TCRLA_Public/061205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, December 5, 2006, Vol. 7, Issue 241

                          Headlines

A N T I G U A   &   B A R B U D A

BETONSPORTS: Antiguan Regulator Asks Court to Halt Firm's Sale

A R G E N T I N A

BALLY TECH: Appoints Robert L. Guido to Board of Directors
CINTRA SRL: Deadline for Claims Verification Is Set for Dec. 6
CLUB ATLETICO: Claims Verification Deadline Is Set for Feb. 1
COMPANIA DE TRANSPORTE: Discloses Early Tender Results on Offer
COMPANIA DE TRANSPORTE: S&P Rates Proposed US$250MM Bond at B

CURTIEMBRE BECAS: Last Day for Verification of Claims Is Feb. 13
DANOMAT CONSTRUCCIONES: Claims Verification Is Until Dec. 6
DISTRILUM SA: Verification of Proofs of Claim Is Until Feb. 2
EL SUPER: Reorganization Proceeding Concluded
FREESCALE: Blackstone-Led Consortium Closes Purchase of Company

SANCOR: Eduardo Eurnekian Balks at Adecoagro Purchase Deal
SUPERVIELLE PERSONALES: Moody's Puts Low B Ratings on Securities

* ARGENTINA: Foreign Debt Remains Large Despite Payoffs
* ARGENTINA: May Ask Mikhail Gorbachev's Aid on Mill Dispute

B E R M U D A

ASTERN CAPITAL: Proofs of Claim Must be Filed by Tomorrow
BRISTOL FINANCE: Tomorrow Is Last Day to File Proofs of Claim
CLSA (Bermuda): Proofs of Claim Filing Is Until Tomorrow
DECK INTERNATIONAL: Claims Filing Deadline Is Tomorrow
DOVER INTERNATIONAL: Proofs of Claim Filing Is Until Tomorrow

INTELSAT: Renews China Central's Global Distribution Contract
LNR DB: Creditors Have Until Tomorrow to File Proofs of Claim
LNR GOLD: Creditors Must File Proofs of Claim by Tomorrow
PANTHER RE: AM Best Assigns BB Rating on US$144MM Term B Loans
PANTHER RE: Moody's Puts Ba2 Rating on US$144MM Term B Loan

SCOTTISH RE: Amends Bank Credit Facility Agreement
SCOTTISH RE: Fitch Revises Ratings Outlook to Evolving

B O L I V I A

PETROLEO BRASILEIRO: Caranda Refinery Is Back in Operation
PETROLEO BRASILEIRO: Makes Changes to Executive Staff in January

* BOLIVIA: Gains Control Over Foreign Energy Firm's Operations
* BOLIVIA: Launches Tender Process for Dam Construction

B R A Z I L

BANCO BRADESCO: Joins Corporate Sustainability Index on Bovespa
BANCO BRADESCO: Unit Eyes BRL10-Billion Revenues for 2006
BANCO BRADESCO: Unit Won't Sell Individual Health Portfolio
BANCO NACIONAL: Lends US$400 Million for Infrastructure Works
BANCO NACIONAL: South American Export Funding at US$5.8B in 2006

BRASKEM SA: Board of Directors Mulling Debenture Cancellation
COMPANIA ENERGETICA: S&P Ups Corp. Credit Rating to B- from CCC+
COMPANHIA PARANAENSE: Remains on Bovespa's Sustainability Index
LUCENT TECH: Alcatel-Lucent Creates Unit to Serve US Clientele
METROLOGIC INSTRUMENTS: Moody's Assigns B2 Corp. Family Rating

NET SERVICOS: Extraordinary Shareholders Meeting Set for Dec. 14
NOVELIS INC: S&P Affirms BB- Corporate Credit Rating
TAM SA: Incorporated to Brazilian Sustainability Index

C A Y M A N   I S L A N D S

GOLDENTREE CREDIT: Proofs of Claim Must be Filed by Dec. 14
MEDICI OFFSHORE: Last Day for Proofs of Claim Filing Is Dec. 14
MUIR CAPITAL: Last Day to File Proofs of Claim Is on Dec. 14
OAKWOOD ONE: Deadline for Proofs of Claim Filing Is on Dec. 14
O'CONNOR (MASTER): Proofs of Claim Must be Submitted by Dec. 14

O'CONNOR SYSTEM: Last Day to File Proofs of Claim Is on Dec. 14
OGOT COMPANY: Proofs of Claim Filing Deadline Is Set for Dec. 14
PENDRAGON (EXCALIBUR): Proofs of Claim Must be Filed by Dec. 14
PENDRAGON (MERLIN): Last Day to File Proofs of Claim Is Dec. 14
RANGER (NON ENHANCED): Claims Submission Deadline Is on Dec. 14

RANGER MULTI-STRATEGY: Proofs of Claim Filing Is Until Dec. 14
TAHOMA MASTER: Creditors Must File Proofs of Claim by Dec. 14
TRITON FUND: Deadline for Filing Proofs of Claims Is Dec. 14
WIMBLEDON MARATHON: Filing of Proofs of Claim Is Until Dec. 14
WIMBLEDON (MASTER): Claims Filing Deadline Is Set for Dec. 14

C O L O M B I A

AES CHIVOR: S&P Places B+ Ratings on Positive Watch
ECOPETROL: Talking with Jamaica on Compressed Natural Gas Supply
GVI SECURITY: Sept. 30 Balance Sheet Upside-Down by US$4.5 Mil.

C O S T A   R I C A

* COSTA RICA: S&P Affims Low B Currency Sovereign Credit Ratings

D O M I N I C A N   R E P U B L I C

BANCO BHD: Won't be Part of Coral-Grupo Globalia Talk
TAG-IT PACIFIC: Earns US$339,117 in 3rd Quarter Ended Sept. 30

E C U A D O R

DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B

E L   S A L V A D O R

SBARRO INC: S&P Places Ratings on NegWatch on MidOcean Buyout

G U A T E M A L A

SBARRO INC: Discloses Terms of MidOcean Merger Agreement
SBARRO INC: Moody's Changes Outlook to Developing from Positive

G U Y A N A

BRITISH WEST: Militant Group Threatens Firm with Chemical Attack

H O N D U R A S

LEAR CORP: Transfers All North American Assets to Joint Venture

J A M A I C A

AIR JAMAICA: Former Management Balks at Maintenance Accusations
AIR JAMAICA: Paul Pennicook Denies Plans of Merger
AIR JAMAICA: Receives US$34 Million for Working Capital
SUGAR COMPANY: Receives US$34.7 Million for Firm's Privatization

M E X I C O

ALASKA AIRLINES: Contributes US$50MM to Employee Pension Funds
FORD MOTOR: S&P Rates US$15B Senior Sec. Credit Facilities at B
FORD MOTOR: S&P Junks Ratings on 8 Synthetic ABS Transactions
GREAT PANTHER: Topia & Guanajuato Mines Production Increases
HOME PRODUCTS: Interest Nonpayment Cues Moody's to Cut Ratings

HUDSON PRODUCTS: Moody's Assigns B2 Corp. Family Rating
JETBLUE AIRWAYS: Launches Nonstop Service to Yucatan Peninsula
NORTEL NETWORKS: Implements Share Consolidation
SATELITES MEXICANOS: Emerges from US Bankruptcy Protection
SATELITES MEXICANOS: Appoints Raul Cisneros as Chief Executive

VISTEON CORP: Amended Sr. Bank Debt Cues S&P to Affirm Ratings

* MUNICIPALITY URUAPAN: Moody's Releases Joint Default Analysis
* STATE OF VERACRUZ: Moody's Releases Joint Default Analysis
* STATE OF YUCATAN: Moody's Releases Joint Default Analysis

P A R A G U A Y

VISION SA: S&P Affirms B- Long-Term Counterparty Credit Rating

P E R U

CHINA FISHERY: Moody's Rates Proposed US$200MM Notes at (P)B1

P U E R T O   R I C O

ADELPHIA COMM: Majority of Creditors Vote to Accept Plan
ALBERTO-CULVER: Reorganizes Business After Separation from Sally
PILGRIM'S PRIDE: Declares US$2.25 Per Share Quarterly Dividend

T R I N I D A D   &   T O B A G O

BRITISH WEST: Caribbean Airlines Gets First Boeing 737-800
BRITISH WEST: Injects TT$2 Billion for Caribbean Airlines
BRITISH WEST: Pan Trinbago Furious Over Airline's Motif Change

U R U G U A Y

CIRSA BUSINESS: Moody's Lowers Corporate Credit Rating to B1
CIRSA BUSINESS: S&P Cuts Corporate Credit Rating to B+ from BB-
DIVINO SA: Moody's LatAm Puts Caa1 Rating on US$2.4MM Bonds

V E N E Z U E L A

PETROLEOS DE VENEZUELA: Absorbs About 1,700 Temporary Workers

* NASDAQ STOCK: S&P Lowers Counterparty Credit Rating to BB
* Alvarez & Marsal Establishes Operations in Canada
* Thomas Elliott Joins Alvarez & Marsal as Managing Director
* BOOK REVIEW: The Chief Executives


                         - - - - -


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


BETONSPORTS: Antiguan Regulator Asks Court to Halt Firm's Sale
--------------------------------------------------------------
The Financial Services Regulatory Commission or FSRC of Antigua and Barbuda
has sought a Court injunction to stop the sale of BETonSPORTS (Antigua)
Ltd., a unit of BetonSports Plc in Antigua and Barbuda, Caribbean 360
reports.

According to Caribbean 360, FSRC asked the court to stop BETonSPORTS
(Antigua) from entering into any accord or arrangement to sell, transfer or
dispose of cash and assets within or outside Antigua and Barbuda without the
regulator's consent, management and supervision.

The office of the prime minister said in a press release that FSRC's
application also called for BETonSPORTS to account for its assets and
obligations or provide the information that will assist FSRC in making sure
that the firm's clients are protected to the maximum extent possible and
that Antigua and Barbuda's Laws and Regulations are followed, for the
orderly closure of BETonSPORTS US operations.

Caribbean 360 underscores that FSRC sought for the court's intervention
after a settlement was disclosed between the US government and BETonSPORTS
and its affiliates concerning criminal and civil charges filed against the
company by US authorities earlier in this year.

Kaye McDonald, the director of gaming for FSRC, told Caribbean 360, "While
the jurisdiction of the United States government over BETonSPORTS is
questionable, by virtue of being the holder of an Interactive Gaming and
Interactive Wagering license issued by the Antiguan and Barbudan
authorities, BETonSPORTS has acquiesced to our International jurisdiction
over the company and its assets.  It is important for the protection of
consumers that whatever assets BETonSPORTS has remaining be properly
available to depositors and other creditors and not be dissipated on fines
or penalties or otherwise improperly disposed."

Lebrecht Hesse, the FSRC chairperson commented to Caribbean 360, "We believe
that the United States should step aside and ensure that our regulators can
enforce and oversee the application of the laws of Antigua and Barbuda to
the orderly dissolution of BETonSPORTS.  We are disappointed that the United
States efforts to prohibit cross-border competition in gambling and betting
services have led to the disruption of a once-healthy and robust service
provider, but we are just as adamant that our jurisdiction be respected in
the interests of consumers and others."

Caribbean 360 relates that FSRC's petition will be heard this week.
BETonSPORTS will be given the chance to respond to the application for a
restraining order.

Meanwhile, the BetOnSport.com website has been temporarily closed, Caribbean
360 states.

"In light of court papers filed in the United States, the company has
temporarily suspended this facility pending its ability to assess its full
position.  During this period no financial or wagering transactions can be
executed.  Further information will be posted once the company is in a
position to do so," BETonSPORTS told Caribbean 360.

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
Argentina and Mexico.

As reported in the Class Action Reporter on Sept. 6, BetonSports
is also facing a complaint filed by gambling information portals
The Online Wire, Gambling 911, Alternative Investments Market
Regulatory News Service over alleged corporate fraud.  The
complaint is directed at BetonSports' Aug. 11 announcement that
payments to its customers after the shutdown of its Costa Rican
and Antiguan operations are being held by banks and cash
processors.  The class action suits have not yet crippled the
company financially but its shares in the London Stock Exchange
have been suspended from trading.




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


BALLY TECH: Appoints Robert L. Guido to Board of Directors
----------------------------------------------------------
Bally Technologies, Inc., appointed Robert L. Guido to its Board of
Directors.  Mr. Guido, who has been affirmatively determined by the
company's board to be an independent director, will also serve on the
company's Audit Committee.

Mr. Guido recently retired from Ernst & Young where he was Vice Chair and
CEO of E&Y's Assurance and Advisory Practice.  In this role, he was
responsible for overall business strategy and had significant dealings with
both the U.S. Securities and Exchange Commission and the Public company
Accounting Oversight Board (PCAOB) on behalf of the firm. During his 38-year
career at Ernst & Young, Guido also co-chaired the firm's Global Client
Steering Committee and served as a senior advisory or engagement partner to
numerous global companies.

"Bob will make an immediate contribution to our company," said David
Robbins, Chairman of the Board. "His years as a senior executive and partner
with Ernst & Young establishing policy and serving large public companies
will be invaluable to us. He has significant expertise in various SEC and
PCAOB matters, and his appointment is an important next step as we strive to
enhance the company's internal control structure and financial reporting."

Richard Haddrill, Chief Executive Officer, added, "In addition to Bob's
financial expertise, he has significant experience leading various units of
Ernst & Young and advising a broad array of companies and businesses.  I
look forward to his contributions to our overall business direction and
execution."

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) --
http://www.BallyTech.com/-- designs, manufactures, operates, and
distributes advanced gaming devices, systems, and technology solutions
worldwide.  Bally's product line includes reel-spinning slot machines, video
slots, wide-area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of casino
management, slot accounting, bonus, cashless, and table management
solutions.  The company also owns and operates Rainbow Casino in Vicksburg,
Miss.  The company's South American operations are located in Argentina.
The company also has operations in Macau, China, and India.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


CINTRA SRL: Deadline for Claims Verification Is Set for Dec. 6
--------------------------------------------------------------
The court-appointed trustee for Cintra SRL's bankruptcy proceeding, will
verify creditors' proofs of claim until
Dec. 6, 2006.

The trustee will present the validated claims in court as individual reports
on Feb. 22, 2007.  A court in Rosario, Santa Fe, will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Cintra 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 Cintra's accounting and banking
records will follow on Apr. 6, 2007.

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

The debtor can be reached at:

          Cintra SRL
          Pueyrredon 349, Rosario
          Santa Fe, Argentina


CLUB ATLETICO: Claims Verification Deadline Is Set for Feb. 1
-------------------------------------------------------------
Estudio Bruzzo, Plotno, Turek y Asoc., the court-appointed trustee for Club
Atletico San Miguel Asoc. Civil's bankruptcy case, will verify creditors'
proofs of claim until Feb. 1, 2007.

Estudio Bruzzo will present the validated claims in court as individual
reports on March 27, 2007.  A court in General San Martin, Buenos Aires,
will determine if the verified claims are admissible, taking into account
the trustee's opinion and the objections and challenges raised by Club
Atletico 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 Club Atletico's accounting and
banking records will follow on May 16, 2007.

The trustee is also in charge of administering Club Atletico's assets under
court supervision and will take part in their disposal to the extent
established by law.

The trustee can be reached at:

          Estudio Bruzzo, Plotno, Turek y Asoc.
          Ayacucho 2121, San Martin
          Buenos Aires, Argentina


COMPANIA DE TRANSPORTE: Discloses Early Tender Results on Offer
---------------------------------------------------------------
Compania de Transporte de Energia Electrica en Alta Tension aka Transener
S.A. disclosed the early tender results of its offer to purchase for cash
any and all of the company's outstanding notes.

The company also announced second noteholders' meetings in relation to its
solicitation of proxies for certain amendments with respect to the Eligible
Notes.  The purpose of the proposed amendments is to eliminate substantially
all of the restrictive covenants and certain related provisions contained in
the indenture governing the Eligible Notes.  Holders who desire to tender
their Eligible Notes must vote in favor of the proposed amendments, and
holders may not deliver proxies without tendering the related Eligible
Notes.  The Offer is conditioned upon, among other things, the receipt of
the requisite proxies to adopt such proposed amendments, as well as
obtaining the requisite funding.  The company reserves the right to further
extend, amend or terminate the Offer and Proxy Solicitation at any time.
The terms and conditions of the Offer and Proxy Solicitation are set forth
in an Offer to Purchase and Proxy Solicitation Memorandum, dated Nov. 8,
2006.

Series of                                      Nominal Principal
Eligible Notes        CUSIP/ISIN Number       Amount Outstanding

Par Listed
Regulation S
Notes due 2016       P3058XAE5/USP3058XAE50     US$38,898,946

Par Listed
Restricted
Notes due 2016       20448RAB4/US20448RAB42     US$6,237,895

Par Definitive
Notes due 2016       20448RAD0/US20448RAD08     US$466,101

Par Unlisted
Regulation S
Notes due 2016       P3058XAH8/USP3058XAH81     US$8,647,868

As of 5:00 p.m., New York City time, on Nov. 30, 2006, tenders for
US$31,323,808 of the nominal principal amount outstanding of the Listed
Notes (consisting of the Par Listed Regulation S Notes due 2016 and the Par
Listed Restricted Notes due 2016), representing approximately 69.4% of the
Listed Notes outstanding, had been received, and tenders for US$8,647,868 of
the nominal principal amount outstanding of the Unlisted Notes (consisting
of the Par Definitive Notes due 2016 and the Par Unlisted Regulation S Notes
due 2016), representing approximately 94.9% of the Unlisted Notes
outstanding, had been received.

As of Dec. 1, the number of proxies received may not equal the nominal
principal amount of tenders received.  The company is continuing to receive
proxies, and the date by which proxies must be received to vote at the
second noteholders' meetings, and the date of record for the meetings, is
Dec. 7, 2006, at 5:00 p.m. New York time (7:00 Buenos Aires time).

In accordance with the terms of the Offer to Purchase Memorandum, tendered
Eligible Notes may no longer be withdrawn and delivered proxies may no
longer be revoked, unless the Offer is terminated or the company is required
by law to permit withdrawal or revocation.

The Offer will expire at 5:00 p.m., New York City time, on
Dec. 15, 2006, unless extended or earlier terminated.

The record date for the first noteholders' meetings called for Nov. 30,
2006, to vote on proposed amendments to the terms of the Eligible Notes was
5:00 p.m., New York City time, on
Nov. 24, 2006.  As of that record date there was no quorum for the Listed
Notes or the Unlisted Notes.  Therefore, the board of directors of the
company, per a resolution dated Nov. 30, 2006, has called a second
noteholders' meeting for each of the Listed Notes and the Unlisted Notes in
respect of the proposed amendments.

The meetings will be held on Dec. 14, 2006, at 10:00 a.m. Buenos Aires time
for the Listed Notes and at 12:00 p.m. Buenos Aires time for the Unlisted
Notes.  In order to participate in the meetings, holders of Eligible Notes
must submit proxies as described in the Offer to Purchase Memorandum and as
further notified in the notices of such meetings prior to the Proxy Delivery
Date.

Deutsche Bank Securities Inc. is serving as joint dealer manager and sole
coordinator and solicitation agent and Citigroup Global Markets Inc. is
serving as joint dealer manager and solicitation agent for the Offer and the
Proxy Solicitation.

Questions about the Offer or the Proxy Solicitation may be
directed to:

           Deutsche Bank Securities
           Liability Management Group
           Tel: (866) 627-0391 (U.S. toll-free)
                (212) 250-2955 (outside the U.S.)

                    -- and --

           Deutsche Bank S.A. - Argentina
           Tel: (54) 11-4590-2740 (in Argentina)

Global Bondholder Services Corporation is serving as information
agent and depositary and Deutsche Bank Luxembourg S.A. is
serving as Luxembourg tender agent.

Requests for documents may be directed to:

          Global Bondholder Services Corp.
          Tel: (866) 294-2200

In addition, copies of the Offer to Purchase Memorandum and
related materials may be obtained at the office of the
Luxembourg Tender Agent:

          Deutsche Bank Luxembourg S.A.
          2 Boulevard Konrad Adenauer
          L1115 Luxembourg

Compania de Transporte de Energia Electrica en Alta Tension aka
Transener owns the national network of high-voltage power
transmission lines, which consist of nearly 8,800km of lines
together with the approximately 5,500km in its Transba
subsidiary's network.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 5, 2006,
Fitch Argentina Calificadora de Riesgo S.A. rated Transener
S.A.'s debts at:

   -- Obligaciones Negociables Class 3 for US$1,300,000, D

   -- Obligaciones Negociables Class 6, at same price, with
      public offer of up to US$100,000,000, BBB

   -- Obligaciones Negociables Class 7, with discount, public
      offer, for up to US$245,000,000, BBB-

   -- Obligaciones Negociables Class A for US$822,000, D

   -- Obligaciones Negociables Class B for US$3,100,000, amount
      in circulation: US$1,395,000, BBB-

The rating action was based on the company's financial status at
June 30, 2006.


COMPANIA DE TRANSPORTE: S&P Rates Proposed US$250MM Bond at B
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to the proposed
bond for up to US$250 million to be issued by Argentina's largest power
transmission company, Compania de Transporte de Energia Electrica en Alta
Tension Transener SA.  At the same time, Standard & Poor's affirmed the 'B'
corporate credit rating on the company.  The outlook is stable.

"While the terms of the new debt still need to be defined, we expect this
issuance to mostly go toward refinancing the company's outstanding debt,
which may probably extend the tenor of Transener's indebtedness and improve
financial flexibility, although it could also slightly increase the
company's interest burden and result in higher-than-projected dividends in
the next five years," said Standard & Poor's credit analyst Sergio Fuentes.
"Nevertheless, we expect that Transener will be able to meet its financial
obligations in the next few years," added Mr. Fuentes.

The ratings on Transener mainly reflect the high political and regulatory
risk in Argentina and the company's relatively weak debt service coverage
ratios, high foreign exchange risk, and limited financial flexibility.  In
contrast, the ratings benefit from Transener's strong competitive position,
efficient operations, and favorable debt maturity profile.

The stable outlook reflects our expectations that Transener will be able to
meet its financial obligations during 2007-2008 in a context of relative
stability of inflation and exchange rate in Argentina.  Rating upside is
limited by political and regulatory risk in Argentina. However, the ratings
could be lowered if Transener is affected by a sizable devaluation of the
Argentine peso, high inflation, or further government intervention that
could significantly alter its financial performance or business
fundamentals.


CURTIEMBRE BECAS: Last Day for Verification of Claims Is Feb. 13
----------------------------------------------------------------
Estudio Lesta, Calelo, de Chiara Contadores Publicos, the court-appointed
trustee for Curtiembre Becas SA's reorganization proceeding, will verify
creditors' proofs of claim until
Feb. 13, 2007.

Under the Argentine bankruptcy law, Estudio Lesta is required to present the
validated claims in court as individual reports.  Court No. 4 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
Curtiembre Becas and its creditors.

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

Estudio Lesta will also submit a general report that contains an audit of
Curiembre Becas' accounting and banking records.  The report submission
dates have not been disclosed.

On Nov. 14, 2007, Curtiembre Becas' creditors will vote on a settlement plan
that the company will lay on the table.

Clerk No. 8 assists the court in the proceeding.

The debtor can be reached at:

          Curtiembre Becas SA
          Viamonte 783
          Buenos Aires, Argentina

The trustee can be reached at:

          Estudio Lesta, Calelo, De Chiara Contadores Publicos
          Viamonte 783
          Buenos Aires, Argentina


DANOMAT CONSTRUCCIONES: Claims Verification Is Until Dec. 6
-----------------------------------------------------------
The court-appointed trustee, whose name was not disclosed, for Danomat
Construcciones SRL's bankruptcy case will verify creditors' proofs of claim
until Dec. 6, 2006.

Under the Argentine bankruptcy law, the trustee is required to present the
validated claims in court as individual reports.  A court in Rosario, Santa
Fe will determine if the verified claims are admissible, taking into account
the trustee's opinion and the objections and challenges raised by Danomat
Construcciones and its creditors.

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

The trustee will also submit a general report that contains an audit of
Danomat Construcciones' accounting and banking records.  The report
submission dates have not been disclosed.

The debtor can be reached at:

         Danomat Construcciones S.R.L.
         Humberto Primo 1926, Rosario
         Santa Fe, Argentina


DISTRILUM SA: Verification of Proofs of Claim Is Until Feb. 2
-------------------------------------------------------------
Laura Marletta, the court-appointed trustee for Distrilum SA's bankruptcy
case, will verify creditors' proofs of claim until Feb. 2, 2007.

Ms. Marletta will present the validated claims in court as individual
reports on March 16, 2007.  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 Distrilum 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 Distrilum's accounting and
banking records will follow on May 3, 2007.

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

The trustee can be reached at:

          Laura Marletta
          San Jose de Calasanz 530
          Buenos Aires, Argentina


EL SUPER: Reorganization Proceeding Concluded
---------------------------------------------
El Super de la Construccion SRL's reorganization proceeding has ended.  Data
published by Infobae on its Web Site indicated that the process was
concluded after a court in Santa Fe approved the debt agreement signed
between the company and its creditors.


FREESCALE: Blackstone-Led Consortium Closes Purchase of Company
---------------------------------------------------------------
Freescale Semiconductor disclosed the completion of the merger of the
company with an entity controlled by a consortium of private equity funds
led by The Blackstone Group and including The Carlyle Group, funds advised
by Permira Advisers LLC and Texas Pacific Group.

Freescale stock will cease to trade on the New York Stock Exchange at market
close and will be delisted.  Under the terms of the merger agreement entered
into on Sept. 15, 2006, and adopted by Freescale's stockholders at a special
meeting on
Nov. 13, 2006, Freescale stockholders are entitled to receive US$40 in cash
for each share of Freescale common stock that they hold.

As soon as possible, a paying agent appointed by Freescale will mail a
letter of transmittal and instructions to all stockholders of record.  The
letter of transmittal and instructions will contain information on how to
surrender Freescale common stock in exchange for the merger consideration,
without interest and less any applicable withholding tax.  Stockholders of
record should be in receipt of the letter of transmittal before surrendering
their shares.  Stockholders who hold shares through a bank or broker will
not have to take any action to have their shares converted into cash as such
conversions will be handled by the bank or broker.

In addition, on Dec. 1, 2006, Freescale completed its tender offers and
consent solicitations for its outstanding US$350,000,000 aggregate principal
amount of 6.875% senior notes due 2011 and its outstanding US$500,000,000
aggregate principal amount of 7.125% senior notes due 2014, pursuant to its
Offer to Purchase and Consent Solicitation Statement, dated
Oct. 23, 2006.  The tender offers expired at 5:00 p.m. prevailing Eastern
time on Nov. 29, 2006.

On Dec. 1, 2006, Freescale accepted for payment all validly tendered Notes,
consisting of US$349,889,000 in aggregate principal amount of the 2011
Notes, representing approximately 99.97% of the outstanding 2011 Notes, and
US$499,935,000 in aggregate principal amount of the 2014 Notes, representing
99.99% of the outstanding 2014 Notes.  Upon acceptance, the supplemental
indenture executed in connection with the consent solicitations became
operative.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services said that it has kept its
ratings, including the 'BB+' corporate credit rating, on Austin,
Texas-based Freescale Semiconductor Inc. on CreditWatch with
negative implications, where they were placed on Sept. 11, 2006,
following the company's announcement that it was considering a
business transaction, later confirmed as a leveraged buyout.

At the same time, Moody's Investors Service has assigned
Freescale Semiconductor a corporate family rating of Ba3 and a
speculative grade liquidity rating of SGL-1.


SANCOR: Eduardo Eurnekian Balks at Adecoagro Purchase Deal
----------------------------------------------------------
Eduardo Eurnekian, owner of airport concessionaire Aeropuertos Argentina
2000, questioned the agreement inked between Adecoagro and SanCor for the
acquisition of a 62.5%stake in the Argentine dairy cooperative.

The businessman, who had submitted a bid for SanCor with banker Eduardo
Eskenazi -- who publicly complained on the deal last week -- said "there was
no professionalism in the way the negotiation was handled."

Since SanCor started to look for a capitalist partner, over 60 companies
showed interest.  Around 15 signed a nondisclosure agreement with Buenos
Aires Capital Partners, the agent which managed the process, and only 6 of
them submitted bids.  SanCor's board chose Adecoagro, a firm owned by
Hungarian-American Jonathan Soros, which offered to pay US$120 million
(US$70 million to pay off debts and US$50 million for working capital).

"We want to be players in the agribusiness.  We are interested in not
letting the dairy sector in foreign group's hands," said Mr. Eurnekian. "It
seems to me that the decision was taken too fast."

Although some rumors pointed that Adecoagro would have decided to abandon
the talks, Julio Bestani, its CFO, said otherwise: "We are under the 90 days
of the exclusivity process with SanCor. We are having meetings constantly
with its executives in order to reach to the best agreement."

"We do not criticize Adecoagro, but think that the negotiation for SanCor
was not proper.  It lacks a technical review of the plants, an analysis in a
more general context," said Mr. Eurnekian.

Adecoagro proposed to SanCor that the cooperatives keep a 37.5% stake of the
company, while Eurnekian and Eskenazi's offer will leave shareholders a 25%
stake.  "Such percentage could grow, in accordance to certain capital
increases," pointed Mr. Eurnekian, who proposed to pay US$60 million.

Headquartered in Santa Fe, Argentina, Sancor is a diary milk cooperative and
one of the largest milk processors and marketers in Argentina.  Annual
revenues for the fiscal year ended June 2006, are ARUS$1.4 billion.

As reported on Oct. 19, 2006, Moody's Investors Service downgraded the
ratings of Sancor to Ca from Caa3.  The National Scale ratings were
downgraded to D.ar from Caa3.ar.  Moody's said the outlook is stable.


SUPERVIELLE PERSONALES: Moody's Puts Low B Ratings on Securities
----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine National
Scale) and of Ba2 (Global Scale, Local Currency) to the Fixed Rate Debt
Securities of Fideicomiso Financiero Supervielle Personales II issued by
Deutsche Bank S.A. acting solely in its capacity as issuer and trustee.

Moody's also assigned a rating of Aa2.ar (Argentine National Scale) and of
B1 (Global Scale, Local Currency) to the Floating Rate Debt Securities.  The
certificates are not rated by Moody's.

The assigned ratings are based on these factors:

   -- The credit quality of the securitized personal loans;

   -- The promise to investors, which is timely interest and
      ultimate principal before legal final maturity;

   -- Initial credit enhancement of 15% for the Fixed Rate and
      Floating Rate Debt Securities, provided through
      subordination;

   -- The sound origination and servicing standards of Banco
      Supervielle SA;

   -- The ability of Deutsche Bank S.A. to act as trustee in
      this transaction;

   -- The availability of various reserve accounts; and

   -- The legal structure of the transaction.

The rated securities are payable from the cash flow coming from the assets
of the trust, which is an amortizing pool of about 6,620 eligible loans
denominated in Argentine pesos, bearing floating and fixed interest rates,
originated by Banco Supervielle S.A., in an aggregate amount of
ARS29,870,996.26.  Moody's has assigned a local currency deposit rating of
Aa3.ar in the Argentine National Scale to Banco Supervielle.

At closing, about 63.47% of the pool was constituted by personal loans
granted to employees of 867 companies that are paid their monthly salaries
through Banco Supervielle.  In these loans, the monthly loan installment is
deducted directly from the borrower's paycheck. The rest of the securitized
pool does not have the benefit of the payment deduction feature.

                         Structure

Deutsche Bank S.A. (Argentina) SA (issuer and trustee) issued two classes of
debt securities (fixed rate and floating rate) and one class of
certificates, all denominated in Argentine pesos.

The Fixed Rate Debt Securities will bear a fixed interest rate of 10.5%.
The Floating Rate Debt Securities will bear a BADLAR interest rate plus 279
basis points.  The Floating Rate Debt Securities' interest rate has a
ceiling of 18% p.a. and a floor of 10%.

Overall credit enhancement is comprised of:

   -- a total of 15% subordination for the Fixed Rate and
      Floating Rate Debt Securities;

   -- various reserve funds; and

   -- excess spread.

The Fixed Rate Debt Securities are expected to be paid off in 8 months. The
payment of principal and interest on the Floating Rate Debt Securities has a
grace period of 8 months.  The Certificates are entitled to receive any
remaining cash flow after Fixed Rate and Floating Rate Debt Securities are
paid in full.

                  Originator and Servicer

Banco Supervielle is the originator and servicer in this transaction.
Supervielle is a universal bank holding ARS1.3 billion in deposits.

On May 31, 2006, Moody's upgraded Supervielle's Bank Financial Strength
Rating (BFSR) to E+ from E, reflecting the management efforts to clean up
the balance sheet after the acquisition & the group's franchise strength
potential.  However the still relatively low BFSR takes into account
operative challenges posed by the integration process.

                        Rating Action

   Originator: Banco Supervielle S.A.

   -- ARS13,441,500 in Fixed Rate Debt Securities of
      "Fideicomiso Financiero Supervielle Personales II",
      rated Aaa.ar;

   -- ARS11,948,000 in Floating Rate Debt Securities of
      "Fideicomiso Financiero Supervielle Personales II",
      rated Aa2.ar

   Issuer: Fideicomiso Financiero Supervielle Personales II

   -- Fixed Rate Debt Securities, Assigned Ba2; and
   -- Floating Rate Debt Securities, Assigned B1


* ARGENTINA: Foreign Debt Remains Large Despite Payoffs
--------------------------------------------------------
Argentina's foreign debt to international financial organizations is still
substantial, although the country has paid off US$1.44 billion in the first
10 months of 2006, Prensa Latina reports.

Prensa Latina underscores that after all the payments, Argentina still owes
a total of US$14.3 billion -- US$6.2 billion to the World Bank and US$8.1
billion to the Inter-American Development Bank or IDB.

According to Prensa Latina, Argentina has paid off its US$9.55 billion debt
to the International Monetary Fund in January.

Clarin relates that the US$1.44-billion January to October payouts to IDB
and the World Bank were US$726 million on the capital and US$714 million in
interests.

Prensa Latina emphasizes that Argentina has given US$7.9 billion to the
World Bank and IDB since 2002.

Meanwhile, Clarin notes that Argentina received US$379 million from the
World Bank in the first ten months of 2006.  It liquidated US$981 million of
capital and paid US$302 million in interest.

The Argentine Economy Ministry told Clarin that something similar happened
with the IDB, as net payments reached US$536 million, including payments for
interest.

The 2001 agreements with the World Bank and IDB were for US$18.4 billion,
Prensa Latina states.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005


* ARGENTINA: May Ask Mikhail Gorbachev's Aid on Mill Dispute
------------------------------------------------------------
Published reports say that Argentina is considering asking the help of
Mikhail Gorbachev, a former Soviet leader, on a pulp mill dispute with
Uruguay.

Kerala Next relates that Argentina hoped that Mr. Gorbachev -- the 1990
Nobel Peace Prize laureate who leads a foundation named after him aiming to
address major worldwide problems like nuclear arms and environmental
protection -- could mediate with Finland, where Botnia Oy, a firm that wants
to construct one of the paper mills on river Uruguay, is located.

According to Kerala Next, the World Bank agreed to lend Botnia the money to
complete the pulp mill.  The World Bank believed that the plant would not
cause any environmental problem.

Argentina has been challenging the pulp mill construction in the
International Courts of Justice in The Hague, saying that it could cause
environmental damage to the river Uruguay, Kerala Next states.

                        *    *    *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date

   Country Ceiling     RD      Dec. 14, 2005
   Long Term IDR       B       Dec. 14, 2005
   Short Term IDR      B-      Jun.  3, 2005
   Local Currency
   Long Term Issuer
   Default Rating      B       Jun.  3, 2005




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


ASTERN CAPITAL: Proofs of Claim Must be Filed by Tomorrow
---------------------------------------------------------
Astern Capital Ltd.'s creditors are given until tomorrow to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Dec. 28, 2006, at 9:30 a.m., or as soon as
possible.

Astern Capital'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.

Astern Capital's shareholders agreed on Nov. 20, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


BRISTOL FINANCE: Tomorrow Is Last Day to File Proofs of Claim
-------------------------------------------------------------
Bristol Finance Ltd.'s creditors are given until tomorrow to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Dec. 28, 2006, at 9:30 a.m., or as soon as
possible.

Bristol Finance'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.

Bristol Finance's shareholders agreed on Nov. 20, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


CLSA (Bermuda): Proofs of Claim Filing Is Until Tomorrow
--------------------------------------------------------
CLSA (Bermuda) Ltd.'s creditors are given until tomorrow to prove their
claims to Robin J. Mayor, the company's liquidator, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Jan. 9, 2007, at 9:30 a.m., or as soon as
possible.

CLSA (Bermuda)'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.

CLSA (Bermuda)'s shareholders agreed on Nov. 21, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


DECK INTERNATIONAL: Claims Filing Deadline Is Tomorrow
------------------------------------------------------
Deck International Finance Ltd.'s creditors are given until tomorrow to
prove their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Dec. 28, 2006, at 9:30 a.m., or as soon as
possible.

Deck International'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.

Deck International's shareholders agreed on Nov. 20, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


DOVER INTERNATIONAL: Proofs of Claim Filing Is Until Tomorrow
-------------------------------------------------------------
Dover International Holdings Ltd.'s creditors are given until tomorrow to
prove their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Dec. 28, 2006, at 9:30 a.m., or as soon as
possible.

Dover International'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.

Dover International's shareholders agreed on Nov. 20, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


INTELSAT: Renews China Central's Global Distribution Contract
-------------------------------------------------------------
Intelsat Ltd. disclosed that China Central Television or CCTV renewed a
multi-year contract for the global distribution of its programming.  CCTV is
also utilizing Intelsat for its international backhaul transmission of the
Asian Games from Doha, Qatar, back to Beijing, which started on Dec. 1 and
run through Dec. 15.

A long-standing customer since the launch of PAS-2 in 1994, CCTV became the
world's first global Mandarin Chinese television service when it expanded
its services internationally via the PAS-3 satellite in 1995.

Intelsat currently provides full-time program distribution services for CCTV
via its PAS-1R Atlantic Ocean Region satellite, PAS-9 Atlantic Ocean Region
satellite and PAS-10 Indian Ocean Region satellite. Intelsat also provides
CCTV with capacity on its Galaxy 3C satellite for direct-to-home (DTH)
services in the United States.  This renewal contract also expands CCTV's C-
and Ku-band capacity agreement.

"With the increased demand for regional programming distribution, CCTV is
pleased to continue growing its relationship with Intelsat," said He
Zongjiu, Vice President of CCTV.  "Intelsat has long partnered with us in
the expansion of our services, and we are confident that its network will
continue to support us as we develop programming platforms."

David Ball, Regional Vice President, Asia-Pacific Sales, said, "We are proud
that CCTV has continued to entrust us with the global distribution of its
programming, and the Asian Games.  As Intelsat expands its global services,
we are strategically situated to provide greater power and coverage for
China's preeminent national broadcaster. Likewise, Intelsat will be well
positioned to offer broadcasters of the 2008 Summer Olympics in Beijing a
complete suite of global transmission services."

Intelsat, Ltd. - http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

On June 12, 2006, Moody's Investor Service affirms Intelsat
(Bermuda) Ltd.'s ratings:

      -- New Guaranteed Sr. Notes: Assigned B2,

      -- New Sr. Notes: Assigned Caa1, and

      -- Sr. Discount Notes, due 2015: Downgraded to Caa1 from
         B3 (these notes will be moved to Intelsat Intermediate
         Holding Company Ltd. Upon closing of the merger).


LNR DB: Creditors Have Until Tomorrow to File Proofs of Claim
-------------------------------------------------------------
LNR DB European Facilities, Ltd.'s creditors are given until tomorrow to
prove their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Dec. 29, 2006, at 9:30 a.m., or as soon as
possible.

LNR DB'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.

LNR DB's shareholders agreed on Nov. 20, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


LNR GOLD: Creditors Must File Proofs of Claim by Tomorrow
---------------------------------------------------------
LNR Gold European Facilities, Ltd.'s creditors are given until tomorrow to
prove their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full names,
addresses, the full particulars of their debts or claims, and the names and
addresses of their lawyers, if any.

A final general meeting will be held at the liquidator's place
of business on Dec. 29, 2006, at 9:30 a.m., or as soon as
possible.

LNR Gold'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.

LNR Gold's shareholders agreed on Nov. 20, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


PANTHER RE: AM Best Assigns BB Rating on US$144MM Term B Loans
--------------------------------------------------------------
A.M. Best Co. has assigned debt ratings of "bbb-" to the Senior Secured Term
A Loans of up to US$72 million and "bb" to the Term B Loans of up to US$144
million, both due December 2010 of Panther Re Bermuda Limited, a newly
created Bermuda exempted, limited life special purpose Class 3 insurer.  The
outlook for both ratings is stable.

The issuer is a single purpose, dedicated reinsurance vehicle (sidecar)
established to provide commercial property reinsurance coverage for
specified categories of business to its sole client and cedant, Syndicate
33, a Lloyd's syndicate managed by Hiscox Syndicates Limited (Hiscox).

The assigned ratings take into consideration a multitude of factors and
conditions including:

   -- Attachment probability

      The annualized attachment probability (i.e. the
      probability of the first dollar loss to the debt
      facilities) was calculated based upon data compiled by
      Hiscox using AIR Worldwide Corporation's catastrophe
      modeling software system, CATRADER V8.  Additional
      simulation testing of historical loss ratios using
      carefully selected parameters was also conducted on the
      deal model.  The additional loss simulation testing
      affecting the facilities resulted in cumulative default
      probabilities that were within acceptable levels to
      support the assigned debt ratings.

   -- Cedant's underwriting and risk management capabilities

      Hiscox maintains a comprehensive system of internal
      control covering all aspects of risk. Its risk management
      framework includes a variety of processes to identify,
      assess and manage the different classes of risk.  Hiscox
      utilizes a risk committee, which monitors the risk
      management framework, identifies emerging risks and
      recommends appropriate strategies.  Underwriters price
      the risk based on their professional judgment, market
      experience and recommendation of Hiscox's independent
      loss modeling team.  Syndicate 33 is required to retain
      (prior to any third party reinsurance) at least 60% of
      all gross property catastrophe reinsurance business
      written in 2007 (50% in 2008), creating an incentive for
      Syndicate 33 to produce and retain quality business.

   -- Diversity of business portfolio and perils

      These are the target business categories:

      1. business coded as U.S. catastrophe excess of loss;

      2. business coded as European catastrophe excess of loss;

      3. business coded as Japanese catastrophe excess of loss;
         and

      4. catastrophe excess of loss (where the predominant
         exposure is likely to come from the United States,
         Europe or Japan), which is coded worldwide.

      The underlying catastrophe excess of loss reinsurance
      contracts have a term of up to 12 months plus odd time.
      The issuer is not allowed to accept any other business
      risk other than what is defined in the Sidecar Quota Share
      Reinsurance Agreement (quota share agreement) and what is
      ceded by Syndicate 33.

   -- Trust accounts

      Proceeds from the issuance of the loans and equity
      contributions (net of transaction expenses) will be
      required to be deposited to an independent trust
      (collateral trust).  The proceeds will be deposited into
      an eligible bank institution that has a long-term deposit
      rating that meets or exceeds the minimum pre-established
      rating threshold.  Net premiums due the issuer under the
      quota share agreement will be dealt with on a funds
      withheld basis and will be held in Lloyd's Premium Trust
      Funds (Lloyd's trust) in accordance with the by-laws,
      rules and regulations made by Lloyd's.  The Lloyd's trust
      and collateral trust (collectively, collateral) will
      secure the issuer's obligations under the quota share
      agreement.  These obligations include loss payments
      required to be made by the issuer under the quota share
      agreement entered into between the issuer and Syndicate
      33, expenses and fees of the administrative agent,
      payments (interest costs) in respect of the debt
      facilities, operating expenses of the issuer, permitted
      dividends payments and payments upon wind down of the
      facilities.

   -- Collateral requirements and adequacy level

      Stress testing of both collateral level amounts and
      aggregate annual losses was conducted to determine whether
      collateral is sufficient to cover losses.  The collateral
      amount required is a function of the projected in-force
      premiums and annual aggregate probable maximum loss (PML)
      associated with the perils. In the event that the target
      collateral falls below the required amount, the issuer has
      a right to post additional collateral but is not
      obligated.  To the extent that the issuer does not meet
      the collateral requirement, the quota share percentage may
      be scaled back to an appropriate level to meet the
      collateral requirement.

   -- Counterparty risk

      The creditworthiness (ability) of Syndicate 33, which
      under the quota share agreement, is responsible for
      making periodic premium payments to the issuer was
      assessed.  Syndicate 33 has a Best's Syndicate Rating
      of A (Excellent), which is a strong indicator of its
      ability to manage its obligations.


PANTHER RE: Moody's Puts Ba2 Rating on US$144MM Term B Loan
-----------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating to the US$72 million
Term A loan and a Ba2 rating to the US$144 million Term B loan of
Bermuda-domiciled Panther Re Bermuda Limited.  These definitive ratings
replace the provisional ratings previously assigned to Panther Re on Nov.
10, 2006.

Both term loan facilities will mature in November 2010 and will be held by
financial institutions and other institutional lenders.  The facilities are
secured by the capital stock of Panther Re.  The loans are non-amortizing,
but allow for voluntary prepayments and require mandatory prepayments under
certain circumstances.  Under the terms of the facilities, Panther Re's debt
obligations are contractually subordinated to the claims of its client.

According to Moody's, Panther Re is a limited-life, newly-formed Class 3
Bermuda reinsurer (sidecar) that has entered into a collateralized quota
share reinsurance treaty with its sole client, Lloyd's Syndicate 33 (A-
Performance Rating), as managed and underwritten by Hiscox Syndicates
Limited.  Syndicate 33 will cede -- and Panther Re will assume -- 40% of the
gross written premiums and losses of Syndicate 33's global property
catastrophe excess-of-loss reinsurance book in underwriting year 2007 and up
to 50% of the said book in underwriting year 2008. The transaction has
received final approval from Lloyd's of London.

Initial capitalization for Panther Re will be US$360 million, gross of
expenses, comprised of the US$72 million Term A loan, US$144 million Term B
loan, and US$144 million of common equity. Panther Re will post its total
paid-in capital, net of transaction expenses, as cash and securities into a
security trust established for the benefit of Syndicate 33.  Further,
Panther Re's share of premiums will be held by Syndicate 33 in its Lloyd's
Premium Trust Fund, on Panther Re's behalf, consistent with Lloyd's
practices.  Claims will initially be paid out of the Lloyd's Premium Trust
Funds using funds withheld on Panther Re's share of premiums, and then using
funds transferred from the security trust.

According to Moody's, Panther Re's ratings reflect an analysis of the
structural and contractual features of the Panther Re vehicle, including
multi-period probabilistic analysis to determine both the probability of
loss and expected severity of loss to Panther Re's debt holders and to its
sole client, Syndicate 33.

The ratings for the term loans are supported by Panther Re's level of
capitalization relative to its catastrophe exposure, certain structural
characteristics -- particularly as they relate to dividend payouts and
return of capital -- that serve to better align the interests of equity and
debt investors, and Syndicate 33's good but volatile historical loss
experience, which was an important consideration when calibrating Panther
Re's catastrophe probability curves.

These positive factors are tempered by four elements of the transaction:

   -- First, the minimum collateral test, as it is currently
      structured, heightens the possibility of missed interest
      payments owing to the meaningful amounts of assets which
      need to be kept in the trust(s) to provide Syndicate 33
      with a safeguard against potential adverse loss reserve
      development.  Moody's placed particular emphasis on the
      minimum collateral test, given that the competing
      interests of equity holders, debt holders, and the
      reinsured are played out through that structural feature.

   -- Second, certain regulatory requirements imposed by Lloyd's
      may delay the timing of payments to debt holders, the
      impact of which is made more pronounced because of
      uncertainty surrounding the exact amount of liabilities
      that are owed to Syndicate 33 at the time of commutation.

   -- Third, subsequent reinsurance purchased by Syndicate 33
      will not inure to the benefit of Panther Re, although
      Syndicate 33 is obligated to share with Panther Re
      information relating to Syndicate 33's reinsurance
      purchases.  If Panther Re decides not to purchase similar
      reinsurance, this raises the possibility that Panther Re's
      financial results will not mirror those of Syndicate 33's
      relevant book of business.

   -- Last, Panther Re is liable for its proportionate share of
      unanticipated losses and expenses that arise from any
      "excess of policy limits awards" or "extra contractual
      obligations", as well as any additional levies imposed by
      Lloyd's, underscoring the "follow the fortunes" nature of
      this reinsurance agreement.  Moody's assessment was also
      impacted by the vehicle's high debt leverage (60% debt to
      total capital) and parameter risk in the modeling
      assumptions that form the basis of the company's
      capitalization.

The Ba2 rating for the Term B loan reflects its more junior position in the
cash waterfall, as borne out by the modeling results.

Panther Re's A3 insurance financial strength rating reflects the
creditworthiness of Panther Re with respect to its ability to meet
policyholder obligations, which is enhanced by the establishment of a
collateral trust for the benefit of its sole client.

The ratings contemplate a maximum underwriting period of two years and
assume no additional debt above the $216 million term loan facilities.

Going forward, the ratings will reflect updated analysis of the cumulative
performance of the company, its future overall risk-adjusted capitalization
level, and updated probabilistic analysis of its reinsurance portfolio.  The
current ratings do not anticipate any potential amendments that may be made
to the agreements.  Any future amendments will be evaluated at that point in
time and Moody's will assess the impact on the ratings, if any.

These definitive ratings have been assigned with a stable outlook:

   -- US$72 million Term A loan due November 2010 at Baa3;

-- US$144 million Term B loan due November 2010 at Ba2; and

   -- insurance financial strength at A3.

Panther Re Bermuda Limited, based in Bermuda, is a licensed Class 3
reinsurer that has entered into a collateralized quota share reinsurance
treaty with its sole client, Lloyd's Syndicate 33, as managed and
underwritten by Hiscox Syndicates Limited.


SCOTTISH RE: Amends Bank Credit Facility Agreement
--------------------------------------------------
Scottish Re Group Limited has executed an amendment to its bank credit
facility agreement that permits a payment of up to US$115 million from
Scottish Annuity & Life Insurance company (Cayman) Ltd. to Scottish Re Group
Limited.  The payment was transferred to Scottish Re Group Limited on Dec.
4, 2006.  These actions enable the company to repurchase the US$115 million
4.5% convertible notes should the holders elect to exercise their put
options.  The repurchase will occur on Dec. 6, 2006.

Pursuant to the amendment, Scottish Annuity & Life may declare and make
dividend payments or other distributions on Dec. 4, 5, or 6, in an amount
not to exceed US$115 million, solely for the purpose of permitting Scottish
Re Group to make payments required in connection with the exercise of the
optional put right by holders of the company's 4.5% senior convertible
notes.  Scottish Annuity & Life Insurance Co., Scottish Re (Dublin) Ltd.,
Scottish Re U.S. Inc. and Scottish Re Ltd agreed to put in place irrevocable
back-up letters of credit.

On Nov. 30, Scottish Annuity & Life and Scottish Re Ltd. entered into a
letter agreement with Comerica Bank, pursuant to which Comerica agreed to
issue secured backup letters of credit with an aggregate face amount not to
exceed US$4.9 million in the case of Scottish Re Ltd. and US$100,000 in the
case of Scottish Annuity & Life.

On Dec. 1, Comerica issued back-up letters of credit in the amounts of
US$78,750 for the account of Scottish Annuity & Life and approximately
US$1.4 million for the account of Scottish Re Ltd.

Scottish Re Group Ltd. -- 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+'.

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.


SCOTTISH RE: Fitch Revises Ratings Outlook to Evolving
------------------------------------------------------
Fitch revised the Rating Watch on Scottish Re Group Ltd.'s ratings to
Evolving from Negative, following notification that SCT has successfully
amended the bank agreement which allows the transfer of funds from affiliate
Scottish Annuity & Life Insurance (Cayman) Ltd. aka SALIC to Scottish Re.
On Monday, funds are expected to be transferred to the trustee to repay
US$115 million of senior convertible notes that are expected to be put to
the company on Dec. 6, 2006.  This notification satisfies Fitch's most
immediate near-term concern.

The ratings being placed on Rating Watch Evolving reflects the pending
agreement with MassMutual Capital Partners LLC and Cerberus Capital
Management, L.P., which is expected to result in a new equity investment
into the company of US$600 million.  Fitch expects to review SCT's financial
profile as well as business prospects and franchise upon the successful
close of the agreement.  While Fitch views the agreement and the potential
US$600 million investment positively, SCT continues to face business and
operating challenges and uncertainties, including the outcome of the
shareholder vote.  As such, the Rating Watch could be revised positively or
negatively or the ratings could be affirmed with a Stable Outlook as the
process develops.

These ratings were placed on Rating Watch Evolving from Rating Watch
Negative:

   Scottish Annuity & Life Insurance Company (Cayman) Limited

   -- IFS at 'BBB'.

   Scottish Re (U.S.) Inc.

   -- IFS at 'BBB'.

   Scottish Re Limited

   -- IFS at 'BBB'.

   Scottish Re Group Limited

   -- Issuer Default Rating at 'BB';
   -- 4.5% US$115 million senior convertible notes at 'BB-';
   -- 5.875% US$142 million hybrid capital units at 'B+'; and
   -- 7.25% US$125 million non-cumulative perpetual preferred
      stock at 'B+'.




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


PETROLEO BRASILEIRO: Caranda Refinery Is Back in Operation
----------------------------------------------------------
Petroleo Brasileiro SA's subsidiary, Petrobras Bolivia, disclosed that after
a 26-hour shutdown, production operations were put back online at the
Caranda field, in the Santa Cruz de la Sierra department, on Nov. 29, 2006,
at 10 a.m.  The oil lifting and the gas compression processes are back to
normal.

It was possible to restart operations after the negotiations between the
peasant negotiation commission and the authorities that represented the
Ichilo province, the Buena Vista municipality, and the deputy minister of
Hydrocarbons were wrapped-up.

The activities in the Caranda field, located 100 km north of the city of
Santa Cruz de la Sierra, had been suspended for security reasons on Nov. 28,
at 6:30 pm, after members of the Buena Vista Single Peasant Central and of
nearby communities invaded the facilities.  They demanded, among other
issues, road pavement, irrigation projects, and cooking gas supply.

In spite of the operation shutdown, at no moment was the internal market
fuel supply or natural gas exports to Brazil at risk.

Daily production at Caranda, operated by Petrobras Bolivia, is 520 barrels
of oil and 600,000 cubic meters of gas per day.  Gas production is exported
to Brazil, while the liquids are processed at the Guillermo Elder Bell
refinery, in Santa Cruz.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/-- 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.

Petrobras has operations in China, India, Japan, and Singapore.

                        *    *    *

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.


PETROLEO BRASILEIRO: Makes Changes to Executive Staff in January
----------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras disclosed that, effective Jan. 1, 2007,
these changes will be made to its executive staff:

   -- Alberto Guimaraes, currently Petrobras Energia S.A.'s
      General Executive Director will take over as the
      President for Petrobras America Inc.

   -- Carlos Fontes, currently Petrobras Energia S.A.'s Director
      for Refining and Petrochemicals, will become the General
      Executive Director for Petrobras Energia S.A.

   -- Renato Bertani, currently the Managing Director for
      Petrobras America Inc., will take over as the Executive
      Manager for the Americas, Africa, and Eurasia at the
      international area, at a the company's headquarters.

   -- Joao Carlos Figueira, currently the Executive Manager for
      the Americas, Africa, and Eurasia at the company's
      headquarters will take over as Exploration and
      Production Director at Petrobras America.

Alberto Guimaraes is a career employee at Petrobras' commercial area and has
been the General Executive Director for Petrobras Energia S.A. since 2002.
During is term at that subsidiary, Petrobras' position was consolidated in
the important Argentine market.  The company invested upwards of $900
million there, not only in existing operations, but in new projects such as
the enhancement of the service station network, the introduction of the
podium gasoline in the Argentine market, the increased refining capacity at
the San Lorenzo and Bahia Blanca units and, recently, in its first steps and
in association with Enersa, in an ambitious offshore exploration plan in the
Argentine Sea.  Before being assigned to Argentina, he had held several
important positions in the company, among which Executive Manager for New
Business and Superintendent of the then Commercial Department.

Carlos Fontes has been in Argentina since 2004. He is a career chemical
engineer at Petrobras and holds an MBA from the Federal University of Rio de
Janeiro.  Before being assigned to Argentina, he also held important
positions, among which Refining Products and Processes Manager,
Petrochemical Project Manager, and Executive Petrochemical Manager and
President of Petroquisa.

Renato Tadeu Bertani is a geology graduate from the Federal University of
Rio Grande do Sul and holds a PhD in geology from the University of
Illinois, USA.  He was first hired by Petrobras in 1976 and has held several
technical and managerial positions in Brazil and Abroad.  The many positions
Bertani held at Petrobras include exploration manager and general manager
for the Potiguar Basin, in Rio Grande do Norte, as well as new business
manager and Exploration and Production Director for the Petrobras
Internacional S.A. Braspetro subsidiary.  Abroad, he was the general manager
for Petrobras UK Limited. Since 2001, he had been the president of Petrobras
America Inc., in charge of growing the exploration and production activities
in the American sector of the Gulf of Mexico, in addition to the refining
and marketing activities in the American market.

Geophysicist Joao Carlos Araujo Figueira is a University of Sao Paulo
graduate first hired by Petrobras in 1983.  Since then, he has held several
technical and managerial positions in the company's international
activities.  Figueira has had experience in several countries.  He was the
exploration manager in the United Kingdom, and general manager in Angola.
He also reached the position of Exploration and Production Director at
Petrobras Internacional (Braspetro), which was incorporated by Petrobras.
Mr. Figueira has been the international area's executive manager since it
was created in 2000 and where, as of August 2004, he took over as the full
executive manager for the Americas, Africa, and Eurasia.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/-- 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.

Petrobras has operations in China, India, Japan, and Singapore.

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.

* BOLIVIA: Gains Control Over Foreign Energy Firm's Operations
--------------------------------------------------------------
Bolivia's President Evo Morales signed contracts on Dec. 3 that gives the
government control over the operations of foreign energy companies,
completing the nationalization process disclosed on May 1, the Associated
Press reports.

According to AP, Bolivia's Senate then ratified the contracts.

AP relates that with the signing of the contracts, the petroleum sector of
Bolivia has been fully nationalized.

Royal Dutch Shell PLC, in particular, had agreed to transfer majority
control of Transredes -- its Bolivian unit that runs the largest network of
gas pipelines in the country -- to the Bolivian government, AP says, citing
President Morales.

President Morales told AP, "We thank the Bolivian people who have struggled
to recover their natural resources.  We have now completed the first step.
This process will continue next year with the recovery of other natural
resources benefiting the Bolivian people."

President Morales said he will nationalize the mining sector, AP notes.

Meanwhile, lawmakers from President Morales' Movement Toward Socialism party
passed a land-reform bill and an open-ended military cooperation pact with
Venezuelan President Hugo Chavez.  It ended a boycott by conservative
lawmakers who wanted to block Morales' reforms, AP states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     B-       Dec. 14, 2005


* BOLIVIA: Launches Tender Process for Dam Construction
-------------------------------------------------------
Empresa Misicuni, the state water distribution firm of Bolivia, said in a
press statement that it has launched a tender process to hire a supervising
company for the construction of the Misicuni dam.

Business News Americas relates that the tender is the first step of the
Misicuni project's second phase.  Construction works will be launched in
April 2007 and will conclude in 2010.

According to BNamericas, the tender process is open to domestic and
international companies and consortiums, who will have until Jan. 5, 2007,
to submit enquiries regarding the tender rules.  Officials will answer the
questions on Jan. 8.  Bids will then be submitted on Jan. 22, 2007, with
officials of Empresa Misicuni reviewing the offers on the same day.  Bidders
will be required to meet with a number of specifications and technical
parameters set by:

          -- the Andean Development Corporation,
          -- the Italian government,
          -- the national treasury, and
          -- the local government, all of which are taking part
             in financing the project.

The report says that the winning bidder will be responsible for conducting
complementary studies on the 120-meter high dam and updating the project's
environmental impact study.

BNamericas underscores that the dam will be situated in Cochabamba to help
meet potable water and irrigation needs in that department.

Officials expect to generate electric power with the project, BNamericas
states.

                        *    *    *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     B-       Dec. 14, 2005




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


BANCO BRADESCO: Joins Corporate Sustainability Index on Bovespa
---------------------------------------------------------------
Banco Bradesco said in a statement that it has been listed in the Indice de
Sustentabilidade Empresarial -- the corporate sustainability index on
Bovespa, the Sao Paulo stock exchange.

Business News Americas relates that Indice de Sustentabilidade lists 34
firms traded on Bovespa.

Indice de Sustentabilidade is selected from Bovespa's 150 most liquid stocks
that indicate a commitment to social responsibility, BNamericas reports.

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

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings outlook to
positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.


BANCO BRADESCO: Unit Eyes BRL10-Billion Revenues for 2006
---------------------------------------------------------
Marco Antonio Rossi -- chief executive officer of Bradesco Vida e
Previdencia, a subsidiary of Banco Bradesco -- told Business News Americas
that the company expects revenues to increase 25% to BRL10 billion in 2006,
compared with 2005.

Bradesco Vida's revenues were up 25% to BRL6 billion from January to
September 2006, compared with the same period in 2005, BNamericas says,
citing Mr. Rossi.  Private pension plans reported BRL5 billion in revenues
in the first nine months of 2006, while life products had BRL1 billion
revenues.

Mr. Rossi told BNamericas, "November and December are very special months
and we expect revenues to rise at the same rate of 25%."

Mr. Rossi said that many people invest their bonuses in retirement savings
instruments.  Under the Brazilian law, formal sector workers receive a
year-end bonus equal to one month's pay.

The report says that Vida Gerador de Beneficios Livres or VGBL
-- a combination of life insurance and survivors' benefit contracts --
receive 60% of the company's private pension contributions.  In this plan,
contributors can make monthly deposits and can withdraw assets upon
retirement or before.  It is a combination of life insurance and survivors'
benefit contracts.  VGBL plans are aimed at taxpayers who file simplified
returns

Meanwhile, Plano Gerador de Beneficios Livres or PGBL get 35% of the firm's
private pension contributions.  PGBL is a plan generator of benefits.  It is
a private pension plan created in 1997 and inspired in the American 401-K.
PGBL plans are for those who file itemized returns, BNamericas notes.

BNamericas emphasizes that VGBL and PGBL plans hold savings in investment
funds and only allow withdrawals under penalty.  Contributions to
traditional plans that predate the 2002 introduction of VGBL and PGBL plans
came to 5%.

Bradesco Vida will launch in the first half of 2007 a flexible-premium life
product with a savings element, similar to universal life policies in the
United States, BNamericas says, citing Mr. Rossi.

Mr. Rossi told BNamericas that the life division is developing new products
that focus on the increase in terminal illnesses like Alzheimer's and
diabetes, as Brazil's population grows older.

BNamericas underscores that Bradesco Vida had an investment portfolio of
BRL43 billion in September 2006 with pension plans accounting for BRL41
billion.

Bradesco Vida managed in September 2006 5 million life policies -- both
corporate and individual -- and 2 million private pension plans.  The
company pays benefits to 15,000 retirees, BNamericas states.

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

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings outlook to
positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.


BANCO BRADESCO: Unit Won't Sell Individual Health Portfolio
-----------------------------------------------------------
Marcio Cypriano, Banco Bradesco's chief executive officer, told reporters
that the bank's insurance division won't sell its individual health
portfolio, despite an increasing focus on corporate plans.

Mr. Cypriano explained to Business News Americas, "We're not going to leave
any business area.  We have to increase our client base."

BNamericas relates that individual policies made up 22% of Banco Bradesco's
health portfolio as of September 2006, compared with the 50% recorded 10
years ago.

According to BNamericas, some local insurers have decreased their individual
health portfolios or sold them off in the past few months.

Marco Antonio Rossi -- chief executive officer of Bradesco Vida e
Previdencia, a subsidiary of Banco Bradesco -- told BNamericas that the
insurance group always analyzed acquisition opportunities but had nothing in
sight.

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

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings outlook to
positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.


BANCO NACIONAL: Lends US$400 Million for Infrastructure Works
-------------------------------------------------------------
Published reports say that Banco Nacional de Desenvolvimento Economico e
Social has lent US$400 million for infrastructure works for South American
nations.

Business News Americas relates that the US$400 million is 33% higher than
the US$300 million in infrastructure funding Banco Nacional disbursed in
2005.

Luiz Antonio Dantas, Banco Nacional's foreign trade authority, told
BNamericas that the bank has become an important source of credit for
Brazilian exports in terms of engineering and construction goods and
services in South America.

According to BNamericas, the funding Banco Nacional provided is for works
carried out by Brazilian companies in the rest of South America.  Banco
Nacional has become one of the main credit sources for the South American
integration initiative IIRSA, which involves construction of 300 highways
and bridges, among other works.

BNamericas underscores that the funding of infrastructure works included the
cost of exporting Brazilian goods like cement.

Celso Amorim -- the foreign minister of Brazil -- and his counterparts
discussed at the South American foreign ministers meeting recently held in
Chile financial opportunities and the importance of infrastructure
connectivity.  The minister urged Brazilian companies and entities to
increase their operations and investment to the rest of the South American
region, BNamericas states.

Banco Nacional de Desenvolvimento Economico e Social is Brazil's national
development bank.  It provides financing for projects within Brazil and
plays a major role in the privatization programs undertaken by the federal
government.

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nacional de Desenvolvimento Economico e
Social SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating

      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency counterparty credit rating

      * to BB+/Positive/-- from BB+/Stable/--

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.


BANCO NACIONAL: South American Export Funding at US$5.8B in 2006
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a statement
that it expects export financing operations to South American nations to be
up to US$5.80 billion this year.

Business News Americas relates that new Banco Nacional loans for Brazilian
exports in South America increased 28% to US$4.50 billion in the first 10
months of 2006, from the same period in 2005.

According to BNamericas, Banco Nacional will have lent US$400 million for
infrastructure works in other South American countries at the end of 2006,
which will be about 33% higher than the US$300 million recorded in 2005.

Banco Nacional ratified last week US$690 million in financing for goods and
services for gas pipeline projects in Argentina, BNamericas states.

Banco Nacional de Desenvolvimento Economico e Social is Brazil's national
development bank.  It provides financing for projects within Brazil and
plays a major role in the privatization programs undertaken by the federal
government.

                        *    *    *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services changed the
ratings outlook on both of Banco Nacional de Desenvolvimento Economico e
Social SA's foreign and local
currency counterparty credit ratings:

   -- Foreign currency counterparty credit rating

      * to BB/Positive/-- from  BB/Stable/--

   -- Local currency counterparty credit rating

      * to BB+/Positive/-- from BB+/Stable/--

This is in connection with Standard & Poor's revised outlook on its
long-term foreign and local currency ratings on 16 Brazilian entities to
positive from stable, following the revision of the foreign and local
currency rating outlooks on the Federative Republic of Brazil.1


BRASKEM SA: Board of Directors Mulling Debenture Cancellation
-------------------------------------------------------------
Braskem SA's board of directors agreed in a meeting on Nov. 29 to consider
the cancellation of debentures from the 12th issuance held in treasury.

The board of executive officers had sought the directors' approval to cancel
1,500 debenture of the 12th Issuance of Debenture of Braskem.

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.


COMPANIA ENERGETICA: S&P Ups Corp. Credit Rating to B- from CCC+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
electricity generator Companhia Energetica de Sao Paulo and the ratings on
several of Companhia Energetica de Sao Paulo's debt issues to 'B-' from
'CCC+'.  At the same time, Standard & Poor's raised its Brazil national
scale ratings on Companhia Energetica de Sao Paulo and several of the
company's issues to 'brBB' from 'brCCC+'.  The outlook is positive on both
scales.

The upgrade mirrors the improvement in the company's financial risk profile
after its capitalization of BRL3.2 billion in mid-2006, which the company
used to prepay several debts and thus reduce overall debt by approximately
BRL2.2 billion, coupled with the company's refinancing efforts to deal with
2006 debt maturities at favorable terms and costs.

The positive outlook reflects the potential for an upgrade after the
refinancing of the company's significant maturities in the next two years.

"While our projected financial measures for Companhia Energetica de Sao
Paulo would still be relatively weak for the 'B' category, we would consider
an upgrade if the company is able to resolve these maturities under
favorable conditions: a long and amortizing repayment schedule, and lower
cost of debt," said Standard & Poor's analyst Juliana Gallo.  "In this
scenario, and if the company manages to report FFO to total debt and FFO
interest coverage above 10% and 2x, respectively, the ratings could be
raised. The ratings would stabilize or come under negative pressure if
Companhia Energetica de Sao Paulo refinancing strategy fails and/or if the
company's financial ratios weaken," said Ms. Gallo.


COMPANHIA PARANAENSE: Remains on Bovespa's Sustainability Index
---------------------------------------------------------------
Companhia Paranaense de Energia aka Copel has been retained in the Bovespa's
Corporate Sustainability Index or ISE.  The new portfolio has become
effective on Dec. 1, 2006, and will remain valid for one year.

The ISE is designed to measure the return on a portfolio composed of shares
of companies that are highly committed to social responsibility and
corporate sustainability, and also to promote good practices in the
Brazilian corporate environment, considering such aspects as corporate
governance, economic efficiency, environmental balance and social justice.

The criteria for inclusion in the index are:

   a. to be among the 150 most-traded shares, measured in the
      twelve months prior to the portfolio reevaluation;

   b. to have a trading session presence of at least 50%,
      measured in the twelve months prior to the portfolio
      reevaluation; and

   c. to meet the sustainability criteria in the annual
      questionnaire.

Companies that completed the questionnaire last year were reassessed this
year using the same methodological procedures and criteria. Copel's shares
were selected for the first edition of the index (2005) and were retained
this year.

In 2006, the firms comprising the ISE outperformed the Ibovespa.

Once again, Copel has been given due recognition for its commitment to
sustainable development not only by the Bovespa, but also by ABRADEE, who
granted it the 2006 Social Responsibility Award.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Paran and has a generating capacity of nearly 4,600 MW,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitly postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *    *    *

Copel's BRL100,000,000 debentures due March 1, 2007, is rated
Ba3 by Moody's.


LUCENT TECH: Alcatel-Lucent Creates Unit to Serve US Clientele
--------------------------------------------------------------
Alcatel-Lucent, the company formed by Alcatel and Lucent Technologies'
merger, disclosed the creation of LGS, an independent subsidiary that will
be completely dedicated to serving the U.S. government community.

LGS, headquartered in Vienna, Va., will be created by joining employees from
Lucent's Government Solutions business unit, Alcatel Government Solutions,
Inc., and Lucent's Bell Labs Government Communications Lab. LGS will become
the sole sales and contracting channel for all classified and unclassified
business contracted from U.S. federal agencies and departments, both
military and civilian.

LGS is currently finalizing its operational structure and processes, which
are planned for completion in early January. LGS will have its own
leadership team as well as its own board of directors, initially including
three previous members of the national security community:

   -- William Perry, former Secretary of Defense,
   -- James Woolsey, former director of Central Intelligence and
   -- Kenneth Minihan, former director of the National Security
      Agency.

LGS will be led by Ron Iverson, CEO, who recently joined Lucent from
Northrop Grumman where he was responsible for coordination of Air Force
marketing and business development dealing with Information Technology.
Prior to Northrop Grumman, Ron was in the Senior Executive Service with
Defense Security Service as the Deputy Director for Industrial Security.
Dave Bishop, formerly the President of Lucent's Bell Labs Government
Research and Security Solutions, will be the LGS COO/CTO.

                          About LGS

LGS will design and deliver Transformed Communications and R&D-based
technology solutions to the U.S. government community.

                     About Alcatel-Lucent

Alcatel-Lucent provides solutions that enable service providers, enterprises
and governments worldwide, to deliver voice, data and video communication
services to end-users.  As a leader in fixed, mobile and converged broadband
networking, IP technologies, applications, and services, Alcatel-Lucent
offers the end-to-end solutions that enable compelling communications
services for people at home, at work and on the move.  With 79,000 employees
and operations in more than 130 countries, Alcatel-Lucent is a local partner
with global reach.  Alcatel-Lucent achieved proforma combined revenues of
EUR18.6 billion in 2005, and is incorporated in France, with executive
offices located in Paris.

                 About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                        *    *    *

As reported on Nov. 9, 2006, Standard & Poor's Ratings Services said that
its 'BB' long-term corporate credit rating on France-based Alcatel and its
'B' long-term corporate credit rating on U.S.-based Lucent Technologies Inc.
remain on CreditWatch with negative and positive implications, respectively,
where they were placed on March 24 on news of the two telecoms equipment
makers' plans to merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


METROLOGIC INSTRUMENTS: Moody's Assigns B2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating to
Metrologic Instruments, Inc.  At the same time, Moody's assigned a B1 rating
to the proposed 1st lien senior secured credit facility (US$125 million term
loan and US$35 million undrawn revolver) and a Caa1 rating to the proposed
US$75 million 2nd lien senior secured credit facility. The ratings for the
two senior secured facilities reflect both the overall probability of
default of the company, to which Moody's assigns a PDR of B2, and a loss
given default of LGD 3 for the first lien and LGD 5 for the second lien.
The rating outlook is stable.

Proceeds from the new credit facility together with an equity contribution
of preferred and common stock and cash on hand will be used to fund the
roughly US$475 million acquisition of Metrologic by Francisco Partners and
to refinance Metrologic's existing debt.

Metrologic's ratings are constrained by the high debt levels that are being
assumed to fund the leverage recapitalization, the recent sale of Adaptive
Optics Associates, Inc., which represented approximately 15% of the
company's revenue in 2005, modest scale (revenue for the LTM ended September
30, 2006 approximated US$210 million), and ongoing litigation issues.  The
ratings are also constrained by the company's limited financial flexibility
as all assets are secured by both the first and second lien.

Metrologic's credit profile benefits from its customer and geographic
diversification, it's strong, albeit softening, operating margins and
increasing market share.  The ratings are also supported by the company's
history of organic growth, low cost manufacturing position and modest
capital requirements.

The B1 rating of the first lien senior secured credit facility reflects an
LGD 3 loss given default assessment as this facility is secured by a pledge
of all of the company's assets and there is a significant amount (38%) of
second lien debt below it.  The Caa1 rating of the second lien reflects an
LGD 5 loss given default assessment given that it is contractually
subordinated to the first lien.  Both the first lien and second lien benefit
from the full guarantees of existing and future domestic subsidiaries and
2/3 stock pledge of foreign subsidiaries.

The final credit agreement is anticipated to contain customary limitations,
an excess cash flow sweep (subject to financial performance measures)
varying from none to 50% and financial covenants governing maximum leverage
and minimum interest coverage. The final credit agreement is also expected
to restrict additional indebtedness, dividends, investments, liens, asset
sales, affiliate transactions, and mergers and acquisitions.  The ratings
assume covenant levels for the first lien facilities, when finalized, will
give the company appropriate covenant leeway.

The stable outlook reflects Moody's expectation that Francisco Partners
views the preferred stock akin to common equity and that it has no intention
of redeeming the preferred stock prior to the maturity of both the first and
second lien facilities; the preferred stock hybrid instrument is
analytically viewed by Moody's as 50% debt like and 50% equity like as the
instrument has no stated maturity, but is redeemable upon certain events
occurring.  The outlook also reflects Moody's belief that the merged company
will continue to generate operating margins supportive of the ratings and
will generate growth in sales and free cash flow through new product
introductions, penetration of new markets, low cost manufacturing position,
and working capital control.  The stable outlook also assumes that the
company's financial leverage, as measured by adjusted debt/EBITDA, will
improve steadily from the current pro-forma 7.8x for the LTM ended September
2006 (Moody's expects the company's pro-forma debt/EBITDA to approximate a
little over 7x for 2006) in the medium term and that the company will
sustain strong operating margins even if the ongoing legal disputes linger.

These ratings/assessments were assigned:

   -- Corporate Family Rating, rated B2;

   -- Probability of default rating, rated B2;

   -- US$35 Million Revolving Credit Facility, rated B1
      (LGD3, 33%);

   -- US$125 Million Senior Secured First Lien Term Loan, rated
      B1 (LGD3, 33%); and

   -- US$75 Million Senior Secured Second Lien Term Loan, rated
      Caa1 (LGD5, 84%).

Headquartered in Blackwood, New Jersey, Metrologic Instruments, Inc. is a
global supplier for data capture and collection hardware, and image
processing software.  The company had LTM September 2006 revenues of
approximately US$210 million.  The company has operations in Brazil and
Mexico.


NET SERVICOS: Extraordinary Shareholders Meeting Set for Dec. 14
----------------------------------------------------------------
Net Servicos de Comunicacao SA's shareholders will convene for an
Extraordinary Shareholders' Meeting, at 11:00 a.m. on
Dec. 14, 2006, at company's headquarters at:

          Rua Verbo Divino
          Sao Paulo, Brazil

These agendas will be taken during the meeting:

   1) ratify the increase of the company's capital stock
      approved by the shareholders at the Extraordinary
      Shareholders' Meeting held on Oct. 30, 2006, from
      BRL3,548,541,327.17 to BRl4,085,564,727.29, resulting from
      the issuance of 1,355,713 common and 23,010,140 preferred
      shares, all non-par, registered, book-entry shares;

   2) amend the wording of the caput of article 5 of the
      company's Bylaws to reflect the ratifications of the
      company's capital stock increases; and

   3) consolidate the company's Bylaws.

Shareholders whose shares are in the physical custody of the Stock Exchange
who wish to participate in this ESM should present a statement issued by
Dec. 13, 2006, detailing their respective share ownership, provided by the
custodian body.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--
is the largest subscriber TV multi-operator in Brazil, as it
operates the NET brand in major cities, including operations in
the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte
and Porto Alegre.

NET also offers Broadband InterNet services through its NET
VIRTUA brand name.

                        *    *    *

Moody's America Latina assigned on May 22, 2006, a Baa2.br
Brazilian National Scale Rating and a B1 Global Local Currency
Rating to Net Servicos de Comunicacao S.A.'s BRL650 million
debentures due in 2011 issued in September 2005.  Concurrently,
Moody's Investors Service affirmed Net's B1 global local
currency scale corporate family rating.  Moody's said the ratings outlook is
stable.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 8, 2006,
Standard & Poor's Rating Services assigned its 'BB-' senior
unsecured debt rating to the proposed perpetual bonds (up to
US$150 million) to be issued by Brazil's largest cable pay-TV
operator, Net Servicos de Comunicacao S.A.  The proceeds will be
used primarily to fund additional investments in the company's
network and digital services.  NET's total debt amounted to
BRL650 million (approximately US$300 million) in September 2006.


NOVELIS INC: S&P Affirms BB- Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services it affirmed all of its ratings on Novelis
Inc., including the 'BB-' long-term corporate credit rating, and removed the
ratings from CreditWatch with negative implications, where they were placed
April 7, 2006.  The outlook is negative.

"The ratings were removed from CreditWatch after the company's risk of
technical default abated with the filing of Novelis' third-quarter 2006
financial statements," said Standard & Poor's credit analyst Donald Marleau.
"On the other hand, the negative outlook stems from the elevated financial
risk Novelis faces over the next year or two as it aims to restore its cash
flow and remediate its financial systems and reporting, especially its risk
management techniques related to commodity metals exposure," Mr. Marleau
added.

The ratings on Novelis reflect its aggressive financial profile,
characterized by a heavy debt burden and low margins that have proven to be
less stable than expected when the company began stand-alone operations in
January 2005 after Alcan Inc. (BBB+/Stable/A-2) spun off substantially all
of its aluminum rolling businesses.  Nevertheless, Standard & Poor's expects
the company will take the necessary steps to mitigate the cause of its
surprising margin volatility, and it should return to increasingly stable
profitability in 2007 and 2008.

In addition, Novelis' credit risk has been exacerbated by significant
financial reporting and risk management failings through 2006 that resulted
in two earnings restatements, delayed filings and associated covenant
breaches, a material deviation from expected cash flow generation, and the
resignation of top managers.  These weaknesses are alleviated by the
company's leading position in the global aluminum rolled products market,
extensive geographic and product diversity, and good market conditions for
its products.  Novelis uses primary and recycled aluminum to produce can
sheet for sale to beverage producers and can fabricators; various rolled
products for construction, industrial, and transportation uses; and foil for
packaging.

Novelis benefits from a scale and scope of operations that lead this market,
which is typified by the capital intensity and associated economies of scale
of production facilities, as well as long-standing customer relationships
based on a fairly high degree of product precision and innovation.

The outlook is negative.  Novelis will face pressure on its credit quality
for several more quarters, caused by unproven hedging strategies implemented
to shore up its cash flow and reduce debt, as well as higher interest
expenses through at least the first quarter of 2008, stemming from
amendments on its senior secured credit facilities. Deterioration of credit
measures could result in further pressure from its lenders and the
continuation of disproportionately high financial costs.  Should the
combination of hedging strategies and changes to its sales contracts not
effectively reduce its exposure to commodity metals prices in the next 12 to
18 months, such that the stability of its cash flow and the pace of debt
reduction do not improve, the ratings will be lowered.  Nevertheless,
Novelis' profitability and cash flow are expected to recover through 2007
and 2008, as the company better matches its internal and external hedges to
its commodity metals exposure.  Should this occur, the outlook will be
revised to stable.  Continued debt reduction in the next several years could
put upward pressure on the ratings, as the company's capital structure
better corresponds with its satisfactory business risk.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional supply of
technologically sophisticated rolled aluminum products throughout Asia,
Europe, North America, and South America.  The company operates in 11
countries and has around 13,000 employees.  Through its advanced production
capabilities, the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary production
facilities in Brazil.  The company's Pindamonhangaba rolling and recycling
facility in Brazil is the largest aluminum rolling and recycling facility in
South America and the only one capable of producing can body and end stock.
The plant recycles primarily used beverage cans, and is engaged in tolling
recycled metal for its customers.


TAM SA: Incorporated to Brazilian Sustainability Index
------------------------------------------------------
TAM SA has integrated into the Brazilian index of corporate sustainability
or ISE from Dec. 1, 2006, through Nov. 30, 2007. There are 43 shares issued
by 34 companies from 14 industries, totaling BRL700.7 billion in market
value.  The amount corresponds to 48.5% of BOVESPA's total capitalization,
currently at BRL1.4 trillion.

The participants of the new index's portfolio were selected among 60
companies that answered a questionnaire developed by the Sustainability
Center from Fundacao Getulio Vargas (FGV).  The questionnaire was sent to
the 150 listed companies with the 120 most liquid shares at BOVESPA.

Entrance into the ISE is a result of the constant pursuit to address
environmental and social issues present in the modern world. Besides
entering the ISE, TAM is already part of Em Boa Companhia da BOVESPA, which
gathers social environmental responsibility projects by BOVESPA-listed
companies.

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                        *    *    *

Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM SA.  Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.




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


GOLDENTREE CREDIT: Proofs of Claim Must be Filed by Dec. 14
-----------------------------------------------------------
Goldentree Credit Opportunities II, Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidators:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          P.O. Box 908, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914-6305

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Goldentree Credit's shareholders agreed on Oct. 13, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


MEDICI OFFSHORE: Last Day for Proofs of Claim Filing Is Dec. 14
---------------------------------------------------------------
Medici Offshore Healthcare Fund, Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Medici Offshore's shareholders agreed on Nov. 1, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


MUIR CAPITAL: Last Day to File Proofs of Claim Is on Dec. 14
------------------------------------------------------------
Muir Capital, Ltd.'s creditors are required to submit proofs of claim by
Dec. 14, 2006, to the company's liquidator:

          Bart Cocales
          c/o 1100 112th Avenue, NE
          Suite 340, Bellevue
          Washington, 98004, USA

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Muir Capital's shareholders agreed on Oct. 31, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Ogier
          Attn: Julie O'Hara
          P.O. Box 1234, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


OAKWOOD ONE: Deadline for Proofs of Claim Filing Is on Dec. 14
--------------------------------------------------------------
Oakwood One World International Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidators:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          P.O. Box 908, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 914-6305

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Oakwood One's shareholders agreed on Nov. 2, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.


O'CONNOR (MASTER): Proofs of Claim Must be Submitted by Dec. 14
---------------------------------------------------------------
O'Connor System Trading Master Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidators:

          Stuart Sybersma
          Ian Wright
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

O'Connor System's shareholders agreed on Nov. 1, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Nicole Ebanks
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7500
          Fax: (345) 949 8258


O'CONNOR SYSTEM: Last Day to File Proofs of Claim Is on Dec. 14
---------------------------------------------------------------
O'Connor System Trading Ltd.'s creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidators:

          Stuart Sybersma
          Ian Wright
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

O'Connor System's shareholders agreed on Nov. 1, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Nicole Ebanks
          Deloitte
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 7500
          Fax: (345) 949 8258


OGOT COMPANY: Proofs of Claim Filing Deadline Is Set for Dec. 14
----------------------------------------------------------------
Ogot Company's creditors are required to submit proofs of claim by Dec. 14,
2006, to the company's liquidator:

          Tammy Seymour
          dms Corporate Services Ltd.
          Ansbacher House, 2nd Floor
          #20 Genesis Close
          P.O. Box 31910SMB, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Ogot Company's shareholders agreed on Oct. 31, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Angela Nightingale
          dms Corporate Services Ltd.
          Ansbacher House, P.O. Box 31910 SMB
          Grand Cayman, Cayman Islands
          Tel: (345) 946 7665
          Fax: (345) 946 7666


PENDRAGON (EXCALIBUR): Proofs of Claim Must be Filed by Dec. 14
---------------------------------------------------------------
Pendragon (Excalibur) Fund Ltd.'s creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Pendragon (Excalibur)'s shareholders agreed on Oct. 17, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


PENDRAGON (MERLIN): Last Day to File Proofs of Claim Is Dec. 14
---------------------------------------------------------------
Pendragon (Merlin) Fund Ltd.'s creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Pendragon (Merlin)'s shareholders agreed on Oct. 17, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


RANGER (NON ENHANCED): Claims Submission Deadline Is on Dec. 14
---------------------------------------------------------------
Ranger Multi-Strategy Non Enhanced Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Ranger Multi-Strategy's shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


RANGER MULTI-STRATEGY: Proofs of Claim Filing Is Until Dec. 14
--------------------------------------------------------------
Ranger Multi-Strategy, LLC's creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Ranger Multi-Strategy's shareholders agreed on Oct. 16, 2006, for the
company's voluntary liquidation under Section 135 of the Companies Law (2004
Revision) of the Cayman Islands.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


TAHOMA MASTER: Creditors Must File Proofs of Claim by Dec. 14
-------------------------------------------------------------
Tahoma Master Fund, Ltd.'s creditors are required to submit proofs of claim
by Dec. 14, 2006, to the company's liquidator:

          Bart Cocales
          c/o 1100 112th Avenue, NE
          Suite 340, Bellevue
          Washington, 98004, USA

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Tahoma Master's shareholders agreed on Oct. 31, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Ogier
          Attn: Julie O'Hara
          P.O. Box 1234, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 9876
          Fax: (345) 949 1986


TRITON FUND: Deadline for Filing Proofs of Claims Is Dec. 14
------------------------------------------------------------
Triton Fund SPC's creditors are required to submit proofs of claim by Dec.
14, 2006, to the company's liquidators:

          Linburgh Martin
          John Sutlic
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Triton Fund's shareholders agreed on Aug. 8, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034, George Town
          Grand Cayman, Cayman Islands
          Tel: (345) 949 8455
          Fax: (345) 949 8499


WIMBLEDON MARATHON: Filing of Proofs of Claim Is Until Dec. 14
--------------------------------------------------------------
Wimbledon Marathon Fund Ltd.'s creditors are required to submit proofs of
claim by Dec. 14, 2006, to the company's liquidator:

          Q&H Nominees Ltd.
          Third Floor, Harbour Centre
          P.O. Box 1348
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Wimbledon Marathon's shareholders agreed on Oct. 9, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Quin & Hampson
          c/o P.O. Box 1348
          Grand Cayman, Cayman Islands
          Tel: (+1) 345 949 4123
          Fax: (+1) 345 949 4647


WIMBLEDON (MASTER): Claims Filing Deadline Is Set for Dec. 14
-------------------------------------------------------------
Wimbledon Marathon Master Fund Ltd.'s creditors are required to submit
proofs of claim by Dec. 14, 2006, to the company's liquidator:

          Q&H Nominees Ltd.
          Third Floor, Harbour Centre
          P.O. Box 1348
          Grand Cayman, Cayman Islands

Creditors who are not able to comply with the Dec. 14 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.

Wimbledon Marathon's shareholders agreed on Oct. 9, 2006, for the company's
voluntary liquidation under Section 135 of the Companies Law (2004 Revision)
of the Cayman Islands.

Parties-in-interest may contact:

          Quin & Hampson
          c/o P.O. Box 1348
          Grand Cayman, Cayman Islands
          Tel: (+1) 345 949 4123
          Fax: (+1) 345 949 4647




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


AES CHIVOR: S&P Places B+ Ratings on Positive Watch
---------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' ratings on Colombian
power generator AES Chivor & Cia. SCA ESP on CreditWatch with positive
implications, reflecting the potential improvement of Chivor's financial
risk profile, after an announcement by the Colombian energy and gas
regulation commission regarding the assignment of "firm energy" to Colombian
power generators, which is used to calculate the reliability charge for the
period from December 2006 to November 2009.

"We project that Chivor's capacity revenues will increase from about US$17
million per year to at least US$30 million per year in the 2007-2009 period,
which would result in a further improvement of projected debt service
coverage ratios," said Standard & Poor's credit analyst Sergio Fuentes.  "We
will resolve the CreditWatch listing after completing a detailed analysis of
the company's projected cash flow generation, capital expenditures plan, and
dividend policy for the next five years," said Mr. Fuentes.

The B+ ratings on Chivor reflect the challenges of operating in the highly
competitive and largely hydro-based Colombian electricity system as well as
the company's relatively volatile cash flow generation.

These weaknesses are partly offset by the company's sizable portfolio of
short- and medium-term power sales contracts, most of which are with local
electric distribution companies at a fixed price in Colombian pesos and
indexed by local inflation.

In addition, Chivor benefits from low variable power generation cost, a
relatively large dam, and favorable hydrology in its region.


ECOPETROL: Talking with Jamaica on Compressed Natural Gas Supply
----------------------------------------------------------------
Ecopetrol, the state-owned oil firm of Colombia, is negotiating with Jamaica
to supply compressed natural gas, the Jamaica Gleaner reports.

The Gleaner relates that Jamaica has been negotiating with firms for the
supply of the gas.

According to The Gleaner, a Canadian firm in alliance with Raymond Chang has
entered into discussions with the Jamaican government.

Sea Natural Gas Management Corp. is also promising that it can deliver
natural gas at half the price estimated under the planned US$400-million
liquefied natural gas facility to be constructed at Port Esquivel in St.
Catherine, The Gleaner notes.

Ian Mallory, the vice president of Sea Natural, told The Gleaner that the
firm could deliver at reduced price by sourcing from Trinidad, Venezuela and
Colombia.

Cost savings could be made from the greater density, which results from
compressing the gas for transportation.  The process, he said, also
eliminates the need for regassifying the product, The Gleaner says, citing
Mr. Mallory.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol S.A. to Positive from Stable.  This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia.  Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.


GVI SECURITY: Sept. 30 Balance Sheet Upside-Down by US$4.5 Mil.
---------------------------------------------------------------
GVI Security Solutions Inc. reported a US$2.99 million net loss on US$10.07
million of revenues for the quarter ended
Sept. 30, 2006, compared with a US$2.59 million net loss on US$10.94 million
of revenues for the same period in 2005.

At Sept. 30, 2006, the company's consolidated balance sheet showed US$12.5
million in total assets and US$17.02 million in total liabilities, resulting
in a total stockholders' deficit of
US$4.52 million.  Additionally, accumulated deficit at
Sept. 30, 2006, stood at US$28.27 million.

The increase in net loss in primarily due to the decrease
in revenues, the increase in cost of goods sold, and the approximately US$1
million impairment costs associated with the Raport product line, offset by
income from discontinued operations of approximately US$576,000 in the third
quarter of 2006.

Net revenues decreased approximately US$869,000 to US$10.07 million in the
three months ended Sept. 30, 2006 from US$10.94 million in the three months
ended Sept. 30, 2005.  The decrease was attributable to a decrease of
approximately US$350,000 in sales of professional products and a decrease of
US$565,000 in enterprise solutions revenues.

Full-text copies of the company's consolidated financial statements for the
quarter ended Sept. 30, 2006, are available for free at:
http://researcharchives.com/t/s?1614

                     Going Concern Doubt

Mercadien PC in Hamilton, New Jersey, raised substantial doubt
about GVI Security Solutions, Inc.'s ability to continue as a
going concern after auditing the company's financial statements
for the year ended Dec. 31, 2005.  The auditor pointed to the
company's recurring losses and negative cash flows.

                 About GVI Security Solutions

Headquartered in Carollton, Texas, GVI Security Solutions Inc.
-- http://www.gviss.com/-- provides video surveillance security solutions
to the homeland security, institutional and commercial market segments. The
company offers a full suite of video surveillance and integrated security
solutions, which enable intelligent video surveillance.  GVI offers its
products and services through local, regional, and national system
integrators and distributors in the North and South America and operates
sales and distribution centers in Dallas, Texas, Mexico City, Mexico, Sao
Paulo, Brazil, and Bogota, Colombia.




===================
C O S T A   R I C A
===================


* COSTA RICA: S&P Affims Low B Currency Sovereign Credit Ratings
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' long-term foreign, 'BB+'
long-term local, and 'B' short-term currency sovereign credit ratings on the
Republic of Costa Rica.  The outlook on the long-term ratings is stable.

"The ratings on Costa Rica reflect impressive GDP growth and improved fiscal
performance in recent years," said Standard & Poor's credit analyst Joydeep
Mukherji.  "Growth could reach 7% in 2006, helping to stabilize the general
government debt burden at around 40% of GDP, he added.

Mr. Mukherji explained that the general government deficit is likely to be
around 2% of GDP or less in 2006 and 2007, while the Administration of
President Oscar Arias tries to pass new tax laws to gain more revenue over
the medium term.  Implementing tax reform, along with measures to
recapitalize the central bank to staunch quasi-fiscal losses, would address
Costa Rica's fiscal vulnerabilities.

Standard & Poor's said that Costa Rica's ratings are constrained by fiscal
and monetary inflexibility, and by an inflexible exchange rate arrangement
that sustains external vulnerability.  A weakly regulated offshore banking
sector, which accounts for about 20% of the total banking sector by assets,
also poses a possible contingent liability.

"Failure to boost fiscal revenue, combined with growing political pressure
to raise spending on both infrastructure and social services, could widen
the general government deficit, raising the sovereign's vulnerability to
external shocks," Mr. Mukherji noted.  "That, combined with a high level of
dollarization in the economy and large central bank losses, could undermine
monetary flexibility and financial stability, leading to lower
creditworthiness.  Conversely, continued moderate general government
deficits, along with a qualitative improvement in the tax base, would
strengthen fiscal flexibility, raise the effectiveness of monetary policy,
reduce external vulnerability and strengthen creditworthiness," Mr. Mukherji
concluded.




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


BANCO BHD: Won't be Part of Coral-Grupo Globalia Talk
-----------------------------------------------------
Banco BHD won't be joining the negotiations between Coral Tourist Corp. and
Grupo Globalia, Hoy reports.

Hoy relates that Grupo BHD removed the non-financial firms that make up the
company's portfolio.

Tourist and Real Estate Investment Co., which BHD Group created to fulfill
the requirements mandated by the Dominican Financing System, will aid the
negotiations of Coral Tourist and Grupo Globalia, DR1 Newsletter notes

According to DR1, the deal between the two companies is aimed at:

          -- increasing the amount of accommodations for
             customers,

          -- boosting the values in service of both companies,
             and

          -- penetrating new markets.

Banco BHD is a privately owned commercial bank in the Dominican Republic and
part of the BHD Group.  Having operated for over 30 years, it is a financial
institution focused on serving individuals and corporations of the Dominican
Republic.  Banco BHD deals in multiple currencies and has an international
department that handles large money transfers.  In 1998 it acquired the
insurance provider Compania de Seguros Palic and has an alliance with
Spanish Banco Sabadell.  The company has 60 branches located in the
Dominican Republic, New York and the Cayman Islands.

                        *    *    *

As reported on Oct. 27, 2006, Fitch Ratings affirmed these Dominican
Republic-based Banco BHD ratings:

    -- Long term foreign and local currency Issuer Default
       Ratings at 'B';
    -- Short-term at 'B';
    -- Support at '5';
    -- Individual at 'D'.


TAG-IT PACIFIC: Earns US$339,117 in 3rd Quarter Ended Sept. 30
--------------------------------------------------------------
Tag-it Pacific Inc. earned US$339,117 of net income on US$13.4 million of
net sales for the third quarter ended Sept. 30, 2006, compared with a
US$10.3 million net loss on US$9.5 million of net sales for the same period
in 2005.

At Sept. 30, 2006, the Company's balance sheet showed
US$27.7 million in total assets, US$26.1 million in total liabilities, and
US$1.5 million in total stockholders' equity.

The increase in sales for the three months ended Sept. 30, 2006 as compared
to the same period in 2005 was due to double-digit revenue growth in all of
the company's product categories, despite lower sales of trim products in
Mexico and the shift of both U.S. and Mexico production from these areas to
Asia and other worldwide markets.  Sales in the three months ended Sept. 30,
2005 was negatively impacted by the business restructuring that began in the
third quarter of 2005 closing the Mexican assembly and U.S. manufacturing
facilities, including the discontinuance of the thread product line in said
period.

Operations in the third quarter of 2006 was positively impacted
by lower cost of sales and interest expenses in the third quarter of 2006,
compared to the same period in 2005.  Cost of sales was US$9.2 million or
US$2.3 million less than cost of sales for the same period in 2005,
attributable to costs associated with sales volume changes, improved product
margins, reduced distribution charges since more products are now sourced
and delivered within the same market place, reduced manufacturing and
assembly overhead costs, and lower provisions for obsolescence as inventory
levels have been reduced and turns accelerated.

Interest expense decreased by approximately US$106,000 for
the three months ended Sept. 30, 2006, as compared to the same period in
2005, due primarily to lower average borrowings.

Cash and cash  equivalents for the nine months ended Sept. 30, 2006
increased US$1,449,000 from Dec. 31, 2005 principally arising from cash
generated  by operating  activities, net of payments on notes payable and
capital leases.

Full-text copies of the company's consolidated financial statements for the
quarter ended Sept. 30, 2006, are available for free at:
http://researcharchives.com/t/s?1606

                     Going Concern Doubt

Singer Lewak Greenbaum & Goldstein, LLP, in Los Angeles,
California, raised substantial doubt about Tag-It Pacific, Inc.'s ability to
continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2005.  The auditor pointed to the company's incurred
net loss of US$29,537,709 and accumulated deficit of US$50,434,042 at Dec.
31, 2005.

                   About Tag-It Pacific

Tag-It Pacific, Inc. designs, sells, manufactures and distributes apparel
zippers, specialty waistbands and various apparel trim  products to
manufacturers of fashion apparel, specialty retailers and mass
merchandisers.  The company's various branded names include the Talon
zippers and Tekfit brand of expandable waistbands.  The company distributes
apparel items to fashion manufacturers in the United States, Asia, Mexico,
the Dominican Republic, and Central and South America.  Also it offers
formed wire metal zippers for the jeans and sportswear industries.



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


DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Westlake Village,
Calif.-based Dole Food Co. Inc. and Dole Holding Co. LLC, including its
corporate credit rating, to 'B' from 'B+'.  The ratings were removed from
CreditWatch, where they were placed on Aug. 9, 2006, with negative
implications, following materially weaker-than-expected financial
performance in the first half of fiscal 2006, which typically represents a
substantial portion of cash flow.  The outlook is negative.  Total debt
outstanding at the company was about US$2.3 billion as of Oct. 7, 2006.

"The downgrade follows Dole's recent third-quarter earnings release and
reflects continued weak operating performance and significantly higher than
expected leverage," said Standard & Poor's credit analyst Alison Sullivan.

For the 12 months ended Oct. 7, 2006, adjusted EBITDA declined by 39%,
compared with the prior-year period, because of higher operating costs.
Dole also is faced with ongoing challenging conditions in Europe following
the tariff change effective
Jan. 1, 2006, that has increased competition, leading to lower pricing and
higher net tariff costs.  As a result, credit measures have weakened further
than anticipated.  Lease and pension adjusted total debt to EBITDA increased
to about 9.5x for the 12 months ended Oct. 7, 2006, from about 6x at
Dec. 31, 2006.  Given expected ongoing difficult industry conditions,
Standard & Poor's believes Dole will not meet prior expectations of leverage
at around 6x and EBITDA interest coverage in the low-2x area for fiscal
2006.

The ratings on Dole reflect its highly leveraged financial profile and
participation in the competitive and commodity-oriented fresh produce
industry, that is subject to seasonality.

Dole Food Company Inc., headquartered in Westlake Village,
California, has revenues of US$5.8 billion.  Dole grows and
sources from independent growers and transports bananas grown
primarily in Colombia, Costa Rica, Ecuador, Guatemala and
Honduras for markets principally in North America, Europe, the
Mediterranean and selected Asian markets.




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


SBARRO INC: S&P Places Ratings on NegWatch on MidOcean Buyout
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including its 'CCC+'
corporate credit rating, on Melville, N.Y.-based Sbarro Inc. on CreditWatch
with negative implications.

The CreditWatch listing follows the company's announcement that it has
agreed to be acquired by private equity investors, MidOcean Partners, for an
undisclosed sum.

"Ratings could be lowered if the transaction results in increased leverage,"
said Standard & Poor's credit analyst Diane Shand. The company is already
highly leveraged, with total debt to EBITDA at 7.8x for the 12 months ended
Oct. 8, 2006.  Sbarro operates a chain of Italian restaurants in a
cafeteria-style format.

Melville, New York-based Sbarro Inc. -- http://www.sbarro.com/
-- is a quick service restaurant chain that serves Italian specialty foods.
The Company has approximately 1,000 locations across 34 countries and 11,000
employees under brand names such as "Sbarro,", "Umberto's," and "Carmela's
Pizzeria."  The company announced on June 19, 2006, its international
expansion by opening more than 25 restaurants in Guatemala, El Salvador,
Honduras, The Bahamas and Romania.  To date the company has close to to
1,000 restaurants in 34 countries, including the United Kingdom, Canada,
Russia, Puerto Rico and Israel.




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


SBARRO INC: Discloses Terms of MidOcean Merger Agreement
--------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange Commission,
Sbarro, Inc., disclosed the terms of it merger agreement with MidOcean SBR
Holdings, LLC, and MidOcean SBR Acquisition Corp.

As reported in the Troubled Company Reporter on Nov. 28, 2006, the Company
signed a definitive agreement with MidOcean Partners.

Northpoint Advisors served as advisors to MidOcean while Kirkland & Ellis
LLP provided legal counsel to MidOcean.  Credit Suisse and Bank of America
will provide financing for the transaction.   Willkie Farr & Gallagher LLP
provided legal counsel to Sbarro.

The Merger Agreement contemplates a merger whereby MidOCean Acquisition will
be merged with and into Sbarro, with Sbarro continuing as the surviving
corporation.

Under the Merger Agreement, the stockholders of Sbarro will receive, in the
aggregate:

    (i) cash consideration of US$417 million less adjusted debt;

   (ii) a distribution of certain cash of Sbarro in
        consideration for the delivery to Sbarro of certain
        shares of common stock of Sbarro; and

  (iii) a preferred interest in Holdings comprised of 33,000
        Class A Units, each with an initial stated value of
        US$1,000.

The purchase price is subject to adjustment in accordance with the terms of
the Merger Agreement.  Prior to consummation of the transaction, Sbarro is
required to transfer or assign the Withdrawn Assets, as defined in the
Merger Agreement, to entities designated by the Stockholders in exchange for
certain shares of common stock of Sbarro.

The Company says that the Merger Agreement has been adopted and approved by
the Board of Directors of Sbarro, MidOCean Holdings and MidOcean Acquisition
and the stockholders of Sbarro and MidOcean Acquisition.

The Merger is subject to the condition that any applicable waiting period
under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended,
and any applicable foreign competition filings shall have expired or been
terminated, the condition that Holdings shall have obtained debt financing
in the amounts described in, and on the terms and conditions set forth in,
the Debt Commitment Letter, as defined in the Merger Agreement, or shall
have obtained other debt financing on terms reasonably satisfactory to
Holdings in accordance with the terms of the Merger Agreement, and other
customary closing conditions.

Sbarro made certain representations and warranties to Holdings and MergerSub
in the Merger Agreement.  In addition, Sbarro agreed to certain covenants,
including, among others, subject to certain exceptions, obligations not to
take certain actions with respect to the operation of Sbarro's business
without the prior consent of MidOCean Holdings, and not to solicit,
negotiate, consider or accept any proposal or offer from any person or
entity, other than MidOCean Holdings and its affiliates, relating to the
acquisition of any shares of the common stock of Sbarro or the acquisition
of any material assets of Sbarro and its subsidiaries on a consolidated
basis.

In addition, Sbarro agreed, contemporaneously with and subject to the
closing of the Merger, to irrevocably instruct the trustee under Sbarro's
indenture, dated as of Sept. 28, 1999, to give a notice of redemption to the
holders of all the 11% senior notes due 2009 issued and outstanding under
the Indenture, which notice would provide that these notes will be redeemed
30 days after the notice of redemption has been mailed.  However, the
parties also agreed to discuss and consider in good faith alternatives to a
post-closing redemption of the 11% senior notes due 2009.

A full-text copy of the Agreement and Plan of Merger is available for free
at http://ResearchArchives.com/t/s?160b

                   About MidOcean Partners

Based in New York and London, MidOcean Partners LLC --
http://www.midoceanpartners.com/-- is a private equity firm
focused on the middle market.  MidOcean is committed to investing in high
quality companies with stable market positions and multiple opportunities
for growth in the United States and Europe.  Targeted sectors include
consumer and leisure, media and communications, business and financial
services, and industrials.  MidOcean utilizes a broad foundation of
expertise in its focus industries and its transatlantic platform to create
value for its investors and partners.

                      About Sbarro Inc.

Melville, New York-based Sbarro Inc. -- http://www.sbarro.com/
-- is a quick service restaurant chain that serves Italian specialty foods.
The Company has approximately 1,000 locations across 34 countries and 11,000
employees under brand names such as "Sbarro,", "Umberto's," and "Carmela's
Pizzeria".  The company announced on June 19, 2006, its international
expansion by opening more than 25 restaurants in Guatemala, El Salvador,
Honduras, The Bahamas and Romania.


SBARRO INC: Moody's Changes Outlook to Developing from Positive
---------------------------------------------------------------
Moody's Investors Service affirmed Sbarro, Inc.'s Caa1 corporate family and
senior unsecured ratings and changed the outlook to developing from positive
following the company's announcement that it had entered into an agreement
to be acquired by private equity firm, MidOcean Partners, LLC for cash
consideration of $417 million less adjusted debt.

The developing outlook incorporates uncertainty as to the timing, nature and
potential impact on creditors resulting from any actions taken by the
company. Moody's added that the revised outlook anticipates a
near-to-intermediate term resolution.  The rating agency will continue to
monitor developments and take further rating action once financing details
of the transaction are announced.

Headquartered in Melville, New York, Sbarro, Inc. is a quick service
restaurant chain that serves Italian specialty foods.  As of Oct. 8, 2006,
the company owned and operated 479 and franchised 476 restaurants worldwide
under brand names such as "Sbarro,", "Umberto's," and "Carmela's Pizzeria".
The company also operated 25 other restaurant concepts and joint ventures
under various brand names. Total revenues for fiscal 2005 were approximately
$348 million.




===========
G U Y A N A
===========


BRITISH WEST: Militant Group Threatens Firm with Chemical Attack
----------------------------------------------------------------
An independent militant group has threatened British West Indies Airlines
aka BWIA, along with two US carriers flying out of Guyana, with a chemical
attack, Newsday reports.

Newsday relates that the militant group said that toxic chemicals would be
used on flights of BWIA, American Airlines and North American Airlines from
Georgetown to other Caribbean destinations and to North America and Britain.

Officials of the government of Guyana told Newsday that the threat was made
in e-mails sent to newspapers, airlines and the US Embassy in Guyana.

According to Newsday, the sender's name and e-mail address were listed as
Yuv Ata and atayuv@yahoo.com.

The Guyana government said in a statement, "Although the threat is suspected
to be a prank, the government is taking the issue seriously."

The government told Newsday that it has since mobilized the Joint Services
and representatives of the airline industry in Guyana and has been in
discussion with its bilateral partners in international security.

The FBI and the US Transportation Safety Authority have launched an
investigation, Newsday says, citing Niles Cole, the spokesperson of the US
Embassy.  He said, "The US government takes threats against American
citizens seriously at all times regardless whether or not the threat turns
out to be valid or credible."

However, flights to and from Georgetown have not been affected, Newsday
states.

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 was losing USUS$1 million a week due to poor operational
management.

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.




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


LEAR CORP: Transfers All North American Assets to Joint Venture
---------------------------------------------------------------
Lear Corp. has reached a definitive agreement with WL Ross & Co. LLC and
Franklin Mutual Advisers, LLC, to transfer substantially all of the assets
of its North American Interior business and US$25 million of cash to a
newly-formed joint venture, International Automotive Components Group North
America, LLC.  Lear will hold a 25% equity interest in IAC North America and
warrants for an additional 7% equity interest in IAC North America.  This
transaction completes a series of strategic initiatives intended to improve
the company's ongoing operating results, strengthen its balance sheet and
increase operating flexibility.

Separately, Lear completed a private offering of US$900 million in new
senior notes on Nov. 24 and has commenced a tender offer for its outstanding
2008 and 2009 senior notes.  Also, on
Nov. 8, Lear completed a US$200 million sale of common stock in a private
placement to affiliates of, and funds managed by, Carl C. Icahn.

"We are very pleased to have reached a definitive agreement to transfer our
North American Interior business to IAC North America. This transaction
combined with our recent financing initiatives have significantly
strengthened the company's financial and competitive position," said Bob
Rossiter, Lear's chairman and chief executive officer.  "Our focus going
forward is to concentrate on delivering superior quality and service to our
customers and to invest in further strengthening and growing our core
businesses to increase value for our shareholders."

Under the terms of the agreement with respect to the company's North
American Interior business, WL Ross and Franklin would make aggregate cash
contributions of US$75 million to IAC North America, in exchange for the
remaining equity, and extend a US$50 million term loan.  Lear's North
American Interior business has annual sales of approximately US$2.5 billion.
Lear expects to record a charge of about US$675 million related to the
divestiture of the North American Interior business in the Fourth Quarter of
2006, and recognize its investment in IAC North America under the equity
method of accounting.  The closing of the transaction is subject to various
conditions, such as the receipt of required third-party consents and other
closing conditions customary for transactions of this type.

Citigroup Corporate and Investment Banking and UBS Investment Bank acted as
financial advisors to Lear in connection with this transaction.

The operations being acquired by IAC North America include 26 plants located
in the United States, Canada and Mexico with revenues of approximately
US$2.5 billion.  The facilities supply cockpits, door panels, flooring and
acoustics, instrument panels, interior trim and overhead systems to various
original equipment manufacturers.

Wilbur L. Ross, Jr., Chairman of IAC North America, commented, "We are
excited to bring to full completion the joint venture announced last year.
With this transaction, IAC group companies will have more than $4 billion of
revenues, approximately 20,000 employees and a truly global footprint in 16
countries in North and South America, Eastern and Western Europe, Japan and
China."

The transaction is subject to certain conditions including regulatory
approval and other customary closing conditions, but is expected to close in
the first quarter of 2007.

Goldman Sachs & Co. and Jones Day advised IAC NA on the transaction.

In October, Lear completed the contribution of substantially all of its
European Interior business to International Automotive Components Group, LLC
or IAC Europe, another joint venture with WL Ross and Franklin, in exchange
for a one-third equity interest in IAC Europe. IAC Europe also owns the
European Interior business formerly held by Collins & Aikman Corporation.

WL Ross & Co. LLC has sponsored more than $4 billion of private equity
transactions in the steel, coal, textile, automotive supply and financial
services industries since its founding in April 2000.

Franklin Mutual Advisers, LLC (Mutual Series) manages the Mutual Series
family of mutual funds and other accounts totaling more than $60 billion in
assets.

Headquartered in Southfield, Mich., Lear Corp. (NYSE: LEA)
-- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.  The company's Latin American operations are
located in Argentina, Brazil, Honduras, Mexico and Venezuela.

                        *    *    *

Moody's Investors Service assigned on Nov. 20, 2006, a B3, LGD4, 61% rating
to Lear Corp.'s new offering of US$700 million of unsecured notes.  At the
same time, Moody's affirmed Lear's Corporate Family Rating of B2,
Speculative Grade Liquidity rating of SGL-2 and negative outlook.  All other
long-term ratings are unchanged.

Standard & Poor's Ratings Services also assigned on Nov. 20, 2006, its 'B-'
ratings to Lear Corp.'s US$300 million senior notes due 2013 and its US$400
million senior notes due 2016.  Lear's 'B+' corporate credit and other
ratings were affirmed.  S&P said the outlook is negative.




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


AIR JAMAICA: Former Management Balks at Maintenance Accusations
---------------------------------------------------------------
Air Jamaica Acquisition Group, the previous management of Air Jamaica that
was led by Gordon Stewart, told Radio Jamaica that its alleged failure to
arrange a proper maintenance schedule for the airline is not "at the heart"
of Air Jamaica's problems.

As reported in the Troubled Company Reporter-Latin America on Dec. 4, 2006,
Michael Conway, president and chief executive officer of Air Jamaica, blamed
the poor maintenance program of the past for the present problems of Air
Jamaica.  Air Jamaica's management said that an inefficient maintenance
program while the airline was under the management led by Butch Stewart
contributed to some of the problems Air Jamaica is experiencing.

As a result, it is now more expensive and time consuming to service the
planes, Mr. Conway told the Jamaica Gleaner.

However, the Acquisition Group said in a statement that criticisms of its
maintenance record by the current managers of Air Jamaica is nothing more
than a obvious attempt to cast unwarranted blame on the former management of
the airline.

The Group told Radio Jamaica that either Mr. Conway is unaware of what is
happening at Air Jamaica or he is not telling the truth.  Either case would
cast doubt on his ability to manage the airline.

Mr. Conway should be aware of the problems that caused delays in the
servicing of some aircraft including a workers' protest at the French firm
that was to conduct the maintenance, Radio Jamaica says, citing the
Acquisition Group.

The Acquisition Group said that Mr. Conway had failed to inform the
parliamentary committee about the delays experienced in the maintenance of
some aircraft, The Gleaner reports.

The Acquisition Group told Radio Jamaica that it surrendered in December
2004 a globally recognized world-class airline to the government.  The group
said that a lack of vision and innovation by its current management could
lead to its ultimate destruction.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


AIR JAMAICA: Paul Pennicook Denies Plans of Merger
--------------------------------------------------
Paul Pennicook, Air Jamaica's senior vice president for marketing and sales,
told Radio Jamaica that the airline has no plans on a merger with other
regional air carriers.

The Jamaica Gleaner relates that Michael Conway, Air Jamaica's president and
chief executive officer, dismissed as impractical suggestions that the
airline should be merged into a regional airline.

Mr. Conway told The Gleaner, "There is nothing of substance to back it up.
People have thrown the word out: 'Oh, you just sort of merge all the
regional carriers and then that would solve everybody's problem.' There is
no study to substantiate any merit to that."

However, Air Jamaica would be keen on forging alliances with the regional
air carriers, Radio Jamaica says, citing Mr. Pennicook.

Mr. Conway told The Gleaner that Air Jamaica is pursuing collaborative
efforts with other carriers.  He said the airline was looking outside of the
region to form other partnerships.  One such partnership is being pursued
with Latin American airlines, through the introduction of a frequent-flyer
programme for all of Latin American and Caribbean carriers.

Mr. Conway commented to The Gleaner, "There is a fabulous opportunity for
the carriers in the Caribbean and the Latin and Central American regions to
do something on a collaborative effort."

This is because the traffic originating in South and Central America and the
Caribbean is increasing at a much higher rate than traffic from North
America, The Gleaner says, citing Mr. Conway.

Meanwhile, Air Jamaica proposed several initiatives to be implemented over a
two-year period to close a US$100 million financial gap, according to The
Gleaner.  The initiatives include:

          -- the conversion of the current fleet,
          -- the upgrading of its maintenance system, and
          -- the introduction of a cross-island service from the
             Norman Manley International in Kingston to the
             Sangster International Airport in Montego Bay.

Air Jamaica will gain market share in the region with British West Indies
Airline's closure and Caribbean Airlines' launch, Mr. Pennicook told Radio
Jamaica.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


AIR JAMAICA: Receives US$34 Million for Working Capital
-------------------------------------------------------
Air Jamaica has received from the Jamaican government about US$27 million at
3.0% interest over six years and US$7 million at 1.0% interest over 25
years, to be used for working capital, the Jamaica Gleaner reports.

According to The Gleaner, the Jamaican government has "onlent" over 80% of
US$174 million, which converts to J$9.1 billion of J$11.5 billion received
since February under PetroCaribe.   The oil funds come from a debt Jamaica
will have to repay at a concessionary 1%.  Over 40% of the advances made
ahead of the establishment of the vehicle that would manage the loans or the
PetroCaribe Development Fund were disbursed to loss-making government
companies.  The Jamaican cabinet approved the disbursements under an interim
arrangement on June 19.

Dr. Omar Davies, Jamaica's minister of finance and planning, said in a
statement that some of the loan represented 2,500 additional barrels of oil
daily that the government took on in June to support Air Jamaica, resulting
in US$20 million yearly loan financing to the airline.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                        *    *    *

On July 21, 2006, Standard & Poor's Rating Services assigned B long-term
foreign issuer credit rating on Air Jamaica Ltd., which is equal to the
long-term foreign currency sovereign credit rating on Jamaica, is based on
the government's unconditional guarantee of both principal and interest
payments.


SUGAR COMPANY: Receives US$34.7 Million for Firm's Privatization
----------------------------------------------------------------
The Sugar Company of Jamaica received from the Jamaican government about
US$34.7 million at 3.0% interest per annum for 15 years, to assist with
working capital needs and preparation of the firm for privatization, the
Jamaica Gleaner reports.

According to The Gleaner, the Jamaican government has "onlent" over 80% of
US$174 million, which converts to J$9.1 billion of J$11.5 billion received
since February under PetroCaribe.   The oil funds come from a debt Jamaica
will have to repay at a concessionary 1%.  Over 40% of the advances made
ahead of the establishment of the vehicle that would manage the loans or the
PetroCaribe Development Fund were disbursed to loss-making government
companies.  The Jamaican cabinet approved the disbursements under an interim
arrangement on June 19.

The Gleaner relates that Air Jamaica has also received from Venezuela's
PetroCaribe pact some US$27 million at 3.0% interest over six years and US$7
million at 1.0% interest over 25 years, to be used for working capital.

Some of the loan represented 2,500 additional barrels of oil daily that the
government took on in June to support Air Jamaica, resulting in US$20
million yearly loan financing to the airline, Dr. Omar Davies, Jamaica's
minister of finance and planning, said in a statement.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969.  It flies passengers and
cargo to almost 30 destinations in the Caribbean, Europe, and North America.
Air Jamaica offers vacation packages through Air Jamaica Vacations.  The
company closed its intra-island services unit, Air Jamaica Express, in
October 2005.  The Jamaican government assumed full ownership of the airline
after an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in 1994.  The
Jamaican government does not plan to own Air Jamaica permanently.

                       About Sugar Company

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
===========


ALASKA AIRLINES: Contributes US$50MM to Employee Pension Funds
--------------------------------------------------------------
Alaska Airlines has made a voluntary contribution of US$50 million in cash
to four defined benefit pension plans covering 7,300 employees in its
airport, dispatch, maintenance, management and pilot work groups.

Combined with a US$71.9 million voluntary contribution made early this year,
the airline has strengthened its defined benefit pension plans by nearly
US$122 million in 2006.

"The success of our transformation plan in returning Alaska Airlines to
profitability helps ensure we meet our promise of secure retirements for our
employees," said Bill Ayer, Alaska's chairman and chief executive officer.

Alaska Airlines has made more than US$316 million in voluntary cash
contributions to its defined benefit pension plans since 2001.  At the end
of 2005, the airline's defined benefit pension plans were funded at 69% of
future benefit obligations, placing them among the most secure in the
airline industry.

Under current pension funding rules, the airline was not required to make a
contribution in 2006.

Seattle, Wash.-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger trip length
of 1,009 miles.  Alaska principally serves destinations in the state of
Alaska and North/South service between cities in the Western United States,
Canada, and Mexico.  Horizon operates jet and turboprop aircraft with
average passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 6, 2006, Moody's
Investors Service affirmed the corporate family rating of Alaska Air Group,
Inc. and the Equipment Trust Certificate rating of Alaska Airlines, Inc. at
B1, and changed the outlook to stable from negative.


FORD MOTOR: S&P Rates US$15B Senior Sec. Credit Facilities at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' bank loan rating and '2'
recovery ratings to Ford Motor Co.'s proposed US$15 billion senior secured
credit facilities, which consist of an US$8 billion revolving credit
facility and a US$7 billion term loan B facility.

The bank loan rating is equal to Ford's corporate credit rating.  This and
the '2' recovery rating indicate that lenders can expect substantial (80% to
100%) recovery of principal in the event of a payment default.

Ford intends to replace its existing US$6.3 billion unsecured bilateral
revolving facilities with the new US$8 billion senior secured revolving
credit facility.  In addition to the US$7 billion term loan B facility, Ford
also anticipates raising US$3 billion in other unsecured capital market
transactions.  The rating agency expects to assign ratings to these
transactions once Ford announces further details.

Earlier, Standard & Poor's lowered its senior unsecured debt issue ratings
on Ford to 'CCC+' from 'B'.  The downgrade of the unsecured debt stemmed
from the pending secured credit facilities, which would significantly
disadvantage the unsecured debt in the event of default.

                         Ratings List

Ford Motor Co.

  Corp. credit rating                         B/Negative/B-3

Rating Assigned
  US$15 bil. sr. secured credit facilities   B (Recovery rtg: 2)

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents including Brazil and
Mexico.  With more than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover,
Lincoln, Mazda, Mercury and Volvo.  Its automotive-related services include
Ford Motor Credit Company and The Hertz Corp.


FORD MOTOR: S&P Junks Ratings on 8 Synthetic ABS Transactions
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight U.S.
single-issue synthetic ABS transactions related to Ford Motor Co. (Ford;
B/Negative/B-3) and removed them from CreditWatch, where they were placed
with negative implications on Oct. 24, 2006.

The Nov. 27, 2006, lowering of the senior unsecured debt ratings on Ford and
their removal from CreditWatch negative does not have any immediate rating
impact on the Ford-related ABS supported by collateral pools of consumer
auto loans or auto wholesale loans.

Each of the securitizations with ratings lowered and removed from
CreditWatch negative is weak-linked to Ford's senior unsecured debt. Ford
provides the underlying collateral in the affected securitizations.

The Nov. 27, 2006, lowering of the senior unsecured debt ratings on Ford and
their removal from CreditWatch negative reflects the significant
disadvantage to Ford's unsecured creditors by the planned introduction of
US$15 billion of secured debt into the capital structure.

           Ratings Lowered and Off Creditwatch Negative

Corporate Backed Trust Certificates Ford Motor Co. Debenture-Backed Series
2001-36 Trust

           Class    To               From

           A-1      CCC+             B/Watch Neg
           A-2      CCC+             B/Watch Neg

Corporate Backed Trust Certificates Ford Motor Co. Note-Backed Series 2003-6
Trust

          Class    To               From

          A-1      CCC+             B/Watch Neg

CorTS Trust for Ford Debentures

          Class    To               From

          Certs    CCC+             B/Watch Neg

CorTS Trust II for Ford Notes

          Class    To               From

          Certs    CCC+             B/Watch Neg

Freedom Certificates US Autos Series 2004-1 Trust

          Class    To               From

          A        CCC+             B/Watch Neg
          X        CCC+             B/Watch Neg

PPLUS Trust Series FMC-1

          Class    To               From

          Certs    CCC+             B/Watch Neg

PreferredPLUS Trust Series FRD-1

          Class    To               From

          Certs    CCC+             B/Watch Neg

SATURNS Trust No. 2003-5

          Class    To               From

          Units    CCC+             B/Watch Neg

Trust Certificates (TRUCs) Series 2002-1 Trust

          Class    To               From

          A-1      CCC+             B/Watch Neg

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents including Brazil and
Mexico.  With more than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover,
Lincoln, Mazda, Mercury and Volvo.  Its automotive-related services include
Ford Motor Credit Company and The Hertz Corp.


GREAT PANTHER: Topia & Guanajuato Mines Production Increases
------------------------------------------------------------
Great Panther Resources Limited's production continues to increase at its
100% owned silver mines in Mexico.

The Company disclosed that at its Topia Silver-Lead-Zinc Mine in Durango,
the plant throughput has been increased from 120 tonnes to 160 tonnes per
day with the commissioning of the second ball mill.  At its Guanajuato Mine
Complex, total throughput has risen from 400 tonnes to 700 tonnes per day
and will continue to increase into the New Year.

The third ball mill at Topia will be commissioned in early 2007 and its
original target of 200 tonnes per day is anticipated to be attained in the
first quarter of 2007 with capacity anticipated to be in excess of 300
tonnes per day by late 2007 or early 2008.  The third mill at Guanajuato is
currently being refurbished.

New underground development is also continuing at both mines.  As announced
by the Company on Oct. 12, 2006, production from the Argentina vein at Topia
is anticipated to begin in first quarter of 2007.  At Guanajuato, new
production has commenced from several stopes on the 345 level of the Rayas
and Cata Mines, while mining continues in the San Vicente and Guanajuatito
areas.

The Company further disclosed that its 34-hole surface diamond drilling
program has been completed at Guanajuato and final assay results from the
Promontorio area near the southeast property boundary are pending.  Drilling
in the Guanajuatito and Animas areas have already identified significant
silver-gold mineralization that is available for immediate development.

A new 5,000-metre surface-drilling program contracted to BDW Drilling of
Mexico has also begun at Topia.  In addition, the Company has purchased four
new underground diamond drills -- three for Guanajuato and one for Topia --
that will be operated by its own personnel.

Great Panther Resources Limited (TSX-V: GPR) through its acquisition of the
Topia and Guanajuato Mines in Mexico has transformed from a company that was
exclusively focused on mineral exploration to a company involved in the
mining of precious and base metals.

                    Going Concern Doubt

As reported in the Troubled Company Reporter on July 13, 2006, KPMG LLP in
Vancouver, Canada, raised substantial doubt about Great Panther Resources
Limited's ability to continue as a going concern after auditing the
Company's consolidated financial statements for the years ended Dec. 31,
2005, and 2004.  The auditors pointed to the Company's recurring losses and
operating cash flow deficiencies.


HOME PRODUCTS: Interest Nonpayment Cues Moody's to Cut Ratings
--------------------------------------------------------------
Moody's Investors Service lowered Home Product International, Inc.'s
corporate family rating to Caa3 from Caa1, and its senior subordinated notes
rating to Ca from Caa2.

The rating action was prompted by Home Products's November 2006 announcement
that it reached an agreement in principle with certain noteholders holding a
majority of the senior subordinated notes regarding the terms of a
restructuring of the company's indebtedness. Additionally, the company did
not make the interest payment due Nov. 15 on its senior subordinated notes,
resulting in the probability-of-default rating being lowered to D.  As part
of the restructuring, holders of the senior subordinated notes would convert
their debt holdings for 95% of the equity of the reorganized company.
Moody's will withdraw the ratings upon completion of the proposed debt
restructuring.

These ratings were downgraded:

   -- Corporate family rating, to Caa3 from Caa1;
   -- Probability-of-default rating, to D from Caa1; and
   -- US$116 million 9.625% senior subordinated notes due 2008,
      to Ca from Caa2 (LGD4, 66%).

Home Products International, Inc. -- http://www.hpii.com/and
http://www.homz.biz/-- is an international consumer products
company which designs and manufactures houseware products.  The
Company sells its products through national and regional
discounters including Kmart, Wal-Mart and Target, hardware/home
centers, food/drug stores, juvenile stores and specialty stores.
The company has operations in Mexico.


HUDSON PRODUCTS: Moody's Assigns B2 Corp. Family Rating
-------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating to Hudson
Products Holdings, Inc.  Additionally, Moody's assigned a B1 rating to the
company's proposed US$120 million senior secured credit facility (US$95
million Term Loan B and US$25 million revolver).  Moody's has not rated the
company's US$48 million senior subordinated notes.  The rating outlook is
stable.

Moody's assigned these ratings:

   -- Corporate family rating, B2;

   -- Probability of default rating, B2;

   -- US$95 million senior secured term loan due 2013, B1
      (LGD 3, 35%); and

   -- US$25 million senior secured revolver due 2011, B1
      (LGD 3, 35%).

The ratings remain subject to Moody's review of final documentation.

Hudson's B2 corporate family rating reflects the high pro forma leverage at
closing (5.5 times debt-to-EBITDA, debt-to-revenue greater than 1.1 times),
the company's small size, and its vulnerability to the cyclical nature of
the oil and gas industry -- a key end market for the company's fans and
air-cooled heat exchangers.  The company's strong market position and
significant installed base, which result in part sales, high margin service,
retrofits and upgrades, support the rating. Additionally, the company's
market leadership position in fans (#1 global market share) and air-cooled
heat exchangers (#1 domestic market share), its global presence for a
relatively small company, and favorable near-term industry dynamics support
the rating.

Hudson's significant backlog (roughly equal to 75% of revenues) and
customers' announced capital expansions provide near-term revenue visibility
and mitigate some of the credit risk inherent to the company's nominal
revenue base thereby supporting the stable outlook.

The Sterling Group, L.P. has signed a letter of intent to acquire Hudson for
US$194 million in cash (including transaction costs), which represents a 7.5
times multiple of the company's adjusted EBITDA of US$25.8 million for the
trailing twelve months ended September 30, 2006.  Sterling intends to
finance the acquisition with the aforementioned credit facility (the
revolver will be undrawn at closing), senior subordinated notes and a US$51
million equity contribution.

Hudson, headquartered in Sugar Land, TX, is a global heat transfer solutions
firm providing engineered thermal processing products to the petroleum,
natural gas, power generation, and chemical industries. Revenues for the
trailing twelve months ended Sept. 30, 2006 were just over US$115 million.
It has operations in Mexico.


JETBLUE AIRWAYS: Launches Nonstop Service to Yucatan Peninsula
--------------------------------------------------------------
JetBlue Airways Corp. begins new nonstop service between Cancun, located on
Mexico's Yucatan Peninsula, and its home base at New York's John F. Kennedy
International Airport.

With the addition of Cancun, JetBlue now offers service to eight exciting
Caribbean/Atlantic destinations:

   -- Aruba;
   -- Cancun, Mexico;
   -- Nassau, The Bahamas;
   -- Bermuda;
   -- San Juan;
   -- Ponce;
   -- Aguadilla;
   -- Puerto Rico;
   -- and Santiago, the Dominican Republic.

"Our new daily nonstop service connecting the sunny beaches of Cancun and
the great metropolis of New York, our hometown, marks our eighth
Caribbean/Atlantic destination and our 15th new city addition this year,"
said JetBlue Founder and CEO David Neeleman.  "We look forward to bringing a
convenient, affordable, first-rate travel experience to new customers as
more people discover the breathtaking scenery, ancient archaeological sites
and robust culture that Mexico has to offer."

"Mexico continues to attract millions of international visitors each year,
highlighting the diversity and attractiveness of our tourism offerings, as
well as the warmth of our people," said Rodolfo Elizondo, Mexico's Secretary
of Tourism.  "JetBlue's new flight from New York to Cancun will enable more
people to visit the Yucatan Peninsula, one of the most fantastic tourist
destinations in Mexico.  We expect 2007 to be yet another successful year
for our tourism industry, with increased growth across all segments and
continued efforts to offer tourists the very best Mexico has to offer."

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the Company operated approximately 369 daily
flights serving 34 destinations in 15 states, Puerto Rico, the
Dominican Republic, and the Bahamas.  The Company also provides
in-flight entertainment systems for commercial aircraft,
including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.

                        *    *    *

As reported in the Troubled Company Reporter on Nov. 23, 2006, Moody's
Investors Service assigned ratings of Caa1 (LGD5, 88%) to the approximately
US$40 million of Special Facility Revenue Bonds, Series 2006 (JetBlue
Airways Corporation Project or the JFK Facility Bonds) to be issued by the
New York City Industrial Development Agency.  Moody's affirmed the B2
corporate family rating for JetBlue Airways Corp.  The outlook remains
negative.

Standard & Poor's Ratings Services assigned its 'B' rating to US$40 million
of New York City Industrial Development Agency special facility revenue
bonds, series 2006 maturing on
May 15, 2021, and May 15, 2030; the amount for each maturity have yet to be
determined.  The bonds, which will be used to finance a hangar and other
facilities, will be serviced by payments made by JetBlue Airways Corp.
(B/Stable/B-3) under a lease between the airline and the agency.


NORTEL NETWORKS: Implements Share Consolidation
-----------------------------------------------
Nortel Networks Corp. implemented the consolidation of its issued and
outstanding common shares as approved by the company's Board of Directors on
Nov. 6, 2006 and its shareholders at the annual and special meeting of
shareholders on June 29, 2006.

Nortel's common shares, listed on the New York Stock Exchange and the
Toronto Stock Exchange, began trading on a consolidated basis when the NYSE
and TSX opened on Dec. 1.  The consolidation was implemented with a ratio of
one consolidated share for every ten pre-consolidation shares.  The
consolidation has reduced the number of shares outstanding from
approximately 4.3 billion to approximately 433 million.

Registered shareholders of the company are receiving instructions by mail on
how to obtain a new share certificate representing their consolidated common
shares.

No fractional shares will be issued as a result of the consolidation.  If
the consolidation results in a registered shareholder having a fractional
interest of less than a whole share, the registered shareholder will receive
a cash payment for the value of that interest, with the amount of the
payment determined by multiplying the fraction by US$21.15 (the average
closing price of Nortel common shares, as adjusted for the consolidation, on
the NYSE for the ten trading days prior to today's effective date), with
Canadian residents receiving the Canadian dollar equivalent of such payment
based on the noon spot rate published by the Bank of Canada on Nov. 30,
2006.  Nortel shares held through a broker, bank, trust company, nominee or
other financial intermediary will be adjusted by that firm.

With the implementation of the consolidation, the company's 4.25%
convertible senior notes due Sept. 1, 2008, are convertible by holders into
common shares of Nortel Networks Corporation at a new conversion price of
US$100 per common share.  Furthermore, proportional adjustments reflecting
the share consolidation have been made under
Nortel's equity compensation plans.

Headquartered in Ontario, Canada, Nortel Networks Corp. (NYSE/TSX: NT) --
http://www.nortel.com/-- delivers technology solutions encompassing
end-to-end broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's greatest
challenges.  Nortel does business in more than 150 countries including
Mexico.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family Rating for Nortel
Networks Corp. to B2.

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corp., Nortel Networks Corp., and Nortel Networks
Limited at B (low) along with the preferred share ratings of Nortel Networks
Limited at Pfd-5 (low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5 (low) Stb
Class A, Non-Cumulative Redeemable Preferred Shares.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2' short-term
corporate credit ratings on the company, and assigned its 'B-' senior
unsecured debt rating to the company's proposed USUS$2 billion notes.  S&P
said the outlook is stable.


SATELITES MEXICANOS: Emerges from US Bankruptcy Protection
----------------------------------------------------------
In fewer than four months after commencing its pre-negotiated U.S.
bankruptcy, Satelites Mexicanos, S.A. de C.V. aka Satmex disclosed that on
Nov. 30, 2006, it officially concluded its reorganization efforts and
emerged from its U.S. bankruptcy case.  The company consummated its U.S.
chapter 11 plan of reorganization, which was confirmed by the United States
Bankruptcy Court for the Southern District of New York by order dated Oct.
26, 2006, and implemented the restructuring approved in Satmex's Mexican
Concurso Mercantil proceeding by the Concurso Plan Order issued on July 14,
2006.

              Reorganized Capital Structure

In accordance with the terms of the restructuring, the holders of Satmex's
former US$203.4 million of Floating Rate Notes received, in full
satisfaction of the obligations due under such notes, new First Priority
Senior Secured Notes due in 2011 in the amount of approximately US$238.2
million with a quarterly coupon of LIBOR + 875 basis points.  The new First
Priority Senior Secured Notes:

   -- are callable at a price of 103 in year 1, 102 in year 2,
      101 in year 3 and at par (plus accrued interest)
      thereafter;

   -- have a first priority security interest in all of
      Satmex's assets; and

   -- benefit from cash sweep prepayments on excess cash
      balances over US$5 million.

The CUSIP number for the First Priority Senior Secured Notes is 803895AE1.

Holders of Satmex's former US$320 million of High Yield Bonds received, in
full satisfaction of US$140 million of the obligations due under such bonds,
including all accrued interest, new Second Priority Senior Secured Notes due
2013 in the principal amount of US$140,000,000.  The new Second Priority
Senior Secured Notes due 2013 have a quarterly coupon of 10.125% all-in,
with 0.0% cash payment in year 1 with the balance paid-in-kind, 2.0% cash
payment through year five, with the balance paid-in-kind, with the coupon
paid wholly in cash in years 6-7.

The Notes:

   -- are callable at par throughout their life;

   -- have a second lien on Satmex's assets junior in priority,
      operation and effect to the security interests of the
      First Priority Senior Secured Notes; and

  -- after the full payment of the First Priority Senior
     Secured Notes, cash sweep prepayment on excess cash
     balances over US$5 million.

The CUSIP number for the Second Priority Senior Secured Notes is 803895AF8.

Further, holders of the High Yield Bonds received, in exchange for
capitalization of the balance of their claim of approximately US$274 million
in principal and unpaid interest, 78 percent of the economic interest in the
equity of Reorganized Satmex and 43 percent of the voting shares, comprised
of 7,166,667 Series B shares and 29,395,833 Series N shares.  The shares
have been deposited in a trust and bondholders have been issued Units
representing their interest in the trust based on 1 Unit issued for each
US$1,000 of face amount of the old 10-1/8% Notes due 2004. Each Unit
represents a proportional interest in approximately 22.396 Series B shares
and 91.862 Series N shares.  A Global Trust Certificate representing the
Units has been issued to the Depository Trust Corporation, and the CUSIP
number of the Units is L2399K107.

The remaining economic equity of Reorganized Satmex is held by Satmex's
current shareholders, 2 percent by Principia and Loral, and 20 percent by
the Mexican Government, directly and through Servicios Corporativos
Satelitales, S.A. de C.V.  The Mexican Government will own voting shares in
Reorganized Satmex representing 10% and the rights to proceed from shares
representing an additional 45%. Reorganized Satmex has a total of 9,166,667
Series A shares, 7,500,001 Series B Shares, and 30,208,331 Series N shares.

            Reorganized Satmex Board of Directors

Reorganized Satmex's Board of Directors consists of:

   -- Luis Rebollar Corona, former Chairman and CEO of Grupo
      Sidek and Grupo Situr,

   -- Sergio M. Autrey Maza, Satmex's former Chairman of the
      Board and interim CEO,

   -- Vicente Ariztegui Andreve, President and founding partner
      of Grupo Arizan, S.A. de C.V., Nexxtrade, S.A. de C.V.
      and Marmiitalia, S.A. de C.V.,

   -- Alberto Mulas Alonso, founding partner of Cresce
      Consultores, S.C.,

   -- Thomas S. Heather, a partner in the Mexico City office of
      White & Case, LLP and the Conciliador in the company's
      former Concurso Mercantil proceeding,

   -- Roberto Enrique Colliard Lopez, Director General and CEO
      of Pendulum, S. de R.L. de C.V., and

   -- Robert L. Rauch, a Partner and Director of Research for
      Gramercy Advisors LLC.

Erwin Starke, the current CEO of Secured Capital, S.A. de C.V., is chairing
the Audit Committee for Reorganized Satmex.
Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via its satellites
to customers for distribution of network and cable television programming,
direct-to-home television service, on-site transmission of live news
reports, sporting events and other video feeds.  Satmex also provides
satellite transmission capacity to telecommunications service providers for
public telephone networks in Mexico and elsewhere and to corporate customers
for their private business networks with data, voice and video applications.
Satmex also provides the government of the United Mexican States with
approximately 7% of its satellite capacity for national security and public
purposes without charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on August 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice in the
Debtor's Mexican Bankrutpcy proceedings.  UBS Securities LLC and Valor
Consultores, S.A. de C.V., give financial advice to the Debtor.  Steven
Scheinman, Esq., Michael S. Stamer, Esq., and Shuba Satyaprasad, Esq., at
Akin Gump Strauss Hauer & Feld LLP give legal advice to the Ad Hoc Existing
Bondholders' Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal advice to Ad
Hoc Senior Secured Noteholders' Committee.  As of July 24, 2006, the Debtor
has US$905,953,928 in total assets and US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a Mexican
reorganization, known as a Concurso Mercantil, which was assigned to the
Second Federal District Court for Civil Matters for the Federal District in
Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section 304 of the
Bankruptcy Code that commenced a case ancillary to the Concurso Proceeding
and a motion for injunctive relief that sought among other things, to enjoin
actions against Satmex or its assets (Bankr. S.D.N.Y. Case No. 05-16103).


SATELITES MEXICANOS: Appoints Raul Cisneros as Chief Executive
--------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V. aka Satmex appointed Raul Cisneros
Matusita to serve as the new CEO of Satmex, effective Nov. 30, 2006, to help
chart a new direction for the company. Mr. Cisneros's appointment was made
on the same day the company officially concluded its U.S. bankruptcy case.

Mr. Cisneros brings to Satmex over 22 years of experience, specializing in
turnaround strategies, asset sales and restructurings. Most recently, he has
been an operative partner of Advent International Corp., supervising
investments in mortgage lending institutions, leasing operations and
turnaround of distressed assets.  He was also Deputy Director General of
Compania Mexicana de Aviacion through January of 2006, entrusted with the
successful sale of Mexico's leading airline to Grupo Posadas, and for three
years, Director of Asset Administration and Financial Planning.  For five
years, he was the CEO of Consultoria Internacional, a leading foreign
exchange trader and from 1996 to 1999, he was appointed by Banco de Mexico
to turnaround or sell troubled corporations.

Mr. Cisneros succeeds Sergio Miguel Angel Autrey Maza, who was designated by
Satmex's Board as interim CEO in February 2005. Mr. Autrey will continue
serving as a member of Reorganized Satmex's Board of Directors.

Mr. Cisneros, stated, "It is an honor to take the reins of this great
company.  I am excited about the opportunity to work together with the
entire Satmex team and with our customers, suppliers and shareholders and
other constituents towards long-term success."

Mr. Cisneros added that, "The company is pleased that in only a matter of a
few months, it exited its U.S. bankruptcy case having achieved the
implementation of its restructuring set out in the restructuring agreement
entered into between Satmex and representatives of its primary creditor
constituencies in March of this year and approved by the Mexican Bankruptcy
Court in Satmex's former Concurso Mercantil proceeding.  This is a historic
day for the employees of Satmex and everyone else that worked tirelessly to
achieve these goals.  The restructuring of our indebtedness and our speedy
emergence from chapter 11 will enhance our financial stability and enable us
to continue delivering our premier satellite services to our customer base
going forward."

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.  Satmex provides transponder capacity via its satellites
to customers for distribution of network and cable television programming,
direct-to-home television service, on-site transmission of live news
reports, sporting events and other video feeds.  Satmex also provides
satellite transmission capacity to telecommunications service providers for
public telephone networks in Mexico and elsewhere and to corporate customers
for their private business networks with data, voice and video applications.
Satmex also provides the government of the United Mexican States with
approximately 7% of its satellite capacity for national security and public
purposes without charge, under the terms of the Orbital Concessions.

The Debtor filed for chapter 11 petition on August 11, 2006
(Bankr. S.D.N.Y. Case No. 06-11868).  Luc A. Despins, Esq., at
Milbank, Tweed Hadley & McCloy LLP represents the Debtor in the
U.S. Bankruptcy proceedings.  Attorneys from Galicia y Robles,
S.C., and Quijano Cortina Lopez y de la Torre give legal advice in the
Debtor's Mexican Bankrutpcy proceedings.  UBS Securities LLC and Valor
Consultores, S.A. de C.V., give financial advice to the Debtor.  Steven
Scheinman, Esq., Michael S. Stamer, Esq., and Shuba Satyaprasad, Esq., at
Akin Gump Strauss Hauer & Feld LLP give legal advice to the Ad Hoc Existing
Bondholders' Committee.  Dennis Jenkins, Esq., and George W. Shuster, Jr.,
Esq., at Wilmer Cutler Pickering Hale and Dorr LLP give legal advice to Ad
Hoc Senior Secured Noteholders' Committee.  As of July 24, 2006, the Debtor
has US$905,953,928 in total assets and US$743,473,721 in total liabilities.

On May 25, 2005, certain holders of Satmex's Existing Bonds and
Senior Secured Notes filed an involuntary chapter 11 petition
against the Company (Bankr. S.D.N.Y. Case No. 05-13862).
On June 29, 2005, Satmex filed a voluntary petition for a Mexican
reorganization, known as a Concurso Mercantil, which was assigned to the
Second Federal District Court for Civil Matters for the Federal District in
Mexico City.

On Aug. 4, 2005, Satmex filed a petition, pursuant to Section 304 of the
Bankruptcy Code that commenced a case ancillary to the Concurso Proceeding
and a motion for injunctive relief that sought among other things, to enjoin
actions against Satmex or its assets (Bankr. S.D.N.Y. Case No. 05-16103).

Satmex emerged from bankruptcy protection on Nov. 30, 2006.


VISTEON CORP: Amended Sr. Bank Debt Cues S&P to Affirm Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its bank loan and recovery
ratings on auto supplier Visteon Corp.'s senior secured bank facility,
following the announcement that the company will increase its term loan to
US$1 billion from US$800 million.

The secured loan rating is 'B' and the recovery rating is '2', indicating
the expectation for substantial (80%-100%) recovery of principal in the
event of a payment default.

Proceeds from the term loan add-on will be used for general corporate
purposes to support the company's liquidity needs amid difficult conditions
in the U.S. automotive supplier industry.

The corporate credit rating on Visteon is B/Negative/B-3.

                        Ratings List

   Corporate credit rating             B/Negative/B-3
   US$1 billion secured term loan      B
   Recovery rating                     2

Headquartered in Van Buren Township, Michigan, Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries, including
Mexico, and employs approximately 50,000 people.


* MUNICIPALITY URUAPAN: Moody's Releases Joint Default Analysis
---------------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the Municipality of Uruapan's issuer ratings at Ba2 and A2 .mx,
with a stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Ba1 rating on the State of Michoacan,
   -- 20% probability of support and,
   -- 90% default dependence.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.


* STATE OF VERACRUZ: Moody's Releases Joint Default Analysis
------------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the State of Veracruz's issuer ratings at Ba1 and 12 .mx, with a
stable outlook.

The rating is based on:

   -- a BCA of 11,
   -- Ba1 rating on the Government of Mexico,
   -- 5% probability of support and,
   -- 90% default dependence.

Moody's also affirmed senior secured debt ratings at Baa3/Aa2.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.


* STATE OF YUCATAN: Moody's Releases Joint Default Analysis
-----------------------------------------------------------
In connection with Moody's Investors Service published rating results of the
application of the joint default analysis or JDA methodology for non-U.S.
regional and local governments or RLGs in the Americas, the rating agency
affirmed the State of Yucatan's issuer ratings at Ba2 and A2 .mx, with a
stable outlook.

The rating is based on:

   -- a BCA of 12,
   -- Ba1 rating on the Government of Mexico,
   -- 5% probability of support and,
   -- 90% default dependence.

Moody's also affirmed the senior sewcured debt ratings at Baa3/Aa2.

In October 2006, Moody's published a Special Comment report, entitled "The
Application of Joint Default Analysis to Regional and Local Governments".
The JDA methodology formally disaggregates the ratings of RLGs into four
components:

   (i) an assessment of the RLG's baseline credit risk
       (on a scale of 1 to 21, where 1 represents the equivalent
       risk of Aaa, 2 represents Aa1 and so forth),

  (ii) the higher-tier or supporting government's domestic
       currency rating,

(iii) an estimate of the default dependence between the RLG and
       the supporting government (expressed as a percentage),
       and

  (iv) an estimate of the likelihood of extraordinary support
       from the supporting government (expressed as a
       percentage).

The application of JDA in the Americas resulted in 24 RLG ratings upgraded,
75 RLG ratings affirmed, and ratings on 2 associated entities upgraded.

As a reflection of the application of JDA to government related issuers
(GRIs), for which certain RLGs are the supporting governments, Moody's also
raised the ratings on 6 GRIs.




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


VISION SA: S&P Affirms B- Long-Term Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Vision S.A. de
Finanzas E.C.A. to positive from stable.  The 'B-' long-term counterparty
credit rating was also affirmed.

Vision is a financial company dedicated to providing loans and services in
the microfinance industry and the traditional consumer segment in the
middle- and lower-income sectors in Paraguay.  The ratings on Vision balance
the risks inherent to operating in risky market segments in the volatile
Paraguayan financial system with the company's positive features, which
include cautious asset liability management policies, management's
experience in developing businesses in environments of high financial
stress, and good revenue diversification, with a relatively high
participation of fee income in total revenues for a company of its size and
profile.

"The change in the outlook to positive reflects our expectation that,
despite Paraguay's still-high operating and sovereign risks, the successful
implementation of changes aimed at increasing efficiency and improving
management tools, along with better asset quality and coverage ratios, will
enable Visión to improve its present competitive position without a
deterioration of its credit portfolio," said Standard & Poor's credit
analyst
Pablo Gamble.  Meanwhile, the inability to receive new capital contributions
to sustain current growth levels, along with a major drawback in Paraguay's
economy, would result in a downward revision of its positive outlook and
ratings.



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


CHINA FISHERY: Moody's Rates Proposed US$200MM Notes at (P)B1
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 corporate family
rating to China Fishery Group Ltd. or CFG and a provisional (P)B1 rating to
the proposed 7-year US$200 million senior notes to be issued by CFG
Investment SAC.

The bond is unconditionally and irrevocably guaranteed by CFG.  The bond
proceeds will be used to refinance a loan facility drawn down for the
acquisition of Alexandra SAC (Alexandra) in Peru, repayment of certain
loans, general corporate uses and potential strategic investments.  The
outlook on the ratings is stable.  This is the first time that Moody's has
assigned ratings to CFG.

Moody's expects to affirm the ratings and remove them from provisional
status upon completion of the bond issuance and upon repayment of the loan
facility for the acquisition.

CFG's ratings reflect its competitive and established position in the supply
of frozen fish to the global market and especially to China's growing
market, as well as its low cost structure compared with its global peers.
Meanwhile, the rating is constrained by the company's aggressive expansion
and acquisition strategy and the uncertainty associated with the evolving
operating environment in Russia and Peru.

In accordance with Moody's global rating methodology for Natural Product
Processors, CFG's business profile, market position, revenue growth profile,
profitability and historical financial profile are consistent with a rating
profile of Ba or higher.

However, these strengths are tempered by CFG's relatively modest size by
global standards, aggressive financial policy and concentration in mainly
two business segments.  CFG has a fixed share of the total Russian Alaskan
Pollock industrial and coastal quotas.  Moreover, Alexandra is one of the
top 6 fishmeal exporters in Peru which partially mitigates the
aforementioned risks.

Moody's believes that a (P)B1 rating is appropriate in light of the
potential regulatory and political risks that usually exist in emerging
and/or developing markets such as those in CFG's key operating markets of
Russia (Baa2/stable) and Peru (Ba3/positive).

CFG's business model is dependent upon a consistent fishing quota or
licensing system, availability of fish in the ocean as determined annually
by the relevant national authority, as well as the company's ability to
fully utilize its quota/license.  Moody's notes that CFG has had a
utilization rate of 95% for its fishing quota in Russia over the past 5
years.

Furthermore, CFG's 100% debt-funded acquisition of Alexandra also marks the
company's entry into the Peruvian fishing and fishmeal processing market.
This 100% debt-funded acquisition of US$103.6m, represented 60% of CFG's
total equity of US$174m as of September 2006.

The rating is likely to experience upward pressure if CFG

   1) manages to successfully integrate Alexandra and achieves
      its business plan;

   2) stabilizes its expansion strategy; and

   3) maintains a prudent financial profile with FCF/Debt >10%
      and EBIT/Interest >4x.

On the other hand, the rating may experience a downward trend if

   1) debt/EBITDA consistently stays above 4-5x and/or
      EBIT/interest drops below 1.5-2x resulting in a
      deteriorating operating environment, aggressive dividend
      payout, further debt-funded acquisition and expansion;

   2) its cash holding policy changes so that cash falls below
      US$10-15m; and

   3) any financial support provided to other Pacific Andes
      group companies.

China Fishery Group Ltd's main operations are deep-sea industrial fishing in
the Pacific and the provision of management services for fishing vessels.
It employs over 600 crew and officers.  Its catches are processed onboard
and frozen, packed and delivered to market.  It recently acquired Alexandra
SAC, which operates in Peru's fishing and fishmeal processing markets.


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


ADELPHIA COMM: Majority of Creditors Vote to Accept Plan
--------------------------------------------------------
Results of the voting on the Adelphia Communications Corp.'s Fifth Amended
Joint Plan of Reorganization were filed with the United States Bankruptcy
Court for the Southern District of New York.  The deadline for voting on the
Plan was Nov. 20, 2006, for beneficial holders holding securities through
intermediaries and Nov. 27, 2006, for all other parties in interest.

The voting results showed broad-based support for the Plan.  On an aggregate
basis, 25 of the 30 classes voting on the Plan voted to accept the Plan,
including the classes representing the ACC Senior Notes and the ACC
Subordinated Notes.  The holder of claims in the Century Bank Administrative
Agent Class has been given an extension until Dec. 4, 2006, to vote on the
Plan with respect to all of its claims.  Four classes failed to accept the
Plan.  Of the non-accepting classes, three are classes of Bank Syndicate
Claims with whom the Debtors have entered into a stipulation permitting the
holders of Claims to change their votes prior to commencement of the
confirmation hearing, subject to extension by the proponents.  The fourth
non-accepting class is the Class of FrontierVision Holdco Notes Claims.
While a majority of the holders of Claims in that Class voted to accept the
Plan, under applicable bankruptcy law, the Class of FrontierVision Holdco
Note Claims did not accept the Plan because less than two thirds in dollar
amount of the allowed claims in the Class voted to accept the Plan.

The company stated that, "We are pleased at the broad support for the Plan
among many different classes of creditors throughout the Company's capital
structure.  The Co-Proponents intend to commence the hearing to consider
confirmation of the Plan as scheduled on Dec. 7, 2006, before the Honorable
Robert J. Gerber in the United States Bankruptcy Court for the Southern
District of New York."

The voting results are available at: http://www.adelphiarestructuring.com.

Based in Coudersport, Pa., Adelphia Communications Corporation
(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 No.
150; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


ALBERTO-CULVER: Reorganizes Business After Separation from Sally
----------------------------------------------------------------
The Alberto-Culver Co. disclosed a reorganization following its recent
separation from Sally Beauty Holdings, Inc., into a separate, publicly
traded company.

V. James Marino, President & Chief Executive Officer of the company,
commented, "Alberto-Culver has always prided itself on being a lean and
nimble organization, so the changes that were needed are not dramatic. This
represents a right-sizing, looking primarily at those areas that related to
services we were maintaining in support of Sally and corporate activities
that could be scaled back to match the needs of a smaller company."

As part of the reorganization, two marketing units will be combined into a
single unit and some specific international services will be outsourced or
combined into regional offices according to Mr. Marino. He said that all
personnel impacted by the changes had been notified and that this
reorganization and the financial charges related to it would be
substantially completed by the end of the fiscal year 2007 second quarter.
The company's worldwide workforce of approximately 3,800 will be reduced by
approximately 90 as a result of the changes.  The company expects to take
restructuring charges of approximately US$13 million and US$3 million in its
fiscal year 2007 first and second quarters, respectively, related to the
reorganization.

These expected restructuring charges are in addition to other first quarter
charges related to the separation transaction that were previously announced
including lump sum payments totaling approximately US$14 million to its
former president and chief executive officer and the former chairman of
Sally Beauty and a non-cash charge of approximately US$18 million for the
acceleration of stock options and restricted stock as of the closing date of
the separation transaction.  A portion of these disclosed charges, along
with expenses incurred in connection with the separation transaction, will
be included in discontinued operations in Alberto-Culver's fiscal year 2007
statement of earnings.

The company plans to sell its corporate airplane in early 2007 and that it
expects to close its manufacturing facility in Dallas, Texas by the end of
2007.

Alberto-Culver Company manufactures, distributes and markets leading
personal care products including Alberto VO5, St. Ives, TRESemme and Nexxus
in the United States and internationally.  Several of its household/grocery
products such as Mrs. Dash and Static Guard are niche category leaders in
the U.S. Its Pro-Line International unit is the second largest producer in
the world of products for the ethnic hair care market with leading brands
including Motions and Soft & Beautiful. Its Cederroth International unit is
a major consumer goods marketer in the Nordic countries.

New Sally Holdings, Inc., headquartered in Denton, Texas, will be a leading
national retailer and distributor of beauty supplies with operations under
its Sally Beauty Supply and Beauty Systems Group businesses.  For the fiscal
year ended Sept. 30, 2005, New Sally's revenues exceeded US$2.2 billion. The
company has stores in Canada, Mexico, Puerto Rico, the U.K., Ireland,
Germany and Japan.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 26, 2006, Moody's
Investors Service assigned first time ratings, including a corporate family
rating of B2 and a speculative grade liquidity rating of SGL-2, to Sally
Holdings, LLC.

The rating outlook is stable.  The ratings are conditional upon review of
final documentation.

These are the rating actions:

     -- Corporate family rating at B2

     -- Probability-of-default rating at B2

     -- US$400 million senior secured guaranteed bank revolving
        credit facility at Ba2 (LGD 1, 7% LGD rate)

     -- US$1.07 billion senior secured guaranteed term loans at
        B2 (LGD 4, 50% LGD rate)

     -- US$430 million senior unsecured guaranteed notes at B2
        (LGD 4, 55% LGD rate)

     -- US$280 million unsecured senior subordinated guaranteed
        notes at Caa1 (LGD 6, 93% LGD rate)

     -- Speculative Grade Liquidity Rating of SGL-2


PILGRIM'S PRIDE: Declares US$2.25 Per Share Quarterly Dividend
--------------------------------------------------------------
The Board of Directors of Pilgrim's Pride Corp. has declared a quarterly
dividend of US$2.25 per share.  The quarterly dividend is payable on Dec.
29, 2006, to shareholders of record at the close of business on Dec. 15,
2006.

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corp.
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the United States,
Mexico and in Puerto Rico.  Pilgrim's Pride employs approximately 40,000
people and has major operations in Texas, Alabama, Arkansas, Georgia,
Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee, Virginia, West
Virginia, Mexico and Puerto Rico, with other facilities in Arizona, Florida,
Iowa, Mississippi and Utah.

                        *    *    *

Moody's Investors Service held its Ba2 Corporate Family Rating for Pilgrim's
Pride Corp. in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Consumer Products sector.  In addition, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default ratings on
the company's note issues, including an LGD6 rating on its USUS$100 million
9.250% Sr. Sub. Global Notes Due Nov. 15, 2013, suggesting noteholders will
experience a 95% loss in the event of a default.





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


BRITISH WEST: Caribbean Airlines Gets First Boeing 737-800
----------------------------------------------------------
Caribbean Airlines, which will take the place of British West Indies
Airlines aka BWIA next year, has received a repainted and re-outfitted
Boeing 737-800, its first aircraft, Daily News reports.

According to Daily News, two 737s will be delivered by the end of 2006.

Caribbean Airlines told Daily News that its focus will be beyond the Leeward
and Windward Islands, which was formerly the British West Indies from where
the original BWIA took its name.  Caribbean Airlines aims to compete with
the merged Caribbean Star-LIAT in providing interconnecting flights in the
entire Caribbean region.

Peter Davies, the chief executive officer of Caribbean Airlines, explained
to Daily News, "Caribbean Airlines is rooted in Trinidad and Tobago and the
Caribbean, but its outlook is international: a Caribbean carrier with an
international perspective.  It is a pan-Caribbean airline serving the
world."

According to Daily News, Mr. Davies is positive that Caribbean Airlines
could be bigger than BWIA within a matter of months, as it aims for
profitability by 2009.

Caribbean Airlines will operate with around a third of BWIA's 1,800 staff.
It is recruiting and has received applications from both within and outside
BWIA, Daily News states.

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 was losing USUS$1 million a week due to poor operational
management.

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.


BRITISH WEST: Injects TT$2 Billion for Caribbean Airlines
---------------------------------------------------------
The Trinidad and Tobago government has injected TT$2 billion to close
British West Indies Airlines aka BWIA and start up Caribbean Airlines,
Newsday reports, citing Conard Enill -- the nation's minister of finance.

Minister Enill explained to Newsday that the TT$2 billion would come from
the Consolidated Fund.

Arthur Lok Jack, Caribbean Airlines chairperson, told the Jamaica Gleaner
that the new entity was starting with a clean slate as a fully capitalized
airline with a clean balance sheet that will help it handle the challenges
of the global aviation industry and usher in a new chapter in Caribbean
aviation.

According to Newsday, Minister Enill said BWIA's closure would cost TT$2
billion, from which TT$300 million will go to Caribbean Airlines in 2007.

Minister Enill told Newsday that Caribbean Airlines would be a no-frills,
low cost, high efficiency airline.  The staff reduction would come through
decreased operations, efficiency improvement, and outsourcing to specialist
providers.  The J$2 billion would be used for:

          -- TT$604 million Voluntary Separation of
             Employment, as about 1,000 workers will lose their
             jobs;

          -- TT$170 million working capital (to cover BWIA's
             losses to the end of December);

          -- TT$321 million debt reduction (to settle existing
             debt);

          -- TT$422 million funds to close BWIA's balance sheet
             (liabilities and working capital);

          -- TT$82 million retention of key transition personnel
             in Caribbean Airlines;

          -- TT$132 million re-engineering information
             technology systems;

          -- TT$94 million funds to re-deliver the A30, A340 and
             A737 aircraft; and

          -- TT$315 million working capital to support future
             operations of Caribbean Airlines.

According to The Gleaner, different reports have put BWIA's indebtedness at
or around TT$630 million.  The airline's financials for 2004 recorded a
TT$655.9-million accumulated deficit, including after-tax losses of US$15.36
million ending Dec. 31.

Auditors PricewaterhouseCoopers told The Gleaner that BWIA's current
liabilities exceeded its current assets by TT$695.43 million.

The Gleaner reports that a rights issue, which raised US$40 million, helped
pay down some US$33 million of debt, leaving BWIA with net liabilities of
US$7.6 million at the close of 2004.

The Trinidad and Tobago government has spent TT$3 billion since 1995 in
subsidizing BWIA, Newsday says, citing Minister Enill.

Minister Enill told Newsday that the Trinidad and Tobago to Heathrow,
London, route is unprofitable for BWIA as most passengers come from the
United Kingdom and fly to Barbados.  Caribbean Airlines would take UK-bound
passengers as far as Barbados, after which, British Airways -- the new
partner of Caribbean Airlines -- would complete the long haul to
Gatwick-London Airport.  Caribbean Airlines will lose BWIA's landing rights
for Heathrow, which exist on a use it or lose it basis.

According to Newsday, the minister said that Caribbean Airlines would
operate in:

          -- Miami,
          -- Toronto,
          -- New York,
          -- Kingston (Jamaica),
          -- Georgetown (Guyana),
          -- Paramaribo (Suriname),
          -- St Martin, and
          -- Antigua and Barbuda.

Newsday underscores that Minister Enill believed that outsourcing of
services and re-employment of former staff would be readily available in
Trinidad and Tobago.  All local and foreign trade unions have signed
supplemental agreements, and the BWIA management has agreed to resolve all
outstanding union grievances.

Minister Enill told Newsday, "Supplemental agreements have not been
registered in the Industrial Court, with both the unions and BWIA basically
aligned in the challenge against the current court ruling.  BWIA has
appealed the judgment of the Court of Appeal."

The US unions had found BWIA's severance offer to its US staff to be very
generous, Minister Enill told Newsday.  However, the minister said that BWIA
thought it inappropriate to use taxpayers' money to offer them the same
terms and conditions as Trinidad and Tobago workers.

Meanwhile, Harry Partap -- a member of Parliament for Nariva, predicted that
the Caribbean Airlines will fail as the airline has a poor management team,
1955FM relates.  He said that the airline will suffer the same fate as BWIA.

According to 1955FM, Mr. Partap filed a motion in the lower house, debating
the shutting down of BWIA.  He called on the government to give a full
breakdown as to why it wants a shutdown.

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.


BRITISH WEST: Pan Trinbago Furious Over Airline's Motif Change
--------------------------------------------------------------
Pan Trinbago, a steelpan organization, is angry at the change of the
longstanding pan motif that adorned all planes of British West Indies
Airlines aka BWIA, Newsday reports.

As reported in the Troubled Company Reporter-Latin America on Oct. 18, 2006,
Peter Davies -- the chief executive officer of Caribbean Airlines, which
will take the place of BWIA -- said that the new airline would use the image
of a hummingbird as its logo, as the hummingbird is found in the New World
and Trinidad and Tobago was known as the Land of the Hummingbird.

Patrick Arnold, the head of Pan Trinbago, told Newsday that the organization
was upset at the decision to remove the steelpan motif from the tailfin of
airplanes acquired to serve routes flown by Caribbean Airways.  He said that
the hummingbird can't be seriously proffered as a Trinidad and Tobago
trademark, since this bird species is not unique to the country.

Mr. Arnold said in a press release, "As far as we are aware, there has been
no complaint from the traveling public about the steelpan motif, nor does it
contravene any known regulation regarding airplane markings.  In fact, the
change appears to have resulted from nothing but a mixture of capricious
thought and unchallenged authority."

If the inspiration for representing the steelpan on BWIA aircraft remained
intact as a mechanism for steering attention to Trinidad and Tobago's
musical creativity, the promotional message communicated by the design
displayed on the tailfins of the country's airplanes should reflect that
concept in a more definitive way taht a hummingbird picture could never do,
Newsday says, citing Mr. Arnold.

Mr. Arnold told Newsday, "While Trinidad and Tobago was once described as
the Land of the hummingbird, several countries, some with infinitely greater
concentration of the species, now claim it as their identifier.  We are
therefore suitably astonished by the decision to use a logo of such ubiquity
that no viewer is likely to perceive it as exclusively Trini."

Pan Trinbago urged in a press release that Caribbean Airlines and the
Trinidad and Tobago government reconsider the hummingbird branding of its
equipment and reinstate the steelpan as a matchless identifier of Trinidad
and Tobago's cultural heritage.

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.



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


CIRSA BUSINESS: Moody's Lowers Corporate Credit Rating to B1
------------------------------------------------------------
Moody's Investors Service today downgraded the corporate family rating of
Cirsa Business Corporation SA to B1 from Ba3, the rating of Cirsa Finance
Luxembourg S.A.'s EUR270 million senior notes due 2014 to B2 from B1 and the
rating of Cirsa Capital Luxembourg S.A.'s EUR130 million senior notes due
2012 to B3 from B2.  Concurrently, Moody's assigned a provisional (P)B3
rating to the additional EUR100 million senior notes due 2012 expected to be
issued by Cirsa Capital Luxembourg on similar terms and conditions to the
existing EUR130 million notes. The outlook on all ratings is stable.

The downgrades conclude the rating review initiated on
Oct. 2, 2006, and reflect Moody's view that, despite Cirsa's improved
operating performance in the first nine months of 2006, the improvement in
credit metrics has been slower than anticipated resulting in the credit
metrics today not being in line with Moody's expectations for the rating
category.

While Cirsa's business risk profile continues to reflect "Ba"
characteristics, supported by its clear leadership in the fragmented Spanish
gaming market and the relatively favourable fundamentals of the Spanish and
Latin American gaming markets, the company currently displays credit metrics
more commensurate with a "B" rating.  Moody's expects Cirsa to post an
Adjusted Debt/Adjusted EBITDAR ratio of around 5.6x and a Retained Cash Flow
to Adjusted Debt ratio of 10% by year-end 2006.  Moody's adjusted debt
includes a EUR343 million adjustment for operating leases and does not
include cash balances.  In Moody's opinion, Cirsa's rating as a result of
this action will now become more adequately positioned at the B1 rating
category.  Standard & Poor's expects the company to become more strongly
positioned within the rating category as the strategic initiatives being
implemented by the new management team are successfully executed resulting
in anticipated improvements in credit metrics.

In Moody's opinion, the task of improving financial metrics will prove
challenging for Cirsa as a result of:

   (i) the company's publicly stated intention to continue to
       pursue external growth opportunities,

  (ii) the high concentration of profitability in the two
       riverboat casinos in Buenos Aires, which are exposed to
       high regulatory and litigation risk, and

(iii) the delays associated with achieving profitability in
       some of the divisions, particularly Manufacturing and
       Interactive.

However, Moody's recognizes these positive factors:

   (i) Cirsa's improved operating performance during 2006,

  (ii) the strategic initiatives launched by the new management
       team aimed at improving efficiency and streamlining
       operations (as reflected by the combination of the
       Manufacturing and Interactive divisions into a unified
       new B2B division), which should have a direct impact on
       EBITDA going forward,

(iii) the commitment to more rigorous investment criteria (as
       shown by the discipline displayed by the company in
       recent licence bids where Cirsa was outbid in the bidding
       processes for some casino licenses in Chile and in Lloret
       de Mar),

  (iv) the improvement in profitability at the new casinos in
       Latin America, which will progressively reduce the
       contribution of the Buenos Aires casino to the overall
       EBITDA of the group,

   (v) the commitment to reach specific financial targets such
       as Net debt/EBITDA (as reported by the company) below 4x,
       and

  (vi) the improved debt maturity profile following the issuance
       of the additional EUR100 million notes which will be used
       to refinance short-term debt.

The ratings that are affected are:

   -- Cirsa Business Corporation S.A's corporate family rating:
      Downgraded to B1 from Ba3;

   -- Rating of Cirsa Finance Luxembourg S.A.'s EUR270 million
      senior notes due 2014: Downgraded from B1 to B2;

   -- Rating of Cirsa Capital Luxembourg S.A.'s EUR130 million
      senior notes due 2012: Downgraded from B2 to B3; and

   -- Provisional rating of Cirsa Capital Luxembourg S.A.'s
      EUR100 million senior notes due 2012: (P)B3

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary opinion.
Upon a conclusive review of the transaction and associated documentation,
Moody's will endeavour to assign definitive rating to the securities.  A
definitive rating may differ from a provisional rating.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Brazil, The
Dominican Republic, Venezuela, Panama, Suriname, Peru, Argentina
and Uruguay.  For the twelve months ended September 2006, Cirsa had revenues
of EUR1.643 billion and EBITDA of EUR123.7 million.


CIRSA BUSINESS: S&P Cuts Corporate Credit Rating to B+ from BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate credit
rating on Spanish gaming company Cirsa Business Corp. SA to 'B+' from 'BB-'.
The outlook is stable.

At the same time, the senior unsecured debt rating on related entity Cirsa
Finance Luxembourg S.A. was lowered to 'B' from 'B+' and the senior
unsecured debt rating on Cirsa Capital Luxembourg S.A. was lowered to 'B-'
from 'B'.  Cirsa Capital Luxembourg's proposed ?100 million bond issue due
2012 has been assigned a preliminary rating of 'B-', subject to receipt of
final documentation.  All bonds are guaranteed by Cirsa.

"The one-notch downgrade reflects Cirsa's aggressive financial profile and a
shortfall in achieving expected leverage ratios," said Standard & Poor's
credit analyst Philip Temme.

Standard & Poor's warned in May 2006 that a substantial improvement in
operating cash flows would be required to avoid a downgrade, and set 2006
target leverage ratios of lease-adjusted debt to EBITDA below 4x and funds
from operations to adjusted debt of 15%.  Given that Cirsa's lease-adjusted
debt to EBITDA was well in excess of this target in the 12 months to Sept.
30, 2006, and FFO to debt was 14% at the same date, key leverage measures
remain outside levels commensurate with a 'BB-' rating.

Assuming the bond refinancing proceeds as planned, thereby improving the
group's liquidity position, Standard & Poor's expects the outlook for Cirsa
to remain stable.

"To maintain the ratings, we expect Cirsa to continue to exercise capital
expenditure restraint and to achieve lease-adjusted debt to EBITDA of about
5x and FFO to net debt of about 15%," Mr. Temme added.

The outlook could be revised to positive in the medium term if the new CEO's
restructuring measures and commitment to deleveraging feed through
successfully to key credit measures--specifically, a return to
lease-adjusted debt to EBITDA of about 4x.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Brazil, The
Dominican Republic, Venezuela, Panama, Suriname, Peru, Argentina
and Uruguay.  In H1 2006, Cirsa generated net revenues of EUR820
million.


DIVINO SA: Moody's LatAm Puts Caa1 Rating on US$2.4MM Bonds
-----------------------------------------------------------
Moody's Latin America assigned a Caa1 global local currency rating and a
Ba3.uy national scale rating to Divino's US$2.4 million bonds.  The rating
outlook is negative.

The ratings primarily reflect the company's weak cash generation, tight
liquidity, small size and geographic concentration.  However, the ratings
also incorporate Divino's leading position in the Uruguayan market, its
strong market share despite increased competition, and long track record in
the business.  Low debt levels have also been considered when assigning the
ratings.

The key rating factors considered in assigning Divino's ratings are:

   -- Scale & Diversification

      Divino is a small Uruguayan mattress producer with total
      sales amounting to approximately US$20 million.  Although
      very small when compared to its international peers, it is
      the market leader in Uruguay with more than 50% market
      share.

   -- Franchise Strength and Growth potential

      While Divino is the market leader in Uruguay, the entrance
      of Sealy's products into the market last year has strongly
      impacted Divino's traditionally high market share.

      And while Divino is well-known in Uruguay, the brand has
      no strength outside that country.

   -- Cost Efficiency & Profitability

      Divino is a vertically integrated company that shows
      adequate margins for its rating category.  Despite the
      recent cost increases in some of its raw materials and
      other cost, such us salaries, Divino has been able to
      sustain its margins and profitability.  Going forward
      Moody's will monitor Divino's ability to pass through
      additional cost increases in a more competitive scenario.

   -- Financial Policy and Liquidity

      As it is a closed, family-owned company, it has been
      usually reluctant to take on debt, as shown by the low
      debt levels on its balance sheet.  As a result, internally
      generated cash was consumed by working capital needs,
      resulting in negative FCF ratios.

   -- Financial Strategy and Financial Metrics

      Increased working capital needs and internally financed
      plant investments have left the company with negative FCF
      over the last four fiscal years.  In Moody's opinion, the
      strategy adopted by management could be risky as it leaves
      the company without any financial flexibility.

                      Negative Outlook

The negative outlook reflects Moody's concern over the sustainability of the
company's financial policy, given its low financial flexibility driven by
the minimal cash on its balance sheet and its permanent negative free cash
flows. Concern over its ability to sustain or stabilize its market share and
sustain profits as it faces new competitors in its market, as well as
renewed cost pressures, are also adding downward pressure to the ratings.

             What Could Change the Rating Down

Increased competition that further diminishes Divino's market share or
profitability and continued negative free cash flows in relation to debt
could lead to a rating downgrade.

       What Could Change the Outlook Back to Stable

Moody's would consider changing the outlook to stable if Divino showed
strong evidence that it is able to consistently generate positive FCF in
relation to debt, as well as sustainable profits in a more competitive
environment.  Stabilizing its declining market share, improved cash
management, and higher levels of cash on its balance sheet could also help
return the outlook to stable.

Founded in 1935, Divino S.A. is a small Uruguayan family-owned company,
which manufactures, sells and exports spring and rubber-foam mattresses and
polyurethane products. Total sales for the fiscal year ended June 2006
reached approximately U$ 20 million.


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


PETROLEOS DE VENEZUELA: Absorbs About 1,700 Temporary Workers
-------------------------------------------------------------
Under the slogan, "Labor justice for those who deserve justice," 1,799
temporary workers of Petroleos de Venezuela SA Exploracion y Produccion
Occidente received the cards that identify them as permanent workers of the
oil industry, in recognition for the tasks they have been performing for
years as contracted personnel.

"Today is an important day, we are doing justice to all those companions who
have worked for years as contracted workers and finally today become part of
PDVSA's payroll, in keeping with the promise made by the minister of Energy
and Petroleum and president of Petroleos de Venezuela, Rafael Ramirez",
stated the vice-president of Exploration and Production, Luis Vierma, after
giving out the new identification cards to the workers.

Mr. Vierma also highlighted that this new contingent of workers will
contribute to continue taking the benefits of oil to the sovereign people
and to the places where the company carries out operations.  This differs
from the scheme used in the old Petroleos de Venezuela, which installed the
drills and withdrew after extracting the oil, leaving hunger and misery in
the population.

Petroleos de Venezuela SA -- http://www.pdv.com/-- 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.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* NASDAQ STOCK: S&P Lowers Counterparty Credit Rating to BB
-----------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term counterparty credit
rating on The Nasdaq Stock Market Inc. to 'BB' from 'BB+'.  The 'BB+' rating
on Nasdaq's existing bank loan facility, which financed the initial 29%
stake in the London Stock Exchange (LSE), is affirmed, while the Recovery
Rating is revised to '1' from '2'. The ratings were removed from CreditWatch
Negative where they were placed on Nov. 20, 2006. The outlook is stable.

At the same time, Standard & Poor's has assigned our 'BB+' bank loan rating
to the proposed US$750 million senior secured Term Loan B, US$2.0 billion
senior secured Term Loan C, and US$75 million revolver to be issued by
Nasdaq, as well as the
US$500 million senior secured Term Loan C to be issued by Nightingale
Acquisition Ltd., a U.K.-based subsidiary of Nasdaq. The rating agency has
assigned a Recovery Rating of '1', which indicates full recovery of
principal in the event of default.

In addition, Standard & Poor's has assigned our 'B+' rating to the proposed
US$1.75 billion senior unsecured bridge loan to be issued by Nasdaq and NAL.

The proceeds from the senior secured bank loans and senior unsecured bridge
loan will be used to finance the acquisition of the 71% of LSE Group plc
that Nasdaq does not already own and to refinance existing borrowings at
both Nasdaq and the LSE.

"The rating actions follow Nasdaq's disclosure of the details of its
financing to acquire the remaining shares of the LSE at an offer price of
GBP1,243 per ordinary share.  The new ratings take into account the
potential transformation in Nasdaq's franchise should it successfully
acquire the LSE, but this is more than offset by Nasdaq's heavy reliance on
issuing more debt to complete this transaction," said Standard & Poor's
credit analyst Charles D. Rauch.

If Nasdaq succeeds in acquiring the LSE, the combined organization would
become a world-class stock market, operating on two continents and having a
favorable venue for global corporate listings.  The acquisition also brings
some expense and technology synergies, but is not without risk.  There is a
high degree of integration risk, especially if Nasdaq proceeds on a
"nonrecommended" basis, and the new debt financing places an extremely heavy
burden on Nasdaq's balance sheet. We estimate the initial debt-to-EBITDA
coverage will be more in line with lower rated corporations, but this would
be offset by the potential cash flow generation at the combined
organization.

The outlook is stable.  A combination with LSE would give Nasdaq a more
diversified listing of corporate stocks in terms of both geography and
industry, which should translate into less volatile and better quality of
earnings over the long term.

Ratings are currently constrained by Nasdaq's heavy debt burden and,
secondarily, its weak tangible capital.  If Nasdaq is successful in
integrating the LSE and generating strong cash flows so it can quickly pay
down debt, or if a third party buys out Nasdaq's existing stake at a gain,
there is upside rating potential.  Alternatively, ratings could be
vulnerable if Nasdaq raises its offer price and needs to issue even more
debt to acquire the LSE or if it acquires the LSE, but does not successfully
integrate it.


* Alvarez & Marsal Establishes Operations in Canada
---------------------------------------------------
Alvarez & Marsal has expanded its North American operations to Canada with
the opening of a Toronto office.  Douglas R. McIntosh, the former head of
KPMG's Canadian restructuring practice, has been named managing director and
head of Alvarez & Marsal Canada ULC.  He also joins the firm's executive
committee for commercial restructuring in North America.

A pioneer in the nascent corporate restructuring industry at the time of its
inception in 1983, Alvarez & Marsal has advanced concepts associated with
corporate renewal, and was also among the first specialist turnaround firms
to expand its global reach in Europe in 2000, followed by the opening of
offices in Asia and Latin America.  The firm's professionals excel at
problem-solving and value creation, serving in advisory and interim
management roles (when necessary), including chief restructuring officer,
chief executive officer, and chief financial officer, among a range of other
key posts to accelerate operational and financial performance improvement.
Alvarez & Marsal brings a results-oriented track record for providing
turnaround and interim management, performance improvement and other
advisory services to clients with cross-border operations.

"The strong business and financial relationship between Canada and the U.S.
makes a presence in Canada a natural step for Alvarez & Marsal," said Bryan
Marsal, co-CEO of the firm.  "In addition, because Alvarez & Marsal is not
an audit and accounting firm, our business platform is not subject to
conflict of interest or auditor independence issues, and can, therefore,
provide more effective and responsive client service than the large public
accounting firms.

"Doug has enormous credibility in the legal, financial, political and
business communities in Canada, and he knows how to get things done," Mr.
Marsal added.  "He exemplifies the kind of world class talent we seek to
bring on board in Canada, and has already hit the ground running to help
build our North American presence and team."

"In the past several years, the Canadian market has seen a major shift in
demand from creditor to company driven solutions," said Mr. McIntosh.
"Corporate management and boards of directors are now taking a more
proactive approach to dealing with problems and bringing in professionals
who have the skill sets necessary to solve problems, implement positive
change and maximize value for stakeholders.

"Alvarez & Marsal's global presence, depth and breadth of expertise in
crisis and interim management and traditional restructuring and insolvency
services set the firm apart in the Canadian market," he added.  "What's
more, A&M brings comprehensive cross-border capability to clients, a
critical element in today's highly integrated North American economy.  That
expertise is combined with the firm's suite of complementary services such
as global corporate finance, performance improvement, dispute analysis and
forensics, real estate and business consulting, among others.    This
comprehensive range of services will provide tremendous value to clients."

With more than two decades of turnaround and restructuring experience, Mr.
McIntosh has advised clients in both the private and public sectors, leading
numerous engagements involving cross-border operations as well as
significant out-of-court and Court sanctioned restructurings.  He also has
extensive experience serving in interim management roles, having operated
and sold numerous businesses as court appointed or privately appointed
receiver.

Mr. McIntosh also has been very active in the recent insolvency reform
process in Canada, serving as vice-chair of the Joint Task Force Steering
Committee on Insolvency Reform and as a member of the Joint Legislative
Review Task Force Committee, charged with responding to draft Bill C-55.

Mr. McIntosh holds a bachelor's degree in commerce from Queen's University,
where he has served as chair of the advisory board to the School of Business
from 2000 to 2004, and currently sits as past chair. He is a chartered
accountant, chartered insolvency and restructuring practitioner, and a
Canadian trustee in bankruptcy.  He is also a frequent speaker on
restructuring matters, and an active member of the Insolvency Institute of
Canada and the Canadian Association of Insolvency and Restructuring
Professionals.

Prior to joining A&M, Mr. McIntosh spent 25 years with KPMG, LLP in Canada,
where he served as leader of the firm's Canadian restructuring practice for
the past seven years.

                   About Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com/-- is a leading global
professional services firm with expertise in guiding underperforming
companies and public sector entities through complex operational, financial
and organizational challenges.  The firm excels in problem solving and value
creation, and brings a bias toward executing solutions with a distinctive
hands-on approach to serving clients, management and stakeholders.

Founded in 1983, Alvarez & Marsal draws on its strong operational heritage
to provide specialized services, including Turnaround and Management
Advisory, Crisis and Interim Management, Performance Improvement, Creditor
Advisory Services, Corporate Finance, Dispute Analysis and Forensics, Tax
Advisory, Business Consulting, Real Estate Advisory and Transaction
Advisory.  A network of experienced professionals in locations across the
U.S., Europe, Asia and Latin America, enables the firm to deliver on its
proven reputation for leadership, problem solving and value creation.


* Thomas Elliott Joins Alvarez & Marsal as Managing Director
------------------------------------------------------------
Thomas L. Elliott III has joined Alvarez & Marsal as a managing director and
co-head of the firm's Public Sector group.  Based in Atlanta, he joins
co-heads William Roberti and Sajan George to lead the group, which serves
entities including school systems and other federal, state and municipal
government organizations.

Bringing more than 26 years of executive leadership and professional
services experience to the firm, Mr. Elliott specializes in providing
turnaround, restructuring and performance improvement solutions.

Prior to joining A&M, he was president of the Global Commercial Industries
business unit of Unisys Corp., a global consulting services and technology
company, and served as a member of its Executive Committee.  Before that, he
was an Executive Vice President at BearingPoint, where he served as a member
of the firm's executive team.

"Alvarez & Marsal has established a significant track record of bringing a
business-like approach to improving the finances, operations and service
delivery of public sector organizations, ranging from school districts to
hospitals to government agencies," said Bryan Marsal, co-founder and co-CEO
of Alvarez & Marsal.  "Tom brings an outstanding background in consulting as
well as a personal passion for serving the public interest.  We are
delighted to welcome him to our growing team of senior professionals
dedicated to this sector."

Earlier in his career, Mr. Elliott spent 22 years with Arthur Andersen,
where he provided business consulting and financial advisory services to
many Global 1000 companies across a wide range of industries.  At Andersen,
he held several executive leadership positions, serving as a member of the
global executive team, the firm's top global leadership team, and on the
board of partners.  Mr. Elliott was also the managing partner of Andersen's
U.S. business consulting practice and global communications and
entertainment group.  A certified public accountant, he earned a bachelor's
degree in business administration and a master's degree in accounting from
the University of Georgia.

Alvarez & Marsal Public Sector Services helps public sector entities
identify new ways to overcome challenges and implement sustainable change -
pioneering an approach based on operational and financial improvement
principals that have proved powerful in the private sector.  As the first
known professional services firm specializing in corporate restructuring to
be hired by a public school district to implement "turnaround" reforms,
Alvarez & Marsal has amassed an unparalleled track record, working with
districts in St. Louis, New Orleans, before and after Hurricane Katrina,
Wilmington, Delaware, the U.S. Virgin Islands and New York City.

                   About Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com/-- is a leading global
professional services firm with expertise in guiding underperforming
companies and public sector entities through complex operational, financial
and organizational challenges.  The firm excels in problem solving and value
creation, and brings a bias toward executing solutions with a distinctive
hands-on approach to serving clients, management and stakeholders.

Founded in 1983, Alvarez & Marsal draws on its strong operational heritage
to provide specialized services, including Turnaround and Management
Advisory, Crisis and Interim Management, Performance Improvement, Creditor
Advisory Services, Corporate Finance, Dispute Analysis and Forensics, Tax
Advisory, Business Consulting, Real Estate Advisory and Transaction
Advisory.  A network of experienced professionals in locations across the
U.S., Europe, Asia and Latin America, enables the firm to deliver on its
proven reputation for leadership, problem solving and value creation.


* BOOK REVIEW: The Chief Executives
-----------------------------------
Author:     Isadore Barmash
Publisher:  Beard Books
Paperback:  260 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982285/internetbankrupt

The Chief Executives by Isadore Barmash is a provocative book dealing with
the chief executive cult in America.  This should be read by anyone
interested in the American corporate system and those who run it.

Isadore Barmash, one of the country's most respected business writers, takes
a penetrating look into the minds, hearts, consciences, attitudes, and life
styles of the CEOs of the 1970s.

This surprisingly candid book is based upon extensive research and
interviews with influential corporate chiefs, management consultants, and
economists.

Among others, Reginald Jones of GE, Irving Shapiro of Du Pont, and John de
Butts of AT&T offer new insights into management's modus operandi, problems,
and their own special public and private worlds.


                         ***********


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 publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of the
publishers.

Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$575 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are US$25 each.
For subscription information, contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *