TCRLA_Public/081105.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

            Wednesday, November 5, 2008, Vol. 9, No. 220

                            Headlines

A R G E N T I N A

GASNOR SA: Moody's Withdraws Corporate Family Ratings
SULLAIR ARGENTINA: Moody's Puts LC Corporate Family Rating at B2
* Low Economic Resilience Cues Moody's B3 Ratings for Argentina


B A H A M A S

JETBLUE AIRWAYS: Expands in the Empire State


B E R M U D A

CENTRAL EUROPEAN: Moody's Changes Outlook on Ba2 Ratings to Neg.


B R A Z I L

BANCO GMAC: Moody's Cuts Deposit Ratings; Review for Downgrade
COMPANHIA SIDERURGICA: Sets Shareholders' Meeting on November 19
UNIBANCO: Merges Itausa and Unibanco Holdings to Form JV Company


C A R I B B E A N

CABLE & WIRELESS: Establishes New Caribbean Business


C A Y M A N  I S L A N D S

ARGENT NIM2004-WN9: To Hold Final Shareholders' Meeting on Nov. 27
ASIAN HEALTHCARE: To Hold Final Shareholder's Meeting on Dec. 1
ASIAN HEALTHCARE: To Hold Final Shareholder's Meeting on Dec. 1
HUMINT LONG-SHORT: To Hold Final Members' Meeting on November 27
MIZUHO PREFERRED 5: To Hold Final Members' Meeting on November 27

HIGH RIDGE CLO: To Hold Final Members' Meeting on November 27
CALM SEAS: To Hold Members' Meeting on November 27
CARIBBEAN BASIN: To Hold Final Members' Meeting on November 27
LEGEND INVESTMENTS: To Hold Members' Meeting on November 27
MIZUHO PREFERRED E: To Hold Final Members' Meeting on November 27

MIZUHO PREFERRED 8: To Hold Final Members' Meeting on November 27
MIZUHO PREFERRED 7: To Hold Final Members' Meeting on November 27
MIZUHO PREFERRED: To Hold Final Members' Meeting on November 27
NAVIGATOR CORPORATION: To Hold Shareholders' Meeting on Dec. 11
SAPIC-98 REFERENCE: To Hold Final Shareholders Meeting on Dec. 12

SUNNY DAY: To Hold Shareholders' Meeting on November 27


E C U A D O R

BANCO PICHINCHA: Fitch Affirms IDRs at 'B-/B'; Outlook Stable
BANCO DE LA PRODUCCION: Fitch Affirms IDRs at 'B'; Outlook Stable


M E X I C O

GMAC MEXICANA: Moody's Affirms MX-4 Rating
VITRO SAB: Moody's Junks Sr. Unsecured Debt & Corp. Family Ratings


P A N A M A

* PANAMA: Unaffected by the Global Financial Crisis, Minister Says


X X X X X X

* Semiconductor Industry's Revenue Growth to Decrease by 1% in '09



                         - - - - -


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

GASNOR SA: Moody's Withdraws Corporate Family Ratings
-----------------------------------------------------
Moody's Latin America has withdrawn its B2 global scale and A2.ar
Argentina National Scale corporate family ratings for Gasnor S.A.
for business reasons.  These ratings are not assigned to any
specific debt instrument.

Gasnor is an Argentine gas distribution utility created in 1992 as
the result of the privatization of Gas del Estado.  Gasnor's
concession service area includes the northwest region of Argentina
(Salta, Tucumán, Jujuy and Santiago del Estero).

The utility has a 35-year concession contract, which is renewable
for an additional 10 years.  Gasnor is controlled by GASCART, a
holding company 50% owned by Cartellone, a local infrastructure
and agribusinesses conglomerate, and 50% by Gasco, a Chilean
company involved in gas distribution, gas transmission and
liquefied petroleum gas (LPG) distribution in Chile.


SULLAIR ARGENTINA: Moody's Puts LC Corporate Family Rating at B2
----------------------------------------------------------------
Moody's has assigned a first-time B2 local currency corporate
family rating and an A2.ar Argentina national scale rating to
Sullair Argentina S.A. (Sullair).  The outlook is stable.

The B2 local currency corporate family rating and A2.ar Argentina
National Scale rating reflect Sullair's relatively small scale,
customer concentration, limited geographic diversification and its
exposure to risk from a reduced number of suppliers.

Sullair's tight liquidity profile and short term debt
concentration coupled with a lack of committed bank facilities
also constrain the ratings.  However, Moody's notes that Sullair's
short term financing is comprised mostly of supplier financing
which is deemed less volatile than bank loans.  Strong internal
cash generation also partially offsets its tight liquidity.

The ratings are supported by Sullair's solid franchise and long
track record in the equipment rental market the strategic and long
established commercial relationship Sullair has, with its main
providers, also supports the business model and the ratings.
Finally, the ratings are supported by credit metrics that are
stronger than those of other B rated companies in the equipment
rental industry.

Sullair's B2 local currency corporate family rating reflects its
global default and loss expectation, while the A2.ar national
scale rating reflects the standing of Sullair's credit quality
relative to its domestic peers.  Moody's National Scale Ratings
(NSRs) are intended as relative measures of creditworthiness among
debt issues and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Argentina are designated by the ".ar" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

Sullair's revenues of approximately US$200 million places it as
one of the smallest rated equipment rental companies in the global
industry.  However, the company enjoys a dominant market position
in Argentina in most of the segments where it operates.  Sullair
benefits from its broad presence in the main cities of Argentina
and Brazil, representing the largest local economies.

Sulliar's operations rely upon exclusive distribution agreements
with its main equipment providers, such us Cummins, JLG and
Sullair Corp. Moody's considers the management of the equipment
fleet as a key factor for the company's business model,
particularly during downturns.  Sullair's 30 years in the market
is an indication of its management's expertise.

Sullair operates in three main segments: equipment rental;
equipment distribution and energy. While the company's core
business continues to be the rental of equipment (in average 40%
of total revenues for the last 5 years), the energy division has
increased its participation on Sullair's total revenues,
contributing to Sullair's revenues diversification and providing a
more stable business line.

The stable outlook assumes that Sullair will continue to
successfully develop its business model even in a more recessive
macroeconomic scenario while maintaining strong credit metrics for
its rating category.  The outlook also reflects our expectation of
prudent financial policies with regards to dividends.

Upward pressure on Sullair's current ratings or outlook could
arise from a consistent improvement on its liquidity profile as
shown by a ratio of cash on hand to short term debt consistently
higher than 40%.  A gain in size (in terms of revenue) while
maintaining total debt to EBITDA below 2.5 times and improving
earnings as measured by an average EBITDA margin higher than 35%
could also be positive rating considerations.  A rating upgrade
would also require Sullair to enhance its financial disclosure,
through preparation of quarterly audited financials.

Negative pressure on the current outlook or ratings could arise
should the downturn in the cycle be more pronounced than
anticipated and Sullair is unable to quickly adjust the size of
its operations and reduce investments accordingly.
Quantitatively, Sullair's rating could come under downward
pressure if EBITDA margins were to fall below 25%, Debt to EBITDA
is higher than 3.5 times and EBIT to interest expense is below 2.0
times.

Headquartered in Buenos Aires, Argentina Sullair is one of the
biggest local equipment rental companies in the region, with
annual consolidated revenues as of December 2007 of approximately
USD 200 m. Sullair's equipment fleet is estimated to be one of the
larger fleets in the region, with more than 3,000 equipment units
operating in Brazil and Argentina.


* Low Economic Resilience Cues Moody's B3 Ratings for Argentina
---------------------------------------------------------------
In its annual report on Argentina, Moody's Investors Service says
the government's B3 bond ratings and stable outlook reflect low
levels of economic resilience and financial robustness while
Argentina's economic development -- higher than most of its rating
peers -- has been tempered by institutional weakness.

"Despite improvements on most headline fiscal and debt metrics, a
pro-cyclical fiscal policy and lack of a cushion for an economic
downturn explain the low government financial strength," says
Moody's Vice President Gabriel Torres, author of the report.  "The
rating is further limited by Argentina's high vulnerability to
economic and political event risk and major policy concerns."

He said the ongoing world financial crisis has spared Argentina
until recently but that Moody's credit views on Argentina are
premised on the authorities' success in managing the country
through the global crisis without incurring a deep and sustained
deterioration in relative credit metrics.

"The country has little dependence on external capital inflows,
has a low level of financial dollarization and its banking system
is stronger than in the past," said Mr. Torres.  "It is hoped that
these will help check substantial political, economic, and fiscal
weaknesses."

He said Argentina's fiscal and debt positions have improved since
the 2002 default crisis and the government's budget has been in
surplus since 2003 after years of deficits.

"Despite general improvements to Argentina's debt metrics, there
are questions about the government's commitment to fully servicing
its debt, prompted most recently by its serious distortion of
official inflation data," said Mr. Torres.  "Pro-cyclical fiscal
and credit policies have pushed inflation to probably over 20% --
in contrast to officially measured inflation of less than 10%."

The recent proposal to end the country's private pension fund
system in favor of the government's "pay-as-you-go" system, said
Mr. Torres, "further undermines the government's already weak
policy credibility and adds to negative perceptions about
Argentina's institutional integrity -- particularly governance and
respect for contracts."

He said direct concerns about a government default could push the
ratings lower, and that the B-rated category carries high
susceptibility to default risk from even a single, major shock.
While the country has benefited from an ongoing boom in
agricultural prices, growing dependence on commodity export and
tax revenue increases has increased the country's vulnerability to
just such a shock as reduction in world economic growth and the
financial crisis have blunted commodity prices.

"Supply problems have cropped up in several areas of the economy,
including energy, as price controls limit investment and inhibit
production," said Mr. Torres.  "Internal political tensions have
increased as the government pushes to receive a bigger portion of
agricultural export earnings."

He said Argentina has also not come to an agreement with holders
of over US$20 billion of public debt in default, although the
government is actively considering its options with regards to a
possible proposal to the bondholders who rejected the country's
2005 settlement plan.



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

JETBLUE AIRWAYS: Expands in the Empire State
--------------------------------------------
JetBlue Airways Corporation kicks off a major expansion at
Westchester County Airport in White Plains, N.Y., nearly doubling
its service from the convenient, customer-friendly airport.  The
airline began new daily nonstop service to Tampa, Fla., and adds
more flights to Fort Lauderdale, Orlando, and West Palm Beach,
Fla.

New York's hometown airline is proud to now offer the most seats
to the most destinations -- all aboard the most spacious jets --
from Westchester County with its 11 roundtrips each day, including
the only service to Fort Lauderdale, Fort Myers and Tampa.

JetBlue now offers the following daily flights from Westchester
County Airport:

    * Fort Lauderdale (3 flights)
    * Fort Myers (1 flight)
    * Orlando (4 flights)
    * Tampa (1 flight)
    * West Palm Beach (2 flights)

"In response to continuing demand for high-quality air service in
suburban New York and Connecticut, JetBlue has grown its White
Plains service from just four flights last year to 11 flights
today," said Marty St. George, JetBlue's Vice President of
Planning.  "Travelers find Westchester County Airport to be an
incredibly convenient option, making their trip to Florida to see
friends and family, or just to get away for a few days,
immediately enjoyable."

All JetBlue service from Westchester County is operated with
quiet, fuel-efficient, and full-size jets that boast 36 channels
of DIRECTV(r) programming at every seat -- the most free live
television of any airline -- in addition to more than 100 channels
of XM Satellite Radio, all-leather seating, and industry-leading
legroom.  The experience is made complete by JetBlue's award-
winning crewmembers, who offer up unlimited free snacks and
beverages, plus their acclaimed brand of customer service.

Westchester County is one of seven JetBlue destinations in the
Empire State; other cities with JetBlue's acclaimed service
include Buffalo, Newburgh, New York/JFK, New York/LaGuardia,
Rochester, and Syracuse.  JetBlue offers service from all seven
cities to Florida, making the airline the busiest between New York
and the Sunshine State.

                    About JetBlue Airways

Based in Forest Hills, New York, JetBlue Airways Corporation
(Nasdaq: JBLU) -- http://www.jetblue.com/-- is a passenger
airline that provides customer service primarily on point-to-
point routes.  As of Dec. 31, 2007, the company served 53
destinations in 21 states, Puerto Rico, Mexico and the
Caribbean.

JetBlue currently serves 53 cities with 600 daily flights.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2008, Moody's Investors Service downgraded the
Corporate Family and Probability of Default Ratings of JetBlue
Airways Corp. to Caa2 from Caa1, as well as the ratings of its
outstanding corporate debt instruments and certain Enhanced
Equipment Trust Certificates.  Moody's said the outlook is
negative.



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

CENTRAL EUROPEAN: Moody's Changes Outlook on Ba2 Ratings to Neg.
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for the
Ba2 corporate family rating of Central European Media Enterprises
Ltd and the Ba2 ratings on the EUR150 million senior notes due
2014 and the EUR245 million senior notes due 2012 to negative from
stable, following an assessment of CME's revised guidance for the
year 2008 presented both at the annual investor presentation and
its Q3 2008 results, in conjunction with Moody's consideration of
possible operating performance trends in 2009.

The rating action reflects Moody's view that, against the
background of a potential slowdown in fast-growing TV ad revenues
in each of CME's markets; the extent of the potential challenges
CME will face in maintaining double digit EBITDA growth (in local
currency terms) is likely to threaten the maintenance of its
credit metrics at levels consistent with a Ba2 rating such that
leverage as measured by Debt/EBITDA (as adjusted by Moody's) is
likely to remain above Moody's guidance of 3.5x at the end of 2009
(based on today's foreign exchange rates, and after taking into
account circa US$105 million excess EBRD loan that is recently
utilized to enhance liquidity).  Moody's notes that the negative
outlook factors in CME's commitment to deliver EBITDA growth in
local currency terms under any likely economic scenario next year,
and Moody's expectation of moderate opex and capex investments at
CME's recently acquired start-up business in Bulgaria in 2009.

With respect to the company's purchase of the remaining 10% stake
in its Ukraine business (Studio 1+1) following the exercise of its
call option for US$109.1 million, Moody's said that despite the
potential positives that the full control should bring to the
operational performance of this still developing TV station, the
transaction has from a financial risk point of view absorbed
further flexibility amid substantial weakness anticipated in the
Ukrainian advertising market over the next year.

The Ba2 rating factors in CME's leading positions in the TV
broadcasting market in most of the seven Central and Eastern
European countries where it operates; its solid and sustainable
audience share levels supported by its multi-channel offerings and
successful programming strategy focused on own local production;
its sound liquidity profile; and management's intention to
maintain leverage at around 3.0x Net Debt/EBITDA (as reported by
the company) over the medium term.  More positively, Moody's notes
management's intention to cut heavy capex investments scheduled in
Ukraine for the next year; and the substantially reduced appetite
for M&A activities in order not to jeopardise its existing
financial risk and liquidity profile in today's challenging
environment.

The limited visibility on the outlook over the medium term means
that downward pressure on the rating could be exerted on CME's
ratings in the event that i) there is a deviation from the
company's revised leverage guidance; ii) the operating performance
deteriorates more severely than currently anticipated by Moody's;
and iii) the company alters its acquisition strategy or makes a
greater-than-anticipated investment in new ventures, resulting in
increasing leverage on a Debt/EBITDA basis (as adjusted by
Moody's) above 3.5x on a sustainable basis.  Moody's nevertheless
notes management's recent comments regarding the intention to
temper capex plans and M&A activities next year, steps which could
help to mitigate any credit profile deterioration reflected as a
principal concern in this change in outlook to negative.

Central European Media Enterprises Ltd., a Bermuda-based company
is a TV broadcasting company with networks in seven Central and
Eastern European countries.  Launched in 1994, CME and its
partners now operate 20 channels, including TV Nova, Nova Cinema
and Nova Sport in the Czech Republic; PRO TV, PRO Cinema, Pro
International, Sport.ro, MTV and Acasa in Romania; Nova TV in
Croatia, TV Markiza and Vova Sport in the Slovak Republic; POP TV
and Kanal A in Slovenia; and Studio 1+1, Studio 1+1 International,
Kino and Citi in Ukraine; and the recently acquired TV2 and Ring
TV in Bulgaria.  For the year ending on 31 December 2007, CME
generated segment revenues of US$840 million and segment EBITDA of
US$320 million.



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

BANCO GMAC: Moody's Cuts Deposit Ratings; Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service downgraded Banco GMAC's long-term global
local currency deposit rating to B3 from B2, the long-term foreign
currency deposit rating to B3 from B2 and the long- and short-term
national scale deposit ratings of Baa3.br/BR-3 to Ba3.br/BR-4.
The ratings remained on review for possible downgrade.
Additionally, Moody's placed the bank's E+ bank financial strength
rating (BFSR) on review for possible downgrade.  The actions on
Banco GMAC's ratings follow Moody's downgrade of GMAC LLC's senior
unsecured rating to Caa1 from B3, still on review for possible
downgrade, announced on October 30, 2008.

Banco GMAC's deposit ratings were lowered because of the weaker
creditworthiness of its parent and, therefore, its weaker access
to funding overall.  GMAC LLC provides a significant amount of
funding to the bank through revolving stand-by credit facilities.
The parent's lower ratings indicate a higher probability that such
funding may not be available to Banco GMAC in the future, Moody's
said.

The one-notch differential between Banco GMAC's rating and that of
its parent continues to reflect the high quality of its vehicle
financing portfolio, which represents a complementary funding
source through credit sales agreements, as well as its still
adequate capitalization.

The review for downgrade on Banco GMAC's BFSR indicates the
increased probability that management may be forced to reduce the
size of the bank's operation if it is not able to refinance at
acceptable cost.  Moody's noted that the review on the E+ BFSR
indicates that the bank's access to independent funding has become
weaker; hence, the bank has also had to increase its reliance on
funding from a much weakened parent.

During the review, Moody's will examine the impact of GMAC LLC's
debt exchange on the parent's ability to preserve the capital
position of its Brazilian subsidiary and continue to provide
funding.  Moreover, the review will focus on local management's
access to alternative funding sources in the market to refinance
its current obligations as well as to maintain an adequate level
of capitalization.

Banco GMAC is headquartered in Sao Paulo, Brazil. As of June 2008,
Banco GMAC had total assets of R$7.6 billion (US$4.8 billion) and
shareholders' equity of R$948 million (US$596 million).

These ratings of Banco GMAC S.A. were downgraded:

   * Long-term global local-currency deposit rating: to B3 from
     B2, on review for possible downgrade

   * Long-term foreign-currency deposit rating: to B3 from B2, on
     review for possible downgrade

   * Brazilian long-term national scale deposit rating: to Ba3.br
     from Baa3.br, on review for possible downgrade

   * Brazilian short-term national scale deposit rating: to BR-4
     from BR-3

The outlook on this rating was placed on review for possible
downgrade:

   * Bank financial strength rating: E+


COMPANHIA SIDERURGICA: Sets Shareholders' Meeting on November 19
----------------------------------------------------------------
Companhia Siderurgica Nacional S.A. will convene an Extraordinary
Shareholders' Meeting on November 19, 2008 at 10:00 a.m., at the
company's headquarters, in Rua Sao Jose, Rio de Janeiro.

At the meeting, shareholders will discuss on these agenda:

1. Cancellation of 10,800,000 shares currently held in treasury,
   with no capital reduction;

2. Amendment to Article 5 of the company's Bylaws in order to
   reflect the share cancellation mentioned in item 1 above.

Those shareholders whose shares are held in custody should present
a statement of their shareholdings issued by the custodian
institution, while those willing to be represented by an attorney-
in-fact, to observe the provisions in Article 126, paragraph 1 of
Law 6404/76, duly delivering the respective power(s) of attorney
authorizing their representation at the Extraordinary
Shareholders' Meeting, which is the object of this Call Notice, at
the Company's headquarters no later than 72 hours prior to the
Meeting.

                About Companhia Siderurgica

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.

The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch.  S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures.  The outlook is positive.  At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.


UNIBANCO: Merges Itausa and Unibanco Holdings to Form JV Company
----------------------------------------------------------------
A joint-venture agreement has been executed envisioning the merger
of the financial operations of Itaú and União de Bancos
Brasileiros S.A. ("Unibanco"), the controlling shareholders of
Investimentos Itaú S.A and Unibanco Holdings said in a statement.

The joint-venture provides for a corporate restructuring, which
will cause the migration of the current shareholders of Unibanco
Holdings S.A. ("Unibanco Holdings") and Unibanco to a public
listed company to be called Itau Unibanco Holding S.A., currently
Banco Itau Holding Financeira S.A. ("Itaú Unibanco Holding"),
which will be made through a merger of shares.

Itau Unibanco Holding will have Itausa and the controlling
shareholders of Unibanco Holdings, such control to be exerted by
means of a non-financial institution to be incorporated for the
purpose of this transaction.

Unibanco and Unibanco Holdings' common shares currently held by
its non-controlling shareholders will be exchanged into common
shares issued by Itau Unibanco Holding, following the same
exchange rate negotiated by the Parties for the exchange of the
common shares held by the controlling shareholders of Unibanco
Holdings.

For the preferred shares, the exchange rate was calculated based
on the market average of price of the Units (share certificates
representing one preferred share of Unibanco and one preferred
share of Unibanco Holdings) and of the preferred shares of Banco
Itau Holding Financeira S.A. in the last 45 sessions of the
Brazilian Stock Exchange - Bovespa.  Both the Units and the
preferred shares of Banco Itau Holding Financeira S.A. are part of
the IBX-50 and the Ibovespa, and are also negotiated in the New
York Stock Exchange.

The conclusion of the corporate restructuring will depend on the
approval of the Central Bank of Brazil and of other relevant
authorities.

                             Purpose

Stockholders' Equity of approximately 51.7 billion Reais
(09.30.08) and a net profit of 8.1 billion Reais up to
September 2008, ensures a relevant capital base for Itau Unibanco
Holding, preparing it for:

* strength the support to Brazilian companies and their national
  and international operations;
* expand its business in Brazil;
* support the growth of the credit transaction of our clients;
* compete in the international market;
* substantial increase in economic scale gains in all client
  segments;
* substantial synergies in various business.

One of the competitive differentials of Itau and Unibanco is the
internal segmentation strategy of the businesses, which allows a
better identification of the necessities of each class of clients,
the creation of specific banking products and services and the
optimization of the use of each potential segment, providing broad
series of banking products and services for a diversified base
formed by individual and corporate clients.  Itau Unibanco Holding
will increase the potential of such segmentation culture.

                       Corporate Structure

Before the conclusion of the corporate restructuring, Itausa will
transfer to Banco Itau Holding Financeira S.A. its shares of Banco
Itau Europa S.A. by the approximate amount of R$1.2 billion, being
R$550 million by means of the issuance of common shares of Banco
Itau Holding Financeira S.A. (21 million of shares) and the
remaining amount will be paid in cash.

                      About Uniao de Bancos

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York
-- Unibanco Securities Inc.

                          *     *     *

In April 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Uniao de Bancos Brasileiros SA.



=================
C A R I B B E A N
=================

CABLE & WIRELESS: Establishes New Caribbean Business
----------------------------------------------------
Cable & Wireless Plc established its new Caribbean business LIME
(Landline, Internet, Mobile, Entertainment) which launched
Caribbean-wide on November 3, Dominica News reports.

LIME, the report relates, provides a full suite of telecoms
services, including; home phone, internet access, mobile phones,
ringtone downloads, phone calls via internet, cable TV (in some
markets only) and data, networking and hosting services for
business customers.

According to the report, the new business, which operates
exclusively in the Caribbean, currently offers services in 13
markets across the Caribbean from Turks and Caicos to Grenada.

LIME's aim is not simply to make money for its shareholders, but
to improve things for customers and for the communities in which
it operates, the report says.

"At LIME we believe that our customers should know what we do with
the money they choose to spend with us and how we reinvest our
profits, so we'll publish our financials every year.  And, not
just what we're legally obliged to disclose, but real detail on
what we re-invest in our business and the communities, in a way
that's easy to understand," the report cited Chief Executive of
Cable and Wireless BVI Limited Vance Lewis as saying.

"We have a responsibility to the communities that we serve, we
have a responsibility to make them better, that's why we'll create
a LIME kindness day where we will give colleagues a day free from
their usual work so they can volunteer their time to make a
difference in the lives of those in need or to create a better
community for those around them," he added.

                    About Cable & Wireless Plc

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, Japan, the Cayman Islands and the Middle East.

                          *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%



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

ARGENT NIM2004-WN9: To Hold Final Shareholders' Meeting on Nov. 27
------------------------------------------------------------------
Argent Nim2004-Wn9 will hold its final members' meeting on
Nov. 27, 2008, at the offices of Maples Finance Limited, Boundary
Hall, Cricket Square, George Town, in Grand Cayman, Cayman
Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Bobby Toor and Giles Kerley are the company's liquidators.


ASIAN HEALTHCARE: To Hold Final Shareholder's Meeting on Dec. 1
---------------------------------------------------------------
Asian Healthcare Select Investors Ltd will hold its final
shareholder's meeting on December 1, 2008, at 10:30 a.m., at the
offices of Kroll (Cayman) Limited, 4th Floor of Bermuda House, in
Dr. Roy's Drive, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Gordon I. Macrae
               c/o Craig Florence
               Kroll (Cayman) Limited,
               Bermuda House, 4th Floor
               P.O. Box 1102, Dr. Roy's Drive
               Grand Cayman KY1-1102, Cayman Islands
               Telephone: (345) 946-0081
               Fax: (345) 946-0082


ASIAN HEALTHCARE: To Hold Final Shareholder's Meeting on Dec. 1
---------------------------------------------------------------
Asian Healthcare Absolute Investors Ltd will hold its final
shareholder's meeting on December 1, 2008, at 10:00 a.m., at the
offices of Kroll (Cayman) Limited, 4th Floor of Bermuda House, in
Dr. Roy's Drive, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Gordon I. Macrae
               c/o Craig Florence
               Kroll (Cayman) Limited,
               Bermuda House, 4th Floor
               P.O. Box 1102, Dr. Roy's Drive
               Grand Cayman KY1-1102, Cayman Islands
               Telephone: (345) 946-0081
               Fax: (345) 946-0082


HUMINT LONG-SHORT: To Hold Final Members' Meeting on November 27
----------------------------------------------------------------
Humint Long-Short Master Fund will hold its final members' meeting
on November 27, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, in Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Humint's shareholders agreed on Sept. 1, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The company's liquidators are:

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


MIZUHO PREFERRED 5: To Hold Final Members' Meeting on November 27
-----------------------------------------------------------------
Mizuho Preferred Capital (Cayman) 5 Limited will hold its final
members' meeting on November 27, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town, in
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The company's liquidators are:

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


HIGH RIDGE CLO: To Hold Final Members' Meeting on November 27
-------------------------------------------------------------
High Ridge CLO 2007-I Ltd will hold its final members' meeting on
November 27, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, in Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

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

The company's liquidators are:

               George Bashforth
               Giles Kerley
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


CALM SEAS: To Hold Members' Meeting on November 27
--------------------------------------------------
Calm Seas Company Limited will hold its final members' meeting on
November 27, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


CARIBBEAN BASIN: To Hold Final Members' Meeting on November 27
--------------------------------------------------------------
High Ridge CLO 2007-I Ltd will hold its final members' meeting on
November 27, 2008, at the offices of Maples Finance Limited,
Boundary Hall, Cricket Square, George Town, in Grand Cayman,
Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Caribbean Basin's shareholders agreed on Aug. 27, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The company's liquidators are:

               Phillip Hinds
               Jagjit (Bobby) Toor
               c/o Maples Finance Limited
               P.O. Box 1093GT
               Grand Cayman, Cayman Islands


LEGEND INVESTMENTS: To Hold Members' Meeting on November 27
-----------------------------------------------------------
Legend Investments Limited will hold its final shareholders'
meeting on November 27, 2008, at the offices of Cititrust (Cayman)
Limited, CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman


MIZUHO PREFERRED E: To Hold Final Members' Meeting on November 27
-----------------------------------------------------------------
Mizuho Preferred Capital (Cayman) E Limited will hold its final
members' meeting on November 27, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town, in
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The company's liquidators are:

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


MIZUHO PREFERRED 8: To Hold Final Members' Meeting on November 27
-----------------------------------------------------------------
Mizuho Preferred Capital (Cayman) 8 Limited will hold its final
members' meeting on November 27, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town, in
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The company's liquidators are:

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


MIZUHO PREFERRED 7: To Hold Final Members' Meeting on November 27
-----------------------------------------------------------------
Mizuho Preferred Capital (Cayman) 7 Limited will hold its final
members' meeting on November 27, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town, in
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The company's liquidators are:

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


MIZUHO PREFERRED: To Hold Final Members' Meeting on November 27
---------------------------------------------------------------
Mizuho Preferred Capital (Cayman) 6 Limited will hold its final
members' meeting on November 27, 2008, at the offices of Maples
Finance Limited, Boundary Hall, Cricket Square, George Town, in
Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

Mizuho Preferred's shareholders agreed on Sept. 1, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The company's liquidators are:

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


NAVIGATOR CORPORATION: To Hold Shareholders' Meeting on Dec. 11
---------------------------------------------------------------
Navigator Corporation Ltd. will hold its final shareholders'
meeting on December 11, 2008, at 10:00 a.m., at 10 Diadochou
Pavlou Street, in 16675- Glyfada, Athens – Greece.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Michael Mathioudakis
               c/o 10, Diadochou Pavlou Street
               16675 Glyfada, Athens, Greece; or

               c/o Lisa Vasquez
               Cayman Business Park, A-7
               P.O. Box 10300, Grand Cayman KY1-1003
               Cayman Islands
               Telephone: (345) 945 1830
               Facsimile: (345) 945 1835


SAPIC-98 REFERENCE: To Hold Final Shareholders Meeting on Dec. 12
-----------------------------------------------------------------
Sapic-98 Reference Fund (5) Limited will hold its final
shareholders' meeting on December 12, 2008, at 10:00 a.m., at the
offices of Rawlinson & Hunter Services Ltd., One Capital Place,
George Town, in Grand Cayman, Cayman Islands.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Peter D. Anderson
               P. O. Box 897, One Capital Place
               George Town, Grand Cayman KY1-1103
               Cayman Islands
               Telephone: (345) 949-7576
               Facsimile: (345) 949-8295


SUNNY DAY: To Hold Shareholders' Meeting on November 27
-------------------------------------------------------
Sunny Day Ltd. will hold its final shareholders' meeting on
November 27, 2008, at the offices of Cititrust (Cayman) Limited,
CIBC Financial Centre, in George Town, Grand Cayman.

These matters will be taken up during the meeting:

               1) accounting of the wind-up process, and
               2) giving explanation thereof.

The company's liquidator is:

               Buchanan Limited
               P.O. Box 1170, George Town
               Grand Cayman



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

BANCO PICHINCHA: Fitch Affirms IDRs at 'B-/B'; Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed Banco Pichincha C.A. y Subsidiarias's
(Pichincha) ratings as follows:

   -- Foreign Currency long-term Issuer Default Rating (IDR)
      at 'B-';
   -- Foreign Currency short term IDR at 'B';
   -- Support rating at '5';
   -- Support floor at 'NF';

The Outlook is Stable.

Pichincha's ratings reflect its strong franchise, broad deposit
base, ample liquidity, strengthened capital and sustained
financial performance. They also factor in concerns over declining
economic growth and uncertainty in its regulatory environment.
Pichincha's ratings are above Fitch's Sovereign ratings of Ecuador
('CCC') because it has little exposure to Government debt and
sound liquidity.

Pichincha's IDRs could improve once uncertainty over its
regulatory and operating environment is cleared and, provided that
the bank maintains its asset quality, on its capital levels and
performance. Asset deterioration or Government intervention in the
bank's ability to manage liquidity and its balance sheet would
create downward pressure on ratings.
In spite of Pichincha's important retail deposit market share,
Fitch believes that government support cannot be relied upon -- if
it were necessary -- given Ecuador's weak fiscal standing and the
lack of a lender of last resort.

Changes in regulation capping interest rates and banning loan fees
(as well as limiting fees and commissions for services) had an
impact on smaller, retail-oriented banks. Larger banks, and those
that had moderate pricing policies were less affected. Pichincha's
loan portfolio grew strongly during 2007 and declined in 2008, but
stable margins and relatively higher retail loans resulted in
higher interest revenues that offset stagnating fees and
commissions. Operating costs were curbed and credit cost remained
stable. Profitability, which would have otherwise been in line
with 2007 results, was boosted by a one-time gain on the sale of a
subsidiary during July (55% of net income, resulting in a return
on average equity [ROAE] of 31% and a return on average assets
[ROAA] of 2.8%).

Asset quality stabilized as impaired loans seem to have bottomed
and CDE loans declined; both indicators remain below the industry
average. The portfolio shows little concentration and the risk
management process was strengthened while reserve coverage
improved to comfortable levels. Pichincha's broad deposit base
remains a strength and liquidity was bolstered as investments
declined and money market funds were increased significantly.
Capital was bolstered with the proceeds from the divestments; the
capital ratio (to risk weighted assets) improved to 13.6% and
should not decline below 12% going forward.

Going forward, narrowing margins and decreasing fees challenge
profitability while weaker economic prospects threaten growth and
asset quality. Continued profitability and capital growth depend
upon Pichincha's ability to improve cross-sell and achieve
efficiency, an attainable goal unless the global financial crisis
deepens.

Banco Pichincha is Ecuador's largest bank, with about 27% of
deposits and 30% of loans at June 2008. Incorporated in 1906, the
group offers a wide array of services to corporate, middle-market
and retail customers. Pichincha is tightly controlled by its main
shareholder Mr. Fidel Egas Grijalva who holds over 60.2% of the
company's stock.


BANCO DE LA PRODUCCION: Fitch Affirms IDRs at 'B'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings affirmed Banco de la Produccion S.A. y Subsidiarias
(Produbanco) ratings as:

   -- Foreign currency long-term Issuer Default Rating (IDR):
      'B-';
   -- Foreign currency short-term IDR: 'B';
   -- Support rating: '5';
   -- Support floor: 'NF';

The Rating Outlook is Stable.

Produbanco's ratings reflect its sound capital level, strong
franchise, consistent performance, experienced management and
sound asset quality.  They also consider its loan and investment
concentration and the still uncertain regulatory and operating
environment.

Produbanco's IDRs could improve once uncertainty over its
regulatory and operating environment is cleared and, provided that
the bank maintains its asset quality, capital levels and
performance.  Asset deterioration or Government's intervention in
the bank's ability to manage liquidity and its balance sheet would
create downward pressure on ratings.

In spite of Produbanco's important retail deposit market share,
Fitch believes that government support cannot be relied upon - if
it were necessary - given Ecuador's weak fiscal standing and the
lack of a lender of last resort.

Produbanco managed to grow and sustain its performance in spite of
a difficult environment and changing regulation. As margins
declined due to caps on interest rates and fees, increased volumes
backstopped operating revenues decline.  Costs increased in line
with the bank's expansion but credit cost was contained in 2008.
Overall profitability remained stable and positive (ROE: 21.5%,
ROA: 1.7%).

Portfolio quality improved slightly and remained better than the
industry average; reserves however, declined hence impaired
portfolio coverage decreased to a still comfortable level above
200%. Investments that were concentrated in ARCs suffered from the
credit crunch but the bank reduced its exposure and secured
lending against these securities to shore-up liquidity.
Investment and lending policies were tightened accordingly.
Deposits were volatile first flowing abroad then growing albeit at
a higher cost; capital grew steadily in line with assets hence,
BIS capital ratios stood at 15.2% at June 2008 improving from
previous years.

Going forward, margins should continue narrowing and commissions
decrease while credit cost should increase as the impending global
economic slowdown ripples through the region; costs growth should
be curbed but efficiency should improve only in late 2009.
Overall performance should slide in the coming months albeit
remaining at very acceptable levels with ROE in the low teens and
ROA above 1.2%; profitability should suffice to maintain
satisfactory capital and solvency ratios.

Incorporated in 1978, Produbanco is Ecuador's fourth largest bank
by assets and holds about 11% of deposits and loans at June 2008.
Historically focused on corporate banking, it expanded into retail
banking in the past few years.  The bank is also active in fund
management and securities brokerage and is controlled by its main
executives.



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

GMAC MEXICANA: Moody's Affirms MX-4 Rating
------------------------------------------
Moody's de Mexico affirmed the MX-4 short-term Mexican National
Scale debt rating assigned to GMAC Mexicana, S.A. SOFOL's short-
term Certificados Bursátiles.  This rating is already at the
lowest level on Moody's Mexican National Scale.

The rating affirmation follows Moody's rating action on parent
company GMAC, LLC's ratings (senior unsecured rating was
downgraded to Caa1 from B3, and placed on review for possible
downgrade).

GMAC Mexicana's debt rating is based on an irrevocable and
unconditional guarantee provided by GMAC LLC which serves as
credit substitution.

This rating was affirmed:

   * GMAC Mexicana, S.A. SOFOL's short term Certificados
     Bursatiles: Mexican National Scale short-term debt rating of
     MX-4, affirmed


VITRO SAB: Moody's Junks Sr. Unsecured Debt & Corp. Family Ratings
------------------------------------------------------------------
Moody's Investors Service downgraded Vitro, S.A.B. de C.V.'s
(Vitro) senior unsecured debt and corporate family ratings to Caa1
from B2.  The ratings remain on review for possible further
downgrade.  The ratings had first been placed under review on
October 24, 2008.

The downgrade reflects Moody's belief that Vitro's liquidity and
financial flexibility have further weakened in light of derivative
exposure, low unrestricted cash reserves and increasing reliance
on short-term debt amid uncertain credit market conditions and
deteriorating economic fundamentals.

Moody's review will focus on the extent to which margin calls and
derivative related liabilities will affect Vitro's financial
position, as well as the feasibility and effectiveness of the
measures the company is undertaking to meet near term cash
requirements and to restore financial flexibility.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V., is
Mexico's leading glass manufacturer with revenues of USD2.7
billion for the 12 months ended September 30, 2008.  Vitro
operates through two divisions, glass containers and flat glass,
which cater to a wide range of end markets, including the
construction and automotive sectors for flat glass and the soft
drink, beer, wine and liquor, food and cosmetics industries for
glass containers.



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

* PANAMA: Unaffected by the Global Financial Crisis, Minister Says
------------------------------------------------------------------
The impact of the ongoing global financial crisis has not emerged
in Panama, Inside Costarica News reports, citing Carmen Gisela
Vergara, Panamanian minister of commerce and industry.

Mr. Vergara, the report relates, said Panama has suffered less
losses in the worldwide financial crisis due to its sufficient
liquidity in the banking system.  Panama's economy is based on
regional financial services, which is different from any other
countries in Latin America and the Caribbean region, the minister
added.

According to the report, the country's banking system becomes even
more stable with the growth of local and foreign savings after the
crisis broke out in the United States.  However, Mr. Vergara noted
that the impact of the financial downturn is not clear yet as the
country's economy is largely dependent on the United States.

Panamanian President Martin Torrijos, the report recounts, said
the country's banking system was ready to face the global
financial crisis.

The report explains that Panama has no central bank.  The absence
of foreign exchange risks and foreign currency control, tax-free
bank savings, the free flow of remittance and low interests on
bank loans have made this Latin American country one of the most
important financial centers for international banking and commerce
in the region, the report says.



===========
X X X X X X
===========

* Semiconductor Industry's Revenue Growth to Decrease by 1% in '09
------------------------------------------------------------------
Worldwide semiconductor revenue growth in 2009 is expected to be
1%, down by approximately 7 percentage points from previous
estimates, to US$282 billion due to the economic crisis, Cellular
News reports, citing Gartner estimates.

The report relates that in the third quarter, the 2009
semiconductor growth increase was intially forecast to increase by
7.8% to US$307.7 billion

"Semiconductor growth was surprisingly strong until recently,
given the very weak economic environment, but this will start to
change in the fourth quarter of 2008.  Mounting evidence suggests
that the semiconductor industry will see negative growth starting
in the fourth quarter of 2008, and that this will continue
throughout most of 2009," the report cited Bryan Lewis, research
vice president at Gartner as saying.

The report explains that Gartner has gained an understanding of
the potential impact on semiconductor growth in 2009 by checking
the sensitivity of changing demand in key application markets.
Gartner applied top-level assumptions to reductions in system
units and reductions in semiconductor content in systems, the
report says.

Mr. Lewis said that, "In a recession, it's important to remember
that there will not only be a potential reduction in the number of
systems sold, but also a move to lower-cost systems with less
semiconductor content."



                            ***********

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.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites
O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, Marie
Therese V.  Profetana, Frauline S. Abangan and Peter A. Chapman


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 * * *