TCRLA_Public/090209.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

             Monday, February 9, 2009, Vol. 9, No. 27

                            Headlines

A R G E N T I N A

PITRIZZA SA: Proofs of Claim Verification Due on March 23


B E R M U D A

ASPEN INSURANCE: Posts US$103.8 Million Net Profit for 2008


B R A Z I L

BANCO DO BRASIL: Starts Talks to Acquire Banco do Estado
BRADESCO: Loan Rate is Twice Banco do Brasil's, Central Bank Says
CAMARGO CORREA: Moody's Comments on Plan to Acquire Votorantim
GENERAL MOTORS: To Start Talks on Debt Restructuring Today


C A Y M A N  I S L A N D S

ALTAIR SYMPHONY: Shareholders Receive Wind-Up Report
AMGHARA CO: Members Receive Wind-Up Report
ARDEN CAPITAL: Sole Shareholder Receives Wind-Up Report
BADRA FINANCING: Members Receive Wind-Up Report
CAPITAL SPC: Members Receive Wind-Up Report

CAPITAL W: Sole Shareholder Receives Wind-Up Report
CAPITAL WWW: Sole Shareholder Receives Wind-Up Report
EMERSON RE: Underwriting Stop Won't Affect Ratings on Three Loans
GAR EQUITY: Members Receive Wind-Up Report
KABD CO: Members Receive Wind-Up Report

MARC FINANCE: Moody's Downgrades Rating on JPY3Bil. Notes to 'Ba1'
MASNAA CO: Members Receive Wind-Up Report
MELLON OFFSHORE: Shareholders Receive Wind-Up Report
P CAPITAL: Sole Shareholder Receives Wind-Up Report
PHZ MATRIX: Shareholders Receive Wind-Up Report

SABHAN CO: Members Receive Wind-Up Report
SHAHEEN CO: Members Receive Wind-Up Report
SHIAM CO: Members Receive Wind-Up Report
STAMFORD COMPANY: Members Receive Wind-Up Report
SUBAITI CO: Members Receive Wind-Up Report

W CAPITAL: Sole Shareholder Receives Wind-Up Report
W EQUITY: Sole Shareholder Receives Wind-Up Report
W INVESTMENTS: Sole Shareholder Receives Wind-Up Report
WWW CAPITAL: Sole Shareholder Receives Wind-Up Report


E L  S A L V A D O R

AES EL SALVADOR: Moody's Reviews 'Ba1' Rating for Possible Cut


J A M A I C A

AIR JAMAICA: Board Says Economic Crisis Could Affect Restructuring
LIME: Technical Glitch Causes Services Disruption Across Caribbean
SCJ: Gov't to Divest Sugar Company Assets Despite IBE Deal Failure


M E X I C O

ASARCO LLC: Sterlite Close to Acquiring Operating Assets
CERVECERIA NACIONAL: Moody's Affirms 'Ba3' Senior Unsecured Rating
CORPORACION DURANGO: Reaches Standstill Accord on 2017 Notes


P U E R T O  R I C O

CARLOS BELGODERE: Voluntary Chapter 11 Case Summary
HEALTHSOUTH CORP: To Release 4th Quarter Results on Feb. 24
JC BUILDERS: Voluntary Chapter 11 Case Summary


T R I N I D A D  &  T O B A G O

CL FINANCIAL: ECCB Monetary Council Meets to Discuss CLICO Issue
* TRINIDAD & TOBAGO: Housing Corp Aims US$500MM Fund Through Bonds


X X X X X X X X

* Fitch Issues List on National Scale Rating Changes for January
* BOND PRICING: For the Week February 2 – February 6, 2009


                         - - - - -


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

PITRIZZA SA: Proofs of Claim Verification Due on March 23
---------------------------------------------------------
The court-appointed trustee for Pitrizza S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
March 23, 2009.

The trustee will present the validated claims in court as
individual reports on May 11, 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.



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

ASPEN INSURANCE: Posts US$103.8 Million Net Profit for 2008
-----------------------------------------------------------
Aspen Insurance Holdings Limited reported US$103.8 million net
profit after tax for 2008, or an operating profit of
US$1.44 per diluted ordinary share and net profit after tax for
the fourth quarter of 2008, of US$21.8 million or an operating
profit of US$0.17 per diluted ordinary share.  This compares to a
net profit after tax of US$489.0 million for 2007, or operating
earnings of US$4.99 per diluted share and net profit after tax of
US$135.2 million, or operating earnings of US$1.47 per diluted
share for the fourth quarter last year.

Book value per share on a diluted basis of US$28.10 has increased
by US$1.02 when compared to December 31, 2007, and by
US$1.89 since the end of September 2008, mainly as a result of net
income after tax and increased unrealized gains in the investment
portfolio.

Operating income after tax was US$151.5 million for the full year
and US$20.5 million for the fourth quarter of 2008 compared with
US$478.6 million for 2007 and US$138.0 million for the fourth
quarter last year.  Operating income, excluding losses from funds
of hedge funds, net of taxes, was US$66.5 million for the quarter
and US$237.9 million for the year.  Annualized operating return on
equity for the quarter was 2.4% and 5.4% for the year.

Annualized operating return on equity excluding losses from
investments in funds of hedge funds, net of taxes, was 10.6% for
the quarter and 9.2% for the year.

The funds of hedge funds performance within the company's net
investment income accounted for US$0.55 of the reduction in
diluted earnings per share for the fourth quarter of 2008 and a
reduction of US$1.01 for the twelve months.  Losses from
Hurricanes Ike and Gustav accounted for US$2.00 in earnings per
share for the year.

The effective tax rate in the fourth quarter of 2008 was 47.4%
compared to 14.3% in the fourth quarter of 2007.  The increase was
mainly driven by the distribution of insurance and investment-
related losses within the group in the fourth quarter of 2008.  As
a result, the effective tax rate for the year was 26.0% compared
to 14.8% in 2007.


                    Business Segment Highlights


   Property Reinsurance
   ====================

The property reinsurance segment recorded a combined ratio of
85.2% for the fourth quarter compared with 74.8% for the same
period in 2007.  The quarter was impacted by a US$7.8 million
increase in losses reported for Hurricanes Ike and Gustav.  For
the twelve-month period, as of December 31, 2008, taking into
account losses from Hurricanes Ike and Gustav, this segment
performed well and had a combined ratio of 91.1% compared to 72.6%
in the comparative period in 2007.  The current year has been
impacted by losses of US$128.3 million, net of reinstatement
premiums, from Hurricanes Ike and Gustav.  Gross written premium
of US$81.5 million for the fourth quarter of 2008 and US$589.0
million for the twelve months are broadly in line with those for
the equivalent periods in 2007.


   Casualty Reinsurance
   ====================

The combined ratio for the casualty reinsurance segment improved
to 92.0% for the quarter from 96.1% in the fourth quarter of 2007.
For the twelve-month period ending December 31, 2008, the combined
ratio has improved to 92.0% compared to 94.6% in 2007.  The
improvement in the combined ratio for the year and the fourth
quarter is due largely to favorable development on prior accident
years.  Gross written premium for the fourth quarter of 2008 was
US$97.7 million, an increase of US$46.4 million over the same
period in 2007 due mainly to favorable prior year premium
adjustments and increased contribution from U.S. and Bermudian
operations.  For the twelve-month period, gross written premium
decreased by 3.5% to US$416.3 million when compared to 2007.


   International Insurance
   =======================

The international insurance segment reported a combined ratio for
the fourth quarter of 104.9% compared with 70.5% for the same
period in 2007.  The fourth quarter of 2008 has been impacted by
reserve deterioration associated mainly with a 2007 loss in
specialty insurance lines and an US$8.4 million increase in
estimated hurricane losses.  For the twelve months ended
December 31, 2008, the combined ratio for the segment has
increased to 99.8% compared to 80.7% for the same period in 2007
mainly as a result of losses associated with Hurricane Ike in
their energy and specialty liability lines.  The combined ratio
has also been impacted by net reserve deterioration of US$3.9
million for the full year 2008, compared with net reserve releases
of US$80.8 million for the same period in 2007.  Gross written
premium in the quarter increased by 52.7% to US$228.8 million.
For the twelve-month period, gross written premium increased to
US$867.8 million from US$663.0 million in 2007.


   U.S. Insurance
   ==============

The combined ratio in the fourth quarter for the U.S. insurance
segment has improved significantly to 59.0% compared with 77.0% in
the fourth quarter of 2007 due mainly to favorable loss experience
in the current quarter.  The combined ratio for the twelve months
was 105.8% with Hurricanes Ike and Gustav accounting for 14.9
percentage points of the increase in the combined ratio.  This
compares with 98.3% for the same period in 2007.  Gross written
premium increased by 12.8% when compared to the fourth quarter of
2007 and 5.0% for the twelve-month period.


   Investment Performance
   ======================

Net investment income for the quarter was US$10.3 million compared
with US$80.3 million in the fourth quarter of 2007 due primarily
to the performance of the funds of hedge funds.  Funds of hedge
funds have been materially impacted by the turmoil in the
financial markets, with performance, measured by funds net asset
value, down by 9.5% or US$49.0 million in the quarter and by 17.3%
or US$97.3 million for the twelve months.  In the prior year,
funds of hedge funds returned 2.4% in the fourth quarter of 2007
and 11.1% for the twelve months of 2007.  The company have reduced
exposure to funds of hedge funds by redeeming approximately 40% of
these investments on December 31, 2008 with the remaining funds of
hedge funds accounting for 5.0% of investment assets and less than
10.3% of total shareholders' equity.  Other-than-temporary
impairment charges were US$3.8 million for the fourth quarter of
2008 and US$59.6 million for the year.

The book yield on the fixed income portfolio was 4.64% at the end
of the fourth quarter of 2008, down from 5.05% at the end of 2007.
Unrealized gains on the fixed income portfolio at the end of
December 2008 were US$67.4 million, an increase of US$138.3
million from the end of the third quarter of 2008.  This was also
an increase of US$25.7 million when compared with unrealized gains
of US$41.7 million at the end of 2007.  The increase in unrealized
gains during the year is due mainly to price increases in
government, agency and agency mortgage-backed securities, in
addition to declines in yields on corporate bonds.

The portfolio consists of high quality, diversified assets, with
32.2% of fixed maturities invested in U.S. Government and other
foreign government bonds and 24.6% invested in agency-rated
mortgage-backed securities.  The average credit quality of the
portfolio remains AAA with an average duration of 3.12 years.


   Outlook for 2009
   ================

Many of the company's lines of business began re-pricing in
January 2009 and the company expects this to accelerate, a least
in its property, marine and energy lines throughout the year.  The
company believes its investment portfolio is well positioned to
benefit from any recovery in investment markets.  Nevertheless,
recession-related risks are real and the company will be trading
with the right level of caution in what could be another turbulent
year for the global economy.  The company anticipates, for 2009,
total gross written premium of US$2 billion +/- 5%, premium ceded
of 10% to 12% of gross earned premium, a combined ratio in the
range of 90% to 96%, a tax rate of 13% to 16% and a cat-load of
US$170 million assuming normal loss experience.

                       About Aspen Insurance

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm-- provides reinsurance
and insurance coverage to clients in various domestic and global
markets through wholly-owned subsidiaries and  offices in Bermuda,
France, Ireland, the United States, the United Kingdom, Singapore
and Switzerland.

                          *     *     *

Aspen Insurance Holdings Limited continues to carry Moody's
Investors Services 'Ba1' Preferred Stock rating with a stable
outlook.



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

BANCO DO BRASIL: Starts Talks to Acquire Banco do Estado
--------------------------------------------------------
Banco do Brasil SA has started negotiations to buy Banestes SA -
Banco do Estado do Espirito Santo from Bazil's southeastern state
of Espirito Santo, Bloomberg News and Reuters report.

Espirito Santo agreed to non-binding talks with Banco do Brasil,
Reuters relates citing Banco do Brasil's statement to the
securities and exchange commission.

Banco do Brasil, Bloomberg News says, has been acquiring state and
non-state banks to regain the rank of Latin American's largest
bank.

As reported in the Troubled Company Reporter-Latin America on
Jan. 13, 2009, Reuters said Banco do Brasil agreed to pay BRL4.2
billion (US$1.84 billion) for a 50% stake in Banco Votorantim, to
compete with private-sector firms amid a wave of consolidation in
the Brazilian banking sector.

Bloomberg News recounts that in the past seven months, Banco do
Brasil has also acquired Sao Paulo state-owned Nossa Caixa for
BRL5.39 billion, paid BRL685 million for Banco do Estado de Santa
Catarina and agreed to take over Banco do Estado do Piaui SA for
BRL81.7 million.  The same report adds, citing O Estado de S.
Paulo newspaper, Banco do Brasil is also holding negotiations to
buy Banco de Brasilia.

                      About Banco do Brasil

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

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these ratings of Banco do
Brasil S.A.:

  -- Long-term foreign and local currency Issuer Default Rating at
     'BBB-'
  -- Short-term foreign and local currency IDR at 'F3'
  -- Support Rating at '2'
  -- Individual Rating at 'C/D'
  -- Support Rating Floor at 'BBB-'
  -- National Long-term rating at 'AA+(bra)'
  -- National Short-term rating at 'F1+(bra)'


BRADESCO: Loan Rate is Twice Banco do Brasil's, Central Bank Says
-----------------------------------------------------------------
Banco Bradesco SA's personal loans cost 85.2% a year, more than
twice of state-controlled rival Banco do Brasil's 39.3% interest
rate, Telma Marotto of Bloomberg News reports, citing a data
compiled by the central bank.

According to Bloomberg News, Henrique Meirelles, central bank
President, began highlighting the rates in a bid to bring down
borrowing costs and stimulate lending as economic growth slows.

The report relates Zeina Latif, an economist at ING Bank in Sao
Paulo, said the rates charged reflect Brazil's "high" benchmark
borrowing costs and taxes, as well as legal barriers to securing
collateral in the case of default.

"Information is always important to increase competition," the
report quoted Mr. Latif as saying.  "That said, the effectiveness
of the measure is very low, since the high spread on Brazil is a
result of structural difficulties that are hard to be overcome,"
he added.

The report notes banks' annual consumer lending rates were
calculated from the monthly cost listed on the central bank's Web
site.

Meanwhile, Bloomberg News recounts that in a Jan. 30 Jornal da
Globo show, Brazilian Finance Minister Guido Mantega said that
increases in borrowing rates charged by the country's banks are
"absurd," and urged banks to "contain their ambitions."

Minister Mantega, Bloomberg relates, also told Jornal da Globo in
the interview that higher borrowing costs may push companies and
consumers into default.

Bloomberg News discloses central bank data showed default rates on
personal loans surged in December to the highest since September
2002.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

According to Bloomberg data, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.


CAMARGO CORREA: Moody's Comments on Plan to Acquire Votorantim
--------------------------------------------------------------
Moody's Investors Service commented that the recent announcement
by Camargo Correa S.A. (not rated) that it will exercise its right
to acquire Votorantim Participações S.A.'s (Baa3, outlook stable)
50% interest in the voting and total capital of VBC Energia S.A.
(not rated) for BRL 2.56 billion in cash in addition to a variable
amount of about BRL 0.1 billion will have no immediate impact on
the Ba3 corporate family ratings for Camargo Correa Cimentos S.A.
and its Argentine subsidiary Loma Negra C.I.A.S.A.. because the
ratings do not rely on financial support from their ultimate
parent company, Camargo Correa S.A., and because Moody's does not
expect that cash will be upstreamed from the subsidiaries to the
parent company to finance the transaction.  Moody's expects that
the 50% interest in VBC Energia will be financed with long term
funding with a repayment schedule designed to match future
dividend distribution by VBC Energia.  Both ratings continue to
have a stable outlook.

The last rating action was on December 21, 2007, when the Ba3
corporate family ratings and stable outlook for Camargo Correa
Cimentos and Loma Negra were confirmed.

Camargo Correa Cimentos S.A. is Brazil's fifth largest cement
manufacturer, and since 2005 it has controlled Loma Negra
C.I.A.S.A., the leading cement manufacturer in Argentina.  Camargo
Correa Cimentos reported consolidated net revenues of about BRL
1.65 billion (US$929 million converted by the average exchange
rate) in the last twelve months ended on June 30, 2008.

Camargo Correa S.A. is the family-owned holding company for one of
the largest Brazilian non-financial conglomerates, engaged in
engineering & construction, cement, textiles, footwear, energy and
transportation businesses.


GENERAL MOTORS: To Start Talks on Debt Restructuring Today
----------------------------------------------------------
General Motors Corp. executives, advisers, bondholders and union
officials scheduled talks today and tomorrow to negotiate the
government-ordered debt restructuring of the automaker, Bloomberg
News reports citing two people close to the plans.

Bloomberg News' sources, who asked not to be named because the
meetings are private, said the discussions follow previous
informal talks as part of GM's plan to reduce US$27.5 billion in
unsecured debt to about US$9.2 billion by swapping for equity.

The report relates GM has a Feb. 17 deadline to submit a status
report to the U.S. Treasury as part of an agreement to keep
US$13.4 billion in loans.

According to the report, GM must outline its plan for long-term
viability, competitiveness and energy efficiency.

Specifically, Bloomberg News says the plan must:

   -- demonstrate how the automaker will repay the
      loans, restructure its business and ensure a
      positive value for the company in the
      future; and

   -- show monthly detail through 2010 and annual
      projected financial results through 2014.

By March 31, the report notes GM must have union approval for any
contract changes as well as an agreement to cut the costs of the
union retiree health-care fund.  The automaker must also have
begun the debt exchange offer with bondholders, the report adds.

                             Job Cuts

GM may cut salaried jobs similar in magnitude to more than 5,000
eliminated last year, people familiar with the plan told Bloomberg
News.

According to Bloomberg News, GM is offering retirement incentives
to most of its 62,000 members of the United Auto Workers union
that include US$20,000 cash and a US$25,000 voucher for a new car
for workers willing to retire or quit.

GM would like to get more than 10,000 union workers to leave and
is expecting at least half that many to accept, one person was
cited by Bloomberg News as saying.  Workers have until March 24 to
decide, the report says.

                        China Joint Venture

Irene Shen at Bloomberg News reports General Motors Corp. may form
a commercial-vehicle venture with China FAW Group Corp.

Both companies have already registered a name for the venture, GM
spokesman Henry Wong told Bloomberg News in a phone interview
without elaborating.

The report relates GM makes vehicles in China through two
ventures, both of which are backed by SAIC Motor Corp.

According to the report, sales at SAIC-GM-Wuling, a minivan
venture, rose 20 percent to a record 75,168 units last month,
while GM's U.S. sales in the same period plunged 49 percent.

China's vehicle sales may gain this year as sales of cars, trucks
and buses increased 6.7 percent last year to 9.38 million, the
report notes citing the China Association of Automobile
Manufacturers.

                      About General Motors

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

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

  -- Senior secured at 'B/RR1';
  -- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.



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

ALTAIR SYMPHONY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Altair Symphony International, Ltd. Ltd. met
on January 23, 2009, and received 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


AMGHARA CO: Members Receive Wind-Up Report
------------------------------------------
The members of Amghara Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


ARDEN CAPITAL: Sole Shareholder Receives Wind-Up Report
-------------------------------------------------------
The sole shareholder of Arden Capital Partners Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal on January 22, 2009.

The company's liquidator is:

          Ogier
          c/o Angus Davison
          Telephone: (345) 815 1788
          Facsimile: (345) 815 7606


BADRA FINANCING: Members Receive Wind-Up Report
-----------------------------------------------
The members of Badra Financing Co., Ltd. met on January 26, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


CAPITAL SPC: Members Receive Wind-Up Report
-------------------------------------------
The members of Capital SPC met on January 26, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Dicorp Limited
         c/o Alan G. de Saram
         Charles Adams, Ritchie & Duckworth
         P.O. Box 709, Zephyr House, Mary Street
         George Town, Grand Cayman KY1-1107
         Tel: 949-4544
         Fax: 949-8460


CAPITAL W: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Capital W Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on January 22, 2009.

The company's liquidator is:

         Tam Chi Wai
         Ocean Centre, 16th Floor
         Harbour City, Kowloon, Hong Kong
         Tel: 852 2118 8118
         Fax: 852 2118 8092


CAPITAL WWW: Sole Shareholder Receives Wind-Up Report
-----------------------------------------------------
The sole shareholder of Capital WWW Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on January 22, 2009.

The company's liquidator is:

         Tam Chi Wai
         Ocean Centre, 16th Floor
         Harbour City, Kowloon, Hong Kong
         Tel: 852 2118 8118
         Fax: 852 2118 8092


EMERSON RE: Underwriting Stop Won't Affect Ratings on Three Loans
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Emerson Re Ltd.'s three bank loans are unaffected by CIG
Reinsurance Ltd. and New Castle Re Ltd.'s decision to cease the
underwriting of new or renewal business.  The companies have
provided notice to Emerson Re that a termination event has
occurred pursuant to Section 17.2(a) of their reinsurance
agreement with Emerson Re.  At the same time, Standard & Poor's
withdrew its 'BB' bank loan rating on Emerson Re's series D bank
loan.  This obligation was repaid in full on Jan. 22, 2009.

Emerson is a limited-life, special-purpose Class B reinsurance
company domiciled in the Cayman Islands, established specifically
to provide aggregate excess-of-loss reinsurance protection to CIG
Re and New Castle Re Ltd.

"Such a termination event under the reinsurance agreement with
Emerson Re would constitute a default under the terms of the
credit agreement," said Standard & Poor's credit analyst James
Brender.  "Now, the lenders must decide whether to declare Emerson
Re in default of the credit agreements or to pursue a different
course of action."

Each bank loan has a separate credit agreement and trust account.
Therefore, the lenders funding each bank loan will separately
decide whether to declare the loan in default.


GAR EQUITY: Members Receive Wind-Up Report
------------------------------------------
The members of Gar Equity Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


KABD CO: Members Receive Wind-Up Report
---------------------------------------
The members of Kabd Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


MARC FINANCE: Moody's Downgrades Rating on JPY3Bil. Notes to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of a credit-linked note issued by Marc Finance Ltd.  This
transaction is a First to Default which references a static
portfolio of 13 global corporate entities.

This rating action is based on the credit deterioration of the
reference pool.  As the corporate names which are included in the
reference pool could continue to deteriorate in the current
economic environment, this may further weigh on the rating of the
note.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating action is:

Issuer: Marc Finance Ltd

Series M206 JPY 3,000,000,000 Credit Linked Notes due 2010

  -- Current Rating: Ba1
  -- Prior Rating: Baa1
  -- Prior Rating Date: 14 November 2005, assigned Baa1

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


MASNAA CO: Members Receive Wind-Up Report
-----------------------------------------
The members of Masnaa Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


MELLON OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Mellon Offshore Alphaaccess Fund A, Ltd. met
on January 23, 2009, and received 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


P CAPITAL: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of P Capital Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on January 22, 2009.

The company's liquidator is:

         Tam Chi Wai
         Ocean Centre, 16th Floor
         Harbour City, Kowloon, Hong Kong
         Tel: 852 2118 8118
         Fax: 852 2118 8092


PHZ MATRIX: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of PHZ Matrix Fund Ltd. met on January 23, 2009,
and received 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


SABHAN CO: Members Receive Wind-Up Report
-----------------------------------------
The members of Sabhan Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


SHAHEEN CO: Members Receive Wind-Up Report
------------------------------------------
The members of Shaheen Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


SHIAM CO: Members Receive Wind-Up Report
----------------------------------------
The members of Shiam Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


STAMFORD COMPANY: Members Receive Wind-Up Report
------------------------------------------------
The members of Stamford Company Limited met on January 22, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Edward Sweet
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


SUBAITI CO: Members Receive Wind-Up Report
------------------------------------------
The members of Subaiti Co., Ltd. met on January 26, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Meshal Al-Nassar
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


W CAPITAL: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of W Capital Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on January 22, 2009.

The company's liquidator is:

         Tam Chi Wai
         Ocean Centre, 16th Floor
         Harbour City, Kowloon, Hong Kong
         Tel: 852 2118 8118
         Fax: 852 2118 8092


W EQUITY: Sole Shareholder Receives Wind-Up Report
--------------------------------------------------
The sole shareholder of W Equity Limited received the liquidator's
report on the company's wind-up proceedings and property disposal
on January 22, 2009.

The company's liquidator is:

         Tam Chi Wai
         Ocean Centre, 16th Floor
         Harbour City, Kowloon, Hong Kong
         Tel: 852 2118 8118
         Fax: 852 2118 8092


W INVESTMENTS: Sole Shareholder Receives Wind-Up Report
-------------------------------------------------------
The sole shareholder of W Investments Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on January 22, 2009.

The company's liquidator is:

         Tam Chi Wai
         Ocean Centre, 16th Floor
         Harbour City, Kowloon, Hong Kong
         Tel: 852 2118 8118
         Fax: 852 2118 8092


WWW CAPITAL: Sole Shareholder Receives Wind-Up Report
-----------------------------------------------------
The sole shareholder of WWW Capital Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal on January 22, 2009.

The company's liquidator is:

         Tam Chi Wai
         Ocean Centre, 16th Floor
         Harbour City, Kowloon, Hong Kong
         Tel: 852 2118 8118
         Fax: 852 2118 8092



====================
E L  S A L V A D O R
====================

AES EL SALVADOR: Moody's Reviews 'Ba1' Rating for Possible Cut
--------------------------------------------------------------
Moody's Investors Service placed the Ba1 senior unsecured rating
and Ba1 Corporate Family Rating of AES El Salvador Trust on review
for possible downgrade.  This debt is guaranteed by four
affiliated electric distribution subsidiaries that are 80% owned
by The AES Corporation (B1 CFR).  These operating subsidiaries
which also act as guarantors are Compania de Alumbrado Electrico
de San Salvador, Empresa Electrica de Oriente, AES Clesa y
Compania and Distribuidora Electrica de Usulutan.  The guaranteed
debt matures in 2016.

The review is prompted by Moody's concern that an apparent
shortage in liquidity in the country and the government's limited
ability to fund its electricity subsidies to residential consumers
on top of a recent 14% tariff reduction for electricity
distribution services provided by the guarantor utility companies
recently accorded by the El Salvador government coupled with a
continuation of dividend payouts by the operating companies in the
face of a six-month regulatory lag in cost recoveries of energy
input costs over the medium term will stress the cash flow and
liquidity position of the operating companies on a consolidated
basis.  The new tariff rates are in effect for a period of five
years through December 2012.

In its review, Moody's will evaluate the availability of liquidity
for the government to continue to fund its electricity subsidy
program, the possibility of liquidity being provided by AES
Corporation as well as the ability of Trustco's guarantors to
operate their distribution business in an orderly fashion given
the additional demands on their working capital for operating cash
in light of the high electricity spot prices and capital
expenditure needs as well as dividend payment pressures on the
part of shareholders.

The last rating action on Trustco was its downgrade to Ba1 for
senior unsecured debt from Baa3 and the assignment of a Ba1
Corporate Family Rating on December 4, 2008.

Domiciled in Panama, Trustco is a trust set up to issue debt for
the benefit of four affiliated electrical distribution companies
in El Salvador that together account for 80% of the distribution
market share of approximately one million customers.  AES
Corporation in the U.S. owns and controls approximately 80% of
these distribution companies.  The U.S. company acquired AES CLESA
utilities in 1998 as part of the privatization effort of the El
Salvador government for the electrical distribution sector and the
rest of the companies in 2000, when AES acquired EDC in Venezuela.




=============
J A M A I C A
=============

AIR JAMAICA: Board Says Economic Crisis Could Affect Restructuring
------------------------------------------------------------------
Air Jamaica's board of directors said its plan to restructure the
airline into a smaller more efficient entity will lead to break-
even operating results in 2010, Jamaica Observer reports.
However, the report relates, the plan for financial viability in
preparation for divestment by March 31, is being challenged by the
cash crunch triggered by the global financial crisis.

According to a copy of Air Jamaica's 2009-2010 Updated Business
Plan obtained by Jamaica Observer, the cash requirement for the
airline was reduced from US$191 million to US$156 million.

However, officials said that despite the reduction in funding
requirement, only US$10 million has been obtained and the
Government has advanced a further US$7 million to meet emergency
situations, the report notes.

"This reflects the severe worsening global economic situation, the
threat of downgrade of Jamaica and Air Jamaica debt and the
tightening of credit in the Jamaican banking system to protect the
currency, resulting in a virtual shutdown of liquidity being
available to Air Jamaica," The Observer quoted the airline's
managers as saying.  "There is a need to ensure that any of the
limited funds raised during the period are focused on creating a
more viable airline," the management added.

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Jamaica Information Service News said Air Jamaica
unveiled a three-point business plan, which is aimed at keeping
the company operating throughout this year, and to position it on
a path towards financial stability.

A TCRLA report on Jan. 29, citing Associated Press, said the
airline will eliminate six routes and cut jobs next month.  The AP
related that flights to Atlanta, Miami, Los Angeles, Barbados,
Grenada and the island of Grand Cayman will be cut in late
February.

According to TCRLA, citing CaribWorldNews, the cuts will result in
job losses in those areas and the reduction of the airline's fleet
to nine aircraft.

The Observer says the Business Plan projects that these measures
will lead to US$63 million in operating losses this year but
break-even cash flow by Summer 2009.

                 Airline Holds Talks w/ Employees

The National Workers Union (NWU), the Bustamante Industrial Trade
Union (BITU), and the Jamaica Airline Pilots Association, met with
Air Jamaica's management on February 5, to discuss their
employment fate as the cash strapped airline moves to address its
financial woes, Radio Jamaica News reported.

"Well these talks are very crucial because we have some concerns
with respects to the aspects of the business plan and we are going
into this meeting to discuss how we can save the jobs of the
employees of Air Jamaica.  We have a number of recommendations
that we want to present to the management and we are going to be
presenting those recommendations," the report quoted President-
General of the BITU, Kavon Gayle, as saying.

According to Radio Jamaica, trade unions are arranging a protest
march to Jamaica House if the talks fail to address concerns about
the impending staff cuts.  The march could take place as early as
this week, the report said.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994. However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                         *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


LIME: Technical Glitch Causes Services Disruption Across Caribbean
------------------------------------------------------------------
Lime's (formerly Cable & Wireless Jamaica) network severely
suffered from "an inter-connection failure affecting international
and mobile calls," last Thursday, February 5, that impacted
operations in Barbados and across the eastern Caribbean, CBC.bb
News reports, citing Corporate Communications Consultant Julian
Rogers.

The report says the problem was expected to return to normal as
technicians were working feverishly to resolve the matter.

CBC.bb News relates LIME and rival Digicel have been engaged in a
heated dispute over inter-connectivity issues in the Jamaica
market, however, there was no indication that the system failure
was connected.

As reported in the Troubled Company reporter-Latin America on
February 5, 2009, Radio Jamaica said Digicel has applied to the
Supreme Court for an order to be made against its
telecommunications rival Lime for contempt of court.

According to Radio Jamaica, the latest move is in response to
LIME's ignoring of an injunction obtained by Digicel from the
Supreme Court which, among other things, ordered LIME to cease
making use of confidential Digicel data given unlawfully and
unethically to LIME by Claro network.

In a statement obtained by Radio Jamaica, Digicel Jamaica's legal
and regulatory manager said LIME had gone too far in choosing to
exhibit what he described as flagrant disregard and disrespect for
the court order.

A TCRLA report on Jan. 13, 2009, citing Radio Jamaica News,
reported that LIME won its inter-connectivity battle against its
rival after Jamaica's Supreme Court issued an order directing
Digicel to unblock LIME's international circuits.

The Jamaica Gleaner related that LIME Jamaica accused Digicel of
blocking calls from LIME customers in other Caribbean countries to
the Digicel network in Jamaica.

                            About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/ -- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-" long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


SCJ: Gov't to Divest Sugar Company Assets Despite IBE Deal Failure
------------------------------------------------------------------
The Jamaica government said it will continue to divest its sugar
assets in the state-owned Sugar Company of Jamaica ("SCJ") despite
the recent failure to close a deal with Brazilian company,
Infinity Bio-Energy ("IBE"), Caribbean360 News reports.

"We are going back out there in an environment that is hostile,
and we are taking an asset which is far less than attractive but,
even in the toughest of times, there are opportunities and
somebody, since they can't any longer be investing in hedge funds
and alternative schemes, might just begin to look at real viable
businesses, and put their money there," the report quoted Head of
Jamaica's Sugar Enterprise, Team Aubyn Hill, as saying.

Mr. Hill, the report relates, explained that the Infinity talk
broke down because of the Brazilian company's inability to procure
the necessary financing.

Agriculture Minister Christopher Tufton, the Jamaica Gleaner
relates, said that if a new deal is not inked soon, the public
will be called on again to plug a projected US$4.2 billion hole,
representing a US$2 billion operational loss, and bank penalties,
apparently from conti-nuous hefty overdrafts, incurred by the
SCJ's four factories during the 2008/2009 season.

According to the Gleaner, the enterprise has a US$21-billion debt
and losses totalling more than US$14 billion since 2005.

The state, the Gleaner states, is also not averse to breaking up
the SCJ and selling it in pieces.  Minister Tufton said if there
was no suitable buyer for all the factories and lands, "we will
look at the alternatives involving a piece of the package, which
is piece of estate or a combination of estates," the same report
notes.

The Gleaner discloses Lascelles Group General Manager William
'Billy' McConnell said that Lascelles deMercado group has yet to
decide whether to re-bid for the sugar assets through subsidiary
J. Wray and Nephew Limited.  The decision, according to Mr.
McConnel, will likely be made after the board meets on February
14, or after the company holds its annual general meeting.

Mr. Hill, The Glenaer adds, is reiterating the Government's
position in the aftermath of the failed divestment to IBE.

"Anybody who has a well thought out plan can present a proposal.
It will then be accepted on its merit and it will be presented to
cabinet with a recommendation," Mr. Hill was quoted by the Gleaner
as saying.



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

ASARCO LLC: Sterlite Close to Acquiring Operating Assets
--------------------------------------------------------
Sterlite (USA), Inc., is on the verge of acquiring and ASARCO
LLC's operating as the parties are nearing a deal for the sale,
Bloomberg News reports citing two unidentified people familiar
with the matter.  A proposed contract may be finalized in the next
two week, the people said.

Rodrigo Heredia, an analyst with Ixe Casa de Bolsa SA, in Mexico
City, has declared that the sale would be beneficial to Grupo
Mexico SAB as long as ASARCO is "bought in full, and all the
liabilities are canceled in full," because it will end Grupo
Mexico's exposure to lawsuits filed against ASARCO, including
asbestos liabilities.

Sterlite (USA), Inc., is eager to have ASARCO LLC under its wings
at a "right price," Anil Agarwal, chairman of Sterlite's parent,
Vedanta Resources Plc, has previously declared.  ". . . We have
been in negotiations with the management of the company and the
court for a renegotiated price.  At the right price we are keen to
acquire the asset," Mr. Agarwal has told CNBC.

"We are currently negotiating with Asarco to arrive at the right
agreement.  We don't have a definitive timeline at this moment,"
Vedanta's chief executive Mahendra Mehta was quoted by
MarketWatch.  Vedanta's chief financial officer, Dindayal Jalan,
has also added that, even with Vedanta's existing capital
expenditure plans, funding the Sterlite-ASARCO deal would not be a
problem.

Sterlite has been negotiating to lower its $2.6 billion bid
originally offered for ASARCO's operating assets, which offer it
then subsequently withdrew due to unfavorable market for copper.
Since then, ASARCO has been entertaining new buyers for its
operating assets, including the consideration of a written
proposal submitted by a joint venture of Glencore International
AG.

                       About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006.  (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008.  The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for US$2,600,000,000.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case.  AMC would provide up to
US$2.7 billion in cash as well as a US$440 million guarantee to
assure payment of all allowed creditor claims, including payment
of liabilities relating to asbestos and environmental claims.
AMC's plan is premised on the estimation of the approximate
allowed amount of the claims against ASARCO.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding
undertaken by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CERVECERIA NACIONAL: Moody's Affirms 'Ba3' Senior Unsecured Rating
------------------------------------------------------------------
Moody's Investors Service has revised the rating outlook to
negative from stable for Cervecería Nacional Dominicana C. por A.
and affirmed CND's Ba3 senior unsecured debt and corporate family
ratings.

"The outlook change mainly reflects Moody's perception that
downside risks to earnings and credit metrics have increased in
light of worsening economic conditions in the Dominican Republic,"
said Moody's Vice President Sebastian Hofmeister.

According to the analyst, uncertainty has increased as to whether
declining commodity costs, efficiency efforts and future pricing
actions will be sufficient to offset growing economic challenges.
Going forward, margins could also be affected by the company's
dollar cost exposure relative to a largely Dominican peso revenue
base and by competition from Companhia de Bebidas das Americas
(AmBev; rated Baa1/stable), which is a subsidiary of Anheuser-
Busch InBev (rated Baa2/stable), the world's largest brewing
company.

For the 12 months ended September 30, 2008, CND reported net
revenues of DOP16.0 billion (USD467 million) and EBITDA of DOP4.44
billion (USD129 million), down 0.6% and 12% from 2007.  Over the
same period, EBITDA margin dropped to 27.8%, a reduction of 440
basis points.  Weaker margins have mainly resulted from mixed
volume trends caused by domestic tax and price increases in the
past two years and a significant run-up of commodity costs in
2008.

Earnings pressures and slightly negative free cash flow caused
credit metrics to soften modestly in peso terms over the course of
2008.  In 3Q08, LTM Debt/EBITDA and EBIT/Interest adjusted for
operating leases were 3.3 times and 1.2 times, respectively,
compared to 2.9 times and 1.7 times in 2007.  For the 9 months
ended September 30, 2008, free cash flow after dividends was
DOP(226) million (USD(6) million), or a negative 2% of adjusted
debt on an annualized basis.

As of September 30, 2008, reported debt was DOP14.8 billion
(USD422 million), essentially flat vs. DOP14.9 billion (USD439
million) in December 2007.  In November 2008, CND repurchased
USD10 million in principal of its DOP-linked notes due 2012,
reducing debt somewhat on a pro forma basis.  As of September 30,
2008, about 20% of debt was dollar denominated, down from 46% in
December 2007 following CND's refinancing efforts in 2008,
resulting in a modest remaining currency exposure in the capital
structure.

Despite the slightly negative year-to-date 3Q08 free cash flow,
CND's liquidity is currently adequate because of its fairly long-
dated debt maturity profile.  Most of the company's debt comes due
after 2011 and scheduled amortization in 2009 under its syndicated
peso credit facility is a manageable DOP268 million (USD8
million), fully covered by DOP772 million (USD22 million) in cash
at the end of 3Q08.

CND had ample headroom under financial covenants in its recently
amended syndicated credit facility covenants (maximum Debt/EBITDA
of 5.0 times and minimum EBITDA/Interest of 1.25 times).  However,
in 3Q08, CND did not meet its minimum 2.5 times EBITDA/Interest
incurrence test under its notes indentures, restricting
incremental debt to amounts permitted under carve out provisions.
CND's ratings continue to reflect the company's position as the
dominant brewer in the Dominican Republic, its still solid
profitability and leverage metrics for the Ba rating category, and
the defensive nature of the alcoholic beverage business in general
and beer in particular.

These credit strengths are partly offset by CND's small operating
scale compared to international brewers, its limited geographic
and brand diversification, country risk considerations reflected
in the Dominican Republic's speculative grade foreign currency
government bond ratings and country ceilings (B2 and Ba3,
respectively), as well as the aforementioned competitive
challenges and dollar cost exposure.

CND mainly operates in the Dominican Republic, where it holds 89%
of the local beer market, ahead of AmBev, which currently has a
share of about 11%.  CND also is the country's leader in non-
alcoholic malt beverages and operates a small export business,
which serves the U.S. East Coast, the Caribbean and various
European markets.

The negative outlook reflects the increased risk that free cash
flow and credit metrics may remain under pressure amid worsening
economic conditions and volatile financial markets.

The ratings could be downgraded if operating performance remains
under pressure, resulting in continued breakeven or negative free
cash flow and a weakening of credit metrics such that adjusted
Debt/EBITDA rises above 3.5 times and EBIT/Interest remains well
below 2.0 times.  The outlook could return to stable if
performance stabilized or improved over the coming quarters.

The last rating action on CND was May 2, 2007, when Moody's
upgraded the company's foreign currency senior unsecured debt and
corporate family ratings to Ba3 from B1, reflecting the upgrade of
the Dominican Republic's foreign currency country ceiling.

Headquartered in Santo Domingo, Dominican Republic, Cervecería
Nacional Dominicana, C. por A. is the Dominican Republic's largest
brewer and a leader in the country's non-alcoholic malts market.
The company also operates an export business, which serves the
U.S. East Coast, the Caribbean and various European markets.  CND
is the main operating subsidiary of E. Leon Jimenes, a family-
controlled holding company. For the 12 months ended September 30,
2008, net revenues were about USD467 million.


CORPORACION DURANGO: Reaches Standstill Accord on 2017 Notes
------------------------------------------------------------
Corporacion Durango SAB said it has reached a "standstill"
agreement with its main creditors on its 2017 bonds, Bloomberg
News reports.

The agreement expires on March 6 and may lead to the restructuring
of the notes, Durango said, according to the report.

Durango, Mexico-based Corporacion Durango S.A.B. de C.V. produces
brown paper and packaging products.  Its packaging division,
Empresas Titan, manufactures corrugated packaging in Mexico.  It
also produces newsprint through Grupo Pipsamex.

After the First Federal District Court in Durango approved the
Company's plan of reorganization and declared the termination
of its "Concurso Mercantil" proceeding, the Company filed for
Chapter 15 bankruptcy (Bankr. S.D. N.Y. Case No. 08-13911) on
Oct. 6, 2008.  Two affiliates filed for Chapter 11 bankruptcy
protection separately on the same day.

John K. Cunningham, Esq., at White & Case, LLP, represents the
Debtors in their restructuring efforts.  In its filing, the Lead
Debtor estimated assets to be more than US$1 billion and debts to
be more than US$1 billion.



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

CARLOS BELGODERE: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Carlos Belgodere
       Calle Malaga 9-15
       Urb. Torrimar
       Guaynabo, PR 00966

Bankruptcy Case No.: 09-00402

Chapter 11 Petition Date: January 26, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carlos Rodriguez Quesada, Esq.
                 Law Office Of Carlos Rodriguez Quesada
                 PO Box 9023115
                 San Juan, PR 00902-3115
                 Tel: (787) 724-2867
                 Email: cerqlaw@coqui.net

Total Assets: $3,899,900

Total Debts: $579,051

The Debtor's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
First Bank Puerto Rico           Personal Loan        $26,051

Associates International             Bank Loan          3,000
  Holdings Corp.

The petition was signed by Carlos Belgodere.


HEALTHSOUTH CORP: To Release 4th Quarter Results on Feb. 24
-----------------------------------------------------------
John P. Whittington, executive vice president, general counsel,
and corporate secretary of HealthSouth Corporation disclosed on
February 2, 2009, that while the company has not finalized its
audited results for the year ended December 31, 2008, the company
has shared its early observations on the fourth quarter of 2008 in
a couple of conferences hosted by J.P. Morgan.

Among others, Mr. Whittington disclosed that:

  * Volumes continued to show solid same store discharge growth.
    However, quarter-over-quarter and year-over-year comparisons
    were favorably impacted due to the fact that the Company's
    hospitals were limiting admissions in the fourth quarter of
    2007 due to the anticipated phase-in of the 65% threshold
    under the 75% Rule.

  * There was no significant sequential change in pricing
    compared to the third quarter of 2008.  Quarter-over-quarter
    and year-over-year comparisons will show a decline in
    pricing due to the Medicare pricing roll-back that became
    effective on April 1, 2008.

  * The Company continued to show improvement in productivity
    and its ability to manage labor costs.  As it is routine to
    provide merit increases to its non-management employees on
    October 1 of each year, which normally coincides with the
    annual Medicare pricing adjustment, the Company provided an
    average 3% merit increase to its non-management employees
    effective October 1, 2008.

According to Mr. Whittington, the Company uses "same store"
comparisons to explain the changes in certain performance metrics
and line items within its financial statements.  Same store
comparisons are calculated based on hospitals open throughout both
the full current periods and throughout the full prior periods
presented.  These comparisons include the financial results of
market consolidation transactions in existing markets, as it is
difficult to determine, with precision, the incremental impact of
these transactions on the Company's results of operations.

The results for the quarter and year ended December 31, 2008, as
well as guidance for 2009, will be provided during the Company's
earnings conference call scheduled for 9:30 a.m. EST on
February 24, 2009.

                    About HealthSouth Corp.

Headquartered in Birmingham, Alabama, HealthSouth Corp. (NYSE:
HLS) -- http://www.healthsouth.com/-- provides inpatient
rehabilitation services.  Operating in 26 states across the
country and in Puerto Rico, HealthSouth serves more than 250,000
patients annually through its network of inpatient rehabilitation
hospitals, long-term acute care hospitals, outpatient
rehabilitation satellites, and home health agencies.

At Sept. 30, 2008, the company's balance sheet showed total assets
of $1.9 billion and total liabilities of $3.3 billion, resulting
in a shareholders' deficit of about $1.4 billion.

For three months ended Sept. 30, 2008, the company's net income
was $6.6 million compared with net income of $287.6 million for
the same period in the previous year.

For nine months ended Sept. 30, 2008, the company reported net
income of $70.5 million compared with net income of
$699.2 million for the same period in the previous year.

In total and through October 2008, the company has reduced its
total debt outstanding by approximately $208 million since
Dec. 31, 2007.  Total debt outstanding approximated $1.8 billion
as of Oct. 31, 2008.


JC BUILDERS: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: JC Builders, Corp.
       HC-22 Buzon 9024
       Bo. Lirios, KM. 1.5 Carr. 929
       Juncos, PR 00777
       Tel: (787) 633-6048

Bankruptcy Case No.: 09-00416-11

Chapter 11 Petition Date: January 26, 2009

Court: United States Bankruptcy Court
      District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jesus Santiago Malavet, Esq.
                 Santiago Malavet And Santiago Law Office
                 470 Sagrado Corazon Street
                 San Juan, PR 00915
                 Tel: (787) 727-3058
                 Fax: (787) 726-5906
                 Email: smslopsc@prtc.net

Total Assets: $2,280,000

Total Debts: $1,263,424

The Debtor did not file a list of its 20 largest unsecured
creditors together with its petition.

The petition was signed by Juan Ramon Garcia Patron, President of
the company.



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

CL FINANCIAL: ECCB Monetary Council Meets to Discuss CLICO Issue
----------------------------------------------------------------
The Eastern Caribbean Central Bank ("ECCB") Monetary Council met
and discussed the impact of CL Financial Group's recent
developments, possible implications for the Eastern Caribbean
Currency Union ("ECCU"), and action which may be required,
CaribbeanNet News reports.

As reported in the Troubled Company Reporter-Latin America on
February 5, 2009, Reuters said Trinidad and Tobago's government
seized control of Clico Investment Bank as part of a bid to bail
out a number of cash-strapped companies belonging to CL Financial.

Reuters related the central bank said all third party assets
and liabilities on the books of Clico and its Caribbean Money
Market Brokers unit would be transferred to state-owned First
Citizens Bank.   Central Bank Governor Ewart Williams, the same
report related, said the move is aimed to ensuring resources are
available to meet withdrawals by bank depositors and by
policyholders of the Clico Insurance company.

According to CaribbeanNet News, the council noted these
developments:

  -- media releases by Trinidad and Tobago's government & central
     bank, and the proposed strategies for ensuring the continued
     stability and integrity of the financial systems;

  -- the consultations which had taken place between the Governor
     of the ECCB and the relevant parties in Trinidad and Tobago
     and Barbados, as well as consultations between individual
     members of Council and these parties; and

  -- the guarantees given by the relevant authorities with respect
     to depositors, policy holders and investors in CLICO and
     CLICO related companies.

At the meeting, CaribbeanNet News says, the council agreed:

   -- that the member countries of the Currency Union have to
      collectively address the matter with the authorities in
      Trinidad and Tobago and Barbados;

   -- to continue the collaboration with all relevant parties on
      behalf of the ECCU to ensure appropriate coverage for all
      exposed entities; and

   -- to accelerate the completion and enactment of legislation to
      govern the regulation of the non-bank financial sector.

                    About CL Financial Group

According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean.  Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey.  CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.

CL Financial started out as a holding company for Colonial Life
Insurance Company (Trinidad) Limited (Clico) in 1993.


* TRINIDAD & TOBAGO: Housing Corp Aims US$500MM Fund Through Bonds
------------------------------------------------------------------
The Trinidad and Tobago Housing Development Corporation is hoping
to raise US$500 million through the sale of publicly auctioned
state bonds, Oscar Ramjeet of Caribbean Net News reports.

The report recounts, citing Trinidad Express, that Prime Minister
Patrick Manning had previously stated that government bonds will
be floated as a form of temporary deficit financing to make up for
an additional US$1.7 billion budget deficit that the government
anticipates.

According to the report, the money will be used to fast-track
housing programs and complete the company's urban renewal program
as well as the Housing Development Corporation units.



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

* Fitch Issues List on National Scale Rating Changes for January
----------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 29 Latin America
national scale rating changes for the month of January, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings. These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch upgraded these National ratings:

Fondo Financiero Privado Prodem S.A. (Bolivia)

  -- National long-term rating to 'A+(bol)' from 'A(bol)';

  -- National long-term Local Currency rating to 'AA(bol)' from
     'AA-(bol)';

  -- Rating Actions took place on Jan. 12, 2009.

Fitch has also downgraded these ratings:

Transportadora de Gas del Norte S.A. (TGN) (Argentina)

  -- National long-term rating to 'D(arg)' from 'CC(arg)'; removed
     from Rating Watch Negative;

  -- Rating Actions took place on Jan. 02, 2009.

Arantes Alimentos Ltda. (Brasil)

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

  -- Rating Actions took place on Jan. 06, 2009.

Desarrollos Forestales San Carlos II S.A. (DEFORSA II) (Venezuela)

  -- National long-term rating to 'A-(ven)' from 'A(ven)'; removed
     from Outlook Negative;

  -- Rating Actions took place on Jan. 07, 2009.

Ruta de la Araucania Sociedad Concesionaria S.A. (Chile)

  -- Project finance series 2000-A ISSUE DETAIL - 1 national long-
     term rating to 'AA+(chl)' from 'AAA(chl)'; placed on Rating
     Watch Negative;

  -- Project finance series 2000-A ISSUE DETAIL - A2 national
     long-term rating to 'AA+(chl)' from 'AAA(chl)'; placed on
     Rating Watch Negative;

  -- Rating Actions took place on Jan. 07, 2009.

Bolivian Oil Services - Bolser Ltda. (Bolivia)

  -- National long-term rating to 'E(bol)' from 'C(bol)'; removed
     from Outlook Negative;
  -- Rating Actions took place on Jan. 09, 2009.

Arantes Alimentos Ltda. (Brasil)

  -- National long-term rating to 'D(bra)' from 'CC(bra)'; removed
     from Rating Watch Negative;
  -- Rating Actions took place on Jan. 13, 2009.

Los Grobo Agropecuaria S.A. (Argentina)

  -- Obligaciones Negociables Serie 1 series 1 national long-term
     rating to 'BBB(arg)' from 'A-(arg)';
  -- Rating Actions took place on Jan. 19, 2009.

Los Grobo SGR (Argentina)

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

  -- Rating Actions took place on Jan. 20, 2009.
     Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
     (Brasil)

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

  -- Rating Actions took place on Jan. 21, 2009.

Even Construtora e Incorporadora S.A. (Brasil)

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

  -- Second and third debenture issuances national long-term
     rating to 'BBB+(bra)' from 'A-(bra)';

  -- Rating Actions took place on Jan. 21, 2009.

Gafisa S.A. (Brasil)

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

  -- Fifth debenture issuance national long-term rating to 'A-
     (bra)' from 'A(bra)';

  -- Rating Actions took place on Jan. 21, 2009.

Trisul S.A. (Brasil)

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

  -- First debenture issuance national long-term rating to 'A-
     (bra)' from 'A(bra)';

  -- Rating Actions took place on Jan. 21, 2009.

Banco Volkswagen S.A. (Brasil)

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

  -- Rating Actions took place on Jan. 22, 2009.

Grupo Bimbo, S.A. De C.V. (Mexico)

  -- National long-term rating to 'AA(mex)' from 'AAA(mex)' Rating
     Watch Negative; Outlook revised to Stable;

  -- Rating Actions took place on Jan. 23, 2009.

Unidas S.A. (Brasil)

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

  -- Rating Actions took place on Jan. 23, 2009.

Vitro S.A.B. de C.V. (Mexico)

  -- National long-term rating to 'C(mex)' from 'CCC(mex)';
     removed from Rating Watch Negative;

  -- Rating Actions took place on Jan. 30, 2009.

WTORRE Securitizadora de Creditos Imobiliarios S.A. (Brasil)

  -- Commercial mtge-backed securitization series 2006-3 (3rd
     issuance) ISSUE DETAIL - 2006-5 national long-term rating to
     'A(bra)' from 'AA-(bra)'; placed on Rating Watch Negative;

  -- Commercial mtge-backed securitization series 2006-1 (3rd
     issuance) ISSUE DETAIL - 2006-1 national long-term rating to
     'A(bra)' from 'AA-(bra)'; placed on Rating Watch Negative;

  -- Rating Actions took place on Jan. 30, 2009.

These Outlook Revisions and Rating Watch changes were made:

Municipio de Cuautitlan Izcali, E.M. (Mexico)

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

  -- Loan BBVA ser 2007 national long-term rating 'A(mex)';
     Outlook revised to Negative;

  -- Rating Actions took place on Jan. 12, 2009.

Municipios de Guerrero (Mexico)

  -- Loans LCGM ser 2007 national long-term rating 'AA-(mex)';
     removed from Rating Watch Negative;

  -- Rating Actions took place on Jan. 20, 2009.

Braskem S.A. (Brasil)

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

  -- Rating Actions took place on Jan. 21, 2009.

Banco Fidis de Investimento S.A. (Brasil)

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

  -- National long-term rating 'F1(bra)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on Jan. 27, 2009.

Banco CNH Capital S.A. (Brasil)

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

  -- National long-term rating 'F1+(bra)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on Jan. 27, 2009.

These ratings were affirmed and withdrawn:

SIF Sociedad Inversora Forestal (Chile)

  -- Senior unsecured bonds series A national long-term rating
     'AA-(chl)';

  -- Rating Actions took place on Jan. 05, 2009.

GMAC Compania Financiera S.A. (Argentina)

  -- National long-term rating 'BB(arg)';
  -- National short-term rating 'B(arg)';
  -- Rating Actions took place on Jan. 12, 2009.

Empresa Publica Social del Agua y Saneamiento S.A. EPSAS (ex Aguas
del Illimani S.A.) (Bolivia)

  -- National long-term rating 'BBB(bol)';
  -- Rating Actions took place on Jan. 14, 2009.

Empresa Electrica de la Frontera S.A. (Frontel) (Chile)

  -- National long-term rating 'AA-(chl)'; Outlook Stable;
  -- Rating Actions took place on Jan. 21, 2009.

Sociedad Austral de Electricidad S.A. (SAESA) (Chile)

  -- National long-term rating 'AA-(chl)'; Outlook Stable;
  -- Rating Actions took place on Jan. 21, 2009.

Santinvest S.A. - Credito, Financiamento e Investimentos (Brasil)

  -- National long-term rating 'BBB-(bra)'; Rating Watch Stable;
  -- National short-term rating 'F3(bra)';
  -- Rating Actions took place on Jan. 29, 2009.


* BOND PRICING: For the Week February 2 – February 6, 2009
----------------------------------------------------------

Issuer                  Coupon    Maturity   Currency   Price
  ------                  ------    --------   --------   -----

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      43.50
Argent-DIS               5.830    12/31/33     ARS      58.60
Argent-DIS               7.820    12/31/33     ARS      25.50
Argent-DIS               8.820    12/31/33     ARS      35.14
Argent-DIS               8.820    12/31/33     ARS      30.83
Argent-Par               0.630    12/31/38     ARS      13.33
Argnt-Bocon PRE8         2.000    01/03/10     ARS      56.76
Argnt-Bocon PR11         2.000    12/03/10     ARS      37.53
Argnt-Bocon PRE9         2.000    03/15/24     ARS      61.44
Argnt-Bocon PR12         2.000    01/03/16     ARS      61.43
Argnt-Bocon PR13         2.000    03/15/24     ARS      16.88
Arg Boden                2.000    09/30/14     ARS      37.99
Arg Boden                7.000    09/30/14     ARS      30.02
Argentina - NGB          2.000    01/03/16     ARS      49.49
Autopistas Sel S        11.500    05/23/17     USD      29.93
Banco Hipot SA           9.750    11/16/10     USD      63.26
Banco Hipot SA           9.750    04/27/16     USD      31.50
Banco Hipot SA           9.750    12/18/36     USD      33.11
Banco Hipot SA           9.750    12/18/36     USD      34.10
Bonar X                  7.000    04/17/17     USD      37.38
Banco Macro SA           8.500    02/01/17     USD      54.18
Bonar V                  7.000    03/28/11     USD      42.45
Bonar VII                7.000    09/12/13     USD      34.32
Bonar ARG $ V           10.500    10/09/17     ARS      43.50
Buenos Aire Prov         9.375    09/14/18     USD      22.57
Buenos Aire Prov         9.625    04/18/28     USD      22.43
Buenos-$DIS              9.250    04/15/17     USD      22.92
Buenos-$DIS              8.500    04/15/17     USD      19.00
Deutsche (Radars)        4.000    12/22/11     USD      63.49
Emp Distrib Nort        10.500    10/09/17     USD      45.00
Hidroelec Piedra         9.000    07/11/17     USD      55.99
Industries Metal        11.250    10/22/14     USD      50.01
Invers Rep Y Soc         8.500    02/02/17     USD      44.38
Mendoza Province         5.500    09/04/18     USD      32.25
Transener                8.875    12/15/16     USD      36.60
Trasport De Gas          7.875    05/14/17     USD      53.00


   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      73.25
Banco Cruzeiro          10.750    11/24/16     USD      69.42
Bertin Ltda             10.250    10/05/16     USD      51.75
Braskem SA               9.000    04/29/49     USD      72.50
BR Malls Int Fi          8.500    04/15/17     EUR      65.26
Cosan Finance            7.000    02/01/17     USD      68.75
Cosan SA Industr         8.250    02/28/49     USD      60.31
Cosan SA Industr         8.250    02/28/49     USD      51.62
JBS SA                  10.500    08/04/16     USD      68.00
Independencia In         9.875    05/15/15     USD      63.00
Independencia In         9.875    01/31/17     USD      62.50
National Steel           9.875    05/29/49     USD      68.70
Rede Empresas           11.12     04/29/49     USD      45.75
RBS-Zero Hora Ed        11.25     06/15/17     BRL      53.17
Soc Gen Accept           0.750    12/21/11     EUR      40.22
Soc Gen Accept           7.000    02/27/13     EUR      13.46
Soc Gen Accept           8.000    12/20/13     EUR      20.90
Vigor                    9.250    02/23/17     USD      47.68


   CAYMAN ISLANDS
   --------------
801 Grand B-2            1.225    09/20/16     USD      74.71
Aes Dominicana          11.000    12/13/15     USD      46.75
Aes Dominicana          11.000    12/13/15     USD      46.75
Agile Property           9.000    09/22/13     USD      56.50
Aig Sunamerica           5.625    02/01/12     GBP      74.24
Aig Sunamerica           6.375    10/05/20     GBP      50.84
Asif II                  5.125    01/28/13     GBP      69.94
Bancaja Intl Fin         5.700    06/30/22     EUR      63.59
Banco BPI (CI)           4.150    11/14/35     EUR      65.35
Banco BPI (CI)           4.150    11/14/35     EUR      65.35
Banco Finance Co         4.239    10/29/49     EUR      37.50
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           0.250    12/20/56     USD       5.93
Barion Funding           1.440    12/20/56     GBP      21.51
BBVA Bancomer SA         4.799    05/17/17     EUR      64.50
BBV Intl Fin             7.000    12/01/25     USD      70.34
BCP Finance Company      5.543    06/29/49     EUR      37.50
Bes Finance Limited      4.500    12/29/49     EUR      46.00
Bes Finance Limited      6.625    05/08/49     EUR      55.00
Bes Finance Limited      5.580    07/29/49     EUR      40.00
Bishopsgate Asse         5.107    09/29/37     GBP      70.37
Blue City Co             1.000    11/07/13     USD      69.08
Cam Global Fin           6.080    12/22/30     EUR      52.01
Castle Holdco 4          9.875    11/16/16     GBP      08.38
Castle Holdco 4          9.875    11/16/16     GBP      08.38
China Med Tech           3.500    11/15/11     USD      56.38
China Med Tech           4.000    08/15/13     USD      43.75
China Properties         9.125    05/04/14     USD      44.56
Country Garden           2.500    02/22/13     CNY      48.75
Credit Sail Ltd          8.500    12/22/12     NZD       6.00
DP World Sukuk           6.250    07/02/17     USD      56.97
DP World Sukuk           6.250    07/02/17     USD      61.85
Dubai Holding Comm       4.750    01/30/14     EUR      60.50
Dubai Holding Comm       6.000    02/01/17     GBP      57.50
DWR CYMN FIN             4.473    03/31/57     GBP      60.80
Embraer Overseas         6.375    01/24/17     USD      74.65
Embraer Overseas         6.375    01/24/17     USD      72.36
Embraer Overseas         6.375    01/24/17     USD      72.36
Esfg Internation         5.753    06/29/49     EUR      27.00
Gol Finance              7.500    04/03/17     USD      52.25
Gol Finance              7.500    04/03/17     USD      54.80
Gol Finance              8.750    04/28/49     USD      43.00
Greentown China          9.000    11/08/13     USD      35.00
Investcorp Cap           8.080    03/27/09     USD      74.05
Ja Solar Hold Company    4.500    05/15/13     USD      41.00
Lai Funding Holding      9.125    04/04/14     USD      61.62
Lupatech Finance         9.875    07/29/49     USD      73.25
M-2 SPC                  7.770    12/20/12     USD      47.38
Mafrig Overseas          9.635    11/16/16     USD      67.75
Malachite Fdg            0.630    12/21/56     EUR      14.80
Mazarin Fdg Ltd          0.250    09/20/68     EUR       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.250    09/20/68     USD       4.39
Mazarin Fdg Ltd          0.630    09/20/68     GBP       9.50
Mazarin Fdg Ltd          1.440    09/20/68     GBP      20.13
Minerva Overse           9.500    02/01/17     USD      57.12
Mizuho Capital I         5.020    06/29/49     EUR      60.00
Mizuho Capital INV I     6.686    03/29/49     EUR      60.50
Mufg Cap Fin1            6.346    07/29/49     EUR      70.20
Mufg Cap Fin2            4.850    07/29/49     EUR      55.79
Mufg Cap Fin4            5.271    01/29/49     EUR      50.70
Mufg Cap Fin5            6.299    01/25/49     GBP      51.20
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
MMCaps XVIII Ltd         5.950    12/26/39     USD      15.88
New Asat Finance         9.250    02/01/11     USD       7.00
Pacific Life Fnd         3.650    06/15/15     EUR      72.20
Pacific Life Fnd         3.800    03/15/15     EUR      73.38
Pacific Life Fnd         3.800    12/15/15     EUR      71.95
Pacific Life Fnd         4.000    06/15/17     EUR      68.69
Prince Fin Global        4.500    01/26/17     EUR      71.00
Pubmaster Fin            6.962    06/30/28     GBP      65.62
Pubmaster Fin            6.962    06/30/28     GBP      41.36
Reg Div Funding          5.251    01/25/36     USD      47.11
Reg Div Funding          5.251    01/25/36     USD      47.11
Resona PFD Glob          7.191    12/29/49     USD      45.87
Seagate Tech HDD         6.800    10/01/16     USD      52.03
Seagate Tech HDD         6.375    10/01/11     USD      67.88
Shimao Property          8.000    12/01/16     USD      47.50
Shimao Property          8.000    12/01/16     USD      48.05
SMFG Preferred           6.078    01/29/49     USD      64.93
SMFG Preferred           6.164    01/29/49     USD      51.96
STB Finance              5.834    09/29/49     GBP      68.37
Struct Invest CP         2.000    07/30/16     USD      42.63
Subsea                   2.800    06/06/11     USD      66.14
Sunamer Inst Fnd         6.150    10/14/19     EUR      52.94
Suntech Power            3.000    03/15/13     USD      47.75
Tam Capital Inc.         7.375    04/25/17     USD      54.96
Tam Capital Inc.         7.375    04/25/17     USD      52.87
Trina Solar Ltd          4.000    07/15/13     USD      34.75
UOB Cayman Limited       5.796    12/29/49     USD      68.04
Vestel Elec Fin          8.750    05/09/12     USD      59.84
Vontobel Cayman          8.350    03/27/09     USD      71.40
Vontobel Cayman         15.600    01/23/09     USD      11.00
Vontobel Cayman         12.150    02/20/09     USD      32.40
Vontobel Cayman         13.550    01/23/09     USD      55.00
Vontobel Cayman         10.550    03/27/09     USD      58.00
Vontobel Cayman         10.050    02/20/09     USD      21.80
Vontobel Cayman         11.300    04/24/09     USD      59.80
Vontobel Cayman         10.650    02/27/09     USD      35.60
Vontobel Cayman         15.750    01/23/09     USD      40.60
Vontobel Cayman         17.900    01/23/09     USD      40.60
XL Capital Limited       5.250    09/15/14     USD      64.49
XL Capital Limited       6.250    05/15/27     USD      52.77
XL Capital Limited       6.375    11/15/24     USD      54.84
XL Capital Limited       6.500    12/31/49     USD      14.50


   CHILE
   -----
CAP                      7.375    09/15/36     USD      72.71
CAP                      7.375    09/15/36     USD      74.16
Codelco                  5.625    09/21/35     USD      68.49
Codelco                  5.625    09/21/35     USD      69.80
Codelco                  6.150    10/24/36     USD      74.76
Codelco                  6.150    10/24/36     USD      74.76





   COSTA RICA
   ----------
CAP                      7.375    09/15/36     USD      73.80


   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       8.625    04/20/27     USD      57.00
Dominican Republic       9.040    01/23/18     USD      72.15


   ECUADOR
   -------
Ecuador-Par Strp         4.000    05/28/18     USD      69.05
Ecuador-Par Strp         4.000    02/28/25     USD      74.83
Ecua-Par B RCT           4.000    02/28/25     USD      52.46


  EL SALVADOR
  -----------
El Salvador Rep          7.650    06/15/35     USD      73.30
El Salvador Rep          7.650    06/15/35     USD      74.13


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      64.92
Jamaica Govt             8.000    06/24/19     USD      74.84
Jamaica Govt             8.000    03/15/39     USD      57.00
Jamaica Govt             8.500    02/28/36     USD      62.75
Jamaica Govt             9.250    10/17/25     USD      72.59
Jamaica Govt LRS        12.750    06/29/22     JMD      56.49
Jamaica Govt LRS        12.750    06/29/22     JMD      56.47
Jamaica Govt LRS        12.850    05/31/22     JMD      56.93
Jamaica Govt LRS        13.375    12/15/21     JMD      59.39
Jamaica Govt LRS        13.375    04/27/32     JMD      56.17
Jamaica Govt LRS        13.575    12/15/26     JMD      57.49
Jamaica Govt LRS        13.625    06/23/14     JMD      74.04
Jamaica Govt            14.000    06/30/21     EUR      62.27
Jamaica Govt            14.250    08/19/15     EUR      72.83
Jamaica Govt            14.375    09/13/14     EUR      65.14
Jamaica Govt LRS        14.400    18/03/27     JMD      62.56
Jamaica Govt LRS        14.500    16/28/17     JMD      70.54
Jamaica Govt LRS        14.500    08/02/17     JMD      69.39
Jamaica Govt LRS        15.000    07/31/16     JMD      73.13
Jamaica Govt LRS        15.000    11/15/21     JMD      66.05
Jamaica Govt LRS        15.000    08/30/32     JMD      64.86
Jamaica Govt LRS        15.000    09/06/32     JMD      50.35
Jamaica Govt LRS        15.500    03/24/28     JMD      65.09
Jamaica Govt LRS        15.750    08/22/19     JMD      70.85
Jamaica Govt LRS        16.000    05/17/17     JMD      74.97
Jamaica Govt            16.000    06/13/22     EUR      69.86
Jamaica Govt            16.000    12/06/32     EUR      67.21
Jamaica Govt LRS        16.250    05/22/27     EUR      73.21
Jamaica Govt LRS        16.250    08/26/32     EUR      70.36
Jamaica Govt LRS        16.250    07/26/32     EUR      68.32
Jamaica Govt LRS        16.250    06/18/27     EUR      70.51
Jamaica Govt LRS        16.150    06/12/22     EUR      70.49
Jamaica Govt LRS        16.150    06/12/22     EUR      72.38
Jamaica Govt LRS        16.250    05/22/22     EUR      70.88
Jamaica Govt LRS        16.250    05/22/27     EUR      68.50
Jamaica Govt LRS        16.500    06/14/27     EUR      69.57
Jamaica Govt LRS        17.000    07/11/23     EUR      73.49




    MEXICO
    ------
Mer Lynch Int CV         8.000    01/30/09     CHF      31.20
Mer Lynch Int CV        10.760    03/16/09     CHF      37.99
Mer Lynch Int CV        11.200    03/16/09     CHF      30.89
Mer Lynch Int CV        11.330    03/16/09     CHF      69.30
Mer Lynch Int CV        11.400    03/16/09     CHF      62.11
Mer Lynch Int CV        11.660    03/16/09     CHF      11.41
Mer Lynch Int CV        11.720    03/16/09     CHF      29.69
Mer Lynch Int CV        11.730    03/16/09     CHF      74.74
Mer Lynch Int CV        12.200    03/16/09     CHF      20.54
Mer Lynch Int CV        12.460    03/16/09     CHF      35.10
Mer Lynch Int CV        12.760    03/16/09     CHF      22.29
Mer Lynch Int CV        13.100    03/16/09     CHF      48.83
Mer Lynch Int CV        13.280    03/16/09     CHF      11.83
Mer Lynch Int CV        13.720    03/16/09     CHF      52.67
Mer Lynch Int CV        14.000    04/09/09     CHF      38.50
Mer Lynch Int CV        14.530    03/16/09     CHF      21.22
Mer Lynch Int CV        14.890    03/16/09     CHF      29.54
Mer Lynch Int CV        15.220    03/16/09     CHF      16.62
Mer Lynch Int CV        15.520    03/16/09     CHF      28.82
Mer Lynch Int CV        16.330    03/16/09     CHF      11.93
Mer Lynch Int CV        16.380    03/16/09     CHF       8.99
Mer Lynch Int CV        16.450    03/16/09     CHF      27.29
Mer Lynch Int CV        16.800    03/16/09     CHF      25.95
Mer Lynch Int CV        17.140    03/16/09     CHF      17.14
Mer Lynch Int CV        18.000    03/27/09     CHF      68.45
Mer Lynch Int CV        18.020    03/27/09     CHF      59.20
Mer Lynch Int CV        19.110    03/16/09     CHF       6.82
Mer Lynch Int CV        19.380    03/16/09     CHF       1.71


  PANAMA
  ------
Carnival Corp            6.650    01/15/28     USD      73.29
Willbros Group           2.750    03/15/24     USD      58.50


  PERU
  ----

CFG Invest Sac           9.250    12/19/13     USD      66.87


  PUERTO RICO
  -----------
Doral Finl Corp          7.000    04/26/12     USD      54.75
Doral Finl Corp          7.100    04/26/17     USD      71.50
Doral Finl Corp          7.650    03/26/16     USD      66.75
Puerto Rico Cons         6.500    04/01/16     USD      68.80
Puerto Rico GNMA         5.750    04/01/21     USD      61.89


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      46.12
Uruguay                  4.250    04/05/27     UYU      55.25
Uruguay                  5.000    09/14/18     UYU      69.87
Uruguay Gov Bond         7.500    03/23/11     USD      69.98
Uruguay Gov Bond         7.500    03/23/11     USD      60.94
Uruguay Gov Bond         7.500    03/23/11     USD      60.94
Uruguay Gov Bond         7.500    03/23/11     USD      72.45
Uruguay Gov Bond         7.625    03/05/12     USD      53.70
Uruguay Gov Bond         8.000    02/25/10     USD      51.21
Uruguay Gov Bond         9.750    02/28/12     USD      57.21
Uruguay Gov Bond         9.750    02/28/12     USD      57.21
Uruguay Gov Bond         9.750    02/28/20     USD      57.41


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      37.45
Petroleos de Ven         5.375    04/12/27     USD      32.00
Petroleos de Ven         5.500    04/12/37     USD      32.00
Venezuela                5.750    12/09/20     EUR      43.49
Venezuela                6.000    12/09/20     EUR      39.19
Venezuela                7.000    03/16/15     EUR      47.99
Venezuela                7.000    03/16/15     EUR      50.28
Venezuela                7.000    12/01/18     USD      44.64
Venezuela                7.000    03/31/38     USD      37.28
Venezuela                7.650    04/21/25     USD      44.00
Venezuela                8.500    10/08/14     USD      54.00
Venezuela                9.000    05/07/23     USD      45.50
Venezuela                9.250    09/15/27     USD      54.50
Venezuela                9.250    05/07/28     USD      46.50
Venzod - 189000          9.375    01/13/34     USD      47.00
Venzod - 189000         10.750    09/19/13     USD      67.00
Venezuela               10.750    09/19/13     USD      66.74
Venezuela               10.750    09/19/13     USD      67.43
Venezuela               13.625    08/15/13     USD      66.00
Venezuela               13.625    08/15/13     USD      66.37
Venezuela               13.625    08/15/13     USD      66.37



                            ***********

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

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

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

                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese 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 * * *