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        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, August 19, 2008, Vol. 9, No. 164

                            Headlines


A R G E N T I N A

ABN AMRO: Moody's Shifts Caa1 Deposit Rating Outlook to Stable
BANCO CETELEM: Moody's Revises Caa1 Rating Outlook to Stable
BANCO COLUMBIA: Moody's Changes Outlook on Caa1 Rating to Stable
BANCO COMAFI: Moody's Shifts Caa1/B2 Rating Outlooks to Stable
BANCO CREDICOOP: Moody's Changes Caa1 Rating Outlook to Stable

BANCO DE LA CIUDAD: Moody's Shifts Caa1 Rating Outlook to Stable
BANCO DE SANTIAGO: Moody's Shifts Caa1 Rating Outlook to Stable
BANCO DE VALORES: Moody's Changes Caa1 Rating Outlook to Stable
BANCO DEL TUCUMAN: Moody's Changes Caa1 Rating Outlook to Stable
BANCO FINANSUR: Moody's Revises Caa1 Rating Outlook to Stable

BANCO HIPETECARIO: Moody's Shifts Caa1 Rating Outlook to Stable
BANCO ITAU: Moody's Revises Caa1 Rating Outlook to Stable
BANCO MACRO: Moody's Shifts Outlook on Caa1/B2 Ratings to Stable
BANCO PATAGONIA: Moody's Shifts Caa1/B2 Rtg. Outlooks to Stable
BANCO PIANO: Moody's Revises Outlook on Caa1 Rating to Stable

BANCO SANTANDER: Moody's Changes Caa1 Rating Outlook to Stable
BANCO SUPERVIELLE: Moody's Shifts Caa1 Rating Outlook to Stable
BNP PARIBAS: Moody's Revises Caa1 Rating Outlook to Stable
DELTA AIR: Oregon Revenue Dept. Seeks US$563,926 Tax Payment
HSBC BANK: Moody's Shifts Outlook on Caa1/B2 Ratings to Stable

MBA BANCO: Moody's Shifts Caa1 Deposit Rating Outlook to Stable
NEUVO BANCO: Moody's Revises Outlook on Caa1 Rating to Stable
NUEVO BANCO DE LA RIOJA: Moody's Shifts Rating Outlook to Stable
NUEVO BANCO UNDUSTRIAL: Moody's Shifts Caa1 Rtg. Outlook Stable
PSA FINANCE: Moody's Revises Outlook on Caa1 Rating to Stable

STANDARD BANK: Moody's Changes on Caa1 Rating Outlook to Stable
TELEFONICA DE ARGENTINA: Moody's Shifts Outlook, Keeps B2 Rating


B O L I V I A

BANCO DE LA NACION (BOLIVIA): Moody's Changes Outlook to Stable


B R A Z I L

ARROW ELECTRONICS: Names Brian McNally as Arrow EMEASA Chief
BOWNE & CO: S&P Says BB Rating Unaffected By 2nd Quarter Results
COMPANHIA DE SANEAMENTO: Zacks Keeps Buy Recommendation on Firm
COMPANHIA PARANAENSE: Books BRL357.5 Mil. Net Income in 2Q 2008
COSAN SA: Barra Bioenergia Reaches Trade Pact With CFPL

FORD MOTOR: Sells US$500MM Shares to Buy Back Credit Arm's Debt
GENERAL MOTORS: Moody's Cuts Corporate Family Rating to Caa1
SUL AMERICA: Net Income Ups 8.3% to BRL206.8M in First Half 2008
TELE NORTE: Telemar Issues Promissory Notes for BRL3.6 Billion
TELEMIG CELULAR: Sells Common Shares to TCO-IP SA

ULTRAPAR PARTICIPACOES: S&P Holds BB Global Corp. Credit Rating


C A Y M A N  I S L A N D S

ATTILLA HOLDINGS: Sets Final Shareholders Meeting on Aug. 21
BT BRAM: Will Hold Final Shareholders Meeting on Aug. 21
BT INVESTMENTS: Holds Final Shareholders Meeting on Aug. 21
BT YOSEMITE: To Hold Final Shareholders Meeting on Aug. 21
CP & PARTNERS: Proofs of Claim Filing Deadline Is Aug. 21

CRIUS LTD: Deadline for Proofs of Claim Filing Is Aug. 21
CRIUS INVESTMENT: Proofs of Claim Filing Deadline Is Aug. 21
DEUTSCHE AOTEAROA: Final Shareholders Meeting Is on Aug. 21
HARUMI 1: Deadline for Proofs of Claim Filing Is Aug. 21
HARUMI INVESTMENT: Proofs of Claim Filing Is Until Aug. 21

IMT INVESTING: Holds Final Shareholders Meeting on Aug. 21
JP CAPITAL: Will Hold Final Shareholders Meeting on Aug. 21
KAKUSAN INVESTMENT: Proofs of Claim Filing Deadline Is Aug. 21
OFGP LIMITED: Holding Final Shareholders Meeting on Aug. 21
PROVISO REAL ESTATE: Proofs of Claim Filing Is Until Aug. 21

SAINT GERMAIN: Proofs of Claim Filing Deadline Is Aug. 21
SALOMON BROTHERS: Deadline for Claims Filing Is Aug. 21
SUKESAN LTD: Deadline for Proofs of Claim Filing Is Aug. 21
SUKESAN INVESTMENT: Deadline for Claims Filing Is Aug. 21
TMN FUNDING: Deadline for Proofs of Claim Filing Is Aug. 21

UBS NEUTRAL: Holding Final Shareholders Meeting on Aug. 21
UBS NEUTRAL ALPHA: Sets Final Shareholders Meeting on Aug. 21


C H I L E

WARNER MUSIC: Fitch Affirms 'BB-' Issuer Default Ratings


C O L O M B I A

SOLUTIA INC: To Raise US$290MM in Equity Offering to Repay Debt
SOLUTIA INC: S&P Says Ratings Unchanged on Equity Offering


D O M I N I C A N   R E P U B L I C

SMURFIT KAPPA: Earns EUR83 Mln in Second Quarter Ended June 30


M E X I C O

BLOCKBUSTER INC: Moody's Affirms Caa1 Corporate Family Rating
DURA AUTOMOTIVE: Names Robert Oswald as Board Member
RADIOSHACK CORP: S&P Affirms 'BB' Corporate Credit Rating
SANLUIS RASSINI: Moody's Cuts B2 Corporate Family Rating to Caa1
SATELITES MEXICANOS: June 30 Balance Sheet Upside-Down by US$37M


P U E R T O  R I C O

SIMMONS CO: S&P Puts 'B' Rating on Watch Negative


U R U G U A Y

BANCO DE LA NACION (URUGUAY): Moody's Shifts Outlook to Stable
DIVINO SA: Moody's Ups Rating on US$2.43MM Notes to B2 from Caa1

* Large Companies With Insolvent Balance Sheet


                         - - - - -


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

ABN AMRO: Moody's Shifts Caa1 Deposit Rating Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

ABN Amro Bank N.V. (Argentina):

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Netherland-based ABN Amro Bank N.V. (Euronext: AAB, NYSE: ABN)
is a consortium of three European banks: Royal Bank of Scotland
Group, Fortis and Banco Santander and has operations in about 63
countries around the world.  ABN Amro Argentina is a subsidiary
of the bank.  ABN Amro Argentina had total assets of
ARS1.03 billion (approximately US$323 million) and equity of
ARS77 million (US$24 million).


BANCO CETELEM: Moody's Revises Caa1 Rating Outlook to Stable
------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Cetelem Argentina SA:

  -- Foreign currency deposit rating of Caa1, stable from
     positive


BANCO COLUMBIA: Moody's Changes Outlook on Caa1 Rating to Stable
----------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Columbia SA:

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Banco Columbia S.A. is headquartered in Buenos Aires, Argentina,
and it had assets of ARS779.5 million, deposits for
ARS707.4 million, and equity of ARS72.1 million, as of March
2008.


BANCO COMAFI: Moody's Shifts Caa1/B2 Rating Outlooks to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Comafi SA:

  -- Foreign currency deposit rating of Caa1, stable from
     positive

  -- Foreign currency senior debt rating of B2, stable from
     positive

Banco Comafi is headquartered in Buenos Aires, Argentina, and it
had assets of ARS2.2 billion and deposits for ARS1.4 billion as
of March 2007.


BANCO CREDICOOP: Moody's Changes Caa1 Rating Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Credicoop Cooperativo Limitado:

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Founded in 1979, Banco Credicoop Cooperativo Limitado is
headquartered in Buenos Aires, Argentina.


BANCO DE LA CIUDAD: Moody's Shifts Caa1 Rating Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco de la Ciudad de Buenos Aires:

  -- Foreign currency deposit rating of Caa1, stable from
     positive


BANCO DE SANTIAGO: Moody's Shifts Caa1 Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco de Santiago del Estero S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive


BANCO DE VALORES: Moody's Changes Caa1 Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco de Valores S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

Headquartered in Buenos Aires, Argentina, Banco de Valores SA --
http://www.bancodevalores.com/rights.htm-- is owned by the
Buenos Aires stock exchange.  It was established in 1978 by
Mercado de Valores de Buenos Aires to carry on activities
inherent in investment banking, complementarily performing
retailer bank activities.  The bank specializes in providing
banking and clearing services to the securities industry and
capital market participants.


BANCO DEL TUCUMAN: Moody's Changes Caa1 Rating Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:


Banco del Tucuman S.A.

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Banco del Tucuman S.A. is based in San Miguel del Tucuman,
Argentina and had 25 branches.


BANCO FINANSUR: Moody's Revises Caa1 Rating Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Finansur SA:

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Headquartered in Buenos Aires, Argentina, Banco Finansur SA had
assets of ARS472 million and deposits for ARS329 million, as of
March 2008.


BANCO HIPETECARIO: Moody's Shifts Caa1 Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Hipotecario SA:

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Headquartered in Buenos Aires, Argentina, Banco Hipotecario SA
-- http://www.hipotecario.com.ar-- is an Argentinean commercial
bank and specialty mortgage provider.  Banco Hipotecario's
business lines include credit lines for consumers, short-term
financing for exporting companies, factoring services, deposit
accounts, purchase and sale of foreign currency, custodial
services, safe deposit box rentals, payroll bank accounts,
securities brokerage services and sales of insurance through
authorized agents and companies.  The bank launched this new
series of products and services as an alternative to its
mortgage loans business, which as a result of the economic
crisis, came to a temporary halt in 2002.  In late 2003, and in
the light of the favorable trends shown by economic variables,
Banco Hipotecario started to offer new housing mortgage loans.
The bank's subsidiaries consist of BHN Sociedad de Inversion
Sociedad Anonima.


BANCO ITAU: Moody's Revises Caa1 Rating Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Itau Argentina S.A.

  -- Foreign currency deposit rating of Caa1, stable from
     positive


BANCO MACRO: Moody's Shifts Outlook on Caa1/B2 Ratings to Stable
----------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Macro S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

-- Foreign currency senior debt rating of B2, stable from
    positive

-- Foreign currency subordinated debt rating of B2, stable from
    positive

Headquartered in Buenos Aires, Argentina, Banco Macro (NYSE:
BMA; Buenos Aires: BMA) -- http://www.macro.com.ar/-- had
consolidated assets of ARS11.6 billion (US$3.7 billion) and
consolidated deposits of ARS6 billion (US$2 million) as of
June 2007.


BANCO PATAGONIA: Moody's Shifts Caa1/B2 Rtg. Outlooks to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Patagonia S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

-- Foreign currency subordinated debt rating of B2, stable from
    positive

Banco Patagonia specializes in public offerings of
securitizations.  It became Argentina's fifth largest locally
owned private bank through its purchase of Lloyds TSB Argentina
in late 2004.  The bank operates through 139 branches and has
202 ATM machines.


BANCO PIANO: Moody's Revises Outlook on Caa1 Rating to Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Piano S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

Headquartered in Buenos Aires, Argentina, Banco Piano S.A. is a
specialized retail bank owned by the Piano family.  As of March
2006, the bank had ARS303.6 million in assets (approximately
US$98.6 million) and ARS193.1 million in deposits (approximately
US$62.7 million).


BANCO SANTANDER: Moody's Changes Caa1 Rating Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Santander Rio S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

Banco Santander Rio S.A. is headquartered in Buenos Aires,
Argentina.  The bank had ARS16.2 billion (US$5.3 billion) in
total assets and ARS12.6 billion (US$4.1 billion) in deposits
as of December 2006.


BANCO SUPERVIELLE: Moody's Shifts Caa1 Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco Supervielle SA:

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Banco Supervielle -- http://www.supervielle.com.ar/-- is owned
by Banco Banex S.A., and together they form the Supervielle
Group, the sixth-largest private banking group in Argentina.
The bank operates 122 branches and payment centers, which are
mainly concentrated in the provinces of Buenos Aires, Cordoba,
Mendoza, San Luis, and Santa Fe.


BNP PARIBAS: Moody's Revises Caa1 Rating Outlook to Stable
----------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

BNP Paribas (Argentina)

-- Foreign currency deposit rating of Caa1, stable from
    positive

BNP Paribas, one of Europe's largest banks, operates some 2,200
retail branches in France and has operations in about 85 other
countries, including Argentina.  BNP Paribas (Argentina) had
total assets of ARS1 billion (approximately US$326 million) and
equity of ARS79.3 million (US$25.2 million).


DELTA AIR: Oregon Revenue Dept. Seeks US$563,926 Tax Payment
------------------------------------------------------------
The State of Oregon Department of Revenue asked the U.S.
Bankruptcy Court for the Southern District of New York to allow
its Claim No. 8269 -- related to tax returns filed by Delta Air
Lines, Inc. -- totaling US$563,926.  The Claim has a US$553,717
priority portion.

Senior Assistant Attorney General Carolyn G. Wade, Esq.,
related, on behalf of the Oregon Revenue Department, that the
tax returns from which Claim No. 8269 is asserted, was filed in
April 2007, and replaced Claim Nos. 7573 and 8190.

Ms. Wade maintained that the Claim accrues a statutory interest
of  11% per year, which has totaled $75,093 since the effective
date of the Plan.

Pursuant to their confirmed Plan of Reorganization, the Debtors
agreed to provide for payment of priority tax claims in a single
cash distribution, with respect to Claim No. 8269, as opposed to
the option to make equal payments on the fifth and sixth
anniversaries of assessments, Ms. Wade tells the Court.

According to Ms. Wade, it has been more than 10 months since the
Oregon Revenue Department asked the Debtors to satisfy the
Claim.

For these reasons, the Debtors asked the Court to:

   * allow Claim No. 8269 for US$563,926, where US$553,717 is
     entitled to priority payment; and

   * direct the Debtors to immediately pay the priority portion
     of Claim No. 8269, including all interest.

                          About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE: DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.

The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 25, 2007, the Court confirmed
the Debtors' plan.  That plan became effective on April 30,
2007.  The Court entered a final decree closing 17 cases on
Sept. 26, 2007.  (Delta Air Lines Bankruptcy News, Issue No.
105; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


HSBC BANK: Moody's Shifts Outlook on Caa1/B2 Ratings to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

HSBC Bank Argentina S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

-- Foreign currency senior debt rating of B2, stable from
    positive


MBA BANCO: Moody's Shifts Caa1 Deposit Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

MBA Banco de Inversiones S.A.

  -- Foreign currency deposit rating of Caa1, stable from
     positive

MBA Banco de Inversiones is a leading investment bank based in
Buenos Aires, Argentina, where it has operated since 1981 in
various associations with major international investment houses.


NEUVO BANCO: Moody's Revises Outlook on Caa1 Rating to Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Nuevo Banco Bisel S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive


NUEVO BANCO DE LA RIOJA: Moody's Shifts Rating Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Nuevo Banco de La Rioja S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

Nuevo Banco de la Rioja SA is a commercial bank located in the
Province of La Rioja, with US$83 million in deposits and US$111
million in assets as of June 2007. The bank acts as the
financial agent of the Province of La Rioja and is 59.5% owned
by BSE, 10.5% by the Ick Group and 30% by the Province of La
Rioja.


NUEVO BANCO UNDUSTRIAL: Moody's Shifts Caa1 Rtg. Outlook Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Nuevo Banco Industrial de Azul S.A.

  -- Foreign currency deposit rating of Caa1, stable from
     positive

Nuevo Banco Industrial de Azul S.A is headquartered in Buenos
Aires, Argentina, and it had assets of ARS1.8 billion and
deposits for ARS0.8 billion, as of March 2007.  The bank has 22
branches.  It is one of the principle banks of Argentina.  It
provides corporate banking, exterior commerce, capital markets,
and markets of exchange rates.


PSA FINANCE: Moody's Revises Outlook on Caa1 Rating to Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

PSA Finance Argentina Compañía Financiera S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

PSA Finance Argentina is headquartered in Buenos Aires,
Argentina, and it had assets of ARS348.6 million and a loan
portfolio amounting to ARS345 million, as of March 2008.


STANDARD BANK: Moody's Changes on Caa1 Rating Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Standard Bank Argentina S.A.

-- Foreign currency deposit rating of Caa1, stable from
    positive

Headquartered in Buenos Aires, Argentina, Standard Bank
Argentina SA -- www.standardbank.com.ar -- is a subsidiary of
Standard Bank Plc, which owns 77% of the Argentine unit, while
the remaining 23% is in the hands of local partners.  Standard
Bank Argentina ranks 10th and sixth in terms of assets and
deposits with market shares of 4% and 5% respectively.


TELEFONICA DE ARGENTINA: Moody's Shifts Outlook, Keeps B2 Rating
----------------------------------------------------------------
Moody's Latin America changed the rating outlook to stable from
positive for Telefonica de Argentina's foreign currency rating
of B2 and for the Aa3.ar (national scale rating).  The rating
action was taken in conjunction with Moody's outlook change to
stable from positive for Argentina's B2 foreign currency ceiling
on Aug. 14, 2008.  The company's foreign currency rating
continues to be constrained by Argentina's B2 ceiling.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.



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

BANCO DE LA NACION (BOLIVIA): Moody's Changes Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco de la Nacion Argentina (Bolivia)

-- Local currency deposit rating of Caa1, stable from positive



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

ARROW ELECTRONICS: Names Brian McNally as Arrow EMEASA Chief
------------------------------------------------------------
Arrow Electronics has named Brian McNally as president of Arrow
EMEASA, effective immediately.

Mr. McNally will have responsibility for Arrow's operations in
Europe, Middle East, Africa and South America (EMEASA).  He will
report to Michael J. Long, president and chief operating officer
of Arrow Electronics, Inc. Arrow EMEASA provides electronic
components, services and solutions to a broad range of original
equipment manufacturers as well as contract manufacturers.

Mr. McNally has been with Arrow for over 20 years in many
leadership roles including managing director of Northern Europe,
president of North America Components and most recently
president of Global Alliance and Supply Chain Solutions.  Mr.
McNally holds a Bachelor of Business Administration degree in
production operations from the University of Michigan and a
Master of Business Administration degree from the University of
Michigan.

"I am confident that EMEASA will benefit greatly from Brian's
experience and leadership as we focus aggressively on gaining
market share and strengthening our support to customers and
suppliers," said Mr. Long.

"I am delighted to be back in Europe," said Mr. McNally, "and I
look forward to the challenge of outgrowing the market by
providing highly valued and differentiated service to our
customers and suppliers."

Philippe Combes who was president of Arrow EMEASA has left Arrow
to pursue other interests.  "We thank Philippe for his
contributions and wish him well in his new endeavors," said Mr.
Long.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


BOWNE & CO: S&P Says BB Rating Unaffected By 2nd Quarter Results
----------------------------------------------------------------
Standard & Poor's Ratings Services said its rating and outlook
on Bowne & Co. (BB-/Stable/--) are unaffected by the company's
reported financial results for the second quarter of 2008.  The
company's results for the quarter ended June 30, 2008 reflect a
significant decline in capital market activity as compared to
the same period in 2007, and the current rating is based on the
expectation for continued weakness in the transactional services
business for the remainder of the year.  To offset the current
downturn, the company implemented initiatives through which
management intends to achieve approximately US$55 million in
annualized cost savings, including headcount reductions, the
conversion to a cash balance pension plan, and the integration
and consolidation of manufacturing facilities attributable to
recent acquisitions.

"Reported EBITDA for the second quarter of 2008 was $30.1
million -- a 24% decline from $39.6 million for the second
quarter of 2007 -- which is in line with our expectation.  The
decline is primarily attributable to the decrease in capital
markets services revenue, which historically is the company's
most profitable service offering. While we expect continued
declines in capital market activities, the acquisitions of
Alliance Data Mail Services in November 2007, GCom2 Solutions in
February 2008, the digital print business of Rapid Solutions
Group in April 2008, and Capital Systems Inc. in July 2008
should serve to expand Bowne's client base and contribute to the
diversification of its revenues.  Although the company is still
in the early stages of integrating these acquisitions,
management expects that they will contribute $80 million to $85
million in revenue and $9 million to $11 million in EBITDA to
consolidated operating results in 2008," S&P says.

"Despite the weakness in operating trends, the stable rating
outlook remains appropriate given Bowne's credit metrics, as we
anticipate that the company will experience volatile earnings
depending on capital market conditions.  Based on second-quarter
results, we estimate the company's operating lease-adjusted debt
leverage to be about 3.3x.  This is in line with our previous
statement that leverage must remain at less than 4.5x to be
consistent with the current rating," S&P says.

Headquartered in New York City, Bowne & Co. Inc. (NYSE: BNE)
-- http://www.bowne.com/ -- provides financial, marketing and
business communications services around the world.  The company
has 3,200 employees and 60 offices worldwide.  The company's
Latin American offices are located in Argentina, Brazil and
Mexico.  Its annual revenue is approximately US$850 million.


COMPANHIA DE SANEAMENTO: Zacks Keeps Buy Recommendation on Firm
---------------------------------------------------------------
Zacks Investment Research is keeping its Buy recommendation on
Companhia de Saneamento Basico do Estado de Sao Paulo, or
SABESP.

The company posted positive results for the second quarter of
2008, even though operating margins were lower.  Net operating
revenues reached BRL1,513.3 million (US$917.2 million) from
BRL1,447.8 million in the second quarter of 2007, representing a
4.5% increase year-over-year in Brazilian reals.

The short-term outlook remains positive, based on the September
2008 tariff adjustment.  Despite an increase in Brazil’s
domestic rates, Brazilian economic environment remain quite
encouraging.  Moreover, the regulatory framework for water and
sewage in Brazil in 2006 helped the company in making all
possible investments.

However, the outlook for interest rates in Brazil is not as
positive as it was in the beginning of 2008. SABESP has also
benefited from the strength of the Brazilian real.  The company
continues to increase its efficiency indicators. The more
aggressive investment budget for the 2007-2010 periods will help
to increase revenues and net income in the medium term.

The company’s positive operating performance is more important
than the positive effect of the Brazilian real and the lower
interest rates.  Indeed, Zacks considers SABESP’s operating
results to be positive, including higher water and sewage
volumes billed, and a solid net income.

However, during the second quarter, EBITDA and EBITDA margin
decreased 6.1% year-over-year based on the significant increase
in total costs and expenses, which increased 10.4% year- over-
year during the quarter.  This increase in cost was based on
BRL7.6 million (US$4.6 million) provision for lawsuits related
to clients, and an BRL1.9 million (US$1.2 million) payment for
the use of water.

Companhia de Saneamento Basico do Estado de Sao Paulo, a.k.a.
Sabesp (Bovespa: SBSP3; NYSE: SBS) -- http://www.sabesp.com.br
-- is one of the largest water and sewage service providers in
the world based on the population served in 2005.  It operates
water and sewage systems in Sao Paulo, Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 12, 2007, Fitch Ratings affirmed the 'BB' Local Currency
and Foreign Currency Issuer Default Ratings and the Long-Term
National Scale Rating 'A+(bra)' of Companhia de Saneamento
Basico do Estado de Sao Paulo.  In addition, Fitch affirmed the
'BB' Long-Term International Rating for US$140 million in notes
issued by the company, as well as the 'A+(bra)' on National
Scale for its sixth debenture issuance.  Fitch said the rating
outlook is stable.


COMPANHIA PARANAENSE: Books BRL357.5 Mil. Net Income in 2Q 2008
---------------------------------------------------------------
Companhia Paranaense de Energia a.k.a. Copel disclosed its first
half results of 2008.  All figures included in this report are
in Reais and were prepared in accordance with Brazilian GAAP.

  -- The company's consolidated financial statements present, in
     addition to the figures of the wholly-owned subsidiaries
     (Copel Geracao e Transmissao, Copel Distribuicao, Copel
     Telecomunicacoes and Copel Participacoes), those of
     Compagas, Elejor, UEG Araucaria and Centrais Eolicas do
     Parana (companies in which Copel retains a majority stake).
     From January 2008 on, Domino Holdings started to be
     partially consolidated (45%).

  -- Net operating revenues for the first half of 2008:
     BRL2.668.5 million, an increase of 8% compared to the first
     half of 2007.

  -- Operating income: BRL939 million, up 11.6% year-on-year.

  -- Net income: BRL613 million -- 16.9% variation versus the
     first half 2007.  In the second quarter 2008 alone, net
     income reached BRL357.5 million.

  -- Eearnings before interest, taxes, depreciation and
     amortization (EBITDA): BRL1,039.3 million.  In the second
     quarter 2008 alone, EBITDA stood at BRL591.7 million.

  -- Return on net equity: 8.5%.

  -- Total power consumption billed by the company to captive
     customers rose 5.9 % over the second quarter last year.
     The grid market increased 6.7%.

  -- By the end of the first half 2008, the company's shares
     appreciated at these rates:

       * CPLE3 (common/Bovespa) = 8.5%
       * CPLE6 (preferred B/Bovespa) = 21.6%
       * ELP (ADR/Nyse) = 34.3%
       * XCOP (preferred B/Latibex) =  23.1%

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/ir-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 megawatts,
primarily from hydroelectric plants.  The company 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 indefinitely postponed.  In response, Copel is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of Copel.

              *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2008, Moody's Investors Service has placed these
ratings of Companhia Paranaense de Energia under review for
possible upgrade:

   -- Corporate Family Ratings: Ba2 and Aa2.br
   -- Senior Secured Ratings: Ba1 and Aa1.br


COSAN SA: Barra Bioenergia Reaches Trade Pact With CFPL
-------------------------------------------------------
Cosan S.A. Industria e Comercio, pursuant to CVM Instruction no.
358, as of January 3, 2002, has informed the public that its
wholly-owned subsidiary Barra Bioenergia S.A. has entered into
an electric power trading agreement with CPFL Comercializacao
Brasil S.A.

By means of Gasa unit, a project for energy co-generation
through the use of biomass will be explored, in order to comply
with the electric power minimum trading agreement of 2,900,00MWh
to 3,600,000MWh in a 15-year period, totaling a current
approximate amount of BRL500 million, annually restated by the
IGP-M.

The agreement also provides for the supply of possible
additional energy generated by this unit, inclusively through a
greater use of biomass, i.e., the use of sugar cane leaves and
straw, in addition to the bagasse.  This project will involve
investments of BRL190 million.  In March 2008, a financing
request with BNDES was filed, which may finance up to 90% of the
project.

COSAN also informs that in view of the early conclusion of its
co-generation projects in the Costa Pinto and Rafard plants,
estimated to start operating in 2009, it will provide CPFL with
100,000 MWh during a 6-month period with immediate start.

COSAN believes that initiatives as these will contribute to the
biomass insertion in the country’s energy matrix.

                       About Cosan S.A.

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio produces sugar and ethanol.  The company cultivates
harvests and processes sugarcane, the main raw material for
sugar and ethanol manufacturing.  With 17 manufacturing units
and two port terminals in the city of Santos, Cosan says it is
currently the largest individual group in the world in terms of
sugarcane byproducts manufacturing.  With capacity to grind more
than 40 million tonnes of sugarcane, the group represents 12% of
overall production in the mid-southern region of the country.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 29, 2008, Moody's Investors Service placed the Ba2 local
currency corporate family rating and foreign currency senior
unsecured rating, as well as the A1.br Brazilian national scale
corporate family rating of Cosan S.A. Industria e Comercio on
review for possible downgrade.

TCR-LA related on April 28, 2008, that Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
Cosan S.A. Industria e Comercio, as well as its 'BB' rating on
the company's outstanding debt issues, which amount to
US$950 million, on CreditWatch with negative implications.  At
the same time, S&P placed its 'BB' long-term corporate credit
rating on Bermudas-based sugar-cane processor Cosan Ltd. on
CreditWatch with negative implications.


FORD MOTOR: Sells US$500MM Shares to Buy Back Credit Arm's Debt
---------------------------------------------------------------
The Wall Street Journal related that Ford Motor Co. will sell as
much as US$500 million of its shares to buy back debt from its
credit arm.  WSJ says the move is designed to help improve
Ford's finances after a US$2.1 billion write-down attributed to
declining resale values of trucks and sport-utility vehicles.

In an August 14 regulatory filing, Ford Motor said it entered
into an Equity Distribution Agreement with Goldman Sachs & Co.
pursuant to which Goldman will act as Ford's sales agent with
respect to an offering over time and from time to time of up to
US$500 million of Ford Common Stock.

Proceeds from the sale will be used to purchase from time to
time outstanding debt securities of Ford Motor Credit Company
LLC in open market or privately negotiated transactions.

A full text copy of an Equity Distribution Agreement is
available for free at http://ResearchArchives.com/t/s?30df

The debt-for-equity exchange, WSJ stated, Ford is taking a step
to improve its overall balance sheet after making a loss of
US$8.7 billion in its second quarter -- a high for the auto
maker.  Essentially, the company will sell the stock to buy down
debt due before the year 2012 taken on by Ford Motor Credit Co.,
a subsidiary, WSJ added.  Ford Credit, WSJ indicated, had a
pretax loss of US$334 million in the second quarter, compared
with a profit of US$105 million a year ago.

The Journal stated that analysts generally viewed the
development as a positive but incremental measure, saying that
the stock sale wouldn't have a substantial effect on the
company's liquidity position.  By buying back its debt at a
discount, the auto maker could, however, make a small profit.

WSJ, citing Bruce Clark, a senior vice president at Moody's
Investors Service, says building equity is constructive but in
no way is it going to have a material effect on the overall
credit profile.

Standard & Poor's Ratings Services said on August 15 that its
negative ratings on Ford wouldn't be affected by the filing with
the Securities and Exchange Commission.

Any move to boost its bottom line, WSJ pointed out, arrived at a
critical time for Ford.  The company is in the midst of a
restructuring including moves to close a dozen manufacturing
plants and shed more than 40,000 workers, WSJ added.

The stock-sale announcement is part of a strategy by the auto
maker in recent times, WSJ revealed according to Ford.  WSJ,
citing Ford spokesman Bill Collins, said that in the past
12 months, the company has bought back about US$927 million of
debt in exchange for equity.  Ford had 2.2 billion shares of
common stock and 70.8 million shares of Class B stock as of
June 29, WSJ indicated according to its latest regulatory
filing.

                      About Ford Motor Co

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin-American regions.  It has a subsidiary in Brazil,
Ford Motor Company Brasil Ltda.

                              *     *     *

As reported by the Troubled Company Reporter-Latin America on
Aug. 6, 2008, Fitch Ratings downgraded the Issuer Default Rating
of Ford Motor Company and Ford Motor Credit Company LLC to 'B-'
from 'B'.  Fitch said the rating outlook remains negative.  The
downgrade reflects these: (i) the further deterioration in
Ford's U.S. sales as a result of economic conditions, an adverse
product mix and the most recent jump in gas prices; (ii)
portfolio deterioration at Ford Credit and heightened concern
regarding economic access to capital to support financing
requirements; and (iii) escalating commodity costs that will
remain a significant offset to cost reduction efforts.


GENERAL MOTORS: Moody's Cuts Corporate Family Rating to Caa1
------------------------------------------------------------
Moody's Investors Service lowered the ratings of General Motors
Corporation: Corporate Family to Caa1 from B3; Probability of
Default to Caa1 from B3; senior unsecured to Caa2 from Caa1;
and, senior secured credit facility to B1 from Ba3.  The
company's Speculative Grade Liquidity rating remains at SGL-2.
The outlook is Negative.

The ratings of GMAC LLC are not affected by this action and its
Corporate Family Rating remains at B3 with a negative outlook.

The downgrade of GM's ratings reflects the challenges the
company will face in reestablishing a competitive position in
the US automotive market and generating positive operating cash
flow in the face of: annual industry sales that could remain
below 15 million units through 2009; the shift in consumer
demand away from trucks and SUVs; the 18 to 24-month time frame
necessary for GM to meaningfully expand its portfolio of mid and
small vehicles; and, the difficulties the company will encounter
in establishing pricing power in the car and crossover segments.
GM's initiated operating plan is intended to generate
US$10 billion in additional cash, and the asset-sale and
capital-raising plans are targeting US$5 billion in proceeds by
year-end 2009.  These undertakings will help to boost the
company's liquidity position which consisted of US$21 billion in
cash and approximately US$5 billion in committed US credit
facilities at June 2008.  However, achieving the planned
level of savings and the additional capital inflows may be
challenging, and the company will need to demonstrate solid
progress in order to forestall any further pressure on the Caa1
Corporate Family Rating and SGL-2 Speculative Grade Liquidity
rating.

Bruce Clark, senior vice president with Moody's, said, "GM has a
pretty good track record in achieving its cost reduction targets
and structuring transactions that help raise capital.  It's
reasonable to expect that the plan being implemented now will
help strengthen the company's liquidity position, which
otherwise could have become very strained by late 2009."  The
success likely to be achieved in these areas helped to maintain
GM's SGL-2 Speculative Grade Liquidity Rating.  Despite these
constructive steps, Clark notes that GM still faces formidable
long-term challenges.  "The most difficult challenge facing GM
and the other domestic producers will be accelerating the
introduction of fuel efficient vehicles, and convincing
consumers that these vehicles offer as good a value proposition
Asian product.  The additional liquidity that will be raised by
GM's operating plan gives the company more time to make this
transition, but it will remain a very difficult transition to
implement."

The negative outlook recognizes that in the absence of clear
progress in several financial and operating areas, GM's long-
term and Speculative Grade Liquidity ratings could come under
further pressure.  These areas include: maintaining US market
share near 21%; achieving much of the US$10 billion in operating
savings; successfully launching new car and crossover vehicles
through 2009; and improving the average transaction prices for
its car and crossover portfolio.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.


SUL AMERICA: Net Income Ups 8.3% to BRL206.8M in First Half 2008
----------------------------------------------------------------
Sul America S.A. has released its results for the first half
of 2008.  Net income reached BRL206.8 million, up 8.3% over the
first half of 2007.  ROAE was 20.1%.  Total insurance premiums
increased 4.9% to BRL3.7 billion.

Health insurance premiums (53.6% of total insurance premiums)
increased 8.5% on a recurring basis.  Group health insurance
premiums increased 12.8%, including a 26.7% growth in the SME
segment.

Auto insurance premiums (31% of total insurance premiums)
increased 17.5%.  The company ranked no. 2 in premiums,
according to the latest industry data available (May 2008).  The
insured fleet topped 1.9 million vehicles.

Total loss ratio reached 71.2% showing an improvement of 20 bps
over first six months of 2007.  Health insurance loss ratio
reached 76.1% and the auto insurance loss ratio was 65.4%.

Combined ratio reached 98%. Return on the investment portfolio
reached BRL324.3 million in the first six months of 2008,
corresponding to average yield of 115.6% of CDI.

On Aug. 18, 2008, the Corporate Vice President and Investor
Relations, Arthur Farme d'Amoed Neto, and the CFO, Sergio
Borriello, will hold a conference call with investors and
analysts to review the results of the period.

Headquartered in Rio de Janeiro, Brazil, Sul America SA --
http://www.sulamerica.com.br/-- is a multiline insurance
company.  It provides a range of insurance coverage to
companies, individuals and governmental entities.  The company
offers investment funds, health, life and property insurance.
Sul America also provides asset and healthcare management
services.  It owns Saepar Servicos e Participacoes SA.  The
company holds shares in other companies, such as Sul America
Companhia Nacional de Seguros and Sul America Companhia de
Seguro Saude.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
April 8, 2008, Standard & Poor's Ratings Services raised its
long-term counterparty credit and senior unsecured debt ratings
on Sul America S.A. to 'B+' from 'B'.  At the same time, S&P
raised the counterparty credit rating on Sul America's main
operating insurance entity, Sul America Companhia Nacional de
Seguros, to 'BB' from 'BB-'.  S&P's outlook on both entities is
positive.

TCR-LA reported on May 6, 2008, the public tender offer for the
delisting of Sul America S.A.'s subsidiary, Sul America
Companhia Nacional de Seguros, was concluded on the Sao Paulo
Stock Exchange (BOVESPA).


TELE NORTE: Telemar Issues Promissory Notes for BRL3.6 Billion
--------------------------------------------------------------
Telemar Norte Leste S.A, a subsidiary of Tele Norte Leste
Participacoes S.A, disclosed that in connection with the future
acquisition of the indirect control of Brasil Telecom
Participacoes S.A and Brasil Telecom S.A., and other
transactions referred to in the Relevant Fact disclosed by the
Company on April 25, 2008, it has issued promissory notes in
Brazil, governed by Brazilian law, in the aggregate amount of
BRL3.6 billion.

This issuance was arranged by Banco Itau BBA S.A. (lead
arranger), Banco Santander S.A., Banco Bradesco BBI S.A. and
Banco ABN AMRO Real S.A.  The co-managers ( coordenadores
contratados ) were Banco Safra de Investimento S.A., ING Bank
N.V., Banco do Nordeste do Brasil S.A., Banco Alfa de
Investimento S.A. and Banco de Tokyo-Mitsubishi UFJ Brasil S.A.
A single tranche of 144 promissory notes, each in the amount of
BRL25 million were issued.  The promissory notes each have a
term of two years and bear interest at the rate of the Interbank
Deposit Certificate ( Certificado de Deposito Interbancario –
CDI) plus 1.60% per annum.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services placed on CreditWatch with negative implications the
'BB+' corporate credit rating on Tele Norte Leste Participacoes
S.A.  The creditwatch resulted from TmarPart's decision to buy
out its holding company's preferred shares.


TELEMIG CELULAR: Sells Common Shares to TCO-IP SA
-------------------------------------------------
Telemig Celular S.A. and its parent, Telemig Celular
Participacoes S.A., has sold their common shares to Vivo
Participacoes S.A. subsidiary, TCO-IP S.A., during the “MTO
Auctions” held on Aug. 15, 2008.

   Negotiation Code            Amount of Shares TCO-IP Acquired
       TMCP3L                              5,803,171
       TMGC3L                                 78,110

Vivo Participacoes said that, after the financial settlement of
the auction on Aug. 20, 2008, it expects that TCO-IP's
shareholding position will be 43.095% common shares and 31.912%
of preferred shares of Telemig Participacoes, representing
36.071% of its total capital stock and 8.764% of the common
shares and 6.308% of the preferred shares of Telemig Celular,
representing 7.231% of its total capital stock.

                    About Telemig Celular

Headquartered in Belo Horizonte, Brazil, Telemig Celular is the
leading provider of mobile communications services in the state
of Minas Gerais, Brazil.  As of November 2007, Telemig Celular
had 3.5 million customers, with a market share of 30% in its
concession area.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services disclosed that
its 'BB-' long-term corporate credit rating on Telemig Celular
S.A. and its 'B+' long-term corporate credit rating on Amazonia
Celular S.A. remain on CreditWatch with positive implications,
where they were placed on Aug. 6, 2007.


ULTRAPAR PARTICIPACOES: S&P Holds BB Global Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB+' global scale and 'brAA+' Brazil national scale long-term
corporate credit ratings on Ultrapar Participacoes S.A.  The
outlook for both ratings remains positive.

The rating affirmation follows Ultrapar's announcement that it
has reached an agreement to acquire Texaco-branded fuel
distribution assets in Brazil from Chevron Corp. for BRL1.16
billion.  The payment of the acquisition price is still pending
Chevron's segregation of its lubricant and oil exploration
activities from those in fuel distribution, and the transaction
is expected to take place in the beginning of 2009.  Ultrapar
plans to fund this payment with its cash reserves, currently
reported at BRL2.7 billion, and therefore it will not incur any
incremental gross debt.

"We believe the acquisition is in line with Ultrapar's strategy
to further increase its market share in the fuel distribution
business," said S&P's credit analyst Victor Saulytis.

Upon completion of the acquisition, the company will strengthen
its market share as the second-largest player in the Brazilian
oil and gas industry, with an estimated market share of 23%,
just behind Petroleo Brasileiro S.A. (Petrobras).

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through
its also fully-owned subsidiary Oxiteno S.A.).  A third smaller
but growing business is the transportation and storage of
chemicals and fuels, Ultracargo Operacoes Logisticas e
Participacoes Ltda., which completes Ultrapar's business
portfolio and reinforces the trend for further business
diversity in the long run.



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

ATTILLA HOLDINGS: Sets Final Shareholders Meeting on Aug. 21
------------------------------------------------------------
Attilla Holdings Ltd. will hold its final shareholders meeting
on Aug. 21, 2008, at Citco Trustees (Cayman) Limited, Regatta
Office Park, West Bay Road, Windward One, Grand Cayman, Cayman
Islands.

The accounting of the wind-up process will be taken up during
the meeting.

Attilla Holdings' shareholders agreed on July 8, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                CDL Company Ltd.
                P.O. Box 31106
                Grand Cayman, Cayman Islands


BT BRAM: Will Hold Final Shareholders Meeting on Aug. 21
--------------------------------------------------------
BT Bram Ltd. will hold its final shareholders meeting on Aug.
21, 2008, at 11:15 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

BT Bram' shareholders agreed on July 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jeremy Simon Spratt and Finbarr Thomas O’Connell
               8 Salisbury Square, London EC4Y 8B
               United Kingdom

Contact for inquiries:

               Jacqueline Edwards
               Tel: (01144)207-311-8563
               Fax: (01144)207-694-3533


BT INVESTMENTS: Holds Final Shareholders Meeting on Aug. 21
-----------------------------------------------------------
BT Investments (Cayman) No. 1 Ltd. will hold its final
shareholders meeting on Aug. 21, 2008, at 10:15 a.m., at the
registered office of the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

BT Investments' shareholders agreed on July 4, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jeremy Simon Spratt and Finbarr Thomas O’Connell
               8 Salisbury Square, London EC4Y 8B
               United Kingdom

Contact for inquiries:

               Jacqueline Edwards
               Tel: (01144)207-311-8563
               Fax: (01144)207-694-3533


BT YOSEMITE: To Hold Final Shareholders Meeting on Aug. 21
----------------------------------------------------------
BT Yosemite will hold its final shareholders meeting at on
Aug. 21, 2008, at 10:45 a.m., at the registered office of the
Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

BT Yosemite's shareholders agreed on July 4, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jeremy Simon Spratt and Finbarr Thomas O’Connell
               8 Salisbury Square, London EC4Y 8B
               United Kingdom

Contact for inquiries:

               Jacqueline Edwards
               Tel: (01144)207-311-8563
               Fax: (01144)207-694-3533


CP & PARTNERS: Proofs of Claim Filing Deadline Is Aug. 21
---------------------------------------------------------
CP & Partners' creditors have until Aug. 21, 2008, to prove
their claims to Stuart K. Sybersma and Ian A.N. Wight, the
company's liquidators, 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.

CP & Partners' shareholder agreed on July 1, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Stuart K. Sybersma and Ian A.N. Wight
               Attn: Mervin Solas
               c/o Deloitte
               P.O. Box 1787GT
               Grand Cayman, Cayman Islands
               Telephone: (345)949-7500
               Fax: (345)949-8258


CRIUS LTD: Deadline for Proofs of Claim Filing Is Aug. 21
---------------------------------------------------------
Crius Ltd.'s creditors have until Aug. 21, 2008, to prove their
claims to Jan Neveril and Giles Kerley, the company's
liquidators, 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.

Crius' shareholders decided on July 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


CRIUS INVESTMENT: Proofs of Claim Filing Deadline Is Aug. 21
------------------------------------------------------------
Crius Investment Ltd.'s creditors have until Aug. 21, 2008, to
prove their claims to Jan Neveril and Giles Kerley, the
company's liquidators, 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.

Crius Investment's shareholders decided on July 10, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


DEUTSCHE AOTEAROA: Final Shareholders Meeting Is on Aug. 21
-----------------------------------------------------------
Deutsche Aotearoa Ltd. will hold its final shareholders meeting
at on Aug. 21, 2008, at 11:45 a.m., at the registered office of
the Company.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

Deutsche Aotearoa's shareholders agreed on July 4, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jeremy Simon Spratt and Finbarr Thomas O’Connell
               8 Salisbury Square, London EC4Y 8B
               United Kingdom

Contact for inquiries:

               Jacqueline Edwards
               Tel: (01144)207-311-8563
               Fax: (01144)207-694-3533


HARUMI 1: Deadline for Proofs of Claim Filing Is Aug. 21
--------------------------------------------------------
Harumi 1 Ltd.'s creditors have until Aug. 21, 2008, to prove
their claims to Jan Neveril and Giles Kerley, the company's
liquidators, 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.

Harumi's shareholders decided on July 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


HARUMI INVESTMENT: Proofs of Claim Filing Is Until Aug. 21
----------------------------------------------------------
Harumi Investment 1 Ltd.'s creditors have until Aug. 21, 2008,
to prove their claims to Jan Neveril and Giles Kerley, the
company's liquidators, 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.

Harumi Investment's shareholders decided on July 10, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


IMT INVESTING: Holds Final Shareholders Meeting on Aug. 21
----------------------------------------------------------
IMT Investing Ltd. will hold its final shareholders meeting on
Aug. 21, 2008, at 11:00 a.m., at the offices of DMS Corporate
Services Ltd, dms House, 20 Genesis Close, George Town, Grand
Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

IMT Investing's shareholders agreed on July 21, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                DMS Corporate Services Ltd.
                c/o dms House, 20 Genesis Close
                P.O. Box 1344
                George Town, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Neil Ross
              Telephone: (345)946-7665
              Facsimile: (345)946-7666


JP CAPITAL: Will Hold Final Shareholders Meeting on Aug. 21
-----------------------------------------------------------
JP Capital Ltd. will hold its final shareholders meeting on
Aug. 21, 2008, at 10:00 a.m., at the offices of BNP Paribas Bank
& Trust Cayman Limited, 3rd Floor Royal Bank House, Shedden
Road, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

JP Capital's shareholders agreed on July 8, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Piccadilly Cayman Limited
                c/o BNP Paribas Bank & Trust Cayman Limited
                3rd Floor Royal Bank House, Shedden Road
                George Town, Grand Cayman
                Cayman Islands

Contact for inquiries:

                Ellen J. Christian
                Telephone: (345)945-9208
                Fax: (345)945-9210


KAKUSAN INVESTMENT: Proofs of Claim Filing Deadline Is Aug. 21
--------------------------------------------------------------
Kakusan Investment Ltd.'s creditors have until Aug. 21, 2008, to
prove their claims to Jan Neveril and Giles Kerley, the
company's liquidators, 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.

Kakusan Investment's shareholders decided on July 10, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


OFGP LIMITED: Holding Final Shareholders Meeting on Aug. 21
-----------------------------------------------------------
OFGP Limited will hold its final shareholders meeting on
Aug. 21, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman
Islands.

The accounting of the wind-up process will be taken up during
the meeting.

OFGP's shareholders agreed on June 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

                Bobby Toor and Giles Kerley
                c/o Maples Finance Limited,
                P.O. Box 1093GT
                Grand Cayman, Cayman Islands


PROVISO REAL ESTATE: Proofs of Claim Filing Is Until Aug. 21
------------------------------------------------------------
Proviso Real Estate I Ltd.'s creditors have until Aug. 21, 2008,
to prove their claims to Hugh Thompson and Carlos Farjallah, the
company's liquidators, 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.

Proviso Real Estate's shareholders decided on July 10, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Hugh Thompson and Carlos Farjallah
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


SAINT GERMAIN: Proofs of Claim Filing Deadline Is Aug. 21
---------------------------------------------------------
Saint Germain Holdings Ltd.'s creditors have until Aug. 21,
2008, to prove their claims to Mora Goddard and Emile Small, the
company's liquidators, 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.

Saint Germain's shareholders decided on July 10, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Mora Goddard and Emile Small
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


SALOMON BROTHERS: Deadline for Claims Filing Is Aug. 21
-------------------------------------------------------
Salomon Brothers Overseas Inc.'s creditors have until Aug. 21,
2008, to prove their claims to Jagjit (Bobby) Toor and Giles
Kerley, the company's liquidators, 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.

Salomon Brothers' shareholders decided on June 25, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jagjit (Bobby) Toor and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


SUKESAN LTD: Deadline for Proofs of Claim Filing Is Aug. 21
-----------------------------------------------------------
Sukesan Ltd.'s creditors have until Aug. 21, 2008, to prove
their claims to Jan Neveril and Giles Kerley, the company's
liquidators, 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.

Sukesan's shareholders decided on July 10, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


SUKESAN INVESTMENT: Deadline for Claims Filing Is Aug. 21
---------------------------------------------------------
Sukesan Investment Ltd.'s creditors have until Aug. 21, 2008, to
prove their claims to Jan Neveril and Giles Kerley, the
company's liquidators, 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.

Sukesan Investment's shareholders decided on July 10, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Jan Neveril and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


TMN FUNDING: Deadline for Proofs of Claim Filing Is Aug. 21
-----------------------------------------------------------
TMN Funding 2000 Corp.'s creditors have until Aug. 21, 2008, to
prove their claims to Guy Major and Giles Kerley, the company's
liquidators, 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.

TMN Funding's shareholders decided on July 1, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Guy Major and Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093
               Grand Cayman, Cayman Islands


UBS NEUTRAL: Holding Final Shareholders Meeting on Aug. 21
----------------------------------------------------------
UBS Neutral Alpha Strategies (Sterling) Ltd. will hold its final
shareholders meeting on Aug. 21, 2008, at 10:00 a.m., at the
offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787,
George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

UBS Neutral's shareholders agreed on July 21, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Stuart Sybersma
                Attn: Jessica Turnbull
                c/o Deloitte
                P.O. Box 1787GT
                Grand Cayman, Cayman Islands
                Telephone: (345)949-7500
                Fax: (345) 949-8258


UBS NEUTRAL ALPHA: Sets Final Shareholders Meeting on Aug. 21
-------------------------------------------------------------
UBS Neutral Alpha Strategies (Swiss Franc) Ltd. will hold its
final shareholders meeting on Aug. 21, 2008, at 10:30 a.m., at
the offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box
1787, George Town, Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

   1) accounting of the wind-up process, and

   2) authorizing the liquidators of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

UBS Neutral's shareholders agreed on July 21, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

                Stuart Sybersma
                Attn: Jessica Turnbull
                c/o Deloitte
                P.O. Box 1787GT
                Grand Cayman, Cayman Islands
                Telephone: (345)949-7500
                Fax: (345) 949-8258



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

WARNER MUSIC: Fitch Affirms 'BB-' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings and
outstanding debt ratings on Warner Music Group Corp. and its
subsidiaries:

Warner Music Group
  -- IDR 'BB-'.

WMG Acquisition Corp
  -- IDR 'BB-';
  -- Senior secured 'BB';
  -- Subordinated 'B+'.

WMG Holdings Corp
  -- IDR 'BB-';
  -- Senior unsecured 'B'.

The Rating Outlook is Stable.

The ratings are supported by WMG's strong market share, global
footprint, diversified and established content library and
relatively solid cash interest coverage ratios.  Credit concerns
include substantial challenges facing the recorded music
industry related to continued declines to its physical unit
sales.  The Stable Outlook is supported by WMG's adequate
liquidity position, scaleable cost structure related to physical
music sales and WMG's position as one of the top global music
publishing businesses.

The music industry continues to deal with declining physical
sales that have not been fully replaced by digital sales in most
markets.  Year-to-date Aug. 3, 2008, album units including
track-equivalent album sales (giving 1/10th credit for digital
singles) have decreased 4.4% according to Nielsen SoundScan.
Fitch believes these decreases are predominantly the result of
continued piracy and copying, proliferation of alternative
entertainment activities and products, and less shelf space from
retailers.

Although digital tracks and digital albums continue to grow
substantially (year-to-date up 30% and 35%, respectively,
according to Nielsen) they are unable to offset physical sale
declines (down over 16%).  While Fitch is cautiously optimistic
regarding the continued roll-out of cellular music products
including over-the-air downloads, it expects the negative trend
on track-equivalent albums to continue over the intermediate
term.  Fitch also notes the establishment of a code of practice
for British Internet Service Providers on monitoring illicit
file sharing that was announced at the end of last month.

Specifically related to WMG, total revenue decreased 1% in the
most recent quarter on a constant-currency basis as U.S.
physical retailers continue to manage their physical inventory
levels down.  The conservative inventory management by U.S.
physical retailers is a concern for Fitch that is slightly
offset by the trends in track-equivalent album sales that have
actually improved from the prior year when they were down over
8%.  Fitch expects there to be a lag between current U.S.
retailer behavior and future behavior by foreign physical
retailers.  Digital revenue for WMG increased 39% from the prior
year and 1% sequentially.

Digital revenue as a percent of total revenue increased to
approximately 20% for the most recent quarter versus
approximately 15% for the year-ago quarter.  Importantly,
Recorded Music margins improved by over 200 basis points for the
most recent quarter after adjusting for last year's non-
operational items.  While margins on a quarter-by-quarter basis
will continue to depend somewhat on release schedules,
international mix, and ancillary initiatives, Fitch expects to
continue to see general improvements over time as digital makes
up a greater portion of total revenue and the company manages
its cost structure in-line with such transition.  WMG's year-to-
date release schedule has been fairly strong with five #1 albums
and continued strong sales from some of last years top releases.
The remainder of calendar year 2008 should benefit from expected
releases by Metallica, T.I., Missy Elliott, and Buckcherry.

Fitch continues to believe WMG's push into 360-degree
relationships is prudent.  As demonstrated over the last year,
the major labels will likely not pursue established artists in
these agreements as up-front royalty payments could be
excessive.  Instead, Fitch expects WMG and the other labels to
continue to push these agreements with new artists and that the
recording industry should have significant leverage regarding
deal terms due to the oligopoly structure of the industry
combined with the virtually limitless supply of aspiring
musicians.  Given the limited number of major recording
companies, Fitch does not believe there is additional risk
related to A&R strategy in the evolving landscape of label and
artist relationships.

Other industry events that have occurred over the last year such
as established artists going independent and the ease of
distribution through the internet are not material concerns for
Fitch.  The departure of high-profile musicians from the labels
usually means they were successful and profitable while with the
label; moreover, established artists typically carry much lower
margins and less lucrative terms for the labels after their
initial recording contract expires.

While Fitch acknowledges the ease of digital distribution for
aspiring artists, it believes the resultant fragmentation makes
the major labels' traditional marketing services more appealing,
as they have the global infrastructure in place to reach radio,
legitimate retail and video outlets in a high-quality way to a
targeted mass market.  Regardless of how an aspiring band or
artist was initially discovered, Fitch continues to believe
their top priority is to be signed by an established record
label.

WMG's cash debt service ratio was over 3 times for the latest
twelve month period ended June 30, 2008 and continues to be
appropriate for the rating category and gives the company some
financial flexibility.  Including cash interest from the HoldCo
notes payable in 2010 brings the ratio to approximately 2.7x per
Fitch's calculations.

Fitch assesses WMG's liquidity position based on the operating
entity, WMG Acquisition Corp.  As such, liquidity is adequate
and comprises US$240 million of cash and equivalents at June 30,
2008 and available credit revolver of US$246 million
(US$250 million revolver less US$4 million outstanding letters
of credit).  Liquidity is also supported by ongoing free cash
flow which Fitch estimates will be in excess of US$200 million
annually now that WMG has eliminated its common dividend.

WMG's bank debt contains strict covenants related to financial
metrics including a maximum net leverage covenant that decreases
from 4.25x at June 2008 to 3.5x in 2010.  For the twelve month
period ended June 30, 2008, Fitch estimates net leverage as
calculated by the covenants to be under 4x ratio.  Fitch does
not expect any issues with the company meeting these covenants
as the elimination of the dividend should allow for cash build
up and additional room under their net financial ratios.

The indenture related to WMG Acquisition Corp.'s subordinated
notes have a cross-acceleration feature with the bank debt and
contain less-restrictive covenants related to additional
indebtedness, which is governed by a 2x fixed charge coverage
ratio.  The indenture also has restrictions on dividends out of
WMG Acquisition Corp.  WMG Holdings Corp.'s indenture for the
unsecured notes provides fairly limited restrictions on
additional indebtedness, change of control and dividends, all
mainly governed by a 2x minimum fixed charge coverage.

Warner Music Group Corp. -- http://www.wmg.com/-- (NYSE: WMG)
is a publicly traded in the United States.  With its broad
roster of new stars and legendary artists, Warner Music Group is
home to a collection of the best-known record labels in the
music industry including Asylum, Atlantic, Bad Boy, Cordless,
East West, Elektra, Lava, Nonesuch, Reprise, Rhino, Roadrunner,
Rykodisc, Sire, Warner Bros. and Word.  Warner Music
International, a leading company in national and international
repertoire, operates through numerous international affiliates
and licensees in more than 50 countries.  Warner Music Group
also includes Warner/Chappell Music, one of the world's leading
music publishers, with a catalog of more than one million
copyrights worldwide.

Outside the United States, the company has two subsidiaries in
Austria, one in Nova Scotia and another in Luxembourg.  It has
Latin American operations in Argentina, Brazil and Chile.



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

SOLUTIA INC: To Raise US$290MM in Equity Offering to Repay Debt
---------------------------------------------------------------
Solutia Inc. announced the pricing of an underwritten public
offering of 22,307,692 shares of its common stock at a price of
US$13 per share for gross proceeds of approximately
US$290 million.  All of the approximately US$277 million of net
proceeds from the offering will be used to partially repay
Solutia's US$400 million 15.50% bridge credit facility.

Solutia intends to fully repay the bridge credit facility prior
to the end of February 2009 at which time the loans could be
converted by the lenders into notes that mature in February
2015.  The company said the transaction was expected to close by
August 14, 2008, and the closing is subject to customary
conditions.

The joint underwriters for the offering are Deutsche Bank
Securities Inc. and Jefferies & Company, Inc. A shelf
registration on Form S-3 relating to these securities was filed
with the Securities and Exchange Commission and became effective
on July 25, 2008.  A copy of the prospectus supplement and base
prospectus relating to the offering may be obtained, when
available, from Deutsche Bank Securities Inc., 100 Plaza One,
Floor 2, Jersey City, New Jersey 07311-3901, by telephone at 1-
800-503-4611, or by email at prospectusrequest@list.db.com.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide.    Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.

Solutia's US$2.05 billion exit financing facility was funded by
Citigroup Global Markets Inc., Goldman Sachs Credit Partners
L.P., and Deutsche Bank Securities Inc.  The exit financing is
being used to pay certain creditors, and for ongoing operations.

(Solutia Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SOLUTIA INC: S&P Says Ratings Unchanged on Equity Offering
----------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Solutia
Inc. (B+/Stable/--) will not change as a result of the company's
recent announcement of a public offering of common shares.

"The company plans to use the approximately $277 million of
estimated net proceeds to partially repay a $400 million
unsecured bridge credit facility, which we rate 'B' with a
recovery rating of '5'.  The company also announced it intends
to fully repay the bridge facility prior to the end of the
February 2009.  The bridge loans, which automatically extend to
2015, can be converted in February 2009 by the lenders into
notes that mature in February 2015. Total adjusted debt, pro
forma for the equity issue and $277 million of estimated debt
paydown, was approximately $1.98 billion at June 30, 2008. We
adjust debt to include the present value of capitalized
operating leases, tax-adjusted unfunded postretirement
employee benefits, and environmental reserves," S&P says.

"We view the lower amount of debt on the company's balance sheet
as a positive development for credit quality. Still, pro forma
for the equity infusion and debt paydown, the key credit metric
of funds from operations to total debt will remain near our
expectation of 15% for the rating, for fiscal 2008. Although
recovery prospects on the bridge credit facility also improve,
they remain modest -- within the 10% to 30% range.

"We expect to review our ratings on Solutia if the company's
recently announced plan to explore strategic options results for
its Nylon 6.6 business results in a sell-off. If that happens we
will weigh the loss in earnings and cash flow as a result of a
potential sale against a potential decline in debt. In addition,
we will also consider management's commitment to maintaining or
improving credit quality."

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide.    Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.



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

SMURFIT KAPPA: Earns EUR83 Mln in Second Quarter Ended June 30
--------------------------------------------------------------
Smurfit Kappa Group plc released unaudited financial results for
the three months ending June 30, 2008.

SKG reported net profit of EUR83 million on revenues of
EUR1.85 billion for the three months ending June 30, 2008,
compared with a net profit of EUR43 million on revenues of
EUR1.83 billion for the three months ending June 30, 2007.

At June 30, 2008, the Group's balance sheet showed EUR8.75
billion in total assets, EUR6.45 billion in total liabilities
and EUR2.30 billion in total shareholders' equity.

          Capital Structure & Debt Reduction

The main financial focus of the Group in 2008 is further net
debt reduction.  At the end of June 2008, the Group's net debt
was below EUR3.3 billion, down from over EUR3.6 billion at the
end of June 2007, a 9% decrease year-on-year.

In the second quarter, the Group's net debt decreased by EUR88
million, or 3%, reflecting the strong free cash flow generated
in the period, the proceeds from the sale of the Group's 40%
associate shareholding in Duropack AG Group in May and after
payment of EUR35 million in respect of our final dividend for
2007.

                     Performance Review

The Group's first half financial outcome reflects a good
performance within its corrugated business.  In the first
quarter, further corrugated price increases brought the total of
the price increases since the "trough" of December 2005 to above
18%.  In the second quarter, the Group corrugated pricing
remained stable.  This price increase has allowed the Group to
broadly achieve its target for recovery of the 2006 and 2007
input cost increases.

As anticipated in our first quarter release, after experiencing
positive demand growth in the first four months of the year, the
Group's corrugated volumes were weaker in May and June.  This
reflects the overall slowing economic environment in Europe,
together with the Group's continuous focus on margins.  In the
first half year of the year, the Group's corrugated volumes
decreased by almost 2% compared to the first six months
of 2007.

This corrugated performance was offset by materially weakening
conditions within recycled containerboard.  The lower level of
demand led to a continued inventory overhang, which generated
downward pricing momentum.  As a result, recycled containerboard
prices, which had enjoyed continuous upward momentum since the
end of 2005, started to fall progressively from March.  A EUR60
per tonne price slippage was reported in the indices to June in
most markets.

As recycled containerboard prices were decreasing, the Group
faced higher average input costs in the first half of the year.
Compared with 2007, these primarily included higher energy and
raw material costs.  During the second quarter, however,
recovered fiber prices dropped, reflecting lower buying demand
from Asia.  After peaking in March, recovered fiber prices have
reduced by approximately EUR20 per tonne between May and June.
While this decrease somewhat lowered the magnitude of the margin
compression, recovered fiber prices, on average, were around 12%
above 2007 levels during the first half.


                  About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.

                    *    *    *

Smurfit Kappa Group plc continues to carry Moody's Investors
Service's Ba3 corporate family rating with positive outlook.
Moody's changed the outlook to positive from stable in
June 2008.

Smurfit also carries Standard & Poor's Rating Services' 'BB'
long-term corporate credit ratings with stable outlook.  S&P
raised the group's long-term corporate credit ratings to 'BB'
from 'BB-' in April 2008.



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

BLOCKBUSTER INC: Moody's Affirms Caa1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service downgraded Blockbuster Inc.'s
probability of default rating to Caa1 from B3.  The company's
Caa1 corporate family rating, Caa2 senior subordinated note
rating, and SGL-4 speculative grade liquidity rating were
affirmed.  At the same time, Moody's raised the company's
secured bank facilities to B1 from B3.  The outlook remains
negative.

The PDR downgrade considers that despite a notable improvement
in operating income and a reduction in leverage, Blockbuster
still remains highly leveraged and is faced with the burden of
refinancing in a challenging credit environment.  Blockbuster
currently faces two near term debt maturities as both its
US$40 million term loan A and its revolving credit facility
expire in August 2009.

The affirmation of Blockbuster's Caa1 corporate family rating
and Caa2 senior subordinated note rating, along with the two-
notch upgrade of its secured bank facilities to B1 from B3,
reflects the company's improved recovery prospects as a result
of the company's notable operating improvements.  In addition to
operating improvements, Blockbuster repaid approximately
US$134 million of senior secured debt during 2007.

In addition to the uncertainty related to Blockbuster's ability
to refinance in a difficult credit environment, the negative
outlook also reflects its continued weak credit metrics and weak
free cash flow generation given its working capital investment.

The SGL-4 speculative grade liquidity rating continues to
acknowledge the lack of a multi-year credit facility, its
US$25 million quarterly reduction in its revolver size which
reduces the level of external liquidity, and its need to invest
in working capital constraining its free cash flow.  In addition
the SGL-4 acknowledges Blockbuster's modest cushion over its
fixed charge coverage and leverage financial covenants which
become effective for the quarter ending March 2009.

These rating is downgraded:

  -- Probability of default rating to Caa1 from B3

These ratings are upgraded:

  -- Senior secured bank credit facilities to B1 (LGD2, 21%)
from
     B3 (LGD3, 42%)

These ratings are affirmed:

  -- Corporate family rating at Caa1

  -- Senior subordinated notes rating at Caa2 (LGD5, 82%)

  -- Speculative grade liquidity rating at SGL-4

Based in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a leading global
provider of in-home movie and game entertainment, with over
7,800 stores throughout the Americas, Europe, Asia and
Australia.  The company maintains operations in Brazil, Mexico,
Denmark, Italy, Taiwan, and Australia.  Total revenues for the
twelve months ended July 6, 2008 were approximately
US$5.5 billion.

At April 6, 2008, the company's consolidated balance sheet
showed US$2.69 billion in total assets, US$1.98 billion in total
liabilities, and US$706.5 million in total stockholders' equity.


DURA AUTOMOTIVE: Names Robert Oswald as Board Member
----------------------------------------------------
DURA Automotive Systems, Inc. reported that Robert S. Oswald,
chairman of Bendix Commercial Vehicle Systems, has been
appointed to its board of directors effective immediately.

Mr. Oswald, 67, became chairman of Bendix Commercial Vehicle
Systems, a member of the Munich, Germany-based Knorr-Bremse
Group, in 2003.  He was CEO from March 2002 to September 2003.
Prior to Bendix, he was chairman, president and CEO of Robert
Bosch Corporation and a member of the Board of Management of
Robert Bosch, GmbH.  Mr. Oswald joined Bosch in 1989 and held
the Board and North American management positions from July 1996
until his retirement in December 2000.

Mr. Oswald also serves as a director of Perceptron, Inc., which
provides process management solutions to automotive and
manufacturing companies, and PAICE Corporation, a company
developing a hybrid electric powertrain technology.  Past
assignments also include vice president and general manager --
electronics at Cummins, Inc. and a series of manufacturing and
development positions with Ford Motor Company.

"Bob's strong leadership skills and proven track record add
another dimension to our dynamic board," said Tim Leuliette,
president and CEO.  "His experience in the global marketplace
will help DURA move forward as we enhance our global
competitiveness and grow profitably."

Mr. Oswald earned a bachelor's degree in electrical engineering
at Kettering University in Flint, Michigan, and an MBA from
Michigan State University.

Mr. Oswald disclosed in a Form 3 filing with the Securities and
Exchange Commission that he does not own any of DURA's
securities.

          Denton to Step Down as DURA'S President & CEO

DURA Automotive Systems, Inc., and Lawrence A. Denton, the
company's former President and Chief Executive Officer, entered
into a Separation Agreement and General Release on Aug. 7, 2008.

DURA and Mr. Denton agreed that his employment at the company as
its CEO ended by July 15, 2008, and that he has transitioned to
a consulting role within the company, which role will continue
until December 31, 2008.  As of December 31, Mr. Denton will
cease to be employed by the company.

A full-text copy of the Separation Agreement is available for
free at http://ResearchArchives.com/t/s?30c6

                           About DURA

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsels for the Debtors'
bankruptcy proceedings.  Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsels.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.   On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.

(Dura Automotive Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


RADIOSHACK CORP: S&P Affirms 'BB' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Forth
Worth, Texas-based RadioShack Corp. to stable from negative.  At
the same time, S&P affirmed our ratings on the company,
including the 'BB' corporate credit and senior unsecured
ratings.

"The outlook revision comes in spite of the company issuing $300
million of senior convertible notes," said Standard & Poor's
credit analyst Charles Pinson-Rose, "and reflects our belief
that the company can maintain appropriate credit metrics and
financial flexibility for the rating category."  This is based
on better sales trends, including the recently completed second
quarter (ended June 30, 2008) in which comparable-store sales
were up 6.9% and overall sales increased 6.1%.

RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/--
retails consumer electronics specialty products through almost
6,000 company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico.  Its retail
network include 4,439 retail stores, 721 kiosks, and 1,444
dealer and other outlets throughout the United States, and
generated LTM June 2008 revenues of US$4.27 billion.


SANLUIS RASSINI: Moody's Cuts B2 Corporate Family Rating to Caa1
----------------------------------------------------------------
Moody's downgraded Sanluis Rassini, S.A. de C.V.'s corporate
family rating to Caa1 from B2.  The rating remains on review for
possible further downgrade.  The downgrade reflects the
deterioration of Sanluis Rassini's liquidity situation as weaker
than anticipated free cash flow and low cash reserves create a
significant challenge for the company to refinance upcoming debt
maturities under its secured restructured credit agreement.

On July 31, 2008, the company started negotiations with its
lenders to reschedule its restructured credit agreement debt
obligations.  Weaker than anticipated cash generation primarily
stems from the ongoing volume drop in the company's key leaf
spring suspension component business in the NAFTA region and
volume losses because of the American Axle strike, which could
not be offset by positive earnings trends in the company's
Brazilian suspension components business, recovery in its brakes
division, and by benefits of steel price pass through agreements
negotiated with major OEMs.

Moody's notes that the company has recently initiated efforts to
downsize its operations and cost structure while growing volumes
in other market segments.  For 2008, Moody's expects EBITDA to
drop around 40% from US$77 million in 2007 because of continued
weakness in the North American automotive market in general and
the light vehicle segment in particular, which will likely
result in breakeven or slightly negative free cash flow
generation.  Reported 1H08 revenues and EBITDA were US$340
million and US$26 million, respectively, down 5% and 44% from
the same period last year. As of June 30, 2008, total reported
debt was US$147M, including US$134 million under the
restructured credit agreement facility, of which US$30 million
is short term debt.  Cash was US$13 million.

The continuing review will focus on the company's ability to
meet its upcoming debt maturities and the terms of the expected
payment rescheduling amendment of its restructured credit
agreement facility.

Sanluis Rassini, S.A. de C.V., headquartered in Mexico City,
Mexico, is the main operating subsidiary of Sanluis Corporacion,
S.A.B. de C.V., an entity publicly traded on the Mexican stock
exchange.  Sanluis Rassini is the number one manufacturer of
leaf spring suspension components for light trucks in the NAFTA
region and in Brazil.  The company also operates coil springs
and brakes components businesses.  For the 12 months ended
June 30, 2008, revenues and EBITDA reached US$698 million and
US$57 million, respectively.


SATELITES MEXICANOS: June 30 Balance Sheet Upside-Down by US$37M
----------------------------------------------------------------
Satelites Mexicanos, S.A. de C.V.'s balance sheet showed total
assets of US$460.6 million, total liabilities of
US$495.7 million, resulting in a stockholders' deficit of
US$37.9 million at June 30, 2008.

For the three months ended June 30, 2008, Satmex incurred a net
loss of US$6.9 million on net revenues of US$28.4 million,
compared to a net loss of US$12.8 million on net revenues of
US$26.5 million for the same period of 2007.

The company's revenue for the second quarter of 2008 increased
US$1.9 million represented by US$3.4 million of a net increase
in fixed satellite services integrated by new contracts of
US$1.3 million, increase in non-renewal contracts in an
aggregate amount of US$3.0 million, which were partially offset
by contract cancellation of US$0.9 million; a net increase in
Alterna’TV revenue of US$0.3 million (Alterna’TV revenues were
US$2.0 million in 2008, compared to $1.7 million in 2007) and a
decrease of US$1.8 million for broadband satellite services
provided by Enlaces Integra, S de R.L. de C.V. (Enlaces) a 75%
owned subsidiary acquired on Nov. 30, 2006.

At June 30, 2008, the company had total debt of
US$399.6 million.  This amount represents the new First Priority
Senior Secured Notes and Second Priority Senior Secured Notes
issued in accordance with our Plan of Reorganization.

                             Events

Satmex has initiated plans to reorganize the structure in its
operations units an administrative supports, which will result
in the elimination of approximately 38 positions, or
approximately 19%, of its workforce during the third quarter.
Affected employees are being offered severance payments.  As a
result of this plan, the company estimates incurring US$1.3
million.  Satmex anticipates the plan will be completed by the
end of the third quarter of 2008, and that the majority of cash
expenditures will be incurred in the third quarter of 2008.

Satmex has made public key management changes announcing an ad
hoc committee selected Mr. Patricio Northland was formally hired
on May 1, 2008.

Mr. Alfonso Maza resigned from his position as Chief Financial
Officer on June 5, 2008 and Mr. Jorge Espinoza ceased to occupy
the position of Executive Director Sales & Marketing on June 12,
2008.

On June 10, 2008 Satmex absolutely and unconditionally
transferred and granted to a third party all right, title and
interest in and to the general unsecured claim against a past
customer.  For the assignment of claim, Satmex received the
amount of US$4.6 million which were recognized in books as other
income.

On June 30, 2008 Satmex entered into a Settlement Agreement with
a supplier in order to settle and definitively terminate any
existing and future dispute between both parties.

By mean of this instrument:

   (a) the supplier irrevocably waives the collection of
       expenses and costs to which it is entitled according to a
       definitive adverse judgment claim by the supplier;

   (b) Satmex is totally release from paying the supplier for
       certain incentives, and;

   (c) Satmex paid a charge for final resolutions regarding of
       the settlement agreement.

                    About Satelites Mexicanos

Satelites Mexicanos, S.A. de C.V., provides fixed satellite
services in Mexico.

Satmex filed a voluntary petition for reorganization under
Chapter 11 in the Bankruptcy Court (Bankr. S.D.N.Y. Case No. 06-
11868), on Aug. 11, 2006.  It concluded its reorganization
efforts on Nov. 30, 2006, and emerged from its U.S. bankruptcy
case.  The company consummated its U.S. chapter 11 plan of
reorganization, which was confirmed by the on 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.
                        *     *     *

As of May 19, 2008, the company still carries these ratings
placed by Moody's since Sept. 5, 2003:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.



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

SIMMONS CO: S&P Puts 'B' Rating on Watch Negative
-------------------------------------------------
Standard & Poor's Ratings Services placed all of its ratings on
Simmons Co. and subsidiary Simmons Bedding Co., including the
'B' corporate credit rating, on CreditWatch with negative
implications.  The CreditWatch placement means that S&P could
lower or affirm the ratings following the completion of its
review.  As of June 30, 2008, Simmons, including debt at its
holding company, had close to US$1.3 billion in debt.

"The CreditWatch listing reflects Simmons Bedding's very tight
covenant cushion for the coming quarter ended Sept. 30, 2008,"
said Standard & Poor's credit analyst Rick Joy. "We are also
concerned that the cushion will remain tight as operating
performance is unlikely to meaningfully improve in the near
term, given the current weak economic environment and our
expectation that demand for bedding in North America will remain
constrained," he continued.

Although Simmons Bedding was in compliance with its maximum
senior leverage ratio of 4.5x and minimum cash interest coverage
ratio of 2.75x as of June 28, 2008, management is concerned that
it may violate these covenants by the end of the current
quarter. In addition, the company drew the remaining
US$41.7 million on its US$75 million revolving credit facility
subsequent to the close of its second quarter ended June 28,
2008.

Standard & Poor's analysis will focus on Simmons' ability to
obtain attain a bank amendment, if needed, or obtain an equity
cure from its shareholders to improve its covenant cushion.

Headquartered in Atlanta, Georgia, Simmons Company --
http://www.simmons.com/-- is a mattress manufacturer and
marketer of a range of products through its indirect subsidiary
Simmons Bedding Company.  Products includes Beautyrest(R),
Beautyrest Black(TM), ComforPedic by Simmons(TM), Natural
Care(TM), BackCare(R), Beautyrest Beginnings(TM) and Deep
Sleep(R).  Simmons Bedding Company operates 21 conventional
bedding manufacturing facilities and two juvenile bedding
manufacturing facilities across the United States, Canada,
Brazil and Puerto Rico.  Simmons also serves as a key supplier
of bedding to hotel groups and resort properties.



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

BANCO DE LA NACION (URUGUAY): Moody's Shifts Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlooks on the
Argentinean banks' Caa1 foreign currency bank deposit ratings
following a similar action on the country ceiling for deposits.
The outlooks for the B2 foreign currency senior and subordinated
bond ratings of Banco Comafi, HSBC Bank Argentina, Banco Macro
and Banco Patagonia were also changed to stable from positive,
in line with a similar action on the foreign currency bond
ceiling of Argentina.

Banco de la Nacion Argentina's branches in both Bolivia and
Uruguay were also affected by these rating actions. Moody's
consequently changed Banco de la Nacion Argentina (Bolivia)'s
outlook for the long term local currency deposits rating to
stable from positive.  Additionally, Banco de la Nacion
Argentina (Uruguay)'s outlooks for both its long-term local and
foreign currency deposit ratings were changed to stable from
positive.

These actions did not affect the bank financial strength ratings
of the rated banks in Argentina.

Affected rating outlooks:

Banco de la Nacion Argentina (Bolivia)

-- Local currency deposit rating of Caa1, stable from positive

-- Foreign currency deposit rating of Caa1, stable from
    positive


DIVINO SA: Moody's Ups Rating on US$2.43MM Notes to B2 from Caa1
----------------------------------------------------------------
Moody's Latin America has upgraded its global scale rating to B2
from Caa1 for Divino S.A.'s US$2.43 million senior unsecured
notes due 2012, issued in Uruguay's domestic debt market.  At
the same time, Moody's upgraded its Uruguay national scale
rating for the notes to Baa1.uy from Ba3.uy.  The outlook is
stable.  This rating action concludes the review process
initiated on November 28, 2007.

The upgrade of the ratings reflects Divino's positive free cash
flow and improved liquidity profile, in combination with its
ability to defend its market share and margins.  Divino is
expected to continue to benefit from a more stable economic
environment, which has allowed the company to post strong
revenue growth of nearly 20% annually over the past three years.

Although margins have experienced moderate deterioration this
year due to higher input costs, overall profitability as
measured by return on assets remained adequate for Divino's
rating category.  On Aug. 14, 2008, Moody's placed the B1
foreign- and local-currency bond ratings of the government of
Uruguay on review for possible upgrade.  Divino's rating
previously took into consideration the company's exposure to a
significantly higher level of potential macroeconomic volatility
than is indicated by the current sovereign rating.

The B2 and Baa1.uy ratings reflect Divino's leading market
position in Uruguay, its long track record in the mattress
business in Uruguay and low overall leverage for the rating
category.  Divino's brand strength and well-articulated
distribution network also support the ratings. These key rating
strengths continue to be offset by the company's modest size and
geographic concentration in a single small market.

While the B2 global scale rating reflects the default and loss
expectation of Divino on a global basis, the Baa1.uy national
scale rating reflects the standing of its credit quality
relative to other domestic issuers
The stable outlook assigned to Divino's ratings reflects Moody's
expectation that the company will sustain its strong market
share in Uruguay without sacrificing profitability, since the
competitive environment is not expected to undergo significant
changes in the medium term.  The stable outlook additionally
considers that Divino will maintain an adequate liquidity
profile.

Divino's rating or outlook could be upgraded if the company is
able to significant increase its scale or materially reduce its
exposures to a single product category and country market.

The ratings or outlook could come under pressure if Divino
continue to loose market share or if its profitability
deteriorates substantially, with return on assets of below 5%.
In terms of credit metrics, the rating could be downgraded if
Total debt to EBITDA leverage increases to above 4.5 or if EBITA
to interest expense coverage drops below 2.5.

Ratings upgraded:

  -- US$2,425 million 9.5 % senior unsecured Notes due 2012: to
     B2 from Caa1 (global scale)

  -- Outlook: stable

Founded in 1935, Divino SA is a small Uruguayan family-owned
company, which manufactures, sells and exports spring and
rubber-foam mattresses and polyurethane products through its own
retail chain and through wholesalers.   Total sales for nine
month period ending on March 30, 2008, reached approximately
US$27 million.


* Large Companies With Insolvent Balance Sheet
----------------------------------------------

                                      Total
                                Shareholders       Total
                                     Equity        Assets
Company                 Ticker      (US$MM)       (US$MM)
-------                 ------  ------------      -------
Arthur Lange             ARLA3       (24.32)        34.09
Kuala                    ARTE3       (33.57)        11.86
Bombril                  BOBR3      (480.75)       423.86
Caf Brasilia             CAFE3      (949.47)        40.58
Chiarelli SA             CCHI3       (73.37)        44.84
Ceper-Inv                CEP          (7.77)       120.08
Ceper-B                  CEP/B        (7.77)       120.08
Telefonica Hldg          CITI     (1,481.31)       307.89
Telefonica Hldg          CITI5    (1,481.31)       307.89
SOC Comercial PL         COME       (783.92)       448.06
Marambaia                CTPC3        (1.38)        79.73
DTCOM-DIR To Co          DTCY3       (13.89)        13.03
Aco Altona               ESTR        (41.68)       144.91
Estrela SA               ESTR3       (77.08)       107.43
Bombril Holding          FPXE3    (1,064.31)        41.97
Fabrica Renaux           FTRX3       (40.90)       127.74
Cimob Partic SA          GAFP3       (56.35)        92.77
Gazola                   GAZ03       (43.13)        22.28
Haga                     HAGA3      (116.89)        20.31
Hercules                 HETA3      (245.33)        45.85
Doc Imbituba             IMB13       (21.11)       215.55
IMPSAT Fiber Networks    IMPTQ       (17.17)       535.01
Minupar                  MNPR3       (27.58)       158.43
Wetzel SA                MWET3       (15.02)       137.09
Nova America SA          NOVA3      (300.97)        41.80
Paranapamema SA          PMAM3      (105.13)     3,724.69
Paranapamema-PRF         PMAM4      (105.13)     3,724.69
Recrusul                 RCSL3       (67.90)        27.89
Telebras-CM RCPT         RCTB30     (171.66)       230.92
Rimet                    REEM3      (219.34)        93.47
Schlosser                SCL03       (84.39)        44.57
Tecel S Jose             SJ0S3       (26.86)        80.42
Sansuy                   SNSY3       (63.13)       235.18
Teka                     TEKA3      (347.07)       538.30
Telebras SA              TELB3      (171.66)       230.92
Telebras-CM RCPT         TELE31     (171.66)       230.92
Telebras SA              TLBRON     (171.66)       230.92
TECTOY                   TOYB3        (1.43)        39.50
TEC TOY SA-PREF          TOYB5        (1.43)        39.50
TEC TOY SA-PF B          TOYB6        (1.43)        39.50
TECTOY SA                TOYBON       (1.43)        39.50
Texteis Renaux           TXRX3      (118.94)        84.92
Varig SA                 VAGV3    (8,194.58)     2,169.10
FER C Atlant             VSPT3      (123.44)     2,012.29
Wiest                    WISA3      (140.97)        71.37


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


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.  Marie Therese Profetana, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.

Copyright 2008.  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$625 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 * * *