TCRLA_Public/060224.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

          Friday, February 24, 2006, Vol. 7, Issue 40

                            Headlines

A N T I G U A   &   B A R B U D A

* Antigua and Barbuda Accuses US Non-Compliance with WTO Ruling


A R G E N T I N A

CERAMICA FARE: Trustee to Stop Accepting Claims on May 5
COMPANIA DE ALIMENTOS: Court Denies Request to Halt Bankruptcy
EASA: Undergoes Third Restructuring for US$98.2 Million Debt
EMPORIO HOGAR: Verification Phase for Claims Ends June 15
ESTABLECIMIENTO FRUTIHORTICOLA: Trustee Starts Verifying Claims

FRIGORIFICO SAN CARLOS: Verification of Claims Ends on April 20
TGN: Shareholders Will Meets March 16 to Discuss Share Issuance
WINE S HOUSE: Trustee Will Stop Verifying Claims on April 27  


B A H A M A S

ISLE OF CAPRI: Earns $4 Mil. Net Income in Quarter Ended Jan. 22


B E R M U D A

GLOBAL CROSSING: Selects Alcatel to Deploy Key Capacity Upgrades
SCOTTISH RE: Earns $58.5 Million in Quarter Ended Dec. 31


B O L I V I A

REPSOL YPF: Andina Under Investigation for Crude Oil Smuggling


B R A Z I L

BANCO DO BRASIL: Discloses US$1.96 Billion Profit in 2005
CAIXA ECONOMICA: Registers US$977 Million Profit in 2005
CVRD: Federal Judge Suspends Injunction
DRESSER-RAND: Finalizes Business Integration with Tuthill Energy
ELETROPAULO: Reports US$9.3 Million Profit for 4th Quarter 2005

GLOBOPAR: Prepays US$70 Million of Restructured Debt
LIGHT SERVICOS: Realizes US$115 Million Profit After Six Years


C A Y M A N   I S L A N D S

CHAPMAN ENGINEERS: Voluntary Liquidation Begins on March 7
JANIS INVESTMENTS: Liquidator Stops Verifying Claims on March 6
LEVANT SERVICES: Shareholder Decides to Liquidate
PELEKAS INVESTMENTS: Creditors Must Submit Claims by March 6
PHILOSOPHY VENTURES: Starts Wind Up Process on March 7

SORAYA LTD.: Enters Voluntary Wind Up


C H I L E

EDELNOR: Achieves US$2.3 Million Profit in 2005
* Chile Peso Bonds to Gain on Falling Oil Prices


C O L O M B I A

BAVARIA: Needs US$85 Million in Loans to Refinance Debt
* COLOMBIA: S&P Affirms 'BB' Long-term Foreign Currency Ratings
* Colombia-US FTA May Put Venezuelan Market at Disadvantage


D O M I N I C A N   R E P U B L I C

CENTENNIAL COMMS: Offers to Swap Sr. Notes for Registered Bonds


G U A T E M A L A

* GUATEMALA: Fitch Assigns 'BB+' Sovereign Ratings
* GUATEMALA: Insurance Industry Profits Fall 14% in 2005


M E X I C O

CFE: Says Hydro Projects Key to Long-Term Growth
GRUPO ELEKTRA: Net Income in 4Q05 Rises to MXN1,249 Million
GRUPO MEXICO: Sixty-Five Trapped Miners Still Unrescued


P U E R T O   R I C O

AOL LATIN: Wants Open-Ended Decision to File Notices of Removal
AOL LATIN: Wants Open-Ended Time to Make Lease-Related Decisions
SPANISH BROADCASTING: Repays Second Lien Credit Facility


V E N E Z U E L A

PDVSA: Guanaco Asphalt Refinery Construction to Start in 2 Years      
PDVSA: Says It Could Up Petrocaribe Exports by 10,000 b/d       
* Venezuela Pressures OPEC to Cut Daily Oil Output

     -  -  -  -  -  -  -  -
     
=================================
A N T I G U A   &   B A R B U D A
=================================


* Antigua and Barbuda Accuses US Non-Compliance with WTO Ruling
---------------------------------------------------------------
Antigua and Barbuda accuses the United States of unfairly
discriminating against online gambling companies based in the
tiny Caribbean island nation, the Financial Times reports.

Last year, the WTO dispute settlement body ruled that while the
U.S. was entitled to restrict internet gambling, the rules were
not being applied fairly, FT relates.  The case arose from
complaints from internet gaming companies, several of which are
based in Antigua, that U.S. laws unfairly discriminated against
foreign companies by prohibiting cross-border betting.

The WTO ruling calls for the United States to set its rules
right by April 3.  

John Ashe, Antigua's WTO ambassador said in a letter sent to Rob
Portman, U.S. trade representative: "The apparent lack of
movement by the United States to comply with the rulings and
recommendations of the DSB lead our government to be extremely
concerned with the intentions of the United States."

Antigua and Barbuda, which has a population of about 80,000, is
one of the smallest members of the WTO and has an economy 0.007%
the size of the United States, FT relates.

Should the United States fail to comply with the ruling, Antigua
can impose reciprocal trade sanctions, but these would be almost
entirely symbolic for such a small trading partner, FT says.

Mark Mendel, Antigua's lead attorney in the case, said he
suspected that the U.S. was exploiting that weakness, FT says.

"Their overall strategy in this case has been to do nothing,"
Mr. Mendel said.

Two bills introduced into Congress by Republican congressmen Jim
Leach from Iowa and Robert Goodlatte from Virginia would further
restrict internet gambling without complying with the WTO's
ruling, Antigua said.

"The U.S. is exploring a number of different avenues to clarify
there is no discrimination - even outside of legislation," Mr.
Portman's spokeswoman Christin Baker told the FT.  "We are in
active discussions within the executive branch, with Congress
and also with the private sector to determine the best way to
move forward."

The FT relates that the case has aroused anger among some U.S.
legislators, who say that gambling on the internet is a
particularly pernicious form of betting, since it brings a
potentially addictive and damaging pastime into American homes.  
The U.S. invoked a rarely used part of the WTO agreement on
services to argue that the restrictions protected "public
morals."


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


CERAMICA FARE: Trustee to Stop Accepting Claims on May 5
--------------------------------------------------------
Court-appointed trustee Hector Edgardo Grun will stop accepting
claims from creditors of Ceramica Fare S.A. on May 5, 2006,
Infobae reports.

Mr. Grun will present in court the validated claims as
individual reports on June 13, 2006.  He will also prepare the
general report on the case for submission on Aug. 9, 2006.

Ceramica Fare S.A. was declared bankrupt by a Buenos Aires court
after it defaulted on its debt payments.

Mr. Hector Edgardo Grun, the trustee, can be reached at:
  
         San Martin (CPO. D) 551
         Buenos Aires


COMPANIA DE ALIMENTOS: Court Denies Request to Halt Bankruptcy
--------------------------------------------------------------
An Argentine commercial court has dismissed an appeal from
Citibank NA to halt the bankruptcy proceedings of local baked-
goods manufacturer Compania de Alimentos Fargo SA, clearing an
important legal obstacle for the company's US$134.9 million debt
restructuring.

Fargo filed a statement Monday with the local stock exchange
saying the court rejected Citibank's appeal at the end of
December.  Fargo's subsidiary, Panificacion Argentina SA, had
asked the court in April to renew bankruptcy proceedings that
had stalled after a failed buyback offer in October.  The court
also honored Fargo's request to modify the method used to
calculate creditors' holdings and approval majorities for the
restructuring.  Citibank had disputed the new methodology, and
its appeal had stopped all bankruptcy proceedings.  Fargo should
now be able to move ahead in negotiations with its creditors on
a fresh restructuring agreement.

Fargo is Argentina's largest producer and distributor of
packaged bread with a 51% market share, according to Fitch
Ratings Argentina. It is also the sole bread supplier for
McDonald's in the country.

The company has had a rough time restructuring its debt load. It
halted interest payments on its bonds in 2002 during Argentina's
economic crisis, and its July 2005 proposal - whose net present
value "haircut" was an estimated 87% - was met with little
interest. In September, Mexican bakery chain Grupo Bimbo
launched an ultimately unsuccessful offer to buy back Fargo's
defaulted 2008 bonds.  Bimbo acquired Fargo in 2004.


EASA: Undergoes Third Restructuring for US$98.2 Million Debt
------------------------------------------------------------
Electricidad Argentina S.A. aka EASA, the firm that controls
Argentine power distributor Edenor, has launched an offer to
restructure its US$98.2 million debt.  The company is owned by
local group Dolphin Energy (90%) and IEASA (10%), and holds a
51% stake in Edenor.

This is the third restructuring process EASA carries out. It
successfully refinanced Transener's debt with a 97% acceptance
and is in the process of restructuring Edenor's debt with 86%
acceptance so far.

EASA's debt is composed of US$7 million in loans and US$91.2
million in bonds. The company was supposed to pay US$3.3 million
in interest on February 22 but these will be refinanced with the
rest of the liabilities.

The company seeks to subscribe an out-of-court agreement (APE),
in an attempt to avoid going to court, which would only happen
if it reached 100% creditor's backing.

It will also try to subscribe an APE if the acceptance ranges
from 66.66% to 99.5% through the handing of new bonds and cash,
or if the acceptance is higher than 99.5% but lower than 100%.

                        *    *    *

As reported on Jan. 2, 2006, Fitch Argentina Calificadora de
Riesgo S.A. confirmed the 'D(arg)' rating assigned to US$200
million worth of Obligaciones Negociables issued by Electricidad
Argentina S.A.

The rating action, the Comision Nacional de Valores revealed on
its Web site, is based on EASA's financial status as of Sep. 30,
2005.

Fitch assigns a D(arg) rating on financial commitments that are
currently in default.


EMPORIO HOGAR: Verification Phase for Claims Ends June 15
---------------------------------------------------------
The verification of creditors' claims against Buenos Aires-based
bankrupt company Emporio Hogar S.A. has started.  Infobae
relates that Miguel Daniel Pellejero Herrero, the trustee
appointed by the city's court, will prepare individual reports
out of the validated claims and submit them to court on June 15,
2006.

Mr. Herrero will also present the general report on Aug. 11,
2006.

Mr. Miguel Daniel Pellejero Herrero, the trustee, can be reached
at:

         Hipolito Irigoyen 1349
         Buenos Aires


ESTABLECIMIENTO FRUTIHORTICOLA: Trustee Starts Verifying Claims
---------------------------------------------------------------
Mr. Ruben Daniel Sarafian, bankrupt company Establecimiento
Frutihorticola Mani S.R.L.'s trustee, has begin the validation
of claims forwarded by creditors against the company, Infobae
reports.  

Individual reports will be prepared out of the validated claims.  
These reports will be presented in a Buenos Aires court for
approval on June 22, 2006.

A general report will also be submitted on Aug. 17, 2006.

Establecimiento Frutihorticola Mani S.R.L. can be reached at:

               Escalada 451
               Buenos Aires

Mr. Ruben Daniel Sarafian, the trustee, can be reached at:

               Tucuman 1657
               Buenos Aires


FRIGORIFICO SAN CARLOS: Verification of Claims Ends on April 20
---------------------------------------------------------------
The verification of claims of Frigorifico San Carlos S.A.'s
creditors will end on April 20, 2006, Infobae reports.  Verified
claims will be presented in court as individual reports on June
5, 2006.  A general report is also expected in court on Sep. 1,
2006.

Frigorifico San Carlos S.A. was declared bankrupt by a Buenos
Aires court.  Accounting firm Estudio Viegas Brener y Casal was
appointed as trustee.

Estudio Viegas Brener y Casal, the trustee, can be reached at:

         Uruguay 469
         Buenos Aires


TGN: Shareholders Will Meets March 16 to Discuss Share Issuance
---------------------------------------------------------------
Directors of Transportadora de Gas del Norte have called for a
meeting of shareholders on March 16.  The meeting will include
an analysis of the company's need to raise capital.

The proposal consists of increasing the capital of 87,874,796
pesos through the capitalization of the debt.  This will be done
through the issue of ordinary shares class C, which will earn
dividends from the exercise on which they will be issued.

TGN will apply to the 'Comision Nacional de Valores' and the
'Bolsa de Comercio de Buenos Aires' for authority to sell and
price the new titles.

Also, during the next meeting, the shareholders of TGN will have
to consider changing the articles 5, 6, 19 and 30 as well as the
incorporation of four new articles.

                        *    *    *

As reported on May 2, 2005, the Argentine arm of Standard and
Poor's International Ratings, Ltd. maintained an 'raD' rating on
bonds issued by Transportadora de Gas del Norte, according to
the official web site of the National Securities Commission of
Argentina.

The rating, which is issued to obligations in default and based
on the Company's financial health as of the end of December 31,
2004 affects these bonds:

   -- US$24 million worth of "Serie V, con vencimiento en junio
      de 2003, emitada bajo el programa Global de Ons simples
      (US$300 mil.) vencido en 03.99" that matured June 1, 2004
      and classified as "Simple Issue."

   -- US$60.5 million worth of "Serie Vi emitada bajo el Prorama
      Global de Ons Simples por un monto de US$320 mm" coming
      due on September 1, 2008, and classified under the type
      "Series and/or Class."

   -- US$20 million worth of "Serie VII, con vencimiento en
      marzo de 2003, emitada bajo el Programa Global de Ons
      simples (US$300 Mio)," which came due on March 3, 2003 and
      classified under "Simple Issue."

   -- US$20 million worth of "Serie I emitada bajo el Programa
      Global de Ons Simples por un monto de US$320 million"
      coming due on July 1, 2009 and classified under "Series
      and/or Class."

   -- US$154.5 million worth of "Serie II emitada bajo el
      programa Global de Ons Simples por un monto de US$320
      million" coming due on August 1, 2008 and classified under
      "Series and/or Class."

   -- US$10.7 million worth of "Serie III emitada bajo el
      programa Global de Ons Simples por un monto de US$320
      million" coming due on July 1, 2009 and classified under
      "Series and/or Class."

   -- US$50 million worth of "Serie III, con vencimiento en
      octubre de 2004, emitada bajo el Programa Global de
      Obligaciones simples (USD 300 Mio) vencido en 03.99",
      coming due this October 1, 2004, and classified under
      "Simple Issue."

   -- US$9.3 million worth of "Serie IV emitada bajo el Programa
      Global de Ons Simples por un monto de US$320 mm" due on
      July 1, 2009, and classified under "Series and/or Class."

   -- US$46 million worth of "Serie IV, con vencimiento en junio
      de 2002, emitida bajo el Programa Global de ONs simples
      (USD 300 Mio) vencido en 03.99" which came due on June 3,
      2002, and classified under "Simple Issue."


WINE S HOUSE: Trustee Will Stop Verifying Claims on April 27  
------------------------------------------------------------
The court-appointed trustee of Wine s House S.R.L., Mr. Roberto
Leonardo Sapollnik, will no longer verify creditors' claims
after April 27, 2006, Infobae reports.  Creditors who are unable
to have their claims validated will be disqualified from
receiving any distribution or payment that the company will
make.

Individual reports will be presented in court on June 12, 2006,
followed by the submission of a general report on the case on
Aug. 17, 2006.

Wine s House S.R.L. was declared bankrupt by a Buenos Aires
court after it failed to pay its creditors.

Mr. Roberto Leonardo Sapollnik, the trustee, can be reached at:

         Parana 851
         Buenos Aires, Argentina


=============
B A H A M A S
=============


ISLE OF CAPRI: Earns $4 Mil. Net Income in Quarter Ended Jan. 22
----------------------------------------------------------------
Isle of Capri Casinos, Inc. (Nasdaq: ISLE) reported financial
results for its third quarter of fiscal 2006 ended Jan. 22,
2006.  

For the third quarter, the Company earned $4.1 million of net
income, compared to $3.5 million of net income for the same
quarter last year.  Included in net income for the quarter ended
Jan. 22, 2006, are $3.8 million in net hurricane related pre-tax
charges, related to Isle-Biloxi, Isle-Lake Charles, and Pompano
Park, and a $2.1 million pre-tax loss on early extinguishment of
debt related to Isle-Black Hawk.

The Company generated $269.8 million of revenue for the quarter
ended Jan. 22, 2006, compared to $265.4 million for the same
quarter in fiscal 2005.

The Company's balance sheet as of Jan. 22, 2006, showed
stockholders' equity of $259,920,000.

"I am pleased with the third quarter results particularly
because during this quarter most of the short term challenges
facing the Company's southern markets have been resolved.  I
believe the Company is positioned well going forward, as our
expansion work continues with projects in Iowa and Missouri, our
rebuilding in Mississippi and new development opportunities in
Florida and Pennsylvania," according to chairman and chief
executive officer, Bernard Goldstein.

              Third Quarter Highlights and Updates

    -- Subsequent to the end of the quarter, the Company entered
       into an agreement to sell its properties in Bossier City,
       Louisiana and Vicksburg, Mississippi for $240 mil. cash.  
       Net proceeds from the sale will be used to fund existing
       development projects and pay down debt.  The Company
       expects to record a gain on this transaction.  The
       closing of the transaction is expected to occur during
       the summer of 2006.

    -- Isle-Biloxi reopened on December 26, 2005, following
       Hurricane Katrina, with 730 slot machines, a live poker
       room with nine poker tables, 27 table games, three
       restaurants and 525 hotel rooms.  The casino was the
       first land-based casino to open since the change in
       Mississippi gaming legislation.  Subsequent to the end of
       the quarter, Isle-Biloxi added an additional 220 slot
       machines and a European spa.

    -- the Company signed a joint development agreement with
       Lemieux Group LP that includes a provision for Isle to
       fund a $290 million new multi-purpose arena and pursue a
       gaming license for 3,000 slot machines in Pittsburgh,
       Pennsylvania.  The new multi-purpose arena and gaming
       facility are part of a larger billion-dollar effort known
       as Pittsburgh First to redevelop the Lower Hill and
       Uptown Districts in conjunction with the Pittsburgh
       Penguins and a development partner.  This proposal is one
       of three applications under consideration by the
       Pennsylvania Gaming Control Board for a single license
       with a decision expected by the end of calendar 2006 or
       early 2007.

    -- Pompano Park Harness Track reopened for live racing on
       Dec. 2, 2005, following Hurricane Wilma.  In early
       December, the Florida legislature passed legislation to
       allow 1,500 slot machines at pari-mutuel facilities in
       Broward County including the Company's Pompano Park
       Harness Track.  The Company has proceeded with the design
       for the development of an approximately $125 million
       racino at Pompano Park and further development is
       awaiting operating rules and regulations from the state
       and the satisfaction of other contingencies.

    -- the Company announced plans for an $85 million expansion
       project at its Kansas City, Missouri property.  The
       expansion project will improve guest traffic patterns and
       renovate existing gaming space.  The Kansas City
       expansion project is subject to negotiation of an
       amended lease and development agreement and receipt of
       necessary permits and approvals.

    -- the new 162-room Colorado Central Station Hotel in Black
       Hawk, Colorado opened on Dec. 24, 2005 ahead of schedule.

    -- the Inn at Isle-Lake Charles reopened in late November
       and brought the number of rooms at the property back to
       493.  

    -- the Company announced that it will relocate its corporate  
       headquarters to the St. Louis County municipality of
       Creve Coeur while maintaining a regional presence in
       Biloxi, Mississippi.  The Company plans to relocate
       approximately 150 corporate positions.  The relocation
       process will begin in early summer 2006.

"Our new casino in Biloxi is an example of the direction our
product is taking.  I am proud of our team members in the
southern markets for overcoming significant challenges both
personally and professionally in order to get our properties
open and operating, "according to Timothy Hinkley, president and
chief operating officer.

                   About Isle of Capri

Isle of Capri Casinos, Inc. -- http://www.islecorp.com/-- a  
leading developer and owner of gaming and entertainment
facilities, operates 16 casinos in 14 locations.  The company
owns and operates riverboat and dockside casinos in Biloxi,
Vicksburg, Lula and Natchez, Mississippi; Bossier City and Lake
Charles (two riverboats), Louisiana; Bettendorf, Davenport and
Marquette, Iowa; and Kansas City and Boonville, Missouri.  The
company also owns a 57 percent interest in and operates land-
based casinos in Black Hawk (two casinos) and Cripple Creek,
Colorado.  Isle of Capri's international gaming interests
include a casino that it operates in Freeport, Grand Bahama, and
a two-thirds ownership interest in casinos in Dudley, Walsal and
Wolverhampton, England.  The company also owns and operates
Pompano Park Harness Racing Track in Pompano Beach, Florida.  

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 16, 2006,
Moody's Investors Service confirmed Isle of Capri's restricted
group ratings and assigned a negative ratings outlook.  The
confirmation was based primarily on improvements in the
Company's operating results as well the agreement to sell its
Bossier City, LA and Vicksburg, MS casinos to privately owned
Legends Gaming, LLC for  $240 million in cash.  The affected
restricted group ratings are:

   * Corporate family rating -- Ba3;

   * $400 million senior secured revolver due 2010 -- Ba2;

   * $300 million senior secured term loan due 2011 -- Ba2;

   * $500 million 7% senior subordinated debt due 2014 -- B2;
     and

   * $200 million 9% senior subordinated debt due 2012 -- B2.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 26, 2005,
Standard & Poor's Ratings Services affirmed its ratings on Isle
of Capri, including its 'BB-' corporate credit rating.  At the
same time, all ratings were removed from CreditWatch with
negative implications where they were placed on Sept. 1, 2005.  
About $1.2 billion in debt was outstanding as of Oct. 23, 2005.


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


GLOBAL CROSSING: Selects Alcatel to Deploy Key Capacity Upgrades
----------------------------------------------------------------
Global Crossing announced Wednesday that it has selected Alcatel
to deploy key capacity upgrades on its core international
network.  The company is adding wavelengths on its Mid Atlantic
Crossing aka MAC system, which links North America, Latin
America, Europe and the Pacific.

"We continue to invest in our global, high-bandwidth network, a
key enabler for businesses worldwide," said John Legere, Global
Crossing's chief executive officer.  "By leveraging Alcatel's
next-generation DWDM submarine terminal, we're ensuring the
ongoing delivery of our comprehensive suite of solutions,
including our advanced converged IP services, to our worldwide
customers and partners."

Global Crossing's MAC ring, which runs between Brookhaven, NY,
Hollywood, FL, and St. Croix, Virgin Islands, is an essential
piece of the company's unique asset base.  The ring connects to
the company's Atlantic Crossing systems, AC1 and AC2, in
Brookhaven and Hollywood, as well as to its South American
Crossing aka SAC and Pacific Crossing aka PAC systems in St.
Croix, delivering uninterrupted, high-bandwidth connectivity to
these business- intensive regions.

"This new implementation further solidifies our relationship
with Global Crossing," said Jean Godeluck, president of
Alcatel's submarine networks activity.  "We're delighted to make
available our field-proven expertise and advanced optical
networking technology to help Global Crossing support new
services and applications over its high-performance network."

Global Crossing's advanced fiber optic MPLS-te network is the
platform of choice for converged IP services including Voice
over IP aka VoIP, IP VPN and IP video.  The company's suite of
solutions is designed to meet the exacting performance and
reliability requirements of its customers and partners in more
than 600 cities in 60 countries.

In addition to consistently delivering 99.999-percent
availability -- the industry's highest standard -- Global
Crossing recently made network performance history when its
multi-gigabit fiber optic network supported the world record in
international visualization, a 19.5-Gbps stream between
Amsterdam, the Netherlands, and San Diego, California, carrying
a single application showing actual scientific content.

Headquartered in Florham Park, New Jersey, Global Crossing
Ltd. -- http://www.globalcrossing.com/-- provides  
telecommunications solutions over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe.  Global Crossing serves
many of the world's largest corporations, providing a full range
of managed data and voice products and services.  The company
filed for chapter 11 protection on January 28, 2002
(Bankr.S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed $25,511,000,000 in
total assets and $15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

As of Sept. 30, 2005, Global Crossing's balance sheet reflects a
$139 million equity deficit compared to $51 million of positive
equity at Dec. 31, 2005.


SCOTTISH RE: Earns $58.5 Million in Quarter Ended Dec. 31
---------------------------------------------------------
Scottish Re Group Limited (NYSE: SCT) reported that net income
available for the quarter ended Dec. 31, 2005, was $58.5
million, as compared to $21.0 million for the prior year period.

Net income available for the year ended Dec. 31, 2005, was
$125.4 million as compared to $71.4 million for the prior year
period.

Net operating earnings were $50.8 million for the quarter ended
Dec. 31, 2005, as compared to $26.8 million for the prior year
period.  Net operating earnings was $130.1 million for the
year ended Dec. 31, 2005, as compared to $80.4 million for the
prior year period.

"Net operating earnings available to ordinary shareholders" is a
non-GAAP measurement.  The Company determines net operating
earnings available to ordinary shareholders by adjusting net
income available to ordinary shareholders by net realized
capital gains and losses and the change in value of embedded
derivatives, as adjusted for the related effects upon the
amortization of deferred acquisition costs, and taxes related to
these items as well as acquisition-related due diligence costs
in 2004.  While these items may be significant components in
understanding and assessing the Company's consolidated financial
performance, the Company believes that the presentation of net
operating earnings available to ordinary shareholders enhances
the understanding of its results of operations by highlighting
earnings attributable to the normal, recurring operation of its
reinsurance business.  However, net operating earnings available
to ordinary shareholders are not a substitute for net income
determined in accordance with GAAP.

"We are very pleased with the results for the quarter ended
Dec. 31, 2005.  With this strong performance, we have met our
earnings guidance for both the quarter and full year and
significantly enhanced the return on equity to our shareholders.  
These quality earnings were driven by the excellent contribution
made from our traditional reinsurance business in North America
but performance from all areas of the business was solid for the
period.  In addition, I am particularly pleased with the
successful completion of the integration of the ING business and
the migration of our administration operations from Charlotte to
Denver.  Finally, the capital market transactions completed in
December capped an excellent year for our Company and I look
forward to carrying this momentum into 2006," Scott E. Willkomm,
President and Chief Executive Officer of Scottish Re Group
Limited said.

Total revenues for the quarter increased to $675.0 million from
$211.1 million for the prior year period, an increase of 220%.
Excluding realized gains and losses and the change in value of
the embedded derivatives, total revenues for the quarter
increased to $666.0 million from $211.6 million for the prior
year period, an increase of 215%.  Total revenues for the year
ended Dec. 31, 2005, increased to $2.3 billion from $814.4
million for the prior year, an increase of 182%.  Excluding
realized gains and losses and the change in value of the
embedded derivatives, total revenues for the year increased to
$2.3 billion from $818.1 million for the prior year, an increase
of 181%.

Total benefits and expenses increased to $615.8 million for the
quarter from $200.1 million, an increase of 208%.  For the year
ended Dec. 31, 2005, total benefits and expenses increased to
$2.2 billion from $758.9 million, an increase of 188%.  The
increases in revenues and expenses were principally driven by
the acquisition on Dec. 31, 2004, of the ING individual life
reinsurance business and growth in the Company's reinsurance
business in North America.

The Company's total assets were $12.0 billion as of Dec. 31,
2005.  The core investment portfolio, comprising fixed maturity
investments, preferred stock and most of the cash and cash
equivalents, totaled $6.8 billion, and had an average quality
rating of "AA", an effective duration of 2.9 years and a
weighted average book yield of 4.9%.  This compares with a
portfolio balance of $4.3 billion, an average quality rating of
"AA-", effective duration of 3.8 years and an average book yield
of 4.2% as of Dec. 31, 2004.

As of Dec. 31, 2005, the Company had approximately $1 trillion
of life reinsurance in force covering 13.5 million lives with an
average benefit per life of $76,000 in our North American
operations.  As of Dec. 31, 2004, the Company had just over
$1 trillion of life reinsurance in force covering 14.2 million
lives with an average benefit per life of $71,000 in our North
American operations.

On Dec. 21, 2005, the Company closed its second securitization
of excess reserves offering $455 million of 30-year maturity
securities through Orkney Re II plc, an Irish special purpose
vehicle.  Consistent with the first securitization, the
securities have recourse only to Orkney Re II and not to any
other Scottish Re entity.

On Dec. 23, 2005, the Company completed a public offering of
7,660,000 shares (which includes the over allotment option of
1,410,000 shares) priced at $24.00 per share which yielded net
proceeds of $174.1 million.

                      Equity Sale Agreements

In addition, the Company entered into forward equity sale
agreements with Bear, Stearns & Co. Inc. and Lehman Brothers
Inc., who agree to pay the Company $75 million in the third
quarter of 2006 and an additional $75 million in the fourth
quarter of 2006, subject to the Company's right to receive a
portion of such payment prior to the settlement dates.

In exchange, on each of such dates the Company has the option to
deliver to Bear, Stearns & Co. Inc. and Lehman Brothers Inc. a
variable number of ordinary shares based on the average market
price of the ordinary shares, subject to a floor price of $22.80
and a cap price of $28.80.

Dean E. Miller, Chief Financial Officer, noted "Within just
twelve months of purchase, the Company has successfully and
fully integrated the ING business and secured permanent funding
for more than 40% of Regulation XXX reserve requirements
associated with the block of business.  These accomplishments
clearly illustrate the Company's operational and financial
effectiveness when large blocks of business are acquired."

Scottish Re Group Limited -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Dublin,
Ireland, Grand Cayman, Windsor, England and a representative
office in Singapore.  Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance company (Cayman) Ltd.
and Scottish Re (U.S.), Inc., Scottish Re Limited, and Scottish
Re Life Corporation.  Scottish Re Capital Markets, Inc., a
member of Scottish Re Group Limited, is a registered broker
dealer that specializes in securitization of life insurance
assets and liabilities.

                            *   *   *

As reported in the Troubled Company Reporter on Jun. 28, 2005,
Fitch Ratings assigned a 'BB+' rating to Scottish Re's (NYSE:
SCT) new issuance of noncumulative preferred stock.  Fitch also
affirmed SCT's 'BBB' long-term issuer rating and the ratings on
all outstanding debt.  The Rating Outlook is Stable.

As reported in the Troubled Company Reporter on Jun. 29, 2005,
Moody's Investors Service assigned a Ba1 rating to Scottish Re
Group Limited's Non-Cumulative Perpetual Preferred Stock to be
issued under its universal shelf.  The proceeds of the Preferred
Stock will be substantially used for general corporate purposes.  
The outlook for the preferred stock ratings is negative, in line
with other SCT ratings.


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


REPSOL YPF: Andina Under Investigation for Crude Oil Smuggling
--------------------------------------------------------------
As previously reported, Spanish-Argentine oil company Repsol YPF
denied allegations of oil smuggling in Bolivia through its
subsidiary Andina.

Jorge Alvarado, head of Boliva's state-owned oil company
YPFB, said in reports that the Bolivian government is
investigating alleged oil smuggling by the company.  Oil has
been taken out without authorization, and for that documentation
has been altered, Mr. Alvarado has said.  He revealed that there
are signs, according to customs, that Repsol has altered
documents to take oil out of Bolivia without authorization.

According to local press, Bolivia's customs authority ANB
presented formal charges, after months of investigation, against
Petrolera Andina at the Santa Cruz department district
attorney's office on Monday alleging that the company smuggled
US$9.22 million worth of crude for export and falsified
documents.

The charge states that Andina smuggled 230,399 barrels out of
the country between June 2004 and July 2005, 85% leaving from
the city of Yacuiba and the rest going through Arica.

With regards to the falsification of customs documents, the ANB
report says that seven of the company's export declarations
claimed higher export volumes than they were authorized to
export by ministerial resolutions, according to local reports.

Andina has denied in a statement the charges and maintains
having paid all taxes and royalties.

The district attorney's investigation will last six months.

Andina is 50% owned by Spanish oil major Repsol YPF (NYSE: REP),
with the other half controlled by the Bolivian state.

                        *    *    *

On June 20, 2005, Moody's Investors Service upgraded the ratings
of Spanish-Argentine oil company Repsol YPF's local subsidiary
YPF S.A. Moody's upgraded YPF's senior unsecured rating to Ba3
from B1 and the unit's domestic currency issuer rating to Baa2
from Baa3.

YPF's foreign currency issuer rating of Caa1 remained unchanged,
as it is constrained by the sovereign ceiling of Argentina.
YPF's Corporate Family Rating (formerly known as the senior
implied rating) is aligned with the foreign currency issuer
rating at Caa1.


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


BANCO DO BRASIL: Discloses US$1.96 Billion Profit in 2005
---------------------------------------------------------
Banco do Brasil reported net profits of 4.15 billion reals
(US$1.96 billion) in 2005, up 37.4% the previous year, the bank
said in a statement.

The bank's loan portfolio topped 102 billion reals at the end of
last year, an increase of 14.9% compared to 2004.  Banco do
Brasil maintained its lead in the local loan market with a 15.3%
market share.

Loans to businesses totaled 38.5 billion reals by the end of
2005, increasing 15.3% in comparison to the previous year.

This total was not higher due to the strength of the real in
relation to the U.S. dollar, which negatively affected the
foreign trade balance, the bank claimed.

Loans related to foreign trade equaled 10.3 billion reals in
2005, or 1.8% higher than 2004, the bank reported.

Loans to SMEs last year amounted to 15.2 billion reais, 15.4%
above the total reported in 2004.

The agricultural industry received 35.7 billion reals in loans
from the bank in 2005, an 18.9% advance from the previous year.

Loans to individuals rose 14.3% last year, compared to 2004, and
reached 18.4 billion reais.

The return on Banco do Brasil's liquid assets reached 26.8%,
paying stockholders 5.20 reals per share, the bank reported.  
The total paid to stockholders equaled 1.50 billion reals last
year, a 57% improvement over 2004.

                        *    *    *

On Jan. 10, 2006, Moody's Investors Service assigned a Ba1
rating to Banco do Brasil S.A.- Grand Cayman Branch's proposed
US$300 million perpetual non-cumulative junior-subordinated
securities.  The Ba1 rating was the result of joint
probabilities of default that are incorporated into Banco do
Brasil's credit risk rating, which was indicated by its A3
global local currency rating, and by Brazil's Ba3 foreign
currency ceiling for bonds and notes.  The outlook on the rating
was stable.

Moody's noted that the subordination and other features of the
proposed securities were taken into consideration in the
assignment of the bond rating.  However, given the A3 global
local currency rating, the grading that would usually be applied
to subordinated issues did not affect the final foreign currency
rating outcome.

In addition, the rating agency noted that the proposed
securities were assigned a basket B on its Debt-Equity Continuum
(A is most debt-like and E is most equity-like).  As such, they
were treated as 25% equity and 75% debt when Moody's applied its
adjustments to Banco do Brasil's credit metrics.  Moody's noted
that upon approval of Tier 1 regulations by the Central Bank of
Brazil, Banco do Brasil may elect to qualify the securities as
Tier 1 capital, at which point Moody's may reassess its basket
treatment.  In determining the basket assignment under its
Hybrid Criteria, Moody's ranked hybrid securities relative to
the features of common equity, including:

   * No Maturity,
   * No Ongoing Payments, and
   * Loss Absorption.

The rankings can be either none, weak, moderate or strong
relative to common equity, with none being the closest to debt
and strong the closest to equity.

Moody's basket B designation considered the features of the
proposed securities, including the perpetual maturity, and
optional, non-cumulative payment deferral mechanism.  The
securities represent the bank's most junior subordinated debt
and rank pari passu with the most senior preferred stock, if any
would be issued (Banco do Brasil currently has no preferred
stock outstanding).  Moreover, there are limited rights to
investors, no material events of default, and the securities do
not cross-default.  As such, the securities would form a loss-
absorbing cushion for senior creditors.

Banco do Brasil is the largest bank in Brazil, with assets of
approximately US$110 billion as of September 2005.  The bank's
franchise and distribution network, which is geographically and
product-diversified, ensures its dominance over the banking
system's core deposits, with 21% market share.  The increasing
contribution of core revenues to the bank's profits reflects the
strength of its business franchise and the commitment of its
management to align the bank with market standards.

Moody's recently upgraded Banco do Brasil's financial strength
rating to D, in an indication of improved financial metrics
earnings and capital quality, in particular.  Moody's also
assigned an A3 global local currency rating to Banco do Brasil ,
which incorporated the strong likelihood of government support
in the event of a systemic crisis.  This conclusion was based
on:

   * Banco do Brasil's dominant share of the Brazilian deposits
     market;

   * its importance to the Brazilian banking system; and

   * its ownership and history of support.

Banco do Brasil S.A. is headquartered in Brasilia, Brazil, and
it had total assets of approximately US$110 billion as of
September 2005.

This rating was assigned:

Banco do Brasil S.A. Grand Cayman Branch's US$300 million
perpetual non-cumulative junior- subordinated securities -- Ba1
long-term foreign currency subordinated bond rating.

Moody's said the outlook is stable.


CAIXA ECONOMICA: Registers US$977 Million Profit in 2005
--------------------------------------------------------
Brazilian federal bank, Caixa Economica Federal ended 2005 with
a net profit of 2.07 billion reals (US$977 million), the highest
in its history and 46% more than 2004, the bank's president
Jorge Mattoso was quoted by Business News Americas.

"The net profits from 2005 are not just a record," Mr. Mattoso
said. "They are proof that a 100% publicly owned bank can be
efficient, competitive and profitable."

CEF increased total assets last year to 189 billion reals,  
27.6% more than 2004.

The bank's loan portfolio growth topped 37 billion reals last
year and increased 28.4% on 2004.  CEF expanded its total market
share last year to 4.45% from 3.48% in 2004.  Business loans
accounted for 39% of the total loan portfolio, reaching 14.5
billion reais.  In 2004, business loans represented 34%.

Loans to SMEs almost doubled last year to 16.4 billion reals
from 8.83 billion reals in 2004.  Lending to individuals
increased 13% to 19.3 billion in 2005 from 17.1 billion the
previous year.

                        *    *    *

On Oct. 19, 2005, 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 followed 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.


CVRD: Federal Judge Suspends Injunction
---------------------------------------
Companhia Vale do Rio Doce aka CVRD announced on Feb. 16, 2006,
that federal judge Souza Prudende of the Federal Regional
Tribunal -- First Region -- granted on Feb. 15, 2006, an
injunction to CVRD, suspending the effects of a court decision
of a judge of the 20th Vara Federal-DF as well as a CADE
decision;

On Nov. 10, 2005, the 20th Vara Federal de Brasilia granted an
injunction, suspending the restrictions contained in the
paragraphs "a" and "d" of a ruling of the Economic Defense
Administrative Council aka CADE, related to approval of the
acquisitions of the miners Ferteco, Caemi, Samitri and Socoimex.  

The decision suspended CVRD's obligations to alter a contract
with Companhia Siderurgica Nacional aka CSN, related to the Casa
de Pedra mine, and exclude preference clauses for the domestic
and international market.

The decision also suspended CVRD's obligations to opt, within 30
days, between altering the Casa de Pedra mine contract and the
sale of assets acquired with the purchase of Ferteco as well as
those assets acquired following the purchase and necessary for
the operations of Ferteco.

In a Feb. 2, 2006, decision, Marcio Jose de Aguiar Barbosa --
substitute judge of the 20th Vara Federal de Brasilia -- ruled
to revoke the injunction granted previously.

CVRD has appealed that ruling, with the aim of restoring its
previous injunction and suspending the effects of the CADE
decision.

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining  
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                        *    *    *

On Jan. 5, 2006, Fitch Ratings assigned a long-term foreign
currency rating of 'BB' to Vale Overseas Limited's proposed
US$300 million issuance due 2016. Vale Overseas is a wholly
owned subsidiary of Companhia Vale do Rio Doce, a large
diversified mining company located in Brazil.  The notes are
unsecured obligations of Vale Overseas and are unconditionally
guaranteed by CVRD.  The obligation to guarantee the notes rank
pari passu with all of CVRD's other unsecured and unsubordinated
debt obligations.  Fitch expects the proceeds of this issuance
to be used for general corporate purposes and primarily to pay
down US$300 million of Vale Overseas' 9.0% guaranteed notes due
2013.

Fitch also maintains these ratings for CVRD and CVRD Finance
Ltd., a wholly owned subsidiary of CVRD:

  -- CVRD foreign currency rating: 'BB', Outlook Positive;
  -- CVRD local currency rating: 'BBB' Outlook Stable;
  -- CVRD national scale rating: 'AAA(bra)', Outlook Stable;
  -- CVRD Finance Ltd.: series 2000-1 and series 2000-3: 'BBB';
  -- CVRD Finance Ltd., series 2000-2 and series 2003-1: 'AAA'.


DRESSER-RAND: Finalizes Business Integration with Tuthill Energy
----------------------------------------------------------------
Dresser-Rand Group Inc. (NYSE: DRC) has finalized the plan for
integrating its steam turbine business with the steam turbine
assets of Tuthill Energy Systems, which it acquired in September
2005.

The plan is expected to result in annual operating synergies of
approximately US$15 million.  In 2006, the Company expects to
realize operating synergies of approximately US$10.5 million,
which will be partially offset by approximately US$4.5 million
of integration expenses.  Additionally, Dresser-Rand will record
a net non-cash curtailment gain in the first quarter of 2006 of
about US$12 million.  This gain results from a reduction in the
estimated future cash costs of certain previously recorded
retiree healthcare benefits.

The key elements of the plan include:

   -- ceasing manufacturing operations at its Millbury,
      Massachusetts facility and shifting production to its
      other facilities around the world;

   -- maintaining a commercial and technology center in
      Millbury;

   -- implementing a new competitive labor agreement at its
      Wellsville, New York facility;

   -- rationalizing product offerings, distribution and sales
      channels;

   -- back-office rationalization; and

   -- providing aftermarket parts and services support for the
      installed base of Tuthill equipment through Dresser-Rand's
      worldwide service-center network.

"The decision regarding the cessation of manufacturing
activities in Millbury was very difficult to reach because of
its impact on the affected employees and the communities where
they live and work," said Dresser-Rand CEO, Vincent R. Volpe,
Jr. "However, these actions will result in improved products and
services offerings for customers while better positioning
Dresser-Rand to be cost competitive in the worldwide markets we
serve.  We have made substantial progress to date and are moving
quickly to complete the integration while taking steps to ensure
a smooth transition with no disruption to promised deliveries or
service to our clients."

                        Debt Reduction

Separately, during the first two months of 2006 the Company
reduced its term debt by US$30 million.  As a result, the
Company will incur an additional non-cash charge relating to the
writeoff of unamortized debt issuance costs of approximately
US$0.6 million.  Annual interest expense will be reduced by
approximately US$1.8 million.  The Company plans to further
reduce debt this year.

Bookings for the fourth quarter were strong, totaling
US$410 million which is 42% higher than third quarter 2005 and
36% higher than the prior year's fourth quarter.  Backlog grew
to US$872 million compared to US$638 million at the end of 2004,
providing a very solid order book for 2006.  The Company plans
to discuss fourth quarter and full-year 2005 results at its
conference call following the filing of its Form 10-K for 2005
by March 31, 2006.

Excluding the curtailment gain, the Company expects operating
income and earnings per share for the full year 2006 to be
consistent with the current First Call consensus estimate.  
First quarter operating income is expected to be between US$17
million and US$19 million, which is in line with the Company's
plan for 2006 and consistent with the historical seasonal
pattern of the first quarter representing 7% to 10% of full year
operating income.  The Company expects first quarter earnings
per share, excluding the curtailment gain and unamortized debt
issuance costs mentioned above, to be in the range of US$0.03 to
US$0.05.

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  It operates manufacturing facilities in
the United States, France, Germany, Norway, India, and Brazil,
and maintains a network of 24 service and support centers
covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 1, 2005,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on compression equipment maker Dresser-Rand Group
Inc. and revised the outlook on the company to positive.

As of Sept. 30, 2005, the Olean, New York-based company had
about $600 million of debt.

"The positive outlook reflects the company's improved financial
risk profile mainly as a result of its debt reduction through
the use of cash flow and a portion of IPO proceeds," said
Standard & Poor's credit analyst Ben Tsocanos.


ELETROPAULO: Reports US$9.3 Million Profit for 4th Quarter 2005
---------------------------------------------------------------
Dow Jones Newswires reports Eletropaulo Metropolitana
Eletricidade Sao Paulo S.A.'s 2005 fourth quarter financial
results.  The company posted slightly higher fourth-quarter net
profits than the year before mainly due to a small reduction in
power purchase costs.

Eletropaulo, a unit of U.S. power firm AES Corp., posted a net
consolidated profit of 19.6 million Brazilian reals (US$9.3
million) in the fourth quarter, up slightly from the BRL17.5
million registered in the same period last year.

Dow Jones says that profits came in below market expectations. A
survey of four analysts had thrown up a average forecast of
BRL105 million.

Net revenue fell 0.7% to BRL2.06 billion in the quarter.

On an operating level, earnings before interest taxes,
depreciation and amortization, or Ebitda fell 15% to BRL290
million in the fourth quarter compared with the quarter before,
which the company said was due to a correction for doubtful
accounts related to a government retroactive compensation
payment system for losses because of rationing in 2001.

Excluding the impact of retroactive tariffs, adjusted Ebitda
rose 24% year-on- year to BRL556.2 million.

Energy consumption by Eletropaulo clients rose 0.4% in the
fourth quarter from the third quarter and 4.2% reduction from
the fourth quarter of 2004.

Residential demand was up 7.1% year on year, the highest
quarterly volume since the fourth quarter of 2000, in part
because of increased demand but also because of the
reclassification of some industrial and commercial customers.

The continued migration of captive customers to the free market
from distributors is hurting industrial demand. However,
Eletropaulo still obtains revenues from these customers through
the distribution toll to use its network.

Industrial consumption fell 4.1% compared with the third
quarter, and 15.7% compared with the fourth quarter of 2004.

The cost of acquiring energy fell 4.4% in the fourth quarter
compared with the quarter before due to a reduction in tax
obligations.

Eletropaulo posted losses of BRL184.4 million for all of 2005
compared with a profit of BRL5.6 million the year before
following the payment of a one-off tax provision of BRL346.4
million in the third quarter.

The losses were much greater than most analysts had expected,
Dow Jones says.  A survey of four local analysts had predicted
losses ranging from BRL1 million to BRL158 million.

The company is still recovering after a long cash crunch that
nearly led it to default on debt in 2003.

Eletropaulo is controlled by U.S. power company AES Corp.
through a 51% stake in the Brasiliana holding company in which
Brazil's national development bank BNDES has 49% stake.

Eletropaulo distributes power in Brazil's industrial hub of Sao
Paulo city and 23 surrounding towns. Power consumption in Sao
Paulo state grew 3.8% in 2005 from 2004, according to data from
Sao Paulo state government.

                        *    *    *

As reported by Troubled Company Reporter on Dec. 15, 2005,
Standard & Poor's Ratings Services raised to 'B+' from 'B'
the local and foreign currency corporate credit ratings assigned
to Brazilian electric utility Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. and its US$200 million senior
unsecured and unsubordinated euro bonds.  The corporate credit
rating assigned in the Brazil national scale was also raised to
'brBBB' from 'brBB+'.  S&P said the outlook is stable.


GLOBOPAR: Prepays US$70 Million of Restructured Debt
----------------------------------------------------
Globo Comunicacao e Participacoes S.A. aka Globo announced
Wednesday that it will voluntarily prepay approximately US$70
million of its outstanding bonds on March 20, 2006.

The funds used for this voluntary prepayment will be obtained
from operating cash flow, as well as approximately BRL89 million
from asset sales, including the proceeds related to Net Servicos
de Comunicacao S.A.'s capital increase as described on earnings
release of Dec. 7, 2005.  The proceeds of which had been
deposited in a Brazilian collateral account in accordance with
the terms of the Consolidated Trust Deed dated as of July 20,
2005, and related documents underlying such bonds.

The Debt Service Reserve Account aka DSRA that is in place for
these bonds will not be drawn down and will remain at its
maximum amount of approximately US$110 million.

The prepayment will be made across certain of Globo's
outstanding bonds as follows:

-- Series A1:  Principal amount of approximately  US$2,522,000;
                Interest amount of approximately   US$32,000;

-- Series A2:  Principal amount of approximately  BRL2,396,000;
                Interest amount of approximately   BRL63,000;

-- Series B:   Principal amount of approximately  US$33,639,000;

                Interest amount of approximately   US$413,000;

-- Series C:   Principal amount of approximately  US$31,872,000;
                Interest amount of approximately   US$544,000;

Holders in each of the bond series will receive a pro-rata
prepayment in accordance with Section 6 of the Consolidated
Trust Deed that governs these bonds.

Globo Comunicacao e Participacoes S.A. is the name of the
company resulting from the merger of TV Globo Ltda. with and
into Globo Comunicacoes e Participacoes S. A. -- Globopar.

                        *    *    *

As reported by Troubled Company Reporter on Feb. 9, 2006,
Moody's Investors Service withdrew the B1 foreign currency
corporate family rating of Globo Comunicacao e Participacoes
S.A.  The ratings have been withdrawn as Moody's no longer
maintains foreign currency corporate family ratings and for
business reasons.

                        *    *    *

As reported by Troubled Company Reporter on July 25, 2005,
Standard & Poor's Rating Services raised its corporate credit
and senior unsecured ratings on Brazilian media companies
Globopar S.A. and TV Globo Ltda. to 'CCC-' from 'D'.  In
addition, the ratings were placed on CreditWatch with positive
implications.  Globopar and TV Globo are part of Globo
Organizations, Brazil's largest media group.


LIGHT SERVICOS: Realizes US$115 Million Profit After Six Years
--------------------------------------------------------------
Light Servicos Electricidade S.A. posted net earnings of 243
million reals (US$115 million) in 2005, reverting a loss of 98
million reals in 2004.  This represents the company's first
annual profit since 1998, Light said in a statement last week.

The turnaround in the company's finances was mainly due to an
appreciation of the local currency against the U.S. dollar,
which reduced the cost of servicing the company's 3.5 billion-
real debt, a 5.5% growth in power sales, power rate
readjustments and a 0.7% reduction in commercial losses, the
company's CEO Jean-Pierre Bel said in a letter to shareholders.

Gross operating revenue rose to 7.10 billion reals in 2005, up
21% from 5.85 billion reals in 2005.

Operating expenses rose to 4.44 billion reals from 3.54 billion
reals a year earlier, mainly due to a 3% increase in the price
of power purchased from generators and subsidies for diesel-
fired generation in northern Brazil.

Power regulator Aneel authorized these costs to be passed on to
end consumers in the yearly rate readjustment in 2005, which
allowed Light to increase average rates by 7.5% last year
compared with 2004, Business News Americas relates.

Light posted operating profits of 547 million reals in 2005,
turning around an operating loss of 22.8 million reais in 2004.

The company's Ebitda fell to 765 million reals in 2005, down
8.7% from 838 million reals the previous year, due to regulatory
changes that forced Light to buy power in government tenders
instead of relying on its own generation operations to supply
power for resale, the company said.

Light's power sales rose to 19,139GWh in 2005, up 5.5% from
18,148GWh in 2004.  The increase was led by a 9.3% rise in
residential sales and an 8.2% increase in sales to commercial
consumers.

This offset an 8.8% decline in sales to large industrial clients
that opted to buy power from the non-regulated market.

Commercial and residential consumers account for 67% of Light's
total sales while industrial consumers accounted for 16%.

Light Servicos Electricidade S.A. is a distribution company with
2.8 million customers and an estimated 9 million users in 11,000
square km concession area.

Electricite de France or EDF, the parent company of the
Brazilian electric power utility Light Servicos de Eletricidade
S.A., announced plans to sell up to a controlling stake in Light
earlier in 2005 after concluding negotiations with creditors
of Light's US$1.5-billion debt and launching a new refinancing
plan.

EDF expects to complete the sale of control Light in the first
quarter of 2006.


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


CHAPMAN ENGINEERS: Voluntary Liquidation Begins on March 7
----------------------------------------------------------
Chapman Engineers International, Inc., will voluntary liquidate
its assets starting March 7, 2006.

The company's shareholder passed a resolution to liquidate
during an extraordinary general meeting held on Jan. 27, 2006.  
Commerce Corporate Services Limited was appointed as liquidator.

Commerce Corporate Services Limited, the voluntary liquidator,
can be reached at:

         P.O. Box 694GT
         Grand Cayman, Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


JANIS INVESTMENTS: Liquidator Stops Verifying Claims on March 6
---------------------------------------------------------------
Buchanan Limited, Janis Investments Ltd.'s liquidator, will not
entertain any claims submitted after March 6, 2006.  Creditors
who are unable to have their claims validated will not be
included in any distribution or payment that the company will
make.

Creditors are required to submit their names, addresses, the
particulars of their debts or claims and the names and address
of their attorneys-at-law (if any).  They may present their
proofs of claim at the time and place that the liquidator will
specify.

The company started winding up operations voluntarily on Jan.
27, 2006

Buchanan Limited, the voluntary liquidator, can be reached at:

         Attention: Timothy Haddleton
         P.O. Box 1170 George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


LEVANT SERVICES: Shareholder Decides to Liquidate
-------------------------------------------------
The shareholder of Levant Services decided during an
extraordinary general meeting held on Jan. 27, 2006, to
liquidate the company.  Wind up process will begin on March 7,
2006.  Commerce Corporate Services Limited was chosen as
liquidator.

Commerce Corporate Services Limited, the voluntary liquidator,
can be reached at:

         P.O. Box 694 George Town
         Grand Cayman, Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


PELEKAS INVESTMENTS: Creditors Must Submit Claims by March 6
------------------------------------------------------------
Creditors of Pelekas Investments Limited must submit their
claims to Buchanan Limited, the company's liquidator, not later
than March 6, 2006.  Creditors are required to send to the
liquidator their names, addresses, the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any).  

Buchanan Limited may require the creditors to prove their claims
personally or through their attorneys-at-law at the time and
place that the liquidator will specify.  Creditors who fail to
have their claims validated after March 6 will be disqualified
from receiving any distribution that the company will make.

The company entered voluntary wind up on Jan. 27, 2006.

Buchanan Limited, the voluntary liquidator, can be reached at:

         Attention: Timothy Haddleton
         P.O. Box 1170 George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


PHILOSOPHY VENTURES: Starts Wind Up Process on March 7
------------------------------------------------------
Philosophy Ventures Inc. will begin liquidating assets on March
7, 2006.  Its shareholder passed a resolution to wind up the
company during an extraordinary general meeting on Jan. 27,
2006.  Commerce Corporate Services Limited was selected as
liquidator of the company.

Commerce Corporate Services Limited, the voluntary liquidator,
can be reached at:

         P.O. Box 694 George Town
         Grand Cayman, Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


SORAYA LTD.: Enters Voluntary Wind Up
-------------------------------------
Soraya Ltd. will start winding up operations on March 7, 2006,
after its shareholder resolved to liquidate during an
extraordinary general meeting on Jan. 27, 2006.  Commerce
Corporate Services Limited was appointed as its liquidator.

Commerce Corporate Services Limited, the voluntary liquidator,
can be reached at:

         P.O. Box 694 George Town
         Grand Cayman, Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


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


EDELNOR: Achieves US$2.3 Million Profit in 2005
-----------------------------------------------
Business News Americas reports Chilean power generator Edelnor
aka Empresa Electrica del Norte Grande S.A.'s 2005 financial
results.

Edelnor posted net profits of US$2.3 million in 2005 compared to
a loss of US$5.36 million in 2004 as a result of lower operating
losses and higher non-operating profits, the company told
Chilean securities regulator SVS.

Total revenues were US$119 million in 2005, up 8.5% from US$110
million in 2004, due to higher tariffs for regulated clients and
higher prices in the spot market.

While Edelnor's physical energy sales fell to 2,664GWh in 2005
from 2,732GWh in 2004, its revenues from energy sales rose to
US$109 million from US$102 million in 2004 due to a higher
average price of US$0.041/kWh compared to US$0.037/kWh in 2004.

Operating costs rose to US$111 million from US$109 million in
2004 mainly as a result of higher fuel costs.

Operating losses were reduced to US$1.28 million from US$6.7
million in 2004 primarily because of a US$6.14 million increase
in sales to non-regulated clients, a US$2.03 million increase in
third party services, and a US$1.23 million increase in energy
sales in Chile's northern SING grid where Edelnor operates.

Edelnor's power generation fell to 2,954GWh in 2005,
representing 23.3% of the total generation in the SING, from
3,039GWh, or 24.6%, in 2004.

The company posted a non-operating profit of US$4.37 million in
2005, up 274% from US$1.17 million in 2004, due to the
repurchase in the second quarter of 2005 of bonds through a loan
awarded by the ABN AMRO Bank, the company told the SVS.

This increase was partly offset by lower income from exchange
rate differences, which reached US$305,000 in 2005 compared to
US$1.53 million in 2004.

Edelnor's net equity climbed to US$368 million at end-2005 from
US$366 million at the end of 2004.

Edelnor is owned by state copper company Codelco and Suez Energy
Andino, a subsidiary of Belgian company Suez Energy through
their Inversiones Tocopilla holding company

                        *    *    *

As reported on Nov. 11, 2005, Standard & Poor's Ratings Services
raised its corporate credit and senior secured debt ratings on
Chilean thermal power generator Empresa Electrica del Norte
Grande S.A. to 'B+' from 'B', mainly reflecting the improvement
of its debt-service coverage ratios as a result of higher-than-
expected cash generation combined with a prepayment of 12.1% of
its US$217.6 million outstanding debt certificates in May 2005.  
S&P said the outlook is stable.

The 'B+' ratings reflect the operation in a very competitive
market environment and its still weak financial profile, which
mainly derives from its volatile cash flow and weak financial
flexibility.  These weaknesses are partly offset by Edelnor's
diversified generation base (mainly natural gas and coal),
ownership of transmission assets, and its 21% equity stake in
the Gasoducto Norandino pipeline, which somewhat mitigate the
company's high cash flow volatility.


* Chile Peso Bonds to Gain on Falling Oil Prices
------------------------------------------------
Chile's peso-denominated bonds will probably gain as a decline
in oil prices cools inflation, Bloomberg quoted Juan Chavarria
at Bandesarrollo Administradora de Fondos as saying.

The yield on the 8% bond due 2014 may fall to 6.1% this month,
said Mr. Chavarria, who manages US$153 million in stocks and
bonds.  The yield, which moves inversely to the price, dropped
to 6.17% at the end of last week from 6.3% at the end of
December, according to JPMorgan Chase & Co.

Bloomberg relates that consumer price rises have eased in recent
months as international oil prices declined.  The monthly
inflation rate was 0.1% in January, compared with 1% rate in
September.  

"The yield could go lower if this keeps being the trend for oil
prices," Mr. Chavarria told Bloomberg in a telephone interview
from Santiago, Chile.

Crude oil for March delivery fell 3.2% last week to US$59.88 a
barrel on the New York Mercantile Exchange, trimming their
advance over the past 12 months to 26%.

Chilean central bankers have raised the benchmark lending rate
12 times since September 2004, pushing it up 3 percentage points
to 4.75% in a bid to slow inflation.  Annual inflation was 4.1%
in January, up from 2.3% in the year-earlier period, Blooomberg
reports.

Chile's long-term, local-currency debt has an AA rating from
Standard & Poor's, the credit-rating company's third-highest
level.


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


BAVARIA: Needs US$85 Million in Loans to Refinance Debt
-------------------------------------------------------
Colombia's biggest brewer, Bavaria SA, said late Tuesday it
seeks up to US$855 million in credits from national and
international lenders to refinance the company's debt.

Fernando Jaramillo, Bavaria's legal representative told that
SABMiller, the new owner of Bavaria, will seek the loans.

"It will be easier and more favorable for SABMiller, as the
world's second largest brewery, to seek the loans," said
Jaramillo.

Bavaria said in filing to the securities regulator late Tuesday
it may contract debt from SABMiller.

The new debt will carry lower interest rates than outstanding
obligations, said Jaramillo.

SABMiller has paid at least US$9 billion to acquire 98% of
Bavaria's shares since July last year from the Julio Mario Santo
Domingo family and from minority shareholders.

                        *    *    *

As reported on Nov. 24, 2005, Standard & Poor's Ratings Services
raised its corporate credit ratings on Bavaria S.A. and its
senior unsecured debt rating on the 8.875% $500 million bonds
issued by Bavaria due 2010, which have the guarantee of several
of Bavaria's non-rated subsidiaries, to 'BB+' from 'BB'.  The
ratings remain on CreditWatch with positive implications, where
they were placed on July 21, 2005.


* COLOMBIA: S&P Affirms 'BB' Long-term Foreign Currency Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it
revised its outlooks on its long-term foreign and local currency
sovereign credit ratings on the Republic of Colombia to positive
from stable.  Standard & Poor's also affirmed its 'BB' long-term
and 'B' short-term foreign, and 'BBB' long-term and 'A-3' short-
term local currency sovereign credit ratings on the republic.
     
According to Standard & Poor's credit analyst Richard Francis,
the positive outlooks on Colombia are a result of better
economic prospects coupled with continued improvements in the
country's external indicators.  

"The country's better growth prospects are largely a result of
significant and sustained improvement in domestic security that
has, in turn, led to renewed domestic confidence and double-
digit growth in private investment, raising the ratio of
investment to GDP to above 21%," said Mr. Francis.  "The rise in
investment has boosted productivity and led to a higher growth
potential of above 4%."  
     
Colombia witnessed economic growth of over 5% in 2005, with
growth of 4.5% forecast for 2006.  As a result, unemployment
rates have fallen and poverty levels, although high, have also
started to decline.
     
In addition, growing international reserves and current account
receipts aka CAR combined with declining external debt has
resulted in improved external indicators, mitigating external
vulnerabilities.  Mr. Francis explained that the government's
increasing reliance upon the local market for Colombian peso-
denominated internal debt has further reduced external
vulnerabilities.

Net public sector external debt to CAR fell to 28% in 2005 from
close to 58% in 2003.  Furthermore, this renewed confidence
resulted in a sharp rises in foreign direct investment, which
totaled over US$11 billion in 2005.
      
"Despite these improvements, the government's underlying fiscal
position, albeit improved on the back of better economic
prospects, remains highly inflexible due to large, legally
mandated transfers to local governments and public pension
systems in addition to the interest on its debt," Mr. Francis
noted.  

"Further reform on taxes, transfers, and/or pensions could lead
to sustained improvements in the government's fiscal prospects,
which, in turn, would lead to improved creditworthiness. On the
other hand, significant fiscal slippage or a sharp deterioration
in national security could result in a revision in the outlooks
back to stable," Mr. Francis concluded.


* Colombia-US FTA May Put Venezuelan Market at Disadvantage
-----------------------------------------------------------
Colombia's Minister of Industry and Trade, Gustavo M rquez,
thinks that an eventual Free Trade Agreement between Colombia
and the United States could result in unfair competition to the
detriment of Venezuelan commodities, El Universal relates.

Under an FTA, Colombian goods would become more competitive than
Venezuelan items, and up to 40% of Venezuelan-Colombian trade
could be damaged, according to Andean Community estimates.

"The execution may create distortion between Colombia and
Venezuela. We are weighing this impact to prevent an adverse
effect on our productive sector and move forward to Mercosur,"
Minister Marquez was quoted by El Universal as saying.

The trade ministry will assess over the next few days a number
of scenarios to anticipate actions in order to lessen the impact
of a possible U.S.-Colombian agreement, El Universal relates.


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


CENTENNIAL COMMS: Offers to Swap Sr. Notes for Registered Bonds
---------------------------------------------------------------
Centennial Communications plans to exchange its Senior Floating
Rate Notes and Senior Notes for registered bonds.

The Company offers to exchange $350 million aggregate principal
amount of Senior Floating Rate Notes due 2013 CUSIPS 15133VAD1
and U12968AC3 for registered bonds (CUSIP 15133VAE92) of the
same aggregate principal amount and with the same terms of the
old notes.

The Company also offers to exchange $200 million aggregate
principal amount of 10% Senior Notes due 2013 CUSIPS 15133VAF6
and U13968AD1 with registered bonds (CUSIP 15133VA41) of the
same aggregate principal amount and with the same terms of the
old notes.

The terms of each series of Exchange Bonds are substantially
identical to those of the applicable series of outstanding
Restricted Bonds, except that the transfer restrictions,
registration rights and additional interest provisions relating
to the Restricted Bonds do not apply to the Exchange Bonds.
  
The Company will not receive any proceeds from the exchange
offers.  There is no established trading market for the Exchange
Bonds, although the Restricted Bonds currently trade on the
Portal Market, Centennial says.

Restricted Bonds tendered in the exchange offers must be in
denominations of principal amount of $2,000 and any integral
multiple of $1,000.

The Notes are senior unsecured indebtedness of the Company
ranking pari passu with all of the Company's other existing and
future unsubordinated obligations.  The Notes are effectively
junior to the Company's secured obligations to the extent of the
value of the Company's assets securing the obligations.  

After giving effect to the exchange offer as if each had
occurred on November 30, 2005:
   
   -- there would have been $550.0 million outstanding under the
      senior credit facility and $60.6 million outstanding of
      capitalized leases and tower obligations, all of which was
      secured indebtedness;

   -- there would have been $500.0 million outstanding under the
      2013 Senior Notes, $325.0 million outstanding under the
      2014 Senior Notes and $550.0 million outstanding under the
      Restricted Bonds, all of which was senior unsecured
      indebtedness;
  
   -- there would have been $145.0 million outstanding under the
      2008 Senior Subordinated Notes, all of which was
      subordinated indebtedness; and
  
   -- Centennial's Subsidiaries would have had total
      Indebtedness and other liabilities of approximately $2.4
      billion, including Indebtedness on which Centennial is a
      co-obligor, all of which would be effectively senior to
      the Notes.

A full-text copy of Centennial's Registration Statement is
available for free at http://ResearchArchives.com/t/s?547

Based in Wall, N.J., Centennial Communications, (NASDAQ: CYCL)
-- http://www.centennialwireless.com/-- is a leading provider  
of regional wireless and integrated communications services in
the United States and the Caribbean with approximately 1.3
million wireless subscribers and 326,400 access lines and
equivalents.  The U.S. business owns and operates wireless
networks in the Midwest and Southeast covering parts of six
states.  Centennial's Caribbean business owns and operates
wireless networks in Puerto Rico, the Dominican Republic and the
U.S. Virgin Islands and provides facilities-based integrated
voice, data and Internet solutions.  Welsh, Carson, Anderson &
Stowe and an affiliate of the Blackstone Group are controlling
shareholders of Centennial.

At Nov. 30, 2005, Centennial Communications' balance sheet
showed a $490,868,000 stockholders' deficit, compared to a
$518,432,000 deficit at May 31, 2005.


=================
G U A T E M A L A
=================


* GUATEMALA: Fitch Assigns 'BB+' Sovereign Ratings
--------------------------------------------------
Fitch Ratings assigned Wednesday 'BB+' sovereign ratings on the
country of Guatemala with a stable rating outlook.  These
ratings are supported by the country's low external and public
debt burdens, the government's track record of fiscal discipline
and moderate inflation, as well as a solid commercial debt
repayment history.  The 'BB+' ratings apply to the long-term
foreign and local currency issuer default ratings as well as to
Guatemala's global bonds maturing in 2007, 2011, 2013 and 2034.  
Fitch has also assigned a short-term rating of 'B' and a country
ceiling of 'BB+'.

Fiscal prudence, combined with steady, though sluggish, GDP
growth, has resulted in one of the lowest government debt/GDP
ratios among peers.  Fitch recognizes the government's efforts
to manage its fiscal accounts in a prudent manner through
various external shocks.  

Fitch estimates that Guatemala's general government debt burden
will approach just 17% by the end of this year, compared with a
'BB' median of 48%.  However, GDP measures of public debt
understate Guatemala's debt burden due to the narrowness of the
country's tax base.  Guatemala's debt/revenues ratio approached
160.0% last year, compared with a 'BB' median of 198.4%. At
around 10%, Guatemala has one of the lowest tax/GDP ratios of
its peers and the government has encountered significant
obstacles to increasing its tax take.

Furthermore, Fitch views the country's low tax/GDP ratio as a
key structural challenge given the country's high levels of
poverty, poor social indicators and vulnerability to natural
disasters.  Limited public debt and a manageable fiscal deficit
also drive the sovereign's low financing requirement, which is
expected to approach 4% of GDP this year if the budget is fully
executed.

A positive balance of payments performance, underpinned by
remittance growth and increased private capital inflows, has
been reflected in international reserve accumulation of US$250
million in 2005.  This, combined with low debt service, will
boost Guatemala's liquidity ratio to a projected 187% at the
beginning of 2006 compared with a median of 157% for 'BB'-rated
sovereigns.  Even when adjusting the liquidity ratio to exclude
banks' foreign assets and include banks' resident foreign
currency deposits, the ratio remains above 100%.

However, Guatemala runs a persistent current account deficit
(estimated at 4.1% in 2005), about half of which is financed by
short-term capital inflows. The newly approved free trade
agreement with the US (DR-CAFTA) could reduce this vulnerability
over the medium term.  Net external debt represented 31.5% of
current external receipts in 2005, versus the 'BB' median of
32.5%.

Although economic risks appear contained due to the government's
favorable balance sheet, high levels of poverty and inequality,
as well as the country's poor social indicators, will likely
constrain Guatemala's ratings for some time.  Guatemala's per
capita income is on a par with similarly rated peers, however
this masks the country's extreme wealth disparity.  

The proportion of the population living in poverty was 59.9% in
2002, a rate that is significantly higher than that in poorer
countries such as Nicaragua (50.3%) and Honduras (53.0%) and
approaching that of Bolivia (63%), which Fitch assigns a 'B-'
foreign currency issuer default rating.

Other comparative social indicators, such as infant mortality,
life expectancy, access to healthcare, literacy rates and school
enrollment rates also do not compare favorably to the regional
average in Latin America, to similarly rated sovereigns, or to
poorer countries.

While maintaining a small government is prudent and has helped
minimize the country's exposure to economic vulnerabilities,
this policy makes tackling the poverty issue difficult due to a
lack of resources.  The government will have to implement a more
comprehensive tax reform to increase the tax take if it is to
address its social challenges.  Yet political opposition to tax
reform remains formidable.  As a result, Fitch believes the
current policy framework could be vulnerable to the erosion of
public support if progress on these fronts is not forthcoming.


* GUATEMALA: Insurance Industry Profits Fall 14% in 2005
--------------------------------------------------------
Business News Americas reports that Guatemala's insurance
industry reported a 14% drop in 2005 earnings due to rising
claims and costs.

Profits were 128 million quetzales (US$16.8 million) compared
with 149 million quetzales for 2004, according to banking and
insurance regulator SIB.

Net direct premiums grew 6% to 2.45 billion quetzales, while net
retained premiums increased 12% to 1.71 billion quetzales.

The technical or operating result fell 5% to 257 million
quetzales due to higher claims and policy acquisition costs.  
Net investment income rose 4% to 140 million quetzales.

The sector's financial investments increased 9% to 1.95 billion
quetzales, while reserves grew 26% to 1.88 billion quetzales.

SIB supervises 18 companies, of which the top five companies had
the following market by net direct premiums:

            -- G&T-Casa (27%);
            -- Seguros El Roble (14%);
            -- Seguros General (12%);
            -- Seguros Universales (8%); and
            -- Seguros de Occidente (7%).


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


CFE: Says Hydro Projects Key to Long-Term Growth
------------------------------------------------
Alfredo Elias, CFE aka Comision Federal de Electricidad's
director general, said that carrying out large infrastructure
projects including new hydropower projects will provide jobs to
young engineers.

CFE is developing the El Cajun, La Parota and La Yesca
hydroelectric generation projects as well as carrying out works
to increase installed capacity at its Zimapan, Villita and
Infiernillo hydroelectric plants, Mr. Elias was quoted by
Business News Americas as saying.  The three new hydro projects
require investments of about US$800 million each.

The construction of the 750MW El Cajun project in Nayarit,
Mexico, has been undergoing under ICA.  The plant will start
operating late this year, Business News relates.

CFE will launch a tender for the construction of its 920MW La
Yesca project, also in Nayarit state, during the first half of
2006, according to Business News.

The company had planned to launch a tender for the construction
of the 900MW La Parota hydroelectric generation project in
Guerrero state on February 16, but it is on standby due to legal
disputes with the affected communities, Business News relates.

CFE's 292MW Zimapan hydroelectric plant is in Hidalgo state, the
280MW Villita plant is in Michoacan state and the 1,000MW
Infiernillo plant is in Guerrero, Business News relates.  

                        *    *    *

CFE is a state-owned integrated power company that dominates
generation, transmission and distribution in Mexico.  It has
20.6 million clients, 39,182km of transmission infrastructure,
156,647MVA transformation capacity and 163 generation plants
that at end-March 2003 had 40,350MW combined capacity.  Seventy-
five per cent of sales are direct to the client, 24.5% are to
Mexico City distributor Luz y Fuerza del Centro and the
remaining 0.5% are exports.  The industrial sector accounts for
61% of direct sales, followed by residential (23%), commercial
(7%), agriculture (5%) and services (4%).

The company suffered increasing losses for 2003 and 2004.  CFE
incurred MXN6.2 billion loss in 2003, and MXN119 billion loss in
2004.


GRUPO ELEKTRA: Net Income in 4Q05 Rises to MXN1,249 Million
-----------------------------------------------------------
Grupo Elektra, S.A. de C.V. reported Wednesday its financial
results for the fourth quarter of 2005 and for the full-year
2005.

"The company accomplished outstanding goals during 2005,
including record levels in revenue and EBITDA.  We also enhanced
key strategies geared towards preserving our undisputed
leadership in a dynamic competitive landscape," commented Javier
Sarro Cortina, Chief Executive Officer of Grupo Elektra.  "We
introduced new products, especially related to transport,
innovative service sales with solid profitability, we started
operations in another Latin American country, Panama, and at the
beginning of 2006, we renewed our money transfer agreement with
Western Union, strengthening our network distribution for money
transfers.  This provides a solid growth platform and a closer
and more efficient service to the customer."

"Banco Azteca was instrumental in complementing Grupo Elektra's
expansion, through financial alternatives that allow an
increased number of customers to purchase products and services
required by their families," commented Carlos Septien Michel,
Chief Executive Officer of Banco Azteca.  "Also, the dynamic
indicators of the bank placed us in an outstanding position
within the Mexican financial system in 2005.  After only three
years of operations, we are second in the country in terms of
number of branches, and we have an outstanding position in
productive assets, credit portfolio and deposits."

Gross Credit Portfolio of Banco Azteca Mexico and Banco Azteca
Panama

Financial Highlights:

Millions of pesos of constant purchasing power as of December
31, 2005

                            CHANGE                     CHANGE
               4T04  4T05    $   %   2004     2005    $     %
Ingresos
Consolidados  8,290  8,914  624  8%  27,073  31,810  4,737  17%

Utilidad
Bruta         3,633  4,126  493 14%  11,888  14,776  2,888  24%

EBITDA        1,374  1,595  221 16%   4,261   5,177    916  21%

Utilidad
Neta            645  1,249  604 94%   1,933   2,976  1,043  54%

UPA
(pesos por
accion)(1)     2.71   5.22 2.51 93%    8.12   12.45   4.32  53%


                    Financial Division

Banco Azteca

Banco Azteca reported net income of MXN88 million in 4Q05, more
than three times the net income of MXN27 million registered in
4Q04.  For the full-year 2005, net income grew 48% to MXN558
million, from MXN378 million of the previous year.

As of Dec. 31, 2005, the estimated capitalization index of Banco
Azteca was 11.4%, higher than the 11.2% index reported at the
end of the prior year.  The capitalization index exceeds the 8%
minimum required by Mexican regulators.

Gross Credit Portfolio

The gross credit portfolio of Banco Azteca Mexico and Banco
Azteca Panama was MXN15,212 million, 30% higher than the
MXN11,686 million reported at the end of 4Q04.  The average term
of the credit portfolio at the end of 4Q05 was 55 weeks, up from
the 51 weeks of the previous year.  At the end of 4Q05, there
was a total of 5.6 million active accounts, a 37% increase
compared with 4.1 million at the end of the same period a year
ago.

During the quarter, Banco Azteca sold MXN648 million of past due
loans, fully reserved, to an independent buyer.  The transaction
was approved by Banco Azteca's board of directors, and
authorized by the Comision Nacional Bancaria y de Valores.  The
selling price of the loan portfolio was established according to
market conditions.

The balance of past due loans and reserves of the financial
division decreased at the end of 2005, primarily due to the sale
of the loan portfolio.

Saving's Accounts and Term Deposits

Net deposits were MXN26,373 million at the end of 4Q05, 46%
higher than the MXN18,077 million of the previous year.  The
total number of accounts rose to 7.9 million, compared with 5.6
million a year ago.

Afore Azteca

As of Dec. 31, 2005, Siefore Azteca reached MXN8,806 million in
net assets under management, and yielded a 10.7% return
approximately.

Seguros Azteca

Seguros Azteca reported net income of MXN26 million in the
quarter, more than six times compared with net income of MXN4
million of 4Q04.  For the full-year 2005, net income grew to
MXN138 million, from MXN9 million in 2004.

Commercial Division

Revenue of the commercial division in the quarter was MXN5,503
million, 3% down from the MXN5,688 million in 4Q04.  Despite the
lower revenue, gross margin grew 190 basis points to 32.2% in
4Q05, and gross profit increased 3% to MXN1,771 million.

The full year merchandise sales increased 1% to MXN19,562
million, from MXN19,392 million in 2004.  The gross margin grew
70 basis points to 31.8%, resulting in gross profit of MXN6,224
million in 2005.

Total Debt and Net Debt

As of Dec. 31, 2005, the commercial division's total debt with
cost was MXN3,984 million, 7% higher compared with MXN3,740
million reported a year ago.  The net debt of the commercial
division registered a negative balance of MXN1,536 million,
compared with a negative balance of MXN966 million as of Dec.
31, 2004.

               Consolidated Financial Results

Consolidated Revenue

Total consolidated revenue was MXN8,914 million in 4Q05, 8%
higher than the MXN8,290 million reported in the same period a
year ago.  In 2005, total consolidated revenue increased 17% to
MXN31,810 million, from MXN27,073 million in 2004.

Grupo Elektra's consolidated income statement shows the net
effect of the decrease of the financial division's cost due to
the cancellation of reserves and the increase in the financial
division expense from the sale of loans during the quarter.

EBITDA

Consolidated EBITDA reached MXN1,595 million, a 16% rise from
MXN1,374 million in 4Q04, despite a 3% growth in the
consolidated cost.  This resulted in a 130 basis points increase
in the EBITDA margin to 17.9%, from 16.6% a year ago.

The full year consolidated EBITDA was MXN5,177 million, 21%
higher than MXN4,261 million reported in 2004.  Despite a 23%
increase in operating expenses in the year, EBITDA margin grew
60 basis points to 16.3% in 2005, from 15.7% in 2004.  

Operating Expense

During the quarter, operating expenses were MXN2,880 million, 6%
higher when compared with MXN2,718 million in the same period a
year ago.  The increase was primarily due to the hiring and
training of new employees, the development of the "door-to-door"
company's sales program of the commercial division, the
commercialization of services of the financial division, the
operations resulting from the opening of nine net stores and 99
bank branches, as well as advertising expenses from the
launching of new products like Tarjeta Azteca, and commercial
and financial services.

Consolidated expenses in 2005 increased 23% to MXN10,951
million, from MXN8,883 million in 2004.  

Operating Profit

During the fourth quarter, operating income increased 36%,
partially due to a 24% reduction in depreciation and
amortization.  The depreciation and amortization reduction
results from the cancellation of goodwill in December 2004,
congruent with the implementation of accounting bulletin C-15 a
year ago; in addition, the fixed assets composition in 2005
includes a larger proportion of totally depreciated assets,
compared with the previous year.

In 2005, operating income grew 27% to MXN3,825 million, from
MXN3,005 million of the prior year.

Comprehensive Cost of Financing (CIF)

The commercial division obtained a financial gain of MXN441
million compared with a Ps.713 million financial gain a year
ago.  This includes the following elements:

A gain in equity swaps of MXN433 million, compared with MXN648
million in 4Q04, as a result of lower prices in Grupo Elektra's
shares this period.

A monetary gain of MXN49 million, from MXN150 million in 4Q04,
reflecting lower inflation in the quarter.

Net interest expense was MXN1 million in 4Q05 compared with net
interest income of MXN25 million in the same period a year ago,
as a result of an increase in debt with cost this year.

During the quarter, there was a MXN40 million loss in foreign
exchange, compared with a MXN109 million loss a year ago, due to
an increased stability in the exchange rate in 4Q05 compared
with 4Q04.  

During 2005, the Comprehensive Cost of Financing aka CIF was
MXN286 million, compared with a MXN201 million financial gain a
year ago.  The difference is comprised of the following
elements:

A gain in equity swaps of MXN78 million, compared with MXN648
million in 2004, as a result of lower prices in Grupo Elektra's
shares in 2005.

A loss in monetary position of MXN167 million compared with
MXN66 million in 2004, as a result of a higher revaluation of
the exchange rate in 2005, on a net asset position.

A monetary gain of MXN103 million, from MXN183 million a year
ago, reflecting lower inflation in 2005.

In 2005, net interest expense was MXN300 million compared with
net interest expense of MXN563 million the previous year,
reflecting increased interest income in 2005 due to higher
levels of cash, marketable securities and investments.  

Net Income

The increase in EBITDA, together with a positive result of the
comprehensive cost of financing resulted in net income of
MXN1,249 million in 4Q05, more than twice compared with net
income of MXN645 million in the same quarter a year ago.

In 2005, consolidated net income was MXN2,976 million, 54% up
from the MXN1,933 million in 2004.  

Capex

As of Dec. 31, 2005, capital expenditures were MXN1,197 million,
primarily due to the company's expansion and the purchase of
systems and communications equipment.  

Cash and Cash Equivalents

As of Dec. 31, 2005, total cash and cash equivalents were
MXN19,971 million, 45% higher than the MXN13,821 million at the
end of 4Q04.  The increase was due to a 17% growth in the cash
balance of the commercial division, to MXN5,520 million, and a
59% increase in the cash balance of the financial division to
MXN14,452 million, in line with the rise in customer deposits.  

              Consolidated Gross Loan Portfolio

Total consolidated gross loan portfolio of Banco Azteca Mexico,
Banco Azteca Panama, and Elektrafin Latin America as of Dec. 31,
2005, was MXN16,118 million, 31% higher than MXN12,324 million
as of Dec. 31, 2004.

Consolidated Equity  

Consolidated equity as of Dec. 31, was MXN9,640 million, 18%
higher than MXN8,160 million of the previous year.

                        *    *    *

As reported by Troubled Company Reporter on May 27, 2005, Fitch
Ratings affirmed and withdrew the 'BB-' international scale
foreign and local currency ratings of Grupo Elektra, S.A. de
C.V.  Fitch has withdrawn the ratings in consistency with
Fitch's policies due to the paydown of all of the company's
dollar-denominated bonds.

Fitch also affirmed Elektra's national scale short term rating
of 'F2(mex)' and would continue to follow the company on the
national scale.


GRUPO MEXICO: Sixty-Five Trapped Miners Still Unrescued
-------------------------------------------------------
According to reports, the rescue team sent to help trapped
miners inside Grupo Mexico's Pasta de Conchos mine, are close to
reaching two out of the 65 miners inside.  

Using only picks and shovels to avert further explosions,
rescuers have dug about 165 feet.  Labor Minister Francisco
Javier Salazar said in a radio interview that the two miners
were believed to have sought refuge in that area of the
collapsed mine.

The trapped miners are believed to be clustered in three groups
along the main mine shaft, which slopes for about two miles to a
depth of about 150 yards.  So far, the rescuers have gone only
about 600 yards along the main shaft and have yet to find any
bodies or signs of life, the New York Times relates.

A gas explosion 600 feet underground on Sunday caused the three
main tunnels into the coal mine to cave in.  The miners carried
only enough oxygen with them for six hours, but rescue workers
have been pumping fresh air into ventilation shafts in the hope
that some of it may reached the trapped men.

The mine manager, Ruben Escudero, told the New York Times that
the rescuers have met a lot setbacks and blocked shafts.  The
team had to contend with two more cave-ins, Mr. Escudero said.

Grupo Mexico SA de CV -- http://www.grupomexico.com/-- through  
its ownership of Asarco and the Southern Peru Copper Company,
Grupo Mexico is the world's thrid largest copper producer,
fourth largest silver producer and fifth largest producer of
zinc and molybdenum.

                        *    *     *

Fitch Ratings assigned these ratings to Grupo Mexico SA de CV:

     -- foreign currency long-term debt, BB; and
     -- local currency long-term debt, BB.


=====================
P U E R T O   R I C O
=====================


AOL LATIN: Wants Open-Ended Decision to File Notices of Removal
---------------------------------------------------------------
America Online Latin America Inc., and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
extend, until the earlier of the effective date of their Joint
Plan of Reorganization and Liquidation and July 31, 2006, to
file notices of removal with respect to pre-petition civil
actions pursuant to Rules 9027(a)(2)(A), (B) and (C) of the
Federal Rules of Bankruptcy Procedures.

The Debtors filed their Joint Plan and an accompanying
Disclosure Statement on Jan. 17, 2006.  

The Debtors give the Court three reasons supporting the
extension:

   1) it will give the Debtors more time and opportunity to make
      fully informed decisions concerning the removal of each
      pending pre-petition civil action;

   2) it will assure that the Debtors do not forfeit valuable
      rights under 28 U.S.C. Section 1452; and

   3) the requested extension will not prejudice the rights of  
      the Debtors' adversaries because any party to a pre-
      petition civil action that is removed may seek to have it
      remanded to the appropriate state court pursuant to 28
      U.S.C. Section 1452(b).

The Court will convene a hearing at 3:00 p.m., on Feb. 23, 2006,
to consider the Debtors' request.

Headquartered in Fort Lauderdale, Florida, America Online
LatinAmerica, Inc. -- http://www.aola.com/-- offers AOL-branded    
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network.  Principal shareholders in AOLA are
Cisneros Group, one of Latin America's largest media firms,  
Brazil's Banco Itau, and Time Warner, through America Online.  
The Company and its debtor-affiliates filed for Chapter 11
protection on June 24, 2005 (Bankr. D. Del. Case No. 05-11778).
Pauline K. Morgan, Esq., and Edmon L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP and Douglas P. Bartner, Esq., at
Shearman & Sterling LLP represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed total assets of $28,500,000
and total debts of $181,774,000.


AOL LATIN: Wants Open-Ended Time to Make Lease-Related Decisions
----------------------------------------------------------------
America Online Latin America Inc., and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
extend, until the earlier of the effective date of their Joint
Plan of Reorganization and Liquidation and July 31, 2006, their
time to elect to assume, assume and assign, or reject their
unexpired nonresidential real property leases.

The Debtors filed their Joint Plan and an accompanying
Disclosure Statement on Jan. 17, 2006.  

The Debtors tell the Court that they are parties to several
nonresidential real property lease agreements.  The real
property leases include the Debtors' administration offices and
various premises leased by AOL Puerto Rico in shopping areas in
Puerto Rico in connection with AOL Puerto Rico's marketing
activities for the AOL branded services.

Under the Plan, the Debtors will ultimately assume or reject the
real property leases. However, the Debtors have requested the
Court that upon its approval of the Disclosure Statement, the
confirmation hearing should be held on April 25, 2006, which is
beyond the present lease decision deadline.

The Debtors give the Court three reasons in support of their
request for an extension of the lease decision period:

   1) a premature decision to reject the leases will hinder the
      Debtors' ability to make the distributions contemplated
      under the Plan;

   2) the Debtors' decision to assume or reject the leases will
      depend, among other things, on their review of the
      business and analysis of each lease location, the purpose
      and manner in which the business will be sold, wound down
      or transferred pursuant to the Plan; and

   3) the Debtors are current on all post-petition payments
      under the lease and the requested extension will not
      prejudice the landlords of those leases.

The Court will convene a hearing at 3:00 p.m., on Feb. 23, 2006,
to consider the Debtors' request.

Headquartered in Fort Lauderdale, Florida, America Online Latin
America, Inc. -- http://www.aola.com/-- offers AOL-branded    
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network.  Principal shareholders in AOLA are
Cisneros Group, one of Latin America's largest media firms,
Brazil's Banco Itau, and Time Warner, through America Online.
The Company and its debtor-affiliates filed for Chapter 11
protection on June 24, 2005 (Bankr. D. Del. Case No. 05-11778).
Pauline K. Morgan, Esq., and Edmon L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP and Douglas P. Bartner, Esq., at
Shearman & Sterling LLP represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed total assets of $28,500,000
and total debts of $181,774,000.


SPANISH BROADCASTING: Repays Second Lien Credit Facility
--------------------------------------------------------
Spanish Broadcasting System, Inc. (Nasdaq: SBSA) paid its Second
Lien Credit Facility in full.  The company used approximately
$101 million of net cash proceeds received from the sale of its
Los Angeles radio stations KDAY-FM and KDAI-FM to Styles Media,
completed on Jan. 31, 2006.

Joseph A. Garcia, Chief Financial Officer, commented, "This is a
significant step in our deleveraging plan, which reduces our
interest expense by approximately $9 million and strengthens our
balance sheet.  Moving forward, we will continue to assess our
financial position with the goal of maintaining a strong balance
sheet and financial flexibility."

On June 10, 2005, Spanish Broadcasting System entered into the
Second Lien Credit Facility that provided for a $100 million
term loan scheduled to mature on June 10, 2013, with a
prepayment premium of 1%, if the full amount of such term loan
was paid with the proceeds of the Styles Media Asset Sale
proceeds on or before June 10, 2006.

Spanish Broadcasting System, Inc. ---
http://www.spanishbroadcasting.com/-- is the largest Hispanic-
controlled radio broadcasting company in the United States.  SBS
owns and operates 20 radio stations located in the top Hispanic
markets of New York, Los Angeles, Miami, Chicago, San Francisco
and Puerto Rico, including the #1 Spanish-language radio station
in America, WSKQ-FM in New York City, as well as 3 of the Top 4
rated radio stations airing the Tropical, Regional Mexican,
Spanish Adult Contemporary and Hurban format genres and the
highest billing Latino-formatted stations in each of the three
largest U.S. Hispanic markets.  The Company also produces live
entertainment concerts and events throughout the U.S. and Puerto
Rico.  On July 13, 2005, the Company announced the acquisition
of WDLP-TV, a full-power television station serving South
Florida that is expected to close by March 2006.  The Company
also operates LaMusica.com, a bilingual Spanish-English online
site providing content related to Latin music, entertainment,
news and culture.

                           *     *     *

Spanish Broadcasting System, Inc.'s $25 million revolving credit
facility due 2010 carries Standard & Poor's B+ rating.


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


PDVSA: Guanaco Asphalt Refinery Construction to Start in 2 Years      
----------------------------------------------------------------
Business News Americas reports that Venezuela's state oil
company PDVSA, aka Petroleos de Venezuela SA, will start in two
years or less the construction of an asphalt refinery near the
Guanoco natural asphalt lake to produce about 50,000 barrels a
day of asphalt

Company president and energy and oil minister Rafael Ramirez  
told reporters that the refinery will have its own port for
tankers.   

Guanoco is a natural asphalt lake in Sucre state in eastern
Venezuela.  

"We are already working in [the nearby port of] Caripe, adapting
the  old pier, the terminal, for oil operations. We will begin
construction  of the refinery in 18 months to two years," Mr.
Ramirez said.  Some of the asphalt could be exported to China,
the minister added.  

The building of the refinery is expected to cost about US$600
million.

Venezuela's main producer of asphalt crude is the Boscan oil  
field in western Venezuela's Zulia state, where PDVSA and US oil
major Chevron (NYSE: XOM) are negotiating a PDVSA-dominated
joint venture.  Boscan currently produces some 100,000b/d,
according to Mr. Ramirez.  

PDVSA plans to increase crude supply for the manufacturing of  
asphalt by about 10,000b/d as part of a national plan to upgrade
roads.  The ministry of infrastructure said on Thursday that 70%
of the roads in the capital city of Caracas are in need of
repair, Business News relates.

Currently PDVSA has five operating refineries in Venezuela:

     -- Bajo Grande or Maracaibo,
     -- Centro Refinacion Paraguana,
     -- San Roque,
     -- El Palito and
     -- Puerto La Cruz

The five facilities have a combined capacity of about 1.5
million barrels a day.  Of the five existing refineries, the
only one that will not receive any new investments is Maracaibo.

Apart from Guanoco, PDVSA has also announced plans to build
three other new refineries in the country: Barinas, Cabruta and
Caripito. These new facilities, including Guanoco, will add
about 650,000b/d to PDVSA's domestic refining capacity, bringing
it to about 2Mb/d, Business News relates.
  
PDVSA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry,
as well as planning, coordinating, supervising and controlling
the operational activities of its divisions, both in Venezuela
and abroad.

                        *    *    *

On Jan. 23, 2005, Fitch Ratings upgraded the local and
foreign currency ratings of Petroleos de Venezuela S.A. aka
PDVSA to 'BB-' from 'B+'.  The rating of PDVSA's export
receivable future flow securitization, PDVSA Finance Ltd, was
also upgraded to 'BB+' from 'BB'.  In addition, Fitch has
assigned PDVSA a 'AAA(ven)' national scale rating.  The Rating
Outlook is Stable.  Both rating actions follow Fitch's November
2005 upgrade of Venezuela's sovereign rating.


PDVSA: Says It Could Up Petrocaribe Exports by 10,000 b/d       
----------------------------------------------------------
According to Business News Americas, PDVSA, aka Petroleos de
Venezuela SA, said that it could export an additional 10,000
barrels per day of liquid fuels to the 13 Caribbean Islands that
signed the Petrocaribe agreement in July 2005.

PDVSA supplies 50,000 barrels per day of liquid fuels to most
Caribbean countries, mostly the Dominican Republic and Jamaica.  
Cuba receives 100,000 barrels a day in crude and liquid fuels
from Venezuela, Business News states.  

Under the Petrocaribe agreements, member countries can pay for  
Venezuelan crude and liquid fuels with locally produced goods,  
especially foodstuffs, and also finance up to 50% of their fuel
bill at 1% annual interest rates.

PDVSA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry,
as well as planning, coordinating, supervising and controlling
the operational activities of its divisions, both in Venezuela
and abroad.

                        *    *    *

On Jan. 23, 2005, Fitch Ratings upgraded the local and
foreign currency ratings of Petroleos de Venezuela S.A. aka
PDVSA to 'BB-' from 'B+'.  The rating of PDVSA's export
receivable future flow securitization, PDVSA Finance Ltd, was
also upgraded to 'BB+' from 'BB'.  In addition, Fitch has
assigned PDVSA a 'AAA(ven)' national scale rating.  The Rating
Outlook is Stable.  Both rating actions follow Fitch's November
2005 upgrade of Venezuela's sovereign rating.


* Venezuela Pressures OPEC to Cut Daily Oil Output
--------------------------------------------------
The Financial Times reports that Venezuela, the fourth-biggest
oil producer among the members of the Organisation of the
Petroleum Exporting Countries, asks the organization to cut its
output by up to 1 million barrels a day.

Rafael Ramirez, Venezuela's energy minister, said that the level
of the demand for oil is below the average daily production, the
FT states.

The prospect of Opec cutting oil supply when prices are above
$50 a barrel is going to be a tough political act, the FT
believes.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B2 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Marjorie C. Sabijon and Sheryl
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Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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