TCRLA_Public/090323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, March 23, 2009, Vol. 9, No. 57

                            Headlines

A R G E N T I N A

APUNLAB SRL: Trustee Verifying Proofs of Claim Until May 14
BANCO SANTANDER: Fitch Affirms Individual Rating at 'D'
BRIKAL SRL: Trustee Verifying Proofs of Claim Until April 22
BBVA BANCO: Fitch Affirms Individual Rating at 'D'
PALMA TOUR: Trustee Verifying Proofs of Claim Until May 7

PRO MIX: Trustee Verifying Proofs of Claim Until May 5
TRANSPORTES LAS: Trustee Verifying Proofs of Claim Until April 15


B A R B A D O S

BICO: Incurs US$1 Million Loss on Fraud & False Accounting


B E R M U D A

BERMUDA TELECOM: To Cut Jobs as Part of Restructuring Plan


B R A Z I L

BNDES: IDB Extends US$1 Billion 20-Year Loan


C A Y M A N  I S L A N D S

BLF WAREHOUSE: Commences Liquidation Proceedings
CAIRN CAPITAL ET AL: Placed Under Voluntary Liquidation
CAREEL BAY: Placed Under Voluntary Wind-Up
CAYMAN ISLANDS ENNISMORE: Proofs of Debt Due on March 30
CREEKSIDE HOLDINGS: Commences Liquidation Proceedings

CS GLOBAL ET AL: Placed Under Voluntary Liquidation
DARLENE INVESTMENTS: Placed Under Voluntary Wind-Up
DOLOMITE EMERGING: Commences Liquidation Proceedings
DYNAMIC WORLD: Commences Liquidation Proceedings
EBI/NSM ADVISORS: Placed Under Voluntary Wind-Up

EDGESTREAM GLOBAL: Commences Liquidation Proceedings
EL PASO: Placed Under Voluntary Wind-Up
ELKHORN GLOBAL: Commences Wind-Up Proceedings
HA HOLDINGS: Commences Liquidation Proceedings
INDOCHINA LAND ET AL: Placed Under Voluntary Wind-Up

KUBA LIMITED: Creditors' Proofs of Debt Due on April 2
MVWFP CERTIFICATE: Creditors' Proofs of Debt Due on May 2
RIVERSIDE HOTEL: Placed Under Voluntary Wind-Up
SAFE HARBOR: Placed Under Voluntary Wind-Up
TE GRINHAM ET AL: Placed Under Voluntary Wind-Up

VICTORY INVESTMENTS: Creditors' Proofs of Debt Due on April 2


C H I L E

SOCIEDAD QUIMICA: S&P Retains Negative CreditWatch on Ratings


C O L O M B I A

ECOPETROL: Buys 2 Peru Oil Blocks From Petroleo Brasileiro


J A M A I C A

NATIONAL COMMERCIAL: S&P Pares Rating on 2001-A Certs. to 'BB+'
SCJ: Government Gets 14 Bids for Sugar Factories


M E X I C O

RINKER MATERIALS: Moody's Downgrades Senior Notes Rating to 'B2'


T R I N I D A D  &  T O B A G O

CL FIN'L: Republic Bank Not Eyeing Firm's Stake, Executive Says


V E N E Z U E L A

PDVSA: To Start JV Orinoco Belt Project With Russian Consortium


X X X X X X X X

* BOND PRICING: For the Week March 16 – March 20, 2009


                         - - - - -


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

APUNLAB SRL: Trustee Verifying Proofs of Claim Until May 14
-----------------------------------------------------------
The court-appointed trustee for Apunlab S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 14, 2009.

The trustee will present the validated claims in court as
individual reports on June 25, 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.


BANCO SANTANDER: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings affirms Banco Santander Rio's ratings:

  -- Individual rating at 'D';
  -- Support rating at '5';
  -- Long-term national rating at 'AA(arg)';
  -- Short-term national ratings at 'A1+(arg)'.

The Rating Outlook is Stable.

Fitch also affirms Santander Rio's USD1 billion and USD500 million
debt issuance programs and its ARS450 million senior bonds at
'AA(arg)'.

The ratings reflect Santander Rio's good franchise in Argentina,
its improved profitability and its sound asset quality.  They also
take into account ownership by Spain's Banco Santander (rated
'AA') as well as the volatile environment in Argentina.

The Argentine economy grew strongly between 2004 and 2008,
benefiting the operating environment for banks, with rising
deposits and lending and steadily improving asset quality.
However, the economy is now facing a sharp slowdown, with high
inflation, and this is likely to affect the quality of loan
portfolios and reduce the expansion of business volumes.

Santander Rio's profitability has significantly improved, based on
growing interests and fees, which compensated for rising costs and
the volatility of the revenues from its securities portfolio.
Fitch Ratings expects its performance to remain adequate, although
it could also be under some pressure due to market volatility and
expected lower growth rates.

Santander Rio's asset quality has recently deteriorated somewhat,
but it remains sound; non-performing loans were only 1.35% of the
total at end-2008, and loan loss reserve coverage was 130.6%.  As
with most of its peers, Santander Rio's loan growth has been very
rapid, raising the challenge of maintaining asset quality as the
portfolio seasons and the economy slows down.

Santander Rio has significantly reduced its public sector
exposure.  This represented 14% of assets and 174% of the bank's
equity at end-2008 and was entirely marked to market.

Santander Rio's liquidity remains ample and its funding was
comprised primarily of deposits. Its capital base is adequate and
has been supported by its improving profitability.

Santander Rio is 99.30% owned by Santander.  It is a universal
bank, offering a wide range of financial services through its 255
branches.  It was Argentina's second-largest private sector bank
by deposits at year-end 2008.

Fitch's National Ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(arg)' for national ratings in Argentina.


BRIKAL SRL: Trustee Verifying Proofs of Claim Until April 22
------------------------------------------------------------
The court-appointed trustee for Brikal S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
April 22, 2009.

The trustee will present the validated claims in court as
individual reports on June 3, 2009.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 15, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on December 22, 2009.


BBVA BANCO: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------
Fitch Ratings affirms BBVA Banco Frances's ratings:

  -- Individual rating at 'D';
  -- Support rating at '5';
  -- Long-term national rating at 'AA(arg)';
  -- Short-term national ratings at 'A1+(arg)'.

The Rating Outlook is Stable.

The bank's USD300 million debt issuance programme was also
affirmed at AA(arg).

The ratings reflect Frances's solid franchise in Argentina, the
improvement of its profitability and balance sheet integrity and
its good liquidity and asset quality.  They also take into account
its ownership by Spain's Banco Bilbao Vizcaya Argentaria (BBVA;
rated 'AA-', Outlook Positive by Fitch), and its still high
exposure to the public sector and the volatile operating
environment.

The Argentine economy grew strongly between 2004 and 2008,
benefiting the operating environment for banks, with rising
deposits and lending and steadily improving asset quality.
However, the economy is now facing a sharp slowdown, with high
inflation, and this is likely to affect the quality of loan
portfolios and reduce the expansion of business volumes.

Frances's profitability has improved in the past few years, mainly
based on higher net interest and commission income, although it
recorded hefty losses from its government bonds portfolio in 2008,
which affected the bank's operating income.  Fitch expects
Frances's profitability to remain adequate, although still under
pressure from market volatility and the deterioration of the
domestic environment.

Lending to the private sector has grown very rapidly.  In common
with its peers, Frances's non-performing loans have substantially
decreased aided by loan growth but are now starting to increase
due to the slowdown of the economy (end-2008: 0.83%); loan loss
reserve coverage was adequate at 178.2%.

Although Frances has been actively reducing its public sector
exposure since 2005, at 18.8% of total assets and 2.34 times (x)
its equity, it is still considerable.  Argentine Central Bank
securities held for liquidity purposes accounted for 61.4% of the
exposure.  This exposure was largely marked to market.

Frances's liquidity is ample, backed by continued deposit growth.
Its capital adequacy has decreased due to strong growth, dividend
payments and adjustments in the value of government securities in
the value of government securities in the available for sale
portfolio.

Spain's BBVA held 75.97% of Frances at year-end 2008. Frances was
the largest private sector bank by deposits in Argentina at year-
end 2008and had 268 branches.

Fitch's National Ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(arg)' for national ratings in Argentina.


PALMA TOUR: Trustee Verifying Proofs of Claim Until May 7
---------------------------------------------------------
The court-appointed trustee for Palma Tour S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 7, 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 19, 2009.


PRO MIX: Trustee Verifying Proofs of Claim Until May 5
------------------------------------------------------
The court-appointed trustee for Pro Mix S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 5, 2009.

The trustee will present the validated claims in court as
individual reports on June 18, 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 14, 2009.


TRANSPORTES LAS: Trustee Verifying Proofs of Claim Until April 15
-----------------------------------------------------------------
The court-appointed trustee for Transportes Las Golondrinas
S.R.L.'s reorganization proceedings will be verifying creditors'
proofs of claim until April 15, 2009.

The trustee will present the validated claims in court as
individual reports on May 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
July 13, 2009.




===============
B A R B A D O S
===============

BICO: Incurs US$1 Million Loss on Fraud & False Accounting
----------------------------------------------------------
Barbados Ice Company (BICO) is closing its Trinidad operations
after being hit with extreme challenges last year, CBC.bb News
reports.

The report relates Executive Chairman Edwin Thirlwell discovered
false accounting and fraud in 2008, that left the company with
losses in excess of one million dollars.

According to the report, the irreguarities prompted the company to
appoint a distributor in Barbados.  "What we found was that when
we have had distributors previously they have not put their whole
heart into it.  We thought we could do a better job doing it
ourselves.  That has proved a more difficult job to manage from
here than we had envisaged and it ended up where we were not
getting the proceeds from sales,” the report quoted Mr. Thirlwell
as saying.  "So we are going back now to see if we can do a better
job with an appointed distributor in Trinidad.  And we sell to
Tobago as well."

                            About BICO

Barbados Ice Company (BICO) –- http://www.bicoicecream.com/–- was
formed as the result of a merger between two ice-making companies
in 1901.  The new company was engaged exclusively in ice
manufacture until 1910, when it decided to extend its facilities.
The expansion was made for a Cold Storage Department.  In 1949, it
expanded again and began manufacturing ice cream. Subsequently in
1967, it became a subcontractor for the Barbados Port Authority.
In 1976, the Barbados Ice Company changed its name to BICO.  Since
then BICO has discontinued its production of ice.  Presently, it
is a public limited company owned by over three hundred and fifty
(350) shareholders, earning the majority of its revenue from its
ice cream sales.



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

BERMUDA TELECOM: To Cut Jobs as Part of Restructuring Plan
----------------------------------------------------------
Bermuda Telecommunications Company (BTC) will lay off employees as
part of its restructuring plan, Alex Wright of the Royal Gazette
News reports.  The report relates the company's move was due to
the shift in customer preferences to wireless services, coupled
with the current economic downturn, an increasingly competitive
marketplace and changes in technology and infrastructure.

BTC President and CEO Francis Mussenden, the report notes, did not
reveal the number of staff that would be affected by the move
until discussions had been held with the unions.

According to the report, Mr. Mussenden said employees had been
advised of the changes and that BTC would provide outplacement
services and employee assistance counselling to laid off staff, as
well as severance benefits.  Some of those affected would be
offered alternative jobs within the company based on their skills,
with the number released largely depending on the number of
employees who accept or decline the offers of other positions, he
added.

The Gazette adds Mr. Mussenden said implementation of BTC's new
management team structure will be carried out over this week while
changes to unionised positions were pending the conclusion of
discussions with both of BTC's union partners, the Bermuda
Industrial Union and the Bermuda Public Service Union.

                            About BTC

Bermuda Telecommunications Company –- http://www.btc.bm/–-
provides the network infrastructure that families and businesses
throughout Bermuda depend on for reliable voice, data, and
internet access.   The company has been providing service for more
than 100 years.



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

BNDES: IDB Extends US$1 Billion 20-Year Loan
--------------------------------------------
The IDB is extending a US$1 billion 20-year loan to Banco Nacional
de Desenvolvimento Economico e Social SA (BNDES), Latin Finance
News reports.

According to the report, BNDES will use the funds to provide long-
term credit to micro, small and midsized businesses in Brazil and
is expected to target some 25,000 companies.

The report relates the loan has a 4-year grace period.

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

As of February 19, 2009, Banco Nacional continues to carry a Ba2
foreign long-term bank deposit rating from Moody's Investors
Service.  The rating was assigned in August 2007.



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

BLF WAREHOUSE: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on February 4, 2009, the
shareholders of BLF Warehouse I, Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 19, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

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


CAIRN CAPITAL ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------------
On January 21, 2009, a special resolution was passed to
voluntarily liquidate the business of:

   -- Cairn Capital Credit Opportunities Feeder Fund Limited;
   -- Cairn Capital Credit Opportunities Master Fund Limited;
   -- Cairn Capital Short-Biased Credit Fund Limited; and
   -- Cairn Capital Short-Biased Credit Master Fund Limited.

Only creditors who were able to file their proofs of debt by
March 16, 2009, will be included in the companies' dividend
distribution.

The companies' liquidator is:

          K.D. Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4475
          Facsimile: 345-949-7164


CAREEL BAY: Placed Under Voluntary Wind-Up
------------------------------------------
On February 5, 2009, a special resolution was passed to
voluntarily wind up the operations of Careel Bay CDO Limited.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1 9002
          Cayman Islands
          Telephone: (345) 914-6314


CAYMAN ISLANDS ENNISMORE: Proofs of Debt Due on March 30
--------------------------------------------------------
The creditors of Cayman Islands Ennismore Vigeland Fund Limited
are required to file their proofs of debt by March 30, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 19, 2009.

The company's liquidator is:

         G. James Cleaver
         c/o Barry Hunte
         Kroll (Cayman) Limited
         Cayman Financial Centre
         Bermuda House, 4th Floor
         Dr. Roy’s Drive, Grand Cayman
         Telephone: +1 (345) 946-0081
         Fax: +1 (345) 946-0082
         e-mail: barry.hunte@krollcayman.ky


CREEKSIDE HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on February 5, 2009, the
shareholders of Creekside Holdings Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 5, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


CS GLOBAL ET AL: Placed Under Voluntary Liquidation
---------------------------------------------------
On February 5, 2009, a special resolution was passed to
voluntarily liquidate the business of:

   -- CS Global Rates and Currency Fund; and
   -- CS Global Rates and Currency Master Fund.

Only creditors who were able to file their proofs of debt by
March 10, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ian D. Stokoe
          c/o Prue Lawson
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914-8662
          Facsimile: (345) 945-4237


DARLENE INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On January 26, 2009, a special resolution was passed to
voluntarily wind up the operations of Darlene Investments LLC.

Only creditors who were able to file their proofs of debt by
March 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o James Bagnall
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 949-9876
          Facsimile: (345) 949-1986


DOLOMITE EMERGING: Commences Liquidation Proceedings
----------------------------------------------------
On January 23, 2009, the sole shareholder of Dolomite Emerging
Markets Total Return Fund, Ltd. resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

         Raj Keswani
         122 East 42nd Street, Suite 735
         New York, NY 10168, U.S.A.


DYNAMIC WORLD: Commences Liquidation Proceedings
------------------------------------------------
On January 19, 2009, the sole shareholder of Dynamic World Fund
passed a resolution that voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
March 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          K.D. Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4464
          Facsimile: 345-949-7164


EBI/NSM ADVISORS: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 28, 2009, a special resolution was passed to
voluntarily wind up the operations of EBI/NSM Advisors, Ltd.

Only creditors who were able to file their proofs of debt by
March 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Vijayabalan Murugesu
          c/o Ogier
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: 345 815-1481
          Facsimile: 345 945-6265


EDGESTREAM GLOBAL: Commences Liquidation Proceedings
----------------------------------------------------
On January 28, 2009, a special resolution was passed to
voluntarily liquidate the business of Edgestream Global Fund
Limited.

Only creditors who were able to file their proofs of debt by
March 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Managementplus Limited
          c/o Nicole Ebanks
          DMTC Group
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Telephone: (345) 943-2295
          Facsimile: (345) 943-2294


EL PASO: Placed Under Voluntary Wind-Up
---------------------------------------
On February 3, 2009, a special resolution was passed to
voluntarily wind up the operations of El Paso Cayman BS-1 Company.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1 9002
          Cayman Islands
          Telephone: (345) 914-6314


ELKHORN GLOBAL: Commences Wind-Up Proceedings
---------------------------------------------
On February 6, 2009, the sole shareholder of Elkhorn Global
Alternative Energy Offshore Fund, Ltd. passed a resolution that
voluntarily wind up the company's operations.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands
          Telephone: (345) 914-6314


HA HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on February 6, 2009, the
shareholders of HA Holdings Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 9, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

         Westport Services Ltd.
         c/o Ica Eden
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 345 949-5122
         Facsimile: 345 949-7920


INDOCHINA LAND ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On February 4, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

   -- Indochina Land Riverside Tower II Ltd; and
   -- Indochina Land Riverside Tower III Ltd.

Only creditors who were able to file their proofs of debt by
March 17, 2009, will be included in the company's dividend
distribution.

The companies' liquidator is:

          Tony Xuan Diep
          Capital Place, 9th Floor
          6 Thai Van Lung Street
          District 1, HCM City
          Vietnam
          Tel: +84 8 910-4855
          Fax: +84 8 910-4860


KUBA LIMITED: Creditors' Proofs of Debt Due on April 2
------------------------------------------------------
The creditors of Kuba Limited are required to file their proofs of
debt by April 2, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 18, 2008.

The company's liquidator is:

          Joseph Halbreich
          P.O. Box 31106SMB Grand Cayman


MVWFP CERTIFICATE: Creditors' Proofs of Debt Due on May 2
---------------------------------------------------------
The creditors of MVWFP Certificate 2003 are required to file their
proofs of debt by May 2, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 2, 2009.

The company's liquidator is:

         MBT Trustees Ltd.
         MBT Trustees Ltd.
         P.O. Box 30622, Grand Cayman KY1-1203
         Telephone: 945-8859
         Facsimile: 949-9793/4


RIVERSIDE HOTEL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On February 6, 2009, a special resolution was passed to
voluntarily wind up the operations of Riverside Hotel Ltd..

Only creditors who were able to file their proofs of debt by
March 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Mayo-Smith III
          Capital Place, 10th Floor
          6 Thai Van Lung Street
          District 1, HCM City, Vietnam
          Tel: +84 8 910-4855
          Fax: +84 8 910-4860


SAFE HARBOR: Placed Under Voluntary Wind-Up
-------------------------------------------
On January 29, 2009, a special resolution was passed to
voluntarily wind up the operations of Safe Harbor Fund Ltd.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1 9002
          Cayman Islands
          Telephone: (345) 914-6314


TE GRINHAM ET AL: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 7, 2009, the sole shareholder resolved to voluntarily
wind up the operations of:

  -- TE Grinham Investors, Ltd; and
  -- TE Grinham Portfolio, Ltd.

The companies' liquidator is:

         Walkers SPV Limited
         c/o Anthony Johnson
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9002, Cayman Islands
         Telephone: (345) 914-6314


VICTORY INVESTMENTS: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------------
The creditors of Victory Investments Trading Ltd. are required to
file their proofs of debt by April 2, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 4, 2009.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Sherine Bromfield
          P.O. Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799



=========
C H I L E
=========

SOCIEDAD QUIMICA: S&P Retains Negative CreditWatch on Ratings
-------------------------------------------------------------
On March 19, 2009, Standard & Poor's Rating Services said that its
'BBB+' ratings on Sociedad Quimica y Minera de Chile S.A. remain
on CreditWatch with negative implications where they were placed
on Nov. 7, 2008.

The continuing negative CreditWatch listing reflects S&P's
expectation that SQM will implement a more aggressive dividend
policy.  SQM's controlling shareholder, Sociedad de Inversiones
Pampa Calichera ('BB-/Stable'), has the ability to alter SQM's
dividend policy (derived from its control of SQM's board of
directors), and, given the sizable amount of debt (about
$500 million as of Dec. 31, 2008) allocated at Pampa's parent-
company level, that debt will demand, in S&P's opinion, greater
cash flows coming from SQM than in the past.

If S&P confirm S&P's expectations of a higher dividend policy at
SQM, or if S&P determine that the firm's most likely repayment
strategy regarding the parent's debt is based on an upstream of
additional flows from SQM, the ratings could be downgraded by one
notch.  If S&P find evidence that the repayment of Pampa's debt
could be made without altering SQM's dividend policy and/or
requiring additional cash from SQM, the ratings would be affirmed.
S&P expects to resolve the CreditWatch within 90 days.

Pampa's exclusive control is restricted to SQM's dividend flows
and does not reach SQM's full cash flow.  Thus, this ability has a
rather narrow impact on SQM's overall credit quality and does not
merit the analytical full consolidation of Pampa's debt (and that
of its parent companies) with SQM's.

S&P's ratings on SQM reflect the company's position as the world's
leading integrated producer of specialty plant nutrients, iodine,
and lithium.  S&P also considered SQM's low-cost production
economics, its relatively diversified global client base, and its
moderate financial risk profile.  The company's position as a low-
cost producer of relatively high-value-added specialty chemicals
comes mainly from its control of high-grade ore and mineral brines
found in the Atacama Desert in northern Chile, as well as its
efficient refining processes that utilize solar evaporation.

These strengths are partially balanced by: the inherent
cyclicality of the chemical industry, which translates into price
volatility; a significant concentration of cash generation in
specialty plant nutrients; SQM's historically expansionary
business profile; and its relatively aggressive dividend policy.

Despite high price volatility, SQM's operating performance has
been quite stable throughout its business cycles, which, added to
favorable industry conditions during the past four years, has led
to strong operating performance and cash flow generation.
Furthermore, 2008's unprecedented high prices for potash chloride
supported higher-than-expected pricing levels for the company's
specialty plant nutrients division, resulting in an even stronger
operating performance.  S&P expects SQM to continue posting solid
credit metrics in the medium term with EBITDA interest coverage-
to-total debt and funds from operations-to-total debt ratios
exceeding 7x and 50%, respectively, partly counterbalancing its
ambitious capital expenditures program (about $320 million
annually over the next two years) and its relatively aggressive
dividend policy.

                            Liquidity

SQM's liquidity position is adequate and should remain
satisfactory.  As of Dec. 31, 2008, the company had cash and
short-term investments of $324 million, exceeding its short-term
debt of $142 million.  In addition, the company has committed
credit lines for $130 million.  Under S&P's base case scenario,
SQM's discretionary cash flow is likely to remain pressured for
the next two to three years if the company does adopt a more
aggressive dividend policy, taking into consideration the
company's substantial investment plan.  This is somewhat offset by
SQM's extended debt maturity schedule, the flexibility of its
capex program, and its very good access to the domestic credit
market.

                          Ratings List

                Ratings Remain On CreditWatch

            Sociedad Quimica y Minera de Chile, S.A.

      Corporate Credit Rating                BBB+/Watch Neg/--

            Sociedad Quimica y Minera de Chile, S.A.

      Senior Unsecured                       BBB+/Watch Neg




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

ECOPETROL: Buys 2 Peru Oil Blocks From Petroleo Brasileiro
----------------------------------------------------------
Colombian state-controlled oil company Ecopetrol SA bought two
stakes in two oil blocks in Peru from Brazilian oil company
Petroleo Brasileiro SA, Inti Landauro of Dow Jones Newswires
reports.  The report relates Ecopetrol bought 50% of a block in
the eastern Peruvian Amazon jungle and 25% in a second one,
located in Peru's southeastern jungle for undisclosed prices.

According to the report, both companies will search for oil and
gas in the two areas together.

The report notes Ecopetrol said the acquisitions need to be
approved by Peruvian authorities.

Ecopetrol, the report says, intends to invest US$6.22 billion this
year in exploration, boosting production and acquiring other
companies as part of plans to invest $60 billion in the 2008-15
period.

                      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
=============

NATIONAL COMMERCIAL: S&P Pares Rating on 2001-A Certs. to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on National
Commercial Bank Jamaica Ltd.'s Jamaican Credit Card Merchant
Voucher Receivables Master Trust's certificates series 2001-A to
'BB+' from 'BBB-' and placed the rating on CreditWatch with
negative implications.

These rating actions follow the March 18, 2009, lowering of S&P's
long-term sovereign credit rating on Jamaica to 'B-' from 'B' and
S&P's short-term rating to 'C' from 'B'; the lowering of S&P's
country transfer and convertibility assessment on Jamaica to 'B+'
from 'BB-'; and the subsequent lowering of S&P's long-term foreign
currency and local currency sovereign credit ratings on NCB to
'B-' from 'B'.  S&P's outlook on both NCB and Jamaica is negative.

The lowered rating on Jamaica reflects the country's deteriorating
economy and the economic contraction that is expected to impact
major sectors of Jamaica's economy, including tourism,
construction, and manufacturing.  The lowered rating on NCB
reflects the entity's large exposure to Jamaican government debt
and a more challenging environment for the Jamaican banking
system.

The 'BB+' rating on the series 2001-A certificates reflects the
aforementioned sovereign and bank rating actions and Standard &
Poor's survivability assessment of NCB, which addresses the bank's
ability to acquire the necessary Visa and MasterCard merchant
voucher assets to service the transaction even under a state of
selective default or other financial impairment.  The rating also
reflects the strong enhancement level through over
collateralization and other structural features that mitigate
sovereign interference risk and other credit risks.

The CreditWatch negative placement reflects the global economic
downturn and its impact on Jamaica's tourism and travel.  Jamaican
Credit Card Merchant Voucher Receivables Master Trust's
performance has been strong since 2001.  As of Jan. 31, 2009, the
transaction's quarterly debt service coverage ratio was 6.52x,
down from a quarterly DSCR of 27.72x as of Jan. 31, 2008.
The decrease in the DSCR reflects a 20% decline in collections as
of the April 2008 payment date and the fact that the transaction
finished its interest-only payment period and has begun paying
principal.  The 6.52x DSCR meets S&P's requirements for a 'BB+'
rating.  S&P will continue to monitor the transaction's collection
levels and if they decrease 40%-60%, S&P may lower its rating on
the transaction by one to two notches.

NCB, one of Jamaica's leading banks, sold to the issuer all of its
existing and future rights to receive U.S. dollar-denominated
payments from Visa International Service Association and
MasterCard International Inc., including amounts owed in respect
of cash advances made through Plus System Inc. or Cirrus System
Inc., the cash advance systems operated by Visa and MasterCard,
respectively.  These receivables arise from NCB's acquisition of
electronic or paper transaction vouchers generated by foreign
cardholder charges that are processed by NCB's voucher processing
services.



SCJ: Government Gets 14 Bids for Sugar Factories
------------------------------------------------
The Jamaican government received 14 bids for the purchase of
state-owned Sugar Company of Jamaica ("SCJ")'s five sugar
factories, Reuters reports, citing Agriculture Minister
Christopher Tufton.

"Fourteen proposals were received from local and international
interests relating to parts or all of the packages up for
divestment.  The prospective investors are now carrying out their
due diligence," Mr. Tufton said in a statement obtained by the
news agency.

According to the report, an unnamed government source said four
Jamaica-based companies are among the bidders along with one each
from India and China and two from Brazil.

As reported in the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Caribbean Net News said Jamaica's Sugar Industry
Authority is seeking interested buyers for the sugar assets in the
SCJ after a failed purchase bid by Brazilian-company Infinity
Bio-Energy.

Caribbean Net News related the government asked prospective buyers
to take all the factories as a package deal, or submit bids for
individual properties.

Head of Jamaica's Sugar Enterprise Team Aubyn Hill, as cited by
Caribbean360 News, said the Infinity talk broke down because
of the Brazilian company's inability to procure the necessary
financing.

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

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

Caribbean Net News discloses the government had decided to
continue with milling operations at the factories for the present
harvest, which is expected to end in July.  However, the same
report notes officials said the state cannot continue to run the
loss-making factories for longer than this year.



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

RINKER MATERIALS: Moody's Downgrades Senior Notes Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service downgraded the rating of Rinker
Materials LLC's senior notes to B2 from B1.  Moody's will
subsequently withdraw Rinker's rating because it believes it lacks
adequate information to maintain the rating.

The downgrade primarily reflects the weak consolidated liquidity
profile of Rinker and its ultimate parent, Cemex S.A.B. de C.V.,
amid challenging credit market conditions and continued pressure
on its operating performance given the global economic downturn
and weakness across major markets.  Rinker's rating reflects
Cemex's consolidated credit profile due to the companies'
operational and financial integration and the cross default
clauses in Cemex's existing debt agreements.

Moody's estimates that in 2009 Cemex faces about USD4.1 billion in
debt maturities, which may not be fully covered by the company's
cash reserves, free cash flow and asset disposal proceeds.  Cemex
faces an additional estimated USD3.5 billion in debt maturities in
2010 and USD7.7 billion in 2011.

On March 9, 2009, Cemex announced that it has initiated
discussions with its main lenders to restructure the majority of
its outstanding debt (around USD14.5 billion in syndicated and
bilateral bank debt).  At the same time, Cemex also indefinitely
postponed a previously-announced international high yield bond
issuance.  These actions accentuate the heightened liquidity risk
for the company in the current weak operating and credit market
conditions.

The withdrawal is based on Moody's belief that on a go-forward
basis it will lack the appropriate information to effectively
assess the creditworthiness of Rinker, and its parent, Cemex.



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

CL FIN'L: Republic Bank Not Eyeing Firm's Stake, Executive Says
---------------------------------------------------------------
Trinidad and Tobago's Republic Bank is not interested in acquiring
the 55% stake the central bank took from CL Financial Limited as
part of the government's bailout, Latin France News reports,
citing an unnamed top Republic executive.

“We would prefer not to reduce our capital at this time.  We want
to maintain our strong liquidity position,” the report quoted the
executive as saying.  The report relates the executive added that
while the bank is healthy, with non-performing loans at an “all-
time low of 1.8%,” he does expect some deterioration owing to the
global recession.

According to the report, the executive added that CIBC-owned First
Caribbean has indicated interest in buying the CL shares.

The report notes a First Caribbean banker confirms the bank has
had some discussions regarding the acquisition, but adds that no
decision has yet been made.

                       About CL Financial

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

                          *     *     *

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.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.


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

PDVSA: To Start JV Orinoco Belt Project With Russian Consortium
---------------------------------------------------------------
Petroleos de Venezuela S.A. (PDVSA) and the Russian consortium –-
consisting of Lukoil Holdings, TNK, OAO Rosneft and OAO Gazprom
–- will begin the development of the Orinoco Heavy Oil Belt,
Rigzone News reports, citing Dow Jones.

"The consortium will begin operations in the Orinoco region,"
President Hugo Chavez told local media, the report notes. "We just
signed the official accord with Russia in Vienna."

According to the report, the consortium will also participate in
the latest licensing round of Orinoco fields, thereby securing
what industry insiders predict will be a significant position in
ongoing and future project developments within the oil-rich
region.

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.

                          *     *     *

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.



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

* BOND PRICING: For the Week March 16 – March 20, 2009
------------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA          7.875    05/11/17     USD      50.08
Alto Palermo SA         11.000    06/11/12     USD      50.49
Argent-DIS               5.830    12/31/33     ARS      41.99
Argent-DIS               7.820    12/31/33     ARS      20.25
Argent-$DIS              8.820    12/31/33     ARS      27.50
Argent-$DIS              8.820    12/31/33     ARS      20.63
Argent-Par               0.630    12/31/38     ARS      10.69
Argnt-Bocon PRE8         2.000    01/03/10     ARS      46.88
Argnt-Bocon PR11         2.000    12/03/10     ARS      32.71
Argnt-Bocon PRE9         2.000    03/15/24     ARS      48.58
Argnt-Bocon PR12         2.000    01/03/16     ARS      47.49
Argnt-Bocon PR13         2.000    03/15/24     ARS      12.90
Arg Boden                2.000    09/30/14     ARS      41.68
Arg Boden                7.000    10/03/15     ARS      25.75
Argentina - NGB          2.000    01/03/16     ARS      36.55
Autopistas Del S        11.500    05/23/17     USD      30.89
Banco Hipot SA           9.750    11/16/10     USD      58.46
Banco Hipot SA           9.750    04/27/16     USD      31.05
Banco Macro SA           8.500    02/01/17     USD      54.29
Banco Macro SA           9.750    12/18/36     USD      33.61
Bonar $ V               10.500    06/12/12     USD      30.94
Bonar V                  7.000    03/28/11     USD      48.37
Bonar X                  7.000    04/17/17     USD      41.03
Bonar VII                7.000    09/12/13     USD      33.20
Buenos Aire Prov         9.625    04/18/28     USD      24.87
Buenos Aire Prov         9.375    09/14/18     USD      21.00
Buenos-$DIS              9.250    04/15/17     USD      23.37
Buenos-$DIS              8.500    04/15/17     USD      23.50
Hidroelec Piedra         9.000    07/11/17     USD      61.50
Industries Metal        11.250    10/22/14     USD      45.58
Invers Rep Y Soc         8.500    02/02/17     USD      50.56
Mendoza Province         5.500    09/04/18     USD      35.00
Transener                8.875    12/15/16     USD      38.50
Trasport De Gas          7.875    05/14/17     USD      52.37
YPF SA                  10.000    11/02/28     USD      74.50

   BRAZIL
   ------
Banco BMG SA             9.150    01/15/16     USD      67.58
Banco Ind E Com          9.750    03/03/16     USD      67.80
Bertin Ltda             10.250    10/05/16     USD      41.00
Braskem SA               9.000    04/29/49     USD      64.00
Braskem SA               9.750    06/29/49     USD      73.50
BR Malls Int Fi          8.500    04/15/17     EUR      68.00
CESP                     9.750    01/15/15     BRL      41.17
Cosan Finance            7.000    02/01/17     USD      60.70
Cosan SA Industr         8.250    02/28/49     USD      43.75
JBS SA                  10.500    08/04/16     USD      60.55
Independencia In         9.875    05/15/15     USD      14.43
Independencia In         9.875    01/31/17     USD      14.97
Independencia In         9.875    05/15/15     USD      21.00
National Steel           9.875    05/29/49     USD      67.80
Net Servicos             9.250    11/29/49     USD      75.00
Rede Empresas           11.120    04/29/49     USD      36.50
RBS-Zero Hora Ed        11.250    06/15/17     BRL      63.41
Vigor                    9.250    02/23/17     USD      22.50


   CAYMAN ISLANDS
   --------------

Aes Dominicana          11.000    12/13/15     USD      57.50
Aes Dominicana          11.000    12/13/15     USD      57.50
Aig Sunamerica           5.625    02/01/12     GBP      54.85
Aig Sunamerica           5.625    02/01/12     GBP      58.36
Agile Property           9.000    02/22/13     USD      62.50
Asif II                  5.125    01/28/13     GBP      15.00
Bancaja Intl Fin         5.700    06/30/22     EUR      61.88
Banco BPI (CI)           4.150    11/14/35     EUR      74.23
Barion Funding           0.100    12/20/56     USD       5.13
Barion Funding           0.250    12/20/56     USD       4.87
Barion Funding           0.250    12/20/56     USD       4.87
Barion Funding           0.250    12/20/56     USD       4.87
Barion Funding           0.250    12/20/56     USD       4.87
Barion Funding           0.250    12/20/56     USD       4.87
Barion Funding           0.250    12/20/56     USD       4.87
Barion Funding           0.630    12/20/56     USD      12.55
Barion Funding           1.440    12/20/56     USD      24.19
BBVA Bancomer SA         4.799    05/17/17     EUR      35.00
BCP Finance Company      5.543    06/29/49     EUR      33.00
BCP Finance Company      4.239    10/29/49     EUR      33.00
Bes Finance Limited      4.500    12/29/49     EUR      52.50
Bes Finance Limited      6.625    05/08/49     EUR      63.50
Bes Finance Limited      5.580    07/29/49     EUR      44.50
Braskem Fin Limited      7.250    06/06/18     USD      70.00
Braskem Fin Limited      7.250    06/06/18     USD      71.30
Cam Global Fin           6.080    12/22/30     EUR      64.23
CAP                      7.375    09/15/36     USD      73.82
Castle Holdco 4          9.875    05/15/15     GBP      05.50
Castle Holdco 4          9.875    05/15/15     GBP      05.50
China Med Tech           3.500    11/15/11     USD      61.83
China Med Tech           3.500    11/15/11     USD      59.53
China Med Tech           4.000    08/15/13     USD      47.76
China Properties         9.125    05/04/14     USD      29.00
Citadel Finance          6.250    12/15/11     USD      65.02
CKWH-UT2 LTD             9.125    05/29/49     USD      64.81
Country Garden           2.500    02/22/13     CNY      66.11
Credit Sail Ltd          8.500    12/22/12     NZD       5.00
DP World Sukuk           6.250    07/02/17     USD      55.00
DP World Sukuk           6.250    07/02/17     USD      55.88
Dubai Holding Comm       4.750    01/30/14     EUR      57.50
Dubai Holding Comm       6.000    02/01/17     GBP      52.30
DWR CYMN FIN             4.473    03/31/57     GBP      64.91
Esfg Internation         5.753    06/29/49     EUR      40.00
Gol Finance              7.500    04/03/17     USD      52.50
Gol Finance              8.750    04/28/49     USD      41.00
Greentown China          9.000    11/08/13     USD      34.50
Investcorp Cap           8.080    03/27/09     USD      63.74
Ja Solar Hold Company    4.500    05/15/13     USD      46.36
Lai Funding Holding      9.125    04/04/14     USD      68.40
Ldk Solar Co Ltd         4.750    04/15/13     USD      38.50
Lupatech Finance         9.875    07/29/49     USD      60.00
Mafrig Overseas          9.635    11/16/16     USD      56.80
Malachite Fdg            0.630    12/21/56     EUR      15.54
Mazarin Fdg Ltd          0.100    09/20/68     USD       3.10
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.81
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.81
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.81
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.81
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.81
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.81
Mazarin Fdg Ltd          0.630    09/20/68     USD      10.76
Mazarin Fdg Ltd          1.440    09/20/68     USD      22.63
Minerva Overse           9.500    02/01/17     USD      35.62
Mizuho Capital I         5.020    06/29/49     EUR      40.50
Mizuho Capital INV I     6.686    03/29/49     EUR      53.50
Monument Global          5.405    11/17/31     EUR      69.51
Mufg Cap Fin1            6.346    07/29/49     EUR      62.00
Mufg Cap Fin2            4.850    07/29/49     EUR      43.00
Mufg Cap Fin4            5.271    01/29/49     EUR      44.00
Mufg Cap Fin5            6.299    01/25/49     GBP      32.50
Norinchukin Fin          4.250    09/28/16     EUR      73.50
Prince Fin Global        4.500    01/26/17     EUR      57.65
Pubmaster Fin            5.943    12/30/24     GBP      66.02
Resona PFD Glob          7.191    12/29/49     USD      36.03
Santander                7.250    12/29/49     GBP      54.59
Seagate Tech HDD         6.800    10/01/16     USD      56.96
Seagate Tech HDD         6.375    10/01/11     USD      68.00
Shimao Property          8.000    12/01/16     USD      46.00
Shimao Property          8.000    12/01/16     USD      48.05
Shinsei Fin Caym         7.160    07/29/49     USD      16.94
SMFG Preferred           6.078    01/29/49     USD      57.49
SMFG Preferred 2        10.231    07/18/49     USD      52.14
STB Finance              5.834    09/29/49     GBP      47.50
Subsea                   2.800    06/06/11     USD      68.88
Suntech Power            3.000    03/15/13     USD      35.64
Tam Capital Inc.         7.375    04/25/17     USD      51.50
Trina Solar Ltd          4.000    07/15/13     USD      37.37
Unibanco Cayman          8.700    02/11/10     USD      54.41
Vestel Elec Fin          8.750    05/09/12     USD      57.64
Vontobel Cayman          8.350    03/27/09     USD      65.00
Vontobel Cayman         10.650    02/27/09     USD      67.80
Vontobel Cayman         10.550    03/27/09     USD      54.80
XL Capital Limited       5.250    09/15/14     USD      63.81
XL Capital Limited       6.250    05/15/27     USD      49.70
XL Capital Limited       6.375    11/15/24     USD      52.61
XL Capital Limited       6.500    12/31/49     USD      19.00

   DOMINICAN REPUBLIC
   ------------------
CAP CANA                 9.625    11/03/13     USD      37.37
DOM REP COM             13.000    09/12/14     DOP      69.93
DOM REP COM             13.000    02/22/13     DOP      73.29


   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      42.95
Rep of Ecuador           9.375    12/15/15     USD      43.50



  EL SALVADOR
  -----------
El Salvador Rep          8.250    04/10/32     USD      72.66
El Salvador Rep          7.650    06/15/35     USD      71.65


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      57.92
Jamaica Govt             8.000    03/15/39     USD      62.66
Jamaica Govt             8.500    02/28/36     USD      62.70
Jamaica Govt             9.250    10/17/25     USD      74.17
Jamaica Govt LRS        12.750    06/29/22     JMD      46.34
Jamaica Govt LRS        12.750    04/27/12     JMD      72.21
Jamaica Govt LRS        12.250    07/13/12     JMD      69.81
Jamaica Govt LRS        12.850    05/31/22     JMD      47.73
Jamaica Govt LRS        13.625    06/23/14     JMD      63.90
Jamaica Govt LRS        13.375    04/27/32     JMD      46.96
Jamaica Govt LRS        13.375    12/15/26     JMD      47.65
Jamaica Govt LRS        13.375    12/15/21     JMD      48.79
Jamaica Govt LRS        13.875    05/17/13     JMD      69.07
Jamaica Govt            14.400    08/03/27     EUR      52.33
Jamaica Govt            14.000    06/30/21     EUR      51.22
Jamaica Govt            14.000    06/21/13     EUR      70.19
Jamaica Govt            14.125    07/08/13     EUR      69.04
Jamaica Govt            14.125    08/31/12     EUR      74.19
Jamaica Govt            14.250    08/19/15     EUR      61.79
Jamaica Govt            14.250    05/31/13     EUR      70.90
Jamaica Govt            14.250    05/31/13     EUR      71.05
Jamaica Govt            14.375    11/29/12     EUR      72.39
Jamaica Govt            14.375    11/15/12     EUR      72.59
Jamaica Govt            14.375    05/03/14     EUR      67.79
Jamaica Govt            14.375    06/28/14     EUR      65.91
Jamaica Govt            14.375    09/06/14     EUR      65.33
Jamaica Govt            14.375    09/13/14     EUR      65.27
Jamaica Govt            14.375    05/30/14     EUR      67.56
Jamaica Govt            14.500    06/28/17     EUR      59.09
Jamaica Govt            14.500    11/13/13     EUR      68.56
Jamaica Govt LRS        14.500    05/17/13     JMD      71.78
Jamaica Govt LRS        14.750    03/21/14     JMD      69.36
Jamaica Govt LRS        14.625    04/19/14     JMD      68.67
Jamaica Govt LRS        14.500    05/17/13     JMD      58.86
Jamaica Govt LRS        15.000    07/31/13     JMD      67.32
Jamaica Govt LRS        15.000    11/15/21     JMD      54.47
Jamaica Govt LRS        15.000    09/06/32     JMD      54.54
Jamaica Govt LRS        15.000    07/31/16     JMD      61.36
Jamaica Govt LRS        15.800    06/26/17     JMD      63.47
Jamaica Govt LRS        15.125    04/24/14     JMD      68.66
Jamaica Govt LRS        15.000    08/30/32     JMD      54.54
Jamaica Govt LRS        15.000    07/31/13     JMD      70.99
Jamaica Govt LRS        15.500    03/24/28     JMD      54.47
Jamaica Govt LRS        15.750    04/26/13     JMD      72.68
Jamaica Govt LRS        16.000    12/06/32     JMD      56.14
Jamaica Govt LRS        16.000    06/13/22     JMD      57.65
Jamaica Govt            16.500    06/14/27     EUR      57.91
Jamaica Govt            16.000    12/06/32     EUR      62.58
Jamaica Govt LRS        16.250    05/22/27     EUR      57.01
Jamaica Govt LRS        16.250    05/22/27     EUR      58.54
Jamaica Govt LRS        16.125    08/21/32     EUR      58.59
Jamaica Govt LRS        16.250    06/18/27     EUR      59.12
Jamaica Govt LRS        16.250    05/22/27     EUR      57.02
Jamaica Govt LRS        16.150    06/12/22     EUR      58.17
Jamaica Govt LRS        16.150    06/12/22     EUR      60.20
Jamaica Govt LRS        16.250    08/26/32     EUR      59.04
Jamaica Govt LRS        16.000    08/24/13     EUR      73.29
Jamaica Govt LRS        16.750    08/22/19     EUR      58.64
Jamaica Govt LRS        17.000    07/11/23     EUR      60.65


    NETHERLANDS  ANTILLES
    ---------------------

KBC Intl Fin             5.000    05/29/49     EUR      46.50
KBC Intl Fin             5.050    01/15/20     EUR      73.44
Mer Lynch Int Cv        22.000    03/30/09     USD       9.42
Mer Lynch Int Cv        18.000    03/27/09     USD      75.00
Mer Lynch Int Cv        16.800    04/24/09     USD      29.95
Soc Gen Accept           9.000    03/21/14     EUR      67.28
Soc Gen Accept           7.000    02/27/13     EUR      11.49
Soc Gen Accept          14.000    04/09/09     EUR      19.65
Soc Gen Accept           8.000    12/20/13     EUR      22.81
Soc Gen Accept           8.750    12/21/11     EUR      38.65


    PERU
    ----

Doral Finl Corp          7.000   04/26/12      USD     28.50
Doral Finl Corp          7.150   04/26/12      USD     32.37
Doral Finl Corp          7.650   03/26/16      USD     39.37
Doral Finl Corp          7.100   04/26/17      USD     39.75


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      43.00
Uruguay                  4.250    04/05/27     UYU      53.83
Uruguay                  5.000    09/14/18     UYU      69.50


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      35.00
Petroleos de Ven         5.375    04/12/27     USD      36.00
TCCIC                    6.250    04/06/17     USD      49.64
Venezuela                7.000    03/31/38     EUR      42.12
Venezuela                6.000    12/09/20     EUR      42.62
Venezuela                7.650    04/21/25     EUR      45.68
Venezuela                5.750    02/26/16     EUR      48.37
Venezuela               13.625    08/15/18     USD      70.00
Venezuela                7.000    03/16/15     USD      50.30
Venezuela                7.000    03/16/15     USD      50.49
Venezuela                7.000    12/01/18     USD      48.50
Venezuela                9.000    05/07/23     USD      49.25
Venezuela                9.250    05/07/28     USD      50.87
Venezuela                9.375    01/13/34     USD      52.25
Venezuela                8.500    10/08/14     USD      61.00
Venezuela               10.750    09/19/13     USD      68.70
Venzod - 189000         10.750    09/19/13     USD      71.50
Venezuela               10.750    09/19/13     USD      73.60




The last rating action on Rinker was a downgrade to B1 from Ba3 on
February 20, 2009 after which the rating remained on review for
further downgrade.

Rinker Materials LLC (Rinker, formerly Rinker Materials
Corporation), a U.S. entity, is owned by Cemex, Inc., which is the
intermediate holding company of Cemex, S.A.B. de C.V.'s U.S.
operations and in turn is owned by Cemex Espana, the holding for
Cemex's non-Mexican business.  Cemex, headquartered in Monterrey,
Mexico, is a leading global building materials company that
manufactures and distributes building products such as cement,
ready mix concrete and aggregates, with customers in more than 50
countries.  Cemex gained control of Australia-based Rinker Group
Limited, Rinker's former parent company, in June 2007.  In 2008,
Cemex reported revenues and EBITDA reached of USD21.7 billion and
USD4.3 billion, respectively.



                            ***********

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 * * *