
SANESALTO SNST3 BZ 31044053.25 -1843297.83
STAROUP SA STARON BZ 27663604.95 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03
CONST BETER SA COBEON BZ 25469474.32 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474.32 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474.32 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474.32 -4918659.9
CONST BETER SA 1007Q BZ 25469474.32 -4918659.9
CONST BETER SA 1COBON BZ 25469474.32 -4918659.9
CONST BETER-PR B 1009Q BZ 25469474.32 -4918659.9
CONST BETER-PF B COBE6B BZ 25469474.32 -4918659.9
CONST BETER-PFA COBE5B BZ 25469474.32 -4918659.9
CONST BETER-PF B COBE6 BZ 25469474.32 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474.32 -4918659.9
CONST BETER-PR A COBEAN BZ 25469474.32 -4918659.9
CONST BETER SA COBE3B BZ 25469474.32 -4918659.9
CONST BETER-PR A 1008Q BZ 25469474.32 -4918659.9
CONST BETER SA COBE3 BZ 25469474.32 -4918659.9
STEEL - RT STLB1 BZ 23040051.4 -8699861.07
ALL ORE MINERACA AORE3 BZ 23040051.4 -8699861.07
ALL ORE MINERACA STLB3 BZ 23040051.4 -8699861.07
STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861.07
FERRAGENS HAGA HAGAON BZ 21992326.22 -56631998.5
HAGA HAGA3 BZ 21992326.22 -56631998.5
FERRAGENS HAGA-P HAGAPN BZ 21992326.22 -56631998.5
FER HAGA-PREF HAGA4 BZ 21992326.22 -56631998.5
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
TECEL S JOSE SJOS3 BZ 19067323.42 -52580501.1
TECEL S JOSE-PRF SJOS4 BZ 19067323.42 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323.42 -52580501.1
TECEL S JOSE FTSJON BZ 19067323.42 -52580501.1
NORDON METAL NORDON BZ 15354597.14 -26859636.7
NORDON MET NORD3 BZ 15354597.14 -26859636.7
NORDON MET-RTS NORD1 BZ 15354597.14 -26859636.7
CHIARELLI SA CCHI3 BZ 14960467.36 -43105640.5
CHIARELLI SA-PRF CCHI4 BZ 14960467.36 -43105640.5
CHIARELLI SA-PRF CCHPN BZ 14960467.36 -43105640.5
CHIARELLI SA CCHON BZ 14960467.36 -43105640.5
B&D FOOD CORP BDFC US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
HERCULES SA HERTON BZ 12689117.49 -170680899
HERCULES HETA3 BZ 12689117.49 -170680899
HERCULES SA-PREF HERTPN BZ 12689117.49 -170680899
HERCULES-PREF HETA4 BZ 12689117.49 -170680899
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9
F GUIMARAES FGUI3 BZ 11016542.14 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377
CHILE
-----
CHILESAT CORP SA TELEX CI 1156945109 -122555290
TELMEX CORP-ADR CSAOY US 1156945109 -122555290
TELEX-A TELEXA CI 1156945109 -122555290
CHILESAT CO-ADR TL US 1156945109 -122555290
TELEX-RTS TELEXO CI 1156945109 -122555290
CLARO COM SA CHILESAT CI 1156945109 -122555290
CHILESAT CO-RTS CHISATOS CI 1156945109 -122555290
PUYEHUE RIGHT PUYEHUOS CI 24447502.09 -1250905.47
PUYEHUE PUYEH CI 24447502.09 -1250905.47
***********
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, Sheryl Olano, 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 * * *