TCRLA_Public/040922.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, September 22, 2004, Vol. 5, Issue 188

                            Headlines


A R G E N T I N A

AMOL S.R.L.: Claims Verification Deadline Approaches
ASTILLEROS RIO BRAVO: Verification Ends Tomorrow
CARTOON: General Report Up for Submission
COLORIN INDUSTRIA: Evaluadora Reaffirms `D' Rating on Bonds
DYEWOOD: General Report Due Today

ELECTROMECANICA OISA: Court Declares Company Bankrupt
EXPORIALE S.R.L.: Asks to Liquidate Assets
HEROMA S.A.: Trustee to Close Verification Period
LERWAI S.R.L.: Gets Green Light for Reorganization
LOCUCENTER: Court Orders "Concurso Mercantil Liquidatorio"

LOMA NEGRA: Goes on the Auction Block
PAPELERA WILDE: Trustee to Present Individual Reports Today
PRIVERTE: Gets Court Ok for Reorganization
REMDEIAR S.A.: Enters Bankruptcy on Court Orders
TGS: Evaluadora Maintains `D' Rating on $1.3B in Bonds

UNISIA S.A.: Liquidates Assets to Pay Debts
VINTAGE PETROLEUM: Completes $36.4M Rio Alto Deal


B E R M U D A

FOSTER WHEELER: Tenders Preferred Securities in Exchange Offer
GLOBAL CROSSING: Moves to Regain SEC Reporting Compliance


B O L I V I A

COEUR D'ALENE: To Benefit from New Bolivian Tax Rules


B R A Z I L

ALCOA ALUMINIO: S&P Ups FC Global Scale Rating to BB-
ARACRUZ CELULOSE: FC Global Scale Rating Raised to BB- From B+
BRASKEM: FC Global Scale Rating Climbs to BB- From B+
CSN: S&P Ups FC Global Scale Rating Following Sovereign Upgrade
KLABIN: S&P Ups FC Global Scale Rating to BB-

ODEBRECHT: Upgrade on Sovereign Rating Sends Own Ratings Up
USIMINAS: FC Global Scale Rating Raised to BB- From B+
VOTORANTIM GROUP: FC Global Scale Rating Climbs to BB- From B+


M E X I C O

EMPRESAS ICA: $690M Minatitlan Refinery Contract Advances
HYLSAMEX: Main Subsidiary Prepays $70M of Bank Debt
IMSS: SNTSS to Present Appeal Friday
TV AZTECA: Merrill Lynch Ups Share Recommendation to `Neutral'


P A R A G U A Y

AMERICA DE SEGUROS: Blocked From Issuing Insurance Policies


V E N E Z U E L A

CERRO NEGRO: B+ Rating on Bonds Placed on Rating Watch Positive
CITGO: Fitch Puts `BB-' Rating on Rating Watch Pos
EDC: Authorizes $200M Bond Issue To Refinance Debt
EDC: Fitch Upgrades Ratings; Maintains Stable Outlook
HAMACA: `B+' Rating on $1.1B Loans Placed on Rating Watch Pos.

PDVSA: Fitch Upgrades Ratings, Assigns Stable Rating Outlook
PDVSA FINANCE: Fitch Places `BB-' Rating on Rating Watch Pos
PETROZUATA: B+ Rating on Bonds Placed on Rating Watch Positive
SINCOR: Fitch Places `B+' Rating on Rating Watch Pos
* VENEZUELA: Fitch Upgrades Ratings To 'B+'

     -  -  -  -  -  -  -  -  -


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

AMOL S.R.L.: Claims Verification Deadline Approaches
----------------------------------------------------
Creditors of bankrupt Amol S.R.L. are required to present proofs
of their claims tomorrow, September 23, 2004. All documents
should be forwarded to court-appointed trustee Maria Cristina
Moccia for verification. Failure to comply with the verification
deadline will mean disqualification from the payments to be made
once the Company's assets are liquidated.

Court no. 17 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. Clerk no. 34 assists the court with
the proceedings.

CONTACT: Amol S.R.L.
         Viamonte 282
         Buenos Aires

         Ms. Maria Cristina Moccia, Trustee
         Superi 1423
         Buenos Aires


ASTILLEROS RIO BRAVO: Verification Ends Tomorrow
------------------------------------------------
Mr. Santiago Manuel Quiben, the trustee assigned to supervise
the liquidation of Astilleros Rio Bravo S.A., will verify
creditors' proofs of claims until tomorrow, September 23, 2004.
The verified claims will serve as basis for the final list of
creditors qualified to receive post- liquidation payments.

Court no. 3 of Buenos Aires' civil and commercial tribunal
handles this case with the assistance of clerk no. 6.

CONTACT: Astilleros Rio Bravo S.A.
         Pasteur 117
         Buenos Aires

         Mr. Santiago Manuel Quiben, Trustee
         Esmeralda 783
         Buenos Aires


CARTOON: General Report Up for Submission
-----------------------------------------
Court-appointed trustee Carlos Leon Desseno will submit a
general report on the Cartoon S.R.L. bankruptcy case today,
September 22, 2004. The report will be submitted at court no. 20
of Buenos Aires' civil and commercial tribunal. Clerk no. 39
assists the court on this case.

CONTACT: Mr. Carlos Leon Desseno, Trustee
         Presidente Peron 1558
         Buenos Aires


COLORIN INDUSTRIA: Evaluadora Reaffirms `D' Rating on Bonds
-----------------------------------------------------------
Evaluadora Latinoamericana S.A. Calificadora de Riesgo reaffirms
the `D' rating on the corporate Bonds issued by Argentine
company Colorin Industria de Materiales Sintet.

According to an announcement from the country's securities
regulator, Comicion Nacional Valores (CNV), the rating affects
US$47 million of bonds described as "Obligaciones Negociables."

The bonds, classified under `Simple Issue,' would come due on
March 31, 2006. The rating was determined based on the Company's
financial performance as of the end of June 30, 2004.


DYEWOOD: General Report Due Today
---------------------------------
A general report on Dyewood S.A.'s reorganization is due for
court submission today, September 22, 2004. The general report,
prepared by accounting firm "Estudio Yaben, Pardal", provides
the court with an audit of the Company's accounting and business
records. The report also details information relevant to the
reorganization proceedings.

CONTACT: "Estudio Yaben, Pardal" - Trustee
          Ituzaingo 369
          San Isidro


ELECTROMECANICA OISA: Court Declares Company Bankrupt
-----------------------------------------------------
Court no. 18 of Buenos Aires' civil and commercial tribunal
approved the voluntary bankruptcy petition filed by
Electromecanica Oisa S.R.L., says La Nacion.

The Company will undergo the bankruptcy process with Ms. Elba
Bengochea as its trustee. Creditors are required to present
their proofs of claims to the trustee for verification before
November 4, 2004.

Creditors who fail to have their claims authenticated by the
said date will be disqualified from the payments that will be
made after the Company's assets are liquidated at the end of the
bankruptcy process.

Dr. Cufari, clerk no. 36, assists the court on the case.

CONTACT: Electromecanica Oisa S.R.L.
         Ayacucho 369
         Buenos Aires

         Ms. Elba Bengochea, Trustee
         Uriburu 1010
         Buenos Aires


EXPORIALE S.R.L.: Asks to Liquidate Assets
------------------------------------------
Judge Kolliker Frers of Buenos Aires' civil and commercial
tribunal is now analyzing whether to grant Exporiale S.R.L.
approval for its bankruptcy petition. La Nacion recalls that the
company filed the petition following cessation of debt payments.
Dr. Yacante, clerk no. 32, assists the court on the Company's
case.

CONTACT: Exporiale SRL
         Av. Corrientes 1642
         Buenos Aires


HEROMA S.A.: Trustee to Close Verification Period
-------------------------------------------------
Mr. Nestor Rodolfo del Potro, serving as trustee for the Heroma
S.A. bankruptcy case, is expected to close the verification of
creditors' claims tomorrow, September 23, 2004. Company
creditors must submit proofs of their claims to the trustee
before the deadline to qualify for any post-liquidation payments
that will be made.

The case is under the jurisdiction of court no. 10 of Buenos
Aires' civil and commercial tribunal. Clerk no. 19 assists the
court on the case, which will close with the liquidation of the
Company's assets to repay creditors.

CONTACT: Mr. Nestor Rodolfo del Potro, Trustee
         Avenida Corrientes 1291
         Buenos Aires


LERWAI S.R.L.: Gets Green Light for Reorganization
--------------------------------------------------
Judge Garibotto, serving for court no. 2 of Buenos Aires' civil
and commercial tribunal, approved the "Concurso Preventivo"
petition filed by Lerwai S.R.L., reports local news source La
Nacion.

The Company, which listed assets of US$109,989 and liabilities
of US$144,583.94, will undergo a reorganization process under
the supervision of court-appointed trustee Andrea Cetlinas.

Ms. Cetlinas will verify creditors' proofs of claim until
November 33, 2004. Verifications are done to ascertain the
nature and amount of the Company's debts.

Dr. Romero, clerk no. 4, assists the court on the case.

CONTACT: Lerwai S.R.L.
         Av. Callao 322
         Buenos Aires

         Ms. Andrea Cetlinas
         Lavalle 1678
         Buenos Aires


LOCUCENTER: Court Orders "Concurso Mercantil Liquidatorio"
----------------------------------------------------------
Buenos Aires-based Locucenter S.R.L. proceeds with a "Concurso
Mercantil Liquidatorio" upon the orders of court no. 8 of the
city's civil and commercial tribunal, says Infobae.

Court-appointed trustee Norberto Jose Perrone will verify
creditors' proofs of claims until November 30, 2004. The
verified claims will be presented in court as individual reports
on February 11, 2005. The trustee is also required to present a
general report of the case on March 29, 2005.

CONTACT: Mr. Norberto Jose Perrone, Trustee
         Constitucion 2894
         Buenos Aires


LOMA NEGRA: Goes on the Auction Block
-------------------------------------
Argentine cement manufacturer Loma Negra is for sale and faces a
smear campaign led by Swiss cement group Holcim, owner of
Minetti SA, Argentina's second-largest cement group.

Local business daily Infobae reported that a group of Holcim's
top executives are also board members at international banks
like Union de Bancos Suizos (UBS) and Citibank. Taking advantage
of these positions, they would be interfering with Loma Negra's
financial status.

It has been said that, since Minetti cannot buy Loma Negra due
to market reasons, the Swiss group, which had made a formal
takeover bid for the company in 1997, would be "forcing" Loma
Negra's sale through a defamation campaign in international
financial circles.

Loma Negra leads the Argentine cement market with a 40% share,
followed by Minetti with 33% and Cementos Avellaneda (17%).

Infobae quoted market sources saying that JP Morgan, which is
the agent in charge of selling Loma Negra for US$1 billion, will
reveal the list of candidates this month.

Mexico's Cemex has submitted a formal bid for Loma Negra,
consisting of US$350 million in cash and the assumption of
US$430 million in refinanced debt.

Loma Negra spokespersons suggest that Loma Negra's President
Amalia Lacroze de Fortabat and its top executives would rather
not sell the company, but have no other choice as a result of
the financial pressure being faced by the Company.


PAPELERA WILDE: Trustee to Present Individual Reports Today
-----------------------------------------------------------
Individual reports from the Papelera Wilde S.R.L. reorganization
case are due for court submission today. Trustee Norberto Isidro
Sapir prepared these reports from claims submitted by creditors'
during the verification period.

Court no. 13 of Buenos Aires' civil and commercial tribunal,
assisted by clerk no. 26, has jurisdiction over this case.

CONTACT: Mr. Norberto Isidro Sapir, Trustee
         Jose E Uriburu 1010
         Buenos Aires


PRIVERTE: Gets Court Ok for Reorganization
------------------------------------------
Priverte S.A. will begin reorganization proceedings following
the approval of its petition by court no. 11 of Mar del Plata's
civil and commercial tribunal. The opening of the reorganization
will allow the company to negotiate a settlement with its
creditors in order to avoid a straight liquidation.

Ms. Adriana Gabriela Giacomini will oversee the reorganization
proceedings as the court-appointed Trustee. She will verify
creditors' claims until October 25, 2004. Afterwards, the
validated claims will be presented in court as individual
reports on December 2, 2004.

CONTACT: Priverte S.A.
         Moreno 2609
         Mar del Plata

         Ms. Adriana Gabriela Giacomini, Trustee
         Falucho 2482
         Mar del Plata


REMDEIAR S.A.: Enters Bankruptcy on Court Orders
------------------------------------------------
Remediar S.A. enters bankruptcy protection after court no. 22 of
Buenos Aires' civil and commercial tribunal ordered the
company's liquidation. The order effectively transfers control
of the company's assets to the court-appointed trustee who will
supervise the liquidation proceedings.

Infobae reports that the court selected Mr. Carlos Alberto Bavio
as trustee. He will be verifying creditors' proofs of claims
until the end of the verification phase on November 8, 2004.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records. The individual reports will be submitted
on December 15, 2004 followed by the general report, which is
due on February 28 next year.

CONTACT: Mr. Carlos Alberto Bavio, Trustee
         Avda de Mayo 1324
         Buenos Aires


TGS: Evaluadora Maintains `D' Rating on $1.3B in Bonds
------------------------------------------------------
Evaluadora Latinoamericana S.A. Calificadora de Riesgo maintains
a `D' rating on a total of US$1.3 billion of corporate bonds
issued by Transportadora de Gas del Sur S.A., the CNV says on
its Web site.

The bonds affected are:

- US$500 million of "Programa Global de 1996 por U$S
500.000.000;"
- US$500 million of "Programa Global de 1999;" and
- US$300 million of "Programa Global de 2000".

The maturity dates of all the issues were not disclosed.

The rating was based on the Company's finances as of the end of
June 30, 2004.

CONTACTS:  Investor Relations:
           Eduardo Pawluszek, Finance/Investor Relations Manager
           Gonzalo Castro Olivera, Investor Relations
           Email: gonzalo_olivera@tgs.com.ar
                     or
           Maria Victoria Quade, Investor Relations
           Email: victoria_quade@tgs.com.ar
           Tel: (54-11) 4865-9077

           Media Relation:
           Rafael Rodriguez Roda
           Tel: (54-11) 4865-9050 ext. 1238


UNISIA S.A.: Liquidates Assets to Pay Debts
-------------------------------------------
Unisia S.A., a company operating in Buenos Aires, will begin
liquidating its assets following the pronouncement of the city's
court no. 22 that the company is bankrupt, reports Infobae.

The ruling places the company under the supervision of court-
appointed trustee, Mr. Juan Enrique Reinhardt. The trustee will
verify creditors' proofs of claims until October 28, 2004. The
validated claims will be presented in court as individual
reports on December 10, 2004.

Mr. Reinhardt will also submit a general report, containing a
summary of the company's financial status as well as relevant
events pertaining to the bankruptcy, on February 21 next year.

The bankruptcy process will end with the disposal company assets
in favor of its creditors.

CONTACT: Mr. Juan Enrique Reinhardt, Trustee
         Viamonte 1348
         Buenos Aires


VINTAGE PETROLEUM: Completes $36.4M Rio Alto Deal
-------------------------------------------------
Vintage Petroleum, Inc. announced Monday that it has recently
closed its previously announced acquisition of 100 percent of
the wholly-owned Argentine subsidiary of Rio Alto Resources
International, Inc. (Calgary, Alberta) for total consideration
of $36.4 million cash including normal course adjustments and
subject to final adjustments.

The acquired company's principal asset is an operated producing
concession that covers approximately 54,000 acres in the north
flank of the San Jorge basin of Argentina. Current net
production attributable to the producing Bella Vista Oeste
concession is estimated at 1,900 barrels of oil per day from 52
active producing wells. Vintage estimates that it acquired
approximately 7.2 million barrels of proved oil reserves in the
transaction with Rio Alto, with proved undeveloped reserves
accounting for approximately 20 percent of total proved
reserves. In addition, the company believes that there are
additional probable reserves, representing upside potential that
may be realized through the 2004 work program and beyond.

Vintage believes the properties contain significant drilling,
workover and waterflood potential that it plans to pursue along
with the implementation of operational efficiencies. Drilling
opportunities include infill drilling in the developed areas of
the concession, and extensional or exploration drilling in the
undeveloped portions of the concession. It is anticipated that
one drilling rig would be utilized for drilling activities, with
the first well planned to spud in late 2004.

A number of workover opportunities have been identified at this
time, with the work program assuming one dedicated rig
commencing activities in late 2004. Additionally, a number of
waterflood projects have been identified at this time, including
the expansion of an existing waterflood.

A dedicated rig for waterflood activities is also planned. The
company had previously increased its 2004 capital budget for
Argentina by $7.0 million to account for activity planned for
this property during the remainder of 2004.

Vintage Petroleum, Inc. is an independent energy company engaged
in the acquisition, exploitation and exploration of oil and gas
properties and the marketing of natural gas and crude oil.
Company headquarters are in Tulsa, Oklahoma, and its common
shares are traded on the New York Stock Exchange under the
symbol VPI.

CONTACT: Mr. Robert E. Phaneuf
         Vice President - Corporate Development
         Phone: (918) 592-0101

         Web Site: www.vintagepetroleum.com



=============
B E R M U D A
=============

FOSTER WHEELER: Tenders Preferred Securities in Exchange Offer
--------------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Monday that a
minimum threshold related to its equity-for-debt exchange
remains unmet for one class of securities. Specifically, as of
5:00 p.m. New York City time on Monday, September 20, 2004,
55.4% of the 9.00% Preferred Securities has been tendered. This
compares to the 57.5% that had been tendered as of Friday,
September 17, 2004. The exchange is currently scheduled to
expire at 5:00 p.m. New York City time, on Tuesday, September
21, 2004 and the minimum threshold for the 9.00% Preferred
Securities remains at 60%.

"As I previously have stated, our exchange offer will fail if
the tendered amount of Preferred Securities fails to meet or
exceed an acceptable minimum threshold," said Raymond J.
Milchovich, chairman, president and chief executive officer.

Legal Details

A copy of the prospectus relating to the exchange offer and
other related documents may be obtained from the information
agent. The information agent for the exchange offer and consent
solicitation is Georgeson Shareholder Communications Inc., 17
State Street, 10th Floor, New York, New York 10014. Georgeson's
telephone number for bankers and brokers is 212-440-9800 and for
all other security holders is 800-891-3214.

The dealer manager for the exchange offer and consent
solicitation is Rothschild Inc., 1251 Avenue of the Americas,
51st Floor, New York, New York 10020. Contact Rothschild at
212-403-3784 with any questions on the exchange offer.

The exchange agent for the exchange offer is the Bank of New
York, London Branch.

Investors and security holders are urged to read the following
documents filed with the SEC, as amended from time to time,
relating to the proposed exchange offer because they contain
important information:

(1) the registration statement on Form S-4 (File No. 333-107054)
and (2) the Schedule TO (File No. 005-79124). These and any
other documents relating to the proposed exchange offer, when
they are filed with the SEC, may be obtained free at the SEC's
Web site at www.sec.gov, or from the information agent as noted
above.

The foregoing reference to the exchange offer and any other
related transactions shall not constitute an offer to buy or
exchange securities or constitute the solicitation of an offer
to sell or exchange any securities in Foster Wheeler Ltd. or any
of its subsidiaries.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemicals, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

CONTACT:  Foster Wheeler Ltd.
          Media Contact:
          Maureen Bingert, 908-730-4444
              or
          Investor Contact:
          John Doyle, 908-730-4270
              or
          Other Inquiries, 908-730-4000

WEB SITE: http://www.fwc.com


GLOBAL CROSSING: Moves to Regain SEC Reporting Compliance
---------------------------------------------------------
- Global Crossing expects return to compliance with SEC
reporting requirements by October 8, 2004.

- Grant Thornton currently anticipates reissuance of audit
reports, subject to the satisfactory results of additional
procedures.

- Stock expected to continue to trade on NASDAQ while extension
request is considered.

Global Crossing (NASDAQ: GLBCE) announced Monday that it expects
to be able to return to compliance with SEC reporting
requirements by October 8, 2004.

"We have established a path forward to quickly regain compliance
with SEC reporting and NASDAQ listing requirements," stated John
Legere, Global Crossing's CEO. "Global Crossing employees will
continue to deliver the industry leading products and services
our customers have come to expect, as we bring closure to our
cost of access issues."

Grant Thornton LLP has informed Global Crossing's Audit
Committee that it currently anticipates it will be in a position
to reissue its audit reports on the company's 2001 and 2002
financial statements and the company's restated 2003 financial
statements, subject to its satisfaction with the results of
certain additional procedures and management representations.

In this regard, Grant Thornton has advised the Audit Committee
that it can no longer rely on representations made by a senior
officer in the company's finance department. The officer has
been reassigned to a position outside of the company's financial
reporting function.

Global Crossing has engaged FTI Consulting Inc., an independent
authority on accounting matters, to assist the company in
performing additional procedures and providing additional
support for management's representations to Grant Thornton. The
company expects that these actions will be completed by October
8, 2004.

As a result, the company has requested an additional extension
until October 8, 2004 from the NASDAQ Listing Qualifications
Panel for returning to compliance with NASDAQ listing
requirements. Global Crossing's common stock will continue to
trade on the NASDAQ National Market while the Panel considers
Global Crossing's request.

Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network. Its core
network connects more than 300 cities and 30 countries
worldwide, and delivers services to more than 500 major cities,
50 countries and 6 continents around the globe. The company's
global sales and support model matches the network footprint
and, like the network, delivers a consistent customer experience
worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP Services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

CONTACT: Press Contacts
         Ms. Becky Yeamans
         Phone: + 1 973-937-0155
         e-mail: PR@globalcrossing.com
                  or
         Ms. Tisha Kresler
         Phone: + 1 973-937-0146
         e-mail: PR@globalcrossing.com

         Analysts/Investors Contact
         Mr. Mitch Burd
         Phone: + 1 800-836-0342
         e-mail: glbc@globalcrossing.com

         Web Site: http://www.globalcrossing.com/



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

COEUR D'ALENE: To Benefit from New Bolivian Tax Rules
-----------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE - News) announced
Monday that the government of Bolivia has finalized regulations
extending tax benefits to new investments in mining projects in
the Potosi region, which will positively impact Coeur's major
San Bartolome silver project. These benefits include the
exemption of import duties and value added taxes for imported
capital goods used for the processing and related facilities
during the construction phase at San Bartolome.

Dennis Wheeler, Chairman and CEO of Coeur, commented, "We are
very pleased by the initiatives that the Bolivian government is
taking to enhance the Bolivian mining industry by promoting new
investments in Bolivian mining projects, and we especially
appreciate the strong support that the government has shown for
the San Bartolome project.

The tax benefits that have been extended to include mining
projects in Potosi cover the bulk of our investment in San
Bartolome and will have a positive economic impact on this major
Company-enhancing silver project."

The San Bartolome project is anticipated to begin production in
2006 at an annual rate of approximately 6 million ounces of
silver, ramping up to an estimated 8 million ounces per year, at
an average estimated cash operating cost of $3.55 per year.
Completion of the updated feasibility study and a final
construction decision are expected in the fourth quarter of this
year. The construction and operations of San Bartolome are
expected to provide much- needed jobs and related economic
benefits for the Potosi economy.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer, as well as a significant, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile and Bolivia.

CONTACT: Mr. Tony Ebersole
         Director Investor Relations
         Phone: 800-523-1535



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

ALCOA ALUMINIO: S&P Ups FC Global Scale Rating to BB-
-----------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on ALCOA Aluminio S.A. to 'BB-' from 'B+'.
The outlook on the foreign currency rating is stable. The
upgrade follows that on the foreign currency sovereign rating on
the Federative Republic of Brazil, since the foreign currency
rating on ALCOA is constrained by the sovereign rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  


ARACRUZ CELULOSE: FC Global Scale Rating Raised to BB- From B+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on Aracruz Celulose S.A. to 'BB-' from 'B+'.
The outlook on the foreign currency rating is stable. The
upgrade follows that on the foreign currency sovereign rating on
the Federative Republic of Brazil, since the foreign currency
rating on Aracruz Celulose is constrained by the sovereign
rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  


BRASKEM: FC Global Scale Rating Climbs to BB- From B+
-----------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on Braskem S.A. to 'BB-' from 'B+'. The
outlook on the foreign currency rating is stable. The upgrade
follows that on the foreign currency sovereign rating on the
Federative Republic of Brazil, since the foreign currency rating
on Braskem is constrained by the sovereign rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  


CSN: S&P Ups FC Global Scale Rating Following Sovereign Upgrade
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on Companhia Siderurgica Nacional (CSN) to
'BB-' from 'B+'. The outlook on the foreign currency rating is
stable. The upgrade follows that on the foreign currency
sovereign rating on the Federative Republic of Brazil, since the
foreign currency rating on CSN is constrained by the sovereign
rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  


KLABIN: S&P Ups FC Global Scale Rating to BB-
---------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on Klabin S.A. to 'BB-' from 'B+'. The
outlook on the foreign currency rating is stable. The upgrade
follows that on the foreign currency sovereign rating on the
Federative Republic of Brazil, since the foreign currency rating
on Klabin is constrained by the sovereign rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  


ODEBRECHT: Upgrade on Sovereign Rating Sends Own Ratings Up
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on Construtora Norberto Odebrecht S.A. to
'BB-' from 'B+'. The outlook on the foreign currency rating is
stable. The upgrade follows that on the foreign currency
sovereign rating on the Federative Republic of Brazil, since the
foreign currency rating on Odebrecht is constrained by the
sovereign rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  


USIMINAS: FC Global Scale Rating Raised to BB- From B+
------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on Usinas Siderugicas de Minas Gerais S.A.
(Usiminas) to 'BB-' from 'B+'. The outlook on the foreign
currency rating is stable. The upgrade follows that on the
foreign currency sovereign rating on the Federative Republic of
Brazil, since the foreign currency rating on Usiminas is
constrained by the sovereign rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  


VOTORANTIM GROUP: FC Global Scale Rating Climbs to BB- From B+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
global scale rating on Votorantim Group to 'BB-' from 'B+'. The
outlook on the foreign currency rating is stable. The upgrade
follows that on the foreign currency sovereign rating on the
Federative Republic of Brazil, since the foreign currency rating
on Votorantim is constrained by the sovereign rating.

ANALYSTS:  Milena Zaniboni, Sao Paulo (55) 11-5501-8945
           Reginaldo Takara, Sao Paulo (55) 11-5501-8932  



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

EMPRESAS ICA: $690M Minatitlan Refinery Contract Advances
---------------------------------------------------------
Empresas ICA Sociedad Controladora, S.A. de C.V. (BMV and NYSE:
ICA), the largest engineering, construction, and procurement
company in Mexico announced Monday that the process by which
PEMEX Refining will award the contract for second part of the
reconfiguration of the Lazaro Cardenas refinery, in Minatitlan,
Veracruz is moving forward.

ICA Fluor presented its bid on July 28. On September 6, the bids
were opened, with ICA Fluor bidding approximately US$ 690
million. On September 14, PEMEX Refining awarded the contract to
ICA Fluor. Contract signing is scheduled for October 11.

The solicitation for bids for the second part comprises three
main work areas: auxiliary services, a waste-water treatment
plant, and integration projects. The contract is based on a mix
of unit prices and fixed price work, and has a total duration of
43 months.

ICA Fluor is the leading industrial engineering company in
Mexico, dedicated to the engineering, procurement, and
construction of chemical, petrochemical, cement, manufacturing,
automotive, refinery, power generation, and telecommunication
facilities.

ICA was founded in Mexico in 1947. ICA has completed
construction and engineering projects in 21 countries. ICA's
principal business units include civil construction and
industrial construction. Through its subsidiaries, ICA also
develops housing, manages airports, and operates tunnels,
highways, and municipal services under government concession
contracts and/or partial sale of long-term contract rights.

CONTACT: Empresas ICA Sociedad Controladora SA de CV
         Mineria No. 145, Edificio Central
         11800 Mexico, D.F.,  
         Phone: (212) 688-6840
         e-mail: inversionistas@ica.com.mx
         Web Site: http://www.ica.com.mx/


HYLSAMEX: Main Subsidiary Prepays $70M of Bank Debt
---------------------------------------------------
HYLSAMEX, S.A. de C.V. (BMV: HylsamxB, HylsamxL) ("Hylsamex" or
"the Company") announced Monday that its main subsidiary, Hylsa,
S.A. de C.V. has made a US$70 million prepayment to bank loans.

The US$70 million prepayment was applied to amortizations
scheduled for 2007 and 2008. Considering this prepayment, the
total consolidated debt of Hylsamex now stands at US$691
million, a reduction of US$408 million or 37% from the balance
as of year-end 2003.

Hylsamex funded this prepayment through internally generated
cash, without drawing funds from its Liquidity Facility, which
remains fully available.

Hylsamex remains committed to improving its financial profile.

Hylsamex is a steel producer and processor, encompassing the
mini mill route with vertical integration, which includes
readily available sources of low cost iron ore and proprietary
technology for the direct reduction of iron. The Company
manufactures a broad spectrum of steel products with a
significant emphasis on value-added products. Hylsamex, which
has a manufacturing and distribution presence in North America,
reaches its end customers through an extensive wholly-owned
network.

CONTACT:  Othon Diaz Del Guante
          Tel: (52-81) 8865-1240
          E-mail: odiaz@hylsamex.com.mx

          Ismael De La Garza
          Tel: (52-81) 8865-1224
          E-mail: idelagarza@hylsamex.com.mx


IMSS: SNTSS to Present Appeal Friday
------------------------------------
Mexico's Federal Arbitration and Conciliation Board (JFCA) will
hear Friday an appeal filed by the Union of Social Security
Workers (SNTSS) asking for the provisional suspension of changes
to the Mexican Social Security Institute (IMSS) bylaws.

El Economista reports that the hearing will continue despite a
recent rejection of the appeal by the Second Labor Tribunal of
the Federal District of Mexico, which denied the suspension plea
on September 13 for lack of sufficient evidence.

The SNTSS hopes that Friday's hearing will show that the
modifications to the IMSS law recently approved in congress are
unconstitutional and affect affiliates of the IMSS. Union
exterior secretary Eduardo Perez adds that they will explain how
the changes affect the employees pension and retirement plans.


TV AZTECA: Merrill Lynch Ups Share Recommendation to `Neutral'
--------------------------------------------------------------
Merrill Lynch on Monday upped its recommendation on the shares
of Mexican media group TV Azteca SA (TZA) to `neutral' from
`sell,' reports Dow Jones Newswires.

The investment bank expects TV Azteca, which is owned by Ricardo
Salinas, to pay around US$1 in dividends for each American
Depositary Receipt (ADRs) between now and June 2005, translating
into a dividend yield of 10.5%.

Merrill Lynch predicted that strong operating trends at Azteca
will continue, helped by the recovery in the Mexican economy and
the confluence of the presidential elections and World Cup
soccer tournament in 2006.

Stock upside, though, is limited by a poor history of corporate
governance and the fact that trading multiples are in line with
historic averages, it warned.

Salinas, who is also chairman of TV Azteca, is expected to
release soon a document detailing a transaction that netted him
and a partner US$218 million and triggered a SEC investigation.

Salinas had said he isn't concerned about the investigation
started by the U.S. Securities and Exchange Commission related
to his paying US$107 million in July for debt that his cellular
telephone company, Unefon SA, owed to Canada's Nortel Networks
Corp. Unefon then paid back Salinas and his partner, Moises
Saba, full face value on the US$325 million of debt in October.

TV Azteca told the SEC an independent counsel found that Salinas
and three top officials "made several misstatements and
omissions" regarding the transactions. Unefon has said Salinas
had no way of knowing it would repay in full when he bought the
debt.

Salinas, who also controls retailer Grupo Elektra SA, has faced
at least eight other lawsuits charging him and TV Azteca
management with fraud.

The SEC is investigating whether Salinas and Saba had violated
securities laws by not disclosing information on the Unefon
transaction. Salinas said he divulged all the information,
except for two "irrelevant" pieces of information: who bought
the debt and how much he paid.



===============
P A R A G U A Y
===============

AMERICA DE SEGUROS: Blocked From Issuing Insurance Policies
-----------------------------------------------------------
Paraguay's banking and insurance regulator suspended insurer
America de Seguros from issuing insurance policies after it
dropped below the legal solvency level of US$500,000, Business
News Americas reports, citing a Central Bank spokesperson.

"We are supervising all of the operations of America de Seguros,
like an intervention, but at this point the company is managing
all of its operations and as long as they improve their
performance the regulator will not have to intervene," central
bank representative Martin Von Schocher told Business News
Americas.

The banking regulator has also suspended other insurance
companies, including Cenit, Mundo, and Concordia and has
intervened Universo Seguros, Von Schocher said. The suspensions
of these companies are isolated incidents resulting from the
internal operations of these companies and do not reflect a
negative trend in the Paraguayan insurance market, Von Schocher
added.



=================
V E N E Z U E L A
=================

CERRO NEGRO: B+ Rating on Bonds Placed on Rating Watch Positive
---------------------------------------------------------------
Fitch Ratings has placed on Rating Watch Positive the 'B+'
rating on the following bonds issued by Cerro Negro Finance Ltd
(Cerro Negro):

--US$200 million 7.33% bonds due 2009;

--US$350 million 7.90% bonds due 2020;

--US$50 million 8.03% bonds due 2028.

The rating action follows Fitch's upgrade of both Venezuela and
PDVSA to 'B+' from 'B-'. Fitch is currently reviewing these
transactions in light of the increased stability within the
sovereign and corporate environment of Venezuela.

CONTACT:  Greg Kabance +1-312-368-2052, Chicago
          Caren Chang +1-312-368-3151, Chicago
          Bryan Caviness +1-312-368-2056, Chicago
          Carlos Fiorillo +58-212-286-3356, Venezuela

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York


CITGO: Fitch Puts `BB-' Rating on Rating Watch Pos
--------------------------------------------------
Fitch Ratings has placed on Rating Watch Positive the 'BB-'
unsecured long-term rating of CITGO Petroleum Corporation. The
rating action follows Fitch's upgrade of both Venezuela and
PDVSA to 'B+' from 'B-'. Fitch is currently reviewing this
transaction in light of the increased stability within the
sovereign and corporate environment of Venezuela.

Fitch will also withdraw the senior secured rating for CITGO
following debt retirement.

CONTACT:  Greg Kabance +1-312-368-2052, Chicago
          Caren Chang +1-312-368-3151, Chicago
          Bryan Caviness +1-312-368-2056, Chicago
          Carlos Fiorillo +58-212-286-3356, Venezuela

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York


EDC: Authorizes $200M Bond Issue To Refinance Debt
--------------------------------------------------
C.A. La Electricidad de Caracas, majority owned by U.S. power
firm AES Corp., authorized up to US$200 million in bonds at a
shareholders meeting for debt refinancing. The company did not
say when it planned to sell the bonds.

The bonds may be denominated in dollars or local currency.

In 2000, AES bought 87% of EDC in a hostile takeover, giving the
U.S. firm control of the company. EDC has over a million clients
in Venezuela, mainly in the metropolitan area of Caracas.

CONTACT:  AES VENEZUELA
          Avenida Rio de Janeiro
          Qta. Tres Pinos
          Chuao, VE-1061 Caracas, Venezuela
          Phone: +58 14 929 2552
          Fax: +58 2 9937296
          E-mail: venezuela@aes.org
          Contact: Elmar Leal, Chairman
          Juan Font, Vice Chairman


EDC: Fitch Upgrades Ratings; Maintains Stable Outlook
-----------------------------------------------------
Fitch Ratings has upgraded the senior unsecured foreign currency
rating of C.A. La Electricidad de Caracas (EDC.CA) to 'B+' from
'B-' and its senior unsecured local currency rating to 'BB-'
from 'B'. The Stable Rating Outlook has been maintained.

The rating action follows Fitch's upgrade of the Bolivarian
Republic of Venezuela's long-term foreign currency rating to
'B+' from 'B-' and its long-term local currency (Venezuelan
bolivar) rating to 'B+' from 'B-'. The sovereign actions reflect
Venezuela's improved credit profile following the resolution of
uncertainty related to the August presidential recall
referendum, as well as higher international liquidity. EDC has
effectively managed several issues despite facing severe
economic and political volatility during 2003 and 2004, which
has illustrated the company's ability to partially mitigate
these risks.

The ratings of EDC reflect the company's position as the largest
private electric utility company in Venezuela and as a low-cost,
vertically integrated company. EDC's long history as a
profitable, reliable private entity helps provide comfort in the
company's and management's ability and willingness to meet its
financial obligations in the event of material adverse events.
The ratings also incorporate the many adverse economic and
political challenges that have pressured the credit quality of
the company and Venezuelan sovereign alike. The improvement in
the sovereign rating has eased the rating constraints on EDC,
allowing for the ratings upgrade toward levels more reflective
of the company's financial condition.


HAMACA: `B+' Rating on $1.1B Loans Placed on Rating Watch Pos.
--------------------------------------------------------------
Fitch Ratings has placed on Rating Watch Positive the `B+' debt
rating of Petrolera Hamaca, S.A. (Hamaca). The rating action
affects total senior project loans of US$1.1 billion, consisting
of:

--US$627.8 million senior agency loan due 2018;

--US$470 million senior bank loan due 2015, borrowed on a
several (not joint) basis 30% by Corpoguanipa, S.A., a
subsidiary of PDVSA, and 70% by Hamaca Holdings LLC.

The action follows Fitch's upgrade of both Venezuela and
Petroleos de Venezuela S.A. (PDVSA) to 'B+' from 'B-'. Fitch is
currently reviewing these transactions in light of the increased
stability within the sovereign and corporate environment of
Venezuela.

CONTACT:  Greg Kabance +1-312-368-2052, Chicago
          Caren Chang +1-312-368-3151, Chicago
          Bryan Caviness +1-312-368-2056, Chicago
          Carlos Fiorillo +58-212-286-3356, Venezuela

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York


PDVSA: Fitch Upgrades Ratings, Assigns Stable Rating Outlook
------------------------------------------------------------
Fitch Ratings has upgraded the senior unsecured foreign currency
rating of Petroleos de Venezuela S.A. (PVZ.YY) to 'B+' from 'B-
'. Fitch has also assigned the company a Stable Rating Outlook.

The rating action follows Fitch's upgrade of the Bolivarian
Republic of Venezuela's long-term foreign currency rating to
'B+' from 'B-' and its long-term local currency (Venezuelan
bolivar) rating to 'B+' from 'B-'. The sovereign actions reflect
Venezuela's improved credit profile following the resolution of
uncertainty related to the August presidential recall
referendum, as well as higher international liquidity.

PDVSA's assigned rating is constrained by Fitch's long-term
foreign currency rating of Venezuela. The strong link with the
sovereign's credit profile is based on the company's nature as a
state-owned entity and the shareholder's ultimate ability to
restrict PDVSA's financial flexibility, including the possible
increased use of cash flow for noncommercial purposes. The
current high price of crude has provided PDVSA with significant
levels of cash flow to meet its agenda, which most recently has
tended toward debt reduction and quasi sovereign and fiscal
uses, rather than for commercial investment purposes. For 2004,
PDVSA has forecasted investment of approximately US$6 billion,
primarily focused on improving production and refineries; though
investment to date appears to be somewhat lagging.

Although PDVSA has historically enjoyed considerable financial
flexibility, detailed information on the company's current
financial condition and post-strike operating cost structures
are not readily available. The company last provided detailed
financial statements in October 2003 when it filed is 2002 20-F.
The company's 2003 20-F has been delayed and remains a concern
of Fitch. The 20-F is expected to be filed in the coming weeks.

PDVSA has an estimated total debt level of approximately US$4
billion dollars following the repurchase in July of US$2.6
billion of debt issued by PDVSA Finance. The company faces
average annual debt amortizations of US$400 million-US$500
million dollars over the next few years, which should be easily
manageable.

PDVSA, Venezuela's national oil company, is engaged in the
exploration and production of crude oil and natural gas, the
refining, marketing, and transportation of crude and refined
products, and the production of petrochemicals, as well as
various other hydrocarbon-related activities. The Bolivarian
Republic of Venezuela is the company's sole shareholder.


PDVSA FINANCE: Fitch Places `BB-' Rating on Rating Watch Pos
------------------------------------------------------------
Fitch Ratings has placed on Rating Watch Positive the `BB-' debt
rating of PDVSA Finance Ltd.

The rating action, which affects US$95 million in structured
notes, all series due 2006-2028, follows Fitch's upgrade of both
Venezuela and PDVSA to 'B+' from 'B-'.

Fitch is currently reviewing this transaction in light of the
increased stability within the sovereign and corporate
environment of Venezuela.

CONTACT:  Greg Kabance +1-312-368-2052, Chicago
          Caren Chang +1-312-368-3151, Chicago
          Bryan Caviness +1-312-368-2056, Chicago
          Carlos Fiorillo +58-212-286-3356, Venezuela

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York


PETROZUATA: B+ Rating on Bonds Placed on Rating Watch Positive
--------------------------------------------------------------
Fitch Ratings has placed on Rating Watch Positive the 'B+'
rating on the following bonds issued by Petrozuata Finance Inc.:

--US$300 million 7.63% series A bonds due 2009;

--US$625 million 8.22% series B due 2017; and

--US$75 million 8.37% series C bonds due 2022.

The rating action follows Fitch's upgrade of both Venezuela and
PDVSA to 'B+' from 'B-'. Fitch is currently reviewing these
transactions in light of the increased stability within the
sovereign and corporate environment of Venezuela.

CONTACT:  Greg Kabance +1-312-368-2052, Chicago
          Caren Chang +1-312-368-3151, Chicago
          Bryan Caviness +1-312-368-2056, Chicago
          Carlos Fiorillo +58-212-286-3356, Venezuela

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York


SINCOR: Fitch Places `B+' Rating on Rating Watch Pos
----------------------------------------------------
Fitch Ratings has placed on Rating Watch Positive the `B+' debt
rating of Sincrudos de Oriente Sincor, C.A. (Sincor).

The rating action, which affects US$1.2 billion senior bank
loans borrowed by the sponsors of Sincor, follows Fitch's
upgrade of both Venezuela and PDVSA to 'B+' from 'B-'.

Fitch is currently reviewing this transaction in light of the
increased stability within the sovereign and corporate
environment of Venezuela.

CONTACT:  Greg Kabance +1-312-368-2052, Chicago
          Caren Chang +1-312-368-3151, Chicago
          Bryan Caviness +1-312-368-2056, Chicago
          Carlos Fiorillo +58-212-286-3356, Venezuela

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York


* VENEZUELA: Fitch Upgrades Ratings To 'B+'
-------------------------------------------
Fitch Ratings, the international rating agency, has upgraded the
Bolivarian Republic of Venezuela's long-term foreign currency
rating to 'B+' from 'B-' and long-term local currency rating to
'B+' from 'B-'. The country ceiling is also raised to 'B+' from
'B-'. The Outlooks on the Ratings are Stable. The short-term
rating remains at 'B'.

Venezuela's creditworthiness has improved following the
resolution of uncertainty related to the August presidential
recall referendum and on higher international liquidity.
International reserves now stand at US$21.3 billion, well in
excess of next year's estimated $5.4 billion in interest and
principal obligations on the central government's external debt.
Longer term, credit risk remains quite high because of the
volatility in government revenues, half of which are directly
related to oil. The structural fiscal balance has clearly
deteriorated this year: rapid increases in public revenues, most
of them either directly or indirectly oil-related, have been
matched by similar boosts in spending, preventing the government
from erasing its deficit during this bonanza year. Last year's
central government deficit was 5.2% of GDP, and Fitch estimates
that this year's figure will be between 3% and 6% of GDP.

As oil prices decline in the future, it will likely be
politically difficult to reduce government expenditures
commensurately, so the nominal deficit will likely increase
unless there is a large devaluation. Faced with rising deficits
in the past, governments have chosen to close them through
devaluations that have the effect of increasing the local
currency value of dollar oil revenues. Such moves raise the
value of public debt relative to GDP and have political costs
because they reduce purchasing power. But, Fitch believes that
policymakers would again choose to devalue in the event of
stress from lower oil prices or wide misalignment of the
official and parallel exchange rates, although this might come
after significant depletion in international reserves.

Compared with other 'B' range sovereigns, Venezuela stands out
for its very low net public external debt (7.4% of broad exports
at year-end 2003) position and its strong external liquidity
(liquid external assets cover 316% of the stock of short-term
debt and next year's estimated debt service). Public debt,
estimated at 41% of GDP, is also below average and contracted at
relatively low interest rates, keeping current financing
requirements lower than most peers. Strong international
liquidity and financing requirements below many similarly rated
sovereigns should allow the government to weather considerable
revenue shocks over the next two years (as it did over the past
two). However, in the event of a sustained decline in oil prices
or a disorderly easing of capital and import controls,
international reserves would come under pressure, diminishing
these key external strengths. Also, over the longer term, debt
dynamics could deteriorate because the significant structural
deficit and meager prospects for sustainable economic growth may
prevent revenues from keeping pace with expenditures.



                            ***********


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. John D. Resnick, Edem Psamathe P. Alfeche and
Lucilo Junior M. Pinili, Editors.

Copyright 2004.  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 $575 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 $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *