/raid1/www/Hosts/bankrupt/TCRLA_Public/121002.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, October 2, 2012, Vol. 13, No. 196


                            Headlines



A R G E N T I N A

ASOCIACION DE COOPERATIVAS: Moody's Rates New Credit Line 'B2'
BANCO ITAU: Moody's Assigns 'Ba3' Local Currency Debt Rating
BANCO SUPERVIELLE: Moody's Assigns B2 Local Currency Debt Rating
CAMUZZI GAS: Moody's Affirms 'B3' Corp. Family Rating
GENNEIA: Moody's Affirms 'B3' Corp. Family Rating

KELORA SA: Requests Opening of Bankruptcy Proceedings
LADBROKE ARGENTINA: Creditors' Proofs of Debt Due Nov. 8
METROGAS SA: Cutting Payments to Gas Providers, La Nacion Says
SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' Sr. Secured Debt Rating
TISEA SA: Creditors' Proofs of Debt Due Nov. 7

* ARGENTINA: Moody's Changes Outlook on Infrastructure Companies
* ARGENTINA: Moody's Changes Outlook on Various Companies
* ARGENTINA: S&P Affirms 'B' Sovereign Credit Rating


B R A Z I L

CELPA: Brazil's Equatorial Sees End-October Approval for Purchase
REDE ENERGIA: Cemat Unit Won't Default, Administrator Says


B O L I V I A

CREDISEGURO SA: Moody's Assigns 'B2' IFS Rating; Outlook Stable


C A Y M A N  I S L A N D S

ARIZONA INVESTMENTS: Creditors' Proofs of Debt Due Oct. 3
ATTARA FUND: Creditors' Proofs of Debt Due Oct. 11
ATTARA LTD: Creditors' Proofs of Debt Due Oct. 11
BIJOU HOLDINGS: Creditors' Proofs of Debt Due Oct. 3
EOLIA DIAMOND: Creditors' Proofs of Debt Due Oct. 10

EURUS II: Commences Liquidation Proceedings
FIELD POINT III: Creditors' Proofs of Debt Due Oct. 10
GMB GLOBAL: Creditors' Proofs of Debt Due Oct. 9
JULYSTAR 747-00: Creditors' Proofs of Debt Due Oct. 10

KERIDA INVESTMENT: Creditors' Proofs of Debt Due Oct. 9


M E X I C O

METROFINANCIERA SAPI: Fitch Downgrades Junk IDR to 'RD'
GRUPO ICE: Fitch Affirms LC IDR to 'BB+'; Rating Outlook Stable


X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


=================
A R G E N T I N A
=================


ASOCIACION DE COOPERATIVAS: Moody's Rates New Credit Line 'B2'
--------------------------------------------------------------
Moody's Latin America has assigned a B2 Global Local Currency
Rating and A1.ar National Scale Rating to Asociacion de
Cooperativas Argentinas' ("ACA") new ARS 350 million bank credit
line with Banco de la Nacion Argentina ("BNA"; not rated). At the
same time, Moody's affirmed the B2 corporate family rating and the
A1.ar national scale rating to its existing bank credit line with
BNA. The rating outlook remains negative.

The ARS 350 million proceeds will be used for the construction of
a plant for the production of bioethanol from corn grain, with a
capacity of 400 m3/day, and the production of anhydrous alcohol
for biodiesel, with an estimated continous work regime of 312
days/year that will achieve a total annual volume of 125,000 m3.

The ratings are as follows:

- Corporate Family Rating: B2/ negative outlook

- BNA credit bank line up to USD 280 million approx: B2/ negative
   outlook

- National Scale Rating: A1.ar/negative outlook

Ratings Rationale

The B2/A1.ar ratings are supported by ACA's diverse product
offering (mainly soybean, maize and wheat), its strong and long
established relationships with members, logistics capacity, and
the stability of its revenues and margins from services to member
cooperatives. ACA's rating is underpinned by its position as one
of the largest grain exporters in Argentina -- with total volume
traded of 11.9 million tons -- although total sales are relatively
small for a B2-rated agricultural cooperative. Annual revenues
reached approximately USD1.9 billion for the fiscal year ending on
June 30, 2011, making ACA one of the smallest rated cooperatives.

Constraining the ratings is ACA's geographic concentration in
Argentina and relatively small scale, as well as its lack of
product differentiation and low margins, typical of the commodity
business. In addition, the ratings reflect ACA's raw material
concentration, and negative free cash flow due to working capital
needs and attributable to the buildup of inventory destined for
the export markets. ACA has funded its short-term working capital
needs primarily through uncommitted pre-export credit lines.
Moody's will closely monitor the cooperative's ability to pay down
its outstanding pre-export loans as the Argentine government has
now authorized the resumption of ACA's exports, following the
maize and wheat markets intervention through an export quota
system in 2011, aimed at guaranteeing affordable food supplies in
Argentina.

The negative rating outlook for ACA is in line with Moody's
negative outlook for the Argentine government's B3 rating. The
negative outlook for ACA reflects Moody's view that the
creditworthiness of the company cannot be completely de-linked
from the credit quality of the Argentine government and thus their
ratings need to closely reflect the risk that ACA shares with the
sovereign. Moody's believes that a weaker sovereign has the
potential to create a ratings drag on companies operating within
its borders, and therefore it is appropriate to limit the extent
to which these issuers can be rated higher than the sovereign,
according to Moody's Rating Implementation Guidance "How Sovereign
Credit Quality May Affect Other Ratings" published on February 13,
2012, and available on www.moodys.com.

While unlikely at this juncture, rating could experience upward
pressure if Argentina's B3 government bond rating were upgraded.
In addition, upward rating pressure could build if ACA's debt-to-
EBITDA is sustained below 3 times and EBIT to interest above 6
times, with a concurrent improvement in quarterly financial
disclosures. Additionally, given the impact of recent government
interference in the sector, greater stability of the business
environment would be an important factor for an upgrade.

A downgrade in the ratings or outlook could result from
deterioration in ACA's market position, business model, operating
efficiency or market share. Quantitatively, a downgrade could
result if Debt-to-EBITDA went above 6 times, EBIT to Interest of
below 1.5 times or if cash flow from operations failed to improve
significantly in spite of lower grain prices. In addition, a
rating downgrade of the sovereign would likely result in negative
rating actions for this company to maintain the issuers' current
notching gap relative to the sovereign in the absence of any
significant change in their underlying credit quality.

Founded in 1922, ACA is an agricultural cooperative that is among
the most important grain exporters in Argentina, with an annual
traded volume of 11.9 million tons during the 2010/2011 harvest
season. With 153 associated members (coops), ACA had revenues for
the fiscal year ending on June 30, 2011 of ARS7.9 billion
(approximately USD1.9 billion).


BANCO ITAU: Moody's Assigns 'Ba3' Local Currency Debt Rating
------------------------------------------------------------
Moody's Latin America assigned Aa1.ar national scale local
currency debt rating to Banco Itau Argentina S.A.'s (Itau) fourth,
fifth and sixth expected issuances, under the US$ 250 million
multicurrency MTN Program. At the same time, Moody's Investors
Service assigned a Ba3 global local-currency debt rating to the
expected issuances.

The outlook for all ratings is stable.

The following ratings were assigned to Itau's debt:

Fourth Issuance of a maximum amount of AR$50 million:

Ba3 Global Local Currency Debt Rating, with stable outlook

Aa1.ar Argentina National Scale Local Currency Debt Rating

Fifth issuance of a maximum amount of AR$20 million:

Ba3 Global Local Currency Debt Rating, with stable outlook

Aa1.ar Argentina National Scale Local Currency Debt Rating

Sixth issuance of a maximum amount of AR$50 million:

Ba3 Global Local Currency Debt Rating, with stable outlook

Aa1.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Itau's Ba3 global local currency deposits
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Banco Itau Argentina is headquartered in Buenos Aires, with assets
of Ar$8.9 billion and deposits of Ar$6.9 billion as of June, 2012.


BANCO SUPERVIELLE: Moody's Assigns B2 Local Currency Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B2 global local-currency debt
rating to Banco Supervielle's expected fourth and fifth issuances
under the Ar$200 million short -term note program. At the same
time, Moody's Latin America assigned Aa3.ar national scale local
currency debt rating to both expected issuances.

The outlook for all ratings is negative, following the rating
action published on Sept. 28, Moody's change to negative the
outlook on rated Argentine financial institutions.

The following ratings were assigned to Banco Supervielle's debt
S.A.:

Fourth Issuance of a maximum amount of Ar$100 million:

B2 Global Local Currency Debt Rating, with negative outlook

Aa3.ar Argentina National Scale Local Currency Debt Rating

Fifth issuance of a maximum amount of Ar$100 million

B2 Global Local Currency Debt Rating, with negative outlook

Aa3.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Supervielle's B2 global local currency deposit
rating, Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Banco Supervielle S.A. is headquartered in Buenos Aires, with
assets of Ar$10.1 billion and deposits of Ar$8.2 billion as of
June, 2012.


CAMUZZI GAS: Moody's Affirms 'B3' Corp. Family Rating
-----------------------------------------------------
Moody's Latin America has affirmed Camuzzi Gas Pampeana S.A.'s B3
corporate family rating and downgraded its national scale rating
to Baa3.ar from A3.ar. All ratings continue to carry a negative
outlook.

Ratings Rationale

The downgrade has been prompted by Pampeana's continued declining
operating performance in 2012 and the ongoing issue of frozen
tariffs. The downgrade also reflects the liquidity constraints the
company will face over coming quarters should the frozen tariff
position of the company not change and access to alternative
sources of financing remains limited.

The negative outlook reflects Moody's view that, if the frozen
tariff situation is not addressed by the government or regulatory
authorities, the declining trend in Pampeana's operating margins
and cash generation will lead to a further deterioration in its
liquidity position. In particular, Pampeana's debt concentration
in the short term remains challenging.

Pampeana's rating outlook was changed to negative in April 2012.
At that time Pampeana's ratings were also downgraded to B3/A3.ar
from B2/A2.ar when Moody's anticipated a continuation of cash
flows and margin pressures on Pampeana's balance sheet. At the end
of the winter season, Moody's expects Pampeana to report lower
profits and cash flows as compared to the previous year. In the
absence of any tariff adjustment. there is no expectation that the
declining trend will be solved.

Despite very low leverage and historically adequate cash
generation, Pampeana is becoming more reliant on bank financing to
and to finance its short term, seasonal cash needs. As such,
continued access to bank credit lines remains a key rating
consideration, particularly given the challenges most of the
Argentinean federally regulated distribution utilities are facing.

The negative outlook reflects Moody's view that Pampeana's margins
and cash flows will continue to deteriorate given the continued
high inflation rates prevailing in Argentina and the resulting
cost pressures and the continuing and prolonged delay in receiving
any response to or action in relation to its frozen tariffs.

If Pampeana's margins and cash generation continue their downward
trend and additional cost pressures are not addressed by an
increase or adjustment to its tariffs the ratings will, most
likely, be downgraded further. In addition, if its liquidity
position further deteriorates or if the company losses access to
short-term bank financing the ratings will be subject to
additional downward pressure.

Finally, Pampeana is a local regulated gas utility, and therefore
fully exposed to the domestic market and regulations. The negative
outlook for Pampeana also incorporates the outlook of Argentina's
B3 sovereign debt rating which was changed to negative on
September 17th. As a result, a negative rating action at the
sovereign level could also add further downward rating pressure.

In light of the negative rating outlook, near-term prospects for
the rating to be upgraded are limited. A rating upgrade would
require the company to be able to recover its increased costs to
some extent and to begin to reverse the negative operating margin
trend on a sustainable basis resulting in improved cash generation
in relation to debt on a sustainable basis.

A more predictable tariff regime and a more transparent regulatory
environment for the company's operations would also be important
for any upgrade consideration.

Camuzzi Gas Pampeana is an Argentinean gas distribution utility,
operating in Buenos Aires and La Pampa Provinces, with over 1.2
million clients and annual revenues of AR$ 694 million.


GENNEIA: Moody's Affirms 'B3' Corp. Family Rating
-------------------------------------------------
Moody's Latin America upgraded Genneia's national scale rating
(NSR) to A3.ar from Baa1.ar and affirmed its B3 global local
currency corporate family rating and its B3 senior unsecured
rating on Genneia's outstanding Class 2 and Class 3 Notes. The
outlook for all ratings is stable.

Rating Rationale

The upgrade on Genneia's NSR has been prompted by Genneia's
successful completion and startup of its 80 MW wind farm project
in Rawson. Capacity factors and generation levels after the start-
up in line with Moody's previous expectations reinforce this
positive rating action. In addition, Genneia's revenues arising
from its other main business line, Energia Distribuida (ED) have
gained greater predictability due to the extension of the term of
the contracts under the framework agreement reached on April by
the company and the Energy Secretariat. In spite of reduced prices
under the renewed ED contracts, the company has extended its
contractual horizon to 7 years from the original 3 year contract.
This agreement going forward should generate stable revenues under
the ED contracts of approximately USD 120 million per year .

The ratings are also supported by the various payment mechanisms
available for debt repayment. Most of Genneia's outstanding debt
is payable from direct transfers to a trustee arising from
collections under the Res. 220 ED contracts and by payments under
the off-take contract with Cammesa for the wind farm production,
which has a fixed price per MWh for a 15-year period.
Consequently, Genneia's improved operating performance after the
initial delays in the implementation of its ED project should
result in significant debt reduction over coming years.

Nevertheless, the ratings remained mainly constrained by the
concentration of its operations in only the Argentinean market,
which has been highly unpredictable in recent years. Furthermore,
most of Genneia's cash flows arise from contracts where the off-
taker is Cammesa, an federal government agency that administers
the wholesale electricity market in Argentina. Cammesa administers
not only the operation of the system but also manages its
collections and payments. Since the price paid for electricity by
most consumers is not enough to cover electricity production
costs, Cammesa faces an ongoing operating deficit that is
currently financed with federal government resources to facilitate
payments to the producers. This represents a high degree of
exposure to the Argentine government credit risk (B3, Negative),
which adds a constraint to the ratings.

Additional constraining factors are Genneia's relatively tight
liquidity and limited financial flexibility. In particular Moody's
sees Genneia's limited flexibility under its current bank loan
covenants as challenging over the short term. Longer term, Moody's
expects Genneia's operations to stabilize leverage to decline and
financial flexibility to improve.

The stable outlook reflects Moody's expectation that Genneia will
stabilize its cash flows and operations as it approaches the end
of the current fiscal year while reducing leverage over time.

Negative pressure on the ratings or outlook could occur if
Genneia's financial policy becomes more aggressive than expected.
Specifically, Moody's would become concerned should debt to EBITDA
exceed 4.0x times; interest coverage (CFO pre WC +
Interest/Interest) falls below 1.5x or RCF /Debt becomes lower
than 15%.

The ratings could also come under downward pressure if payments
from Cammesa begin to experience significant delays. In
additional, a negative rating action at the sovereign level could
also add further downwards rating pressure.

Given the recent up-grade and the current constraining factors,
limited prospects exist for a further upgrade over the near term.

Longer term a rating up-grade would require Genneia to continue to
generate stable cash flows from its ED business and from its wind
generation plan for which Moody's would expect capacity
realizations of around 40%. Quantitatively, a rating upgrade would
require Genneia to generate CFO (pre WC) to debt of above 20%, and
positive levels of FCF on a sustainable basis.

Genneia S.A., headquartered in the province of Buenos Aires,
Argentina, initiated operations in 1991 in the gas distribution
and transportation business under its previous denomination
"Emgasud". However, since 2008 power generation has been its main
business, contributing more than 80% of its total revenues. For
the last 12 months ending June 2012, Genneia reported revenues of
approximately USD150 million.


KELORA SA: Requests Opening of Bankruptcy Proceedings
-----------------------------------------------------
Kelora SA requested the opening of bankruptcy proceedings.  The
company defaulted its payments last Oct. 2011.


LADBROKE ARGENTINA: Creditors' Proofs of Debt Due Nov. 8
--------------------------------------------------------
Oscar Chapiro, the court-appointed trustee for Ladbroke Argentina
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 8, 2012.

Mr. Chapiro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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:

         Oscar Chapiro
         Virrey del Pino 1739
         Argentina


METROGAS SA: Cutting Payments to Gas Providers, La Nacion Says
--------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Metrogas SA, the
Argentine natural-gas distributor controlled by BG Group Plc
that's emerging from bankruptcy, is warning suppliers it will cut
payments by half this month, La Nacion said, citing unnamed
suppliers that received letters from the company.

The newspaper said that gas suppliers set to receive less from
Metrogas include Transportadora de Gas del Sur SA, Transportadora
de Gas del Norte SA and nationalized oil producer YPF SA,
according to Bloomberg News.

The report notes that Metrogas SA pledged to meet pending
obligations with the suppliers in 90 days.

BG controls Metrogas through a 55% stake in parent holding company
GASA.  YPF owns the other 45%.

Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.

Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the area
of the Federal Capital and southern and eastern Greater Buenos
Aires, by operating the assets allocated to the Company by GdE for
a 35 year period from the Takeover Date (Dec. 28, 1992).  This
period can be extended for an additional 10 year period under
certain conditions.

MetroGAS' controlling shareholder is Gas Argentino S.A. ("Gas
Argentino") who holds 70% of the Common Stock of the Company.  The
20%, which was originally owned by the National Government, was
offered in public offering and the remaining 10% is under the
Employee Stock Ownership Plan ("Programa de Propiedad Participada"
or "PPP").

                       Going Concern Doubt

Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about MetroGas S.A.'s ability to
continue as a going concern, following the Company's 2011 results.
The independent auditors noted of the uncertainties related to the
suspension of the original regime for tariff adjustments and the
Company's petition for voluntary reorganization in an Argentine
Court on June 17, 2010.


SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' Sr. Secured Debt Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' senior
secured and underlying ratings (SPUR) on Sociedad Concesionaria
Vespucio Norte Express S.A. (VNE). The outlook remained stable.
The 'BB' senior secured debt rating continues to reflect the
higher of the project's SPUR and the rating on bond insurance
provider MBIA Insurance Corp. (B/Negative/--).

"The ratings affirmation reflects our expectation that Brookfield
Infrastructure Group's planned acquisition of the remaining 45.45%
equity stake in VNE is neutral from a credit standpoint, given the
sponsor's creditworthiness and that all liquidity enhancement and
corporate guarantees will remain in place at the project," S&P
said.

"Brookfield, which Brookfield Asset Management Inc.(A-/Stable/A-2)
owns, acquired a 46.5% stake in VNE from Actividades de
Construccion y Servicios S.A. and a 8.1% stake from Compania
Espanola de Financiacion del Desarrollo S.A. in December 2011,
becoming the controlling shareholder. Following the latest
transaction, Brookfield will fully own VNE. We don't expect
changes in the toll road's management or operations to pressure
the ratings, given Brookfield's expertise in the infrastructure
sector," S&P said.


TISEA SA: Creditors' Proofs of Debt Due Nov. 7
----------------------------------------------
Valentina Maria Denda, the court-appointed trustee for Tisea SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until Nov. 7, 2012.

Ms. Denda will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 18
in Buenos Aires, with the assistance of Clerk No. 35, 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:

         Valentina Maria Denda
         Av. Belgrano 845
         Argentina


* ARGENTINA: Moody's Changes Outlook on Infrastructure Companies
----------------------------------------------------------------
Moody's Latin America S.A. has changed the rating outlooks to
negative and affirmed the current ratings on various
infrastructure companies operating in Argentina. The companies'
outlook change follow the revision in Argentinean government's B3
rating outlook to negative from stable on September 17, 2012.

At the same time and in light of the negative outlook Moody's
downgraded Transportadora de Gas del Sur S.A. ("TGS") National
Scale Rating to A1.ar from Aa3.ar to reflect its relative
positioning in relation to other regulated issuers in the local
market.

The issuers and ratings affected by this action are listed below:

1. Empresa Distribuidora de Energia Norte S.A. ("EDEN"): B2
    Global Local Currency Corporate Family and Senior Unsecured
    Rating and A1.ar National Scale Ratings

2. Empresa Distribuidora de Electricidad de Salta S.A. ("EDESA"):
    B2 Senior Unsecured and A2.ar National Scale Ratings

3. Hidroelectrica El Chocon S.A. ("HECSA"): B2 Global Local
    Currency Corporate Family and A2.ar National Scale Ratings

4. Transportadora de Gas del Sur S.A. ("TGS"): B2 Global Local
    Currency Corporate Family and Senior Unsecured Ratings and
    A1.ar National Scale Rating.

5. Aeropuertos Argentina 2000 S.A. ("AA2000"): B2 Global Local
    Currency Corporate Family Rating and Senior Unsecured Ratings
    and Aa3.ar National Scale Ratings.

Ratings Rationale

The rating outlook revision for these issuers is triggered by the
negative outlook for the Argentine government's B3 rating. The
negative outlook for the government reflects concerns over
haphazard policies, poor transparency and the quality and
reliability of its official data reporting, and the sovereign's
willingness to pay.

The negative outlook for the affected issuers reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on February 13, 2012, and available on
www.moodys.com.

Moody's notes that a rating downgrade of the sovereign would
likely result in negative rating actions for these companies to
maintain the issuers' current notching gap relative to the
sovereign in the absence of any significant change in their
underlying credit quality.


* ARGENTINA: Moody's Changes Outlook on Various Companies
---------------------------------------------------------
Moody's Latin America has revised to negative from stable and
affirmed the current ratings on various companies operating in
Argentina. The companies' outlook changes follow the revision in
Argentinean government's B3 rating outlook to negative from stable
on September 17, 2012.

1. Pan American Energy LLC: B1 Global Local Currency Corporate
    Family Rating; Pan American Energy LLC, Argentine Branch: B1
    Foreign Currency Rating and B1 Global Local Currency and
    Aa2.ar National Scale Ratings on its uncommitted bank credit
    line;

2. Petrobras Argentina S.A.: B1 Global Local Currency Corporate
    Family and Foreign Currency Ratings; and Aa2.ar National Scale
    Rating. (The ratings and outlook for PESA's A3 Foreign
    Currency Rating and Aaa.ar National Scale Rating on US$300
    million of Series S senior unsecured notes due 2017 are not
    affected by this action, since they are supported by a standby
    purchase agreement with Petroleo Brasileiro S.A.);

3. Alto Parana SA: B1 Corporate Family Rating. The Baa2 Foreign
    Currency and Aaa.ar National Scale Ratings on US$ 270.00
    million 6.375% Gtd. Global Notes are not affected by this
    action, since they are fully guaranteed by Celulosa Arauco;

4. Aluar Aluminio Argentino S.A.I.C.: B2 Global Local Currency
    Corporate Family Rating and US$ 50 million Local Notes (ARS
    linked) and Aa3.ar National Scale Ratings;

5. Arcor S.A.I.C.: B1 Global Local Currency Corporate Family
    Rating and US$ 200 million 7.250% Global Bonds and Aa2.ar
    National Scale Ratings;

6. Asociacion de Cooperativas Argentinas SA: B2 Global Local
    Currency Corporate Family Rating and Bank Credit Facility and
    A1.ar National Scale Ratings;

7. Car Security S.A.: B3 Global Local Currency Corporate Family
    Rating and A3.ar National Scale Ratings;

8. Carsa S.A.: B3 Global Local Currency Corporate Family Rating
    and A2.ar National Scale Ratings;

9. Electroingenieria S.A.: B3 Global Local Currency Corporate
    Family Rating and A3.ar National Scale Ratings;

10. Electronica Megatone S.A.: B3 Global Local Currency Corporate
    Family Rating and A2.ar National Scale Ratings;

11. Fravega S.A: B1 Global Local Currency Corporate Family Rating
    and Bank Credit Facility and Local Notes and Aa2.ar National
    Scale Ratings;

12. Jose Cartellone Construcciones Civiles S.A.: B3 Global Local
    Currency Corporate Family Rating and Bank Credit Facility and
    A3.ar National Scale Ratings;

13. MIRGOR S.A.: B3 Global Local Currency Corporate Family Rating
    and Bank Credit Facility and Baa1.ar National Scale Ratings;

14. Newsan S.A.: B2 Global Local Currency Corporate Family Rating
    and Bank Credit Facility and Local Notes and Aa3.ar National
    Scale Ratings;

15. ODS S.A.: B3 Foreign Currency Corporate Family Rating and
    Baa1.ar National Scale Ratings;

16. Raghsa S.A.: B3 Global Local Currency Corporate Family Rating
    and US$ 100 million 8.500% Senior Global Notes and Baa2.ar
    National Scale Ratings;

17. Sullair Argentina S.A.: B2 Global Local Currency Corporate
    Family Rating and Bank Credit Facility and A2.ar National
    Scale Ratings;

Ratings Rationale

The rating outlook revisions for these companies are triggered by
the negative outlook for the Argentine government's B3 rating. The
negative outlook for the government reflects concerns over
haphazard policies, poor transparency and the quality and
reliability of its official data reporting, and the sovereign's
willingness to pay.

The negative outlook for the affected corporates reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on February 13, 2012, and available on
www.moodys.com.


* ARGENTINA: S&P Affirms 'B' Sovereign Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' unsolicited
long- and short-term sovereign credit ratings and its 'raAA'
national scale rating on the Republic of Argentina. "The outlook
on the ratings remains negative. Our 'B' transfer and
convertibility assessment on Argentina remains unchanged," S&P
said.

"We assigned the negative outlook in April 2012 based on the
implication of policies enacted since the October 2011
presidential elections that we believe could over time increase
the risk of a deterioration in the country's macroeconomic
framework, put pressure on its external liquidity, and weaken
Argentina's medium-term growth prospects," S&P said.

"These policies include rising restrictions on international trade
and access to foreign currency, a modification to the Central Bank
charter, and a growing level of public-sector intervention into
different sectors of the economy," said Standard & Poor's credit
analyst Sebastian Briozzo. "The government implemented these
changes unilaterally and with little negotiation with the other
participants, underscoring the weakening system of checks and
balances in Argentina, in our view."

"We believe that these actions could exacerbate the existing
weaknesses in Argentina's economy, including high inflation (which
continues to appreciate Argentina's real exchange rate) and
increasingly rigid government expenditures, and result in a
deteriorating medium-term fiscal outlook and investment climate.
These policies have contributed to a significant slowdown in
economic activity in Argentina in 2012, despite high agricultural
commodity prices. We expect real GDP to expand about 1.5% in
2012," S&P said.

"Congressional elections scheduled for October 2013 will determine
how much room to maneuver the administration will have during the
second part of its four-year term. Despite the more challenging
domestic environment, Argentina's GDP could certainly benefit in
2013 from high agricultural commodity prices and the expected
recovery in Brazil's economy (40% of Argentina's industrial
exports go to Brazil). We expect real GDP growth to improve
marginally in 2013 to a level close to 3%," S&P said.



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


CELPA: Brazil's Equatorial Sees End-October Approval for Purchase
-----------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Equatorial
Energia SA said Brazil's electricity regulator probably will
approve at the end of next month its purchase of Centrais
Eletricas do Para SA, known as Celpa.

The power distributor doesn't know when antitrust regulators will
rule on the Celpa acquisition, Equatorial's Firmino Sampaio said
during a conference call, according to Bloomberg News.

Bloomberg News discloses Chief Financial Officer Eduardo Haiama
said that Equatorial is interested in buying other energy assets,
including other operations owned by Rede Energia SA that may come
up for sale.

The report adds that Equatorial agreed to buy Celpa for BRL1
(49 cents).

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2012, Bloomberg News said that Nelson Hubner,
general director of Brazil's electric regulatory agency, Agencia
Nacional de Energia Eletrica or ANEEL, approved a transitional
plan for the acquisition of CELPA.  Mr. Hubner said that ANEEL
refused a request to ease the utility's quality standards and
accepted a proposal allowing the utility's buyer to invest in it
rather than pay off its previously accrued fines, according to
Bloomberg News.  Bloomberg News related that the plan was
presented by Equatorial Energia SA.  Mr. Hubner, Bloomberg News
noted, said that its terms are valid for every company interested
in acquiring control of the utility that filed for bankruptcy.

Based in Belem, Brazil, Centrais Eletricas do Para SA (Celpa)
filed for bankruptcy protection Feb. 28 after a four-year freeze
on rates pushed up debt to about BRL2.3 billion.

                           *     *     *

On Feb. 28, 2012, Fitch downgraded Celpa's Issuer Default Ratings
(IDRs) to 'D' following the company's announcement that it filed
for bankruptcy protection in Brazil.

Fitch currently rates Celpa as follows:

  -- Local and Foreign Currency IDRS 'D';
  -- Long-Term National Scale Rating ) 'D(bra)';
  -- USD250 million senior unsecured notes due in 2016 'C/RR4'.


REDE ENERGIA: Cemat Unit Won't Default, Administrator Says
----------------------------------------------------------
Blake Schmidt at Bloomberg News reports that the IADB loan
maturity of Cemat, a unit of Rede Energia, will be extended, said
Jaconias de Aguiar, the administrator assigned by the government
to oversee the unit.

Mr. Aguiar said that Cemat has cash flow until at least end of
2012 to avoid default, according to Bloomberg News.

Bloomberg News notes that Cemat has BRL1.8 billion in debt.

Bloomberg News notes that Rede Energia in talks with bond holders

Headquartered in Mato Grosso, Brazil, the Central Electric
Matogrossenses later Cemat, was established in October 1958 with
the aim of putting an end to the impending collapse of power
supply in the state.  Over the years, the firm's work has been
extended to cover, in addition to distribution, construction and
operation of the generation, transmission and processing.



=============
B O L I V I A
=============


CREDISEGURO SA: Moody's Assigns 'B2' IFS Rating; Outlook Stable
---------------------------------------------------------------
Moody's Latin America has assigned a B2 global local-currency
(GLC) insurance financial strength (IFS) rating and a Aa3.bo
Bolivian national scale IFS rating to Crediseguro S.A. Seguros
Personales. Both ratings carry a stable outlook.

Ratings Rationale

Crediseguro is a start-up Bolivian insurer that began operations
in July 2012 providing credit-life coverage to the client base of
Banco de Credito de Bolivia (BCP, rated D- for bank financial
strength and Ba1 for bank deposits) -- the third largest bank in
Bolivia and Crediseguro's 48% shareholder. Crediseguro is 51%
owned by El Pacifico Peruano Suiza (PPS, rated Baa3 for GLC IFS),
a leading property and casualty insurer in Peru. Both PPS and BCP
are part of the Credicorp Group, a leading Peruvian-based
financial conglomerate.

According to Moody's, Crediseguro's ratings are based primarily on
the insurer's high degree of operational integration with BCP as
its main distribution channel and revenue source. This integration
provides Crediseguro with the potential to expand its business
volume, representing a competitive advantage for the company. The
high granularity of the credit-life coverage of BCP's client base
is also a positive credit consideration. Moody's lead analyst for
Crediseguro, Diego Nemirovsky, commented: "Crediseguro's ratings
benefit from its integration and synergies with BCP and PPS, given
the wide presence of BCP in Bolivia, and the insurance experience
and reinsurance support provided by PPS' life insurance subsidiary
-- Pacifico Vida -- leveraging Crediseguro's operations."

Moody's pointed out, however, that these strengths are tempered by
several credit concerns and challenges for the company including
the following: (1) Crediseguro's lack of operating history and
uncertain future performance; 2) the investment risk associated
with its concentration in Bolivian sovereign bonds as well as
local bank deposits, common for most Bolivian insurers; (3) the
company's narrow product focus and very modest market presence,
reflecting the captive-nature of its operations; and (4) Bolivia's
weak operating environment.

Commenting on factors that could result in an upgrade for
Crediseguro's ratings, Moody's cited the following: 1) greater
explicit support from its Credicorp affiliates; 2) a significant
and sustainable growth in the Bolivian credit-life insurance
market; 3) a good track record of profitability, with sustained
return on capital metrics of at least 20% and combined ratio below
90%; and 4) a significant improvement in Bolivia's government bond
rating and/or the country's operating environment. Conversely,
Crediseguro's ratings could be downgraded for the following
reasons: 1) a reduction in the integration or strategic interest
of BCP and PPS in Crediseguro; 2) a consistent negative return on
capital; 3) a deterioration in its capital adequacy (e.g. adjusted
shareholders' equity being less than 25% of total assets); and/or
4) a significant deterioration in Bolivia's government bond rating
and/or the country's insurance operating environment.

Crediseguro, headquartered in La Paz, Bolivia, reported total
assets and shareholders' equity of Bs$ 11 million as of June 30,
2012. As of June 30, 2012, the company posted a net loss of Bs$
243,000.



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


ARIZONA INVESTMENTS: Creditors' Proofs of Debt Due Oct. 3
---------------------------------------------------------
The creditors of Arizona Investments Limited are required to file
their proofs of debt by Oct. 3, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 31, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


ATTARA FUND: Creditors' Proofs of Debt Due Oct. 11
--------------------------------------------------
The creditors of Attara Fund, Ltd are required to file their
proofs of debt by Oct. 11, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 29, 2012.

The company's liquidator is:

         Ian D. Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ATTARA LTD: Creditors' Proofs of Debt Due Oct. 11
-------------------------------------------------
The creditors of Attara Ltd are required to file their proofs of
debt by Oct. 11, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 29, 2012.

The company's liquidator is:

         Ian D. Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


BIJOU HOLDINGS: Creditors' Proofs of Debt Due Oct. 3
----------------------------------------------------
The creditors of Bijou Holdings Limited are required to file their
proofs of debt by Oct. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 31, 2012.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


EOLIA DIAMOND: Creditors' Proofs of Debt Due Oct. 10
----------------------------------------------------
The creditors of Eolia Diamond Ltd are required to file their
proofs of debt by Oct. 10, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 21, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


EURUS II: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on Aug. 31, 2012, the members of
Eurus II Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Sept. 30, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Carl Gosselin
         c/o Wilmington Trust (Cayman), Ltd.
         P.O. Box 32322 Grand Cayman KY1-1209
         Cayman Islands
         Telephone: (345) 640-6712


FIELD POINT III: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------------
The creditors of Field Point III, Ltd. are required to file their
proofs of debt by Oct. 10, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 29, 2012.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


GMB GLOBAL: Creditors' Proofs of Debt Due Oct. 9
------------------------------------------------
The creditors of GMB Global Alpha Master, Ltd. are required to
file their proofs of debt by Oct. 9, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 31, 2012.

The company's liquidator is:

         Michael Buenzow
         FTI Consulting, Inc.
         227 West Monroe Street
         Suite 900
         Chicago
         Illinois 60606
         United States of America
         Telephone: +1 312 759 8100


JULYSTAR 747-00: Creditors' Proofs of Debt Due Oct. 10
------------------------------------------------------
The creditors of Julystar 747-00 Limited are required to file
their proofs of debt by Oct. 10, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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


KERIDA INVESTMENT: Creditors' Proofs of Debt Due Oct. 9
-------------------------------------------------------
The creditors of Kerida Investment Limited are required to file
their proofs of debt by Oct. 9, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 31, 2012.

The company's liquidator is:

         Buchanan Limited
         c/o Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 George Town
         Grand Cayman
         Cayman Islands KY1-1102



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


METROFINANCIERA SAPI: Fitch Downgrades Junk IDR to 'RD'
-------------------------------------------------------
Fitch Ratings has downgraded Metrofinanciera, S.A.P.I. de C.V.'s
foreign (FC) and local currency (LC) long- and short-term Issuer
Default Ratings (IDRs) to 'RD' from 'C', following the approval of
the company's debt exchange proposal to its senior unsecured
bondholders.  Fitch also downgraded Metrofinanciera's long- and
short-term national scale ratings to 'D(mex)' from 'C(mex)'.

The 'RD' rating reflects the distressed debt exchange of the
senior unsecured bonds that arose from a restructuring process
completed on 2010 (METROFI 10).  Following the end of the two-year
grace period on these bonds on Sept. 10, 2012, when the company
was originally expected to make cash interest and principal
payments, Metrofinanciera proposed an exchange of these bonds to
prevent deterioration of the company's financial condition.

In exchange for the METROFI 10 notes, bondholders will receive a
combination of equity, subordinated bonds and new senior unsecured
notes.  The proposal was approved by the bondholders on Aug. 9,
2012, and the company's shareholders assembly approved in on Sept.
20, 2012.  The exchange is expected to be fully completed and
formalized over the 45-day period following the shareholders'
approval.

Fitch considers that the senior unsecured debt exchange proposal
is positive for Metrofinanciera's future prospects, but this is
considered a distressed exchange under Fitch's criteria.  The new
unsecured bonds will have a longer tenor, another two-year grace
period on interest payments, and a more benign and flexible
amortization scheme, which is expected to allow Metrofinanciera to
gradually restore its financial condition and reach a stronger
capital position in the short run.

Other than the new unsecured bonds, Metrofinanciera's liabilities
are largely associated with credit lines from the local
development bank, Sociedad Hipotecaria Federal (SHF), and Fitch
considers them to have benign term conditions and do not
materially affect Metrofinanciera's refinancing risk. Since the
2010 restructuring, all credit lines granted by SHF have remained
performing and payments have been made on a timely basis.

Over the next two weeks, Fitch will assess the effects of this
debt exchange on Metrofinanciera's financial condition, in order
to review its ratings and bring these up to performing status.
The post-exchange rating will likely be in the low speculative
grade categories, while future changes in these ratings will be
contingent on Metrofinanciera's ability to restore a recurring
earnings stream that prevents further depletion of its capital
base, which in turn is dependent on Metrofinanciera's capacity to
rebuild its business and commercial profile, and to increase the
relative contribution of productive assets.

Fitch has taken the following rating actions:

Metrofinanciera:

  -- FC and LC Long-term IDR downgraded to 'RD' from 'C';
  -- FC and LC Short-term IDR downgraded to 'RD' from 'C';
  -- Support Rating affirmed at '5';
  -- Support Rating Floor affirmed at 'NF';
  -- Long-term national-scale issuer rating downgraded to 'D(mex)'
     from 'C(mex)';
  -- Short-term national-scale issuer rating downgraded to
     'D(mex)' from 'C(mex)'.


GRUPO ICE: Fitch Affirms LC IDR to 'BB+'; Rating Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (Grupo ICE) ratings as follows:

  -- Long-term foreign currency (FC) Issuer Default Rating (IDR)
     at 'BB+';
  -- Long-term local currency (LC) IDR at 'BB+';
  -- Long-term national scale (Costa Rica) at 'AAA(cri)';
  -- Long-term national scale (El Salvador) at 'AAA(slv)'.

The Rating Outlook is Stable.

Fitch has also affirmed the following debt ratings for Grupo ICE:

  -- Senior unsecured debt at 'BB+';
  -- Senior unsecured domestic long-term debt (Costa Rica) at
     'AAA(cri)';
  -- Senior unsecured domestic long-term debt (El Salvador) at
     'AAA(slv)';
  -- Senior unsecured domestic short-term debt at 'F1+(cri)'.

Grupo ICE's ratings are supported by the company's linkage to the
Sovereign rating of Costa Rica (FC and LC IDRs rated 'BB+' by
Fitch) which stems from the government ownership.  The linkage
between Grupo ICE and the government also reflects the company's
political risk resulting from its tariff approval process and
government-mandated strategy, which temper the ratings to that of
the sovereign.  The ratings also reflect the government's implicit
and explicit support, the company's diversified portfolio of
assets, and adequate financial profile.  Also factored into Grupo
ICE's ratings is the company's aggressive capital expenditure
program aimed at maintaining a strong market share position in the
telecommunications business and an adequate installed electric
generation capacity.

DIVERSIFIED ASSET PORTFOLIO:

Grupo ICE's ratings are supported by the company's diversified
portfolio of assets and its strong business position in Costa
Rica's electricity and telecommunications industry.  The ratings
reflect the company's low business risk resulting from its
business diversification and positive characteristics as a utility
service provider.

Grupo ICE has a legal monopoly in the electricity sector in Costa
Rica. The issuer is the largest power generator and electric
distribution utility company in the country.  As of year-end 2011,
Grupo ICE had an installed electric generation capacity of 2,050
megawatts (MW) (national capacity of 2,650MW) and was the
exclusive owner of the national transmission grid.  The national
electric industry includes private generation, municipal
distribution and electric cooperatives that can generate energy in
coordination with Grupo ICE or sell their energy to Grupo ICE.
The company is expected to remain a leader in the
telecommunications industry in the country, notwithstanding recent
changes that opened the industry to competition.  Although this
will increase competition, it is also expected to enhance
regulatory transparency.

ADEQUATE FINANCIAL PROFILE:

Grupo ICE's ratings reflect the company's adequate financial
profile characterized by moderate leverage and satisfactory
interest coverage, yet with some exposure to foreign exchange
risk, which should deteriorate over the medium term as the company
pursues its capital expenditures plan.  At the end of the latest
12 month (LTM) period ended June 2012, ICE's EBITDA reached USD567
millions, lower than the full-year 2011 (USD593millions).  This
decline is related to the reduction of tariffs for 2011, the delay
in recognizing the fuel cost for thermal generation, and higher
marketing costs in the telecommunications segment in response to
the increased competition. In 2012, the regulator approved an
ordinary electric tariff increase for Grupo ICE of 4.3% on average
and it also approved two other extraordinary increases to recover
the fuel costs not recognized in 2011.  Fitch expects that these
changes in electricity tariffs, and projected growth in electric
demand of 4%-5% by 2012 and 2013, would allow Grupo ICE to
maintain its leverage in line with Fitch's expectations of
approximately 5.0x.

As June 2012, Grupo ICE reported total debt of USD3.1 billion, of
which USD343 million was short-term and near 80% was denominated
in USD.  This translated into a financial leverage ratio, as
measured by total adjusted debt-to-EBITDAR (annualized) of
approximately 6.0x (funds from operations adjusted leverage of
4.3x).  The company's interest coverage ratio as measured by
EBITDAR-to-interest and rent expenses was at 2.0x (2.7x
EBITDA/interest).

AGGRESSIVE CAPITAL EXPENDITURES PLAN:

Grupo ICE's capital investment plan over the next several years is
considered aggressive and could weaken the company's financial
profile, absent increased cash flow generation and adequate tariff
adjustments.  The company plans to invest approximately USD3.5
billion over the next five years in order to supply electricity to
meet demand and maintain its leadership position in
telecommunications in Costa Rica.  This represents a variation
from Fitch's previous expectations of approximately USD5 billion
in the same period, reflecting an adjustment in the company's
business plan accordingly to market and economic conditions.

Going forward, Grupo ICE's credit metrics could deteriorate
significantly.  Leverage could increase consistently to over 5.0x
if the company finances its capital investment plan heavily with
debt and the revenues associated with these investments are
delayed beyond the expected ramp-up timeframe.  Grupo ICE expects
to finance its investments with a combination of internal cash
flow, debt, Build Operate and Transfer (BOT) transactions, project
finance vehicles and operating leases.

HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE:

Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schedules.
Every year the company submits to the regulator for approval an
electricity tariff for end-users.  Historically, the regulator has
approved these tariffs at levels that do not fully recognize the
company's moderate exposure to fuel prices borne by its
thermoelectric generation business (8%-10% of annual generation on
average).  Positive for the company's business and financial
profile is the approved mechanism to adjust tariffs to reflect
fuel cost variations on a quarterly basis.  This change will
become effective in January 2013, and will have a positive effect
on Grupo ICE's working capital and reduce its exposure to
hydrology risk.

The recent Telecom regulatory framework considers changes in
tariffs and competition rules.  Fitch expects that new regulations
could enhance regulatory transparency. Nevertheless,
telecommunications tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain
stable cash flow generation.  Also, the company is exposed to
political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.

WHAT COULD TRIGGER A RATING ACTION

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- An upgrade of Costa Rica's Sovereign rating FC and LC rating
     of 'BB+', Stable Outlook;
  -- If the company is materially isolated from government
     interference.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

  -- A downgrade of Costa Rica's Sovereign rating;
  -- Regulatory intervention that would have a significant
     negative impact on the company's profitability;
  -- Sustained high leverage over Fitch's expectations (5.0x).



===============
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
-----------

SOC COMERCIAL PL     SCDPF US        222756992      -310302930
SNIAFA SA-B          SDAGF US       11229696.2     -2670544.88
CENTRAL COSTAN-B     CRCBF US        410955501       -20459083
SOC COMERCIAL PL     CAD IX          222756992      -310302930
SOC COMERCIAL PL     CVVIF US        222756992      -310302930
SOC COMERCIAL PL     CADN EO         222756992      -310302930
SOC COMERCIAL PL     CADN EU         222756992      -310302930
COMERCIAL PL-ADR     SCPDS LI        222756992      -310302930
ENDESA COSTAN-A      CECO1 AR        410955501       -20459083
ENDESA COSTAN-       CECO2 AR        410955501       -20459083
CENTRAL COST-BLK     CECOB AR        410955501       -20459083
ENDESA COSTAN-       CECOD AR        410955501       -20459083
ENDESA COSTAN-       CECOC AR        410955501       -20459083
ENDESA COSTAN-       EDCFF US        410955501       -20459083
CENTRAL COSTAN-C     CECO3 AR        410955501       -20459083
CENTRAL COST-ADR     CCSA LI         410955501       -20459083
ENDESA COST-ADR      CRCNY US        410955501       -20459083
CENTRAL COSTAN-B     CNRBF US        410955501       -20459083
SOC COMERCIAL PL     COME AR         222756992      -310302930
SOC COMERCIAL PL     CADN SW         222756992      -310302930
COMERCIAL PLA-BL     COMEB AR        222756992      -310302930
SOC COMERCIAL PL     COMEC AR        222756992      -310302930
SOC COMERCIAL PL     COMED AR        222756992      -310302930
SNIAFA SA            SNIA AR        11229696.2     -2670544.88
SNIAFA SA-B          SNIA5 AR       11229696.2     -2670544.88
IMPSAT FIBER NET     IMPTQ US        535007008       -17164978
IMPSAT FIBER NET     330902Q GR      535007008       -17164978
IMPSAT FIBER NET     XIMPT SM        535007008       -17164978
IMPSAT FIBER-CED     IMPT AR         535007008       -17164978
IMPSAT FIBER-C/E     IMPTC AR        535007008       -17164978
IMPSAT FIBER-$US     IMPTD AR        535007008       -17164978
IMPSAT FIBER-BLK     IMPTB AR        535007008       -17164978

BRAZIL
------

TELECOMUNICA-ADR     81370Z BZ       470957698     -17289190.9
FABRICA TECID-RT     FTRX1 BZ       71426302.5     -70883547.3
LARK SA MAQU-RTS     LARK1 BZ        4842545.5     -13952540.7
LARK SA MAQU-RTS     LARK2 BZ        4842545.5     -13952540.7
TEKA-ADR             TEKAY US        341291511      -388484677
BOMBRIL              BMBBF US        351909380     -20217403.6
TELEBRAS-PF RCPT     CBRZF US        470957698     -17289190.9
TEKA                 TKTQF US        341291511      -388484677
TEKA-PREF            TKTPF US        341291511      -388484677
BATTISTELLA-RIGH     BTTL1 BZ        251786497     -39723897.3
BATTISTELLA-RI P     BTTL2 BZ        251786497     -39723897.3
BATTISTELLA-RECE     BTTL9 BZ        251786497     -39723897.3
BATTISTELLA-RECP     BTTL10 BZ       251786497     -39723897.3
AGRENCO LTD-BDR      AGEN11 BZ       640440282      -323456366
REII INC             REIC US          14423532        -3506007
PET MANG-RIGHTS      3678565Q BZ     287903103      -170622863
PET MANG-RIGHTS      3678569Q BZ     287903103      -170622863
PET MANG-RECEIPT     0229292Q BZ     287903103      -170622863
PET MANG-RECEIPT     0229296Q BZ     287903103      -170622863
BOMBRIL HOLDING      FPXE3 BZ       19416015.8      -489914902
BOMBRIL              FPXE4 BZ       19416015.8      -489914902
SANESALTO            SNST3 BZ       31802628.1     -2924062.87
B&D FOOD CORP        BDFCE US         14423532        -3506007
BOMBRIL-RGTS PRE     BOBR2 BZ        351909380     -20217403.6
BOMBRIL-RIGHTS       BOBR1 BZ        351909380     -20217403.6
TELEBRAS/W-I-ADR     TBH-W US        470957698     -17289190.9
AGRENCO LTD          AGRE LX         640440282      -323456366
CELGPAR              GPAR3 BZ       2639764737      -675967203
RECRUSUL - RT        4529781Q BZ    42222280.6     -19730363.1
RECRUSUL - RT        4529785Q BZ    42222280.6     -19730363.1
RECRUSUL - RCT       4529789Q BZ    42222280.6     -19730363.1
RECRUSUL - RCT       4529793Q BZ    42222280.6     -19730363.1
RECRUSUL-BON RT      RCSL11 BZ      42222280.6     -19730363.1
RECRUSUL-BON RT      RCSL12 BZ      42222280.6     -19730363.1
BALADARE             BLDR3 BZ        159454016     -52992212.8
TEXTEIS RENAU-RT     TXRX1 BZ        118475706     -73851057.6
TEXTEIS RENAU-RT     TXRX2 BZ        118475706     -73851057.6
TEXTEIS RENA-RCT     TXRX9 BZ        118475706     -73851057.6
TEXTEIS RENA-RCT     TXRX10 BZ       118475706     -73851057.6
TELEBRAS SA-RT       0250949D BZ     470957698     -17289190.9
CIA PETROLIF-PRF     MRLM4 BZ        377602195     -3014291.72
CIA PETROLIFERA      MRLM3 BZ        377602195     -3014291.72
CONST BETER SA       COBE3 BZ       31374373.7     -1555470.16
NOVA AMERICA SA      NOVA3 BZ         21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ         21287489      -183535527
ALL ORE MINERACA     AORE3 BZ       23865481.1     -5135565.77
B&D FOOD CORP        BDFC US          14423532        -3506007
PET MANG-RT          4115360Q BZ     287903103      -170622863
PET MANG-RT          4115364Q BZ     287903103      -170622863
STEEL - RT           STLB1 BZ       23865481.1     -5135565.77
STEEL - RCT ORD      STLB9 BZ       23865481.1     -5135565.77
MINUPAR-RT           9314542Q BZ     165999220     -3127207.83
MINUPAR-RCT          9314634Q BZ     165999220     -3127207.83
CONST LINDEN RT      CALI1 BZ       12670514.8     -3490373.87
CONST LINDEN RT      CALI2 BZ       12670514.8     -3490373.87
PET MANG-RT          0229249Q BZ     287903103      -170622863
PET MANG-RT          0229268Q BZ     287903103      -170622863
RECRUSUL - RT        0163579D BZ    42222280.6     -19730363.1
RECRUSUL - RT        0163580D BZ    42222280.6     -19730363.1
RECRUSUL - RCT       0163582D BZ    42222280.6     -19730363.1
RECRUSUL - RCT       0163583D BZ    42222280.6     -19730363.1
PORTX OPERA-GDR      PXTPY US        976769403     -9407990.35
PORTX OPERACOES      PRTX3 BZ        976769403     -9407990.35
ALL ORE MINERACA     STLB3 BZ       23865481.1     -5135565.77
MINUPAR-RT           0599562D BZ     165999220     -3127207.83
MINUPAR-RCT          0599564D BZ     165999220     -3127207.83
CONST LINDEN RCT     CALI9 BZ       12670514.8     -3490373.87
CONST LINDEN RCT     CALI10 BZ      12670514.8     -3490373.87
CONST BETER-PFA      COBE5B BZ      31374373.7     -1555470.16
CONST BETER-PF B     COBE6B BZ      31374373.7     -1555470.16
PET MANG-RT          RPMG2 BZ        287903103      -170622863
PET MANG-RT          RPMG1 BZ        287903103      -170622863
PET MANG-RECEIPT     RPMG9 BZ        287903103      -170622863
PET MANG-RECEIPT     RPMG10 BZ       287903103      -170622863
RECRUSUL - RT        RCSL1 BZ       42222280.6     -19730363.1
RECRUSUL - RT        RCSL2 BZ       42222280.6     -19730363.1
RECRUSUL - RCT       RCSL9 BZ       42222280.6     -19730363.1
RECRUSUL - RCT       RCSL10 BZ      42222280.6     -19730363.1
TEKA-RTS             TEKA1 BZ        341291511      -388484677
TEKA-RTS             TEKA2 BZ        341291511      -388484677
TEKA-RCT             TEKA9 BZ        341291511      -388484677
TEKA-RCT             TEKA10 BZ       341291511      -388484677
TELEBRAS-COM RTS     TELB1 BZ        470957698     -17289190.9
TELEBRAS SA-RCT      TELB9 BZ        470957698     -17289190.9
MINUPAR-RTS          MNPR1 BZ        165999220     -3127207.83
MINUPAR-RCT          MNPR9 BZ        165999220     -3127207.83
TELEBRAS SA          TELB3 BZ        470957698     -17289190.9
TELEBRAS SA          TLBRON BZ       470957698     -17289190.9
TELEBRAS SA          TBASF US        470957698     -17289190.9
TELEBRAS SA-PREF     TELB4 BZ        470957698     -17289190.9
TELEBRAS SA-PREF     TLBRPN BZ       470957698     -17289190.9
TELEBRAS-ADR         TBAPY US        470957698     -17289190.9
TELEBRAS-ADR         TBRAY GR        470957698     -17289190.9
TELEBRAS-CEDE PF     RCTB4 AR        470957698     -17289190.9
TELEBRAS-CEDE PF     RCT4C AR        470957698     -17289190.9
TELEBRAS-CEDE PF     RCT4D AR        470957698     -17289190.9
TELEBRAS-CEDE BL     RCT4B AR        470957698     -17289190.9
TELEBRAS-ADR         TBH US          470957698     -17289190.9
TELEBRAS-ADR         TBX GR          470957698     -17289190.9
TELEBRAS-ADR         RTB US          470957698     -17289190.9
TELEBRAS-ADR         TBASY US        470957698     -17289190.9
TELEBRAS-RCT PRF     TELB10 BZ       470957698     -17289190.9
TELEBRAS-RTS CMN     RCTB1 BZ        470957698     -17289190.9
TELEBRAS-RTS PRF     RCTB2 BZ        470957698     -17289190.9
TELEBRAS-RTS CMN     TCLP1 BZ        470957698     -17289190.9
TELEBRAS-RTS PRF     TLCP2 BZ        470957698     -17289190.9
TELEBRAS-COM RT      0250948D BZ     470957698     -17289190.9
TELEBRAS-CM RCPT     RCTB31 BZ       470957698     -17289190.9
TELEBRAS-CM RCPT     TELE31 BZ       470957698     -17289190.9
TELEBRAS-RCT         RCTB33 BZ       470957698     -17289190.9
TELEBRAS-CM RCPT     TBRTF US        470957698     -17289190.9
TELEBRAS-CM RCPT     RCTB32 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     RCTB41 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     TELE41 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     RCTB42 BZ       470957698     -17289190.9
TELEBRAS-CEDE PF     TELB4 AR        470957698     -17289190.9
TELEBRAS-CED C/E     TEL4C AR        470957698     -17289190.9
TELEBRAS-CM RCPT     RCTB30 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     RCTB40 BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     TBAPF US        470957698     -17289190.9
TELEBRAS-RECEIPT     TLBRUO BZ       470957698     -17289190.9
TELEBRAS-PF RCPT     TLBRUP BZ       470957698     -17289190.9
TELEBRAS-BLOCK       TELB30 BZ       470957698     -17289190.9
TELEBRAS-PF BLCK     TELB40 BZ       470957698     -17289190.9
TELEBRAS-CEDEA $     TEL4D AR        470957698     -17289190.9
ARTHUR LANGE         ARLA3 BZ       11642255.9     -17154461.9
ARTHUR LANGE SA      ALICON BZ      11642255.9     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ       11642255.9     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ      11642255.9     -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ       11642255.9     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ       11642255.9     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ       11642255.9     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ      11642255.9     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ      11642255.9     -17154461.9
ARTHUR LAN-DVD P     ARLA12 BZ      11642255.9     -17154461.9
BOMBRIL              BOBR3 BZ        351909380     -20217403.6
BOMBRIL CIRIO SA     BOBRON BZ       351909380     -20217403.6
BOMBRIL-PREF         BOBR4 BZ        351909380     -20217403.6
BOMBRIL CIRIO-PF     BOBRPN BZ       351909380     -20217403.6
BOMBRIL SA-ADR       BMBPY US        351909380     -20217403.6
BOMBRIL SA-ADR       BMBBY US        351909380     -20217403.6
BUETTNER             BUET3 BZ        106502172     -24836079.6
BUETTNER SA          BUETON BZ       106502172     -24836079.6
BUETTNER-PREF        BUET4 BZ        106502172     -24836079.6
BUETTNER SA-PRF      BUETPN BZ       106502172     -24836079.6
BUETTNER SA-RTS      BUET1 BZ        106502172     -24836079.6
BUETTNER SA-RT P     BUET2 BZ        106502172     -24836079.6
CAF BRASILIA         CAFE3 BZ        160938140      -149281089
CAFE BRASILIA SA     CSBRON BZ       160938140      -149281089
CAF BRASILIA-PRF     CAFE4 BZ        160938140      -149281089
CAFE BRASILIA-PR     CSBRPN BZ       160938140      -149281089
CHIARELLI SA         CCHI3 BZ       11281940.7     -81454622.1
CHIARELLI SA         CCHON BZ       11281940.7     -81454622.1
CHIARELLI SA-PRF     CCHI4 BZ       11281940.7     -81454622.1
CHIARELLI SA-PRF     CCHPN BZ       11281940.7     -81454622.1
IGUACU CAFE          IGUA3 BZ        290414421     -57976224.4
IGUACU CAFE          IGCSON BZ       290414421     -57976224.4
IGUACU CAFE          IGUCF US        290414421     -57976224.4
IGUACU CAFE-PR A     IGUA5 BZ        290414421     -57976224.4
IGUACU CAFE-PR A     IGCSAN BZ       290414421     -57976224.4
IGUACU CAFE-PR A     IGUAF US        290414421     -57976224.4
IGUACU CAFE-PR B     IGUA6 BZ        290414421     -57976224.4
IGUACU CAFE-PR B     IGCSBN BZ       290414421     -57976224.4
COBRASMA             CBMA3 BZ       85057466.1     -2098881762
COBRASMA SA          COBRON BZ      85057466.1     -2098881762
COBRASMA-PREF        CBMA4 BZ       85057466.1     -2098881762
COBRASMA SA-PREF     COBRPN BZ      85057466.1     -2098881762
CONST A LINDEN       CALI3 BZ       12670514.8     -3490373.87
CONST A LINDEN       LINDON BZ      12670514.8     -3490373.87
CONST A LIND-PRF     CALI4 BZ       12670514.8     -3490373.87
CONST A LIND-PRF     LINDPN BZ      12670514.8     -3490373.87
CONST BETER SA       1007Q BZ       31374373.7     -1555470.16
CONST BETER SA       COBEON BZ      31374373.7     -1555470.16
CONST BETER SA       COBE3B BZ      31374373.7     -1555470.16
CONST BETER-PR A     1008Q BZ       31374373.7     -1555470.16
CONST BETER-PR A     COBEAN BZ      31374373.7     -1555470.16
CONST BETER-PF A     COBE5 BZ       31374373.7     -1555470.16
CONST BETER-PR B     1009Q BZ       31374373.7     -1555470.16
CONST BETER-PR B     COBEBN BZ      31374373.7     -1555470.16
CONST BETER-PF B     COBE6 BZ       31374373.7     -1555470.16
CONST BETER-PF A     1COBAN BZ      31374373.7     -1555470.16
CONST BETER-PF B     1COBBN BZ      31374373.7     -1555470.16
CONST BETER SA       1COBON BZ      31374373.7     -1555470.16
D H B                DHBI3 BZ        138254322      -115344519
DHB IND E COM        DHBON BZ        138254322      -115344519
D H B-PREF           DHBI4 BZ        138254322      -115344519
DHB IND E COM-PR     DHBPN BZ        138254322      -115344519
DOCA INVESTIMENT     DOCA3 BZ        272567787      -202595760
DOCAS SA             DOCAON BZ       272567787      -202595760
DOCA INVESTI-PFD     DOCA4 BZ        272567787      -202595760
DOCAS SA-PREF        DOCAPN BZ       272567787      -202595760
DOCAS SA-RTS PRF     DOCA2 BZ        272567787      -202595760
FABRICA RENAUX       FTRX3 BZ       71426302.5     -70883547.3
FABRICA RENAUX       FRNXON BZ      71426302.5     -70883547.3
FABRICA RENAUX-P     FTRX4 BZ       71426302.5     -70883547.3
FABRICA RENAUX-P     FRNXPN BZ      71426302.5     -70883547.3
HAGA                 HAGA3 BZ       19331081.5       -49945686
FERRAGENS HAGA       HAGAON BZ      19331081.5       -49945686
FER HAGA-PREF        HAGA4 BZ       19331081.5       -49945686
FERRAGENS HAGA-P     HAGAPN BZ      19331081.5       -49945686
CIMOB PARTIC SA      GAFP3 BZ       44047411.7     -45669963.6
CIMOB PARTIC SA      GAFON BZ       44047411.7     -45669963.6
CIMOB PART-PREF      GAFP4 BZ       44047411.7     -45669963.6
CIMOB PART-PREF      GAFPN BZ       44047411.7     -45669963.6
IGB ELETRONICA       IGBR3 BZ        412300919      -112050649
GRADIENTE ELETR      IGBON BZ        412300919      -112050649
GRADIENTE-PREF A     IGBR5 BZ        412300919      -112050649
GRADIENTE EL-PRA     IGBAN BZ        412300919      -112050649
GRADIENTE-PREF B     IGBR6 BZ        412300919      -112050649
GRADIENTE EL-PRB     IGBBN BZ        412300919      -112050649
GRADIENTE-PREF C     IGBR7 BZ        412300919      -112050649
GRADIENTE EL-PRC     IGBCN BZ        412300919      -112050649
HOTEIS OTHON SA      HOOT3 BZ        260899978     -73596837.4
HOTEIS OTHON SA      HOTHON BZ       260899978     -73596837.4
HOTEIS OTHON-PRF     HOOT4 BZ        260899978     -73596837.4
HOTEIS OTHON-PRF     HOTHPN BZ       260899978     -73596837.4
RENAUXVIEW SA        TXRX3 BZ        118475706     -73851057.6
TEXTEIS RENAUX       RENXON BZ       118475706     -73851057.6
RENAUXVIEW SA-PF     TXRX4 BZ        118475706     -73851057.6
TEXTEIS RENAUX       RENXPN BZ       118475706     -73851057.6
PARMALAT             LCSA3 BZ        388720096      -213641152
PARMALAT BRASIL      LCSAON BZ       388720096      -213641152
PARMALAT-PREF        LCSA4 BZ        388720096      -213641152
PARMALAT BRAS-PF     LCSAPN BZ       388720096      -213641152
PARMALAT BR-RT C     LCSA5 BZ        388720096      -213641152
PARMALAT BR-RT P     LCSA6 BZ        388720096      -213641152
LARK MAQS            LARK3 BZ        4842545.5     -13952540.7
LARK MAQUINAS        LARON BZ        4842545.5     -13952540.7
LARK MAQS-PREF       LARK4 BZ        4842545.5     -13952540.7
LARK MAQUINAS-PR     LARPN BZ        4842545.5     -13952540.7
ESTRELA SA           ESTR3 BZ       74664947.5      -103550581
ESTRELA SA           ESTRON BZ      74664947.5      -103550581
ESTRELA SA-PREF      ESTR4 BZ       74664947.5      -103550581
ESTRELA SA-PREF      ESTRPN BZ      74664947.5      -103550581
WETZEL SA            MWET3 BZ       93378445.8     -6763345.61
WETZEL SA            MWELON BZ      93378445.8     -6763345.61
WETZEL SA-PREF       MWET4 BZ       93378445.8     -6763345.61
WETZEL SA-PREF       MWELPN BZ      93378445.8     -6763345.61
MINUPAR              MNPR3 BZ        165999220     -3127207.83
MINUPAR SA           MNPRON BZ       165999220     -3127207.83
MINUPAR-PREF         MNPR4 BZ        165999220     -3127207.83
MINUPAR SA-PREF      MNPRPN BZ       165999220     -3127207.83
NORDON MET           NORD3 BZ       12401871.5     -30368143.1
NORDON METAL         NORDON BZ      12401871.5     -30368143.1
NORDON MET-RTS       NORD1 BZ       12401871.5     -30368143.1
NOVA AMERICA SA      NOVA3B BZ        21287489      -183535527
NOVA AMERICA SA      NOVAON BZ        21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ        21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ        21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ        21287489      -183535527
NOVA AMERICA SA      1NOVON BZ        21287489      -183535527
RECRUSUL             RCSL3 BZ       42222280.6     -19730363.1
RECRUSUL SA          RESLON BZ      42222280.6     -19730363.1
RECRUSUL-PREF        RCSL4 BZ       42222280.6     -19730363.1
RECRUSUL SA-PREF     RESLPN BZ      42222280.6     -19730363.1
PETRO MANGUINHOS     RPMG3 BZ        287903103      -170622863
PETRO MANGUINHOS     MANGON BZ       287903103      -170622863
PET MANGUINH-PRF     RPMG4 BZ        287903103      -170622863
PETRO MANGUIN-PF     MANGPN BZ       287903103      -170622863
RIMET                REEM3 BZ        103098361      -185417655
RIMET                REEMON BZ       103098361      -185417655
RIMET-PREF           REEM4 BZ        103098361      -185417655
RIMET-PREF           REEMPN BZ       103098361      -185417655
SANSUY               SNSY3 BZ        183826187      -133218258
SANSUY SA            SNSYON BZ       183826187      -133218258
SANSUY-PREF A        SNSY5 BZ        183826187      -133218258
SANSUY SA-PREF A     SNSYAN BZ       183826187      -133218258
SANSUY-PREF B        SNSY6 BZ        183826187      -133218258
SANSUY SA-PREF B     SNSYBN BZ       183826187      -133218258
BOTUCATU TEXTIL      STRP3 BZ       27663604.9     -7174512.03
STAROUP SA           STARON BZ      27663604.9     -7174512.03
BOTUCATU-PREF        STRP4 BZ       27663604.9     -7174512.03
STAROUP SA-PREF      STARPN BZ      27663604.9     -7174512.03
TEKA                 TEKA3 BZ        341291511      -388484677
TEKA                 TEKAON BZ       341291511      -388484677
TEKA-PREF            TEKA4 BZ        341291511      -388484677
TEKA-PREF            TEKAPN BZ       341291511      -388484677
TEKA-ADR             TKTPY US        341291511      -388484677
TEKA-ADR             TKTQY US        341291511      -388484677
F GUIMARAES          FGUI3 BZ       11016542.1      -151840377
FERREIRA GUIMARA     FGUION BZ      11016542.1      -151840377
F GUIMARAES-PREF     FGUI4 BZ       11016542.1      -151840377
FERREIRA GUIM-PR     FGUIPN BZ      11016542.1      -151840377
VARIG SA             VAGV3 BZ        966298048     -4695211008
VARIG SA             VARGON BZ       966298048     -4695211008
VARIG SA-PREF        VAGV4 BZ        966298048     -4695211008
VARIG SA-PREF        VARGPN BZ       966298048     -4695211008
BATTISTELLA          BTTL3 BZ        251786497     -39723897.3
BATTISTELLA-PREF     BTTL4 BZ        251786497     -39723897.3
SAUIPE SA            PSEGON BZ      15164420.8     -2756081.99
SAUIPE               PSEG3 BZ       15164420.8     -2756081.99
SAUIPE SA-PREF       PSEGPN BZ      15164420.8     -2756081.99
SAUIPE-PREF          PSEG4 BZ       15164420.8     -2756081.99
CIA PETROLIFERA      MRLM3B BZ       377602195     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ       377602195     -3014291.72
CIA PETROLIFERA      1CPMON BZ       377602195     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ       377602195     -3014291.72
LATTENO FOOD COR     LATF US          14423532        -3506007
VARIG PART EM TR     VPTA3 BZ       49432124.2      -399290396
VARIG PART EM-PR     VPTA4 BZ       49432124.2      -399290396
VARIG PART EM SE     VPSC3 BZ       83017828.6      -495721700
VARIG PART EM-PR     VPSC4 BZ       83017828.6      -495721700

COLOMBIA
---------

LA POLAR SA          LAPOLAR CI      605994833      -543186477
PUYEHUE RIGHT        PUYEHUOS CI    24251713.9     -3390038.99
LA POLAR-RT          LAPOLARO CI     605994833      -543186477
LA POLAR-RT          LAPOLAOS CI     605994833      -543186477
PUYEHUE              PUYEH CI       24251713.9     -3390038.99


                            ***********


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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


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