TCRLA_Public/090508.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

              Friday, May 8, 2009, Vol. 10, No. 90

                            Headlines

A R G E N T I N A

CLINIC OF ENDOCRINOLOGY: Requests for Contest Opening
CONSTRUCCIONES CONCASA: Proofs of Claim Verification Due on July 8
EMPRENDIMIENTOS: Proofs of Claim Verification Due on June 8
FORO SALUD: Proofs of Claim Verification Due on June 3
PETROCORP SRL: Proofs of Claim Verification Due on May 26

SATURNO HOGAR: Proofs of Claim Verification Due on June 2
SUMACREDIT COOPERATIVA: Proofs of Claim Verification Due on July 2
TALBANO SA: Proofs of Claim Verification Due on July 23
THOL SA: Proofs of Claim Verification Due on June 12


B A H A M A S

RENOVA HOLDING: Moody's Withdraws 'B1' Corporate Family Rating


B R A Z I L

BRASKEM SA: Mulls Postponing BRL900Mln Investment Program in 2009
CAIRN HIGH: S&P Cuts Rating on Tier 2 Mezzanine Notes to 'BB'
CAMARGO CORREA: Constructs Power Transmission Line
GERDAU AMERISTEEL: Incurs US$32.7-Mln Net Loss for First Quarter
GERDAU SA: Records R$7.0 Billion Net Revenue in First Quarter

IMCOPA IMPORTACAO: High Refinancing Risk Cues S&P's Junk Rating
SADIA SA: Two Former Executives Charged With Insider Trading
TAM SA: Posts R$56.9 Million Net Income in First Quarter


C O L O M B I A

BANCOLOMBIA: To Hold First Quarter Conference Call Today
BANCOLOMBIA SA: Analysts See Higher Net Profit in First Quarter
ECOPETROL: To Release First Quarter Results on May 13
ECOPETROL SA: Eyes Local and Venezuela Deals
ECOPETROL: Re-Starts Trasandino Pipeline Operations


E C U A D O R

* ECUADOR: Posts US$168 Million Trade Deficit in March
* ECUADOR: Oil Export Revenues Drop 67% Between January and March


J A M A I C A

AIR JAMAICA: Increases Load Factor by 82% in April
JAMALCO: Jamaica Governmet to Meet With Alcoa's Regional President


M E X I C O

HIPOTECARIA SU: Moody's Reviews Ratings on Various Certificates


V E N E Z U E L A

* VENEZUELA: April Car Sales Dropped 61.5%, Cavenez Says


                         - - - - -


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

CLINIC OF ENDOCRINOLOGY: Requests for Contest Opening
-----------------------------------------------------
Clinic of Endocrinology and Metabolism Dr. J.R. Membrives SA
requests for the contest opening before the National Commercial
Court of First Instance No. 4 in Buenos Aires, with the assistance
of Clerk No. 7.


CONSTRUCCIONES CONCASA: Proofs of Claim Verification Due on July 8
------------------------------------------------------------------
The court-appointed trustee for Construcciones Concasa S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until July 8, 2009.

The trustee will present the validated claims in court as
individual reports on October 8, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 9, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 7, 2010.


EMPRENDIMIENTOS: Proofs of Claim Verification Due on June 8
-----------------------------------------------------------
The court-appointed trustee for Emprendimientos Gastronomicos
Indigo S.R.L.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 8, 2009.

The trustee will present the validated claims in court as
individual reports on August 4, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 16, 2009.


FORO SALUD: Proofs of Claim Verification Due on June 3
------------------------------------------------------
The court-appointed trustee for Foro Salud S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 3, 2009.

The trustee will present the validated claims in court as
individual reports on August 5, 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 3, 2009.


PETROCORP SRL: Proofs of Claim Verification Due on May 26
---------------------------------------------------------
The court-appointed trustee for Petrocorp S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
May 26, 2009.

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


SATURNO HOGAR: Proofs of Claim Verification Due on June 2
---------------------------------------------------------
The court-appointed trustee for Saturno Hogar S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until June 2, 2009.

The trustee will present the validated claims in court as
individual reports on October 29, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 4, 2010.

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


SUMACREDIT COOPERATIVA: Proofs of Claim Verification Due on July 2
------------------------------------------------------------------
The court-appointed trustee for Sumacredit Cooperativa de Credito
y Vivienda Limitada's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 2, 2009.

The trustee will present the validated claims in court as
individual reports on August 13, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 24, 2009.


TALBANO SA: Proofs of Claim Verification Due on July 23
-------------------------------------------------------
The court-appointed trustee for Talbano S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
July 23, 2009.


THOL SA: Proofs of Claim Verification Due on June 12
----------------------------------------------------
The court-appointed trustee for Thol S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
June 12, 2009.

The trustee will present the validated claims in court as
individual reports on August 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 22, 2009.



=============
B A H A M A S
=============

RENOVA HOLDING: Moody's Withdraws 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service withdrew the B1 corporate family rating,
B2 probability of default rating and A2.ru national scale rating
of Renova Holding Ltd for business reasons at the company's
request.  Please refer to Moody's Withdrawal Policy on moodys.com.

Moody's previous rating action on Renova was on the 7 April 2009
when the rating agency downgraded the corporate family rating of
Renova by one notch to B1, assigned national scale rating A2.ru
and assigned the negative outlook for the ratings.

Renova Holding Ltd is a Bahamas-based investment holding company
with principal investments in TNK-BP, UC RUSAL, a number of
Russian power generation and distribution companies, as well as
chemical, machinery, telecoms and media and real estate companies
in Russia and Europe.



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

BRASKEM SA: Mulls Postponing BRL900Mln Investment Program in 2009
-----------------------------------------------------------------
Braskem S.A. said it might postpone its plan to invest some BRL900
million (US$423.5 million) in investment program this year as it
will focus its resources on priority projects, which has high
returns and self-financing capability, Rogerio Jelmayer of Dow
Jones Newswires reports.

The report recalls the company invested BRL123 million in its
operations in the first quarter, down 49% from the same period of
2008.

Vanessa Stelzer of Reuters reports the company posted a net profit
of BRL10 million (US$4.6 million) in the first quarter, down from
a profit of BRL80 million a year earlier.  The same report relates
net revenue in the quarter totaled BRL3.2 billion from BRL4.4
billion in the first quarter of 2008.  Reuters recalls the company
posted a loss of BRL2.14 billion in the fourth quarter of 2008.
According to Reuters, earnings before interest, taxes,
depreciation and amortization (EBITDA) fell 24% from the first
quarter of 2008 to BRL458 million.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                          *     *     *

As reported by the Troubled Company Teporter-Latin America on
Jan. 23, 2009, Fitch Ratings affirmed Braskem S.A.'s ratings:

  -- Foreign currency long-term Issuer Default Rating (IDR) at
     'BB+';

  -- Local currency long-term IDR at 'BB+';

  -- National long-term rating at 'AA(bra)';

  -- Unsecured senior notes due 2014, 2017, 2018 at 'BB+';

  -- Unsecured senior perpetual bonds at 'BB+';

  -- 13th debenture issue,at 'AA(bra)'.


CAIRN HIGH: S&P Cuts Rating on Tier 2 Mezzanine Notes to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the Tier 1 and 2
mezzanine notes issued by Cairn High Grade Funding I Ltd., due to
S&P's assessment of the credit deterioration of assets in the
underlying portfolio.

Cairn High Grade Funding I is a cash flow collateralized debt
obligation that closed originally in January 2006 as a SIV-lite
structure (SIV = structured investment vehicle), and was
subsequently restructured into a static cash flow CDO of asset-
back securities transaction in August 2007.  The senior liquidity
facility and the capital notes are unrated.

The rating actions reflect S&P's assessment of the credit
deterioration of assets in the transaction's underlying portfolio.
In addition, S&P took into account in S&P's rating analysis the
proportion of assets currently placed on CreditWatch negative.

According to S&P's analysis, assets on CreditWatch negative
currently account for 30% of the total portfolio.  On April 6,
2009, S&P published its revised assumptions for structured finance
assets with ratings on CreditWatch held within CDO transactions.
Under these revised assumptions, S&P adjusted downward in its
analysis the ratings on these assets currently on CreditWatch
negative by at least three notches.

In S&P's opinion, these adjustments together with the
deterioration of the credit quality of the assets in the
underlying portfolio have led to a drop in the portfolio assets'
average rating to 'BBB-' from 'AAA' at closing, causing an
increase in scenario default rates.

At the same time, S&P's cash flow analysis indicates that break-
even default rates for the Tier 1 and 2 mezzanine notes have
fallen.  As a result, the available credit enhancement on the Tier
1 and 2 mezzanine notes is in S&P's opinion no longer commensurate
with the existing ratings and S&P has therefore lowered the
ratings.

The most recent rating action on this transaction occurred on
April 15, when S&P placed the Tier 1 and 2 mezzanine notes on
CreditWatch negative.

S&P rated Cairn High Grade Funding I in January 2006 as a SIV-lite
transaction.  The portfolio comprises U.S. prime and subprime
residential mortgage-backed securities.  It issued asset-backed
commercial paper, Tier 1 and 2 mezzanine notes, and capital notes.

The restructuring of the vehicle in August 2007 included an
increase in the committed liquidity to 100% from 25% of the CP
outstanding, which was used to redeem the full notional of the
maturing CP.  The Tier 1 and 2 mezzanine notes bear no interest,
but are entitled to distributions of excess cash flows after the
principal is reduced to $1.  S&P's ratings on the Tier 1 and 2
mezzanine notes do not address the likelihood of receipt of excess
distributions.

                          Ratings List

                 Cairn High Grade Funding I Ltd.
   $1,424 Million U.S. Commercial Paper, $126 Million Mezzanine
              Notes, And $36 Million Capital Notes

      Ratings Lowered And Removed From Creditwatch Negative

                                Rating
                                ------
       Class           To                     From
       -----           --                     ----
       Tier 1 Mez      A                      AAA/Watch Neg
       Tier 2 Mez      BB                     AA/Watch Neg


CAMARGO CORREA: Constructs Power Transmission Line
--------------------------------------------------
Brazil-based Camargo Correa SA is building a power transmission
line from the Capanda hydroelectric dam to Maquela do Zombo, in
Uige province, Macauhub News reports, citing Angolan news agency
Angop.  The report relates the company has 190 employees working
for the project, which is estimated to be completed next year.

The report says according to Angop, the transmission line would
have around 400 pylons and over 600 kilometres of electrical
cable, and would initially supply electricity to the
municipalities of Uige, Mucaba, Damba and Maquela do Zombo.

“The African continent is strategic for Camargo Correa,” Macauhub
News quoted Camargo Correa Director in Angola, Orlando Cúcolo as
saying.  The various cultural affinities made Brazil’s economic
integration with Africa easier in managing companies and business
deals, he added.

                      About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2009, Fitch Ratings affirmed the Issuer Default Rating
and outstanding debt ratings of Camargo Correa and its special-
purpose vehicle CCSA Finance Limited:

  -- Foreign currency IDR at 'BB';
  -- Local currency IDR at 'BB';


GERDAU AMERISTEEL: Incurs US$32.7-Mln Net Loss for First Quarter
----------------------------------------------------------------
Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau S.A.,
reported a net loss of US$32.7 million for the three months ended
March 31, 2009, from a net income of US$163.0 million in the same
period last year.

The company's net sales for the three months ended March 31, 2009
decreased 50% to US$1.0 billion from US$2.0 billion for the three
months ended March 31, 2008.

EBITDA was US$48.6 million for the three months ended March 31,
2009.

For the three months ended March 31, 2009, finished steel
shipments were 1.2 million tons, a decrease of 50% from the three
months ended March 31, 2008.  In comparison to the fourth quarter
of 2008, shipment volume decreased 12%.  Despite the sharp
decrease in volume in comparison to the three months ended
March 31, 2008, average mill finished steel selling prices for the
three months ended March 31, 2009 were essentially flat with the
level in the same period in 2008.

At March 31, 2009, the company had US$865.2 million of cash and
short-term investments an increase of US$176.9 million from the
levels at December 31, 2008.  In addition, the company had
approximately US$671.4 million of availability under secured
credit facilities which resulted in a total liquidity position of
approximately US$1.5 billion at March 31, 2009.

Because of continued weakness in the economy and the company's
desire to be prudent given current economic circumstances, the
Board of Directors decided not to declare the usual US$0.02 per
share dividend this quarter.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

Gerdau Ameristeel is a unit of Brazil-based Gerdau S.A.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2009,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with negative implications.


GERDAU SA: Records R$7.0 Billion Net Revenue in First Quarter
-------------------------------------------------------------
Brazil-based Gerdau S.A. recorded net revenue of R$7.0 billion in
the first quarter of 2009, while its net income reached R$35.0
million.

The company's EBITDA reached R$599.0 million in the first quarter
of 2009 with 8.6% of EBITDA margin.

Gerdau S.A.'s sales totaled 3.1 million tonnes in the first 3
months of 2009 from 3.5 million tonnes in the 4th quarter of 2008.

Investment in fixed assets totaled US$242.0 million.

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2008, Moody's Investors Service changed to positive from
stable the outlook of all ratings related to Gerdau S.A. (Ba1
Corporate Family Rating and Ba1 US$600 million guaranteed
perpetual bonds).


IMCOPA IMPORTACAO: High Refinancing Risk Cues S&P's Junk Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Brazilian-based soy crusher Imcopa
Importacao, Exportacao e Indústria de Oleos S.A. to 'CCC-' from
'B-'.  At the same time, S&P removed the rating from CreditWatch
Negative, where it was placed on Jan. 23, 2009.  The outlook is
negative.

"The downgrade reflects Imcopa's increasing refinancing risk, with
large exposure to short-term bank debt maturities and to the next
coupon payment (on May 26, 2009) of its $100-million 10.375% notes
due November 2009," said Standard & Poor's credit analyst Marcelo
Schwarz.  Recently, the company announced it breached the
covenants under several of its debt agreements, including those
under the bond indenture, which S&P believes significantly reduces
the company's ability to both roll over the coming maturities and
access new funding to finance its operations in the next months.
Imcopa also announced it has retained an external advisor to help
renegotiate its bank debt.  According to Imcopa, the company is
currently making efforts to build liquidity and improve its
capital structure.

The company has had difficulties rolling over preexport loans,
which constitute its main source of working capital funding, due
to the credit crunch since late 2008.  In addition, Imcopa's
operating performance deteriorated as a result of hedge losses
(due to volatile commodity prices and exchange rate) and weakening
market conditions.  Higher inventories as export clients delayed
acceptance of delivery and higher delinquency also affected the
company's liquidity.  S&P believes the current environment is
still weak, putting further negative pressure on the company's
operations.  Imcopa's heavy debt burden and the challenges for it
to finance inventory build-up in the coming months to sustain
production also affect its results.  As an alternative, Imcopa
started it is in advanced conversations with several potential
investors to raise equity and bolster liquidity, which S&P does
not directly incorporate in S&P's analysis.

The negative outlook reflects increasing refinancing risk,
especially considering the covenant breach on several debt
instruments and its exposure to debt maturities in the next
months.


SADIA SA: Two Former Executives Charged With Insider Trading
------------------------------------------------------------
Two former Sadia SA executives -- ex-Chief Financial Officer Luiz
Gonzaga Murat and ex-director Romano Ancelmo Fontana Filho --
were charged with insider trading by Brazilian prosecutors for
purchases of Perdigao SA shares before Sadia offered to buy the
rival in 2006, Bloomberg News reports.

As reported in the Troubled Company Reporter-Latin America on
July 20, 2006, Perdigao S.A. disclosed it received a written
notice from shareholders that jointly represent more than 55% of
its social capital, rejecting Sadia S.A.'s tender offer to acquire
50% plus 1 shares of the company.  The offer was extensive to all
shareholders of Perdigao.

The prosecutor’s office, as cited by Bloomberg News, said Mr.
Murat made a profit of US$58,500 from buying the shares in April
2006, two months before Sadia announced its offer, and sold them
as soon as he knew the merger wouldn’t go through on July 21 of
that year.  Bloomberg News relates Mr. Filho earned a profit of
US$139,114.50 from similar operations.

Bloomberg News notes the prosecutor’s office said the executives
may face up to five years in prison and fines of as much as three
times their profits from the operations if they are found guilty
by a court.

                         About Sadia S.A.

Headquartered n Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 30, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Brazil-based food producer
Sadia S.A. and its rating on Sadia Overseas Ltd.'s $250 million
senior unsecured notes to 'B' from 'BB'.  The outlook on the
corporate credit rating is negative.


TAM SA: Posts R$56.9 Million Net Income in First Quarter
--------------------------------------------------------
TAM S.A. recorded R$56.9 million net income for the first quarter
2009, with a positive margin of 2.2%.

The company's EBIT and EBITDAR margins are 7.1% and 18.0%
respectively.

TAM SA's total cash and cash equivalents equaled R$1,085 million,
with return on Equity (ROE) of (103.8)% and return on Assets (ROA)
of (11.4)%.

Total CASK decreased by 3.1% in 1Q09 compared to 1Q08, and CASK
excluding fuel increased 13.9%.

   Domestic Operations

   -- average market share in first quarter reached
      49.5%;

   -- capacity (ASK) increased 15.5% in first quarter
      from the same period last year to as a result
      of the net increase in its operating fleet, and
      the reduction in the block hours by aircraft;

   -– demand (RPK) increased 4.5% in the first quarter
      from the same period last year; and

   -- domestic load factor decreased to 64.2% from 70.9% in
      first quarter 2008.

   International Operations

   -- average market share in first quarter reached
      85.5%;

   -- capacity increased 18.5% in the first quarter, due
      to the increase of international operating fleet;

   –- demand increased 10.5% in the first quarter
      from the same period last year; and

   -- international load factor decreased 5.2 p.p.
      to 71.6% in the first quarter 20089 from 76.8% in
      the same period last year.

                         About TAM S.A.

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

                          *     *     *

As of April 21, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.



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

BANCOLOMBIA: To Hold First Quarter Conference Call Today
--------------------------------------------------------
Bancolombia S.A. will hold its first quarter conference call
today, May 8, 2009 at 9:00 a.m. Eastern Time (8:00 a.m. Colombia)
at http://www.videonewswire.com/event.asp?id=58462(English) and
http://www.videonewswire.com/event.asp?id=58890(Spanish).

For more information, contact:

   Catalina Botero Soto
   catabote@bancolombia.com.co,
   (574) 404-8138

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                         *     *     *

Based on Moody's Web site, the company continues to carry  Ba2
foreign currency deposits rating and D financial strength rating.


BANCOLOMBIA SA: Analysts See Higher Net Profit in First Quarter
---------------------------------------------------------------
Bancolombia S.A. is expected to report higher net profit for the
first quarter from the same period in 2008 as its loan portfolio
expanded, though the market expects expansion pace to slow, Inti
Landauro of Dow Jones Newswires reports.  Six analysts polled by
DJ Newswires yielded a median forecast for first-quarter net
profit of 290 billion Colombian pesos (US$130 million), up 14%
from a year ago.

"Profit growth is slowing down as the bank's lending is growing
less, and loan quality is deteriorating because of the crisis,"
the report quoted Mauricio Restrepo, a market analyst with local
brokerage Bolsa y Renta, as saying.

The bank's consolidated net profit in 2008 had increased 19% to
COP1.29 trillion, the report notes.

According to DJ Newswires, Bancolombia's consolidated loan
portfolio at the end of March was about 15% higher than a year
earlier but was barely higher than the level reported at the end
of December 2008.

The majority of the analysts polled, the report says, had "buy"
recommendations on Bancolombia shares.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                         *     *     *

Based on Moody's Web site, the company continues to carry a Ba2
foreign currency deposits rating and D financial strength rating.


ECOPETROL: To Release First Quarter Results on May 13
-----------------------------------------------------
Ecopetrol SA will release its first quarter 2009 results on
Wednesday, May 13, 2009.  The earnings release will be available
on the company's Website: http://www.ecopetrol.com.co

On Thursday, May 14, Ecopetrol's senior management will host two
webcasts to review the performance in the first quarter of 2009:

    In Spanish
    May 14, 2009
    8:00 a.m. Bogota (9:00 a.m. New York)

    In English
    May 14, 2009
    10:00 a.m. Bogota (11:00 a.m. New York)

The webcast will be available on Ecopetrol's website:
http://www.ecopetrol.com.co.

                        About Ecopetrol S.A.

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

                          *     *     *

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


ECOPETROL SA: Eyes Local and Venezuela Deals
--------------------------------------------
Ecopetrol S.A. hopes this month it can close its deal to buy
Glencore International AG's 51% share in a local refinery, Javier
Mozzo of Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, Dow Jones Newswires said Ecopetrol agreed to buy
back commodity company Glencore stake in a joint venture refinery
for US$549 million.  According to the same report, both companies
will carry out the asset sale within 90 days, and the price may
change after a process of due diligence to be held by Ecopetrol.
The report said Glencore planned to sell back its 51% stake in a
refinery upgrade project in Colombia to Ecopetrol, due to its
inability to obtain funds for the project expansion.  Javier Mozzo
of Reuters recalled that Glencore was struggling to get hold of
credit to fund its share in the investment to boost output at the
refinery in Cartagena.

Reuters relates Ecopetrol S.A. also hopes to close its planned
takeover of Hocol affiliate of France's Maurel and Prom.
Ecopetrol President Javier Gutierrez, as cited by Reuters, said
the company also wants to participate in the Ayacucho heavy crude
fields and the Carabobo area in Venezuela as part of its
international expansion plan.

Reuters notes that some analysts have described Ecopetrol's recent
buying spree as "frantic" after the deals were financed in part by
the placement of around US$2.3 billion in stock.

In addition, the report relates Mr. Gutierrez said Ecopetrol also
aims to increase deliveries of natural gas to Venezuela to 300
million cubic feet per day from current 250 mmcfd over the next
few months as well as seeking to participate in oilfields in the
OPEC member country.

                       About Ecopetrol S.A.

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

                          *     *     *

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


ECOPETROL: Re-Starts Trasandino Pipeline Operations
---------------------------------------------------
Ecopetrol S.A. has restarted operations in its Trasandino pipeline
in southern Colombia after it sustained an attack late April
allegedly carried out by Farc rebels, Upstreamonline.com reports,
citing company spokesperson.  The report relates the company's
60,000 barrels per day production did not stop after the attack.

According to the report, Business News Americas reported that
Colombia's military secured the area before Ecopetrol technicians
repaired the pipeline ruptures.

The 306 kilometre pipeline, Upstreamonline.com says, transports
crude from the Putumayo basin to the Tumaco port.

                       About Ecopetrol S.A.

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

                          *     *     *

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



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

* ECUADOR: Posts US$168 Million Trade Deficit in March
------------------------------------------------------
Ecuador posted a trade deficit of US$168 million in March from a
surplus of US$207 million in the same month of 2008, Mercedes
Alvaro of Dow Jones Newswires reports, citing the country's
central bank.  For the first three months of the year, Ecuador
posted a trade deficit of US$820 million from a surplus of US$1.09
billion in the same period of 2008, according to the report.

The report relates that according to the central bank, in March
exports fell 33% to US$950 million from US$1.43 billion in the
same month of last year, while imports fell 9% to US$1.12 billion
from the US$1.23 billion registered in the same month of 2008.

DJ Newswires notes the central bank said exports fell 44% to
US$2.60 billion between January and March from US$4.62 billion in
the same period of the previous year, while imports fell 3% to
US$3.42 billion in the first three months from US$3.53 billion
reported in the same period of 2008.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


* ECUADOR: Oil Export Revenues Drop 67% Between January and March
-----------------------------------------------------------------
Ecuador's crude oil export revenues dropped 67% to US$889 million
between January and March from US$2.7 billion registered in the
same period of 2008, Mercedes Alvaro of Dow Jones Newswires
reports, citing Ecuador central bank.

The report relates Ecuador exported 29.8 million barrels in the
first three months of 2009, down 11% from the 33.41 million
barrels shipped one year early.

According to the report, the central bank's official data recorded
that of the total exported by Ecuador between January and March,
9.6 million barrels, or 34%, were sold by private companies
operating in Ecuador, obtaining revenue of about US$279 million.
The remaining was exported by state-run Petroecuador, the report
says.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.

                         *     *     *

As reported in the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-term
foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC'
following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.



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

AIR JAMAICA: Increases Load Factor by 82% in April
--------------------------------------------------
Air Jamaica Limited filled 82% of its available seats in April
while increasing its on-time performance in an attempt to make the
airline attractive for divestment in June, Jamaica Observer
reports.  "We are on track," Air Jamaica president Bruce Nobles
told the Observer in a telephone interview.  "We are returning
airlines [leased planes] and reducing our costs."

The report relates, Mr. Nobles said: "We are increasing the
utilisation of the aircraft.  Revenue will go down by reducing our
planes from 15 to 10, but we are increasing the amount of flying
with each airline."

According to the report, the passenger load factor for April at
82% is some 14 percentage points over 68% for 2008.  Additionally,
the report notes, passenger load factor for 2009 is projected at
73%.

The Government, Radio Jamaica notes, will continue absorbing, for
at least another two months, the billions of dollars it is costing
to keep Air Jamaica flying, after the March 31 projected date for
the divestment of the national carrier was extended to June.

                        About Air Jamaica

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

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

                          *     *     *

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


JAMALCO: Jamaica Governmet to Meet With Alcoa's Regional President
------------------------------------------------------------------
A senior official from Alcoa Inc., U.S.-based co-owner of the
Jamalco Plant in Clarendon, is in Jamaica to hold top level talks
with the Government on the future of the ailing bauxite/alumina
sector, Radio Jamaica News reports.

According to the report, the alumina plant is still in operation
despite the dramatic downturn in the local mining sector and Prime
Minister Bruce Golding said he expects that Jamalco will remain in
production.

"Alcoa is still going and I have every reason to believe that it
will continue going.  I'm to meet with the Regional President for
Alcoa sometime this week and I believe that I will have an
assurance about the continuation of Alcoa.  We're also hoping to
see if any of the other plants could begin to look at a window
when they'll be able to restart production," the report quoted Mr.
Golding as saying.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa suffered a net loss
of US$497 million in the three months to March 31, from a net
income of US$303 million in the corresponding period last year,
Radio Jamaica News reports.  The same report related this is the
company's second consecutive quarterly loss, as the global
economic crisis deepens.  Radio Jamaica said Alcoa plans to cut
13,500 jobs, or 13% of the work force, because of the global
slowdown.  Alcoa is also selling four business units and reducing
output to save money, the report noted.  Caribbean Net News
recalled Mr. Golding said the government is holding talks with
potential purchasers for its 45% stake in the Jamalco refinery in
south-central parish of Clarendon.  Aluminum giant Alcoa holds 55%
of the company, which has a production capacity of 1.4 million
tonnes of alumina.



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

HIPOTECARIA SU: Moody's Reviews Ratings on Various Certificates
---------------------------------------------------------------
Moody's de México has placed on review for possible downgrade the
global and national scale ratings of six certificates from four
mortgage-backed securitizations issued by Hipotecaria Su Casita,
S.A. de C.V. Sociedad Financiera de Objeto Múltiple E.N.R.  The
mortgage pools consist of first-lien, fixed-rate loans denominated
in UDIS and granted primarily to low-income borrowers.

The affected certificates include:

  -- BRHSCCB 06-5U (Class A certificates)
  -- BRHSCCB 06-6U (Class B certificates)
  -- BRHSCCB 06-3U (Class A certificates)
  -- BRHSCCB 06-4U (Class B certificates)
  -- BRHSCCB 06U (Class A certificates)
  -- BRHSCGCB 04U (Class A certificates)

Prior to the rating action, Moody's had also placed on review for
possible downgrade the global and national scale ratings of these
three certificates from two other Su Casita mortgage-backed
transactions: Class A2 certificates BRHCCB08-2U, Class B
certificates BRHCCB08-3U, and Class A2 certificates BRHCCB 07-2U.
With the rating action, the ratings of nine certificates from six
Su Casita mortgage-backed transactions issued in Mexico are on
review for possible downgrade.

The rating actions are primarily based on the significant
deterioration in performance during the past two months.  The
underlying pools of the affected transactions have displayed a
sharp ramp-up of delinquencies greater than 90 days between
January and March 2009.  The level of 90+ day delinquencies
(including real estate owned loans, or REOs) expressed as a
percentage of the original pool balance increased as follows
between January and March 2009 across the various transactions
that are currently on review for downgrade: BRHCCB08-2U/08-3U
(from 4.2% to 8.3%, or 97% increase), BRHCCB 07-2U (from 6.7% to
11.0%, or 63% increase), BRHSCCB 06-5U / 06-6U (from 4.2% to 6.2%,
or 46% increase), BRHSCCB 063U / 06-4U (from 8.1% to 11.5%, or 43%
increase), BRHSCCB 06U (from 7.4% to 9.5%, or 28% increase), and
BRHSCGCB 04U (from 6.9% or 8.6%, or 24% increase).

Moody's is concerned that the weaker than expected trends observed
over the last two months may be indicative of the expected
performance in the near future.  As part of Moody's monitoring
approach, a performance-based projection is performed using the
pool's historical performance trends to extrapolate cumulative
gross defaults as of the end of a short-term projection period of
up to one year.  The projected default rate is generally
determined by linearly interpolating the historical trends in the
90+ day delinquency rate for the pool over the most recent nine
months.  Moody's is concerned that the performance trends over the
past two months may suggest a significantly weaker trend going
forward when compared to past performance and that as a result, it
may be more appropriate to stress the less volatile historical
trend observed over the past nine months.

Further, Moody's also observed a considerable deterioration in the
reported percentage of loans that are current, or 0 months past
due, between January and March 2009.  The "current" percentages
(expressed as a percent of the total outstanding pool balance
excluding REOs) declined as follows across the various
transactions between January and March 2009: BRHCCB 08-2U/08-3U
(from 80.9% to 61.6%), BRHCCB 07-2U (from 77.7% to 60.7%), BRHSCCB
06-5U / 06-6U (from 83.5% to 67.8%), BRHSCCB 063U / 06-4U (from
72.9% to 57.1%), BRHSCCB 06U (from 75.1% to 57.2%), and BRHSCGCB
04U (from 75.3% or 60.1%).  Given the relatively low percentages
of the pools that are current, Moody's is concerned that early
delinquencies may convert into serious delinquencies.

During the review period, Moody's will focus on the drivers of the
performance deterioration in the months of February and March, as
well as Su Casita's ability as servicer of the securitized
portfolio and the performance of the transactions.

                     Monitoring Methodology

When monitoring the performance of residential mortgage backed
securitizations in Mexico, a projected lifetime cumulative gross
default rate is determined as a percentage of the current mortgage
pool balance.  To arrive at this rate, Moody's considers (1) the
actual gross default experience to date, (2) a short-term
projection of additional gross defaults over a period of up to one
year, and (3) a long-term projection of incremental future gross
defaults expected to occur afterwards.

In evaluating the level of gross defaults experienced to date,
Moody's generally considers "defaulted loans" to include all loans
that are currently more than 90 days delinquent, in foreclosure or
in real estate owned status.  It is assumed that the vast majority
of these loans will ultimately result in a true default, leading
to a foreclosure sale, a deed-in-lieu of foreclosure, a short-
sale, or a repossession of the property associated with the
defaulted loan.

In evaluating the projected level of gross defaults at the end of
the short-term projection period (generally one year in the
future), a performance-based projection is performed using the
pool's historical performance trends to extrapolate gross defaults
and prepayments as of the end of the short-term projection period.
The projected default rate is determined by linearly interpolating
the historical trends in the defaulted loan rate for the pool over
the most recent nine months.  As a result, it is assumed that
securitizations that have experienced high defaults and
considerable month-over-month performance deterioration over the
past nine months will continue to experience similar performance
deterioration during the short-term projection period.  This
short-term stress addresses currently increasing pressures in the
Mexican economy, such as increasing unemployment, that have
already impacted the performance of mortgage loans.

After estimating the cumulative gross default rate and the pool
factor as of the end of the short-term projection period, Moody's
estimates the trajectory of cumulative gross defaults through the
remaining pool factor (i.e. long-term projection period).  In
order to estimate the incremental defaults projected for the
remaining pool, a Pool Factor Reduction percentage and a Gross
Default-to-Liquidation ratio are calculated as of the end of the
short-term projection period.  The Pool Factor Reduction
percentage represents the proportion of the original pool that is
projected to have either paid down (i.e. via principal
amortization) or defaulted as of the end of the short-term
projection period.  The Gross Default-to-Liquidation ratio is
calculated as the cumulative gross default rate assumed as of the
end of the short-term projection period pool divided by the Pool
Factor Reduction percentage.  This Gross Default-to-Liquidation
ratio estimates the percentage of the projected Pool Factor
Reduction amount attributable to cumulative gross defaults as of
the end of the short-term projection period.

To illustrate with an example, assume a transaction with a
projected Pool Factor Reduction of 30% at the end of a one year
short-term projection period, meaning that the original pool
balance was reduced by 30% due to a combination of principal
paydowns and cumulative gross defaults.  Further assume that of
the total 30% reduction, 5 percentage points were due to
cumulative gross defaults, while the remaining 25 percentage
points were due to principal paydowns.  In this case, the Gross
Default-to-Liquidation ratio is 17%, calculated as 5% (gross
defaults) divided by 30% (pool factor reduction).

Moody's then estimates the incremental gross defaults on the pool
factor remaining as of the end of the short-term projection period
(assuming remaining pool factor equals the original pool factor of
100% minus the Pool Factor Reduction percentage).  The approach
generally assumes that the remaining pool, which has a "current"
delinquency status at the end of the short-term projection period,
will experience a lower rate of gross defaults.  The short-term
projection results in stressed assumptions regarding the build-up
in cumulative gross defaults to account for the more challenging
employment situation currently in Mexico, particularly for
securitizations with relatively high levels of defaults to date
such as those affected by this rating action.  Moody's expects
that performance should not be as stressed after this projection
period.  To reflect this, Moody's generally assumes a factor that
is a fraction of the Gross Default-to-Liquidation ratio calculated
as of the end of the short-term projection period.

To arrive at the projected life-time cumulative gross default
rate, Moody's adds the incremental defaults projected to occur
after the short-term projection period to the cumulative gross
defaults projected as of the end of the short-term projection
period.  The lifetime projected cumulative gross defaults is then
adjusted as a percentage of the current pool and a small haircut
is applied to reflect that some of these defaulted loans may cure.

After determining the projected lifetime gross default rate as a
percentage of the pool balance, Moody's determines the expected
net losses associated with these defaulted loans by applying a
severity of loss assumption on the defaulted pool balance
(generally ranging between 40% and 75%).  Moody's generally
assumes a severity assumption that is similar to what was used to
originally rate the securitization.

                          Rating Action

The complete rating action is:

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.

Issuer: The Bank of New York Mellon, S.A. Institucion de Banca
Multiple, actuando unicamente como fiduciario.

  -- BRHSCCB 06-5U (Class A certificates) ratings of Baa1 (Global
     Scale, Local Currency) and Aaa.mx (National Scale) placed on
     review for possible downgrade; the last rating action
     occurred on September 13, 2006, when the Baa1 and the Aaa.mx
     ratings were originally assigned.

  -- BRHSCCB 06-6U (Class B certificates) ratings of Ba2 (Global
     Scale, Local Currency) and A2.mx (National Scale) placed on
     review for possible downgrade; the last rating action
     occurred on June 30, 2006, when the Ba2 and the A2.mx ratings
     were originally assigned.

  -- BRHSCCB 063U (Class A certificates) ratings of Baa1 (Global
     Scale, Local Currency) and Aaa.mx (National Scale) placed on
     review for possible downgrade; the last rating action
     occurred on August 8, 2006, when the Baa1 and the Aaa.mx
     ratings were originally assigned.

  -- BRHSCCB 06-4U (Class B certificates) ratings of Ba2 (Global
     Scale, Local Currency) and A2.mx (National Scale) placed on
     review for possible downgrade; the last rating action
     occurred on August 8, 2006, when the Ba2 and the A2.mx
     ratings were originally assigned.

  -- BRHSCCB 06U (Class A certificates) ratings of Baa1 (Global
     Scale, Local Currency) and Aaa.mx (National Scale) placed on
     review for possible downgrade; the last rating action
     occurred on June 30, 2006, when the Baa1 and the Aaa.mx
     ratings were originally assigned.

  -- BRHSCGCB 04U (Class A certificates) ratings of Baa1 (Global
     Scale, Local Currency) and Aaa.mx (National Scale) placed on
     review for possible downgrade; the last rating action
     occurred on August 24, 2004, when the Baa1 and the Aaa.mx
     ratings were originally assigned.



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

* VENEZUELA: April Car Sales Dropped 61.5%, Cavenez Says
--------------------------------------------------------
Venezuela's sales of new cars dropped 61.5% to 11,222 automobiles
in April as the country's car industry struggles with limits on
imports and domestic production continues to falter, Darcy Crowe
of Dow Jones Newswires reports, citing Venezuelan automobile
chamber Cavenez.  The report relates Cavenez reported that sales
of imported cars dropped 90% while sales of domestically
manufactured automobiles fell 29.2%.

DJ Newswires recalls the government imposed import quotas in 2008
in a bid to make large car manufacturers assemble their
automobiles in Venezuela.  The government, the report says, is
actively seeking to reduce the sale of imported cars and expects
them to drop again this year after falling more than 50% in 2008.

However, the report notes industry representatives continue to
blame bureaucratic hurdles and difficulties buying dollars at the
official exchange rate for insufficient domestic production.  The
car makers also complain that they aren't being allocated enough
dollars to import the components they need to carry out production
in Venezuela, the report says.  The companies have also become the
target of labor disputes, which have paralyzed production over
several weeks at some car plants, according to the report.

                        *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.



                            ***********

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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