TCRLA_Public/051019.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, October 19, 2005, Vol. 6, Issue 207

                            Headlines

A R G E N T I N A

AGUAS ARGENTINAS: Investment Funds Seek 70% Participation
AMERICAN PETROL: Gets Court Approval for Reorganization
CENTRAL TERMOELECTRICA: Court Declares Company Bankrupt
CREDITO JOSE: Asks Court for Reorganization
FARMACIA SUPERCENTER: Court Grants Reorganization Plea

FINCAS DEL NORTE: Court Designates Trustee for Liquidation
HIGH YIELDS: Initiates Bankruptcy Proceedings
METALURGICA M.K.M.: Closes Reorganization
RODELET S.A.: Court Favors Involuntary Bankruptcy Motion
SOMOS PEDIATRAS: Court Appoints Trustee for Reorganization

* ENTRE RIOS: Moody's Withdraws Ratings


B A R B A D O S

INTERPOOL: Amended Financials Have No Rating Implications


B E R M U D A

LORAL SPACE: Sells Cyberstar's Shares, Claims to Sasani
LORAL SPACE: Files Monthly-Consolidated Operating Report


B O L I V I A

AES COMMUNICATIONS: Placed Under Government Administration
AGUAS DEL ILLIMANI: Consultancy Firms on Audit Shortlist Named

B R A Z I L

ABN AMRO: Moody's Ups B1 LTFC Deposit Rating, Positive Outlook
BANCO BARCLAYS: LTFC Debt Rating Upgraded to Ba1
BANCO BMG: Moody's Ups LTFC Deposit Ratings to B1 from B2
BANCO BOZANO: Moody's Raises LTFC Debt Rating, Stable Outlook
BANCO BRADESCO: Moody's Upgrades LTFC Deposit Rating to B1

BANCO DO BRASIL: Moody's Upgrades LTFC Deposit, Debt Ratings
BANCO INDUSTRIAL: Moody's Ups LTFC Deposit, Debt Ratings
BANCO ITAU: Moody's Ups LTFC Deposit Rating to B1
BANCO NOSSA CAIXA: Moody's Ups LTFC Deposit, Debt Ratings
BANCO SAFRA: Moody's Ups LTFC Deposit, Debt Ratings

BANCO SANTANDER: Sovereign Upgrade Boosts LTFC Deposit Rating
BANCO SUDAMERIS: Moody's Ups LTFC Deposit Ratings to B1
BANCO SUMITOMO: Moody's Ups LTFC Deposit Ratings to B1
BANESPA: Moody's Boosts LTFC Deposit Rating to B1
BBV BRAZIL: Moody's Ups LTFC Debt Rating to Ba1, Stable Outlook

BES INVESTIMENTO: LTFC Deposit Rating Upgraded to B1
BNDES: Sovereign Upgrade Boosts LTFC Deposit, Debt Ratings
CAUE FINANCE: Moody's Ups FC Rating of $150M Notes to Ba3
CEF: LTFC Deposit Rating Raised to B1, Positive Outlook
CSN: Moody's Upgrades Foreign Currency Bond Ratings to Ba2

GLOBOPAR/TV GLOBO: Upgraded to 'B+'; Removed From CreditWatch
UNIBANCO: Moody's Upgrades LTFC Debt, Deposit Ratings
VOTORANTIM GROUP: Moody's Ups Senior Unsecured Long Term Notes
* BRAZIL: Fitch Issues Report on Positive Rating Outlook
* Moody's Ups FC Ratings of Three Subnational Governments


C A Y M A N   I S L A N D S

BANCO BRADESCO (CAYMAN): Moody's Ups LTFC Debt Rating to Ba1
BANCO ITAU (CAYMAN): Moody's Ups LTFC Debt Rating to Ba1
BANCO SAFRA (CAYMAN): Moody's Ups LTFC Debt Ratings to Ba1
BANESPA (CAYMAN): Moody's Ups LTFC Debt Rating to Ba1
UNIBANCO (CAYMAN): Moody's Upgrades LTFC Debt Ratings to Ba1


C H I L E

EDELNOR: Feller Ups Solvency Rating, Ratifies Stock Rating


C O L O M B I A

COOPDESARROLLO: Liquidity Woes Lead to Regulator Intervention


E C U A D O R

PETROECUADOR: Needs $6.4B to Up Production


M E X I C O

ASARCO: Fitch Ratings Downgrades Notes to 'D'
BALLY TOTAL: Shareholder Asks Independent Candidates to Board
CENTRAL PARKING: Publishes Preliminary Results of Auction Offer
EMPRESAS ICA: To Carry Out 6-for-1 Reverse Stock Split Nov. 14
EMPRESAS ICA: Signs Concession Agreement


P A R A G U A Y

ACEPAR: Union Warns of Strike if Collective Contract Not Honored


T R I N I D A D   &   T O B A G O

BWIA: Cabinet Appoints New Set of Directors


V E N E Z U E L A

CANTV: Will Increase Contingency Reserves in 3Q05
PDVSA: Fitch Rates CITGO's Proposed Sec'd Credit Facility 'BB+'

     -  -  -  -  -  -  -  -  

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

AGUAS ARGENTINAS: Investment Funds Seek 70% Participation
---------------------------------------------------------
Investment funds Fintech Advisory and Latin American Assets
Management are in talks to buy a 70% stake in Buenos Aires (BA)
water utility Aguas Argentinas, reports Business News Americas.

If negotiations prove successful, Spanish firm Aguas de
Barcelona (Agbar) will maintain its stake in the concession and
act as technical operator.

"The proposal that has been presented in Barcelona and Paris,
which is being negotiated, considers Agbar maintaining a stake
in the share package of Aguas Argentinas and also acting as the
technical operator of the concession," Fintech and Latin
American Assets said in a statement.

If talks are successful, Agbar would end up with a 7.1%
shareholding, while Fintech and Latin American Assets would take
over the stocks of French firm Suez, Anglian Water, Vivendi and
the other 18% currently held by Agbar.

Meanwhile, Aguas Argentinas employees would retain their 10%
stake and Banco Galicia and the International Finance
Corporation would also retain their stakes.

The group led by Fintech and Latin American Assets hopes to
reach an agreement with the shareholders of Aguas Argentinas and
start talks immediately with firm creditors in order to
restructure the Company's US$600-million debt.

The debt was contracted with private investors and multilateral
credit institutions such as the Inter-American Development Bank
and World Bank and these institutions will have to give their
approval before a deal can go through.

Agbar has previously announced it is pulling out of Aguas
Argentinas along with Suez. However, Spanish Prime Minister Jose
Luis Rodriguez Zapatero insisted Agbar will find a solution to
remain in Argentina.


AMERICAN PETROL: Gets Court Approval for Reorganization
-------------------------------------------------------
American Petrol S.A. will begin reorganization following the
approval of its petition by Buenos Aires' civil and commercial
court. The opening of the reorganization will allow the Company
to negotiate a settlement with its creditors in order to avoid a
straight liquidation.

Mr. Jose Angel Sallon will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Dec. 5, 2005. The validated claims will
be presented in court as individual reports on Feb. 16, 2006.

Mr. Sallon is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on March 3, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Sep. 8, 2006.

CONTACT: American Petrol S.A.
         Mario Bravo 36
         Buenos Aires

         Mr. Jose Angel Sallon, Trustee
         Libertad 860
         Buenos Aires


CENTRAL TERMOELECTRICA: Court Declares Company Bankrupt
-------------------------------------------------------
Court No. 11 of Buenos Aires' civil and commercial tribunal
declared Central Termoelectrica Regional S.A. bankrupt, says La
Nacion. The ruling comes in approval of the petition filed by
the Company's creditor, Mr. Hugo Bazzini, for nonpayment of
$120,000 in debt.

Trustee Analia Calvo will examine and authenticate creditors'
claims until Dec. 7, 2005. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the trustee by the said date in order to
qualify for the payments that will be made after the Company's
assets are liquidated.

Clerk No. 21 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Central Termoelectrica Regional S.A.
         Avenida Presidente Roque Saenz Pena 1160
         Buenos Aires

         Ms. Analia Calvo, Trustee
         Avenida Presidente Roque Saenz Pena 797
         Buenos Aires


CREDITO JOSE: Asks Court for Reorganization
-------------------------------------------
Credito Jose C. Paz S.A., a company operating in Buenos Aires,
has requested for reorganization after failing to pay its
liabilities since May 6, 2005.

The reorganization petition, once approved by the court, will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

The case is pending before Court No. 6 of Buenos Aires' civil
and commercial tribunal. Clerk No. 12 assists on this case.

CONTACT: Credito Jose C. Paz S.A.
         Avenida Corrientes 922
         Buenos Aires


FARMACIA SUPERCENTER: Court Grants Reorganization Plea
------------------------------------------------------
Farmacia Supercenter S.C.S. successfully petitioned for
reorganization after the court issued a resolution opening the
Company's insolvency proceedings.

Under insolvency protection, the Company will continue to manage
its assets subject to certain conditions imposed by Argentine
law and the oversight of a court-appointed trustee.

Infobae relates that Ms. Mirta Betty del Bono will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Feb. 16, 2006.

After verifications, the trustee will prepare the individual
reports and submit it in court on March 31, 2006. She will also
present a general report for court review on May 19, 2006.

CONTACT: Ms. Mirta Betty del Bono, Trustee
         Avda. Frias 1676
         Lomas de Zamora


FINCAS DEL NORTE: Court Designates Trustee for Liquidation
----------------------------------------------------------
Buenos Aires accountant Mr. Marcos Urwicz was assigned trustee
for the liquidation of local company Fincas del Norte S.A.,
relates Infobae.

Mr. Urwicz will verify creditors' claims until Feb. 28, 2006,
the source adds. After that, he will prepare the individual
reports, which are to be submitted in court on April 11, 2006.

The trustee will also submit a general report on the Company's
bankruptcy. Deadline for this report is yet to be disclosed.

CONTACT: Mr. Marcos Urwicz, Trustee
         Avda. Corrientes 1250
         Buenos Aires


HIGH YIELDS: Initiates Bankruptcy Proceedings
---------------------------------------------
Buenos Aires' civil and commercial court declared High Yields
Crops S.A. "Quiebra," reports Infobae.

Mr. Marcos Urwicz, who has been appointed as trustee, will
verify creditors' claims until Feb. 28, 2006 and then prepare
the individual reports based on the results of the verification
process.

The individual reports will then be submitted to court on April
11, 2006, to be followed by the general report. The date for the
submission of this report is yet to be disclosed.

CONTACT: Mr. Marcos Urwicz, Trustee
         Avda. Corrientes 1250
         Buenos Aires


METALURGICA M.K.M.: Closes Reorganization
-----------------------------------------
The reorganization of Metalurgica M.K.M. S.R.L. has been
concluded. Data revealed by Infobae on its Web site indicated
that the process was concluded after the Buenos Aires' civil and
commercial court homologated the debt agreement signed between
the Company and its creditors.


RODELET S.A.: Court Favors Involuntary Bankruptcy Motion
--------------------------------------------------------
Court No. 6 of Buenos Aires' civil and commercial tribunal
declared Rodelet S.A. bankrupt, says La Nacion. The ruling comes
in approval of the petition filed by the Company's creditor, Mr.
Jose Luis Torres, for nonpayment of $50,035.99 in debt.

Trustee Reinaldo Piren will examine and authenticate creditors'
claims until Dec. 10, 2005. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the trustee by the said date in order to
qualify for the payments that will be made after the Company's
assets are liquidated.

Clerk No. 11 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Rodelet S.A.
         Maipu 510
         Buenos Aires

         Mr. Reinaldo Piren, Trustee
         Avenida Callao 930
         Buenos Aires


SOMOS PEDIATRAS: Court Appoints Trustee for Reorganization
----------------------------------------------------------
Somos Pediatras S.A., a company operating in Buenos Aires, is
ready to start its reorganization after the court appointed Mr.
Miguel A. Loustau to supervise the proceedings as trustee.

An Infobae report states that Mr. Loustau will verify creditors
claims until Nov. 25, 2005. Afterwards, he will present these
claims as individual reports for final review by the court on
Feb. 2, 2006. Mr. Loustau will also provide the court with a
general report pertaining to the Company's reorganization on
March 10, 2006. The court has scheduled the informative assembly
on July 7, 2006.

CONTACT: Mr. Miguel A. Loustau, Trustee
         Viamonte 993
         Buenos Aires


* ENTRE RIOS: Moody's Withdraws Ratings
---------------------------------------
Moody's Investors Service has withdrawn its issuer ratings for
the Province of Entre Rios, for commercial reasons. Moody's had
assigned ratings to the Province on its Global Scale (Local
Currency) and Argentina National Scale.

Moody's had also assigned ratings to the Province's Co--
participation Tax Revenue Secured Notes, which were withdrawn
when the notes were paid at maturity.

Please refer to Moody's Withdrawal Policy on moodys.com.

The following issuer ratings were withdrawn:

- Global Scale Local Currency Issuer Rating: Caa2

- Argentina National Scale Issuer Rating: B3.ar



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

INTERPOOL: Amended Financials Have No Rating Implications
---------------------------------------------------------
The accounting errors announced by Interpool, Inc. on Oct. 14,
2005 will have no effect on Interpool Inc. and its subsidiaries'
existing ratings and Rating Outlook, according to Fitch Ratings.
Approximately $470 million of unsecured debt and securities and
$650 million of secured revolving credit facilities are covered
by Fitch's actions. Interpool's and its subsidiaries' ratings
are listed at the end of this press release.

On Oct. 14, 2005, Interpool reported that it would be amending
its full year 2003 and 2004 financial statements due to an error
that management recently discovered related to the accounting
for stock options. In connection with this amendment, management
will also correct Interpool's 2003 and 2004 financial statements
for a hedge accounting error that had been disclosed in the
company's 2004 10-K report, but that had not been considered
sufficiently material to require a modification to the company's
2003 financial statements. While Fitch views the monetary amount
of financial errors arising from the accounting treatment of
stock options and hedges as modest, some concern exists
regarding their timing as Interpool had previously restated its
2000-2003 financial restatements due to other issues. However,
some comfort is gained from the fact that Interpool's internal
accounting group discovered the stock option error and not an
outside party.

The changes in 2003 revolve around the timing of the exercise of
stock options by a former Interpool executive. As a result, net
income for 2003 will decline by approximately $4.3 million, or
about 10%, with book equity increasing by $2.8 million. The
hedge accounting adjustment will increase 2003 net income by
$600,000 with an offsetting decrease to 2004 net income of
$600,000.

Headquartered in Princeton, N.J., with roots dating to 1968,
Interpool Inc. is the holding company for Interpool Limited,   
which is registered in Barbados for tax purposes, Interpool
Container Funding, SRL, Trac Lease, Inc. (Trac Lease), and owns
50% of Container Applications International, Inc. (CAI).
Interpool is publicly traded and listed on the New York Stock
Exchange (symbol: IPX).

Interpool's current ratings are as follows:

Interpool Inc.
--Long-term issuer 'BB';
--Senior unsecured debt 'BB';
--Senior secured credit facility 'BB+'.

Interpool Capital Trust
--Preferred stock 'B+'.

Interpool Limited
--Senior secured credit facility 'BB+';
--Long-term issuer 'BB'.

Interpool Container Funding, SRL
--Senior secured credit facility 'BB+';
--Long-term issuer 'BB'.

CONTACT: William Artz +1-312-368-3178, Chicago
         Philip S. Walker, Jr., CFA +1-212-908-0624, New York

MEDIA RELATIONS: Kenneth Reed +1-212-908-0540, New York



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

LORAL SPACE: Sells Cyberstar's Shares, Claims to Sasani
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved Loral Space & Communications Ltd. and its debtor-
affiliates' request for a private sale to Sasani Limited of:

   a) 50 ordinary shares of stock held by Cyberstar L.P., in
      Global Access Telecommunications Services South Africa
      Holdings (Pty) Ltd., and

   b) any claims that Cyberstar L.P., or any of its subsidiaries
      have against GA Holdings, free and clear of any liens,
      claims and encumbrances, pursuant to section 363(b), (f)
      and (m) of the Bankruptcy Code and Bankruptcy Rules 2002
      and 6004.

Cyberstar is a debtor-affiliate of Loral Space.  The Court
approved the asset sale on Sept. 30, 2005.

The Debtors explain that following good faith, arms-length
negotiations that have been ongoing since September 2003 between
them and Cyberstar, they entered into an Agreement for the Sale
of Shares and Claims, calling for the sale of Cyberstar's shares
or equity interests and claims in GA Holdings for a total amount
of $385,000.

The Debtors relate that a private sale of Cyberstar's equity
interest and claims in GA Holdings was appropriate because a
market for a minority interest in GA Holdings did not exist.

The Debtors determined that the purchase price of 385,000 paid
by Sasani under the Sale Agreement is fair value, reasonable and
in fact greater than could otherwise be obtained through a
public sale of the Equity Interest and Claims.

                 Summary of the Sale Agreement

The Sale Agreement states that:

   1) the Purchase Price of $385,000 is comprised of $56,000 for
      the equity interests and $329,000 for the claims;

   2) Sasani will assign and transfer all of its rights and
      obligations under the Sale Agreement to any company or
      other legal entity controlled or substantially controlled  
      by Sasani, provided however, that Sasani must provide
      written notice Cyberstar and substituted purchaser must
      agree in writing to be bound to all the terms and
      conditions imposed on Sasani under the Sale Agreement; and

   3) all costs and taxes regarding the transfer and
      registration of the Shares by Cyberstar to Sasani,
      including all sales, stamp, documentary, use, filing,
      transfer and other taxes and fees will be borne by Sasani.

Loral Space & Communications -- http://www.loral.com/-- is a  
satellite communications company.  It owns and operates a fleet
of telecommunications satellites used to broadcast video
entertainment programming, distribute broadband data, and
provide access to Internet services and other value-added
communications services.  Loral also is a world-class leader in
the design and manufacture of satellites and satellite systems
for commercial and government applications including direct-to-
home television, broadband communications, wireless telephony,
weather monitoring and air traffic management.

The Company and various affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 03-41710) on July 15, 2003.  
Stephen Karotkin, Esq., and Lori R. Fife, Esq., at Weil, Gotshal
& Manges LLP, represent the Debtors in their restructuring
efforts.  As of Dec. 31, 2004, the Company listed assets
totaling approximately $1.2 billion and liabilities totaling
approximately $2.3 billion. The Court confirmed the Debtors'
chapter 11 Plan on Aug. 1, 2005. (Troubled Company Reporter,
Oct. 18, 2005, Vol. 9, No. 247)


LORAL SPACE: Files Monthly-Consolidated Operating Report
--------------------------------------------------------
Loral Space & Communications Ltd. ("Loral" or the "Company")
filed on Monday its monthly-consolidated operating report for
the period of July 23, 2005 through August 19, 2005 with the
U.S. Bankruptcy Court for the Southern District of New York (the
"Bankruptcy Court").

On July 15, 2003, Loral Space & Communications Ltd. and certain
of its subsidiaries filed voluntary petitions for reorganization
under Chapter 11 of Title 11 of the United States Code in the
United States District Court for the Southern District of New
York and parallel insolvency proceedings in the Supreme Court of
Bermuda in which certain partners of KPMG were appointed as
joint provisional liquidators.

CONTACT: Loral Skynet
         John McCarthy
         Phone: 1-212-338-5345

         URL: http://www.loralskynet.com
              http://www.loral.com



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

AES COMMUNICATIONS: Placed Under Government Administration
----------------------------------------------------------
The deteriorating economic and financial situation of the
Bolivian subsidiary of U.S.- based AES Corp. prompted the local
telecommunications authority to place the unit under government
administration, reports EFE. Telecom superintendent Jose Morales
appointed Federico Yanez administrator for the next 90 days.

In a communique, the regulatory agency said the takeover of AES
Communications Bolivia is a preventive measure designed to
ensure continuity of service.

AES Communications Bolivia controls less than 10% of the
national telecommunications market.


AGUAS DEL ILLIMANI: Consultancy Firms on Audit Shortlist Named
--------------------------------------------------------------
Below are the four consultancy firms shortlisted by Bolivia's
basic services regulator Sisab to carry out an integrated audit
of La Paz waterworks concessionaire Aguas del Illimani (AISA):

  - PSIRU of the University of Greenwich business school (UK)
  - PKF Accounting & Business Advisers (UK)
  - DHV Sudamerica SRL (The Netherlands)
  - BIOTEC Colombia

Citing a Sisab source, Business News Americas reports that the
firms were pre-selected on the basis of their experience in this
sort of integrated audit involving technical and commercial as
well as accounting information.

The auditing firms have until October 28 to prepare and present
proposals. The audit will cover technical, commercial, financial
and economic, environmental and legal aspects of AISA's
performance of its concession to operate potable water and
sanitation services in capital La Paz and its satellite city El
Alto.

AISA, a subsidiary of French energy company Suez, was notified
by the government last year that its contract has been rescinded
after residents complained about lack of services in parts of
the city.



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

ABN AMRO: Moody's Ups B1 LTFC Deposit Rating, Positive Outlook
--------------------------------------------------------------
Moody's Investors Service upgraded Banco ABN Amro Real S.A.'s
long-term foreign currency deposit rating to B1 from B2. Moody's
maintained a positive outlook on the rating.

This action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO BARCLAYS: LTFC Debt Rating Upgraded to Ba1
------------------------------------------------
Moody's Investors Service upgraded Banco Barclays S.A.'s long-
term foreign currency deposit rating to B1 from B2 with a
positive outlook.

At the same time, the ratings agency upgraded Banco Barclays'
long-term foreign currency debt rating to Ba1 with a stable
outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO BMG: Moody's Ups LTFC Deposit Ratings to B1 from B2
---------------------------------------------------------
Moody's Investors Service upgraded Banco BMG S.A.'s long-term
foreign currency deposit rating to B1 from B2 with a positive
outlook.

At the same time, the ratings agency upgraded Banco BMG's long-
term foreign currency debt rating to Ba3 with a stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO BOZANO: Moody's Raises LTFC Debt Rating, Stable Outlook
-------------------------------------------------------------
Moody's Investors Service upgraded Banco Bozano, Simonsen S.A.'s
long-term foreign currency debt rating to Ba1 with a stable
outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO BRADESCO: Moody's Upgrades LTFC Deposit Rating to B1
----------------------------------------------------------
Moody's Investors Service upgraded Banco Bradesco S.A.'s long-
term foreign currency deposit rating to B1 from B2 with a
positive outlook.

At the same time, the ratings agency upgraded Banco Bradesco'S
long-term foreign currency debt rating to Ba1 with a stable
outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO DO BRASIL: Moody's Upgrades LTFC Deposit, Debt Ratings
------------------------------------------------------------
Moody's Investors Service upgraded Banco do Brasil S.A.'s long-
term foreign currency deposit rating to B1 from B2 with a
positive outlook.

At the same time, the ratings agency upgraded Banco do Brasil's
long-term foreign currency debt rating to Ba1 with a stable
outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO INDUSTRIAL: Moody's Ups LTFC Deposit, Debt Ratings
--------------------------------------------------------
Moody's Investors Service upgraded Banco Industrial e Comercial
S.A.'s long-term foreign currency deposit rating to B1 from B2
with a positive outlook.

At the same time, the ratings agency upgraded Banco Industrial's
long-term foreign currency debt rating to Ba3 with a stable
outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO ITAU: Moody's Ups LTFC Deposit Rating to B1
-------------------------------------------------
Moody's Investors Service upgraded Banco Itau S.A.'s long-term
foreign currency deposit rating to B1 from B2 with a positive
outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO NOSSA CAIXA: Moody's Ups LTFC Deposit, Debt Ratings
---------------------------------------------------------
Moody's Investors Service upgraded Banco Nossa Caixa S.A.'s
long-term foreign currency deposit rating to B1 from B2 with a
positive outlook.

At the same time, the ratings agency upgraded Banco Nossa
Caixa's long-term foreign currency debt rating to Ba1 with a
stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO SAFRA: Moody's Ups LTFC Deposit, Debt Ratings
---------------------------------------------------
Moody's Investors Service upgraded Banco Safra S.A.'s long-term
foreign currency deposit rating to B1 from B2 with a positive
outlook.

At the same time, the ratings agency upgraded the long-term
foreign currency debt rating of Banco Safra and Safra Leasing
S.A. to Ba1 with a stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO SANTANDER: Sovereign Upgrade Boosts LTFC Deposit Rating
-------------------------------------------------------------
Moody's Investors Service upgraded Banco Santander Brasil S.A.'s
long-term foreign currency deposit rating to B1 from B2 with a
positive outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO SUDAMERIS: Moody's Ups LTFC Deposit Ratings to B1
-------------------------------------------------------
Moody's Investors Service upgraded Banco Sudameris S.A.'s long-
term foreign currency deposit rating to B1 from B2 with a
positive outlook.

At the same time, the ratings agency upgraded Banco Sudameris'
long-term foreign currency debt rating to Ba1 with a stable
outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO SUMITOMO: Moody's Ups LTFC Deposit Ratings to B1
------------------------------------------------------
Moody's Investors Service upgraded Banco Sumitomo Mitsui
Brasileiro S.A.'s long-term foreign currency deposit rating to
B1 with a positive outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANESPA: Moody's Boosts LTFC Deposit Rating to B1
-------------------------------------------------
Moody's Investors Service upgraded Banco do Estado de Sao Paulo
S.A.'s (Banespa) long-term foreign currency deposit rating to B1
from B2 with a positive outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BBV BRAZIL: Moody's Ups LTFC Debt Rating to Ba1, Stable Outlook
---------------------------------------------------------------
Moody's Investors Service upgraded Banco Bilbao Vizcaya Brazil
S.A.'s long-term foreign currency debt rating to Ba1 with a
stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BES INVESTIMENTO: LTFC Deposit Rating Upgraded to B1
----------------------------------------------------
Moody's Investors Service upgraded BES Investimento do Brasil
S.A.'s long-term foreign currency deposit rating to B1 from B2
with a positive outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BNDES: Sovereign Upgrade Boosts LTFC Deposit, Debt Ratings
----------------------------------------------------------
Moody's Investors Service upgraded Banco de Desenvolvimento
Economico e Social S.A's (BNDES) long-term foreign currency
deposit rating to B1 from B2 with a positive outlook.

At the same time, the ratings agency upgraded BNDES' long-term
foreign currency debt rating to Ba3 with a stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


CAUE FINANCE: Moody's Ups FC Rating of $150M Notes to Ba3
---------------------------------------------------------
Moody's Investors Service ("Moody's") upgraded Monday the
foreign currency rating of Caue Finance Ltd 's ("Caue") US$150
million senior unsecured guaranteed notes due 2015 to Ba3 from
B1, and changed the rating outlook to stable from positive. The
rating action was prompted by Moody's upgrade of Brazil's long-
term foreign currency ceiling for bonds and notes to Ba3 from
B1, while maintaining the positive outlook. Caue's notes are
fully and unconditionally guaranteed by Camargo Correa Cimentos
S.A., which Ba3 global local currency corporate family rating
and stable outlook were not affected by this rating action.

Camargo Correa Cimentos S.A. is a Brazilian cement company that
is directly owned by Camargo Correa S.A., one of the largest
private sector conglomerates in Brazil with annual net revenues
of about BRL 6 bln originated mainly from its engineering &
construction, cement, textiles, footwear, energy, and
transportation businesses. The Camargo Correa group regards
cement as a core business, which represented approximately 11%
and 25% of the group's 2004 total sales and EBITDA,
respectively.


CEF: LTFC Deposit Rating Raised to B1, Positive Outlook
-------------------------------------------------------
Moody's Investors Service upgraded Caixa Economica Federal's
long-term foreign currency deposit rating to B1 from B2 with a
positive outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


CSN: Moody's Upgrades Foreign Currency Bond Ratings to Ba2
----------------------------------------------------------
Moody's Investors Service ("Moody's") upgraded Monday the
foreign currency bond rating of Companhia Siderurgica Nacional
("CSN") and CSN-backed foreign currency notes to Ba2 from Ba3
and changed the rating outlook to stable from positive. The
rating action was prompted by Moody's upgrade of Brazil's long-
term foreign currency ceiling for bonds and notes to Ba3 from
B1; the outlook remains positive. The Ba2 global local currency
corporate family rating and the Aa3.br national scale rating of
CSN, as well as the stable outlook for both ratings were not
affected by this rating action.

CSN's Ba2 foreign currency bond rating and stable outlook
reflect both the company's Ba2 global local currency corporate
family rating and the degree of sovereign interference
anticipated in times of stress. Please refer to Moody's January
2005 Special Comment entitled "Piercing the Country Ceiling: An
Update".

In a related rating action, Moody's raised the foreign currency
corporate family rating of CSN Iron S.A. from B1 to Ba3, while
maintaining the positive outlook, reflecting its constrain by
the sovereign ceiling. At the request of the issuer, Moody's
withdrew CSN Iron S.A's foreign currency corporate family
rating.

Foreign currency bond ratings upgraded to Ba2 with stable
outlook are:

- Companhia Siderurgica Nacional - US$200 million notes due 2008

- CSN Iron S.A. - 9.125% guaranteed bonds due 2007

- CSN Islands VIII Corp. - US$550 million 9.750% guaranteed
  notes due 2013

- CSN Islands IX Corp. - US$400 million 10% guaranteed notes due
  2015

Headquartered in Sao Paulo, Brazil, CSN is an integrated steel
producer with consolidated revenues of BRL 9,8 billion in 2004.


GLOBOPAR/TV GLOBO: Upgraded to 'B+'; Removed From CreditWatch
-------------------------------------------------------------
Standard & Poor's Rating Services has raised its corporate
credit ratings on Brazilian media companies Globopar S.A. and TV
Globo Ltda. (jointly referred to as Globo) to 'B+' from 'CCC-'.
The ratings were removed from CreditWatch Positive, where they
were placed on July 21, 2005. The outlook is stable.

"The rating action follows the conclusion of our review of the
companies' credit profiles after the debt restructuring
completed in July," said Standard & Poor's credit analyst Jean-
Pierre Cote Gil.

The revised ratings on Globo reflect the highly leveraged
consolidated financial profile of Globo; the limited financial
flexibility imposed by its bondholders after debt restructuring;
and the risks associated with the company's exposure to the
volatile economic environment in Brazil, which is exacerbated by
the impact of the advertising market spending cyclicality on the
company's fixed cost structure. These negative factors are
partly mitigated by Globo's strong content production and well-
structured programming schedule, and its leading position in the
Brazilian media industry, which is boosted by its above-average
TV audience share and ratings. Globo's total debt outstanding
amounts to approximately $1.4 billion. The debt renegotiation
process resulted in the cancellation of Globo's old notes, whose
ratings were withdrawn.

Although Globo retains a highly leveraged financial profile
after its debt restructuring, the renegotiation provided the
company with a better debt maturity profile, adequate short-term
liquidity, and capacity to repay its debt. The recovery of the
local advertising market, coupled with the successful debt
renegotiation process, has provided Globo with a much better
position to deal with its future operational and financial
demands, and allows the company to focus on its core operations,
which include TV broadcasting and the production of content for
TV, pay TV, and other growing media segments such as the
Internet.

TV Globo and Globopar form Brazil's largest media group. TV
Globo is the largest television network in Brazil, with its
signal transmitted through 119 owned and full-time network-
affiliated stations jointly covering more than 99% of an
estimated 47 million households in Brazil. TV Globo also owns
and operates the group's sound recording and Internet
businesses. In addition, Globo owns other investments in media-
related businesses, including pay-TV content (Globosat) and
interests in distribution (Net Servicos, Sky Brasil), publishing
(Editora Globo), and printing (Globo Cochrane).

The stable outlook reflects our expectations that the currently
positive advertising environment will continue to support
Globo's operating performance and free cash flow generation and
allow the company to reduce its debt levels.

An outlook revision to positive would depend on the company's
demonstrating conservative operating and financial policies and
its capacity to assimilate potential advertising market
downturns, to which a longer track record of operations post-
debt renegotiation would be required. A fast pace of debt
reduction driven by strong free cash flow generation in the next
few years could also trigger a review.

Conversely, any persisting negative scenario stemming from
market conditions or Globo's inability to maintain its capacity
to generate free cash flows in the future could lead to a
negative review of the ratings.

Primary Credit Analyst: Jean-Pierre Cote Gil, Sao Paulo
(55)-11-5501-8949; jp_gil@standardandpoors.com

Secondary Credit Analyst: Milena Zaniboni, Sao Paulo
(55) 11-5501-8945; milena_zaniboni@standardandpoors.com


UNIBANCO: Moody's Upgrades LTFC Debt, Deposit Ratings
-----------------------------------------------------
Moody's Investors Service upgraded Uniao de Bancos Brasileiros
S.A.'s (Unibanco) long-term foreign currency deposit rating to
B1 from B2 with a positive outlook.

At the same time, Moody's upgraded the long-term foreign
currency debt rating of Unibanco and Unibanco Leasing S.A. to
Ba1 with a stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


VOTORANTIM GROUP: Moody's Ups Senior Unsecured Long Term Notes
--------------------------------------------------------------
Moody's Investors Service ("Moody's") upgraded Monday the
foreign currency rating of Voto - Votorantim Overseas Trading
Op. III's ("Voto III") US$300 million senior unsecured
guaranteed notes due 2014 to Ba2 from Ba3, and changed the
rating outlook to stable from positive. The rating action was
prompted by Moody's upgrade of Brazil's long-term foreign
currency ceiling for bonds and notes to Ba3 from B1, while
maintaining the positive outlook.

The Ba2 foreign currency note rating reflect the
creditworthiness of the Votorantim group and the operating
company guarantors and the degree of sovereign interference
anticipated in times of stress. Please refer to Moody's January
2005 Special Comment entitled "Piercing the Country Ceiling: An
Update".

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries. The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.


* BRAZIL: Fitch Issues Report on Positive Rating Outlook
--------------------------------------------------------
Fitch Ratings issued Monday a Special Report entitled 'Brazil:
Rating Outlook Positive,' available on the Fitch Ratings web
site, 'www.fitchratings.com'.

On Oct. 11, Fitch revised the Outlook on Brazil's 'BB-'
sovereign ratings (long-term foreign currency and long-term
local currency) to Positive from Stable. This reflected the
country's favorable trends in the balance of payments and
external debt dynamics, as well as substantial progress in
moderating inflationary pressures, holding out the prospect of
lower real interest rates and underpinning future growth
prospects. In addition, the Outlook revision is supported by the
fact that the recent turmoil in Brazilian politics has not
compromised the country's commitment to sound macro policy
settings. The Special Report details the rationale for this
Outlook revision.

'The improvement in Brazil's external solvency indicators has
been impressive and is expected to continue. And, in spite of a
strong currency, Brazilian exports continue to expand at a nice
pace,' said Roger Scher, head of Latin American Sovereign
Ratings at Fitch.

Exports were up 23.4% in the year to September to US$86.7
billion, compared with a 19.6% increase in imports to US$54
billion, for a US$32.7 billion nine-month trade surplus, or
US$41 billion over the last 12 months. Fitch has raised its
forecasted trade surplus for year-end 2005 to US$40 billion from
US$33.3 billion in July 2005, when Fitch issued a report on the
Brazilian sovereign. The current account surplus is forecast at
US$11.5 billion (or 1.4% of GDP) this year.

Net external debt (NXD) to current external receipts (CXR), a
key external solvency indicator monitored by Fitch, should fall
below 100% this year from 128% last year and a high of 308% in
1999. Still, Brazil's ratio compares unfavorably to the 'BB'
median of 56.1%, though Brazil's NXD relative to GDP compares
favorably against peers.

Even so, Fitch warns that despite the government's adherence to
its primary budget surplus targets, the public debt burden
remains high and of short duration and remains a constraint on
Brazil's sovereign ratings. Central to reducing the public debt
and firmly anchoring public finances on a sustainable path is a
reduction in real interest rates, which remain very high by
international standards and impose large fiscal costs. In
Fitch's opinion, establishing a consistent track record on
appropriate monetary policy actions to meet the central bank's
stated inflation target, including in the run-up to the
presidential elections, would further enhance the credibility of
the macroeconomic policy framework. This would support a
sustained reduction in inflation expectations and real interest
rates that would be beneficial both for growth and public
finances. Likewise, central bank autonomy reform would underpin
monetary policy credibility and therefore lower real rates.

'GDP growth should be higher next year than originally
expected,' said Scher, 'due to lower real interest rates.' Fitch
revised its 2006 GDP growth forecast to 3.5% from 3.2%.

Finally, while the corruption scandals that have rocked
Brazilian politics since June of this year are far from
resolved, there have been signs of late that Brazil's political
leaders are not willing to compromise sound macro policy
settings and economic performance as a result of pre-election
power struggles. The Lula administration passed the LDO multi-
year budget guidelines law in August, albeit two months later
than is customary, with the budgetary spending and tax ceilings
intact. Moreover, President Lula vetoed amendments to the LDO
that would constitute policy slippage. Congress will ultimately
vote on whether to uphold or override his vetoes. While the
president may have difficulty putting through a 2006 budget this
year, signs of his ability to govern have emerged, in spite of
the corruption allegations. Such signs include the recent
victory of his allies in the election for the leadership of the
Chamber of Deputies.

'Fitch will closely watch whether President Lula can uphold his
vetoes and pass a sound budget,' said Scher, 'or whether there
will be fiscal policy slippage as a result of the current
political crisis.'

Factors that could trigger an upgrade of Brazil's sovereign
ratings include: exports and the balance of payments continuing
to weather a strong Real, slower global growth and the
possibility of increased risk aversion in the international
capital markets; a fall in real interest rates underpinning
sustained GDP growth rates of at least 3.5% per year;
governability maintained in spite of the corruption
investigations and the 2006 elections (underscored in the near
term by passage of the Lula LDO vetoes and the 2006 budget), as
well as continued fiscal restraint; and finally, greater
certainty about the continuity of macro policies in the incoming
administration.

CONTACT: Roger M. Scher +1-212-908-0240, New York
         Morgan Harting +1-212-908-0820, New York

MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York


* Moody's Ups FC Ratings of Three Subnational Governments
---------------------------------------------------------
Moody's Investors Service today upgraded the foreign currency
issuer ratings of the State of Ceara, the City of Rio de Janeiro
and the City of Curitiba to Ba3 from B1 following the upgrade of
the foreign currency country ceiling of the Republic of Brazil
to Ba3 from B1. The ratings for Ceara and Curitiba also have a
positive outlook in line with the positive outlook on Brazil's
foreign currency ceiling and the fundamental credit profile of
these two subnational entities. Rio de Janeiro's foreign
currency rating has a stable outlook which reflects the credit
fundamentals of the city. The City of Curitiba's local currency
issuer rating is not affected by this action and remains at Ba1.



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

BANCO BRADESCO (CAYMAN): Moody's Ups LTFC Debt Rating to Ba1
------------------------------------------------------------
Moody's Investors Service upgraded Banco Bradesco S.A. Grand
Cayman Branch's long-term foreign currency debt rating to Ba1
with a stable outlook. The action follows Moody's upgrade of
Brazil's foreign currency ceiling for deposits to B1, from B2,
and the foreign currency country ceiling for bonds and notes to
Ba3, from B1. The country ceilings have a positive outlook.


BANCO ITAU (CAYMAN): Moody's Ups LTFC Debt Rating to Ba1
----------------------------------------------------------
Moody's Investors Service upgraded Banco Itau S.A. Grand Cayman
Branch's long-term foreign currency debt rating to Ba1 with a
stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANCO SAFRA (CAYMAN): Moody's Ups LTFC Debt Ratings to Ba1
----------------------------------------------------------
Moody's Investors Service upgraded Banco Safra Grand Cayman
Branch's long-term foreign currency debt rating to Ba1 with a
stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


BANESPA (CAYMAN): Moody's Ups LTFC Debt Rating to Ba1
-----------------------------------------------------
Moody's Investors Service upgraded Banco do Estado de Sao Paulo
S.A. Cayman Island Branch's long-term foreign currency debt
rating to Ba1 with a stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.


UNIBANCO (CAYMAN): Moody's Upgrades LTFC Debt Ratings to Ba1
------------------------------------------------------------
Moody's Investors Service upgraded Unibanco S.A. Grand Cayman
Branch's long-term foreign currency debt rating to Ba1 with a
stable outlook.

The action follows Moody's upgrade of Brazil's foreign currency
ceiling for deposits to B1, from B2, and the foreign currency
country ceiling for bonds and notes to Ba3, from B1. The country
ceilings have a positive outlook.



=========
C H I L E
=========

EDELNOR: Feller Ups Solvency Rating, Ratifies Stock Rating
----------------------------------------------------------
Chilean credit rating agency Feller Rate upgraded its solvency
rating on local generator Edelnor to B+ from BB- with a stable
outlook, reports Business News Americas

Feller attributed the upgrade to Edelnor's improving financial
profile as a result of increased revenues and a lower debt
level.

Feller also ratified Edelnor's stock rating at second class with
a stable outlook.

Headquartered in Santiago de Chile, Edelnor is the third-
largest generator of electricity in the SING region (northern
Chile). The Company is 82.34%-owned by Inversiones Mejillones
S.A., a holding company owned by Belgium's Suez - Tractebel
S.A., and Chilean copper producer Corporacion Nacional del Cobre
de Chile.



===============
C O L O M B I A
===============

COOPDESARROLLO: Liquidity Woes Lead to Regulator Intervention
-------------------------------------------------------------
The regulator for banking cooperatives intervened local
cooperative bank Central Cooperativa Coopdesarrollo, reports
Business News Americas.

Coopdesarrollo's liability payments default, its inconsistent
accounting and financial information and a reduction in its net
equity below 50% of its subscribed capital prompted the
intervention.

Regulator Enrique Valderrama believes that although the
cooperative is the majority shareholder in local bank Megabanco
(95% stake), its liquidation is unlikely to have an effect on
Megabanco's operations.



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

PETROECUADOR: Needs $6.4B to Up Production
------------------------------------------
State-owned oil firm Petroecuador needs $6.4 billion to double
oil output in six years, Latin Petroleum Analytics reports.

However, Central bank Manager Mauricio Parija stated that even
with the said amount, the Company will still need to spend
significant sums to maintain production and stop it from
falling.

Petroecuador's output has been falling since 1994 and is
currently 200,000 bpd.

Petroecuador lacks funds and the chances of attracting foreign
investment in fields operated by the Company or in new fields
for 10 years have been thwarted by contractual disputes with
Occidental Petroleum Corp. and Canadian firm EnCana Corp.

Ecuador, which is South America's fifth-largest exporter of
crude oil, produces 530,000 barrels of crude oil per day.



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

ASARCO: Fitch Ratings Downgrades Notes to 'D'
---------------------------------------------
Fitch Ratings has downgraded the long-term senior unsecured
corporate credit rating of Asarco Inc. (Asarco) to 'D' from 'C'.
The company's notes due in 2013 and 2025 for face values of
US$100 million and US$150 million, respectively, have also been
downgraded to 'D' from 'C.'

These rating actions are a result of the company's failure to
make interest payments due in October 2005 on its tax-exempt
obligations and the notes due in 2013. Nonpayment was expected
after Asarco filed a voluntary petition in August 2005 for
Chapter 11 reorganization under the United States Bankruptcy
Court in Corpus Christi, Texas.

Asarco's challenges include negotiating with state and federal
authorities over environmental liabilities, with plaintiffs
filing asbestos-related personal injury claims, as well as with
the company's own labor force which has been on strike since
early July 2005. The company also has high production costs
relative to its peers within the copper industry.

Asarco is 100% owned by of Americas Mining Corporation, a direct
subsidiary of Grupo Mexico, S.A. de C.V. The company's mining
operations are located in the United States and consist of three
open-pit copper mines, Ray, Mission and Silver Bell, in the
state of Arizona. Asarco also operates a custom smelter in
Hayden, Arizona, a refinery in Amarillo, Texas, and two SX/EW
plants. In 2004, the company produced 155,000 tons of copper.

CONTACT: Anita Saha CFA, +1-312-368-3179, Chicago
         Joe Bormann CFA, +1-312-368-3349, Chicago

MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York


BALLY TOTAL: Shareholder Asks Independent Candidates to Board
-------------------------------------------------------------
Pardus Capital Management L.P. - PCM informed the Board of Bally
Total Fitness Holding Corporation on Monday that it will be
nominating individuals for election to the Board at the next
annual meeting of the Company's stockholders presently scheduled
to take place on January 26, 2006. PCM wrote:

Pardus Capital Management L.P. ("PCM"), in its capacity as the
investment manager of Pardus European Special Opportunities
Master Fund L.P. ("Pardus"), is the beneficial owner of
5,000,000 shares of common stock, par value $0.01 per share, of
Bally Total Fitness Holding Corporation (the "Company"). Pardus
is the record owner of 1,000 of such shares directly in its own
name. As you know, we have expressed to the management of the
Company the need for, and PCM's support for, the Company to
pursue appropriate measures to enhance stockholder value and
restore public confidence and support. In this regard, PCM has
proposed certain independent candidates to the Company for
election to the board of directors. We understand that Company
management has interviewed these proposed candidates in respect
of their qualifications, ability and desire to serve on the
board. However, as of the date of this letter, no further
progress has been made with respect to the proposed candidates.

Consequently, please be advised that Pardus is currently
preparing, and intends to timely submit, a formal notice
nominating candidates for election to the board of directors of
the Company at the annual meeting of the Company's stockholders
presently scheduled to be held on January 26, 2006. In our view,
the Company's apparent unwillingness to appoint directors
supported by the Company's current stockholders, despite our
suggestion of highly qualified, independent candidates, has left
us with no choice but to proceed with the course of action
outlined above.

Separately, there has now been an almost two month delay by the
Company in commencing the previously announced consent
solicitation in respect of its debt securities. We are concerned
that this delay may be a consequence of management's ongoing
pursuit of any number of alternative transactions that are
designed to entrench current management and that would not be in
the best interests of the Company's stockholders. We also are
concerned that the lack of progress in the consideration of the
proposed director candidates may be related to such a
transaction. As we have previously expressed, the Company should
not undertake any asset sales, a sale of the business, equity
financings and/or debt financings until the Company's restated
financial statements are publicly available and a stockholders
meeting for the election of directors has been held.

CONTACT: Bally Total Fitness, Chicago
         Matt Messinger
         Phone: 773-864-6850
         URL: www.ballyfitness.com


CENTRAL PARKING: Publishes Preliminary Results of Auction Offer
---------------------------------------------------------------
Central Parking Corporation (NYSE: CPC) announced Monday the
preliminary results of its modified "Dutch Auction" tender
offer, which expired at 12:00 midnight, New York City time, on
October 14, 2005. In the tender offer, the Company offered to
purchase up to 4.4 million shares of its common stock at a price
that was not greater than $16.00 nor less than $14.00 per share.

The Company expects to accept for purchase 4,800,000 shares at a
purchase price of $15.50 per share, for a total cost of
approximately $74.4 million. Based on the preliminary count by
SunTrust Bank, the depositary for the tender offer, 4,859,674
shares of common stock, including 1,993,884 shares that were
tendered through notice of guaranteed delivery, were properly
tendered and not withdrawn at prices at or below $15.50 per
share. Of the 4,800,000 shares to be purchased, 400,000 shares
will be purchased in accordance with the Company's right, under
the terms of the tender offer, to acquire a limited number of
additional shares without extending the offer.

Because the number of shares of common stock tendered at or
below $15.50 per share exceeds the number of shares that the
Company intends to purchase, the resulting estimated proration
factor is approximately 98.8% of the shares of common stock
tendered. The shares of common stock expected to be purchased
represent approximately 13.0% of Central Parking's 36,784,155
shares of common stock issued and outstanding as of October 14,
2005. As a result of the completion of the tender offer,
immediately following payment for the tendered shares of common
stock, the Company expects that approximately 31,984,155 shares
of common stock will be issued and outstanding. As previously
announced, Central Parking will fund the payment for the shares
of common stock validly tendered and accepted under the tender
offer from borrowings of approximately $74.4 million provided
through the revolving loan under its credit facility.

The number of shares tendered and not withdrawn, the proration
factor, and the purchase price per share are preliminary and are
subject to verification by SunTrust Bank. The actual number of
shares validly tendered and not withdrawn, the final proration
factor, and the final purchase price per share will be announced
promptly following completion of the verification process.
Promptly after such announcement, the depositary will issue
payment for the shares validly tendered and accepted under the
tender offer and will return all other shares tendered and not
accepted for purchase.

The dealer manager for the tender offer is Banc of America
Securities LLC, and the information agent is D.F. King & Co.,
Inc. The depositary is SunTrust Bank. For questions and
information, please call the information agent toll free at
(800) 431-9642. This press release does not constitute an offer
to sell or the solicitation of an offer to buy any security and
shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offering,
solicitation or sale would be unlawful.

Central Parking Corporation, headquartered in Nashville,
Tennessee, is a leading global provider of parking and
transportation management services. As of June 30, 2005, the
Company operated more than 3,400 parking facilities containing
more than 1.5 million spaces at locations in 37 states, the
District of Columbia, Canada, Puerto Rico, the United Kingdom,
the Republic of Ireland, Mexico, Chile, Peru, Colombia,
Venezuela, Germany, Switzerland, Poland, Spain, Greece and
Italy.

CONTACT: Central Parking Corporation Emanuel Eads
         Tel: 615-297-4255
         E-mail: eeads@parking.com


EMPRESAS ICA: To Carry Out 6-for-1 Reverse Stock Split Nov. 14
--------------------------------------------------------------
Empresas ICA SA (ICA) stated Friday its intention to conduct a
six-for-one reverse stock split on Nov. 14, reports Dow Jones
Newswires.

In July, the Company's shareholders approved the planned
operation, under which ICA will cancel 2.42 billion outstanding
shares and replace them with one new share for every six held.
Multiples of less than six shares will be paid in cash.

ICA raised US$230 million in August in a capital increase to
improve its financial position for bidding on infrastructure
projects.


EMPRESAS ICA: Signs Concession Agreement
----------------------------------------
Empresas ICA, S.A. de C.V. (BMV and NYSE: ICA), the largest
engineering, construction, and procurement company in Mexico,
announced Monday that it was awarded a 20 year concession and
service contract that includes the modernization of the
Irapuato-La Piedad highway in the state of Guanajuato. The
concession was awarded by the Ministry of Transport and
Communications (SCT) after an international public bidding
process under the Public/Private Partnership Structure (PPS)
mechanism.

The modernization of the highway will require an investment of
approximately Ps. 735 million. Since construction of the highway
will be undertaken by ICA subsidiaries, construction work will
be reported as supplemental information to the Company's
backlog, in order to reflect the total volume of the work to be
executed.

The 74.3 kilometer Irapuato-La Piedad highway will be a toll-
free road under the PPS mechanism. Recovery of the investment
will be accomplished through an integrated quarterly payment
made directly by the SCT. The payment is made up by two parts:
(1) payment for highway availability, based on achieving minimum
performance standards, established in the concession and the
services agreements; and (2) payment based on traffic volume
pursuant to the concession agreement, which provides that the
SCT will pay a shadow tariff.

The contract includes the development of an overall plan, the
modernization of the highway, and its operation and maintenance
for the next 20 years, by the concessionaire; and the
acquisition of the rights of way by the SCT. The modernization
of the highway is scheduled to be completed in July 2007.

ICA has established a special purpose company that will be the
concessionaire and will contract for the operation and
construction of the highway. The SCT has divided the highway
into 16 sections. It will pay the concessionaire the
availability payment for completion of each section. The second
payment, based on traffic volume, will be charged to SCT by the
concessionaire once the entire highway is modernized and fully
operational.

The project will be financed principally by a project finance
loan that has been approved by an international financial
institution with operations in Mexico. The balance will be
provided by ICA as an equity contribution to the concessionaire
using a portion of the proceeds from the equity offering in
August in accordance with the potential uses of funds from that
offering. The integrated quarterly payment from the SCT will
provide the resources for both the return on the investment and
the repayment of the financing.

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 S.A. de C.V.
         Col. Escandon Del Migual Hidalgo
         Mexico City, 11800
         Mexico
         Phone: 525-272-9991
         URL: http://www.ica.com.mx



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

ACEPAR: Union Warns of Strike if Collective Contract Not Honored
----------------------------------------------------------------
Steelmaker Acepar's union Sitrasa is threatening to lodge a
strike unless an agreement with management regarding a
collective contract is reached, reports Business News Americas.

Talks between the parties are ongoing at the justice and labor
ministry.

"We are asking that the collective contract be honored and are
denouncing persecution of unions," Sitrasa secretary general
Nicolas Caballero said without giving a deadline to start the
strike.

Workers are still worried over the lack of investment by
Acepar's owners. "We are afraid the plant could be closed down,"
Caballero added.

However, President Sergio Tasselli implied in August that
management wants to pay the government what it owes from
privatization before embarking on major investments.



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Cabinet Appoints New Set of Directors
-------------------------------------------
A new set of directors has been appointed for BWIA, Trinidad
Express reports.

Public Administration Minister Dr. Lenny Saith announced on
October 15 that the Cabinet has assigned new people into the
board to restructure the Company and ensure a seamless
transition into the new entity that Prime Minister Patrick
Manning promised in the national budget.

According to Saith, the new board also has the responsibility to
produce the plans asked for the new entity.

The new board is comprised of businessman Arthur Lok Jack,
economist and Guardian General's Chief Executive Officer Dr.
Terrence Farrell, attorney and bpTT Chairman Robert Riley,
engineer and Executive Chairman of Neal and Massy Gervais Warner
and accountant and retired senior partner at PriceWaterhouse
Cooper Limited, William Lucie-Smith.

CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA)
         Phone: + 868 627 2942
         E-mail: mail@bwee.com
         Home Page: http://www.bwee.com



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

CANTV: Will Increase Contingency Reserves in 3Q05
-------------------------------------------------
Compania Anonima Nacional Telefonos de Venezuela (CANTV) (NYSE:
VNT) announced that on Friday, October 14, 2005, the Social
Chamber of the Supreme Court of Venezuela (the "Social Chamber")
released a decision concerning the ruling issued by the Social
Chamber in July 2005 on the lawsuit brought by Federacion
Nacional de Jubilados y Pensionados de Telefonos de Venezuela
("FETRAJUPTEL") (the Venezuelan National Telephone Association
of Retirees and Pensioners) regarding the adjustment of pensions
of retirees of CANTV.

In its decision Friday, the Social Chamber declined to entertain
the request by CANTV for clarification of the original decision
that the Social Chamber had rendered regarding the adjustment of
pensions of retirees of CANTV. The case now goes to the lower
Courts for execution of the decision of the Social
Chamber. CANTV will defend its interpretation of the decision
and pursue its legal rights.

As a result of additional analyses in connection with this
pension litigation, Cantv will increase its contingency reserves
in the third quarter to reach Bs. 715 billion to reflect
estimated additional pension liabilities based on CANTV's
interpretation of the decision that requires that pensions be
adjusted to minimum wage after December 1999.

CANTV, a Venezuelan corporation, is the leading Venezuelan
telecommunications services provider with approximately 3.1
million access lines in service, 3.1 million cellular
subscribers and 363 thousand Internet subscribers as of December
31, 2004. The Company's principal strategic shareholder is a
wholly owned subsidiary of Verizon Communications Inc. with
28.5% of the capital stock. Other major shareholders include the
Venezuelan Government with 6.6% of the capital stock (Class B
Shares), employees, retirees and employee trusts which own 7.1%
(Class C Shares) and Telefonica de Espana, S.A. with 6.9%.
Public shareholders hold the remaining 50.9 % of the capital
stock.

CONTACT: CANTV
         Gregorio Tomassi
         Investor Relations
         Phone: 011-58-212-500-1831
         Fax: 011-58-212-500-1828
         E-Mail: invest@cantv.com.ve

         The Global Consulting Group
         Phone: 646-284-9423
         E-Mail: cvillavicencio@hfgcg.com


PDVSA: Fitch Rates CITGO's Proposed Sec'd Credit Facility 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to CITGO Petroleum
Corporation's (CITGO) proposed $1.15 billion senior secured
revolving credit facility maturing in 2010 and $700 million
secured term-loan B maturing in 2012. CITGO will be using
proceeds from the new term-loan B and cash on hand to refinance
the company's existing senior unsecured notes, which totaled
$593 million on June 30, 2005. CITGO's industrial revenue bonds
(IRBs), which totaled $539 million on June 30, 2005 will remain
outstanding. The company's fixed-rate IRBs, $147 million of the
total IRBs, will become secured and rank pari pasu with the new
credit facilities and will also be rated 'BB+'. The variable-
rate IRBs, totaling the balance of $392 million on June 30,
2005, will be supported by letters of credit under the company's
new credit facilities and are not rated by Fitch. Upon
completion of the refinancing, CITGO's issuer default rating
will be lowered to 'BB-' from 'BB'. The Rating Outlook for
CITGO's debt will remain Stable.

CITGO's new credit facilities will be secured by the company's
current assets (accounts receivable and inventories) as well as
the Lake Charles, Louisiana, and Corpus Christi, Texas,
refineries. Covenants will include a maximum debt to
capitalization of 55% and a minimum EBITDA-to-interest coverage
of 3.00 to 1.00. There will also be a carve-out to allow for
additional debt totaling the greater of $200 million or 10% of
CITGO's net worth, as well as a $250 million accounts receivable
securitization program.

Fitch's primary concern with the refinancing is that CITGO's
ultimate parent, the Bolivarian Republic of Venezuela
(Venezuela, long-term foreign currency rating of 'B+' by Fitch),
will have significantly increased flexibility to upstream cash
from CITGO in the form of distributions. The relaxed dividend
basket will allow for distributing 100% of net income beginning
Jan. 1, 2005 plus a beginning basket of $131 million. This
beginning basket represents net income from 2004 that has been
distributed in 2005. Distributions are currently limited to a
basket of 50% of net income beginning Jan. 1, 2003, free cash
flow during the most recent four quarters, and a post-
distribution liquidity requirement of $250 million. The free
cash flow and liquidity requirements will be removed. Fitch is
assuming that going forward, all excess cash beyond capital
expenditures will be upstreamed to Venezuela. CITGO paid $612
million in distributions during the 12 months ending June 30,
2005.

Venezuela will also be allowed to upstream gross proceeds of up
to $3 billion of asset sales by CITGO, including inventories
associated with the asset sales, but excluding the Lake Charles
and Corpus Christi refineries. The asset sales can take place at
any time during the life of the revolver and/or the term loan.
While the value of the working capital as well as the Lake
Charles and Corpus Christi refineries provide significant
collateral coverage for the secured lenders, CITGO's ratings are
also supported by the company's overall diverse and complex
refining base with a total crude capacity of 970,000 barrels per
day (bpd). The $3 billion asset sale option also increases the
concerns with Venezuela's long-term strategy for CITGO. Given
the strategic importance of CITGO to Venezuela and the strong
refining margin environment, Fitch has assumed that there will
be no major asset sales in the current ratings.

CITGO's ratings continue to be supported by the improvements
made to the company's balance sheet including the refinancing of
the $550 million of 11-3/8% notes. Post the current refinancing,
CITGO will have approximately $1.3 billion of balance sheet debt
outstanding. Liquidity is expected to be near $900 million
(excluding the company's receivable securitization program). As
noted, CITGO's refineries have also been upgraded over the past
several years to process a high percentage of heavy sour crude,
primarily from Venezuela. Heavy crudes sell at a 25% to 30%
discount to lighter crudes such as the benchmarks West Texas
Intermediate (WTI) and Brent. CITGO's discounts, however, are
limited somewhat by the crude contracts with Venezuela, which
account for approximately 50% of CITGO's crude throughput. As
the largest recipient of Venezuelan crude exports, CITGO remains
a very critical piece of Venezuela's integrated oil strategy.

In addition to the Venezuelan-related concerns, CITGO remains
subject to other industry-wide risks as well. The company is
making significant investments to meet ongoing regulations
including the low-sulfur gasoline and on-road distillate
regulations as well as its recent consent decrees to reduce
emissions from its refineries. A key risk is that CITGO is
postponing the on-road diesel expenditures at its Corpus Christi
refinery and will not complete the upgrades to Lemont until
after the 2006 deadline. The company anticipates the U.S. to
have excess on-road diesel production, and in response, CITGO
plans to sell its production from the two refineries into the
off-road, higher sulfur diesel markets. Of note is that Fitch
expects the two refineries to produce low-sulfur distillate to
meet the off-road low-sulfur-distillate specifications, most
likely to be required by 2010. The company also remains subject
to both planned and unplanned shutdowns of its refineries. Lake
Charles was shut down due to hurricane Rita and was slow to
restart until power was restored. Difficulties bringing the
Lyondell-CITGO refinery in Houston back to full rates following
Rita will potentially keep throughput reduced at the plant for
several weeks.

CITGO is one of the largest independent crude oil refiners in
the U.S., with three modern, highly complex crude oil refineries
and two asphalt refineries. With the expansion of the Lake
Charles refinery to 425,000 bpd of capacity, CITGO now owns
970,000 bpd of crude refining capacity, including the company's
41.25% interest in LYONDELL-CITGO Refining L.P. (LCR). LCR owns
and operates a 265,000-bpd crude oil refinery in Houston, Texas.
CITGO branded fuels are marketed through more than 13,000
independently owned and operated retail sites. CITGO is owned by
PDV America, an indirect, wholly owned subsidiary of Petroleos
de Venezuela S.A. (PDVSA), the state-owned oil company of
Venezuela. The Fitch long-term foreign currency rating of both
PDVSA and Venezuela is 'B+', with a Stable Outlook.

CONTACT: Bryan Caviness +1-312-368-2056, Chicago
         Jason Todd +1-312-368-3217, Chicago

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



                            ***********


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

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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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