TCRLA_Public/090216.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 16, 2009, Vol. 9, No. 32

                            Headlines

A R G E N T I N A

ALTO PALERMO: S&P Cuts Local Currency Corp. Credit Rating to 'B-'
ALTO PARANA: S&P Cuts Corporate Credit Rating to 'BB-'
A. SINGER E HIJOS: Proofs of Claim Verification Due on April 10
CARPENTER COMERCIO: Proofs of Claim Verification Due on April 6
CASAF SA: Proofs of Claim Verification Due on April 22

CIA. DE TRANSPORTE: S&P Cuts Local Curr. Corp. Credit Rating to B-
CENTRO DE DIA: Proofs of Claim Verification Due on April 6
CLINICA PRIVADA: Proofs of Claim Verification Due on March 12
CONISEHT SRL: Proofs of Claim Verification Due on April 2
ELECTRICIDAD ARGENTINA: S&P Junks Corporate Credit Rating

EMPRESA DISTRIBUIDORA: S&P Cuts Corporate Credit Rating to 'B-'
ESTABLECIMIENTO METALURGICO: Claim Verification Due on April 20
HAMBUR SUR: Proofs of Claim Verification Due on March 31
HIDROELECTRICA PIEDRA: S&P Cuts Corporate Credit Rating to 'B-'
IRAS INVERSIONES: S&P Cuts Local Cur. Corp. Credit Rating to 'B-'

LOMA NEGRA: S&P Cuts Local Currency Corporate Credit Rating to 'B'
PAN AMERICAN: S&P Cuts Corporate Credit Rating to 'B+'
PETROBRAS ENERGIA: S&P Cuts Corporate Credit Rating to B+ From BB
SISTEMAS INTEGRALES: Proofs of Claim Verification Due on May 11
TELECOM ARGENTINA: S&P Cuts For. Curr. Corp. Credit Rating to B-

TELECOM PERSONAL: S&P Cuts Local Curr. Corp. Credit Rating to 'B'
TELEFONICA DE ARGENTINA: S&P Cuts Corporate Credit Rating to 'B-'
TRANSENER SA: S&P Cuts Local Currency Corp. Credit Rating to 'B-'
TRANSPORTADORA DE GAS: S&P Cuts Corporate Credit Rating to 'B-'
YPF SA: S&P Cuts Corporate Credit Ratings to 'B+' From 'BB'


B E R M U D A

XL CAPITAL: To Slash 15% Workforce This Year to Cut Costs
SCOTTISH RE: Chief Financial Officer Steps Down


B R A Z I L

BANCO NOSSA: S&P Assigns 'BB' Global Counterparty Credit Rating
EMBRATEL: To Expand DTH Offering to 75 Cities
GERDAU SA: Share Price Estimate Cut by 42% at Brascan Corretora


C A Y M A N  I S L A N D S

ABZ ASSETX: Sole Shareholder Receives Wind-Up Report
APOLLO SPIRES: Members Receive Wind-Up Report
D.B. ZWIRN: Members Receive Wind-Up Report
DRAKE INVESTMENT: Members Receive Wind-Up Report
ENH PARTNERS: Sole Shareholder Receives Wind-Up Report

FIRST COMMERCE: Members Receive Wind-Up Report
KATONAH II: Members Receive Wind-Up Report
KITTONA HOLDINGS: Shareholders Receive Wind-Up Report
LIFE SCIENCE: Sole Shareholder Receives Wind-Up Report
LIFE SCIENCE ET AL: Shareholder Receives Wind-Up Report

MURJAN LIMITED: Members Receive Wind-Up Report
MURJAN 2: Members Receive Wind-Up Report
MURJAN 3: Members Receive Wind-Up Report
OTTIMO FUNDING: Shareholders Receive Wind-Up Report
PLATINUM CAPITAL: Shareholder Receives Wind-Up Report

PRINCETOWN PHOTONICS: Shareholder Receives Wind-Up Report
SIGNUM SAPPHIRE: Members Receive Wind-Up Report
TATRONICS HOLDINGS: Shareholders Receive Wind-Up Report
WAKELAND INVESTMENTS: Sole Shareholder Receives Wind-Up Report


C O S T A  R I C A

* Fitch Affirms Costa Rica's Issuer Default Rating to 'BB+'


T R I N I D A D  & T O B A G O

CL FINANCIAL: Angostura Unit Won't be Affected by Gov't Bailout
CL FINANCIAL: CIBC Eyes Company's 55% Stake in Republic Bank


V E N E Z U E L A

PDVSA: Joint Venture Plan With Petrobras Reaches Impasse
PDVSA: Will Not Reduce Workforce Amid Global Crisis


X X X X X X X X

* CARIBBEAN ISLAND: Four Seasons Extends Closure Until October 31
* BOND PRICING: For the Week February 9 – February 13, 2009


                         - - - - -


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

ALTO PALERMO: S&P Cuts Local Currency Corp. Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


ALTO PARANA: S&P Cuts Corporate Credit Rating to 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


A. SINGER E HIJOS: Proofs of Claim Verification Due on April 10
---------------------------------------------------------------
The court-appointed trustee for A. Singer e Hijos S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 10, 2009.

The trustee will present the validated claims in court as
individual reports on May 26, 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.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 7, 2009.



CARPENTER COMERCIO: Proofs of Claim Verification Due on April 6
---------------------------------------------------------------
The court-appointed trustee for Carpenter Comercio Exterior
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 6, 2009.

The trustee will present the validated claims in court as
individual reports on May 21, 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
July 6, 2009.


CASAF SA: Proofs of Claim Verification Due on April 22
------------------------------------------------------
The court-appointed trustee for Casaf S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 22, 2009.

The trustee will present the validated claims in court as
individual reports on June 5, 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
July 20, 2009.


CIA. DE TRANSPORTE: S&P Cuts Local Curr. Corp. Credit Rating to B-
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


CENTRO DE DIA: Proofs of Claim Verification Due on April 6
----------------------------------------------------------
The court-appointed trustee for Centro de Dia Alborada S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 6, 2009.

The trustee will present the validated claims in court as
individual reports on May 20, 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
July 1, 2009.


CLINICA PRIVADA: Proofs of Claim Verification Due on March 12
-------------------------------------------------------------
The court-appointed trustee for Clinica Privada Ranelagh S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until March 12, 2009.

The trustee will present the validated claims in court as
individual reports on April 30, 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.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 16, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 3, 2009.


CONISEHT SRL: Proofs of Claim Verification Due on April 2
---------------------------------------------------------
Salomon Wilhelm, the court-appointed trustee for Coniseht S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until April 2, 2009.

Mr. Wilhelm will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, 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.

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

The Trustee can be reached at:

         Salomon Wilhelm
         Lavalle 1290
         Buenos Aires, Argentina


ELECTRICIDAD ARGENTINA: S&P Junks Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


EMPRESA DISTRIBUIDORA: S&P Cuts Corporate Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


ESTABLECIMIENTO METALURGICO: Claim Verification Due on April 20
---------------------------------------------------------------
Maria Denda Valentina, the court-appointed trustee for
Establecimiento metalurgico Ando S.A.'s bankruptcy proceedings,
will be verifying creditors' proofs of claim until April 20, 2009.

Ms. Valentina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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.

The Trustee can be reached at:

         Maria Denda Valentina
         Av. de Mayo 1370
         Buenos Aires, Argentina


HAMBUR SUR: Proofs of Claim Verification Due on March 31
--------------------------------------------------------
The court-appointed trustee for Hambur Sur S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
March 31, 2009.

The trustee will present the validated claims in court as
individual reports on May 26, 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
July 8, 2009.


HIDROELECTRICA PIEDRA: S&P Cuts Corporate Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


IRAS INVERSIONES: S&P Cuts Local Cur. Corp. Credit Rating to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


LOMA NEGRA: S&P Cuts Local Currency Corporate Credit Rating to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


PAN AMERICAN: S&P Cuts Corporate Credit Rating to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


PETROBRAS ENERGIA: S&P Cuts Corporate Credit Rating to B+ From BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


SISTEMAS INTEGRALES: Proofs of Claim Verification Due on May 11
---------------------------------------------------------------
The court-appointed trustee for Sistemas Integrales de Salud
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 11, 2009.

The trustee will present the validated claims in court as
individual reports on June 23, 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
August 5, 2009.


TELECOM ARGENTINA: S&P Cuts For. Curr. Corp. Credit Rating to B-
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


TELECOM PERSONAL: S&P Cuts Local Curr. Corp. Credit Rating to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


TELEFONICA DE ARGENTINA: S&P Cuts Corporate Credit Rating to 'B-'
-----------------------------------------------------------------

Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


TRANSENER SA: S&P Cuts Local Currency Corp. Credit Rating to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


TRANSPORTADORA DE GAS: S&P Cuts Corporate Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--


YPF SA: S&P Cuts Corporate Credit Ratings to 'B+' From 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered or
affirmed the global scale ratings on 15 Argentine entities.  Some
of these ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 5, 2008.  The outlooks
on all ratings are stable.

"The actions followed a comprehensive review of the domestic
operating environment for corporate entities," said Standard &
Poor's credit analyst Pablo Lutereau.  "We also considered the
impact of the global economic slowdown on domestic economic
activity, the availability of refinancing sources, and the outlook
for the relevant industries.  And S&P assessed these entities'
ability and willingness to timely honor their foreign exchange
obligations, particularly those contracted abroad in case of a
potential government intervention in the foreign-exchange market."

In S&P's opinion, the elimination of the private pension system at
the end of 2008, the amendment to export repatriation
requirements, and the regulators' assumption of broad discretion
in allowing tariff increases have harmed the economic and business
environment, which S&P refer to broadly as "country risk" and now
see at levels similar to the sovereign's credit quality, now rated
at 'B-'.

As a consequence, S&P believes that the corporate sector in
Argentina now faces tougher challenges than it did before and that
overall credit quality has weakened due to higher government
intervention; lower financial flexibility (and more dependence on
discretionary government agencies after the renationalization of
the private pension system; reduced incentives for parent support
as the rules of the game in the country become more uncertain;
cash flow volatility due to industry-specific factors; countrywide
factors and the impact of the economic slowdown in the country;
and increasing refinancing risks.

All of these factors affect, in varying degrees, both the local
and foreign currency ratings on Argentine companies.  While the
foreign currency rating reflects S&P's opinion of an obligor's
capacity to meet all financial obligations, the local currency
rating is a current opinion of an obligor's overall capacity to
generate sufficient local-currency resources to meet all
its financial obligations (both local and foreign currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  Consequently, both
the local and foreign currency ratings are affected by S&P's view
of country risk, but the foreign currency rating is further
affected by S&P's assessment of transfer and convertibility risk.
The T&C assessment for Argentina is currently 'B-'.

The downgrades on the local currency ratings reflect S&P's
perception of the weaker economic environment for corporations
operating in Argentina that has led to a deterioration of their
overall credit quality and now challenges their prospects.  Among
the dominant negative factors S&P include higher political and
regulatory risks, the impact of the global economic slowdown on
domestic activity, and contracted credit markets that
significantly narrow the ability of companies to refinance their
obligations.  S&P believes that companies with local currency
ratings above the global scale sovereign rating on the Republic of
Argentina (B-/Stable/C) would be able to generate sufficient
local-currency resources to meet all their financial obligations,
both local- and foreign-currency, under a severe sovereign default
scenario, absent the risk of direct sovereign intervention that
may constrain payment of foreign-currency debt.  Such a scenario
would include a significant contraction of the GDP, a strong
devaluation of the peso, rising inflation, an inability to fully
pass through increases in costs to prices, and a lack of new
financing.

The downgrades on the foreign currency ratings also incorporate
S&P's perception of a higher probability that the Argentine
government restricts access to the foreign exchange needed to pay
debt service in foreign obligations (T&C risk).  In S&P's opinion,
companies with foreign-currency ratings remaining above S&P's T&C
risk assessment for the country are partially insulated from T&C
risk, given certain mitigating factors.  Those factors are mainly
some or most of these: substantial foreign currency generation
(generated by exports with proceeds that can be kept abroad);
substantial foreign currency generation (due to foreign
operations); the preferred export repatriation regime requirement
granted to Argentine oil and gas companies, which allowed them to
access offshore cash during the 2001-2002 crisis in Argentina;
substantial offshore liquidity, which S&P believes will be
maintained as such; moderate leverage; and the existence of
implicit parent support or formal parent guarantees.

                           Ratings List

       Ratings Lowered Or Affirmed; Some Removed From Watch

                        Alto Palermo S.A.
                     Corporate Credit Rating

                                 To             From
                                 --             ----
    Foreign Currency             B-/Stable/--
    Local Currency               B-/Stable/--   B+/Watch Neg/--

                           Alto Parana S.A.

                                To             From
                                --             ----
     Corporate Credit Rating    BB-/Stable/--  BB/Watch Neg/--

    Compania de Transporte de Energia Electrica en Alta Tension
                           TRANSENER S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

                 Electricidad Argentina S.A. (EASA)

                                To             From
                                --             ----
    Corporate Credit Rating     CCC/Stable/--  B-/Watch Neg/--

        Empresa Distribuidora Y Comercializadora Norte S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B-/Stable/--
     Local Currency             B-/Stable/--   B/Watch Neg/--

               Hidroelectrica Piedra del Aguila S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--   B/Watch Neg/--

             IRSA Inversiones y Representaciones S.A.
                      Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--
    Local Currency             B-/Stable/--  B+/Watch Neg/--

                      Loma Negra C.I.A.S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B/Stable/--   B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                     Pan American Energy LLC

                               To             From
                               --             ----
   Corporate Credit Rating     B+/Stable/--  BB-/Watch Neg/--

                      Petrobras Energia S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B+/Stable/--  BB/Watch Neg/--

                      Telecom Argentina S.A.
                      Telecom Personal S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                   Telefonica de Argentina S.A.
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B/Watch Neg/--

             Transportadora de Gas del Sur S.A. (TGS)
                     Corporate Credit Rating

                               To             From
                               --             ----
    Foreign Currency           B-/Stable/--  B+/Watch Neg/--
    Local Currency             B/Stable/--   B+/Watch Neg/--

                             YPF S.A.
                     Corporate Credit Rating

                                To             From
                                --             ----
     Foreign Currency           B+/Stable/--  BB/Watch Neg/--
     Local Currency             B+/Stable/--  BB/Watch Neg/--



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

XL CAPITAL: To Slash 15% Workforce This Year to Cut Costs
---------------------------------------------------------
XL Capital Limited will slash 15%, around 40 of its 260 emplyoees
at its Bermuda headquarters this year, as the company aims to cut
costs after posting losses in the fourth quarter and full year
2008, Jonathan Kent of The Royal Gazette reports, citing XL CEO
Michael McGavick.

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2009, XL Capital posted a net loss of US$1.43 billion for
the fourth quarter and US$2.6 billion for the year.

According to TCRLA, citing a company disclosure, Mr. McGavick said
that due to the recent losses the company incurred, it will trim
approximately 10% of its current global workforce this year to
streamline operations to best position the company to compete
effectively.

Mr. McGavick said: "The job eliminations will be primarily focused
on the corporate and functional areas.  But efficiency means more
than just job eliminations.  We have also revisited other expenses
and investments as we emphasize simplicity in our operations and
processes.  These actions are expected to cost approximately
US$60-80 million and will lead to a reduction in the underlying
expense base of US$100-US$120 million a year for 2010 onwards."

The job cuts, The Gazette says, will amount to around 360 jobs in
XL's 77 offices in 27 countries.

                          About XL Capital

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility.  The rating is under review with negative
implications.  Concurrently, A.M. Best withdrew the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.


SCOTTISH RE: Chief Financial Officer Steps Down
-----------------------------------------------
Terry Eleftheriou has resigned from his position as executive vice
president and chief financial officer of Scottish Re Group
Limited, effective February 9, 2009, to pursue other interests.
Mr. Eleftheriou had served as the company's chief financial
officer since September 2007.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United
Kingdom, United States, and Singapore.  Its flagship operating
subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re Capital
Markets, Inc., a member of Scottish Re Group Ltd., is a registered
broker dealer that specializes in securitization of life insurance
assets and liabilities.

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, A.M. Best Co. downgraded the financial strength
rating to D from C- and issuer credit ratings to "c" from "cc" of
the primary operating insurance subsidiaries of Scottish Re Group
Limited (Scottish Re) (Cayman Islands).

Concurrently, A.M. Best downgraded the FSR to E (Under
Regulatory Supervision) from C- and ICR to "rs" from "cc" of
Scottish Re, Inc.  A.M. Best also affirmed the ICR of "c" and
all debt ratings of Scottish Re.  The outlook for all ratings is
negative, with exception of the FSR and ICR of Scottish Re (U.S.),
Inc and the US$125 million non-cumulative preferred shares of
Scottish Re.

According to a TCRLA report on June 17, Moody's Investors Service
placed on review with direction uncertain Scottish Re Group Ltd.'s
senior unsecured shelf of (P)Caa1, subordinate shelf of (P)Caa2,
junior subordinate shelf of (P)Caa2, preferred stock of Caa3, and
preferred stock shelf of (P)Caa3.  Moody's had previously placed
the ratings on review for possible downgrade.



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

BANCO NOSSA: S&P Assigns 'BB' Global Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
global scale counterparty credit rating and 'brAA' Brazilian
national scale rating to Banco Nossa Caixa S.A.  At the same time,
S&P placed the ratings on CreditWatch with positive implications.

The ratings on Nossa Caixa reflect the intrinsic stand-alone
credit quality of the bank because S&P understand that the
transfer of ownership to Banco do Brasil S.A. (BdB; BBB-/Stable)
is very likely to occur in the coming weeks or few months.
Therefore, the ratings do not incorporate any support or
constraint deriving from the current ownership by the Brazilian
state of Sao Paulo (not rated).

"The CreditWatch listing indicates that S&P expects to equalize
the ratings of Nossa Caixa to those of its new controlling
shareholder, BdB, when the transaction is completed," said
Standard & Poor's credit analyst Marcelo Peixoto.  "In the
unlikely event that the sale to BdB is not approved and the bank
continues to be controlled by the government of the state of Sao
Paulo, S&P will have to reassess the rating on Nossa Caixa and
incorporate in the final rating the relationship with the state
government."


EMBRATEL: To Expand DTH Offering to 75 Cities
---------------------------------------------
Empresa Brasileira de Telecomunicacoes S.A ("Embratel") will
expand its Direct-To-Home television ("DTH") offer to over 75
cities of the Sergipe region, as well as 59 municipalities in and
around Piaui, North Brazil, Rapid TV News reports, citing the
company's biggest Mexican shareholder Carlos Slim.

Embratel -- http://www.embratel.com.br-- is a major
telecommunications carrier in Brazil.  It offers up-to-date
telecommunications solutions to the Brazilian market including
local, long distance domestic and international calling; data,
video and Internet transmission.  Embratel can provide services
all over the country through its satellite solutions.  Embratel
has been part of the history of Brazil for 43 years, playing a
major role in the country's development.

                         *     *     *

Embratel Participacoes continues to carry Moody's "B1" local
currency issuer rating and "B2" senior unsecured debt rating.


GERDAU SA: Share Price Estimate Cut by 42% at Brascan Corretora
---------------------------------------------------------------
Gerdau S.A.'s share price estimate was cut by 42% at Brascan
Corretora as steel volumes drop along with prices due to weaker
global demand, Paulo Winterstein of Bloomberg News reports.

According to the report, Analyst Rodrigo Ferraz wrote in a note
that Gerdau will likely trade at BRL24.35 a share in 12 months,
from his previous estimate of BRL42.21.

Fourth-quarter sales volume, the report notes, likely dropped 37%
from the year-earlier period in North America and 32% in Latin
America.  Prices likely fell 9% from the third quarter, Mr. Ferraz
wrote, the report says.

Bloomberg News discloses that Gerdau is scheduled to report
earnings on Feb. 19.

"Numbers to be reported by Gerdau reflect the strong decline in
global economic activity during the last few months," Mr. Ferraz
was quoted by the report as saying.  "Our expectation is that in
the first quarter of 2009 the level of sales will continue to be
very depressed, principally in North America."

                         About Gerdau S.A.

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2008, Moody's Investors Service changed to positive from
stable the outlook of all ratings related to Gerdau S.A. (Ba1
Corporate Family Rating and Ba1 US$600 million guaranteed
perpetual bonds).



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

ABZ ASSETX: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------
On January 27, 2008, Ogier presented the companies' wind-up report
and property disposal to the shareholders of:

   -- ABZ Assetx Ltd.; and
   -- ABZ Assetx World Selection Ltd.

The Liquidator can be reached at:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


APOLLO SPIRES: Members Receive Wind-Up Report
---------------------------------------------
The members of Apollo Spires Limited 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:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


D.B. ZWIRN: Members Receive Wind-Up Report
------------------------------------------
The members of D.B. Zwirn Special Opportunities Fund II, 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:

          Allison Nolan
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


DRAKE INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
The members of Drake Investment Fund Ltd 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:

          Glen Trenouth
          P.O. Box 31118, Grand Cayman, KY1-1205
          Cayman Islands
          Telephone: (345) 943 8800
          Facsimile: (345) 943 8801


ENH PARTNERS: Sole Shareholder Receives Wind-Up Report
------------------------------------------------------
On January 29, 2009, the sole shareholder of ENH Partners received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


FIRST COMMERCE: Members Receive Wind-Up Report
----------------------------------------------
The members of First Commerce 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:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


KATONAH II: Members Receive Wind-Up Report
------------------------------------------
The members of Katonah II, 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:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


KITTONA HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 29, 2009, the shareholders of Kittona Holdings Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kaliwood Corporation
          c/o Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


LIFE SCIENCE: Sole Shareholder Receives Wind-Up Report
------------------------------------------------------
On January 26, 2009, the sole shareholder of Life Science Capital
(GP) Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


LIFE SCIENCE ET AL: Shareholder Receives Wind-Up Report
-------------------------------------------------------
On January 26, 2008, Ogier presented the companies' wind-up report
and property disposal to the shareholders of:

   -- Life Science Capital Management Limited; and
   -- Life Science Capital Master Fund.
   -- Life Science Capital Fund; and

The Liquidator can be reached at:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


MURJAN LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of Murjan Limited 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:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


MURJAN 2: Members Receive Wind-Up Report
----------------------------------------
The members of Murjan 2 Limited 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:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


MURJAN 3: Members Receive Wind-Up Report
----------------------------------------
The members of Murjan 3 Limited 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:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


OTTIMO FUNDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Ottimo Funding 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:

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


PLATINUM CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On January 22, 2008, Ogier presented the companies' wind-up report
and property disposal to the shareholders of:

   -- Platinum Capital Protected Income Plus Fund Limited; amd
   -- Platinum Capital Protected Equity Plus Fund Limited.

The Liquidator can be reached at:

         Ogier
         c/o Khatidja McLean
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


PRINCETOWN PHOTONICS: Shareholder Receives Wind-Up Report
---------------------------------------------------------
On January 29, 2009, the shareholder of Princetown Photonics
(Cayman) Co., Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

           Eddie Chen
           c/o Ms. Kay Hsieh
           26th Floor, No. 1205, Tun-Hwa S. Road.
           Sec2, Taipei 106, Taiwan
           Tel: 345 949 2648
           Fax: 345 945 2877


SIGNUM SAPPHIRE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Signum Sapphire Limited 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:

          David Dyer
          P.O. Box 1984, Grand Cayman KY1-1104
          Telephone: (345)949 8244
          Facsimile: (345)949 5223


TATRONICS HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On January 29, 2009, the shareholders of Tatronics Holdings
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kaliwood Corporation
          c/o Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


WAKELAND INVESTMENTS: Sole Shareholder Receives Wind-Up Report
--------------------------------------------------------------
On January 29, 2009, the sole shareholder of Wakeland Investments
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904



==================
C O S T A  R I C A
==================

* Fitch Affirms Costa Rica's Issuer Default Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings affirms Costa Rica's ratings:

  -- Long-term foreign currency Issuer Default Rating at
     'BB';

  -- Long-term local currency IDR at 'BB+';


  -- Short-term IDR at 'B';

  -- Country ceiling at 'BB+'.

The Rating Outlook is Stable.

Costa Rica's ratings are supported by its high per capita income,
strong governance indicators, modest external debt burden and
improved public finances.  On the other hand, the monetary and
exchange rate policy framework represents a key credit weakness,
particularly in light of comparatively high levels of inflation
and financial dollarization, a relatively large current account
deficit, financial sector weaknesses and fragile albeit improved
international liquidity.

'Fitch believes that Costa Rica's improved public finances, net
external creditor position and broad-based multilateral support
could help to mitigate the impact of the U.S. recession and
tighter global liquidity on sovereign creditworthiness,' said
Casey Reckman, Associate Director in Fitch's Sovereign Group.
Recent fiscal consolidation owing to buoyant economic growth,
administrative measures, expenditure discipline and incomplete
execution, underpin stronger public finances.  Although the fiscal
balance will return to negative levels in 2009 as growth slows and
authorities try to cushion the blow of external shocks with higher
spending, the projected 2.5% of GDP fiscal deficit would not
threaten debt dynamics and still compares favorably against the
'BB' median. Costa Rica's general government debt is forecast to
weaken slightly to 27% of GDP in 2009, yet should also remain
stronger than the peer median.

Costa Rica's large current account deficit and fragile liquidity
position leave the country vulnerable to shocks, particularly in
the absence of a stronger monetary and exchange rate policy
framework.  The sovereign's liquidity ratio, at 102% in 2009,
remains well below the peer median of 166%.  Furthermore, if
dollar deposits in the financial system are included, the
liquidity ratio falls to around 45%, reflecting underlying
vulnerabilities in Costa Rica's international reserves position
and high level of financial dollarization.  Costa Rica's large
external financing needs, at 80.6% of international reserves in
2009, have traditionally been covered in part by high levels of
FDI.  Although Fitch expects FDI inflows to weaken in 2009, Costa
Rica's broad multilateral backing through emergency liquidity
support, which could amount to US$2 billion, could help bolster
liquidity and meet external financing needs in 2009.

The credibility of Costa Rica's monetary and exchange rate policy
framework continues to constrain the sovereign's ratings.
Inflation objectives were introduced in 2007 but the Central Bank
of Costa Rica (BCCR) has not met them effectively.  In 2008, the
BCCR prioritized managing foreign exchange pressures over meeting
inflation targets as evidenced by negative real interest rates and
the use of international reserves to defend the managed exchange
rate band.  'Costa Rica's monetary and exchange rate regime may
continue to face challenges from reduced capital inflows, higher
risk aversion and declining CXR, but Fitch welcomes the BCCR's
recent decision to increase the pace of depreciation allowed
within the band,' Reckman added.

In spite of improved regulation and reduced offshore activities,
Costa Rica's financial system remains comparatively weak due to
high and increasing financial dollarization and lower capital
adequacy. In this context, economic slowdown and continued
currency pressure could weaken the financial system, potentially
leading to contingent liabilities for the sovereign in light of
considerable state participation in the banking system.

Strengthening of the monetary and exchange rate policy framework
could benefit Costa Rica's ability to cope with external shocks
and in turn, its creditworthiness. Passage of revenue-enhancing
legislation along with continued fiscal discipline is also
critical to supporting Costa Rica's ratings by sustaining positive
debt dynamics as economic growth decelerates.  Alternatively, in
light of concerns about Costa Rica's relatively weak exchange rate
framework, current account deficit and liquidity indicators,
significant erosion of international reserves could put downward
pressure on ratings.  An inappropriate policy response to the
ongoing economic slowdown or greater currency pressures could also
be negative for creditworthiness, particularly in light of
important public participation in a weak financial system.



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

CL FINANCIAL: Angostura Unit Won't be Affected by Gov't Bailout
---------------------------------------------------------------
CL Financial Group Chief Finance Officer Michael Caballo assured
that Angostura Limited's operations will not be affected by the
recent government bailout of parent company, CL Financial Limited,
Trinidad and Tobago Newsday reports.

"The group is independent.  Angostura has a viable operation and
the company is making a profit.  Even if CL Financial is the
parent company, Angostura's operations are totally independent
from the other subsidiaries," CEO Caballo told Newsday in an
interview.

According to the report, Corporate Communications Manager for
Angostura, Giselle Laronde-West, said the company was stable.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said Trinidad and
Tobago President George Maxwell Richards signed the bailout
bills for CL Financial Limited, giving the government the
authority to control the company's unit, CLICO, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.

As reported by Reuters on January 30, 2009, 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.  Mr. 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.

                         About CL Financial

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: CIBC Eyes Company's 55% Stake in Republic Bank
------------------------------------------------------------  
Canadian Imperial Bank of Commerce ("CIBC") is interested to renew
its offer to acquire CL Financial's 55% Stake in Republic bank
amid the recent government bailout, Trinidad and Tobago Express
reports.

The report recalls eight years ago, CIBC came close to sealing the
acquisition deal for the coveted stake, however, CL Financial
Chairman Lawrence Duprey decided not to divest them.

According CarribWolrdNews, the Ministry of Finance confirmed that
CIBC executives have recently approached the institution and asked
for a meeting for the possible buyout.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said Trinidad and
Tobago President George Maxwell Richards signed the bailout
bills for CL Financial Limited, giving the government the
authority to control the company's unit, CLICO, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.

As reported by Reuters on January 30, 2009, 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.  Mr. 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.

         Republic Bank's Depositor Confidence Returning

Managing Director David Dulal-Whiteway told The Express in an
interview that depositor's confidence in the Republic bank is
returning as deposits increased by the end of last week.  The
Express relates that the bank had also recovered much of what had
been taken out amid the mass withdrawals prompted by the bailout
news.

Last week, the Express recounts, the bank reported that as much as
US$160 million had been withdrawn from Republic branches.

Mr. Dulal-Whiteway, the same report notes, attributed positive
development to statements from the Minister of Finance that
clarified the state's involvement in the bank.

According to a TCRLA reports on Feb. 10, citing The Express, in
the midst of speculations that the government will interfere in
Republic Bank's operations, Minister of Finance Karen Nunez-
Tesheira said: "We assert that the Government has no intention of
taking over Republic Bank, or getting involved in the operations
of the Republic Bank."

According to The Express, a joint statement by the Ministry of
Finance and Republic Bank Ltd, stated: "The Minister of Finance
reiterated that the Government does not intend to request a change
in the board of directors, management or governance structure of
Republic Bank.  Work has already begun on the share divestment
proposal and decisions will be made public in due course."

                         About CL Financial

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.




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

PDVSA: Joint Venture Plan With Petrobras Reaches Impasse
--------------------------------------------------------
A joint venture between Petroleos de Venezuela ("PDVSA") and
Petroleo Brasileiro SA (Petrobras) on a US$4 billion Abreu e Lima
Refinery project in Pernambuco, Brazil may not come into fruition,
various reports say.

According to Dow Jones Newswires, citing the Estado News Agency,
Paulo Roberto Costa, Petrobras' Supply and Refining director, said
there was an impasse in the proposed oil refinery joint-venture
due to PdVSA's attempts to impose conditions on its participation
in the project, and this may lead to its being excluded.

Mr. Costa, Reuters relates, told reporters that PDVSA's plan was
not acceptable due to the pricing mechanism for the heavy crude
that Venezuela would supply to the refinery and the plan for
commercialization of the refined products.

Reuters notes Mr. Costa said Petrobras was still committed to
reaching an accord with PDVSA on the refinery in Pernambuco state.
However, he said, "Without resolving these two impasses, there is
no accord," the same report relates.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                        *     *     *

Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook.  The rating was affirmed by S&P in April 2008.


PDVSA: Will Not Reduce Workforce Amid Global Crisis
---------------------------------------------------
Petroleos de Venezuela ("PDVSA") maintained that despite the
financial status inside the oil business resulting from the global
economic situation and falling oil prices, it will not cut its
payroll, neither in its standard businesses nor its subsidiaries
or mixed companies.  At the same time, PDVSA has taken action to
shield the contractual payroll of service companies.

Therefore, the state-run oil holding has categorically rebutted
the remarks made by spokespersons of the Venezuelan Workers'
Confederation ("CTV"), intended only to scare workers and
discourage the industry operations.

CTV representatives, closely linked with opposition Gente del
Petróleo movement, have used this way of policy making every time
an election approaches. Now, they argue unreal layoffs to curb the
ongoing revolutionary process throughout oil facilities.

Over the past few days, PDVSA has been renegotiating current
agreements with contractors, because in 2008, in the face of
rising oil prices, the costs of service companies increased up to
40%.  Now, as a result of falling oil prices, they need to adapt
their excessive rates to the current scenario, as such an increase
is not reasonable at this present time.

Most of the debt reported by contractors comes from the climbing
rates in 2008.  Therefore, PDVSA ordered to pay the workers'
salary as it makes headway with the remaining portion of the
agreements.  In this way, PDVSA seeks to ensure that contractors
will timely pay all their workers, as part of its human resources
policy that should govern all its businesses.

This is the only reason why some contractors are using the ghost
of alleged layoffs instead of making the requested price
adjustment.

PDVSA upholds the commitment of the revolutionary government to
all its workers nationwide and urges oil-sector workers not to let
themselves be manipulated by the sectors that have turned their
back on workers' interests.

                             About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                        *     *     *

Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook.  The rating was affirmed by S&P in April 2008.



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

* CARIBBEAN ISLAND: Four Seasons Extends Closure Until October 31
-----------------------------------------------------------------
Four Seasons will extend the closure of its Nevis resort until
October 31, 2009, to undergo a renovation resulting from impacts
from Hurricane Omar, Caribbean Net News reports, citing Director
of Public Relations Tara MacIntyre.

The report recalls that the Hurricane passed through the islands
of St Kitts and Nevis in October 2008.


* BOND PRICING: For the Week February 9 – February 13, 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.


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