TCRLA_Public/090727.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, July 27, 2009, Vol. 10, No. 146

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Seeks to Block Sale of Private-Equity Stake
STANFORD INT'L: SFG Receiver May Get Involved in Local Liquidation


A R G E N T I N A

PUENTE HNOS: Moody's Affirms 'B3' Global Insurance Rating
* ARGENTINA: Economy Won’t Fall Into a Recession, Minister Says


B A R B A D O S

* BARBADOS: Signs EUR10.13MM Financing Deal With European Union


B E R M U D A

FOUNDING PARTNERS: Supreme Court Enters Wind-Up Order
MEA GP: Creditors' Proofs of Debt Due on August 5
MEA GP: Members' Final Meeting Set for August 25
XL CAPITAL: Sells U.S. Life Reinsurance Scor Group's Unit


B R A Z I L

CAIXA ECONOMICA: Expects Good Mortgage Growth in 2010
COMPANHIA DE SANEAMENTO: Moody's Confirms 'Ba3' Rating on Bonds
COSAN SA: Fitch Assigns Issuer Default Rating at 'BB-'
USINAS SIDERURGICAS: Says Worst Slump is Over


C A Y M A N  I S L A N D S

BROOKLANDS EURO: Fitch Downgrades Ratings on Six 2002-1 Notes
DARWIN ALPHA: Placed Under Voluntary Wind-Up
H3 JAPAN: Creditors' Proofs of Debt Due on July 31
LONGACRE EUROPEAN: Creditors' Proofs of Debt Due on July 31
MALLET GLOBAL: Creditors' Proofs of Debt Due on July 29

MEDIA PARTNERS: Creditors' Proofs of Debt Due on August 21
MEDIANATION INC: Creditors' Proofs of Debt Due on August 21
PERCEPTION INVESTMENTS: Shareholder Receives Wind-Up Report
SPRINGBOK CAPITAL: Creditors' Proofs of Debt Due on July 28
VOLKSWAGEN INVESTMENTS: Placed Under Voluntary Wind-Up

WOODALLEN GLOBAL: Creditors' Proofs of Debt Due on July 28


C O L O M B I A

BANCOLOMBIA SA: Sees Loan Portfolio to Grow 10% Or More in 2009
ECOPETROL SA: Gov't May Sell 89.9% Stake to Finance Projects


D O M I N I C A

DOMINICA AGRICULTURAL: CariCRIS Assigns BB+ Currency Ratings


D O M I N I C A N  R E P U B L I C

BANCO BHD: Fitch Affirms Issuer Default Rating at 'B'
BANCO MULTIPLE: Fitch Affirms Issuer Default Rating at 'B-'


G U A T E M A L A

BANCO INDUSTRIAL: Moody's Affirms 'D' Bank Strength Rating


J A M A I C A

CASH PLUS: Supreme Court Issues Official Shutdown Order


M E X I C O

ALESTRA S: Fitch Affirms Issuer Default Rating at 'B+'
CEMEX SAB: Expects to Posts Drop in Q2 Sales & Profits
CORPORACION DURANGO: Mexican Court OKs Reorganization Plan


P E R U

DOE RUN PERU: Has Agreement to Furlough Employees
DOE RUN PERU: Peruvian Gov't May Extend PAMA Deadline


T R I N I D A D  &  T O B A G O

BRITISH WEST: Gov't to Stick to 20 Cents Per Share Offer for Stock
CL FINANCIAL: Mulls Gov't-Backed Bonds to Raise Money to Pay Debt
CL FINANCIAL: Clico Investment Bank to Auction Off Assets


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Faces Labor Tension


X X X X X X X X

* BOND PRICING: For the Week July 20 to July 24, 2009


                         - - - - -


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


STANFORD INT'L: Owner Seeks to Block Sale of Private-Equity Stake
-----------------------------------------------------------------
Robert Allen Stanford's lawyers asked U.S. District Judge David
Godbey in Dallas to block plans by the Stanford Financial Group
court-appointed receiver, Ralph Janvey, to sell some of Mr.
Stanford's private-equity portfolio, Laurel Brubaker Calkins at
Bloomberg News reports.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2009, Bloomberg News said Mr. Janvey asked for emergency
approval to sell Mr. Stanford's stake in two limited partnerships
to avoid meeting cash calls or diluting the investments.  The
report related Kevin Sadler, a lawyer for receiver Mr. Janvey,
said in a court filing that Mr. Stanford’s companies are already
past-due on US$2.5 million in capital calls issued by two Israeli
development funds since the U.S. Securities and Exchange
Commission sued Mr. Stanford and seized his businesses.  If the
stakes aren’t sold by July 27, Mr. Stanford’s US$14.3 million
investment in the two funds will shrink to US$400,000, Mr. Sadler
added.

Bloomberg News noted that Mr. Janvey’s advisers negotiated a sale
price of US$4.1 million for the stakes in Israel Opportunity
Fund I and II, which would generate US$1.6 million in cash for the
receivership estate.  The report related that the remaining
US$2.5 million would go to cover the outstanding capital calls and
relieve the Stanford companies of US$61 million in future capital
commitments to the two funds.

                 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.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, 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.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: SFG Receiver May Get Involved in Local Liquidation
------------------------------------------------------------------
Caribbean360.com reports Stanford Financial Group court-appointed
receiver, Ralph Janvey, may get involved in Stanford International
Bank Limited's liquidation proceedings after the Eastern Caribbean
Court of Appeal said that he can challenge a High Court in
Antigua's statement, which said he has no right to take part in
the process.

Caribbean360.com says Mr. Janvey was denied any role in winding up
operations at SIBL by the Antigua and Barbuda High Court in April.

SIBL proceedings are being led by joint liquidators Nigel
Hamilton-Smith and Peter Wastell, client partners at British firm
Vantis Business Recovery Services.

"The Court of Appeal decided that the U.S. receiver should be
given leave to appeal against Justice Harris' refusal to allow the
U.S. receiver to participate in the winding up petition as an
interested person," the report quoted Stuart Isaac QC, one of the
attorneys representing Mr. Janvey, as saying.  "That matter will
now proceed to a full hearing in front of the Court of Appeal at
one of its future sessions," Mr. QC said.

However, the report points out that the Court of Appeal denied Mr.
Janvey's request for a stay of execution that would prevent Mr.
Hamilton-Smith and Mr. Wastell from carrying out their duties as
liquidators.  The report relates it also decided not to allow him
to admit new evidence in his appeal against the High Court
decision.

According to Caribbean360.com, Mr. Janvey has been challenging the
Antigua liquidators for control of all the assets that have been
located.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, a trial court in the United Kingdom issued a
decision that recognized the Antiguan Liquidators as "foreign
representatives" in the U.K. for SIBL, and recognized the Antiguan
liquidation proceeding for SIBL as the "foreign main proceeding"
for SIBL, at least so far as UK law goes.  In the same decision,
the court also recognized, as a matter of U.K. law, the Receiver
as the receiver for the other defendants in the U.S. receivership.
If the decision is not reversed on appeal, and ignoring any asset
freezes, the decision would give the Antiguan Liquidators powers
over assets of SIB that are located in the United Kingdom.

Caribbean360.com says Mr. Janvey has since appealed that ruling.

                   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.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, 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.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


PUENTE HNOS: Moody's Affirms 'B3' Global Insurance Rating
---------------------------------------------------------
Moody's Latin America has affirmed Puente Hnos SGR's B3 global
local-currency insurance financial strength rating; at the same
time, it upgraded to A3.ar from Baa1.ar its IFS rating for Puente
on Argentina's national scale.  Both ratings now carry a stable
outlook.

According to Moody's, the affirmation of Puente's B3 IFS primarily
reflects its stable financial and business profile.  The recent
financial performance of the guarantor is indicated by its
adequate profitability and fee growth and low leverage.  The
company maintains a high degree of integration with Puente
Sociedad de Bolsa -- a Buenos Aires Stock Exchange brokerage firm
which is part of the same economic group.  The integration with
the group's brokerage firm has benefited Puente because this
sponsor of the guarantor enjoys significant market share in the
local check-trading business, which Puente in turn guarantees.
Furthermore, management's ongoing plans to enter and develop new
markets are another positive development, as this could improve
its overall market presence and size.

Moody's also noted another positive credit consideration, which is
the recent favorable decision by the National Chamber of Appealing
for Commercial Issues regarding Puente's ability to continue
operating normally as a financial guarantor in Argentina.
Previously, in 2007, the Small and Medium Size Secretary had
imposed the revocation of Puente's authorization to operate in the
market but on June 2, 2009, the National Chamber of Appealing for
Commercial Issues declared the revocation null or invalid.

Although the uncertainties related to Puente's potential business
revocation and liquidation are no longer present, other rating
factors are constraining the positive regulatory development.
Specifically, Moody's cited the deteriorating credit quality of
the guarantor's investments, the currently weaker operating
environment in Argentina and the recessionary economy and activity
in the country which could increase claims and/or diminish future
recoveries for Puente under the guarantees.

Among Moody's other concerns are the expected increase in Puente's
operational leverage (the ratio of outstanding guarantees to
investments) going forward given the removal of the regulatory
uncertainty facing the company, as well as its still relatively
high client concentration among its guarantees and the owners'
aggressive capital management of the company in terms of their
extracting significant dividends.

Although these credit concerns resulted in the affirmation of
global local-currency IFS rating, Moody's said the recent removal
of the regulatory uncertainty and the ability of the guarantor to
now expand its business was positive enough to warrant the upgrade
in the national scale IFS rating to A3.ar from Baa1.ar.  Moody's
also noted that Puente's better profitability and operational
leverage relative to other B3 guarantors and insurers in Argentina
was a driver of the upgrade of the national scale rating.

Based in Buenos Aires, Puente Hnos. SGR is a small financial
guarantor; it reported total assets of AR$26 million as of the
first quarter of 2009, ended March 31.  Outstanding guarantees
reached almost AR$24 million, and the company posted a net profit
of AR$0.1 million, which was in line with that of the same period
in 2008.

NOTE: Moody's national scale insurance financial strength ratings
rank an enterprise's financial strength on a relative basis in
comparison with other firms within the same country.  Such ratings
are designed for use at the local (national) level, and they are
not globally comparable.  For Argentine companies, national scale
ratings carry the identifier of ".ar".  In contrast, global local-
currency insurance-financial strength ratings indicate the
relative credit risk of an insurance company on a globally
comparable scale.  In the case of ratings of insurers domiciled in
a country with a speculative grade sovereign rating, these ratings
are the result of these, among several factors: the political
risk; the risk of a generalized debt moratorium; the weakness of
the legal environment or framework; and the risk of interference
in the functioning of the financial system.  Taken together, the
national scale and global local-currency ratings provide a more
comprehensive opinion about the credit risk of the company.
Moody's insurance financial strength ratings are opinions about
the ability of insurance companies to punctually pay senior
policyholder claims and obligations.


* ARGENTINA: Economy Won’t Fall Into a Recession, Minister Says
---------------------------------------------------------------
Argentina’s economy won’t fall into a recession this year amidst
economists' forecast that the country's economy will shrink in
2009, Bill Faries at Bloomberg News reports, citing Cabinet Chief
Anibal Fernandez

Argentina’s economy will contract 3.3 percent this year after
growing 6.8 percent in 2008, according to the median estimate of
six economists surveyed by Bloomberg.  The report relates the
government on July 17 reported that the economy in May failed to
post year- on-year growth for the first time since November 2002.

According to the report, citing the National Statistics Agency,
industrial production rose for the first time this year in June,
climbing 0.6% from a year earlier, while output fell a seasonally
adjusted 0.6% from May.

The report notes economists and politicians including Vice
President Julio Cobos said the the National Statistics Agency’s
reports overestimate growth and underestimate inflation.  Economy
Minister Amado Boudou unveiled on July 21 a plan to help
“strengthen” the institute, Bloomberg News says.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'.  The rating
outlook on the local currency IDR is Stable.

In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.


===============
B A R B A D O S
===============


* BARBADOS: Signs EUR10.13MM Financing Deal With European Union
---------------------------------------------------------------
Barbados signed a EUR10.13 million (BDS $28 million) financing
agreement with the European Union to assist with the modernization
of this country's International Business and Financial Services
Sector.  The funds will also give effect to the European
Community's contribution to the 2008 Annual Action Programme on
Accompanying Measures for Sugar Protocol Countries.

Minister of State in the Ministry of Finance, Investment and
Telecommunications, Senator Darcy Boyce, signed the accord on
behalf of the Barbados Government, while Head of the European
Delegation, Ambassador Mr. Valeriano Diaz, initialed on behalf of
Europe.   The ceremony was held in the Committee Room of
Parliament Buildings.  The first tranche of 4.75 M Euros (BDS
$13M) will be made available subject to compliance with EU General
Conditions, while the second tranche will be disbursed against
specific performance indicators such as quarterly or annual
reports.  The money is part of the EU's annual development
assistance, following the reform of the European Union's sugar
regime.

In his remarks, Senator Boyce said: "The resources of the
Accompanying Measures for Sugar Protocol Countries Initiative
2007-2010 is provided by way of Budget Support rather than direct
Project Financing as occurred in previous programmes.  In order to
qualify, it therefore requires the preparation of a Multi-Annual
Action Plan which consists of a number of projects for the said
period, that is, 2007 - 2010.  One such project is the support to
the International Business and Financial Services Sector."

The Barbados-European Union relationship at the national level is
governed essentially by three main instruments, the Ninth European
Development Fund Country Strategy Paper and National Indicative
Programme (NIP) 2002 - 2007; the 10th EDF Country Strategy Paper
and NIP 2008 - 2013, and the Barbados Adaptation Strategy 2006 -
2014, through the Accompanying Measures for Sugar Protocol
Countries.

The Country Strategy Paper of the Ninth EDF provided for
approximately Euros $10.5 million or (BDS. $27.2 million) in
budget support to reform the Health Sector, a project that has
been ongoing for the last four years and set to end this year.

The Program seeks to implement priority areas of the National
Strategic Plan for Health, 2002-2012. It also provides for a
Technical Cooperation Facility in the amount of Euros $300,000
(BDS. $778,000) to support initiatives complementary to the Health
Sector.  A major initiative funded by the Facility has been the
establishment of the Non-State Actors Advisory Panel.

The 10th EDF covers the period 2008 - 2013 and provides
approximately Euros $9.8 million (BDS. $24.7 million), its major
focus is on the development of skills which will absorb 85 per
cent of the resources under this program.

According to Senator Boyce "the most significant resources from
the European Commission will come from the mechanism, the AMPS.
This mechanism arose out of the 2006-2014 Barbados Adaptation
Strategy which was established to support Sugar Protocol Countries
as a result of a 36 per cent decline in sugar export revenues,
provides grant funding to the tune of 37.4 M Euros or BDS. 90M for
budget support for the period 2007- 2010. "

Ambassador Diaz in commending the Government of Barbados, said it
"should be recognized for its unwavering guard of an international
reputation as a jurisdiction of quality and integrity in the realm
of international business and financial services".  He added: "The
expansion of this sector is naturally central to the country's
economic diversification strategy and the EC is committed to
continue supporting its expansion."

The EC will be contributing BDS$1.2 M in technical assistance
towards the establishment of an international Institute of
Financial Risk and Regulation.  This institute will share the
physical premises of the Cave Hill School of Business of the
University of the West Indies, and will have the principle purpose
of becoming an internationally accredited centre, developing
world-class training regulators, relevant Government officials,
private risk managers and general managers in financial service
companies in the areas of anti-money laundering, financial
regulation, corporate governance and risk management.  It will
also seek to offer courses that lead to internationally recognized
certification in these specific and related areas."

Through support to the International Business and Financial
Services Sector, the program will contribute significantly to
addressing priorities in respect of competitiveness, employment
creation and the maintenance of real wages.


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


FOUNDING PARTNERS: Supreme Court Enters Wind-Up Order
-----------------------------------------------------
On July 17, 2009, an order to wind up the operations of Founding
Partners Capital (Bermuda) Limited was made by the Supreme Court
of Bermuda.

The official receiver was appointed as provisional liquidator.


MEA GP: Creditors' Proofs of Debt Due on August 5
-------------------------------------------------
The creditors of MEA GP Ltd are required to file their proofs of
debt by August 5, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 17, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


MEA GP: Members' Final Meeting Set for August 25
------------------------------------------------
The members of MEA GP Ltd will hold their final general meeting on
August 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 July 17, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


XL CAPITAL: Sells U.S. Life Reinsurance Scor Group's Unit
---------------------------------------------------------
XL Capital Ltd. has sold its U.S. life reinsurance operations, XL
Re Life America Inc., to Scor Global Life US (SGL), a unit of
Paris-based Scor Group, for US$45.1 million, Jonathan Kent at the
Royal Gazette reports.  The report relates XL Capital said it was
exploring options for its life businesses as it sought to sharpen
its focus on its core property and casualty units.

According to the report, an XL spokeswoman said that the deal
would not affect any Bermuda-based staff, only a small number of
US-based employees.  "SGL intends to offer employment to the XLRLA
team upon consummation of the transaction," Scor said in a
statement obtained by the news agency.

The transaction is expected to close on September 30, 2009 and is
subject to regulatory approval and normal closing conditions, the
report says.

                        About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


CAIXA ECONOMICA: Expects Good Mortgage Growth in 2010
-----------------------------------------------------
Caixa Economica Federal expects "good growth" in real estate loans
in 2010 on booming demand for low-income housing, Elzio Barreto at
Reuters reports, citing Chief Executive Maria Fernanda Ramos
Coelho.

According to the report, the bank's total credit portfolio has
reached BRL100 billion (US$52.5 billion), surpassing the target of
BRL90 billion set for the end of 2009.  The report relates the
bank has already revised its target for the loan portfolio twice
because of an increase in mortgages and loans backed by worker
salaries.  "We have had really strong growth," Mr. Coelho told
Reuters in an interview.

Reuters says the bank's credit portfolio has surged nearly
60% over the past year, with room to boost lending by another
BRL70 billion based on its capital requirements.

Marcos Vasconcelos, the bank's vice president of control and risk,
the report notes, said default rates as measured by loans that
have remained unpaid for more than 90 days have remained stable
for consumer loans, near the 5.9% level at the end of 2008.

Reuters recalls the bank has lent about BRL19 billion in mortgages
so far in 2009, from an average of BRL5 billion just four years
ago.  The report relates it has revised its target for mortgage
lending this year to BRL26 billion from BRL22 billion as demand
for low-income housing surged after the government unveiled a
US$15 billion plan to build 1 million homes by 2011.

Caixa Economica expects to settle by October discussions with the
central bank over rules to issue mortgage-backed securities, the
report adds.

                     About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                          *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


COMPANHIA DE SANEAMENTO: Moody's Confirms 'Ba3' Rating on Bonds
---------------------------------------------------------------
Moody's confirmed the Ba3 local currency and A3.br on the
Brazilian National Scale rating for the existing BRL166 million
unsecured debentures due 2012 issued by Companhia de Saneamento do
Parana - Sanepar but changed the outlook to negative.  This
concludes the review for possible downgrade that was initiated on
December 12, 2008.

The negative outlook reflects Moody's growing concerns with the
impact of the continuing tariff freeze implemented by the
Government State of Parana since 2005 on the company's cash flow,
the uncertainties about the designation of the existing
BRL789 million of advances for future capital increase and the
ongoing shareholder dispute.

The review of Sanepar's ratings was prompted by the announcement
of its board of directors last December to convert around
BRL789 million in intended advances for future capital increase
into debt.  This decision was, in Moody's opinion, a response by
the major shareholder, the State Government of Parana, which was
not allowed to convert these resources into capital.  The equity
conversion, primarily planned to be approved in a shareholders
meeting scheduled for 10/20/2008, did not occur in the face of a
court decision that prevented the state government from further
increasing its equity participation in the company. The court
decision was in response to the request of the minority
shareholder, Domino Holdings S.A which was another step in a long
judicial dispute that dates back to 2003 between the State
Government and Domino on a shareholders agreement to control
Sanepar.

Another shareholders meeting to approve a capitalization of around
BRL340 million was scheduled for July 16, 2009; however, once
again Domino obtained a court injunction to prevent the
capitalization until the dispute over the shareholders agreement
is resolved.  While the conversion of the advances into debt does
not seem to be in the best interest of any of the shareholders,
Moody's does not rule out that such a decision will be enforced if
the State Government of Parana and Domino do not reach a definite
agreement on the control of Sanepar's capital.  There also remain
uncertainties as to the final maturity, amortization schedule and
interest rates in case these advances for future capital increase
effectively become debt and the impact this would have on the
company's liquidity position.

The tariff freeze in place since 2005 also poses additional
concerns on the company's ability to generate adequate cash flow
in the face of a relatively sizeable capital expansion program.
Preliminary projections indicate that despite lower operating
margins stemming from no tariff adjustment in the past four years,
Sanepar should still post healthy operating margins in 2009 while
maintaining leverage at satisfactory levels compatible with the
current Ba3 rating category.  Nevertheless, operating margins and
metrics will continue to weaken which could create downward rating
pressure in 2010, particularly if expansion plans continue.

The last rating action on Sanepar was December 12, 2008 when all
ratings were placed under review for possible downgrade.

Sanepar's ratings were assigned by evaluating factors believed to
be relevant to its credit profile, such as i) the business risk
and competitive position of Sanepar versus others within its
industry or sector, ii) the capital structure and financial risk
of Sanepar, iii) the projected performance of Sanepar over the
near to intermediate term, and iv) Sanepar's history of achieving
consistent operating performance and meeting financial plan goals.
These attributes were compared against other issuers both within
and outside of Sanepar's core peer group and Sanepar's ratings are
believed to be comparable to ratings assigned to other issuers of
similar credit risk.

Headquartered in Curitiba, Brazil, Companhia de Saneamento do
Parana - Sanepar is majority owned and controlled by the
government of the State of Parana.  Sanepar provides water
treatment and distribution to 8.8 million consumers, and sewage
service to 5.2 million consumers in 344 municipalities in the
state of Parana and one municipality in the state of Santa
Catarina.  In the last twelve months ending March 31, 2009,
SANEPAR reported net earnings of BRL131 million (US$66 million) on
BRL1,301 million (US$656 million) in net revenues.


COSAN SA: Fitch Assigns Issuer Default Rating at 'BB-'
------------------------------------------------------
Fitch Ratings has assigned 'BB-' local and foreign currency Issuer
Default Ratings and a 'A-(bra)' National Scale Rating to Cosan
S.A. Industria e Comercio and its subsidiary Cosan Combustiveis e
Lubrificantes Ltda.  Fitch has also assigned a 'BB-' rating to
CCL's proposed US$300 million senior unsecured notes due 2014
issued through its wholly owned subsidiary, CCL Finance Ltd.  The
notes will be unconditionally and irrevocably guaranteed by CCL.
The Rating Outlook for Cosan and CCL is Stable.

Cosan's credit ratings reflect its strong market position as Latin
America's largest agroenergy company.  This position has enabled
Cosan to access both the equity and debt capital markets
frequently, mitigating to an extent the company's exposure to
commodity price cyclicality, its volatile cash flow generation and
its aggressive growth-by-acquisition strategy.  Cosan's ratings
also reflect the company's high leverage and its exposure to
foreign exchange risk, as about 63% of its revenues during the
fiscal year ended March 31, 2009 were related to exports.

Cosan's ratings are exposed to event risk in the form of a large
debt-led acquisition.  The current rating category does not factor
in any headroom for acquisitions, and it incorporates an
expectation that Cosan's credit measures will gradually strengthen
over the next few years as the company benefits from the results
of its recent acquisitions and investments.  The ratings further
incorporate Cosan's attractive cost structure, a result of
Brazil's competitive advantage in producing sugar and ethanol, the
favorable outlook for ethanol consumption in the country and the
strong long-term fundamentals of the sugar market.

On Dec. 1, 2008, Cosan increased the integration of its business
when it completed the purchase of Exxon's fuel distribution assets
in Brazil (now under the name of CCL).  This acquisition increased
Cosan's refinancing risk as it was partially funded with
BRL1.1 billion promissory notes from Bradesco.  This note was
originally scheduled to be repaid during November 2009, and Cosan
has recently obtained a stand-by credit facility that enables this
maturity to be postponed to November 2010 at their discretion.  It
represents the largest near-term refinancing risk for them.

Given the characteristically tight margins in the distribution
business, CCL presents a high refinancing risk on a standalone
basis for the proposed US$ 300 million issuance of notes.  Even
though this issuance does not bear a formal guarantee from Cosan
S.A., Fitch views CCL as a fully integrated business of Cosan,
with centralized cash management and a strategic connection to the
core businesses.  As a result, CCL and the proposed note issuance
have been assigned the same rating as Cosan.

Cosan is expected to continue to invest in companies that will
improve the vertical integration of its businesses, such as
logistics, distribution and energy co-generation.  Not only will
these investments make cash flow more stable and predictable, but
they should also create additional competitive advantages by
eliminating logistics bottlenecks and strengthening the company's
business flexibility.

In the 11 months ended March 31, 2009, Cosan generated
R$718 million of EBITDA and R$370 million of Funds From
Operations.  These figures (which include four months of CCL
operations) compare favorably to an EBITDA of R$173 million and
FFO of R$55 million obtained in the 12 months ended April 30,
2008.  The improvements were boosted by improved sugar prices and
higher average foreign exchange rates.

Cosan's financial leverage is high compared to the average for the
rating category.  As of the fiscal year ended March 31, 2009,
Cosan had a total adjusted debt to adjusted EBITDA ratio of 5.4
times (x), an improvement from 8.8x as of April 30, 2008.  On a
net basis, the adjusted leverage was at 4.1x in FY09, compared to
1.1x in FY08, as most of the cash proceeds from Cosan's equity
raises were used in its investment program during FY09.  The high
leverage is mitigated by Cosan's satisfactory track record in
accessing capital markets and the long-term profile of its debt.

Consolidated adjusted total debt as of March 31, 2009 was
R$4.9 billion and cash and marketable securities was
R$719 million.  Cosan's financial obligations are relatively
evenly distributed between local and foreign currency debt.  The
average US$1 billion annual export flow and the long-term nature
of the US$ debt (74% is long-term, and 37% of that relates to
perpetual bonds) offset the foreign exchange risk associated with
its debt.

Cosan's aggressive expansion strategy is the major source of
liquidity pressure for Cosan, as reflected by the company's
recurring negative free cash flow.  Cosan has been able to rely on
its access to debt and equity capital markets (and to a lesser
extent its own operational cash flow) to support this growth and
keep a balanced liquidity position.  In 2007, the parent holding
company Cosan Ltd.'s successfully raised US$1.1 billion in its IPO
at NYSE, and in 2008 Cosan S.A also raised BRL500 million in
additional third-party equity.  Around 42% of the company's total
debt is related to capital markets (US$450 million in perpetual
bonds and US$400 million senior unsecured notes maturing in 2017).

With annual revenues of R$6 billion in the 11-month fiscal year
closed in March 2009, Cosan is Brazil's largest producer, trader
and exporter of sugar and ethanol.  The sugar and ethanol business
is carried out in 21 mills, (not including two greenfields
starting-up in FY10), four refineries and two port terminals,
which allow the group to run a vertically-integrated operation.
After the recent announced merger with Nova America, it will reach
a crushing capacity of 57 million tons of sugar cane, which
represents 13% of Brazilian market and is nearly three times as
much as the second largest player.


USINAS SIDERURGICAS: Says Worst Slump is Over
---------------------------------------------
Alexander Ragir and Diana Kinch at Bloomberg News report that
Usinas Siderurgicas de Minas Gerais SA said the worst slump in the
Company's history is over.

According to the report, Company Chief Executive Officer Marco
Antonio Castello Branco said Usiminas was “over” the worst period
its history and Brazilian steel demand will “recover gradually”
this quarter after stockpiles fell.  The report relates the
company said it will boost production to meet rebounding demand.

The company's steel output, the report notes, may recover to
90% of full capacity levels during the second half of the year,
from 50% in the second quarter.  It will also restart two blast
furnaces -- Ipatinga furnace and Cubatao furnace -- as domestic
demand for flat-rolled steel and exports recovers, the company
said in a statement obtained by the news agency.  The report
relates Ipatinga was switched off by the end of July 2008, and the
Cubatao furnace by the end of August 2008.

                      About Usinas Siderurgicas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                          *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Suboridate Debt rating.


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


BROOKLANDS EURO: Fitch Downgrades Ratings on Six 2002-1 Notes
-------------------------------------------------------------
Fitch Ratings has downgraded six classes of Brooklands Euro
Reference-Linked Notes 2002-1 and affirmed three classes:

  -- Class A+ (ISIN XS0238513344) affirmed at 'BB'; Outlook
     Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class A (ISIN XS0148886913) affirmed at 'CCC'; 'RR3'

  -- Class B1 (ISIN XS0148887481) downgraded to 'C' from 'CC';
     Recovery Rating revised to 'RR6' from 'RR5'

  -- Class B2 (ISIN XS0148887721) downgraded to 'C' from 'CC';
     Recovery Rating revised to 'RR6' from 'RR5'

  -- Class C (ISIN XS0148887994) affirmed at 'C'; Recovery Rating
     is 'RR6'

  -- Class D (ISIN XS0148888372) downgraded to 'D' from 'C';
     Recovery Rating is 'RR6'

  -- Class E1 (ISIN XS0148888703) downgraded to 'D' from 'C';
     Recovery Rating is 'RR6'

  -- Class E2 (ISIN XS0148889180) downgraded to 'D' from 'C';
     Recovery Rating is 'RR6'

  -- Class G1 (ISIN XS0148948291) downgraded to 'C' from 'CC';
     Recovery Rating revised to 'RR6' from 'RR5'

The downgrades of classes D, E1 and E2 are a result of their
principal write-downs following determination of the credit
protection payment with respect to three credit events on RMBS
assets.  In addition, since Fitch's last review in March 2009, the
transaction has experienced two more RMBS credit events which have
not been settled.  Currently, the reported principal value of both
Class E1 and E2 is zero, while the Class D principal balance has
decreased to EUR9.8 million.

The downgrades of classes B1 and B2 reflect the decrease of their
credit enhancement levels to 2.5%.  These current levels of CE
protection compare unfavorably with the current level of portfolio
credit risk, with 22% of the portfolio rated in the 'BB' category,
5.3% in the 'B' category and 4.3% rated 'CCC+' or below.  Given
the thin nature of the two Class B tranches, Fitch has revised
their respective Recovery Ratings to 'RR6' to reflect poor
recovery prospects (0-10%) given default.

Regarding the Class D notes, after determination of the two new
credit events, Fitch expects that the Class D will be completely
written-down at which point the Class C notes will begin to suffer
principal write-downs.  The downgrade of Class G1, comprising
parts of Class B2 and F notes (equity notes), reflects the current
credit risk of Class B2 and the zero principal value of Class F.
The Class G1 note will continue to receive interest as long as the
underlying Class B2 component receives cash flow.

The issuer, Brooklands, is a special purpose vehicle incorporated
with limited liability under the laws of the Cayman Islands.
Brooklands provides protection to UBS AG, London Branch
('A+'/'F1+'/Outlook Stable) on a portfolio of reference credits
with an initial notional value of EUR1bn.

The ratings of Class A+ to E notes address the full and timely
payment of interest and ultimate payment of principal.  The
ratings of the Class G1 notes address the ultimate payment of
principal and a total return of 1% p.a.


DARWIN ALPHA: Placed Under Voluntary Wind-Up
--------------------------------------------
On April 30, 2009, a resolution was passed by the general partner
of Darwin Alpha Recovery Master Fund L.P. that the partnership be
wound up and dissolved in accordance with the terms of the
Partnership Agreement.


H3 JAPAN: Creditors' Proofs of Debt Due on July 31
--------------------------------------------------
The creditors of H3 Japan Fund are required to file their proofs
of debt by July 31, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647

or;

          Avalon Management Limited
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


LONGACRE EUROPEAN: Creditors' Proofs of Debt Due on July 31
-----------------------------------------------------------
The creditors of Longacre European Capital (GP), Ltd. are required
to file their proofs of debt by July 31, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 9, 2009.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647

or;

          Avalon Management Limited
          Harbour Centre, 42 North Church Street
          P.O. Box 1348, George Town
          Grand Cayman KY1-1108, Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


MALLET GLOBAL: Creditors' Proofs of Debt Due on July 29
-------------------------------------------------------
The creditors of Mallet Global Events Master Fund, L.P. are
required to file their proofs of debt by July 29, 2009, to be
included in the partnership's dividend distribution.

The partnership commenced wind-up proceedings on June 15, 2009.

The partnership's liquidator is:

          Ogier
          c/o Shameer Jasani
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108, Cayman Islands
          Telephone: (345) 815 1802
          Facsimile: (345) 949 1986


MEDIA PARTNERS: Creditors' Proofs of Debt Due on August 21
----------------------------------------------------------
The creditors of Media Partners International Holdings Inc. are
required to file their proofs of debt by August 21, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 25, 2009.

The company's liquidator is:

          Wong Hon Chiu, Stephen
          Admiralty Centre, Tower 2, 22nd Floor
          18 Harcourt Road, Hong Kong


MEDIANATION INC: Creditors' Proofs of Debt Due on August 21
-----------------------------------------------------------
The creditors of Medianation Inc are required to file their proofs
of debt by August 21, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 25, 2009.

The company's liquidator is:

          Wong Hon Chiu, Stephen
          Admiralty Centre, 22nd Floor, Tower 2
          18 Harcourt Road, Hong Kong


PERCEPTION INVESTMENTS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Perception Investments Limited received on
July 3, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SPRINGBOK CAPITAL: Creditors' Proofs of Debt Due on July 28
-----------------------------------------------------------
The creditors of Springbok Capital Master Fund, L.P. are required
to file their proofs of debt by July 28, 2009, to be included in
the partnership's dividend distribution.

The partnership commenced wind-up proceedings on June 15, 2009.

The partnership's liquidator is:

          Ogier
          c/o Shameer Jasani
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108, Cayman Islands
          Telephone: (345) 815 1802
          Facsimile: (345) 949 1986


VOLKSWAGEN INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------------
On June 17, 2009, a resolution was passed by the general partner
of Volkswagen Investments Limited Partnership that the partnership
be wound up and dissolved in accordance with the terms of the
Partnership Agreement.


WOODALLEN GLOBAL: Creditors' Proofs of Debt Due on July 28
----------------------------------------------------------
The creditors of Woodallen Global Macro Master Fund, L.P. are
required to file their proofs of debt by July 28, 2009, to be
included in the partnership's dividend distribution.

The partnership commenced wind-up proceedings on June 19, 2009.

The partnership's liquidator is:

          Alan Tooker
          c/o Ogier
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: 345 769 3400
          Facsimile: 345 769 3404


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


BANCOLOMBIA SA: Sees Loan Portfolio to Grow 10% Or More in 2009
---------------------------------------------------------------
Bancolombia S.A. expects its total loan portfolio rising 10% or
"slightly more" in 2009 compared with 2008, Bancolombia Chief
Executive Jorge Londono told Dow Jones Newswires in an interview.
Inti Landauro at Dow Jones Newswires reports that the bank's total
loan portfolio was worth COP44.64 trillion (US$22.85 billion) at
the end of 2008.  The report recalls six months, Mr. Londono, had
said ago the bank's loan portfolio would grow between 8% and 10%
this year.

According to the report, Mr. Londono said the Colombian economy is
going through the current crisis rather well.  The report relates
the country's economy in the second half of this year will
probably be better than in the first half of this year, which will
mean an improvement of business for Bancolombia.

The report notes Mr. Londono said that due to the economic slump,
the growth of Bancolombia's net profit has shrunk, though the
slowdown was expected.  "The slowdown was a bit weaker than what
we had expected," Mr. Londono added.  The report relates in 2008,
the bank reported a record net profit of COP1.29 trillion, 19%
higher than the profit reported in 2007; while return on equity
was higher than 24% in 2008, but that ratio will be difficult to
match in 2009.  Dow Jones Newswires says in the first quarter of
this year, the bank's consolidated net profit had expanded 23% to
COP290 billion and a survey of five analysts shows they expect net
profit to fall a median 20% in the second quarter to COP301
billion.

As reported in the Troubled Company Reporter-Latin America on
July 9, 2009, Bancolombia S.A.'s shareholders approved the
issuance of up to 80 million preferred shares and authorized the
company's board of directors to determine the specific terms of
the issuance, including applicable timing for the offering or
offerings of the preferred shares.

Dow Jones Newswires notes Mr. Londono said the proceeds of such a
sale would be used to increase the bank's ratio of equity to total
assets in case the local regulators raise the legal minimum
threshold.  Proceeds would also be used to provide enough equity
to boost lending if the economy picks up faster than expected or,
possibly, to finance an acquisition. Mr. Londono added.

                      About Bancolombia S.A.

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

                          *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR 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 Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


ECOPETROL SA: Gov't May Sell 89.9% Stake to Finance Projects
------------------------------------------------------------
The Colombian government is evaluating the possibility of selling
part of its 89.9% stake in state-controlled oil company Ecopetrol
SA to finance the construction of highway projects, Inti Landauro
at Dow Jones Newswires reports, citing Finance Minister Oscar Ivan
Zuluaga.

According to the report, Mr. Zuluaga said the government has no
concrete plans regarding the possible sale of Ecopetrol shares.
The report relates a law approved by Congress authorizes the
government to sell an additional 9.9% of Ecopterol after it
floated 10.1% of the company.

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. under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009 , Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


===============
D O M I N I C A
===============


DOMINICA AGRICULTURAL: CariCRIS Assigns BB+ Currency Ratings
------------------------------------------------------------
Caribbean Information and Credit Rating Services Limited has
assigned ratings of CariBB+ (Foreign Currency Rating) and CariBB+
(Local Currency Rating)  on its regional rating scale to the debt
issue of the size of US$10 million of Dominica Agricultural,
Industrial and Development Bank.  These ratings indicate that the
level of creditworthiness of this obligation, adjudged in relation
to other obligations in the Caribbean is speculative.

Dominica Agricultural, Industrial and Development Bank (DAID Bank)
credit risk profile reflect the fact that it operates exclusively
in a relatively weak, highly indebted economy and that it has
limited access to funding for its core business.  Additionally,
its stagnated loan portfolio exhibits high levels of NPLs,
increasing loan write offs and rescheduling.  These weaknesses
are, to some extent, mitigated by support from the Government of
Dominica, its moderate financial performance and positive
liquidity gaps.  Going forward, access to increased funding as
well as the planned organizational restructuring may improve the
credit profile of the company.

The bank operates exclusively in a relatively weak, highly
indebted economy.  Dominica’s economy is small, open and highly
susceptible to exogenous factors such as international prices for
oil, bananas and commodities.  Additionally, the performance of
its main sector, agriculture, remains highly vulnerable to natural
disasters as evidenced by the passage of Hurricane Dean in 2007
and Hurricane Omar in 2008, both of which caused substantial
losses.  The tourism sector has limited growth potential which is
further constrained by inadequate air access, lack of tourism
infrastructure and a depressed travel market stemming from the
global financial crisis.  The fiscal performance continues to be
strained as the government focuses on debt reduction.  The
economy’s high dependence on grant funding and remittances will be
further curtailed as the global credit crunch persists.

There has been limited access to credit lines from (international
development agencies), the company’s primary funding sources.  In
the last 8 years DAID Bank has been unable to access credit lines
from the Caribbean Development Bank as no Government guarantees
were forthcoming while Dominica was under an International
Monetary Fund program.  Additionally, no funding was sought from
the European Investment Bank because of foreign exchange losses
which impacted earnings.  The cessation of deposit-taking in
December 2008 places an additional resource constraint.

Limited access to funding led to marginal growth in the Bank’s
asset base in the last 5 years.  Moreover, the existing loan
portfolio is characterized by high levels of non-performing loans
(NPLs) and weak assets which CariCRIS estimates to be around 25%
of gross loans in FY2008.  The loan portfolio is concentrated in
the education and mortgage sectors representing 56% of total loans
in FY2008.  An increase in the number of rescheduled loans as well
as write offs has contributed to a fall in NPLs.  Nevertheless,
provisions for loan loss have been adequate, averaging EC $11.1
million for the period FY2004 to FY2008.

These credit weaknesses are, to some extent, tempered by:

The Government of the Commonwealth of Dominica, the majority
shareholder, has over the years supported the Bank by providing
guarantees for all its loans.  By mandate, the DAID Bank is
expected to fund higher-risk projects normally eschewed by their
commercial banking counterparts.  CariCRIS believes the company’s
operations are of strategic importance specifically as a vehicle
for the implementation of government’s economic and social
development goals which is reflected in the loan composition.
Government support is also manifested in the Bank’s tax-free
status and its decision to forego dividends from DAID Bank.  The
GOCD has a moral obligation to continue to provide support to the
Bank as it operations have far reaching implications on the social
fabric.  Additionally, by statute the government is obligated to
provide financial support in times of financial distress.

The Banks’ financial performance has been moderate in the last 5
years even in the face of limited funds available to grow its loan
portfolio.  The 5-year average for total income was EC $6.9
million, profits after tax was around EC $1 million (in the last 2
years), net interest income averaged EC $6.4 million and the Bank
earned comfortable interest spreads of 4.4%.  The company’s tax
free status allows it to book higher levels of profits.  On the
other hand, dividend payouts to Dominica Social Security are fixed
at EC $250,000 regardless of profit levels.

The senior management team at DAID Bank is highly qualified and
experienced in the regional financial sector.  There is also a
high level of stability as the average tenure is around 20 years.
The recently appointed General Manager has over 20 years
experience in development financing.  Management has been able to
generate profits for the period FY2006 to FY2008 and grow the loan
portfolio, albeit marginally, against a backdrop of scarce funding
since 2002.

For the past four years DAID Bank had recorded positive liquidity
gaps for all its maturity buckets with 10% in the less than 1 year
bucket which augurs well for meeting short term liabilities.


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


BANCO BHD: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------
Fitch Ratings upgrades Dominican Republic-based Banco BHD's
ratings:

  -- Long-term National rating to 'AA-(dom)' from 'A+(dom)';
  -- Short-term National rating to 'F-1+(dom)' from 'F-1(dom)'.

Fitch also affirms BHD's international ratings as specified in the
full list of rating actions below.

The Rating Outlook for BHD's international Issuer Default Ratings
was revised to Stable from Positive given the challenging
operating environment and the need to keep enhancing its capital
base compared to other regional and international players rated in
the higher end of the 'B' rating category.  The upgrade of BHD's
national scale rating reflects the bank's improved and sustained
profitability, sound asset quality and improved market share and
capital ratios; which compares favorably with local peers.  Going
forward, future changes to BHD's international and national
ratings will be contingent upon a significant improvement of its
capital base (in absolute terms and in regards to its quality);
while a higher than expected deterioration of its profitability
and asset quality indicators could result in a negative trend for
its ratings.

Also as part of the same rating action, Fitch Dominicana upgraded
several ratings of subsidiaries of Centro Financiero BHD (sole
shareholder of BHD) under the presumption of expected support that
BHD would provide in case it should be required to those entities.

Fitch takes these ratings actions on Banco BHD and its
subsidiaries:

Banco BHD

  -- Long-term foreign and local currency IDRs affirmed at 'B';

  -- Short-term foreign and local currency IDRs affirmed at 'B';

  -- Support affirmed at '5';

  -- Individual affirmed at 'D';

  -- Long-term National rating upgraded to 'AA-(dom)' from
     'A+(dom)';

  -- Short-term National rating upgraded to 'F-1+(dom)' from 'F-
     1(dom);

  -- The Support Floor affirmed at 'NF'.

The Outlook for the IDRs is revised to Stable from Positive.

Banco de Ahorro y Credito Pyme BHD, S.A.

  -- Long-term National rating upgraded to 'AA-(dom)' from
     'A+(dom)';

  -- Short-term National rating upgraded to 'F-1+(dom)' from 'F-
     1(dom).

BHD Valores Puesto de Bolsa, S.A.

  -- Long-term National rating upgraded to 'AA-(dom)' from
     'A+(dom)';

  -- Short-term National rating upgraded to 'F-1+(dom)' from 'F-
     1(dom).

  -- Senior Unsecured National rating upgraded to 'AA-(dom)' from
     'A+(dom)'.

BHD International Bank (Panama) SA

  -- Long-term National rating upgraded to 'AA-(dom)' from
     'A+(dom)';

  -- Short-term National rating upgraded to 'F-1+(dom)' from 'F-
     1(dom).

BHD's ratings reflect its diversified retail deposit base,
adequate market share, good liquidity, improved asset quality and
profitability, competent management, and robust shareholder
structure.  Capital levels are still the main challenge of the
bank relative to other banks in the region, while further income
diversification will enhance its profitability.

In the case of the other three subsidiaries of Centro Financiero
BHD, their ratings are based on the expected support from BHD
should it be required from those entities, since these entities
provide complementary services to the bank and are clearly linked
to the franchise of the bank in the Dominican Republic and Panama
(international bank license.

Significant loan growth and the clean-up of the legacy portfolio
from previous mergers and the economic crisis in 2003-2004, along
with a revamped credit risk control policy, have allowed BHD to
dramatically improve its asset quality ratios.  At March 31, 2009,
past due loans represented slightly more than 2% of total loans,
in line with the average for the past three years and below its
closest competitors.  In comparison, loan loss reserves at 5% of
total loans are adequate. Nonetheless, the lower expected economic
activity in the Dominican Republic and the need to test the new
risk tools demands a cautious monitoring of the portfolio to avoid
unexpected increases of past due levels.

Improved efficiency, although still weak by international
standards, and relatively low loan loss provisions charges have
allowed BHD to enhance its profitability.  The return on average
assets ratio improved to 3.2% in 1Q'09, as compared with less than
2% in 2005.  Despite the volatility of the environment, high
competition, and higher expected provision expenses, the bank's
current income stream should allow maintaining ROAA ratios at
least above 2% and, jointly with a prudent dividend policy, steady
improvement in BHD's capital ratio.

Moderate dividends and improved profitability have benefited BHD's
capital ratios.  At March 2009, BHD had an equity-to-assets ratio
of 8.7% and a total capital ratio of 14.6%.  If the burden of
fixed and foreclosed assets is excluded, Fitch's free capital
ratio would be 4.9%, improved from previous periods but still
considered tight.

As of March 2009, BHD ranked third among 12 commercial banks, with
a 12% market share by total assets.  At Dec. 30, 2008, Grupo BHD
controlled 51% of Centro Financiero BHD, the sole shareholder of
BHD, with Banco de Sabadell of Spain and Banco Popular de Puerto
Rico together holding 40% and International Finance Corporation
controlling 9%.


BANCO MULTIPLE: Fitch Affirms Issuer Default Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings has affirmed Banco Multiple Leon S.A.'s ratings:

  -- Foreign Currency Issuer Default Rating at 'B-';
  -- Local Currency IDR at 'B-';
  -- Short-Term Foreign Currency IDR at 'B';
  -- Short-Term Local Currency IDR at 'B';
  -- Individual Rating at 'D/E';
  -- Support Rating of at '5';
  -- Support Floor at 'NF';
  -- National Long-Term Rating at 'BBB+(dom)';
  -- National Short-Term Rating at 'F-2(dom)';
  -- National Subordinated Debt Rating at 'BBB-(dom)'.

The Rating Outlook is Stable.

BML's ratings reflect adequate liquidity ratios and the positive
trend on its capitalization and asset diversification.  The
operational support of its sole shareholder, the Leon family, is
also reflected.  On the other hand, BML's ratings are still
limited by its relatively volatile asset quality and profitability
metrics and the burden imposed by a challenging operating
environment.  BML's ratings would be positively affected by
improvements to its asset quality metrics and profitability.  A
reversion of its capital ratios or further deterioration of its
profitability and/or asset quality can negatively affect its
ratings.

BML shareholders are committed to improving the capital base of
the bank in terms of quantity and quality.  As such, no cash
dividends have been paid since 2004, while during 2009, a new
minority shareholder agreed to inject an initial US$12 million
into BML's capital.  As a consequence, BML's equity-to-assets
ratio improved to 8% on May 31, 2009 (6.5% in 2004), while the
burden of fixed and foreclosed assets decreased to 49% from more
than 200% in 2005.  In May 2009, the Fitch free capital ratio
stood at 4%, improved from previous periods but still considered
tight.

In May 2009, a new minority shareholder was incorporated into
BML's capital structure.  With this agreement, Darby injected
US$12 million into BML capital (about 11.7% of the bank equity at
that time) and retained the right to increase its participation up
to 25% of the bank's equity in the next 12 months.  BML
shareholders identify Darby as a strategic partner that would
provide not only fresh capital but also its experience and know-
how in the administration of a minority position in several banks
in Latin America, as well as the expertise of Franklin Templeton
Investments. This agreement allows Darby to name two directors on
the BML board.

Despite the steady increase of its net interest revenue and
stable, although low, other operating income, the significant
burden of loan loss provisions and still weak efficiency levels
keep pressuring BML's overall profitability.  After posting
positive results in 2006, operating profit still represents less
than 1% of average assets.  Due to the volatility of the
environment, high competition, and higher expected provision
expenses, the current income stream of the bank could still be
insufficient to cover unexpected swings of expenses.

Asset quality metrics are still affected by the legacy of some
older corporate loans and the natural seasoning of a growing loan
portfolio in times when new credit risk tools are in the
developing process.  On May 31, 2009, past due loans represented
4.8% of total loans, above the market average and with loan loss
reserves representing just 90% of the impaired figure.  Also,
restructured loans were still sizable at 2.7%.  The lower expected
economic activity in the Dominican Republic and the need to test
and improve the new risk tools demand cautious monitoring of the
portfolio to avoid further increase of its past due levels.

As of May 2009, BML ranked fifth out of 12 commercial banks, with
a 5.3% market share by total assets.  As of May 2009, the Leon
family controlled 88.3% of BML, while Darby Probanco Holding L.P.
(Darby; a subsidiary of Franklin Templeton Investments) controlled
the remaining 11.7%.


=================
G U A T E M A L A
=================


BANCO INDUSTRIAL: Moody's Affirms 'D' Bank Strength Rating
----------------------------------------------------------
Moody's Investors Service affirmed the ratings of Banco Industrial
S.A. and changed the outlook on the bank's D bank financial
strength rating to stable from negative.

The rating agency also affirmed the bank's Baa3 and Prime-3 long
and short term global local currency deposit ratings, and the Ba3
and Not Prime long and short term foreign currency deposit
ratings, all with stable outlooks.  At the same time, Moody's
affirmed the Ba3 foreign currency ratings on Industrial's capital
notes.

Moody's explained that the stable outlook on Industrial's BFSR
incorporates the sustained performance of the bank's
profitability, asset quality and liquidity metrics, which together
with a relative stable dividend policy have limited the pressure
on its capitalization.  The leveraged acquisition of Honduras'
Grupo Banpais by Industrial's holding company, Bicapital, in
December 2007 had raised concerns that Industrial's earnings and
capital could be negatively affected.

Moody's noted that the recent actions related to Bicapital's
financing of the Banpais acquisition -- which include extension of
the maturity of the syndicated loan, which is in the final stages
of completion, and the shareholders' commitment to annual capital
injections to ensure repayment of this loan -- are also likely to
limit the burden on Industrial's financial flexibility, while
addressing the continued high double leverage at the holding
company level.

The rating agency also indicated that Industrial's performance has
benefited from the integration of the bank's acquisitions in
Guatemala that have contributed cost synergies for both funding
and operations, while adding to its already dominant loan and
deposit market shares.  Despite intense competition from
international banks in the region, Industrial has been able to
maintain and attract deposits and business from an established
customer base.

In light of the economic slowdown in Guatemala resulting in part
from depressed global economic and financial conditions, Moody's
said that the bank's loan and earnings growth will continue under
pressure and asset quality is likely to deteriorate.  The agency
noted that the bank is well positioned to absorb potentially
higher loan losses under more stressful conditions within its
rating category due to conservative asset quality management as
well as efforts to build its reserve and capital cushion.

Moody's noted, however, that the group's ongoing acquisition
strategy -- which could entail further regional expansion -- would
be viewed with concern, particularly in the context of limited
access to financing alternatives that could adequately support
such a strategy, as well as of a more difficult business
environment overall.

Moody's last rating action on Banco Industrial S.A. was on
December 18, 2008 when the outlook on the long term foreign
currency deposit rating was changed to stable from positive
following a similar action on the country ceiling for deposits.

Banco Industrial S.A. was the largest bank in Guatemala as of
June 30, 2009, with consolidated assets of approximately
US$5.5 billion, equity of $460 million, and six month net earnings
of $42 million.  The bank is the largest operating subsidiary of
Bicapital Corporation, a financial holding company based in Panama
City, Panama, with consolidated assets of $6.5 billion as of
June 30, 2009.

These ratings were affirmed for Banco Industrial S.A.:

* Bank Financial Strength Rating: D, affirmed, outlook changed to
  stable from negative

* Long Term Local Currency Deposits: Baa3, stable

* Short Term Local Currency Deposits: Prime-3

* Long Term Foreign Currency Deposits: Ba3, stable

* Short Term Foreign Currency Deposits Not Prime


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


CASH PLUS: Supreme Court Issues Official Shutdown Order
-------------------------------------------------------
The Supreme Court ordered the official shut-down of Cash Plus
Limited and all it entities following an application by the
provisional liquidator, Hugh Wildman, RadioJamaica reports.

According to the report, Mr. Wildman, appointed by presiding judge
Justice Roy Anderson, was given more powers to track down and sell
assets of the failed company, and refund money to thousands of
persons who lost money in the "Ponzi scheme".  The report relates
over the past several months, Mr. Wildman has been kept busy
trying to find assets owned by Cash Plus and its former boss,
Carlos Hill.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, RadioJamaica said Cash Plus's depositors and
creditors expect to get back some of their money soon, as
properties owned by the company were advertised for sale.   The
report said that according to an advertisement published in The
Sunday Gleaner, seven properties owned by Cash Plus Limited and
its subsidiaries and affiliates were advertised for sale:

   -- houses, with an estimated value of more
      than US$30 million each:

      * a town house in Armour Heights,
      * a town house on Cherry Drive,
      * a town house on Norbrook Drive, and
      * apartment at Waterworks Mews.

   -- property at Mainland International, March Pen,
      St Catherine;

   -- property on Old Harbour Road, St Catherine, and

   -- property in Kencot, St Andrew.

                       About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations.  The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill.  The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


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


ALESTRA S: Fitch Affirms Issuer Default Rating at 'B+'
------------------------------------------------------
Fitch Ratings has affirmed Alestra, S. de R.L. de C.V.'s ratings:

  -- Local currency Issuer Default Rating at 'B+';
  -- Foreign currency IDR at 'B+';
  -- Senior notes due 2010 at 'BB-/RR3';

The Rating Outlook is Stable.

Alestra's ratings reflect its lower business risk profile, stable
cash flow generation, continued positive free cash flow and sound
credit metrics.  The ratings are tempered by currency mismatch
between debt and cash flows, refinancing risk regarding it 2010
notes, challenges in the long distance market and increased
competition in data, internet and local services.  Improved
revenues and cash flow mix over the past few years driven by
growth in DILS has lowered the company exposure to riskier long
distance segment, resulting in lower business risk and stable cash
flow generation.  Continued stable operating performance and
moderate capital expenditures has resulted in free cash flow that
has been used to reduce indebtedness, strengthening the company's
credit metrics.  The 'BB-/RR3' rating of the 2010 senior notes
reflects good recovery prospects in the range of 50%-70% given
default.

Alestra's operations reflect its business position as a niche
provider of DILS and long-distance.  DILS growth continues to
compensate for revenues and cash flows declines from long distance
services.  Alestra's business strategy is focused on growing
revenues from its enterprise and consumer customers by offering
value added services.  Fitch expects that over the next few years,
the company should continue growing and introducing convergent
services, such as IP telephony, security, hosting, managed
services and VPNs to offer integrated solutions to corporate
customers, which accounts for approximately 75% of revenues and
85% of cash flow.  The company also looks to increase contribution
of consumer revenue with growth from VOIP services.

Negative long distance business fundamental trends are expected to
continue.  Competition in the international and domestic business
remains intense as price pressures continue.  In addition, the
entrance of international and national long distance calling party
pays had a negative effect on this segment as costs increased and
traffic declined.  The company has showed ability to offset the
loss in revenue from this segment with incremental revenues from
DILS, which have resulted in stable to slight growth in EBIDTA
over the past few years.

The company continues to face competitive challenges in the
corporate segment primarily from the incumbent telecommunications
operator, Telefonos de Mexico and by CLEC Axtel.  The entrance of
number portability added competition to the residential market.
However, Alestra has been one of the main beneficiaries with
approximately 15 thousand total additions since its introduction
in July of 2008, mostly related to the consumer segment.  Other
beneficiaries are cable television companies offering voice
services, which targets the residential market.

Alestra's business risk continues to moderate as EBITDA generated
by DILS accounts for slightly more than 80% of consolidated
EBITDA, favorably compared to past few years where EBITDA from LD
was more important to cash flow than DILS.  On a consolidated
basis, EBITDA continues to moderately grow, despite long distance
revenue declines, driven by the company strategy to grow higher
margin DILS in its business mix.  For the twelve months ended
March 31, 2009, total consolidated EBITDA grew 4.6% when compared
to the same period of the previous year, as consolidated revenues
declined 4.5%. DILS revenue growth was insufficient to outpace
decline in long distance revenues.

Credit protection measures have remained relatively stable over
the past few years and are strong the rating category.  For the 12
months ended March 31, 2009 total debt to EBITDA and EBITDA to
interest expense were 2.4 times(x) and 4.5x, respectively.
However, Alestra is exposed to currency mismatch between debt and
cash flow and faces liquidity and refinancing risks.  As of
March 31, 2009; MXN692 million was registered as short-term
against MXN331 million of cash and marketable securities.  The
company is working on refinancing its 2010 maturity to eliminate
any refinancing or liquidity risk; however, inability to refinance
this maturity should pressure the ratings as they approach to
June 30, 2010.  Of the US$193 million 2010 senior notes
outstanding, US$19.7 million matures on December 30, 2009, and
US$173.3 million on June 30, 2010.

Alestra provides data, internet, local and long distance services
in Mexico and is 51% owned by Alfa and 49% by AT&T.  For 12 months
ended March 31, 2009; it registered revenue and EBTIDA of
MXN4,709 million and MXN1,393 million, respectively.



CEMEX SAB: Expects to Posts Drop in Q2 Sales & Profits
------------------------------------------------------
CEMEX, S.A.B. de C.V. probably had a difficult second quarter,
with economic weakness in its major markets hurting sales and
profits, Anthony Harrup of Dow Jones Newswires reports.  The
report relates Cemex faced downturns in construction in the U.S.,
Spain and the U.K., while in Mexico aggressive public-sector
infrastructure spending offset some of the weakness in housing
starts.

According to the report, Mexican results may be negatively
affected by the Easter holiday, which came in April this year
instead of March, and by an outbreak of influenza that interrupted
economic activity at the beginning of May.

Cemex SAB is expected to report sales of US$4.4 billion in the
second quarter, down from US$6.35 billion in the year-ago period,
according to the median estimate of six analysts polled by Dow
Jones Newswires.  The report relates EBITDA probably fell to
US$837 million from US$1.37 billion a year ago, while net profit
is seen at US$187 million, compared with US$444 million in the
second quarter of 2008.

"Weak operating results for Cemex shouldn't be a surprise and
should already be partly reflected in the share price," Banco
Santander said in a report obtained by the news agaency.  Cemex's
shares will likely be more sensitive to the company finalizing its
debt restructuring with bank creditors, including the possibility
that a deal will involve a capital increase, Banco Santander
added.

                       About Cemex, S.A.B.

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings placed on 'Rating Watch Evolving',
Cemex's ratings, including its 'B' Foreign currency Issuer Default
Rating, and 'B' Local currency IDR.


CORPORACION DURANGO: Mexican Court OKs Reorganization Plan
----------------------------------------------------------
Corporacion Durango SAB's bankruptcy reorganization plan was
approved by a Mexican court, Emily Schmall at Bloomberg News
reports.  The report, citing a company statement, relates the
company's debt will decrease 54% to US$250 million, about one-
fifth of its asset value.

“This new organization plan gives the company enough
flexibility to face any business condition,” Chief Financial
Officer Mayela Rincon de Velasco told Bloomberg in a phone
interview.

As reported in the Troubled Company Reporter, Bloomberg News
said Corporacion Durango filed for Chapter 15 bankruptcy with the
U.S. Bankruptcy Court for the Southern District of New York (Lead
Case No. 08-13911) on Oct. 6, 2008, after missing a US$26.5
million interest payment on 10.5 percent bonds due in 2017.
Two of its affiliates filed for Chapter 11 protection separately
with the same court on the same day.

                  About Corporacion Durango

Corporacion Durango, S.A. de C.V. (BMV: CODUSA), a vertically
integrated producer of paper and packaging products in Mexico,
previously announced that the First Federal District Court in
Durango, Mexico, has approved the company's plan of reorganization
and declared the termination of its "Concurso Mercantil"
proceeding.

                        *     *     *

As of July 27, 2009, the company continues to carry Fitch ratings
"D" LT Issuer Credit Ratings and "CC" Senior Unsecured Debt
ratings.

Durango’s debt will decrease 54 percent to $250 million,
about one-fifth of its asset value, the company said today in a
statement to the stock exchange. The company filed for
bankruptcy in Mexico and the U.S. in October after missing a
$26.5 million interest payment on its senior notes.
“This new organization plan gives the company enough
flexibility to face any business condition,” Chief Financial
Officer Mayela Rincon de Velasco said in a phone interview.
The Mexico City-based company said June 24 that a New York
judge approved the turnaround plan for its two U.S. Units.


=======
P E R U
=======


DOE RUN PERU: Has Agreement to Furlough Employees
-------------------------------------------------
Doe Run Peru S.R.L. -- an indirect subsidiary of Doe Run Resources
Corporation and owner of the Metallurgical Complex of La Oroya --
has signed an agreement with its employees, establishing that they
all will take forced vacations for three months, starting next
month, Isabel Guerra at LivinginPeru.com reports.  The report
relates the employees will receive only the 63% of their salaries.

According to the report, during that time, the workers will only
do maintenance work in the foundry plant and refinery.

The report notes Doe Run had planned to halt operations for a
longer period, but the workers opposed, forcing the company to
negotiate an agreement that led to the agreement that both parts
have signed.

                        About Doe Run Peru

Doe Run Peru S.R.L. is an indirect subsidiary of Doe Run Resources
Corporation.  Doe Run Peru operates an integrated primary lead
operation and a recycling operation located in Missouri, referred
to as Buick Resource Recycling.  Fabricated Products operates a
lead fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


DOE RUN PERU: Peruvian Gov't May Extend PAMA Deadline
-----------------------------------------------------
Peru President Alan Garcia said the government “is willing to be
flexible and to extend" Doe Run's deadline to complete the
environmental cleanup, provided the company presents “a financial
guarantee, including shares,” Isabel Guerra at LivinginPeru.com
reports.

The report, however, relates Jose Mogrovejo, Doe Run Peru's Vice
President for Environmental Affairs, remarked that the company
would inject the capital required to operate again only if the
government gave it a deadline extension of 30 months.

As reported in the Troubled Company Reporter-Latin America on
June 4, 2009, Bloomberg News said Doe Run Peru -- an indirect
subsidiary of Doe Run Resources Corporation -- shut all its
smelter operations after failing to reach an agreement with banks
and mining suppliers.  The report related Mining Federation
General Secretary Luis Castillo said the company, a unit of New
York Renco Group Inc., is unable to pay its 3,700 workers and has
no cash for metal supplies for its La Oroya zinc and lead smelter.

                           About Doe Run

Doe Run Peru S.R.L. is an indirect subsidiary of Doe Run Resources
Corporation.  Doe Run Peru operates an integrated primary lead
operation and a recycling operation located in Missouri, referred
to as Buick Resource Recycling.  Fabricated Products operates a
lead fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


BRITISH WEST: Gov't to Stick to 20 Cents Per Share Offer for Stock
------------------------------------------------------------------
The Trinindad and Tobago government said it is open to a meeting
with shareholders of defunct national airline British West Indies
to discuss a 20 cent per share offer for their stock, Trinidad
Express reports, citing Minister in the Ministry of Finance
Mariano Browne.  However, the report relates Mr. Browne made it
clear that while the State was open to discussions, it will be
sticking to its offer.

According to the report, Mr. Browne said that the 20 cent per
share value was "rational" and therefore non-negotiable.  The
report notes at 20 cents per stock unit, 4,200 shareholders will
have to split about TT$7.4 million.  Mr. Browne, the report notes,
said it is only in a gesture of "goodwill" that the government is
now offering its minority shareholders 20 cents per share for
their stock.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2009, Trinidad Express said a group of minority
shareholders of BWIA rejected the Trinidad and Tobago government's
offer to pay them for their stock.  The report related the
government offered 4,200 BWIA shareholders 20 cents per share for
their stock in the folded airline.  According to the report, the
airline's shareholders paid between US$4 and more than US$6 per
share about 10 years ago and they refused to accept the ex-gratia
payment from government by the July 31 deadline.  The report noted
the payment amounts to about TT$7 million but shareholders say
their investments are worth mire than five times that.  The
Express said minority shareholder rights advocate Peter Permell
said BWIA was still a limited liability company and under
Securities and Exchange Commission by-laws, government's offer
amounted to a takeover.

                  About British West Indies

British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

The airline had reportedly been losing US$1 million a week due
to poor operational management.  An employee survey revealed
that lack of responsibility by the management was a major issue
in the company.  A number of key employees moved to other
companies caused by a deadlock in the airline's negotiation with
its labor union.

The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch the
Caribbean Airlines.


CL FINANCIAL: Mulls Gov't-Backed Bonds to Raise Money to Pay Debt
-----------------------------------------------------------------
CL Financial Limited is considering putting government-backed
bonds on the market to deal with the TT$13 billion debt the
conglomerate has on its books, Trinidad and Tobago Newsday
reports, citing unnamed sources.

According to the report, the government-appointed board led by
Shafeek Sultan-Khan is exploring its options regarding
restructuring of CL Financial’s debt.  The report relates analysts
said that although the Memorandum of Understanding signed between
government and CL Financial in January allowing for the sale of
assets belonging to the conglomerate to meet the deficit for
government funding, sources said Government is not going to get
market value right now for this.

As a result, one option for CL Financial is to raise money on the
local or global markets but to do so Government might have to back
any bond offering, one analyst said, the report notes.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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 Tobago
President George Maxwell Richards 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.


CL FINANCIAL: Clico Investment Bank to Auction Off Assets
---------------------------------------------------------
Trinidad and Tobago's central bank is moving to recover the money
it put out to save investors at Clico Investment Bank, CL
Financial Limited's bankrupt subsidiary, Trinidad and Tobago
Newsday reports.  The report relates CIB's motor vehicles is being
auctioned off for sale on August 5 at Francis Lalla Road,
Charlieville by certified auctioneer Gary Gregoire, who is acting
upon the instructions of Central Bank and CIB.

According to the report, the auction is being seen as part of the
effort to reduce liabilities Central Bank took on to save
investors.

Newsday notes that the vehicles that will be included in the
auction are:

   * two Mercedes Benz,
   * Suzuki Sorento,
   * three Hyundai Tucson,
   * Nissan X-trail two Suzuki Vitaras,
   * Peugeots,
   * Hyundai Tucsons,
   * Volkswagon Jetta.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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 Tobago
President George Maxwell Richards 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.


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


PETROLEOS DE VENEZUELA: Faces Labor Tension
-------------------------------------------
State-owned Petroleos de Venezuela is experiencing rising
dissatisfaction over contract negotiations and alleged meddling
from the Venezuela government could generate isolated industrial
action in the country, Raymond Colitt at Reuters reports.

According to the report, union leaders said that nearly 100,000
workers employed by PDVSA, and some of its contractors are upset
because of overdue pay, delays in renegotiating a new contract and
bullying by the government.  The report relates the situation has
been made worse by the difficulty of incorporating thousands of
workers from oil service companies that were nationalized in
recent months.

"If this situation continues, workers will no longer complain to
the unions and there will be an explosion of the conflict," the
report quoted Bernardino Chirinos of the Oil Workers' Union of
Zulia, as saying.  "Workers are ready to take action. We're at the
doorstep of a strike," Mr. Chirinos added.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2009, EL Universal News said PDVSA has absorbed 6,900 oil
workers, with 6,500 workers of the total belong to the western
part of the country and the rest to the eastern region. According
to the report, the latest figure is closer to the goal of 8,000
workers to be absorbed since the process of nationalization of
transnational oil companies began.

However, Reuters points out that many part-time workers also want
a staff position and have protested.

Reuters notes critics said efforts by Energy Minister Rafael
Ramirez to consolidate all unions under a pro-government,
socialist banner within the oil workers' federation FUTPV is
fueling resentment among some leaders.  The report recalls last
week Mr. Ramirez said he wouldn't sit down to negotiate a new
contract with enemies of Chavez, in reference to unionists that
side with more market-friendly opposition politicians.  The report
relates the dispute among more than 100 unions over the FUTPV has
delayed the renewal of a collective contract by more than six
months, upsetting workers eager to get a pay raise in a country
with inflation expected to top 30 percent this year.

Seven of the eleven candidates bidding for the top job of the
FUTPV are considered pro-government, the report adds.

                          About PDVSA

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 reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
and/or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


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


* BOND PRICING: For the Week July 20 to July 24, 2009
-----------------------------------------------------


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


ARGENTINA

ALTO PALERMO SA       7.88         5/11/2017  USD        67.5
ARG BODEN                7         10/3/2015  USD       52.38
ARGENT-$DIS           8.28         12/31/2033 USD       48.75
ARGENT-$DIS           8.28         12/31/2033 USD       56.12
ARGENT-PAR            1.18         12/31/2038 ARS        30.9
ARGENT-=DIS           7.82         12/31/2033 EUR       44.69
ARGNT-BOCON PR13         2         3/15/2024  ARS       45.05
ARGNT-BOCON PRE8         2         1/3/2010   ARS        30.4
AUTOPISTAS DEL S      11.5         5/23/2017  USD       40.25
BANCO HIPOT SA        9.75         4/27/2016  USD        70.5
BANCO MACRO SA        9.75         12/18/2036 USD        65.5
BANCO MACRO SA         8.5         2/1/2017   USD          74
BONAR ARG $ V         10.5         6/12/2012  ARS       59.95
BONAR VII                7         9/12/2013  USD       61.45
BONAR X                  7         4/17/2017  USD       58.65
BUENOS AIRE PROV      9.63         4/18/2028  USD       44.56
BUENOS AIRE PROV      9.38         9/14/2018  USD       47.52
BUENOS-$DIS           9.25         4/15/2017  USD       50.25
INDUSTRIAS METAL     11.25         10/22/2014 USD       66.64
INVERS REP Y SOC       8.5         2/2/2017   USD       72.13
MASTELLONE HERMA         8         6/30/2012  USD       44.88
MENDOZA PROVINCE       5.5         9/4/2018   USD       55.05
TRANSENER             8.88         12/15/2016 USD        67.5
TRANSPORT DE GAS      7.88         5/14/2017  USD       77.39


BELIZE

COSAN SA INDUSTR      8.25         #N/A N Ap  USD          76
REDE EMPRESAS        11.13         #N/A N Ap  USD       52.25
REDE EMPRESAS        11.13         #N/A N Ap  USD        50.5
VIGOR                 9.25         2/23/2017  USD        77.5


CAYMAN ISLAND

AES DOMINICANA          11         12/13/2015 USD       85.75
AIG SUNAMERICA        6.38         10/5/2020  GBP       62.66
BANCAJA INTL FIN       5.7         6/30/2022  EUR       69.41
BARION FUNDING        0.25         12/20/2056 USD        5.71
BARION FUNDING        0.25         12/20/2056 USD        5.71
BARION FUNDING        0.25         12/20/2056 USD        5.76
BARION FUNDING        0.25         12/20/2056 USD        5.71
BARION FUNDING        0.63         12/20/2056 GBP       14.02
BARION FUNDING        1.44         12/20/2056 GBP       25.82
BARION FUNDING        0.25         12/20/2056 USD        5.71
BARION FUNDING         0.1         12/20/2056 EUR        5.32
BARION FUNDING        0.25         12/20/2056 USD        5.71
BCP FINANCE CO        4.24         #N/A N Ap  EUR       78.25
BCP FINANCE CO        5.54         #N/A N Ap  EUR       78.33
BES FINANCE LTD        4.5         #N/A N Ap  EUR       75.13
BES FINANCE LTD        6.2         2/7/2035   EUR       56.42
BISHOPSGATE ASSE      4.81         8/14/2044  GBP       57.35
CHINA MED TECH           4         8/15/2013  USD       73.25
CHINA PROPERTIES      9.13         5/4/2014   USD        74.4
DUBAI HLDNG COMM      4.75         1/30/2014  EUR       65.12
DUBAI HLDNG COMM         6         2/1/2017   GBP       59.36
DWR CYMRU FIN         4.47         3/31/2057  GBP        70.6
EGE HAINA FINANC       9.5         4/26/2017  USD       69.25
ESFG INTERNATION      5.75         #N/A N Ap  EUR       64.71
FERTINITRO FIN        8.29         4/1/2020   USD          52
GOL FINANCE           8.75         #N/A N Ap  USD       69.25
GOL FINANCE            7.5         4/3/2017   USD          79
IANSA OVERSEAS        7.25         7/28/2012  USD        73.5
LDK SOLAR CO LTD      4.75         4/15/2013  USD          72
MALACHITE FDG         0.63         12/21/2056 EUR       21.86
MAZARIN FDG LTD       0.25         9/20/2068  USD        4.31
MAZARIN FDG LTD       0.25         9/20/2068  USD        4.36
MAZARIN FDG LTD       0.25         9/20/2068  USD        4.31
MAZARIN FDG LTD       0.25         9/20/2068  USD        4.31
MAZARIN FDG LTD       0.25         9/20/2068  USD        4.31
MAZARIN FDG LTD       0.25         9/20/2068  USD        4.31
MAZARIN FDG LTD       0.63         9/20/2068  GBP       11.71
MAZARIN FDG LTD        0.1         9/20/2068  EUR         3.2
MAZARIN FDG LTD       1.44         9/20/2068  GBP       23.83
MINERVA OVERSE         9.5         2/1/2017   USD          61
MUFG CAP FIN 4        5.27         #N/A N Ap  EUR       80.63
MUFG CAP FIN 5         6.3         #N/A N Ap  GBP        76.6
MUFG CAP FIN2         4.85         #N/A N Ap  EUR       79.45
PANAMA CANAL RAI         7         11/1/2026  USD        69.5
PUBMASTER FIN         6.96         6/30/2028  GBP       50.27
PUBMASTER FIN         8.44         6/30/2025  GBP       61.86
PUBMASTER FIN         5.94         12/30/2024 GBP          71
REG DIV FUNDING       5.25         1/25/2036  USD        71.5
RESONA PFD GLOB       7.19         #N/A N Ap  USD       74.76
SMFG PREFERRED        6.16         #N/A N Ap  GBP       73.35
STB FINANCE           5.83         #N/A N Ap  GBP       75.63
SUNAMER INST FND      6.15         10/14/2019 EUR       64.31
THPA FINANCE LTD      7.13         3/15/2024  GBP       72.52
THPA FINANCE LTD      8.24         3/15/2028  GBP        45.7
XL CAPITAL LTD        6.25         5/15/2027  USD          71
XL CAPITAL LTD        6.38         11/15/2024 USD        68.3
XL CAPITAL LTD         6.5         #N/A N Ap  USD          53


DOMINICAN REPUBLIC

DOMINICAN REPUBL      8.63         4/20/2027  USD       73.17


JAMAICA

JAMAICA GOVT           8.5         2/28/2036  USD       73.33
JAMAICA GOVT             8         3/15/2039  USD        73.1
JAMAICA GOVT         13.38         4/27/2032  JMD        55.3
JAMAICA GOVT LRS       7.5         10/6/2012  JMD       66.97
JAMAICA GOVT LRS     13.63         6/23/2014  JMD       73.85
JAMAICA GOVT LRS        15         7/31/2016  JMD       73.17
JAMAICA GOVT LRS        16         5/17/2017  JMD       74.59
JAMAICA GOVT LRS      14.5         6/28/2017  JMD       70.47
JAMAICA GOVT LRS      14.5         8/2/2017   JMD       74.37
JAMAICA GOVT LRS     15.75         8/22/2019  JMD        70.5
JAMAICA GOVT LRS        14         6/30/2021  JMD       61.97
JAMAICA GOVT LRS        15         11/15/2021 JMD       65.62
JAMAICA GOVT LRS     13.38         12/15/2021 JMD       59.05
JAMAICA GOVT LRS     12.85         5/31/2022  JMD       56.54
JAMAICA GOVT LRS     16.15         6/12/2022  JMD       69.87
JAMAICA GOVT LRS        16         6/13/2022  JMD       69.25
JAMAICA GOVT LRS     16.15         6/21/2022  JMD       71.79
JAMAICA GOVT LRS     12.75         6/29/2022  JMD        56.1
JAMAICA GOVT LRS     12.75         6/29/2022  JMD       56.12
JAMAICA GOVT LRS        17         7/11/2023  JMD       72.76
JAMAICA GOVT LRS     13.58         12/15/2026 JMD        56.7
JAMAICA GOVT LRS     16.25         5/22/2027  JMD       67.54
JAMAICA GOVT LRS      16.5         6/14/2027  JMD       68.54
JAMAICA GOVT LRS     16.25         6/18/2027  JMD       71.62
JAMAICA GOVT LRS      15.5         3/24/2028  JMD       64.13
JAMAICA GOVT LRS      14.4         8/3/2027   JMD       61.58
JAMAICA GOVT LRS     16.13         8/21/2032  JMD       68.69
JAMAICA GOVT LRS     16.25         8/26/2032  JMD       69.22
JAMAICA GOVT LRS     16.25         7/26/2032  JMD       67.31
JAMAICA GOVT LRS        15         9/6/2032   JMD       64.56
JAMAICA GOVT LRS        16         12/6/2032  JMD       66.17
JAMAICA GOVT LRS        15         8/30/2032  JMD       63.93


PUERTO RICO

DORAL FINL CORP       7.65         3/26/2016  USD          45
DORAL FINL CORP        7.1         4/26/2017  USD       42.75
DORAL FINL CORP          7         4/26/2012  USD       46.63
DORAL FINL CORP       7.15         4/26/2022  USD        34.5
PUERTO RICO CONS       6.1         5/1/2012   USD        55.5
PUERTO RICO CONS       6.5         4/1/2016   USD          45


URUGUAY

URUGUAY                3.7         6/26/2037  UYU       71.79


VENEZUELA

PETROLEOS DE VEN       5.5         4/12/2037  USD       38.94
PETROLEOS DE VEN      5.38         4/12/2027  USD       38.94
PETROLEOS DE VEN      5.25         4/12/2017  USD       46.71
VENEZUELA                9         5/7/2023   USD       61.63
VENEZUELA             9.25         9/15/2027  USD       66.35
VENEZUELA             9.25         5/7/2028   USD       61.55
VENEZUELA             7.65         4/21/2025  USD       54.39
VENEZUELA              8.5         10/8/2014  USD       73.72
VENEZUELA                7         3/16/2015  EUR       65.07
VENEZUELA                7         3/16/2015  EUR       65.27
VENEZUELA             5.75         2/26/2016  USD        59.1
VENEZUELA                7         12/1/2018  USD        59.5
VENEZUELA                6         12/9/2020  USD       50.95
VENEZUELA                7         3/31/2038  USD       49.67
VENZOD - 189000       9.38         1/13/2034  USD       62.61


                            ***********

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, Marites O. Claro, Joy A. Agravente, 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 * * *