TCRLA_Public/090408.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

           Wednesday, April 8, 2009, Vol. 9, No. 69

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Owner Denies Involvement in Ponzi Scheme
STANFORD INT'L BANK: Venezuela to Resell Stanford Bank's Assets
STANFORD INT'L BANK: SFG Investors Seek to Unlock Funds


B R A Z I L

SADIA SA: To Sue Former CFO After Board Cleared on Hedging Loss
TAM SA: Inks Codeshare Agreement With Bmi for Brazil & UK Flights
TELECOM ITALIA: Barred from Using Voting Rights in Argentine Unit
* BRAZIL: Analysts See 0.19% Contraction in Economy This Year


C A Y M A N  I S L A N D S

ACUMEN WORKS: Creditors' Proofs of Debt Due on April 27
ACTIVE DEVELOPER: Shareholders to Hear Wind-Up Report on April 17
AL THURWA: Commences Wind-Up Proceedings
ARLO IV: Moody's Downgrades Ratings on Two Classes of 2006 Notes
CCTI INVESTMENT: Members to Receive Wind-Up Report on April 16

COMPASS ET AL: Liquidator to Present Wind-Up Report on April 20
DAIRY HOLDINGS: Creditors' Meeting Scheduled on April 21
EFC RISING: Creditors' Proofs of Debt Due on April 21
EVERBRIGHT DRAGON: Creditors' Proofs of Debt Due on April 28
FIDESO TRADING: Creditors' Proofs of Debt Due on April 21

FLOATING RATE: Members Receive Wind-Up Report
FOOD HOLDINGS: Creditors' Meeting Scheduled on April 21
IMANCO LTD: Creditors' Proofs of Debt Due on April 17
INVESTCORP ET AL: Liquidator to Present Wind-Up Report on April 20
JUPITER CAPITAL: Creditors' Proofs of Debt Due on April 30

KOREA FIRST: Members to Receive Wind-Up Report on April 16
MERIT HOLDINGS: Fitch Corrects April 3 Rating Press Release
MPC PILGRIM: Shareholder to Receive Wind-Up Report on April 30
PACIFIC BIOPHARMA: Commences Wind-Up Proceedings
SANWA CAPITAL: Shareholders to Receive Wind-Up Report on April 17

SHEFFIELD CDO: S&P Junk Rating on Class D Notes
SIGNUM GOLD: Creditors' Proofs of Debt Due on April 30
STRATEGIC ADVISOR: Commences Wind-Up Proceedings
STRATEGIC CONTRACTOR: Commences Wind-Up Proceedings
THE OLD MASTER: Shareholders to Hear Wind-Up Report on April 10


G U Y A N A

BONSAI MINERALS: Lays Off 150 Workers Due to Financial Crisis
CL FIN'L: Opposition Calls for Criminal Probe Into NIS/CLICO


J A M A I C A

AIR JAMAICA: Ex-Minister Denies Contractor General's Allegations
AIR JAMAICA: Suspended Engineers Return to Work


M E X I C O

CREDITO INMOBILIARIO: Moody's Reviews 'B1' Global Issuer Rating


                         - - - - -


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

STANFORD INT'L BANK: Owner Denies Involvement in Ponzi Scheme
-------------------------------------------------------------
Stanford International Bank Limited (SIBL) owner Robert Allen
Stanford has strongly denied, in an interview with ABC News,
any involvement with the “massive Ponzi scheme” complaint by the
U.S. Securities and Exchange Commission, Caribbean Net News
reports.

"I would die and go to hell if it's a Ponzi scheme," Mr. Stanford
said in the excerpts of ABC News's interview obtained by Caribbean
Net News.  "Baloney.  Baloney.... It's not a Ponzi scheme.  If it
was a Ponzi scheme, why are they finding billions and billions of
dollars all over the place?"

According to Caribbean Net News, Mr. Stanford's assets, along with
those of his various financial groups, are frozen pending the
outcome of a civil lawsuit.

The SEC, on Feb. 17, charged Mr. 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.  Mr. Stanford's companies include SIBL, Stanford
Group Company, and investment adviser Stanford Capital Management.
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.

Mr. Stanford, as cited by the Caribbean Net News, said he is
forming a legal team to fight an indictment by a federal grand
jury he expects to come in the next two weeks.

                   About Stanford International

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.


STANFORD INT'L BANK: Venezuela to Resell Stanford Bank's Assets
---------------------------------------------------------------
The Venezuelan banking superintendent has launched a second
auction for the sale of previously Robert Allen Stanford-owned
bank Stanford Bank SA, a Venezuelan unit of Standard International
Bank Limited (SIBL), Latin France News reports.  The report
relates Venezuela will accept bids between April 13 and 17.

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Reuters said Venezuela failed to sell in an
auction Stanford Bank SA's assets.  Reuters noted that only one
offer was presented at March 20's auction, by local finance firm
Italcambio for US$56 million, also below the minimum price
established.

The Associated Press recalled Stanford Bank SA was put up for sale
after the goverment seized its business.  The AP related
Venezuela's government seized temporary control of Stanford Bank
SA after panicked withdrawals on news of U.S. fraud charges
against Mr. Stanford and three of his companies.

The SEC, on Feb. 17, charged Mr. 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.  Mr. Stanford's companies include SIBL, Stanford
Group Company, and investment adviser Stanford Capital Management.
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.

                   About Stanford International

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.


STANFORD INT'L BANK: SFG Investors Seek to Unlock Funds
-------------------------------------------------------
Stanford Group investors asked the U.S. Court of Appeals in New
Orleans to order U.S. District Judge David Godbey to unlock
brokerage accounts frozen when U.S. regulators sued Robert Allen
Stanford over an alleged Ponzi scheme and seized his assets,
Laurel Brubaker Calkins of Bloomberg News reports.

According to the report, lawyers for investors argued in court
papers that Judge Godbey lacked authority to place into
receivership Mr. Stanford’s Antigua-based Stanford International
Bank Limited (SIBL).  Judge Godbey twice violated investors’
Constitutional rights by freezing their accounts and denying them
a chance to object, according to a copy of the filing obtained by
the news agency.

“Petitioners have no other means of relief because the district
court will not rule on their motions to intervene, hold an
evidentiary hearing or permit their counsel to represent them in
court,” Bloomberg News quoted Michael Quilling, the lead
investors’ lawyers, as saying.  “If the injunction is allowed to
stand, the receiver will continue his seizure of all or a portion
of the funds in their frozen accounts and distribute them pro rata
to all investors in this case.”

The SEC, on Feb. 17, charged Mr. 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.  Mr. Stanford's companies include SIBL, Stanford
Group Company, and investment adviser Stanford Capital Management.
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.

Bloomberg News recalls Judge Godbey seized all of Mr. Stanford’s
corporate and personal assets and placed them under the control of
Dallas receiver Ralph Janvey.

As reported in the Troubled Company Reporter-Latin America on
March 31, 2009, Laurel Brubaker Calkins of Bloomberg News said
Stanford Group Co. investors can soon submit data and explanations
to persuade a court-appointed receiver to unlock accounts still
frozen during a probe involving Mr. Stanford.

In a statement, Mr. Janvey asked a court in Dallas, Texas for an
order authorizing him to implement procedures for review and
potential release of customer accounts that remain subject to the
freeze orders previously issued by the same court and still in
effect.

The statement said approximately 4,000 accounts remain subject to
the asset hold, containing aggregate assets of approximately
US$1.7 billion.  The Receiver sought approval to publish and
implement procedures to expedite the process of reviewing the
remaining accounts and determining which, if any, should be
released from the asset hold.

The Receiver also sought authority, upon review of applications
submitted pursuant to the release application procedures, to
release accounts from the freeze orders that the Receiver in his
discretion deems eligible for release.

According to Bloomberg News, Timothy Durst, one of Mr. Janvey’s
attorneys, said to get their money back, account holders will have
to agree to abide by the Dallas court decisions and not sue
Stanford entities anywhere else.

Bloomberg News related under Mr. Janvey’s proposed procedures:

   –- Stanford investors who submit account data must detail any
      activity they’ve conducted with SIBL, including what they
      did with any interest earned on or redemptions of the
      offshore CDs;

   -– account holders must provide a statement explaining why Mr.
      Janvey shouldn’t view them as someone who has participated
      in or gained from fraudulent activities.  They must be
      ready to provide the receiver with information and
      documentation supporting their explanations; and

   -– account holders must also sign a declaration submitting to
      the exclusive jurisdiction of the Dallas federal court and
      irrevocably waiving all rights to object to that court’s
      decisions regarding their money or to sue the Stanford
      entities in another court to regain access to their funds.

Bloomberg News says investors challenged whether Mr. Janvey and
Judge Godbey have the jurisdictional authority to recover Mr.
Stanford’s assets outside of the US in order to repay the offshore
CD holders, 85% of whom aren’t US citizens.  The Antiguan
government, Bloomberg News recalls, seized Mr. Stanford’s
extensive real estate holdings on the island and placed them under
its own receiver, who claims sole authority over all of Stanford’s
non-US assets as well as sole obligation to repay the Antiguan
bank’s depositors.

Bloomberg News discloses that if the New Orleans appellate court
refuses to immediately release the investors’ accounts or to force
Judge Godbey to do so, the investors asked to be allowed to
formally intervene in the regulatory case and have Godbey hear
their complaints on an expedited basis.

                   About Stanford International

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.



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

SADIA SA: To Sue Former CFO After Board Cleared on Hedging Loss
---------------------------------------------------------------
Sadia S. A.'s shareholders are suing company's former Chief
Financial Officer Adriano Lima Ferreira for derivative contract
losses, following the release of a report that stated the board
didn’t know its derivatives positions exceeded internal limits,
Bloomberg News reports.

Alerts by the Concordia, Brazil-based company’s risk- management
department didn’t reach the board, according to an outside audit,
Chairman Luiz Fernando Furlan told the news agency in an
interview.  “The report says there’s no evidence that members of
the board were informed about the transgressions,” the report
quoted Mr. Furlan as saying.

As reported in the Troubled Company Reporter-Latin America on
Nov. 10, 2008, Bloomberg News said Sadia SA was accused in a
lawsuit of misleading investors about its financial "well-being
and future business."

Bloomberg News related that Sadia posted its first net loss in
nine years after a currency slump derailed bets that Brazil's real
would continue a four-year winning streak against the dollar.
Sadia posted a third-quarter net loss of BRL777.4 million, after
booking BRL1.21 billion in financial expenses, mostly from bad
bets on currencies and other wrong-way investments, from a profit
of BRL188.4 million in the year-earlier quarter, the same report
said.

According to Bloomberg News, the complaint was filed in a federal
court in Manhattan by Westchester Putnam Counties Heavy & Highway
Laborers Local 60 Benefit Funds.  The complaint accused the
company of failing to disclose to holders of its American
depositary receipts that it had entered into currency derivative
contracts to hedge against U.S. dollar exposure that were "far
larger" than necessary, and that those contracts violated company
policy, Bloomberg News related.

The lawsuit sought unspecified damages and an order certifying the
case as a class action, or group lawsuit, on behalf of other
investors, Bloomberg noted.

The case is Westchester Putnam Counties v. Sadia, 08-cv-9528, U.S.
District Court, Southern District of New York (Manhattan).

                         About Sadia S.A.

Headquartered n Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- 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 BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 10, 2008, Moody's Investors Service downgraded all ratings
related to Sadia S.A. to B1 from Ba3, following the company's
reported third quarter results and greater disclosure of its
derivatives exposure and counterparty risk.  The rating outlook is
stable.



TAM SA: Inks Codeshare Agreement With Bmi for Brazil & UK Flights
-----------------------------------------------------------------
TAM S.A. and Britain's bmi will initiate an operational codeshare
agreement on April 14.  Approved by officials of both countries,
the initial phase of the bilateral agreement will allow the two
companies to expand services for customers traveling between
Brazil and the United Kingdom, resulting in more destination
options in both countries and convenient connections for the
largest Brazilian and British cities.

Through this partnership, customers will enjoy simplified flight
reservation procedures, convenient connections with just one
ticket and the ability to check baggage through to final
destination.

In the first phase, TAM's customers will be able to fly from Sao
Paulo to Heathrow Airport aboard the modern Boeing 777-300ER, with
365 executive and economy class seats.  In Heathrow, return
flights operated by bmi going to Aberdeen, Edinburgh and Glasgow
in Scotland, and Birmingham and Manchester in England, will be
available, using the code JJ*.

Using the code BD*, bmi customers can take direct flights from
London to Brazil aboard the B777 operated by TAM.  Connecting
flights to the Brazilian cities of Rio de Janeiro, Curitiba,
Salvador and Fortaleza will be available at Guarulhos Airport, in
Sao Paulo.

In the second phase, the partnership will be expanded to include
bmi routes, allowing TAM to offer its customers more connection
options throughout Europe.  bmi customers will also benefit from
the addition of TAM destinations to other South American
countries, such as Buenos Aires (Argentina), Santiago (Chile),
Montevideo (Uruguay) and Lima (Peru).

Paulo Castello Branco, TAM's Commercial and Planning Vice
President, said: "the agreement with bmi will allow us to offer
our Brazilian customers more options in Europe in the medium term
and reinforce our strategy of establishing partnerships with the
world's foremost airline companies."  He added that the
partnership follows the company's overall strategy of expanding
international operations and positioning itself as one of the
leading companies in the global aviation market.

"We are delighted to begin this codeshare partnership with TAM,
making our network of domestic routes in the United Kingdom
available to customers who travel for pleasure or business and
adding mid-range destinations to the network," said Peter Spencer,
bmi Director.  The British airline is part of BSP Brazil (which
allows authorized travel agents to issue tickets for this company
in Brazil) and is a member of the Star Alliance, a global airline
alliance that TAM will become part of the first quarter of 2010.

bmi operates over 180 flights per week through a network of 60
airports in the United Kingdom, Europe, Asia, the Middle East and
North Africa.

                          About TAM S.A.

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 14, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based airline TAM S.A.
to 'BB-' from 'BB'.  S&P's outlook is revised to stable from
negative.

As reported in the TCR-Latin America on June 23, 2008, Fitch
Ratings affirmed the 'BB' Foreign and Local Currency Issuer
Default Ratings of TAM S.A.  Fitch also affirmed the 'BB' rating
of its US$300 million senior unsecured notes due in 2017 as well
as the company's 'A+(bra)' national scale rating and its first
debentures issuance of BRL500 million.  Fitch revised its rating
outlook to negative from stable.


TELECOM ITALIA: Barred from Using Voting Rights in Argentine Unit
-----------------------------------------------------------------
Chiara Remondini and Paul Tobin at Bloomberg News report that
Telecom Italia SpA was ordered by The Argentine Competition
Commission to stop using its voting rights in local unit Telecom
Argentina SA.

Citing a ruling on the authority's Web site, the report relates
Telecom Italia's directors on Telecom Argentina's board were told
to abstain from exercising voting powers while the regulator
investigates Telco SpA's purchase of a controlling stake in
Telecom Italia.

According to Bloomberg News, Telefonica SA, Assicurazioni Generali
SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family
gained control of Telecom Italia, through holding company Telco,
in October 2007.  Telco owns 24.5 percent of the Milan-based
company.

The report recalls on Jan. 9, the Argentine regulator ordered
Telefonica, which also runs Telefonica de Argentina SA, and its
partners to provide documents on their stake in Telecom Italia.

Telecom Italia has said it plans to exercise an option to increase
its stake in Sofora Telecomunicaciones SA, the holding company
that controls Telecom Argentina, the country's second- biggest
phone provider, Bloomberg News relates.

In December, the commission ordered Telecom Italia not to exercise
the option to raise its stake in Sofora until the regulator issues
a final decision, the report recalls.

                   Denies Need for Fresh Funds

As reported in the Troubled Company Reporter-Europe on Mar. 5,
2009, The Financial Times said Telecom Italia SpA denied a press
report that it might need to tap shareholders for cash to pay for
its investment plans.

The company has ample ability to finance its debt and does not
need a capital injection from investors, Chief Executive Officer
Franco Bernabe was cited by FT as saying.

According to FT, Mr. Bernabe said Telecom Italia's EUR34 billion
(US$42.8 billion) of net debt was sustainable noting that the
company had already refinanced 25 per cent of its debt so far this
year.

"We have no problem whatsoever in funding our debt," Mr. Bernabe
said, adding that the company had also been able to cut its debt
by EUR1.7 billion in 2008 as a consequence of "a very strong
decline in costs".

                   About Telecom Italia S.p.A.

Telecom Italia S.p.A. (NYSE:TI) --- http://www.telecomitalia.it/
--- is an Italy-based telecommunications group that operates in
the communications sector, in the television sector using both
analog and digital terrestrial technology, and in the office
products sector.  The Company is engaged principally in the
communications sector and, particularly, in telephone and data
services on fixed lines, for final retail customers and wholesale
providers, in the development of fiber optic networks for
wholesale customers, in Internet services, in domestic and
international mobile telecommunications (especially in Brazil), in
the television sector using both analog and digital terrestrial
technology and in the office products sector.  The Company
operates mainly in Europe, the Mediterranean Basin and in South
America.  In August 2008, ILIAD SA announced that it had finalized
the acquisition of Alice France, the broadband operations of the
Company.


* BRAZIL: Analysts See 0.19% Contraction in Economy This Year
-------------------------------------------------------------
Brazil's economy may shrink 0.19% in 2009, the first time in 17
years, as the global recession prompts companies to cut output and
staffing, Andre Soliani of Bloomberg News reports, citing
analysts.

According to the report, industrial production and demand weakened
in the first three months of 2009, after Brazil's economy
contracted by the most on record in the last quarter of 2008 as
the first world recession set in.

“It is too early to say economic activity has hit rock bottom,”
Mauricio Oreng, an analyst at Itau Securities, told Bloomberg News
in a telephone interview.  “If you look forward, zero growth seems
optimistic, you would need to see the economy rebounding and this
is not likely now.”

The report notes banks such as Morgan Stanley, Deutsche Bank AG
and BNP Paribas forecast Brazil's biggest economy will shrink this
year.  Brazil’s gross domestic product will shrink 4.5% in 2009,
Morgan Stanley said in a March 16 research report obtained by the
news agency.  BNP Paribas, Bloomberg News relates, forecast
Brazil’s GDP would shrink 1.5% this year, while Deutsche Bank
forecast a 1% contraction.

Bloomberg News notes, citing a central bank survey, in a bid to
counter recession, policy makers may lower the benchmark interest
rate to a record low 9.25% by year- end.



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

ACUMEN WORKS: Creditors' Proofs of Debt Due on April 27
-------------------------------------------------------
The creditors of Acumen Works Limited are required to file their
proofs of debt by April 27, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 11, 2009.

The company's liquidator is:

         Tang Ying Ming, Mai
         Flat 6B, 20 Fa Po Street
         Yau Yat Chuen, Kowloon
         Hong Kong
         Telephone: (852) 2660 1978
         Facsimile: (852) 2660 1908


ACTIVE DEVELOPER: Shareholders to Hear Wind-Up Report on April 17
-----------------------------------------------------------------
The shareholders of Active Developer Company will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on April 17, 2009, at 9:15 a.m.

The company's liquidator is:

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


AL THURWA: Commences Wind-Up Proceedings
----------------------------------------
On March 3, 2009, the sole shareholder of Al Thurwa Overseas
Limited passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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



ARLO IV: Moody's Downgrades Ratings on Two Classes of 2006 Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of Series 2006 (Ganges Synthetic CDO) notes issued by ARLO
IV Limited.

The transaction is a managed synthetic CDO of debt obligations
issued by corporations domiciled, incorporated or organized in
India or any other entity where the majority of its revenues or
operating expenses are derived from India.

Moody's explained that the rating actions taken are the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating Corporate
Synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release
published on January 15, 2009.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained either from credit estimates or through a mapping process
between the portfolio advisor's internal rating scale and Moody's
public rating scale.  To compensate for the absence of credit
indicators such as rating reviews and outlooks, a half notch
stress was applied to the credit estimates and the mapping scale.
For mappings performed prior to 1 April 2007, an additional stress
was selectively applied to capture potential deviations from
established mappings.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

ARLO IV Limited:

(1) Tranche B US$60,000,000 Secured Limited Recourse Managed
Credit Linked Notes due 2011

  -- Current Rating: Ba2
  -- Prior Rating: A3
  -- Prior Rating Date: 18 December 2006, assigned A3

(2) Tranche C US$30,000,000 Secured Limited Recourse Managed
Credit Linked Notes due 2011

  -- Current Rating: Caa3
  -- Prior Rating: B2
  -- Prior Rating Date: 18 December 2006, assigned B2



CCTI INVESTMENT: Members to Receive Wind-Up Report on April 16
--------------------------------------------------------------
The members of CCTI Investment Holding Ltd. will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on April 16, 2009.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 SMB, Grand Cayman


COMPASS ET AL: Liquidator to Present Wind-Up Report on April 20
---------------------------------------------------------------
On April 20, 2009, K.D. Blake will present the companies' wind-up
report and property to the shareholders of:

   -- Compass Appreciation Fund; and
   -- Compass Appreciation Master Fund, Inc.

The company's liquidator is:

         K.D. Blake
         c/oKrissa Jeffers
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-914-4398
         Facsimile: 345-949-7164


DAIRY HOLDINGS: Creditors' Meeting Scheduled on April 21
--------------------------------------------------------
The joint official liquidators of Dairy Holdings Limited will be
holding a meeting of creditors on April 21, 2009.

The meeting will be held at 2:00 p.m. Easter Daylight Time at the
offices of
Diamond McCarthy, 620 Eighth Avenue (between 40th and 41st
Streets) 39th Floor,
in New York City.

For more information, contact:

       Zolfo Cooper
       P.O. Box 1102GT
       4th Floor, Bermuda House
       Dr. Roy's Drive
       George Town, Grand Cayman
       Cayman Islands KY1-1102
       Tel: +1 345 946 0081


EFC RISING: Creditors' Proofs of Debt Due on April 21
-----------------------------------------------------
The creditors of EFC Rising Star I Ltd are required to file their
proofs of debt by April 21, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 24, 2009.

The company's liquidator is:

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


EVERBRIGHT DRAGON: Creditors' Proofs of Debt Due on April 28
------------------------------------------------------------
The creditors of Everbright Dragon Fund Overseas Limited are
required to file their proofs of debt by April 28, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 9, 2009.

The company's liquidator is:

         Lee Cheong Wing
         Far East Finance Centre, 40th Floor
         16 Harcourt Road, Admiralty
         Hong Kong
         Telephone: (852) 2528 9882
         Facsimile: (852) 2110 2946


FIDESO TRADING: Creditors' Proofs of Debt Due on April 21
---------------------------------------------------------
The creditors of Fideso Trading Co. Ltd are required to file their
proofs of debt by April 21, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 23, 2009.

The company's liquidator is:

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


FLOATING RATE: Members Receive Wind-Up Report
---------------------------------------------
The members of Floating Rate Senior Loan Fund Limited met on
April 6, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Kirsten Le Pape
         Turner & Roulstone Management Ltd.
         P.O. Box 2636, Strathvale House
         90 North Church Street
         Grand Cayman KY1-1102, Cayman Islands
         Telephone: (345) 943 5555


FOOD HOLDINGS: Creditors' Meeting Scheduled on April 21
-------------------------------------------------------
The joint official liquidators of Food Holdings Limited will be
holding a meeting of creditors on April 21, 2009.

The meeting will be held at 10:00 a.m. Easter Daylight Time at the
offices of
Diamond McCarthy, 620 Eighth Avenue (between 40th and 41st
Streets) 39th Floor,
in New York City.

For more information, contact:

       Zolfo Cooper
       P.O. Box 1102GT
       4th Floor, Bermuda House
       Dr. Roy's Drive
       George Town, Grand Cayman
       Cayman Islands KY1-1102
       Tel: +1 345 946 0081


IMANCO LTD: Creditors' Proofs of Debt Due on April 17
-----------------------------------------------------
The creditors of Imanco Ltd are required to file their proofs of
debt by April 17, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 10, 2009.

The company's liquidator is:

         Cayman National Trust Co. Ltd.
         c/o Cayman National Trust Co. Ltd.
         PO Box 30239, Grand Cayman KY1-1201
         Cayman Islands
         Telephone: (345) 640 9268
         Facsimile: (345) 640 9004


INVESTCORP ET AL: Liquidator to Present Wind-Up Report on April 20
------------------------------------------------------------------
On April 20, 2009, Westport Services Ltd. will present the
companies' wind-up report and property to the shareholders of:

   -- Investcorp Real Estate Equity Acquisition Ltd at 10:00 a.m.;
   -- Investcorp Real Estate Equity Capital Ltd at 10:30 a.m.;
   -- Investcorp Real Estate Equity Finance Ltd at 11:00 a.m.; and
   -- Investcorp Real Estate Equity Planning Ltd at 11:30 a.m.

The Liquidator can be reached at:

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


JUPITER CAPITAL: Creditors' Proofs of Debt Due on April 30
----------------------------------------------------------
The creditors of Jupiter Capital International, Ltd. are required
to file their proofs of debt by April 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 11, 2009.

The company's liquidator is:

          Avalon Ltd.
          Mourant De Feu & Jeune
          P.O. Box 1348, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647


KOREA FIRST: Members to Receive Wind-Up Report on April 16
----------------------------------------------------------
The members of Korea First Mortgage No 2 Limited will hear the
liquidators' report on the company's wind-up proceedings and
property disposal on April 16, 2009.

The company's liquidators are:

         Prashant Veturkar
         Emile Small
         Maples Finance Limited
         P.O. Box 1093 GT, Grand Cayman
         Cayman Islands


MERIT HOLDINGS: Fitch Corrects April 3 Rating Press Release
-----------------------------------------------------------
This disclosure is an amendment to the version published on
April 3, 2009.  It amends the currently expected level of the
credit enhancement of the notes to 2.14% from 2.16% and the
closing-date level to 3.00% from 3.02%.  There have been two
succession events since closing and therefore the number of the
current reference entities is revised to be 127.  The updated text
follows:

Fitch Ratings has downgraded Merit Holdings Ltd's notes and
assigned a Recovery Rating:

   - US$150m, Merit credit linked notes (ISIN: XS0250338414)
     due February 10, 2011: downgraded to 'CCC/RR5' from 'B';
     removed from Negative Outlook.

This transaction is a funded, single-tranche static synthetic
corporate CDO referencing 127 pre-dominantly US entities.  The
notes were issued in 2006 by Merit Holdings, a Cayman Islands-
based issuing vehicle of Standard Chartered Bank.

The rating downgrade reflects further significant deterioration in
the credit quality of the reference portfolio since the last
review in October 2008, resulting in net 54-notches of downgrades.
Since the transaction's close in 2006, the portfolio has
experienced three Credit Events, namely Washington Mutual, Inc.,
Fannie Mae and Freddie Mac, where the associated losses will erode
the transaction's credit enhancement.  In addition, a further
Credit Event is likely, as the International Swaps and Derivatives
Association, Inc. has called a credit event on Idearc Inc. on 31
March 2009.  Should this happen, the available credit enhancement
of the notes is expected to decrease further, to approximately
2.14% from the closing-date level of 3.00%.

Given that 16.8% of the portfolio is currently rated non-
investment grade, of which 4.0% is rated 'CCC+' to 'C', this level
of the remaining credit enhancement is only sufficient to
withstand a very limited amount of further stress.  Indeed, it
appears extremely unlikely that the available credit enhancement
could withstand the default of all CCC+ and below rated assets.
The assignment of RR5 indicates Fitch's view of the poor recovery
prospects for this note due to the ever deteriorating credit
profile of the portfolio coupled with the 'tranche thickness' of
the note, representing just 4% of the reference portfolio.

At closing, SCB (rated 'A+'/'F1'/Outlook Stable) bought protection
on a reference portfolio comprising 125 reference obligations.
Due to two succession events, there are currently 127 assets in
the portfolio and now the entire portfolio will mature in February
2011.  The protection is obtained via a single tranche CDS with
Merit.  To fund its obligations under the CDS, Merit issued
US$150m of notes, the proceeds from which were invested in
collateral comprising cash (20%) and eligible collateral
securities (80%).  The eligibility guidelines of the collateral
securities will ensure that the securities purchased are
sufficiently high in credit quality to support the rating assigned
to the notes.


MPC PILGRIM: Shareholder to Receive Wind-Up Report on April 30
--------------------------------------------------------------
The shareholder of MPC Pilgrim Select Inc. will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on April 30, 2009, at 9:00 a.m.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KYI-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


PACIFIC BIOPHARMA: Commences Wind-Up Proceedings
------------------------------------------------
On February 17, 2009, the sole shareholder of Pacific Biopharma
Group, Limited passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Glenn Charles Rice
         325 Moseley Road, Hillsborough
         California 94010, United States of America


SANWA CAPITAL: Shareholders to Receive Wind-Up Report on April 17
-----------------------------------------------------------------
The shareholders of Sanwa Capital One TMK Holdings Inc. will hear
the liquidator's report on the company's wind-up proceedings and
property disposal on April 17, 2009, at 9:00 a.m.

The company's liquidator is:

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



SHEFFIELD CDO: S&P Junk Rating on Class D Notes
-----------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A-2, B, C,
and D notes issued by Sheffield CDO Ltd., a cash flow
collateralized dept obligation of CDOs transaction that closed in
April 2006.  At the same time, S&P affirmed the ratings on the
class S, A-1, and A-1D notes.

These rating actions reflect S&P's assessment of a continued
credit deterioration of assets in the transaction's underlying
portfolio.  The portfolio is comprised primarily of U.S.
collateralized loan obligations and, to a lesser extent, U.S. CDOs
of asset-backed securities, trust preferred CDOs, and hybrid CDOs.

According to information provided to us by the trustee, the
transaction currently fails its minimum weighted-average spread
test and the class A/B, C, and D overcollateralization test ratios
have breached their respective trigger levels.

The class D overcollateralization test result is currently below
100%, implying that the portfolio's adjusted par value is smaller
than the total principal amount outstanding of the rated notes.
The portfolio's par value, used to calculate the class D
overcollateralization test, is reduced by adjustments applied to
the par value of defaulted assets and certain other assets, such
as those rated below 'BBB-' and those purchased at prices below
85% of face value.

Based on the asset ratings S&P considers appropriate in its
analysis, 9% of the portfolio is rated 'CCC+' or lower, of which
5% is rated 'CC'.  Assets on CreditWatch negative comprise 26% of
total portfolio.  In S&P's opinion, the deterioration in the
credit quality of the portfolio has led to an increase in scenario
default rates.  At the same time, S&P's cash flow analysis
indicates that breakeven default rates for all rated classes have
fallen.  As a result, the existing ratings on the class A-2, B, C,
and D notes are, in S&P's opinion, no longer consistent with the
available credit enhancement and S&P has therefore lowered the
ratings on these notes.

The most recent rating action on this transaction occurred on
March 10, 2009, when S&P placed the class A-2 and B notes on
CreditWatch negative.

                           Ratings List

                         Sheffield CDO Ltd.
     $254.56 Million And EUR25.20 Million Floating-Rate Notes

      Ratings Lowered And Removed From CreditWatch Negative

                                 Rating
                                 ------
        Class             To                 From
        -----             --                 ----
        A-2               AA                 AAA/Watch Neg
        B                 BBB                A+/Watch Neg
        C                 BB                 BBB+/Watch Neg
        D                 CCC-               BB-/Watch Neg

                         Ratings Affirmed

                    Class             Rating
                    -----             ------
                    S                 AAA
                    A-1               AAA
                    A-1D              AAA


SIGNUM GOLD: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------
The creditors of Signum Gold Limited are required to file their
proofs of debt by April 30, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 12, 2009.

The company's liquidator is:

         Ellen J. Christian
         Piccadilly Cayman Limited
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


STRATEGIC ADVISOR: Commences Wind-Up Proceedings
------------------------------------------------
On March 3, 2009, the sole shareholder of Strategic Advisor
Limited passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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


STRATEGIC CONTRACTOR: Commences Wind-Up Proceedings
---------------------------------------------------
On March 3, 2009, the sole shareholder of Strategic Contractor
Limited passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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


THE OLD MASTER: Shareholders to Hear Wind-Up Report on April 10
---------------------------------------------------------------
The shareholders of The Old Master Giotto Fund Limited will hear
the liquidator's report on the company's wind-up proceedings and
property disposal on April 10, 2009, at 11:00 a.m.

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




===========
G U Y A N A
===========

BONSAI MINERALS: Lays Off 150 Workers Due to Financial Crisis
-------------------------------------------------------------
Guyana-based Chinese bauxite company, Bosai Minerals Group Guyana
Incorporated, sent home 150 workers, following a meeting between
the company's management and the union representing the workers,
National Association of Agricultural Commercial and Industrial
Employees (NAACIE), Caribbean Net News reports.  The report
relates both parties discussed the imminent retrenchment of
workers.

According to the report, NAACIE General Secretary Kenneth Joseph
said the company has indicated that it is seriously being affected
by the global economic crisis and will soon be retrenching some
100 workers among who would be trainee staff, casual staff and
some permanent staff.  “We are satisfied with the terms of
agreement put forward by Bosai and agree that they can move
forward with this because we understand the pressure they are
under at this time especially with a drop in demand for bauxite
and the global financial crisis,” the report quoted Mr. Joseph as
saying.  The workers will be paid all their benefits.  For every
six weeks the workers will receive one week’s pay, he added.

Caribbean Net News notes the company said some of the workers will
be on recall.


CL FIN'L: Opposition Calls for Criminal Probe Into NIS/CLICO
------------------------------------------------------------
Raphael Trotman, leader of the Guyana opposition party Alliance
for Change (AFC), is calling for a criminal investigation into the
investment by the country's National Insurance Scheme into CLICO
Life and General Insurance Company South America Limited (CLICO
Guyana), a unit of CL Financial Limited, Oscar Ramjeet of
Caribbean Net News reports.

As reported in the Troubled Company Reporter-Latin America on
March 27, 2009, Caribbean Net News said Guyana's National
Insurance Scheme is losing around G$1 million (US$50,000) per day
due to its investment in CLICO Guyana.  The same report related
financial analyst and economist, Christopher Ram based his
assessment that the principal investment was no longer
operational.

Mr. Trotman, as cited by Caribbean Net News, wants the probe to
include these issues:

   * who authorised the more than G$6 billion investment
     into CLICO (Guyana);

   * how exactly the money found its way out of the country into a
     private bank account in the United States; and

   * why it is that the money could not have been utilised
     in a secure investment with guaranteed returns.

According to Caribbean Net News, CLICO (Bahamas) Limited
liquidator Craig Tony Gomez indicated that a preliminary review of
the contracts forwarded to him reveals that CLICO Guyana may have
had policy contracts with its customers and then the funds were
forwarded to CLICO (Bahamas), principally the Turks and Caicos
branch.

Caribbean Net News relates, citing the Nassau Guardi news agency,
Mr. Gomez said: "It appears that while the funds forwarded to the
Bahamas were recorded in the records of CLICO (Bahamas) the cash
actually appeared to have flowed into the United States of America
bank account directly from Guyana."  Unfortunately, the contracts
entered into with CLICO (Bahamas) do not appear to have been
standard policy contracts, but in many cases could easily be
classified as related party loans rather than policies, he said.

                        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




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

AIR JAMAICA: Ex-Minister Denies Contractor General's Allegations
----------------------------------------------------------------
Air Jamaica Limited former Finance Minister Dr Omar Davies
rejected Contractor General Greg Christie's probe report that
claims he had illegally and improperly intervened into the sale of
Air Jamaica’s London Heathrow routes to Virgin Atlantic, The
Jamaica Gleaner reports.  The report relates Mr. Christie also
reportedly alleged that the sale was unfair because Virgin
Atlantic was placed in advantageous position over British Airways
which was the second bidder.

As reported in the Troubled Company Reporter-Latin America on
April 3, 2009, Radio Jamaica said the Office of the Contractor
General (OCG) concluded its investigation on Air Jamaica's
controversial GBP5-million slot sale to Virgin Atlantic Airlines
at London's Heathrow Airport in 2007.  The same report recalled
the investigation was initiated last April after Air Jamaica CEO
Don Wehby raised concern about impropriety and a lack of
transparency in the sale of state assets.  Questions were raised
about breach of the Government's Procurement Guidelines,
mismanagement and a breach of accounting procedures, Radio Jamaica
noted.

According to Radio Jamaica, the Bruce Golding administration had
taken issue with the decision by the previous government to divest
the Heathrow slots.  Radio Jamaica said Finance Minister Audley
Shaw maintained that they were sold too cheaply and accused the
People's National Party administration of gross dereliction of
duty in the manner it disposed of the slots.

Meanwhile, Mr. Davis, as cited by the Gleaner, said he is
satisfied that his role as finance minister was entirely lawful at
the end of the slot divestment process in 2007.

Mr. Davis, the Gleaner relates,  also claimed that the deal added
real value, because it led to Virgin making material improvements
in its bid.  In addition, the Gleaner notes Mr. Davies said
British Airways was also given the chance to improve its bid, but
it confirmed in writing that it would not be doing so.

The Gleaner added Mr. Davies said Mr. Christie has confirmed that
he is unable to conclude that Air Jamaica could have achieved more
for the slots.

                        About Air Jamaica

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

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

                          *     *     *

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


AIR JAMAICA: Suspended Engineers Return to Work
-----------------------------------------------
Air Jamaica Limited's 14 suspended engineers are now returning to
work, The Jamaica Gleaner reports.

As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Radio Jamaica News said Air Jamaica suspended some
of its mechanical engineers as they were without the requisite
licenses.  The same report related the National Workers Union
(NWU) said it was taken by surprise as it was in discussions with
Air Jamaica's management regarding the possibility of the
engineers remaining on the job until they are licensed.

NWU Vice President Granville Valentine, as cited by the Gleaner,
said the engineers are not working in breach of the law.

The Gleaner relates Mr. Valentine said they do not require a
license to work as engineers in the areas they are currently
employed.

According to the Gleaner, Mr. Valentine added that if the
management wants more persons to be licensed, the necessary
assistance should be given for this to be done.

                        About Air Jamaica

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

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

                          *     *     *

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



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

CREDITO INMOBILIARIO: Moody's Reviews 'B1' Global Issuer Rating
---------------------------------------------------------------
Moody's de Mexico placed the Baa1.mx national scale issuer rating,
and the B1 global scale local currency issuer rating, of Credito
Inmobiliario, S.A. de C.V. under review for possible upgrade.
Concurrently, Moody's also affirmed Credito Inmobiliario's Not
Prime global scale currency short-term rating and MX-2 national
scale short-term rating.

According to Moody's this rating action follows the announcement
that Caja Mediterraneo, Spain's fourth largest savings bank, has
agreed to purchase 100% of the shares of Credito Inmobiliario in a
transaction valued at €145 million.  The purchase price includes
€83 million to be used for the purchase of 100% of the shares of
CI and €62 million is an equity infusion to ensure Credito
Inmobiliario's financial autonomy.  Credito Inmobiliario is
currently in the process of renewing its CP with terms up to 3
years with a 60% guarantee from Sociedad Hipotecaria Federal.
Caja Mediterraneo, which plans to keep on the Mexican company's
existing management team, is currently rated A2/Negative.  The
Central Bank of Spain has authorized the merger, which is expected
to close in the next four to six weeks.

Credito Inmobiliario's B1 global local currency and Baa1.mx
national scale ratings reflects its position as the fourth largest
Sofom (non-bank financial institution) in Mexico in terms of total
loan portfolio size.  The ratings also incorporate the company's
experienced management team, good operating margins, loan
processing and servicing efficiencies, and technology systems, as
well as its good corporate infrastructure, which includes
separation of duties across business functions.

In its review Moody's will assess Credito Inmobiliario's final
position within Caja Mediterraneo's legal and operating structure,
as well as strategic and synergetic opportunities for both Credito
Inmobiliario and Caja Mediterraneo.  In addition, Moody's will
assess and incorporate into Credito Inmobiliario's ratings any
financial and other support from the bank that could impact the
Sofom's financial profile in terms of capitalization, liquidity,
and asset quality.

These ratings were placed on review for possible upgrade:

   * Credito Inmobiliario, S.A.B. de C.V. -- national scale
     senior unsecured debt rating of Baa1.mx (global scale
     local currency of B1); national scale issuer rating of
     Baa1.mx (global scale local currency of B1)

These ratings were affirmed:

   * Credito Inmobiliario, S.A.B. de C.V. -- national scale
     short term rating of MX-2 (global scale local currency of NP)

Moody's last action with respect to Credito Inmobiliario took
place on September 8, 2008 when Moody's assigned a senior
unsecured long-term Global Local Currency rating of B1 (National
Scale debt rating of Baa1.mx) and a national scale short-term
rating of MX-2 (global scale local currency of Not Prime) to the
MXN$6 billion dual program of Credito Inmobiliario.  The company's
Baa1.mx national scale issuer rating, and B1 global scale local
currency issuer rating were also affirmed. The rating outlook was
stable.

Credito Inmobiliario is a non-bank financial institution (Sofom
Mortgage Company).  It is the fourth largest independent mortgage
originator of this kind in Mexico and its main activities consist
of extending mortgage loans financed by monies from FOVI/SHF to
low-income individuals and providing construction financing to
low-income housing developers.  The firm reported total assets of
$18.5 billion Mx pesos and total equity of $1.7 billion Mx pesos
at December 31, 2008.

Credito Inmobiliario's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Credito Inmobiliario's core industry and the company's
ratings are believed to be comparable to those of other issuers of
similar credit risk.


                            ***********

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 2009.  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 * * *