TCRLA_Public/090428.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

             Tuesday, April 28, 2009, Vol. 10, No. 82

                            Headlines

A R G E N T I N A

BANCO HIPOTECARIO: S&P Cuts Counterparty Credit Rating to 'SD'
BI MAR: Verifying Proofs of Claim Until May 15
LEBONT SA: Verifying Proofs of Claim Until August 6
TARJETAS CUYANAS: Fitch Affirms Issuer Default Rating at 'B-'
TRANSPORTES INTEGRADOS: Verifying Proofs of Claim Until June 12

VANK SA: Proofs of Claim Verification Due on June 6


B R A Z I L

ENERGISA SA: Fitch Corrects Rating; Affirms 'BB-' Issuer Rating
ENERGISA SA: Fitch Affirms Issuer Default Rating at 'BB-'
JBS SA: Sees Profitability Despite Swine Flu Outbreak


C A Y M A N  I S L A N D S

CART 1: S&P Cuts Rating on Class E of Notes to 'B-' From 'BB'


D O M I N I C A N  R E P U B L I C

BANCO DE AHORRO: S&P Assigns 'B-/C' Counterparty Credit Rating


G U Y A N A

CL FIN'L: OCI Denies CLICO (Guyana) Judicial Mgr's Resignation


M E X I C O

GRUPO MODELO: Shares Slump on Anti-Swine Flu Measures
METROFINANCIERA SA: Fitch Cuts Ratings on Six Loans to 'CC'
METROFINANCIERA SA: Fitch Downgrades Issuer Default Rating to 'RD'
METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'SD'


T R I N I D A D  &  T O B A G O

CL FIN'L: Central Bank to Inject $5 Billion


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                         - - - - -


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

BANCO HIPOTECARIO: S&P Cuts Counterparty Credit Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
counterparty credit rating on Banco Hipotecario S.A. to 'SD'
(selective default) from 'CC'.  The rating action followed the
bank's recent completion of a cash tender offer.

At the same time, Standard & Poor's lowered its issue-level
ratings on the bank's $250 million par amount of U.S. dollar-
denominated notes due 2010 and $150 million par amount of
Argentine peso-linked notes due 2010 to 'D' from 'CC'.

Immediately after, S&P raised its counterparty credit rating on
Banco Hipotecario to 'B-' from 'SD' and raised S&P's issue-level
ratings on the notes to 'B-' from 'CC'.  The outlook is stable.

"The rating actions reflect our reassessment of credit quality
following the bank's recent repurchase of only 10.4% of its
outstanding notes due 2010," said Standard & Poor's credit analyst
Sebastian Liutvinas.

Notes repurchased were $9.7 million of the peso-linked notes and
$16.4 million of the dollar-denominated notes.

S&P lowered the counterparty credit rating to 'SD' and the rating
on the notes to 'D' after Banco Hipotecario completed the debt
purchase with the bondholder receiving significantly less than par
value.  According to S&P's criteria, S&P consider the cash tender
offer on the 2010 notes as tantamount to default.

S&P believes this transaction makes no significant impact on Banco
Hipotecario's credit fundamentals.

The ratings on Banco Hipotecario reflect the risk inherent in
operating in Argentina.  They also incorporate the bank's weak
profitability and its challenge to continue expanding the credit
portfolio while maintaining adequate financial indicators and
consolidating its business model amid less favorable economic
conditions.  Banco Hipotecario's strong capitalization mitigates
these weaknesses.

Because of increasing uncertainties in the Argentine economy when
economic activity is decelerating, S&P believes that the close
link between the credit quality of the sovereign and the Argentine
financial system will directly affect the bank's business and
future results.


BI MAR: Verifying Proofs of Claim Until May 15
----------------------------------------------
The court-appointed trustee for Bi Mar S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 15, 2009.

The trustee will present the validated claims in court as
individual reports on June 23, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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 5, 2009.


LEBONT SA: Verifying Proofs of Claim Until August 6
---------------------------------------------------
The court-appointed trustee for Lebont S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
August 6, 2009.

The trustee will present the validated claims in court as
individual reports on September 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
November 2, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 26, 2010.


TARJETAS CUYANAS: Fitch Affirms Issuer Default Rating at 'B-'
-------------------------------------------------------------
Fitch Ratings has affirmed Tarjetas Cuyanas S.A.'s long-term local
currency Issuer Default Rating and debt ratings:

  -- Long-term local currency IDR at 'B-'; Stable Outlook;

  -- Long-term local currency rating of US$65 million series XVIII
     unsubordinated fixed-rate notes at 'B-/RR4';

  -- National scale long-term rating at 'A-(arg)'; Stable Outlook;

  -- National scale short-term rating at 'A2(arg)'

TC's ratings reflect its sound historical performance, adequate
profitability and liquidity, reasonable asset quality, and
satisfactory capital base.  They also take into account the
volatile operating environment and the small size of the company.
The ratings of TC's notes reflect the International ratings
assigned to TC.  While the notes are denominated in U.S dollars,
the issue carries a local currency IDR as the issue is effectively
converted to a peso amount at issue date, and the dollar amount to
be paid at each of the amortization dates is determined by the
peso/dollar exchange rate then in effect, transferring the
potential exchange risk to the holder of the notes.  In addition,
should the issuer not be able to obtain the dollars needed due to
external reasons at any payment date, it is allowed to pay the
correspondent amount in pesos converted at the above mentioned
exchange rate.

TC's profitability remains sound and is based on strong revenue
generation, adequate cost efficiency and relatively healthy asset
quality.  Fitch Ratings expects TC's profitability to somewhat
deteriorate in 2009 linked to the negative expectations for the
argentine's economy.

Although TC's lending has grown significantly in recent years, in
2008 a deceleration occurred, and total loans net of loan loss
reserves decreased by 15%.  Asset quality ratios have historically
been very good, based on conservative credit limits and good
scoring systems.  At year-end 2008, the non-performing loans ratio
was 8.1%, with a loan loss reserve coverage of over 100%.  Fitch
expects TC's asset quality ratios to continue to deteriorate due
to the worsening operating environment and loan securitizations.
TC does not have exposure to the public sector.

TC's liquidity is strong, supported by the short-term nature of
its lending.  Its liquid assets represented 84% of short-term
liabilities at year-end 2008.  In addition, it has had access to
funds from financial institutions and the capital markets through
bonds issuance and loans securitizations, although in the current
situation, these are not reliable sources.  TC's foreign-currency
risk is attenuated by forward contracts.

TC's capital base is ample, with an equity/assets ratio of 21.9%
at year-end 2008.  Leverage is at a comfortable level of 3.6
times, which Fitch expects the company to be able to maintain
during 2009.

For the fiscal year 2009, the company expects low or flat growth
of its lending, with its funding needs guaranteed for the rest of
the year.  Also, due to restructuring and the foreseeable
deterioration of asset quality, its results could diminish by 25%,
while maintaining sound liquidity and capitalization levels and
NPL coverage above 100%.

TC was created in 1996 in the region of Cuyo and has expanded to
the provinces of the North West and South of Argentina.  TC is 60%
indirectly owned by Banco de Galicia y Buenos Aires (Banco
Galicia), the second largest private bank in Argentina by assets.

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.


TRANSPORTES INTEGRADOS: Verifying Proofs of Claim Until June 12
---------------------------------------------------------------
The court-appointed trustee for Transportes Integrados Centro
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until June 12, 2009.


VANK SA: Proofs of Claim Verification Due on June 6
---------------------------------------------------
Maria Ratibel, the court-appointed trustee for Vank SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 6, 2009.

Ms. Ratibel will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 3, 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 North TEL's accounting
and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

The Trustee can be reached at:

        Maria Ratibel
        Peru 1237



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

ENERGISA SA: Fitch Corrects Rating; Affirms 'BB-' Issuer Rating
---------------------------------------------------------------
This is a revision of a release issued earlier to add information
in the eighth paragraph.

Fitch Ratings has affirmed its ratings on Energisa S.A. and its
subsidiaries, Energisa Paraiba Distribuidora de Energia S.A.,
Energisa Sergipe Distribuidora de Energia S.A., and Energisa Minas
Gerais Distribuidora de Energia S.A.:

Energisa:

  -- Local and Foreign Currency Issuer Default Ratings at
     'BB-';

  -- Long-term National Rating at 'A(bra)';

  -- BRL350 million debentures due in 2011, long-term National
     Rating at 'A(bra)';

  -- BRL150 million debentures due in 2014, long-term National
     Rating at 'A(bra)'.

Energisa PB and Energisa SE:

  -- Local and Foreign Currency IDRs at 'BB-';

  -- Long-term National Rating at 'A(bra)';

  -- US$250 million notes units due in 2013, long-term
     International Rating at 'BB-'.

  -- Energisa SE's US$42 million debentures due in 2015, long-term
     National Rating at 'A(bra)'.

Energisa MG:

  -- Local and Foreign Currency IDRs at 'BB-';
  -- Long-term National Rating at 'A(bra)';

The Outlook for all corporate ratings is Stable.

The ratings reflect Energisa's consolidated credit profile
characterized by moderate leverage and strong and predictable
operating cash flow of its five distribution subsidiaries that
operate essentially as regulated natural monopolies and benefit
from a diversified and growing client base.  The ratings also
consider management's strategy to maintain a strong cash position
through the current credit crunch, as well as to preserve a long-
term debt profile.  The ratings further incorporate the
expectation that Energisa's consolidated leverage will increase
through 2010 driven by higher capital expenditures and further
effects of tariff revisions.  Thereafter, leverage is expected to
decrease gradually, and remain consistent with the rating
category.  Exposure to foreign exchange movements and derivatives,
and the management's somewhat aggressive strategy to reduce this
exposure, as well as regulatory and hydrology risks were also
factored in to the rating.

Energisa's consolidated operating performance in 2008 benefited
from energy consumption growth in its concession areas, positive
tariff readjustments, and reduction of energy losses.  The
improved debt profile since the end of 2007 should mitigate the
effects of 2008 and 2009 second cycle tariff reviews.  In 2008,
consolidated energy consumption grew 7.4% and consolidated power
losses decreased by 1.02 percentage points (p.p.) to 13.45%, below
the allowed energy losses incorporated in the tariffs.  Excluding
the EBITDA from the power generation assets sold in the second
half of 2007 (about BRL50 million), consolidated EBITDA increased
by 8% year-over-year (y-o-y) to BRL544.4 million in 2008.

Despite the slight deterioration, leverage ratios remain
consistent with the rating category.  Energisa's gross and net
leverage increased to 3.5 times (x) and 2.3x at year end 2008 from
3.2x and 2.0x at year end 2007.  Fitch expects gross and net
leverage ratios to increase to about 4x and 3x over the next two
years driven by the development of new power projects (project
finance) and higher investments in the distribution systems,
totaling BRL520 million in 2009 and BRL280 million in 2010.
Funding of 2009-2010 capital expenditures will involve long-term
credit lines from development banks as well as subventions.

Energisa continues to efficiently manage its liquidity and
preserve a strong cash cushion.  Total debt has a long-term
profile, with a maturity concentration only in 2013.  Consolidated
cash position of BRL512 million (excluding the BRL100 million in
third receivables fund issuance to fund capital expenditures) is
strong and sufficient to cover debt amortizations over the next
three and a half years.  Fitch expects management to remain
disciplined in its financial strategy and use part of future
operating cash flow generation to reduce debt levels.

Management's currency hedging practices are considered aggressive,
characterized by the usage of short call options to reduce its
swap hedge costs.  This strategy lost effectiveness as the
exchange rate raised combined with higher exposure to derivatives
losses.  Between January and April 2009, Energisa engaged in
financial operations that reverted a relevant portion of the
exposure it showed at the end of 2008. Under a stress scenario
with an exchange rate of BRL4/US$, current exposure to potential
losses are below BRL200 million, and it is partially offset by the
group's strong liquidity position.  Management's actions toward
the adoption of more conservative hedging practices are viewed as
positives.  As of December 2008, the US$ denominated debt
accounted for about 26% of total debt of BRL1.9 billion (including
the marking to market of derivatives).

The risk of a supply-demand imbalance is deemed manageable over
the next three years, though it may be propelled by higher than
expected market growth, lower hydrology and heightened natural gas
supply problems.  Although regulatory risk continues to be a
concern, in Fitch's view, the sector's new model is, in general,
positive and supportive of the growth and stability of the sector.

Energisa operates in the Brazilian electricity market through its
five distribution companies, serving approximately 2.2 million
customers and distributing 7,971 gigawatt hours of power in 2008,
including unregulated (free) customers, in the states of Paraiba,
Sergipe, Minas Gerais, and Rio de Janeiro.  The group's
controlling shareholder is the Botelho family.


ENERGISA SA: Fitch Affirms Issuer Default Rating at 'BB-'
---------------------------------------------------------
(Fitch Ratings-Rio de Janeiro/Sao Paulo/Chica-24 April 2009)
Fitch Ratings has affirmed its ratings on Energisa S.A. and its
subsidiaries, Energisa Paraiba Distribuidora de Energia S.A.,
Energisa Sergipe Distribuidora de Energia S.A., and Energisa Minas
Gerais Distribuidora de Energia S.A.:

Energisa:

  -- Local and Foreign Currency Issuer Default Ratings at 'BB-';

  -- Long-term National Rating at 'A(bra)';

  -- BRL350 million debentures due in 2011, long-term National
     Rating at 'A(bra)';

  -- BRL150 million debentures due in 2014, long-term National
     Rating at 'A(bra)'.

Energisa PB and Energisa SE:

  -- Local and Foreign Currency IDRs at 'BB-';

  -- Long-term National Rating at 'A(bra)';

  -- US$250 million notes units due in 2013, long-term
     International Rating at 'BB-'.

  -- Energisa SE's US$42 million debentures due in 2015, long-term
     National Rating at 'A(bra)'.

Energisa MG:

  -- Local and Foreign Currency IDRs at 'BB-';
  -- Long-term National Rating at 'A(bra)'.

The Outlook for all corporate ratings is Stable.

The ratings reflect Energisa's consolidated credit profile
characterized by moderate leverage and strong and predictable
operating cash flow of its five distribution subsidiaries that
operate essentially as regulated natural monopolies and benefit
from a diversified and growing client base.  The ratings also
consider management's strategy to maintain a strong cash position
through the current credit crunch, as well as to preserve a long-
term debt profile.  The ratings further incorporate the
expectation that Energisa's consolidated leverage will increase
through 2010 driven by higher capital expenditures and further
effects of tariff revisions.  Thereafter, leverage is expected to
decrease gradually, and remain consistent with the rating
category.  Exposure to foreign exchange movements and derivatives,
and the management's somewhat aggressive strategy to reduce this
exposure, as well as regulatory and hydrology risks were also
factored in to the rating.

Energisa's consolidated operating performance in 2008 benefited
from energy consumption growth in its concession areas, positive
tariff readjustments, and reduction of energy losses.  The
improved debt profile since the end of 2007 should mitigate the
effects of 2008 and 2009 second cycle tariff reviews.  In 2008,
consolidated energy consumption grew 7.4% and consolidated power
losses decreased by 1.02 percentage points (p.p.) to 13.45%, below
the allowed energy losses incorporated in the tariffs.  Excluding
the EBITDA from the power generation assets sold in the second
half of 2007 (about BRL50 million), consolidated EBITDA increased
by 8% year-over-year (y-o-y) to BRL544.4 million in 2008.

Despite the slight deterioration, leverage ratios remain
consistent with the rating category.  Energisa's gross and net
leverage increased to 3.5 times (x) and 2.3x at year end 2008 from
3.2x and 2.0x at year end 2007.  Fitch expects leverage ratios to
increase over the next two years driven by the development of new
power projects (project finance) and higher investments in the
distribution systems, totaling BRL520 million in 2009 and
BRL280 million in 2010.  Funding of 2009-2010 capital expenditures
will involve long-term credit lines from development banks as well
as subventions.

Energisa continues to efficiently manage its liquidity and
preserve a strong cash cushion.  Total debt has a long-term
profile, with a maturity concentration only in 2013.  Consolidated
cash position of BRL512 million (excluding the BRL100 million in
third receivables fund issuance to fund capital expenditures) is
strong and sufficient to cover debt amortizations over the next
three and a half years.  Fitch expects management to remain
disciplined in its financial strategy and use part of future
operating cash flow generation to reduce debt levels.

Management's currency hedging practices are considered aggressive,
characterized by the usage of short call options to reduce its
swap hedge costs.  This strategy lost effectiveness as the
exchange rate raised combined with higher exposure to derivatives
losses.  Between January and April 2009, Energisa engaged in
financial operations that reverted a relevant portion of the
exposure it showed at the end of 2008.  Under a stress scenario
with an exchange rate of BRL4/US$, current exposure to potential
losses are below BRL200 million, and it is partially offset by the
group's strong liquidity position.  Management's actions toward
the adoption of more conservative hedging practices are viewed as
positives.  As of December 2008, the US$ denominated debt
accounted for about 26% of total debt of BRL1.9 billion (including
the marking to market of derivatives).

The risk of a supply-demand imbalance is deemed manageable over
the next three years, though it may be propelled by higher than
expected market growth, lower hydrology and heightened natural gas
supply problems.  Although regulatory risk continues to be a
concern, in Fitch's view, the sector's new model is, in general,
positive and supportive of the growth and stability of the sector.

Energisa operates in the Brazilian electricity market through its
five distribution companies, serving approximately 2.2 million
customers and distributing 7,971 gigawatt hours of power in 2008,
including unregulated (free) customers, in the states of Paraiba,
Sergipe, Minas Gerais, and Rio de Janeiro.  The group's
controlling shareholder is the Botelho family.


JBS SA: Sees Profitability Despite Swine Flu Outbreak
-----------------------------------------------------
Heloiza Canassa at Bloomberg News reports JBS SA said it will
maintain revenue and profitability goals amid a swine flu
outbreak.

“An eventual consumption decline of pork products would represent
an equivalent increase in demand for beef,” Sao Paulo-based JBS
said in a regulatory filing obtained by Bloomberg News.

Although pork products represent 14 percent of the company’s net
sales, “JBS is basically a beef company,” the company said in the
filing cited in the report.

Brazil-based JBS SA (SAO:JBSS3) --- http://www.jbs.com.br/--- is
involved in the food processing sector.  It is engaged in the
manufacture and export of meat products.  Its product line
includes corned beef, roast beef with gravy, stewed steak,
sausages, canned vegetables and beef cuts, among others.  The
Company’s brand portfolio includes Friboi, Sola, Swift, Maturatta,
Exeter and Anglo, among others.  The Company has a total of 64
industrial units worldwide, including in Brazil, in the states of
Sao Paulo, Goias, Mato Grosso, Mato Grosso do Sul, Rondonia, Minas
Gerais, Acre, Rio de Janeiro and Parana.  JBS SA also has
industrial units in Argentina, Italy, the United States and
Australia.  The Company has various subsidiaries, such as Mouran
Alimentos Ltda, JBS Embalagens Metalicas Ltda and JBS Holdings
Inc, among others.  In 2008, the Company acquired Inalca SpA,
National Beef Packing Company LLC, Smithfield Beef Group Inc,
Tasman Group Services Pty Ltd and Industry Park Pty Ltd.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Apr. 17, 2009, Standard & Poor's Ratings Services affirmed its
'B+' long-term corporate credit rating on Brazil-based meat-
processing company JBS S.A.  The outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Mar. 27, 2009, Moody's Investors Service affirmed JBS S.A.'s
corporate family rating and senior unsecured ratings at B1.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2008, Fitch Ratings assigned 'B+' Foreign and Local
currency Issuer Default Ratings  to JBS S.A.  The Rating Outlook
is Stable.



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

CART 1: S&P Cuts Rating on Class E of Notes to 'B-' From 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class B to E notes
issued by CART 1 Ltd.  At the same time, the ratings on the class
A+ and A notes were affirmed.

These actions reflect deterioration in the synthetic rated
over collateralization, due to exposure to obligors in the
underlying portfolio whose Deutsche Bank AG internal ratings have
been downgraded.  Following the portfolio's replenishment on
Oct. 30, 2008, the portfolio's weighted-average equivalent rating
was 'BB-', down from 'BBB-' at closing.  SROC for classes B to E
resulted in values below 100.0000%.  Consequently, S&P puts the
ratings on these classes on CreditWatch negative on Nov. 18, 2008.
Since then, further portfolio replenishments were exercised
whereby the average credit quality of the replenished assets was
higher than the average credit quality of the entire portfolio,
before replenishment.  However, as of the latest replenishment on
March 27, 2009, SROC for the affected classes of notes remained
below the relevant default level, because further portfolio
deterioration had occurred before that date.

Failure to pass the SROC test at current rating levels is mainly
driven by assets rated below iCCC+ on Deutsche Bank's internal
rating scale (in S&P's opinion, equivalent to S&P's 'CCC+'
rating), which currently account for more than 5% of the portfolio
balance (EUR84.3 million).

                           Ratings List

      Ratings Lowered And Removed From CreditWatch Negative

                           CART 1 Ltd.
        EUR263.5 Million Floating-Rate Credit-Linked Notes


                           Rating
                           ------
         Class       To             From         SROC (%)
         -----       --             ----         --------
         B           A-          AA/Watch Neg    98.9726
         C           BBB         A/Watch Neg     98.5114
         D           BB          BBB/Watch Neg   97.9410
         E           B-          BB/Watch Neg    96.8120

                         Ratings Affirmed

                        Classes     Rating
                        -------     ------
                        A+          AAA
                        A           AAA



===================================
D O M I N I C A N  R E P U B L I C
===================================

BANCO DE AHORRO: S&P Assigns 'B-/C' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its 'B-/C'
counterparty credit rating to Banco de Ahorro y Credito ADOPEM
S.A. (Dominican Republic).  The outlook is stable.

"The operative and financial environment in the Dominican Republic
influences S&P's rating on Adopem," said Standard & Poor's credit
analyst Alfredo Enrique Calvo.  The deteriorating economic outlook
could affect the bank's performance.  Adopem's concentration
levels in terms of products and target market are higher than
those of other larger financial institutions operating in the
country, also limiting the ratings.  The ratings are balanced by
Adopem's knowledgeable, strong management team and by the
effectiveness of its strategy to increase its market presence
gradually while maintaining adequate profitability and asset-
quality indicators.  The ratings also reflect Adopem's good
financial flexibility, supported by its adequate funding
diversification and capitalization levels.

Despite the loan portfolio's good performance, an economic
environment with inflation rates that could affect debtors'
payment capacity may pressure the bank's asset quality.  In
addition, S&P expects the Dominican market to face stronger
competition from other institutions, as has happened in other
countries, affecting people's debt burden and payment capacity.
However, Adopem's adequate credit-risk management tools and its
experience in the market should allow it to manage the loan
portfolio adequately.

Adopem's management has good experience in microlending, which has
allowed it to develop a long and successful track record,
maintaining the company's vision and mission.  In this sense, the
bank has increased its market penetration, with adequate asset-
quality and profitability levels.  In S&P's opinion, the
participation of the International Finance Corp. as a shareholder
and the more active participation of other multilateral
institutions such as the European Investment Bank have
strengthened the bank's corporate governance.

The stable outlook reflects S&P's expectation that the bank will
maintain its adequate market position and asset quality,
leveraging its experienced management team and the support
provided by Adopem's stockholders.  It also reflects the bank's
adequate financial flexibility and capitalization levels.  A
negative rating action would result from a significant
deterioration in asset-quality indicators that pressured Adopem's
profitability or capitalization levels, or from the emergence of
unexpected difficulties in management's growth strategy.  If the
Dominican economic environment improves, S&P could raise its
rating on Adopem.


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

CL FIN'L: OCI Denies CLICO (Guyana) Judicial Mgr's Resignation
--------------------------------------------------------------
Caribbean360.com reports authorities in Guyana have denied claims
that Commissioner of Insurance and Judicial Manager of CL
Financial unit CLICO (Guyana) Maria van Beek, is stepping down
from her position because of safety concerns, after being shot
earlier this month.

According to the report, an article in the Kaieteur News Saturday
edition said that close associates of Ms. van Beek revealed that
she has decided to resign out of concern for her safety, despite
the presence of armed security at her home.

But, the report relates, a release from the Office of the
Commissioner of Insurance (OCI) dismissed the report as "false and
misleading" noting "Mrs van Beek is at this time on leave for
medical reasons.”

The official is recuperating after being shot in the chest on
April 15th while on her way to work, the report discloses.

According to Caribbean Net News, Ms. van Beek was appointed
Judicial Manager of CLICO (Guyana) on February 23 and was tasked
with assessing the entity's financial position.  She has submitted
a report to the High Court, declaring the company insolvent,
adding that in a worst case scenario the company’s liabilities
outweighed its assets by some US$60 million, Caribbean Net News
relates.

                        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.



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

GRUPO MODELO: Shares Slump on Anti-Swine Flu Measures
-----------------------------------------------------
In a bid to slow the spread of the deadly swine flu virus, Mexico
is ordering bars and restaurants in the country from operating.
The closure order has affected beverage companies whose products
are mainly used in bars and restaurants.

Hugh Collins at Bloomberg News reports the closures sent Grupo
Modelo SAB's shares down 8.9 percent to 39.53 pesos Monday.

“Fewer parties means fewer sales,” Bloomberg News quoted Marisol
Huerta, an analyst at Actinver SA, as saying.  “They’re shutting
bars, restaurants - places where people consume the companies’
products.”

Particularly, the report says the state of Jalisco ordered bars
and nightclubs shut in the beach resort city of Puerto Vallarta.
“Prudence obliges us to close night clubs,” Jalisco Governor
Emilio Gonzalez said in a statement obtained by Bloomberg News.

Grupo Modelo, S.A. de C.V. produces and markets beer, including
the brand names Corona, Modelo Especial, Victoria, Pacifico, and
Negra Modelo.  The Company is the exclusive Mexican importer and
distributor of Anheuser-Busch beers, and exports some of its own
brands.


METROFINANCIERA SA: Fitch Cuts Ratings on Six Loans to 'CC'
-----------------------------------------------------------
Fitch Ratings has downgraded five senior series of Construction
Bridge Loan transactions issued by Metrofinanciera, S.A. de C.V.,
SOFOM E.N.R.  The ratings remain on Rating Watch Negative:

  -- METROCB 03-2 to 'CC(mex)' from 'CCC(mex)';

  -- METROCB 03-3 to 'CC(mex)' from 'CCC(mex)';

  -- METROCB 07 to 'CC(mex)' from 'CCC(mex)';

  -- METROCB 07-3 to 'CC(mex)' from 'CCC(mex)';

  -- Metrofinanciera Trust 650 class A to 'CC(mex)' from
     'CCC(mex)';

  -- Metrofinanciera Trust 650 class A to 'CC' from 'CCC'.

In addition, the Recovery Rating on the Class A Notes of
Metrofinanciera Trust 650 is affirmed at 'RR4'.

Fitch has also affirmed these ratings on mezzanine classes of
Metrofinanciera transactions:

  -- METROCB 07-2 at 'C(mex)';
  -- METROCB 07-4 at 'C(mex)';
  -- Metrofinanciera Trust 650 class B at 'C(mex)'.

These rating actions follow Fitch's detailed review of each
transaction.  The mismanagement of funds by Metrofinanciera has
caused significant deterioration in the asset profile of each
trust, causing all note classes to be negatively enhanced.

As of March 31, 2009, the trusts have these assets and
liabilities:

Cash in Trust :

  -- METROCB 03-2: MXP 21,987,084.08;
  -- METROCB 03-3: MXP 53,479,126.56;
  -- METROCB 07: MXP 191,902,672.70;
  -- METROCB 07-3: MXP 219,750,648.20;
  -- Metrofinanciera Trust 650 Class A: MXP 295,782,121.32.

Adjusted outstanding Bridge-Loan Balance:

  -- METROCB 03-2: MXP 99,649,790.56;
  -- METROCB 03-3: MXP 173,883,347.44;
  -- METROCB 07: MXP 1,291,994,762.07;
  -- METROCB 07-3: MXP 549,986,352.25;
  -- Metrofinanciera Trust 650 Class A: MXP 974,854,869.87.

Outstanding bond balance:

  -- METROCB 03-2: MXP 311,111,111.12;
  -- METROCB 03-3: MXP 466,666,666.68;
  -- METROCB 07: MXP 1,717,283,000;
  -- METROCB 07-3: MXP 858,641,500;
  -- Metrofinanciera Trust 650 Class A: MXP 1,412,000,000.

  Note: Cash in Trust does not include any Reserve Account.

The asset/liability position of each trust indicates an inadequate
level of resources to support each on a stand-alone basis.  While
the solvency issues vary between each trust, all of the
transactions are reliant upon Metrofinanciera's willingness and
capacity to reimburse the missing funds.  Fitch also downgraded
Metrofinanciera's Issuer Default Rating to 'RD' from 'C' in the
global scale and to 'D(mex)' from 'C(mex)' in the national scale,
as a result of Metrofinanciera's announcement that it has
defaulted on one of its outstanding obligations (coupon payments
on local short-term debt issues), and that it is conducting
discussions with its creditors in order to complete a
restructuring plan.

The liquidity concerns are more acute in the short-run for the
2003 issuances, but the 2007 issuances have liquidity concerns as
well.  The current liquidity protections come in the form of a
14.2% Sociedad Hipotecaria Federal guarantee for the 2003 trusts
and additional cash on hand for the 2007 and trust 650 notes.

Additionally, the reports provided by the Trustee show high levels
of delinquencies among the projects during first-quarter 2009 on
both principal and interest, which result in a significantly
negative impact on the flows collected.  Should this trend
continue, the structures will be unable to meet timely payment of
interest and principal unless Metrofinanciera reimburses a large
portion of the deviated funds.

With information provided by the Trustee as of March 31, 2009,
Fitch concluded that the limited reimbursed amounts to the trusts
in the last three months proved insufficient to offset the
negative effects in the structures, and thus were unable to
restore the credit quality of the bonds.

Metrofinanciera is intending to restructure its unsecured
obligations with creditors and is negotiating potential financing
lines with SHF to provide monetary resources to the developers to
complete the projects.  These lines are not intended to provide
supplemental assets to the trusts, rather they are necessary to
provide the needed liquidity to complete the various projects
within the trusts.  It is important to note that these
transactions remain exposed to both construction and sales risk of
the underlying projects.


METROFINANCIERA SA: Fitch Downgrades Issuer Default Rating to 'RD'
------------------------------------------------------------------
Fitch Ratings has downgraded Metrofinanciera S.A. de C.V.'s long-
and short-term Issuer Default Ratings to 'RD' from 'C'.  Metro's
national-scale ratings were in turn downgraded to 'D(mex)' from
'C(mex)'.

A full list of rating actions follows below:

  -- Foreign and Local Currency Long-term IDRs downgraded to 'RD'
     from 'C';

  -- Foreign and Local Currency Short-term IDRs downgraded to 'RD'
     from 'C';

  -- Individual Rating affirmed at 'F'.

  -- Support Rating affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';

  -- Long-term national-scale rating, including local long-term
     unsecured debt issues, downgraded to 'D(mex)' from 'C(mex)';

  -- Short-term national-scale rating downgraded to 'D(mex)' from
     'C(mex)';

  -- Commercial paper downgraded to 'D(mex)' from 'C(mex)';

  -- US$100 million 11.25% perpetual non-cumulative subordinated
     step-up notes affirmed at 'C/RR6'.

Fitch has also removed the IDRs and national-scale ratings from
Rating Watch Negative.

The downgrade follows Metro's recent announcement that it has
defaulted on one of its outstanding obligations (coupon payments
on local short-term debt issues), and that it maintains
discussions with its creditors in order to enable the company to
complete a restructuring plan.

'RD' ratings indicate that an issuer has experienced an uncured
payment default on a material financial obligation but has
otherwise not entered into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedures.
Metro's IDRs will remain on 'RD' until it has completed the
planned restructuring of its outstanding debt and, in Fitch's
opinion, is able to comply with new terms negotiated with its
creditors.

Fitch considers that continued and extended support from the
Mexican development bank Sociedad Hipotecaria Federal is essential
in order to successfully complete any sustainable restructuring
process.  Metro has been negotiating a debt restructuring process
since November 2008, when it announced that funds from
securitization trusts had been diverted by the company's previous
management to invest in land projects; Metro also announced that
it continues seeking ample additional funding facilities from SHF
in order to restore its financial flexibility and its going
concern status.  Fitch has highlighted in previous rating actions
that it was highly unlikely that SHF support, even if materialized
to a greater extent, could ensure a timely payment of Metro's
financial obligations.  Rather, Fitch considers that SHF support
will aid in mitigating and/or preventing the loss severity that
creditors would face, absent any external support consideration.

Alternatively, if the company is unable to successfully complete
such restructuring process and, in Fitch's opinion, it is forced
to cease business (by entering into bankruptcy filings,
administration, receivership, liquidation or other formal winding-
up procedures), the company's IDRs would be downgraded to 'D'.


METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Mexico-based mortgage and
construction lender Metrofinanciera S.A. de C.V. SOFOM E.N.R. to
'SD' from 'CC' and its rating on the company's commercial paper
program to 'mxD' from 'mxC'.  At the same time, S&P lowered its
long- and short-term national scale counterparty credit ratings on
Metrofinanciera to 'mxSD' from 'mxCCC/mxC'.  The rating on the
mortgage company's $100 million perpetual, noncumulative
subordinated step-up securities remains at 'C'.  The ratings were
removed from CreditWatch with negative implications where they
were placed on Nov. 28, 2008.

"The rating actions follow Metrofinanciera's default on its
Mexican peso 2.7 million CP series 'METROFI00109' and
MXN2.1 million CP series 'METROFI00409' interest payments that
were due on April 23, 2009.  The nonpayment stems from
Metrofinanciera's extremely weak financial and liquidity position.
The company announced yesterday that it will work with its
creditors to reach a restructuring agreement regarding its
financial obligations," said Standard & Poor's credit analyst
Arturo Sanchez.


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

CL FIN'L: Central Bank to Inject $5 Billion
-------------------------------------------
Oscar Ramjeet at Caribbean Net News reports the Trinidad and
Tobago government will spend $5 billion during the next two years
to rescue the CL Financial conglomerate and its struggling
insurance companies.

Citing the Trinidad Express, the report relates Central Bank
Governor Ewart Williams confirmed last week that the government is
expected to inject $5 billion to continue to protect policyholders
of CL Financial subsidiary, CLICO, and depositors of failed wealth
management firm CLICO Investment Bank (CIB).

According to Caribbean Net News, CL Financial companies
experienced severe liquidity problems including CLICO, which could
not meet pension and insurance claims, and CIB, which could not
repay depositors like the National Gas Company (NGC).

The report recalls earlier this year Mr. Williams had suggested
that CLICO had a "notional deficit" of around $10 billion.

                        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.



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

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

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

ARGENTINA

COMERCIAL PL-ADR     SCPDS LI          531491040    -882216960
SNIAFA SA-B          SDAGF US           39681268      -2901931
IMPSAT FIBER-$US     IMPTD AR          535007008     -17165000
COMERCIAL PLA-BL     COMEB AR          531491040    -882216960
IMPSAT FIBER-CED      IMPT AR          535007008     -17165000
SOC COMERCIAL PL     SCDPF US          531491040    -882216960
SOC COMERCIAL PL      CADN SW          531491040    -882216960
SNIAFA SA-B          SNIA5 AR           39681268      -2901931
SOC COMERCIAL PL      COME AR          531491040    -882216960
IMPSAT FIBER-BLK     IMPTB AR          535007008     -17165000
SOC COMERCIAL PL       CAD IX          531491040    -882216960
IMPSAT FIBER NET     IMPTQ US          535007008     -17165000
SOC COMERCIAL PL     CVVIF US          531491040    -882216960
SNIAFA SA             SNIA AR           39681268      -2901931
IMPSAT FIBER NET     XIMPT SM          535007008     -17165000
COMERCIAL PL-C/E     COMEC AR          531491040    -882216960
COMERCIAL PLAT-$     COMED AR          531491040    -882216960
IMPSAT FIBER NET   330902Q GR          535007008     -17165000


BRAZIL

FER C ATLANT-PRF     VSPT4 BZ         2083969920     -71092000
STAROUP SA          STARON BZ           66833000      -3164000
PARQUE TEM-RT PF     PQTM2 BZ          152268000    -388872000
SANSUY SA           SNSYON BZ          232096000    -106033000
PARQUE TEM-RT CM     PQTM1 BZ          152268000    -388872000
NOVA AMERICA-PRF    NOVAPN BZ           40955000    -353104000
SANSUY SA-PREF A    SNSYAN BZ          232096000    -106033000
TEXTEIS RENAU-RT     TXRX2 BZ           86140000    -135343008
PARQUE TEM-DV CM      PQT5 BZ          152268000    -388872000
RIMET-PREF          REEMPN BZ          144454000    -232197008
RIMET               REEMON BZ          144454000    -232197008
RIMET-PREF           REEM4 BZ          144454000    -232197008
KUALA-PREF           ARTE4 BZ           11856000     -33570000
PET MANG-RECEIPT    RPMG10 BZ          183988992     -66954004
PET MANG-RIGHTS      RPMG1 BZ          183988992     -66954004
TEXTEIS RENAUX      RENXPN BZ           86140000    -135343008
HOPI HARI-PREF       PQTM4 BZ          152268000    -388872000
PROMAN               PRMN3 BZ           24221000       -555000
PARQUE TEM-RCT C     PQTM9 BZ          152268000    -388872000
SAUIPE               PSEG3 BZ           17641202     -16319050
TECTOY               TOYB3 BZ           41457000     -10455000
SAUIPE SA-PREF      PSEGPN BZ           17641202     -16319050
SAUIPE SA           PSEGON BZ           17641202     -16319050
CAF BRASILIA         CAFE3 BZ           38244000   -1042639040
DOCAS IMBITUB-PR    IMBIPN BZ          205018992     -25437000
WETZEL SA            MWET3 BZ          145738992      -8419000
FER C ATL-RCT PF    VSPT10 BZ         2083969920     -71092000
DOCAS IMBITUBA      IMBION BZ          205018992     -25437000
CONST A LINDEN      LINDON BZ           51808000     -13659000
CONST A LIND-PRF    LINDPN BZ           51808000     -13659000
HERCULES             HETA3 BZ           25126000    -273456000
TEKA-PREF            TEKA4 BZ          526557984    -449536992
PET MANG-RIGHTS      RPMG2 BZ          183988992     -66954004
FERRAGENS HAGA-P    HAGAPN BZ           24512548    -113844104
HERCULES SA         HERTON BZ           25126000    -273456000
FER HAGA-PREF        HAGA4 BZ           24512548    -113844104
NOVA AMERICA-PRF     NOVA4 BZ           40955000    -353104000
DOC IMBITUBA-RTC     IMBI1 BZ          205018992     -25437000
DOC IMBITUBA-RTP     IMBI2 BZ          205018992     -25437000
HERCULES SA-PREF    HERTPN BZ           25126000    -273456000
MMX MINERACA-GDR      3M11 GR         2328652032    -101079000
WETZEL SA-PREF      MWELPN BZ          145738992      -8419000
TECEL S JOSE         SJOS3 BZ           42233000     -41080000
NORDON MET           NORD3 BZ           36317000     -33521000
AZEVEDO-PREF         AZEV4 BZ          116398000     -10976000
WETZEL SA-PREF       MWET4 BZ          145738992      -8419000
TECEL S JOSE-PRF     SJOS4 BZ           42233000     -41080000
MINUPAR              MNPR3 BZ          179201008     -34191000
NORDON METAL        NORDON BZ           36317000     -33521000
NOVA AMERICA SA      NOVA3 BZ           40955000    -353104000
PETRO MANGUINHOS    MANGON BZ          183988992     -66954004
MMX MINERACAO        MMXM3 BZ         2328652032    -101079000
MMX MINERACA-GDR     MMXMY US         2328652032    -101079000
FABRICA RENAUX-P    FRNXPN BZ          125797000     -64182000
FERRAGENS HAGA      HAGAON BZ           24512548    -113844104
FERREIRA GUIM-PR    FGUIPN BZ           24631000    -224564000
TEKA                TEKAON BZ          526557984    -449536992
NOVA AMERICA SA     NOVAON BZ           40955000    -353104000
MINUPAR-PREF         MNPR4 BZ          179201008     -34191000
GAZOLA SA-DVD PF    GAZO12 BZ           27266214     -73665296
TEXTEIS RENA-RCT    TXRX10 BZ           86140000    -135343008
DTCOM- DIRECT-PR     DTCY4 BZ           11902000     -16264999
MMX MINERACAO        TRES3 BZ         2328652032    -101079000
NOVA AMERICA SA     1NOVON BZ           40955000    -353104000
TEXTEIS RENA-RCT     TXRX9 BZ           86140000    -135343008
CHIARELLI SA-PRF     CCHI4 BZ           42853000     -85685000
TEXTIL RENAUXVIE     TXRX3 BZ           86140000    -135343008
TEC TOY SA-PF B      TOYB6 BZ           41457000     -10455000
TEC TOY SA-PREF      TOYB5 BZ           41457000     -10455000
SANSUY SA-PREF B    SNSYBN BZ          232096000    -106033000
RIMET                REEM3 BZ          144454000    -232197008
TEC TOY SA-PREF      TOYDF US           41457000     -10455000
TECTOY SA-PREF      TOYBPN BZ           41457000     -10455000
CTM CITRUS-RCT C     CTPC9 BZ           79728000      -1381000
TECTOY-RCT ORD       TOYB9 BZ           41457000     -10455000
WIEST                WISA3 BZ           71372000    -140973008
FER C ATL-RCT CM     VSPT9 BZ         2083969920     -71092000
PETRO MANGUINHOS     RPMG3 BZ          183988992     -66954004
FER C ATLANT         VSPT3 BZ         2083969920     -71092000
MMX MINERACA-GDR       XMM CN         2328652032    -101079000
WIEST SA-PREF       WISAPN BZ           71372000    -140973008
WIEST SA            WISAON BZ           71372000    -140973008
WIEST-PREF           WISA4 BZ           71372000    -140973008
VARIG PART EM TR     VPTA3 BZ          107416000    -867658048
ALL MALHA PAULIS     GASC3 BZ         1586146944   -1048602048
BOMBRIL              BOBR3 BZ          460744992    -485765024
VARIG SA-PREF        VAGV4 BZ         2094450944  -10176870400
FERROVIA CEN-DVD    VSPT12 BZ         2083969920     -71092000
FERROVIA CEN-DVD    VSPT11 BZ         2083969920     -71092000
DTC DIRECT CO SA    1DTCON BZ           11902000     -16264999
VARIG PART EM-PR     VPTA4 BZ          107416000    -867658048
SANSUY               SNSY3 BZ          232096000    -106033000
TEKA-PREF           TEKAPN BZ          526557984    -449536992
MMX MINERACAO        MMXCF US         2328652032    -101079000
NORDON MET-RTS       NORD1 BZ           36317000     -33521000
TECTOY-PREF          TOYB4 BZ           41457000     -10455000
DOC IMBITUBA         IMBI3 BZ          205018992     -25437000
SANSUY-PREF B        SNSY6 BZ          232096000    -106033000
CTM CITRUS SA        CTMON BZ           79728000      -1381000
MINUPAR SA          MNPRON BZ          179201008     -34191000
PET MANG-RECEIPT     RPMG9 BZ          183988992     -66954004
PET MANGUINH-PRF     RPMG4 BZ          183988992     -66954004
TEXTEIS RENAUX      RENXON BZ           86140000    -135343008
KUALA                ARTE3 BZ           11856000     -33570000
CIMOB PARTIC SA      GAFON BZ           90471752     -77366408
SCHLOSSER SA-PRF     SCHPN BZ           21962000    -118044000
SCHLOSSER SA         SCHON BZ           21962000    -118044000
BOMBRIL SA-ADR       BMBBY US          460744992    -485765024
TEKA-ADR             TKTQY US          526557984    -449536992
CAMBUCI SA          CAMBON BZ          177378992     -42495000
TEKA-ADR             TKTPY US          526557984    -449536992
TECTOY-BONUS RTS    TOYB13 BZ           41457000     -10455000
TECTOY-RCPT PF B    TOYB12 BZ           41457000     -10455000
DOC IMBITUB-PREF     IMBI4 BZ          205018992     -25437000
TECTOY-RCT PREF     TOYB10 BZ           41457000     -10455000
BOTUCATU TEXTIL      STRP3 BZ           66833000      -3164000
TEXTEIS RENAU-RT     TXRX1 BZ           86140000    -135343008
HOPI HARI SA         PQTM3 BZ          152268000    -388872000
PARQUE TEM-RCT P    PQTM10 BZ          152268000    -388872000
VARIG SA            VARGON BZ         2094450944  -10176870400
TEKA-ADR             TEKAY US          526557984    -449536992
WETZEL SA           MWELON BZ          145738992      -8419000
TEKA                 TEKA3 BZ          526557984    -449536992
TECTOY-RTS/3         TOYB1 BZ           41457000     -10455000
BUETTNER-PREF        BUET4 BZ          148186992     -54926000
BUETTNER SA-PRF     BUETPN BZ          148186992     -54926000
BUETTNER SA-RT P     BUET2 BZ          148186992     -54926000
BUETTNER             BUET3 BZ          148186992     -54926000
CONST A LINDEN       CALI3 BZ           51808000     -13659000
CONST A LIND-PRF     CALI4 BZ           51808000     -13659000
SAUIPE-PREF          PSEG4 BZ           17641202     -16319050
CAF BRASILIA-PRF     CAFE4 BZ           38244000   -1042639040
BOMBRIL-RGTS PRE     BOBR2 BZ          460744992    -485765024
TEKA-PREF            TKTPF US          526557984    -449536992
BOMBRIL SA-ADR       BMBPY US          460744992    -485765024
BOMBRIL-RIGHTS       BOBR1 BZ          460744992    -485765024
BOMBRIL CIRIO-PF    BOBRPN BZ          460744992    -485765024
DOCAS SA-RTS PRF     DOCA2 BZ          428661984     -53866000
BOMBRIL-PREF         BOBR4 BZ          460744992    -485765024
CAMBUCI SA-PREF      CXDOF US          177378992     -42495000
COARI PART           COAR3 BZ         3270861056        -56000
COARI PART-PREF      COAR4 BZ         3270861056        -56000
TEKA                 TKTQF US          526557984    -449536992
CHIARELLI SA-PRF     CCHPN BZ           42853000     -85685000
CORREA RIBEIRO      CORIPN BZ           10835000       -154000
CORREA RIBEIRO       CORR3 BZ           10835000       -154000
BAUMHARDT IRM-PR    BAUMPN BZ           20444000      -3589000
PETRO MANGUIN-PF    MANGPN BZ          183988992     -66954004
CHIARELLI SA         CCHON BZ           42853000     -85685000
CAMBUCI SA-PREF     CAMBPN BZ          177378992     -42495000
ARTHUR LANG-RC P    ARLA10 BZ           34053000     -26011000
CAMBUCI SA-PREF      CAMB4 BZ          177378992     -42495000
EXCELSIOR-RCT       BAUH10 BZ           20444000      -3589000
TEXTEIS RENAU-PF     TXRX4 BZ           86140000    -135343008
CTM CITRUS- PR R     CTPC2 BZ           79728000      -1381000
BOTUCATU-PREF        STRP4 BZ           66833000      -3164000
TECTOY-PF-RTS5/6    TOYB11 BZ           41457000     -10455000
ARTHUR LAN-DVD C    ARLA11 BZ           34053000     -26011000
ARTHUR LAN-DVD P    ARLA12 BZ           34053000     -26011000
EXCELSIOR-RCT        BAUH9 BZ           20444000      -3589000
GAZOLA SA            GAZON BZ           27266214     -73665296
ARTHUR LANGE-PRF     ARLA4 BZ           34053000     -26011000
ARTHUR LANG-RC C     ARLA9 BZ           34053000     -26011000
ARTHUR LANG-RT P     ARLA2 BZ           34053000     -26011000
FABRICA RENAUX       FTRX3 BZ          125797000     -64182000
GASCOIGNE EMP-PF    1GASPN BZ         1586146944   -1048602048
VARIG SA             VAGV3 BZ         2094450944  -10176870400
DTC DIRECT CO-RT   1DTCONR BZ           11902000     -16264999
GASCOIGNE EMPREE    1GASON BZ         1586146944   -1048602048
HERCULES-PREF        HETA4 BZ           25126000    -273456000
ARTHUR LANGE SA     ALICON BZ           34053000     -26011000
NOVA AMERICA-PRF    1NOVPN BZ           40955000    -353104000
TRESSEM PART SA     1TSSON BZ         2328652032    -101079000
EXCELSIOR-RT         BAUH2 BZ           20444000      -3589000
EXCELSIOR ALIMEN     BAUH3 BZ           20444000      -3589000
EXCELSIOR-RT         BAUH1 BZ           20444000      -3589000
CHIARELLI SA         CCHI3 BZ           42853000     -85685000
BAUMHARDT IRMAOS    BAUMON BZ           20444000      -3589000
BOMBRIL              BMBBF US          460744992    -485765024
EXCELSIOR-PREF       BAUH4 BZ           20444000      -3589000
ARTHUR LANGE-PRF    ALICPN BZ           34053000     -26011000
ARTEX SA            ARTXON BZ           11856000     -33570000
ARTEX SA-PREF       ARTXPN BZ           11856000     -33570000
DOCAS SA            DOCAON BZ          428661984     -53866000
HAGA                 HAGA3 BZ           24512548    -113844104
AZEVEDO E TRAVAS    AZEVON BZ          116398000     -10976000
AZEVEDO E TRA-PR    AZEVPN BZ          116398000     -10976000
AZEVEDO              AZEV3 BZ          116398000     -10976000
BUETTNER SA         BUETON BZ          148186992     -54926000
MARAMBAIA            CTPC3 BZ           79728000      -1381000
CTM CITRUS-ADR       CTMMY US           79728000      -1381000
FABRICA RENAUX      FRNXON BZ          125797000     -64182000
F GUIMARAES-PREF     FGUI4 BZ           24631000    -224564000
FERREIRA GUIMARA    FGUION BZ           24631000    -224564000
MARAMBAIA-PREF       CTPC4 BZ           79728000      -1381000
FABRICA RENAUX-P     FTRX4 BZ          125797000     -64182000
CORREA RIBEIRO      CORION BZ           10835000       -154000
FABRICA TECID-RT     FTRX1 BZ          125797000     -64182000
BOMBRIL CIRIO SA    BOBRON BZ          460744992    -485765024
ESTRELA SA           ESTR3 BZ          153186000     -80125000
MARAMBAIA-PREF       CTMMF US           79728000      -1381000
ACO ALTONA-PREF      EALT4 BZ          180308000     -22762000
TECEL S JOSE        FTSJON BZ           42233000     -41080000
F GUIMARAES          FGUI3 BZ           24631000    -224564000
ESTRELA SA-PREF      ESTR4 BZ          153186000     -80125000
ESTRELA SA          ESTRON BZ          153186000     -80125000
PARQUE TEM-DV PF      PQT6 BZ          152268000    -388872000
GAZOLA               GAZO3 BZ           27266214     -73665296
GAZOLA-RCPT PREF    GAZO10 BZ           27266214     -73665296
GAZOLA SA-DVD CM    GAZO11 BZ           27266214     -73665296
ARTHUR LANG-RT C     ARLA1 BZ           34053000     -26011000
GAZOLA SA-PREF       GAZPN BZ           27266214     -73665296
GAZOLA-PREF          GAZO4 BZ           27266214     -73665296
CTM CITRUS-RCT P      CTP6 BZ           79728000      -1381000
SCHLOSSER            SCLO3 BZ           21962000    -118044000
CIMOB PARTIC SA      GAFP3 BZ           90471752     -77366408
ESTRELA SA-PREF     ESTRPN BZ          153186000     -80125000
TECEL S JOSE-PRF    FTSJPN BZ           42233000     -41080000
VARIG SA-PREF       VARGPN BZ         2094450944  -10176870400
GASCOIGNE EMP-PF     GASC4 BZ         1586146944   -1048602048
CIMOB PART-PREF      GAFP4 BZ           90471752     -77366408
CORREA RIBEIR-PR     CORR4 BZ           10835000       -154000
CTM CITRUS-RCT P    CTPC10 BZ           79728000      -1381000
ACO ALTONA-PREF      EAAPN BZ          180308000     -22762000
GAZOLA-RCPTS CMN     GAZO9 BZ           27266214     -73665296
CTM CITRUS-COM R     CTPC1 BZ           79728000      -1381000
CAMBUCI SA           CAMB3 BZ          177378992     -42495000
D H B                DHBI3 BZ          221336000    -588646016
ARTHUR LANGE         ARLA3 BZ           34053000     -26011000
TECTOY SA           TOYBON BZ           41457000     -10455000
CENT AMAPA           CTAP3 BZ              15000     -11996000
ACO ALTONA           EALT3 BZ          180308000     -22762000
DOCA INVESTIMENT     DOCA3 BZ          428661984     -53866000
CAFE BRASILIA-PR    CSBRPN BZ           38244000   -1042639040
CTM CITRUS-PREF      CTMPN BZ           79728000      -1381000
CTM CITRUS-RCT C      CTP5 BZ           79728000      -1381000
MINUPAR SA-PREF     MNPRPN BZ          179201008     -34191000
SANSUY-PREF A        SNSY5 BZ          232096000    -106033000
DHB IND E COM-PR     DHBPN BZ          221336000    -588646016
DTCOM-RT             DTCY1 BZ           11902000     -16264999
DTCOM- DIR TO CO     DTCY3 BZ           11902000     -16264999
SCHLOSSER-PREF       SCLO4 BZ           21962000    -118044000
DOCAS SA-PREF       DOCAPN BZ          428661984     -53866000
ACO ALTONA SA        EAAON BZ          180308000     -22762000
CIMOB PART-PREF      GAFPN BZ           90471752     -77366408
STAROUP SA-PREF     STARPN BZ           66833000      -3164000
BUETTNER SA-RTS      BUET1 BZ          148186992     -54926000
DOCA INVESTI-PFD     DOCA4 BZ          428661984     -53866000
DHB IND E COM        DHBON BZ          221336000    -588646016
D H B-PREF           DHBI4 BZ          221336000    -588646016
N.A.                 DTCY9 BZ           11902000     -16264999
CAFE BRASILIA SA    CSBRON BZ           38244000   -1042639040


COLOMBIA

ENACAR              ENACAR CI         2869195008   -36472102912
ENACAR-RT          ENACARO CI         2869195008   -36472102912
CARVILE            CARVILE CI         1265678976   -34953248768
ENACAR               EMPOF US         2869195008   -36472102912
N.A.              CARVILEO CI         1265678976   -34953248768



                            ***********

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.


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