TCRLA_Public/090605.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, June 5, 2009, Vol. 10, No. 110

                            Headlines


A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Depositors May Get Some of Their Savings Soon


A R G E N T I N A

HILANDERIA Y TEJEDURIA: Proofs of Claim Verification Due on Aug. 3
INDUSTRIAS METALURGICAS: Fitch Affirms 'B' Issuer Default Rating
TELECOM ARGENTINA: Inks Joint Telecoms Services With Telpin
TIXA SRL: Proofs of Claim Verification Due on August 20


B E L I Z E

CL FIN'L: Gov't Puts CLICO Belize Under Judicial Management


B R A Z I L

BANCO ABC: Moody's Confirms 'D+' Bank Financial Strength Rating
BRASKEM SA: Inks R$8.25-BB Renewable Polymers Research With FAPESP
CEB: Plans to List Shares on the Bovespa
REDE ENERGIA: Repurchase Offer Cues Moody's to Keep Rating Review


C A Y M A N  I S L A N D S

AQUANAUT OFFSHORE: Shareholder to Hear Wind-Up Report on June 24
BLUEPOINT EMERGING: Shareholders' Final Meeting Set for June 26
BARGO HOLDING: Members to Receive Wind-Up Report on July 30
BRISPHER CORPORATION: Members to Receive Wind-Up Report on Aug. 11
BRISPHER TRADING: Final General Meeting Set for August 11

CREP ANNEXE: Shareholders' Final Meeting Set for June 26
D. & M. STOP: Sole Shareholder to Hear Wind-Up Report on July 9
DYNAMIC WORLD: Sole Shareholder to Hear Wind-Up Report on June 29
ELECTROGEN INTERNATIONALMARATHON: Members' Meeting Set for June 26
ENSO GLOBAL: Shareholders' Final Meeting Set for July 8

FORTIS CURRENCY: Shareholders' Final Meeting Set for June 26
GENERAL MOTORS: Chapter 11 Filing Won't Affect Cayman Operations
GRS ORION: Shareholders' Final Meeting Set for June 26
MARATHON PETROLEUM: Members' Final Meeting Set for June 26
MARATHON PETROLEUM: Members' Final Meeting Set for June 26

MARATHON POWER: Members' Final Meeting Set for June 26
MARATHON QATAR: Members' Final Meeting Set for June 26
NEW DIMENSION: Shareholders' Final Meeting Set for July 8
NOVA GAS: Shareholders' Final Meeting Set for June 25
OPTIMUM LTD: Final General Meeting Set for August 12


C H I L E

CORPBANCA: Fitch Affirms Support Rating Floor at 'BB-'


C O L O M B I A

ECOPETROL SA: Inks COL$2.2 Billion Loan Facility With Local Banks


C U B A

* CUBA: Foreign Income Cut by US$1 Billion Seen


G U Y A N A

* GUYANA: IDB Increases Financial Support


M E X I C O

BANCO DE COSTA: Fitch Affirms Issuer Default Rating at 'BB'
BANCOPPEL SA: Moody's Downgrades Global Currency Ratings to 'B3'
GRUPO PETROTEMEX: Fitch Downgrades Issuer Default Rating to 'BB+'
* MEXICO: Recession Will Ease in Coming Two Quarters


P A N A M A

BANCO INTERNACIONAL: Fitch Affirms 'BB' Issuer Default Rating


V E N E Z U E L A

* VENEZUELA: Gov't Takes Over Gas Compression Units



                         - - - - -


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

STANFORD INT'L BANK: Depositors May Get Some of Their Savings Soon
------------------------------------------------------------------
Court-appointed joint liquidators for Stanford International Bank
Limited (SIBL) Nigel Hamilton-Smith and Peter Wastell -- client
partners at Vantis Business Recovery Services -- said depositors
of Robert Allen Stanford's offshore bank may see a small sliver of
their savings returned in a year's time, Forbes.com reports.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Mr. Hamilton-Smith and Mr. Wastell sent letters to
all investors of SIBL, setting out their initial findings in
relation to the actions that have been taken both as receiver-
managers and liquidators, and their initial views on the financial
position of SIBL.  According to Messrs. Smith and Wastell, records
indicated that as of February 19, 2009 the Bank had 27,992 active
clients.  Including accrued interest to February 19, 2009 the
Bank's records indicate a total of US$7.2 billion is owed to
depositors.  "Since our appointment we have been seeking to
confirm the true value of the Bank's assets," the Liquidators
said.  They estimate that SIB has these assets:

* Cash assets -- US$46 million
* Assets held by financial institutions -- US$472 million
* Sums invested / loaned to corporations -- US$470 million
* Tracing claims - uncertain

"Total asset values could therefore be below US$1 billion against
depositor liabilities of US$7.2 billion," Messrs. Smith and
Wastell said.  The Liquidators though have not yet tallied all
claims against Stanford.  It said that its online claims
management system will be operational by June 30, 2009, and will
be available at http://www.vantisplc.com/Stanford

Mr. Hamilton-Smith, as cited by Forbes, said: "This is a huge gap,
and it is necessary for us to try and ascertain where the missing
funds are."  One bright spot: "I would like to believe that we
will be dealing with an initial distribution to creditors within
twelve months," he said.  "If we can establish that there has been
misappropriation, mismanagement or fraud on the part of Mr.
Stanford, we will be going after those assets."

The U.S. Securities and Exchange Commission, on February 17,
charged Mr. Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, Stanford Group Company, and investment
adviser Stanford Capital Management.  As reported in the Troubled
Company Reporter-Latin America on April 8, 2009, Bloomberg News
said U.S. District Judge David Godbey seized all of Mr. Stanford's
corporate and personal assets and placed them under the control of
court-appointed SGC receiver Ralph Janvey.

According to Forbes, Mr. Hamilton-Smith said the majority of
creditors affected were residents in Latin America with more than
60% of the claims coming from Central and South America.  It is
too early to say how much investors would manage to retrieve, he
added.

Forbes relates, Mr. Hamilton-Smith, who said the "very complex
process" could take up to five years, admitted retrieving those
funds won't be easy.  "We are seeking to liquidize the known
assets which are located in several jurisdictions around the
world, predominantly in Europe.  So it will be a significant asset
tracing exercise.  This is a very complex liquidation process.
Money has been moved around the world and we have got to follow
the money," the report quoted Mr. Hamilton-Smith as saying.

Meanwhile, Forbes notes Mr. Hamilton-Smith said his firm was
currently involved in four jurisdictions trying to gain access to
identified assets but suspected that "further proceedings will be
issued in a number of other jurisdictions."  "There are various
jurisdictions around the world from which we might not get
cooperation as they try to look after their own investors first.
But I am hopeful that the majority of jurisdictions will
cooperate," the report quoted Mr. Hamilton-Smith as saying.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.


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

HILANDERIA Y TEJEDURIA: Proofs of Claim Verification Due on Aug. 3
------------------------------------------------------------------
Marcos Enrique Gonzalez, the court-appointed trustee for
Hilanderia y Tejeduria Tuyuti S.R.L.'s bankruptcy proceedings,
will be verifying creditors' proofs of claim until August 3, 2009.

Mr. Gonzalez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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.

The Trustee can be reached at:

          Marcos Enrique Gonzalez
          Lavalle 1537
          Buenos Aires, Argentina


INDUSTRIAS METALURGICAS: Fitch Affirms 'B' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has upgraded the national scale rating of Industrias
Metalurgicas Pescarmona S.A.I.C. y F to 'A (arg)' from 'A-(arg)'.
In conjunction with this rating action, Fitch affirms these:

  -- Foreign and Local currency Issuer Default Rating at 'B';
  -- US$225 million senior unsecured notes due 2014 at 'B/RR4';
  -- US$65 million senior unsecured notes due 2009 at 'B/RR4'.

The Rating Outlook is Stable.

The upgrade reflects the company's improved liquidity as a result
of the successful sale of 49% of its Brazilian wind farm, Caera,
to CEMIG for $92 million; proceeds are expected to be received
within the next three months.

IMPSA's credit ratings continue to reflect the sustained global
demand for hydroelectric and wind technology and equipment.  The
company's backlog was US$1.5 billion as of May 2009.  Given the
long-term production cycle of IMPSA's developments, usually in the
range of 30 months, this backlog level provides some certainty to
the company's cash generation in the medium term.  Also considered
in the ratings are IMPSA's geographic revenue and asset
diversification, and its ability to generate funds in hard
currency, reducing currency mismatch risk compared to its
indebtedness.  For the fiscal year ended Jan. 31, 2009, U.S.
dollar denominated sales accounted for approximately 70% of its
total revenue.  This percentage should increase in the future due
to the composition of most of the company's backlog.

Balanced against these strengths are the company's high leverage,
large capital needs for the development of future projects, and
the concentration of its cash flow in a few large projects in
developing countries -- namely Brazil, Venezuela, Colombia, and
Malaysia.  While existing backlog remains strong, a sudden
downturn in the key markets would negatively impact IMPSA's
ability to add new contracts.  Additionally, even though Argentina
is not an important sales market for IMPSA, an increase in
economic uncertainty in that country could lead to a decline in
backlog as potential customers shy away from doing business with
the company due to concerns about its ability to finance its
working capital needs.

For the 12 months ended Jan. 31, 2009, IMPSA's revenues grew to
US$440 million from US$287 million during fiscal year 2008, as the
result of the maturity of several projects.  In terms of operating
results, EBITDA grew to US$99 million from US$68 million.  EBITDA
was negatively affected by the performance of the port systems
business unit, under Impsa Asia Ltd, which was divested from the
group at fiscal year-end (negative EBITDA of approximately
US$10 million).

IMPSA's cash flow from operations was negative for the fiscal year
ended Jan. 31, 2009, due to large working capital needs.  Given
the concession nature of the operation of the Ceara wind farm,
IMPSA must account for this investment as a long-term account
receivable (at the end of the concession, these assets must be
transferred to the concessionaire).  Deducting such impact to the
cash flow from operations, the actual increase in account
receivables would have been approximately US$45 million, leading
to positive CFO of US$3 million.  In the medium term, despite the
accounting treatment, Fitch expects free cash flow to remain
negative as the Santa Catarina project develops.  For this
project, it is expected that IMPSA will replicate the 'project
finance' structure applied with Ceara, with financing having no
recourse to the company.

IMPSA's total debt as of Jan. 31, 2009, was US$578 million, of
which US$165 million was structured without legal recourse to the
company as project finance debt for the Ceara wind farm.  This
debt was funded through a 12-year loan from Brazil's development
bank, Caixa Economica Federal.  At the end of January, IMPSA had
US$93 million of cash and marketable securities.  These figures
translate into a total debt-to-EBITDA ratio of 4.2 times (x) and a
net debt-to-EBITDA ratio of 3.2x.

An improvement in credit metrics is foreseen, as the company's
EBITDA level is expected to reach US$ 110 million in 2009/2010.
The growth in EBITDA should come from the completion of several
projects that are currently in backlog.  The main hydro projects
are Porce III (Colombia), Bakun (Malaysia), Dardanelos (Brazil),
Simplicio (Brazil), Macagua (Venezuela) and Tocoma (Venezuela).
IMPSA major wind projects are Caera and Santa Catarina, both
located in Brazil.  IMPSA's total debt-to-EBITDA ratio should drop
to approximately 3.5x for the fiscal year ended January 2010.

The Percarmona family owns 93.73% of Industrias Metalurgicas
Percarmona S.A.I.C. y F through Corporacion IMPSA S.A. IMPSA is
engaged in providing integrated solutions for renewable energy,
including hydroelectric and wind power projects and associated
equipment.  IMPSA has a solid international presence, marketing
and distributing its products and services from its branches and
representation offices in Argentina, Brazil, China, Colombia,
Ecuador, USA, the Philippines, India, Malaysia and Venezuela.


TELECOM ARGENTINA: Inks Joint Telecoms Services With Telpin
-----------------------------------------------------------
Argentina-based Telecom Argentina S.A. and regional telecoms
operator Telpin have launched joint telecoms services in the city
of Tandil, Telegeography News reports, citing BNAmericas.  The
report relates the two companies have invested around
ARS4.5 million (US$1.2 million) in the deployment of a hybrid
copper and fibre-optic next-generation network (NGN) to provide
voice and broadband services to a potential 25,000 households in
the city.

According to the report, the two companies have already launched
services in Necochea, Carilo, General Madariaga, Santa Teresita
and San Clemente, with plans to launch in the city of Azul by end-
2009 or during the first quarter of 2010, subject to government
approval.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                         *     *     *

As reported in the Troubled Company reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered Telecom
Argentina SA's foreign currency rating to B-/Stable/ and local
currency rating to B/Stable/.  The outlook on both ratings is
stable.


TIXA SRL: Proofs of Claim Verification Due on August 20
-------------------------------------------------------
Christian Omar Barbier, the court-appointed trustee for Tixa
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 20, 2009.

Mr. Barbier will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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.

The Trustee can be reached at:

          Christian Omar Barbier
          Av. Callao 449
          Buenos Aires, Argentina


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B E L I Z E
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CL FIN'L: Gov't Puts CLICO Belize Under Judicial Management
-----------------------------------------------------------
The Supreme Court of Belize has placed CLICO Belize, a unit of CL
Financial Limited, under judicial management and appointed Mark
Hulse of Baker Tilly Hulse as Judicial Manager, Caribbean Net News
reports, citing the Supervisor of Insurance.

According to the report, the Supreme Court has also ordered that
the regular life and health insurance claims may be paid after due
verification and processing.  The report relates the order removes
the need for the Bahamas head office to process and approve the
claims and as such the delayed claims payments will now be
processed locally and expeditiously as possible.

Caribbean Net News says the restrictions placed by the Supervisor
of Insurance in February 2009 on CLICO (Bahamas) Limited remain in
place.  To further protect the interest of policyholders, the
Supreme Court has ordered that no assets of the company are to be
transferred outside of Belize for the time being, the report
notes.

Caribbean Net News relates that in regard to existing insurance
contracts, the policyholders are advised that in order to keep
their policies active, they must continue to pay their insurance
premiums.

                       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.



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B R A Z I L
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BANCO ABC: Moody's Confirms 'D+' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service confirmed the bank financial strength
rating of Banco ABC Brasil S.A. at D+, and changed its outlook to
stable.  At the same time, Moody's affirmed the long and short
term global local currency deposit ratings of the bank at Baa3 and
Prime-3, respectively, and Brazilian national scale ratings of
Aa1.br and BR-1.  The long and short term foreign currency deposit
ratings of Ba2 and Not Prime were also affirmed and remain
constrained by Brazil's foreign currency country ceiling for
deposits.  All ratings now have a stable outlook.

The rating actions conclude the review initiated on January 30,
2009, when Moody's placed on review for possible downgrade BAB's
BFSR of D+ and lowered its global local currency deposit rating to
Baa3/Prime-3 from Baa2/Prime-2 with negative outlook, following
the downgrade of the BFSR of its main shareholder Arab Banking
Corporation.

In confirming BAB's BFSR, Moody's indicates that the bank's stand-
alone financial strength is supported by stable core earnings
generation, prudent liquidity and credit risk management, as well
as solid reserve coverage and capital adequacy.  The bank's
traditional niche franchise, characterized by a steady wholesale
lending operation, also benefits from strong risk-weighted
capitalization that supports its ability to remain profitable
within a more challenging operating environment.  BAB's franchise
potential and financial metrics continue to position the bank well
within its rating category relative to other D+ rated Brazilian
peers.

Moody's noted that BAB's funding ability has not been
significantly affected by the weakened financial strength of its
main shareholder.  Nonetheless, as a niche wholesale bank in
Brazil, BAB has been exposed, though to a lesser extent than most
of its local competitors, to tight liquidity conditions, that have
primarily affected midsized banks.  With a core focus on the trade
finance segment, the bank had suffered from a reduction in
deposits and the reduced availability of correspondent banking
facilities during the fourth quarter of 2008, which in recent
months have gradually returned and is fully aligned to the bank's
needs. BAB also maintains a stand-by facility of US$300 million
from its parent bank, an indication of its commitment and
strategic support.

In placing a stable outlook on the ratings, Moody's noted that BAB
is prepared to meet future refinancing needs with a steady cash
generation from its credit portfolio.  While BAB's asset quality
indicators have worsened during the last two quarters, they remain
at manageable levels and its capital surplus should be adequate to
absorb future potential losses.

Moody's last rating action on Banco ABC Brasil was on January 30,
2009, when Moody's downgraded the long-term global local currency
rating, changing this rating outlook to negative from stable,
while the bank's bank financial strength rating was placed on
review for possible downgrade. In the same rating action, Moody's
downgraded its long-term Brazilian national scale rating.  Actions
were in connection with a rating action taken on its parent.

Banco ABC Brasil is headquartered in Sao Paulo, Brazil. As of
March 2009, the bank had total assets of approximately
BRL6.9 billion (US$2.98 billion) and equity of BRL1.2 billion
(US$505 million).

This rating of Banco ABC Brasil was confirmed and placed on stable
outlook:

  -- Bank financial strength rating: D+

The ratings of Banco ABC Brasil were affirmed and placed on stable
outlook:

  -- Global long-term local currency deposit rating: at Baa3
  -- Global short-term local currency deposit rating: at Prime-3

The ratings of Banco ABC Brasil were affirmed:

  -- Foreign currency deposit rating: Ba2 for long-term and Not
     Prime for short-term, stable outlook

  -- Brazilian national scale deposit ratings: Aa1.b for long-term
     and BR-1 for short-term, stable outlook


BRASKEM SA: Inks R$8.25-BB Renewable Polymers Research With FAPESP
------------------------------------------------------------------
Braskem SA said it is giving one more important step to reinforce
its pioneering work in the development of green polymers with the
investment of R$8,25 million, which should be soon formalized; in
the expansion of researches on green propene for the production of
polypropylene (PP) based on 100% renewable raw material.  Braskem
produced the first green polypropylene of the world in 2008,
certified as from 100% renewable origin.

With such investment, planned for application in the next three
years through Fundacao de Amparo aPesquisa do Estado de Sao Paulo
(Fapesp), which holds 50% of the project, Braskem is already
working on the details required to reach commercial scale.
Braskem partnership in this project is the biotechnology area of
the University of Campinas (Unicamp).

"Our technology has already been tested in pilot experiments, and
we are improving our polymers with more competitive technologies
in commercial scale, based on raw material of renewable source",
said Antonio Queiroz, director of Innovation and Technology at
Braskem.  "The market sizing will define the next steps and
deadlines", he adds.

The pioneering work of Braskem in the development of green
polymers is the result of investments, partnerships and the
priority given to the Innovation and Technology area, which
enables improved competitiveness to all production chain of the
petrochemical company.  With 219 patent registration applications,
four of them of green polymers, the company offers its clients a
team of 190 experts and R$330 million in research and development
assets.

The development of renewable polymers is aligned with the
company's strategy for value creation through technology and
innovation and for improved competitiveness.  Confirming its
commitment to investments in cleaner sources utilized in the
petrochemical industry, Braskem launched in April 2009 the
Cornerstone of the Green Polyethylene Project at the Petrochemical
Complex of Triunfo, in the state of Rio Grande do Sul.  The
project investments will reach around R$500 million and should
include the construction of an ethylene plant - the polyethylene
raw material - based on ethanol.

According to Bernardo Gradin, president of Braskem, "the
investment is part of the company's strategy of growth with value
creation and is aligned with the purpose of making it an
international reference for the development of green polymers".
The start-up of the green ethylene plant is planned to occur in
the fourth quarter of 2010, and the commercial operations might
start in early 2011.  This Unit will have the production capacity
of 200 thousand MT/year.

Besides the environmental aspects, the utilization of green
polyethylene offers an additional advantage: its application
characteristics and properties are identical to those of the
traditional plastic, which allows transformation industries to use
their current facilities to process the resin of renewable source.
The concept of green polyethylene sustainability is linked with
its ability to capture and fix CO2 from the atmosphere.  Each
produced kilo of Green PE captures around 2.5 kg of CO2.

For the Green PE, Braskem has established since last year a number
of partnerships with large clients of national and international
markets that wish to attribute the sustainability concept to their
brands, mainly European, American and Japanese companies.

The partnership with Toyota Tsusho for the Green PE trading in the
Asian market has produced the first market result with the
renewable resin, the contract established in Japan with Shiseido,
one of the largest cosmetic companies in the world.  In both
partnerships, the potential demand already identified for the
Green PE reaches around 600 thousand MT/year, three times as much
the capacity of the new plant under construction at the
Petrochemical Complex of Triunfo.

                        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 of May 18, 2009, the company continues to carry Fitch Ratings'
BB+ currency long-term Issuer Default Ratings, BB+ unsecured
senior notes due 2014, 2017, 2018.


CEB: Plans to List Shares on the Bovespa
----------------------------------------
Brazil-based Cia. Energetica de Brasilia (CEB) plans to list
shares on the Bovespa, LatinFrance reports, citing a company
statement.

According to the report, the company is 69% held by the federal
district of Brasilia (DF)- 89% voting shares and 49% non-voting
shares - and has been listed on the Bovespa since 1998.  The
report relates CEB has a market cap of BRL266 million and its
shares are very thinly traded.

LatinFrance notes that the statement said that issuance could
involve existing shares or new ones, and would be designed to
maintain DF's controlling stake.

Headquartered in Brasilia, Brazil, CEB is an electricity
distribution company serving about 714,000 consumers of the
Federal District, besides holding investments in power
generation utilities.

                         *     *     *

As of June 4, 2009, the company continues to carry Moody's B3
Local Currency Long-Term Debt Rating.


REDE ENERGIA: Repurchase Offer Cues Moody's to Keep Rating Review
-----------------------------------------------------------------
Moody's announced that it will continue its review for downgrade
of its ratings for Rede Energia S.A. and Rede's operating
subsidiaries following the company's BRL 300 million repurchase
offer to holders of Rede's US$575 million in unsecured perpetual
bonds.  All ratings were downgraded and placed under review on
April 23, 2009.

Moody's clarified that if the repurchase offer is completed in
line with the proposed terms and size of the transaction, it would
be viewed as a distressed exchange and thus classified as a
default under Moody's standard definition of a default.  Upon
completion of the transaction, Moody's would thus likely downgrade
the ratings for the perpetual bonds to Ca from Caa3.  Moody's
would subsequently review the new capital structure in conjunction
with other risk factors with a particular focus on measures to
enhance liquidity and capital structure going forward.

Despite the potential of certain benefits such as a net reduction
in debt and a lower total interest burden, Moody's considers these
transactions as being analogous to a distressed exchange of the
perpetual bonds based on the perspective that the company is under
financial stress.  A distressed exchange occurs when 1) an issuer
offers creditors a new or restructured debt, or a new package of
securities, cash or assets, that amount to a diminished financial
obligation relative to the original obligation and 2) the exchange
has the effect of allowing the issuer to avoid a bankruptcy or
payment default (for more information see Moody's Approach to
Evaluating Distressed Exchanges, March 2009, available on
www.moodys.com).

Rede's repurchase offer will be financed with BRL 300 million in
loans to be provided by local market financial institutions.  The
completion of tender offer is scheduled for June 26, 2009.

Ratings that remain under review for downgrade include:

  -- Caa1 / Caa1.br Corporate Family Ratings for Rede Energia S.A.

  -- Caa3 Senior Unsecured rating for Rede's US$575 million
     perpetual bonds

  -- B3 / B1.br Issuer Ratings for Centrais Eletricas do Para S.A.

  -- B3 / B1.br Issuer Ratings for Centrais Eletricas Mato-
     grossenses S.A.

  -- B3 / B1.br Issuer Ratings for Comp. de Ener. Eletr. do Est.
     do Tocantins

The last rating action for Rede was on April 23, 2009, when the
ratings were downgraded and placed on review for further downgrade
in face of deteriorated liquidity and weaker credit metrics.

Rede Energia S.A., headquartered in Sao Paulo, Brazil, is a
holding company with interests in electricity distribution and
generation.  Through majority-owned subsidiaries Companhia de
Energia Eletrica do Estado do Tocantins - Celtins, Centrais
Eletricas Matogrossenses S.A. - Cemat, Centrais Eletricas do Para
S.A. - Celpa and Empresa Energ. do Mato Grosso Sul - Enersul, the
group operates concessions to distribute electricity in the states
of Tocantins, Mato Grosso, Para and Mato Grosso do Sul,
respectively.  In addition, Rede operates small power distribution
concessions in a number of municipalities in the states of Sao
Paulo, Minas Gerais and Parana.  Overall, the group serves
approximately 4.2 million clients.  In 2008, Rede reported
consolidated net revenues of BRL 4.0 billion (US$2.2 billion) and
distributed 16TWh of electricity, which is equivalent to
approximately 4.5% of the electricity consumed in the country's
national integrated system during this period.



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

AQUANAUT OFFSHORE: Shareholder to Hear Wind-Up Report on June 24
----------------------------------------------------------------
The sole shareholder of Aquanaut Offshore Fund, Ltd. will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on June 24, 2009, at 10:30 a.m.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 949-9876
          Facsimile: (345) 945 8604


BLUEPOINT EMERGING: Shareholders' Final Meeting Set for June 26
---------------------------------------------------------------
The shareholders of Bluepoint Emerging Markets Absolute Return
Fund SPC will hold their final meeting on June 26, 2009, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Fax: 1 345 769-9351


BARGO HOLDING: Members to Receive Wind-Up Report on July 30
-----------------------------------------------------------
The members of Bargo Holding will hold their final meeting on
July 30, 2009, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Melinda Ebanks
          c/o TransOcean Bank & Trust, Ltd.
          P.O. Box 1959, Grand Cayman KY1 1110
          Cayman Islands
          Telephone: (345) 949 7493
          Facsimile: (345) 949 7524


BRISPHER CORPORATION: Members to Receive Wind-Up Report on Aug. 11
------------------------------------------------------------------
The members of Brispher Corporation Ltd. will hold their final
meeting on August 11, 2009, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


BRISPHER TRADING: Final General Meeting Set for August 11
---------------------------------------------------------
Brispher Trading Ltd. will hold its final general meeting on
August 11, 2009, at 12:00 noon to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4


CREP ANNEXE: Shareholders' Final Meeting Set for June 26
--------------------------------------------------------
The shareholders of Crep Annexe Cayman will hold their final
meeting on June 26, 2009, at 8:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


D. & M. STOP: Sole Shareholder to Hear Wind-Up Report on July 9
---------------------------------------------------------------
The sole shareholder of D. & M. Stop Loss Fonds will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 9, 2009, at 3:00 p.m.

The company's liquidator is:

          K.D. Blake
          c/o Bekilizwe Dube
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-945-4464
          Facsimile: 345-949-7164


DYNAMIC WORLD: Sole Shareholder to Hear Wind-Up Report on June 29
-----------------------------------------------------------------
The sole shareholder of Dynamic World Fund will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 29, 2009, at 3:00 p.m.

The company's liquidator is:

          K.D. Blake
          c/o Bekilizwe Dube
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-945-4464
          Facsimile: 345-949-7164


ELECTROGEN INTERNATIONALMARATHON: Members' Meeting Set for June 26
------------------------------------------------------------------
The members of Electrogen Internationalmarathon Power Limited will
hold their final meeting on June 26, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Y. R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


ENSO GLOBAL: Shareholders' Final Meeting Set for July 8
-------------------------------------------------------
The shareholders of Enso Global Equities Levered Fund, Ltd. will
hold their final meeting on July 8, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FORTIS CURRENCY: Shareholders' Final Meeting Set for June 26
------------------------------------------------------------
The shareholders of Fortis Currency Fund, Ltd. will hold their
final meeting on June 26, 2009, at 9:15 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


GENERAL MOTORS: Chapter 11 Filing Won't Affect Cayman Operations
----------------------------------------------------------------
General Motors Corp.'s bankruptcy filing in the United States will
not affect GM operations in the Cayman Islands, Kevin Shereves of
Cayman Net News reports, citing local affiliates.

As reported in the Troubled Company Reporter-Latin America, The
Wall Street Journal said General Motors Corp. filed for Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York on June 1.  MarketWatch related GM
Chief Executive Fritz Henderson said the Company will make
leadership changes within the next 60 days.  According to
MarketWatch, GM will also focus on its four core brands --
Chevrolet, Cadillac, GMC, and Buick -- which will allow the
reorganized company to focus its market efforts.  MarketWatch said
Mr. Henderson said that over 2009 GM will cut its salaried
workforce by 22%, about one-third of which have already been made.
WSJ stated that though the government would own 60% of the new GM,
President Barack Obama said that auto executives "will call the
shots and make the decisions about turning this company around,"
emphasizing that the government would refrain from playing a
management role in all but the most critical areas.

Advance Automotive Proprietor and Director Charles Markman, as
cited by Cayman Net News, said: "This region is not affected in
terms of our warranties, sales, parts and service.  General Motors
International Sales (GMIS) is our regional headquarters and they
have assured us that we will not be affected."  Advance Automotive
is the local GM dealer in the Cayman Islands.  "This region is not
affected in terms of our warranties, sales, parts and service.
General Motors International Sales (GMIS) is our regional
headquarters and they have assured us that we will not be
affected," Cayman Net News quoted Mr. Markman as saying.

According to Cayman Net News, Ignacio Limpenny, President and
Managing Director of General Motors International Sales Ltd, said:
"Our business operations continue globally without interruption.
None of GM's operations outside of the US are included in the US
court filings or court-supervised process, and these filings have
no direct legal impact on GM's plans and operations outside the
US, he added.

"There are no implications for the Cayman Islands at all.  The
announcement about the GM bankruptcy does not affect our Cayman
operations,  Mr. Limpenny was quoted by the report as saying.  "We
will still provide GM cars for dealers in the region.  There will
be restructuring in the US operation of General Motors.  From a
legal perspective it does not affect us and has no impact from a
commercial perspective.  I do not expect that anything will change
for us here in the Cayman Islands."

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of $6.0 billion, including special items, in the first quarter of
2009.  This compares with a reported net loss of $3.3 billion in
the year-ago quarter.  As of March 31, 2009, GM had $82.2 billion
in total assets and $172.8 billion in total liabilities, resulting
in $90.5 billion in stockholders' deficit.

On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008.  The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt.  It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value.  The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies.  A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.


GRS ORION: Shareholders' Final Meeting Set for June 26
------------------------------------------------------
The shareholders of GRS Orion Fund Ltd. will hold their final
meeting on June 26, 2009, at 8:30 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


MARATHON PETROLEUM: Members' Final Meeting Set for June 26
----------------------------------------------------------
The members of Marathon Petroleum Western Siberia Limited will
hold their final meeting on June 26, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Y. R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


MARATHON PETROLEUM: Members' Final Meeting Set for June 26
----------------------------------------------------------
The members of Marathon Petroleum El Manzala Limited will hold
their final meeting on June 26, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Y. R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


MARATHON POWER: Members' Final Meeting Set for June 26
------------------------------------------------------
The members of Marathon Power India Limited will hold their final
meeting on June 26, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Y. R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


MARATHON QATAR: Members' Final Meeting Set for June 26
------------------------------------------------------
The members of Marathon Qatar GTL Limited will hold their final
meeting on June 26, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Y. R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


NEW DIMENSION: Shareholders' Final Meeting Set for July 8
---------------------------------------------------------
The shareholders of New Dimension USD Fund Limited will hold their
final meeting on July 8, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NOVA GAS: Shareholders' Final Meeting Set for June 25
-----------------------------------------------------
The shareholders of Nova Gas Sur Gas Distribution Ltd. will hold
their final meeting on June 25, 2009, to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Donald Marchand
          John Scott
          TransCanada PipeLines Limited
          450 - 1st Street S.W.
          Calgary, Alberta T2P 5H1, Canada


OPTIMUM LTD: Final General Meeting Set for August 12
----------------------------------------------------
Optimum Ltd. will hold its final general meeting on August 12,
2009, at 12:00 noon to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands
          Telephone: 945-8859
          Facsimile: 949-9793/4



=========
C H I L E
=========

CORPBANCA: Fitch Affirms Support Rating Floor at 'BB-'
------------------------------------------------------
Fitch Ratings has affirmed Corpbanca's ratings:

  -- Foreign and local currency long-term Issuer Default Rating at
     'BBB+';

  -- Foreign and local currency Short-term IDR at 'F2';

  -- Long-term national rating at 'AA-(cl)';

  -- Short-term national rating at 'N1+(cl)';

  -- Individual Rating at 'C';

  -- Support Rating at '3';

  -- Support Rating Floor at 'BB-'.

The Rating Outlook on the IDRs is revised to Negative from Stable.

Concurrently, Fitch has affirmed Corpbanca's debt ratings:

  -- CLF23 million senior unsecured bonds national long-term
     rating at 'AA-(cl)';

  -- US$200 million bonds programme foreign currency long-term
     rating at 'BBB+';

  -- CLF14 million subordinated bonds national long-term rating at
     'A+(cl)'.

  -- National rating of its equities at 'Primera Clase nivel
     2(chl)'

The Negative Outlook reflects the negative trend seen on
Corpbanca's capital adequacy ratios and on its profitability.
Downward rating movement could occur if the pressure on both
aspects continues.  The ratings also factor in Corpbanca's
adequate financial performance, good asset quality and high
dependence on concentrated, although stable, time deposits.

Corpbanca's profitability is lower that that of its local peers
mainly due to a lower proportion of higher yielding retail
portfolio in its loan book.  In addition, it has been under
pressure in the last few years due to heavy investments in its
commercial structure, which should bear fruit in the medium-term,
and more recently to higher loan loss provisions.

The bank has actively managed its balance sheet to benefit from
the variation of the inflation and interest rates, which rose in
2008 and then declined in the first quarter of 2009 (1Q'09).  This
decrease was partly offset by significant gains on its available
for sale portfolio in 1Q'09 due to the sharp decline in interest
rates.

Loan loss provisions and charge-offs rose in 2008 and 1Q'09 in
line with the economic slowdown in Chile, and could continue to
pressure results in the months ahead.  Fitch will closely monitor
the evolution of LLPs in the next few quarters, which are expected
to continue to rise, albeit not at the same level seen in 2008 and
1Q'09.  Corpbanca's loan loss reserve coverage of its impaired
loans was 86% at end-March 2009, higher than that of its peers.

CorpBanca's capital adequacy was one of the bank's main strengths,
but it has steadily declined since 2003 due to strong growth,
decreased profitability and higher dividends; Fitch would view
this trend negatively if it were to continue.  At the end of
1Q'09, the bank's total capital/risk-weighted assets ratio was
adequate at 10.8%, and basic capital to risk-weighted assets was
7.8% at the same date.  Corpbanca has issued subordinated debt,
which has a high equity credit and accounted for only 16.1% of
qualifying capital, a low level by local standards.

Corpbanca is a mid-sized bank that operates in almost all market
segments, through a multi-product strategy.  At the end of March
2009 it had 109 branches and 7.1% of the Chilean financial
system's loans and deposits.  It is 50.86% owned by Corp Group
Banking S.A., 9.45% by Cia.  Inmobiliaria y de Inversiones SAGA
(entity controlled by Alvaro Saieh Bendeck and his family), and
the remaining 39.69% is held by domestic and foreign institutional
investors.  In turn, CGB is controlled by a group of Chilean
businessmen, in which the main individual shareholder is Alvaro
Saieh, who together with his family maintains indirectly a 39.01%
stake of Corpbanca.



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

ECOPETROL SA: Inks COL$2.2 Billion Loan Facility With Local Banks
-----------------------------------------------------------------
Ecopetrol SA said it has entered into a loan facility with a group
of local banks in the amount of COL$ 2.2 billion under these
terms:

    * Term of Facility: 7 years, including a 2-year
      grace period

    * Rate: DTF (fixed term deposit) + 4% (anticipated
      quarterly rate)

    * Amortization: Bi-annual

    * Guarantee: (coverage: 1.2 times) Stock pledge
      of Oleoducto Central S.A. (Ocensa),
      Refineria de Cartagena S.A. (Reficar), and
      Polipropileno del Caribe S.A. (Propilco),
      companies in which Ecopetrol has either direct
      or indirect equity interests.

    * Use of Proceeds: Company's investment program.

    * Participating banks:

     BANK NAME                                  SHARE
     ========                                   =====

     BANCOLOMBIA                                33.8%
     DAVIVIENDA                                 20.3%
     BANCO DE BOGOTA                            10.4%
     BANCO AGRARIO                               8.9%
     BBVA                                        8.1%
     BANCO DE OCCIDENTE                          4.5%
     BANCO POPULAR                               5.3%
     BANCO SANTANDER                             2.7%
     BANCO COMERCIAL AV VILLAS                   2.3%
     BANCO DE CREDITO                            2.9%
     COLMENA                                     0.9%
     TOTAL                                     100.0%


                       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 of May 19, 2009, the company continues to carry Fitch Ratings'
BB+ foreign currency issuer default ratings.



=======
C U B A
=======

* CUBA: Foreign Income Cut by US$1 Billion Seen
-----------------------------------------------
Cuba is facing a "very hard" economic blow in 2009 as depressed
nickel prices and reduced tourism revenue could slash foreign
income by US$1 billion, Nelson Acosta of Reuters reports, citing
economic commentator Ariel Terrero.  The report relates Mr.
Terrero said the Cuban government was already reducing imports and
limiting production in some industries in response to a growing
cash crunch.

According to the report, Mr. Terrero said prices for nickel had
averaged US$11,000 per tonne so far in 2009, down from US$21,000
per tonne last year, and if they continued at current levels,
would cut the island's nickel income for the year by US$720
million.  Tourism visits had increased in the first quarter, but
revenue had fallen 13.7 percent, which over the year would result
in a drop in income of US$300 million from 2008, he added.  "We
are talking about losses that could be US$1 billion in a country
that brings in about US$4 billion for exports (a year)," the
report quoted Mr. Terrero as saying.

Foreign businesses, the report notes, have been complaining about
slow payments and inability to transfer cash abroad, while Cuban
banks have warned they are short of hard currency.

Reuters recalls the government initially had forecast 6 percent
economic growth in 2009, but Economy and Planning Minister Marino
Murillo said the forecast had been reduced to slightly more than
2%.

                         *     *     *

The country continues to carry Moody's Caa1 foreign currency
rating with stable outlook.



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

* GUYANA: IDB Increases Financial Support
-----------------------------------------
Inter-American Development Bank (IDB) said it is increasing the
concessionary funds available for Guyana, Bolivia, Honduras and
Nicaragua, through a supplementary allocation, total lending can
expand 39%, from US$349 million per year in 2007 and 2008, to
US$485 million per year in 2009 and 2010, Caribbean360.com
reports.

According to the report, the IDB support is aimed to help overcome
the effects of the global economic crisis.

Caribbean360.com relates the supplementary debt will enable Guyana
to borrow up to US$28.6 million from US$20.6 million.

The IDB, the report notes, said the measures were approved by the
Board following a careful analysis that indicated that the four
countries have the capacity to take on the additional debt without
degrading their risk of debt distress, and that the additional
lending would not threaten the long-term sustainability of the
Fund for Special Operations (FSO).



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

BANCO DE COSTA: Fitch Affirms Issuer Default Rating at 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica, S.A.'s ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BB+';
  -- Short-term local currency IDR at 'B';
  -- Individual at 'C/D';
  -- Support at '3';
  -- Support Rating Floor at 'BB';
  -- National-scale long-term rating at 'AA+(cri)';
  -- National-scale short-term rating at 'F1+(cri)'.

The Rating Outlook is revised to Stable from Positive.

Costa Rica's government (long-term foreign currency IDR 'BB';
local currency IDR 'BB+'; Stable Outlook) is BCR's sole
shareholder, and it grants an explicit guarantee for BCR and other
state-owned banks.  However, the ability to provide support could
be limited, given the country's sub-investment grade sovereign
rating and fiscal constraints.  The aforementioned explicit
guarantee underpins the bank's IDRs, support rating and support
rating floor.

In turn, BCR's Individual rating reflects the bank's strong
franchise, as well as adequate capital levels, delinquency,
funding and liquidity.  The Individual rating also considers the
worsening environment, ample currency risk, modest core
profitability, high borrower concentrations and limited reserves.

The Outlook revision to Stable from Positive reflects Fitch's view
that upside potential for the bank's Individual rating has been
reduced recently, in view of weakening prospects in terms of
profitability and asset quality, some of the potential triggers
for a rating upgrade that Fitch highlighted when the Outlook was
revised to Positive in December 2007.  Over the medium-term, BCR's
Individual rating could be positively influenced by further
improvements in core profitability (core operating earnings and
BICSA's results); declining credit risk in the form of
concentrations and FX exposure; sustained liquidity, funding
stability and capitalization; and proven resilience amidst the
economic downturn.  In turn, its Individual rating could be
negatively affected if earnings and/or asset quality deteriorate
beyond expectations under the less benign economic prospects going
forward.

BCR has maintained better than local peers profitability, although
this is relatively low considering the country's still high
inflation.  Margins are somewhat tight and revenue diversification
is low.  Fitch believes that the performance will remain
reasonable, but upward-trended provisions from unsustainably low
previous levels will increasingly pressure earnings.  Delinquency
has remained at exceptionally low levels recently, although it has
increased gradually.  In view of the worsening economic outlook,
borrower and economic sector concentrations could jeopardize the
bank's ability to sustain asset quality metrics.  Indirect credit
exposure arises from a highly dollarized balance sheet (42% of
local loans at end-2008, a large portion of these granted to non-
US$ generating clients).  Aggressive loan growth in recent years
and limited loan loss reserves (1.26% of total loans) are
additional challenges.  Liquidity is sound given an ample cushion
of liquid assets (41% of total funding), a sizeable core deposit
base (81% of total liabilities) and adequate contingent liquidity
mechanisms offered by the financial authorities to local banks.
BCR's capitalization is comfortable given its inherent risks
(equity-to-assets: 11.4% at end-2008).  Capital is largely
unencumbered, and has mirrored loan growth, a trend that Fitch
expects to continue going forward.

Established in 1877 and wholly-owned by the government, BCR is one
of the oldest banks in Central America and the second largest in
Costa Rica, with market shares by assets, loans and deposits of
18%, 16% and 20%, respectively, at end-2008.  In addition to three
small local wholly-owned subsidiaries in non-credit activities, it
also has a 51% stake (increased from 20% in 2005) in Banco
Internacional de Costa Rica, a Panama-based bank established in
1976, specialized in corporate banking, in which local peer Banco
Nacional de Costa Rica (also fully government-owned) holds the
remainder 49% stake.  BCR has consolidated BICSA since November
2005.


BANCOPPEL SA: Moody's Downgrades Global Currency Ratings to 'B3'
----------------------------------------------------------------
Moody's Investors Service downgraded BanCoppel, S.A. long-term
global local currency and foreign currency deposit ratings to B3
from B2.  On its Mexican National Scale, Moody's also downgraded
BanCoppel's long-term deposit ratings to B1.mx from Ba1.mx.
Moody's confirmed BanCoppel's bank financial strength rating of
E+.  All ratings have a negative outlook.  The rating action on
BanCoppel concludes the review for possible downgrade initiated on
May 4, 2009.

The downgrade of BanCoppel's deposit ratings reflect the downgrade
of the bank's stand-alone baseline credit assessment to B3 from
B2, as well as the bank's weakening financial fundamentals
including continued net losses in the context of the current
economic downturn and the potential impact on the bank's capital
adequacy.  These concerns are exacerbated by the continuing
payment default of Hipotecaria Credito y Casa (rated Ca/Not Prime)
-- a major entity of Grupo Coppel and a sister company of
BanCoppel -- which increases the level of uncertainty regarding
the group's ability and willingness to continue injecting capital
into the bank as it has in the past, and in line with the bank's
capitalization plans.

In explaining the negative outlook placed on all the ratings,
including the bank's BFSR, Moody's noted that delays or failure by
the shareholders to provide BanCoppel with additional capital
could jeopardize the bank's capitalization.  This is particularly
relevant because of high capital consumption rates stemming from
the bank's virtually start-up operations, as well as from rapid
asset expansion and high credit-related losses reported since the
bank's inception in 2007.

Moody's indicated that BanCoppel's deposit ratings no longer
incorporate the potential extraordinary support the bank might
receive from Coppel S.A. de C.V. and, therefore, the ratings are
reflective of the bank's stand-alone creditworthiness.  Coppel
ranks among Mexico's largest retailer store chains catering to low
and medium income customers.

The last rating action on BanCoppel was on May 04, 2009, when
Moody's downgraded BanCoppel's long-term GLC and foreign currency
deposit ratings to B2 from Ba3, and placed them on review for
further possible downgrade.  On its Mexican National Scale,
Moody's also downgraded BanCoppel's long- and short-term ratings
to Ba1.mx/MX-4 from A3.mx/MX-2 and placed the long-term rating on
review for further possible downgrade.  Moody's also placed
BanCoppel's bank financial strength rating of E+ on review for
possible downgrade.

The long-term Mexican National Scale rating of B1.mx indicates
issuers or issues with weak creditworthiness relative to other
domestic issuers.  The short-term Mexican National Scale rating of
MX-4 indicates that the issuer has a below average ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

BanCoppel is headquartered in Mexico City.  As of March 2009, the
bank had around Mx$3.5 billion in assets.

The ratings actions were taken:

  -- Long term global local currency deposits: Downgraded to B3
     from B2, with negative outlook

  -- Long term foreign currency deposits: Downgraded to B3 from
     B2, with negative outlook

  -- Long term Mexican National Scale: Downgraded to B1.mx from
     Ba1.mx, with negative outlook

  -- Bank financial strength rating of E+: Confirmed, Outlook
     changed to negative

The ratings were affirmed:

  -- Global local currency deposits, short term: Not Prime
  -- Foreign currency deposits, short term: Not Prime
  -- Short term Mexican National Scale of MX-4


GRUPO PETROTEMEX: Fitch Downgrades Issuer Default Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Grupo Petrotemex,
S.A., de C.V.:

  -- Local currency Issuer Default Rating to 'BB+' from
     'BBB-';

  -- Foreign currency IDR to 'BB+' from 'BBB-';

  -- Petrotemex's US$75 million privately placed senior notes due
     2012 to 'BB+' from 'BBB-';

  -- DAK Americas US$115 million guaranteed senior notes due 2014
     to 'BB+' from 'BBB-'.

The Rating Outlook remains Negative.

The downgrade of Petrotemex's ratings is due to an increase in the
company's leverage as a result of large losses on its derivative
contracts.  The Negative Outlook reflects the significant
refinancing risk the company will face during 2009 and 2010, as
well as the challenging financial market conditions and the
current economic environment.

Petrotemex had $641 million of total debt as of March 31, 2009, an
increase from $522 million as of Sept. 30, 2008.  The increase in
debt was primarily due to losses on financial derivative
instruments such as commodity related hedges (natural gas,
gasoline and ethylene) and interest rate swaps.  Historically,
Petrotemex has had committed credit lines to support liquidity;
during 2008 the company used these facilities to fund financial
derivative instruments (collateral, settlements and unwinds) and
working-capital needs.

The company's debt as of March 31, 2009, consists of $150 million
of committed lines that have been drawn, $142 million of private
placements, $305 million of amortizing syndicated bank loans,
$10 million of ECA financing and $35 million of short-term bank
debt.  Petrotemex's debt is heavily weighted to the short-term;
the company had $241 million of short-term debt and $111 million
of cash and marketable securities at the end of March 2009.  The
company should be able to meet its short-term debt maturities
using available cash and free cash flow generation and by
refinancing approximately $90 million.

For the last 12 months ended March 31, 2009, Petrotemex generated
$235 million of EBITDA, an increase from $172 million for the LTM
ended March 31, 2008.  The improvement in the company's EBITDA was
due to a number of factors, including better conversion costs and
the addition of new production capacity.  To generate free cash
flow for debt repayment Petrotemex intends to reduce capital
expenditure levels to maintenance amounts.

Petrotemex is the sole producer and second largest
producer/supplier of PTA, the basic raw material used in the
polyester production chain, in Mexico and the Americas,
respectively.  Also Petrotemex is the second largest
producer/supplier of PET in the Americas.  The company's credit
ratings continue to reflect its strong domestic and global
competitive position, its long-term supply and customer
arrangements, geographically diversified operating base and that
80% of its sales go to markets less exposed to downward economic
cycles (ie, food, beverages and cleaning).


* MEXICO: Recession Will Ease in Coming Two Quarters
----------------------------------------------------
Mexico's recession will ease in the coming two quarters after
gross domestic product declined sharply in the three months
through June 30, Jens Erik Gould of Bloomberg News reports, citing
Finance Minister Agustin Carstens.  The report relates Mr.
Carstens said the economy is returning to normal quickly after an
outbreak of swine flu, citing an almost complete recovery in
domestic tourism.

According to the report, Goldman Sachs Group Inc. forecasts GDP
will shrink 8.5% this year as a slump in the U.S. reduces tourism,
remittances and demand for exports.  The report notes Central Bank
Governor Guillermo Ortiz said Mexico must improve tax collection
and make the labor market less rigid to avoid having its credit
rating cut.

Bloomberg News says the government forecasts a 5.5% decline in GDP
in 2009 from a year earlier.  The report relates Mr. Carstens sees
the economy posting almost zero growth in the fourth quarter,
which would be an improvement from the third quarter.


===========
P A N A M A
===========

BANCO INTERNACIONAL: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Panama-based Banco Internacional de
Costa Rica, S.A.'s ratings:

  -- Long-term foreign currency Issuer Default Rating (IDR) at
     'BB';

  -- Short-term foreign currency rating at 'B';

  -- Individual at 'C/D';

  -- Support at '3';

  -- National-scale long-term rating at 'A+(pan)';

  -- National-scale short-term rating at 'F1(pan)'.

The Rating Outlook is Stable.

BICSA's IDRs and support ratings reflect the commercial and
operating support it receives from its main shareholder, Costa
Rican government-owned Banco de Costa Rica (BCR, 51%-stake in
BICSA and rated 'BB' with a Stable Outlook by Fitch).  The
Individual rating considers its adequate capitalization and risk
management, enhanced managerial team and minor problem loans, but
also factors in its high borrower and creditor concentrations,
modest profitability and the challenges arising from the less
benign operating environment.

Increased competition and scarcer and costlier funding will
continue constraining the bank's relatively modest margins (1Q'09
NIM: 3.4%) and overall profitability in the near future.  Fitch
expects that the confluence of well-contained operating costs and
gradually increasing revenues should benefit the bank's
performance over the medium-term, although most improvements will
take some time before materially impacting earnings.  The bank is
largely exposed to borrower concentrations, which have somewhat
increased recently.  The enhanced risk management approach
provides some comfort relating to the likely growing credit costs,
but the level of loan loss reserves (1.2% of total lending at
1Q'09) is very low in view of the concentrated portfolio.  BICSA's
reliance on wholesale funding is a mounting challenge amidst the
current operating environment.  Customer deposits are the main
funding source, but these are highly concentrated and potentially
less stable.  Offsetting factors are the short-term nature of most
assets, a recently increased cushion of liquid assets and the
bank's ability to adequately manage liquidity amidst the adverse
market conditions in recent months.  The capital-to-assets ratio
is sound (13.56% at 1Q09) and mostly unencumbered.  While capital
adequacy has recently improved, this could be challenged under the
currently adverse conditions.

If required, Fitch believes that support to BICSA could be
provided by its major shareholder, BCR, although its ability to
provide full and timely support to BICSA could be limited by legal
or political issues.  BICSA does not benefit from the sovereign
guarantee that Costa Rican state-owned banks have.  Downside risk
for the bank's long-term ratings would stem from the
discontinuation of BCR's ability and/or willingness to provide
support, which Fitch considers unlikely at present.  In turn,
BICSA's IDRs would be positively influenced over time by an
upgrade of BCR's IDRs or, alternatively, BICSA's own Individual
rating.

Established in Panama in 1976, BICSA specializes in wholesale
banking. Its shareholders are the two largest Costa Rican banks,
both of which are government-owned.  It has an agency in Miami and
representative offices in Guatemala, Nicaragua and El Salvador.
The vast majority of its corporate business is carried out with
Costa Rican customers.  BICSA's core business has increasingly
migrated towards corporate banking (92% of total loans at end-
2008) and, to a lesser extent, correspondent services (6%), since
the latter has been gradually declining.  While the bank intends
to maintain its focus in these two segments, it also aims at
further expanding funding provided by Costa Rican and Panamanian
customer deposits.



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

* VENEZUELA: Gov't Takes Over Gas Compression Units
---------------------------------------------------
Venezuelan President Hugo Chavez's government took over 70 gas
compression units in 14 plants in several parts of the country;
including the Maracaibo and Orinoco oil heartlands; aimed to
increase state control of the economy, Ana Isabel Martinez of
Reuters reports.

"We continue advancing, recovering the control, property and
management of all these plants and compression units.  Nobody will
stop us in this," the report quoted Mr. Chavez as saying.  "We
have a timetable to take control of the production plants in the
Orinoco belt."

As reported in the Troubled Company Reporter-Latin America on
May 12, 2009, Bloomberg News said Mr. Chavez seized assets from 60
oilfield services companies using a law the national assembly
passed.  The report related state-owned Petroleos de Venezuela SA
(PDVSA) worked to take over operations from companies that
provided services such as water and gas compression and maritime
support. "Today, the private services companies disappear, we
don't need them, the people and workers can do the labor and be
more efficient," the report quoted Mr. Chavez as saying.  "We're
going to bury capitalism in Venezuela."  Venezuela seized two gas
injection units called El Furrial and PIGAP II from Tulsa,
Oklahoma-based Williams Cos., PDVSA said in a statement obtained
by Bloomberg News.  The report recalled that on April 30, Williams
Cos. said it declared PDVSA in default for non-payment and might
cease operations in Venezuela.

                         *     *     *

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.


           * * * End of Transmission * *