---

        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

             Tuesday, March 17, 2009, Vol. 9, No. 53

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: R. Stanford's Yacht Transferred to St. Thomas


A R G E N T I N A

ALFA SEGURO: Proofs of Claim Verification Deadline Is April 6
COAREX SA: Trustee Verifying Proofs of Claim Until June 1
COMPAATIA DEPORTIVA: Verifying Proofs of Claim Until May 14
DON DELFIN: Trustee Verifying Proofs of Claim Until May 8
EXPOMAPICA SA: Trustee Verifying Proofs of Claim Until April 27

G Y G EMPRENDIMIENTOS: Verifying Proofs of Claim Until April 20
FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Global Scale Rating
SEMACAR SERVICIOS: Trustee Verifying Proofs of Claim Until May 27
TALLERES COMETAL: Trustee Verifying Proofs of Claim Until April 27


B E R M U D A

GET FIT: Creditors' Proofs of Debt Due on May 13
LITTLE VENICE: Lays Off 30 Employees to Cut Costs


B R A Z I L

SADIA: Moody's Lowers Local Currency Corporate Family Rating to B2


C A Y M A N  I S L A N D S

ASIA MORTGAGE: Members Receive Wind-Up Report
BOMO LTD: Members Receive Wind-Up Report
BRANDYMIST LTD: Members Receive Wind-Up Report
BROOKLANDS EURO: Fitch Downgrades Ratings on 2005-1 Notes
BUTTONWOOD HOLDING: Shareholders Receive Wind-Up Report

CANADA 7.25% 2008: Shareholder Hears Wind-Up Report
ECONERGY GRAND: Shareholders Receive Wind-Up Report
EW GLOBAL: Shareholders Receive Wind-Up Report
J.P. MORGAN ASIA: Shareholders Receive Wind-Up Report
NEWGATE EMERGING: Members Receive Wind-Up Report

P7S1 MANAGEMENT: Shareholders Receive Wind-Up Report
PAMPLONA GLOBAL ET AL: Liquidator Presents Wind-Up Report
PEGASYS MARINE: Shareholder Hears Wind-Up Report
RECIENTE INC: Shareholders Receive Wind-Up Report
ROBECO WPG: Shareholder Receive Wind-Up Report

SAP GROUP: Shareholders Receive Wind-Up Report
SOUTHEAST EUROPE: Shareholders Receive Wind-Up Report
SPYGLASS CLO: Shareholders Receive Wind-Up Report
THE CUADRAR OFFSHORE ET AL: Liquidator Presents Wind-Up Report
TRUE NORTH: Members Receive Wind-Up Report

WHARTON ASIAN: Members Receive Wind-Up Report


C O L O M B I A

CHIQUITA BRAND: Faces Suit by Family of Man Killed in Colombia


E C U A D O R

ECOPETROL: To Acquire Enbridge's Stake in Ocensa for US$417.8Mln


J A M A I C A

CABLE & WIRELESS: Digicel Jamaica to Sue LIME for Defamation
JPSCO: Says Rate Increase is Necessary for Expansion


M E X I C O

AUTOPISTA DEL MAYAB: Moody's Affirms Ratings on Senior Lien
GMAC FINANCIERA: Moody's Cuts Class A Certificates Ratings to B3


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Republic Bank Won't Cut Jobs, Director Says


V E N E Z U E L A

PDVSA: Workers Want Company Audited
PDVSA: Joint Refinery Deal Signing With Brazil Reset Again
PDVSA: Forms Joint Venture With Schlumberger Limited
SIDERURGICA DEL TURBIO: Fitch Affirms Issuer Rating at 'B+'


X X X X X X X X

* Fitch Issues List on Latin America National Scale Rating Changes
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

STANFORD INT'L BANK: R. Stanford's Yacht Transferred to St. Thomas
------------------------------------------------------------------
Stanford International Bank Limited (“SIBL”) owner Robert Allen
Stanford's 120-foot yacht Sea Eagle exited St. Croix’s Gallows Bay
on March 14, and moved to St. Thomas for better security and to
blend better with large vessels docked there among cruise ships,
Ryan J. Donmoyer of Caribbean Net News reports, citing Ronnie
Schang, an aide to US Virgin Islands Governor John de Jongh.  The
report relates a US marshal along with an unidentified
representative from the Dallas law office of receiver Ralph Janvey
were on the ship as it sailed to its new destination.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, Reuters said Mr. Stanford owes US$1.2 million to
various St Croix businesses in U.S. Virgin Islands.  Mr.
Stanford's offices in the USVI have been shut down by the US
court-appointed receiver overseeing his assets, a member of the
receiver's team told Reuters in an interview.

The U.S. Securities and Exchange Commission on Feb. 17, charged
Robert Allen Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  The SEC also
charged SIBL chief financial officer James Davis as well as Laura
Pendergest- Holt, chief investment officer of Stanford Financial
Group (SFG), in the enforcement action.

Reuters related a property surveyor, two architecture firms, an
excavator and an asphalt provider, have filed liens against Mr.
Stanford's properties, aiming to protect themselves in the event
the fraud charges and federal investigation can interfere with Mr.
Stanford's ability to pay them.

Mr. Stanford's assets, according to Reuters, included:

  –- US$7.7 million home and office compound;

  –- US$20-million 120-foot custom yacht; and

  –- deeds to US$34.7 million of property on the Caribbean island

“I’m disappointed,” Mr. de Jongh told Caribbean Net News in an
interview.  “Clearly Mr. Stanford was a large player within the
Caribbean, but also I’m very disappointed from the standpoint of
the number of Virgin Islands families that are affected,” the same
report quoted Mr. de Jongh as saying.

According to Caribbean Net News, dozens of Stanford’s workers are
now unemployed, including some who relocated to the island from
the mainland, and construction on offices and a mansion he was
building on one of St Croix’s highest peaks overlooking the
Caribbean Sea has stopped.

Caribbean Net News relates Virginia Angus, vice president of the
St Croix Marine, said she has not yet received payments for Sea
Eagle's docking fee and cost of electricity that could amount to
about $1,500 per day.  “We didn’t get paid yet,” the same report
quoted Ms. Angus as saying.  Ms. Angus is seeking reimbursement
from the court-appointed receiver, but declined to say how much
the marina is owed, the report says.

                            About SIBL

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



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

ALFA SEGURO: Proofs of Claim Verification Deadline Is April 6
-------------------------------------------------------------
Norberto de Napoli, the court-appointed trustee for Alfa Seguro
Empresario SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until April 6, 2009.

Mr. de Napoli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:

           Norberto de Nápoli
           M. T. de Alvear 925
           Buenos Aires, Argentina


COAREX SA: Trustee Verifying Proofs of Claim Until June 1
---------------------------------------------------------
The court-appointed trustee for Coarex S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 1, 2009.

The trustee will present the validated claims in court as
individual reports on July 29, 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
October 8, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 9, 2010.


COMPAATIA DEPORTIVA: Verifying Proofs of Claim Until May 14
-----------------------------------------------------------
The court-appointed trustee for Compaatia Deportiva S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 14, 2009.


DON DELFIN: Trustee Verifying Proofs of Claim Until May 8
---------------------------------------------------------
The court-appointed trustee for Don Delfin S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
May 8, 2009.

The trustee will present the validated claims in court as
individual reports on June 22, 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
August 18, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 15, 2010.


EXPOMAPICA SA: Trustee Verifying Proofs of Claim Until April 27
---------------------------------------------------------------
The court-appointed trustee for Expomapica S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
April 27, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 10, 2010.


G Y G EMPRENDIMIENTOS: Verifying Proofs of Claim Until April 20
---------------------------------------------------------------
The court-appointed trustee for G y G Emprendimientos Comerciales
S.R.L.'s bankruptcy proceedings will be verifying creditors'
proofs of claim until April 20, 2009.


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba1' Global Scale Rating
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Class A Fixed Rate and Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XXVII issued by
Equity Trust Company (Argentina) S.A. - acting solely in its
capacity as Issuer and Trustee.

Moody's also assigned ratings of Caa2.ar (Argentine National
Scale) and Caa3 (Global Scale, Local Currency) to the Class B
Fixed Rate Securities; and ratings of C.ar (Argentine National
Scale) and C (Global Scale, Local Currency) to the subordinated
Certificates.

The assigned ratings are based on these factors:

  -- The credit quality of the securitized personal loans

  -- The ability and willingness of ANSES to make monthly pensions

  -- The ability of Banco Supervielle to act as the servicer of
     the pool.

  -- The ability of Equity Trust to act as trustee in this
     transaction

  -- Initial credit enhancement provided through subordination

  -- The availability of various reserve accounts, and

  -- The legal structure
     of the transaction.

                       The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 24,647 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of Ar$ 61,916,355.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social).  The pool is also constituted by loans granted
to government employees of the Province of San Luis.  Banco
Supervielle is the payment agent for this government entity and
deducts the monthly loan installment directly from the borrower's
paycheck.

                            Structure

Equity Trust Company (Argentina) S.A. (Issuer and Trustee) issued
three classes of Debt Securities (Class A Fixed Rate Securities,
Floating Rate Securities and Class B Fixed Rate Securities) and
one class of Certificates, all denominated in Argentine pesos.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 16%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 580 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 28% or lower
than 16%.  The Class B Fixed Rate Securities will bear a fixed
interest rate of 24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

                       Rating Methodology

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for losses centered around the most likely
scenario of 10%.  Also, Moody's assumed a triangular distribution
for the prepayments centered around a most likely scenario of 12%.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.

                          Rating Action

Originator: Banco Banex S.A. (now Banco Supervielle S.A.)

  -- Ar$ 30,508,579 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXVII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- Ar$ 22,120,323 in Floating Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXVII",
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- Ar$ 9,187,150 in Class B Fixed Rate Debt Securities of
     "Fideicomiso Financiero Supervielle Creditos Banex XXVII",
     rated Caa2.ar (Argentine National Scale) and Caa3 (Global
     Scale, Local Currency)

  -- Ar$ 3,095,818 in Certificates of "Fideicomiso Financiero
     Supervielle Creditos Banex XXVII", rated C.ar (Argentine
     National Scale) and C (Global Scale, Local Currency)


SEMACAR SERVICIOS: Trustee Verifying Proofs of Claim Until May 27
-----------------------------------------------------------------
The court-appointed trustee for Semacar Servicios de Mantenimiento
de Carreteras S.A.'s reorganization proceedings will be verifying
creditors' proofs of claim until May 27, 2009.

The trustee will present the validated claims in court as
individual reports on July 8, 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
September 4, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 17, 2010.


TALLERES COMETAL: Trustee Verifying Proofs of Claim Until April 27
------------------------------------------------------------------
The court-appointed trustee for Talleres Cometal S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 27, 2009.

The trustee will present the validated claims in court as
individual reports on June 10, 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
August 7, 2009.



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

GET FIT: Creditors' Proofs of Debt Due on May 13
------------------------------------------------
The creditors of Get Fit Foundation (GEFF) International Limited
are required to file their proofs of debt by March 13, 2009, to be
included in the company's dividend distribution.

Andrew Andronikou and Christopher C. Morris are the company's
liquidators.


LITTLE VENICE: Lays Off 30 Employees to Cut Costs
-------------------------------------------------
Little Venice Group has laid off roughly five-to-10 staff, and has
decided not to renew the work permits of another 20-to-25 people,
owner Emilio Barbieri told the Bermuda Sun in an interview.  The
Bermuda Sun reports that Mr. Barbieri said 30 employees were laid
off at the restaurant.

"It's well known that things are slow in the restaurant industry,"
the report quoted Mr. Barbieri as saying.  "[Many staff] term
limits finished and we didn't apply for new people.  So when their
term limits run out they'll be finished their time here."

According to the report, Mr. Barbieri said the cutbacks have
affected staff positions across the board, and are spread out
across the group's seven restaurants.

As part of the restaurant's plan to control cost, the report
relates, these measures were implemented:

   * not replacing staff whose six-year term limits are up;
   * staff who have vacation coming up have been encouraged to
     extend their trips by a few weeks;
   * employees that live overseas were told to take more time
     off; and
   * reduced hours for many of the staff, who now work four or
     five days a week instead of six.

Bermuda Sun notes Philip Barnett, president of the Island
Restaurant Group chain and chief of the Chamber of Commerce, said
the plight of Little Venice is indicative of an emerging trend in
the restaurant industry.

Mr. Barnett, the report relates, said the cost-cutting measures at
large financial firms - particularly the slashing of expense
account spending - has had a knock-on effect to the restaurant
sector.  Prior to the recession, some of the most important
business deals to be done in Bermuda took place around dining room
tables, Mr. Barnett added.

Little Venice Group –-  http://www.littlevenice.bm/–-  Bermuda-
based Italian restaurant, has over 30 years of service.



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

SADIA: Moody's Lowers Local Currency Corporate Family Rating to B2
------------------------------------------------------------------
Moody's downgraded Sadia S.A.'s local currency corporate family
rating and Sadia Overseas Ltd.'s guaranteed foreign currency debt
rating to B2 from B1.  The rating outlook is negative.

"The downgrade to B2 was prompted by recent signs of weaker than
anticipated Brazil poultry industry export market prices and
volumes, which is likely to cause pressure on Sadia's cash flow
generation.  The downgrade also incorporates Moody's expectation
that Sadia is likely to maintain high leverage and weak liquidity
compared to similarly rated industry peers," explained Moody's VP
Senior Analyst, Soummo Mukherjee.  "Furthermore, current credit
market conditions and Sadia's higher leverage are likely to cause
interest costs to be materially higher in 2009, which, when
combined with the company's expected working capital needs and
capital expenditures, is likely to lead to negative free cash flow
in 2009." added Mukherjee.

The negative outlook is mainly due to Sadia's overall weak
liquidity profile given its significant amount of short-term debt
maturities and refinancing risk related to bank loan maturities
with the largest concentration in September 2009.  Sadia has,
however, maintained approximately BRL 1 billion of available cash
and according to the company, been able to roll-over existing
short-term debt under current market conditions.

Sadia is expected to report full-year 2008 results on March 27,
2009, which will provide more information on Sadia's key credit
metrics and further information related to the full extent of its
losses related to currency derivatives.  Although Moody's already
highlighted in Moody's November 6, 2008 downgrade of Sadia's
rating from Ba3 to B1 that Sadia's leverage at 6.7x Debt to EBITDA
at the end of September 30, 2008 was high for the B1 rating
category, the previous stable outlook assumed that Sadia would
gradually reduce its leverage by cutting investments and costs and
reducing working capital needs.

At the end of September 30, 2008, Sadia's had approximately 50% of
its total debt denominated in USD, which, with the further 22%
devaluation of the BRL against the US$from the end of September to
year-end 2008, would raise Sadia's total debt by an additional BRL
900 million, causing Sadia's leverage to be significantly higher
than Moody's 7.0x Total Debt/EBITDA trigger for a rating
downgrade.  Given that Moody's expect negative free cash flow in
2009, this leverage ratio is unlikely to decrease below 7.0x in
the near term, in the absence of a capitalization of the company.

Ratings downgraded with a negative outlook are:

  -- Corporate Family Rating: to B2 from B1

  -- US$250 million 6.875% in guaranteed senior unsecured notes
     due 2017 issued by Sadia Overseas Limited with an
     unconditional and irrevocable guarantee from Sadia: to B2
     from B1

Moody's last rating action on Sadia was on November 6th, 2008,
when Moody's downgraded Sadia's ratings to B1, following the
company's reported third quarter results and greater disclosure of
its derivatives exposure and counterparty risk.

Sadia, headquartered in Sao Paulo, Brazil, is the largest
slaughterer and distributor of poultry and pork products in
Brazil, as well as the leading refrigerated and frozen protein
products company.  For the last twelve months ending on
September 30, 2008, Sadia had net revenues of BRL 10.2 billion
(US$6 billion) and reported EBITDA of BRL 1.1 billion (US$647
million) with 46% of revenues derived from exports to over 100
countries.



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

ASIA MORTGAGE: Members Receive Wind-Up Report
---------------------------------------------
The members of Asia Mortgage Finance met on March 2, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Huang
          Tokyo Ginko Kyokai Building 14FI
          1-3-1 Marunochi, Chiyoda-ku
          Tokyo 100-0005, Japan


BOMO LTD: Members Receive Wind-Up Report
----------------------------------------
The members of Bomo Ltd. met on March 3, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BRANDYMIST LTD: Members Receive Wind-Up Report
----------------------------------------------
The members of Brandymist Ltd. met on March 3, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BROOKLANDS EURO: Fitch Downgrades Ratings on 2005-1 Notes
---------------------------------------------------------
Fitch Ratings downgraded Brooklands Euro Reference-Linked Notes
2005-1 and assigned Recovery Ratings to the class A2, B, C, D1, D2
and E notes as listed below:

  -- Class A1 (ISIN XS0226765807) downgraded to 'B' from 'BBB';
     Outlook Negative

  -- Class A2 (ISIN XS0226770559) downgraded to 'CCC' from 'BB';
     assigned 'RR4'

  -- Class B (ISIN XS0226771102) downgraded to 'CC' from 'B';
     assigned 'RR5'

  -- Class C (ISIN XS0226776911) downgraded to 'C' from 'CCC';
     assigned 'RR6'

  -- Class D1 (ISIN XS0226777133) downgraded to 'C' from 'CC';
     assigned 'RR6'

  -- Class D2 (ISIN XS0226777216) downgraded to 'C' from 'CC';
     assigned 'RR6'

  -- Class E (ISIN XS0226777729) affirmed at 'C'; assigned 'RR6'

The rating downgrades reflect further negative portfolio credit
migration since the review in October 2008 and lower-than-expected
recoveries from the credit events of Kaupthing Bank and Lehman
Brothers Holding Inc.  Additionally, one US sub-prime RMBS
security is now regarded as rated 'C' by Fitch but has not yet
been called as a credit event.  Based on Fitch's expectation of
zero recovery on this asset and the settlement of the losses from
Kaupthing and Lehman, the resulting credit enhancement available
to the class A1 notes would be approximately 11.3%, 6.1% for the
class A2 notes, 4.1% for the class B notes, 2.5% for the Class C
notes and 0.3% for the class D1 and D2 notes.  The class E notes
would be expected to write down to EUR3.3m from the current
balance of EUR15.0m.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any structured finance names on Rating Watch
Negative, and a single-notch downward adjustment for corporate
names on RWN or Negative Outlook for default analysis under its
Portfolio Credit Model.  The weighted average portfolio credit
quality is 'BB+' compared to 'BBB-' (BBB minus) in October 2008.
Excluding the asset treated as a credit event, 8.4% of the
portfolio is rated 'B+' and below, of which 6.2% is rated 'CCC+'
and below on an unadjusted basis, compared to 2.9% rated 'B+' and
below in October 2008.  The portfolio comprises 79.6% corporate
reference entities and 20.4% structured finance reference
entities.

The issuer, Brooklands, is a special purpose vehicle incorporated
with limited liability under the laws of the Cayman Islands.
Brooklands provides protection to UBS AG, London Branch (rated
'A+'/Outlook Stable/'F1+') on a portfolio of reference credits
with an initial notional value of EUR1bn.

The ratings of the Class A to E notes address the full and timely
payment of interest and ultimate payment of principal by the final
maturity.


BUTTONWOOD HOLDING: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Buttonwood Holding Company Cayman Limited met
on March 6, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CANADA 7.25% 2008: Shareholder Hears Wind-Up Report
---------------------------------------------------
The shareholder of Canada 7.25% 2008 (Cayman) met on March 2,
2009, and received the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

          Nicola Eccleston
          Sylvia Lewis
          P.O. Box 1109
          Grand Cayman KY1-1102
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634


ECONERGY GRAND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Econergy Grand Cayman Holdings, Ltd. met on
March 9, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Zephyr House, 3rd Floor
          122 Mary Street, P.O. Box 715
          Grand Cayman KY1-1107, Cayman Islands


EW GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of EW Global Funding Limited met on March 6,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


J.P. MORGAN ASIA: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of J.P. Morgan Asia Technology Limited met on
March 6, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEWGATE EMERGING: Members Receive Wind-Up Report
------------------------------------------------
The members of Newgate Emerging Markets Bond Fund Limited met on
March 2, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor,
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946-7665
          Facsimile: (345) 946-7666


P7S1 MANAGEMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of P7S1 Management Co. met on March 9, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Zephyr House, 3rd Floor
          122 Mary Street
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


PAMPLONA GLOBAL ET AL: Liquidator Presents Wind-Up Report
---------------------------------------------------------
On March 2, 2009, DMS Corporate Services Ltd presented the
companies' wind-up report and property disposal to the members of:

   -- Pamplona Global Emerging Markets Master Fund Ltd; and
   -- Pamplona Global Emerging Markets Fund Ltd.

The Liquidator can be reached at:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone: (345) 946-7665
          Facsimile: (345) 946-7666


PEGASYS MARINE: Shareholder Hears Wind-Up Report
------------------------------------------------
The sole shareholder of Pegasys Marine, Inc. received the
liquidator's report on the company's wind-up proceedings and
property disposal on March 9, 2009.

The company's liquidator is:

           Alan Dabbiere
           1425 Ellsworth Industrial Blvd.
           Suite 33, Atlanta, GA 30318, USA
           Tel: 404-558-2181
           Fax: 703-356-3788


RECIENTE INC: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Reciente Inc. met on March 6, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ROBECO WPG: Shareholder Receive Wind-Up Report
----------------------------------------------
The shareholders of Robeco WPG Distressed/Special Situations
Overseas Fund, Ltd. met on Feb. 24, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Bryant Terry
          Telephone: (345) 949-9876
          Facsimile: (345) 949-1987


SAP GROUP: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Sap Group Limited met on March 5, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Eduardo Aristu
           Avda. Alicia Moreau de Justo 740
           Loft 212, Puerto Madero, Buenos Aires
           Argentina
           Tel: 0054 11 4343 3488


SOUTHEAST EUROPE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Southeast Europe Equity Fund Ltd. met on
March 6, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SPYGLASS CLO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Spyglass CLO I, Ltd. met on March 6, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


THE CUADRAR OFFSHORE ET AL: Liquidator Presents Wind-Up Report
--------------------------------------------------------------
On March 2, 2009, DMS Corporate Services Ltd presented the
companies' wind-up report and property disposal to the members of:

   -- The Cuadrar Offshore Master Fund, Ltd;
   -- The Cuadrar Offshore Fund, Ltd.

The Liquidator can be reached at:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone: (345) 946-7665
          Facsimile: (345) 946-7666


TRUE NORTH: Members Receive Wind-Up Report
------------------------------------------
The members of True North Global Opportunities Limited met on
March 2, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone: (345) 946-7665
          Facsimile: (345) 946-7666


WHARTON ASIAN: Members Receive Wind-Up Report
---------------------------------------------
The members of Wharton Asian Renaissance Fund Company Limited met
on March 2, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Post
          17th Floor Tesbury Centre
          28 Queen's Road East
          Hong Kong



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

CHIQUITA BRAND: Faces Suit by Family of Man Killed in Colombia
--------------------------------------------------------------
Chiquita Brands International Inc. was sued by U. S. mine
consultant Frank Pescatore's family for providing money and
weapons to FARC (Revolutionary Armed Forces of Colombia) --
responsible for the kidnapping and murder of Mr. Pescatore, Cary
O’Reilly of Bloomberg News reports.

The report relates according to the lawsuit, Chiquita Brands
supported the guerrilla group to protect its fruit operations in
Colombia.  “The material support that the defendants knowingly
provided FARC substantially facilitated FARC’s acts of terrorism
which caused plaintiff’s injuries,” the complaint said as cited by
the report.  Bloomberg News says Mr. Pescatore's family is seeking
unspecified monetary damages.

The report recalls based on court documents, Mr. Pescatore worked
as a geologist at the Cerrejon coal mine in La Guajira Department,
Colombia, in December 1996 when it was attacked by FARC led by
Juvenal Ricardo Palmera.  Bloomberg News relates Mr. Pescatore was
captured, held for ransom and later killed while trying to escape.
FARC preserved his body and held it for two more months before
dumping it in an isolated area in February 1997, the report says.

The case is Pescatore v. Chiquita Brands International Inc., 09-
490, U.S. District Court, District of Columbia (Washington).

                      About Chiquita Brands

Headquartered in Cincinnati, Ohio, Chiquita Brands International
Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer
and distributor of high-quality fresh and value-added food
products.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
November 6, 2008, Standard & Poor's Ratings Services raised its
senior unsecured debt ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc. to 'B-' (same as the corporate credit
rating) from 'CCC+' and the recovery rating to '4' from '5'
indicating the expectation of average (30% to 50%) recovery in the
event of payment default.  The upgrades are principally the result
of about US$91 million of redemptions the company has made since
June 2008.  At the same time, S&P affirmed the 'B-' corporate
credit rating and 'B+' senior secured ratings.  The outlook is
stable.  As of Sept. 30, 2008, Chiquita had about US$805 million
in debts.



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

ECOPETROL: To Acquire Enbridge's Stake in Ocensa for US$417.8Mln
----------------------------------------------------------------
Ecopetrol S.A agreed to acquire Enbridge Inc.'s shares in
Oleoducto Central S.A. ("Ocensa") for US$417.8 million, increasing
its shares in Ocensa from 35.3% to 60%.  The transaction is
expected to close today, March 17, 2009.

“The transaction will strengthen Ecopetrol's position in the most
important oil transport system in Colombia,” the company said in a
statement Monday.  “As such, the transaction is vital to the
growth strategy of the company, which aims to increase Ecopetrol's
oil production in the Eastern Plains region of Colombia and
promote the development of new business opportunities.”

The Ocensa pipeline starts onshore at the Cusiana and Cupiagua
fields, has a capacity to transport up to 650 thousand barrels of
oil per day, a length of 829 kilometers, five pumping stations and
an export port in Covenas (which is on the Colombian Caribbean
Coast).

The Ocensa pipeline has enabled Ecopetrol and other operators to
increase crude oil production in the Eastern Plains region of
Colombia, which is already the largest oil production region in
the country and has significantly increased its production of oil
in recent years as a result of the development of heavy crude oil
fields.

                         About Enbridge

Enbridge Inc., a Canadian company, is a leader in the transport
and distribution of energy in North America and has, since 1995,
owned 24.7% of the shares in Oleoducto Central S.A. ("OCENSA"). It
has been the operator of the 829 kilometer long Ocensa pipeline as
well as Ocensa's five pumping stations and export port in Covenas
(which is on the Carribbean Coast of Colombia and is the main
center for the international trade of hydrocarbons in Colombia).

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s
foreign and local currency issuer default ratings at 'BB+' and
'BBB-', respectively.  The Rating Outlook is Stable.



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

CABLE & WIRELESS: Digicel Jamaica to Sue LIME for Defamation
------------------------------------------------------------
Digicel Jamaica said on March 12 it was filing a defamation suit
against competitor LIME (formerly Cable & Wireless Jamaica) in
Kingston, contesting charges that the Irish telecommunications
giant had blocked incoming calls to LIME customers, Cayman Net
News reports.

The report relates Digicel said the suit comes in reaction to
“damaging allegations” made by its competitor, accusing the
operator of blocking calls to Jamaica from LIME customers across
the region.

“To be clear, Digicel has at no point blocked calls to any other
operator – indeed it is actually C&W/LIME that has an injunction
awarded against it for call blocking.  As such, we strongly urge
C&W/LIME to get its facts right before going to the press with
false and inflammatory statements,” the report quoted Digicel CEO
Colm Delves as saying.

As reported in the Troubled Company Reporter-Latin America on
Jan. 12, 2009, The Jamaica Gleaner said LIME accused rival Digicel
of blocking calls from LIME customers in other Caribbean countries
to the Digicel network in Jamaica.

Lawrence McNaughton, LIME's executive vice-president of carrier
services for the Caribbean, told The Gleaner in an interview that
LIME customers in the Caribbean and some parts of the United
Kingdom, United States and Canada were unable to contact Digicel
customers in Jamaica.

Mr. McNaughton, the report related, said this was because Digicel
had turned down a number of circuits, which take traffic from the
rest of the region and from the US and other locations.  This
breached a ruling previously made by the Office of Utilities
Regulation, which gave LIME the go-ahead to deliver incoming
international traffic to the Digicel network, and vice
versa, he said.

The Gleaner said Digicel rejected LIME's claim, stating
instead that at 4 p.m. January 7, Digicel customers were unable to
call LIME landlines as they appeared to be have been blocked at
the LIME end.  LIME executives denied the allegations, the same
report related.

                           About LIME

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

                     About Cable & Wireless

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

                          *     *     *

As of March 17, 2009, Cable & Wireless plc continues to carry
Moody's "Ba3" long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3" probability of default rating with
a stable outlook.

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


JPSCO: Says Rate Increase is Necessary for Expansion
----------------------------------------------------
Jamaica Public Service Company (JPSCO) is claiming that its rate
increase request for residential and business customers are
necessary to continue to attract capital needed for expansion,
Ingrid Brown of Jamaica Observer reports.

JPSCO President and Chief Executive Officer Damian Obiglio, the
report relates, said the increase being sought will allow the
company to continue attracting the capital needed to secure future
reliable and affordable electricity supply to customers.  If the
increase is not granted it will impact the quality of service the
company is able to provide, he said.

                    JPSCO Files Five-Year Rate
                        Review Application

According to a company press release, as part of the comprehensive
review of the non-fuel portion of electricity rates application
filed by JPSCO with the Office of the Utilities Regulation (OUR);
JPS has asked OUR to approve a re-design of the tariff structure
to ensure a minimal change in overall rates for 220,000
residential and very small business customers that consume 100 kWh
or less monthly.

“We recognize that this is a tough time to ask for a rate review,”
said JPS President & CEO, Damian Obiglio, “and we have made
proposals to ensure that our most vulnerable customers are least
affected.”

The proposed new tariffs will result in an increase in the total
bill of customers, ranging from 4.3% for a Tier One (100 kWh/month
or less) residential customer to 26.8% for a Tier 4 (more than
2000 kWh/month) business customer, with an overall average
increase of 22.8% for all customer groups.  New approved rates
will be reflected in July bills.

The JPS President indicated that, while the timing was not ideal,
the company has to press ahead with system improvement plans,
given the capital-intensive nature of the electricity industry and
the sector’s long-term planning and investment horizon.  “We need
to continue to replace poles to improve the resilience of the
network against storms; push on with the maintenance programmes
that have resulted in high availability and low outage rates on
our generators; replace aging equipment; and dedicate more
resources to the war against losses, the single biggest challenge
facing the sector,” said Obiglio.  “The revenues we seek today
will allow JPS to continue attracting the capital needed to secure
the future of reliable and affordable electricity supply to
customers.”

The tariff review will set base rates for the period 2009-2014.
It is being conducted against the backdrop of JPS’ poor financial
results over the 2004-2009 tariff period, during which the company
made a loss in three of the five years.

In its submission, JPS has proposed that the OUR lowers the heat
rate target and so pass on to customers the benefits of some of
the efficiency gains the company has made over the past five
years.

Simultaneously the company has also requested a revision of the
system losses performance target and penalty as well as approval
for a raft of punitive measures to curb electricity theft, the
major component of losses.

                     JPSCO Will be Forced to
               Reduce Annual Capital Expenditure

Chairman of JPSCO Tomofumi Fukuda, as cited by the Observer, said
if OUR rejects its rate increase request, the company will be
forced to reduce the annual capital expenditure which would affect
any new electricity generation programmes in the future.

When pressed by the Observer as to whether this would affect the
amount of investment both its parent companies Japanese-based
Marubeni Corporation, which owns 80% of the company, and TAQA
invest in JPS, Mr. Fukuda said: "We will not say we won't make new
investments but we will have to consider viability of each project
for both companies investment criteria."  However, they have
already made substantial investment in JPS which so far has not
proven to be justifiable since the company continues to operate at
a loss, he added.

                    Jamaica Needs to Diversify
                Fuel Source, JPSCO Chairman Says

Mr. Fukuda said Jamaica needs to diversify its fuel source as 95%
of its fuel for energy comes from oil, especially that the fuel
prices are climbing once again, the Observer notes.

The report recalls, citing Mr. Fukuda, high fuel prices last
summer placed JPSCO almost at the edge of bankruptcy.  "We didn't
even have cash to pay for the fuel from Petrojam," the Observer
quoted Mr. Fukuda as saying.

According to the report, Mr. Fukuda said Marubeni Corporation is
trying to bring more renewable energy in the form of hydro power
and wind combination facilities which will, in the future, reduce
electricity cost to customers.  However, if the company is not
financially sound they will not get the necessary financing needed
to do this, he added.

The Observer relates Mr. Obiglio said JPSCO plans to spend at
least $20 billion, if approved, to introduce Petcoke to Jamaica
and possibly upwards of $50 billion to introduce coal.  JPSCO, the
report adds, said these projects has a very long pay back period
of up to 30 years and so it is important to have strong financial
partners who are willing to invest.

                           About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica.  The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers.  Japanese-based
Marubeni Corporation owns 80 percent of the company.  The
Government of Jamaica and a small group of minority shareholders
own the remaining shares.  JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometres of distribution
and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report related
employees unions contend that the payments are owed for overtime
work and redundancy adjustments from 2001 to 2007, which amounts
to about $600 million.



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


AUTOPISTA DEL MAYAB: Moody's Affirms Ratings on Senior Lien
-----------------------------------------------------------
Moody's Investors Service has affirmed Autopista del Mayab's Baa3
(global scale, local currency) and Aa2.mx (Mexico National Scale
Rating) on the project's senior lien Clase A Certificados de
Participacion Ordinarios, as well as the Ba1/Aa3.mx ratings on the
Clase B subordinate lien CPOs.  Additionally, Moody's changed the
outlook on the ratings to stable from positive.  The most recent
rating action on Autopista del Mayab was taken on Janurary 19,
2007 when the ratings were raised to Baa3/Aa2.mx (Senior
unsecured) and Ba1/Aa3.mx (Sr Sub) from Ba1/Aa3.mx and Ba2/A1.mx,
respectively.  The ratings assigned to the Autopista del Mayab
reflect an assessment of the rating factors outlined in the
Moody's Rating Methodology for Operational Toll Roads.

The rating affirmation on Autopista del Mayab's ratings is based
on the continuation of strong fundamental factors for this project
and a strong level of reserves that will ensure that the road is
able to weather the current economic stress that has begun to
affect traffic and revenue growth.  Both traffic and revenue
growth have slowed down and negative pressure is expected to
continue through 2009 and into 2010, especially given the
project's strong reliance on the tourism in Cancun and the Riviera
Maya.

Autopista del Mayab has demonstrated its resilience in prior
periods of stress, as evidenced by a relatively rapid recovery
following Hurricane Wilma, which hit the Cancun area in October
2005 and which closed down part of the road.  Once the beaches
were recovered, the project did well in 2006 and 2007, as tourism
in Cancun and the Riviera Maya surged once again and traffic
increased 24% and 11% respectively.  However, the strains on the
U.S. and global economy have begun to affect the traffic along
Autopista del Mayab, and in 2008 total traffic grew approximately
1% compared to the previous year.

Consequently, toll related revenues for 2008 (as reported in the
operator's monthly reports) rose 4.8% over the previous year,
following years of notable double-digit growth of 23% and 20% for
2006 and 2007 respectively.  The debt service coverage ratio for
all of the CPO series (Clase A, Clase B and Clase S) in 2007 was
1.4x.  The project's 2008 financial information is not yet
finalized, but preliminary financial statements do not provide
sufficient information to calculate accurate debt service coverage
ratios for the year, but they are expected to be lower than in the
previous year.  Moody's will continue to closely monitor the toll
road's performance to assess if coverage is at levels that are
consistent with the current rating.

Autopista del Mayab is a critical transport link connecting the
cities of Merida (Yucatan, rated Ba2/A2.mx) and Cancun (Quintana
Roo, rated Ba1/ A1.mx).  As the primary supply route for Cancun
and nearby beach or archeological destinations, the road is highly
dependent on tourism and its activity tends to move in the
direction of the country's GDP, typically in larger leaps when
experiencing growth. GDP growth for Mexico in 2008 was around
1.3%.  The Mexican economy is expected to retract at levels
between -2% and -3% in 2009, hence traffic along the AdM is likely
to follow and decline for this year.

Nonetheless, the road is expected to manage to pay O&M and debt
service, probably within the ranges experienced in 2008.
Structurally, the project is well fortified.  The project benefits
from a closed loop and has almost 2 years of debt service reserve
for the Clase A bonds.  The Clase A bonds are senior to the Clase
B and Clase S (not rated) and benefit from having access to the S
and B reserve funds if these are funded.  The B bonds cannot be
paid unless the Liquidity Reserve Clase A is full funded ($50 mdp)
and the over-collateralization factor for Clase A is 1.5x. No
additional bonds are allowed until Clase A is fully amortized.

In March 2008, ICA purchased the Consorcio del Mayab, which has
the concession for the road through 2020.  The toll road
concession was awarded in 1990 with an initial term of 17 years,
which was subsequently extended to 30 years.


GMAC FINANCIERA: Moody's Cuts Class A Certificates Ratings to B3
----------------------------------------------------------------
On February 18, 2009, Moody's de Mexico downgraded GMAC Financiera
S.A. de C.V.'s Class A certificates MXMACFW07-5U to B3 from Baa1
(Global Scale, Local Currency) and to B1.mx from Aa1.mx (National
Scale Rating).  The last action occurred on January 8, 2009 when
the Baa1 global scale rating was affirmed and the national scale
rating was downgraded to Aa1.mx from Aaa.mx.

The affected certificates benefit from a financial guaranty
insurance policy issued by MBIA Mexico S.A. de C.V. that covers
timely interest payment and ultimate principal payment by the
legal final maturity date of the certificates.  On February 18,
2009, Moody's downgraded MBIA and MBIA Mexico's insurance
financial strength rating to B3 from Baa1 and MBIA Mexico's
national scale insurance financial strength rating to B1.mx from
Aa1.mx.

The rating actions are based on Moody's approach to rating
structured finance securities wrapped by financial guarantors,
detailed in the press release dated November 10, 2008.  Under
Moody's approach, if a structured finance security is wrapped by a
financial guarantor, the Moody's rating will be the higher of (i)
the guarantor's financial strength rating and (ii) the current
underlying rating (i.e., absent consideration of the guaranty) on
the security, regardless of whether the underlying rating is
published or not.  If an issuer has requested that the guaranty
constitute the sole credit consideration, the wrapped security
will take the rating of the financial guarantor.

For the affected securities, the issuer has requested that the
guaranty constitute the sole credit consideration, therefore the
rating on the securities is equal to the guarantor's insurance
financial strength rating.  Consequently, these rating actions do
not reflect the performance of the underlying collateral.

                          Rating Action

The complete rating action is:

Master Servicer: GMAC Financiera S.A. de C.V., Sociedad Financiera
de Objeto Limitado.

Issuer: HSBC Mexico, S.A., Institucion de Banca Múltiple, Grupo
Financiero HSBC, Division Fiduciaria, acting only in its capacity
as trustee.

  -- Class A certificates MXMACFW07-5U: downgraded to B3 from Baa1
     (Global Scale, Local Currency) and to B1.mx from Aa1.mx
     (National Scale Rating).

                       Rating Methodology

When rating mortgage backed securitizations in Mexico, Moody's
considers the characteristics and historical performance of the
collateral backing a given transaction.  Moody's assesses the
collateral characteristics, considering key credit metrics such as
original and actual loan-to-value, documentation type, payment-to-
income, seasoning, current delinquency status, payment history,
and geographic concentrations, among other factors, and uses this
information to estimate the pool's future performance over the
life of the transaction.  In determining potential performance
trends for a given transaction, Moody's also takes into
consideration the performance of similar mortgages securitized by
different players in the Mexican market.

Moody's prepares a loan-by-loan cash flow analysis that considers
scheduled interest and principal collections on the mortgages, a
distribution of cumulative gross default scenarios on the mortgage
portfolio, severity and recovery rate assumptions, an assumed
cumulative prepayment percentage, the priority of payments due to
investors, and the particular characteristics of the transaction
such as credit enhancement levels, reserves, and any type of
guarantee benefiting the certificate holders.

The main assumptions underlying Moody's expectations of the future
performance of the collateral are the cumulative gross default
percentage, the cumulative prepayment percentage, and the severity
of loss given a loan default.  For cumulative gross defaults,
Moody's uses a distribution such that the mortgage cash flows are
stressed using a range of default scenarios. The distribution is
centered on a most likely cumulative gross default scenario;
defaults are timed along a default curve.  Moody's assumes that
prepayments are timed along a prepayment curve.  The assumed
severity of loss on defaulted loans considers numerous variables,
including, but not limited to, the balance of the loan at the time
of default, recovery lags, and downward adjustments to the
original property value to stress the value of the property at the
time of liquidation.

For each one of the cumulative gross default scenarios, Moody's
allocates the available cash flows according to the priority of
payments described in the transaction documents.  Moody's applies
varying weights, or probabilities of occurrence, to each of the
cumulative gross default scenarios according to a distribution to
arrive at an aggregate weighted average expected loss on the
certificates.  Moody's also calculates a weighted average life for
the certificates, which together with its weighted average loss
and Moody's idealized loss tables, are utilized to assign a rating
to the certificates.



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

CL FINANCIAL: Republic Bank Won't Cut Jobs, Director Says
---------------------------------------------------------
Republic Bank has no plans to lay off any of its staff, Trinidad
and Tobago Newsday reports, citing Bank Managing Director David
Dulal-Whiteway.  “We have no reason to send people home,” the
report quoted Mr. Dulal-Whiteway as saying.  “We have no intention
to go that route right now, that is not on the cards.”

CL Financial's unit, Clico Investment Bank (CIB)/ Colonial Life
Insurance Company Limited (Clico) has a 55% stake in Republic
Bank.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.



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

PDVSA: Workers Want Company Audited
-----------------------------------
Petroleos de Venezuela S.A. (“PDVSA”)'s oil workers are demanding
an audit of the state-owned oil company to determine if it is true
that PDVSA cannot pay the collective bargaining agreement, Mirian
Rivero of El Universal reports.

More than 2,000 workers, the report recalls, marched to the
headquarters of the Venezuelan oil industry in Guaraguao (east
Venezuela), where they submitted their requests, focusing on the
need to discuss the collective bargaining agreement in the oil
sector.  The workers, the report relates, participated in the
demonstrations against inefficient senior managers which,
according to the workers, have caused a delay in the negotiations
of the labor agreement.

El Universal notes Raul Parica, the secretary general of
Sinutrapetrol oil union, labor leader Ochimin Gomez, and legal
advisor Alexis Parica, said that PDVSA executives have wasted
money in the procurement of goods which, according to them, are
not necessary as well as in the purchase of superfluous items such
as advertising.

The Socialist Front of Venezuelan Oil Workers, the report says,
also accused protesting oil leaders of succumbing to "incitements"
made by "bourgeois and oligarchs," and of being accomplices of
those "natural enemies," who seek to overthrow President Hugo
Chavez.

                           About PDVSA

Petroleos de Venezuela S.A. -- 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.

                          *     *     *

As of March 16, 2009, Petroleos de Venezuela continues to carry a
'BB-' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.


PDVSA: Joint Refinery Deal Signing With Brazil Reset Again
----------------------------------------------------------
Brazilian state-run energy giant Petrobras and Petroleos de
Venezuela (PDVSA) reiterated their interest in operating a
binational refinery in the Brazilian state of Pernambuco, but
postponed again the signing of a final agreement, El Universal
reports.

According to the report, Brazil Minister of Mines and Energy
Edison Lobao and his Venezuelan counterpart, PDVSA President
Rafael Ramirez, signed a 60-day extension of an association
agreement -- signed by the two countries last year and which was
set to expire on March 26 -- aiming to extend the negotiations for
the refinery.

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2009, Dow Jones Newswires said a joint venture between
PDVSA and Petrobras on a refinery project in Brazil may not come
into fruition.

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 related, 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.

"We're negotiating, mostly over the supply of 100,000 barrels of
crude that we're going to send to Brazil, we are negotiating the
price scheme," Reuters quoted Energy Minister Rafael Ramirez as
saying.  "These problems are normal," he said, adding that product
marketing was also a sticking point.

Reuters noted that Pedro Leon, who heads PDVSA's business
negotiation unit, said Venezuela wants to ensure it has the right
to sell refined products in Brazil, where Petrobras has a virtual
monopoly on fossil fuels.

                           About PDVSA

Petroleos de Venezuela S.A. -- 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.

                          *     *     *

As of March 16, 2009, Petroleos de Venezuela continues to carry a
'BB-' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.


PDVSA: Forms Joint Venture With Schlumberger Limited
----------------------------------------------------
Petroleos de Venezuela S.A. (PDVSA) and Schlumberger Limited
agreed to form a joint venture, Bloomberg News reports, citing
Venezuelan Oil and Energy Minister Rafael Ramirez.

“We have a memorandum with Schlumberger to form a joint venture,”
Mr. Ramirez told the news agency in an interview.  The state
company’s unpaid invoices to Houston-based Schlumberger are “not a
big problem,” he added.

The report recalls PDVSA started converting production contracts
with private companies into joint ventures in 2006.  PDVSA owns at
least 60 percent stakes in the ventures.  PDVSA, the report
relates, said joint venture services may include such tasks as
cementing wells, hydraulic fracturing, directional drilling and
offshore seismic surveys.

Petroleos de Venezuela S.A. -- 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.

                          *     *     *

As of March 16, 2009, Petroleos de Venezuela continues to carry a
'BB-' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.



SIDERURGICA DEL TURBIO: Fitch Affirms Issuer Rating at 'B+'
-----------------------------------------------------------
(Fitch Ratings-Chicago-13 March 2009)
Fitch Ratings has affirmed the ratings of Siderurgica del Turbio,
S.A.:

  -- Foreign currency Issuer Default Rating at 'B+';

  -- Local currency IDR at 'B+';

  -- US$100 million unsecured notes due 2016 issued by Sidetur
     Finance B.V., a wholly owned subsidiary of Sidetur at
     'B+/RR4';

  -- National scale rating at 'A+(ven)'.

The Rating Outlook is Stable.

The affirmation reflects Sidetur's strong competitive position in
its local market as one of two leading steel companies in
Venezuela, as reflected by its 42% market share in rebar.  The
company has demonstrated a solid financial performance for its
financial year ending Sept.30, 2008 with EBITDA of US$142 million
compared to US$126 million in Sept.30, 2007 and committed projects
pointing to a relatively healthy year for 2009.  Sidetur benefits
from operating in a unique economic environment in which
unprecedented fiscal stimulus by central government has fuelled
fast-paced economic expansion in recent years.  Additionally,
Venezuela's fixed price controls on semi-finished and finished
steel product imports discourage importing and act as a further
benefit to Sidetur's competitive position.

The ratings incorporate operating volume reduction in the medium
term as a result of an expected slowdown in local construction,
following reductions in public expenditure driven by lower oil
prices.  Fitch rates the Bolivarian Republic of Venezuela with a
FC and LC IDR of 'B+' and has assigned a 'B+' country ceiling to
Venezuela.

The Stable Outlook highlights Sidetur's strong position within its
rating category, which factors-in sovereign risks and the
associated limitations resulting from governmental policies and
regulations that can affect the performance and increase cash flow
volatility of private sector companies.  These policies include
price controls and a foreign currency exchange regime that has
been in place since February 2003.  Sidetur is also exposed to the
fluctuations of Venezuelan economic activity, the construction
sector in particular, and to the cyclicality of global steel
prices which dropped sharply in fourth-quarter 2008 (4Q08).  Raw
material prices have also decreased, and as a result, Sidetur
could benefit going forward from some improvements in its
operating margins.

Sidetur's debt service profile is manageable at approximately
US$14 million annually in U.S.-dollar-denominated debt, and the
company faces a bullet payment of US$60 million for the unsecured
notes due in 2016.  During fiscal year 2008, Sidetur generated
US$142 million of EBITDA, resulting in a total debt to EBITDA
ratio of 0.8 times (x).  This compares to US$126 million of EBITDA
and a total debt to EBITDA ratio of 1.0x in 2007.  During 1Q09 (to
Dec.31, 2008), Sidetur's EBITDA declined to US$17 million when
compared to US$26 million generated in 1Q08, equating to a 37%
reduction, and principally due to a temporary production stoppage
in October 2008 for site refurbishing.

Funds from operations for the same period was US$47 million
compared to US$143 million in 2007 resulting in a FFO adjusted
leverage ratio of 1.8x in 2008, an increase from 0.8x in 2007.
FFO cash interest coverage was 3.8x in 2008, also a decrease from
12.2x in 2007.

The company's liquidity and sizeable cash position ensures comfort
for its rating category. Cash and marketable securities were
US$127 million for the fiscal year 2008 and as of 1Q09, Sidetur's
cash and marketable securities were approximately US$97 million.
Sidetur had total debt of US$117 million as of Sept.30, 2008 with
US$91 million relating to the remaining balance of the US$100
million unsecured notes due 2016, and the rest originating from
local market issuance.

Sidetur is located in Venezuela and manufactures semi-finished and
finished steel products including billets, reinforcing merchant
bars, angles, beams, and specialty quality steel.  The company's
main production facilities consist of two melt shops with a
capacity of 835,000 tons of crude steel, four rolling mills with a
capacity of 570,000 tons of long finished products and a plant
with a capacity of 67,000 tons of welded and drawn products.  The
melt shops are mini-mills that use electric arc furnaces to melt
scrap metal and HBI, a scrap substitute.  Sidetur is the largest
scrap buyer in Venezuela and owns 13 scrap yards.  In fiscal year
2008, Sidetur produced 568,000 tons of crude steel and 538,000
tons of rolled or finished products.  Sales volumes totalled
635,896 tons, 97% of which was sold in the local markets.



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

* Fitch Issues List on Latin America National Scale Rating Changes
------------------------------------------------------------------
(Fitch Ratings-Chicago-13 March 2009)
This is the comprehensive list of Fitch Ratings' 29 Latin America
national scale rating changes for the month of February, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch upgraded these National ratings:

Company S.A. (Brasil)

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

  -- Senior unsecured debentures national long-term rating to
     'A+(bra)' from 'A-(bra)';

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

Cotecnica La Bonanza C.A (Venezuela)

  -- National long-term rating to 'BB+(ven)' from 'BB(ven)';
  -- Rating Actions took place on Feb. 06, 2009.

Banchile Securitizadora S.A. (Chile)

  -- Auto loans ser 2005-10 ISSUE DETAIL-B national long-term
     rating to 'AAA(chl)' Outlook Stable from 'A(chl)';

  -- Rating Actions took place on Feb. 19, 2009.

ITAU Chile Securitizadora S.A. (Chile)

  -- Auto loans ser 2006-4 ISSUE DETAIL - A national long-term
     rating to 'AAA(chl)' Outlook Stable from 'A(chl)';

  -- Rating Actions took place on Feb. 19, 2009.

Securitizadora BICE S.A. (Chile)

  -- Auto loans ser 2006-23 ISSUE DETAIL - WC national long-term
     rating to 'AA(chl)' from 'BBB-(chl)'; placed on Rating Watch
     Positive;

  -- Auto loans ser 2006-23 ISSUE DETAIL - WB national long-term
     rating to 'AA(chl)' from 'BBB(chl)'; placed on Rating Watch
     Positive;

  -- Rating Actions took place on Feb. 19, 2009.

Grupo Industrial Saltillo, S.A. de C.V. (Mexico)

  -- Senior unsecured GISSA 04-2 ser 04 national long-term rating
     to 'C(mex)' from 'D(mex)';

  -- Rating Actions took place on Feb. 26, 2009.

Fitch has also downgraded these ratings:

Votorantim Celulose e Papel S.A. (Brasil)

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

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

Fundo de Investimento em Direitos Creditorios Panamericano
Veiculos I (Brasil)

  -- Consumer loans ser 2007-1 national long-term rating to 'AA-
      (bra)' Rating Watch Negative from 'AA(bra)' Rating Watch
     Negative;

  -- Consumer loans classe A national long-term rating to
     'BBB(bra)' Rating Watch Negative from 'BBB+(bra)' Rating
     Watch Negative;

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

Securitizadora Security S.A. (Chile)

  -- Serie B1 de Sexto Patrimonio Separado national long-term
     rating to 'BB(chl)' from 'BBB(chl)'; Outlook revised to
     Negative;

  -- Rating Actions took place on Feb. 03, 2009.

Grupo Posadas, S.A. de C.V. (Mexico)

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

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

Grupo Industrial Saltillo, S.A. de C.V. (Mexico)

  -- National long-term rating to 'C(mex)' from 'CCC(mex)';

  -- Rating Actions took place on Feb. 09, 2009.

Corporacion Interamericana de Entretenimiento (Mexico)

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

  -- National short-term rating to 'F2(mex)' from 'F1(mex)';

  -- Rating Actions took place on Feb. 09, 2009.

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

  -- National long-term rating to 'D(mex)' from 'C(mex)';

  -- Rating Actions took place on Feb. 09, 2009.

Asociacion La Nacional de Ahorros y Prestamos (Republica
Dominicana)

  -- National long-term rating to 'BBB(dom)' from 'BBB+(dom)';   -
     - National short-term rating to 'F3(dom)' from 'F2(dom)'

  -- Rating Actions took place on Feb. 19, 2009.

Prudential Bank S.A. (Mexico)

  -- National long-term rating to 'AA-(mex)' from 'AA(mex)';

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

CEMEX, S.A.B. de C.V. (Mexico)

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

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

Metrofinanciera, S.A. De C.V. (Mexico)

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

  -- National short-term rating to 'C(mex)' from 'F3(mex)'; placed
     on Rating Watch Negative from Evolving;

  -- Construction bridge loan ser 2003 METROCB 03-3 national long-
     term rating to 'CCC(mex)' Rating Watch Negative from
     'BBB(mex)' Rating Watch Negative;

  -- Construction bridge loan ser 2003 METROCB 03-2 national long-
     term rating to 'CCC(mex)' Rating Watch Negative from
     'BBB(mex)' Rating Watch Negative;

  -- Construction bridge loan ser 2007 METROCB 07 national long-
     term rating to 'CCC(mex)' Rating Watch Negative from
     'BBB(mex)' Rating Watch Negative;

  -- Construction bridge loan ser 2007 METROCB 07-2 national long-
     term rating to 'CCC(mex)' from 'C(mex)'; placed on Rating
     Watch Negative;

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

Royal Bank of Scotland (Chile)

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

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

Metrofinanciera Trust #650 (Mexico)

  -- Construction bridge loan ser 2007-1 classe A national long-
     term rating to 'CCC(mex)' from 'BBB(mex)';

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

These Outlook Revisions and Rating Watch changes were made:

Aracruz Celulose S.A. (Brasil)

  -- National scale rating 'A(bra)'; placed on Rating Watch
     Positive;

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

Securitizadora Security S.A. (Chile)

  -- Serie Series A1 de Sexto Patrimonio Separado national long-
     term rating to 'AA(chl)'; assigned Outlook Negative;

  -- Serie Series AA1 de Sexto Patrimonio Separado national long-
     term rating to 'AA(chl)'; assigned Outlook Negative;

  -- Serie Series C1 de Sexto Patrimonio Separado national long-
     term rating to 'C(chl)'; assigned Outlook Stable;

  -- Rating Actions took place on Feb. 03, 2009.

Camargo Correa S.A. (Brasil)

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

  -- Rating Actions took place on Feb. 13, 2009.

Salfacorp (Chile)

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

  -- Rating Actions took place on Feb. 17, 2009.

Viveica, S.A. de C.V. (Mexico)

  -- National long-term rating 'F3(mex)'; placed on Rating Watch
     Negative;

  -- Rating Actions took place on Feb. 25, 2009.

Royal Bank of Scotland (Chile)

  -- National short-term rating 'N1+(chl)'; Outlook revised to
     Negative from Stable;

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

These ratings were affirmed and withdrawn:

Banco Mercantil do Brasil S.A. (Brasil)

  -- National long-term rating to 'BBB-(bra)' Outlook Sable;
  -- National short-term rating to 'F3(bra)';
  -- Rating Actions took place on Feb. 19, 2009.

American Express Company (Mexico), S.A.

  -- National long-term rating to 'AAA(mex)';
  -- Rating Actions took place on Feb. 19, 2009.

Cia. de Alimentos Fargo S.A. (Argentina)

  -- National long-term rating 'D(arg)';

  -- Rating Actions took place on Feb. 24, 2009.

UBF Garantias & Seguros S.A. (Brasil)

  -- National Insurer Financial Strength rating 'BB+(bra)' Outlook
     Stable;

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                      Total        Shareholders
                                      Assets          Equity
Company              Ticker           (US$MM)         (US$MM)
-------              ------          ------------     -------

ARGENTINA

IMPSAT FIBER NET   330902Q GR          535007008     -17165000
SOC COMERCIAL PL       CAD IX          422118016    -747305024
SOC COMERCIAL PL      CADN SW          422118016    -747305024
SOC COMERCIAL PL      COME AR          422118016    -747305024
COMERCIAL PLA-BL     COMEB AR          422118016    -747305024
COMERCIAL PL-C/E     COMEC AR          422118016    -747305024
COMERCIAL PLAT-$     COMED AR          422118016    -747305024
SOC COMERCIAL PL     CVVIF US          422118016    -747305024
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
IMPSAT FIBER-C/E     IMPTC AR          535007008     -17165000
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
SOC COMERCIAL PL     SCDPF US          422118016    -747305024
COMERCIAL PL-ADR     SCPDS LI          422118016    -747305024
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000

BRAZIL

CYRELA COMME-ADR  1049834Z LI          695033024      -4282000
DTC DIRECT CO SA    1DTCON BZ           11902000     -16264999
DTC DIRECT CO-RT   1DTCONR BZ           11902000     -16264999
GASCOIGNE EMPREE    1GASON BZ         1586146944   -1048602048
GASCOIGNE EMP-PF    1GASPN BZ         1586146944   -1048602048
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
TELECOMUNICA-ADR    81370Z BZ          226080000    -187984000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
KUALA                ARTE3 BZ           11856000     -33570000
KUALA-PREF           ARTE4 BZ           11856000     -33570000
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
AZEVEDO              AZEV3 BZ          116398000     -10976000
AZEVEDO-PREF         AZEV4 BZ          116398000     -10976000
AZEVEDO E TRAVAS    AZEVON BZ          116398000     -10976000
AZEVEDO E TRA-PR    AZEVPN BZ          116398000     -10976000
EXCELSIOR-RT         BAUH1 BZ           20444000      -3589000
EXCELSIOR-RCT       BAUH10 BZ           20444000      -3589000
EXCELSIOR-RT         BAUH2 BZ           20444000      -3589000
EXCELSIOR ALIMEN     BAUH3 BZ           20444000      -3589000
EXCELSIOR-PREF       BAUH4 BZ           20444000      -3589000
EXCELSIOR-RCT        BAUH9 BZ           20444000      -3589000
BAUMHARDT IRMAOS    BAUMON BZ           20444000      -3589000
BAUMHARDT IRM-PR    BAUMPN BZ           20444000      -3589000
BOMBRIL              BMBBF US          442846016    -485678016
BOMBRIL SA-ADR       BMBBY US          442846016    -485678016
BOMBRIL SA-ADR       BMBPY US          442846016    -485678016
BOMBRIL-RIGHTS       BOBR1 BZ          442846016    -485678016
BOMBRIL-RGTS PRE     BOBR2 BZ          442846016    -485678016
BOMBRIL              BOBR3 BZ          442846016    -485678016
BOMBRIL-PREF         BOBR4 BZ          442846016    -485678016
BOMBRIL CIRIO SA    BOBRON BZ          442846016    -485678016
BOMBRIL CIRIO-PF    BOBRPN BZ          442846016    -485678016
BUETTNER SA-RTS      BUET1 BZ          148186992     -54926000
BUETTNER SA-RT P     BUET2 BZ          148186992     -54926000
BUETTNER             BUET3 BZ          148186992     -54926000
BUETTNER-PREF        BUET4 BZ          148186992     -54926000
BUETTNER SA         BUETON BZ          148186992     -54926000
BUETTNER SA-PRF     BUETPN BZ          148186992     -54926000
CAF BRASILIA         CAFE3 BZ           38244000   -1042639040
CAF BRASILIA-PRF     CAFE4 BZ           38244000   -1042639040
CONST A LINDEN       CALI3 BZ           51808000     -13659000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
CAMBUCI SA           CAMB3 BZ          177378992     -42495000
CAMBUCI SA-PREF      CAMB4 BZ          177378992     -42495000
CAMBUCI SA          CAMBON BZ          177378992     -42495000
CAMBUCI SA-PREF     CAMBPN BZ          177378992     -42495000
COBRASMA             CBMA3 BZ           19346000   -2764018944
COBRASMA-PREF        CBMA4 BZ           19346000   -2764018944
TELEBRAS-PF RCPT     CBRZF US          226080000    -187984000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
CHIARELLI SA         CCHON BZ           42853000     -85685000
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
CYRELA COMME-ADR     CCPEL US          695033024      -4282000
CYRELA COMMERCIA     CCPR3 BZ          695033024      -4282000
COARI PART           COAR3 BZ         3270861056        -56000
COARI PART-PREF      COAR4 BZ         3270861056        -56000
COBRASMA SA         COBRON BZ           19346000   -2764018944
COBRASMA SA-PREF    COBRPN BZ           19346000   -2764018944
CAFE BRASILIA SA    CSBRON BZ           38244000   -1042639040
CAFE BRASILIA-PR    CSBRPN BZ           38244000   -1042639040
CENT AMAPA           CTAP3 BZ              15000     -11996000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
CAMBUCI SA-PREF      CXDOF US          177378992     -42495000
CYRELA COMME-ADR     CYRLY US          695033024      -4282000
D H B                DHBI3 BZ          221336000    -588646016
D H B-PREF           DHBI4 BZ          221336000    -588646016
DHB IND E COM        DHBON BZ          221336000    -588646016
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
DOCAS SA-RTS PRF     DOCA2 BZ          206494000     -23571000
DOCA INVESTIMENT     DOCA3 BZ          206494000     -23571000
DOCA INVESTI-PFD     DOCA4 BZ          206494000     -23571000
DOCAS SA            DOCAON BZ          206494000     -23571000
DOCAS SA-PREF       DOCAPN BZ          206494000     -23571000
DTCOM-RT             DTCY1 BZ           11902000     -16264999
DTCOM- DIR TO CO     DTCY3 BZ           11902000     -16264999
DTCOM- DIRECT-PR     DTCY4 BZ           11902000     -16264999
N.A.                 DTCY9 BZ           11902000     -16264999
ACO ALTONA SA        EAAON BZ          170270992     -31429000
ACO ALTONA-PREF      EAAPN BZ          170270992     -31429000
ACO ALTONA           EALT3 BZ          170270992     -31429000
ACO ALTONA-PREF      EALT4 BZ          170270992     -31429000
ESTRELA SA           ESTR3 BZ          153186000     -80125000
ESTRELA SA-PREF      ESTR4 BZ          153186000     -80125000
ESTRELA SA          ESTRON BZ          153186000     -80125000
ESTRELA SA-PREF     ESTRPN BZ          153186000     -80125000
F GUIMARAES          FGUI3 BZ           24631000    -224564000
F GUIMARAES-PREF     FGUI4 BZ           24631000    -224564000
FERREIRA GUIMARA    FGUION BZ           24631000    -224564000
FERREIRA GUIM-PR    FGUIPN BZ           24631000    -224564000
FABRICA RENAUX      FRNXON BZ          126672000     -55261000
FABRICA RENAUX-P    FRNXPN BZ          126672000     -55261000
FABRICA TECID-RT     FTRX1 BZ          126672000     -55261000
FABRICA RENAUX       FTRX3 BZ          126672000     -55261000
FABRICA RENAUX-P     FTRX4 BZ          126672000     -55261000
TECEL S JOSE        FTSJON BZ           79567000     -37557000
TECEL S JOSE-PRF    FTSJPN BZ           79567000     -37557000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
ALL MALHA PAULIS     GASC3 BZ         1586146944   -1048602048
GASCOIGNE EMP-PF     GASC4 BZ         1586146944   -1048602048
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
GAZOLA               GAZO3 BZ           27266214     -73665296
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
GAZOLA SA            GAZON BZ           27266214     -73665296
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
HAGA                 HAGA3 BZ           25668954    -110814000
FER HAGA-PREF        HAGA4 BZ           25668954    -110814000
FERRAGENS HAGA      HAGAON BZ           25668954    -110814000
FERRAGENS HAGA-P    HAGAPN BZ           25668954    -110814000
HERCULES SA         HERTON BZ           25126000    -273456000
HERCULES SA-PREF    HERTPN BZ           25126000    -273456000
HERCULES             HETA3 BZ           25126000    -273456000
HERCULES-PREF        HETA4 BZ           25126000    -273456000
DOC IMBITUBA-RTC     IMBI1 BZ          202283008     -25164000
DOC IMBITUBA-RTP     IMBI2 BZ          202283008     -25164000
DOC IMBITUBA         IMBI3 BZ          202283008     -25164000
DOC IMBITUB-PREF     IMBI4 BZ          202283008     -25164000
DOCAS IMBITUBA      IMBION BZ          202283008     -25164000
DOCAS IMBITUB-PR    IMBIPN BZ          202283008     -25164000
CONST A LINDEN      LINDON BZ           51808000     -13659000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
MINUPAR              MNPR3 BZ          179201008     -34191000
MINUPAR-PREF         MNPR4 BZ          179201008     -34191000
MINUPAR SA          MNPRON BZ          179201008     -34191000
MINUPAR SA-PREF     MNPRPN BZ          179201008     -34191000
WETZEL SA           MWELON BZ          150210992      -8903000
WETZEL SA-PREF      MWELPN BZ          150210992      -8903000
WETZEL SA            MWET3 BZ          150210992      -8903000
WETZEL SA-PREF       MWET4 BZ          150210992      -8903000
NORDON MET-RTS       NORD1 BZ           36317000     -33521000
NORDON MET           NORD3 BZ           36317000     -33521000
NORDON METAL        NORDON BZ           36317000     -33521000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
PARQUE TEM-DV CM      PQT5 BZ          152268000    -388872000
PARQUE TEM-DV PF      PQT6 BZ          152268000    -388872000
PARQUE TEM-RT CM     PQTM1 BZ          152268000    -388872000
PARQUE TEM-RCT P    PQTM10 BZ          152268000    -388872000
PARQUE TEM-RT PF     PQTM2 BZ          152268000    -388872000
HOPI HARI SA         PQTM3 BZ          152268000    -388872000
HOPI HARI-PREF       PQTM4 BZ          152268000    -388872000
PARQUE TEM-RCT C     PQTM9 BZ          152268000    -388872000
PROMAN               PRMN3 BZ           24461000       -591000
SAUIPE               PSEG3 BZ           17641202     -16319050
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
SAUIPE SA           PSEGON BZ           17641202     -16319050
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
TELEBRAS-CEDE BL     RCT4B AR          226080000    -187984000
TELEBRAS-CED C/E     RCT4C AR          226080000    -187984000
TELEBRAS-CEDEA $     RCT4D AR          226080000    -187984000
TELEBRAS-RTS CMN     RCTB1 BZ          226080000    -187984000
TELEBRAS-RTS PRF     RCTB2 BZ          226080000    -187984000
TELEBRAS-CM RCPT    RCTB30 BZ          226080000    -187984000
TELEBRAS-CM RCPT    RCTB31 BZ          226080000    -187984000
TELEBRAS-CM RCPT    RCTB32 BZ          226080000    -187984000
TELEBRAS-RCT        RCTB33 BZ          226080000    -187984000
TELEBRAS-CEDE PF     RCTB4 AR          226080000    -187984000
TELEBRAS-PF RCPT    RCTB40 BZ          226080000    -187984000
TELEBRAS-PF RCPT    RCTB41 BZ          226080000    -187984000
TELEBRAS-PF RCPT    RCTB42 BZ          226080000    -187984000
RIMET                REEM3 BZ          144454000    -232197008
RIMET-PREF           REEM4 BZ          144454000    -232197008
RIMET               REEMON BZ          144454000    -232197008
RIMET-PREF          REEMPN BZ          144454000    -232197008
TEXTEIS RENAUX      RENXON BZ           86140000    -135343008
TEXTEIS RENAUX      RENXPN BZ           86140000    -135343008
TELEBRAS-ADR           RTB US          226080000    -187984000
SCHLOSSER SA         SCHON BZ           45358000     -95113000
SCHLOSSER SA-PRF     SCHPN BZ           45358000     -95113000
SCHLOSSER            SCLO3 BZ           45358000     -95113000
SCHLOSSER-PREF       SCLO4 BZ           45358000     -95113000
TECEL S JOSE         SJOS3 BZ           79567000     -37557000
TECEL S JOSE-PRF     SJOS4 BZ           79567000     -37557000
SANSUY               SNSY3 BZ          235182000     -63134000
SANSUY-PREF A        SNSY5 BZ          235182000     -63134000
SANSUY-PREF B        SNSY6 BZ          235182000     -63134000
SANSUY SA-PREF A    SNSYAN BZ          235182000     -63134000
SANSUY SA-PREF B    SNSYBN BZ          235182000     -63134000
SANSUY SA           SNSYON BZ          235182000     -63134000
STAROUP SA          STARON BZ           66833000      -3164000
STAROUP SA-PREF     STARPN BZ           66833000      -3164000
BOTUCATU TEXTIL      STRP3 BZ           66833000      -3164000
BOTUCATU-PREF        STRP4 BZ           66833000      -3164000
TELEBRAS-PF RCPT     TBAPF US          226080000    -187984000
TELEBRAS-ADR         TBAPY US          226080000    -187984000
TELEBRAS SA          TBASF US          226080000    -187984000
TELEBRAS-ADR         TBASY US          226080000    -187984000
TELEBRAS-ADR           TBH US          226080000    -187984000
TELEBRAS/W-I-ADR     TBH-W US          226080000    -187984000
TECBLU-PREF A       TBLUAN BZ           14637000     -13127000
TECBLU-PREF B       TBLUBN BZ           14637000     -13127000
TECBLU-PREF C       TBLUCN BZ           14637000     -13127000
TECBLU              TBLUON BZ           14637000     -13127000
TELEBRAS-ADR         TBRAY GR          226080000    -187984000
TELEBRAS-CM RCPT     TBRTF US          226080000    -187984000
TELEBRAS-ADR           TBX GR          226080000    -187984000
TELEBRAS-RTS CMN     TCLP1 BZ          226080000    -187984000
TEKA                 TEKA3 BZ          526557984    -449536992
TEKA-PREF            TEKA4 BZ          526557984    -449536992
TEKA                TEKAON BZ          526557984    -449536992
TEKA-PREF           TEKAPN BZ          526557984    -449536992
TEKA-ADR             TEKAY US          526557984    -449536992
TELEBRAS-CED C/E     TEL4C AR          226080000    -187984000
TELEBRAS-CEDEA $     TEL4D AR          226080000    -187984000
TELEBRAS-COM RT      TELB1 BZ          226080000    -187984000
TELEBRAS-RCT PRF    TELB10 BZ          226080000    -187984000
TELEBRAS SA          TELB3 BZ          226080000    -187984000
TELEBRAS-BLOCK      TELB30 BZ          226080000    -187984000
TELEBRAS-CEDE PF     TELB4 AR          226080000    -187984000
TELEBRAS SA-PREF     TELB4 BZ          226080000    -187984000
TELEBRAS-PF BLCK    TELB40 BZ          226080000    -187984000
TELEBRAS SA-RTS      TELB9 BZ          226080000    -187984000
TELEBRAS-CM RCPT    TELE31 BZ          226080000    -187984000
TELEBRAS-PF RCPT    TELE41 BZ          226080000    -187984000
TECBLU-RCPT CMN       TEN8 BZ           14637000     -13127000
TECBLU-RCPT PREF      TEN9 BZ           14637000     -13127000
TECBLU ?RTS          TENE1 BZ           14637000     -13127000
TECBLU-PR A RC      TENE11 BZ           14637000     -13127000
TECBLU               TENE3 BZ           14637000     -13127000
TECBLU-PREF A        TENE5 BZ           14637000     -13127000
TECBLU-PREF B        TENE6 BZ           14637000     -13127000
TECBLU-PREF C        TENE7 BZ           14637000     -13127000
TECBLU-COM RCT       TENE9 BZ           14637000     -13127000
TEKA-PREF            TKTPF US          526557984    -449536992
TEKA-ADR             TKTPY US          526557984    -449536992
TEKA                 TKTQF US          526557984    -449536992
TEKA-ADR             TKTQY US          526557984    -449536992
TELEBRAS SA         TLBRON BZ          226080000    -187984000
TELEBRAS SA-PREF    TLBRPN BZ          226080000    -187984000
TELEBRAS-RECEIPT    TLBRUO BZ          226080000    -187984000
TELEBRAS-PF RCPT    TLBRUP BZ          226080000    -187984000
TELEBRAS-RTS PRF     TLCP2 BZ          226080000    -187984000
TECTOY-RTS/3         TOYB1 BZ           41684000      -2539000
TECTOY-RCT PREF     TOYB10 BZ           41684000      -2539000
TECTOY-PF-RTS5/6    TOYB11 BZ           41684000      -2539000
TECTOY-RCPT PF B    TOYB12 BZ           41684000      -2539000
TECTOY-BONUS RTS    TOYB13 BZ           41684000      -2539000
TECTOY               TOYB3 BZ           41684000      -2539000
TECTOY-PREF          TOYB4 BZ           41684000      -2539000
TEC TOY SA-PREF      TOYB5 BZ           41684000      -2539000
TEC TOY SA-PF B      TOYB6 BZ           41684000      -2539000
TECTOY-RCT ORD       TOYB9 BZ           41684000      -2539000
TECTOY SA           TOYBON BZ           41684000      -2539000
TECTOY SA-PREF      TOYBPN BZ           41684000      -2539000
TEC TOY SA-PREF      TOYDF US           41684000      -2539000
TEXTEIS RENAU-RT     TXRX1 BZ           86140000    -135343008
TEXTEIS RENA-RCT    TXRX10 BZ           86140000    -135343008
TEXTEIS RENAU-RT     TXRX2 BZ           86140000    -135343008
TEXTIL RENAUXVIE     TXRX3 BZ           86140000    -135343008
TEXTEIS RENAU-PF     TXRX4 BZ           86140000    -135343008
TEXTEIS RENA-RCT     TXRX9 BZ           86140000    -135343008
VARIG SA             VAGV3 BZ         2094450944  -10176870400
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
VARIG SA            VARGON BZ         2094450944  -10176870400
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
WIEST                WISA3 BZ           71372000    -140973008
WIEST-PREF           WISA4 BZ           71372000    -140973008
WIEST SA            WISAON BZ           71372000    -140973008
WIEST SA-PREF       WISAPN BZ           71372000    -140973008

COLOMBIA

CARVILE            CARVILE CI         1295758976   -6212240384
N.A.              CARVILEO CI         1295758976   -6212240384
ENACAR               EMPOF US         3226756096   -9463063552
ENACAR              ENACAR CI         3226756096   -9463063552
ENACAR-RT          ENACARO CI         3226756096   -9463063552


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *