TCRLA_Public/060929.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, September 29, 2006, Vol. 7, Issue 194

                          Headlines

A R G E N T I N A

BALL CORP: Moody's Assigns Loss-Given-Default Rating
CITYRED SA: Trustee Verifies Proofs of Claim Until Nov. 8
FUNDACION BANCO: Claims Verification Deadline Is Set for Oct. 20
MOLISE SA: Seeks for Court Approval to Reorganize Business
PAN FORMO: Last Day for Verification of Claims Is on Dec. 5

SC HOLDING: Verification of Proofs of Claim Is Until Oct. 17
VERIFONE HOLDINGS: Moody's Affirms Low-B Ratings
YPF SA: Has No Rival in San Juan Exploration Tender

* ARGENTINA: Studies Draft of Joint Venture Debt Payment

B A H A M A S

ULTRAPETROL (BAHAMAS): Selling 12.5 Million Shares at US$15 Each

B E R M U D A

ALPHA CARGO: Court Appoints Official Receiver as Liquidator
FOSTER WHEELER: Moody's Assigns Loss-Given-Default Rating
GALVEX HOLDINGS: Judge Drain Converts Ch. 11 Case to Chapter 7
GALVEX HOLDINGS: US Trustee Names John Pereira as Ch. 7 Trustee
INTELSAT (BERMUDA): Moody's Assigns Loss-Given-Default Rating

INTELSAT CORP: Moody's Assigns Loss-Given-Default Rating
INTELSAT LTD: Moody's Assigns Loss-Given-Default Rating
LUNDIN SUDAN (BLOCK5B): Proofs of Claim Filing Is Until Oct. 12
REFCO GROUP: Court Okays US$705MM Payment to Secured Creditors
REFCO: Three Parties Object to Accord with Prepetition Lenders

REFCO INC: Clarifies Trigger Date for Settlement with Lenders
WARNER CHILCOTT: Prices Initial Public Offering at US$15 a Share
WARNER CHILCOTT: FTC Files a New Motion in Ongoing Ovcon Lit.
WARNER CHILCOTT: Moody's Assigns Loss-Given-Default Rating
WARNER CHILCOTT: S&P Upgrades Corp. Credit Rating to B+ from B

B O L I V I A

BANCO MERCANTIL: Posts US$2.88 Mil. First Half 2006 Net Income

B R A Z I L

AES CORP: S&P Says Unit's Offering Won't Affect Credit Rating
ALERIS INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
AMERICAN SAFETY: Moody's Assigns Loss-Given-Default Ratings
BANCO NACIONAL: Provides US$10M Loan to Fund Vulcabras's Exports
BANCO NACIONAL: Relaxes Funding Conditions for Power Projects

BRASKEM SA: Obtains US$184.6MM from Tender Offer of 12.50% Notes
COMPANHIA SIDERURGICA: Names Juarez Avelar as New Exec. Director
GERDAU AMERISTEEL: Moody's Assigns Loss-Given-Default Rating
NOVELIS INC: Moody's Assigns Loss-Given-Default Rating
PETROLEO BRASILEIRO: Closes Issuance of 35B Yen-Dominated Bonds

TELE NORTE: Nonvoting Shareholders Balk at Reorganization Plan

* BRAZIL: Google Won't Turn Over Orkut User Data to Authorities

C A Y M A N   I S L A N D S

CARLYLE HIGH: Creditors Must Present Proofs of Claim by Oct. 19
FIGARO LIMITED: Last Day to File Proofs of Claim Is on Oct. 19
HENDERSON UK: Shareholders Gather for a Final Meeting on Oct. 19
LIZMAR INVESTMENT: Proofs of Claim Filing Is Until Oct. 19
MODENA LIMITED: Creditors Must File Proofs of Claim by Oct. 19

PHYSICIANS SECURITY: Final Shareholders Meeting Is on Oct. 19
PMA EUROPEAN: Last Shareholders Meeting Is Scheduled for Oct. 19
PMA EUROPEAN (MASTER): Final Shareholders Meeting Is on Oct. 19
SAND DOLLAR: Proofs of Claim Filing Deadline Is Set for Oct. 19
SCOTTISH RE: Terminates & Reduces Syndicated Credit Facilities

SILVER TOWER: Shareholders Convene for a Last Meeting on Oct. 19

C H I L E

SHAW GROUP: Moody's Assigns Loss-Given-Default Rating

C O L O M B I A

NOVELL INC: Wells Fargo Issues Default Notice

E L   S A L V A D O R

SPECTRUM BRANDS: Moody's Assigns Loss-Given-Default Rating

G U A T E M A L A

UNIVERSAL CORP: Subsidiary Sells Businesses for US$527 Million
UNIVERSAL CORP: Moody's Assigns LGD5 Loss-Given-Default Rating

H O N D U R A S

* HONDURAS: Gets United States' Support on Energy Policy

J A M A I C A

DIGICEL LTD: Will Invest US$100MM to Upgrade Infrastructure
SUGAR COMPANY: Dhampur Sugar to Bid for Firm's Five Factories

M E X I C O

BALLY TOTAL: Moody's Assigns Loss-Given-Default Rating
BERRY PLASTICS: Moody's Assigns Loss-Given-Default Rating
CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
CHURCH & DWIGHT: Moody's Assigns Loss-Given-Default Ratings
CINRAM INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

DELTA AIR: Names New Officials for International Sales
DESARROLLADORA HOMEX: Names David Sanchez-Tembleque as CEO
DIRECTV HOLDINGS: Moody's Assigns Loss-Given-Default Rating
EMPRESAS ICA: ICA Fluor to Bid for State Power Firm's Revamp
GRUPO TMM: Purchases New Anchor Handler Tug Supply Vessel

LIBBEY GLASS: Moody's Assigns Loss-Given-Default Rating
MERIDIAN AUTOMOTIVE: Inks Pacts with Mazda & Daimler/Chrysler
NUEVO LEON: Ministry to Seek MXN1.7 Bil. for Highway Projects
VITRO: Shareholders Approve MXN62,857,143 Capital Stock Increase

N I C A R A G U A

* NICARAGUA: Court Denies Union Fenosa's Request for Injunction

P A N A M A

SOLO CUP: Moody's Assigns Loss-Given-Default Rating

* PANAMA: In Talks with Harken Energy on Exploratory Drilling

P A R A G U A Y

* PARAGUAY: Studies Draft of Joint Venture Debt Payment

P E R U

PETROLEO BRASILEIRO: Inks Development Accord with Petroperu

P U E R T O   R I C O

ADELPHIA COMMS: Files Further Changes to Plan of Reorganization
ADELPHIA COMMS: Lists 100 Pacts Assumed by Time Warner & Comcast
CHATTEM INC: Moody's Assigns Loss-Given-Default Rating
CONSOLIDATED CONTAINER: Moody's Assign Loss-Given-Default Rating
DRESSER INC: Moody's Assigns Loss-Given-Default Rating

EAGLE FAMILY: Moody's Assigns Loss-Given-Default Rating
GLOBAL HOME: Panel Wants Basham Ringe as Special Mexican Counsel
SEARS HOLDINGS: Seeks Leave to Appeal Divisional Court Decision
UNIVISION COMMS: Shareholders OK US$13.7B Purchase by Investors

T R I N I D A D   &   T O B A G O

BRITISH WEST: Airline's Closure May Disperse Union
SUPERIOR ENERGY: Moody's Rates US$300M Sr. Unsec. Notes at B1

U R U G U A Y

* URUGUAY: State Firm Opens Bids for Renewable Power Supply

V E N E Z U E L A

CITGO PETROLEUM: Allows 7-Eleven Supply Contract to Expire
PEABODY ENERGY: Moody's Assigns Loss-Given-Default Rating

* VENEZUELA: Ends Orimulsion Production
* VENEZUELA: Puts Up US$500M Fund to Back Projects with Russia


                          - - - - -


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


BALL CORP: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the non-paper Packaging sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Ball Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   Novelis Inc:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$715 million
   Sr. Secured
   Multi-Currency
   Revolver due
   2011                   Ba1      Ba1    LGD4        52%

   US$35 million
   Sr. Sec. Revolver
   due 2011
   "Canadian revolver"    Ba1      Ba1    LGD4        52%

   GBP85 million
   (US$157.2)
   Sr. Sec. Term
   Loan A due 2011        Ba1      Ba1    LGD4        52%

   EUR350 million
   (US$447.7)
   Sr. Sec. Term
   Loan B due 2011        Ba1      Ba1    LGD4        52%

   CAD149 million
   (US$133.5)
   Sr. Sec. Term
   Loan C due 2011        Ba1      Ba1    LGD4        52%

   US$500 million
   Sr. Sec. Term
   Loan D due 2011        Ba1      Ba1    LGD4        52%

   US$550 million
   Sr. Unsec.
   6.875% notes due
   Dec 2012               Ba2      Ba1    LGD4        52%

   US$450 million
   Sr. Unsec. Notes
   due Mar 2018           Ba2      Ba1    LGD4        52%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


CITYRED SA: Trustee Verifies Proofs of Claim Until Nov. 8
---------------------------------------------------------
Raul Horacio Trejo, the court-appointed trustee for Cityred
S.A.'s bankruptcy proceeding, will verify creditors' proofs of
claim until Nov. 8, 2006.

Mr. Trejo will present the validated claims in court as
individual reports on Dec. 21, 2006.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Cityred and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Cityred's accounting
and banking records will follow on March 8, 2007.

Mr. Trejo is also in charge of administering Cityred's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

          Cityred S.A.
          Medrano 1922
          Buenos Aires, Argentina

The trustee can be reached at:

          Raul Horacio Trejo
          Avenida Corrientes 818
          Buenos Aires, Argentina


FUNDACION BANCO: Claims Verification Deadline Is Set for Oct. 20
----------------------------------------------------------------
Marta Lucena, the court-appointed trustee for Fundacion Banco
Almafuerte's bankruptcy proceeding, will verify creditors'
proofs of claim until Oct. 20, 2006.

Under the Argentine bankruptcy law, Ms. Lucena is required to
present the validated claims in court as individual reports.  
Court No. 8 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Fundacion Banco and
its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

Ms. Lucena will also submit a general report that contains an
audit of Fundacion Banco's accounting and banking records.  The
report submission dates have not been disclosed.

Fundacion Banco was forced into bankruptcy at the request of
Banco Finansur.

Clerk No. 16 assists the court in the proceeding.

The debtor can be reached at:

          Fundacion Banco Almafuerte
          Florida 716
          Buenos Aires, Argentina  

The trustee can be reached at:

          Marta Lucena
          Parana 774
          Buenos Aires, Argentina


MOLISE SA: Seeks for Court Approval to Reorganize Business
----------------------------------------------------------
Court No. 7 in Buenos Aires is studying the merits of Molise
S.A's petition to reorganize its business after it stopped
paying its obligations on May 17, 2006.

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

Clerk No. 14 assists the court in the case.

The debtor can be reached at:

          Molise S.A.
          Cordoba 1184
          Buenos Aires, Argentina


PAN FORMO: Last Day for Verification of Claims Is on Dec. 5
-----------------------------------------------------------
Maria Festugato, the court-appointed trustee for Pan Formo
S.A.'s bankruptcy case, will verify creditors' proofs of claim
until Dec. 5, 2006.

Under the Argentine bankruptcy law, Ms. Festugato is required to
present the validated claims in court as individual reports.  
Court No. 11 in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Pan Formo and its
creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

Ms. Festugato will also submit a general report that contains an
audit of Pan Formo's accounting and banking records.  The report
submission dates have not been disclosed.

Pan Formo was forced into bankruptcy at the request of Marcel
Perrone, whom it owes US$3,500.

Clerk No. 21 assists the court in the case.

The debtor can be reached at:

          Pan Formo S.A.
          Santa Fe 2687
          Buenos Aires, Argentina  

The trustee can be reached at:

          Maria Festugato
          Lavalle 1607
          Buenos Aires, Argentina


SC HOLDING: Verification of Proofs of Claim Is Until Oct. 17
------------------------------------------------------------
Ruben Hugo Faure, the court-appointed trustee for SC Holding
S.A.'s bankruptcy case, will verify creditors' proofs of claim
until Oct. 17, 2006.

Mr. Faure will present the validated claims in court as
individual reports on Nov. 28, 2006.  A court in Buenos Aires
will determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by SC Holding and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of SC Holding's
accounting and banking records will follow on Feb. 13, 2007.

Mr. Faure is also in charge of administering SC Holding's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

          SC Holding S.A.
          Libertad 844
          Buenos Aires, Argentina

The trustee can be reached at:

          Ruben Hugo Faure
          Avenida Corrientes 1312
          Buenos Aires, Argentina


VERIFONE HOLDINGS: Moody's Affirms Low-B Ratings
------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of VeriFone and revised the rating outlook to stable from
negative.  At the same time, Moody's assigned ratings to new
bank credit facilities that VeriFone will use to finance its
pending acquisition of Lipman Electronic Engineering Ltd.

The B1 corporate family rating reflects the favorable demand
outlook in the point-of-sale payment solutions sector,
VeriFone's strong market position post the Lipman acquisition in
an industry that is dominated by a few key players worldwide,
and VeriFone's track record in recent years in growing revenue,
profitability, and cash flow (though the most recent quarter's
inventory build up hampers free cash flow currently).

Half of the transaction consideration is via issuance of
equities, and the resultant capital structure is relatively
conservative with Debt to EBITDA of 3.1x.  These factors
combined with the expectation that working capital will
normalize and free cash flow will return to previous levels led
Moody's to revise the outlook to stable from negative despite
concerns over possible integration issues.

The B1 ratings on VeriFone's new credit facilites are assgined
based on Moody's LGD methodology, and they reflect the credit
facilities' preponderance in the proforma capital structure.

This rating is affirmed:

   * Corporate Family rating of B1;

These ratings have been assigned:

   * US$40 million senior secured (first lien) revolving credit
     facility, due 2012, rated B1;

   * US$500 million senior secured (first lien) term loan
     facility, due July 2013, rated B1

These ratings will be withdrawn upon refinancing:

   * Ba3 rating on US$30 million Senior Secured First Priority
     Revolving Credit Facility due 2009

   * Ba3 rating on US$190 million Senior Secured First Priority
     Term Loan B due 2011

Outlook revised to Stable from Negative.

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

Lipman's corporate headquarters and R&D facilities are located
in Israel.  The company is a provider of a variety of handheld,
wireless and landline point-of-sale products, solutions and
services.


YPF SA: Has No Rival in San Juan Exploration Tender
---------------------------------------------------
The San Juan province said in a statement that YPF SA was the
sole bidder in the tender it launched for the exploration of
seven hydrocarbons areas.

Business News Americas relates that YPF presented a bid to
explore the Tamberias area.

Pan American Energy acquired bidding rules for the areas Rio
Bermejo and Talacasto.  The company, however, did not submit a
technical bid, BNamericas notes.

According to the report, the San Juan province will open the
YPF's economic bid in two weeks.

Antonio Soler -- the San Juan energy department resources
director -- told BNamericas that geologists the state hired as
well as private firms believe Tamberias is likely to contain oil
rather than gas.

YPF has to invest at least US$7 million in Tamberias over six
years, Banericas says, citing Mr. Soler.

BNamericas reports that San Juan also called for exploration
bids for:

          -- Iglesia,
          -- Marayes,
          -- San Agustin, and
          -- Sierra del Tigre.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2006, Moody's Investors Service upgraded YPF Sociedad
Anonima's rating under the revised foreign currency ceilings:

   -- Foreign Currency Corporate Family Rating: to B2 from B3;
       Outlook remains Negative.

Moody's affirmed these five ratings:

   -- Issuer Rating (domestic currency): Baa2/NEG;

   -- Senior Unsecured Rating (foreign currency): Ba2/NEG;

   -- Senior Unsecured Rating MTN (foreign currency): Ba2/NEG;

   -- Senior Secured Shelf Rating (foreign currency):
      (P)Ba2/NEG; and

   -- Senior Unsecured Shelf Rating (foreign
      currency):(P)Ba2/NEG.


* ARGENTINA: Studies Draft of Joint Venture Debt Payment
-------------------------------------------------------
Julio de Vido -- Argentina's federal planning minister -- has
analyzed with Ruben Ramirez Lezcano, the foreign minister of
Paraguay, the draft to reevaluate the debt payment of the EBY
joint venture, which administers the Yacyreta hydro dam,
Business News Americas reports.

The dam is located on the Argentine-Paraguayan border.

BNamericas states that EBY's debt is about US$11 billion, mainly
due to additional building funded by Argentina.

Paraguay, says BNamericas, thinks that interest was calculated
unjustly.

BNamericas underscores that under the new accord, Paraguay would
send Argentina 8,000GWH over 40 years to settle its share of
debt.

According to BNamericas, the draft will be sent to technicians
involved with the project.  

Negotiation rounds on the project will be in October and
November, BNamericas relates.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


ULTRAPETROL (BAHAMAS): Selling 12.5 Million Shares at US$15 Each
----------------------------------------------------------------
Ultrapetrol (Bahamas) Ltd. will offer about 12.5 million shares
at US$13 to US$15 each, the Associated Press reports.

According to AP, Ultrapetrol aims to raise about US$175 million
in its initial public offering.

AP relates that Ultrapetrol filed its IPO (Initial Public
Offering) on March 30, 200.  However, the details of the
offering were unavailable.

The report underscores that the underwriters of the IPO are UBS
Investment Bank and Bear Stearns.

Ultrapetrol has plans to trade on the Nasdaq Stock Market, using
the symbol "ULTR", AP states.

                      About Ultrapetrol

Ultrapetrol (Bahamas) Ltd. is the largest owner and operator of
river barges and pushboats that transport dry bulk and liquid
cargos through the Hidrovia region of South America, a network
of waterways that connect Brazil, Bolivia, Uruguay, Paraguay and
Argentina.  It runs an offshore supply business, operates six
oceangoing vessels and runs two cruise ships with a total
capacity of 1,600 passengers.

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services assigned a 'B' rating on
Ultrapetrol (Bahamas) Ltd.  S&P said the outlook is negative.




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


ALPHA CARGO: Court Appoints Official Receiver as Liquidator
-----------------------------------------------------------
The Supreme Court of Bermuda ordered on Sept. 1, 2006, the
winding-up of Alpha Cargo Limited's business.  The court
appointed the Official Receiver of Bermuda as the company's
provisional liquidator.  

The petitioner's counsel may be contacted at:

          Conyers, Dill & Pearman
          Clarendon House, Church Street  
          Hamilton HM11, Bermuda


FOSTER WHEELER: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the homebuilding and construction-related
sector, the rating agency confirmed its B1 Corporate Family
Rating for Foster Wheeler LLC.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$250 million
   Gtd. Sr. Sec.
   Revolver               Ba3      Ba1    LGD 1        5%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


GALVEX HOLDINGS: Judge Drain Converts Ch. 11 Case to Chapter 7
--------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York in Manhattan converted the
chapter 11 case of Galvex Holdings Limited to a chapter 7
liquidation proceeding.

As reported in the Troubled Company Reporter on Aug. 28, 2006,
Galvex is "hopelessly" insolvent, has no assets remaining to
reorganize or sell, and has no ability to file and confirm a
plan of liquidation or pay any administrative expenses, Lori R.
Fife, Esq., at at Weil, Gotshal & Manges, LLP, said.

The Official Committee of Unsecured Creditors supported Galvex's
request for the conversion of its bankruptcy case to a
liquidation proceeding under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on May 30, 2006,
the Court authorized Galvex and its debtor-affiliates to sell
substantially all of their assets to SPCP Group LLC.  The
purchase was effected in exchange for the discharge of the
Debtors' US$192 million debt to SPCP.  SPCP acquired the shares
of Galvex's subsidiaries:

           -- Galvex Estonia;
           -- Galvex Intertrade; and
           -- Galvex Trade.

In accordance with the sale order, the Court further ruled that
the Chapter 11 cases of the three debtor-subsidiaries will be
dismissed effective upon the closing of the sale.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate   
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.  John S. Pereira is the
Debtor's Chapter 7 Trustee.


GALVEX HOLDINGS: US Trustee Names John Pereira as Ch. 7 Trustee
---------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, appointed John S.
Pereira as Galvex Holdings Limited's Chapter 7 Trustee on
Sept. 5, 2006.

On Aug. 30, 2006, the Honorable Robert D. Drain of the U.S.
Bankruptcy Court for the Southern District of New York converted
the chapter 11 case of Galvex Holdings to a chapter 7
liquidation proceeding.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate   
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.


INTELSAT (BERMUDA): Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Towers & Satellites sector, the rating
agency confirmed its B2 Corporate Family Rating for Intelsat
(Bermuda), Ltd.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. 9.25%
   Notes Due
   2016                   B2       B2     LGD3        46%

   Sr. FRN Due
   2013                  Caa1     Caa1    LGD5        82%

   Sr. 11.25%
   Notes Due
   2016                  Caa1     Caa1    LGD5        82%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).


INTELSAT CORP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Towers & Satellites sector, the rating
agency confirmed its B2 Corporate Family Rating for Intelsat
Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec.
   R/C Due 2012           B1       Ba2    LGD1        8%

   Sr. Sec. TL A
   Due 2012               B1       Ba2    LGD1        8%

   Sr. Sec. TL B          B1       Ba2    LGD1        8%

   Sr. Sec.
   6.375% Notes
   Due 2008               B1       Ba2    LGD1        8%

   Sr. Sec.
   6.875% Notes
   Due 2028               B1       Ba2    LGD1        8%

   Sr. 9.0%
   Notes Due 2014         B2       B2     LGD3       46%

   Sr. Unsec. TL          B2       B2     LGD3       46%

   Sr. 9.0% Notes
   Due 2016               B2       B2     LGD3       46%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).   


INTELSAT LTD: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Towers & Satellites sector, the rating
agency confirmed its B2 Corporate Family Rating for Intelsat,
Ltd.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

      
   Intelsat Ltd:  

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. 5.25%
   Notes Due
   2008                  Caa2     Caa1    LGD6        93%

   Sr. 7.625%
   Notes Due
   2012                  Caa2     Caa1    LGD6        93%

   Sr. 6.50%
   Notes Due
   2013                  Caa2     Caa1    LGD6        93%


   Intelsat Intermediate Holding Company:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. 9.25%
   Discount Notes
   Due 2015              Caa1      B3     LGD5        72%

  
   Intelsat Subsidiary Holding Company:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec.
   R/C Due 2012           B1       Ba2    LGD1         8%

   Sr. Sec. TL
   Due 2013               B1       Ba2    LGD1         8%

   Sr. FRN Due 2012       B2       B2     LGD3        46%

   Sr. 8.25% Notes
   Due 2013               B2       B2     LGD3        46%

   Sr. 8.625% Notes
   Due 2015               B2       B2     LGD3        46%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).


LUNDIN SUDAN (BLOCK5B): Proofs of Claim Filing Is Until Oct. 12
---------------------------------------------------------------
Lundin Sudan (Block5B) Ltd.'s creditors are given until
Oct. 12, 2006, to prove their claims to Jennifer Y. Fraser, the
company's liquidator, or be excluded from receiving any
distribution or payment.

Creditors are required to send by the Oct. 12 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Ms. Fraser.

A final general meeting will be held at the liquidators' place
of business on Oct. 31, 2006, at 9:30 a.m.

Lundin Sudan's shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts
and documents of the company and of the liquidator will be
disposed.

Lundin Sudan's shareholders agreed on Sept. 22, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Cannon's Court
          22 Victoria Street
          Hamilton, Bermuda   


REFCO GROUP: Court Okays US$705MM Payment to Secured Creditors
--------------------------------------------------------------
Refco Group Ltd., LLC, and its affiliated debtors received Court
approval to pay its secured creditors, including a group of
banks led by Banc of America Securities, LLC, as agent,
approximately US$705 million to settle all secured claims
against Refco.

"We are very pleased with the Court's decision," said Refco's
Chief Restructuring Officer David Pauker, who testified at the
hearing.  "The approval of this settlement was a necessary step
toward effecting the global settlement, obtaining approval of
the Debtor's bankruptcy plan and making distributions to
unsecured creditors."

Under the terms of the settlement approved by the U.S.
Bankruptcy Court for the Southern District of New York, Refco's
secured lenders will receive payment in full of principal, plus
interest at the contract rate, through the payment date, but
have agreed to forego payment of default interest.  In addition,
the Debtors, lenders and certain third parties will exchange
mutual releases.

In papers filed with the Bankruptcy Court, Refco said that the
agreement with the secured creditors was in the best interest of
the Refco estates and their creditors because, among other
things, it limits "potentially substantial secured claims for
additional interest, fees and indemnities."

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO: Three Parties Object to Accord with Prepetition Lenders
--------------------------------------------------------------
Refco Inc., and its debtor-affiliates and Marc Kirschner, the
Chapter 11 trustee for Refco Capital Markets, Ltd., asked the
U.S. Bankruptcy Court for the Southern District of New York to
approve a settlement agreement with Bank of America, N.A., and a
syndicate of lenders under an Aug. 5, 2004, credit agreement.

                         Objections

(1) FXA Customers

Some customers of Refco F/X Associates, LLC, object to the use
of their funds deposited with FXA to pay the Secured Lenders.

Specifically, the Ad Hoc Refco F/X Customer Committee; Forex
Capital Markets, LLC; Forex Trading, LLC; and New York
Financial, LLC, complain that the Debtors' request is silent as
to whether or how the Motion would affect or treat their funds,
which are being held by FXA or Refco Capital Markets, Ltd., for
their benefit.

Representing the FXA Customer Committee, Todd E. Duffy, Esq., at
Duffy & Amedeo LLP, in New York, contends that none of the
Debtors hold any proprietary or ownership interest in the
financial accounts and funds of the FXA customers.  As a result,
the Debtors could not and did not grant a lien on or security
interest in and to the funds or accounts to the Lenders as
collateral for the obligations owed to the Lenders.

The FXA customers are parties to separate agreements with FXA,
pursuant to which the customers established trading accounts
with FXA and into which cash and other property were delivered
and maintained by FXA or RCM on the customers' behalf.

The FXA Customer Committee, on its members' behalf, intends to
file an adversary proceeding to (i) determine that the Financial
Assets held and maintained by FXA or RCM are not the Debtors'
property, but rather are property of its members, and (ii)
require FXA or RCM to return and transfer the Financial Assets
to its members based on several applicable legal theories,
including the imposition of a constructive trust.

Pending the filing of the adversary proceeding, the Debtors
remain obligated to ensure that the customer funds are not
wrongfully dissipated, Mr. Duffy asserts.

(2) Ad Hoc Equity Committee

The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
notes that approval of the Lender Settlement would predetermine
the outcome of the Creditors Committees' request to allocate
US$300,000,000 of the proceeds from the BAWAG Settlement.  The
creditors who support the Chapter 11 Plan will likely argue that
the BAWAG Allocation Motion should be approved because approval
is necessary to effectuate the Lender Settlement.  That is not a
legitimate reason to approve the BAWAG Allocation Motion, Paul
N. Silverstein, Esq., at Andrews Kurth LLP, in New York,
contends.

The Ad Hoc Equity Committee intends to object to the BAWAG
Allocation Motion on numerous grounds, including that:

   (i) Refco Group Ltd., LLC, is not entitled to US$300,000,000
       of the BAWAG settlement; and

  (ii) the Court must allocate all the BAWAG proceeds at one
       time, not in a piecemeal fashion.

The objections should not be litigated in the context of the
Lender Settlement, Mr. Silverstein tells Judge Drain.

The BAWAG Allocation Motion is scheduled for hearing first week
of October, a week after the hearing on the Lender Settlement.  
Objections to the BAWAG Allocation Motion are not due until
Oct. 2.

The Ad Hoc Equity Committee also believes that the Lender
Settlement is unnecessary because the Debtors could achieve the
same or better result by seeking authority to use estate
property to pay the Banks in full.

Mr. Silverstein explains that consideration to be received by
the Debtors under the Lender Settlement appears largely
illusory.  Mr. Silverstein notes that the claim for default
interest -- 2% per annum or about US$13,000,000 -- is a
relatively small amount in the context of the Debtors' cases,
and less than the amount of fees authorized to be paid, without
Court review, under the Lender Settlement.  The Lender
Settlement does not require the Banks to release their disputed
claims against Refco, Inc., which is neither a party to, nor
guarantor of, the Credit Agreement.

The Banks should be required to release the proofs of claim they
filed against all of the Debtors, Mr. Silverstein maintains.

The Ad Hoc Equity Committee consists of JMB Capital Partners,
LP; Lonestar Capital Management, LLC; Mason Capital Management;
Smith Management LLC; and Triage Management LLC.

(3) Securities Plaintiffs

RH Capital Associates, LLC, and Pacific Investment Management
Company, LLC, the lead plaintiffs in In re Refco Inc. Securities
Litigation, Case No. 05-Civ.-8626 (GEL), seek a clarification
that the release of the Lenders under the Settlement is not
intended to impact, in any way, the Lead Plaintiffs' claims for
violations of federal securities laws against Banc of America
Securities, LLC; Credit Suisse First Boston; and Deutsche Bank
Securities, Inc.

The Proposed Order is broad and ambiguous and may be interpreted
to provide a more all-encompassing release to the Lenders and
others than intended by the parties to the Settlement, Michael
S. Etkin, Esq., at Lowenstein Sandler PC, in New York, explains.

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a    
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Clarifies Trigger Date for Settlement with Lenders
-------------------------------------------------------------
Refco Inc., and its debtor-affiliates and Marc Kirschner, the
Chapter 11 trustee for Refco Capital Markets, Ltd., asked the
U.S. Bankruptcy Court for the Southern District of New York to
approve a settlement agreement with Bank of America, N.A., and a
syndicate of lenders under an Aug. 5, 2004, credit agreement.

Some customers of Refco F/X Associates, LLC, the Ad Hoc
Committee of Equity Security Holders of Refco, Inc., and RH
Capital Associates, LLC, and Pacific Investment Management
Company, LLC, the lead plaintiffs in In re Refco Inc. Securities
Litigation, Case No. 05-Civ.-8626 (GEL), objected to the motion.

On Sept. 20, 2006, the Refco Debtors filed an Amended Proposed
Order with the Court.

The Amended Order clarifies that the Trigger Date in the Lender
Settlement will occur at the earlier of:

   (i) the Payment Date; and

  (ii) the date -- Other Trigger Date -- on which Bank of
       America, N.A., as administrative agent, notifies Refco
       Group, Inc., the Chapter 11 trustee for RCM, and the
       Creditors Committees in writing that a Trigger Date has
       occurred.

Whether or not a Trigger Date has occurred, however, the Debtors
party to the Loan Documents will use their reasonable best
efforts to raise the funds required to pay, and to pay the
amounts required to be paid as promptly as possible.

If the Other Trigger Date will have occurred, and, at the time
of the Other Trigger Date, the Debtors party to the Loan
Documents do not have sufficient funds to pay the amounts in a
lump sum, the Debtors will pay the amounts as soon as possible
after the Other Trigger Date from whatever funds are available
to them, provided that:

   (i) any partial payments will be made in increments of no
       less than US$1,000,000; and

  (ii) all amounts required to be paid will have been
       irrevocably paid in full and in cash not later than the
       Outside Payment Date.

The Amended Order also clarifies that the Lender Releases will
not include any person who is or was a director, officer,
employee, shareholder, affiliate, professional or advisor of a
Debtor or any affiliate of a Debtor, in that capacity.

The Amended Order also notes that payments from the BAWAG
Proceeds will reduce the Secured Claims against the Lenders'
Collateral.  If any Debtor, BAWAG, any other party-in-interest,
or their successors, assigns or representatives assert a claim
to or in respect of the BAWAG Proceeds allocated for the Lender
Settlement, the payments will be deemed to have been made from
the Collateral, and the claim will be asserted solely against
the Collateral unencumbered by the payments, and not against
BofA or any Lender.

Refco, LLC; its Chapter 7 trustee, Albert Togut; and Fimex
International, Ltd., have been removed from the list of
participating parties.

A full-text copy of the Amended Order is available at no charge
at http://ResearchArchives.com/t/s?124d

A revised list of participating parties is available at no
charge at http://ResearchArchives.com/t/s?124e

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a    
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WARNER CHILCOTT: Prices Initial Public Offering at US$15 a Share
----------------------------------------------------------------
Warner Chilcott Ltd. disclosed the pricing of its initial public
offering of 70,600,000 shares of common stock, at a price of
US$15 per share.  The shares were listed on the Nasdaq Global
Select Market and traded under the symbol "WCRX" beginning
Sept. 21, 2006.  The Company will sell the shares.

The underwriters have an option to purchase up to an additional
7,060,000 shares from the selling stockholders at the initial
public offering price less the underwriting discount.  The
Company will not receive any proceeds from a sale of the shares
by the selling stockholders if the underwriters exercise their
option to purchase additional shares.

Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, J.P.
Morgan Securities Inc. and Morgan Stanley have acted as joint
book-running managers for the offering.

A copy of the final prospectus relating to these securities may
be obtained, when available, from:

           Goldman, Sachs & Co.
           Attention: Prospectus Department
           85 Broad Street, New York,
           NY 10004
           Fax: (212) 902-9316
           E-mail: prospectus-ny@ny.email.gs.com

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. is the
holding company for a host of pharmaceutical makers. Women's
health care products, including hormone therapies (femhrt and
Estrace Cream) and contraceptives (Estrostep, Loestrin, and
OvCon), are the company's largest segment. Other products
include dermatology treatments for acne (Doryx) and psoriasis
(Dovonex and Taclonex).  US subsidiary Warner Chilcott, Inc.
makes prescription drugs for dermatology and women's health;
other subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its
ratings on Warner Chilcott Corp.  The corporate credit rating
was raised to 'B+' from 'B'.  At the same time, the ratings were
removed from CreditWatch, where they were placed with positive
implications on June 13, 2006, following the company's
announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  The rating outlook is
stable.


WARNER CHILCOTT: FTC Files a New Motion in Ongoing Ovcon Lit.
-------------------------------------------------------------
Warner Chilcott Ltd. is currently party to litigation with the
U.S. Federal Trade Commission and 34 states plus the District of
Columbia relating to its agreements with Barr for the supply of
Ovcon 35.  At issue in the litigation are the exclusivity
provisions in these agreements, which provide that Barr
exclusively supply Ovcon 35 to the Company, and the alleged
anti- competitive effects of these provisions.  Barr is the
Company's sole source of supply for Ovcon 35.

In August 2006, the Company completed manufacturing validation
for a chewable version of Ovcon 35, Ovcon Chewable.  In
September 2006, the Company launched Ovcon Chewable and stopped
shipping Ovcon 35 to consumers as it began the process of
transitioning from Ovcon 35 to Ovcon Chewable.

On Sept. 25, 2006, the FTC filed a new motion in the ongoing
litigation alleging that the Company's transition from Ovcon 35
to Ovcon Chewable would impede the market for a generic version
of Ovcon 35.  The FTC's motion seeks a preliminary injunction
that, if granted, would require the Company to continue to
supply Ovcon 35 on a basis comparable to Ovcon Chewable,
including with respect to pricing, sampling and availability, in
order to enable the possible entrance of a generic version of
Ovcon 35 into the marketplace.  The FTC's motion does not seek
to restrain the Company's continuing roll out of Ovcon Chewable.

The Company believes the new relief requested by the FTC is
without merit and intends to contest the FTC's motion
vigorously.  As disclosed in the Company's Prospectus dated
Sept. 20, 2006, as a result of the launch of Ovcon Chewable and
the Company's eventual phase-out of Ovcon 35, it had expected to
engage in discussions with Barr about the effect of the launch
on their agreements.  On September 25, 2006, following a review
by the Company of its agreements with Barr relating to Ovcon 35,
the Company signed a waiver that terminated the exclusivity
provisions contained therein.  The remaining provisions of the
Barr agreements remain unchanged.  Since the principal equitable
relief sought in the initial Ovcon 35 FTC litigation referred to
above was the termination of these exclusivity provisions, the
Company intends to promptly file a motion to dismiss this
litigation.

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a  
host of pharmaceutical makers. Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment. Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

                        *    *    *

Standard & Poor's Ratings Services raised on Sept. 27, 2006, its
ratings on Warner Chilcott Corp.  The corporate credit rating
was raised to 'B+' from 'B'.  At the same time, the ratings were
removed from CreditWatch, where they were placed with positive
implications on June 13, 2006, following the company's
announcement that it was planning an IPO, with the bulk of
proceeds to be used for debt reduction.  The rating outlook is
stable.


WARNER CHILCOTT: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the pharmaceutical sector, the rating agency
confirmed its B2 Corporate Family Rating for Warner Chilcott
Company, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   Warner Chilcott Company, Inc:
   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$870 million
   Sr. Sec. Term
   Loan                   B2       B1     LGD3        36%

   US$239 million
   Delayed Draw
   Secured Term Loan      B2       B1     LGD3        36%

   US$150 million
   Sr. Sec.
   Revolving Credit
   Facility               B2       B1     LGD3        36%


   Warner Chilcott Holdings Company III, Limited:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$162 million
   Sr. Sec.
   Term Loan               B2      B1     LGD3        36%


   Warner Chilcott Corporation:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$351 million
   Sr. Sec. Term
   Loan                   B2       B1     LGD3        36%

   US$600 million
   Sr. Sub. Notes        Caa1     Caa1    LGD5        89%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


WARNER CHILCOTT: S&P Upgrades Corp. Credit Rating to B+ from B
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Warner
Chilcott Corp.  The corporate credit rating was raised to 'B+'
from 'B'.  At the same time, the ratings were removed from
CreditWatch, where they were placed with positive implications
on June 13, 2006, following the company's announcement that it
was planning an IPO, with the bulk of proceeds to be used for
debt reduction.  The rating outlook is stable.

"The ratings upgrade reflects the completion of the IPO, in
which the specialty pharmaceutical company raised more than US$1
billion and plans to use the majority of the proceeds to reduce
debt by US$633 million," said Standard & Poor's credit analyst
Arthur Wong.  Nevertheless, the company will remain highly
leveraged, with debt to EBITDA at roughly 4.5x, and we believe
that the company will remain financially aggressive.  These risk
factors are partially offset by the company's diverse product
portfolio and solid positions in the women's health and
dermatology categories.

Rockaway, N.J.-based Warner has built -- largely through
acquisitions -- solid franchises in both the women's health and
dermatology markets, and the company's portfolio is relatively
diversified. Women's health, consisting of oral contraceptives
and hormone replacement therapy, accounts for more than 50% of
Warner's annual sales.  The company's Ovcon, Estrostep, and
Loestrin 24 brands compete in the branded oral contraceptives
market.  Warner recently cancelled an agreement with generic
drug maker Barr Pharmaceuticals, which would have allowed Barr
to sell a generic version of Ovcon 35.  The drug generated US$95
million in high-margin sales for Warner for the 12 months ended
July 31, 2006.  Warner hopes to largely offset lost sales with a
new chewable version of Ovcon 35, as well as continued sales of
the original product.  The company also recently launched
Loestrin 24, low estrogen oral contraceptive that produces a
shorter, lighter menstrual flow.

Warner's EBITDA operating margin is high, at more than 50%, and
many of the company's products boast gross margins of more than
90%. Still, since its buyout in early 2005, the company has been
highly leveraged. Annualized debt to EBITDA, pro forma for the
IPO-related reduction of debt and the Dovonex acquisition, will
be greater than 4.5x, and funds from operations to total debt
will be roughly 11%.




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


BANCO MERCANTIL: Posts US$2.88 Mil. First Half 2006 Net Income
--------------------------------------------------------------
Figures from Sbef, the financial system regulator of Boliva,
indicated that Banco Mercantil SA's net profits increased 39.1%
to US$2.88 million in the first half of 2006, from US$2.07
million in the same period in 2005, Business News Americas
reports.

According to BNamericas, Banco Mercantil's return on equity was
9.3% in the first half of 2006, compared with an industry
average of 10.2%.  Return on assets was 0.9%, slightly lesser
than the 1.0% industry average.

BNamericas relates that Banco Mercantil's performing loans
increased 7% to US$333 million in June 2006, compared with the
same month in 2005.  Its deposits increased 9% to US$455
million.

The report says that assets of Banco Mercantil grew 11% to
US$589 million during the 12 months ending June 2006, compared
with the same period of last year.  Meanwhile, its liabilities
increased 12% to US$530 million.

BNamericas underscores that Banco Mercantil had a 15% asset
market share in the first half of 2006.

Banco Mercantil acquired in April a 96.3% stake in Banco Santa
Cruz from Spain's Santander for US$25.8 million, BNamericas
states.  The acquisition will bring Banco Mercantil's market
share to 26% in terms of assets, making the firm the largest
bank in Bolivia.

An official of Banco Mercantil told BNamericas that the firm
expects the merger by December.

                        *    *    *

Banco Mercantil's long-term bank deposits carry Moody's B3
rating.  The rating was placed on Sept. 8, 2004, with a stable
outlook.

Standard & Poor's assigned the bank BB long-term local and
foreign issuer credit ratings and B short-term local and foreign
issuer credit ratings.  The ratings were placed on June 4, 1999,
with a stable outlook.

On Sept. 23, 2004, Fitch assigned the bank single B debt and
default ratings with a negative outlook.




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


AES CORP: S&P Says Unit's Offering Won't Affect Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services noted that the announcement
of a secondary offering by a wholly owned subsidiary of
Brasiliana Energia S.A. is a favorable credit development for
Brasiliana's joint owner, The AES Corp. (BB-/Stable/--), but
will not affect the ratings or outlook on AES.

Brasiliana will use the expected proceeds of nearly US$530
million to US$600 million to repay about US$595 million of debt
that has covenants restricting dividend distributions.  
Elimination of this restrictive debt frees up future cash flow
for other AES growth projects.  Management estimates incremental
cash flow of about US$50 million for AES from Brasiliana's
subsidiary distributions.  Following completion of the non-
voting preferred share transaction, AES will continue to
maintain its controlling interest in Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. (the regulated utility offering
the shares) and will have an economic interest of about 18% in
Eletropaulo.


ALERIS INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Metals & Mining sector, the rating agency
confirmed its B1 Corporate Family Rating for Aleris
International.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$400 million
   Gtd. Sr. Secured
   Term Loan              Ba3      Ba3    LGD3        32%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


AMERICAN SAFETY: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for American Safety Razor Company.

Additionally, Moody's revised and held its probability-of-
default ratings and assigned loss-given-default ratings on these
loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$35 million
   First Lien
   Revolving Credit     B2       B1        LGD3     38%

   US$225 million
   First Lien
   Term Loan            B2       B1        LGD3     38%

   US$175 million
   Second Lien
   Term Loan            Caa1     B3        LGD4     58%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Based in Cedar Knolls, New Jersey, American Safety Razor Company
-- http://www.asrco.com-- is a major designer, manufacturer and  
marketer of brand name and private label consumer and industrial
products.  Its principal products include wet shaving blades and
razors and medical blades.

The company has global manufacturing and sales locations
including those in the United Kingdom, Japan, Singapore,
Australia, and Brazil.


BANCO NACIONAL: Provides US$10M Loan to Fund Vulcabras's Exports
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
approved a financing to Vulcabras do Nordeste S.A., under the
pre-Shipment Line for the Footwear Sector.  For US$10 million,
the credit will be used to support new exports of footwear,
spats and similar products.

Vulcabras do Nordeste has about 8,900 direct employees.  The
company belongs to the same holders of the Grendene group, the
leading private employer in that State, with about 20,000
employees and one of the largest footwear manufacturers of
Brazil, with 17,300 sales offices in the country and 19,500
abroad, exporting its products to about 60 countries.

Vulcabras do Nordeste manufactures several models of high
performance tennis shoes, warm clothing, blouses, undershirts
and trunks for the performance of sports and for leisure, under
a license of the Reebok international brand, with exclusiveness
for operation in Mercosur countries.  It also produces several
types of rubber, PVC and EVA professional boots.

Bvulcabras do Nordeste, which accounts for the entire footwear
production and trading of that traditional brand, is the main
company of the group and the only exporter.  Its products are
traded in Brazil and the foreign market, having Argentina and
Uruguay as principal destinations.

In August 2003, Vulcabras undertook control of VDA Calzados y
Articulos Deportivos S.A., which began concentrating its trading
and distribution operations in Argentina.

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook.  The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook.


BANCO NACIONAL: Relaxes Funding Conditions for Power Projects
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES
said in a statement that it has eased financing conditions for
power transmission and generation projects.

Wagner Bittencourt -- BNDES infrastructure department head --
told Business News Americas that the transmission and generation
projects will be subject to the bank's long-term TJLP (long-term
interest rate).  

BNamericas relates that Mr. Bittencourt said the change could
result in a 1.2% decrease of funding costs.

According to BNamericas, the structure is a change from the
previous payment plan.  Projects used to pay up to 80% of the
loan according to TJLP rates and the balance according to the
yield on Brazilian treasury notes known as NTN-B, which are
corrected for inflation by the IPC-A inflation index.

TJLP was 6.85% annually.  NTN-B yields up to 10% per year,
including the 4-5% IPC-A inflation index, BNamericas reports.

                        *    *    *

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook.  The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook.


BRASKEM SA: Obtains US$184.6MM from Tender Offer of 12.50% Notes
----------------------------------------------------------------
Braskem S.A. disclosed the results of its cash tender offer for
any and all of its outstanding US$275,000,000 principal amount
of 12.50% Notes due 2008 (CUSIP Nos.: 10553H AD 4 and 10553J AD
0; ISIN Nos. US10553HAD44 and US10553JAD00; Common Code Nos.
018005328 and 018005484).  The offer expired at 5:00 p.m., New
York City time, on Wednesday, September 27, 2006.

Braskem has been advised by the depositary that, as of the
Expiration Date of the offer, of the US$275,000,000 in aggregate
principal amount of Notes outstanding, US$184,587,000 had been
validly tendered and not validly withdrawn pursuant to the
offer.  Braskem has accepted for purchase all Notes validly
tendered and not validly withdrawn pursuant to the offer.

On the settlement date, which is expected to be October 2, 2006,
Braskem will pay noteholders who validly tendered and did not
withdraw their Notes prior to or at 5:00 p.m., New York City
time, September 18, 2006, the total consideration of US$1,145.48
per US$1,000 principal amount of Notes, which includes an early
tender premium in the amount of US$20 per US$1,000 principal
amount of Notes, plus accrued and unpaid interest from the last
interest payment date to, but excluding, the settlement date
(which is expected to be approximately US$51.04 per US$1,000
principal amount of Notes), for these Notes.  

Braskem paid noteholders who validly tendered their Notes after
5:00 p.m., New York City time, on Monday, September 18, 2006,
and prior to or at 5:00 p.m. New York City time, on September
27, 2006, the tender offer consideration of US$1,125.48 per
US$1,000 principal amount of Notes, which does not include the
early tender premium, plus accrued and unpaid interest from the
last interest payment date to, but excluding, the settlement
date (which is expected to be approximately US$51.04 per
US$1,000 principal amount of Notes), for these Notes.

Braskem retained ABN AMRO Bank N.V., London Branch, and
Citigroup Global Markets Inc. to act as Dealer Managers for the
tender offer, JPMorgan Chase Bank, N.A. to act as the depositary
for the tender offer, and D.F. King & Co., Inc. to act as
information agent for the tender offer.

Braskem -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin American, and is among the three
largest Brazilian-owned private industrial companies.  The
company operates 13 manufacturing plants located throughout
Brazil, and has an annual production capacity of 5.8 million
tons of resins and other petrochemical products.

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 22, 2006,
its 'BB' senior unsecured debt rating to the proposed up to
US$275 million bonds due Jan. 2017 to be issued by Brazil-based
petrochemical company Braskem S.A. (BB/Stable/--).  The bonds
will rank pari passu with the company's other senior unsecured
notes.

Fitch assigned on Sept. 20, 2006, a rating of 'BB+' to Braskem
S.A.'s proposed issuance of US$275 million senior unsecured
notes due to 2017.  The notes are being offered under Rule 144A
Regulation S.  The proceeds of the offering are expected to be
used to prepay existing debts and extend debt maturities. Fitch
also maintains foreign currency and local currency Issuer
Default Ratings of 'BB+' and a national scale rating of
'AA(bra)' for Braskem.  Fitch said the Rating Outlook is Stable.


COMPANHIA SIDERURGICA: Names Juarez Avelar as New Exec. Director
----------------------------------------------------------------
Companhia Siderurgica Nacional aka CSN said in a filing with
Comissao de Valores Mobiliarios, the securities regulator of
Brazil, that it has appointed Juarez Saliba de Avelar as its new
executive director.

Business News Americas relates that Mr. de Avelar will serve as
executive director in CSN for two years.  He will be focusing on
the minerals segment.

Companhia Siderurgica Nacional aka CSN produces, sells, exports
and distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.

                        *    *    *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corp.or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


GERDAU AMERISTEEL: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Metals & Mining sector, the rating agency
confirmed its Ba2 Corporate Family Rating for Gerdau Ameristeel
Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$405 million
   10.375% Gtd.
   Sr. Unsecured
   Global Notes           Ba2      Ba3    LGD4        61%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).  


NOVELIS INC: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Metals & Mining sector, the rating agency
confirmed its B1 Corporate Family Rating for Novelis Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   Novelis Inc:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Gtd. Sr. Secured
   Revolving Credit
   Facility               Ba3      Ba2    LGD2        24%

   US$312 million
   Gtd. Sr. Secured
   Term Loan B            Ba3      Ba2    LGD2        24%

   US$1.4 billion
   7.25% Gtd. Sr.
   Unsecured Notes
   due 2015               B2       B3     LGD5        76%


   Novelis Corp.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$543 million
   Gtd. Sr. Secured
   Term Loan B            Ba3      Ba2    LGD2        24%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


PETROLEO BRASILEIRO: Closes Issuance of 35B Yen-Dominated Bonds
---------------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras disclosed that through
its wholly owned subsidiary, Petrobras International Finance
Company, it concluded in the Japanese capital market a private
placement of securities or Shibosai for a total of JPY35 billion
(approximately US$300 million).

The Company's principal objectives were to:

   -- reinitiate a relationship with the Japanese market,

   -- access a new investor base and

   -- achieve a competitive cost in the light of its investment
      grade rating granted by Moody's Investor Services.

This funding carries a semi-annual coupon of 2.15% p.a., a ten-
year maturity (bullet repayment) and the partial guarantee of
the JBIC (Japan Bank for International Cooperation).

The Company intends to use the financial resources raised from
this issue to finance, either partially or in full, the
construction of lines interconnecting the P-51, P-52 and P-53
production platforms to the PRA-1 autonomous repumping unit.

The operation was led by Mitsubishi UFJ Securities and Nomura
Securities Co. Ltd. and marks Petrobras' return to the Japanese
capital markets, from which the Company had been absent since
1997.

The securities were sold to various Japanese investors including
insurance companies and financial institutions. The support of
the JBIC guarantee provided additional support in accessing such
investors in the process of reopening the market.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in Brazil.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

                        *    *    *

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


TELE NORTE: Nonvoting Shareholders Balk at Reorganization Plan
--------------------------------------------------------------
Some of Tele Norte Leste Participacoes SA's investors holding
nonvoting shares said in a filing with the U.S. Securities and
Exchange Commission that they won't accept the company's
restructuring plan, The Wall Street Journal reports.

The plan calls for a major share restructuring by:

   -- consolidating the stocks of Telemar units into one class
      of voting shares and

   -- holding a secondary offering.

Telemar plans to list on the New Market or Novo Mercado of the
Sao Paulo Stock Exchange.  To meet Novo Mercado's criteria, a
company must have only common shares and at least 25% must be
available on the public market.  This move is aimed at removing
the controlling bloc by some investors, which currently hold the
group's voting shares, and increasing the group's corporate
governance and transparency.  Hence, no lone group will run the
company.

Genesis Investment Partners LLP, a London-based manager of US$16
billion in emerging-market equities, which owns 6.25% of
nonvoting shares, joined California-based Brandes Investment
Partners in voicing their opposition to the plan.  The two
companies together hold 15% of Telemar's nonvoting shares.  The
Journal says that Brandes and Genesis are talking to a growing
group of asset managers, including Franklin Resources Inc.'s
Franklin Templeton Investments and Capital Research &
Management, about a united front against the plan.  

Comisao de Valeros Mobiliarios, the securities regulator of
Brazil, recently issued a ruling that Tele Norte's shareholders,
except owners of preferred stock, are prohibited from voting on
proposals to reorganize companies because of conflicts of
interest.  The ruling is bad news for minority shareholders.

According to the Journal, minority shareholders filed a number
of regulatory complaints hoping to delay the process.  

The Journal enumerates the three complaints filed over the past
few weeks:

First, Polo Capital, a Rio de Janeiro hedge-fund firm with
US$500 million in assets, complained to the securities regulator
that Telemar refuses to send it the company's shareholder list,
an obligation under the law.

Second, Mellon Global Investments Brasil, a unit of Mellon
Financial Corp., asked the security commission to order Telemar
to issue a new statement to investors encompassing all changes
that have been made to the plan.  

Third, Argucia Capital, an asset manager based in Rio de
Janeiro, asks that the commission provide safeguards to minority
investors in order to prevent abuse on the part of controlling
shareholders.  Argucia wants the commission to prevent
controlling shareholders from voting with borrowed shares or
through third parties. It also wants controlling shareholders
and the company's management to be prevented from soliciting
votes for the plan.

Telemar provides telecommunication services in South America.
It offers local, intra-regional long distance, and data
transmission services in 16 Brazilian states, which covers
approximately 64% of the country.  Mobile services are provided
through its wireless unit Oi, and it has acquired data
transmission services provider Pegasus.

                        *    *    *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Tele Norte
Leste Participacoes S.A.'s foreign currency issuer default
rating to 'BB+' from 'BB'.


* BRAZIL: Google Won't Turn Over Orkut User Data to Authorities
---------------------------------------------------------------
Google Inc. missed a Sept. 28 deadline to turn over the
company's information on users of the social networking service
Orkut to Brazilian authories, the Associated Press reports.  On
Wednesday, Google said in a release that it would instead file a
brief in court explaining why it didn't comply.

Brazil's Public Attorney's office had filed a suit demanding
Google to provide information about some of the users of Orkut
in the agency's effort to stop child pornography in the country.

Federal Judge Jose Marcos Lunardelli issued an order on Aug. 22
telling Google's local affiliate to release the information by
Sept. 28 or get fined for US$23,000 daily.

As previously reported, Google explained that information
regarding users of their sites are stored in their databases
located in the United States.  As such, request for information
should be made in the U.S.

"We have and will continue to provide Brazilian authorities with
information on users who abuse the Orkut service, if their
requests are reasonable and follow an appropriate legal
process," Debbie Frost, Google's spokeswoman, was quoted by AP
as saying.  "It is and always has been our intention to be as
cooperative in the investigation and prosecution of crimes as we
possibly can, while being careful to balance the interests of
our users and the request from the authorities."

The Brazilian judge, however, dismissed Google's argument saying
where the data are stored is irrelevant because the "messages
being investigated were published by Brazilians, through
Internet connection in national territory," AP relates.

Meanwhile, Google said it took eight Orkut communities off-line
at the request of the Brazilian government, AP says.

                         About Orkut

Named after Turkish software engineer Orkut Buyukkokten, Orkut
is an invitation-only service run by Google that lets members
discuss a wide range of subjects in Internet forums or
communities.  The service is more popular in Brazil than in any
other country, AP says.  According to the Financial Times, 65%
of the site's 20 million registered users are from Brazi.

                        *    *    *

As reported on Sept. 4, 2006, Brazil's foreign currency country
ceiling was upgraded to Ba1 from Ba2 while the government's
foreign- and local-currency bond ratings were changed to Ba2
from Ba3.




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


CARLYLE HIGH: Creditors Must Present Proofs of Claim by Oct. 19
---------------------------------------------------------------
Carlyle High Yield Partners III, Ltd.'s creditors are required
to submit proofs of claim by Oct. 19, 2006, to the company's
liquidators:

          Chris Watler
          Emile Small
          Maples Finance Limited      
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Carlyle High's shareholders agreed on Aug. 28, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


FIGARO LIMITED: Last Day to File Proofs of Claim Is on Oct. 19
--------------------------------------------------------------
Figaro Limited's creditors are required to submit proofs of
claim by Oct. 19, 2006, to the company's liquidators:

          Emile Small
          Karen Ellerbe
          Maples Finance Limited      
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Figaro Limited's shareholders agreed on Sept. 6, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


HENDERSON UK: Shareholders Gather for a Final Meeting on Oct. 19
----------------------------------------------------------------
Henderson UK Fundamental Long Short Fund Limited's final
shareholders meeting will be at 11:00 a.m. on Oct. 19, 2006, at
the company's registered office.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) requesting the members' approval of the liquidation fees
      incurred to date, approval of the liquidator's estimated
      costs to completion, and

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          Lawrence Edwards
          Attention: Jyoti Choi
          P.O. Box 258, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914 8657
          Fax: (345) 949 4590


LIZMAR INVESTMENT: Proofs of Claim Filing Is Until Oct. 19
----------------------------------------------------------
Lizmar Investment Ltd.'s creditors are required to submit proofs
of claim by Oct. 19, 2006, to the company's liquidators:

          Commerce Corporate Services Limited
          P.O. Box 694
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 7904

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Lizmar Investment's shareholders agreed on Sept. 7, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


MODENA LIMITED: Creditors Must File Proofs of Claim by Oct. 19
--------------------------------------------------------------
Modena Limited's creditors are required to submit proofs of
claim by Oct. 19, 2006, to the company's liquidators:

          Commerce Corporate Services Limited
          P.O. Box 694
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 7904

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Modena Limited's shareholders agreed on Sept. 7, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


PHYSICIANS SECURITY: Final Shareholders Meeting Is on Oct. 19
-------------------------------------------------------------
Physicians Security Insurance Company's final shareholders
meeting will be at 9:30 a.m. on Oct. 19, 2006, at:

          Global Captive Management Ltd.
          Genesis Building
          P.O. Box 1363GT, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) requesting the members' approval of the liquidation fees
      incurred to date, approval of the liquidator's estimated
      costs to completion, and

   3) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.

The liquidator can be reached at:

          Peter Mackay
          Global Captive Management Ltd.
          Genesis Building
          P.O. Box 1363, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7966


PMA EUROPEAN: Last Shareholders Meeting Is Scheduled for Oct. 19
----------------------------------------------------------------
PMA European Scion Fund Limited's shareholders will convene for
a final meeting on Oct. 19, 2006, at:

          Maples Finance Limited
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidator can be reached at:

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


PMA EUROPEAN (MASTER): Final Shareholders Meeting Is on Oct. 19
---------------------------------------------------------------
PMA European Scion Master Fund Limited's shareholders will
convene for a final meeting on Oct. 19, 2006, at:

          Maples Finance Limited
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidator can be reached at:

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


SAND DOLLAR: Proofs of Claim Filing Deadline Is Set for Oct. 19
---------------------------------------------------------------
Sand Dollar Limited's creditors are required to submit proofs of
claim by Oct. 19, 2006, to the company's liquidators:

          Commerce Corporate Services Limited
          P.O. Box 694
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8666
          Fax: (345) 949 7904

Creditors who are not able to comply with the Oct. 19 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Sand Dollar's shareholders agreed on Sept. 7, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.


SCOTTISH RE: Terminates & Reduces Syndicated Credit Facilities
--------------------------------------------------------------
Scottish Re Group Limited has permanently reduced the aggregate
commitments under the Amended and Restated Credit Agreement
dated July 14, 2005, among:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.;
   -- Scottish Re (Dublin) Limited;
   -- Scottish Re (U.S.), Inc.;
   -- Scottish Re Limited; and
   -- a syndicate of banks

to US$42.8 million.  The company also announced that Scottish
Annuity & Life Insurance Company (Cayman) Ltd., has terminated
the Letter of Credit Agreement dated Aug. 18, 2005, among:

   -- Scottish Re (Dublin) Limited,
   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.,
   -- various financial institutions, and
   -- Bank of America, N.A., as administrative agent,

effective Sept. 22, 2006.  All letters of credit outstanding
under that agreement, in an aggregate amount of US$10 million,
have been cancelled.

Dean Miller, Chief Financial Officer, remarked "As previously
stated, the availability of further borrowings under these
credit facilities has been uncertain.  Rather than continue
negotiations with the banking syndicate, we elected to
permanently reduce the US$200 million credit facility to US$42.8
million, which is the face amount of outstanding letters of
credit under the agreement.  Using existing available liquidity,
we are currently working with our clients to provide them with
alternate letters of credit or assets in trust to replace these
outstanding letters of credit.  Once these alternate letters of
credit or assets in trust are in place, we can terminate the
US$200 million credit facility which will eliminate the current
restriction on the Company's ability to transfer funds to
Scottish Re Group Limited in order to pay the US$115 million
4.5% Convertible Notes which can be put to the Company on
Dec. 6, 2006.  In addition, we terminated the US$30 million
letter of credit facility available to our Dublin subsidiary."

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, and Windsor, England.  At March 31, 2006,
the reinsurer's balance sheet showed US$12.2 billion assets and
US$10.8 billion in liabilities

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.

For the same reason, Moody's Investor Service downgraded
Scottish Re's senior unsecured debt rating to Ba3 from Ba2 due
to liquidity issues.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.


SILVER TOWER: Shareholders Convene for a Last Meeting on Oct. 19
----------------------------------------------------------------
Silver Tower Specialised Financing Limited's shareholders will
convene for a final meeting on Oct. 19, 2006, at:

          Maples Finance Limited
          Queensgate House, George Town
          Grand Cayman, Cayman Islands

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidator can be reached at:

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




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


SHAW GROUP: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the homebuilding and construction-related
sector, the rating agency confirmed its Ba2 Corporate Family
Rating for Shaw Group, Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$750 million
   Gtd. Sr. Sec.
   Revolver
   due 2010               Ba2      Ba2    LGD 3       42%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    




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


NOVELL INC: Wells Fargo Issues Default Notice
---------------------------------------------
Novell, Inc., has received a letter from Wells Fargo Bank, N.A.,
the trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.

The letter states that this asserted default will not become an
"event of default" under the indenture if the company cures the
default within 60 days after the date of the notice.

Novell says the default is invalid and without merit and asserts
that it has not failed to perform its obligations under the
indenture.  Novell's indenture requires that it provide the
trustee copies of all SEC filings within 15 days after such
filings are actually made.  Novell says it will comply with this
requirement by providing the Form 10-Q for the period ended
July 31, 2006, to the trustee after filing it with the SEC.

In the event the above-mentioned notice of default is not
invalid, and in the event such default were to mature into an
event of default under the indenture, the trustee or the holders
of at least 25% in aggregate outstanding principal amount of
debentures may accelerate the maturity of the debentures.

In addition, Novell also received a staff determination notice
from the NASDAQ Stock Market stating that the company's common
stock is subject to delisting from the NASDAQ Stock Market.  The
notice was issued in accordance with standard NASDAQ procedures
as a result of the delayed filing of Novell's quarterly report
on Form 10-Q for the period ended July 31, 2006.  Timely filing
of periodic reports is a requirement for continued listing under
NASDAQ marketplace rule 4310(c)(14).

The late filing resulted from Novell's previously announced
voluntary review by its audit committee of Novell's historical
stock-based compensation practices.  The company intends to file
its quarterly report on Form 10-Q for the period ended July 31,
2006 as soon as practicable after the audit committee's review
is concluded.

                        About Novell

Novell, Inc. -- http://www.novell.com/-- delivers Software for  
the Open Enterprise.  With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software.  Novell has sales offices
in Argentina, Brazil and Colombia.




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


SPECTRUM BRANDS: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the consumer products sector, the rating agency
confirmed its B3 Corporate Family Rating for Spectrum Brands.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300 million
   Revolving Credit       B2       B1     LGD2        27%

   US$1,143 million
   Term Loan              B2       B1     LGD2        27%

   US$700 million
   Sr. Sub. Notes        Caa2     Caa2    LGD5        82%

   US$350 million
   Sr. Sub. Notes        Caa2     Caa2    LGD5        82%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    




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


UNIVERSAL CORP: Subsidiary Sells Businesses for US$527 Million
--------------------------------------------------------------
Universal Corp.'s subsidiary, Deli Universal, Inc., has
completed the sale of its non-tobacco businesses to NPM Capital
N.V., owned by NIBC Principal Investments and managers of Deli's
non-tobacco businesses.

The overall transaction is valued at approximately US$527
million, after selling expenses, based on estimated
Aug. 31, 2006, financial statements.

The company received US$401 million in cash, associated with the
transaction, net of expenses, and the remainder of the purchase
price represented debt assumed by the new company.  Cash
proceeds will be used to reduce debt; however the company's
Board of Directors will consider the possibility of resuming the
company's share repurchase program based on market conditions
and the performance of its business.  Proceeds will be adjusted
based on final agreement on the accounts of the businesses as of
the closing date.  Based on current estimates, the company
expects to record an after-tax loss on the transaction,
including selling expenses, of about US$25 million in the second
quarter of fiscal year 2007.

               About Deli's Non-Tobacco Business

Deli's non-tobacco businesses include lumber and building
products distribution and agri-products operations, including
rubber and food trading, tea, and sunflower seeds.  The company
is retaining its dried fruits and nuts business in the United
States and London.  The revenues of Deli's non-tobacco
businesses were US$1.4 billion in the fiscal year that ended
March 31, 2006.  Operating income for the businesses for the
same period was approximately US$53 million.  The businesses
employ approximately 3,100 people, primarily in Holland and the
United States.

                  About NIBC and NPM Capital

NIBC Principal Investments is a part of NIBC Bank N.V., a
Netherlands-based merchant bank.  NPM Capital N.V. is a part of
SHV Holdings, N.V., a Netherlands-based private company.  

                    About Universal Corp.

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco  
and agri-products.  The company, through its subsidiaries, is
one of two leading independent tobacco merchants in the world.  
Universal Corporation's gross revenues for the fiscal year that
ended on March 31, 2006, were approximately US$3.5 billion,
which included US$1.4 billion related to operations that were
sold on Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Additionally, Moody's assigned an LGD5 rating to the debt
obligation, suggesting noteholders will experience a 73% loss in
the event of a default.


UNIVERSAL CORP: Moody's Assigns LGD5 Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corp., and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Additionally, Moody's assigned an LGD5 rating to the debt
obligation, suggesting noteholders will experience a 73% loss in
the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco  
and agri-products.  The Company, through its subsidiaries, is
one of two leading independent tobacco merchants in the world.  
Universal Corp.'s gross revenues for the fiscal year that ended
on March 31, 2006, were approximately US$3.5 billion, which
included US$1.4 billion related to operations that were sold on
Sept. 1, 2006.  




===============
H O N D U R A S
===============


* HONDURAS: Gets United States' Support on Energy Policy
--------------------------------------------------------
U.S. President George W. Bush gave his support to Honduran
President Manuel Zelaya's energy policy, according to a
statement from the White House.

Honduras This Week Online relates that the two government
leaders met earlier this week.

President Zelaya told Honduras This Week that President Bush was
informed about the solutions Honduras is seeking to achieve
lower gas prices like:

          -- the international bidding process, and
          -- the increase in hydroelectric projects to lower the
             price of electricity.

According to Honduras This Week, the two presidents also
discussed during the meeting the immigration and the need to
avoid the migration of Hondurans to the US by improving the
economic conditions in Honduras.

Presidents Bush and Zelaya also talked about legal reforms that  
would permit permanent residence to many Hondurans, Honduras
This Week reports.

                        *    *    *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date
                     ------     -----------
   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


DIGICEL LTD: Will Invest US$100MM to Upgrade Infrastructure
-----------------------------------------------------------
Digicel Ltd. will invest US$100 million to upgrade its Jamaican
infrastructure this year, according to a report by the Jamaica
Observer.

The Observer relates that the investment Digicel has made in
Jamaica is now over US$600 million, since launching operations
in the nation in 2001.

Business News Americas states that the new investment will be
used in upgrading:

          -- switches,
          -- WiMax,
          -- network facilities,
          -- training programs, and
          - retail stores.

Denis O'Brien, the chairperson of Digicel, told BNamericas, "We
think that Jamaica is going through a renaissance similar to
what Ireland went through in the late 1980s, and as a place to
attract investors we think that Jamaica has one of the more
outstanding opportunities in the Caribbean."

BNamericas notes that tourism industry growth is a motivating
factor for increasing coverage, as well as the boost in
manufacturing industry.  

Jesus Silva -- Spain's ambassador to Jamaica -- told a local
paper that Spanish hotel investments are expected to exceed
US$1.3 billion in 2006.

The Observer underscores that Mr. Silva said that the new
resorts would create direct employment of 15,000 and about
50,000 indirect jobs.

Mr. O'Brien told The Observer, "When you look at all the
different things you need as an investor, if you're into tourism
you won't see anything like the beauty of Jamaica.  Particularly
in the northern shores, obviously there's a lot of investment
coming in from the Spanish companies, and they recognize that."

Mr. O'Brien, says The Observer, stated that he saw a lot of
scope for investment in the service and manufacturing sectors.  
He said that the economy is probably doing better than people
realize.   

"It's extraordinary.  About 86% of people in Jamaica now have a
mobile phone, whereas five, six years ago that was maybe less
than 10%," The Observer notes, citing Mr. O'Brien.

Mr. O'Brien told The Observer that mobile telephony is the
starting point for nations wishing to create a knowledge-based
economy and develop ICT strategy, as a mobile phone is the first
device -- aside from a television remote control -- that most
people would have held in their hands.

The Observer emphasizes that Mr. O'Brien said, "We know there
are plans to try and increase the penetration of computers in
the country.  We think that mobile phones are the sort of
opening steps to setting up an ICT economy.  Also, one of the
things that we think is very positive is the fact that there are
now fiber-optic submarine cables coming into Jamaica, so that
monopoly has been broken and that, I think, is positive for
companies that are setting up here and need communications links
at low costs."

According to the report, Mr. O'Brien expected that the
development would stimulate more investment, as submarine cables
are like umbilical cords for transferring information.  

"And if you have that kind of access, well, the whole world
market opens up.  So these are the kinds of things that we think
are very positive about Jamaica right now," Mr. O'Brien told The
Observer.

Digicel Limited is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, and Curacao among others.  Digicel finished FY2005 with
1.722 million total subscribers -- 97% pre-paid -- estimated
market share of 67% and revenues and EBITDA of US$478 million
and US$155 million, respectively.

                        *    *    *

On July 12, 2006, Moody's Investors Service assigned a B3 senior
unsecured rating to the US$150 million add-on Notes offering of
Digicel Limited and affirmed Digicel's existing B3 senior
unsecured and B1 Corporate Family Ratings.  The outlook has been
changed to stable from positive.

Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel
Limited's proposed add-on offering of US$150 million 9.25%
senior notes due 2012.  These notes are an extension of the
US$300 million notes issued in July 2005.  In addition, Fitch
also affirms Digicel's foreign currency Issuer Default Rating
and the existing US$300 million senior notes due 2012 at 'B'.
Fitch said the Rating Outlook is Stable.


SUGAR COMPANY: Dhampur Sugar to Bid for Firm's Five Factories
-------------------------------------------------------------
Dhampur Sugar Mills, one of the leading sugar producers in
India, will make an offer for the five sugar factories of the
Sugar Company of Jamaica, Times of India reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 22, 2006, the All Island Jamaica Cane Farmers Association
abandoned its partnership with Brazil's Aracatu, saying that the
latter was not interested enough in making a bid for the
purchase of the Sugar Company.  Since then, the association had
intensified partnership discussions with Dhampur Sugar.

According to Times of India, Dhampur Sugar has been a technical
advisor to the Sugar Company since 2004.

Gaurav Goel -- Dhampur Sugar's managing director -- told Times
of India that the firm was interested on the Jamaican mills.  

Times of India relates that Mr. Goel said the bidding process
for the factories will be in the next few months.  According to
him, the process was delayed due to elections in Jamaica.

Mr. Goel told Times of India that if Dhampur Sugar gets the
factories, he will produce and sell ethanol and Jamaican rum.

Times of India underscores that the demand for ethanol is
growing as fuel sellers are increasingly using it to mix with
gasoline.

The acquisition of the factories of the Sugar Company would give
Dhampur Sugar a chance to expand operations and margins.  
Dhampur sugar will also gain sugarcane acreage, Times of India
says, citing Mr. Goel.

Sugar Company of Jamaica registered a net loss of almost
US$1.1 billion for the financial year ended Sept. 30, 2005, 80%
higher than the US$600 million reported in the previous
financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.




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


BALLY TOTAL: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Consumer Services sector, the rating agency
confirmed its Caa1 Corporate Family Rating for Bally Total
Fitness Holding Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million
   Secured Revolver
   due 2008               B3       B1     LGD1        8%

   US$136 million
   Secured Term Loan
   due 2009               B3       B1     LGD1        8%

   US$235 million
   10.5% Senior
   Unsecured Notes
   due 2011              Caa1     Caa1    LGD3       48%

   US$300 million
   9.875% Senior
   Subordinated
   Notes due 2007         Ca      Caa3    LGD5       87%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).   


BERRY PLASTICS: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the non-paper Packaging sector, the rating
agency confirmed its B1 Corporate Family Rating for Berry
Plastics Holding Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200 million
   Sr. Sec.
   First Lien
   Revolver
   Maturing 2012          Ba2      Ba1    LGD2        18%

   US$675 million
   Sr. Sec. First
   Lien Term Loan B
   due 2013               Ba2      Ba1    LGD2        18%

   US$225 million
   Sr. Sec. 2nd lien
   FRNs due 2014          B2       B2     LGD4        62%

   US$525 million
   Sr. Sec. 2nd lien
   Notes due 2014         B2       B2     LGD4        62%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Chemicals and Allied Products sector, the
rating agency confirmed its Ba1 Corporate Family Rating for
Chemtura Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500mm
   6.875% Gtd.
   Sr. Notes
   due June 2016          Ba1     Ba1     LGD4        53%

   US$150mm
   6.875% Sr. Sec.
   Debentures
   due Feb 2026           Ba1     Ba1     LGD4        53%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


CHURCH & DWIGHT: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for Church & Dwight Company, Inc.

Additionally, Moody's revised and held its probability-of-
default ratings and assigned loss-given-default ratings on these
loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million
   Revolving Credit     Ba2      Baa3     LGD2     23%

   US$531 million
   Sr. Secured
   Term Loan            Ba2       Baa3    LGD2     23%

   US$100 million
   Conv. Debentures     Ba2       Ba2     LGD4     59%

   US$250 million
   Sr. Sub. Notes       Ba3       Ba3     LGD5     85%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium  
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.


CINRAM INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Cinram
International Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$675 million
   Sr. Sec. Term
   Loan                   B1       B1     LGD 3       32%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


DELTA AIR: Names New Officials for International Sales
------------------------------------------------------
Delta Air Lines appointed two leaders to fill vacant positions
in its international sales organization to support a growing
network of routes in Latin America, the Caribbean, Europe,
Africa, and the Middle East.

C. Didier Christophe Didier, currently Delta's regional sales
manager for South America, has been promoted to director of
Sales and Affairs for Latin America and the Caribbean and will
be based in Rio de Janiero, Brazil.  Since joining Delta in
1999, Mr. Didier has been responsible for managing sales offices
in seven countries across South America and has opened five new
markets in the region.  Before Delta, Mr. Didier managed Latin
America sales and marketing for Air France based in both Brazil
and Paris.

Farehk "Frank" Jahangir, a former employee of United Kingdom-
based Virgin F. JahangirHolidays, has been named director of
Sales and Affairs for Europe, Middle East and Africa and will be
based at Delta's Atlantic Region Offices in London.  Mr.
Jahangir is joining Delta from Virgin Holidays in London where
he was responsible for increasing sales by 42% via direct sales
channels.  Before joining Virgin Holidays, Mr. Jahangir served
as sales director for eBookers PLC, Europe's No. 1 online travel
company.  

Pam Elledge, Delta's vice president of Global Sales and
Distribution, said, "We are pleased to add the expertise of two
well-respected global professionals to these key roles on our
sales team as we become an even more international company.  
Over the last year Delta has successfully added more than 50 new
international routes around the globe with the support of more
than 40 worldwide sales offices.  Moving forward, Christophe and
Frank will play critical roles in the continuing globalization
and expansion of Delta."

Messrs. Didier and Jahangir have spent their careers abroad
benefiting from both international education and experience.  
Mr. Didier, a Brazilian and French national, is fluent in four
languages and is a graduate of Ecole Superieure De Commerce De
Paris with a degree in international business administration.  
Meanwhile, Mr. Jahangir is a graduate of the University of
Westminster in the United Kingdom with a degree in history and
is fluent in two languages.

Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 502 destinations
in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  The Company and
18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone
Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump
Strauss Hauer & Feld LLP, provide the Official Committee of
Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at
Mesirow Financial Consulting, LLC, serve as the Committee's
financial advisors.  As of June 30, 2005, the Company's balance
sheet showed US$21.5 billion in assets and US$28.5 billion in
liabilities.


DESARROLLADORA HOMEX: Names David Sanchez-Tembleque as CEO
----------------------------------------------------------
Desarrolladora Homex, S.A.B. de C.V. has named David Sanchez-
Tembleque Chief Executive Officer, effective Oct. 1, 2006.  He
will succeed Gerardo de Nicolas, who will become Homex's Chief
Strategic Officer and head of the Executive Committee.  Mr.
Sanchez-Tembleque joins Homex from INFONAVIT, Mexico's leading
mortgage lender, with assets of more than US$40 billion, where
he served as Deputy General Director of Strategic Planning and
Finance.

"David Sanchez-Tembleque is one of the more experienced
executives in the Mexican housing sector," commented Eustaquio
de Nicolas, Chairman of the Board of Homex.  "In his role at
INFONAVIT, David helped drive the development of the Mexican
housing sector with progressive initiatives, such as the
securitization of mortgages.  David brings to Homex an in-depth
knowledge of the housing and mortgage markets as well as an
enthusiasm and fresh perspective to help drive Homex to the next
level of profitable growth."

"This is a very significant event for Homex, further
distinguishing our Company as a world-class homebuilder," added
Gary R. Garrabrant, Vice-Chairman of Homex and CEO of Equity
International, a major Homex shareholder.

The total homebuilding market in Mexico is over US$20 billion
annually, and economic trends point to continued growth.  Under
Gerardo de Nicolas' leadership, Homex has experienced a CAGR of
79 percent in revenues over the last five years and has
successfully expanded its operations into the largest markets in
Mexico.

"In order to focus more aggressively on growth opportunities for
Homex, the Board and I agreed that I should concentrate more on
strategic planning and assessment of new markets for the
Company, while David would focus on operations, finance and the
investment community. I look forward to tackling the
opportunities ahead and am very pleased that David has joined
our leadership team," said Gerardo de Nicolas.

Prior to his service with INFONAVIT, Mr. Sanchez-Tembleque was
the head of corporate finance and investor relations at BBVA
Bancomer, one of Mexico's largest financial institutions.  
Earlier, he held several senior management positions with BBVA
Bancomer, including director of strategic planning and finance
of Bancomer's mortgage business. Mr. Sanchez-Tembleque has an
undergraduate degree in economics from Universidad Santiago de
Compostela, in Spain, and earned his MBA from Tulane University.

Desarrolladora Homex -- http://www.homex.com.mx-- is a
vertically integrated home development company focused on
affordable entry-level and middle-income housing in Mexico.  It
is one of the most geographically diverse homebuilders in the
country.  Homex is the largest homebuilder in Mexico, based on
revenues, number of homes sold and net income.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2006, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Desarrolladora Homex S.A.B. de
C.V.  S&P also said that it affirmed its 'BB-' rating on Homex's
US$250 million, 7.5% senior unsecured notes due 2015.  The
outlook on Homex remains stable.


DIRECTV HOLDINGS: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the diversified media sector, the rating agency
confirmed its Ba2 Corporate Family Rating for DIRECTV Holdings
LLC.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec.
   Term Loan A
   (2011)                 Ba1     Baa3    LGD2        18%

   Sr. Sec.
   Term Loan B
   (2013)                 Ba1     Baa3    LGD2        18%

   Sr. Sec.
   Revolving
   Credit
   Facility
   (2011)                 Ba1     Baa3    LGD2        18%

   8.375% Sr. Unsec.
   Notes (2013)           Ba2     Ba3     LGD5        72%

   6.375% Sr. Unsec.
   Notes due (2015)       Ba2     Ba3     LGD5        72%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


EMPRESAS ICA: ICA Fluor to Bid for State Power Firm's Revamp
------------------------------------------------------------
ICA Fluor Daniel, which is jointly owned by Empresas ICA
Sociedad Controladora and Fluor Corp., has joined the bidding to
revamp and upgrade the 1,365-megawatt Laguna Verde nuclear plant
of Comision Federal de Electricidad, Mexico's states power firm,
Business News Americas reports.

Laguna Verde is located in Veracruz.  It launched operations in
1990.  The plant represents 2.96% of Comision Federal's
installed capacity, the firm said in its Web site.

Compranet, the federal procurement Web site posted 13 other
firms that registered for the bidding:  

          -- Siemens Power Generation,
          -- Sener Ingenieria y Sistemas,
          -- Techint,
          -- Metrologia Mexicana,
          -- Alstom Mexicana,
          -- General Electric International,
          -- Socoin Ingenieria y Construccion,
          -- Schneider Electric Mexico,
          -- Prolec GE,
          -- Iberdrola Ingenieria y Consultoria Mexico,
          -- Elecnor,
          -- Mitsubishi Heavy Industries, and
          -- Mitsubishi Corp.

According to BNamericas, the project aims to increase the
plant's capacity to 1,620 megawatts.

Reports say that investment on the project could amount to
US$300 million.

The deadline for offers is on Oct. 11.  Works will start in
November and is expected to take more than three and a half
years, BNamericas states.

Empresas ICA -- http://www.ica.com.mx/-- the largest
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *    *    *

Standard & Poor's assigned these ratings to Empresas ICA, with
stable outlook:

   -- LT Foreign Issuer Credit B; and
   -- LT Local Issuer Credit B.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'.  The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006.  The outlook
is stable.


GRUPO TMM: Purchases New Anchor Handler Tug Supply Vessel
---------------------------------------------------------
Grupo TMM, S.A. has closed the purchase and taken delivery of a
new anchor handler tug supply vessel, which the company had
previously announced on its second quarter conference call.  The
AHTS is a newly built 150-ton bollard pull anchor handler.  The
purchase price of the vessel was US$30.7 million, of which
US$25.4 million was financed.

Javier Segovia, president of Grupo TMM, said, "During 2006, the
company has significantly increased its owned offshore fleet,
reducing the operating cost and at the same time building equity
in these vessels.  The company's offshore fleet in now comprised
of 24 vessels working to support the increasing demand of
offshore exploration and production activities in the Gulf of
Mexico under the umbrella of Mexico's Navigation Law."

Headquartered in Mexico City, Grupo TMM S.A. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin    
American multimodal transportation and logistics company.  
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                        *    *    *

Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM S.A. to 'B-' from 'CCC'.  The rating was
removed from Creditwatch, where it was placed on Dec. 15, 2004.  
S&P said the outlook is positive.


LIBBEY GLASS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the consumer products sector, the rating agency
confirmed its B2 Corporate Family Rating for Libbey Glass Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$306 million
   Sr. Sec. Notes
   2011                   B2       B2     LGD3        49%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


MERIDIAN AUTOMOTIVE: Inks Pacts with Mazda & Daimler/Chrysler
-------------------------------------------------------------
Meridian Automotive Systems, Inc., has entered into new
contracts for rear tail-light assemblies with Mazda Motor Corp.
and Daimler/Chrysler Corp., The Grand Rapids Press reports.

Mike Moriarty, the company's vice president and corporate
controller, told the newspaper that the new contracts will give
Meridian new markets and new potentials.

Julie Makarewicz of The Grand Rapids Press relates that Meridian
plans to invest US$4,200,000 in equipment for its 3075 Breton
Avenue plant in Kentwood City, Michigan, which will result in
the creation of at least 40 jobs within two years.  Meridian
currently employs 324 people at the site.

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies  
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck manufacturers.  
Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major
Tier One parts suppliers.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 26, 2005 (Bankr. D.
Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan,
Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S.
Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq.,
and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  Eric
E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also
hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding
against Meridian's First Lien Lenders and Second Lien Lenders to
invalidate their liens.  When the Debtors filed for protection
from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.  
(Meridian Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


NUEVO LEON: Ministry to Seek MXN1.7 Bil. for Highway Projects
-------------------------------------------------------------
Raul Cadena -- the head of Nuevo Leon's transport and
communications ministry -- told El Norte that the ministry will
request MXN1.7 billion in next year's budget to spend on highway
projects.

Once the funding gets the legislators' approval, it would double
the amount invested in 2006, Business News Americas relates,
citing Mr. Cadena.

According to BNamericas, most of the money would be used in:

          -- continuing projects already underway, including the
             Libramiento Noroeste bypass;

          -- widening the Carretera Nacional highway; and

          -- works on the road to Miguel Aleman.

BNamericas states that the budget would also provide MXN200
million for the first stage of the Libramiento Oriente -- a new
bypass for truck transport.  It will be the ministry's main
project in 2007.  The road will connect the highway from
Monterrey to Nuevo Laredo on the US border with the Carretera
Nacional, through the Cadereyta-Allende highway.

BNamericas reports that the first phase of the new project would
include:

          -- a 13-kilometer stretch between the Aeropuerto del
             Norte, the general aviation terminal; and

          -- the Monterrey international airport.

Moody's Investors Service has placed Ba1 long-term issuer rating
on Nuevo Leon.


VITRO: Shareholders Approve MXN62,857,143 Capital Stock Increase
----------------------------------------------------------------
Vitro S.A. de C.V. approved an increase in the variable portion
of the company's capital stock through which the company expects
to receive funds totaling MXN550 million.  Vitro's current
shareholders may subscribe shares by exercising their preemptive
rights as provided in its corporate by-laws.

Shareholders approved that each of the 62,857,143 Vitro new
Series "A" nominative ordinary shares with no par value to be
issued, representing the capital increase, will be subscribed at
a theoretical value of MXN1.00 plus a subscription premium of
MXN7.75 to be credited to Stockholders' Equity in the Paid-in
capital account.  As a result, each share will be subscribed at
a total value of MXN8.75.

Therefore, shareholders' approved a MXN62,857,143 increase in
the variable portion of the capital stock, which added to the
MXN487,142,858 resulting from the subscription premium, will
result in a total of MXN550,000,000, which the company expects
to obtain from this capital increase.

Once shareholders subscribe to and pay for this increase the
company's capital stock will total MXN386,857,143 million.

"We continue to make progress in our glass focused strategy as
we take additional steps to strengthen our financial position.
The capital increase approved today is one more sign of the
support and confidence our shareholders have in the future of
our company", commented Federico Sada, Vitro's Chief Executive
Officer.

Headquartered in Nuevo Leon, Mexico, Vitro, S.A. de C.V. --
http://www.vitro.com/-- (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers.  Vitro is a major participant in three principal
businesses: flat glass, glass containers and glassware.  Its
subsidiaries serve multiple product markets, including
construction and automotive glass; food and beverage, wine,
liquor, cosmetics and pharmaceutical glass containers; glassware
for commercial, industrial and retail uses.  Vitro also produces
raw materials and equipment and capital goods for industrial
use, which are vertically integrated in the Glass Containers
business unit.

Founded in 1909, Monterrey, Mexico-based Vitro has joint
ventures with major world-class partners and industry leaders
that provide its subsidiaries with access to international
markets, distribution channels and state-of-the-art technology.
Vitro's subsidiaries have facilities and distribution centers in
eight countries, located in North, Central and South America,
and Europe, and export to more than 70 countries worldwide.

                        *    *    *

As reported in the Troubled Company Reporter on Mar. 27, 2006,
Standard & Poor's Ratings Services lowered its long-term local
and foreign currency corporate credit ratings assigned to glass
manufacturer Vitro S.A. de C.V. and its glass containers
subsidiary Vitro Envases Norteamerica S.A. de C.V. (Vena) to
'B-' from 'B'.

Standard & Poor's also lowered the long-term national scale
corporate credit rating assigned to Vitro to 'mxBB+' from
'mxBBB-' with negative outlook.

Standard & Poor's also lowered the rating assigned to Vitro's
notes due 2013 and Servicios y Operaciones Financieras Vitro
S.A. de C.V. notes due 2007 (which are guaranteed by Vitro) to
'CCC' from 'CCC+'.  Standard & Poor's also lowered the rating
assigned to Vena's notes due 2011 to 'B-' from 'B'.




=================
N I C A R A G U A
=================


* NICARAGUA: Court Denies Union Fenosa's Request for Injunction
---------------------------------------------------------------
The supreme court of Nicaragua has rejected Union Fenosa's
injunction petition regarding rate discounts, according to a
report by La Prensa.

Business News Americas relates that Instituto Nicaraguense de
Energia, the energy regulator in Nicaragua, ordered in July that
Union Fenosa make a US$5.2 million refund to users due to
service interruptions and outages.  

The report says that Union Fenosa filed an injunction with the
appeals court for the regulator's order to be suspended.  
However, the court decided against the company.

Jorge Katin, the spokesperson of Union Fenosa, told BNamericas,
"We'll have to wait for the result of the arbitration to know
whether the rate discount is applied or not."

BNamericas underscores that the arbitration proceedings has
started.

According to BNamericas, the regulator decided to take Union
Fenosa to arbitration, alleging that the firm did not comply
with concession contracts.  Meanwhile, Union Fenosa said that
electricity rates are below the cost of power it purchases from
generators.

The comptroller general of Nicaragua declared Union Fenosa's
concession contract void in August, saying that the company has
not made investments as stated in its contract, BNamericas
reports.

                        *    *    *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




===========
P A N A M A
===========


SOLO CUP: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the non-paper Packaging sector, the rating
agency confirmed its B3 Corporate Family Rating for Solo Cup
Company.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Sr. Sec.
   First Lien
   Revolver
   Maturing
   Feb 27, 2010           B2      B2      LGD3        34%

   US$637 million
   Sr. Sec. First
   Lien Term Loan B
   due Feb 27, 2011       B2      B2      LGD3        34%

   US$80 million
   Second Lien
   Term Loan due
   Feb 27, 2012          Caa1    Caa1     LGD5        70%

   US$325 million
   8.5% Senior Sub
   Notes due
   Feb 15, 2014          Caa2    Caa2     LGD5        87%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


* PANAMA: In Talks with Harken Energy on Exploratory Drilling
-------------------------------------------------------------
An official the hydrocarbons department of Panama's trade and
industries ministry told Business News Americas that the
government is negotiating with Harken Energy -- an oil and gas
firm from the United States -- a contract to conduct exploratory
drilling in Darien province.

BNamericas relates that the official said the accord would be
similar to other oil exploration and production contracts in the
region.  The initial period would be for exploration work and if
the resource is found, the company would have the option of
producing oil.

According to BNamericas, contract negotiations started when
Harken presented an exploration request after the completion of
a preliminary study.  

There is no hydrocarbons production in Panama and that the deal
with Harken will be the closest to materializing, BNamericas
states, citing the official.

                        *    *    *

Fitch Ratings assigned these ratings on Panama:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BBB      Apr.  8, 2005
   Long Term IDR      BB+      Dec. 14, 2005
   Short Term IDR       B      Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Dec. 14, 2005




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


* PARAGUAY: Studies Draft of Joint Venture Debt Payment
-------------------------------------------------------
Ruben Ramirez Lezcano, the foreign minister of Paraguay, has
analyzed with Julio de Vido -- Argentina's federal planning
minister -- the draft to reevaluate the debt payment of the EBY
joint venture, which administers the Yacyreta hydro dam,
Business News Americas reports.

The dam is located on the Argentine-Paraguayan border.

BNamericas states that EBY's debt is about US$11 billion, mainly
due to additional building funded by Argentina.

Paraguay, says BNamericas, thinks that interest was calculated
unjustly.

BNamericas underscores that under the new accord, Paraguay would
send Argentina 8,000GWH over 40 years to settle its share of
debt.

According to BNamericas, the draft will be sent to technicians
involved with the project.  

Negotiation rounds on the project will be in October and
November, BNamericas relates.

                        *    *    *

Moody's assigned these ratings on Paraguay:

     -- CC LT Foreign Bank Deposit, Caa2
     -- CC LT Foreign Curr Debt, Caa1
     -- CC ST Foreign Bank Deposit, NP
     -- CC ST Foreign Currency Debt, NP
     -- LC Currency Issuer Rating, Caa1
     -- FC Curr Issuer Rating, Caa1
     -- Local Currency LT Debt, WR

                        *    *    *

Standard & Poor's assigned these ratings on Paraguay:

     -- Foreign Currency LT Debt B-
     -- Local Currency LT Debt   B-
     -- Foreign Currency ST Debt C
     -- Local Currency ST Debt   C




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


PETROLEO BRASILEIRO: Inks Development Accord with Petroperu
-----------------------------------------------------------
Petroleo Brasileiro, the state-owned oil company of Brazil, has
signed a memorandum of understanding with Petroperu, its
Peruvian counterpart, to develop joint projects in Peru,
Business News Americas reports, citing a spokesperson from
Petroperu.

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2006, a spokesperson of Petroleo Brasileiro's Peruvian
unit said that the Brazilian parent would enter into a
memorandum of understanding with Petroperu on Sept. 27 for the
development of projects in Peru.

Petroleo Brasileiro had disclosed that it is interested in
developing joint ventures with Petroperu for:

          -- exploration and production,
          -- natural gas,
          -- biofuels,
          -- refining, and
          -- petrochemicals.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in Brazil.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

                        *    *    *

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.




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


ADELPHIA COMMS: Files Further Changes to Plan of Reorganization
---------------------------------------------------------------
On Sept. 27, 2006, Adelphia Communications Corp. filed a further
revised draft of its Fifth Amended Joint Chapter 11 Plan of
Reorganization and the related Supplement to its Fourth Amended
Disclosure Statement with the U.S Bankruptcy Court for the
Southern District of New York.

On Sept. 21, 2006, the Court issued an opinion that, among other
things, conditionally approved a supplemental Disclosure
Statement for Adelphia.

The modifications reflect certain changes discussed at the
hearings on September 12 and 19 and the Bankruptcy Court's
opinion.

Adelphia, the Official Committee of Unsecured Creditors and two
administrative agents, with respect to the classification and
treatment of bank claims under the credit agreements for which
they are agents, remain co-proponents of the modified plan,
which embodies the framework agreed upon by Adelphia, its
Official Committee of Unsecured Creditors, significant
individual bond funds and the two administrative agents with
which settlements have been reached.

In connection with the filing, Adelphia and the Official
Committee of Unsecured Creditors also have submitted a proposed
revised order approving the Supplement to the Disclosure
Statement as containing "adequate information" to enable
Adelphia's Chapter 11 bankruptcy creditors and equity holders to
make an informed judgment about the Fifth Amended Plan.

Adelphia's proposal and prosecution of confirmation of the
modified Fifth Amended Plan still is subject in all respects to
entry of such an order, as well as Bankruptcy Court
authorization for Adelphia to propose and seek votes in respect
of the modified Fifth Amended Plan.  Absent entry of such an
order and authorization, Adelphia's filing of the modified Fifth
Amended Plan and related Supplement to the Disclosure Statement
shall not be deemed to be a proposal by the Debtors with respect
to the treatment of any claims against or equity interests in
Adelphia or its subsidiaries.  If this order is entered and such
authorization is granted, Adelphia, the Official Committee of
Unsecured Creditors and the relevant bank administrative agents
will begin the process of soliciting creditors and equity
holders to vote on the modified Fifth Amended Plan.

A full-text copy of the second Revised Draft Fifth Amended Plan
is available for free at http://ResearchArchives.com/t/s?1295

A full-text copy of the second revised Second Disclosure
Statement Supplement relating to Fifth Amended Plan is available
for free
at http://ResearchArchives.com/t/s?1296

              About Adelphia Communications Corp.

Coudersport, Pa.-based Adelphia Communications Corp. (OTC:
ADELQ) -- http://www.adelphia.com/-- is the fifth-largest cable  
television company in the country.  Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the ACOM Debtors.  PricewaterhouseCoopers
serves as the Debtors' financial advisor.  Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases.


ADELPHIA COMMS: Lists 100 Pacts Assumed by Time Warner & Comcast
----------------------------------------------------------------
Adelphia Communications Corp. and its debtor-affiliates
identified about 100 more executory contracts and unexpired
leases that were assumed by and assigned to Time Warner, Inc.,
and Comcast Corporation.

A list of the additional contracts and leases is available for
free at: http://bankrupt.com/misc/acom_amendedcontractlist.pdf

              About Adelphia Communications Corp.

Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest  
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie
Farr & Gallagher represents the ACOM Debtors.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06- 10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates chapter 11
cases. (Adelphia Bankruptcy News, Issue Nos. 148; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


CHATTEM INC: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Chattem, Inc., and upgraded its B2
rating on the Company's US$125 million senior subordinated notes
to B1.  In addition, Moody's assigned an LGD5 rating to the
notes, suggesting noteholders will experience a 76% loss in the
event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT)
-- http://www.chattem.com/-- manufactures and markets a variety  
of branded consumer products, including over-the-counter
healthcare products and toiletries and skin care products.  The
Company's products include Gold Bond medicated powder, Icy Hot
topical analgesic, Dexatrim appetite suppressant, and Bullfrog
sunblock.


CONSOLIDATED CONTAINER: Moody's Assign Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the non-paper Packaging sector, the rating
agency confirmed its B3 Corporate Family Rating for Consolidated
Container Company LLC.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$45 million
   Sr. Sec. First
   Lien Revolver
   Maturing
   12/15/2008             B2       Ba3    LGD2        18%

   US$216.2 million
   Sr. Sec. First
   Lien Term Loan
   due 12/15/2008         B2       Ba3    LGD2        18%

   US$182 million
   10.75% Sr. Sec.
   Second Lien
   Discount PIK Notes
   due 06/15/2009         B3       B3     LGD4        53%

   US$185 million
   10.125% Sr. Sub.
   Notes due
   07/15/2009            Caa2     Caa2    LGD5        85%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


DRESSER INC: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors this week, the rating agency confirmed its B1 Corporate
Family Rating for Dresser Inc.  Additionally, Moody's revised or
held its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Term   
   Loan C Due 2009        B1       Ba1    LGD2       14%

   Sr. Unsec. Term
   Loan Due 2010          B2       B1     LGD3       46%

   9.375% Sr. Sub.
   Global Notes
   Due 2011               B3       B3     LGD5       79%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including Mexico
and Puerto Rico.


EAGLE FAMILY: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the consumer products sector, the rating agency
confirmed its B2 Corporate Family Rating for Eagle Family Foods,
Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$115 million
   8.75% Sr. Sub.
   Notes due
   Jan. 2008             Caa3     Caa2    LGD5        87%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


GLOBAL HOME: Panel Wants Basham Ringe as Special Mexican Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Global Home
Products, LLC, and its debtor-affiliates' bankruptcy cases asks
the Honorable Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware for permission to retain Basham, Ringe y
Correa, S.C., as its special Mexican counsel, nunc pro tunc to
Aug. 1, 2006.

The Committee wants Basham Ringe to perform services relating to
the examination of prepetition liens and security interests
allegedly held by Wachovia Bank National Association and
Madeleine LLC.

Wachovia and Madeleine allegedly hold those liens in relation to
the Debtors' foreign business entities and their non-debtor
subsidiaries located in Mexico.

Basham Ringe will:

   a. assist the Committee in investigating the extent,
      validity, priority, and perfection of alleged liens and
      security interest of Wachovia and Madeleine allegedly
      secured by the assets or equity of the Debtors and their
      non-debtor foreign subsidiaries located in Mexico;

   b. assist in the preparation of applications, motions,
      complaints, answers, orders, agreements, and other legal
      papers if necessary; and

   c. perform other related legal services as may be required
      and that are in the interest of the Committee and
      creditors represented by the Committee.

Carlos Portilla discloses the Firm's hourly rates:

   Designation                     Hourly Rate
   -----------                     -----------
   Partners                        US$310 - US$350
   Off Counsel                         US$350
   Associates                      US$170 - US$250
   Legal Assistants                 US$67 - US$110

Mr. Portilla assures the Court that the Firm does not hold nor
represent any interest adverse to the Debtors' estates.

            About Basham, Ringe y Correa, S.C.

Basham, Ringe y Correa, S.C., is a Mexican law firm whose
expertise relates to the granting and perfection of liens on
assets located in Mexico.  The firm's address is at:

          Basham, Ringe Y Correa SC
          Paseo De Los Tamarindos 400-A
          9 Piso Bosques De Las Lomas
          05120 Mexico, D.F., Mexico

Headquartered in Westerville, Ohio, Global Home Products, LLC
-- http://www.anchorhocking.com/and http://www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and

Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. 06-10340).  Laura Davis
Jones, Esq., Bruce Grohsgal, Esq., James E. O'Neill, Esq., and
Sandra G.M. Selzer, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub LLP, represent the Debtors.  Bruce Buechler,
Esq., at Lowenstein Sandler, P.C., and David M. Fournier, Esq.,
at Pepper Hamilton LLP represent the Official Committee of
Unsecured Creditors.  Huron Consulting Group LLC gives financial
advice to the Committee.  When the company filed for protection
from their creditors, they estimated assets between US$50
million and US$100 million and estimated debts of more than
US$100 million.


SEARS HOLDINGS: Seeks Leave to Appeal Divisional Court Decision
---------------------------------------------------------------
Sears Holdings Corp. will seek leave to appeal to the Court of
Appeal from the decision of the Divisional Court relating to the
company's offer to acquire all of the shares of Sears Canada.  
On Sept. 19, 2006, the Ontario Divisional Court dismissed, with
reasons for decision to follow at a later date, the appeal by
Sears Holdings from an order of the Ontario Securities
Commission cease trading the company's offer for Sears Canada.

Sears Holdings also disclosed that its offer for shares of Sears
Canada will be extended until 5:00 p.m. (Eastern Standard Time)
on Oct. 31, 2006.  A formal notice of the extension of the offer
will be mailed to Sears Canada shareholders.  The offer has been
extended, and may be further extended, to preserve Sears
Holdings' rights under the offer pending the outcome of the
appellate process.

                  About Sears Holdings Corp.

Hoffman Estates, Illinois-based Sears Holdings Corp.
(NASDAQ: SHLD) -- http://www.searsholdings.com/-- is the   
nation's third largest broadline retailer, with approximately
US$55 billion in annual revenues, and with approximately 3,800
full-line and specialty retail stores in the United States,
Canada and Puerto Rico.  Sears Holdings is a home appliance
retailer as well as a retailer of tools, lawn and garden, home
electronics, and automotive repair and maintenance.  Key
proprietary brands include Kenmore, Craftsman and DieHard, and a
broad apparel offering, including well-known labels as Lands'
End, Jaclyn Smith, and Joe Boxer, as well as the Apostrophe and
Covington brands.  

                        *    *    *

As reported in the Troubled Company Reporter on June 23, 2006,
Standard & Poor's Ratings Services revised its outlook on Sears
Holdings Corp. to stable from negative.  All ratings, including
the 'BB+' corporate credit rating, and the 'B-1' short-term
rating for Sears Roebuck Acceptance Corp., are affirmed.

As reported in the Troubled Company Reporter on Jun 22, 2006,
Fitch affirms its ratings of Sears Holdings Corp. including its
Issuer Default Rating (IDR) at 'BB'; Senior notes at 'BB'; and
Secured bank facility at 'BBB-'.


UNIVISION COMMS: Shareholders OK US$13.7B Purchase by Investors
---------------------------------------------------------------
Shareholders of Univision Communications Inc. have approved its
acquisition by an investor group including Madison Dearborn
Partners, Providence Equity Partners, Texas Pacific Group,
Thomas H. Lee Partners, and Saban Capital Group for US$36.25 per
share in cash, or a total of approximately US$13.7 billion
including the assumption of US$1.4 billion in debt.

At a special meeting of Univision shareholders held
Sept. 27, 2006, the merger agreement was approved by more than
80% of the shares that voted (with each share having only one
vote), which constituted more than 60% of the outstanding
shares.  Completion of the transaction, which is expected in the
Spring of 2007, remains subject to regulatory approvals and
customary closing conditions.

                       About Univision

Headquartered in Los Angeles, Calif., Univision Communications
Inc., -- http://www.univision.net/-- a Spanish-language  
broadcaster, owns and operates more than 60 television stations
in the U.S. and Puerto Rico offering a variety of news, sports,
and entertainment programming.  The company had about US$1.4
billion in debt at March 31, 2006.

                        *    *    *

As reported in the Troubled Company Reporter on July 4, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured notes ratings on Univision Communications
Inc. to 'BB-' from 'BBB-', based on the company's agreement in
principle to a US$12.3 billion (excluding existing debt) LBO led
by investor group Madison Dearborn Partners LLC.

As reported in the Troubled Company Reporter on June 30, 2006,
Fitch downgraded Univision Communications Inc.'s IDR and senior
unsecured debt ratings to 'BB' from 'BBB-', and the ratings
remain on Rating Watch Negative.




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


BRITISH WEST: Airline's Closure May Disperse Union
--------------------------------------------------
Curtis John, the head of the Aviation Communication and Allied
Workers' Union or ACAWU, told Newsday that the union could cease
to exist once British West Indies Airlines shuts down.

According to Newsday, Mr. John said that BWIA's closure could
mean the end of ACAWU unless workers of Caribbean Airlines join.

Caribbean Airlines will take the place of BWIA on Jan. 1, 2007.

Meanwhile, Mr. John told Newsday that he hopes Caribbean
Airlines will take in all BWIA workers capable of performing
their respective duties.

Newsday relates that Mr. John blamed certain persons in BWIA for
the airline's closure.  

Mr. John told reporters, "Everybody knows what was the problem
with BWIA and I am not afraid to say this."

Newsday notes that Mr. John said he was not aware of the details
of Caribbean Airlines.  However, he said that if Caribbean
Airlines would be managed the same way as BWIA, it may not
succeed.

"I don't believe in bringing down anything, so I hope to see the
new airline succeed.  However, government has gone the way of
privatized operations.  I think it should be service oriented,"
Newsday states, citing Mr. John.

British West Indies aka BWIA was founded in 1940, and for more
than 60 years has been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline has reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management is a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and reopen a
new airline that will be called Caribbean Airlines.  The
government approved a substantial capital injection for the
creation of Caribbean Airlines.


SUPERIOR ENERGY: Moody's Rates US$300M Sr. Unsec. Notes at B1
-------------------------------------------------------------
Moody's Investors Service affirmed SESI, L.L.C.'s ratings (Ba3
Corporate Family Rating and B1 rated US$300 million senior
unsecured notes guaranteed by Superior Energy Services, Inc.
(Superior)) and changed the rating outlook to negative from
stable following Superior's announcement that it had signed a
merger agreement to acquire Warrior Energy Services Corporation
(Warrior) for US$175 million in cash and 5.3 million shares of
common stock, with debt accounting for approximately 56% of the
acquisition cost (based on the Sept. 22, 2006 closing price).

The transaction, which is subject to regulatory approval and
approval from Warrior's shareholders, is expected to close late
in the fourth quarter of 2006.

The negative outlook reflects the company's increasingly
aggressive growth strategy, which could result in higher
sustained financial leverage than recent historical levels and
may require the greater flexibility of a lower debt rating.

In addition, Moody's believes that the company's rapid growth
strategy poses increasingly complex integration challenges and
could result in significant capital requirements, which in
combination with a potential sector softening in the latter half
of 2007 and 2008 could negatively pressure the rating.  The
Warrior acquisition represents the company's second material
transaction in the last five months and is expected to increase
leverage to 2.0x Debt/EBITDA (as adjusted for Moody's standard
adjustments) from 1.5x based on the last twelve months EBITDA
ending June 30, 2006.

Moreover, Moody's estimates that the acquisition represents a
purchase price of approximately 9.4x last twelve months ending
June 30, 2006 EBITDA and about a 84% premium to Warrior's
closing price on Sept. 22, 2006, which Moody's considers high.
Superior projects aggressive increases in Warrior's EBITDA for
2007 and 2008 as a result of Warrior's recent entry and
expansion into coiled tubing, nitrogen pumping and fluid
pumping; however, the company could be faced with a potential
softening in demand for oilfield services in the later half of
2007 and 2008 as a result of lower commodity prices and new
capacity additions.

The Warrior acquisition follows Superior's purchase of a 40%
interest in Coldren Resources, LP in May of this year.  Coldren,
in turn, entered into a purchase agreement to acquire Noble
Energy's Gulf of Mexico shelf oil and gas properties for US$625
million, US$525 million of which was financed with non-recourse
debt, which Moody's considers to be a very high purchase price
of approximately US$23.15/boe of proved reserves. Superior does
not plan to make any additional investments in Coldren besides
the US$58 million that has been invested through July 14, 2006.

The ratings affirmation reflects the use of common equity to
fund a meaningful portion of the Warrior acquisition, the
strategic benefits of the acquisition, including greater
geographic diversification and an enhanced market position in
cased hole wireline and snubbing, Warrior's production-related
focus, and that the anticipated increase in leverage as a result
of the transaction remains in a range appropriate for the Ba3
Corporate Family Rating.

The ratings could face downward pressure if management is unable
to maintain conservative operating and financial policies,
including increasing its financial leverage to a range unable to
withstand the company's business risk profile (debt/EBITDA, as
adjusted, above 2.3x or in a downcycle, above 2.75x), growing
its oil and gas operations to more than 25% of its EBITDA,
increasing its business risk profile through drilling risk
exposure, and funding material acquisitions without a
substantial equity component.

The outlook could stabilize if management is able to
successfully integrate and grow the Warrior operations, manage
capital spending within cash flow, and limit further material
increases in financial leverage.

Superior Energy Services, Inc., is headquartered in Harvey,
Louisiana. The company has operations in the United States,
Trinidad and Tobago, Australia, the United Kingdom, and
Venezuela, among others.




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


* URUGUAY: State Firm Opens Bids for Renewable Power Supply
-----------------------------------------------------------
UTE, the state-run power firm of Uruguay, said in a statement
that it has opened bids for the supply of 60 megawatts of
renewable power, the company said in a statement.

Business News Americas relates that the 60 megawatts includes 20
megawatts each of small hydroelectric projects, biomass and wind
power.

BNamericas notes that under a 20-year power purchase accord,
each generator would be able to offer up to 10 megawatts of
energy.

The firms, says BNamericas, have to submit proposals for linking
the power to the grid.  

The power will have to be priced before awarding the concession,
BNamericas states.

                        *    *    *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018 'B+'.




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


CITGO PETROLEUM: Allows 7-Eleven Supply Contract to Expire
----------------------------------------------------------
Earlier this year and after many months of deliberation, CITGO
Petroleum Corporation decided to allow its gasoline-supply
contract with 7-Eleven to expire at the end of September 2006.  
This decision was disclosed last July.

The 7-Eleven contract did not fit within CITGO's strategy to
balance sales with refinery production after the sale of its
interest in a Houston area refinery.

"7-Eleven has been a valued customer for many years and we wish
them the best," stated Alan Flagg, general manager light oils
marketing.

                         About Citgo

Headquartered in Houston, Texas, CITGO Petroleum Corporation --
http://www.citgo.com/-- is owned by PDV America, an indirect,   
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

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.

                        *    *    *

As reported at the Troubled Company Reporter on Feb. 16, 2006,
Standard and Poor's Ratings Services assigned a 'BB' rating on
CITGO Petroleum Corp.

Citgo carries Fitch's BB- Issuer Default Rating.  Fitch also
rates the Company's US$1.15 billion senior secured revolving
credit facility maturing in 2010 at 'BB+', its US$700 million
secured term-loan B maturing in 2012 at 'BB+', and its senior
secured notes at 'BB+'.


PEABODY ENERGY: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Metals & Mining sector, the rating agency
confirmed its Ba1 Corporate Family Rating for Peabody Energy
Corporation.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

   Novelis Inc:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$1.8 billion
   Gtd. Sr. Unsec.
   Revolving
   Facility due 2011      Ba1      Ba1    LGD4        52%

   US$943 million
   Gtd. Sr. Unsec.
   Term Loan A
   due 2011               Ba1      Ba1    LGD4        52%

   US$650 million
   6.875% Gtd. Sr.
   Unsec. Notes
   due 2013               Ba1      Ba1    LGD4        52%

   US$240 million
   5.875% Gtd. Sr.
   Unsec. Notes
   due 2016               Ba1      Ba1    LGD4        52%


Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).    


* VENEZUELA: Ends Orimulsion Production
---------------------------------------
The Ministry of Energy and Petroleum officially disclosed that
the production of Orimulsion is being eliminated.  Orimulsion is
a trade mark of an emulsion of extra-heavy crude oil with water,
which served as fuel for electric power plants.  This decision
resulted from an exhaustive revision of the product by the
Ministry of Energy and Petroleum, where it was concluded that
Orimulsion is not the appropriate use for the Venezuelan extra-
heavy crude oils.

In fact, in the past, the profitability of Orimulsion was
arbitrarily defended by qualifying the extra-heavy crude oil
used for its production as 'natural bitumen', of a supposedly
lower value.  However, in December 2003, the Ministry of Energy
and Petroleum determined that the existing reserves in the area
assigned to Bitor, a subsidiary of Petroleos de Venezuela S.A.,
were of extra-heavy crude oils and, in consequence, the reserves
were reclassified as such.  Due to this same reason all
references to bitumen were eliminated in the recent reform of
the Organic Law of Hydrocarbons.

Once it was clarified that the raw material was the same, it was
also established that the improvement of the extra-heavy crude
oils, including mixtures of extra-heavy crude oils with lighter
crude oils, increases more the value of the natural resource
than transforming it in Orimulsion.  

This is the reason why Bitor already closed its Orimulsion plant
in Morichal and has been terminating all existing supply
agreements. Likewise, the Sinovensa Association, the association
between China and Venezuela through their state oil companies,
China National Petroleum Corporation and Petroleos de Venezuela,
will stop producing Orimulsion on December 31 of this year.  
This Association will be restructured as a joint venture within
the framework of the Organic Law of Hydrocarbons, in order to
produce mixtures of the extra-heavy crude oils with lighter
crude oils and to improve them as soon as the corresponding
capacities are available.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.


* VENEZUELA: Puts Up US$500M Fund to Back Projects with Russia
--------------------------------------------------------------
The Venezuelan government will establish a back up fund for
US$500 million to support projects from the 18 agreements it
inked with Russia, El Universal reports.

"Based on this, you, businesspersons, will have most of the
funding secured, as discussed with Russian President Vladimir
Putin," Venezuela President Hugo Chavez was quoted by the
Caracas daily as saying.

The president added that the two countries will go beyond
ongoing gas, oil and mining projects that have being implemented
for some years.  The two nations' cooperation will include
agricultural machinery, dairy farms, truck manufacturing plants,
and a compound to produce aluminum and seamless pipes, among
others, El Universal relates.

                        *    *    *

Venezuela's foreign currency long-term debt is rated B1 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.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, and Christian Toledo, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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