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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Friday, May 31, 2013, Vol. 14, No. 107


                            Headlines



A R G E N T I N A

SUPERVIELLE CREDITOS: Moody's Rates Debt Securities Ba3 and B1
* Citibank Can't Get Clarification on Argentina Bond Injunction


B R A Z I L

AUTOMOTORES GILDEMEISTER: Moody's Reviews Ba2 CFR for Downgrade
ULTRAPETROL (BAHAMAS): S&P Rates $200MM Notes Due 2021 'B-'


C A Y M A N  I S L A N D S

CLEAN RESOURCES: Shareholder to Hear Wind-Up Report on June 3
CLEAN RESOURCES ASIA: Shareholder to Hear Wind-Up Report on June 3
CREDO SERIES 1: Shareholders Receive Wind-Up Report
CREDO SERIES 2: Shareholders Receive Wind-Up Report
DURUS LIFE: Shareholder Receives Wind-Up Report

DURUS LIFE MASTER: Shareholder Receives Wind-Up Report
FRONTIER ASIA: Shareholder Receives Wind-Up Report
FRONTIER ASIA OFFSHORE: Shareholder Receives Wind-Up Report
FRONTIER ASIA US: Shareholder Receives Wind-Up Report
GREEN POINT: Shareholder to Hear Wind-Up Report on June 4

HSC HEALTHCARE: Shareholders Receive Wind-Up Report
ORLANDO HOLDINGS: Shareholder Receives Wind-Up Report
RAPID CAPITAL: Shareholders' Final Meeting Set for June 3
SENONES FUND: Shareholders' Final Meeting Set for June 6
SL ONE: Shareholders' Final Meeting Set for June 6

SL TWO: Shareholders' Final Meeting Set for June 6
STV LTD: Shareholders' Final Meeting Set for June 6
TRAHAN HEDGED: Shareholder Receives Wind-Up Report
WRA INVESTMENTS: Shareholder Receives Wind-Up Report


D O M I N I C A N    R E P U B L I C

DOMINICAN REPUBLIC: S&P Affirms 'B+' LT Foreign & Local Rating


H O N D U R A S

* HONDURAS: To Receive $100 Million IDB Loan for Programs


J A M A I C A

JAMAICA BROILERS GROUP: Faces Multimillion-Dollar Liability


M E X I C O

PROYECTOS ADAMANTINE: Moody's Rates Series MXMACCB 05-2U Caa1.mx


                            - - - - -

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


SUPERVIELLE CREDITOS: Moody's Rates Debt Securities Ba3 and B1
--------------------------------------------------------------
Moody's Latin America rates Supervielle Creditos 71, a transaction
that will be issued by Deutsche Bank S.A. -- acting solely in its
capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market as of the press release issuance. If any assumption or
factor Moody's considers when assigning the ratings change before
closing, the ratings may also change.

ARS60,000,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 71", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

ARS128,000,000 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 71", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

ARS12,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 71", rated Aa3.ar (sf) (Argentine National
Scale) and B1 (sf) (Global Scale, Local Currency)

Ratings Rationale:

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 30,711 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS200.002.053,33.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of subordination: 6% for
the Class A Fixed Rate Debt Securities, 6% for the Floating Rate
Securities, calculated under the occurrence of a special event. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.81% for Class B Floating Rate Debt
Securities and 7.07% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3
percentage points from the base case scenario for the pool (i.e.,
mean of 5.5% and a coefficient of variation of 50%), the ratings
of Class A Fixed Rate debt securities and Class B Floating Rate
debt securities would remain the same. The ratings for
Certificates would likely be downgraded to B2 (sf).

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.

The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS transaction published May 2013.

Moody's National Scale Credit 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 credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico.


* Citibank Can't Get Clarification on Argentina Bond Injunction
---------------------------------------------------------------
Lance Duroni of BankruptcyLaw360 reported that a New York federal
judge declined to tell Citibank NA whether it must comply with a
November order that barred the Argentine government from paying
its bondholders, citing an appeal in the underlying dispute over
defaulted bonds between the nation and a U.S. hedge fund.

According to the report, the New York-based bank had asked for
clarification on how the Argentine law bonds held by its Citibank
Argentina unit are affected by the restraining order, which barred
Argentina from paying all bondholders any proceeds on their
investments.

The case is Aurelius Capital Master, Ltd. et al v. The Republic of
Argentina, Case No. 1:10-cv-08339 (S.D.N.Y.).


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


AUTOMOTORES GILDEMEISTER: Moody's Reviews Ba2 CFR for Downgrade
---------------------------------------------------------------
Moody's placed under review for downgrade the Ba2 corporate family
rating and senior unsecured rating of Automotores Gildemeister
S.A., following the increased leverage, weaker margins and overall
deterioration in credit metrics reported, following its first
quarter results ended in March 31st, 2013.

The following ratings have been placed under review for downgrade:

Corporate Family Rating: Ba2 (global local currency)

$300 million 6.75% senior unsecured notes due 01/15/2023: Ba2
(foreign currency)

$400 million 8.25% senior unsecured notes due 05/24/2021: Ba2
(foreign currency)

Ratings Rationale:

"Our action to place Gildemeister's ratings under review for
possible downgrade was prompted among other factors, by weaker
than expected EBITDA margins, higher working capital usage and
credit metrics that breached our two quantitative downward rating
triggers for two consecutive quarters," explained Moody's Vice-
President/Senior Credit Officer, Soummo Mukherjee.

At the end of its first quarter ended in March 31, 2013,
Gildemeister's Hyundai market share in Chile, its main market,
contracted to 9.5% from 11% the same period a year ago. The loss
in market share in Chile was due to weaker demand and continued
supply restrictions in some models of Hyundai cars. At the same
time, problems with dealers in Brazil combined with softer demand
across its markets also led to higher working capital levels that
increased Gildemeister's debt levels for the last two quarters
causing leverage to be above 4.5x on a Total Debt to EBITDA basis
(as calculated by Moody's) and EBIT to interest to be below 3.0x,
both of Moody's downward rating triggers for Gildemeister's Ba2
rating level.

On the positive side, Moody's recognizes Gildemeister's
management's revised financial policies over capex and dividends
to bring leverage down in the near term. Moody's expects to
conclude the review process within 60 days.

Moody's review for possible downgrade will focus on Gildemeister's
ability to restore margins and cash flow and improve credit
metrics to levels commensurate with the Ba2 rating category, while
maintaining a healthy liquidity profile. The conclusion of this
review process is unlikely to result in a downgrade by more than
one notch.

The principal methodology used in this rating was Moody's Global
Automotive Retail Industry Methodology, published in December
2009.

Gildemeister S.A., headquartered in Santiago, Chile, is one of the
largest importers and distributors in Chile and Peru operating a
network of company-owned and franchised vehicle dealerships. Its
principal car brand is Hyundai for which it is the sole importer
in both of its markets. During the last twelve months ended March
31, 2013, Gildemeister reported consolidated net revenues of
approximately USD 1.6 billion.


ULTRAPETROL (BAHAMAS): S&P Rates $200MM Notes Due 2021 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Ultrapetrol (Bahamas) Ltd.'s upcoming $200 million notes issue due
2021.  The company will use proceeds to refinance its existing
$180 million senior notes due 2014.

"Our 'B-' corporate rating on Ultrapetrol reflects the inherent
risks of operating in the shipping industry, and exposure to the
cyclicality of the agricultural and iron ore productions,
Ultrapetrol's main cargoes in its river business segment.  The
positive outlook on  Ultrapetrol's rating reflects our expectation
that it will benefit from stronger contracted position in its
offshore supply business segment, with higher rates and cost pass-
through clauses, and from improved market conditions, leading to
stronger credit metrics.  Also, the refinancing of the 2014 notes
will improve the company's liquidity, allowing the company to use
its cash flow generation to the improvement of its activities.  We
still view Ultrapetrol's financial risk profile as "highly
leveraged."  Although improving, we expect leverage to remain high
during 2013, with total debt to EBITDA lower than 6.0x by the end
of the year, compared to 14.9x in December 2012.  Debt reduction
is expected to be achieved through a stronger cash generation,
lower capex, and existing cash position.  According to our
projections, we anticipate year-end funds from operations to total
debt of about 15%," S&P said.

RATINGS LIST

Ultrapetrol (Bahamas) Ltd.
  Corporate credit rating       B-/Positive/--

Rating Assigned

Ultrapetrol (Bahamas) Ltd.
  $200 million notes due 2021   B-


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


CLEAN RESOURCES: Shareholder to Hear Wind-Up Report on June 3
-------------------------------------------------------------
The shareholder of Clean Resources (Offshore) Fund Limited will
receive on June 3, 2013, at 10:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


CLEAN RESOURCES ASIA: Shareholder to Hear Wind-Up Report on June 3
------------------------------------------------------------------
The shareholder of Clean Resources Asia Fund Limited will receive
on June 3, 2013, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


CREDO SERIES 1: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Credo Series 1 Limited received on May 28,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


CREDO SERIES 2: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Credo Series 2 Limited received on May 28,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DURUS LIFE: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Durus Life Sciences International Fund Ltd.
received on May 28, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Leslie Lake
          c/o Kadi Merren
          Telephone: (345) 914 8639
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


DURUS LIFE MASTER: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Durus Life Science Master Fund Ltd. received on
May 28, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Kadi Merren
          Telephone: (345) 914 8639
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


FRONTIER ASIA: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Frontier Asia Fund received on May 28, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jeffery Kung
          Landmark Square
          West Bay Road
          PO Box 775 Grand Cayman KY1-9006
          e-mail: matt.mulry@dilloneustace.ie


FRONTIER ASIA OFFSHORE: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Frontier Asia Offshore Fund received on May 28,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Jeffery Kung
          Landmark Square
          West Bay Road
          PO Box 775 Grand Cayman KY1-9006


FRONTIER ASIA US: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Frontier Asia U.S. Fund received on May 28,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Jeffery Kung
          Landmark Square
          West Bay Road
          PO Box 775 Grand Cayman KY1-9006


GREEN POINT: Shareholder to Hear Wind-Up Report on June 4
---------------------------------------------------------
The shareholder of Green Point International Holding (Cayman) Co.,
Ltd will receive on June 4, 2013, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Sergio A. Cadavid
          10560 Dr. Martin Luther King
          Jr. Street North
          Saint Petersburg, FL 33716
          USA
          Telephone: +1 (727) 577 9739
          Facsimile: +1 (727) 230 5476


HSC HEALTHCARE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of HSC Healthcare Limited received on May 29,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ORLANDO HOLDINGS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Orlando Holdings Ltd received on May 27, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Dorra Mohammed
          Telephone: (345) 914 4475/ (345) 949 4800
          Facsimile: (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


RAPID CAPITAL: Shareholders' Final Meeting Set for June 3
---------------------------------------------------------
The shareholders of Rapid Capital Limited will hold their final
meeting on June 3, 2013, at 3:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jianli Hu
          No 7 Building
          Lane 188
          Jinglian Road
          Minghang District
          Shanghai
          PRC
          Telephone: +86 (574) 5899 9888
          Facsimile: +86 (574) 5899 9800


SENONES FUND: Shareholders' Final Meeting Set for June 6
--------------------------------------------------------
The shareholders of Senones Fund will hold their final meeting on
June 6, 2013, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.


SL ONE: Shareholders' Final Meeting Set for June 6
--------------------------------------------------
The shareholders of SL One Limited will hold their final meeting
on June 6, 2013, at 11:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


SL TWO: Shareholders' Final Meeting Set for June 6
--------------------------------------------------
The shareholders of SL Two Limited will hold their final meeting
on June 6, 2013, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


STV LTD: Shareholders' Final Meeting Set for June 6
---------------------------------------------------
The shareholders of STV Ltd will hold their final meeting on
June 6, 2013, at 11:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


TRAHAN HEDGED: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Trahan Hedged Opportunities Fund Offshore
received on May 29, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Joanne Steven
          Telephone: (345) 815-1895
          Facsimile: (345) 949 9877


WRA INVESTMENTS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of WRA Investments Offshore Fund, Ltd received on
May 28, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Joanne Steven
          Telephone: (345) 815-1895
          Facsimile: (345) 949 9877


====================================
D O M I N I C A N    R E P U B L I C
====================================


DOMINICAN REPUBLIC: S&P Affirms 'B+' LT Foreign & Local Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+' long-
term foreign and local currency ratings and its 'B' short-term
foreign and local currency ratings on the Dominican Republic.  The
outlook on the ratings remains stable.  The 'BB' transfer and
convertibility assessment is unchanged.

S&P's 'B+' rating on the Dominican Republic reflects the
combination of persistent fiscal and external deficits and weak
political institutions, along with a diversified economic
structure that supports medium-term growth, despite the recent
deceleration in GDP growth rates.  S&P projects real GDP to expand
by 3.0% in 2013, rising to 4.0% in 2014.

"One of President Danilo Medina's challenges is to reduce the
fiscal deficit while keeping his campaign promise to increase
social expenditure," said Standard & Poor's credit analyst
Sebastian Briozzo.

The 2012 fiscal outcome worsened significantly (the general
government deficit reached 7.8% of GDP), partly because of
aggressive presidential election-related spending.  With a large
majority in Congress, the new Administration passed a significant
tax reform in 2012.  The government expects revenues could
increase up to 1.6 percentage points of GDP during 2013, although
lower GDP growth rates could moderate the immediate impact of the
reform.  S&P expects the fiscal deficit to diminish to about 5% of
GDP in 2013 (including the deficit of the central bank) and to
decrease marginally over the next two years before it faces new
pressures from the electoral process in 2016.  Despite the lower
deficits, S&P expects the net general government debt burden to
continue to increase marginally over the next two years from 39%
of GDP in 2012 to about 42% in 2015 (including central bank
certificates and excluding recapitalization bonds).

"The stable outlook reflects the Dominican Republic's relatively
solid growth and export prospects and our expectation that the
government will continue its efforts to reduce fiscal and external
deficits," said Mr. Briozzo.  "We balance these strengths against
the risk of fiscal and external deterioration if the government
does not implement corrective measures in a timely manner."

Addressing the structural deficiencies in the electricity sector,
improving tax-system efficiency, or strengthening the external
profile would benefit the sovereign's creditworthiness.

On the other hand, fiscal slippage, which would likely exacerbate
the external vulnerability, would be a negative factor and could
lead us to lower the rating, especially if the political
willingness to reverse the slippage is lacking.


===============
H O N D U R A S
===============


* HONDURAS: To Receive $100 Million IDB Loan for Programs
---------------------------------------------------------
Honduras will improve its efficiency and coverage of the program
to support the social safety net known as the Bono 10,000, with a
$100 million loan approved by the Inter-American Development Bank
(IDB).

The Bono 10,000 Program, established in 2010, has benefited more
than 350,000 poor households. Improving the program's efficiency
and targeting should enable it to reach 50 percent of the
country's poorest rural families.

The executing agency will be the Family Allowance Program (PRAF),
a decentralized agency of the Ministry of the Presidency.

The IDB financing consists of $70 million from the ordinary
capital, with a 30-year term, a grace period of 5.5 years and an
interest rate based on LIBOR, and $30 million from the Fund for
Special Operations, with a 40-year term and grace period and 0.25
percent interest.  Local counterpart funds total $10 million.


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


JAMAICA BROILERS GROUP: Faces Multimillion-Dollar Liability
-----------------------------------------------------------
McPherse Thompson at Jamaica Gleaner reports that the death of a
dozen racing horses and another 18 that have fallen ill has
exposed Jamaica Broilers Group Limited (JBG) to a multimillion-
dollar liability in the form of compensation to owners of the
horses and recall of its contaminated feed.

Broilers, whose subsidiary Hi-Pro Feeds Limited supplied the feed,
is not commenting on the size of the compensation, but a horse
racing aficionado said the horses in question were in the mid-
range class and, based on their earning potential, he would put a
value of J$1 million on each of them, according to Jamaica
Gleaner.

The report relates that President of the Jamaica Racehorse Owners
Association, Laurence Heffes, said compensation would extend into
the "tens of millions".  "The losses to the owners are
tremendous," the report quoted Mr. Heffes as saying, while noting
that the financial worth of the animals was yet to be determined.

Broilers is already working out the formula for compensation to
affected owners, Jamaica Gleaner discloses.

"There is a required process that we go through that leads to
compensation, and that has begun," the report quoted JBG Vice-
President of human resource development and public relations, Dr
Claudette Cooke, as saying.

Mr. Cooke, the report relays, said the affected feed was less than
one per cent of what Hi-Pro produces weekly and that the recall
was being dealt with according to internal protocol.

As to what went wrong in the production process, Mr. Cooke said,
"All of that is being investigated," the report notes.


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


PROYECTOS ADAMANTINE: Moody's Rates Series MXMACCB 05-2U Caa1.mx
----------------------------------------------------------------
Moody's de Mexico assigned a rating of Caa1.mx (sf) to the Series
A Certificates MXMACCB 05-2U, sponsored by Proyectos Adamantine,
S.A. de C.V., SOFOM, E.N.R. (formerly known as GMAC Financiera).
The certificates were issued in 2005.

Interest and principal to certificate holders are payable with
cash flow from mortgage loans granted to primarily low income
borrowers originated by Hipotecaria Credito y Casa S.A. de C.V
(Credito y Casa) and Hipotecaria Su Casita S.A. de C.V (Su Casita)
. The mortgage loans were purchased by Proyectos Adamantine and
assigned to the trust, established under the laws of Mexico.

Trustee: Bank of New York Mellon S.A., Institucion de Banca
Multiple

Primary Servicer: Patrimonio, S.A. de C.V.

Master Servicer: Proyectos Adamantine S.A. de C.V., SOFOM

Series A Certificates MXMACCB 05-2U rated Caa1.mx (sf) (Mexican
National Scale) and Caa1 (sf) (Global Scale, Local Currency).

Ratings Rationale:

The ratings are based upon the following factors:

The weak performance of the pool; as of March 2013, 43.1% of the
current pool was more than 90 days past due.

Despite the high level of 90+ day delinquencies (43.1%), the
number of properties in REO status is low at 2.9% of the
outstanding pool balance. The difference signals that a large
backlog of defaulted loans have yet to go through or complete the
foreclosure process.

A relatively low level of historical mortgage insurance proceeds
reported for the last 24 months, which could indicate that claims
are not being presented or that claims are being rejected. 98% of
the portfolio is covered by mortgage insurance policies provided
by Sociedad Hipotecaria Federal (SHF).

The UDI-minimum wage salary swap provided by SHF

The legal final maturity of the certificates in October 2035.

Negative credit enhancement for Series A in the form of
overcollateralization (-26.2%) defined as (1- Outstanding Class A
Balance/Performing Pool Balance)

Adamantine's strong interest alignment of interests with
investors, given its ownership of the residual certificate.

The securitized mortgage pool is comprised of UDI-denominated,
fixed-rate, first-lien, mortgage loans secured by low-income
houses located in Mexico. The portfolio reviewed by Moody's was
comprised of 1,129 mortgage loans with an aggregate outstanding
balance of UDIs 85.84 million as of March 31, 2013. The key
weighted average statistics were as follows: original loan-to-
value (LTV) of 86.5%, current LTV of 76.3%, payment-to-income of
18.1%, original loan amount of UDIs 87,440, seasoning of 203
months and coupon of 10.3%. As of the same date, loans that are
more than 90 days past due represented 43.1% of the total pool.

The certificates are denominated in UDIs and have a fixed interest
rate. On each payment date, after covering expenses, cash
collected from interest and principal payments will be used to pay
interest on the Class A certificates. After making interest
payments, cash will be used to amortize Class A. International
Finance Corporation provided an initial Partial Credit Guarantee
(PCG) of 7%, the PCG has been disbursed to cover principal
payments and as of March 2013 its available balance is 0%.

Rating Methodology:

The principal methodology used in this rating was "Moody's
Approach to Rating Mexican RMBS", published in August 2012.

For this transaction, Moody's assumed a cumulative gross default
and a severity of loss of 49.3% and 63.2%, respectively,
calculated as a percentage of the current pool balance in the most
likely model scenario. Expected net loss for this pool in the most
likely stress-case model scenario is 31.2%. Cumulative prepayment
over the life of this transaction is assumed at 15.6% and is timed
along a prepayment curve.

The transaction's performance is heavily dependent on the Mexican
economy and on the stability of inflation and employment.
Currently, Moody's sovereign risk group rates Mexico's foreign
currency debt obligations Baa1 and its local currency debt
obligations Baa1. These ratings indicate that the Mexican economy
and inflation could be subject to significant variation over time.
According to the legal opinion issued at transaction's closing,
the transaction has been structured as a valid sale of the
securitized assets to the issuing trust.

Future performance of this RMBS transaction is linked to the
unemployment rate and the recovery rate of the defaulted mortgage
loans. Future performance can be affected negatively under an
economic slowdown scenario with high levels of unemployment that
could pressure the servicer's ability to collect payments under
the loans. In addition, the primary source of assumption
uncertainty is the recovery rate of the defaulted mortgage loans
due to the limited information available. Although 43.1% of the
securitized pool was more than 90 days past due as of March 2013,
as of the same date only 2.9% of the current pool balance was in
REO status and cumulative REO sales proceeds were very low,
equivalent to 2.9%. In addition, the servicer reports low level of
mortgage insurance proceeds, during the last 24 months, despite
the large number of defaulted loans.

The V Score for this transaction indicates High uncertainty about
critical assumptions, in line with the High score for the Sofol
RMBS sector. V Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The factors contributing to the weak
V Score are limited performance history of the emerging market
asset class, the limited experience of key transaction parties and
the level of legal and regulatory uncertainty. V Scores are
intended to rank transactions by the potential for significant
rating changes owing to uncertainty around the assumptions due to
data quality, historical performance, the level of disclosure,
transaction complexity, the modeling and the transaction
governance that underlie the ratings.

Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis. The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by rating
committees, which evaluate many quantitative and qualitative
factors.

Moody's key ratings-model assumption for this transaction is the
severity assumption percentage. In the parameter sensitivity
analysis, if the assumed severity assumption of 63.2% used in
determining the initial rating were changed to 72.5%, the model-
indicated rating for Class A notes would change from Caa1
(sf)/Caa1.mx (sf) to Caa2 (sf)/Caa2.mx (sf).

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
".mx" for Mexico.


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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


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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