TCRLA_Public/041207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Tuesday, December 7, 2004, Vol. 5, Issue 242

                            Headlines


A R G E N T I N A

AEROVIP: Teba Acquires Controlling Stake
CASAMEN S.A.: Creditor Claims Filing, Review Ends Thursday
GATIC: At Least Four Investors Interested in Plants Auction
INGENIERO JORGE KOLKER: Files Petition to Reorganize
IRSA: Note Holder Exercises Conversion Rights

LA CASA: Court Favors Creditor's Bankruptcy Petition
LESAN S.A.: Court Declares Company Bankrupt
RIOMAR S.A.: Trustee to End Claims Review Period
SASSOON Y CIA: Claims Verification Deadline Approaches
SIDECO AMERICANA: Plans To Sell Assets, Pay Off Debt

TELECOM ARGENTINA/TELEFONICA: Additional Unions to Join Strike
TELECOM PERSONAL: Completes $599M Debt Restructuring
    

B A R B A D O S

C&W BARBADOS: Presents Rates Appeal to FTC
C&W BARBADOS: Slashes Internet Subscription Rates  


B E R M U D A

CF RISK MANAGEMENT: Final Meeting Set for January 4
DARRELLS MARINE: Names Richard Kempe as Liquidator
EMPIRICA KURTOSIS: To Proceed with Voluntary Wind-Up


B R A Z I L

AES CORP: Debt Ratings Under Review for Possible Upgrade
BANCO SANTOS: Interventions Costs Pension Funds US $231M
UNIBANCO: Proposes Secondary Public Offering Of Units


E C U A D O R

PETROECUADOR: Camacho Leaves, Bonilla Takes Over as President


E L   S A L V A D O R

MILLICOM INTERNATIONAL: Extends El Salvador License To 2018


M E X I C O

AMERICAN TOWER: Improved Free Cash Flow Boosts Ratings
CFE: Director Vouches for Financial Health
INNOPHOS FOSFATADOS: Moody's Rating Outlook Moves to Negative


     - - - - - - - - - -

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

AEROVIP: Teba Acquires Controlling Stake
----------------------------------------
Argentine company Teba, which holds the concession of the Buenos
Aires bus station, has acquired a controlling stake in troubled
airline Aerovip. Teba bought shares representing 80% of the
outstanding equity that belonged to Sebastian Agote. The other
20% will remain in hands of Eduardo Eurnekian, head of airport
concessionaire Aeropuertos Argentina 2000.

Aerovip has not been flying since October 3 and has debts of
over US$9 million. In a meeting with the Aeronautic Union (APA),
the new owners committed to resume flights by December 20 and
maintain the current payroll.

Even though the sum that Teba will have to invest in order to
get the airline back on its feet was not revealed, market
specialists quoted by El Cronista believe that a US$2 million
initial investment will be needed.


CASAMEN S.A.: Creditor Claims Filing, Review Ends Thursday
----------------------------------------------------------
Local accounting firm "Estudio Cantero, Sartori, Fernandez de
Scala" will end the verification period for the reorganization
of Casamen S.A. on Thursday, December 9, 2004. After verifying
the claims, the trustee will then submit the individual and
general reports in court. However, dates for submission of these
reports are yet to be disclosed.

Court No. 5 of Buenos Aires' civil and commercial tribunal
handles this case with assistance from the city's Clerk No. 9.

CONTACT: Casamen S.A.
         Teniente General Juan Domingo Peron 1230
         Buenos Aires

         "Estudio Cantero, Sartori, Fern ndez de Scala"
         Trustee
         Avenida Corrientes 1393
         Buenos Aires


GATIC: At Least Four Investors Interested in Plants Auction
----------------------------------------------------------------
The plants of Argentine bankrupt textile firm Gatic have
attracted interest of at least four companies. The auction
process is led by Commercial Court 7 Secretariat 14, under Judge
Francisco Carrega. The first asset that will auctioned is the
two-plant complex located in Pigue Buenos Aires province), with
a base price of ARS9.1 million. The other assets to be sold are:
a facility in Pilar (also Buenos Aires province), with a base
price of ARS10.5 million; a plant located in Coronel Suarez
(ARS11.5 million) and a plant in Las Flores (ARS4.5 million).

Indular, an investment group led by former Alpargatas manager
Guillermo Gotelli, has already bought the set of conditions to
take part in the tender for all the plants. Indular wanted to
rent four of Gatic's plants but the project came to a dead end
when Gatic was declared bankrupt.

Another company that bought the bidding guidelines is Argentine
MV Shoes, a company that manufactures shoes for brands like Nike
and Fila.

A textile sector source said that executives from Alpargatas,
Gatic's rival, have visited the plants in Coronel Suarez and Las
Flores.

The other two interested investors are from Brazil: Dilly and
Grendenne. Dilly is a Nike supplier in Brazil and Grendenne
holds the Reebok license.

With the sale of these assets, the court in charge of Gatic's
bankruptcy proceedings will start repaying its debts.  


INGENIERO JORGE KOLKER: Files Petition to Reorganize
----------------------------------------------------
Local Company Ingeniero Jorge Kolker S.A. filed a "Concurso
Preventivo" motion, reports La Nacion. The Company is seeking to
reorganize its finances following cessation of debt payments
since November 22 this year.

The Company's case is pending before Court No. 11 of Buenos
Aires' civil and commercial tribunal, under Judge Bargallo. Dr.
Macchi, the city's Clerk No. 21, assists the court with the
proceedings.

CONTACT: Ingeniero Jorge Kolker S.A.
         Pagano 2646
         Buenos Aires


IRSA: Note Holder Exercises Conversion Rights
---------------------------------------------
By a letter dated November 29, 2004, IRSA Inversiones y
Representaciones S.A. reported that a holder of Company's
Convertible Notes exercised its conversion right. Hence, the
financial indebtedness of the Company shall be reduced in US$
375,000 and an increase of 688,073 ordinary shares face value
pesos 1 (V$N 1) each was made. The conversion was performed
according to terms and conditions established in the prospectus
of issuance at the conversion rate of 1.83486 shares, face value
pesos 1 per Convertible Note of face value US$ 1. As a result of
that conversion the amount of shares of the Company goes from
258,485,559 to 259,173,632. On the other hand, the amount of
registered Convertible Notes is US$ 86,555,920.

CONTACT: IRSA Inversiones y Representaciones S.A.
         1066
         Phone: 541-342-7555
         Bolivar 108
         Buenos Aires
         Argentina


LA CASA: Court Favors Creditor's Bankruptcy Petition
----------------------------------------------------
Mr. Arturo Bosich successfully sought for the bankruptcy of La
Casa de los Pijamas S.C.A. after Judge Hualde, working for Court
No. 9 of Buenos Aires' civil and commercial tribunal declared
the Company "Quiebra," reports La Nacion.

As such, the Company will now start the bankruptcy process with
Mr. Gabriel Churrin as trustee. Creditors must submit their
proofs of claim to the trustee before March 23 next year for
authentication. Failure to do so will mean a disqualification
from the payments that will be made after the Company's assets
are liquidated.

Dr. Raisberg de Merenzon, the city's Clerk No. 17, assists the
court on the case that will culminate in the liquidation of all
of its assets.

CONTACT: La Casa de los Pijamas S.C.A.
         Andres Lamas 862
         Buenos Aires

         Mr. Gabriel Churrin, Trustee
         Sarmiento 731
         Buenos Aires


LESAN S.A.: Court Declares Company Bankrupt
-------------------------------------------
Judge Dieuzeide, working for Court No. 1 of Buenos Aires' civil
and commercial tribunal, declared local company Lesan S.A.
"Quiebra", relates La Nacion. The court approved the petition
filed by Mr. Angel Pereyra, whom the Company has debts amounting
to US$11,565.61.

The Company will undergo the bankruptcy process with Mr.
Mauricio Gola as its trustee. Creditors are required to present
their proofs of claims to the trustee for verification before
February 22, 2005. 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. Fernandez Garello, the city's Clerk No. 1, assists the court
on the case.

CONTACT: Lesan S.A.
         Alberti 883
         Buenos Aires

         Mr. Mauricio Gola, Trustee
         Maipu 509
         Buenos Aires


RIOMAR S.A.: Trustee to End Claims Review Period
------------------------------------------------
Ms. Isabel Ana Ramirez, the trustee supervising the liquidation
of Riomar S.A. de Construcciones Maritimas, will close the
verification of creditors' claims Thursday, December 9, 2004.

Creditors with outstanding claims against the Company must
submit all required documents within the said deadline to
qualify for any post-liquidation distributions.

Court No. 21 of Buenos Aires' civil and commercial tribunal
handles this case with assistance from Clerk No. 41.

CONTACT: Riomar S.A. de Construcciones Maritimas
         25 de Mayo 347
         Buenos Aires

         Ms. Isabel Ana Ramirez, Trustee
         Presidente Peron 2082
         Buenos Aires


SASSOON Y CIA: Claims Verification Deadline Approaches
------------------------------------------------------
Sassoon y Cia S.A.I.C. completes an important phase in its
liquidation with the closing of the claims verifications on
Thursday, December 9, 2004. Creditors must submit proof of the
Company's debt to trustee Jorge Jalfin for review before the due
date. Failure to comply with the submission deadline will mean
disqualification from the post-liquidation payments to be made.

Court No. 10 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. Clerk No. 20 assists the court with
the proceedings.

CONTACT: Sassoon y Cia S.A.I.C.
         Francisco Acuna de Figueroa 1030
         Buenos Aires

         Mr. Jorge Jalfin, Trustee
         Sarmiento 1452
         Buenos Aires


SIDECO AMERICANA: Plans To Sell Assets, Pay Off Debt
----------------------------------------------------
Argentine holding company Sideco Americana has decided to sell
several assets in Argentina and Brazil and focus on its core
business (engineering, construction and infrastructure), in an
attempt to raise money to pay off US$125 million in debt.

In a filing to the local stock exchange, the company indicated
that it might not be able to meet the payments of its debt -
agreed in its out-of-court debt settlement (APE) - if they don't
obtain reasonable prices for its assets.

Sideco remains in the red at the end of the third quarter this
year with a net loss of ARP65.1 million (US$22 million). Rising
sales costs and financial outlays hurt the Company's bottom line
even as net sales slipped 2.3 percent while operating profit
dropped to 185,000 from last year's ARP26.8 million.


TELECOM ARGENTINA/TELEFONICA: Additional Unions to Join Strike
--------------------------------------------------------------
Two of Argentina's major labor groups were set to join the
Workers and Employees Federation (Foetra) in its planned Monday
march, reports Dow Jones Newswires. Union leader Hugo Moyano,
who is one of three heads of the Confederation of Labor Unions
(CGT in Spanish), showed up late Thursday at the Telefonica de
Argentina (TAR) building that has been occupied by striking
workers since Tuesday afternoon. He was quoted as saying the CGT
and the country's other major labor group, the Argentina Workers
Center (CTA), will join Foetra in its planned Monday march.

Foetra, Telecom Argentina (TEO) and Telefonica de Argentina
(TAR) have had a series of meetings in order to resolve the
conflict, which stems from the workers' demand of a 25% salary
hike.

But the last days of talks at the Ministry of Labor have ended
without agreement. The companies insist they've made constant
adjustments to wages since Argentina's 2002 economic crisis and
that the average telephone worker's salary is well above the
national private-sector average.

Late Thursday, the telephone union announced it would have a
full strike on Monday and Tuesday. On Friday, the employee are
holding a "permanent assembly," meaning they are at their jobs
but not working.

CONTACT:  TELECOM ARGENTINA S.A.
          Alicia Moreau de Justo 50, 10th Floor
          Capital Federal (1107) Republica Argentina
          Phone: +54 11 4968 4000
          Home Page: http://www.telecom.com.ar

          Contacts:
          Alberto J. Ricciardi, Chief Financial Officer
          Elvira Lazzati, Finance Director
          Pedro Insussarry, Investor Relations Manager
          Phone: (5411) 4968-3626/3627
          Fax: (5411) 4313-5842/3109
          E-mail: inversores@intersrv.telecom.com.ar

          TELEFONICA DE ARGENTINA
          Tucuman 1, 18th Floor, 1049
          Buenos Aires, Argentina
          Phone: (212) 688-6840
          Home Page: http://www.telefonica.com.ar


TELECOM PERSONAL: Completes $599M Debt Restructuring
----------------------------------------------------
Telecom Personal, the wireless mobile communications subsidiary
of Telecom Argentina S.A. (TEO), announced Friday that it has
completed its US$599-million debt restructuring, reports Dow
Jones Newswires. In a filing with the local stock exchange, the
company revealed that its debt offer obtained 100% creditor
approval in early October and that the company was able to
complete its swap without having to seek court approval for the
restructuring.

Telecom Personal offered three alternatives in its debt offer: a
cash payment and new bonds maturing in 2008, 2014 and 2017, with
no nominal discount or haircut; a cash payment and a 2009 bond
with a nominal haircut of about 13%; and a cash payment between
65% and 75% determined through a Dutch auction.

At the same time, Telecom Personal announced that Nucleo SA, a
Paraguay mobile provider in which the company has a 67.5% stake,
has also finished its debt restructuring process.

CONTACT:  TELECOM ARGENTINA / TELECOM PERSONAL S.A.
          Pedro Insussarry
          Moira Colombo
          Gaston Urbina
          (54-11) 4968-3743
          (54-11) 4968-3627
          (54-11) 4968-3628

    

===============
B A R B A D O S
===============

C&W BARBADOS: Presents Rates Appeal to FTC
------------------------------------------
The Fair Trading Commission (FTC) gave Cable & Wireless Barbados
another chance to present its argument before the FTC finalizes
its decision to deny the company new rates for its domestic
telephone service, the Barbados Daily Nation reports.

The FTC recently declared the new charges by Cable & Wireless
(C&W) for directory enquiries "unauthorized." But in an oral
hearing held on Thursday, the FTC gave the telecommunications
company 15 minutes to present its appeal, although it was not
allowed to introduce new evidence.

The review of the Commission's decision was to be conducted by
written submissions only, but C&W was granted a request to
supplement its written submission with some oral evidence.

Five intervenors, Olson Robertson, Hallam Hope representing
Carritel, Erskine Durant, Malcolm Gibbs-Taitt representing the
Consumer Research Organisation, Alvin Thorpe and Alvin Cummings
were allowed to make 10-minute submissions, as well as public
counsel Barry Carrington. Cable & Wireless was then given 10
minutes to respond.


C&W BARBADOS: Slashes Internet Subscription Rates  
-------------------------------------------------
Barbadian Internet is proposing users more value for their money
as Cable & Wireless slashes ADSL high-speed Internet service
charges 22 percent in its local operations, says The Barbados
Daily Nation. The Company's vice-president for marketing and
communications, Mr. David Smith said that the price cuts are
available for existing CaribSurf customers as well as
subscribers for the new Ultra, Superior and Business Superior
packages.

Subscribers for the company's Internet service can avail of
island-wide high-speed access that the Company is in the process
of upgrading. Cable & Wireless, which has invested over US$3
Million in the past year to for its expansion project, expects
to complete the upgrades by March 2005.

In a related development, C&W also unveiled the "Max" personal
Internet device targeted for novice users. The "Max" package
comes ready to use and will allow surfers to explore all of the
Internet's features.



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

CF RISK MANAGEMENT: Final Meeting Set for January 4
---------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                           and

          IN THE MATTER OF CF Risk Management Services Ltd

NOTICE IS HEREBY GIVEN that a Final General Meeting of the
Members of CF Risk Management Services Ltd. will be held at KPMG
Financial Advisory Services Limited, Crown House, 4 Par-la-Ville
Road, Hamilton, Bermuda on January 4, 2005 at 10:00 a.m. for the
following purposes:

1. receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator; and

2. by Resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3. by Resolution dissolving the Company.


DARRELLS MARINE: Names Richard Kempe as Liquidator
--------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                          and

         IN THE MATTER OF Darrells Marine Limited

At a Special General Meeting of the Members of Darrells Marine
Limited, duly convened at the offices of D&J Construction Co.
Ltd., Hamilton, Bermuda on November 30, 2004 the following
resolutions were passed:

1. That the Company be wound up voluntarily pursuant to the
provisions of The Companies Act 1981; and

2. That Richard W. Kempe be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator discloses that:

- Creditors of Darrells Marine Limited, which is being
voluntarily wound up, are required, on or before December 17,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of the debts or claims, and
the names and addresses of their attorneys (if any) to the
undersigned Liquidator of the said Company at Admiral Management
Services Limited, 5th Floor, 12 Church Street, Hamilton HM 11,
Bermuda and if so required by notice in writing from the said
Liquidator, and personally or by their attorneys, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- That a Final General Meeting of the Members of Darrells Marine
Limited will be held at the offices of Admiral Management
Services Limited, 5th Floor, 12 Church Street, Hamilton, Bermuda
on December 24, 2004 at 11:00 a.m., or as soon as possible
thereafter, for the purposes of: having an account laid before
them showing the manner in which the winding-up has been
conducted and how the property of the Company has been disposed
of and of hearing any explanation that may be given by the
Liquidator; determining by Resolution the manner in which the
books, accounts and documents of the Company and of the
Liquidator thereof, shall be disposed of; and by Resolution
dissolving the Company.

CONTACT: Mr. Richard W. Kempe, Liquidator
         5th Floor, 12 Church Street
         Hamilton, Bermuda


EMPIRICA KURTOSIS: To Proceed with Voluntary Wind-Up
----------------------------------------------------
       IN THE MATTER OF THE COMPANIES ACT 1981

                        and

      IN THE MATTER OF Empirica Kurtosis Limited

The following Resolutions of Empirica Kurtosis Limited, were
adopted by the sole Member by written consent on December 2,
2004:

1. that the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981; and

2. that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator reports that:

- Creditors of Empirica Kurtosis Limited, which is being
voluntarily wound up, are required, on or before December 30,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their attorneys (if any) to the
undersigned Liquidator of the said Company at Wakefield Quin,
Chancery Hall, 52 Reid Street, Hamilton, Bermuda and if so
required by notice in writing from the said Liquidator, and
personally or by their attorneys, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

- A Final General Meeting of the Members of Empirica Kurtosis
Limited will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on January 7, 2005 at
10:00 a.m., or soon as possible thereafter, for the purposes of:
having an account laid before them showing the manner in which
the winding-up has been conducted and how the property of the
Company has been disposed of and of hearing any explanation that
may be given by the Liquidator; determining by Resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator thereof, shall be disposed of; and by
Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Trustee
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda



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

AES CORP: Debt Ratings Under Review for Possible Upgrade
--------------------------------------------------------
Moody's Investors Service placed the ratings of The AES
Corporation under review for possible upgrade, reflecting a
continued progress in reducing parent debt and improvement in
cash flow generation.

Below are the ratings placed under review:

- senior secured credit facilities and first priority senior
secured notes (Ba3);

- second priority senior secured notes and Senior Implied rating
(B1);

- senior unsecured notes (B2);

- senior subordinated notes and junior subordinated notes (B3);
and

- AES Trust Preferred Securities (Caa2).

Separately Moody's affirmed the company's Speculative Grade
Liquidity rating of SGL-2.

The rating action also reflects the successful restructuring of
AES's Brazilian businesses, the improving regulatory environment
in Brazil, and the company's good liquidity profile.

AES recently announced it has called for redemption US$331
million of parent debt, thereby achieving its 2004 goal of
paying down US$800 million of recourse debt. Additionally,
management has targeted US$600 million of debt reduction for
late 2005/early 2006. Moody's expects that AES's parent company
debt will total approximately $5.1 billion at year-end 2004.


BANCO SANTOS: Interventions Costs Pension Funds US $231M
--------------------------------------------------------
The intervention of Brazilian bank Banco Santos caused local
pension funds some 0.25% of their net equity, or BRL625 million
(US$231 million), in their operations, reports Business News
Americas. Banco Santos was taken over after the central bank
ordered it to make BRL700 million of provisions for bad loans,
leaving a deficit of BRL100 million in the shareholder equity
account on the balance sheet.

Even if the pension funds have suffered from the intervention,
the local banking sector continued with business as usual.
The central bank is currently in the process of analyzing
whether to liquidate the troubled bank or not.


UNIBANCO: Proposes Secondary Public Offering Of Units
-----------------------------------------------------
Unibanco - Uniao de Bancos Brasileiros S.A. ("Unibanco") and
Unibanco Holdings S.A. ("Holdings") announced that they have
agreed with Commerzbank Aktiengesellschaft ("Commerzbank") to
file registration statements in Brazil for a public secondary
offering of Units (Bovespa:UBBR11), owned by such shareholder.
Each Unit is composed of one Unibanco Preferred Share and one
Preferred Share of Holdings. Notwithstanding this prospective
sale, Commerzbank intends to maintain its current commercial
relationship with Unibanco.

The offering is subject to the filing and effectiveness of all
necessary documentation with the CVM and will be of
approximately 35,897 thousand (thirty five million, eighty
hundred and ninety seven thousand) Units. Unibanco and Unibanco
Holdings will keep the market informed of any new developments
with respect to the offering.

CONTACT: Banco Itau:
         Mr. Paulo Marinho
         Phone: 55-11-5019-8880/8881
         e-mail: imprensa@itau.com.br
                 or
         Citigroup:
         Mr. Henrique Szapiro (Brazil)
         Phone: 55-11-5576-1717
         e-mail: henrique.szapiro@citigroup.com
                 or
         Ms. Lula Rodriguez (International)
         Phone: 305-347-1444
         e-mail: lula.rodriquez@citigroup.com
                 or
         Unibanco:
         Ms. Valerie Cadier Adem
         Phone: 55-11-3097-4520
         e-mail: valerie.adem@unibanco.com.br
                 or
         Mr. Cesar Augusto
         Phone: 55-11-3097-1391
         e-mail: cesar.augusto@unibanco.com.br



=============
E C U A D O R
=============

PETROECUADOR: Camacho Leaves, Bonilla Takes Over as President
-------------------------------------------------------------
Luis Camacho has left his post as president of state oil company
Petroecuador, reports Business News Americas. The move came
after energy minister Eduardo Lopez called for his resignation
for allegedly improperly executing his responsibilities and not
supporting the government's policies.

"If he [Camacho] is not responsible and does not manage with
responsibility and efficiency, by logic and reason, he has to
leave," Mr. Lopez said in October.

Mr. Camacho, who took over as Petroecuador president in May
2004, has been replaced by Hugo Bonilla.

Ecuador's President Lucio Gutierrez swore Bonilla in as
president of the company on Thursday. Bonilla aims to focus on
making the company's operations more efficient and competitive
while at the same time improving Petroecuador's international
image for reliability.

Petroecuador has struggled to maintain production in recent
years due to budgetary restrictions and has delayed or annulled
various tenders for oil & gas exploration contracts due to a
lack of a clear regulatory framework or a political consensus on
the government's proposed hydrocarbons bill.



=====================
E L   S A L V A D O R
=====================

MILLICOM INTERNATIONAL: Extends El Salvador License To 2018
-----------------------------------------------------------
Millicom International Cellular S.A. ("Millicom") (Nasdaq Stock
Market: MICC, Stockholmsborsen and Luxembourg Stock Exchange:
MIC), announced Friday that its subsidiary Telemovil has
extended its cellular license in El Salvador. Telemovil's
license in El Salvador was due for renewal in 2006 but it has
agreed new license terms with the Regulator that will bring it
into line with the other licenses in the market, so that
Telemovil's license will now expire in 2018.

Marc Beuls, President and CEO commented: "El Salvador is a very
attractive market and we are pleased to have agreed terms for
the extension of our license at an early date and on good terms.

Telemovil has recently launched GSM services in the market under
the Tigo brand and this is driving strong subscriber growth."
Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16
cellular operations and licenses in 15 countries. The Group's
cellular operations have a combined population under license of
approximately 387 million people.

CONTACT: Mr. Marc Beuls
         Phone: +352 27 759 327
         President and Chief Executive Officer
         Millicom International Cellular S.A.,
         Luxembourg

         Mr. Andrew Best
         Phone: +44 20 7321 5022
         Investor Relations
     
         Web Site: www.millicom.com



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

AMERICAN TOWER: Improved Free Cash Flow Boosts Ratings
------------------------------------------------------
Moody's Investors Service raised the ratings of American Tower
Corporation and its subsidiaries on improved free cash flow
profile of the company since the rating agency raised the rating
outlook to positive in April of this year.

The affected ratings are:

American Tower Corporation (American Tower)

- Senior Implied -- B1 (upgraded from B2)
- Speculative Grade Liquidity -- SGL-1 (upgraded from SGL-2)
- 7.5% Senior Notes due 2012 -- B3 (upgraded from Caa1)
- 9.375% Senior Notes due 2009 -- B3 (upgraded from Caa1)
- 5.0% Convertible Notes due 2010 -- B3 (upgraded from Caa1)
- 7.125% Senior Notes due 2012 -- B3 (upgraded from Caa1)
- $200 million 7.125% Senior Notes due 2012 -- B3 (assigned)

American Towers, Inc. (ATI) (fka American Tower Escrow
Corporation)

- 12.25% Senior Subordinated Discount Notes due 2008 -- B2
(upgraded from B3)
- 7.25% Senior Subordinated Notes due 2011 -- B2 (upgraded from
B3)

American Tower, LP and American Towers, Inc. (co-borrowers)

- $400 million senior secured revolving credit facility
expiring 2011 -- Ba3 (upgraded from B1)
- $300 million senior secured term loan A maturing 2011 -- Ba3
(upgraded from B1)
- $400 million senior secured term loan B maturing 2011 -- Ba3
(upgraded from B1)

The B1 senior implied rating reflects the improved free cash
flow profile of the company as revenues grow, operating expenses
stay relatively flat, and interest expense, capital expenditures
and tower acquisition spending decline.

For the LTM Sept-04, American Tower generated $225.5 million in
cash from operations and spent only $44.3 million on capital
expenditures, yielding free cash flow of $181.2 million (before
acquisition spending), or 5.6% of total balance sheet debt,
supportive of a B1 rating.

The Ba3 rating on the senior secured credit facilities of
reflects their priority position in the company's capital
structure with upstream guarantees from the company's primary
operating subsidiaries and strong collateral coverage as the
$699 million of outstanding term loans are secured by assets
with a net PP&E balance of over $2 billion from over 13,600
wireless towers.

The B2 rating on the subordinated unsecured debt at the ATI
level reflects the relative ranking of these obligations behind
the bank debt, but ahead of the parent company senior unsecured
debt.

The B3 rating on the senior unsecured debt at the ultimate
parent holding company reflects the subordinated, unguaranteed
nature of these obligations as they rank behind all the
liabilities of the subsidiaries, including the aforementioned
rated debt.

American Tower's speculative grade liquidity rating was upgraded
to SGL-1 as the company's liquidity profile is now "very good"
in Moody's opinion

Headquartered in Boston, American Tower Corporation is an
independent owner and operator of wireless communications and
broadcast towers in the U.S., Mexico, and Brazil.


CFE: Director Vouches for Financial Health
------------------------------------------
Mexican state-owned firm Comision Federal de Electricidad (CFE)
has enough income next year to cover debt contracted in the
past, assured CFE finance director Francisco Santoyo.

According to Mr. Santoyo, the maturity of debt payments and
liabilities acquired through Deferred Investment Projects in
Spending Registers (Pidiregas) for 2005 and 2006 are high due to
the firm's infrastructure growth during the present
administration. But these expansion projects will translate into
greater earnings for the firm in the future, Mr. Santoyo
explained.

"The CFE has a healthy financial structure, considering the
relationship between our assets, net assets and liabilities",
stated the finance expert.


INNOPHOS FOSFATADOS: Moody's Rating Outlook Moves to Negative
-------------------------------------------------------------
Moody's Investors Service changed the outlook on Innophos'
ratings to negative from stable.

The ratings affected are:

- Senior Implied -- B1
- Guaranteed senior secured revolver, $50 million due 2009 -- B1
- Guaranteed senior secured term loan $220 million due 2010 --
B1
- Guaranteed senior subordinated notes, $190 million due 2014 --
B3
- Senior Unsecured Issuer Rating -- B3
- Speculative Grade Liquidity rating -- SGL-2

The rating action came after Innophos received a notice from the
National Waters Commission of Mexico of penalties amounting to
US$132 million arising from the company's Mexican subsidiary,
Innophos Fosfatados de Mexico, S. de R.L. de C.V. ("Innophos
Fosfatados").

The company was cited for possible errors related to its payment
of government duties, taxes and other charges related to the use
of water by the Coatzacoalcos manufacturing plant from 1998
through 2002.

Moody's changed the outlook on Innophos' ratings to negative
from stable due to an increase in financial and operating risk
as a result of the penalties.

Moreover, the rating action reflects Moody's lack of information
relating to the contractual obligations of Rhodia S.A. in its
indemnification of Innophos.

Rhodia S.A., from whom Innophos was purchased on Aug. 13, 2004,
has stated in its recent 6k filing that it will assume direct
responsibility with respect to these events, subject to certain
limitations and reservation of rights, for resolving the matter
with the Mexican authorities.

However, Moody's remains concerned about Rhodia's ability, and
incentive, to settle this issue in a timely manner given its
current financial condition.

Headquartered in Cranbury, New Jersey, Innophos is a producer of
phosphoric acid, phosphate-based salts and acid and sodium
tripolyphosphate for consumer and industrial applications.




                            ***********


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