TCRLA_Public/080828.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Thursday, August 28, 2008, Vol. 9, No. 171

                             Headlines


A R G E N T I N A

AGROPECUARIA MONTECARLO: Trustee Verifies Claims Until Oct. 3
COSQUIN ROCK: Proofs of Claim Verification Deadline Is October 2
FUNDACION RE-CREAR: Claims Verification Deadline Is October 8
GRUPO OLIVO: Proofs of Claim Verification Deadline Is Oct. 9
INTERCOBROS SA: Trustee Verifies Proofs of Claim Until Sept. 26

LA FONDA: Proofs of Claim Verification Deadline Is Sept. 16
SERVI CLASS: Proofs of Claim Verification Deadline Is Nov. 20

* BUENOS AIRES: S&P Puts B+ Currency Rating on US$250 Mil. Notes


B A H A M A S

PRIDE INTERNATIONAL: Will Build Ultra-Deepwater Drillship


B R A Z I L

BANCO DO BRASIL: To Get 5,400 Diebold ATMs and Check Dispensers
BANCO NACIONAL: Expands Technical Cooperation With Corfo
COSAN SA: Eyes BRL1.64 Billion Investment in Ethanol Pipeline
COSAN SA: Teams Up With U.S. Investment Group to Buy Land
ELETROPAULO METROPOLITANA: Hits 11-Month Low on Tax-Court Ruling

GERDAU AMERISTEEL: Moody's Shifts Ba1 Rtgs. Outlook to Positive
GERDAU SA: Moody's Shifts Ba1 Corp. Family Rtg. Outlook to Pos.


C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Proofs of Claim Filing Is Until Oct. 1
ANTHRACITE BALANCED: Sets Final Shareholders Meeting on Oct. 1
ANTHRACITE BALANCED(IR-24): Claims Filing Deadline Is Oct. 1
ANTHRACITE BALANCED(IR-24): Final Shareholders Meeting Is Oct. 1


D O M I N I C A N  R E P U B L I C

TRICOM SA: Court Extends Plan Solicitation Period to December 31
TRICOM SA: Court Adjourns Plan Status Conference to September 11
TRICOM: Bancredit Urges Debtor Waived Attorney-Client Privilege


G U A T E M A L A

EMPRESA ELECTRICA: S&P Drops BB Corporate Credit Rating to BB-


M E X I C O

CABLEMAS SA: S&P Upgrades Corporate Credit Rating to BB From BB-
FRESENIUS SE: Completes EUR289 Million Capital Increase
FRESENIUS SE: Completes Acquisition of Dabur Pharma


P U E R T O  R I C O

ORIENTAL FINANCIAL: Adds Three Members on Board of Directors


V E N E Z U E L A

* VENEZUELA: In Final Talks with CEMEX on Takeover Deal


                          - - - - -


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

AGROPECUARIA MONTECARLO: Trustee Verifies Claims Until Oct. 3
-------------------------------------------------------------
The court-appointed trustee for Agropecuaria Montecarlo SA's
reorganization proceeding will be verifying creditors' proofs of
claim until October 3, 2008.

The trustee will present the validated claims in court as
individual reports on November 14, 2008.  A court in Argentina
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Agropecuaria Montecarlo and
its creditors.

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

A general report that contains an audit of Agropecuaria
Montecarlo's accounting and banking records will be submitted in
court on February 4, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 10, 2009.

The debtor can be reached at:

          Agropecuaria Montecarlo SA
          Esmeralda 736
          Buenos Aires, Argentina


COSQUIN ROCK: Proofs of Claim Verification Deadline Is October 2
----------------------------------------------------------------
Marcelo Dborking, the court-appointed trustee for Cosquin Rock
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until October 2, 2008.

Mr. Dborking will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Cosquin Rock and its
creditors.

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

A general report that contains an audit of Cosquin Rock's
accounting and banking records will be submitted in court.

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

The debtor can be reached at:

                      Cosquin Rock SRL
                      Basavilbaso 1378
                      Buenos Aires, Argentina

The trustee can be reached at:

                      Marcelo Dborking
                      Av. Callao 295
                      Buenos Aires, Argentina


FUNDACION RE-CREAR: Claims Verification Deadline Is October 8
-------------------------------------------------------------
The court-appointed trustee for Fundacion Re-Crear la Cultura's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until October 8, 2008.

The trustee will present the validated claims in court as
individual reports on November 19, 2008.  A court in Argentina
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Fundacion Re-Crear and its
creditors.

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

A general report that contains an audit of Fundacion Re-Crear's
accounting and banking records will be submitted in court on
February 5, 2009.

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


GRUPO OLIVO: Proofs of Claim Verification Deadline Is Oct. 9
------------------------------------------------------------
Maria Ines Palermo, the court-appointed trustee for Grupo Olivo
Argentino SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until October 9, 2008.

Ms. Palermo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Grupo Olivo and its
creditors.

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

A general report that contains an audit of Grupo Olivo's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

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

The trustee can be reached at:

                      Maria Ines Palermo
                      Av. Santa Fe 3444
                      Buenos Aires, Argentina


INTERCOBROS SA: Trustee Verifies Proofs of Claim Until Sept. 26
---------------------------------------------------------------
The court-appointed trustee for Intercobros S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
September 26, 2008.

The trustee will present the validated claims in court as
individual reports on November 7, 2008.  A court in Argentina
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Intercobros and its creditors.

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

A general report that contains an audit of Intercobros'
accounting and banking records will be submitted in court on
December 22, 2008.

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


LA FONDA: Proofs of Claim Verification Deadline Is Sept. 16
-----------------------------------------------------------
The court-appointed trustee for La Fonda de Teilhard S.R.L.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until September 16, 2008.

The trustee will present the validated claims in court as
individual reports on October 28, 2008.  A court in Argentina
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by La Fonda and its creditors.

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

A general report that contains an audit of La Fonda's accounting
and banking records will be submitted in court on December 10,
2008.

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


SERVI CLASS: Proofs of Claim Verification Deadline Is Nov. 20
-------------------------------------------------------------
The court-appointed trustee for Servi Class S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 20, 2008.

The trustee will present the validated claims in court as
individual reports on February 6, 2009.  A court in Argentina
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Servi Class and its creditors.

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

A general report that contains an audit of Servi Class'
accounting and banking records will be submitted in court on
March 20, 2009.

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


* BUENOS AIRES: S&P Puts B+ Currency Rating on US$250 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+' foreign
currency and 'raAA' national scale ratings to US$250 million in
senior unsecured notes due 2018 proposed by the City of Buenos
Aires (global scale B+/Stable/--; national scale
raAA/Stable/--).  The bonds are to be issued in the local
market, denominated in U.S. dollars and payable in local
currency.

Proceeds will be used for social and infrastructure development
in the city.

The notes represent the city's first issuance in the capital
markets since it restructured its debt in 2003.  The issue will
be the first series under the city's extended medium-term notes
program currently in place but the sixth overall.  The program
was recently extended by US$500 million, after the city's
legislature approved new indebtedness of ARS1.60 billion (about
US$500 million) last year.

"Because of the city's relatively low debt, declining over the
past five years, we do not see this additional debt as
detrimental to its financial profile," said S&P's credit analyst
Delfina Cavanagh.

Once it adds the new bond issue, the city's total debt will
reach US$822.8 million, a still low 22% of its budgeted
operating revenue for 2008.  Therefore, low debt remains a
support for the 'B+' global scale issuer credit rating and
stable outlook, which remain unchanged. (S&P's research report
published Aug. 11, 2008, on RatingsDirect.)

The city's major fiscal risk will continue to be the growing
pressure for salary increases as inflation intensifies.

Ratings List:

Buenos Aires (City of): Issuer Credit Rating

   -- Global Scale                          B+/Stable/--
   -- National Scale                        raAA/Stable/--

New Rating:

   -- Senior Unsecured (1 issue)
   -- Foreign Currency                      B+
   -- National Scale                        raAA



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

PRIDE INTERNATIONAL: Will Build Ultra-Deepwater Drillship
---------------------------------------------------------
Pride International Inc. has placed an order for the
construction of a fourth advanced-capability, ultra-deepwater
drillship.  The latest drillship, like the company's three
previously announced projects, will be constructed at the
Samsung Heavy Industries, Ltd. (SHI) shipyard in Geoje, South
Korea on a fixed-price basis and is expected to be delivered in
the fourth quarter of 2011, following construction,
commissioning and system-integrated testing.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "We remain intensely focused on
expanding our presence in the ultra-deepwater drilling sector,
while increasing our already significant competencies in
deepwater operations, engineering and construction and project
management.  This attractive shipyard delivery provides a unique
opportunity to address a growing base of customers with ultra-
deepwater rig needs in the early part of the next decade, while
we continue to execute our strategic objective of expanding our
premium asset base.  Because access to the world's premium
shipyards is highly constrained, with no known opportunities to
provide customers with new ultra-deepwater capacity before the
end of 2011 and with several units already ordered with expected
deliveries in 2012, we have decided to move forward and commit
to our fourth ultra-deepwater construction project with SHI.  We
believe demand for ultra-deepwater rig capacity extends well
into the next decade, providing excellent prospects for
contracting this latest unit."

The new drillship, to be named at a later date, is based on an
SHI proprietary hull design measuring 750 feet long, 140 feet
wide and offering a pay load in excess of 20,000 metric tons.
The unit is designed for drilling in water depths of up to
12,000 feet, with a total vertical drilling depth of 40,000
feet, and will have off-line tubular stand building
capabilities, as well as feature dynamic positioning in
compliance with DPS-3 certification.  The rig, which will be
initially equipped for drilling in water depths of up to 10,000
feet, will also have expanded drilling fluids capacity, a 1,000
ton capacity hoisting system and living quarters for up to 200
personnel.  The expected construction cost of the rig, including
commissioning and system integrated-testing and excluding
capitalized interest, is approximately US$745 million.  The
company expects to fund the construction of the unit with
available cash, cash flow from operations and borrowings.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 64 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 10 platform rigs, five managed deepwater rigs
and seven Eastern Hemisphere-based land rigs.  The company has
subsidiaries in France, Netherlands, Venezuela, Bahamas, Mexico,
Malaysia, and Singapore.

                          *     *     *

To date, Pride International carries Standard & Poor's Ratings
Service's BB+ corporate credit rating.  The company's unsecured
debt is also rated BB+ by S&P.  The outlook on the ratings is
stable.



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

BANCO DO BRASIL: To Get 5,400 Diebold ATMs and Check Dispensers
---------------------------------------------------------------
Banco do Brasil has chosen Diebold Inc. to provide more than
5,400 automated teller machines (ATMs) and check dispensers,
enabling the financial institution to expand its reach to new
and existing customers at its branches in all Brazilian states,
as well as through new retail locations.

In the agreement, Diebold will provide approximately 3,500 model
CD 4500 cash dispenser ATMs and 1,900 checkbook printing
terminals to Banco do Brasil, assisting the financial
institution in achieving its goals to expand its network, reduce
transaction costs and offer customers greater convenience and
accessibility.  The new ATMs, which are replacing older units,
will include advanced security technology, such as an encrypted
PIN pad and advanced skimming device technologies, electronic
access control to open the upper cabinet door of the ATMs and
safe-locking capabilities, which involve a trigger that freezes
the safe's mechanism when the lock is drilled, punched or
torched.

Diebold also will provide the financial institution with a
reliable software platform and operating system to drive the new
ATMs.  To help the financial institution promote its brand on a
wider scale, Diebold configured the software to prominently
display Banco do Brasil's brand design on the machines' fascias.

Banco do Brasil provides comprehensive banking services for the
general public, business customers and investors.  With the
expansion of its ATM channel, the financial institution is
better positioned to offer customers superior functionality,
which will help enhance customer loyalty.  Additionally, the
financial institution will be well-suited to increase revenue
and profitability, while reducing the overall costs associated
with owning and operating an ATM channel.

"We're excited to assist Banco do Brasil in expanding its
network, increasing ATM security and promoting its brand at a
time when Brazil is experiencing such exceptional growth," said
president of Diebold Brazil, Joao Abud, Jr.  "This expansion
will enable the financial institution to reap significant
benefits from its high visibility position, as well as from its
top-quality customer service."

In addition, Diebold will install the new ATMs, which are backed
by a 12-month warranty and are fully compliant with new
Brazilian accessibility standards.  Banco do Brasil currently
has 40,000 ATMs in Brazil, and is participating in a countrywide
trend to replace ATMs 10 years or older with models offering
enhanced functionality and additional security and accessibility
features.

                           About Diebold

Headquartered in Canton, Ohio, Diebold Incorporated --
http://www.diebold.com-- provides integrated self-service
delivery and security systems and services.  Diebold employs
more than 17,000 associates with representation in nearly 90
countries worldwide.  Diebold is publicly traded on the New York
Stock Exchange under the symbol 'DBD.'

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                            *     *     *

On Feb. 29, 2008, Moody's Investors Rating Service assigned a
Ba2 foreign currency deposit rating to Banco do Brasil.


BANCO NACIONAL: Expands Technical Cooperation With Corfo
--------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA and
Corporacion de Fomento de la Produccion (Corfo), from the
Chilean government, signed on Aug. 25, a memorandum of
understanding to expand technical cooperation.

The MOU outlines common tools for:

    * innovation support policy-making;
    * strengthening of micro, small and medium sized businesses;
      and
    * boost to Brazilian investments in Chile and Chilean
      investments in Brazil.

In order to reach these goals, the memorandum aims at promoting
the exchange of information between these institutions on
financing facilities and other financial support tools, also
disclosing business and investment opportunities among Brazilian
and Chilean companies.

Information may be exchanged through joint studies, seminars,
conferences, forums and other events organized by the parties.

Corfo, a Chilean self-managed organization, is intended to
support and finance economic and social development projects in
Chile, focused on strengthening and setting up innovative
businesses engaged in the foreign market.

Brazil and Chile signed, in July 1990, a scientific, technical
and technological cooperation framework agreement, which was the
starting point for the cooperation among institutions and public
agencies of both countries.  In April 2007, the parties signed a
memorandum of understanding covering science, technology and
innovation.

                          About Banco Nacional

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

                            *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


COSAN SA: Eyes BRL1.64 Billion Investment in Ethanol Pipeline
-------------------------------------------------------------
Cosan S.A. Industria e Comercio plans to invest BRL1.64 billion
(US$1 billion) in the construction of a 618km ethanol pipeline
in Sao Paulo state, Business News Americas reports.

According to the report, Cosan is developing the Uniduto
Logística project in partnership with sugar and ethanol
producers Copersucar and Crystalsev.  The pipeline is scheduled
to start operations by the first half of 2011.

The report says the ethanol pipeline will link Santos port to
the city of Paulinia, with offshoots to the municipalities of
Ribeirao Preto and Conchas.

Meanwhile, the report says Cosan expects federal energy company
Petrobras to use the ethanol pipeline and extend it to other
regions in the country.  Petrobras' strategy is to lead
biodiesel production and ethanol transport and logistics in
Brazil.

"Petrobras might extend the pipeline from Ribeirao Preto to the
south of Minas Gerais and Goias states.  Or run the Conchas end
to the state of Mato Grosso do Sul," Cosan CFO Paulo Diniz was
cited by BNAmericas as saying.

                        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.


COSAN SA: Teams Up With U.S. Investment Group to Buy Land
---------------------------------------------------------
Cosan S.A. Industria e Comercio is partnering with a group of
U.S. investors to buy farm land in Brazil, Associated Press
reports, citing company spokeswoman Amanda Brun.

Ms. Brun, as cited by AP, said Cosan will soon announce the
creation of ?Radar,? a company that will buy land and then lease
it to farmers who will in turn supply Cosan.

The report relates that under the agreement, the American
investment group, whose name has not been revealed, will have an
80 percent stake in the new real estate company.  The new
company's startup date is yet to be determined.

                        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.


ELETROPAULO METROPOLITANA: Hits 11-Month Low on Tax-Court Ruling
----------------------------------------------------------------
Eletropaulo Metropolitana SA dropped 5 percent to 29.40 reais,
the lowest in 11 months, in Sao Paulo trading after a tax-court
ruling forced the utility company to cancel a BRL360 million
(US$223 million) dividend, Jeb Blount of Bloomberg News reports.

According to the report, the dividend was due to be paid today,
Aug. 28.

The utility, the report relates, said it will appeal the
decision by the 4th Tax Court of Sao Paulo State.  Pedro Vieira,
vice president for legal affairs at Eletropaulo, told investors
during a conference call the ruling concerns about BRL600
million that tax authorities say the company owes in social-
contribution taxes for 1992 through 1999.

In 1999, Bloomberg News says, Eletropaulo paid about BRL300
million to the courts in escrow to cover related tax debts.
Since then, Brazil's treasury has challenged the legality of a
presidential decree that reduced the tax bill and is seeking
fines and back interest.

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA --
http://www.eletropaulo.com.br/-- provides electricity to more
than 5 million customers in the Brazilian state of Sao Paulo.
Part of the privatization trend in Brazil, the company is one of
four created by the split of the former state-owned generation,
transmission, and distribution utility.  Brasiliana Energia, a
company jointly held by US independent power producer AES and
Brazilian national development bank BNDES through Brasiliana,
owns approximately 99% of Eletropaulo.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 18, 2008, Standard & Poor's Ratings Services affirmed its
'BB-' global scale ratings on Eletropaulo Metropolitana
Eletricidade de Sao Paulo SA.

On March 26, 2008, TCR-Latin America also reported that Fitch
Ratings placed EleCtropaulo Metropolitana de Eletricidade de Sao
Paulo S.A.'s Local currency Issuer Default Rating, Foreign
currency Issuer Default Rating and Senior unsecured notes Due
2010 rating at 'BB-'.  The outlook is stable for the corporate
ratings.


GERDAU AMERISTEEL: Moody's Shifts Ba1 Rtgs. Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlook of all ratings related to Gerdau Ameristeel Corporation
(Ba1 corporate family rating -- Ameristeel). Simultaneously,
Moody's withdrew the Ba1 corporate family rating of the
Brazilian operations of Gerdau represented by Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Comercial de Acos S.A., collectively referred to as "Gerdau
Brazil".

The change in outlook reflects the maintenance of strong debt
protection metrics and robust liquidity on a consolidated basis
while successfully integrating Chaparral Steel, a 2.6 million
ton per year structural steel and steel bar producer acquired in
September 2007 for about US$4.2 billion, and Macsteel, a 1.1
million ton per year specialty steel manufacturer acquired in
April 2008 for some US$1.46 billion. Gerdau's healthy liquidity
is based on a cash balance of US$3.4 billion at June 30, 2008,
in addition to US$1.35 billion in committed credit facilities,
its good access to export-related financing and comfortable debt
repayment schedule vis-a-vis its strong cash generation. Current
global steel market conditions are very favorable and, along
with recent acquisitions, are raising Ameristeel's and Gerdau's
revenues and earnings to levels well above historical results.
Moody's expects Gerdau to use free cash flow to reduce leverage
as measured by Net Debt to EBITDA to around 1.0 (1.6 on a gross
debt basis) by 2008 year-end.

Gerdau's ratings continue to be supported by its solid cash
generation, which reflects its strong market position in the
several markets where it operates, its good operational and
geographic diversity, and cost-driven management. The company's
acquisitive growth strategy, exposure to commodity products, and
the need for further improvement of operational efficiency in
North America are constraining factors for its ratings. Moody's
recognizes, however, that acquisitions made so far have
contributed to Gerdau's improved business profile.

At this time, Moody's believes the ratings of Gerdau and
Ameristeel should be highly correlated. The factors behind this
judgment include the strong parent support to Ameristeel,
demonstrated by the recent equity infusion, which maintained the
parent's 66.5% ownership, guarantees of Gerdau for approximately
80% of Ameristeel's debt, cross default provisions under
existing loan agreements, and the centrally managed approach to
sales and operations. However, there is no assurance that the
two companies' ratings will move in tandem in the future.

Gerdau Ameristeel's ratings with outlook changed to positive
from stable are:

    -- Ba1 Probability of Default Rating;
    -- Ba1 Corporate Family Rating; and
    -- Ba1 US$405 million Senior Unsecured Guaranteed Notes due
       2011 (LGD 4, 62%).

Jacksonville Economic Development Commission's (Florida) rating
with outlook changed to positive from stable is Ba1 US$23
million Industrial Revenue Senior Unsecured Bonds due 2037
(LGD4, 62%).

Rating withdrawn:

Ba1 Corporate Family Rating of "Gerdau Brazil" (fictitious
entity representing the combined operations of Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Comercial de Acos S.A.)

Upward pressure on the ratings of Gerdau could result from the
decline in leverage as measured by Consolidated Net Debt
(considering a minimum readily available liquidity cushion of
US$1.5 billion) to EBITDA below 1.8x on a sustained basis
simultaneous with the maintenance of strong credit fundamentals
that include efficient cost management and adequate liquidity
levels. An upgrade of Ameristeel's ratings would also consider
the secured nature of its US$950 million committed credit
facility, which is a limiting factor in achieving investment
grade status.

Conversely, Gerdau's ratings or outlook could come under
downward pressure if Consolidated Net Debt (considering a
minimum readily available liquidity cushion of US$1.5 billion)
to EBITDA (pro-forma for acquisitions) remains above 2.2x for an
extended time period or in case of a sharp deterioration in the
group's liquidity position or financial performance. This
scenario would probably result from a large acquisition
preventing Gerdau from prospectively reducing its leverage.

Gerdau Ameristeel's run-rate annual sales are approximately
US$10 billion.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America. Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America. The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.  Gerdau Ameristeel is a unit of Brazilian firm


GERDAU SA: Moody's Shifts Ba1 Corp. Family Rtg. Outlook to Pos.
---------------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlook of all ratings related to Gerdau S.A. (Ba1 corporate
family rating -- Gerdau). Simultaneously, Moody's withdrew the
Ba1 corporate family rating of the Brazilian operations of
Gerdau represented by Gerdau Acominas S.A., Gerdau Acos Longos
S.A., Gerdau Acos Especiais S.A., and Comercial de Acos S.A.,
collectively referred to as "Gerdau Brazil".

The change in outlook reflects the maintenance of strong debt
protection metrics and robust liquidity on a consolidated basis
while successfully integrating Chaparral Steel, a 2.6 million
ton per year structural steel and steel bar producer acquired in
September 2007 for about US$4.2 billion, and Macsteel, a 1.1
million ton per year specialty steel manufacturer acquired in
April 2008 for some US$1.46 billion. Gerdau's healthy liquidity
is based on a cash balance of US$3.4 billion at June 30, 2008 in
addition to US$1.35 billion in committed credit facilities, its
good access to export-related financing and comfortable debt
repayment schedule vis-a-vis its strong cash generation. Current
global steel market conditions are very favorable and, along
with recent acquisitions, are raising Ameristeel's and Gerdau's
revenues and earnings to levels well above historical results.
Moody's expects Gerdau to use free cash flow to reduce leverage
as measured by Net Debt to EBITDA to around 1.0 (1.6 on a gross
debt basis) by 2008 year-end.

Gerdau's ratings continue to be supported by its solid cash
generation, which reflects its strong market position in the
several markets where it operates, its good operational and
geographic diversity, and cost-driven management. The company's
acquisitive growth strategy, exposure to commodity products, and
the need for further improvement of operational efficiency in
North America are constraining factors for its ratings. Moody's
recognizes, however, that acquisitions made so far have
contributed to Gerdau's improved business profile.

At this time, Moody's believes the ratings of Gerdau and
Ameristeel should be highly correlated. The factors behind this
judgment include the strong parent support to Ameristeel,
demonstrated by the recent equity infusion, which maintained the
parent's 66.5% ownership, guarantees of Gerdau for approximately
80% of Ameristeel's debt, cross default provisions under
existing loan agreements, and the centrally managed approach to
sales and operations. However, there is no assurance that the
two companies' ratings will move in tandem in the future.


Gerdau S.A.'s ratings with outlook changed to positive from
stable are:

    -- Ba1 Corporate Family Rating; and
    -- Ba1 US$600 million guaranteed perpetual bonds.

Jacksonville Economic Development Commission's (Florida) rating
with outlook changed to positive from stable is its Ba1 US$23
million Industrial Revenue Senior Unsecured Bonds due 2037
(LGD4, 62%).

Rating withdrawn:

Ba1 Corporate Family Rating of "Gerdau Brazil" (fictitious
entity representing the combined operations of Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Comercial de Acos S.A.)

Upward pressure on the ratings of Gerdau could result from the
decline in leverage as measured by Consolidated Net Debt
(considering a minimum readily available liquidity cushion of
US$1.5 billion) to EBITDA below 1.8x on a sustained basis
simultaneous with the maintenance of strong credit fundamentals
that include efficient cost management and adequate liquidity
levels. An upgrade of Ameristeel's ratings would also consider
the secured nature of its US$950 million committed credit
facility, which is a limiting factor in achieving investment
grade status.

Conversely, Gerdau's ratings or outlook could come under
downward pressure if Consolidated Net Debt (considering a
minimum readily available liquidity cushion of US$1.5 billion)
to EBITDA remains above 2.2 for an extended time period or in
case of a sharp deterioration in the group's liquidity position
or financial performance. This scenario would probably result
from a large acquisition preventing Gerdau from prospectively
reducing its leverage.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products. In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.



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

ANTHRACITE BALANCED: Proofs of Claim Filing Is Until Oct. 1
-----------------------------------------------------------
Anthracite Balanced Company (45) Ltd.'s creditors have until
Oct. 1, 2008, to prove their claims to Scott Aitken and Connan
Hill, 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.

Anthracite Balanced's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Scott Aitken and Connan Hill
                 P.O. Box 1109GT
                 Grand Cayman, Cayman Islands
                 Tel: (345) 949-7755
                 Fax: (345) 949-7634


ANTHRACITE BALANCED: Sets Final Shareholders Meeting on Oct. 1
--------------------------------------------------------------
Anthracite Balanced Company (45) Ltd. will hold its final
shareholders meeting on Oct. 1, 2008, at 10:00 a.m., at the
offices of HSBC Bank (Cayman) Limited, P.O. Box 1109, 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.

Anthracite Balanced's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Scott Aitken and Connan Hill
                 P.O. Box 1109GT
                 Grand Cayman, Cayman Islands
                 Tel: (345) 949-7755
                 Fax: (345) 949-7634


ANTHRACITE BALANCED(IR-24): Claims Filing Deadline Is Oct. 1
------------------------------------------------------------
Anthracite Balanced Company (IR-24) Ltd.'s creditors have until
Oct. 1, 2008, to prove their claims to Scott Aitken and Connan
Hill, 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.

Anthracite Balanced's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Scott Aitken and Connan Hill
                 P.O. Box 1109GT
                 Grand Cayman, Cayman Islands
                 Tel: (345) 949-7755
                 Fax: (345) 949-7634


ANTHRACITE BALANCED(IR-24): Final Shareholders Meeting Is Oct. 1
----------------------------------------------------------------
Anthracite Balanced Company (IR-24) Ltd. will hold its final
shareholders meeting on Oct. 1, 2008, at 10:00 a.m., at the
offices of HSBC Bank (Cayman) Limited, P.O. Box 1109, 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.

Anthracite Balanced's shareholder decided on Aug. 6, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                 Scott Aitken and Connan Hill
                 P.O. Box 1109GT
                 Grand Cayman, Cayman Islands
                 Tel: (345) 949-7755
                 Fax: (345) 949-7634



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

TRICOM SA: Court Extends Plan Solicitation Period to December 31
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave Tricom S.A. and its U.S. affiliates until December 31,
2008, to solicit votes for their Joint Prepackaged Chapter 11
Plan of Reorganization.

The Debtors already made an initial solicitation of votes from
their creditors, which concluded on February 28, 2008.  Results
of the solicitation showed that 100% of the holders of Class 3
Credit Suisse Existing Secured Claims and 97% of the holders of
Class 6 Unsecured Financial Claims voted to accept the Plan.

The Debtors have said they anticipate a re-solicitation of votes
in light of the proposed summary judgment presently being heard
by the Court.  The summary judgment motion seeks to resolve the
proposed estimation of claims of Bancredit Cayman Limited and
Bancredito (Panama) S.A., against the Debtors.

The banks' claims, aggregating US$178,000,000, allegedly
resulted from Tricom S.A's issuance in December 2002 of more
than 21,000,000 shares of stock to investors for an aggregate
purchase price of US$70,000,000.  Bancredito seeks to recover
US$92,000,339 while Bancredit Cayman asserts US$86,525,273.

The Debtors said the results of the hearing on the proposed
summary judgment may affect the Plan's feasibility and the
course of their reorganization, which may entail modification of
the Plan and re-solicitation of votes.

                         About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

As of June 30, 2008, Tricom had US$316,325,466 in assets and
US$771,970,349 in liabilities.

(Tricom Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


TRICOM SA: Court Adjourns Plan Status Conference to September 11
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
adjourned the status conference on the confirmation of
Tricom S.A. and its U.S. affiliates' Prepackaged Joint
Chapter 11 Plan of Reorganization to September 11, 2008.  A
status conference was previously scheduled for August 13, 2008.

                         About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

As of June 30, 2008, Tricom had US$316,325,466 in assets and
US$771,970,349 in liabilities.

(Tricom Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


TRICOM: Bancredit Urges Debtor Waived Attorney-Client Privilege
---------------------------------------------------------------
Bancredit Cayman Limited says that Tricom S.A. failed to prove
that the attorney-client and work-product privileges had not
been waived when it disclosed the special committee report to
the counsel for the Ad Hoc Committee of Unsecured Creditors and
Sotomayor & Associates LLP.

Tricom previously urged the U.S. Bankruptcy Court for the
Southern District of New York to deny the proposed production of
the special committee report because it is protected from
disclosure by attorney-client and work product privileges.

The report contains findings of the Special Committee appointed
by Tricom's Board of Directors to investigate into a private
placement of shares of the company's common stock in December
2002, wherein Bancredito allegedly loaned off US$70,000,000 to
investors to purchase the stock.

Glenn Edwards, Esq., at Satterlee Stephens Burke & Burke LLP, in
New York, says that Tricom merely argued that the disclosure
"did not increase the likelihood of potential disclosure to
likely adversaries."

"Intentionally or not, Tricom appears to be eliding, or hoping
that this Court will, between the very different standards for
waiver for attorney-client privilege and work-product
protection.  This is a critical error," Mr. Edwards says.

Mr. Edwards points out that unlike the attorney-client
privilege, work-product protection is not necessarily waived by
disclosures to third persons.

"Attorney-client privilege is more susceptible to waiver than
work-product protection, and a demonstration that work-product
protection has not been waived says nothing about the waiver of
attorney-client privilege," Mr. Edwards argues.

According to Mr. Edwards, Tricom has, in effect, failed to prove
its burden of showing that attorney-client privilege has not
been waived and that it is only by demonstrating the propriety
of work-product protection that it can successfully resist
production of the report.

Mr. Edwards dismisses Tricom's contention that the special
committee report is entitled to attorney work-product protection
since it has been made in anticipation of a potential
litigation.  "The materials sought to be protected must not
simply concern  issues of potential litigation, preparation for
litigation must be the reason such materials were created in the
first place," he points out.

                         About Tricom S.A.

Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima.  Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic.  Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.

Tricom's wireless network covers about 90% of the Dominican
Republic's population.  Tricom's local service network is 100%
digital.  The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.

Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications.  A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.

Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.

Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720).  Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors.  When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.

As of June 30, 2008, Tricom had US$316,325,466 in assets and
US$771,970,349 in liabilities.

(Tricom Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)



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

EMPRESA ELECTRICA: S&P Drops BB Corporate Credit Rating to BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Empresa Electrica de Guatemala SA to 'BB-' from
'BB' and placed it on CreditWatch with negative implications.

"The rating downgrade and CreditWatch listing reflect the
announcement by the Electric Energy National Commission in
Guatemala of the applicable tariffs for the 2008-2013 period,
establishing a value-added distribution -- a component of the
tariff that reimburses the distribution company for its
investment -- that is about 55% lower than EEGSA's tariffs for
the previous period," said S&P's credit analyst Marcela Duenas.

This change will result in deteriorated profitability and cash
flow measures as well as limited liquidity during the second
half of 2008 and going forward.  In resolving its CreditWatch
listing, S&P will discuss with management its near-term business
and financial outlook in light of the recent announcement.  The
company's CreditWatch listing will be resolved upon the
completion of a review of the impact that this resolution will
have on the its credit protection measures and liquidity.  Any
downward rating action would not necessarily be limited to one
notch.

The rating on the company is constrained by the inherent
challenges associated with the operating environment in the
Republic of Guatemala (FC: BB/Positive/B; LC: BB+/Positive/B).
"The rating also reflects the company's limited financial
flexibility, given the undeveloped capital markets in Guatemala
compared with distribution companies operating in countries with
more developed financial markets," added Ms. Duenas.

Empresa Electrica de Guatemala SA a.k.a. EEGSA --
http://www.eegsa.com-- is a Guatemalan electric company which
distributes electricity services to over 700,000 customers in
the Guatemala, Sacatepequez and Escuintla.



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

CABLEMAS SA: S&P Upgrades Corporate Credit Rating to BB From BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services has upgraded Mexican cable TV
operator Cablemas S.A. de C.V., including raising the long-term
corporate credit ratings.  S&P raised the global scale rating to
'BB' from 'BB-' and the national scale rating to 'mxA' from
'mxA-'.  At the same time, S&P removed the ratings from
CreditWatch, where they had been placed with positive
implications on May 16, 2008.  The outlooks are stable.

The rating action came after S&P's review of Cablemas' business
and financial prospects, and the conversion by Grupo Televisa
S.A.B. (BBB+/Stable/--) of its long-term convertible notes into
99.99% of the equity of Alvafig S.A. de C.V. (not rated), which
holds 49% of Cablemas' voting equity.  Televisa has further
purchased an additional US$100 million in long-term notes issued
by Alvafig.  After this transaction, Televisa holds a 49% voting
equity stake in Cablemas and 54.6% of Cablemas' capital stock.

"The upgrade reflects the implicit support provided by
Televisa," said S&P's credit analyst Fabiola Ortiz.  "We also
believe that Cablemas represents a strategic asset to Televisa
and that it will expand Televisa's current cable services
coverage."

Cablevision is the second-largest Mexican cable operator by
number of subscribers, covering 46 cities.

This acquisition is in line with Televisa's strategy to enter
the telecommunications sector, as already evidenced by its 51%
stake in Cablevision S.A.B. de C.V. (not rated) and its 50%
stake in Television Internacional S.A. de C.V. (not rated).
Moreover, the rating reflects Cablemas' consistent operating
performance and improved business profile (better relative to
its past or better relative to Televisa's?).

The rating on Cablemas reflects its important cable TV
subscriber base, experienced management team, high percentage of
upgraded network and the purchase of video signals by affiliated
company Productora y Comercializadora de Television S.A. de
C.V., and leading role in the consolidating cable TV sector in
Mexico.

These strengths are somewhat offset by considerable competition
in the pay TV industry in Mexico, especially from direct-to-home
(DTH) operator Innova S. de R.L. de C.V. and telephone incumbent
Teléfonos de Mexico S.A. de C.V. as Mexico's largest broadband
Internet access operator.  Other offsetting factors include
foreign-exchange risks and heavier periodical investments to
upgrade the network as required by technology evolution.

Headquartered in Mexico City, Cablemas SA de CV --
http://www.cablemas.com-- is the second largest Cable TV
service providers in Mexico servicing over 797,018 cable tv
subscribers and 220,446 high-speed Internet subscribers as well
as 41,062 IP telephony lines with 2,204,603 homes passed.
Cablemas is the concessionaire with the broadest coverage in
Mexico, operating in 46 cities throughout the country's oil,
maquiladora and tourist regions as of Dec. 31, 2007.


FRESENIUS SE: Completes EUR289 Million Capital Increase
-------------------------------------------------------
In connection with Fresenius SE's capital increase, 2,748,057
new ordinary shares were issued at a price of EUR52.00 and
2,748,057 preference shares were issued at a price of EUR53.00.

The transaction has generated gross proceeds of EUR289 million,
fully in line with Fresenius' financing plan.

The new shares are expected to be included in the quotation of
the existing shares of Fresenius SE in the regulated market at
the Frankfurt, Munich and Düsseldorf stock exchanges.  They have
full dividend entitlement for the fiscal year 2008.

Dr. Ulf Mark Schneider, Chairman of the Management Board of
Fresenius SE commented: "The capital increase is a further
component of the acquisition financing for APP Pharmaceuticals.
This acquisition provides attractive growth opportunities for
Fresenius Kabi's existing product portfolio in North America.
At the same time, Fresenius Kabi achieves a leading position in
the global I.V. generics market.  The successful placement of
the new shares reflects the confidence of the capital markets in
our strategy. With this placement, the entire equity financing
of the APP Pharmaceuticals acquisition has been completed within
a few weeks."

Deutsche Bank and Commerzbank acted as Joint Lead Managers and
Joint Bookrunners and WestLB as Joint Lead Manager for the
offering.

                          About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for
dialysis, hospital and outpatient medical care.    The company
has operations in Brazil and Mexico.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.

                          *      *       *

As reported in the TCR-Latin America on Aug. 5, 2008, Fitch
Ratings said it does not expect Fresenius SE's planned issuance
of US$2.4 billion of secured debt to have any impact on the 'BB'
senior unsecured ratings of both the company and its main rated
subsidiary, Fresenius Medical Care AG Co. KGaA.

In July 22, 2008, Moody's Investors Service assigned a Ba2
rating with LGD5, 74% to Fresenius SE's issue of mandatory
exchangeable bonds.  At assignment the Ba2 rating was placed
under review for possible downgrade in line with the Fresenius'
Ba1 Corporate Family Rating (CFR) and senior debt ratings, which
have been under review since July 7, 2008.

The TCR-LA reported on July 11, 2008, that Standard & Poor's
Ratings Services revised its outlook on Germany-based health-
care companies Fresenius SE and its subsidiary Fresenius Medical
Care AG & Co. KGaA to negative from positive.  At the same time,
all ratings, including the 'BB' long-term corporate ratings,
were affirmed.

In addition, all ratings on APP Pharmaceuticals Inc. were
affirmed, including the 'BB' long-term corporate ratings.  The
outlook on APP is stable.


FRESENIUS SE: Completes Acquisition of Dabur Pharma
---------------------------------------------------
Fresenius SE, through its Fresenius Kabi unit, has successfully
closed the acquisition of Dabur Pharma Ltd.  In April 2008, the
company had announced the acquisition of 73.3 % of the share
capital for a price of INR 76.50 per share in cash.

Fresenius Kabi has now acquired a further 17.6 % shareholding
for a price of INR 76.50 per share in cash through a public
offer.  Closing of the transaction had also been subject to
relevant approvals required under Indian law, which have been
received.

The acquisition significantly expands Fresenus Kabi's i.v. drug
portfolio and secures its supply of high quality APIs for
cytostatics.  Dabur Pharma, headquartered in New Delhi, is one
of the leading suppliers of generic drugs and active
pharmaceutical ingredients (API) to treat cancer.  The company
holds a substantial number of drug registrations in Asia, Europe
and the US.

Dabur Pharma had consolidated revenues of about EUR47 million in
fiscal year 2007/2008 (April 1, 2007 to March 31, 2008).

Dabur Pharma will be consolidated as from September 1, 2008 in
the financial statements of Fresenius Group.

                          About Fresenius

Headquartered in Bad Homburg v.d.H., Germany, Fresenius SE --
http://www.fresenius.se/-- provides products and services for
dialysis, hospital and outpatient medical care.    The company
has operations in Brazil and Mexico.  The Fresenius
Group had 116,203 employees worldwide.

Fresenius Kabi is the business of infusion therapy and clinical
nutrition in Europe and in its most important countries of Latin
America and Asia Pacific.

                          *      *       *

As reported in the TCR-Latin America on Aug. 5, 2008, Fitch
Ratings said it does not expect Fresenius SE's planned issuance
of US$2.4 billion of secured debt to have any impact on the 'BB'
senior unsecured ratings of both the company and its main rated
subsidiary, Fresenius Medical Care AG Co. KGaA.

In July 22, 2008, Moody's Investors Service assigned a Ba2
rating with LGD5, 74% to Fresenius SE's issue of mandatory
exchangeable bonds.  At assignment the Ba2 rating was placed
under review for possible downgrade in line with the Fresenius'
Ba1 Corporate Family Rating (CFR) and senior debt ratings, which
have been under review since July 7, 2008.

The TCR-LA reported on July 11, 2008, that Standard & Poor's
Ratings Services revised its outlook on Germany-based health-
care companies Fresenius SE and its subsidiary Fresenius Medical
Care AG & Co. KGaA to negative from positive.  At the same time,
all ratings, including the 'BB' long-term corporate ratings,
were affirmed.

In addition, all ratings on APP Pharmaceuticals Inc. were
affirmed, including the 'BB' long-term corporate ratings.  The
outlook on APP is stable.



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

ORIENTAL FINANCIAL: Adds Three Members on Board of Directors
------------------------------------------------------------
Oriental Financial Group Inc.'s Board of Directors, on Aug. 20,
2008, has elected three new members to the Board.

The new directors are:

     (i) Julian S. Inclan, President of American Paper
         Corporation (a wholesale distributor of fine printing
         paper in San Juan, Puerto Rico) and a former director of
         the company from 1995 to 2006;

    (ii) Rafael Machargo-Chardon, an attorney in San Juan, Puerto
         Rico, with 35 years of experience in the practice of law
         concentrating on civil litigation, construction,
         banking, insurance, real estate and corporate law; and

   (iii) Josen Rossi, Chairman of the Board and Chief Executive
         Officer of Aireko Enterprises (a multi-enterprise
         construction group doing business in Puerto Rico and the
         Caribbean since 1963).

The number of Board members were increased from nine to eleven,
filling the vacancy created by the resignation of a director in
May 2008.

The election of Messrs. Inclan and Machargo-Chardon was
effective immediately.  The election of Mr. Rossi was effective
August 21, 2008.  The new directors were not named to any Board
committee at the time of their election, but it is expected that
eventually all of them will be named to one or more committees.

The company said there is no arrangement or understanding
between any of the new directors and any other persons pursuant
to which the director was elected to the company?s Board of
Directors, nor has any such director entered into or amended any
material plan, contract or arrangement in connection with such
election.  Excluding transactions involving the company?s
banking subsidiary, Oriental Bank and Trust, as a depositary of
funds, and except as otherwise stated below, there has been no
transaction, arrangement or relationship (or series of similar
transactions, arrangements or relationships) since the beginning
of the xompany?s last fiscal year, or any currently proposed
transaction, arrangement or relationship (or series of similar
transactions, arrangements or relationships), in which the
company (or any of its subsidiaries) was or is to be a
participant and the amount involved exceeds US$120,000, and in
which any such director or any member of his immediate family
had or will have a direct or indirect material interest.

In February 2008, Mr. Inclan sold a total of 15,000 shares of
the xompany?s common stock in ordinary brokerage transactions
through his account with the company?s securities broker-dealer
subsidiary, Oriental Financial Services Corp. (OFS), at an
aggregate market price of approximately US$320,000.  In May
2008, he withdrew US$400,000 from his account with OFS.

In May 2008, Mr. Rossi carried out a tax-free exchange of a
variable annuity in the approximate amount of US$343,000 through
his brokerage account with OFS.

                      About Oriental Financial

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.www.orientalfg.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 25 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2008, Standard & Poor's Ratings Services affirmed its
'BB+' long-term counterparty credit rating on Puerto Rico-based
Oriental Financial Group.  At the same time, S&P revised the
outlook to stable from negative.



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

* VENEZUELA: In Final Talks with CEMEX on Takeover Deal
-------------------------------------------------------
El Universal reports that representatives of the Venezuelan
government and Mexican cement maker Cemex SAB resumed Monday in
Caracas the last round of negotiations towards an amicable
settlement, one week after a decree on the company's
expropriation.

The Executive Office met with corporate directors and Mexican
diplomatic authorities to reach a "harmonious" agreement, as
requested by the Mexican government, El Universal cited
Venezuelan Vice-President Ramón Carrizalez as saying.

An AFP report cited by El Universal quoted Mr. Carrizalez as
saying "Final talks have begun to set the company's price (...)
We are most willing to come to terms.  They sent some
negotiators and said also that they would like to reach an
agreement as soon as possible."

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2008, the Venezuelan government seized control of
Cemex's cement plants after failing to reach a deal on terms for
nationalizing them.  The government's move followed a 60-day
period for negotiating compensation laid out in a June
nationalization decree by President Hugo Chavez.

Two other cement companies, Lafarge SA of France and
Switzerland's Holcim Ltd, agreed to nationalization
terms for their companies in Venezuela.  Lafarge and Holcim will
stay as minority partners after Venezuela agreed to pay US$267
million and US$552 million for an 89% share in Lafarge and 85%
share in Holcim, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2008, Fitch Ratings assigned 'BB-' long-term foreign
currency issuer default ratings to the Bolivarian Republic of
Venezuela's international bond combined offer -- 15-year, US$2
billion Eurobond (9% coupon) and 20-year, US$2 billion Eurobond
(9.25% coupon).  The ratings are in line with Venezuela's
foreign currency issuer default rating.  The rating outlook is
negative.



                             ***********

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.


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