TCRLA_Public/090504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, May 4, 2009, Vol. 10, No. 86

                            Headlines

A R G E N T I N A

PAPEL EXPRESS: Trustee Verifying Proofs of Claim Until June 26
SERVIPALLETS SA: Trustee Verifying Proofs of Claim Until July 13


B E L I Z E

CL FINANCIAL: CLICO Belize Negotiates Transfer of Policies


B E R M U D A

ASPEN INSURANCE: First Quarter Net Income Up 12.6% to US$91.4Mln


B R A Z I L

BANCO BRADESCO: To Release 1Q 2009 Earnings Results Tomorrow
EMBRAER: No Delivery Cancellations in April, CEO Says
EMBRAER: Hainan Airlines Cuts Jet Order by 50 Percent


C A Y M A N  I S L A N D S

AES CHINA ET AL: Liquidator to Present Wind-Up Report on May 27
AUSTRAL OPPORTUNITIES: Shareholders' Final Meeting Set for May 29
ETERNAL SPRING: Shareholder to Hear Wind-Up Report on June 27
FESTINA LENTE ET AL: Liquidator to Give Wind-Up Report on May 28
IFA FUNDS: Final Meeting Set for May 28

JPMORGAN ET AL: Liquidator to Give Wind-Up Report on June 11
MARATHON FUND: Final Meeting Set for May 25
SOCO INTERNATIONAL: Members' Final Meeting Set for May 18
TERRITORIAL RESOURCES: Members' Final Meeting Set for May 18


E L  S A L V A D O R

* EL SALVADOR: Government to Face US$500 Million Budgetary Deficit


D O M I N I C A N  R E P U B L I C

CAP CANA: Reaching 95% Participation in an Exchange Offer


J A M A I C A

ALPART: Norsk Hydro Incurs US$42Mln Net Loss in First Quarter


M E X I C O

CREDITO Y CASA: Moody's Reviews 'Ba1' Rating on Certificates
CREYCB 08: Moody's Reviews Global Scale Ratings on Certificates
GMAC FINANCIERA: Moody's Reviews Ratings on Three Certificates
* MEXICO: Gets US$3BB IDB Fund to Counter Crisis & Swine Flu
* MEXICO: Minister Sees Tourism Revenue to Fall 43% on Swine Flu


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

CL FINANCIAL: Gov't Seeks Greater Control of CL Group


V E N E Z U E L A

PDVSA: Helmerich & Payne May Not Be Paid US$116 Million


X X X X X X X X

* LATAM: Development Banks Join Efforts to Provide US$90 Billion
* BOND PRICING: For the Week April 27, 2009 to May 1, 2009


                         - - - - -


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

PAPEL EXPRESS: Trustee Verifying Proofs of Claim Until June 26
--------------------------------------------------------------
The court-appointed trustee for Papel Express S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 26, 2009.

The trustee will present the validated claims in court as
individual reports on August 25, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 6, 2009.


SERVIPALLETS SA: Trustee Verifying Proofs of Claim Until July 13
----------------------------------------------------------------
The court-appointed trustee for Servipallets S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
July 13, 2009.

The trustee will present the validated claims in court as
individual reports on September 7, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 19, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 5, 2010.


===========
B E L I Z E
===========

CL FINANCIAL: CLICO Belize Negotiates Transfer of Policies
----------------------------------------------------------
Supervisor of Insurance Alma Gomez told Amandala News in an
interview that negotiations are currently underway with insurance
companies in Belize, to see what could be done to preserve the
over 10,800 health and life insurance policies held by Colonial
Life Insurance Company (CLICO) Belize.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Caribbean Net News said accountant Mark Hulse has
been appointed judicial manager to take charge of CLICO Belize.
The local branch of CLICO, a unit of CL Financial Limited, has
approximately 11,000 policies currently in force in Belize, the
report said.  The report related Ms. Gomez said the legislation in
Belize allows for government intervention and judicial management
before liquidation.  Ms. Gomez, as cited in the report, said that
since CLICO has been placed into liquidation by the Bahamas court,
"we have to follow the instruction that is coming down from the
Bahamas because that's where the company is headquartered.”
Caribbean Net News noted efforts are now being made to sell CLICO,
but this will not affect the policyholders, since the terms and
conditions would remain the same.

Ms. Gomez, as cited by Amadala, said most of the staff at CLICO
Belize have been let go, and some agents are now trying to get
jobs with other insurance companies.

According to Amadala News, Mr. Hulse is expected to file a report
on the status of CLICO with the Supreme Court on May 8 and on May
18, the Supervisor of Insurance is due to return to the courtroom
for the court to decide the next course of action for CLICO’s
Belize branch.  The court will also determine Mr. Hulse’s
remuneration for his work as (provisional) judicial manager, the
report relates.

Ms. Gomez, the report notes, said it would take anywhere from two
to three months for technical work to be done, to effect the
transfer of insurance portfolios to another insurance company in
Belize.  The report says Ms. Gomez projects that the transfer of
policies could take until July, as foreign actuaries would first
have to assess the policies.

                       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.



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

ASPEN INSURANCE: First Quarter Net Income Up 12.6% to US$91.4Mln
----------------------------------------------------------------
Aspen Insurance Holdings Limited reported a net profit after tax
for the first quarter of 2009 of US$91.4 million and operating
earnings of US$1.18 per diluted ordinary share.  This compares to
a net profit after tax of US$81.2 million, and operating earnings
of US$0.79 per diluted share for the first quarter last year.

Book value per share on a diluted basis of US$29.12 increased by
US$0.64 when compared to March 31, 2008 and by US$1.02 since the
end of December 2008, mainly as a result of US$72.2 million of
retained income generated during the first quarter of 2009.

The company's balance sheet as of March 31, 2009, showed total
assets of US$7.63 billion, total liabilities of US$4.80 billion
and total shareholder's equity of US$2.83 billion.

                       Outlook for 2009

The Company anticipates total gross written premium of US$2
billion +/- 5%, premium ceded of 10% to 12% of gross earned
premium, a combined ratio in the range of 88% to 94%, a tax rate
of 13% to 16% and a cat-load of US$140 million for the remainder
of the year, assuming normal loss experience.

                     About Aspen Insurance

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm-- provides reinsurance
and insurance coverage to clients in various domestic and global
markets through wholly-owned subsidiaries and  offices in Bermuda,
France, Ireland, the United States, the United Kingdom, Singapore
and Switzerland.

                          *     *     *

Aspen Insurance Holdings Limited continues to carry Moody's
Investors Services 'Ba1' Preferred Stock rating with a stable
outlook.



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

BANCO BRADESCO: To Release 1Q 2009 Earnings Results Tomorrow
------------------------------------------------------------
Banco Bradesco S.A. will post its first quarter 2009 earnings
results tomorrow, May 5, 2009 at 10:30 AM ET at
http://www.prnewswireweb.com.br/player/?id=388.

For more information, contact:

   Jean Philippe Leroy
   Ivani Benazzi de Andrade
   55 11 2178.6229
   55 11 2178.6218
   jean@bradesco.com.br
   4823.ivani@bradesco.com.br

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

As of March 24, Banco Bradesco S.A. continues to carry Moody's
"Ba2" long-term foreign bank deposits and "B-" bank financial
strength rating with a stable outlook.


EMBRAER: No Delivery Cancellations in April, CEO Says
-----------------------------------------------------
Empresa Brasileira de Aeronautica SA ("Embraer") received no
further cancellations or requests for postponement of deliveries
in April and maintains its 2009 delivery forecast of 242 planes,
Alastair Stewart of Dow Jones Newswires reports, citing Chief
Financial Officer Luiz Carlos Aguiar.  The report recalls there
was a spate of commercial jet order cancellations in January,
reflecting the darkening global economic outlook, but since then
few clients have sought readjustments to contracts.

DJ Newswires notes that in February, Embraer lowered its 2009
deliveries estimate from 270 jets and announced that it would cut
20% of its work force because of an expected sharp drop-off in
demand during 2009 and 2010.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2009, Embraer recorded first quarter 2009 net sales of
US$1,154.1 million and a net loss of US$23.4 million, equivalent
to diluted losses per ADS of US$0.1289.  Due to the severe
worldwide economic downturn since September 2008, Embraer recorded
cancellations of some of the firm orders of its executive aviation
backlog as well as deferrals of deliveries scheduled for the
commercial aviation segment.  As a result, the company’s firm
order backlog on March 31, 2009, decreased by 5.7% compared to the
previous quarter, totaling US$ 19.7 billion.  The backlog of the
EMBRAER 170/190 family accumulated a total of 875 firm orders and
792 options, with 354 aircraft to be delivered.

In light of this new scenario, Embraer revised its revenue
guidance for 2009 to US$5.5 billion, broken down as US$3.3 billion
in revenues for the commercial aviation segment, US$0.8 billion
for the executive aviation segment, US$0.6 billion to the defense
and government segment and US$0.8 billion for services and other
revenues.  The company has also reduced its delivery guidance for
2009 down from 270 to 242 commercial and executive aircraft
deliveries, with 115 deliveries to the commercial aviation
segment, 17 Legacy 600 and Lineage 1000 jets to the executive
aviation segment plus 110 Phenom jets to the same segment.
Embraer’s total investment guidance for 2009 was also revised to
US$350 million.

                        About Embraer

Empresa Brasileira de Aeronautica SA ("Embraer") –-
http://www.embraer.com -- develops and produces aircraft for the
Brazilian Air Force into a public company that produces aircraft
for commercial aviation, executive jet and defense and government
purposes.  The company is a manufacturer of commercial aircraft.
The company has developed a line of executive jets based on one of
its regional jet platforms and launched executive jets in the very
light, light, and ultra-large categories, the Phenom 100, Phenom
300 and Lineage 1000, respectively.  In July 2008, the company
announced the acquisition of the remaining 40% interest in ELEB --
Embraer Liebherr Equipamentos do Brasil S.A., held by Liebherr
Aerospace S.A.S. ELEB's name will be changed to ELEB Equipamentos
S.A.



EMBRAER: Hainan Airlines Cuts Jet Order by 50 Percent
-----------------------------------------------------
Chinese carrier Hainan Airlines Co. cut its ERJ 145 jet order from
Empresa Brasileira de Aeronautica SA (Embraer) by 50% to 25
aircraft, Laura Price of Bloomberg News reports.  The report
recalls Hainan Airlines originally signed a contract for 50 ERJ
145 jets and 50 Embraer 190 jets in August 2006.

Harbin Embraer Aircraft Industry, which is Embraer’s joint
venture, had delivered 12 jets to Hainan as of April 30, Embraer
said in an e-mailed statement to Bloomberg News.  The report
relates Embraer agreed to deliver the jets by the first half of
2011, instead of the end of 2010.

As reported in the Troubled Company Reporter-Latin America on
April 1, 2009, Empresa Brasileira de Aeronautica SA ("Embraer")
recorded first quarter 2009 net sales of US$1,154.1 million and a
net loss of US$23.4 million, equivalent to diluted losses per ADS
of US$0.1289.  Due to the severe worldwide economic downturn since
September 2008, Embraer recorded cancellations of some of the firm
orders of its executive aviation backlog as well as deferrals of
deliveries scheduled for the commercial aviation segment.  As a
result, the company’s firm order backlog on March 31, 2009,
decreased by 5.7% compared to the previous quarter, totaling US$
19.7 billion.

                     About Harbin Embraer

According to Bloomberg News, Harbin Embraer is a venture that
makes ERJ 145 plans in Harbin, China.  The report relates HNA
Group controls Hainan Airlines through Grand China Air.

                       About Embraer

Empresa Brasileira de Aeronautica SA ("Embraer") –-
http://www.embraer.com -- develops and produces aircraft for the
Brazilian Air Force into a public company that produces aircraft
for commercial aviation, executive jet and defense and government
purposes.  The company is a manufacturer of commercial aircraft.
The company has developed a line of executive jets based on one of
its regional jet platforms and launched executive jets in the very
light, light, and ultra-large categories, the Phenom 100, Phenom
300 and Lineage 1000, respectively.  In July 2008, the company
announced the acquisition of the remaining 40% interest in ELEB --
Embraer Liebherr Equipamentos do Brasil S.A., held by Liebherr
Aerospace S.A.S. ELEB's name will be changed to ELEB Equipamentos
S.A.



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

AES CHINA ET AL: Liquidator to Present Wind-Up Report on May 27
---------------------------------------------------------------
On May 27, 2009, CDL Company Ltd. will present the companies'
wind-up report and property disposal to shareholders of:

   -- AES China Power Corporation; and
   -- AES China Co.

The Liquidator can be reached at:

           CDL Company Ltd.
           P.O. Box 31106, Grand Cayman KY1-1205


AUSTRAL OPPORTUNITIES: Shareholders' Final Meeting Set for May 29
-----------------------------------------------------------------
The shareholders of Austral Opportunities Fund will hold their
final meeting on May 29, 2009, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


ETERNAL SPRING: Shareholder to Hear Wind-Up Report on June 27
------------------------------------------------------------
The shareholder of Eternal Spring Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 27, 2009.

The company's liquidator is:

          Lion International Corporate Services Limited
          c/o Shakira Gourzong
          P.O. Box 484GT, Grand Cayman, KY1-1106
          Cayman Islands
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634


FESTINA LENTE ET AL: Liquidator to Give Wind-Up Report on May 28
----------------------------------------------------------------
On May 28, 2009, Ogier will present the companies' wind-up report
and property disposal to shareholders of:

   -- Festina Lente Master Fund, Ltd.; and
   -- Festina Lente International, Ltd.

The Liquidator can be reached at:

          Ogier
          c/o Bradley Kruger
          Telephone: (345) 815-1877
          Facsimile: (345) 949 1986


IFA FUNDS: Final Meeting Set for May 28
---------------------------------------
Ifa Funds Ltd. will hold its final meeting on May 28, 2009, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Mervin Solas, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


JPMORGAN ET AL: Liquidator to Give Wind-Up Report on June 11
------------------------------------------------------------
On June 11, 2009, Roger Priaulx will present the companies' wind-
up report and property disposal to shareholders of:

   -- JPmorgan Financials Total Return Master Fund Ltd.; and
   -- JPmorgan Financials Total Return Fund Ltd.

The Liquidator can be reached at:

          Roger Priaulx
          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


MARATHON FUND: Final Meeting Set for May 25
-------------------------------------------
Marathon Fund Ltd. will hold its final meeting on May 25, 2009, at
10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          Mervin Solas, Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


SOCO INTERNATIONAL: Members' Final Meeting Set for May 18
---------------------------------------------------------
The members of Soco International (Cayman) Limited will hold their
final meeting on May 18, 2009, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Britannia Corporate Management Ltd.
          Plantation House, 196 Raleigh Quay
          P.O. Box 1968
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949 2700


TERRITORIAL RESOURCES: Members' Final Meeting Set for May 18
------------------------------------------------------------
The members of Territorial Resources Ltd. will hold their final
meeting on May 18, 2009, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Britannia Corporate Management Ltd.
          Plantation House, 196 Raleigh Quay
          P.O. Box 1968
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949 2700



====================
E L  S A L V A D O R
====================

* EL SALVADOR: Government to Face US$500 Million Budgetary Deficit
------------------------------------------------------------------
Economist and presidential advisor Alexander Segovia said El
Salvador's new government will face a budgetary deficit close to
US$500 million, Prensa-latina News reports.  The report relates
Mr. Segovia, in a television interview, said the estimate is
derived from fiscal information made available during the current
governmental transfer process.

The report relates international financial organizations made
similar appraisals, calculating that the outgoing administration
of Antonio Saca will leave Mauricio Funes a deficit of US$470
million.  The Salvadoran press, Prensa-latina News notes, reported
that Mr. Saca admits the lack of resources but considers the
problem is not the deficit, but the reduction of tax revenue and
family remittances.

Analysts cited by Prensa-latina News said Mr. Funes will either
obtain foreign credit or adjust expenses to perhaps be able to
begin 2010 with less unfavorable conditions.



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

CAP CANA: Reaching 95% Participation in an Exchange Offer
---------------------------------------------------------
Cap Cana S.A. is reaching 95% participation in an exchange offer
for US$250 million in 9.625% senior secured notes due 2013 that
closed April 30, LatinFrance News reports.  The report relates a
person close to the deal pegged the total at 95.18% shortly before
it was wrapped up, versus roughly 70% April 28.

According to the report, holders were required to consent to
amendments eliminating substantially all restrictive covenants,
certain events of default, covenants regarding mergers and
consolidations, among other modifications.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2009, LatinFrance said Cap Cana secured bondholders'
approval to exchange US$250 million in outstanding 2013 bonds for
two new classes of notes with longer maturities and less onerous
short term debt service requirements.  The report related the
resort is offering holders of the 9.625% 2013s two new replacement
securities that mature in 2016:

   -- US$137.0 million 10.000% senior secured note; and

   -- US$133.8 million 10.000% self liquidating recovery note that
      behaves like a PIK note.

LatinFrance said the total principal amount of the new bonds
includes past due interest payments and what one investor is
calling an exchange premium.

                        About Cap Cana

Cap Cana S.A. is owner and developer of a resort complex (Cap
Cana) on the Dominican easter tip.  The resort copmplex is being
developed as a multiuse luxury resort in the Caribbean with world-
class beaches, championship golf courses, yachting facilities and
other leisure amenities.  The property consists of over 46 square
miles (119.9 square kilometers) of land, including a five-mile
(eight kilometer) coastline and 2.2 miles (3.5 kilometers) of one
of the most pristine beaches in the region.  As of September 30,
2008, Cap Cana S.A. had invested approximately US$485 million in
infrastructure and other improvements.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
Nov. 4, 2008, Fitch Ratings downgraded the rating on Cap Cana,
S.A.'s US$250 million senior secured notes from 'B' to 'CCC/RR4'.
The rating was also placed on Rating Watch Negative.



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

ALPART: Norsk Hydro Incurs US$42Mln Net Loss in First Quarter
-------------------------------------------------------------
Norway-based Norsk Hydro, which owns 35% of Alumina Partners of
Jamaica (Alpart), incurred a US$42 million net loss in the first
quarter of 2009, due to the dramatic fall in the price of
aluminium on the world market, Radio Jamaica News reports.  The
report relates Norsk Hydro's revenue dropped 22%.

According to the report, Norsk Hydro cited the deepening global
economic downturn, with historically-low aluminum prices, which
started the quarter at US$1,536 per metric ton and closed at
US$1,405.  The report recalls Norsk Hydro cut back production
throughout the quarter.

Radio Jamaica News says this coincided with ALPART's disclosure on
its planned temporary operation shutdown in the wake of the
decline in the demand for alumina.

As reported in the Troubled Company Reporter-Latin America on
Mar. 20, 2009, Radio Jamaica News said Alpart will suspend its
operations for one year by May 15, sending home 900 permanent
employees in the process; amid a 60% decline in alumina product
prices since July 2008.  Alpart Managing Director Alberto Fabrini,
as cited by Radio Jamaica News, said the upcoming temporary
shutdown will allow the plant to prepare for future developments.
Although the company took steps to maintain the operations even at
reduced capacity, circumstances still left the company with no
other choice but to shutdown, he added.  Mr. Fabrini, Radio
Jamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.

                       About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.



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

CREDITO Y CASA: Moody's Reviews 'Ba1' Rating on Certificates
-------------------------------------------------------------
Moody's de Mexico has placed on review for possible downgrade the
Ba1 (Global Scale, Local Currency) and A1.mx (Mexican National
Scale) ratings of Class A certificates CREYCB 06U.  Moody's also
placed on review for possible downgrade the Caa1 (Global Scale,
Local Currency) and Caa1.mx (Mexican National Scale) ratings of
Class B certificates CREYCB 06-2U of Hipotecaria Credito y Casa,
S.A. de C.V., Sociedad Financiera de Objeto Limitado.

The rating action reflects heightened concerns about Credito y
Casa's stability as a servicer following Moody's recent downgrades
of the company's ratings.  On April 29, 2009, Moody's downgraded
Credito y Casa's global scale local currency issuer rating to Ca
from B1 and its national scale issuer rating to Ca.mx from
Baa2.mx; the issuer ratings are on review for possible downgrade.
The downgrades followed Credito y Casa's announcement on April 29,
2009, that due to the credit crisis and the contraction of the
commercial paper and securitization debt markets, the company
would not be able pay US$327 million Mexican pesos in commercial
paper debt maturities due as of that date.  This constitutes a
payment default.  Including these maturities, the company has $1.6
billion Mexican pesos in commercial paper due in 2009.

Moody's is concerned that the current circumstances related to
Credito y Casa's financial stability could negatively affect the
company's ability to properly perform its duties as primary
servicer of the securitized mortgage loans.  Furthermore, any
negative impact on the servicing function may in turn adversely
affect the performance of the loans serviced by the company.
Moody's notes that Credito y Casa's mortgage loans have
experienced a sharp deterioration in performance over the past 9
months, due in part to certain difficulties with the company's
management of its servicing platform.

Moody's ongoing review of these transactions will focus on Credito
y Casa's stability and ability as servicer of the securitized
portfolio, on its capability to continue transferring collections
to trust accounts on a timely manner, and on an evaluation of the
likelihood of a servicer transfer event and a thorough review of
the expected procedures associated with such a transfer.
Additionally, Moody's will continue monitoring the performance of
the securitized transactions.

A loan servicer's capabilities can have a significant effect –
either positive or negative - on realized loss levels in
residential mortgage loan securitizations.  Moody's assesses a
servicer's ability to affect residential mortgage losses and into
the future.  A servicer's financial stability could negatively
affect its ability to properly perform its duties as primary
servicer of securitized mortgage loans.  Furthermore, any negative
impact on the servicing function may in turn adversely affect the
performance of the loans serviced by the company.

Moody's last rating action on the certificates was on April 1,
2009 when the Class A certificates (CREYCB 06U) were downgraded to
Ba1 from Baa1 (Global Scale, Local Currency) and to A1.mx from
Aaa.mx (National Scale Rating), and the Class B certificates
(CREYCB 06-2U) were downgraded to Caa1 from Ba2 (Global Scale,
Local Currency) and to Caa1.mx from A1.mx (National Scale Rating).

                         Rating Action

The complete rating action is:

Issuer: Banco Invex, S.A., acting only in its capacity as trustee.

-- Class A certificates CREYCB 06U ratings of Ba1 (Global Scale,
    Local Currency) and A1.mx (Mexican National Scale) placed on
    review for possible downgrade.  The last rating action was on
    April 1, 2009 when the ratings were downgraded to Ba1 from
    Baa1 (Global Scale, Local Currency) and to A1.mx from Aaa.mx
     (National Scale Rating).

-- Class B certificates CREYCB 06-2U ratings of Caa1 (Global
    Scale, Local Currency) and Caa1.mx (Mexican National Scale)
    placed on review for possible downgrade.  The last rating
    action was on April 1, 2009 when the ratings were downgraded
    to Caa1 from Ba2 (Global Scale, Local Currency) and to
    Caa1.mx from A1.mx (National Scale Rating).


CREYCB 08: Moody's Reviews Global Scale Ratings on Certificates
---------------------------------------------------------------
Moody's de Mexico has placed on review for downgrade the Baa1
(Global Scale, Local Currency) and Aaa.mx (National Scale) ratings
of the CREYCB 08 Certificates.  The certificates are secured
primarily by the securitization trust's credit rights in
construction loans originated by Hipotecaria Credito y Casa, S.A.
de C.V., Sociedad Financiera de Objeto Limitado and granted to
developers for the financing of construction of residential
housing in Mexico and any cash or permitted investments held as
part of the trust.  The last rating actions on the affected
certificates occurred on June 9, 2008 when the Baa1 and Aaa.mx
ratings were initially assigned.

The rating action reflects heightened concerns about Credito y
Casa's stability as a servicer following Moody's recent downgrades
of the company's ratings.  On April 29, 2009, Moody's downgraded
Credito y Casa's global scale local currency issuer rating to Ca
from B1 and its national scale issuer rating to Ca.mx from
Baa2.mx; the issuer ratings are on review for possible downgrade.
The downgrades followed Credito y Casa's announcement on April 29,
2009, that due to the credit crisis and the contraction of the
commercial paper and securitization debt markets, the company
would not be able pay $327 million Mexican pesos in commercial
paper debt maturities due as of that date.  This constitutes a
payment default.  Including these maturities, the company has $1.6
billion Mexican pesos in commercial paper due in 2009.

Moody's is concerned that the current circumstances related to
Credito y Casa's financial stability could negatively affect the
company's ability to properly perform its duties as primary
servicer of the securitized construction loans.  Further, the
impact could be more pronounced given the revolving nature of the
transaction, the intensive servicing efforts associated with
construction loans, and the servicer's crucial role in actively
monitoring and influencing both the timeliness of the
transaction's cashflows and the loan level progress of
construction and sales relative to the targeted timelines
established at origination.

Moody's notes that the underlying loan portfolio has exhibited
relatively strong performance since the closing date.  The
defaulted pool balance or "cartera vencida" remained at 0% as of
March 2009 and there were no loans with extensions to the original
maturity date since all loans had less than 18 months of
seasoning.  The monthly interest and principal collections have
also displayed healthy levels in recent months.  However, such
positive trends are to be expected for transactions with low
seasoning.  It is also worth noting that the outstanding pool
balance represents just under 60% of the issuance proceeds, with
the remainder invested in cash or permissible investments.

Moody's ongoing review will focus on a) the adequacy of the
transaction governance provisions in the context of a servicer
with a global scale local currency rating of Ca, b) whether the
construction loan portfolio is expected to continue revolving, c)
an evaluation of the likelihood of a servicer transfer event and a
thorough review of the expected procedures associated with such a
transfer, and d) the ongoing performance of the underlying
construction loans.

                          Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Credito y Casa, S.A. de C.V.,
Sociedad Financiera de Objeto Limitado

Issuer: Banco Invex, S.A., Institución de Banca Múltiple, Invex
Grupo Financiero, solely in its capacity as trustee of these
securitization trusts:

  -- CREYCB 08, Baa1 (Global Scale, Local Currency) and Aaa.mx
     (National Scale) ratings placed on review for possible
     downgrade.

                        Rating Methodology

Moody's approach to rating securitizations of construction loans
in Mexico considers i) the loan origination and underwriting
process, ii) the degree of asset diversification, iii) the loan
eligibility criteria, iv) supply and demand risk in the Mexican
housing sector, v) take-out risk, and vi) structural features and
protections, including credit enhancement and early amortization
events.


GMAC FINANCIERA: Moody's Reviews Ratings on Three Certificates
--------------------------------------------------------------
Moody's de Mexico has placed on review for possible downgrade the
global scale and national scale ratings of three certificates from
three mortgage-backed securitizations issued under the MXMACFW and
MXMACCB programs established in Mexico by GMAC Financiera S.A. de
C.V., Sociedad Financiera de Objeto Limitado.  GMAC acquired and
aggregated the underlying collateral for securitization.  The
pools consist of first-lien, fixed-rate loans denominated in UDIS
and granted primarily to low-income and middle-income borrowers.

The affected certificates and rating actions are:

  -- MXMACCB 06U (Class A certificates), Baa3 (Global Scale, Local
     Currency) and Aa3.mx (National Scale) ratings placed on
     review for possible downgrade.

  -- MXMACFW 07U (Class A certificates), Ba3 (Global Scale, Local
     Currency) and A3.mx (National Scale) ratings placed on review
     for possible downgrade.

  -- MXMACFW07-3U (Class A certificates), Ba3 (Global Scale, Local
     Currency) and A3.mx (National Scale) ratings placed on review
     for possible downgrade.

The affected transactions include a certain percentage of loans
originated and serviced by Hipotecaria Credito y Casa, S.A. de
C.V., Sociedad Financiera de Objeto Limitado.  As of March 2009,
those percentages were: MXMACCB 06U (96%), MXMACFW 07U (12%), and
MXMACFW07-3U (19%).

The rating actions reflect heightened concerns about Credito y
Casa's stability as a servicer following Moody's recent downgrades
of the company's issuer ratings.  On April 29, 2009, Moody's
downgraded Credito y Casa's global scale local currency issuer
rating to Ca from B1 and its national scale issuer rating to Ca.mx
from Baa2.mx; the issuer ratings are on review for possible
downgrade.  The downgrades followed Credito y Casa's announcement
on April 29, 2009, that due to the credit crisis and the
contraction of the commercial paper and securitization debt
markets, the company would not be able pay $327 million Mexican
pesos in commercial paper debt maturities due as of that date.
This constitutes a payment default. Including these maturities,
the company has $1.6 billion Mexican pesos in commercial paper due
in 2009.

Moody's is concerned that the current circumstances related to
Credito y Casa's financial stability could negatively affect the
company's ability to properly perform its duties as primary
servicer of the securitized mortgage loans.  Furthermore, any
negative impact on the servicing function may in turn adversely
affect the performance of the loans serviced by the company.
Moody's notes that Credito y Casa's mortgage loans have
experienced a sharp deterioration in performance over the past 9
months, due in part to certain difficulties with the company's
management of its servicing platform.

Moody's ongoing review of these transactions will focus on Credito
y Casa's stability and ability as servicer of the securitized
portfolio, on its capability to continue transferring collections
to trust accounts on a timely manner, and on an evaluation of the
likelihood of a servicer transfer event and a thorough review of
the expected procedures associated with such a transfer.
Additionally, Moody's will continue monitoring the performance of
the securitized transactions.

A loan servicer's capabilities can have a significant effect -
either positive or negative - on realized loss levels in
residential mortgage loan securitizations.  Moody's assesses a
servicer's ability to affect residential mortgage losses and into
the future.  A servicer's financial stability could negatively
affect its ability to properly perform its duties as primary
servicer of securitized mortgage loans.  Furthermore, any negative
impact on the servicing function may in turn adversely affect the
performance of the loans serviced by the company.

                          Rating Action

The complete rating action is:

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

Issuer: Banco J.P. Morgan, S.A. Institucion de Banca Múltiple,
J.P. Morgan Grupo Financiero, Division Fiduciaria, acting only in
its capacity as trustee.

  -- MXMACCB 06U (Class A certificates), the Baa3 (Global Scale,
     Local Currency) and Aa3.mx (National Scale) ratings placed on
     review for possible downgrade. The last rating action
     occurred on April 1, 2009 when the certificates were
     downgraded to Baa3 from Baa1 (Global Scale, Local Currency)
     and to Aa3.mx from Aaa.mx (National Scale Rating).

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

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

  -- MXMACFW 07U (Class A certificates), the Ba3 (Global Scale,
     Local Currency) and A3.mx (National Scale) ratings placed on
     review for possible downgrade. The last rating action
     occurred on April 1, 2009 when the certificates were
     downgraded to Ba3 from Baa3 (Global Scale, Local Currency)
     and to A3.mx from Aa3.mx (National Scale Rating).

  -- MXMACFW07-3U (Class A certificates), the Ba3 (Global Scale,
     Local Currency) and A3.mx (National Scale) ratings placed on
     review for possible downgrade. The last rating action
     occurred on April 1, 2009 when the certificates were
     downgraded to Ba3 from Baa3 (Global Scale, Local Currency)
     and to A3.mx from Aa3.mx (National Scale Rating).



* MEXICO: Gets US$3BB IDB Fund to Counter Crisis & Swine Flu
------------------------------------------------------------
The Inter-American Development Bank will approve US$3 billion in
loans to Mexico this year, bolstering the government’s efforts to
counter the effects of the global economic crisis and swine flu
emergency.

“Mexico is confronting these challenges in an effective, timely
and transparent way,” said IDB President Luis Alberto Moreno.  “In
support of those efforts, we will expand the resources for a
series of programs in our pipeline and we will speed up
disbursements.”

The operations for 2009 will nearly treble the sum of loans
approved for Mexico last year, which totaled nearly US$1.1
billion.

The swine flu emergency could worsen Mexico’s contraction, adding
to the economic slowdown caused by decreases in remittances and
exports.  In light of this, the IDB will support programs designed
to defend the progress Mexico made against poverty in recent
years.

“We are in constant consultations with Mexican authorities and in
coordination with other international and regional agencies to
identify priorities,” said Gina Montiel, manager of the IDB
Country Department for Central America, México, Panama and the
Dominican Republic.  “The goal is to channel additional resources
to mitigate the effects of the emergency and its impact on
economic activity and on employment in dynamic sectors such as
tourism.”

Among the actions by the IDB:

   -- Approve US$3 billion in loans to Mexico for programs
      that mitigate the effects of the swine flu emergency
      and the global economic crisis on the income of the
      poor.

   -- Grant US$1 million to support efforts to detect new
      cases, strengthen epidemiological surveillance
      systems and carry out information and operational
      campaigns in Mexico.

   -- Launch a US$5 million regional initiative with the
      Pan American Health Organization to help Central
      American countries strengthen their early alert
      and diagnostic mechanisms to prevent the spread of
      the swine flu and other infectious diseases in
      the isthmus.


* MEXICO: Minister Sees Tourism Revenue to Fall 43% on Swine Flu
----------------------------------------------------------------
Mexico’s tourism revenue may fall 43% to US$7.58 billion this year
as “almost zero” international tourists visit the country after
the swine flu outbreak, Andres R. Martinez of Bloomberg News
reports, citing Tourism Minister Rodolfo Elizondo in an interview
on Radio Formula.

According to the report, Mr. Elizondo said tourism in Mexico
accounted for US$13.3 billion last year.



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

CL FINANCIAL: Gov't Seeks Greater Control of CL Group
-----------------------------------------------------
Trinidad and Tobago government is seeking to increase its
management control of CL Financial Group, Camini Marajh of
Trinidad and Tobago Express reports.

The report relates sources said CL Financial executive chairman
Lawrence Duprey, Finance Minister Karen Nunez-Tesheira and top
Central Bank officials, including Governor Ewart Williams, will
meet in a second round of talks, to hammer out a private agreement
that would give the government more control of the conglomerate's
operations.

According to the report, sources said if the state will gain more
control, Mr. Duprey may be forced to give up his chairmanship in
Angostura Holdings, Home Construction Ltd boards and the executive
chair of CL Financial Group.  The sources, the report relates,
said the government's move was was fuelled by the growing size of
the statutory fund deficit in Colonial Life Insurance Company
(CLICO), a unit of Cl Financial Limited.  The report says sources
said the Manning administration is reluctant to put more
taxpayers' money into the conglomerate without a tighter rein on
its executive chairman.

The Express notes the Central Bank has no Section 44 to parachute
itself into the executive boardroom of CL Financial but must rely,
instead, on some hard bargaining to get the leverage it wants.

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.


                     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.


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

PDVSA: Helmerich & Payne May Not Be Paid US$116 Million
-------------------------------------------------------
Helmerich & Payne Inc. said it may not be able to collect US$116
million owed by Petroleos de Venezuela SA (PDVSA), Steven Bodzin
of Bloomberg News reports.  “It’s been a difficult period and
frustrating,” the report quoted Chief Executive Officer Hans
Helmerich as saying on an earnings conference call with analysts.
“At the same time we would anticipate we work through it and have
a chance to get back to work.”

Meanwhile, Douglas Fears, Helmerich & Payne’s chief financial
officer, as cited by Bloomberg News, said PDVSA hasn’t given the
company any indication of plans to withhold payment.

In a press release, Helmerich & Payne said it has determined that,
as of the beginning of the second fiscal quarter of 2009,
collectability of revenue is not reasonably assured in Venezuela,
primarily due to the uncertainty in the timing of collectability.
As a result, revenue will be recorded as cash is collected.
Helmerich & Payne said it continues efforts to collect accounts
receivable and unrecorded revenue.

According to the press release, since Helmerich & Payne's last
quarterly earnings release on January 29, 2009, the company has
collected approximately US$8 million from PDVSA.  As of April 30,
the total invoiced amount by Helmerich & Payne that remains
pending payment from PDVSA is approximately US$116 million
(including US$66 million in accounts receivable, an estimated
US$43 million in unrecorded revenue and about US$7 million in
other non-revenue billings).

The press release notes seven H&P rigs that formerly worked for
PDVSA and that have completed their contract obligations are
currently either stacked or in the process of rigging down.  The
remaining four rigs continue to work for PDVSA, all of which are
now expected to complete their contract obligations within the
next four months.

         PDVSA Won't Pay Overdue Bills, Minister Says

Citing Chron.com News, the Troubled Company Reporter-Latin America
on April 21, 2009, reported that PDVSA said its vendors
overcharged the company last year, and it won’t pay overdue bills.
“There are many payments we don’t recognize,” Venezuelan Energy
and Oil Minister Rafael Ramirez was quoted by the report as
saying.  “They were overbilled.  To pay them would be illegal.”

Dow Jones Newswires said PDVSA is offering oil service companies
possible joint venture deals as a way of capitalizing billions of
dollars in unpaid service bills.

According to DJ Newswires, the Venezuela Oil Chamber said its
members met with PDVSA officials to discuss these joint ventures
between the company and its contractors, which in some cases are
already being signed.  "In some cases, in which PDVSA owes
important amounts, new accords are being worked on to capitalize
these debts by creating mixed companies [or joint ventures], an
option that several chamber members can pursue," the trade group
was quoted by the same report as saying.

PDVSA, DJ Newswires related, has overdue services payments to many
oil service companies and drill firms as it faces a cash crunch
on low oil prices.

In March PDVSA paid a fraction of its debt to a group of 56 oil-
service companies and rig operators, Dow Jones said in an earlier
report.  However, many claim to have received even less despite
PDVSA paying as much as much as 7% of total outstanding
receivables to some of the companies, the same report
said citing unnamed industry executives.

                          About PDVSA

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

                          *     *     *

Petroleos de Venezuela continues to carry a 'BB-' local currency
issuer rating from Moody's Ratings.

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



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

* LATAM: Development Banks Join Efforts to Provide US$90 Billion
----------------------------------------------------------------
Leading multilateral development banks will increase their support
to Latin America and the Caribbean by providing as much as
US$90 billion during the next two years in a joint effort to spur
economic growth in the region by coordinating their crisis
response initiatives, the Inter-American Development Bank said in
a statement.

The IADB and the Inter-American Investment Corporation (IDB/IIC),
the World Bank Group (IBRD, IFC and MIGA), Corporacion Andina de
Fomento (CAF), the Caribbean Development Bank (CDB) and the
Central American Bank for Economic Integration (CABEI) are working
together to identify partnerships to increase their collective
impact and explore new opportunities to protect the economic and
social gains achieved in the region during the last five years.

The IDB/IIC is expected to provide US$29.5 billion of the total
while the World Bank Group plans to provide US$35.6 billion over
the next two years.  In addition, CAF plans to provide US$20
billion while CABEI and CDB are expected to provide US$4.2 billion
and US$500 million respectively.

“Latin America and the Caribbean have achieved substantial
economic and social progress over the last five years and we must
ensure that this is not lost because of the external shock of the
global crisis.  We need to avoid a social and human crisis,” said
World Bank Group President Robert B. Zoellick.  “I welcome the
close cooperation among the multilateral regional banks and the
World Bank Group, and I am committed to making this common
platform work as we help lay the foundations for an economic
recovery.”

Support from the IDB may increase further as the Bank is currently
working on measures that may boost lending in the short run.  The
IDB has also started a process to review its capital to ensure
adequate capacity to finance long-term development needs, under a
resolution approved by its Governors in the Annual meeting at the
end of March in Medellin.

"The IDB is working with its multilateral partners to make a
collective response and is committing a significant portion of its
existing lending capacity to combat the crisis,” said IDB
President Luis Alberto Moreno.  "In order to continue to support
the region in its ongoing financing needs, the IDB will be seeking
additional capital resources.”

Unlike past crises, the effects of the current economic crisis are
being transmitted in the region primarily through the real
economy.  This crisis has halted more than five years of sustained
economic growth —averaging 5.3% a year— fueled in part by the
adoption of responsible economic policies and a boom in commodity
prices.

“In moments such as the current one, it is evident that
multilateral development agencies should coordinate their work to
meet the region’s needs,” CAF President Enrique García, said.
“This joint effort, which we are forming, will allow us to offer
concrete solutions to face the present situation.  The amounts
pledged by CAF under this effort will add to other similar efforts
that we been doing since the beginning of the crisis.”

The Latin American and the Caribbean region is not the epicenter
of the crisis; on the contrary, this time the region is suffering
the impact of the global shock.   Latin America managed to lift
52 million people out of poverty from 2002–2007 but this trend may
reverse and it is important to protect the region’s social gains.


* BOND PRICING: For the Week April 27, 2009 to May 1, 2009
----------------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA         11.000    06/11/12     USD      50.49
Alto Palermo SA          7.875    05/11/17     USD      42.12
Argent-DIS               5.830    12/31/33     ARS      50.79
Argent-CDIS              7.820    12/31/33     ARS      23.50
Argent-$DIS              8.820    12/31/33     ARS      29.25
Argent-$DIS              8.820    12/31/33     ARS      25.57
Argent-Par               0.630    12/31/38     ARS      12.91
Argnt-Bocon PRE8         2.000    01/03/10     ARS      42.83
Argnt-Bocon PR11         2.000    12/03/10     ARS      31.51
Argnt-Bocon PRE9         2.000    03/15/24     ARS      52.97
Argnt-Bocon PR12         2.000    01/03/16     ARS      53.00
Argnt-Bocon PR13         2.000    03/15/24     ARS      22.38
Arg Boden                2.000    09/30/14     ARS      43.86
Arg Boden                7.000    10/03/15     ARS      27.66
Argentina - NGB          2.000    01/03/16     ARS      40.74
Autopistas Del S        11.500    05/23/17     USD      32.55
Banco Hipot SA           9.750    11/16/10     USD      67.06
Banco Hipot SA           9.750    04/27/16     USD      31.00
Banco Macro SA           8.500    02/01/17     USD      55.62
Banco Macro SA           9.750    12/18/36     USD      34.23
Banco Macro SA          10.750    06/07/12     USD      34.41
Bonar ARG $ V           10.500    06/12/12     USD      32.44
Bonar V                  7.000    03/28/11     USD      45.51
Bonar X                  7.000    04/17/17     USD      41.63
Bonar VII                7.000    09/12/13     USD      37.79
Buenos Aire Prov         9.625    04/18/28     USD      25.00
Buenos Aire Prov         9.375    09/14/18     USD      25.00
Buenos-$DIS              9.250    04/15/17     USD      23.87
Buenos-$DIS              8.500    04/15/17     USD      25.25
Emp Distib Nort         10.500    10/09/17     USD      58.62
Hidroelec Piedra         9.000    07/11/17     USD      62.12
Industries Metal        11.250    10/22/14     USD      40.23
Invers Rep Y Soc         8.500    02/02/17     USD      48.75
Masterllone Herma        8.000    06/30/12     USD      20.45
Mendoza Province         5.500    09/04/18     USD      33.25
Transener                8.875    12/15/16     USD      40.75
Trasport De Gas          7.875    05/14/17     USD      59.08
YPF SA                  10.000    11/02/28     USD      75.00

   BRAZIL
   ------
Bertin Ltda             10.250    10/05/16     USD      49.78
Braskem SA               9.000    04/29/49     USD      69.87
BR Malls Int Fi          9.750    11/29/49     EUR      68.50
CESP                     9.750    01/15/15     BRL      43.86
Cosan Finance            7.000    02/01/17     USD      74.00
Cosan SA Industr         8.250    02/28/49     USD      60.51
Independencia In         9.875    05/15/15     USD      14.46
Independencia In         9.875    05/15/15     USD      14.45
Independencia In         9.875    01/31/17     USD      14.46
National Steel           9.875    05/29/49     USD      72.55
Rede Empresas           11.120    04/29/49     USD      37.37
RBS-Zero Hora Ed        11.250    06/15/17     BRL      61.16
Sadia Overseas           6.875    05/24/17     USD      73.16
Vigor                    9.250    02/23/17     USD      42.46


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      66.25
Aes Dominicana          11.000    12/13/15     USD      66.25
Aig Sunamerica           5.625    02/01/12     GBP      50.09
Aig Sunamerica           6.375    10/05/20     GBP      54.51
Asif II                  5.125    01/28/13     GBP      56.00
Bancaja Intl Fin         5.700    06/30/22     EUR      61.68
Banco BPI (CI)           1.150    11/11/35     EUR      73.27
Barion Funding           0.100    12/20/56     USD       4.52
Barion Funding           0.250    12/20/56     USD       4.71
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           1.440    12/20/56     USD      22.42
Barion Funding           0.630    12/20/56     USD      11.45
BCP Finance Company      5.543    06/29/49     EUR      52.00
BCP Finance Company      4.239    10/29/49     EUR      51.50
Bes Finance Limited      4.500    12/29/49     EUR      56.50
Bes Finance Limited      6.625    05/08/49     EUR      66.00
Bes Finance Limited      5.580    07/29/49     EUR      56.00
Bishopgate Asse          5.107    09/28/37     GBP      73.88
Cam Global Fin           6.080    12/22/30     EUR      58.31
China Med Tech           4.000    08/15/13     USD      55.00
China Properties         9.125    05/04/14     USD      45.00
DP World Sukuk           6.250    07/02/17     USD      68.78
DP World Sukuk           6.250    07/02/17     USD      70.25
Dubai Holding Comm       4.750    01/30/14     EUR      57.50
Dubai Holding Comm       6.000    02/01/17     GBP      53.86
DWR CYMN FIN             4.473    03/31/57     GBP      61.63
Esfg Internation         5.753    06/29/49     EUR      48.00
Gol Finance              7.500    04/03/17     USD      49.55
Gol Finance              8.750    04/28/49     USD      41.00
Greentown China          9.000    11/08/13     USD      57.00
Iansa Overseas           7.250    07/28/12     USD      54.82
Inverstcorp Cap          8.080    07/12/32     USD      71.22
Ja Solar Hold Company    4.500    05/15/13     USD      58.75
Lai Funding Holding      9.125    04/04/14     USD      73.50
Ldk Solar Co Ltd         4.750    04/15/13     USD      50.00
Lupatech Finance         9.875    07/29/49     USD      64.00
Mafrig Overseas          9.625    11/16/16     USD      67.00
Malachite Fdg            0.630    12/21/56     EUR      15.38
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.630    09/20/68     USD       9.89
Mazarin Fdg Ltd          1.440    09/20/68     USD      21.04
Minerva Overse           9.500    02/01/17     USD      42.59
Mizuho Capital I         5.020    06/29/49     EUR      48.50
Mizuho Capital INV I     6.686    03/29/49     EUR      60.00
Monument Global          5.405    11/17/31     EUR      74.99
Mufg Cap Fin1            6.346    07/29/49     EUR      73.79
Mufg Cap Fin4            5.271    01/29/49     EUR      55.37
Mufg Cap Fin5            6.299    01/25/49     GBP      47.50
Prince Fin Global        4.500    01/26/17     EUR      54.81
Pubmaster Fin            5.943    12/30/24     GBP      65.11
Pubmaster Fin            6.962    06/30/28     GBP      42.81
Punch Taverns            4.767    06/30/33     GBP      66.60
Reg Div Funding          5.251    01/25/36     USD      27.75
Reg Div Funding          5.251    01/25/36     USD      27.75
Resona PFD Glob          7.191    12/29/49     USD      50.89
Santander                7.250    12/29/49     GBP      55.00
Shimao Property          8.000    12/01/16     USD      71.37
SMFG Preferred           6.078    01/29/49     USD      64.92
SMFG Preferred           6.164    01/29/49     USD      53.00
SMFG Preferred 2        10.231    07/18/49     USD      64.00
Suntech Power            3.000    03/15/13     USD      58.83
Tam Capital Inc.         7.375    04/25/17     USD      57.87
Trina Solar Ltd          4.000    07/15/13     USD      54.00
UOB Cayman Ltd           5.796    12/29/49     USD      65.24
Vestel Elec Fin          8.750    05/09/12     USD      59.87
Vontobel Cayman         11.300    04/24/09     USD      70.40
XL Capital Limited       5.250    09/15/14     USD      69.42
XL Capital Limited       6.250    05/15/27     USD      52.22
XL Capital Limited       6.375    11/15/24     USD      59.69
XL Capital Limited       6.500    12/31/49     USD      28.87

   DOMINICAN REPUBLIC
   ------------------
Dominican Republ         8.625    04/20/27     USD      73.00

   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      44.51
Rep of Ecuador           9.375    12/15/15     USD      46.44


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      58.49
Jamaica Govt             8.000    03/15/39     USD      58.25
Jamaica Govt             8.500    02/28/36     USD      61.00
Jamaica Govt LRS        12.750    04/27/12     JMD      72.77
Jamaica Govt LRS        12.750    06/29/22     JMD      44.98
Jamaica Govt LRS        12.750    06/29/22     JMD      44.96
Jamaica Govt LRS        12.250    07/13/12     JMD      70.27
Jamaica Govt LRS        12.850    05/31/22     JMD      45.39
Jamaica Govt LRS        13.375    04/27/32     JMD      45.91
Jamaica Govt LRS        13.575    12/15/26     JMD      46.56
Jamaica Govt LRS        13.625    06/23/14     JMD      63.45
Jamaica Govt LRS        13.375    12/15/21     JMD      47.42
Jamaica Govt LRS        13.875    05/17/13     JMD      69.25
Jamaica Govt            14.000    06/30/21     EUR      49.82
Jamaica Govt            14.000    06/21/13     EUR      70.25
Jamaica Govt            14.000    07/05/13     EUR      70.05
Jamaica Govt            14.125    07/08/13     EUR      69.10
Jamaica Govt            14.125    08/31/12     EUR      74.54
Jamaica Govt            14.250    03/15/13     EUR      71.16
Jamaica Govt            14.250    03/15/13     EUR      71.07
Jamaica Govt            14.250    05/31/13     EUR      60.13
Jamaica Govt            14.375    11/29/12     EUR      72.70
Jamaica Govt            14.375    11/15/12     EUR      72.92
Jamaica Govt            14.375    05/03/14     EUR      67.12
Jamaica Govt LRS        14.375    06/28/14     EUR      65.44
Jamaica Govt            14.375    09/06/14     EUR      64.72
Jamaica Govt            14.375    09/13/14     EUR      65.09
Jamaica Govt            14.400    08/03/27     EUR      51.17
Jamaica Govt            14.500    11/13/13     EUR      68.45
Jamaica Govt LRS        14.500    08/02/17     JMD      54.94
Jamaica Govt LRS        14.500    05/17/13     JMD      71.90
Jamaica Govt LRS        14.500    06/28/17     JMD      57.79
Jamaica Govt LRS        14.750    03/21/14     JMD      68.98
Jamaica Govt LRS        14.750    04/26/13     JMD      72.84
Jamaica Govt LRS        14.625    04/19/14     JMD      68.31
Jamaica Govt LRS        15.000    07/31/13     JMD      59.97
Jamaica Govt LRS        15.000    11/15/21     JMD      53.07
Jamaica Govt LRS        15.000    08/30/32     JMD      53.30
Jamaica Govt LRS        15.000    09/06/32     JMD      50.17
Jamaica Govt LRS        15.000    07/31/13     JMD      70.97
Jamaica Govt LRS        15.000    07/31/14     JMD      66.76
Jamaica Govt LRS        15.125    04/24/14     JMD      68.31
Jamaica Govt LRS        15.500    03/24/28     JMD      53.22
Jamaica Govt LRS        15.750    08/22/19     JMD      57.19
Jamaica Govt LRS        15.800    06/26/17     JMD      62.11
Jamaica Govt LRS        16.000    08/24/13     JMD      61.13
Jamaica Govt LRS        16.000    08/24/13     JMD      73.19
Jamaica Govt LRS        16.000    06/13/22     JMD      56.08
Jamaica Govt            16.000    12/06/32     EUR      54.85
Jamaica Govt LRS        16.125    08/21/32     EUR      57.26
Jamaica Govt LRS        16.250    08/26/32     EUR      57.70
Jamaica Govt LRS        16.250    05/22/27     EUR      55.73
Jamaica Govt LRS        16.150    06/12/22     EUR      58.59
Jamaica Govt LRS        16.150    06/12/22     EUR      56.58
Jamaica Govt LRS        16.250    07/26/32     EUR      55.66
Jamaica Govt LRS        16.250    06/18/27     EUR      55.62
Jamaica Govt LRS        16.250    08/22/22     EUR      56.27
Jamaica Govt LRS        16.500    06/11/27     EUR      56.58
Jamaica Govt LRS        17.000    07/11/23     EUR      59.92


    NETHERLANDS  ANTILLES
    ---------------------
KBC Intl Fin             4.950    01/15/18     EUR      74.74
KBC Intl Fin             5.050    01/15/20     EUR      69.87
Mer Lynch Int Cv        16.800    04/24/09     USD      32.46
Soc Gen Accept           0.750    12/21/11     EUR      42.90
Soc Gen Accept           9.000    03/21/14     EUR      73.57
Soc Gen Accept           7.000    02/27/13     EUR      16.21
Soc Gen Accept           7.000    02/19/12     EUR      18.06
Soc Gen Accept           8.000    12/20/13     EUR      33.00


   PANAMA
   ------
MMG (Afs El Sai V)       6.750    02/01/16     USD      49.56
Willbros Group           2.750    03/15/24     USD      69.50


   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      32.37
Doral Fin Corp           7.100    04/26/17     USD      34.37
Doral Fin Corp           7.150    04/26/22     USD      27.00
Doral Fin Corp           7.650    03/26/16     USD      34.87


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      48.33
Uruguay                  4.250    04/05/27     UYU      57.25
Uruguay                  5.000    09/14/18     UYU      68.62
Uruguay                  5.250    04/12/17     UYU      45.75


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      45.75
Petroleos de Ven         5.375    04/12/27     USD      38.50
Petroleos de Ven         5.500    04/12/37     USD      38.25
TCCIC                    6.250    04/06/17     USD      56.11
Venezuela                7.000    03/31/38     EUR      48.25
Venezuela                8.500    10/08/14     USD      68.50
Venezuela                6.000    12/09/20     EUR      48.60
Venezuela                7.650    04/21/25     EUR      53.00
Venezuela                5.750    02/26/16     EUR      51.55
Venezuela                7.000    03/16/15     USD      55.26
Venezuela                7.000    03/16/15     USD      56.49
Venezuela                7.000    12/01/18     USD      54.00
Venezuela                9.000    05/07/23     USD      58.02
Venezuela                9.250    09/15/27     USD      63.00
Venezuela                9.250    05/07/28     USD      57.37
Venzod - 189000          9.375    01/13/34     USD      56.50


                            ***********

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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