TCRLA_Public/090525.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 25, 2009, Vol. 10, No. 101

                            Headlines

A R G E N T I N A

DINAMIC GROUP: Trustee Verifying Proofs of Claim Until July 6
EL PATIO: Trustee Verifying Proofs of Claim Until June 12
EUROFLON SA: Trustee Verifying Proofs of Claim Until June 18
F.A.D.I.P. FABRICA: Verifying Proofs of Claim Until June 23
F.V. Y ASOCIADOS: Trustee Verifying Proofs of Claim Until Aug. 4

KARI SA: Trustee Verifying Proofs of Claim Until July 3
LABORATORIO ARGENTINO: Verifying Proofs of Claim Until August 5
METALMECANICA EZEIZA: Verifying Proofs of Claim Until July 8


B E R M U D A

MAN GLOBAL: Creditors' Proofs of Debt Due on June 3
MAN GLOBAL: Members' Final General Meeting Set for June 25
OMNIBUS INSURANCE: Creditors' Proofs of Debt Due on June 9
OMNIBUS INSURANCE: Members' Final General Meeting Set for June 16
WEISSHORN FUND: Creditors' Proofs of Debt Due on June 3

WEISSHORN FUND: Members' Final General Meeting Set for June 25


B R A Z I L

BNDES: Venezuela Seeks US$4.3 Billion Financing
BNDES: Energias do Brasil Secures BRL1.4 Billion Funding
COMPANHIA SIDERURGICA: Fitch Keeps Ratings on $450MM Notes at 'BB'
MULTIPLAN EMPREENDIMENTOS: S&P Affirms BB Corporate Credit Rating
PARANA BANCO: S&P Affirms Counterparty Credit Rating to 'B+/B'

PERDIGAO SA: Moody's Reviews 'Ba1' Corporate Family Rating
SADIA SA: Previ Mulls Shares Purchase in BRF Brasil Foods
SADIA SA: Moody's Reviews Corporate Family Rating to 'B2'


C A Y M A N  I S L A N D S

ARTIO DIVERSIFIED: Shareholders' Final Meeting Set for June 12
BEARA INVESTMENTS: Shareholders' Final Meeting Set for June 12
BLACKGOLD CAPITAL: Shareholders' Final Meeting Set for June 12
CITCO ACCEPTANCE: Members to Receive Wind-Up Report on June 11
DB SPECIAL: Members to Hear Wind-Up Report on June 12

ENRON BRAZIL: Shareholders' Final Meeting Set for June 8
ENRON BRAZIL: Shareholders' Final Meeting Set for June 8
ENRON BRAZIL: Shareholders' Final Meeting Set for June 8
ENRON CARIB: Shareholders' Final Meeting Set for June 8
ENRON COMMERCIAL: Shareholders' Final Meeting Set for June 8

ENRON DEVELOPMENT: Shareholders' Final Meeting Set for June 8
ENRON DO BRAZIL: Shareholders' Final Meeting Set for June 8
ENRON LNG: Shareholders' Final Meeting Set for June 8
UNIVERSA POWER: Final General Meeting Set for June 11


G U Y A N A

CL FIN'L: AFC Chair Asks Guyana Gov't to Task Over CLICO Debacle


J A M A I C A

* JAMAICA: Gov't Has to Reposition Bauxite Ops. Ownership, PM Says


M E X I C O

HIPOTECARIA CREDITO: Defaults on MXP530.8 Million Debt
HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'B1'


P U E R T O  R I C O

POPULAR INC: To Shed 20 Percent of U.S. Branches
POPULAR INC: Banco Popular Buys 20% Stake in Banco de Andalucia


V E N E Z U E L A

CITGO PETROLEUM: U.S. SEC Charges FTC Capital Chairman for Fraud
* VENEZUELA: May Delay PDVSA US$2.5-Billion Bond Issue
* VENEZUELA: Gov't to Control Local Iron, Steel Producers


X X X X X X X X

* CABLE & WIRELESS: Earnings Up 36% in the Year to March 31
* BOND PRICING: For the Week May 18 to May 22, 2009


                         - - - - -


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

DINAMIC GROUP: Trustee Verifying Proofs of Claim Until July 6
-------------------------------------------------------------
The court-appointed trustee for Dinamic Group S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 6, 2009.


EL PATIO: Trustee Verifying Proofs of Claim Until June 12
---------------------------------------------------------
The court-appointed trustee for El Patio S.H. de Viatas Celia
Maria, Battistella Silvia Aida'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 July 19, 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 7, 2009.


EUROFLON SA: Trustee Verifying Proofs of Claim Until June 18
------------------------------------------------------------
The court-appointed trustee for Euroflon S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 18, 2009.

The trustee will present the validated claims in court as
individual reports on August 14, 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 28, 2009.

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


F.A.D.I.P. FABRICA: Verifying Proofs of Claim Until June 23
-----------------------------------------------------------
The court-appointed trustee for F.A.D.I.P. Fabrica Argentina de
Instrumentos de Precision S.A.'s reorganization proceedings will
be verifying creditors' proofs of claim until June 23, 2009.

The trustee will present the validated claims in court as
individual reports on August 21, 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 2, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 8, 2010.


F.V. Y ASOCIADOS: Trustee Verifying Proofs of Claim Until Aug. 4
----------------------------------------------------------------
The court-appointed trustee for F.V. y Asociados S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until August 4, 2009.

The trustee will present the validated claims in court as
individual reports on September 15, 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 27, 2009.


KARI SA: Trustee Verifying Proofs of Claim Until July 3
-------------------------------------------------------
The court-appointed trustee for Kari S.A.'s bankruptcy proceedings
will be verifying creditors' proofs of claim until July 3, 2009.

The trustee will present the validated claims in court as
individual reports on August 14, 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 29, 2009.


LABORATORIO ARGENTINO: Verifying Proofs of Claim Until August 5
---------------------------------------------------------------
The court-appointed trustee for Laboratorio Argentino de
Medicamentos S.A.'s reorganization proceedings will be verifying
creditors' proofs of claim until August 5, 2009.

The trustee will present the validated claims in court as
individual reports on September 17, 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 1, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 6, 2010.


METALMECANICA EZEIZA: Verifying Proofs of Claim Until July 8
------------------------------------------------------------
The court-appointed trustee for Metalmecanica Ezeiza S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until July 8, 2009.



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

MAN GLOBAL: Creditors' Proofs of Debt Due on June 3
---------------------------------------------------
The creditors of Man Global Quant Alpha Investments Ltd are
required to file their  proofs of debt by June 3, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN GLOBAL: Members' Final General Meeting Set for June 25
----------------------------------------------------------
The members of Man Global Quant Alpha Investments Ltd will hold
their final general meeting on June 25, 2009, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on May 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


OMNIBUS INSURANCE: Creditors' Proofs of Debt Due on June 9
----------------------------------------------------------
The creditors of Omnibus Insurance Ltd. are required to file their
proofs of debt by June 9, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Kehinde A. L. George
          Crawford House
          50 Cedar Avenue
          Hamilton HM 11, Bermuda


OMNIBUS INSURANCE: Members' Final General Meeting Set for June 16
-----------------------------------------------------------------
The members of Omnibus Insurance Ltd. will hold their final
general meeting on June 16, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Kehinde A. L. George
          Crawford House
          50 Cedar Avenue
          Hamilton HM 11, Bermuda


WEISSHORN FUND: Creditors' Proofs of Debt Due on June 3
-------------------------------------------------------
The creditors of Weisshorn Fund Limited are required to file their
proofs of debt by June 3, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


WEISSHORN FUND: Members' Final General Meeting Set for June 25
--------------------------------------------------------------
The members of Weisshorn Fund Limited will hold their final
general meeting on June 25, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 19, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda



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

BNDES: Venezuela Seeks US$4.3 Billion Financing
-----------------------------------------------
Venezuelan President Hugo Chavez is negotiating a financing
package with Brazils state-owned bank Banco Nacional de
Desenvolvimento Economico e Social SA (BNDES), Rogerio Jelmayer of
Dow Jones Newswire reports, citing local newspaper Folha de Sao
Paulo.  El Universal News relates Folha de Sao Paulo said that the
Venezuelan government is facing cash shortages as oil revenues
decline.

According to EL Universal, Folha de Sao Paulo said BNDES President
Luciano Coutinho said the financial institution could commit up to
US$4.3 billion in loans.  "The BNDES has a portfolio of potential
projects with Venezuela that could reach US$10 billion," Mr.
Coutinho was quoted by Folha de Sao Paulo as saying, DJ Newwires
relates.

EL Universal says the newspaper article was published amid growing
speculation that Venezuela's external and fiscal finances are
quickly deteriorating.

                           About BNDES

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

                          *     *     *

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



BNDES: Energias do Brasil Secures BRL1.4 Billion Funding
--------------------------------------------------------
Brazil-based Energias do Brasil -- a unit of Portugal power
company Energias de Portugal (EDP) --  had secured funding of
BRL1.4 billion from Banco Nacional de Desenvolvimento Economico e
Social SA (BNDES) for construction of a coal-fired power plant in
the northeast of Brazil, Macauhub News reports.  The report
relates the funding has a pay down period of 17 years.

According to the report, the long-term funding will be used to
build the Porto do Pecem I power plant in the state of Ceara.  The
project, the report says, will be owned in equal parts by Energias
do Brasil and by Brazil’s MPX Energia.

The report notes reconstruction work began in July 2008 and the
start of commercial operation is scheduled for before January
2012, when power is due to be supplied to the regulated market.

                          About BNDES

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

                          *     *     *

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


COMPANHIA SIDERURGICA: Fitch Keeps Ratings on $450MM Notes at 'BB'
------------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings and
outstanding debt ratings of Companhia Siderurgica Nacional and
related issuances:

  -- Foreign currency IDR at 'BBB-';

  -- Local currency IDR at 'BBB-';

  -- National scale rating and local debenture issuances at
     'AA(bra)';

  -- Unsecured debt obligations issued by CSN Islands entities
     'BBB-';

National Steel S.A.

  -- US$450 million 9.875% perpetual notes at 'BB'

The Rating Outlook for CSN is Stable.

The affirmation highlights CSN's investment grade ratings and
solid financial profile ending 2008 with record results and a
bolstered liquidity position following the 40% divestment of
NAMISA.  CSN also benefits from its vertical integration and from
having one of the world's lowest costs of steel production, due to
its ownership of the Case de Pedra iron-ore bodies, a source of
very high grade of iron ore.  Fitch expects CSN to maintain its
conservative capital structure, cost control measures and
postponement of greenfield projects as part of its strategy to
weather the downturn and to keep its leverage at levels consistent
with the 'BBB-/AA(bra)' rating categories.  CSN's short-term debt
consists of BRL3 billion (US$1.3 billion) due in 2009 which can be
comfortably met from its cash and marketable securities position
of BRL9.2 billion (US$4 billion).  Repayments due in 2010 and 2011
are considerably lower at below BRL720 million (US$400 million)
for each year.

The 'BB' rating affirmation on National Steel's perpetual notes
reflects the financial strength of CSN, Vicunha Siderurgica S.A.'s
sole operating subsidiary, and the continuing expectation that
CSN's future free cash flow available for dividends will be
sufficient to allow National Steel to service its debt
obligations.  Dividend payments by CSN in the region of US$120
million per year would allow National Steel to meet expected
annual debt-service obligations of approximately US$50 million.
CSN distributed total dividends of US$1.3 billion and US$353
million in 2008 and in 2007, respectively.  National Steel's debt
obligations are structurally subordinated to those of CSN, as its
only source of income consists of the dividends received
indirectly from CSN.

Downward pressure on the ratings or a Negative Outlook could occur
through a combination of factors, such as a prolonged duration of
depressed demand for steel products in Brazil which accounted for
85% of CSN's consolidated revenues in 2008 leading to consistently
negative cash flows, a significant reduction in CSN's sizeable
cash and marketable securities position, and large debt-funded
acquisitions.  Fitch may revise CSN's Outlook to Positive Outlook
or upgrade the ratings if CSN successfully maintains a
conservative capital structure throughout the challenging
environment and being well-positioned heading into the next growth
cycle.

CSN's first-quarter 2009(1Q'09) net revenues totaled BRL2.4
billion (US$1 billion), a 19% decrease from BRL3 billion (US$1.3
billion) during 1Q'08, with the first quarter EBITDA down 47% to
BRL683 million (US$295 million) compared to 1Q'08.  The EBITDA
margin for the most recent quarter recorded 28%, a 14% decline
from the first three months of 2008, and net income registered a
52% decline to 1Q'08 at BRL369 million (US$159 million).

Mitigating some of these declines, iron ore sales totaled 5.4
million tons in the first quarter, a new company record, of which
exports accounted for 4.9 million tons.  Mining net revenue
accounted for 26% of total net revenue in 1Q'09 with its share set
to increase as a result of CSN's sizeable iron-ore expansion
project.  On a last-twelve-month calculated EBITDA of BRL6 billion
(US$2.6 billion), total debt/EBITDA was 2.0x and net debt/EBITDA
was 0.5x.  The low net leverage is a direct result of maintaining
the BRL9.2 billion (US$4 billion) cash and marketable securities
position throughout the challenging 1Q'09.

CSN reported 22.4% net revenue growth to BRL14 billion (US$7.8
billion) for fiscal year end-2008, a significant increase from
BRL11.4 billion (US$5.9 billion) in FY07.  EBITDA in FY08
increased by 35% to BRL6.6 billion (US$3.7 billion) from BRL4.9
billion (US$2.4 billion) in FY07, the highest yet achieved by the
company.  EBITDA margins also increased to a record 47% in FY08
from 41.2% in FY07.  CSN has not recorded an EBITDA margin below
40% for almost eight years due to its vertical-integration and
extremely low cost of production.  As a result of owning a large
iron ore asset with high iron content, CSN is able to produce
quality slabs at prices amongst the lowest in the world.  FY08 net
income of just under BRL5.8 billion (US$3.2 billion) was almost
double FY07's net income of BRL2.9 billion (US$1.5 billion).  Free
cash flow reported for FY08 was negative BRL223 million (US$124
million), compared to a positive FY07 position of BRL627 million
(US$322 million).  The negative FCF in FY08 is attributable to the
large capital expenditure relating to CSN's iron ore expansion
project.

FY08 capital expenditure was BRL2.8 billion (US$1.3 billion),
considerably higher than the BRL1.6 billion (US$70 million) spent
in FY07, reflecting the cost of the expansion for Casa de Pedra,
Itaguai Port and NAMISA.  In conjunction with the iron ore
expansion project, parallel expansion work is taking place at the
company's TECAR iron ore export terminal to cope with the
additional volumes, and reached a handling capacity of 30 million
tones per year at the end of 2008.

CSN's current liquidity position was bolstered by the conclusion
of the divestment of 40% of NAMISA to Big Jump Energy
Participacoes, a Japanese-Korean consortium, which increased cash
by BRL$7.3 billion (US$3.1 billion), one of the largest mining
sector transactions in recent times.  As a result, total cash and
marketable securities for the year ended at BRL9.2 billion (US$4
billion), enough to pay all principal debt amounts outstanding to
2015.  Certain contractual mining product and related port service
prepayments were also provided by CSN to NAMISA as part of this
transaction.

As a result of these product and service commitments, CSN's
auditors allowed the company to restate their FY08 gross debt
figure from BRL14.5 billion (US$6.3 billion) to BRL12 billion
(US$5.2 billion) in 1Q'09, concluding that the BRL2.5 billion
(US$1.1 billion) difference, which includes the movement in cash
flows during 1Q'09, now accounts for a commercial agreement
following the 40% alienation of NAMISA and does not represent a
financial debt obligation.  Fitch continues to include this
obligation in its calculation of debt ratios for FY08 due to the
transaction closing in December.  On this basis, total debt/EBITDA
ratio recorded in FY08 was 2.2x and net debt/EBITDA was 0.8x
compared to 1.9x and 1.0x in FY07, respectively.  FY08 funds from
operations reported were BRL5.6 billion (US$2.4 billion), a 65%
rise on FY07's BRL3.4 billion (US$1.5 billion), leading to a
FFO+Cash/Short Term Debt ratio of 4.9x.  FY08 cash from operations
(CFO) stood at BRL4.8 billion (US$2.1 billion), up from BRL4
billion (US$1.7 billion) in FY07, translating to a healthy
CFO+Cash/Short Term Debt ratio of 4.7x.

National Steel is a holding company that is 100% indirectly
controlled by Brazil's Steinbruch family.  National Steel's sole
asset consists of 100% of the redeemable preferred shares of
Vicunha Acos.  Vicunha Acos, in turn, is a holding company that
owns 100% of Vicunha Siderurgica.  Vicunha Sidurugica is also a
holding company that owns 43.9% of the common shares and
controlling interest in Brazilian steel producer CSN.

With annual production capacity of 5.6 million tons of crude steel
and 5.1 million tons of rolled products, CSN ranks as one of the
largest steel producers in Latin America.  The company's fully
integrated steel operations, located in the state of Rio de
Janeiro in Brazil, produce steel slabs and hot- and cold-rolled
coils and sheets for the automobile, construction and household
appliance industries, among others.  CSN holds leading market
shares in the galvanized and tin-mill products segments.  CSN also
produces iron ore mainly from its Casa de Pedra mine, which has a
current production capacity of about 21 million tons.


MULTIPLAN EMPREENDIMENTOS: S&P Affirms BB Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
long-term corporate credit rating on Multiplan Empreendimentos
Imobiliarios S.A.

S&P also affirmed its 'brAA-' national scale long-term corporate
credit rating on Multiplan and assigned the same rating on its
future R$100 million debentures issuance due 2011.  The company
will use the proceeds from this issuance to support its working-
capital requirements and extend debt maturities.  The outlook is
stable.

"The ratings on Multiplan reflect the company's aggressive growth
plans, greenfield projects, opportunistic acquisitions, and
investments in real estate," said Standard & Poor's credit analyst
Piero Parolin.  "We also consider the uncertain local economy,
with reduced credit availability in bank markets and uncertainties
about private consumption."

Multiplan's favorable position in the shopping mall industry,
diversified client base, strong brand recognition, and stable
margins partly offset the negative factors.  The ratings also
consider Multiplan's prudent financial policy, characterized by
strong and stable cash flows and fair liquidity.


PARANA BANCO: S&P Affirms Counterparty Credit Rating to 'B+/B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'B+/B' global scale and 'brBBB+' Brazilian national scale
counterparty credit ratings on Parana Banco S.A.

"The ratings on Parana Banco reflect the bank's challenge to
increase its scale while maintaining adequate asset quality," said
Standard & Poor's credit analyst Ricardo Brito.  "The bank will
also likely find it difficult to further diversify its funding
base and become less dependent on the group's resources, and it
faces potential margin pressures from local competition and the
current global economic crisis."

Adequate performance, good asset quality ratios, and sound
capitalization partially offset these risks.


PERDIGAO SA: Moody's Reviews 'Ba1' Corporate Family Rating
----------------------------------------------------------
Moody's placed the Ba1 local currency corporate family rating for
Perdigao S.A. on review for possible downgrade, following the
announcement that Perdigao will merge its operations with those of
Sadia S.A. (rated B2) to form a new company called Brasil Foods
S.A.  The merger will take place by means of successive
transactions in a pure share-swap deal, as outlined in the
association agreement signed by the two companies this week.  The
transaction and association agreement are subject to several
conditions, including approval by Brazilian anti-trust
authorities.

The review for possible downgrade of Perdigao's Ba1 rating
primarily reflects Moody's expectation that Brasil Foods will
initially have higher leverage and weaker liquidity than that of
Perdigao.  On a pro-forma basis, Moody's calculates that Gross
Debt to EBITDA would increase to 6.6x (4.7x at Perdigao in the
last twelve months ended in March 2009) and Net Debt to EBITDA to
4.9x (3.3x at Perdigao in the last twelve months ended in March
2009) as a result of the transaction and before possible debt
reduction using the proceeds from a planned equity capitalization
or asset sales.  The review will focus on the timing, likelihood
and intended use of the planned BRL4 billion capital increase, as
well as Brasil Food's pro-forma 2010 capital structure, free cash
flow generation ability and debt protection measures, already
incorporating an estimate of expected synergies.

"The review for possible downgrade of Perdigao's rating was also
prompted by the company's significant drop in operating margins
and cash flow generation in the first quarter of 2009, causing
last twelve month debt protection measures to become weak for its
Ba1 rating category," explained Moody's VP Senior Analyst, Soummo
Mukherjee.  "The greater than expected drop in margins and higher
leverage experienced by both companies the first quarter of 2009
demonstrate the periodic volatility that companies in this sector
face due to factors that are outside of management control," added
Mukherjee.

We recognize that Brasil Foods would become one of the largest
processed food companies in Latin America and benefit from
significant product, production and end-market diversification.
However, Perdigao's reported EBITDA margin dropped to 4.5% in
Q1'09 from 7.6% in the same period a year ago.  At the same time,
leverage as measured by Moody's adjusted total debt to EBITDA
increased to 4.7x from 3.9x in the last twelve months ending on
March 31, 2009 and cash flow from operations was negative in the
first quarter of 2009.  Sadia also had a poor first quarter in
2009, with reported EBITDA margin dropping to 2.5% in Q1'09 from
11.3% in Q1'08 and LTM Total Adjusted Debt/EBITDA increasing to
8.6x from 3.8x in Q1'09 vs. Q1'08.

We note that the transaction contemplates a public offering of
common shares of Brasil Foods to raise approximately BRL 4 billion
in July 2009, with the proceeds being used for debt reduction and
balance sheet liquidity.  It is expected that pension funds that
currently have a controlling stake in Perdigao are likely to
subscribe at least BRL1.8 billion of the BRL4 billion equity
offering with BNDES also being another potential important
shareholder.

However, even if all of the proceeds are used for debt reduction,
Moody's estimates that leverage as per Total Debt to EBITDA, could
remain above 5.0x in 2009, which is high for the Ba1 rating
category and above Moody's previously set downgrade trigger of
3.5x.  Moody's believes that there is a significant potential for
operational synergies between the two companies that could boost
free cash flow available for debt reduction in the medium term,
although this could be somewhat offset by a weaker economic
environment for poultry and pork exports that might pressure
EBITDA margins in 2009.

Moody's last rating action on Perdigao was on November 6, 2008,
when Moody's affirmed the company's Ba1 rating and negative
outlook following its third quarter, 2008 results and liquidity
position.

Headquartered in Sao Paulo, Brazil, Perdigao is one of the largest
food processors in Latin America, with a focus on poultry, pork,
beef, milk and processed products, including dairy.  With revenues
of BRL11.5 billion for the last twelve months ending on
March 31, 2009, Perdigao is one of the leaders in the domestic
market and exports around 40% of its sales to over 100 countries
and 850 customers around the world.

Sadia, headquartered in Sao Paulo, Brazil, 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 March 31,
2009, Sadia had net revenues of BRL10.9 billion and reported
EBITDA of BRL1.2 billion with 41% of revenues derived from exports
to over 100 countries.


SADIA SA: Previ Mulls Shares Purchase in BRF Brasil Foods
---------------------------------------------------------
Brazilian pension fund Previ plans to buy enough shares in BRF
Brasil Foods SA’s BRL4 billion (US$1.96 billion) stock sale to
maintain its stake in the food company, Francisco Marcelino of
Bloomberg News reports, citing Previ President Sergio Rosa.  BRF
Brasil Foods is the resulting company of the Perdigao SA and Sadia
SA merger.

According to the report, Previ will have 12% of Brasil Foods
because of its existing stakes in Perdigao SA and Sadia SA.  The
retirement fund won’t increase its stake in the share offering,
which is designed to finance Perdigao’s acquisition of Sadia,
Mr. Rosa told Bloomberg News in a phone interview.  “I don’t think
it’s important to be the biggest shareholder,” the report quoted
Mr. Rosa as saying.  “We plan to share the control with the other
relevant shareholders.”

Bloomberg News relates Perdigao Chairman Nildemar Secches said
Brasil Foods plans to sell shares by the end of July.

As reported in the Troubled Company Repoter-Latin America on
May 22, 2009, Bloomberg News said speculations are emerging that
pension funds may boost their stakes in BRF Brasil Foods.  Demand
from pension funds to raise their stakes in the new company may
help push up the price it will get in a share offering this
year, equity analyst Renato Prado told Bloomberg News in an
interview.  “The interest from the funds is a guarantee that there
will be strong demand for the shares,” the report quoted Mr. Prado
as saying.  “It will be a very relevant operation.”

                         About Sadia S.A.

Headquartered in 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.


SADIA SA: Moody's Reviews Corporate Family Rating to 'B2'
---------------------------------------------------------
Moody's placed the B2 local currency corporate family rating for
Sadia S.A. and the B2 guaranteed foreign currency debt rating for
Sadia Overseas Ltd. on review for possible upgrade, following the
announcement that Sadia will merge its operations with those of
Perdigao S.A. (rated Ba1) to form a new company called Brasil
Foods S.A.  The merger will take place by means of successive
transactions in a pure share-swap deal, as outlined in the
association agreement signed by the two companies this week.  The
transaction and association agreement are subject to several
conditions, including approval by Brazilian anti-trust
authorities.

"The rating action is mainly prompted by the higher likelihood
that Sadia's leverage and liquidity profile should improve if
Brasil Foods is able to successfully raise capital by the third
quarter of 2009 to address Sadia's weak liquidity profile",
affirmed Moody's VP Senior Analyst, Soummo Mukherjee.  "We expect
significant improvement in Sadia's credit profile once Brasil
Foods is created, as it becomes a significantly larger processed
foods company with good geographic and product diversification and
leading market positions" added Mukherjee.

The transaction contemplates a public offering of common shares of
Brasil Foods to raise approximately BRL 4 billion by the third
quarter of 2009.  It is expected that pension funds that currently
have a controlling stake in Perdigao are likely to subscribe at
least BRL1.8 billion of the BRL4 billion equity offering with
BNDES also being another potential important shareholder.  Moody's
understands that part of the proceeds from the equity issuance
would be transferred to Sadia and used to reduce its short-term
debt, which amounted to BRL5.7 billion on March 31, 2009, of which
BRL1.9 billion is due in the third quarter of 2009, thus reducing
Sadia's refinancing risk and improving its liquidity profile.  As
of March 31, 2009, Sadia also had cash and marketable securities
of BRL2.4 billion.

The review will focus on the timing, likelihood and use of
proceeds of the planned BRL 4 billion capital increase, as well as
the pro-forma operations, capital structure, liquidity profile,
business plan, and synergy opportunities of Brasil Foods.

Sadia had a poor first quarter in 2009, with reported EBITDA
margin dropping to 2.5% in Q1'09 from 11.3% in Q1'08 and Total
Adjusted Debt/EBITDA increasing to 8.6x from 3.8x in Q1'09 vs.
Q1'08.  However, based on a simple combination of Perdigao and
Sadia (Brasil Foods), and based on both companies' reported
results for the last twelve months ended in March 30th, 2009,
Brasil Foods' Total Adjusted Debt to EBITDA would be 6.6x and Net
Debt to EBITDA would be 4.9x.  These ratios are likely to be
better if the company is successful in raising its planned BRL 4
billion and uses a large part of the proceeds for debt reduction.

Moody's last rating action on Sadia was on March 13, 2009, when
Moody's downgraded Sadia's ratings to B2 and assigned a negative
outlook due to the company's significant amount of short-term debt
and refinancing risk related to bank loan maturities, as well as
Moody's expectation that Sadia is likely to maintain high leverage
and weak liquidity compared to similarly rated industry peers.

Sadia, headquartered in Sao Paulo, Brazil, 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 March 31,
2009, Sadia had net revenues of BRL 10.9 billion and reported
EBITDA of BRL 1.2 billion with 41% of revenues derived from
exports to over 100 countries.

Headquartered in Sao Paulo, Brazil, Perdigao is one of the largest
food processors in Latin America, with a focus on poultry, pork,
beef, milk and processed products, including dairy.  With revenues
of BRL 11.5 billion for the last twelve months ending on March 31,
2009, Perdigao is one of the leaders in the domestic market and
exports around 40% of its sales to over 100 countries and 850
customers around the world.



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

ARTIO DIVERSIFIED: Shareholders' Final Meeting Set for June 12
--------------------------------------------------------------
The shareholders of Artio Diversified Alpha Fund, Ltd. will hold
their meeting on June 12, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BEARA INVESTMENTS: Shareholders' Final Meeting Set for June 12
--------------------------------------------------------------
The shareholders of Beara Investments Limited will hold their
meeting on June 12, 2009, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BLACKGOLD CAPITAL: Shareholders' Final Meeting Set for June 12
--------------------------------------------------------------
The shareholders of Blackgold Capital Offshore Partners Ltd. will
hold their meeting on June 12, 2009, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CITCO ACCEPTANCE: Members to Receive Wind-Up Report on June 11
--------------------------------------------------------------
The members of Citco Acceptance Corporation (Cayman) Ltd. will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on June 11, 2009.

The company's liquidator is:

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


DB SPECIAL: Members to Hear Wind-Up Report on June 12
-----------------------------------------------------
The members of DB Special Situations Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on June 12, 2009.

The meeting will be held at the 4th Floor of FirstCaribbean House,
in Grand Cayman, Cayman Islands.

Condor Nominees Limited is the company's liquidator.


ENRON BRAZIL: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------
The shareholders of Enron Brazil Power Investments XI Ltd. will
hold their meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


ENRON BRAZIL: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------
The shareholders of Enron Brazil Power Holdings XI Ltd. will hold
their meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


ENRON BRAZIL: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------
The shareholders of Enron Brazil Power Holdings I Ltd. will hold
their meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


ENRON CARIB: Shareholders' Final Meeting Set for June 8
-------------------------------------------------------
The shareholders of Enron Carib VI Holdings Ltd. will hold their
meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


ENRON COMMERCIAL: Shareholders' Final Meeting Set for June 8
------------------------------------------------------------
The shareholders of Enron Commercial Finance Ltd. will hold their
meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


ENRON DEVELOPMENT: Shareholders' Final Meeting Set for June 8
-------------------------------------------------------------
The shareholders of Enron Development Management Ltd. will hold
their meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


ENRON DO BRAZIL: Shareholders' Final Meeting Set for June 8
-----------------------------------------------------------
The shareholders of Enron Do Brazil Holdings Ltd. will hold their
meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


ENRON LNG: Shareholders' Final Meeting Set for June 8
-----------------------------------------------------
The shareholders of Enron LNG Shipping Company Ltd. will hold
their meeting on June 8, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kris Beighton
          c/o Jeffery Stower
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-914-4444
          Facsimile: 345-949-7164


UNIVERSA POWER: Final General Meeting Set for June 11
-----------------------------------------------------
The members of Universa Power Law Offshore Fund Ltd. will hold
their final general meeting on June 11, 2009, at 4:00 p.m., to
hear the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor, P.O. Box 1344
          Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666



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

CL FIN'L: AFC Chair Asks Guyana Gov't to Task Over CLICO Debacle
----------------------------------------------------------------
Guyana Chairman of the Opposition, Alliance for Change (AFC),
Member of Parliament Khemraj Ramjattan, has taken the Guyana
government to task for its dealing with Colonial Life Insurance
Company (CLICO), a unit of CL Financial Limited, Oscar Ramjeet of
Caribbean Net News reports.

According to the report, Mr. Ramjattan said the present debacle at
CLICO has some seriously frightening proportions, which is
discernible from a number of closely associated developments over
the past weeks:

   -- the government's absolute reluctance to have an independent
      investigation done and the Chairwoman for the Economic
      Services Sector Committee Gail Teixeira's fanciful,
      erroneous application of the sub-judice rule that led to the
      shutting of a Parliamentary investigation;

   -- the shooting of the Commissioner of Insurance Maria van
      Beek; and

   -- the quick passage of the transfer of powers and functions of
      the Office of Commissioner of Insurance to the Bank of
      Guyana.

The report notes Mr. Ramjattan said that PPP/C Government, and
especially the president, has a lot to answer on these issues.
Not wanting an investigation proves circumstantially that there
are embarrassing improprieties and illegalities that senior
government officials were involved in, he said.  Moreover, the
report relates Mr. Ramjattan said there is every probability that
the insurance sector became vulnerable to various forms of
manipulation and abuse.

Caribbean Net News says Mr. Ramjattan also alleged that the Office
of the Commissioner of Insurance in 2007 was prevented from
prosecuting CLICO, which action would have ensured that CLICO
brought this sum back home into Guyana.

                       About CL Financial

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

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

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



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

* JAMAICA: Gov't Has to Reposition Bauxite Ops. Ownership, PM Says
------------------------------------------------------------------
Jamaica Prime Minister Bruce Golding said the government will have
to reposition ownership of its bauxite/alumina operations, in
addition to addressing problems such as energy and technology,
before any revival of the country, Oscar Ramjeet of Caribbean Net
News reports.

According to the report, Mr. Golding addressed the bauxite/alumina
fall out extensively, in the light of the industry's importance to
the economy of central Jamaica, which includes Manchester.  The
report relates Mr. Golding said significant capital investments
were needed in rebuilding the plants and to put in new technology
and equipment to ensure competitiveness.

Caribbean Net News notes Mr. Golding expressed grave concern about
the future of United Company RUSAL, which currently owns 55% of
Jamaica's industry, and reported that the government was speaking
with other partners.

As reported in the Troubled Company Reporter-Latin America on
May 20, 2009, Caribbean Net News said the Jamaican government is
pursuing talks with overseas stakeholders, in a bid to determine
the fate of three bauxite plants whose operations have been scaled
down.  The report recalled activities at the plants -- West
Indies Alumina Company's (WINDALCO) operations in Ewarton, St
Catherine and Kirkvine, Manchester; and Alumina Partners (ALPART)
in Nain, St Elizabeth -- were scaled down earlier this year by the
operators, due to the reduction in the international demand for
alumina.  According to the report, Prime Minister Golding said
Jamaica's Ambassador to Moscow, Joy Wheeler, met with the Russian
Vice Minister with responsibility for the bauxite/alumina sector,
regarding AC Rusal and WINDALCO; and he spoke with the President
of Hydro, Eivind Reiten, regarding ALPART's future.

                          *     *     *

According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.



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


HIPOTECARIA CREDITO: Defaults on MXP530.8 Million Debt
------------------------------------------------------
Mortgage-lender Hipotecaria Credito y Casa said that it has
defaulted on MXP530.8 million worth of debt due to the economic
crisis, LatinFrance reports.

The report says of the total amount:

   –- MXP4.9 million belongs to the CREYCA07 notes,
   -- MXP521 million to the CREYCA 02109 notes, and
   -- MXP4.8 million in interest.

Anthony Harrup of Dow Jones Newswires relates that Credito y Casa
said it is contacting creditors seeking "viable solutions that
give it the time necessary to meet its financial obligations."

According to DJ Newwires, Credito y Casa reported a net loss of
MXN270 million for the first quarter and an operating loss of
MXN222 million.  DJ Newwires discloses that the company had a
performing loan portfolio of MXN10.8 billion at the end of March,
while its nonperforming loan portfolio was MXN4.5 billion, more
than triple the MXN1.3 billion reported for a year ealier.

                   About Hipotecaria Credito

Hipotecaria Credito y Casa, based in Culiacan, Sinaloa, Mexico,
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households.  As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.

                       *     *    *

As of May 22, 2009, the company continues to carry Moody's B1 LC
Currency Issuer Rating.


HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'B1'
-------------------------------------------------------------
Moody's de Mexico downgraded Hipotecaria Su Casita's senior
unsecured debt rating to B1, from Ba3, national scale issuer
rating to Baa1.mx, from A3.mx, the global scale local currency
issuer rating to B1, from Ba3 and the LT corporate family rating
to B1, from Ba3.  The rating outlook is negative.

The rating action and negative outlook reflect the current credit
market dislocation and protracted economic recession, which has
pressured and will continue to strain the company's liquidity and
net operating margins.  The portfolio growth for Su Casita is
expected to be much slower due to the frozen securitization
market, which the sofom relied upon to fund additional loans.  The
company will now rely on Sociedad Hipotecaria Federal for almost
all of its funding, like all other independent mortgage
sofols/sofoms.  Furthermore, the quality of its portfolio has
deteriorated, while its delinquent portfolio will continue to
increase as unemployment continues to rise and its mortgage
customers' profile weakens due to overleveraging, through personal
loans, in the past 2 years of easy credit.  The company's growth
will also be stunted, which will lead to a shrinking in the
company's size.  Moody's will closely monitor the company's
capitalization ratio, funding sources, its relationship with SHF
and its shareholders as well as its delinquent portfolio, as it
navigates the very volatile and dislocated global credit and
capital markets.

Positively, Su Casita has been implementing an aggressive cost
cutting plan, which will continue to be implemented throughout
2009 and should somewhat mitigate the pressure on its net
operating margins.  The company continues to have a strong
relationship with SHF and a committed shareholder base.

Moody's current B1 global local currency and Baa1.mx national
scale ratings continue to reflect Su Casita's experienced and
conservative management team. Furthermore, the company has a 21%
market share among mortgage sofols/sofoms, second overall (based
on total portfolio) and 10% of total market share.

Moody's stated that the rating outlook would be revised to stable
should the company maintain its current credit metrics, while
maintaining its current capitalization ratios and continuing to
lower its exposure to short-term debt.  In addition, although
Moody's anticipates that the company's delinquent portfolio (on
balance sheet) will continue to deteriorate, Moody's would expect
it to remain within the company's projections.  The ratings could
face further downward pressure should the company's margins be
consistently negative, while its debt levels exceed 90% and
interest coverage fall below 1x over a 12 month period.  Downward
ratings pressure would also take place should the delinquent
portfolio (on balance sheet) exceed 11% on a consistent basis.

These ratings were downgraded with a negative outlook:

Hipotecaria Su Casita, S.A. De C.V. -- National scale issuer
rating to Baa1.mx, from A3.mx; global scale local currency issuer
rating to B1, from Ba3; corporate family rating to B1, from Ba3
and senior notes to B1, from Ba3.

The last rating action with respect to Su Casita was on December
31, 2008 when Moody's confirmed the company's rating national
scale at A3.mx and global local scale at Ba3 with a stable
outlook.

Su Casita based in Mexico City, Mexico, started operations in 1994
as a non-bank financial institution/sofom mortgage company.  Su
Casita's main activity consists of extending mortgage loans
financed by monies from SHF to low income individuals -- an
important role in the low-income housing market, as there is no
rental market in Mexico.  As of March 31, 2009, the company
reported total assets of approximately $40,711 million Mexican
pesos, and $3,531 million Mexican pesos in equity.

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



====================
P U E R T O  R I C O
====================

POPULAR INC: To Shed 20 Percent of U.S. Branches
------------------------------------------------
Puerto Rico-based Popular Inc. plans to shed more than 20% of its
U.S. branch network, in an effort to focus on more profitable
operations, including New York, Reuters reports.  The report
relates the bank said it will close its California in-store branch
network, which includes 22 of its 46 branches in that state.

According to the report, the bank will also sell six New Jersey
branches with about US$250 million of deposits to Investors
Bancorp Inc.  Reuters says Investors Bancorp said it will pay a
1% deposit premium, and is not buying the loans; and expects a
closing in the third quarter.

Reuters notes following the company move, Popular Inc. will
operate 104 US branches, including 41 in New York and New Jersey,
24 in southern California, 23 in Florida and 16 in Illinois.

                       About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 26, 2009, Popular Inc. reported a net loss of US$702.9
million for the quarter ended December 31, 2008, compared with a
net loss of US$294.1 million in the same quarter of 2007 and a net
loss of US$668.5 million for the quarter ended September 30, 2008.

For the year ended December 31, 2008, the net loss reported
amounted to US$1.2 billion, compared to a net loss of
US$64.5 million in the same period of the previous year.


POPULAR INC: Banco Popular Buys 20% Stake in Banco de Andalucia
---------------------------------------------------------------
Puerto Rico-based Popular Inc.'s spanish subsidiary, Banco
Popular, agreed to acquire the nearly 20% of Banco de Andalucia it
doesn't already own by offering six of its own shares for every
one of its units, Jonathan Gleave of Reuters reports.  Banco
Popular, which owns 80.071% of Banco de Andalucia, does not expect
to offer the unit's shareholders any cash for the acquisition of
the remaining shares, the bank said in a statement obtained by the
news agency.

According to the report, Banco de Andalucia is the last of Banco
Popular's units to be fully integrated into the group after it
announced the merger of four of its regional bank in September
2009.

                      About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 26, 2009, Popular Inc. reported a net loss of US$702.9
million for the quarter ended December 31, 2008, compared with a
net loss of US$294.1 million in the same quarter of 2007 and a net
loss of US$668.5 million for the quarter ended September 30, 2008.

For the year ended December 31, 2008, the net loss reported
amounted to US$1.2 billion, compared to a net loss of
US$64.5 million in the same period of the previous year.



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

CITGO PETROLEUM: U.S. SEC Charges FTC Capital Chairman for Fraud
----------------------------------------------------------------
FTC Capital Markets Inc Chairman Guillermo Clamens and Nazly
Cucunuba Lopez were criminally charged by the U.S. Securities and
Exchange Comission with defrauding Citgo Petroleum Corp., Grant
McCool of Reuters reports, citing court documents.  The report
says the two employees were criminally charged with conspiracy,
securities fraud and wire fraud, which possibly involved hundreds
of millions of dollars.

According to the report, a parallel civil complaint by the SEC
said that Mr. Clamens, assisted by Ms. Lopez in the firm's Miami
office "knowingly caused FTC to make unauthorized purchases of
securities for Citgo's and PDV's FTC accounts" and prepared false
statements.  The report relates the SEC complaint said Mr. Clamens
and Ms. Lopez solicited a total of US$560 million from Citgo and
its parent company PDV America, between April 2008 and November
2008.  The report notes the complaint added the pair invested the
money in high-risk securities without the knowledge of those
investors, instead of in low-risk securities.

Reuters notes a separate lawsuit by the companies in March accused
the pair of creating a "slush fund" that they used "to finance
self-interested, unauthorized and speculative trading in
unregistered, risky, illiquid investments in which they had
financial interests, the full extent of which remain unknown."

The case, the report says, stems from a civil lawsuit in Manhattan
federal court on March 9 by Citgo Petroleum Corp and PDV Holding
Inc that accused FTC, several related entities and the two
employees of fraud.

                      About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 20, 2009, Standard & Poor's Ratings Services affirmed its
ratings on CITGO Petroleum Corp. including its 'BB' corporate
credit rating, and removed them from CreditWatch with negative
implications.  The outlook is negative.


* VENEZUELA: May Delay PDVSA US$2.5-Billion Bond Issue
------------------------------------------------------
Petroleos de Venezuela (PDVSA) has yet to present a planned US$2.5
billion bond issue to President Hugo Chavez and the operation is
unlikely to happen this month, Reuters reports, citing an unnamed
source.

The report recalls PDVSA had planned to issue the 2-year zero-
coupon bond by the end of May to help pay off billions of dollars
of debts built up with service companies since oil prices began
falling last year.

According to the report, this type of bond, denominated in dollars
but payable in the local bolivar currency, is frequently used by
the government to dampen black market currency exchange, where the
bolivar is currently trading at three times the official rate of
2.15 to the dollar.

In April the same source told Reuters that PDVSA planned to issue
the bonds with an implicit rate of about VEB4.7, which would give
the company close to VEB12 billion.

Petroleos de Venezuela -- 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.

                         *     *     *

As of May 19, 2009, Petroleos de Venezuela continues to carry a
'B1' local currency issuer rating from Moody's Ratings.

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

                         *     *     *

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


* VENEZUELA: Gov't to Control Local Iron, Steel Producers
---------------------------------------------------------
Venezuelan President Hugo Chavez said the government will take
over the hot-briquetted iron industry and other metal companies,
Daniel Cancel of Bloomberg News reports.  The report says Mr.
Chavez has focused on gaining control of the metals industry as
aluminum and bauxite companies buckled under low international
prices.  “These companies will be nationalized to create a single
industrial complex,” the report quoted Mr. Chavez as saying.
“There’s nothing to discuss.  We should have done this a long time
ago.”

According to the report, Mr. Chavez said the companies would be
brought under the  government's management and included in plans
to build an industrial complex to refine and process raw materials
into finished products in a bid to reduce expensive imports.

The report relates Mr. Chavez said the government plans to seize
these companies:

   -- Matesi, a venture between Luxembourg-based steel
      pipe-maker Tenaris SA and Venezula’s Sidor.  It
      produces 1.5 million metric tons a year of
      hot-briquetted iron products.

   -- Tavsa, another Tenaris-owned company, is Venezuela’s
      only maker of seamless steel pipes for the oil
      industry.  The company produces 80,000 tons a year
      and represents 2 percent of Tenaris’ global seamless
      capacity.

   -- Orinoco Iron produces 2.2 million tons a year and
      is the largest hot-briquette iron producer in
      the Americas.

   -- Ceramica Carabobo, which trades on the Caracas stock
      exchange, produces and markets ceramic tiles,
      glazed bricks and heat-resistant tiles.

   -- Comsiga, 10.4% owned by Japan’s Kobe Steel Ltd.,
      produces hot briquetted iron.

   -- Venprecar, a subsidiary of International Briquettes
      Holding, as part of the restructuring.  International
      Briquettes Holding is a subsidiary of Sivensa
      SACA, a Venezuelan steel producer.

                        *     *     *

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



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

* CABLE & WIRELESS: Earnings Up 36% in the Year to March 31
-----------------------------------------------------------
The Scotsman's Victoria Thomson reports that Cable & Wireless
plc's underlying earnings rose to GBP822 million in the year to
March 31, up 36% from GBP605 million.

The hike in annual earnings follows a group-wide overhaul and
recent takeovers, the Scotsman says.

Cable's revenues grew by 16 per cent, the Scotsman discloses.
Reuters reports Cable's worldwide division, which used to be
called Europe, Asia and US, showed EBITDA growth of 49 percent on
last year and the company's international division, which covers
markets in the Caribbean, Panama and others, rose by 11 percent.
According to Reuters, Cable benefited from the acquisition and
subsequent synergies from smaller rival Thus and from the effect
of foreign currency translations on its international division.
The Scotsman states Cable's takeover of Thus provided a GBP29
million boost to full-year earnings, with cost savings also seen
from the takeover.

Reuters relates Cable raised the full-year dividend for the year
just ended by 13 percent, demonstrating "confidence in the group's
prospects".  The company set a group core earnings forecast of
approximately GBP1.03 billion for the 2009-10 year, up 25 percent,
Reuters notes.  Reuters recalls shares in the company were down 9%
in early trading on Thursday due to disappointment from some
analysts who said the forecast growth for 2010 was weaker than
hoped.

The Scotsman discloses that top managers at Cable are sharing out
a GBP70 million bonus pot after hitting targets following a
successful turnaround in recent years, with an GBP8.3 million
windfall this year for John Pluthero, chairman of Cable's Europe,
Asia and US division, since rebranded Worldwide.

Headquartered in London, Cable & Wireless plc -- http://www.cw.com
-- is an international telecommunications company.  The Company
offers mobile, broadband and domestic and international fixed line
services to homes, small and medium-sized enterprises, corporate
customers and governments.  It operates in 39 countries through
four major operations in the Caribbean, Panama, Macau and Monaco &
Islands. It operates through two businesses: International and
Europe, Asia & US.  Its International business operates full
service telecommunications companies through four major operations
in the Caribbean, Panama, Macau and Monaco and Islands.  Its
Europe, Asia & US provides enterprise and carrier solutions to the
largest users of telecom services across the United Kingdom,
continental Europe, Asia and the United States.  Its subsidiaries
include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable &
Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco
Telecom SAM.

                          *     *     *

Cable & Wireless plc continues to carry a 'Ba3' long-term
corporate family rating from Moody's Investors Service with stable
outlook.


* BOND PRICING: For the Week May 18 to May 22, 2009
---------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA         11.000    06/11/12     USD      59.59
Alto Palermo SA          7.875    05/11/17     USD      57.41
Argentina – NGB          2.000    02/04/18     ARS      44.18
Argent-DIS               5.830    12/31/33     ARS      52.19
Argent-CDIS              7.820    12/31/33     ARS      27.66
Argent-$DIS              8.280    12/31/33     ARS      29.75
Argent-$DIS              8.280    12/31/33     ARS      34.19
Argent-Par               0.630    12/31/38     ARS      16.92
Argnt-Bocon PRE8         2.000    01/03/10     ARS      39.09
Argnt-Bocon PR11         2.000    12/03/10     ARS      32.26
Argnt-Bocon PRE9         2.000    03/15/24     ARS      56.77
Argnt-Bocon PR12         2.000    01/03/16     ARS      53.09
Argnt-Bocon PR13         2.000    03/15/24     ARS      22.30
Arg Boden                2.000    09/30/14     ARS      43.93
Arg Boden                7.000    10/03/15     ARS      31.87
Arg-Quasi Par            3.310    12/31/45     ARS      34.84
Autopistas Del S        11.500    05/23/17     USD      35.76
Banco Hipot SA           9.750    11/16/10     USD      72.06
Banco Hipot SA           9.750    04/27/16     USD      44.12
Banco Macro SA           8.500    02/01/17     USD      61.01
Banco Macro SA           9.750    12/18/36     USD      45.72
Bonar ARG $ V           10.500    06/12/12     USD      38.94
Bonar V                  7.000    03/28/11     USD      50.92
Bonar VII                7.000    09/12/13     USD      41.15
Buenos Aire Prov         9.625    04/18/28     USD      30.25
Buenos Aire Prov         9.375    09/14/18     USD      30.20
Buenos-$DIS              9.250    04/15/17     USD      31.99
Buenos-$DIS              8.500    04/15/17     USD      38.25
Emp Distib Nort         10.500    10/09/17     USD      72.62
Hidroelec Piedra         9.000    07/11/17     USD      64.20
Industries Metal        11.250    10/22/14     USD      45.72
Invers Rep Y Soc         8.500    02/02/17     USD      52.50
Masterllone Herma        8.000    06/30/12     USD      28.93
Mendoza Province         5.500    09/04/18     USD      35.75
Transener                8.875    12/15/16     USD      46.55
Trasport De Gas          7.875    05/14/17     USD      59.75

   BRAZIL
   ------
Bertin Ltda             10.250    10/05/16     USD      61.00
Bertin Ltda             10.250    10/05/16     USD      63.81
CESP                     9.750    01/15/15     BRL      48.97
Cosan SA Industr         8.250    02/28/49     USD      65.50
National Steel           9.875    05/24/49     USD      75.00
Rede Empresas           11.120    04/29/49     USD      39.00


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      52.99
Aes Dominicana          11.000    12/13/15     USD      70.00
Aig Sunamerica           5.625    02/01/12     GBP      66.87
Aig Sunamerica           6.375    10/05/20     GBP      58.31
Asif II                  5.125    01/28/13     GBP      60.05
Bancaja Intl Fin         5.700    06/30/22     EUR      45.66
Banco BPI (CI)           1.150    11/11/35     EUR      70.42
Barion Funding           0.100    12/20/56     USD       4.62
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.06
Barion Funding           0.250    12/20/56     USD       4.10
Barion Funding           0.250    12/20/56     USD       4.10
Barion Funding           0.630    12/20/56     USD      12.68
Barion Funding           1.440    12/20/56     USD      24.15
BCP Finance Company      4.239    10/29/49     EUR      61.68
BCP Finance Company      5.543    06/29/49     EUR      63.75
Bes Finance Limited      4.500    12/29/49     EUR      64.66
Bes Finance Limited      6.625    05/08/49     EUR      74.66
Bes Finance Limited      5.580    07/29/49     EUR      63.87
Cam Global Fin           6.080    12/22/30     EUR      64.12
China Med Tech           4.000    08/15/13     USD      57.76
China Properties         9.125    05/04/14     USD      49.75
Dubai Holding Comm       4.750    01/30/14     EUR      59.06
Dubai Holding Comm       6.000    02/01/17     GBP      56.58
DWR CYMN FIN             4.473    03/31/57     GBP      64.35
Esfg Internation         5.753    06/29/49     EUR      56.50
Gol Finance              7.500    04/03/17     USD      55.60
Gol Finance              8.750    04/28/49     USD      43.50
Gol Finance              8.750    04/28/49     USD      42.50
Iansa Overseas           7.250    07/28/12     USD      54.62
Ja Solar Hold Company    4.500    05/15/13     USD      60.16
Ldk Solar Co Ltd         4.750    04/15/13     USD      51.50
Lupatech Finance         9.875    07/29/49     USD      75.00
Mafrig Overseas          9.625    11/16/16     USD      68.50
Mafrig Overseas          9.625    11/16/16     USD      69.58
Malachite Fdg            0.630    12/21/56     EUR      18.42
Malachite Fdg            0.630    12/21/56     EUR      10.78
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.30
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.35
Mazarin Fdg Ltd          1.440    09/20/68     USD      22.50
Minerva Overse           9.500    02/01/17     USD      43.25
Minerva Overse           9.500    02/01/17     USD      44.39
Mizuho Capital I         5.020    06/29/49     EUR      54.50
Mizuho Capital INV I     6.686    03/29/49     EUR      60.50
Mufg Cap Fin2            4.850    07/29/49     EUR      59.66
Mufg Cap Fin4            5.271    01/29/49     EUR      61.50
Mufg Cap Fin5            6.299    01/25/49     GBP      56.33
Prince Fin Global        4.500    01/26/17     EUR      62.23
Prince Fin Global        4.500    01/26/17     EUR      62.69
Pubmaster Fin            5.943    12/30/24     GBP      60.27
Pubmaster Fin            6.962    06/30/28     GBP      47.01
Punch Taverns            4.767    06/30/33     GBP      66.59
Reg Div Funding          5.251    01/25/36     USD      61.95
Resona PFD Glob          7.191    12/29/49     USD      56.98
Seagate Tech HDD         6.375    10/01/11     USD      72.95
Shimao Property          8.000    12/01/16     USD      71.50
Shisei Fin Caym          6.418    01/29/49     USD      27.91
SMFG Preferred           6.078    01/29/49     USD      70.50
SMFG Preferred           6.164    01/29/49     USD      56.50
SMFG Preferred 2        10.231    07/18/49     USD      71.93
STB Finance              5.834    09/29/49     GBP      60.50
Suntech Power            3.000    03/15/13     USD      62.40
Tam Capital Inc.         7.375    04/25/17     USD      66.98
Tam Capital Inc.         7.375    04/25/17     USD      65.90
Trina Solar Ltd          4.000    07/15/13     USD      62.33
UOB Cayman Ltd           5.796    12/29/49     USD      73.12
Vestel Elec Fin          8.750    05/09/12     USD      66.50
XL Capital Limited       6.250    05/15/27     USD      64.72
XL Capital Limited       6.375    11/15/24     USD      58.60
XL Capital Limited       6.500    12/31/49     USD      40.90

   DOMINICAN REPUBLIC
   ------------------
Dominican Republ         8.625    04/20/27     USD      73.50



   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      43.67
Rep of Ecuador           9.375    12/15/15     USD      44.20


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      63.15
Jamaica Govt             8.000    06/24/19     USD      73.75
Jamaica Govt             8.000    03/15/39     USD      64.00
Jamaica Govt             8.500    02/28/36     USD      65.75
Jamaica Govt             9.250    10/17/25     USD      74.00
Jamaica Govt LRS        12.750    04/27/12     JMD      49.64
Jamaica Govt LRS        12.750    06/29/22     JMD      49.67
Jamaica Govt LRS        12.850    05/31/22     JMD      50.14
Jamaica Govt LRS        13.375    04/27/32     JMD      50.11
Jamaica Govt LRS        13.575    12/15/26     JMD      50.85
Jamaica Govt LRS        13.625    06/23/14     JMD      68.86
Jamaica Govt LRS        13.375    12/15/21     JMD      52.41
Jamaica Govt LRS        13.875    05/17/13     JMD      74.61
Jamaica Govt            14.000    06/30/21     EUR      55.08
Jamaica Govt            14.125    07/08/13     EUR      74.40
Jamaica Govt            14.250    03/15/13     EUR      69.75
Jamaica Govt LRS        14.375    06/28/14     EUR      72.81
Jamaica Govt LRS        14.375    09/06/14     EUR      72.51
Jamaica Govt LRS        14.375    06/28/14     EUR      70.95
Jamaica Govt LRS        14.375    09/06/14     EUR      70.29
Jamaica Govt LRS        14.375    09/13/14     EUR      73.02
Jamaica Govt LRS        14.400    08/03/27     JMD      55.72
Jamaica Govt LRS        14.500    11/13/13     JMD      73.94
Jamaica Govt LRS        14.500    08/02/17     JMD      65.75
Jamaica Govt LRS        14.500    06/28/17     JMD      63.84
Jamaica Govt LRS        14.750    04/26/13     JMD      74.35
Jamaica Govt LRS        14.625    04/19/14     JMD      73.64
Jamaica Govt LRS        15.000    07/31/13     JMD      72.38
Jamaica Govt LRS        15.000    11/15/21     JMD      58.59
Jamaica Govt LRS        15.000    09/06/32     JMD      58.44
Jamaica Govt LRS        15.000    07/31/13     JMD      66.45
Jamaica Govt LRS        15.125    04/24/14     JMD      73.78
Jamaica Govt LRS        15.500    03/24/28     JMD      58.06
Jamaica Govt LRS        15.000    08/30/32     JMD      58.04
Jamaica Govt LRS        15.750    08/22/19     JMD      63.30
Jamaica Govt LRS        15.800    06/26/17     JMD      68.45
Jamaica Govt LRS        16.000    06/13/22     JMD      61.78
Jamaica Govt LRS        16.000    05/17/17     JMD      67.59
Jamaica Govt LRS        16.000    12/06/32     JMD      59.93
Jamaica Govt LRS        16.125    08/21/32     EUR      62.36
Jamaica Govt LRS        16.250    08/26/32     EUR      62.84
Jamaica Govt LRS        16.250    05/22/27     EUR      60.89
Jamaica Govt LRS        16.250    05/22/27     EUR      67.48
Jamaica Govt LRS        16.150    06/12/22     EUR      64.28
Jamaica Govt LRS        16.150    06/12/22     EUR      62.33
Jamaica Govt LRS        16.250    07/26/32     EUR      60.78
Jamaica Govt LRS        16.250    06/18/27     EUR      65.58
Jamaica Govt LRS        16.500    06/14/27     EUR      61.80
Jamaica Govt LRS        17.000    07/11/23     EUR      64.72


    NETHERLANDS  ANTILLES
    ---------------------
Soc Gen Accept           0.750    12/21/11     EUR      46.30
Soc Gen Accept           7.000    02/27/13     EUR      21.14
Soc Gen Accept           7.000    02/27/13     EUR      18.63
Soc Gen Accept           7.000    12/20/13     EUR      37.30


   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      48.50
Doral Fin Corp           7.100    04/26/17     USD      52.37
Doral Fin Corp           7.150    04/26/22     USD      52.12
Doral Fin Corp           7.650    03/26/16     USD      52.25


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      56.92
Uruguay                  4.250    04/05/27     UYU      68.67


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      44.90
Petroleos de Ven         5.375    04/12/27     USD      36.16
Petroleos de Ven         5.500    04/12/37     USD      36.15
TCCIC                    6.250    04/06/17     USD      55.71
Venezuela                8.500    10/08/14     USD      69.50
Venezuela                6.000    12/09/20     EUR      17.25
Venezuela                5.750    02/26/16     EUR      55.14
Venezuela                7.000    03/31/38     USD      65.93
Venezuela                7.000    03/31/38     USD      17.00
Venezuela                7.000    03/16/15     USD      65.58
Venezuela                7.000    12/01/18     USD      54.00
Venezuela                7.650    04/21/25     USD      51.75
Venezuela                9.000    05/07/23     USD      57.37
Venezuela                9.250    09/15/27     USD      63.80
Venezuela                9.250    05/07/28     USD      52.21
Venzod - 189000          9.375    01/13/34     USD      59.50





                            ***********

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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