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/raid1/www/Hosts/bankrupt/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Withdraws Corporate Family Ratings ----------------------------------------------------- Moody's Latin America has withdrawn its B2 global scale and A2.ar Argentina National Scale corporate family ratings for Gasnor S.A. for business reasons.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 * * *