TCRLA_Public/060227.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

          Monday, February 27, 2006, Vol. 7, Issue 41

                            Headlines


A R G E N T I N A

ALPARGATAS: Fitch Puts D(arg) Ratings on Six Bond Issues
RTE GRAFICO: Fitch Rates Companies' Corporate Bonds
BALPI S.R.L.: Trustee Stops Validating Claims on March 28
BANCO RIO: Incurs 912.7 Million Pesos Loss in 2005
DOSKIE S.A.: Creditors Must Present Claims to Trustee by Mar. 23

EDENOR: All Creditors Endorse Debt Restructuring Offer
EDITORIAL LUMI: Starts Verification of Creditors' Claims
FUREX S.A.: Claims Verification Begins, Ending April 3
GAS ARGENTINO: Fitch Affirms Default Rating on US$130 Mil. Debt
LABORATORIO FAVO: Verification of Claims from Creditors Begins

LEONOR DUCLER S.A.: Trustee Sets Date Claims Verification Ends
METROVIAS: Fitch Puts Ordinary Shares Under Category 4
SADOWA: Declares Insolvency After FMD Scare
TELEFONICA HOLDING: Fitch Puts Ordinary Shares Under Category 3
TELEMONITOREO INTERNACIONAL: Trustee Starts Validating Claims

UNIBACK S.A.: Trustee Stops Accepting Claims on April 11
UNIDAD ASISTENCIAL: Creditors Required to Submit Proofs of Claim


B E R M U D A

SOLAR ENTERPRISES: Delisting from BSX & Liquidating Assets


B O L I V I A

COEUR D'ALENE: Appoints Managing Director for Subsidiary
REPSOL YPF: Under Government's Investigation for Tax Evasion


B R A Z I L

BANCO BRADESCO: Executive Officers to Propose Dividend Payment
BANCO BRADESCO: Posts Net Income of BRL5.514 Billion in 2005
BANCO DO BRASIL: Insurance Arm Makes US$417 Mil. Profit in 2005
CVRD: Sells Foz do Chapeco for BRL9 Million
PETROLEO BRASILEIRO: Wins Exploration and Production Tender

* Brazil Posts US$452 Million Current Account Deficit


C A Y M A N   I S L A N D S

CIJOF I CAYMAN: Claims Verification Ends on March 9
HASHI CAYMAN: Creditors Must Submit Claims by March 6
HPPI HOLDING: Creditors Must Submit Claims by March 9
HYDROCARBONS TRADERS: Sets Mar. 9 Deadline for Claims Submission
INSIGNIA CAPITAL: Sets Mar. 9 as Deadline for Claims Submission

ML INTERNATIONAL: Creditors Have Until Mar. 9 to Submit Claims
NICHOLAS HOLDINGS: Creditors Have Until Mar. 9 to Submit Claims
OSI OFFSHORE: Creditors Have Until March 9 to Submit Claims
SF FUNDING: Sets March 6 Deadline for Creditors to Submit Claims


C O L O M B I A

COLOMBIA: Government Expects E&P Boom After 2005 Performance


D O M I N I C A N   R E P U B L I C

CENTENNIAL COMMUNICATIONS: Updates 2006 Fiscal-Year Outlook


J A M A I C A

AIR JAMAICA: Resumes Direct Flights to St. Lucia
JAMAICA: Global Markets Grab Bond After S&P Maintains 'B' Rating
* JAMAICA: Small Businesses to Suffer from Change in Tax Rules


M E X I C O

HILTON HOTELS: Hilton plc Buy Cues Fitch to Lower Ratings to BB


P E R U

* Peruvian Ambassador Promotes U.S. Free Trade Deal


P U E R T O   R I C O

MUSICLAND HOLDING: Can Maintain Existing Insurance Policies
MUSICLAND: Court Approves Abacus as Advisors & Consultants


U R U G U A Y

BANCO COMERCIAL: Uruguay Government Forced Back to Arbitration
* URUGUAY: Market Responds Well to US$500 Million Bond Issue


V E N E Z U E L A

PDVSA: Plans to Increase Wells at Petrozuata Project
* VENEZUELA: Non-oil Exports Slips 4% in 2005

     -  -  -  -  -  -  -  -

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


ALPARGATAS: Fitch Puts D(arg) Ratings on Six Bond Issues
--------------------------------------------------------
The Argentine arm of Fitch Ratings assigned D(arg) ratings on
these Obligaciones Negociables emitted by Alpargatas S.A.I.C.:

   -- ON convertible for US$70 million (US$6.2 million in
      circulartion);

   -- ON convertible for US$5.1 million (US$40.898 million in
      circulation);

   -- ON Sub convertible for $80 million ($5.9 million in
      circulation);

   -- ON for US$40 million (US$13.4 million in circulation);

   -- ONs simples, class A for US$1 million; and

   -- ONs simples, class B for US$80 million

Also, the ordinary shares have been included in category 4.

On Dec. 2005, four years after having opened the 'concurso
preventivo,' Alpargatas reached the agreement with its creditors
(87.72% of acceptance).  Nevertheless, despite the further
improvements shown in this sense and the improvement registered
on the amount of funds that the company had in 2005, the
resolution on the concurso has not been defined yet, which
includes a high level of debt and a weak situation of the
patrimony.  This generates a bit of uncertainty regardning the
future operations of the company as well as on its future paying
capacity.

On Sept. 2005, the operative results continued to be positive.
The generation of funds at that date reached $51.8 million,
which represents a 46% more than the amount registered during
the same period of 2004.  This allowed the company to pay larger
requirements of capital of work, as well as investments of
capital.

On Oct. 2005, the assembly of holders of titles in series took
place, where the proposal of the concurso presented on March
2004 was considered by bondholders, reaching an acceptance of
the 92.21% from the present capital (62.6%).  On December 16,
2005, the 'Acuerdo Preventivo' was announced, considering the
acceptance of the proposal on the concurso by the 87.72% of the
capital.

Created in 1883, Alpargatas S.A.I.C. is a group of companies
which participate in the textile sector having well recognized
brands.  The shares of the company are located between creditors
who capitalized their credits in 2000 and minor shareholders in
the Buenos Aires stock market, with participations for no more
than the 20%.


ARTE GRAFICO: Fitch Rates Companies' Corporate Bonds
----------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A., the Argentine arm
of international ratings agency Fitch Ratings, assigned these
ratings to Arte Grafico Editorial Argentino S.A.'s corporate
bonds:

Global program of Obligaciones Negociables Simples for:

  -- US$450,000,000
     * Last due: Nov. 7, 2008
     * Rated date: Feb. 16, 2006
     * Rate: raBBB
     * Date of balance: 30 Sept 2005

  -- ON variable rate, serie de for $300,000,000
     * Last due: no date
     * Rated date: Feb. 16, 2006
     * Rate: raBBB
     * Date of balance: Sept 30., 2005

  -- ON, Serie C, increasing fixed rate for US$30,600,000
     * Last due: no date
     * Rated date: Feb. 16, 2006
     * Rate: raBBB
     * Date of balance: Sept. 30, 2005


BALPI S.R.L.: Trustee Stops Validating Claims on March 28
---------------------------------------------------------
Mr. Mauricio Leon Zafran, the trustee appointed by the Buenos
Aires court for the Balpi S.R.L. bankruptcy case, will stop
validating claims from the company's creditors on March 28.

Mr. Zafran will present the validated claims in court as
individual reports on May 10, 2006.  The trustee will also
submit a general report on the case on June 22, 2006.

Mr. Mauricio Leon Zafran, the trustee, can be reached at:

         Avda. Callao 420
         Buenos Aires


BANCO RIO: Incurs 912.7 Million Pesos Loss in 2005
--------------------------------------------------
The bank Banco Rio de la Plata lost 912.7 million pesos (US$298
million) in 2005.

The negative result had to do with the recovery of the balance,
which allowed the company to show better results today.  The
recovery represented a total of $1.187 billion.

In this way, the operative result obatined in the annual
exercise 2005 was of $345.9 million, with an improvement of the
82% over the $190.5 of the previous year enhanced by the
recovery on the business.

The bank was also able to reduce in 2005 the number of public
titles from the 55.8% to a 26.2% of the total of the actives.
The ones in the private sector reached a 41%, when in 2004 they
represented less than the 20%.

The bank confirmed as well that it is the number one private
bank and with the best growth.

Income for services increased 27.9% in 2005 and deposits 29.6%.
During that period, the participation of the market on the
private sector and investment funds increased from a 9.5% to a
10.1%.

Due to capitalizations, the bank shows today a patrimony 21%
larger than compared to last one. Its net patrimony reaches
1.000 million pesos.

                        *    *    *

Moody's Investor Service assigns Caa1 ratings to Banco Rio de la
Plata's Issure Rating and Long-Term Bank Deposits.


DOSKIE S.A.: Creditors Must Present Claims to Trustee by Mar. 23
----------------------------------------------------------------
Doskie S.A.'s creditors are required to present their claims
against the company to Mr. Alberto Rotemberg, the company's
trustee, on March 23, 2006.

Argentine daily La Nacion relates that Buenos Aires' Court No.
15 declared the company's bankruptcy in favor of the company's
creditor Obra Social de Empleados de Comercio y Actividades
Civiles for nonpayment of about $13,922.15 in debt.

Clerk No. 29 assists the court with the proceedings.

Doskie S.A. can be reached at:

         Av. Santa Fe 1660
         Buenos Aires

Mr. Alberto Rotemberg, the trustee, can be reached at:

         Av. Cordoba 1336
         Buenos Aires

EDENOR: All Creditors Endorse Debt Restructuring Offer
------------------------------------------------------
As previously reported, Edenor launched on Jan. 20 its offer to
restructure $537 million in debt that the company defaulted on
in 2002 amid the nation's financial crisis.  The offer calls for
the exchange of its US$537 million debt for a combination of
cash and new notes through a voluntary offer and out-of-court
restructuring agreement.  The debt swap offered a fixed-rate 11-
year bond, a variable rate and Libor-based 14-year bond, or a
combination option that included an 85% cash buyback and a
discount 9-year bond.

The offer of exchange and invitation to the "Acuerdo Preventivo
Extrajudicial (APE)" got a 100% acceptance from the company's
creditors.

The debt to be reestructured is integrated by Obligaciones
Negociables, variable rate, Class 2A which became due and owing
in 2003, plus another debt still to be paid through the
voluntary exchange in cash and new titles or the agreement known
as APE.

Edenor will make the restructuring through any of the following
options:

   -- an exchange with the creditors who would have given their
      consent without presenting the APE, only if at least the
      93% of the capital to be reestructured (including
      interests) is reached.

   -- an exchange previous to the homologation of the APE if
      between the 66% and 93% from the holders of the debt give
      their consent.  In this case, the company will try to
      obtain the legal support in order to make the creditors
      who did not support the proposal to do it.

   -- finally, Edenor will try to homologate the APE to
      implement the restructuring with all of the creditors at
      the same time (including those who have not given their
      consent) if between the 66% and 93% of the capital still
      to be paid accepts the offer, in which case the previous
      exchange will not be implemented.

The bonds offered in the exchange can be received by the
creditors who accept the option to these, with the chance of
postpone and reassignation for one of the offers or a
combination between them:

   -- option 'a la par,' increasing fixed rate: for every 1.000
      dollars of capital of debt still to be paid offered and
      accepted, creditors will get 1.000 dollars of nominal
      value in Obligaciones Negociables, a la par and fixed
      rate.

Interests will be paid every six months, as well as the capital.

   -- option 'a la par,' variable rate: for every 1000 dollars
      of capital of debt still to be paid, offered and accepted,
      creditors will get Obligaciones Negociables for nominal
      value, variable rate for equal value or more.

   -- combined offer: for every 1.000 dollars of debt, offered
      and accepted, creditors will get a payment in cash for 283
      dollars and a nominal value of 667 dollars in Obligaciones
      Negociables with discount.

Under this option 360 million dollars of capital of debt will be
exchanged.

Interests will be paid every 6 months and the capital through
fours installments and also every 6 months.

                        *    *    *

As reported by Troubled Company Reporter on Jan. 2, 2006, the
Argentine arm of credit ratings agency Fitch Ratings maintained
its 'D' local scale rating on US$600 million of bonds issued by
power distributor Edenor.

Fitch attributed the rating to Edenor's inability to make its
credit payments, which are in US dollars, due to the devaluation
of the peso and the government having frozen rates.


EDITORIAL LUMI: Starts Verification of Creditors' Claims
--------------------------------------------------------
The verification of creditors' claims against Editorial Lumi
S.R.L. has begun.  It will end on March 14, 2006.

Infobae relates that validated claims will be presented in court
as individual reports on April 25, 2006.

The submission of a general report will follow on June 8, 2006.

Editorial Lumi S.R.L. was declared bankrupt by a Buenos Aires
court.  The court appointed Mr. Mauricio Leon Zafran as the
company's trustee.

Mr. Mauricio Leon Zafran, the trustee, can be reached at:

         Avda. Callao 420
         Buenos Aires


FUREX S.A.: Claims Verification Begins, Ending April 3
------------------------------------------------------
Mr. Salomon Wilhelm, court-appointed trustee, has started
verifying claims against Furex S.A.

La Nacion relates that Buenos Aires' Court No. 24 approved the
company's petition to reorganize.

Clerk No. 48 assists the court in this case.

Furex S.A. can be reached at:

         Lavalle 750
         Buenos Aires

Mr. Salomon Wilhelm, the trustee, can be reached at:

         Lavalle 1290
         Buenos Aires


GAS ARGENTINO: Fitch Affirms Default Rating on US$130 Mil. Debt
---------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. affirms the D(arg)
rating of Gas Argentino S.A.'s Obligaciones Negociables emitted
for US$130 million (US$70 million in date).

The rate responds to the non-payment on the services of the debt
since April 2002.  Also, the agreement reached by GASA and its
creditors for reestructured its debt on December 2005 is
positively seen. The agreement includes the capitalization of
the total of the debt through an exchange of shares of GASA and
Metrogas.  The reestructuring through the capitalization of the
debt responds to the nature of Gasa of being an investment
company, whose only active is the participation that it has got
in Metrogas, which is in a restructuring proceedings and where
significant incomes in the media term are not expected.  The
agreement needs still the approval of Enargas and the Comision
Nacional de Defensa de la Competencia.

On Sept. 2005, the ONs of GASA for US$82.5 million (capital and
interests) were in hands of American funds administrated by
Ashmore Investment Management Limited and Marathon Asset
Management.  The agreement includes the emission of shares of
GASA which represent the 30% of the capital in favour of Fondos
Ashmore and the transfer of the shares class B of Metrogas in
hands of GASA, representative of the 19% of Metrogas Capital, a
3.65% in favour of Fondos Ashmore and a 15.35% in favour of
Marathon.  GASA will keep the 51% of participation in Metrogas
(shares class A).  In this way, the groups British Has and
Repsol YPF, undirect controls of Metrogas, will seen their
participation decreased.

On other hand, Metrogas has also got further on the
reestructuring of its debt for US$437 million of capital, having
presented a new proposal on Nov. 2005 which includes an
improvement on the payment in cash and larger interest rates
compared to the proposal presented on Nov. 2003.  On Jan. 25,
2006, the proposal reached an acceptance of the 90.5% of the
capital, extending the time given until March 15, 2006 because
of modifications done to it.  It is expected that with the
percentage of acceptance reached in the new proposal, Metrogas
will be able to get further on the reestructuring of its debt,
which if done through an APE, could take a bit longer than
planned.

Gas Argentino S.A. was created on Dec. 1992, being the only
active the participation that it has got in Metrogas which is in
charge of the distribution of natural gas in the capital city
and south of Buenos Aires (for 35 years, with an option of 10
more).  GASA is a company leaded by British Gas (54.7%),
technical operator of Metrofas, and Repsol YPF (45.3%). GASA is
controlling Metrogas with a 70% of participation, the 20% of
Metrogas has got price in the Buenos Aires and New York stock
markets and the remaining 10% belongs to the employees.


LABORATORIO FAVO: Verification of Claims from Creditors Begins
--------------------------------------------------------------
The verification phase for the claims submitted by Laboratorio
Favo S.R.L.'s creditors has started, Argentine daily La Nacion
reports.  The verification will end on May 5, 2006.  Creditors
who are unable to submit claims after the said date will be
excluded from receiving any distribution or payment that the
company will make.

Laboratorio Favo S.R.L. was declared bankrupt by Buenos Aires'
Court No. 3 with the assistance of Clerk No. 6.  The court made
the ruling in favor of the company's creditor, Mr. Oscar
Cordomi, for nonpayment of $33,217.84.  The court selected Ms.
Analia Chelala as the company's trustee.

Laboratorio Favo S.R.L. can be reached at:

         Rio Cuarto 3935
         Buenos Aires

Ms. Analia Chelala, the trustee, can be reached at:

         Corrientes 2335
         Buenos Aires


LEONOR DUCLER S.A.: Trustee Sets Date Claims Verification Ends
--------------------------------------------------------------
Court-appointed trustee Gloria C. Klemer will stop verifying
claims from Leonor Ducler S.A.'s creditors on March 23, 2006.
Infobae relates that verified claims will be used as basis in
creating individual reports, which will be due in court on May
9, 2006.

A general report is expected in court on June 22, 2006.

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

Ms. Gloria C. Klemer, the trustee, can be reached at:

         Lavalle 1672
         Buenos Aires


METROVIAS: Fitch Puts Ordinary Shares Under Category 4
------------------------------------------------------
The Argentine arm of Fitch Ratings has placed the ordinary
shares of Metrovias under category 4.

The credit feature of Metrovias remains highly influenced by the
uncertainty associated to the redefinition of the concession
contract. The freezing of the rates in an environment of
increasing costs, have produced a constant pressure over the
funds of Metrovias.

Since the second trimester 2003 a change in the amount of
passengers of the trains has occured.  During the 2004 exercise
this amount increased a 5.6%, while in 2005 they increased a
4.3%. This resulted in an increase during 2004/2005 of the 6.0%
and 4.3% respectively. Despite that during the last two
exercises, Metrovia was able to register better results, the one
corresponding to last's year has been affected by higher
operative costs.  This has increased on Dec. 2005 a 39% if
compared to the previous year, representinga around a 60% from
the total sells.

This increase on the operative costs of the company was in part
compensated by larger costs charged on the analysed period, from
which were included less exportation costs ($130.7 million on
Dec. 2005 vs.
$87.2 million on Dec. 2004).  Larger incomes received from the
government were reflected with better operative results, for
more than $52 million during the 12 months period on Dec. 2005
vs. $14 million on Dec. 2004.

Despite this larger incomes, the costs for the electricty,
cleaning and guarding services, resulted on a lower EBITDA, on
Dec. 2005, from $13 million vs. $18 million on Dec. 2004.
Nevertheless, despite the lesser amount registered on the
operative results of 2005, the net loss of 2004 did not
continue.

The increase on the costs of the Company combined with frozen
rates, limits the normal operations of Metrovias, which remain
limited by funds to be provided by the government.

On Dec. 2005, Metrovias registered the lowest relation
debt/capitalization from the last years, of about a 35%.  This
was because of pre cancels of borrows during the last trimester.
The total debt decreased a 50% between 2004/2005, reaching $22
million on Dec. 2005.  This was totally nominated in pesos and a
53% of it were in the long term.

In relation to the shares of Metrovias, despite that they
presented a low sell in the market during the last 12 months, a
larger presence of this shares have been seen lately.  The
generation of funds of the company has been determinated as
regular.

Metrovˇas is in charge of the transport of trains and metro in
the city of Buenos Aires.  It has got the concession until Dec.
2017, in order to explote the tube sytems of Buenos Aires and
the Urquiza line, train line of public passengers.  The main
shareholder of the company is Compa¤ˇa Latinoamericana de
Infraestructura & Servicios S.A., the holding infrastructure
company of the Roggio Group which, through Benito Roggio
Transporte SA, has got the 75% of the shares; the remaining 25%
is, since October 2005, at the Buenos Aires stock market.


SADOWA: Declares Insolvency After FMD Scare
-------------------------------------------
The frozen meat producer Sadowa SA has declared insolvency under
the "Concurso de acreedores" as a result of the difficult
situation that the reappearance of the foot-and-mouth disease in
Argentina.

The sale of cows from Sadowa was damaged when no one will accept
its products because several countries rejected purchasing
Argentine meat.

As a result, Sadowa, located in the coast city of Mar del Plata,
Argentina, had to present in "Concurso de Acreedores" though
until now, the measure has not resulted in the firing of
employees nor in reductions on the salaries.

SADOWA has been in crisis for a very long time and this
situation has enhanced its difficulties.


TELEFONICA HOLDING: Fitch Puts Ordinary Shares Under Category 3
---------------------------------------------------------------
The ordinary shares of Telefoncia Holding de Argentina SA have
been placed under category 3 by Fitch's Argentine arm.

The rate given is based on the value of its main active, its
indirect participation in TASA, which has got a strong position
in the market as main operator of fixed telephone line, its
experience as operator on the telecommunication sector and the
adequated financial feature associated to manegable levels of
debt and strong generation of funds in pesos.  Also, both TASA
and THA are benefitiated by the fact of belonging to the TESA
group.  THA has also shown improvements on the structure of its
patrimony, after having capitalized more than US$622 million in
related borrows.

Because of restrictions on the distribution of the dividends of
the holding which controls 'Cointel' because of accumulated
losses on its patrimony, the only incomes of THA are by
providing suggestions to Telefonica SA, Argentina.  During 2003
and 2004, incomes for this reached $40 million and $33 million
respectively, equivalent to US$10 million per year.

Since the modifications done on Feb. 15, 2005, the contracts of
borrows between TISA and THA, were converted into pesos, for the
part of TISA's credits to be capitalized, together with its
respective interests at that date for a total of US$622.5
million (this credit reached $1.785 million on Sept. 2005 and
was labeled as other long term passives).  Within the plan of
the rise on the capital, done on Sept 2, 2005, and until Oct 3,
2005, the suscription of the shares Class B was done for
$2.048 million.  The suscription was concluded with the emission
of 1.786,79 shares of nominal value $1.  The new shares have got
price at the 'Bolsa de Comercio de Buenos Aires' and have got,
since Jul. 14, 2005, the authorization for public offer.

Since 2002, THA registers a negative net patrimony for more than
$1.000 million.  With the emission of shares class B, for more
than $1.786 million, THA has changed its negative trend,
reaching a relation debt/capitalization of the 7%.  Also, the
total debt reached around US$20.6 million integrated mainly by
US$14 million from TISA's credits and the rest for around US$7
million from the Obligaciones Negociables Class B.

THA is a holding society with presence in the Telecommunication
area. It also participates on the Media sector (emission of TV
and radio). The 99.96% of THA belongs to Telefonica
Internacional SA, branch of Telefonica SA.


TELEMONITOREO INTERNACIONAL: Trustee Starts Validating Claims
-------------------------------------------------------------
Court-appointed trustee, Mr. Abel Alexis Latendorf, has started
the verification phase for creditors' claims against
Telemonitoreo Internacional S.A., Infobae reports.  Mr.
Latendorf will prepare individual reports out of the verified
claims.  The reports will be presented in court on May 11, 2006.

A general report containing the company's audited business
records as well as a summary of events pertaining to the
liquidation will be submitted to court on Aug. 9, 2006.

A Buenos Aires court handles the company's bankruptcy case.

Mr. Abel Alexis Latendorf, the trustee, can be reached at:

         Piedras 153
         Buenos Aires


UNIBACK S.A.: Trustee Stops Accepting Claims on April 11
--------------------------------------------------------
Mr. Carlos Rapetti, trustee appointed by the Buenos Aires court
for the bankruptcy of Uniback S.A., will no longer entertain
claims that are submitted after April 11, 2006, Infobae reports.
Creditors whose claims are not validated will be disqualified
from receiving any payment that the company will make.

Individual reports on the validated claims will be presented in
court on May 24, 2006.  The submission of the general report on
the case will follow on July 7, 2006.

Mr. Carlos Rapetti, the trustee, can be reached at:

         Echeverria 2670
         Buenos Aires


UNIDAD ASISTENCIAL: Creditors Required to Submit Proofs of Claim
----------------------------------------------------------------
Creditors against Unidad Asistencial del Oeste S.A. are required
to submit proofs of claim by April 10, 2006.  Infobae relates
that the claims will undergo a verification phase.  Claims that
are verified will then be submitted in court as individual
reports on May 26, 2006.

A general report, which will contain the company's audited
business records as well as a summary of events pertaining to
the liquidation, will be presented in court on July 24, 2006.

Unidad Asistencial del Oeste S.A. was declared bankrupt by a
Buenos Aires court.  Mr. Jorge Mencia was appointed as trustee.

Mr. Jorge Mencia, the trustee, can be reached at:

         Rodriguez Pena 350
         Buenos Aires


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


SOLAR ENTERPRISES: Delisting from BSX & Liquidating Assets
----------------------------------------------------------
According to the Bermuda Sun, Solar Enterprises Ltd. plans to
delist from the Bermuda Stock Exchange later this year after it
sells its primary asset.

Solar Enterprises President Peter S. Pearman said in a letter to
shareholders that the impending sale of the Solar's principal
asset of approximately 1,375 acres of undeveloped land in East
Caicos in the Turks & Caicos Islands will then move the company
into liquidation, the Bermuda Sun relates:

"The company has entered into a contract for the sale of the
land for the sum of US $8,500,000.  The stated settlement date
is `on or before February 2, 2006.  The board of Directors has
every reason to believe that after many years the sale of the
land will finally be completed.  The current share capital of
the company is divided into 750,000 shares of par value $1.00
each.

"It is expected that once the sale has been completed, the
company will, later in 2006 formally delist from the Bermuda
Stock Exchange.  In addition, it is the Board of Director's
intention, soon after the completion of the sale of the land, to
declare an interim dividend of part of the sale proceeds in
order to recognize the shareholders' patience over these many
years.  It is further the intention of the Board of Directors
that after de-listing from the Bermuda Stock Exchange and the
completion of various other administrative matters that the
company be placed into voluntary members liquidation and thereby
ending the history of the Company."


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


COEUR D'ALENE: Appoints Managing Director for Subsidiary
--------------------------------------------------------
Coeur d'Alene Mines Corporation announced Thursday the
appointment of Richard M. Weston to the position of Managing
Director of CDE Australia Pty. Ltd., a wholly-owned subsidiary
of Coeur based in Sydney, Australia.

Mr. Weston has over 30 years of mine development and operations
experience in Australia, New Zealand, and Indonesia.  Most
recently, he was the General Manager for Barrick Australia
Ltd.'s Cowal Gold Project in New South Wales.  Mr. Weston was
previously employed by Coeur as the General Manager of the
company's Golden Cross mine in New Zealand from 1994 to 1998.

Dennis E. Wheeler, Coeur's Chairman, President, and Chief
Executive Officer, stated, "We are delighted that Richard has
decided to re-join Coeur as Managing Director of CDE Australia
Pty. Ltd.  He is a highly seasoned mining professional, having
worked for several of the world's leading mining companies
during his career.  Coeur is actively seeking to build on its
Australian presence that it established last year and, with
Richard's leadership and presence, I am confident that we can
maximize the value of our existing investments while building a
pipeline of new Australian silver opportunities."

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer and a growing gold producer.  The Company has
mining interests in Alaska, Argentina, Australia, Bolivia,
Chile, Nevada, and Idaho.

                        *    *    *

Coeur d'Alene Mines Corporation's $180 Million notes due Jan.
15, 2024 carry Standard & Poors' B- rating.


REPSOL YPF: Under Government's Investigation for Tax Evasion
------------------------------------------------------------
In Bolivia, Spanish-Argentine oil company Repsol YPF is under
investigation for an alleged US$9 million tax evasion, United
Press International.

The government is also investigating the company for alleged
environmental damage in the country's southern Chaco region.

                        *    *    *

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 BRADESCO: Executive Officers to Propose Dividend Payment
--------------------------------------------------------------
The board of executive officers of Banco Bradesco S.A. has
agreed to propose to the board of directors the payment of
dividends to the company's stockholders, in addition to the
interest on own capital relating to the fiscal year of 2005, in
the amount of BRL0.334530926 per common stock and BRL0.367984019
per preferred stock, which represent approximately 12 times the
monthly interest paid, benefiting the stockholders registered in
the bank's books on March 6, 2006.

The proposal will be made during a meeting, which will be held
on March 6, 2006.  Once approved, the payment will be made on
June 30, 2006, with no withholding income tax, under the terms
of the Article 10 of Law 9,249/95.

The dividends relating to stocks under custody at CBLC,
Brazilian Company and Depository Corporation, will be paid to
the latter, which will then transfer the proceeds to the
stockholders through custody agents.

Statement of the Interests on Own Capital and Dividends relating
to Fiscal Year 2005

In Brazilian Real

Monthly Interest                           339,554,458.79
1st half - Intermediary Interest               293,706,480.66
Complementary Interest of fiscal year 2005   903,739,060.55
Dividend                                       344,000,000.00
Total                                     1,881,000,000.00

Per stock, in Brazilian Real

Type:                       Common (ON)

Monthly Total Interest:                         0.332060000
1st half - Intermediary Interest:               0.285000000
Complementary Interest of fiscal year 2005:     0.877977936
Dividend:                                       0.334530926
Total:                                          1.829568862

Type:                       Preferred (PN)

Monthly Total Interest:                         0.365266000
1st half - Intermediary Interest:               0.313500000
Complementary Interest of fiscal year 2005:     0.965775730
Dividend:                                       0.367984019
Total:                                          2.012525749

The amounts of interest on own capital have been adjusted due to
the stock bonus approved at the special stockholders' meeting as
of Nov. 11, 2005.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low- and
medium-income individuals in Brazil since the 1960s.  Bradesco
is Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, two in the Bahamas, and four in the Cayman
Islands.  Bradesco offers Internet banking, insurance, pension
plans, annuities, credit card services (including football-club
affinity cards for the soccer-mad population), and Internet
access for customers.  The bank also provides personal and
commercial loans, along with leasing services.

                        *    *    *

As reported by Troubled Company Reporter on Feb. 23, 2006,
Moody's Investors Service shifted Banco Bradesco S.A.'s 'C-'
bank financial strength rating to positive from stable.


BANCO BRADESCO: Posts Net Income of BRL5.514 Billion in 2005
------------------------------------------------------------
Banco Bradesco posted net income of BRL5.514 billion in 2005,
equivalent to EPS of BRL5.63, compared to the BRL3.060 billion
Net Income recorded in 2004, equivalent to EPS of BRL3.22, an
80.2% increase.  Return on Average Stockholder's Equity aka ROAE
stood at 32.1% in 2005, 22% in 2004.  Net income in 4Q05
amounted to BRL1.463 billion, which represents a 35.3%
annualized ROAE, 36.5% in 3Q05.  Total assets reached BRL208.7
billion, with BRL23.8 billion or 12.8% increase in 2005 and
BRL6.8 billion or 3.4% increase in 4Q05.

In 2005, 32% of Bradesco's net income was originated by loans,
29% by insurance, pension plans and savings bonds, 26% by fee
income and 12% by securities.

Adjusted net interest income reached BRL16.548 billion, up by
25.1% in the year, and by 6.1% in the quarter, 4Q05 vs. 3Q05.
Fee income grew by BRL1.525 billion in the year or 26.2%,
totaling BRL7.349 billion.  In the quarter, fees expanded by
BRL92 million, or 4.8%, reaching BRL2.010 billion.

Bradesco's efficiency ratio for the accumulated 12-month period
continues to present a constant improvement, standing at 55.5%
in December 2004, 48.1% in June 2005, 45.7% in September 2005
and, finally, 44.8% in December 2005.

Bradesco's market capitalization as of Dec. 31, 2005, reached
BRL64.7 billion, corresponding to a 126.6% jump in the year and
to a 25.4% increase in the quarter, variations significantly
higher than the Ibovespa's which during the same period evolved
by 27.7% and 5.9%, respectively.

According to Bradesco's Chief Executive Officer, Mr. Marcio
Artur Laurelli Cypriano, "2005 recorded the highest net income
of the bank's 62-year-old history.  I would highlight the strong
growth of our loan portfolio, the consolidation of our customer
segmentation process, Grupo Bradesco de Seguros' insurance
activities' better performance and the strong cost control as
the main drivers for this result.  Our stockholders will have
received more than BRL1.8 billion as interest on own capital and
dividends and our market value will have surpassed the BRL64.7
billion landmark, more than doubling from last year's."

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low- and
medium-income individuals in Brazil since the 1960s.  Bradesco
is Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, two in the Bahamas, and four in the Cayman
Islands.  Bradesco offers Internet banking, insurance, pension
plans, annuities, credit card services (including football-club
affinity cards for the soccer-mad population), and Internet
access for customers.  The bank also provides personal and
commercial loans, along with leasing services.

                        *    *    *

As reported by Troubled Company Reporter on Feb. 23, 2006,
Moody's Investors Service shifted Banco Bradesco S.A.'s 'C-'
bank financial strength rating to positive from stable.


BANCO DO BRASIL: Insurance Arm Makes US$417 Mil. Profit in 2005
---------------------------------------------------------------
Business News Americas reports the 2005 financial results for
the insurance arm of Brazilian federal bank Banco do Brasil
boosted profits 18% last year to 882 million reals (US$417
million) compared to 2004, the bank said in its financial
statements.

Banco Brasil's insurance results are made up by revenues from
the sale of insurance policies, private pension plans and
savings bonds.  The bank reported net profits of 4.154 billion
reals in 2005, up 37.4% on the previous year.

Billing from the three business areas came in at 2.2 billion
reals last year, up 6.3% on 2004.

Banco Brasil is the largest bank in Brazil and it owns or co-
owns several insurance and pension subsidiaries, some of which
are among the largest in their respective markets.

                        *    *    *

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.  Moody's said the outlook
on the rating was stable.


CVRD: Sells Foz do Chapeco for BRL9 Million
-------------------------------------------
Companhia Vale do Rio Doce aka CVRD entered into a sale
agreement with Furnas Centrais Eletricas aka Furnas to sell for
BRL9 million its 40% stake in the consortium to build and
operate the Foz do Chapeco hydroelectric power plant.

The closing of this transaction is subject to the satisfaction
of some precedent conditions.

Foz do Chapeco is located in the Uruguay river, which borders
the Brazilian southern states of Rio Grande do Sul and Santa
Catarina.  The total installed capacity of the power plant will
be 855 megawatts.

CVRD invests in power generation to meet its consumption needs,
given the importance of this input for the company's operations
and its permanent focus on cost reduction.

CVRD owns stakes in five hydroelectric power plants: Igarapava,
Porto Estrela, Funil, Candonga and Aimores.  All of them are
located in the state of Minas Gerais, Brazil.  Its take in the
electricity generated by these plants is allocated to meet the
consumption of its Southern System operations.  Currently, the
company is investing in the construction of two new
hydroelectric power plants in the state of Minas Gerais, Capim
Branco I and Capim Branco II, in the Araguari river, which are
expected to start up in 2006 and 2007, respectively.

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'.


PETROLEO BRASILEIRO: Wins Exploration and Production Tender
-----------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras presented the winning bid
for two out of three blocks offered in a tendering process for
deepwater exploration and production in the Black Sea to Turkish
state-owned oil company Turkyye Petrollery Anonym Ortaklidi aka
TPAO.

Petrobras and TPAO will soon start negotiations on all relevant
contractual documents thus ensuring the Brazilian participation
in a 50-50 partnership with the Turkish company for the
exploration and production of blocks 3920, Kirklarelli, and
3922, Sinop.

The two blocks acquired by Petrobras, according to the company's
technical evaluation, are the ones presenting the best
geological perspectives.  The Kirklarelli block, located in the
west part of the Turkish sector of the Black Sea, has an average
water depth of 1,200 meters.  The Sinop block, located in the
eastern part, has an average water depth of 2,200 meters.

The Turkish region of the Black Sea is still largely unexplored,
presenting high risk but equally high potential return.  Turkey
is a country surrounded by important oil producing basins and
crossed by major pipelines to supplying Europe.

Petrobras entrance in Turkey is in line with the company's
Strategic Plan to work as an integrated energy company with
selective expansion of international activities.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rate Ba3 by Moody's and its foreign currency long-term debt is
rated BB- by Fitch.


* Brazil Posts US$452 Million Current Account Deficit
-----------------------------------------------------
According to Bloomberg, Brazil reported its first current
deficit in 14 months as multinational firms repatriated profits
to their parent companies outside the country.

In Dec. 2005, the nation registered a surplus of US$570 million
and US$802.3 million a year in 2004.

A survey done by Bloomberg of eight industry experts forecasted
a surplus of US$203 million.

"The services and revenue side of the current account, such as
debt payments, travel and profit repatriation, is beginning to
react to the currency's surge," investor Alexandre Santanna told
Bloomberg, who manages about US$1 billion for Arx Capital
Management in Rio de Janeiro.

Subsidiaries of multinational companies operating in Brazil sent
US$1.5 billion in profits out of the country, compared with $391
million a year earlier and US$94 million in 2004, Bloomberg
reports.  Companies and the government paid made net debt
payments of US$4.09 billion last month, compared with US$1.53
billion a year earlier.  Interest payments rose 44 percent to
US$1.68 billion in the same period.


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


CIJOF I CAYMAN: Claims Verification Ends on March 9
---------------------------------------------------
Creditors of Cijof I Cayman Ltd. are given until until March 9,
2006, to submit claims to Ms. Suzan Merren and Mr. Richard
Gordon, the liquidators of the company.  Creditors must send
full particulars of their debts or claims by the said date or be
excluded from the benefit of any distribution that the company
will make.

Cijof I Cayman Ltd. started liquidating assets on January 17,
2006.

Ms. Suzan Merren and Mr. Richard Gordon, the joint voluntary
liquidators can be reached at:

   Maples Finance Limited
                  P.O. Box 1093 George Town
Grand Cayman, Cayman Islands


HASHI CAYMAN: Creditors Must Submit Claims by March 6
-----------------------------------------------------
Hashi Cayman Company Ltd.'s creditors are given until March 6,
2006, to submit claims to the appointed company liquidators, Mr.
Mark Wanless and Mr. Steve Wilderspin.  Creditors must send full
particulars of their debts or claims by the said date or be
excluded from the benefit of any distribution that the company
will make.

Hashi Cayman Company Ltd., started liquidating their assets
since the January 25, 2006.

Mr. Mark Wanless and Mr. Steve Wilderspin can be reached at:

    Maples Finance Jersey Limited
          2nd Floor, Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey


HPPI HOLDING: Creditors Must Submit Claims by March 9
-----------------------------------------------------
Creditors of HPPI Holding Inc., are given until March 6, 2006,
to submit claims to the appointed company liquidators, Mr. Mark
Wanless and Mr. Steve Wilderspin of Maples Finance Jersey
Limited. Creditors must send full particulars of their debts or
claims by the said date or be excluded from the benefit of any
distribution that the company will make.

HPPI Holding Inc., had started liquidating assets on Jan. 25.

Mr. Mark Wanless and Mr. Steve Wilderspin can be reached at:

    Maples Finance Jersey Limited
          2nd Floor, Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey


HYDROCARBONS TRADERS: Sets Mar. 9 Deadline for Claims Submission
----------------------------------------------------------------
Hydrocarbons Traders Corp.'s Creditors are given until March 9,
2006, to submit claims to the company's appointed liquidators,
Mr. Hugh Thompson and Ms. Emile Small. The Creditors must send
full particulars of their debts or claims by the said date or be
excluded from the benefit of any distribution that the company
will make.

Hydrocarbons Traders Corp., started liquidating its assets on
Jan. 16, 2006.

Mr. Hugh Thompson and Ms. Emile Small can be reached at:

Maples Finance Limited
P.O. Box 1093 George Town
Grand Cayman, Cayman Islands


INSIGNIA CAPITAL: Sets Mar. 9 as Deadline for Claims Submission
---------------------------------------------------------------
Creditors are given until March 9, 2006, to submit claims to Mr.
Richard Gordon and Mr. Jonathan Roney, the appointed liquidators
of Insignia Capital.  Creditors must send full particulars of
their debts or claims by the said date or be excluded from the
benefit of any distribution that the company will make.

Insignia Capital started liquidating assets on Jan. 25, 2006.

Mr. Richard Gordon and Mr. Jonathan Roney

Maples Finance Limited
P.O. Box 1093 George Town
Grand Cayman, Cayman Islands


ML INTERNATIONAL: Creditors Have Until Mar. 9 to Submit Claims
--------------------------------------------------------------
Creditors of ML International Financing Ltd. have until March 9,
2006, as deadline to submit claims to Mr. Johann Le Roux and Mr.
Jon Roney, the company liquidators.  Creditors must send full
particulars of their debts or claims by the said date or be
excluded from the benefit of any distribution that the company
will make.

ML International Financing Ltd., started liquidating its assets
on Jan. 26, 2006.

Mr. Johann Le Roux and Mr. Jon Roney can be reached at:

Maples Finance Limited
P.O. Box 1093 George Town
Grand Cayman, Cayman Islands


NICHOLAS HOLDINGS: Creditors Have Until Mar. 9 to Submit Claims
---------------------------------------------------------------
Creditors are given until March 9, 2006, to submit claims to the
appointed liquidators of Nicholas Holdings Inc., Mr. Guy Major
and Mr. Emile Small.  Creditors must send full particulars of
their debts or claims by the said date or be excluded from the
benefit of any distribution that the company will make.

Nicholas Holdings Inc. started liquidating assets on Jan. 17,
2006.

Mr. Guy Major and Mr. Emile Small can be reached at:

Maples Finance Limited
P.O. Box 1093 George Town
Grand Cayman, Cayman Islands


OSI OFFSHORE: Creditors Have Until March 9 to Submit Claims
-----------------------------------------------------------
Creditors of OSI Offshore Invest Inc. are given until March 9,
2006, to submit claims to the company's voluntary liquidator,
Commerce Corporate Services Limited.  Creditors must send full
particulars of their debts or claims by the said date or be
excluded from the benefit of any distribution that the company
will make.

OSI Offshore Invest Inc. started liquidating assets on Jan. 27,
2006.

Commerce Corporate Services Limited can be reached at:

         P.O. Box 694 George Town
         Grand Cayman, Cayman Islands
         Tel: 949 8666, Fax: 949 0626


SF FUNDING: Sets March 6 Deadline for Creditors to Submit Claims
----------------------------------------------------------------
The Creditors of SF Funding One Holding Ltd. are required to
submit particulars of their debts or claims on or before March
6, 2006, to the company's appointed liquidators, Mr. Mark
Wanless and Mr. Steve Wilderspin.  Failure to do so will exclude
them from receiving the benefit of any distribution that the
company will make.

SF Funding One Holding Ltd., started liquidating assets on Jan.
25, 2006.

Mr. Mark Wanless and Mr. Steve Wilderspin can be reached at:

    Maples Finance Jersey Limited
          2nd Floor, Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey


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


COLOMBIA: Government Expects E&P Boom After 2005 Performance
------------------------------------------------------------
Business News Americas relates that the Colombian government
expects a better yield from its oil industry in 2006 after the
oil and gas sector received total investments of US$1.5 billion
in 2005, the highest in 17 years.

Private investment totaled US$1 billion while the rest came from
Ecopetrol and state hydrocarbons regulator ANH.

The country's expectations for this year arose out of good
geological potential and attractive investment conditions,
Business News relates.

Investments will include collecting 10,000 km of seismic data,
7,000 km of which will be collected by private companies, and
the  drilling of 40 exploratory wells, a 14.3% increase with
respect to 2005, a statement from the government said.  The ANH
also plans eight new tender processes from 2006-08, two of which
will be conducted this year, Business News relates.

Business News states that the first of these tenders will be for
the 62,275ha Niscota lock in the Llanos basin, which will be
launched in the coming weeks.  After signing an association
contract in 2000 and investing US$80 million, UK oil company BP
relinquished the block last July.  The ANH is expected to
announce the winner of the tender by April, according to a
previous Business News report.

The second tender process this year will be for blocks in the
Caribbean basin, which were relinquished by Anglo-Australian
resources  company BHP Billiton.

Colombia's oil production fell 0.4% in 2005 from the previous
year but exploration activities helped the country exceed its
2005 production  goal of 510,000 barrels per day by more than
16,000b/d.

                        *    *    *

As reported on Feb. 24, 2006, 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.


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


CENTENNIAL COMMUNICATIONS: Updates 2006 Fiscal-Year Outlook
-----------------------------------------------------------
Centennial Communications Corp. updated on Tuesday its financial
outlook for the 2006 fiscal year ending May 31, 2006.

For the 2006 fiscal year, the company now expects consolidated
adjusted operating income aka AOI from continuing operations
between $350 million and $360 million, including an
approximately $9 million startup loss related to its recent
launch of service in Grand Rapids and Lansing, MI.  Centennial
also now anticipates consolidated capital expenditures of
approximately $150 million for fiscal 2006.

The company is adjusting its fiscal 2006 outlook to reflect
several operating trends, including weaker than expected
subscriber growth in its Caribbean wireless segment resulting in
lower revenues and AOI.  Centennial expects postpaid average
revenue per user aka ARPU in Puerto Rico to decline below $70
for the fiscal third quarter, due to lower access and airtime
revenue.  In addition, AOI continues to be pressured by higher
customer acquisition costs associated with stronger than
expected customer activations in US wireless, as well as higher
costs related to increased minutes-of-use and increased
equipment expense resulting from GSM handset upgrades.

"We took many important steps during 2005 to improve an already
strong competitive position in each of our local markets, and
are beginning to see good progress as we measure the early
impact of these initiatives," said Michael J. Small,
Centennial's chief executive officer.  "With our network
replacement and upgrade complete in Puerto Rico, the reach,
reliability and capabilities of our network are once again
proving to be an important competitive differentiator as we
deliver next-generation services.  We also reorganized our
customer-facing organizations in Puerto Rico and launched new
markets in our Midwest footprint to support renewed US
subscriber growth.  We are confident that our local market
strategy remains the right one."

In US wireless, Centennial expects to grow postpaid subscribers
by approximately 20,000 for the fiscal third quarter ending Feb.
28, 2006, compared to a loss of 1,600 postpaid subscribers
during the year-ago quarter.  In Caribbean wireless, the company
does not expect to add postpaid subscribers during the fiscal
third quarter, versus approximately 13,200 net postpaid
subscriber additions during the year-ago quarter.

                          FISCAL 2006 OUTLOOK

                      Updated Outlook            Previous Outlook
Consolidated
Adjusted
Operating              $350 million -            $370 million -
Income (AOI)           $360 million              $390 million

Consolidated
Capital                $150 million              $160 million
Expenditures
(Capex)

Consolidated AOI from continuing operations for fiscal year 2005
was $366.4 million, which included $9.1 million of non-recurring
items.  The company has not included a reconciliation of
projected AOI because projections for some components of this
reconciliation are not possible to forecast at this time.

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 US 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.


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


AIR JAMAICA: Resumes Direct Flights to St. Lucia
------------------------------------------------
Air Jamaica has resumed direct flights from New York to St.
Lucia after suspending its service to the Caribbean island for
almost a year.  St. Lucia is Air Jamaica's second biggest
market, next only to Jamaica.

The Associated Press reports that the beleaguered carrier
suspend its service to St. Lucia, Barbados and Grenada in March
last year to stem losses brought by escalating fuel costs and
lower passenger traffic on the wake of the September 11 terror
attacks.

Air Jamaica will initially offer non-stop flights three times a
week from New York, but Mike Conway, Air Jamaica's president,
says that the airline plans to offer daily flights if demand
remains strong.

According to the Observer Reporter, Air Jamaica's decision to
re-enter St. Lucia could be part of the airline's aim to
increase the flying time of its planes from about 8 hours to
around 12 hours per day.

Passenger traffic to St. Lucia had steadily increased despite
the one-year absence of Air Jamaica.  In 2005, approximately
29,000 tourists from the U.S. visited the Caribbean island.  The
Observer Reporter noted that other airlines have filled the
vacuum left by Air Jamaica.  Delta increased its flights to the
island from 2 to 7 flights a week. American Airlines also
started offering daily Boeing 757 flights to St Lucia.

                        *    *    *

Air Jamaica's $200 million 9-3/8% notes due July 18, 2015,
carries Moody's B1 rating and Standard & Poor's B rating.


JAMAICA: Global Markets Grab Bond After S&P Maintains 'B' Rating
----------------------------------------------------------------
The Jamaican government's 30-year US$250 million global bond
were snapped up by the international capital markets last week
after news that Standard and Poor's Ratings Services maintained
its 'B' rating for Jamaica, the Jamaica Gleaner reports.

Hours after announcement of the bond, it was oversubscribed by
about 60%, raising some US$400 million, even though -- with a
coupon rate of 8.50% -- it is the lowest coupon offered on any
GOJ instrument, the Gleaner relates.  The yield rate on the bond
will be 8.55%.

The market's reaction indicates investors' confidence in the
management of the economy, Minister of Finance and Planning Hon.
Dr. Omar Davies said, adding that the issue also serves to
achieve a major objective of the government's debt management
strategy -- that of extending the maturity profile of the debt.

According to the Gleaner, the funds raised are to be used to
pre-fund the government's 2006/07 external borrowing programme.

The bond -- rated 'B' by S&P -- had Deutsche Bank Securities
Incorporated as its lead manager.

"The terms of the bond compare favorably with the US$250 million
20-year 9.25 per cent issued in October 2005," said the Ministry
of Finance.

Clay Moodie, senior manager for treasury at Dehring Bunting and
Golding, pointed out that the success of the instrument will
pave the way for emerging market funds and more hedge funds to
Jamaican debts because international capital markets like the
longer end of securities.

"The 30-year instrument is the major benchmark and while we are
accustomed to short-term debt issuance they are not.  A lot of
pension funds and hedge funds [in the U.S.] invest specifically
in long-term securities," Moodie told the Gleaner.

According to the Gleaner, Moodie revealed that Jamaican bond
prices have had a fantastic run since the beginning of the year.
"A massive demand has driven up prices so right now the 25 years
are yielding - on the offer side - 8.48 per cent," he said.

The Gleaner states that up to December last year the
government's revenue and grants target -- about $145 billion --
was off by some $17 billion, or 12%.  Expenditure was 2% ahead
of target and up to the end of the April to December fiscal
period, the fiscal balance had a deficit of $13.6 billion.

"I think this is a historic day for the country. This is the
first 30-year bond [we have] issued. It shows a high - very high
level - of confidence by the international markets," said
Moodie.


* JAMAICA: Small Businesses to Suffer from Change in Tax Rules
--------------------------------------------------------------
The change in tax rules proposed by the Ministry of Finance and
Planning will be a major disadvantage to small businesses in
Jamaica, Mr. Edward Khoury, second vice-president of the Jamaica
Chamber of Commerce aka JCC, revealed to the Jamaica Gleaner
last week.

Mr. Khoury told the Gleaner that a ministry paper accompanying
the 2005 budget presentation by the Minister of Finance showed
that with effect from Jan. 1, 2006, businesses would only be
allowed to carry forward tax losses for five years rather than
indefinitely.

Enabling legislation has not yet been enacted, but it does not
appear that the idea has been abandoned, Mr. Khoury said.

The anti-loss environment inherent in the tax system discourages
companies undertaking new and risky ventures, Mr. Khoury told
the Gleaner.

The Gleaner relates that Mr. Khoury said most small businesses
initially acquire losses before moving into profit.  The effect
of restricting the recovery of past losses out of present
taxable profits, according to Mr. Khoury, would be to impose a
tax on losses.

Mr. Khoury, according to the Gleaner, argued that Jamaica's tax
legislation is unduly harsh in its treatment of businesses
making losses even without the reimposition of the limited
carry-forward of tax losses.

There is no provision for group relief in Jamaica, Mr. Khoury
was reported saying.  In many modern tax administrations, on the
other hand, a group of companies suffering a loss is entitled to
net off this loss against the profits earned by other group
companies in arriving at the group's taxable profit.

Mr. Khoury mentioned to the Gleaner that both Barbados and
Trinidad and Tobago grant group relief -- one of the
recommendations of both the Collister Tax Reform Committee of
the mid-1980s and the Matalon Tax reform Committee of 2005.

Reportedly there is no provision for terminal or carry-back
losses.  In countries like Canada and United Kingdom, however,
tax losses may be carried back for a period of three years, when
a business stops operations.  This, and the unlimited loss carry
forward were seen by the Collister Committee as providing a
longer averaging period for tax and as a way of moderating the
tax disincentive inherent in riskier lines of business.


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


HILTON HOTELS: Hilton plc Buy Cues Fitch to Lower Ratings to BB
---------------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Hilton
Hotels Corporation upon completion of its acquisition of Hilton
plc:

   -- Issuer Default Rating to 'BB' from 'BBB-';
   -- Senior unsecured to 'BB' from 'BBB-'.

Additionally, Fitch assigns a 'BB' rating to the $5.75 billion
senior secured credit facility.

Fitch removes Hilton from Rating Watch Negative, where it was
originally placed on Dec. 29 2005.  The Rating Outlook is
Stable.

These actions reflect Hilton's significantly levered balance
sheet subsequent to the completion of its $6 billion acquisition
of Hilton PLC, which was funded with $1.2 billion of cash, $4.6
billion of bank debt, and $130 million of assumed Hilton PLC
debt.  The new debt consists of a $3.25 billion revolver ($1.86
billion outstanding), a $2 billion equivalent term loan A, and a
$500 million term loan B.  The revolving credit facility, term
loans, and all senior debt will be secured by 100% of the
capital stock of Hilton's U.S. domestic subsidiaries and 100% of
the capital stock in the U.K. acquisition entity.

Additionally, Fitch believes pro forma lease payments could
approach $500 million, up from $57 million in 2004, due to the
significant number of leased rooms (43,000) being acquired from
Hilton PLC.  Fitch includes in its calculation of off-balance-
sheet items annual lease expense.  As a result of the debt
funded transaction and the assumed increase in annual lease
expense, Fitch anticipates Hilton's pro forma adjusted debt
number will exceed $12 billion.

The rating also takes into consideration Hilton's superior and
diversified asset base, its improved cash flow generating
capabilities, and the favorable lodging industry outlook.
Hilton is a leading hotel engaged in the ownership and
management of lodging facilities.  Brands within Hilton cover
the value chain and include Hilton, Hilton Garden Inn,
Doubletree, Embassy Suites, Hampton, Homewood Suites by Hilton,
and Conrad.  Hilton PLC owns the rights to the Hilton brand name
outside of the U.S. as well as the Scandic and Conrad brands.
The transaction with Hilton International will increase the
number of rooms in the Hilton system by more than 25% to over
475,000 (80% managed or franchised, 17% owned/leased).  Pro
forma 2005 EBITDA allocation is:

        * 43% owned;
        * 33% managed/franchised;
        * 16% leased;
        * 8% timeshare.

Approximately 71% of pro forma EBITDA will be generated in the
Americas, 26% in Europe/Africa, and 3% in the Middle East/Asia
Pacific.

Fitch expects Hilton to generate a significant amount of free
cash flow in the future despite a large capital program and
healthy dividend payments.  Assuming that in 2006 Hilton can
generate revenue per available room gains in the upper single
digits, slightly improve margins, keep its capital spending near
$635 million, and maintain dividend payments of $67 million,
Fitch believes free cash flow could approach $200 million.
Additionally, management has suggested it will continue to
divest some owned assets, although no target has been revealed.
The credit facility includes a mandatory prepayment of the term
loan A with proceeds from asset sales outside of the U.S.

Furthermore, Hilton management reiterated in its recent
quarterly conference call that its strategy is to sell 'many of
the HI (Hilton International) assets and use the proceeds to pay
down debt.' Fitch believes that the robust lodging environment
should also allow Hilton to make progress at reducing debt in
the near to intermediate term. Fitch expects the industry's
fundamentals to remain strong in 2006, as solid demand growth
should again outstrip very modest expansion in the supply of
available rooms.

Improvements in pricing will be supported by robust demand in
all segments of the industry (luxury, upscale, and limited
service). Lodging demand from business, group, and leisure
segments should increase modestly in 2006 based on GDP growth of
2%-3%.

Complementing the increased demand will be reduced supply
growth, particularly in the U.S.  Two factors expected to
contribute to the limited supply growth are rising construction
costs and increasing interest rates.  As a result of stronger
lodging demand and limited additional room supply, Fitch expects
average RevPAR to increase for the third consecutive year.
Reasonable margin improvements are anticipated for most lodging
companies as RevPAR growth will likely exceed growth in labor,
utility, and insurance costs.

The Stable Outlook is based on Fitch's expectations for the
lodging industry along with Hilton successfully integrating the
acquired assets.  Also incorporated in the Stable Outlook are
meaningful asset sales in the intermediate term and strong cash
flow with the proceeds directed toward debt reduction.


=======
P E R U
=======


* Peruvian Ambassador Promotes U.S. Free Trade Deal
---------------------------------------------------
Peruvian Ambassador to the U.S Eduardo Ferrero Costa made a stop
in Tampa, Florida on Thursday, Feb. 16, 2006, to gather support
for the U.S.-Peru Free Trade Agreement from the local business
community.

"The free trade agreement is a win-win situation," said Mr.
Ferrero Costa in a report from The Tampa Bay Business Journal.
"It is important for Peru because it sets permanent binding
rules that would give Peru permanent access to the largest
market in the world. It has many economical as well as social
and political benefits," he said.

Peru is a signatory to the Andean Trade Promotion and Drug
Eradication Act, which is set to expire in December.  Through
the program, Peruvian imports enter the U.S. market duty-free.
The Tampa Bay Business Journal reports that the new U.S.-Peru
FTA will also lift tariffs on U.S. products entering Peru.  The
FTA also foresees the elimination of tariffs after 17 years.

The Latin Business Chronicle reported in January that Peru was
the first Andean country to sing a free trade agreement with the
U.S. The FTA is expected to bolster trade between the two
countries and comes as Peru experiences an export boom.

The Chronicle said that Peruvian exports should continue growing
at a good pace in coming quarters given the still healthy global
demand.  Peru exports textiles, metals, oils, vegetables and
jewelry, to the United States and imports machineries and other
products.


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


MUSICLAND HOLDING: Can Maintain Existing Insurance Policies
-----------------------------------------------------------
As reported in the Troubled Company Reporter on Feb. 6, 2006,
Musicland Holding Corp. and its debtor-affiliates asked the U.S.
Bankruptcy Court for the Southern District of New York's
permission to pay the financed premiums for the Policies and
make loan payments to AFCO Credit Corporation on account of the
AFCO Premium Financing Agreements.

Further, the Debtors seek the Court's authority to enter into
new PFAs under Section 364(c)(2) of the Bankruptcy Code and the
collateral be the unearned premiums that will be created.

The Debtors maintain numerous insurance policies that provide
coverage for general liability, workers' compensation, directors
and officers liability, umbrella liability, automotive
liability, crime, special risk, fiduciary liability and
property.

Those policies are essential to the preservation of the Debtors'
business, property and assets.  In many cases, coverage is
required by various regulations, laws and contracts that govern
the Debtors' business conduct.

James H.M. Sprayregen, Esq., at Kirkland & Ellis LLP, tells the
Court that the Debtors finance the premiums on some of their
policies pursuant to premium financing agreements.  Accordingly,
the total annual premium for the policies currently financed by
the Debtors is $1,772,964.

The Debtors have four unpaid Premium Financing Agreements with
AFCO Credit Corporation and one with St. Paul Travelers.  AFCO
alleges that it is a secured creditor with regard to the AFCO
PFAs.

Mr. Sprayregen discloses that the total annual premium for the
Policies is $1,772,966.  In June 2005, November 2005, December
2005 and January 2006, the Debtors made down payments totaling
$444,887 and have financed the remaining $1,328,077 pursuant to
the Existing PFAs.

The Existing PFAs presently require monthly installments
totaling $141,074 and bear total finance charges of $20,413 on
the $905,970 total financed amount.

                            *    *    *

At the Debtors' request, the Court approved the motion.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.  Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000)


MUSICLAND: Court Approves Abacus as Advisors & Consultants
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved Musicland Holding Corp. and its debtor-affiliates'
request on an interim basis, to employ Abacus Advisors Group LLC
as their advisors and consultants in the sale of certain assets
of the Debtors, nunc pro tunc to the bankruptcy filing.

As reported in the Troubled Company Reporter on Feb. 10, 2006,
Craig G. Wassenaar, Chief Financial Officer of Musicland Holding
Corp., related that the Debtors have selected Abacus Advisors
Group LLC as their consultants in part because of the expertise
of Alan Cohen, the Chairman of Abacus.  Mr. Cohen has extensive
experience and knowledge in retail chain reorganization.  He has
been associated with numerous Chapter 11 reorganizations of
large retailers.

Abacus will:

   -- assist in the preparation of an appropriate information
      package regarding closing stores for distribution to
      potential bidders;

   -- review bid proposals and assistance in negotiations with
      the various parties and, if appropriate, orchestration of
      an auction to ensure recoveries are maximized;

   -- provide observance, if necessary, of physical inventories
      that may be taken; and

   -- monitor the conduct and results of any third party
      selected to liquidate the inventory.

For its services, Musicland will pay Abacus a $250,000 base fee.
In addition, Abacus will be paid a value added fee to be
determined in conjunction with the Company, its lenders and the
creditors committee.  Abacus will also be entitled reimbursement
of its reasonable expenses including attorney's fees.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 5; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


BANCO COMERCIAL: Uruguay Government Forced Back to Arbitration
--------------------------------------------------------------
The U.S. District Court for the Southern District of New York
has confirmed the arbitrability of three banks' claims against
the Republic of Uruguay, the Latin Lawyer reports.

The long-running dispute between the government and the banks
stemmed from the collapsed of Banco Comercial.  Chemical
Overseas Holdings (a subsidiary of JPMorgan Chase), Credit
Suisse First Boston and Dresdner Bank Lateinamerika were co-
shareholders in Uruguay's largest bank together with the now
disgraced Rohm Brothers.  The three banks signed an agreement
with the Uruguayan government to invest US$100 million in Banco
Comercial in an attempt to save it from collapse.

The government claimed that representatives from the three banks
had promised him personally to honor their obligations with
Banco Comercial when the bank was intervened only to change
their mind the next day and inform they were all leaving the
country.  Banco Comercial was intervened in 2002 together with
several other banks due to capital problems and to a massive run
on deposits.

On the other hand, the banks claimed that the republic reneged
on some of its obligations, which resulted in an arbitration
proceedings.  In June 2005, a US$128 million award against
Uruguay was confirmed by the District Court.  When the award was
made, Uruguay commenced litigation proceedings for US$700
million against the three banks.  The former directors of Banco
Comercial then filed a new arbitration claiming that this action
violated the arbitration clause of their original agreement.

In January, the International Court of Arbitration of the Paris-
based International Chamber of Commerce ordered the Uruguayan
government to repay the three banks US$120 million for a capital
injection that was undertaken during the financial crisis in
2002.

But the government didn't comply with the ICC ruling, prompting
the three international banks to file for new arbitration
proceedings.


* URUGUAY: Market Responds Well to US$500 Million Bond Issue
------------------------------------------------------------
The Latin Lawyer reports that the Uruguayan government's largest
sovereign debt issue of US$500 million of bonds that closed on
27 January have been well accepted by the market.

The bonds have an interest rate of 8% will mature in 2022.  The
offer is an extension of the government's 2022 global bond issue
in November, increasing the total amount outstanding of the
bonds to US$700 million, the Latin Lawyer relates.

According to reports, demand for the bonds reached US$1.64
billion, more than five times the planned issue of US$300
million, prompting the government to increase the size of the
offering.  This increase was listed on the London Stock Exchange
and confirmed on 7 February.

The SEC-registered offering, made under the Republic's shelf
registration statement, is the fifth issuance of debt carried
out by the current government of Uruguay, who was elected in
2004. The bonds were sold to approximately 150 investors, of
whom 97% were foreign, split equally between the US and Europe,
the Latin Lawyer relates.

Deutsche Bank Securities and UBS Securities acted as
underwriters for the Republic.  The Bank of New York acted as
trustee, principal paying agent and registrar.

                        *    *    *

As reported on Nov. 29, 2005, Fitch Ratings assigned on November
16 a 'B+' rating to Uruguay's US$200 million in global bonds due
Nov. 18, 2022.  The Rating Outlook is Stable.  Proceeds from the
bond issue will be used for general budgetary purposes.

Uruguay's sovereign ratings reflect its improving debt
dynamics underpinned by currency strength, economic growth,
and fiscal prudence.  On the other hand, public and external
debt ratios are still higher than peers, concerns about long-
term economic growth persist, and the highly dollarized
financial system remains vulnerable.


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


PDVSA: Plans to Increase Wells at Petrozuata Project
----------------------------------------------------
Wells at Petrozuata heavy crude project in the Orinoco river
basin will be increased, Dow Jones Newswires reports.  State oil
firm Petroleos de Venezuela aka PDVSA is planning with
ConocoPhillips aka COP for the drilling of more wells.  PDVSA
holds a 49.9% stake in the joint venture while Conoco has 50.1%.

"We plan to drill 28 wells, that is double the activity of last
year," Petrozuata joint venture President Ruben Figuera told Dow
Jones.

The project has enough capacity to lift processing rates to
about 145,000 barrels a day of extra-heavy crude after an
upgrade at its refinery last year, Mr. Figuera revealed to Dow
Jones, basing his judgment at the 30-day test made in the fourth
quarter of last year.   At present, the project processes about
120,000 b/d on average.

PDVSA President Rafael Ramirez announced earlier that PDVSA is
asking Petrozuata, along with three other heavy crude upgrading
projects, to pay a 16.6% royalty tax on heavy oil, relates Dow
Jones.  This is to optimize spare capacity through more
efficient distribution of the crude to the four projects.

However, Mr. Figuera also told Dow Jones that the state oil has
not yet approached Petrozuata with the plan.

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: Non-oil Exports Slips 4% in 2005
---------------------------------------------
Venezuela's non-oil exports dropped to US$6.7 billion in 2005,
according to the country's National Statistics Institute.  This
is about 4% behind from 2004's non-oil exports of US$6.95
billion

INE President Elias Eljuri told the Associated Press that
exports including oil in 2005 rose to about US$12 billion, up
from US$11.7 billion in 2004.  Those exports include oil
produced by private companies operating in Venezuela.

However, Eljuri admitted to AP that the latest export figures
are preliminary and could vary because they lack December data.
Oil export figures were given by state-owned oil firm PDVSA and
the Oil Ministry.  They were not calculated by the institute.

                        *    *    *

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

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