TCRLA_Public/081218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, December 18, 2008, Vol. 9, No. 251

                            Headlines

A R G E N T I N A

AES CORP: Board Elects John (Jay) B. Morse, Jr. as Director
AGROGANADERA 25 DE: Proofs of Claim Verification Due on March 30
BALLY TECH: Taps Deloitte & Touche as Accountant
CEMEX SAB: Shares Rise After US$6 Billion Refinancing
FRAVEGA SA: Moody's Assigns B2 Local Currency Rating


B E R M U D A

GE CAPITAL: Creditors' Proofs of Debt Due on December 29
GE CAPITAL INVESTMENTS: Members' Final Meeting Set for January 16
GE CAPITAL HONG KONG: Creditors' Proofs of Debt Due on December 29
GE CAPITAL HONG KONG: Members' Final Meeting Set for January 16
MAN VISION: Creditors' Proofs of Debt Due on December 29

MAN VISION: Members' Final Meeting Set for January 16
MEDITOR MASTER: Creditors' Proofs of Debt Due on December 29
MEDITOR MASTER: Members' Final Meeting Set for January 16
PRIVATE INVESTORS: Creditors' Proofs of Debt Due on January 12
PRIVATE INVESTORS: Members' Final Meeting Set for January 13

RISK INTERMEDIATION: Creditors' Proofs of Debt Due on December 29
RISK INTERMEDIATION: Members' Final Meeting Set for January 16
XL CAPITAL: “Very Disappointed” With S&P's Rating Actions


B R A Z I L

DELPHI CORP: Defaults Loan, But Gets Costly Forbearance
DELPHI CORP: Delays Plan Approval Hearing to March 24, 2009
FORD MOTOR: Credit Unions Courting Firm to Join Loan Program
PROPEX INC: Seeks OK to Negotiate US$65MM Exit Loan with Wayzata
* BRAZIL: Year-End Trade Surplus Drops 39% to US$22.945 Billion

* BRAZIL: Petrobras Gets US$829-Million Loan From 3 Japanese Banks


C A Y M A N  I S L A N D S

01 INCORPORATED: Creditors' Proofs of Debt Due on December 22
ARLO X LTD: Moody's Junks Rating on Series 2007 EUR30-MM Notes
CENTAUR LTD: Creditors' Proofs of Debt Due on December 29
EASTERN EUROPEAN: Creditors' Proofs of Debt Due on December 22
INDUSTRIAL FINANCE: Shareholders Final Meeting Set for December 24

LYSTER WATSON: Shareholders Final Meeting Set for December 29
MIDTOWN GP: Creditors' Proofs of Debt Due on December 29
O'CONNOR GLOBAL: Shareholders Final Meeting Set for December 24
O'CONNOR GLOBAL: Shareholders Final Meeting Set for December 24
RUBICON/BROOK: Creditors' Proofs of Debt Due on December 29

RUBICON/BROOK: Creditors' Proofs of Debt Due on December 29
RUBICON EQUITY: Creditors' Proofs of Debt Due on December 29
SOLA ENERGY: Shareholders Final Meeting Set for December 24
SOLA MANHATTAN: Shareholders Final Meeting Set for December 24
SOPRANO FUND: Shareholders Final Meeting Set for December 29

VELLA INSTITUTIONAL: Creditors' Proofs of Debt Due on December 29
VELLA INSTITUTIONAL: Creditors' Proofs of Debt Due on December 29
WATERVIEW LIMITED: Placed Under Voluntary Liquidation
WEST SIDE: Placed Under Voluntary Liquidation
WEST SIDE: Placed Under Voluntary Liquidation

WEST SIDE: Placed Under Voluntary Liquidation


C O L O M B I A

TRANSGAS DE OCCIDENTE: Fitch Holds 9.79% Sr. Notes Rating at 'BB+'


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Free Zone Firms Won't Get Additional Funding


E C U A D O R

* Moody's Downgrades Ecuador's Ratings as Government Defaults


G R E N A D A

* GRENADA: IMF Okays USS$3.66 Million Disbursement


G U A T E M A L A

BANCO INDUSTRIAL: S&P Affirms Low-B Ratings; Outlook Stable


M E X I C O

G&T CONTINENTAL: S&P Affirms 'BB-/B' Counterparty Credit Rating
INDUSTRIAS UNIDAS: Moody's Cuts Ratings on US$200MM Notes to Caa2
PRECISION PARTS: Gets Initial Approval to AccessUS$1MM GE Facility


P U E R T O  R I C O

PILGRIM'S PRIDE: Board Names Don Jackson as President and CEO


T R I N I D A D  &  T O B A G O

HINDU CREDIT: Account Holders Told to Send Info to Liquidator


V E N E Z U E L A

LA ELECTRICIDAD: Fitch Cuts Currency IDRs to 'B+'; Outlook Stable
PDVSA: S&P Affirms U.S. Unit's 'BB' Corporate Credit Rating


X X X X X X X X

* Fitch's List of 38 Latin America National Scale Rating Changes
* Upcoming Meetings, Conferences and Seminars
* Gov't Working on Financial Aid for Auto Industry
* Moody's Puts 25% Probability of Gov't Auto Industry Bailout


                         - - - - -


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

AES CORP: Board Elects John (Jay) B. Morse, Jr. as Director
-----------------------------------------------------------
AES Corporation appointed John (Jay) B. Morse, Jr. as part of the
company's Board of Directors.  He was elected to the Board on
December 12, 2008, and is expected to serve as a member of its
Financial Audit Committee.

"Jay brings invaluable experience in all facets of audit and
accounting.  His insight from having led the financial operations
of one of the area's most important institutions and worked with
multiple boards and accounting associations will be an important
asset to AES," said Phil Odeen, Chairman of the Board of AES.

Mr. Morse is the retired Senior Vice President, Finance and Chief
Financial Officer of The Washington Post Company (The Post), where
he had responsibility for technology, investor relations, treasury
and investment functions as well as tax, audit and accounting.
Mr. Morse joined The Post in July 1989 as Vice President and
Controller.  He also serves as President of Washington Post
Telecommunications, Inc. and Washington Post Productions, Inc.

Mr. Morse joins the AES Board as an independent member.  He is
also a director and chairman of Host Hotels & Resorts Corporation,
and a director of the Home Shopping Network (HSN).  Mr. Morse also
serves as President of the College Foundation of the University of
Virginia.

Prior to joining The Post, Mr. Morse was a partner at Price
Waterhouse (now PricewaterhouseCoopers), an international
accounting firm, where he worked with publishing/media companies
and multilateral lending institutions for more than 17 years.

A certified public accountant, Mr. Morse is a member of the
American Institute of Certified Public Accountants and the
Financial Executives Institute.  In addition, Mr. Morse is a
member of the Financial Accounting Standards Advisory Council and
he is a past chairman of the US Council for Financial Executives
of the Conference Board.

Mr. Morse holds a B.A. in History from the University of Virginia
and an M.B.A. in Industrial Relations and Accounting from the
Wharton School of Finance at the University of Pennsylvania.

                      About AES Corporation

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion.  With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.

The company has operations in Argentina through its unit, Empresa
Distribuidora La Plata SA (EDELAP).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2008, Moody's affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at Ba1,
its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
Moody's said the rating outlook for AES is stable.


AGROGANADERA 25 DE: Proofs of Claim Verification Due on March 30
----------------------------------------------------------------
The court-appointed trustee for Agroganadera 25 de Junio S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 30, 2009.

The trustee will present the validated claims in court as
individual reports on May 12, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 24, 2009.




BALLY TECH: Taps Deloitte & Touche as Accountant
------------------------------------------------
Bally Technologies Inc.'s shareholders re-elected Robert Guido and
Kevin Verner to the company's Board of Directors, each for a
three-year term; and ratified the selection of Deloitte & Touche
LLP as the Company's independent registered public accounting firm
for fiscal year 2009.

Meanwhile, Bally's Board of Directors was named 2008's "Best-
Performing Board" in HVS Executive Search's 11th annual study of
best practices in the boardrooms of public gaming companies.  HVS
analyzed the documents of 38 publicly traded gaming companies and
rated each company based on four fundamentals: the size, makeup,
and independence of the board; committee structure and
effectiveness; the presence of interlocks, insider participation,
and related transactions; and fundamental commitment to pay for
performance.  Bally received the highest score of all 38
companies.

"We have a very dedicated and active Board of Directors that is
committed to both outstanding governance and shareholder value
creation," said Richard M. Haddrill, Bally's Chief Executive
Officer. "I am very pleased with this recognition."

                      About Bally Technology

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

The company's South American operations are located in Argentina.
The company also has operations in France, Germany, Macau, China,
India, and the United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
October 9, 2008, Fitch Ratings assigned a 'BB+' rating to Bally
Technologies, Inc.'s new US$300 million credit facility.  The
credit facility rating is two notches above Bally's 'BB-' Issuer
Default Rating due to Fitch's view of strong over-
collateralization of that debt.  The Rating Outlook is Positive.


CEMEX SAB: Shares Rise After US$6 Billion Refinancing
-----------------------------------------------------
Cemex S.A.B. de C.V.'s shares reached a one-week high on Dec. 16
in Mexico City after it reached an agreement with lenders that
clears the way to refinance US$6 billion debt coming due next
year, William Freebairn of Bloomberg News reported.

According to the report, Cemex advanced the most in the Bolsa
Index, gaining 15% to 12.27 pesos.  However, the shares had
plunged 24% in the past two days on concern Cemex would fall short
in efforts to refinance debt that soared as credit markets froze
and cement demand slowed in its major markets, the report related.

As reported by the Troubled Company Reporter - Latin America on
Dec. 16, 2008, Bloomberg News said the company fell to a one-week
low in New York trading after Morgan Stanley said the company
might report its first quarterly loss in the fourth quarter.
According to the report, Cemex's American depositary receipts
plunged 5.5% to US$8.16, bringing its two-day decline to 25%.  In
that same report, Morgan Stanley analyst Nicolai Sebrell wrote
Cemex SAB may post a loss of 7 cents a share including a
US$431 million loss on derivatives.

"The signal they're giving is that negotiations on debt are
advancing fairly well," Gonzalo Fernandez, head of equity research
at Banco Santander SA's Mexico City unit, told Bloomberg News in a
in interview.  "This is very important, because their cash flow
isn't enough to cover the maturities in 2009."

A TCRLA report on Nov. 18, 2008, citing Reuters, recalled Cemex's
purchase last year of Australia's Rinker just as the U.S. housing
market was collapsing increased Cemex's net debt to US$16.4
billion.  Even though Cemex has reduced its debt by US$3 billion
since that acquisition, investors say the company is still highly
leveraged, the same report said.

Meanwhile, Bloomberg News stated the advance in debt negotiations
overshadowed the company's own forecasts for a decline in
earnings.  Cemex predicted a 27% drop in operating cash flow in
the fourth quarter, a decline that likely would have left the
company in violation of the required ratio of debt to operating
cash flow at the end of the current quarter, Mr. Gonzalez said, as
cited by Bloomberg News.

In a report obtained by Bloomberg News, Morgan Stanley & Co. said
Cemex is required under the terms of its syndicated debt to
maintain a ratio of net debt to earnings before interest, taxes,
depreciation and amortization (Ebitda) -- of 3.5 times or less.

The agreement requires Cemex to complete refinancing of other debt
and extend the term of the syndicated loans by Jan. 31, Bloomberg
News disclosed.  The change will "give the financial flexibility
needed to close the year and complete the remaining elements of
our refinancing plan" Cemex said.

Bloomberg News added Cemex said fourth-quarter Ebitda is likely to
fall 27% from a year ago to US$800 million, while revenue may be
US$4.45 billion, a 23% decline from a year ago.

                          About Cemex

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s  'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'.  The Rating Outlook is Negative.

According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.


FRAVEGA SA: Moody's Assigns B2 Local Currency Rating
----------------------------------------------------
Moody's Latin America has assigned a first-time B2 local currency
corporate family rating and an A1.ar Argentina national scale
rating to Fravega S.A. (Fravega).  At the same time, Moody's
assigned a B2 local currency rating and an A1.ar National Scale
Rating to Fravega's bank credit lines with Banco de la Nacion
Argentina.  The outlook for all ratings is stable.

Fravega's B2 and A1.ar ratings reflect its position as one of the
largest dedicated retailers of consumer electronics and appliances
in Argentina and the diversification of its product line, which
has allowed Fravega to increase its share of the consumer's
wallet.  The ratings also reflect Fravega's relatively low
leverage for its rating category, its solid and growing position
in selling well-known brand names and its well-established
relationships with suppliers.  Also positive for the ratings is
that delinquency risk for credit card purchases is assumed solely
by the credit card issuers.  Credit card sales represent a
significant portion of Fravega's total sales and often allow
customers to pay in several monthly installments.

The ratings also are principally constrained by Fravega's
challenging competitive environment, particularly in the flat-
panel display category, where myriad new entrants have appeared
over the past 3 years, in addition to traditional competitors.
Fravega's low geographic diversity, relatively small scale and
tight liquidity, coupled with the expected major slowdown in the
Argentinean economy in 2009, also constrain the ratings.

Fravega's B2 local currency rating reflects its global default and
loss expectation, while the A1.ar national scale rating reflects
the standing of Fravega'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.  Issuers or issues rated A1.ar present above-
average creditworthiness relative to other domestic issuers.  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.

The stable outlook is based on Moody's expectation that Fravega
will continue to successfully implement its business model, even
in a more challenging macroeconomic environment, thus allowing the
retailer to maintain strong credit metrics for its rating
category.  The outlook also reflects Moody's expectation of
prudent financial policies with regard to dividend payout.
Finally, the outlook is stable because Moody's expects that
Fravega will be able to maintain adequate access to bank loans and
credit card receivable discounting facilities, even in the more
adverse market conditions.

An upgrade of the ratings or outlook could result from increased
size and geographical diversification, along with an improving
business environment in Argentina and a stronger liquidity
profile.  Improved financial disclosure would also be necessary
for an upgrade.

Negative pressure on the ratings or outlook could result from a
greater than expected impact of the a downturn in the Argentinean
economy on the availability of consumer loans.  Quantitatively, a
downgrade could result from a drop in Fravega's EBIT margin to
below 3.0% on a three-year average basis or a significant increase
in leverage, with adjusted total debt to EBITDA of above 3.5
times.  Indications of a weakening market share in the domestic
retail market could also drive negative pressure.

Headquartered in Buenos Aires, Argentina, Fravega is one of the
largest home appliance retailers in Argentina.  With total
revenues of ARS1.7 billion and 5.000 employees as of
December 2007, Fravega is a family-owned company with a widely
known brand name in the local retail market.



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

GE CAPITAL: Creditors' Proofs of Debt Due on December 29
--------------------------------------------------------
The creditors of GE Capital Investments are required to file their
proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda


GE CAPITAL INVESTMENTS: Members' Final Meeting Set for January 16
-----------------------------------------------------------------
The members of GE Capital Investments will meet on January 16,
2008, at 9:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda


GE CAPITAL HONG KONG: Creditors' Proofs of Debt Due on December 29
------------------------------------------------------------------
The creditors of GE Capital Hong Kong Investments are required to
file their proofs of debt by December 29, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda


GE CAPITAL HONG KONG: Members' Final Meeting Set for January 16
---------------------------------------------------------------
The members of GE Capital Hong Kong Investments will meet on
January 16, 2008, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda


MAN VISION: Creditors' Proofs of Debt Due on December 29
--------------------------------------------------------
The creditors of Man Vision EUR Trading Ltd are required to file
their proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 11, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9
          Bermuda


MAN VISION: Members' Final Meeting Set for January 16
-----------------------------------------------------
The members of Man Vision EUR Trading Ltd will meet on January 16,
2008, at 9:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 11, 2008.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9
          Bermuda


MEDITOR MASTER: Creditors' Proofs of Debt Due on December 29
------------------------------------------------------------
The creditors of Meditor Master Hawk Fund Limited are required to
file their proofs of debt by December 29, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 9, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda


MEDITOR MASTER: Members' Final Meeting Set for January 16
---------------------------------------------------------
The members of Meditor Master Hawk Fund Limited will meet on
January 16, 2008, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 9, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda


PRIVATE INVESTORS: Creditors' Proofs of Debt Due on January 12
--------------------------------------------------------------
The creditors of Private Investors (Intl) Limited are required to
file their proofs of debt by January 12, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Roderick Forrest
          Chancery Hall, 52 Reid Street
          Hamilton HM 12
          Islands of Bermuda


PRIVATE INVESTORS: Members' Final Meeting Set for January 13
------------------------------------------------------------
The members of Private Investors (Intl) Limited will meet on
January 13, 2008, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 10, 2008.

The company's liquidator is:

          Roderick Forrest
          Chancery Hall, 52 Reid Street
          Hamilton HM 12
          Islands of Bermuda


RISK INTERMEDIATION: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------------
The creditors of Risk Intermediation Structured Capital (Bermuda)
Ltd. are required to file their proofs of debt by December 29,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 9, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda


RISK INTERMEDIATION: Members' Final Meeting Set for January 16
--------------------------------------------------------------
The members of Risk Intermediation Structured Capital (Bermuda)
Ltd. will meet on January 16, 2008, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Dec. 9, 2008.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton
          Islands of Bermuda



XL CAPITAL: “Very Disappointed” With S&P's Rating Actions
---------------------------------------------------------
XL Capital Ltd commented on Standard & Poor's ratings announcement
with respect to XL.

Michael S. McGavick, XL's Chief Executive Officer, stated: "We are
very disappointed with S&P's decision, particularly in light of
the many positive comments S&P made about XL in its release."

He said: "While economic uncertainty continues to exist, at this
time we have no need or intent to seek additional capital and will
continue to focus on what we do best: serving our customers and
operating our franchise.  As a company rated "A" (strong) by S&P,
we expect to remain a strong competitor in both insurance and
reinsurance.  We will also continue the enhancement of our
enterprise risk management, the de-risking of our investment
portfolio, as well as the ongoing strategic review of our life
reinsurance operations."

The Royal Gazette reported yesterday that Standard & Poor's
downgraded the financial strength rating of XL's core operating
companies to A from A+.

In a statement obtained by The Royal Gazette, S&P suggested that
XL might lose clients after posting third-quarter losses and that
it believed prospective realised investment losses would "largely
offset operating income through 2009".

According to the The Royal Gazette, the rating agency also said it
believed XL's capital adequacy would "remain strong for the
forseeable future" and that it had a "strong liquidity position"
with $7.2 billion in cash and short-term investments as of
September 30 this year.

S&P downgraded XL's counterparty credit rating to BBB+ from A-
while maintaining a negative outlook.

Meanwhile, XL separately confirmed that it does not have any
investments in any funds managed by Bernard L. Madoff Investment
Securities LLC.

                         About XL Capital

Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters.  The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate.  XL's
coverage includes general and executive liability, property, and
political risk insurance.  Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.



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

DELPHI CORP: Defaults Loan, But Gets Costly Forbearance
-------------------------------------------------------
Delphi Corp. said in a filing with the Securities and Exchange
Commission that it satisfied all the conditions to the
effectiveness of its accommodation agreement with its lenders,
allowing its continued use of the US$4.35 billion secured credit,
even though the loan won't be repaid when the loan matures
Dec. 31.

Delphi in early Dec. 2008 won permission from the United States
Bankruptcy Court for the Southern District of New York to enter
into an accommodation agreement allowing Delphi to retain the
proceeds of its existing debtor-in-possession financing agreement
that matures Dec. 31, 2008.

Bloomberg News' Bill Rochelle notes that the Accommodation
Agreement allows Delphi, at a price, to avoid the consequences of
default until June 30.  One cost is a 2% higher default rate of
interest and the payment of a US$37 million fee, which itself
represents 2% of the loan.  The loan is to be secured with the
remaining 35% of the stock in Delphi's first-tier foreign
subsidiaries.  The lenders already have a pledge of the other 65%.

The DIP loan consists of:

-- a US$1.1 billion first priority revolving credit facility,
-- a US$500 million first priority term loan, and
-- a US$2.75 billion second priority term loan.

On December 12, 2008, Delphi satisfied the closing conditions set
forth in the Accommodation Agreement, which became effective.
Under the Accommodation Agreement, JPMorgan Chase Bank, N.A., the
administrative agent under the Amended and Restated DIP Credit
Facility and the requisite majority of holders of the Tranche A
and Tranche B commitments and exposure under the Amended and
Restated DIP Credit Facility by amount have agreed to, among
other things, allow Delphi to continue using the proceeds of the
Amended and Restated DIP Credit Facility and to forbear from the
exercise of certain default-related remedies, in each case until
the earlier to occur of:

  (i) June 30, 2009, but subject to the satisfaction of certain
      condition,

(ii) Delphi's failure to comply with its covenants under the
      Accommodation Agreement or the occurrence of certain
      other events set forth in the Accommodation Agreement and

(iii) an event of default under the Amended and Restated DIP
      Credit Facility.

However, the outside date of June 30, 2009, for the accommodation
period will be shortened to May 5, 2009, if one of various
conditions is not satisfied -- Delphi either:

  (a) has received binding commitments on or prior to Feb. 27,
      2009, for debt and equity financing sufficient for it to
      emerge from chapter 11 pursuant to the modified Chapter
      11 plan filed with the Court on Oct. 3, 2008, or any
      other plan that provides the administrative agent and the
      DIP Lenders with the same treatment; or

  (b) has (i) filed, on or prior to Feb. 27, 2009,
      modifications to the Oct. 3 Plan or any other
      reorganization plan to which JPMorgan does not submit a
      notice, within 10 business days of the filing, informing
      Delphi that either (A) the Required Lenders or (B)
      lenders party to the Accommodation Agreement holding
      Tranche A, Tranche B and Tranche C commitments and
      exposure representing in excess of 50% of the Tranche A,
      Tranche B and Tranche C commitments and exposure held by
      all lenders party to the Accommodation Agreement,
      affirmatively oppose the modifications or plan of
      reorganization, and

         (ii) on or prior to March 31, 2009, obtained approval
      of modifications to the disclosure statement with respect
      to the Oct. 3 Plan or other reorganization plan, and the
      approval to re-solicit or solicit votes, as the
      case may be.

JPMorgan would submit a Notice if either the Required Lenders or
the Required Total Participant Lenders vote, within 10 business
days after the filing of the modifications to the Oct. 3 Plan or
the new plan of reorganization, to oppose the plan modifications
on the grounds that the plan was not acceptable to them.

                     Delphi in Default

Notwithstanding the Accommodation Agreement, Delphi says it is in
default of the terms of its DIP Credit Facility and is required
to file a notice of default upon effectiveness of the
Accommodation Agreement.  As a result, Delphi is no longer able
to make additional draws under the facility after Dec. 12, 2008.

However, under the Accommodation Agreement, Delphi is required to
continue to comply with the provisions of the DIP Credit
Facility.  Additionally, prior to the effective date of the
Accommodation Agreement, Delphi was required to and did, (x)
replace or cash collateralize, at 105% of the undrawn amount
thereof, all outstanding letters of credit under the Amended and
Restated DIP Credit Facility that had not been collateralized
prior to that date ($81 million as of December 12, 2008, of
letters of credit that had not been collateralized previously),
and (y) limit the aggregate principal amounts outstanding under
Tranche A borrowings to no more than US$377 million.

As of December 12, 2008, there was US$370 million outstanding
under Tranche A, US$500 million outstanding under the Tranche B
Term Loan and US$2.75 billion outstanding under the Tranche C Term
Loan.

Prior to the effectiveness of the Accommodation Agreement, Delphi
was permitted to and did provide cash collateral, in an aggregate
not to exceed US$200 million, that was pledged to JPMorgan, the
administrative agent, for the benefit of the DIP Lenders.  Upon
Delphi's request, portions or all of the Borrowing Base Cash
Collateral will be transferred back to Delphi provided that
Delphi is in compliance with the borrowing base calculation in
the Accommodation Agreement and no event of default has occurred.

Bill Rochelle also notes that the survival of General Motors Corp.
-- which is seeking a bailout from the federal government to avert
collapse -- is required for Delhi's emergence, as GM has committed
to provide US$10.6 billion of funding to Delphi.

                            Deals With GM

In support of Delphi's efforts to obtain the accommodation
agreement from certain of its DIP lenders, General Motors Corp.
agreed to extend the term of the agreement whereby GM agreed to
advance Delphi up to US$300 million, as determined in accordance
with the GM Advance Agreement, as amended.

The amendment to the GM Advance Agreement provides filed with the
Court on November 7, 2008, extends the GM advances through the
earlier of

  (i) June 30, 2009,

(ii) the date as Delphi files any motion seeking to amend the
      plan of reorganization in a manner that is not reasonably
      satisfactory to GM,

(iii) the termination of the Accommodation Agreement or the
      accommodation period therein, or

(iv) the date as a plan of reorganization becomes effective.

The Court approved Delphi's motion to amend and extend the GM
Advance Agreement concurrently with the approval of Delphi's
motion seeking authority to enter into the Accommodation
Agreement.

A full-text copy of Amendment No. 2 dated Dec. 12 to GM-Delphi
Agreement filed with the SEC is available for free at:

            http://ResearchArchives.com/t/s?3636

At the Dec. 1 DIP Hearing, John Wm. Butler, Jr., Esq., at Skadden
Arps Slate Meagher & Flom, LLP, in Chicago, Illinois, pointed out
that the GM Amendment Agreement's effectiveness is contingent on
the approval of the Accommodation Agreement by the Court.  Mr.
Butler certified that as of Dec. 1, 2008, no objection has been
lodged against the GM Agreement or its supporting documents.

Additionally, GM has agreed, subject to certain conditions, to
accelerate payment of certain payables to Delphi, pursuant to the
Partial Temporary Accelerated Payments Agreement, which could
result in an additional US$100 million of liquidity to Delphi in
each of March, April, and May of 2009.  The Partial Temporary
Accelerated Payments Agreement provides that GM will generally
recoup these accelerated payments over its three subsequent
monthly payments on or after the date that GM's obligation to
advance funds under the GM Advance Agreement terminates or
advances made become due and payable in accordance with the GM
Advance Agreement.

A full-text copy of the Dec. 12 Partial Temporary Accelerated
Payment Agreement is available for free at:

             http://ResearchArchives.com/t/s?3637

                   About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.

On October 3, 2008, Delphi filed modifications to their Confirmed
Plan.  The new plan does not require financing from the Appaloosa
group, but requires US$3.75 billion from an exit debt financing
and a rights offering, and additional funding from General Motors
Corp.

(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Delays Plan Approval Hearing to March 24, 2009
-----------------------------------------------------------
The hearing to consider preliminary approval of Delphi Corp.'s and
its affiliates' proposed modifications to their confirmed
First Amended Joint Plan of Reorganization has been adjourned to
11:00 a.m. on March 24, 2009.

Delphi presented to the U.S. Bankruptcy Court for the Southern
District of New York changes to an already confirmed Plan after
Appaloosa Management, L.P., and other investors backed out from
their commitment to provide US$2.550 billion in exit financing.
The new plan does not require financing from plan investors, but
requires more funding from primary customer General Motors Corp.,
which is facing its own liquidity crisis, and US$3.75 billion from
an exit debt financing and a rights offering.

The Preliminary Plan Modification Hearing has been adjourned four
times.  Under the original schedule, the Debtors contemplated an
October 23, 2008 preliminary hearing and emergence from
bankruptcy by Dec. 31, 2008.

Delphi Corp. has signed deals with General Motors Corp. and its
DIP Lenders, led by JPMorgan Chase Bank, N.A., in order to have
access to borrowed cash until mid-2009.  Under its accommodation
agreement with lenders, Delphi has a Feb. 27, 2009 deadline to
file an updated plan of reorganization, and obtain commitments for
its bankruptcy exit loans, otherwise the DIP loans would mature
May 31, 2008.

On Oct. 3, the Debtors submitted proposed modifications to their
Plan of Reorganization.  Under the modified plan, the Debtors
targeted a Dec. 17 confirmation hearing, and a Chapter 11 exit by
year-end.   The modified plan does not require, in addition to
US$4,700,000,000 of debt exit financing, Appaloosa's
US$2,550,000,000 cash-for-equity investment, which was the
highlight of the Court- confirmed, but unconsummated, Jan. 25,
2008 PoR.  The modified plan requires debt exit financing of
US$2.75 billion plus a US$1,000,000,000 raised through a rights
offering.

Delphi, however, has said that "in the face of the current
unprecedented turbulence in the credit markets and uncertainty in
the automobile industry," it does not anticipate emerging from
chapter 11 prior to December 31, 2008, when its financing deals
mature.

"Despite the efforts of the federal government to provide
stability to the capital markets and banks, the markets have
remained extremely volatile and liquidity in the capital markets
has been nearly frozen, resulting in an unprecedented challenge
for the Debtors to successfully attract emergence capital funding
for their Modified Plan, particularly in light of the current
conditions in the global automotive industry," John Wm. Butler,
Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Chicago, Illinois, said, in a court filing.

In its third quarter report on Form 10-Q, General Motors Corp.,
Delphi's primary customer, admitted, "Given the current credit
markets and the challenges facing the automotive industry, there
can be no assurance that Delphi will be successful in obtaining
US$3.8 billion in exit financing to emerge from bankruptcy."

GM has recorded Delphi-related charges US$4.1 billion for nine
months ended Sept. 30, 2008.  GM recorded a net loss of
US$2,542,000,000 on US$37,503,000,000 of revenues for three months
ended Sept. 30, 2008, compared with a net loss of
US$38,963,000,000 on US$43,002,000,000 of sales during the same
period in 2007.

General Motors, along with Ford Motor Company and Chrysler LLC,
has asked Congress to grant the U.S. carmakers access to
US$25 billion of the US$700 billion Troubled Asset Relief Program
approved by Congress to bail out financial institutions.
Congress is expected to tackle on Nov. 18 and 19 the proposed
bailout, which, according to reports, may be necessary to save
the U.S. automakers from collapse or bankruptcy.

A bankruptcy filing for GM could shatter its former unit Delphi's
plans to finally exit bankruptcy this year or early next year,
according to a report by Bloomberg News.  "If GM fails, it's
likely the Delphi reorganization fails, and Delphi converts to a
case under Chapter 7 -- a liquidation," Nancy Rapoport, a law
professor at the University of Nevada-Las Vegas, in an e-mail,
according to Bloomberg News.  "For the creditors of Delphi, this
of course isn't optimal, and the usual issues in Chapter 7,
determining the liquidation value of the company, will apply."

                   About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.

On October 3, 2008, Delphi filed modifications to their Confirmed
Plan.  The new plan does not require financing from the Appaloosa
group, but requires US$3.75 billion from an exit debt financing
and a rights offering, and additional funding from General Motors
Corp.

(Delphi Bankruptcy News, Issue No. 153; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Credit Unions Courting Firm to Join Loan Program
------------------------------------------------------------
Credit unions are negotiating with Ford Motor Co. to join a credit
union loan partnership called "invest in America," The Associated
Press relates, citing Michigan Credit Union League President and
CEO David Adams.

Chrysler LLC already said that it will join "Invest in America"
credit union loan partnership, following General Motors Corp.'s
lead.  This gives 1,295 credit unions in Michigan, Ohio, Indiana,
and Illinois access to cash discounts for its members from GM and
Chrysler and access to affordable financing on new vehicle
purchases.  Chrysler will expand the pilot program in eight
additional states, as well as the original four Midwest states.
This will make available an additional US$12 billion in auto loans
for the program and bring discounts to another 14 million credit
union members.  The program, running from Dec. 16, 2008, through
June 30, 2009, offers "Credit Union Member Cash" rebates of US$500
orUS$1,000 on eligible Chrysler, Jeep, and Dodge vehicles.  These
rebates will be exclusively for credit union members who also
obtain their financing from a credit union, layering on top of
other incentives.

"'The Invest in America' program will provide access to affordable
financing options and special discounts for credit union members
who want to purchase a new Chrysler, Jeep or Dodge vehicle," said
Steven Landry, Chrysler executive vice president of North American
Sales.

To gain access to the rebates, credit union members can bring
proof of credit union financing to a Chrysler dealership.  Credit
union loan rates average 5.4% compared to 6.9% for average bank
rates according to Datatrac, a survey company that tracks auto
loan rates.  Participation does require that the consumer belong
to a credit union.

The eight additional states taking part in the "Credit Union
Member Cash" rebates are Oklahoma, Texas, Kentucky, Arkansas,
Tennessee, Louisiana, New Mexico and Mississippi.

The "Invest in America" program was created by CUcorp, a marketing
company based in Livonia, Michigan and a wholly-owned subsidiary
of the Michigan Credit Union League.  There are plans to bring
"Invest in America" nationwide, possibly by the second quarter of
2009.

John D. Stoll at The Wall Street Journal reports that according to
results from surveys by Merrill Lynch & Co. and CNW Research,
consumers would still consider purchasing or leasing a vehicle
from a bankrupt automaker, as long as the U.S. government is
willing to step in the company's Chapter 11 process.  WSJ relates
that CNW Research's President Art Spinella said on Tuesday that
people would feel much better about a Chapter 11 automaker's
chances "as long as there are loan guarantees by the government."

According to WSJ, GM Rick Wagoner has said that consumers would
stay away from automakers in bankruptcy.  The report states that
Mr. Wagoner told the Congress that a CNW Research survey,
conducted in July among 6,000 respondents, suggested that 80% of
potential car buyers would abandon plans to buy a vehicle from a
bankrupt automaker.

                      About Ford Motor Co.

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

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


PROPEX INC: Seeks OK to Negotiate US$65MM Exit Loan with Wayzata
----------------------------------------------------------------
Propex Inc. seeks permission from the U.S. Bankruptcy Court for
the Eastern District of Tennessee to negotiateUS$65 million in
exit financing with Wayzata Investment Partners LLP, Bankruptcy
Law360 reports.  The Debtor also seeks permission to pay Wayzata a
refundable deposit, the report says.

Meanwhile, Propex and its affiliates have asked the Court,
pursuant to Section 1121(d) of the Bankruptcy Code, to extend the
period within which they have the exclusive right to solicit
acceptances on their bankruptcy plan until February 28, 2009.  The
extension, according to the Debtors, will allow them to finalize
the terms of their exit financing, provide them with time to
review the terms of the financing, and cast
their ballots regarding the Plan.

The Debtors' current solicitation period expires on December 29,
2008.

The Debtors filed their Disclosure Statement and Plan of
Reorganization on October 29, 2008.  The Debtors inform the Court
that they are in the process of soliciting exit financing for the
revolving credit facility contemplated in their Chapter 11 Plan, a
task which according to
the Debtors has proven challenging due to an unprecedented credit
"freeze" and economic downturn that has plagued the country for
several months.

"While the Debtors had obtained substantial interest in potential
exit financing prior to the filing of the Plan, the unforeseen
'freezing' of the country's financial markets caused lenders to
withdraw their initial proposals to provide the Debtors with such
financing," says Henry J. Kaim, Esq., at King & Spalding, LLP, in
Houston, Texas.

Mr. Kaim says the Debtors have reengaged the market to obtain
commitments for exit financing and have conducted extensive
discussions with a number of lenders.

The Court is set to hear the Debtors' request at a December 29,
2008 hearing.

                       About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

Propex Inc., and its affiliates delivered to the Court a Joint
Plan of Reorganization and Disclosure Statement on October 29,
2008.  Propex's exclusive period to solicit acceptances of the
Plan expires Dec. 29, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets ofUS$562,700,000, and total debts ofUS$551,700,000.

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



* BRAZIL: Year-End Trade Surplus Drops 39% to US$22.945 Billion
---------------------------------------------------------------
Brazil's accumulated trade surplus result for the year so far
dropped 39% to US$22.945 billion from US$37.346 billion in the
same period of 2007, Kelly Oliveira of Brazzil Magazine reports,
citing Brazilian Ministry of Development, Industry and Foreign
Trade.

According to the report, Brazil's trade surplus in the second week
of December totaled US$947 million, while exports and imports
reached US$3.576 billion and US$2,629 billion, repectively.

In the first week of the month, the report notes, there was a
trade deficit of US$435 million.  In the accumulated for the
month, exports totaled US$6.563 billion, while imports totaled
US$6.051 billion, resulting in a surplus of US$512 million, the
report discloses.

Brazzil Magazine adds that from January until the second week of
December, Brazilian foreign sales total US$190.688 billion, and
imports total US$167.743 billion.

The Federative Republic of Brazil is the largest and most populous
country in South America.  It is the fifth largest country by
geographical area, the fifth most populous country, and the fourth
most populous democracy in the world.  Its population comprises
the majority of the world's Portuguese speakers.

According to Moody's Rating Agency, the country continues to carry
a BA1 local and foreign currency rating.


* BRAZIL: Petrobras Gets US$829-Million Loan From 3 Japanese Banks
------------------------------------------------------------------
Brazil state-controlled oil company, Petroleo Brasileiro SA
(Petrobras), received a JPY75 billion (US$829 million) loan from a
group of Japanese banks to finance investments in its Henrique
Lage refinery, Bloomberg News reports.

According to the report, Sumitomo Mitsui Banking Corp., Mizuho
Corporate Bank Ltd. and Bank of Tokyo-Mitsubishi UFJ Ltd. will
provide the 10-year loan to Petrobras.

Petrobras, the report relates, plans to spend at least
US$20 billion a year through 2012 to expand oil output, refining
and other operations.  Chief Financial Officer Almir Barbassa
said the company intends to borrow about US$4 billion a year on
international markets to finance the investment program, Bloomberg
News notes.

Bloomberg News says the loan will help finance efforts to increase
the capacity of the Henrique Lage refinery to process heavy grades
of crude oil produced in Brazil, raise the quality of the fuel
produced by the plant and expand its offerings.

The contract for the loan has insurance from the Japanese export
promotion agency Nippon Export and Investment Insurance, the
report adds.

The Federative Republic of Brazil is the largest and most populous
country in South America.  It is the fifth largest country by
geographical area, the fifth most populous country, and the fourth
most populous democracy in the world.  Its population comprises
the majority of the world's Portuguese speakers.

According to Moody's Rating Agency, the country continues to carry
a BA1 local and foreign currency rating.



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

01 INCORPORATED: Creditors' Proofs of Debt Due on December 22
-------------------------------------------------------------
The creditors of 01 Incorporated Limited are required to file
their proofs of debt by December 22, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 7, 2008.

The company's liquidator is:

          Russell Smith
          c/o John D’Cunha
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


ARLO X LTD: Moody's Junks Rating on Series 2007 EUR30-MM Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by Arlo X Limited.

The transaction is a managed synthetic CDO referencing 118
sovereign and corporate entities.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on September 15, 2008; Fannie Mae
and Freddie Mac, which were placed into the conservatorship of the
U.S. government on September 8, 2008; and two Icelandic banks,
specifically Glitnir banki hf and Landsbanki Islands hf.  The
transaction also has a significant exposure to other corporate
names which continue to deteriorate in the current economic
environment.  This will weigh on the rating of the tranche in this
transaction.

The rating action is:

Arlo X Limited:

(1) Series 2007 (Ortega) B-1E EUR 30,000,000 Secured Limited
    Recourse Credit-Linked Notes due 2017

         Current Rating: Caa1
         Prior Rating: A3
         Prior Rating Date: 30 April 2008


CENTAUR LTD: Creditors' Proofs of Debt Due on December 29
---------------------------------------------------------
The creditors of Centaur Ltd. are required to file their proofs of
debt by December 29, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 3, 2008.

The company's liquidator is:

          Russell Smith
          John D'Cunha
          PO Box 2499, Grand Cayman KY1-1104
          Cayman Islands
          Telephone:(345) 946 0820
          Facsimile:(345) 946 0864


EASTERN EUROPEAN: Creditors' Proofs of Debt Due on December 22
--------------------------------------------------------------
The creditors of Eastern European Property Fund are required to
file their proofs of debt by December 22, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2008.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Alex Lawson
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone:345-815-2667
          Facsimile:345-949-7164


INDUSTRIAL FINANCE: Shareholders Final Meeting Set for December 24
------------------------------------------------------------------
The shareholders of Industrial Finance Ltd. will hold their final
meeting on December 24, 2008, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ramon Jara
          Anaconda Chile S.A.
          Ahumada 11, Piso 6
          Santiago, Chile


LYSTER WATSON: Shareholders Final Meeting Set for December 29
-------------------------------------------------------------
The shareholders of Lyster Watson Moderate Volatility Master Fund,
Ltd. will hold their final meeting on December 29, 2008, at 9:00
a.m., to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lyster Watson Management, Inc.
          888 Seventh Avenue, 40th Floor
          New York, N.Y. 10019, U.S.A.


MIDTOWN GP: Creditors' Proofs of Debt Due on December 29
--------------------------------------------------------
The creditors of Midtown GP Limited are required to file their
proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 14, 2008.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone:(+1) 345 949 4123
          Facsimile:(+1) 345 949 4647; or


O'CONNOR GLOBAL: Shareholders Final Meeting Set for December 24
---------------------------------------------------------------
The shareholders of O'Connor Global Commodity Markets Limited will
hold their final meeting on December 24, 2008, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


O'CONNOR GLOBAL: Shareholders Final Meeting Set for December 24
---------------------------------------------------------------
The shareholders of O'Connor Global Commodity Markets Master
Limited will hold their final meeting on December 24, 2008, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Jessica Turnbull, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone:(345) 949-7500
          Facsimile:(345) 949-8258


RUBICON/BROOK: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------
The creditors of Rubicon/Brook Street US Fund are required to file
their proofs of debt by December 29, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2008.

The company's liquidator is:

          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


RUBICON/BROOK: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------
The creditors of Rubicon/Brook Street Global Fund are required to
file their proofs of debt by December 29, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2008.

The company's liquidator is:

          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


RUBICON EQUITY: Creditors' Proofs of Debt Due on December 29
------------------------------------------------------------
The creditors of Rubicon Equity & Commodity Focus Master Fund are
required to file their proofs of debt by December 29, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2008.

The company's liquidator is:

          Jan Neveril
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SOLA ENERGY: Shareholders Final Meeting Set for December 24
-----------------------------------------------------------
The shareholders of Sola Energy Funding IV Ltd will hold their
final meeting on December 24, 2008, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Christopher Pucillo
          Solus Alternative Asset Management LP
          430 Park Avenue
          New York, NY 10022
          United States of America


SOLA MANHATTAN: Shareholders Final Meeting Set for December 24
--------------------------------------------------------------
The shareholders of Sola Manhattan Re Ltd. will hold their final
meeting on December 24, 2008, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Christopher Pucillo
          Solus Alternative Asset Management LP
          430 Park Avenue
          New York, NY 10022
          United States of America


SOPRANO FUND: Shareholders Final Meeting Set for December 29
------------------------------------------------------------
The shareholders of Soprano Fund will hold their final meeting on
December 29, 2008, at 8:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


VELLA INSTITUTIONAL: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------------
The creditors of Vella Institutional Master Fund Ltd. are required
to file their proofs of debt by December 29, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 30, 2008.

The company's liquidator is:

          Vladimir Velkov
          955 Massachusetts Avenue
          Suite 306, Cambridge
          Massachusetts 02139-3232, USA
          Ph: 1-617-715-9907/1-617-576-7700
          Fax: 1-617-576-7701


VELLA INSTITUTIONAL: Creditors' Proofs of Debt Due on December 29
-----------------------------------------------------------------
The creditors of Vella Institutional Offshore Fund Ltd. are
required to file their proofs of debt by December 29, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 30, 2008.

The company's liquidator is:

          Vladimir Velkov
          955 Massachusetts Avenue
          Suite 306, Cambridge
          Massachusetts 02139-3232, USA
          Ph: 1-617-715-9907/1-617-576-7700
          Fax: 1-617-576-7701


WATERVIEW LIMITED: Placed Under Voluntary Liquidation
-----------------------------------------------------
The sole shareholder of Waterview Limited resolved to voluntarily
liquidate the company's business on August 6, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 9, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Linburgh Martin
         c/o Deanna Derrick
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034GT, Grand Cayman KY1-1102
         Telephone:(345) 949 8455
         Facsimile:(345) 949 8499


WEST SIDE: Placed Under Voluntary Liquidation
---------------------------------------------
The sole shareholder of West Side VII Offshore resolved to
voluntarily liquidate the company's business on Sept. 23, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          West Side Advisors LLC
          1995 Broadway, 8th Floor, New York
          NY 10023, USA


WEST SIDE: Placed Under Voluntary Liquidation
---------------------------------------------
The sole shareholder of West Side Offshore Partners resolved to
voluntarily liquidate the company's business on Oct. 30, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          West Side Advisors LLC
          1995 Broadway, 8th Floor, New York
          NY 10023, USA


WEST SIDE: Placed Under Voluntary Liquidation
---------------------------------------------
The sole shareholder of West Side Offshore Partners Master Fund,
Ltd. resolved to voluntarily liquidate the company's business on
Oct. 30, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          West Side Advisors LLC
          1995 Broadway, 8th Floor, New York
          NY 10023, USA



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

TRANSGAS DE OCCIDENTE: Fitch Holds 9.79% Sr. Notes Rating at 'BB+'
------------------------------------------------------------------
Fitch Ratings has affirmed the debt rating of TransGas de
Occidente's 9.79% senior secured notes due 2010 at 'BB+'.  The
Rating Outlook is Stable.

The affirmation is based on the rationale that the notes are
solely supported by the tariff payments from Ecopetrol, tied to
throughput of the natural gas pipeline, under the Transportation
Service Agreement (TSA).  Although the project economics supports
a higher rating level, it is constrained mainly by the issuer
default rating (IDR) of Ecopetrol (IDR of 'BB+', with a Stable
Outlook by Fitch), which is further constrained by the Colombia's
country rating (long-term foreign currency rating of 'BB+', with a
Stable Outlook).  The financial and operational performance of the
project has been stable.

For 2008, the major maintenance activity mainly involved
inspection for any internal corrosions on the pipeline.  The
inspection work is in process and is projected to be completed by
year-end or early January 2009.  As a result of high and sustained
rainfall during the year, additional costs were incurred in 2008
to repair pipeline crossings damaged by high stream flows.

For year-to-date (YTD) 2008, the availability rate has been close
to 100% and Ecopetrol has complied with all tariff payments. The
financial performance of the company was more in line with the
sponsor base and is expected to remain stable.  The revenue in
U.S. dollars was up by approximately 8% for fiscal year (FY) 2007
when compared to FY 2006, mainly due to the foreign exchange rate
volatility.  For the year 2008, the projected debt outstanding is
approximately US$42.5 million and Fitch views that the project
should be able to meet its debt service obligations comfortably
through maturity (November 2010).

TransGas was incorporated under Colombian law in 1995 to create,
build, own, operate, maintain and transfer a natural gas pipeline.
The project consists of a 206-mile, 20-inch diameter trunk line
and 49 lateral lines totaling approximately 275 miles with
metering stations to connect with distribution networks.  The
three largest equity holders of TransGas are TCPL Marcali Company
Ltd.  (44%), BP Colombia Pipeline Ltd. (20%), and Gas Natural del
Oriente ESP (14%).



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

* DOMINICAN REPUBLIC: Free Zone Firms Won't Get Additional Funding
------------------------------------------------------------------
Dominican Republic's government said it gave about RD$3.5 billion
financial aid to free zone companies to prevent massive layoff,
The Dominican Today reports, citing Luisa Fernandez, National
Export Free Zones Council director.

According to the report, so far this year, free zone companies
were given RD$1.2 billion to buy raw materials in the United
States, and RD$2,000 were given them for each employee, a total of
more than RD$2.3 billion.  "There's nothing more the government
can do" for the free zones regarding the lay off of employees,"
the report quoted Ms. Fernandez as saying.

Ms. Fernandez, the report relates, said some companies have
received, in 10 months, between RD$16 million and RD$20 million
per month, with only the last two months to go, and will be paid
this month.

As reported by the Troubled Company Reporter -Latin America on
Dec. 3, 2008, the Dominican Today said four business associations
warned that if the exports aren't stimulated there'll be massive
layoffs next year, because exports have plunged more than 60%.

In that report, the associations of Free Zones, Industries,
Exporters and Agribusiness (JAD) said their common interest is
that the country can confront the challenges in the world's new
economic order, and to spur development they propose that exports
must be declared a national priority.  "We feel that the crisis
affecting the world powers forces us, as a country dependent on
those economies, to urgently adopt the measures needed to secure a
currency income volume, in response to this critical moment, to
better protect the national productive system," the associations
said.

The report related the industrialists requested declaring exports
a national priority and to follow a common agenda for that
purpose.

The Dominican Today says Ms. Fernandez affirmed that if what the
free zone industrialists claim to justify laying off personnel is
the high cost of electricity, that takes them out of
competitiveness, the reality is that they don't receive
electricity like any normal consumer.   They are unregulated
customers that get tax-exemptions including fuel, which also
represents a sacrifice for the Government, she said.

Ms. Fernandez also said the rent those companies pay in Santiago
was lowered 30%, and that no Government has given so much to the
free zones, the Dominican Today relates.

The Dominican Today says Ms. Fernandez added the crisis that
affects the United States in the area of textiles has affected the
free zones, and even Mexico has lost many jobs in the last few
months.  It's not an issue of the Dominican Government, but a
problem in the United States market, she said.

According to Moody's Investors Service, the country continues to
carry a B2 foreign currency rating with a stable outlook, and a B2
local currency rating with stable outlook.



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

* Moody's Downgrades Ecuador's Ratings as Government Defaults
-------------------------------------------------------------
Moody's Investors Service has downgraded Ecuador's sovereign
ratings following the government's announcement that it would not
honor its obligations.

Ecuador's government bond rating was downgraded to Ca with a
developing outlook from Caa1 on review for possible downgrade.
Ecuador's Caa1 country ceiling for bonds and Caa1 country ceiling
for bank deposits, which had been on review for possible
downgrade, were both confirmed and assigned a negative outlook.

"The government's decision to default is based on ideological and
political grounds and is not related to liquidity and solvency
issues" said Moody's Vice President -- Senior Analyst Alessandra
Alecci.  "The nature of this default, Ecuador's second in the past
decade, is unprecedented as it is occurring in a situation of
relative macroeconomic strength, despite the recent downturn in
the commodity cycle."  Ecuador's debt indicators are among the
most favorable in the region and compared to similarly rated peers
around the world.

The country's debt-to-GDP ratio stands at around 23%, well below
the 85% level during its previous default in 1999 and Argentina's
150% prior to the 2002 default.  Measured against central
government revenues, Ecuador's debt burden is small at 100%,
compared to over 500% in 1999.  The US$30.6 million coupon on the
2012 global bonds, whose grace period ended Dec. 16, stand against
US$841million in Treasury deposits at the Central Bank.  The
ideological motivation of the current default is underscored by
the very small fiscal alleviation a default would bring, less than
1.0% of next year's estimated GDP.

"The new Ca rating for Ecuador, the second lowest in Moody's
rating scale, expresses the likelihood that expected losses will
be very high to bondholders, placing Ecuador's default much closer
to that of Argentina in 2002 than that of Uruguay in 2003" said
Alecci.  While the government has yet to announce its proposal to
bondholders, she said the very aggressive rhetoric on the part of
the authorities suggests that losses will be severe.

"Given that this default has not been prompted by economic
factors, traditional debt sustainability models that would
otherwise guide estimations of recovery values are irrelevant,"
said Alecci.

Further, she said, the macroeconomic impact of the default is
likely to affect the government's liquidity position in the coming
months, as external credit lines to the private sector and foreign
direct investment inflows are expected to decline, further
aggravating the downturn as a result of the collapse of oil
prices.  This is likely to lead the government to seek a steep
haircut, particularly considering its longstanding pledge that, in
a downturn, it would prioritize social expenditures over debt
service.

"We expect negotiations with bondholders to be complicated and
drawn out with bondholder participation in an exchange perhaps
limited by the country's solvency and its unclear grounds for
default," said Alecci.  "While authorities have stated that they
would make their case to international courts, the reasons to
declare external debt 'illegitimate' remain vague."

The last rating action affecting Ecuador was taken on November 14
when Moody's downgraded the government's bond rating and Ecuador's
country ceilings for bonds and for bank deposits from B3 to Caa1
with a review for downgrade.





=============
G R E N A D A
=============

* GRENADA: IMF Okays USS$3.66 Million Disbursement
--------------------------------------------------
The International Monetary Fund (IMF) approved the disbursement of
US$3.66 million to the Grenada government after the second review
of the island's economic performance under the Poverty Reduction
and Growth Facility (PRGF), Carribean360.com News reports.

In completing the review, the report relates, the Executive Board
of the IMF also approved the request for waivers and modification
of performance criteria.

"The Grenadian authorities are committed to implementing fully
their programme of economic reform, which is being supported by a
PRGF arrangement.  Against the backdrop of a difficult external
environment, they are strengthening macroeconomic management and
have developed a well-focused structural reform agenda," the
report quoted Deputy Managing Director and Acting Chairman Murilo
Portugal as saying.

According to the report, Mr. Portugal said the authorities have
reduced capital expenditure, reinstated the fuel tax, passed
through to consumers the full impact of changes in global oil
prices, and delayed until 2009 the repeal of the National
Reconstruction Levy (NRL).

"The draft 2009 budget aims to improve the quality of expenditure
while targeting a primary deficit consistent with the government's
objective of reducing the public debt burden.  Restoring fiscal
and debt sustainability remains the centerpiece of the
authorities' program, and the overall deficits targeted for 2008
and 2009 are consistent with this.  Their intention to proceed
cautiously in contracting a large potential external loan is
welcome," the report cited Mr. Portugal as saying.

Mr. Portugal, the report relates, also indicated that the
government will introduce a Value Added Tax (VAT) at an
appropriate date to allow time for thorough preparation.

The report says Mr. Portugal noted that Grenada's banking system
remains sound and resilient and said that in light of the global
financial turmoil, it will be important to further improve the
supervision and regulation of the nonbank financial sector.



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

BANCO INDUSTRIAL: S&P Affirms Low-B Ratings; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' counterparty
credit and certificate of deposit ratings on Banco Industrial
S.A., and short-term 'B' ratings on both.  The outlook is stable.
"At the same time, we affirmed our 'BBB-' survivability assessment
on the bank," S&P said.

"The ratings are limited by the bank's low adjusted capitalization
levels, aggressive financial policies that lead to double leverage
to finance acquisitions, asset concentrations, and dollarized
balance sheet," said Standard & Poor's credit analyst Leonardo
Bravo.

"Our ratings also reflect the bank's leading market position in
Guatemala, a stable and diversified deposit base, and improving
financial performance."



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

G&T CONTINENTAL: S&P Affirms 'BB-/B' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B'
counterparty credit and CD ratings on Banco G&T Continental S.A.
(G&T Continental).  The outlook is stable.  "At the same time, we
affirmed our 'BBB-' survivability assessment on the bank," S&P
said.

According to S&P: "The bank's relatively low adjusted
capitalization and double leverage, structural asset
concentrations with low coverage of nonperforming assets (NPAs),
and a dollarized balance sheet limit our ratings on G&T
Continental."

"Our ratings reflect the bank's good market position in Guatemala,
a stable and diversified deposit base, and improving financial
performance," said Standard & Poor's credit analyst Leonardo
Bravo.

"Although capitalization remains a rating weakness, the bank has
taken some steps to strengthen adjusted capitalization.  As of
September 2008, the bank's adjusted total equity-to-assets ratio
was close to 7%, which we still consider low.  The issuance of
preferred shares acquired by International Finance Corp.  (IFC;
AAA/Stable/A-1+) gives the bank some important improvements in
terms of financial flexibility.  However, G&T Continental's
acquisition of Banex was mostly funded with debt at the bank's
holding company.  Therefore, the need to upstream dividends to
service debt somewhat limits future internal capital accretion at
the bank.  We expect aggressive expansion policies exhibited in
2007 to temper in 2009 and 2010 due to a more adverse economic
environment.

"In our view, the bank's assets are structurally concentrated on
investments on sovereign bonds of Guatemala, on individual clients
(largest 20 clients represent almost 20% of total loan portfolio
and 100% of equity), and there are some related parties.  This
concentration, loan-loss reserves lower than 60% of NPAs as of
September 2008, and the dollarization of the balance sheet
(approximately 45% of the bank's loan portfolio is dollar
denominated) could put pressure on the bank's asset quality and
profitability during more challenging economic conditions of 2009
and 2010.

"The stable outlook takes into account a less-aggressive growth
strategy in 2009–2010 in which the bank will consolidate its
business profile and respond to a more adverse environment by
tightening its lending practices.  We think that there could be an
increase in the NPA level, and we do not expect NPAs and charge-
offs to surpass 4% of total loans.  We expect the leverage at the
holding company to decrease progressively in the next years and
shareholders to pay a portion of the debt if needed.  If NPAs
continue deteriorating and if coverage of NPAs does not increase
toward 100% or if profitability, capitalization, or liquidity
deteriorate significantly, ratings could be affected."


INDUSTRIAS UNIDAS: Moody's Cuts Ratings on US$200MM Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service lowered its ratings on the US$200
million in guaranteed senior unsecured notes due in 2016 issued by
Industrias Unidas, S.A. de C.V.'s (IUSA) to Caa2 from Caa1.  At
the same time, Moody's downgraded IUSA's corporate family rating
to Caa1 from B3.  The ratings remain on review for possible
downgrade.  The rating action was driven by weak liquidity, high
refinancing risk as well as poor sales and profit performance.

These ratings were affected:

  -- Industrias Unidas, S.A. de C.V. Corporate Family Rating: Caa1

  -- 11.5% US$200 million of Gteed. Senior Unsecured Notes due
     2016: Caa2

Iusa's liquidity is weak and has been deteriorating since late
2007 because of falling revenues and profits as well as high
capex.  In the first nine months of 2008, continued weakness in
U.S. residential and commercial construction pushed IUSA's volumes
of copper-related sales downward by 16% as compared to the same
period in 2007, reducing profits and margins.  In addition, in
2008, capex in the amount of US$45 million directed to complete
the construction of a new tube plant in Mexico placed negative
pressure on the company's liquidity position and credit protection
metrics.  As of September 30, 2008, IUSA's consolidated cash
position covered only 10% of consolidated short term debt,
amounting to about US$270 million.  Over 75% of short term debt
was related to asset backed bank credit facilities available to
IUSA's U.S. subsidiaries.  These liquidity facilities expire in
March and May 2009, and have not yet been renegotiated.  Moody's
believes that the elimination or reduction in size of these bank
lending facilities could cause significant deterioration in IUSA's
liquidity profile, which requires external sources of funding.

Moody's expects that cash commitments for 2009 amount to a minimum
of US$88 million (assumes no working capital needs and full
renewal of short term debt), as compared to cash on hand of US$29
million as of September 30, 2008 and little visibility for 2009
free cash flow.  Moody's recognizes that free cash flow may
improve over the next 12 months due to the recent significant drop
in copper prices, since the company only hedges for up to 60 days
of its costs, of which copper represents more than 80%.  IUSA's
margins could also benefit from the recent devaluation of the
Mexican Peso since 70% of its sales are dollar denominated.

The Caa2 rating on the notes continues to reflect Moody's concern
that the issuer and the guarantors of the notes may not have
sufficient cash and operating cash flow to fund all coupon
payments due over the next quarters.  The rating also incorporates
Moody's expectation that IUSA is unlikely to receive dividends or
other cash transfers from subsidiaries that do not provide
guarantees for the notes.

The ratings remain on review for possible further downgrade.
During the review period, Moody's will focus on 1) IUSA's ability
to renegotiate and renew the revolver credit facilities available
to its U.S. subsidiaries and the terms and conditions of the new
agreements; and 2) the expected net impact of lower copper input
costs and weak construction end-markets on IUSA's cash generation
in 2009.

Adverse market conditions for IUSA's products and high copper
input costs have prompted a deterioration of IUSA's credit
metrics.  During the last twelve month period ending on
September 30, 2008, Leverage was high at 9.3 times adjusted debt
to EBITDA (8.7 times in 2007 and 3.2 times in 2006) and interest
coverage, as per adjusted EBIT to interest expenses, was 0.3 times
(0.2 times in 2007 and 2.9 times in 2006).

IUSA's revenues consist principally of sales of copper-based
products and electrical products.  Sales of copper-based products
represented approximately 83% of revenues in the first nine months
of 2008 and sales of electrical products, valves and controls and
diversified products represented the remaining 17%.  During the
first nine months of 2008, about 61% of revenues derived from
customers outside Mexico, predominantly in the United States, and
approximately 39% from sales to customers in Mexico.  Sales are
primarily to customers engaged in commercial, industrial and
residential construction, and their corresponding maintenance and
renovation activities.  IUSA sells to customers engaged in
electrical power generation, transmission and distribution
facilities, and gas, water and air conduction in the heating,
ventilation, air conditioning and refrigeration sectors.

The last rating action on IUSA was the downgrade of its Corporate
Family Rating to B3 and the 2016 global notes to Caa1 on
January 24, 2008.

Industrias Unidas is one of Mexico's largest diversified
industrial groups, manufacturing a wide range of copper-based and
electrical products for the housing and electrical power sectors
mainly in Mexico and the U.S.  In 2008, Moody's expects the
company to processes approximately 185,000 of metric tons of
copper. As of September 2008, last twelve month revenues were in
excess of US$2.3 billion.


PRECISION PARTS: Gets Initial Approval to AccessUS$1MM GE Facility
-----------------------------------------------------------------
The Hon. Kevin Gross of the United States Bankruptcy Court for the
District of Delaware authorized Precision Parts International
Services Corp. and its debtor-affiliates to obtain, on an interim
basis, at least US$1 million in post petition financing from
Comerica Bank and General Electric Capital Corporation, as
administrative, collateral agent, under the debtor-in-possession
credit agreement dated Dec. 15, 2008.

Judge Gross also authorized the Debtors to use cash collateral on
a limited basis.

General Electric committed to provide as much as US$2 million in
financing to the Debtors on a final basis.

According to the Debtors, proceeds from the cash collateral and
the loans will be used to:

  a) pay interest, fees and expenses owing to the DIP lenders;
     and

  b) pay the fees and expenses of legal counsel and other
     professionals retained by the DIP agent;

Under the agreement, the facility will bear interest on the unpaid
principal amount at a rate per annum equal to the highest of:

  a) the rate last quoted by The Wall Street Journal as the "base
     rate on corporate loans posted by at least 75% of the
     nation's largest banks" in the United States or, if The Wall
     Street Journal ceases to quote such rate, the highest per
     annum interest rate published by the Federal Reserve Board
     in Federal Reserve Statistical Release as the "bank prime
     loan" rate or, if such rate is no longer quoted therein, any
     similar rate quoted therein or any similar release by the
     Federal Reserve Board;

  b) the sum of 0.5% per annum and the Federal Funds Rate; and

  c) the sum of the Eurodollar Base Rate, for an interest
     period of three months as it appears on Reuters Screen
     LIBOR01 Page as of 11:00 A.M. (London time) two business
     days prior to such day, plus 1.00%, in each instance, as of
     such day.

The agreement indicated that any change in the Base Rate due to a
change in any of the foregoing shall be effective on the effective
date of such change in the "bank prime loan" rate, the Federal
Funds Rate, or the Eurodollar Base Rate for an interest period of
three months.

The DIP lenders will be paid US$50,000 in closing fee and
US$100,000 in administrative fee as part of the deal.

The DIP facility under the credit agreement and cash collateral
will terminate on the earliest to occur of:

  a) March 2, 2009;

  b) Jan. 9, 2009, if the Debtors failed to obtain the final
     Court order;

  c) event of default under the agreement; and

  d) permanent reduction of the DIP commitments to zero.

The DIP agreement contains customary and appropriate events of
default.  Furthermore, the DIP agreement is subject to aUS$350,00
carve-out for payment of fees and expenses incurred by
professionals retained by the Debtors.

The DIP liens constitute first priority security interests in and
liens on all DIP collateral, not subject to any valid, perfected,
enforceable and non-avoidable lien in existence as of the Debtors'
bankruptcy filing.

The Debtors and General Electric Capital are parties to a US$125
million first lien credit agreement dated Sept. 30, 2005.  General
Electric Capital extended the revolving and term credit facilities
to the Debtors from time to time, including:

  i) revolving loans in an aggregate committed amount of up to
     US$19.7 million;

ii) term loans in an aggregate original principal amount of
     US$115.0 million; and

iii) junior term loans in an aggregate original principal amount
      of US$14.0 million.

A hearing is set for Jan. 7, 2009, at 1:00 p.m., to consider final
approval of the motion.  Objections, if any, are due Dec. 30,
2008, at 4:00 p.m.

A full-text copy of the DIP Credit Agreement dated Dec. 15, 2008,
is available for free at http://ResearchArchives.com/t/s?364f

A full-text copy of the Cash Flow Forecast is available for free
at http://ResearchArchives.com/t/s?3650

                     About Precision Parts

Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers.  The Debtors operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on the Debtors' behalf by Intermex Manufactura de Chihuahua under
a shelter and logistics agreement.

The Debtors' operations consist of two distinct lines of business:
MPI, which performs fineblanking work and conventional metal
stamping, as well as a range of value-added finishing operations,
and Skill which performs conventional metal stamping, as well as a
range of assembly and value-added finishing operations.

Four of the Debtors are holding companies that have no employees
and are not involved in the Debtors' day-to-day operations: PPI
Holdings, Inc.; PPI Sub-Holdings, Inc.; MPI International
Holdings, Inc.; and Skill Tool & Die Holdings Corp.
Bankruptcy Case No.: 08-13291

The company and eight of its affiliates filed for Chapter 11
protection on Dec. 12, 2008 (Bankr. D. Del. Lead Case No.
08-13291).  David M. Fournier, Esq., at Pepper Hamilton LLP,
represents the Debtors in their restructuring efforts.  The
Debtors proposed Alvarez & Marsal North America LLC as financial
advisor and Kurtzman Carson Consultants LLC as notice, claims and
balloting agent.  When the Debtors filed for protection from their
creditors, they listed assets betweenUS$100 million toUS$500
million each.



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

PILGRIM'S PRIDE: Board Names Don Jackson as President and CEO
-------------------------------------------------------------
Pilgrim's Pride Corporation board of directors has named Don
Jackson as president and chief executive officer of the company
subject to approval of the United States Bankruptcy Court for the
Northern District of Texas.

The board also appointed Lonnie Ken Pilgrim, its current chairman,
as interim president until such time as Dr. Jackson's employment
is approved by the Court.

Mr. Jackson will join the company immediately on an interim basis.
Prior to accepting his position with Pilgrim's Pride, he served as
president of Foster Farms' poultry division, a leading poultry
producer on the West Coast.  He will assume the combined duties of
Clint Rivers, the former president and chief executive officer,
and Robert A. Wright, the former chief operating officer, both of
whom resigned from the company today as part of its reorganization
process under Chapter 11.

Mr. Jackson has been president of Foster Farms' poultry division,
based in Livingston, California, since 2000.  Prior to that, he
served as executive vice president for foodservice of the former
ConAgra Poultry Company in Duluth, Georgia.  Before that he worked
for 22 years for Seaboard Farms of Athens, Georgia, including four
years as president and CEO of their poultry division.

Mr. Jacson received his bachelor of science degree from Arizona
State University and his master's and Ph.D. degrees from Colorado
State University.

"As Pilgrim's Pride begins the reorganization process, we believe
the company and its stakeholders would be best served by a fresh
perspective on the opportunities available to us through
restructuring," said Lonnie "Bo" Pilgrim, senior chairman of
Pilgrim's Pride.  "Don Jackson is a proven leader with the
essential skills and industry insight to position Pilgrim's Pride
to emerge from Chapter 11 as a stronger, more efficient, and more
focused company."

Mr. Pilgrim added: "Clint and Bob have both made tremendous
contributions throughout their careers at Pilgrim's Pride, and we
are grateful for their commitment and dedicated service during a
very difficult time for our company and our industry.  We wish
both of them continued success in their careers."

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  In addition, the company owns 34
processing plants in the United States and 3 processing plants
n Mexico.  The processing plants are supported by 42 hatcheries,
31 feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States.  The company employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

Pilgrim's Pride Corporation and six other affiliates filed Chapter
11 petitions on December 1, 2008 (Bankr. N. D. of Texas, Lead Case
No. 08-45664).  Pilgrim's Pride has engaged Stephen A. Youngman,
Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil,
Gotshal & Manges LLP, as bankruptcy counsel.  The Debtors have
also tapped Baker & McKenzie LLP as special counsel.  Lazard
Freres & Co., LLC is the company's investment bankers and William
K. Snyder of CRG Partners Group LLC as chief restructuring
officer.  The company's claims and noticing agent is Kurtzman
Carson Consulting LLC. Pilgrim's Pride had total assets of
US$3,847,185,000, and debts of US$2,700,139,000 as of
June 28, 2008.

A nine-member committee of unsecured creditors has been appointed
in the case.



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

HINDU CREDIT: Account Holders Told to Send Info to Liquidator
-------------------------------------------------------------
Hindu Credit Union Co-Operative Society Limited's account holders
were advised by Credit Union Members Group (CRMG) to send relevant
information about their accounts with the credit union to the
liquidator, who is handling the settlement of financial matters,
Trinidad Express reports.

According to the report, these informations should be sent to the
liquidator:

  -- name,
  -- complete mailing address,
  -- phone number(s),
  -- copies of their identification card,
  -- driver's permit or passport,
  -- account numbers, and
  -- amounts which they have saved with the credit union

The requested information should be sent via registered or courier
mail to:

   Ramdath Dave Rampersad
   HCU Liquidator,
   54 Ariapita Avenue, Woodbrook,
   Port of Spain

The organization, the report relates, said it is necessary to send
out this notice, since its members have been "inundated with calls
from HCU members with savings deposits that exceed loans", but are
yet being asked to pay loan installments, though they have no
guarantee that their deposits will be return

                   Credit Union Members Group

Credit Union Members Group (CRMG) acts as a support network for
some of the shareholders and depositors within the failed
financial institution.

                       About Hindu Credit

Headquartered in Borough, Chaguanas, in Trinidad and Tobago, Hindu
Credit Union Co-Operative Society Limited (HCU) --
http://www.ourhcu.com/-- reportedly has between US$115.2 million
and US$131.6 million in assets and a total of US$32.9 million in
liabilities.  It has a membership totaling more than 200,000.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants
Ernst and Young inspected Hindu Credit's books, accounts, and
records after a public outcry and calls for an internal audit.
Charles Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

LA ELECTRICIDAD: Fitch Cuts Currency IDRs to 'B+'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of C.A. La Electricidad de Caracas (EDC) to
'B+' from 'BB-'.  This rating action follows Fitch's downgrade of
the sovereign IDRs of the Bolivarian Republic of Venezuela to 'B+'
from 'BB-' on Dec. 15.  Fitch has also downgraded the
US$650 million of senior unsecured notes due in 2018 and the out
standing portion of the US$260 million of notes due 2014 to 'B+'
from 'BB-'.  These notes have been assigned a Recovery Rating of
'RR4'.  Fitch has concurrently affirmed EDC's national scale
short- and long-term ratings at 'F1+(ven)' and 'AAA(ven)', respec
tively.  EDC's Rating Outlook has been revised to Stable from Neg
ative.

The credit rating of the Bolivarian Republic of Venezuela was
downgraded yesterday due to the increased risk of a financial and
economic crisis in the country given its tenuous macroeconomic
policy framework.  EDC's ratings reflect the company's strong
credit linkage with its majority shareholders, Petroleos de
Venezuela S.A.  (PDVSA), as well as with the Bolivarian Republic
of Venezuela, its ultimate shareholder.  The company receives
explicit support from both PDVSA and the government in the form of
investment assistance, access to foreign currency, and government
assistance with capital expenditure programs.

EDC was nationalized by the government during 2007.  Since that
time, the company has begun several investment projects aimed at
increasing its generation capacity and improving its distribution
and transmission assets.  These investments, plus no tariff
increases, should result in higher leverage.  The outlook for
tariff increases remains dismal due to the government's efforts to
curb inflation.

During the last 12 months (LTM) ended Sept. 30, 2008, EDC reported
deteriorating cash flow generation, as EBITDA declined to
approximately US$193 million from US$256 million and US$421
million in 2007 and 2006, respectively.  The company's EBITDA
margin has also declined to 24% as of the LTM ended Sept. 30, 2008
from 33% and 47% for 2007 and 2006, respectively.  As of Sept. 30,
2008, EDC had US$671 million of debt and US$640 million of cash.
The company's debt is composed primarily of the US$650 million
notes due in 2018 that were issued during 2008.

Going forward, the Venezuelan government is planning to spin off
EDC from PDVSA.  The government intends to establish a new state-
owned entity that will consolidate all of the country's power
assets.  While the ultimate ownership structure is uncertain,
Fitch expects EDC to continue being a state-owned entity and for
the linkage between EDC's credit quality and that of the
government to remain strong.  Until this transition is complete,
EDC is expected to pay dividends to PDVSA of approximately 90% to
100% of net income.  In Fitch's view, these dividends, plus
capital expenditures, should weaken the company's currently strong
liquidity position and will lead to even higher levels of
leverage.

EDC is a vertically integrated electricity company in Venezuela
with operations in generation, transmission and distribution of
electricity services to the metropolitan Caracas area.  The
company operates as a natural monopoly.  As the sole provider of
electricity in Caracas, the company is viewed to be a strategic
asset of the Venezuelan government.  PDVSA, the state-owned oil
company, currently owns 93.62% of EDC.


PDVSA: S&P Affirms U.S. Unit's 'BB' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said its outlook on CITGO
Petroleum Corp. to negative from stable.  "At the same time, we
affirmed our ratings on the company, including the 'BB' corporate
credit rating," S&P said.

"The outlook revision reflects the heightened risk and
uncertainties associated with CITGO's parent, Petroleos de
Venezuela S.A. (PDVSA; BB-/Negative/--), and the potential impact
to CITGO's credit quality," said Standard & Poor's credit analyst
Amy Eddy.  "The revision of CITGO's outlook follows the revision
of the outlook on PDVSA and its sole shareholder, the Bolivarian
Republic of Venezuela (BB-/Negative/B), to negative from stable on
Dec. 10, 2008.  In light of lower oil prices combined with robust
social spending programs in Venezuela, PDVSA could implement
measures to optimize its returns from CITGO that could prove
detrimental to CITGO's financial profile."

"CITGO's rating is one notch higher than PDVSA because of the
relative strength of the refiner's financial profile and the asset
protection afforded to CITGO's creditors, but we believe it is not
entirely immune to the financial pressures at PDVSA and the
Republic of Venezuela.  We will review further challenges at PDVSA
and the related impact on CITGO as they occur."

CITGO's satisfactory business risk profile reflects the company's
strength as a stand-alone entity and is based on the scale and
complexity of its refining operations, which have net crude
processing capacity of 750,000 barrels per day (bpd) through three
fuel refineries.  Over the past two years the company has sold
several of its assets, including two asphalt refineries, its
interests in major refined-products pipelines, and its 41%
nonoperating interest in the Lyondell-CITGO Refining L.P. (LCR;
unrated) joint venture to Lyondell Chemical Co. in 2006.  The
company upstreams proceeds from asset sales to PDVSA.  Although
the reduction in CITGO's asset base is unfavorable for credit
quality, the company's refining operations following the sales
remain considerable and are adequate to support the ratings."

"CITGO's remaining throughput still places it among the largest
refiners in the U.S.  The company gains substantial competitive
advantage from its ability to process large volumes of heavy sour
crude oils -- which trade at sharp discounts to better-quality
crude oil -- into high-margin products, and from its relatively
large refineries, which give it economies of scale."



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

* Fitch's List of 38 Latin America National Scale Rating Changes
----------------------------------------------------------------
Fitch Ratings released a comprehensive list of 38 Latin America
national scale rating changes for the month of November, which in
clude: upgrades, downgrades, Rating Outlook and Rating Watch revi
sions, and withdrawn ratings.  These rating changes were previous
ly announced via separate press releases in Spanish or Portuguese.

Fitch upgraded these National ratings:

Securitizadora BICE S.A. (Chile)

   -- Serie Subordinada BBICS-GB national long-term to 'C(chl)'
      from 'AA-(chl)';

   -- Rating Actions took place on Nov. 04, 2008.

Municipio de Hermosillo, Sonora (Mexico)

   -- National long-term rating to 'A+(mex)' from 'A(mex)';
   -- Rating Actions took place on Nov. 04, 2008.

Banco Internacional (Chile)

   -- National short-term rating to 'N1(chl)' from 'N2(chl)';
   -- Rating Actions took place on Nov. 12, 2008.

Seguros Banorte-Generali, S.A. de C.V. (Mexico)

   -- National Insurer Financial Strength rating to 'AA(mex)' from
      'AA-(mex)';
   -- Rating Actions took place on Nov. 13, 2008.

Union de Credito Agricultores de Cuauhtemoc SA de CV (Mexico)

   -- National long-term rating to 'BB-(mex)' from 'B+(mex)';
   -- Rating Actions took place on Nov. 24, 2008.

Fitch has also downgraded these ratings:

Farmacias Ahumada S.A. (Fasa) (Chile)

   -- National long-term rating to 'BBB+(chl)' from 'A-(chl)';
   -- Rating Actions took place on Nov. 03, 2008.

Tarjeta Redonda I (Argentina)

   -- Valores de Deuda Fiduciaria Clase B (VDFB) national long-
      term rating to 'BBB+(arg)' from 'A+(arg)';

   -- Certificados de Participacion (CP) national long-term rating
      to 'CC(arg)' from 'CCC(arg)';

   -- Rating Actions took place on Nov. 03, 2008.

Banco Cooperativo do Brasil S.A. (Brasil)

   -- National long-term rating to 'BBB-(bra)' from 'BBB(bra)';
      placed on Rating Watch Negative;

   -- National short-term rating to 'F3(bra)' from 'F2(bra)';
      placed on Rating Watch Negative;

   -- Rating Actions took place on Nov. 04, 2008.

Financiera CrediQ, S.A. (Honduras)

   -- National long-term rating to 'BBB-(hnd)' from 'BBB(hnd)';
   -- National short-term rating to 'F3(hnd)' from 'F2(hnd)';
   -- Rating Actions took place on Nov. 07, 2008.

Grupo Famsa, S.A.B. de C.V. (Mexico)

   -- National short-term rating to 'F3(mex)' from 'F2(mex)';
   -- Rating Actions took place on Nov. 12, 2008.

GMAC Compania Financiera S.A. (Argentina)

   -- National long-term rating to 'BBB(arg)' from 'A-(arg)';

   -- National short-term rating to 'B(arg)' from 'A1(arg)';

   -- Programa de Obligaciones Negociables de corto y mediano
      plazo national long-term rating to 'BB(arg)' from 'AA-
      (arg)';

   -- Programa de Obligaciones Negociables de corto y mediano
      plazo national long-term rating to 'BB(arg)' from 'AA-
      (arg)';

   -- Obligaciones Negociables Clase 1 national short-term rating
      to 'B(arg)' from 'A1(arg)';

   -- Obligaciones Negociables Clase 2 national long-term rating
      to 'BB(arg)' from 'AA-(arg)';

   -- Rating Actions took place on Nov. 13, 2008.

GMAC Mexicana, S.A. de C.V. GMAC 07 ser 2007 (Mexico)

   -- Senior unsecured national short-term rating to 'C(mex)' from
      'F3(mex)';

   -- Rating Actions took place on Nov. 13, 2008.

Inelectra S.A.C.A. (Venezuela)

   -- National long-term rating to 'BBB+(ven)' from 'A-(ven)';
   -- Rating Actions took place on Nov. 14, 2008.

La Centroamericana, S.A. (El Salvador)

   -- National Insurer Financial Strength rating to 'AA(slv)' from
      'AA+(slv)';

   -- Rating Actions took place on Nov. 14, 2008.

Multivalores Casa de Bolsa (Mexico)

   -- National long-term rating to 'BBB+(mex)' from 'A-(mex)';
   -- Rating Actions took place on Nov. 14, 2008.

Sare Holding S.A. de C.V. (Mexico)

   -- National long-term rating to 'BBB+(mex)' from 'A-(mex)';
      placed on Rating Watch Negative from Stable;

   -- Rating Actions took place on Nov. 14, 2008.

Municipio de San Nicolas de los Garza, N.L. (Mexico)

   -- National long-term rating to 'A+(mex)' from 'AA-(mex)';
      Outlook revised to Negative from Stable;

   -- Rating Actions took place on Nov. 21, 2008.

Tenedora Nemak, S.A. De C.V. (Mexico)

   -- National long-term rating to 'A(mex)' from 'A-(mex)'; placed
      on Rating Watch Negative;

   -- Rating Actions took place on Nov. 24, 2008.

Jantesa, S.A. (Venezuela)

   -- National long-term rating to 'BBB(ven)' from 'BBB+(mex)';
   -- National short-term rating to 'F3(ven)' from 'F2(mex)';
   -- Rating Actions took place on Nov. 25, 2008.

Union National Agro + Fundo de Investimento em Direitos
Creditorios Financeiros Agropecuarios (UNA FIDC) (Brasil)

   -- Primera serie de cotas seniores national long-term rating to
      'A(bra)' from A+(bra)'; Outlook revised to Negative from
      Stable;

   -- Rating Actions took place on Nov. 26, 2008.

Banco Panameno de la Vivienda - Banvivienda (Panama)

   -- National long-term rating to 'BB+(pan)' from 'BBB-(pan)';
   -- National short-term rating to 'B(pan)' from 'F3(pan)';
   -- Rating Actions took place on Nov. 28, 2008.

Bazar Avenida S.A. (Argentina)

   -- Valores de Deuda de Corto Plazo (VCP) Serie 3 national
      short-term rating to 'A3(arg)' from 'A2(arg)';

   -- Rating Actions took place on Nov. 28, 2008.

These Outlook Revisions and Rating Watch changes were made:

4 Bonos Respaldados por Hipotecas (Mexico)

   -- CREYCCB 06U national long-term rating 'AAA(mex)'; placed on
      Rating Watch Negative;

   -- CREYCB 06U national long-term rating 'AAA(mex)'; placed on
      Rating Watch Negative;

   -- CREYCB 06-2U national long-term rating 'A+(mex)'; placed on
      Rating Watch Negative;

   -- BRHSCCB 06-4U national long-term rating 'A+(mex)'; placed on
      Rating Watch Negative;

   -- Rating Actions took place on Nov. 03, 2008.

Bonos DBCB07 U y DBCB07-2U emitidos por Deutsche Bank respaldados
por Borhis (Mexico)

   -- CREYCB06U Credito y Casa national long-term rating
      'AAA(mex)'; placed on Rating Watch Negative;

   -- FCASACB06U Fincasa national long-term rating 'AAA(mex)';
      placed on Rating Watch Negative;

   -- BRHSCCB05U Hipotecaria Su Casita national long-term rating
      'AAA(mex)'; placed on Rating Watch Negative;

   -- METROCB04U Metrofinanciera national long-term rating
      'AAA(mex)'; placed on Rating Watch Negative;

   -- MFCB05U Metrofinanciera N.R.; placed on Rating Watch
      Negative;

   -- Rating Actions took place on Nov. 03, 2008.

Unibanco-Uniao de Bancos Brasileiros S.A. (Brasil)

   -- National long-term rating 'AA+(bra)'; placed on Rating Watch
      Positive;

   -- Rating Actions took place on Nov. 05, 2008.

La Holando Sudamericana (Argentina)

   -- National long-term rating 'A-(arg)'; Outlook revised to
      Negative from Stable;

   -- Rating Actions took place on Nov. 07, 2008.

Banco Regional (Mexico)

   -- National long-term rating 'AA-(mex)'; Outlook revised to
      Stable from Positive;

   -- National short-term rating 'F1(mex)'; Outlook revised to
      Stable from Positive;

   -- Rating Actions took place on Nov. 07, 2008.

Municipio de Jiutepec, Mor (Mexico)

   -- National long-term rating 'BBB+(mex)'; Outlook revised to
      Negative from Stable;

   -- Rating Actions took place on Nov. 11, 2008.

BPN Brasil Banco Multiplo S.A. (Brasil)

   -- National long-term rating 'A+(bra)'; placed on Rating Watch
      Evolving from Negative;

   -- National short-term rating 'F1(bra)'; placed on Rating Watch
      Evolving from Negative;

   -- Rating Actions took place on Nov. 11, 2008.

Credibel FIDC II (Brasil)

   -- Primeira serie de cotas seniores national long-term rating
      'AA(bra)';

   -- Rating Actions took place on Nov. 28, 2008.

Duratex S.A. (Brasil)

   -- National long-term rating 'AA-(bra)'; Outlook revised to
      Stable from Positive;

   -- Rating Actions took place on Nov. 28, 2008.

These ratings were affirmed and withdrawn:

Securitizadora Security GMAC-RFC S.A. (Chile)

   -- Quinto Patrimonio Separado de Securitizadora Security GMAC-
      RFC S.A. Serie A1 national long-term rating 'A(chl)';

   -- Quinto Patrimonio Separado de Securitizadora Security GMAC-
      RFC S.A. Serie B1 national long-term rating 'BB(chl)';

   -- Quinto Patrimonio Separado de Securitizadora Security GMAC-
      RFC S.A. Serie C1 national long-term rating 'C(chl)';

   -- Rating Actions took place on Nov. 03, 2008.

BCI Securitizadora S.A. (Chile)

   -- Serie A Preferente correspondientes al Quinto Patrimonio
      Separado de BCI Securitizadora S.A. national long-term
      rating 'AAA(chl)';

   -- Serie B Subordinada correspondientes al Quinto Patrimonio
      Separado de BCI Securitizadora S.A. national long-term
      rating 'C(chl)';

   -- Rating Actions took place on Nov. 03, 2008.

Securitizadora BICE S.A. (Chile)

   -- Serie EA Preferente del Quinto Patrimonio Separado national
      long-term rating 'AA-(chl)';

   -- Serie EB Subordinada del Quinto Patrimonio Separado national
      long-term rating 'A+(chl)';

   -- Rating Actions took place on Nov. 04, 2008.

Securitizadora BICE S.A. (Chile)

   -- Series CA Preferente del Tercer Patrimonio Separado national
      long-term rating 'AA-(chl)';

   -- Series CC Subordinada del Tercer Patrimonio Separado
      national long-term rating 'A+(chl)';

   -- Rating Actions took place on Nov. 04, 2008.

Fundacion Dominicana de Desarrollo (Republica Dominicana)

   -- National long-term rating 'BB+(dom)';
   -- National short-term rating 'B(dom)';
   -- Rating Actions took place on Nov. 06, 2008.

Universidad Iberoamericana (UNIBE) (Republica Dominicana)

   -- National long-term rating 'A(dom)';
   -- National short-term rating 'F1(dom)';
   -- Rating Actions took place on Nov. 06, 2008.

Franquicias Dominicanas, C. por A. (FRANQUICIAS) (Republica
Dominicana)

   -- National long-term rating 'BB(dom)';
   -- National short-term rating 'B(dom)';
   -- Rating Actions took place on Nov. 06, 2008.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Sponsorships - Annual Golf Outing, Various Events
        TBA, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Distressed Investing Conference
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casurina, Grand Cayman Island, AL
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons, Las Vegas, Nevada
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Beverly Wilshire, Beverly Hills, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300; http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
     Audio Conference Recording
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR



* Gov't Working on Financial Aid for Auto Industry
--------------------------------------------------
The Wall Street Journal reports that the U.S. President George
Bush said that the government working with stakeholders on a way
forward on a financial assistance for General Motors Corp.,
Chrysler LLC, and Ford Motor Co.

According to WSJ, President Bush admitted to reporters while on
board Air Force One during his trip to Iraq and Afghanistan, "An
abrupt bankruptcy for autos could be devastating for the economy."

WSJ relates that the U.S. Treasury Department said on Monday that
it hasn't made any decision on how to craft bailout for the
automakers.  The report states that Treasury spokesperson Brookly
McLaughlin told reporters that department officials are working
closely with the White House on the issue and are still
considering pertinent data.  "We continue to assess and review the
information we have received from the auto makers, and we are
providing regular briefings to the White House on our thinking,"
the report quoted Ms. McLaughlin as saying.

WSJ says that the government is trying to determine the amount of
money it will take to help GM, Chrysler, and Ford Motor.
According to the report, the government is discussing a rescue
fromUS$10 billion toUS$40 billion or more.

The automakers could tap Treasury Department'sUS$700 billion fund
for the financial industry, WSJ states.  Citing people familiar
with the matter, WSJ relates that aboutUS$15 billion of that fund
is yet uncommitted from the first tranche ofUS$350 billion, so the
government could be forced to ask that the second half cover the
automakers' needs.

The government, WSJ says, must also figure out whether and how to
press for concessions from affected parties, including factory
employees, dealers and holders of the automakers' debt.  Critics,
according to WSJ, said that without concessions, the automakers
would need cash infusions long into the future.

The government is also considering requiring any automaker seeking
aid to file for bankruptcy, WSJ reports, citing sources familiar
with the matter.


* Moody's Puts 25% Probability of Gov't Auto Industry Bailout
-------------------------------------------------------------
The U.S. government will likely provide immediate stopgap
financing to bridge the major American auto companies until a more
complete agreement can be reached early in 2009, says Moody's
Investors Service in a new report that outlines the three mostly
likely bailout and bankruptcy scenarios for government help to
Ford Motor Co., General Motors Corp., and Chrysler LLC.

"We think it's most likely that a prepackaged bankruptcy filing
coupled with government financial assistance will be needed to
restructure the Big Three," said Moody's Senior Vice President
Bruce Clark, a co-author of the report.  "The government will also
probably offer support by providing or guaranteeing debtor-in-
possession or DIP financing, and bondholder losses would probably
be less than 75% in this scenario."

In the wake of the domestic auto manufacturing companies' request
for urgent financial assistance from the federal government, the
Moody's report describes three bailout and bankruptcy scenarios
for Detroit, assesses the probabilities of these scenarios, and
examines the extent of likely losses in each of the scenarios for
auto manufacturer debt holders.  It then assesses the broader
implications of the three scenarios, across the larger economy
generally and specifically on 10 important financial and
industrial sectors.

These include auto-part manufacturers, captive finance companies,
car rental companies, banks, auto dealers, steel, chemicals,
rental car fleet securitizations, state and local governments,
dealer floorplan securitizations, auto loan/lease securitizations,
and rental car fleet securitizations.

"A prepackaged bankruptcy might be the best approach to current
problems, but achieving timely agreement from a broad range of
creditors would be highly difficult, especially given the critical
funding status of GM and Chrysler," said Mr. Clark.

While the analyst and his Moody's colleagues give a prepackaged
bankruptcy filing coupled with government financial assistance a
70% likelihood of coming to pass, they assign a 25% probability of
a government bailout without a near-term automaker bankruptcy.

"Under this less-likely scenario, a comprehensive bailout package
is agreed to that enables the automakers to restructure without
any bankruptcy filings during 2009.  The degree of economic
disruption and direct financial loss for investors would be
contained, at least in the short term," said Mr. Clark.
"Bondholder losses would be the least in this scenario, although
there is a risk that such a reorganization would be inadequate,
and that at least one automaker might file for bankruptcy beyond
2009."

Given only a 5% likelihood, Moody's also considers the "freefall
bankruptcy" scenario without a prepackage plan and without
government involvement.  This would involve the most significant
disruption to the economy, including potential bankruptcies in
associated industries such as auto parts suppliers and auto
dealers.

"The negative consumer sentiment and erosion of franchise value
would make the reorganization process more complex for the
automakers and a Chapter 7 liquidation of at least one of the
automakers possible," said Mr. Clark.  "Auto bondholder losses
could be in the 75-100% range in this scenario."



                            ***********

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

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

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

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2008.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *