TCRLA_Public/090813.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

             Thursday, August 13, 2009, Vol. 10, No. 159

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Court Extends Freeze on Firm's Assets
STANFORD INT'L: SEC Opposes Attempt to Collect From Investors


A R G E N T I N A

BHN II: Fitch Cuts Titulos de Deuda Clase A2 Nat'l LT Rating to D
CCS CALL: Proofs of Claim Verification Deadline is October 20
COMPATIA SALUD: Proofs of Claim Verification Deadline is Sept. 11
MBA LAZARD: Moody's Withdraws 'D-' Bank Financial Strength Rating
MEGABONO XL: Fitch Ups CP Consumer Loans Nat'l Rating to 'B(arg)'

VARGAS SA: Proofs of Claim Verification Deadline is August 28
YPF SA: Parent Rumored to Prefer China National as Bidder


B E R M U D A

VALIDUS HOLDINGS: Unit Expands Business Into The Middle East


B R A Z I L

BANCO DO BRASIL: OKs BRL200 Mil. Credit Line to Marfrig Alimentos
MARFRIG ALIMENTOS: Gets BRL200MM Credit Line From Banco do Brasil
MARFRIG ALIMENTOS: Posts R$405.0 Million Net Income in 2Q 2009
* BRAZIL: May Tap its BRL15.8 Bil. Sovereign Wealth Fund Next Year


C A Y M A N  I S L A N D S

1798 FINANCIALS: Members' Final Meeting Set for September 3
AG DCS: Members Receive Wind-Up Report
AHFP WESSEX: Members Receive Wind-Up Report
AMERICAN CAPITAL: Shareholders' Final Meeting Set for August 20
ATALAYA SPC: Members Receive Wind-Up Report

BIRINYI LEVERAGED: Members Receive Wind-Up Report
BUNGE FERTILIZANTES: Shareholders' Final Meeting Set for August 27
CDC FUNDING: Shareholders' Final Meeting Set for September 3
CHATHAM ASSET: Members Receive Wind-Up Report
EBEF INVESTMENT: Shareholders' Final Meeting Set for August 24

FORE LEVERAGED: Shareholders' Final Meeting Set for August 21
OLD MUTUAL: Shareholders' Final Meeting Set for September 14
OMNI SPC: Members' Final Meeting Set for October 20
TANGENT INVESTMENTS: Members' Final Meeting Set for October 21
TROOB SPC: Members Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA SA: Posts Ps.64.1BB Unconsolidated Net Income in July


E C U A D O R

* ECUADOR: Posts US$777MM Fiscal Deficit in January-April Period


J A M A I C A

JAMAICA PUBLIC SERVICE: Power Outage Due to Electricity Theft
* JAMAICA: Premier Says "No Chance" of Debt Default


M E X I C O

CONTROLADORA COMERCIAL: Fitch Affirms, Withdraws D Nat'l Ratings
CORPORACION FINANCIERA: Fitch Puts BB Nat'l Rating on Neg. Outlook
DESARROLLO FIRME: Fitch Affirms, Withdraws Low-B Nat'l Ratings
MUNICIPIO DE ZINACANTEPEC: Fitch Cuts Nat'l Long-Term Rating to BB
SARE HOLDING: Moody's Cuts Global Currency Debt Rating to 'B1'

* MEXICO: Economy Worst in 30 Years, Treasury Secretary Says
* MEXICO: Oil Production to Fall 4.9%, Drop Through 2012


P E R U

DOE RUN PERU: Pan American Debt Collection "Doubtful"


V E N E Z U E L A

JANTESA, S.A.: Fitch Cuts National Long-Term Rating to 'B(ven)'
PETROLEOS DE VENEZUELA: RIL Exits ONGC Team for Venezuela Oil Bid
SUPERCABLE ALK: Fitch Cuts Nat'l Long-Term Rating to 'B+(ven)'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


STANFORD INT'L: Court Extends Freeze on Firm's Assets
-----------------------------------------------------
Stanford Group Co. investors won't regain access to millions of
dollars in frozen accounts after the U.S. Court of Appeals in New
Orleans extended the freeze, Bloomberg News reports.  The report
relates that the court's move aims to give Stanford Financial
Group court-appointed Ralph Janvey time to argue he has a legal
right to take back principal as well as interest payments made to
some Stanford client and then redistribute those funds among all
the firm's investors.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Bloomberg News said Mr. Janvey is seeking to recoup
US$925 million tied to certificates of deposit issued by Mr.
Stanford's Stanford International Bank Limited.  The report
related Mr. Janvey expanded an earlier complaint to recover money
from Stanford customers as well as brokers who allegedly profited
from a multi-billion fraud.  According to the report, the
stockbrokers said they were “innocent victims” and some of them
invested their own money in the bank's certificates.

According to the report, U.S. District Judge David Godbey in
Dallas ruled on July 31 that Mr. Janvey had no legal right to take
repayments of principal to innocent investors.  The report relates
Judge Godbey encouraged Mr. Janvey to act quickly in getting “a
second opinion” from the appellate court, saying Stanford's
clients had been deprived of their money for long enough.

                  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: SEC Opposes Attempt to Collect From Investors
-------------------------------------------------------------
The United States Securities and Exchange Commission said it has
filed papers in a U.S. appeals court opposing attempts by Stanford
Financial Group court-appointed receiver to sue "innocent fraud
victims" in its civil fraud case against Robert Allen Stanford,
the financier accused of orchestrating a multi-billion fraud,
Sarah N. Lynch at Dow Jones Newswires reports.

As reported in the Troubled Company Reporter-Latin America on
August 11, 2009, Bloomberg News said Mr. Janvey asked the U.S.
Court of Appeals in New Orleans to keep in place the injunction
imposed by the U.S. District Court in Dallas for the release of
Stanford investors' frozen accounts until he can contest a lower-
court order set to unlock most of the funds at noon on Aug. 13.
The report related that U.S. District Judge David Godbey said
after Aug. 13, the freeze would apply only to the interest
generated by investor funds and not principal.  Bloomberg News
recalled Mr. Janvey is seeking to recoup US$925 million tied to
certificates of deposit issued by Mr. Stanford's Stanford
International Bank Limited.  The report related Mr. Janvey
expanded an earlier complaint to recover money from Stanford
customers as well as brokers who allegedly profited from a multi-
billion fraud.

According to Dow Jones Newswires, the SEC in its latest court
papers is attempting to intervene in Mr. Janvey's appeal to try
and seek the recovery of those principal payments from Stanford
investors.  "The receiver's claims to recover principal lack
statutory and case law support, and it would be inequitable to
require the innocent investors to repay these amounts," the SEC
was quoted by the report as saying.  The report related the SEC
also argues that some of the Stanford investors in this case are
outside of the U.S. and therefore outside of the court's
jurisdiction.  For this reason it would be unfair to target the
small sub-set of innocent U.S. investors by forcing them return
the principal they invested, the SEC added.

                  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. D


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


BHN II: Fitch Cuts Titulos de Deuda Clase A2 Nat'l LT Rating to D
-----------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


CCS CALL: Proofs of Claim Verification Deadline is October 20
-------------------------------------------------------------
The court-appointed trustee for Ccs Call Center Systems S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 20, 2009.

The trustee will present the validated claims in court as
individual reports on December 1, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 12, 2010.


COMPATIA SALUD: Proofs of Claim Verification Deadline is Sept. 11
-----------------------------------------------------------------
The court-appointed trustee for Compatia Salud S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 11, 2009.

The trustee will present the validated claims in court as
individual reports on October 26, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 12, 2009.


MBA LAZARD: Moody's Withdraws 'D-' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for MBA
Lazard Banco de Inversiones S.A for business reasons.

MBA has no rated foreign currency debt outstanding.

MBA Banco de Inversiones S.A., located in Buenos Aires, Argentina,
had ARS247.33 million in assets and ARS23.52 million in equity as
of March 31, 2009.

These ratings of MBA Lazard Banco de Inversiones were withdrawn:

* Bank Financial Strength Rating: D-, negative outlook

* Global Long-Term Local-Currency Deposit Rating: Ba2, negative
  outlook

* Global Long-Term Foreign Currency Deposit Rating: Caa1, stable
  outlook

* Global Short-Term Foreign Currency Deposit Rating: Not Prime,
  stable outlook

* Global Short-Term Local Currency Deposit Rating: Not Prime,
  stable outlook

* National Scale Foreign Currency Deposit Rating: Ba1.ar, stable
  outlook

* National Scale Local Currency Deposit Rating: Aa2.ar, stable
  outlook


MEGABONO XL: Fitch Ups CP Consumer Loans Nat'l Rating to 'B(arg)'
------------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


VARGAS SA: Proofs of Claim Verification Deadline is August 28
-------------------------------------------------------------
The court-appointed trustee for Vargas S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 28, 2009.


YPF SA: Parent Rumored to Prefer China National as Bidder
----------------------------------------------------------
Repsol YPF SA is pursuing talks to sell a stake in its Argentine
unit, YPF SA, to China National Petroleum Corp. rather than Cnooc
Ltd., Cathy Chan and Joao Lima at Bloomberg News report, citing
two people familiar with the matter.  The report relates the
people said Repsol isn’t currently in discussions with Cnooc
Limited.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, Bloomberg News said Repsol YPF is in talks with CNPC
and CNOOC for a possible stake sale in the firm.  The report
related one source said China National Petroleum may make an offer
of about US$13 billion to US$14.5 billion for Repsol's stake in
YPF SA this month, while CNOOC Group is preparing a rival bid to
buy a minority stake in the unit.  The report said CNOOC Group
hasn't decided whether its Chinese parent or Hong Kong-listed unit
will make the acquisition.  According to the report, CNPC
may offer to buy as much as 75% of YPF, while Chinese rival CNOOC
Ltd. is interested in a 25% stake.

A TCR-LA report on July 3, citing Bloomberg News, related that
Chief Executive Officer Antonio Brufau wants to cut Repsol's stake
in YPF after Argentine restrictions on natural gas exports and
price caps on crude reduced profitability.  The report said that
the company also needs to raise funds for production, including in
the deepwater fields off Brazil where Brufau said last year Repsol
would spend at least US$1.5 billion developing deposits.  Repsol,
the report noted, delayed a public offering of a stake in YPF in
November after paying US$15.5 billion for more than 80 percent of
YPF in 1999.  Last year Repsol sold a 15% stake in YPF SA for
US$2.2 billion to Argentine investor Enrique Eskenazi, the report
noted.

                          About YPF S.A.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008.  (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.


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


VALIDUS HOLDINGS: Unit Expands Business Into The Middle East
------------------------------------------------------------
Validus Holdings, Ltd. disclosed that its subsidiary, Talbot
Holdings, Limited has expanded its business into the Middle East
through the creation of Underwriting Risk Services Ltd., a
managing general agency based in Dubai.

URSME is a joint venture between Talbot Underwriting Ltd, which
operates in the Lloyd's of London insurance market through
Syndicate 1183, and the Abu Dhabi National Insurance Company, a
provider of insurance in the region.

URSME has been granted a license by the Dubai Financial Services
Authority to operate in the Dubai International Financial Centre
and management anticipates that the new office will open in August
2009. URSME will operate under agency agreements granted by ADNIC
and Underwriting Risk Services, Ltd. and binding authorities
granted to it by Talbot Syndicate 1183, subject to Lloyd’s
coverholder approval.  URSME will offer clients in the Gulf region
facultative reinsurance products across a number of lines of
business.

Samir Abdul Ahad, ADNIC Deputy CEO – Underwriting and Claims, has
been appointed Chief Executive Officer for the newly established
entity.  He will work closely with the Talbot management team and
David Morris, who will transfer from Talbot’s London office to be
the underwriter of URSME, to ensure the development of successful
relationships with Middle Eastern businesses.

Nicholas Hales, Managing Director of Underwriting Risk Services,
Ltd, commented:  “We are delighted to be entering into this joint
venture with ADNIC who are amongst the most highly respected
insurers in the region.  URSME will be able to offer substantial
capacity across a number of business lines. W e are excited by the
prospects for this office which will enable the companies in the
Validus Group to expand their products into a new regional
marketplace.”

                    About Validus Holdings, Ltd.

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, A.M. Best Co. has placed the indicative ratings of
"bb+" on subordinated debt and "bb" on the preferred stock of
Validus Holdings, Ltd (Validus Holdings) under review with
negative implications.


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


BANCO DO BRASIL: OKs BRL200 Mil. Credit Line to Marfrig Alimentos
-----------------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) has obtained BRL200 million (US$108
million) credit line from state-run Banco do Brasil, Rogerio
Jelmayer at Dow Jones Newswires reports.  The report relates that
Mafrig Alimentos said the credit line will mature in five years.

"This line will replace the short-term loans in Brazilian reals
and U.S. dollars (advances on currency contracts), also with Banco
do Brasil," Marfrig Alimentos said in a statement obtained by the
news agency.  "This transaction will help improve the debt profile
of the Marfrig Group and extend its short-term debt, ratifying its
policy of maintaining a solid cash position in its operations,"
the company added.

                  About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                        *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings

                    About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


MARFRIG ALIMENTOS: Gets BRL200MM Credit Line From Banco do Brasil
-----------------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) has obtained BRL200 million (US$108
million) credit line from state-run Banco do Brasil, Rogerio
Jelmayer at Dow Jones Newswires reports.  The report relates that
Mafrig Alimentos said the credit line will mature in five years.

"This line will replace the short-term loans in Brazilian reals
and U.S. dollars (advances on currency contracts), also with Banco
do Brasil," Marfrig Alimentos said in a statement obtained by the
news agency.  "This transaction will help improve the debt profile
of the Marfrig Group and extend its short-term debt, ratifying its
policy of maintaining a solid cash position in its operations,"
the company added.

                    About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.

                   About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                        *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


MARFRIG ALIMENTOS: Posts R$405.0 Million Net Income in 2Q 2009
--------------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) recorded net income of R$405.0 million in
the second quarter 2009, from a net loss of R$38.2 million in the
same period last year, and growing 510% over the R$66.4 million
recorded in 2Q08.

In 2Q09, processed products posted net revenue of R$707.9 million,
with the contribution to net revenue stable in relation to 1Q09 at
29.4%, and was 242.7% higher than in 2Q08, when these products
represented 17.0% of net revenue.

Net revenue totaled R$2,403.9 million, up 97.5% on 2Q08 (R$1,217.1
million) and 6.8% on 1Q09 (R$2,250.8 million).  Sales volume
increased by 5.8% in relation to 1Q09.

Gross revenue climbed 94.2% to R$2,572.4 million, versus R$1,134.4
million in 2Q08, and by 5.2% on the R$2,445.5 million recorded in
1Q09.

Gross income came to R$324.2 million, up 31.5% and 3.5% in
relation to 2Q08 (R$246.5 million) and 1Q09 (R$313.4 million).
Gross margin stood at 13.5%, down 40 bps and 680 bps on the 20.3%
and 13.9% recorded in 2Q08 and 1Q09, respectively.

EBITDA was R$183.4 million in the quarter, increasing by 32.0%
from R$138.9 million in 2Q08 and by 12.1% from R$163.5 million in
1Q09.  EBITDA margin stood at 7.6% in the quarter, 30 bps higher
year on year, driven by higher sales volumes in the domestic
market and in Brazil and Europe.

                     About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                        *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


* BRAZIL: May Tap its BRL15.8 Bil. Sovereign Wealth Fund Next Year
------------------------------------------------------------------
Brazil may tap its BRL15.8 billion (US$8.6 billion) sovereign
wealth fund next year to help finance spending without widening
the budget deficit, Andre Soliani at Bloomberg News reports,
citing Planning and Budget Minister Paulo Bernardo.

Tax collections may lag behind an expected economic recovery in
2010 because some companies have ways to postpone taxes on
earnings until the following year, Mr. Bernardo told the news
agency in an interview.  “If tax collection is not as good, we
will use the sovereign fund,” Mr. Bernardo was quoted by Bloomberg
News as saying.  “I don’t think we will need the sovereign wealth
fund this year.  Next year, we may,” Mr. Bernardo added.

According to the report, drawing on the fund will allow President
Luiz Inacio Lula da Silva’s administration to avoid cuts to
spending should economic growth or tax revenue falter.  The report
relates President Lula’s administration will also have room to
extend tax breaks granted this year to boost the recovery if
needed.

The Treasury, taking advantage of last year’s record tax revenue,
set up a so-called sovereign wealth fund to build reserves that
could be used in the future, the report recalls.  The report
relates that the money is being managed by state-controlled Banco
do Brasil SA.

                         *     *     *

The country continues to carry Moody's Rating Agency's "Ba1" local
and foreign currency ratings.


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


1798 FINANCIALS: Members' Final Meeting Set for September 3
-----------------------------------------------------------
The members of 1798 Financials Opportunity Fund Ltd will hold
their final meeting on September 3, 2009, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


AG DCS: Members Receive Wind-Up Report
--------------------------------------
The members of AG DCS SPC met on August 11, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


AHFP WESSEX: Members Receive Wind-Up Report
-------------------------------------------
The members of AHFP WESSEX met on August 11, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


AMERICAN CAPITAL: Shareholders' Final Meeting Set for August 20
---------------------------------------------------------------
The shareholders of American Capital Credit Opportunities Fund SPC
will hold their final meeting on August 20, 2009, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


ATALAYA SPC: Members Receive Wind-Up Report
-------------------------------------------
The members of Atalaya SPC 1 met on August 11, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


BIRINYI LEVERAGED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Birinyi Leveraged Fund, Ltd. met on August 11,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


BUNGE FERTILIZANTES: Shareholders' Final Meeting Set for August 27
------------------------------------------------------------------
The shareholders of Bunge Fertilizantes Participation Limited will
hold their final meeting on August 27, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


CDC FUNDING: Shareholders' Final Meeting Set for September 3
------------------------------------------------------------
The shareholders of CDC Funding, Ltd. will hold their final
meeting on September 3, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


CHATHAM ASSET: Members Receive Wind-Up Report
---------------------------------------------
The members of Chatham Asset Management SPC 1 met on August 11,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


EBEF INVESTMENT: Shareholders' Final Meeting Set for August 24
--------------------------------------------------------------
The shareholders of EBEF Investment Fund SPC will hold their final
meeting on August 24, 2009, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Chan Kam Hop
          Far East Finance Centre, 36th Floor
          16 Harcourt Road, Hong Kong
          Telephone: 2528 9882
          Facsimile: 2110 2946


FORE LEVERAGED: Shareholders' Final Meeting Set for August 21
-------------------------------------------------------------
The shareholders of Fore Leveraged Loan Opportunity Fund Ltd. will
hold their final meeting on August 21, 2009, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OLD MUTUAL: Shareholders' Final Meeting Set for September 14
------------------------------------------------------------
The shareholders of Old Mutual European Statistical Arbitrage
Master Fund Limited will hold their final meeting on September 14,
2009, at 9:30 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OMNI SPC: Members' Final Meeting Set for October 20
---------------------------------------------------
The members of OMNI SPC Fund, Ltd will hold their final meeting on
October 20, 2009, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

Chris Johnson is the company's liquidator.


TANGENT INVESTMENTS: Members' Final Meeting Set for October 21
--------------------------------------------------------------
The members of Tangent Investments Limited will hold their final
meeting on October 21, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237


TROOB SPC: Members Receive Wind-Up Report
-----------------------------------------
The members of TROOB SPC met on August 11, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


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


BANCOLOMBIA SA: Posts Ps.64.1BB Unconsolidated Net Income in July
-----------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of Ps.64.1
billion for the month ended July 31, 2009.  Net income for
Bancolombia on an unconsolidated basis totaled Ps.619.2 billion
for the first seven months of 2009, decreasing 7.6% as compared to
the same period last year.

   -- Net interest income, including interest from investment
      securities, totaled Ps. 199.6 billion in July 2009.  For
      the seven month period ended July 31, 2009, net interest
      income totaled Ps.1,561.1 billion, increasing 8.7% as
      compared to the same period last year.

   -- Net fees and income from services totaled Ps.72.6
      billion in July 2009.  For the seven month period ended
      July 31, 2009, net fees and income from services totaled
      Ps.484.5 billion, which represents an increase of 9.0% as
      compared to the same period of 2008.

   -- Other operating income totaled Ps.14.0 billion in July
      2009.  For the seven month period ended July 31, 2009,
      other operating income totaled Ps.203.2 billion,
      decreasing 52.9% as compared to the same period last
      year.

   -- Net provisions charges totaled Ps.42.8 billion in July
      2009.  Net provisions totaled Ps.433.6 billion for the
      seven month period ended July 31, 2009, which represents
      an increase of 25.8% as compared to the same period of
      2008.

   -- Operating expenses totaled Ps.156.4 billion in July
      2009. For the seven month period ended July 31, 2009,
      operating expenses totaled Ps.1,120.1 billion,
      increasing 12.1% as compared to the same period of
      2008.

Total assets (unconsolidated) amounted to Ps.40.4 trillion, gross
loans amounted to Ps.28.3 trillion, deposits totaled Ps.27.1
trillion and Bancolombia's total shareholders' equity amounted to
Ps.6.1 trillion.

Bancolombia's unconsolidated level of past due loans (overdue more
than 30 days) as a percentage of total loans was 3.57% as of
July 31, 2009, and the coverage for past due loans was 145.3% as
of the same date.

                           Market Share

According to ASOBANCARIA (Colombia's national banking
association), BANCOLOMBIA's market share of the Colombian
financial system as of July 2009:

   * 21.9% of total net loans,
   * 21.0% of total checking accounts,
   * 20.8% of total savings accounts,
   * 17.8% of time deposits,
   * and 19.7% of total deposits.

                        About Bancolombia

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.


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


* ECUADOR: Posts US$777MM Fiscal Deficit in January-April Period
----------------------------------------------------------------
Ecuador's central government posted a fiscal deficit of US$777
million between January and April from a US$428 million in the
same period of 2008, as revenues declined sharply, Mercedes Alvaro
at Dow Jones Newswires reports, citing the Finance Ministry.  The
report relates the deficit in the first four months of this year
was equal to 1.5% of gross domestic product.

According to the report, revenues totaled US$3.38 billion in the
January to April period from US$4.24 billion in revenues in the
same period last year; while expenditures totaled US$4.16 billion
this year from US$3.81 billion in the same period of last year.

The ministry, the report relates, said lower oil prices in the
first four months of this year drove down revenue.

Dow Jones Newswires notes that the Finance Ministry said US$2.92
billion in income came from non-petroleum sectors.

The report notes some US$2.86 billion (69%) of the January-April's
expenses covered regular government expenditures, while US$1.37
billion funded capital expenditures.  The central government had a
primary deficit of US$516 million between January and April from a
primary surplus of US$731 million in the year-earlier period, the
report adds.

                          *     *     *

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


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


JAMAICA PUBLIC SERVICE: Power Outage Due to Electricity Theft
-------------------------------------------------------------
Jamaica Public Service Company Limited said that the lack of
electricity in Hurlock in St. James, which prompted complaints
from residents, was due to illegal connections, RadioJamaica
report.  The report relates the company said a team was dispatched
to the area, where 86 illegal 'throw-up' lines were removed.

According to the report, the removal of “throw-up” lines sparked
protests among residents who then cut down trees that fell across
the main distribution line causing significant damage.  The report
relates the harassment brought by the residents to the dis batch
team made them unable to carry out the necessary repairs in a
timely manner.

As reported in the Troubled Company Reporter-Latin America on
August 12, 2009, RadioJamaica said JPSCO's customers are
complaining that the company's inconsistencies in the firm's power
supply are affecting residents' appliances & businesses,
RadioJamaica reports.  The report related the residents are
calling on the Member of Parliament Edmund Bartlett to make
representation on their behalf as the situation has become
unbearable.

RadioJamaica notes that the company said it is making every effort
to restore power in the ten affected communities while ensuring
that the residents' application for local power supply is
processed quickly.

                           About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


* JAMAICA: Premier Says "No Chance" of Debt Default
---------------------------------------------------
Prime Minister Bruce Golding criticized a credit rating downgrade
of Jamaica by Standard & Poor's and said there was "no chance" the
nation would default on its foreign debt payments,  Horace Helps
at Reuters reports.  The report relates Mr. Golding said the
rating agency's move, which could drive up the island's borrowing
costs, was unwarranted.

"Based on discussions we've had with S&P, it is clear that the
primary factor which prompted the downgrade was what the agency
referred to as the fear of 'selective default'," the report quoted
Mr. Golding as saying.  "Jamaica has never defaulted on its debt
and there's absolutely no chance of this happening," Mr. Golding
added.

Standard and Poor's cut Jamaica's debt rating from B- to CCC+.

According to the report, rating agency's move comes as Jamaica is
seeking to borrow US$1.2 billion from the International Monetary
Fund, as it pursues a borrowing arrangement with the multilateral
lender for the first time in 14 years.  The report relates in
addition to a steep drop in revenues from its bauxite and alumina-
exporting industry, the Caribbean island has been hard hit by
declines in tourism and remittances from its nationals living
abroad as it rides out the global financial crisis.

                       *     *     *

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


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


CONTROLADORA COMERCIAL: Fitch Affirms, Withdraws D Nat'l Ratings
----------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


CORPORACION FINANCIERA: Fitch Puts BB Nat'l Rating on Neg. Outlook
------------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


DESARROLLO FIRME: Fitch Affirms, Withdraws Low-B Nat'l Ratings
--------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


MUNICIPIO DE ZINACANTEPEC: Fitch Cuts Nat'l Long-Term Rating to BB
------------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


SARE HOLDING: Moody's Cuts Global Currency Debt Rating to 'B1'
--------------------------------------------------------------
Moody's de Mexico downgraded the national scale senior unsecured
debt rating of Sare Holding, S.A.B. de C.V. to Baa2.mx, from
Baa1.mx.  Moody's also downgraded Sare's global local currency
senior unsecured debt rating to B1, from Ba3.  The rating outlook
remains negative.

These ratings actions reflect the adverse operating environment
derived from the current and expected to be protracted financial
crisis as well as a significant economic contraction that have
depleted liquidity and lowered the availability of bridge
financing.  Thus, during the first half of 2009 the company has
had to continue to ratchet down its revenue and sales projections
in order to manage its funding and operating cash flow needs.
Furthermore the ratings actions continue to reflect the weakening
of Sare's operating profits and its credit metrics, specifically
interest coverage and debt to EBITDA.  Sare also continues to
struggle with its significant high-rise development of middle- and
higher-income buildings, which continue to place pressure on the
company's receivables collection cycle.  These projects have also
significantly increased Sare's capital deployment, while providing
slower cash inflow.  In addition, Moody's expects Sare's
financials to be adversely affected by the change in accounting
method for all Mexican homebuilders that will become mandatory on
January 1, 2010.  The new accounting method requires that Mexican
homebuilders account for their revenues based on titling of the
homes as opposed to percentage of completion.

The negative rating outlook reflects Moody's expectation that the
company may continue to experience deterioration in its operating
profits and credit metrics, if projected sales and collections of
receivables (cash flows) for its high-rise, middle- and higher-
income developments do not meet the company's expectations for 2nd
half 2009.  In addition, Moody's expects that Sare's leverage
levels will not start declining until later in 2010, however the
current economic downturn and credit crisis will continue to
pressure the company's operating and credit metrics in the
interim.

According to Moody's, the current ratings reflect Sare's business
model as a home developer for all income sectors of the market
(with a focus on low- and middle-income buyers, which are thriving
demographic sectors), its land reserve strategy, its good position
in markets with strong demographic growth, its limited regional
concentration, and its experienced management team that has been
able to withstand periods of severe economic stress.  It is one of
the largest home developers in Mexico with over 40 years of real
estate experience.

Moody's stated that a return to stable would be predicated on a
reduction in leverage (as defined by debt to EBITDA) closer to 2x
on a consistent basis, as well as successfully restructuring
and/or paying down all remaining short-dated debt maturities.  A
return to stable would also reflect adequate liquidity, with cash/
ST debt greater than 1x.  A rating upgrade is unlikely at this
time.  Negative rating pressure will result from substantial
missteps in the completion of high-rise projects as well as
collections and sales of the units.  Any liquidity issues and/or
any material breach in bond covenants, resulting in an
acceleration of debt would result in a ratings downgrade.  A
weakening of the company's credit statistics: Total Debt/Total
Assets moving closer to 30%; Debt/EBITDA moving to 4x; and fixed
charge coverage close to 3.5x on a consistent basis would also
pressure the ratings.  Shifts in governmental housing policies
combined with a substantial increase in interest rates would also
place negative pressure on the ratings.

These ratings were downgraded:

* Sare Holding, S.A.B.  de C.V. -- national scale senior unsecured
  debt rating to Baa2.mx, from Baa1.mx; national scale issuer
  rating to Baa2.mx, from Baa1.mx; global scale local currency
  senior unsecured debt rating to B1, from Ba3; global scale local
  currency issuer rating to B1, from Ba3.

Moody's last action with respect to Sare took place on March 16,
2009, when Moody's downgraded the national scale senior unsecured
debt rating of Sare to Baa1.mx, from A3.mx.  Concurrently, Moody's
also affirmed Sare's global local currency senior unsecured debt
rating at Ba3.  The rating outlook was revised to negative, from
stable.

Sare Holding, S.A.B de C.V, based in Mexico City, Mexico, is a
fully integrated, diversified homebuilder engaged in the
development, construction, marketing, consulting, and sales of
affordable, middle- and upper-income housing developments in
Mexico.  Sare was founded in 1967 and first developed single-
family homes and office buildings in 1977.  Sare has an important
presence in Mexico City and nine different states in the country:
State of Mexico, Jalisco, Puebla, Michoacan, Guanajuato,
Queretaro, Quintana Roo, Guerrero and Morelos.  Sare Holding,
S.A.B.  de C.V.  is one of the top eight home developers in
Mexico.  As of June 30, 2009, Sare reported approximately
$9.7 billion Mexican pesos in assets and $4.8 billion Mexican
pesos in shareholders equity.


* MEXICO: Economy Worst in 30 Years, Treasury Secretary Says
------------------------------------------------------------
Mexican Secretary of Treasury and Public Credit Agustin Carstens
said that Mexico was facing the worst financial shock in 30 years,
a result of sharp drops in revenues, Xinhua News reports.  "Seen
historically, this is the biggest financial shock that Mexico has
faced in the last 30 years," the report quoted Mr. Carstens as
saying.

According to the report, Mr. Carstens said that the public
finances faced two shocks -- short-term lower economic activity
which could recover in time, and a drop in oil business -- caused
a deficit of MXN480 billion (US37.795 billion U.S. dollars).

Bloomberg News says almost MXN270 billion were to be attributed to
a drop in economic activities, while another MXN211 billion were
from a drop in oil prices and production.  This deficit equals 4%
of the annual GDP, the report says.

Mr. Carstens, the report relates, said crisis would have two
consequences for the Mexican economy in the next three years,
economic recovery would be slow, and there would be less financial
resources available.

As reported in the Troubled Company Reporter-Latin America on
May 22, 2009, Bloomberg News said Mexico's first quarter 2009
gross domestic product fell 8.2% from the same period last year,
as the global financial crisis and the outbreak of swine flu cut
demand.  The report related Mexican Finance Minister Agustin
Carstens said GDP may shrink as much as 5.5% this year.  According
to Bloomberg News, Mexico’s economy is reeling from the effects of
the global slump, particularly the recession in the U.S., and the
swine flu out break, which further eroded economic output.


* MEXICO: Oil Production to Fall 4.9%, Drop Through 2012
--------------------------------------------------------
Mexico’s oil production may fall 4.9% next year as the nation
faces the greatest “fiscal shock” in 30 years, Andres R. Martinez
and Carlos Manuel Rodriguez at Bloomberg News report, citing
Finance Minister Agustin Carstens.  The report relates Mr.
Carstens said lower output is costing the nation as much as MXN300
billion (US$23.05 billion) in lost sales annually and may create a
deficit in the federal budget next year.

According to the report, Mexico’s economy may have shrunk as much
as 10.4% in the second quarter as remittances, foreign direct
investment and exports fell.  The report notes Standard & Poor’s
in May placed Mexico’s credit rating on negative outlook as the
government struggles to narrow its fiscal deficit.

“We are going to face a huge hurdle to pass a budget that
maintains the stimulus with less government revenue,” the report
quoted Mr. Carstens as saying.

Bloomberg News says state-owned oil company Petroleos Mexicanos
cut its production forecast to 2.65 million barrels a day for this
year, from an earlier estimate of as much as 2.8 million.  The
report relates Mr. Carstens said Pemex may pump 2.5 million
barrels a day next year and output would keep falling through
2012.  Output is slumping as production at Cantarell, the
company’s largest field, drops at a rate twice as fast as forecast
by Pemex, the report adds.


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


DOE RUN PERU: Pan American Debt Collection "Doubtful"
-----------------------------------------------------
Pan American Silver Corp., a Canadian miner with eight operating
mines in Mexico, Argentina and Peru, said it is “doubtful” Pan
American will be able to collect a debt from the shuttered Doe Run
Peru zinc smelter.

Pan America said that in March 2009, Doe Run Peru (DRP), its
largest buyer of copper concentrate, began experiencing financial
pressure after financial institutions cancelled its credit
facilities.  Due to its inability to fund its working capital, DRP
stopped operations at its La Oroya smelter in June.  As a result,
Pan American has been selling its Peruvian copper concentrates to
other buyers under less favorable terms, which added approximately
US$1.17 per ounce to the cash costs of its Peruvian operations.
DRP owes Pan American approximately US$8.8 million, and while the
Company continues to pursue all legal avenues to collect the
outstanding amount, a full collection of the DRP receivable is
uncertain.

Consequently, Pan American has recorded in the second quarter a
doubtful debt provision of US$4.4 million and reclassified the
remaining receivable from current assets into long term assets.
The combined after tax effect of these charges on second quarter
earnings was US$3.3 million or US$0.4 per share.

During the quarter ended June 30, 2009, Pan American generated net
income of US$10.2 million or US$0.12 per share in the second
quarter of 2009, versus net income of US$21.4 million or US$0.26
per share generated in the second quarter of last year.

                       About Doe Run Peru

Doe Run Peru is a mining and metallurgical company with operations
located in the central highlands of Peru.

The company continues to carry Moody's bank financial strength at
D- and Fitch Ratings individual rating at D.

Doe Run Peru may file for bankruptcy to restructure debt at its
shuttered zinc and lead smelter unit, according to reporting by
Bloomberg News reported in early August, citing Energy & Mines
Minister Pedro Sanchez Gamarra.  The unit owes suppliers US$156
million and has been closed since June.


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


JANTESA, S.A.: Fitch Cuts National Long-Term Rating to 'B(ven)'
---------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


PETROLEOS DE VENEZUELA: RIL Exits ONGC Team for Venezuela Oil Bid
-----------------------------------------------------------------
Reliance Industries has pulled out of an Oil and Natural Gas
Corporation Limited (ONGC)-led consortium, which was formed to bid
for a 40% stake in an oil field in Venezuela, leaving the state-
run company to find another partner to bid for the Venezuela oil
block, The Economic Times reports.  The report relates ONGC
Chairman RS Sharma said he was talking to other global energy
firms to jointly bid for the Venezuela oil block.

According to the report, the winning bidder may be required to
invest US$16 billion to $18 billion for development of the block
over a 15-year period, the estimated life of the field, according
to earlier media reports.

The Times recalls that Petroleos de Venezuela SA has invited bids
for three oil blocks in the Orinoco Belt.  The report relates
under the bid proposals, PDVSA will offer a 40% stake to winning
bidders, keeping the remaining 60% with itself.

However, the report notes that the interested parties might
include global energy majors like Chevron, Gazprom, Shell and
Total.  The report relates Mr. Sharma said ONGC Videsh, the
overseas investment arm of ONGC, has been looking for assets
across the globe.  “We are evaluating various options.  However, I
can’t comment on any specific transaction,” Mr. Sharma was quoted
by the report as saying.

                            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
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'


SUPERCABLE ALK: Fitch Cuts Nat'l Long-Term Rating to 'B+(ven)'
--------------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 40 Latin America
national scale rating changes for the month of July, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

Supercable ALK Internacional S.A. (Venezuela)

  -- National long-term rating to 'B+(ven)' from 'B(ven)';
  * (Rating action took place on July 6, 2009.)

Alpha Pesos (Argentina)

  -- National long-term rating to 'AA+(arg)' from 'AA(arg)';
  * (Rating action took place on July 6, 2009.)

Megabono XL (Argentina)

  -- Valores de Deuda Fiduciaria Clase B (VDFB) consumer loans
     national long-term rating to 'AAA(arg)' from 'AA-(arg)';

  -- Certificados de Particion (CP) consumer loans national long-
     term rating to 'B(arg)' from 'CCC(arg)';

  * (Rating action took place on July 16, 2009.)

Seguros Universal (Republica Dominicana)

  -- National Insurer Financial Strength rating to 'A(dom)' from
     'A-(dom)';

  * (Rating action took place on July 21, 2009.)

BHD International Bank (Panama) S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

BHD Valores Puesto de Bolsa, S.A. (Republica Dominicana)

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

  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';

  -- Senior unsecured bonds series 4 G, H, & I national long-term
     rating to 'AA-(dom)' from 'A+(dom)';

  -- Senior unsecured bonds series 5 national long-term rating to
     'AA-(dom)' from 'A+(dom)';

  * (Rating action took place on July 23, 2009.)

Banco BHD (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Banco de Ahorro y Credito PyME BHD, S.A. (Republica Dominicana)

  -- National long-term rating to 'AA-(dom)' from 'A+(dom)';
  -- National short-term rating to 'F1+(dom)' from 'F1(dom)';
  * (Rating action took place on July 23, 2009.)

Fitch has also downgraded these ratings:

Jantesa, S.A. (Venezuela)

  -- National long-term rating to 'B(ven)' from 'BBB(ven)';
  -- National short-term rating to 'B(ven)' from 'F3(ven)';
  * (Rating action took place on July 3, 2009.)

Aserca Airlines C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB(ven)';
  * (Rating action took place on July 07, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-2 (HSCCB 04-2) national
     long-term rating to 'BBB(mex)' from 'A(mex)'; remains on
     Rating Watch Negative.

  * (Rating action took place on July 7, 2009.)

Municipio de Puerto Vallarta, Jal (Mexico)

  -- National long-term rating to 'A(mex)' from 'AA-(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 9, 2009.)

Municipio de Zinacantepec, E.M. (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB-(mex)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 09, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'
     Outlook Stable;

  * (Placed on Rating Watch Negative on July 10, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANCB 08 national long-term rating to 'A+(mex)' from 'AA-
     (mex)'; placed on Rating Watch Negative.

  * (Rating action took place on July 14, 2009.)

Grupo Collado, S.A. de C.V. (Mexico)

  -- COLLAD 08 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- COLLAD 08-2 series 2008 national long-term rating to
     'BBB+(mex)' from 'A-(mex)'; assigned Negative Outlook.

  -- Programa de C.B.  de L.P.  series 2008 national long-term
     rating to 'BBB+(mex)' from 'A-(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 16, 2009.)

Municipio de Playas de Rosarito, B.C. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)';
     assigned Stable Outlook.

  * (Rating action took place on July 16, 2009.)

Pionero Latam (Argentina)

  -- National long-term rating to 'A(arg)' from 'AA(arg)';
  * (Rating action took place on July 17, 2009.)

Inelectra S.A.C.A. (Venezuela)

  -- National long-term rating to 'BBB-(ven)' from 'BBB+(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';
  * (Rating action took place on July 22, 2009.)

BHN II residential mortgage-backed securitization series BHN II
(Argentina)

  -- Titulos de Deuda Clase A2 national long-term rating to
     'D(arg)' from 'B(arg)';

  * (Rating action took place on July 27, 2009.)

La Fabril, C. por A. (Republica Dominicana)

  -- National long-term rating to 'BBB+(dom)' from 'A-(dom)';
  * (Rating action took place on July 31, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Empresas La Polar S.A. (Chile)

  -- National long-term rating 'A(chl)'; assigned Negative
     Outlook.

  -- Debt series (en tramite de inscripcion) national long-term
     rating 'A(chl)'; assigned Negative Outlook.

  -- Debt series (en tramite de inscripcion) national short-term
     rating 'F1(chl)';

  -- Senior unsecured bonds series A (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  -- Senior unsecured bonds series B (con cargo linea de bonos
     numero 512) national long-term rating 'A(chl)'; assigned
     Negative Outlook.

  * (Removed from Rating Watch Evolving on July 1, 2009.)

Chilena Consolidada Seguros Generales S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)';
     Outlook revised to Negative from Stable.

  * (Rating action took place on July 6, 2009.)

Corporacion Financiera de Occidente, S.A. de C.V., SFOL (Mexico)

  -- National long-term rating 'BB(mex)'; assigned Negative
     Outlook.

  -- National short-term rating 'B(mex)'; assigned Negative
     Outlook.

  * (Rating action took place on July 6, 2009.)

Pure Leasing, S.A. de C.V. (Mexico)

  -- National short-term rating 'F2(mex)';

  -- Programa de C.B.  de C.P.  series 2008 national short-term
     rating 'F2(mex)';

  * (Placed on Rating Watch Negative on July 10, 2009.)

Samarco Mineracao S.A. (Brasil)

  -- National long-term rating 'AA+(bra)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 17, 2009.)

Municipio de Morelia, Mich (Mexico)

  -- National long-term rating 'AA+(mex)'; Outlook revised to
     Stable from Positive.
  * (Rating action took place on July 27, 2009.)

Transa Securitizadora (Chile)

  -- Residential mortgage -backed securitization series 2004-6
     (B1, B2) national long-term rating 'AA(chl)'; Outlook
     revised to Negative from Stable.

  * (Rating action took place on July 31, 2009.)

Fitch has downgraded and withdrawn these ratings:

Municipio de Tlalnepantla, E.M (Mexico)

  -- National long-term rating 'BBB-(mex)';
  * (Rating action took place on July 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Banesco Holding, C.A. (Venezuela)

  -- National long-term rating 'BBB+(ven)';
  -- National short-term rating 'F2+(ven)';
  * (Rating action took place on July 2, 2009.)

Controladora Comercial Mexicana, S.A.B. de C.V. (Mexico)

  -- National long-term rating 'D(mex)';
  -- National short-term rating 'D(mex)';
  * (Rating action took place on July 6, 2009.)

Corporacion Tapatia de Television TV5CB09 (Mexico)

  -- Future flow series 2009 national long-term rating 'AA(mex)'
     Outlook Stable;

  * (Rating action took place on July 7, 2009.)

Aguas Nuevo Sur, Maule S.A. (Chile)

  -- National long-term rating 'A(chl)';
  * (Rating action took place on July 7, 2009.)

Empresa de Servicios Sanitarios del Bio Bio S.A. (Chile)

  -- National long-term rating 'AA-(chl)';
  -- Acciones 'Primera Clase Nivel 4(chl)';
  * (Rating action took place on July 7, 2009.)

Banco HSBC Nicaragua, S.A. (Nicaragua)

  -- National long-term rating 'AA+(nic)';
  -- National short-term rating 'F1+(nic)';
  * (Rating action took place on July 8, 2009.)

Desarrollo Firme de Negocios, S.A. de C.V. (Mexico)

  -- National long-term rating 'BB+(mex)' Outlook Negative;
  -- National short-term rating 'B(mex)';
  * (Rating action took place on July 8, 2009.)

Municipio de Gomez Palacio, Dgo (Mexico)

  -- National long-term rating 'A+(mex)' Outlook Stable;
  * (Rating action took place on July 13, 2009.)

ANDANAC ANDANCB08 (F#745) (Mexico)

  -- ANDANAC08 national long-term rating 'AA-(mex)';
  * (Rating action took place on July 15, 2009.)

Banagricola S.A. (El Salvador)

  -- National long-term rating 'AA+(slv)' Outook Stable;
  -- National short-term rating 'F1+(slv)';
  * (Rating action took place on July 29, 2009.)

Banagricola S.A. (Panama)

  -- National long-term rating 'AA(pan)' Outook Stable;
  -- National short-term rating 'F1+(pan)';
  * (Rating action took place on July 29, 2009.)


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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 * * *