TCRLA_Public/090827.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 27, 2009, Vol. 10, No. 169

                            Headlines

A R G E N T I N A

AUTOPISTAS DEL: S&P Downgrades Corporate Credit Rating to 'CCC'
BEAU GEST: Proofs of Claim Verification Deadline is September 14
CARGO WAY: Proofs of Claim Verification Deadline is October 30
DISTRIBUIDORA GLASSY: Creditors' Proofs of Debt Due on October 21
EUROPA SRL: Trustee Verifying Proofs of Claim Until October 29

EXPLOSIERRAS SH: Trustee Verifying Proofs of Claim Until Sept. 15
KORSOR SA: Trustee Verifying Proofs of Claim Until October 6
LA PLATA: Trustee Verifying Proofs of Claim Until October 2
SBA SERVICIOS: Trustee Verifying Proofs of Claim Until Sept. 30
TELPAX SA: Trustee Verifying Proofs of Claim Until October 7

XIN SHI: Trustee Verifying Proofs of Claim Until December 1
YPF SA: Not In Talks to Buy Firm's Stakes, CNOOC Chairman Says
* ARGENTINA: S&P Affirms 'B-' Long-Term Sovereign Credit Rating
* ARGENTINA: President Vetoes Tax Cut, Sparking Farmer Complaints


B A H A M A S

FOUR SEASONS: Sandals Resorts to Invest US$12MM for Resort Upgrade


B R A Z I L

BANCO BRADESCO: Upgraded to “Buy” at Banco Santander
TRANSPORTADORA DE GAS: Moves Restructuring Deadline Offer to Oct.


C A Y M A N  I S L A N D S

AIGAR LDC: Commences Liquidation Proceedings
CDIB BIOVENTURES: Creditors' Proofs of Debt Due on September 3
CRANE CORPORATION: Creditors' Proofs of Debt Due on September 21
CREATIVO: Creditors' Proofs of Debt Due on September 3
DILWORTH CAPITAL: Creditors' Proofs of Debt Due on September 3

FAIRFIELD REDSTONE: Creditors' Proofs of Debt Due on September 3
GULF ENERGY: Placed Under Voluntary Wind-Up
JORASSES LDC: Commences Liquidation Proceedings
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on September 3
SUNAPEE LDC: Commences Liquidation Proceedings

TMA COMPANY: Commences Wind-Up Proceedings
ZUMA COAST: Creditors' Proofs of Debt Due on September 3
ZUMA COAST: Creditors' Proofs of Debt Due on September 3
ZUMA COAST: Creditors' Proofs of Debt Due on September 3
ZUMA COAST: Creditors' Proofs of Debt Due on September 3


C O L O M B I A

ECOPETROL SA: Discloses Quifa-8 Well Progress Report


E C U A D O R

* ECUADOR: Gov't to Unveil Measures To Boost Growth, Up Revenues
* ECUADOR: Expects to Sign Deals With Foreign Operators in 2010


J A M A I C A

JUTC: Some Operations Still Won't Improve Despite Fare Rollback
JAMAICA PUBLIC SERVICE: Posts JM$1.4 Bil. Net Profit for June Qtr.
SUGAR COMPANY: Needs US$39 Million to Produce Sugar for Eridania
* JAMAICA: Analysts Urges Government to Address Fiscal Deficit


M E X I C O

CEMEX SAB: Grupo Cementos Gets Time to Reach Creditor Agreement
GRUPO CEMENTOS: Gets Extension for Debt-Repayment Deal


P U E R T O  R I C O

FORD MOTOR: Fitch Revises Credit Outlook from Neg. to Stable


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Petrobras Says Refinery JV to Cost US$12BB
PETROLEOS DE VENEZUELA: Workers to File Complaint With ILO
* VENEZUELA: Repsol YPF May Use Country's Credit as Payment


X X X X X X X X

* LATAM: ECLAC Expects Trade Volume to Drop 13% This Year
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


AUTOPISTAS DEL: S&P Downgrades Corporate Credit Rating to 'CCC'
---------------------------------------------------------------
On Aug. 25, 2009, Standard & Poor's Ratings Services lowered its
ratings on Ausol, including its corporate credit rating to 'CCC'
from 'CCC+'.  The outlook is negative.

The downgrade reflects the company's increasing refinancing risk
due to lower traffic levels, increasing operating costs, gradual
devaluation of the ARP, and pending approval of certain issues
related to its concession contract, including toll tariff
adjustments.  Ausol would have difficulty in meeting its financial
obligations with upcoming principal maturities of about
$20 million annually in 2010 and 2011.

The ratings on Ausol reflect high regulatory risk, the
uncertainties associated with a full renegotiation of its
concession contract, a high leverage, significant mismatch between
revenues in pesos and debt in dollars, and a relatively short tail
for refinancing because the $155 million rated notes mature in
2017 and the concession ends in 2020.  However, the final term of
the concession would be part of the renegotiation of the
concession contract.  Those factors are partially mitigated by the
good quality of the asset resulting from solid traffic
fundamentals.  As of June 30, 2009, Ausol had about $307 million
in total debt, comprised of $152.5 million notes with final
maturity in 2014 and $155 million notes with final maturity in
2017.

Ausol's financial risk profile is highly leveraged, and the
company has very weak cash-flow protection metrics.  As of
June 30, 2009, Ausol's total debt to capitalization ratio reached
a high 94%, while total debt to EBITDA reached 8.9x for the 12
months ended at the same date.  In addition, EBITDA interest
coverage and FFO to total debt reached 1.5x and 5.3%, respectively
for the 12 months ended June 30, 2009.  Due to the early 2009
tariff increase, these ratios would slightly improve for fiscal
2009, depending on actual traffic levels and the exchange rate
evolution, but are expected to remain weak.

Ausol holds the concession to operate and collect tolls until 2020
on the Autopistas del Sol Highway System, one of the most
important access roads to the city of Buenos Aires.  It includes
95 kilometers (km) of Acceso Norte Highway and 24 km of General
Paz Avenue.  The toll road provides an important link to the
suburbs on the northwest side of Buenos Aires' downtown.

                    Short-Term Credit Factors

Ausol's liquidity is weak.  As of June 30, 2009, the company had
about $7 million in cash and short-term investments, while short-
term debt was about $12 million (including accrued interests).  In
addition, Ausol's financial flexibility is very limited because of
the low cash flow generating ability compared to its debt service
amid high regulatory risk related to the company's concession
contract renegotiation, which is pending since 2002.

The company has been granted with a sizable toll tariff increase
in early 2009.  However, the continued devaluation of the ARP and
its impact on the currency mismatch between revenues and debt,
decreasing traffic levels -- about 5% in the first half of 2009 --
and certain continued cost pressures, particularly labor, hurt the
company's profitability and cash generation ability.

Ausol would be able to generate at least ARP140 million in EBITDA
in 2009 (or about $36 million at an exchange rate of ARP3.9 per
$1) while it will face interest payments for about $20 to
$25 million annually.  Under current conditions and absent major
changes coming from a full renegotiation of its concession
contract, S&P does not expect the company to generate significant
free cash flow to meet interest, principal and, eventually,
capital expenditures.  Ausol would have to rely on other sources
-- like further tariff increases that at this point are
unpredictable -- while it will face an increasing debt maturity
profile, with principal maturities of about $20 million in 2010.

                             Outlook

The negative outlook reflects the challenges of paying a high
level of debt amid lower traffic levels, higher operating costs,
and ongoing devaluation of the ARP.  Rating upside would mainly
depend on potential tariff increases and/or on the outcome of the
renegotiation of the concession contract.  Ratings could come
under pressure, however, following a further devaluation of the
ARP, a deterioration of the traffic performance that in turn might
further weaken Ausol's cash flow generation capacity, or any
indication that it will not meet its obligations as originally
contracted.

                     Autopistas del Sol S.A.

                             To                 From
                             --                 ----
    Corp. credit rating      CCC/Negative/--    CCC+/Negative/--


BEAU GEST: Proofs of Claim Verification Deadline is September 14
----------------------------------------------------------------
Pablo Exposito, the court-appointed trustee for Beau Gest SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 14, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Pablo Exposito
          en la avenida Cordoba 859
          Argentina


CARGO WAY: Proofs of Claim Verification Deadline is October 30
--------------------------------------------------------------
Maria Ines Del Buono, the court-appointed trustee for Cargo Way
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 30, 2009.

Ms. Del Buono will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria Ines Del Buono
          en Lavalle 1219
          Argentina


DISTRIBUIDORA GLASSY: Creditors' Proofs of Debt Due on October 21
-----------------------------------------------------------------
Carlos Daniel Grela, the court-appointed trustee for Distribuidora
Glassy SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 21, 2009.

Mr. Grela will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Carlos Daniel Grela
          Cramer 3113
          Argentina


EUROPA SRL: Trustee Verifying Proofs of Claim Until October 29
--------------------------------------------------------------
The court-appointed trustee for Europa S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 29, 2009.

The trustee will present the validated claims in court as
individual reports on December 14, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 11, 2010.


EXPLOSIERRAS SH: Trustee Verifying Proofs of Claim Until Sept. 15
-----------------------------------------------------------------
The court-appointed trustee for Explosierras S.H.'s reorganization
proceedings will be verifying creditors' proofs of claim until
September 15, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 29, 2010.


KORSOR SA: Trustee Verifying Proofs of Claim Until October 6
------------------------------------------------------------
The court-appointed trustee for Korsor S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 6, 2009.

The trustee will present the validated claims in court as
individual reports on November 18, 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 8, 2010.


LA PLATA: Trustee Verifying Proofs of Claim Until October 2
-----------------------------------------------------------
The court-appointed trustee for La Plata Clima de Tolomey R. y
Amat V.H. S.H.'s reorganization proceedings will be verifying
creditors' proofs of claim until October 2, 2009.

The trustee will present the validated claims in court as
individual reports on November 18, 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 8, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 14, 2010.


SBA SERVICIOS: Trustee Verifying Proofs of Claim Until Sept. 30
---------------------------------------------------------------
The court-appointed trustee for SBA Servicios S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 30, 2009.

The trustee will present the validated claims in court as
individual reports on November 12, 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 28, 2009.


TELPAX SA: Trustee Verifying Proofs of Claim Until October 7
------------------------------------------------------------
The court-appointed trustee for Telpax S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 7, 2009.

The trustee will present the validated claims in court as
individual reports on November 18, 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 1, 2010.


XIN SHI: Trustee Verifying Proofs of Claim Until December 1
-----------------------------------------------------------
The court-appointed trustee for Xin Shi Ji S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
December 1, 2009.

The trustee will present the validated claims in court as
individual reports on February 26, 2010.  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
April 8, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 21, 2010.


YPF SA: Not In Talks to Buy Firm's Stakes, CNOOC Chairman Says
--------------------------------------------------------------
CNOOC Limited Chairman Fu Chengyu has denied rumors the Company is
in talks to acquire Repsol YPF S.A.'s Argentina unit, YPF SA,
Bloomberg News reports.

The report relates that Mr. Fu said CNOOC Limited has no plans to
buy or cooperate with Repsol’s unit.  “The Repsol talks are only
market rumors,” the report quoted Mr. Fu as saying.  The report
notes that an unnamed source said Repsol isn’t 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 YPF SA.  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.


* ARGENTINA: S&P Affirms 'B-' Long-Term Sovereign Credit Rating
---------------------------------------------------------------
On Aug. 25, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina.  The outlook remains stable.

Argentina is issuing a new peso-denominated nominal bond due in
2014 in exchange for peso-denominated bonds linked to the
inflation rate due in 2014 and 2016.  The new bond would pay based
on a bank market-based interest rate plus 2.75%.  The tendered
bonds pay 2% plus the official inflation rate, coeficiente de
estabilizacion de referencia.

The Argentine government has said that the purpose of the offer is
to offer investors a nominal instrument that is based on a market-
determined interest rate, the wholesale certificate of deposit
rate known as Badlar.  Badlar currently is yielding 12%.  The
official inflation rate used to calculate interest on the bonds
linked to the CER inflation rate currently is estimated at 8%.
The government has stated that the operation will be voluntary and
that it will pay nontendered coupons in full, according to the
original terms.

According to S&P's methodology, the exchange would not constitute
a distressed exchange because S&P does not believe that
participating investors would receive less value than what was
promised in the original securities.  S&P also note that the
amounts are small and that the government has paid nontendered
debt in two previous exchanges this year in accordance with
original terms.

The rating outlook is stable.  The Argentine government's limited
sources of financing, in particular for 2010, continue to
constrain the ratings.  The future direction of economic policy is
uncertain amid challenging economic conditions, which include a
contraction in economic activity, high inflation, and
vulnerability to capital outflows.  Counterbalancing some of the
risks at the 'B-' rating level are a fiscal position that S&P
expects to remain close to balanced despite recent deterioration,
sufficient intra-governmental financing to close the financing gap
in 2009, a current account surplus expected for 2009, and an
adequate level of international reserves.

                         Ratings Affirmed

                      Argentina (Republic of)

                     Sovereign Credit Rating

         Foreign Currency                      B-/Stable/C
         Local Currency                        B-/Stable/C

        Argentina National Scale Rating        raA+/Stable/--
        Transfer & Convertibility Assessment
         Local Currency                        B-

        Senior Unsecured                       B-


* ARGENTINA: President Vetoes Tax Cut, Sparking Farmer Complaints
-----------------------------------------------------------------
Bill Faries at Bloomberg News reports that Argentine President
Cristina Fernandez de Kirchner vetoed portions of an emergency
agricultural bill that cut export taxes for farmers affected by
the worst drought in decades, angering growers.  The report
relates the government said it vetoed parts of the bill, passed
unanimously by Congress this month, to prevent farmers from
evading taxes by claiming goods came from drought-affected areas
of Buenos Aires province.

“No measures have been approved yet, but the possibilities range
from protests or rallies all the way to a halt of sales,”
Sebastian Dates, a spokesman for Argentina’s Rural Society, told
Bloomberg News in a telephone interview.  “We reject the
government’s decision to veto a law that was approved unanimously
by Congress and which should be respected by the other branches of
government,” Mr. Dates added.

According to the report, a four-month strike last year against
President Fernandez’s efforts to raise tariffs on grains and
oilseeds halted exports, prompted food shortages in Argentina and
pushed President Fernandez’s popularity to a record low.

Bloomberg News notes that Buenos Aires province forms part of
Argentina’s Pampas region, where most of the country’s soybeans,
wheat and corn are grown.  The report relates that the bill passed
by Congress would have exempted or cut export taxes for six months
on produce from southern parts of the province, the worst affected
by drought this year.

                           *     *     *

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

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


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


FOUR SEASONS: Sandals Resorts to Invest US$12MM for Resort Upgrade
------------------------------------------------------------------
Sandals Resorts International said it would invest at least US$12
million to upgrade its newly acquired Four Seasons Resort Great
Exuma at Emerald Bay, The Associated Press reports, citing Sandals
Resort CEO Adam Stewart.

According to the report, the resort will be rebranded under the
Sandals name, Sandals Emerald Bay, and will be reopened for
business on January 2010, after the repair program.

Mr. Stewart told The AP in an interview that his company plans a
number of upgrades, including outdoor cabanas for spa treatments,
an authentic British pub, a piano bar and a new half-acre pool
that will be three times the size of the existing one.  The
company will also build a retail arcade to replace the casino, Mr.
Steward added.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2009, hottelchatter.com said that Four Seasons Exuman in
Bahamas will close on May 26, as the property seems to be in
"receivership" which is pretty much a last-ditch attempt to avoid
bankruptcy.  The report related that the property was not able to
find a new owner and is now forced to close up shop, the report
relates.   The hotel, the report recalled, said that Four Seasons
continues to operate the resort normally until that time, however,
it is not accepting new reservations.

                        About Four Seasons

Four Seasons Hotels -- http://www.fourseasons.com-- manages some
75 luxury hotels and resorts in more than 30 countries. Most
properties are operated under the Four Seasons name, but some are
Regent hotels.  It has ownership interests in only about half of
its properties, having shifted from a hotel owner to a hotel
operator in the 1990s.  In 2007 Four Seasons Hotels board members
took the company private.


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


BANCO BRADESCO: Upgraded to “Buy” at Banco Santander
----------------------------------------------------
Banco Bradesco S.A. was boosted to “buy” from “hold” on August 25,
by Banco Santander analysts Boris Molina and Henrique Navarro,
saying that Brazil's economy is showing signs that it may start to
emerge from the recent slowdown, Flavia Bohone at Bloomberg News
reports.

“Brazilian banks are on the cusp of recovering their growth
momentum,” the report quoted the the analysts as saying.
“Consumer loans have led the way in 2009, and we believe that they
could still drive growth in the foreseeable future,” the analysts
added.

According to the report, central bank President Henrique Meirelles
said that analyst forecasts for the Brazilian economy this year
are improving “week by week” in central bank surveys.  The report
relates that the median forecast in a survey published was for a
contraction of 0.3%, while the central bank forecasts 0.8%
expansion.

Bloomberg News says that Banco Santander raised its share-price
forecast for Bradesco because of the outlook for a stronger real.
The report relates that Bradesco’s share estimate was increased to
US$20.50.

                         About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


TRANSPORTADORA DE GAS: Moves Restructuring Deadline Offer to Oct.
-----------------------------------------------------------------
Transportadora de Gas del Norte SA has again pushed out the
deadline for investors to participate in a debt restructuring
offer, to October 15, from a previous deadline last August 25,
LatinFrance reports.  The report relates that the company has
offered investors the option to exchange some US$347m in 2012
bonds for new 2021 notes paying 2% to 6%, or receive cash at a 75%
discount to face value.

According to the report, the company said it has received
acceptance from holders representing 12% of the debt.

As reported in the Troubled Company Reporter - Latin America on
Jan. 7, 2009, Reuters said Argentina's government filed a legal
complaint against TGN over "grave irregularities" at the firm, a
week after appointing a temporary co-administrator to the company.
Latin American Herald Tribune said the Argentine government took
over TGN for 120 days to guarantee service by the company and to
audit its accounts.   According to The Tribune, Roberto Ponswas
was appointed as overseer of the company and was also responsible
for auditing the company's accounts.  Reuters noted that in a
statement to the Buenos Aires stock exchange, TGN responded by
saying: "Only the judicial branch . . . can order in extreme cases
the intervention and co-administration of a company."  The move
was "baseless" and does not further the aim of maintaining proper
service, TGN said.  Bloomberg News reported TGN said it will
default on its US$22.1 million debt.

                            About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                           *     *     *

As of June 8, 2009, the company continies to carry Fitch Ratings'
D long-term local and foreign currency Issuer Default Ratings.  It
also continues to carry Fitch Ratings' National Long term and
National Sr Unsecured rating at D


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


AIGAR LDC: Commences Liquidation Proceedings
--------------------------------------------
The members of Aigar, LDC. passed a resolution that voluntarily
liquidates the company's business.

Raymond Long Sing Tang was appointed as the company's liquidator.


CDIB BIOVENTURES: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of CDIB Bioventures Inc. are required to file their
proofs of debt by September 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2009.

The company's liquidator is:

          Chih-Chin Chen
          c/o Citco Trustees (Cayman) Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


CRANE CORPORATION: Creditors' Proofs of Debt Due on September 21
----------------------------------------------------------------
The creditors of Crane Corporation are required to file their
proofs of debt by September 21, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Bernard Mcgrath
          David Walker
          PO Box 1043, Grand Cayman KY1-1102
          Cayman Islands


CREATIVO: Creditors' Proofs of Debt Due on September 3
------------------------------------------------------
The creditors of Creativo are required to file their proofs of
debt by September 3, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 21, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche, P.O. Box 1787
          Grand Cayman KY1-1109, Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


DILWORTH CAPITAL: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------------
The creditors of Dilworth Capital Multi-Strategy Fund, SPC are
required to file their proofs of debt by September 3, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


FAIRFIELD REDSTONE: Creditors' Proofs of Debt Due on September 3
----------------------------------------------------------------
The creditors of Fairfield Redstone Fund, Ltd. are required to
file their proofs of debt by September 3, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102


GULF ENERGY: Placed Under Voluntary Wind-Up
-------------------------------------------
On July 20, 2009, the sole shareholder of Gulf Energy Consortium
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands
          Telephone: (345) 914-6314


JORASSES LDC: Commences Liquidation Proceedings
-----------------------------------------------
The members of Jorasses LDC passed a resolution that voluntarily
liquidates the company's business.

Raymond Long Sing Tang was appointed as the company's liquidator.


MARATHON PETROLEUM: Creditors' Proofs of Debt Due on September 3
----------------------------------------------------------------
The creditors of Marathon Petroleum Mars Limited are required to
file their proofs of debt by September 3, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

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


SUNAPEE LDC: Commences Liquidation Proceedings
----------------------------------------------
The members of Sunapee LDC passed a resolution that voluntarily
liquidates the company's business.

Raymond Long Sing Tang was appointed as the company's liquidator.


TMA COMPANY: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on July 15, 2009, the
shareholder of TMA Company Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ZUMA COAST: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Zuma Coast Capital #1 are required to file their
proofs of debt by September 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2009.

The company's liquidator is:

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


ZUMA COAST: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Zuma Coast Capital #2 are required to file their
proofs of debt by September 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2009.

The company's liquidator is:

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


ZUMA COAST: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Zuma Coast Capital #3 are required to file their
proofs of debt by September 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2009.

The company's liquidator is:

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


ZUMA COAST: Creditors' Proofs of Debt Due on September 3
--------------------------------------------------------
The creditors of Zuma Coast Capital #4 are required to file their
proofs of debt by September 3, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2009.

The company's liquidator is:

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


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


ECOPETROL SA: Discloses Quifa-8 Well Progress Report
----------------------------------------------------
Ecopetrol S.A. disclosed that preliminary evidence of the presence
of hydrocarbons was found while drilling the Quifa-8 Well.  The
well is a part of the Quifa Block, located in the basin of the
Oriental Plains in the Department of Meta in Colombia.

The Quifa-8 delineation well was drilled by Meta Petroleum Ltd.,
who is the operator of the Quifa Association Contract signed on
December 22, 2003.

Preliminary petrophysical results indicate the presence of
hydrocarbons in a net zone of 49.5 feet divided into two potential
reservoirs with porosities of over 30%.

Ecopetrol participates in 30% of the costs and investments, and in
40% of the hydrocarbons produced as a result of exploratory
activity in the Quifa Block.

The preliminary results of the Quifa-8 Well may lead to an
extension of the reservoir found in the Quifa-5 Well, which was
drilled in November 2008.

Over the next few days, initial production testing will be
conducted on the Quifa-8 Well, followed by extensive production
testing. Until such tests have concluded, it will not be possible
to determine the reserves and production potential therein.

                      About Ecopetrol S.A.

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

                           *     *     *

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


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


* ECUADOR: Gov't to Unveil Measures To Boost Growth, Up Revenues
----------------------------------------------------------------
Ecuador President Rafael Correa is set to announce a program to
improve Ecuador's balance of payments and to boost economic output
and job creation, Mercedes Alvaro at Dow Jones Newswires reports.

According to the report, government sources said that among the
measures will be an overall tax reform, including a doubling of
the tax on capital outflows to 2%, aiming to generate about US$100
million a year for the treasury.  The report relates that the
government also is seeking to increase taxes on cigarettes and
alcohol, among others.

Dow Jones Newswires notes that the fall in crude prices has hit
Ecuador hard this year.  The report, citing preliminary official
data, relates that the government expects to post a current
account deficit of US$1.5 billion for 2009, about 3% of the
Ecuador's gross domestic product, from a US$1.19 billion current
account surplus last year.

The government, the reprot adds, expects that the economy will
grow 1% this year from 6.5% last year, but experts say the economy
may contract at least 1% this year, in part due to weak financing
availability.

                           *     *     *

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


* ECUADOR: Expects to Sign Deals With Foreign Operators in 2010
---------------------------------------------------------------
Ecuador expects to sign new service contract deals with foreign
oil operators toward the end of next year, agreements that will
include investment plans, Alexandra Valencia at Reuters reports,
citing Oil Minister Germanico Pinto.

According to the report, President Rafael Correa wants foreign oil
investors to surrender profit-sharing contracts to become service
providers in exchange for fees and operators have held back
investment in the OPEC nation while negotiations drag on.

The report notes that Ecuador also extended for one year its oil
contract with the Andes Petroleum consortium while the government
renegotiates its deals with private oil companies.  Andes
Petroleum, the report relates, is led by the Chinese National
Petroleum Corp, produces 60,000 barrels per day.  "The contract
has been extended for 365 days," the report quoted state-owned
Petroecuador President Luis Jaramillo as saying.

                           *     *     *

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
=============


JUTC: Some Operations Still Won't Improve Despite Fare Rollback
---------------------------------------------------------------
State-run Jamaica Urban Transit Company is admitting that some
areas of its operations will continue to remain in the red despite
the roll back in fares, RadioJamaica reports.  "With the increase
in numbers that we anticipate, it may take us close enough to a
break even point but at this time, the focus is on solidarity with
he needs and challenges of the commuters," the report quoted JUTC
spokesman Reginald Allen as saying.

As reported in the Troubled Company Reporter-Latin America on
August 26, 2009, RadioJamaica said JUTC expects roll back in some
bus fares will result in increased revenues for the company.  The
report related that it reduced the fares in light of the downturn
in the economy and the inability of some commuters to afford some
of its services.  According to the report, Reginald Allen, the
JUTC's Corporate Communications Manager, said the decrease in
fares should result in more commuters taking the JUTC's premium
and express services.   "This is in solidarity with the commuting
public in respect of the economic challenges and in now in
recognition of the personal challenges of the commuters at this
point because thy have utilized our service and in having rolled
out all the new buses, we want more and more persons to enjoy the
services," the report quoted Mr. Allen as saying.

                             About JUTC

Jamaica Urban Transit Company (JUTC) was established in 1998 to
provide a centrally managed state-of-the-art public bus service.
The government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, RadioJamaica said JUTC has defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


JAMAICA PUBLIC SERVICE: Posts JM$1.4 Bil. Net Profit for June Qtr.
------------------------------------------------------------------
Jamaica Public Service Company Limited posted a JM$1.4 billion
(US$16 million) net profit for its June quarter, reversing the
loss it made due to high oil prices in the corresponding period
last year, Jamaica Observer reports.  The report relates that in
the company's latest quarter, the cost of fuel fell at a faster
rate than its total revenues, which allowed JPSCO to post an
improved gross profit of US$2.1 million (US$60 million) more than
last year's June quarter.

According to the report, JPSCO fuel costs of US$105 million
dropped by 45% over the same quarter last year from US$191
million, while revenues declined 31% to US$186.2 million from last
year's US$270 million for the quarter.

The company, the Observer relates, has seen its creditors reduce
their outstanding balances dramatically.  The report notes that
this as accounts receivables listed in its cash flow dropped from
US$35.7 million to US$61,000 in the June quarter.  The company
also reduced its investing and financing activities in the
quarter, allowing it to post US$26.9 million in cash flow from
US$17.5 million a year prior, the report says.

The Observer adds that JPSCO hopes to increase its non-fuel
revenue by 60% in an effort to secure a US$7-billion return on
equity for 2009, and plans to get it by increasing energy rates to
customers by as high as 97%.

                            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.


SUGAR COMPANY: Needs US$39 Million to Produce Sugar for Eridania
----------------------------------------------------------------
Sugar Company of Jamaica Limited's official said that it will take
US$39 million to produce the 79,000 tonnes of sugar forward sold
to Eridania Suisse SA from the next crop, and not US$21 million as
estimated, Jamaica Gleaner reports.  The report relates that at
the JM$39 million budget, it would cost about 22-23 US cents per
pound to produce the sweetener.

According to the report, so far SCJ Holding said it has put US$10
million into readying the estates for the crop:

   -- replanting (JM$170 million);
   -- irrigation (JM$80 million; and
   -- harvesting equipment (J$130 million).

The report relates another JM$600 million of capital is earmarked
for factory rehabilitation, out of which JM$300 million will be
spent on Frome in Westmoreland to purchase new mill rollers,
bearings and trash plated, and other equipment.

As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, the Jamaica Observer said that the Jamaica
government has received the US$15-million capital injection from
Italian firm Eridania Eridania Suisse.  Caribbean Net News related
that the government has negotiated an interim funding with
Eridania Suisse to ensure the continued operation of Sugar Company
of Jamaica's three sugar estates -- Frome in Westmoreland,
Monymusk in Clarendon, and Bernard Lodge in St Catherine.  The
report said the money will be used to undertake field maintenance
work on the three estates, as well as preparatory works for the
Frome and Monymusk factories.  According to the report,
Agriculture and Fisheries Minister Christopher Tufton said the
Cabinet has approved the arrangement, which should “effectively
ensure” the factories’ sugar production output for the 2009/10
crop year, while the process of divestment continues.  Caribbean
Net News noted Eridania and Energen Development Limited are the
two short-listed entities with which the administration is
pursuing negotiations toward the sale of the factories and
Petrojam Ethanol Limited (PEL).

Caribbean Net News said that Mr. Tufton advised that the fund will
be used to undertake the necessary preparatory and field
maintenance work at the properties for the upcoming crop year,
inclusive of fertilization of the fields and installing the
appropriate irrigation infrastructure.  Mr. Tufton, the report
related, said that, in return, the government will supply Eridania
with some 79,000 tonnes of raw sugar for the 2009/10 crop year.
Regarding the sale of the remaining estates Eridania will share,
on a 50 to 50 basis with the government, any profit made on the
final sale price, less agreed cost, Mr. Tufton added.

                          About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.


* JAMAICA: Analysts Urges Government to Address Fiscal Deficit
--------------------------------------------------------------
As the Jamaican government prepares to make huge cuts to the
2009/2010 budget it is being urged to move quickly to deal with
the widening fiscal deficit, RadioJamaica reports.  The report
relates that financial analyst Orville Johnson said the Golding
administration should not become too caught up with negotiations
with the International Monetary Fund while the country's fiscal
situation worsens.

"What we need to do now is very quickly put a plan on the table in
terms of how we're going to get ourselves out of our situation
because a IMF arrangement can only help us in the short term, two,
three years.  Ultimately, we have to deal positively with the
balance of payment, foreign exchange and the fiscal problems.  We
can't be spending more than we earn so, we have to deal with the
fundamental things in the long run, but we have to recognize that
we're part of an international system which is very fragile at
this time and therefore, we don't call the rules," the report
quoted Mr. Johnson as saying.

As reported in the Troubled Company Reporter-Latin America on
August 25, 2009, in a new special comment on the sovereign ratings
of Jamaica, Moody's said that its stable outlook on the B2
government bond ratings reflect its expectations for a Stand-By
agreement with the IMF to address financing shortfalls exacerbated
by the global crisis.  The rating agency finds that the Jamaican
government's announcement earlier that it will not pursue a
voluntary domestic debt exchange -- despite considerable
challenges –- underscores the importance the government places on
maintaining its creditworthy reputation.

                           *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


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


CEMEX SAB: Grupo Cementos Gets Time to Reach Creditor Agreement
---------------------------------------------------------------
Andres R. Martinez and Thomas Black at Bloomberg News report that
Grupo Cementos de Chihuahua SAB, partly owned by Cemex SAB,
said its creditors will give the company more time to reach a
debt-repayment agreement.  The report relates Luis Carlos Arias,
director of investor relations for GCC, said that banks and
noteholders waived their rights related to leverage-ratio
covenants until September 30.

According to the report, Mr. Arias said the company is continuing
debt talks that began in December and expects to reach an
agreement soon.  The report relates the negotiations are being
held with 12 banks and 13 holders of US$237.5 million of notes.

Bloomberg News notes that the company's sales fell 17% to US$306.9
million in the first six months of the year as a global recession
crimped demand for cement and concrete in the U.S. and Mexico.
The report relates at the end of June the company had total debt
of MXN9.89 billion (US$750 million).

Cemex SAB owns 49% of GCC’s parent company, giving the Monterrey-
based cement maker a stake in GCC of about 36%.

                  About Grupo Cementos de Chihuahua

Headquartered in Mexico, Grupo Cementos de Chihuahua SAB de
CV -- http://www.gcc.com -- is rimarily engaged in the production
and distribution of cement and concrete.  The company's product
range includes cement, ready-mixed concrete, limestone aggregate,
concrete block and gypsum.  Additionally, its product portfolio
includes prefabricated products, such as paving stones, thermal
houses, concrete blocks and commercial work systems, among others.
GCC mainly distributes its products under the brand names Expan
500, Expancern K and Microsilex.  As of January 14, 2008, it
acquired a 100% stake of American enterprise Alliance Concrete
Inc.  The Major Company’s subsidiaries are: GCC Cemento SA de CV,
Cementos de Chihuahua SA de CV, GCC Ingenieria y Proyectos SA de
CV and Mexcement Inc, among others.  Grupo Cementos de Chihuahua
SAB de CV is present in Mexico, Bolivia and the United States. It
is owned in 74.09% by Control Administrativo Mexicano SA de CV.

                       About Cemex, S.A.B.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


GRUPO CEMENTOS: Gets Extension for Debt-Repayment Deal
------------------------------------------------------
Andres R. Martinez and Thomas Black at Bloomberg News report that
Grupo Cementos de Chihuahua SAB, partly owned by Cemex SAB,
said its creditors will give the company more time to reach a
debt-repayment agreement.  The report relates Luis Carlos Arias,
director of investor relations for GCC, said that banks and
noteholders waived their rights related to leverage-ratio
covenants until September 30.

According to the report, Mr. Arias said the company is continuing
debt talks that began in December and expects to reach an
agreement soon.  The report relates the negotiations are being
held with 12 banks and 13 holders of US$237.5 million of notes.

Bloomberg News notes that the company's sales fell 17% to US$306.9
million in the first six months of the year as a global recession
crimped demand for cement and concrete in the U.S. and Mexico.
The report relates at the end of June the company had total debt
of MXN9.89 billion (US$750 million).

Cemex SAB owns 49% of GCC’s parent company, giving the Monterrey-
based cement maker a stake in GCC of about 36%.

                  About Grupo Cementos de Chihuahua

Headquartered in Mexico, Grupo Cementos de Chihuahua SAB de
CV -- http://www.gcc.com -- is rimarily engaged in the production
and distribution of cement and concrete.  The company's product
range includes cement, ready-mixed concrete, limestone aggregate,
concrete block and gypsum.  Additionally, its product portfolio
includes prefabricated products, such as paving stones, thermal
houses, concrete blocks and commercial work systems, among others.
GCC mainly distributes its products under the brand names Expan
500, Expancern K and Microsilex.  As of January 14, 2008, it
acquired a 100% stake of American enterprise Alliance Concrete
Inc.  The Major Company’s subsidiaries are: GCC Cemento SA de CV,
Cementos de Chihuahua SA de CV, GCC Ingenieria y Proyectos SA de
CV and Mexcement Inc, among others.  Grupo Cementos de Chihuahua
SAB de CV is present in Mexico, Bolivia and the United States. It
is owned in 74.09% by Control Administrativo Mexicano SA de CV.

                       About Cemex, S.A.B.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


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


FORD MOTOR: Fitch Revises Credit Outlook from Neg. to Stable
------------------------------------------------------------
Fitch Ratings disclosed via Business Wire on August 26 that it has
revised the Rating Outlook on Ford Motor Company (Ford) and Ford
and Ford Motor Credit Company to Stable from Negative.  In
addition, the Issuer Default Rating of Ford is affirmed at 'CCC'.
The change in the Outlook is based on the solid execution of
Ford's restructuring program, a competitive product lineup with a
healthy level of new and refreshed product introductions over the
next several years, realignment of the company's manufacturing
footprint, and diminished liquidity concerns.  A return to
positive cash flow is not expected over the next 12 months, but is
probable upon the industry reaching more normalized sales levels
above 12 million light vehicles.  Although Fitch projects a slow
rebound in industry sales (consistent with a weak economic
recovery), signs of stabilization in the economy, coupled with
replacement demand, indicate that industry sales should reach this
level of annualized demand in late 2010 or 2011.  Improvement in
the company's Outlook and rating will be driven by the pace and
mix of the rebound in industry sales, steady execution of the
company's product introductions, continued discipline in the
company's production/inventory strategy, further margin
improvement and competitive access to capital at Ford Credit.
These trends are largely pointing in the right direction, but have
been overwhelmed by general economic and industry conditions.  The
behavior of competitors in production and pricing could also
influence the timing of any improvement in the outlook or rating.

Ford's product lineup continues to perform well, and the company
is positioned to maintain or increase retail share over the next
several years with new products and an aggressive refreshening
program. Ford has achieved relatively broad competitiveness across
market segments, including smaller product segments where industry
sales have been trending.  Ford's Focus and Escape were two of the
top eight vehicles in the Cash for Clunkers program, while the
refreshed Fusion continues to perform well in the competitive mid-
size sedan market.

Two new product introductions should lead to incremental share
gains: the Fiesta in the sub-compact market where Ford has not
recently had a U.S. product, and the new Taurus in the large sedan
category, where Ford has not been competitive for some time.
Ford's quality improvement has been well-documented and together
with Ford's ability to avoid taking government aid, may benefit
Ford's near-term retail share.  Although Fitch is not projecting a
rapid rebound in industry sales in 2010 (particularly with the
pull-forward from the Cash for Clunkers program), a stronger-than-
expected rebound in industry sales to above the 12 million light-
vehicle sales level and improvement in housing construction could
lead Ford to operate at a cash- flow breakeven point in the second
half of 2010.  Weak employment, high foreclosure rates, higher
savings, shaky consumer confidence and the impact of the Cash for
Clunkers program, however, all point to a modest recovery in
industry sales over the near term.

A Fitch upgrade of Ford would be driven by a combination of the
following:

--Industry sales rebound to an annual 12 million sales level more
quickly than currently forecast;

--Ford's products continue to hold or gain share;

--Inventory management at Ford and the industry allows Ford to
hold or improve product prices;

--A clear path to positive free cash flow is projected;

--Liabilities continue to be managed or addressed, including the
maturity of the company's bank agreement;

--Independent access to capital by Ford Credit improves.

A downgrade could result from some combination of the following
factors:

--U.S. industry sales revert to further declines in the event of a
double-dip recession;

--A market disruption in oil prices which sends gas prices sharply
higher and drives consumers away from vehicle purchases;

--A breakdown in the supply chain resulting from further supplier
bankruptcies and lack of access to capital, or from dislocations
caused by the dissolution of a major competitor;

--Inability of Ford Credit to obtain financing on competitive
terms.

Ford has made significant reductions in its fixed cost structure,
although step-changes to its headcount, wages and benefits have
largely been completed.  Realization of recent actions should
continue through year-end, with a full run-rate of savings
expected in 2010.  Future cost savings will be achieved largely
through more standard (but challenging) efficiency and
productivity gains, including materials savings.  Upon completion
of the conversion of several truck plants, Ford's manufacturing
footprint will be well-aligned with near-term product plans,
supporting an expected improvement in efficiency and capacity
utilization.  New product introductions and higher volumes through
existing assembly plants, plus increased platform sharing, should
provide material improvement in operating margins, also aided by
the ability to add lower-tier hourly wage earners.  Ford's ability
to navigate recent events - the plummet in industry sales,
consumer migration to smaller vehicles, multiple plant closures, a
dramatic reduction in its workforce, the bankruptcy of Chrysler
and GM, diminished retail financing capacity and distress in the
supply base - while still introducing competitive, improved-
quality products and accelerating its product cadence, has been
impressive.

A primary driver of operating performance over the near term will
be the high-margin large pickup segment, which constituted 10.4%
of U.S. light-vehicle unit sales through August 2009, and 24% of
Ford's non-Volvo unit deliveries.  This market has suffered a
decline of more than 50% in production from 2006 levels, and sales
volumes remain mired below replacement demand. Demand is expected
to recover slowly due to lingering weakness in the housing market,
but the potential trough of the housing market should signal
improved demand and consolidated margin performance as a result.
From a competitive standpoint, Ford and GM could be poised to gain
pickup share from Nissan (weak market presence) and Chrysler (the
impact of its bankruptcy on sales and capital investment
capacity).  Over the longer term, it remains to be seen what
Toyota's plans in the full-size pickup segment will be.  Although
a withdrawal from the pickup truck market is not expected, Ford
and GM's comparative strengths in brand and pickup truck quality,
the lack of global platform scale, and the vast market share
advantage of the Detroit 3 call into question Toyota's ability to
earn an adequate return on the capital investment in this platform
over the long term.

Ford's plant consolidation, cost reductions, product introductions
and operating strategy have aided a disciplined
production/inventory balance in 2009, and allowed Ford to achieve
pricing gains that have benefited operating results.  This
discipline will lead to production boosts in the third and fourth
quarter of 2009 from levels that were below demand for much of the
year, although it remains to be seen whether the industry's
history of over-production and price discounting will allow Ford
to consistently adhere to this strategy.

Ford has also committed substantial resources to the support of
its supply chain, a cost that is unlikely to abate in 2010. Access
to capital remains limited or non-existent for a large part of the
supply base, and further bankruptcies will be a certainty.  It has
been noteworthy that through the bankruptcy of numerous Tier 1 and
lower-tiered suppliers, as well as the bankruptcy of Chrysler and
General Motors, the production process has been surprisingly well-
managed with very few disruptions (although aided by the
substantial injection of funds by the Federal government).  As the
supplier industry consolidates and business migrates to
financially viable suppliers, the reduction in support costs for
Ford could be material in the outer years.  However, the industry
has been supported by multiple layers of Federal government
support, including direct capital injections into General Motors
and Chrysler (as well as their finance arms), supplier aid, the
TALF program and more.  The reduction or termination of these
actions will place additional burdens on the industry, as self-
sufficiency remains uncertain.

Liquidity remains sufficient to finance reduced operating losses
over the near term, even if a slow recovery pushes out the timing
of the company's cash-flow breakeven point.  As of June 30, 2009,
Ford had cash of approximately US$21 billion, with a reduced rate
of outflow projected for the second half due to increased
production and working capital inflows.  Fitch estimates that if
U.S. industry sales rebound only to 11 million light vehicles in
2010, that Ford's cash drain from operations would be US$5 billion
or less, depending on mix.  Primary risks to this forecast include
a U.S. relapse in economic conditions, a sharp escalation in gas
prices, the collapse of the supply base, or a lack of retail
financing capacity.  In addition to cash on hand, sources include
future funding from the government for energy programs, modest
asset sales, potential securities issuance, and dividends from
Ford Credit.  These sources are deemed sufficient to fund cash
drains from operations even if a recovery in industry sales is
deferred.

Shrinking U.S. production has also modestly lowered the cash level
needed to operate the business to below US$10 billion. Liquidity
in 2009 and into 2010 is expected to benefit from working capital
inflows associated with higher production volumes, and modest
asset sales.  In addition, liquidity will benefit from an expected
US$5.9 billion in federal government loans under an energy-
efficiency program.

Ford's maturity schedule is centered on the December 2011 maturity
of its US$10.7 billion bank agreement.  Given current market
conditions in the leveraged finance market, the company's recent
performance and the state of Ford's collateral, it is probable
that the company could "amend and extend" this facility in the
existing amount (although at higher pricing).  This would mitigate
refinancing risk and address the liquidity risks associated with a
double-dip recession and the resulting step-down in industry
sales. Ford executed a voluntary debt exchange in 2009, removing
US$9.9 billion in debt (US$7.7 billion in unsecured debt and
US$2.2 billion in secured debt) and US$500 million in interest
costs.  This debt reduction, however, was effectively replaced by
the drawdown of its revolving credit facility.

Over the past several years, Ford has also completed several
equity-for-debt swaps and a straight equity issuance, thereby
managing the growth in its liabilities and somewhat moderating the
damage caused by severe cash drains.  Ford's willingness to use
equity is likely to continue.  The interests of equity and
bondholders have recently been very much aligned, as both sides
have benefited from the issuance of equity and the boost in
liquidity, although it remains to be seen how long this will last.
Fitch expects that Ford will continue to issue equity over the
next 12 months as market conditions permit, and will likely issue
equity to finance its VEBA obligations to the full US$6.5 billion
permitted.  However, even with periodic equity issuances, any
balance sheet improvement over the near term is expected to be
modest.

Although General Motors and Chrysler have realized substantial
access to capital from various government actions, Fitch does not
believe that this represents a competitive disadvantage to Ford
from a balance sheet perspective.  To the contrary, Fitch views
Ford and Ford Credit's periodic access to equity and the debt
markets as a distinct competitive advantage.  Over the longer
term, balance sheet strength or deterioration will be driven by
operating results, and Fitch views Ford as better-positioned in
this respect than its Detroit-based competitors.  The retention of
Ford Credit remains a positive.

Ford's underfunded U.S. pension plan will require incremental
contributions over the next several years, although there are no
contributions required in 2010.  Deferral of these contributions,
however, will result in larger funding gaps in outer years, and
will remain a material claim on cash flows.  The VEBA agreement
with the UAW, changes to wage and benefit levels, and reduced
employment levels have materially reduced the long-term risks and
costs associated with legacy obligations.

Ford has shown steady improvement in market share in Europe, but
operating results will remain challenging through 2010 due to weak
economic conditions and a sharp 2010 payback resulting from
various aggressive 2009 Cash for Clunkers programs throughout
Europe.  Results from Latin America and Asia are not expected to
be material users or generators of free cash flow over the next
several years.

Over the longer term, tighter regulations around the globe
addressing fuel-efficiency, emission standards, other
environmental, safety and urban planning are all likely to
pressure profitability by limiting or skewing demand, as well as
escalating capital investment requirements.  These factors, along
with changing lifestyles indicate that global overcapacity is
likely to be a fundamental characteristic of the industry over the
long term, pressuring margins and leading to regular failures
among competitors. A s technologies and regulatory requirements
multiply, Ford may continue to be capital constrained versus a
number of transplant competitors.

The ability of Ford Credit to finance itself and its customers,
independent of government sponsored programs and at economically
competitive rates will be a factor in future upgrades.  Fitch has
revised Ford Credit's senior debt ratings following changes in
Fitch's rating definitions published in March 2009, which suggests
a baseline rating of 'B' for a 'CCC' IDR with an 'RR2' Recovery
Rating (RR). Fitch continues to believe potential recoveries are
at the lower end of the 71%-90% recovery range.

In the event of a bankruptcy, unsecured bond recoveries at Ford
are expected to be negligible.  The senior secured loans are
currently rated 'RR1' (90%-100% recovery), based on a
restructured, going-concern North American enterprise value plus
certain international operations and joint ventures (particularly
those in Latin America and China).  According to Fitch
methodology, an RR of 'RR1' would typically translate to a rating
of 'B+'.  However, in the event of a stress scenario, recent
industry events suggest that the corresponding plunge in asset
values would result in less than full recovery, even though Ford's
secured borrowings are subject to a borrowing base.

Fitch has affirmed the following ratings:

Ford Motor Co.

  --Long-term IDR at 'CCC';

  --Senior secured credit facility at 'B/RR1';

  --Senior secured term loan at 'B/RR1';

  --Senior unsecured at 'CC/RR6'.

Ford Motor Co. Capital Trust II

  --Trust preferred stock at 'C/RR6'.

Ford Holdings, Inc.

  --Long-term IDR at 'CCC' ';

  --Senior unsecured at 'CC/RR6'.

Ford Motor Co. of Australia

  --Long-term IDR at 'CCC';

  --Senior unsecured at 'CC/RR6'.

Ford Motor Credit Company LLC

  --Long-term IDR at 'CCC';

  --Short-term IDR at 'C';

  --Commercial paper at 'C'.

FCE Bank Plc

  --Long-term IDR at 'CCC';

  --Short-term IDR at 'C';

  --Commercial paper at 'C';

  --Short-term deposits at 'C'.

Ford Capital B.V.

  --Long-term IDR at 'CCC';

Ford Credit Canada Ltd.

  --Long-term IDR at 'CCC';

  --Short-term IDR at 'C';

  --Commercial paper at 'B'.

Ford Credit Australia Ltd.

  --Long-term IDR at 'CCC';

  --Short-term IDR at 'C';

  --Commercial paper at 'B'.

Ford Credit de Mexico, S.A. de C.V.

--Long-term IDR at 'CCC'.

Ford Credit Co S.A. de CV

  --Long-term IDR at 'CCC'

Ford Motor Credit Co. of New Zealand

  --Long-term IDR at 'CCC';

  --Short-term IDR at 'C';

  --Commercial paper at 'C'.

Ford Motor Credit Co. of Puerto Rico, Inc.

  --Short-term IDR at 'C'.

The following ratings have been revised:

Ford Motor Credit Company LLC

FCE Bank Plc

Ford Capital B.V.

Ford Credit Canada Ltd

Ford Credit Co S.A. de CV

Ford Motor Credit Co. of New Zealand

--Senior unsecured to 'B/RR2' from 'B-/RR2'.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
20 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina, Brazil, and Puerto
Rico.


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


PETROLEOS DE VENEZUELA: Petrobras Says Refinery JV to Cost US$12BB
------------------------------------------------------------------
Petroleo Brasileiro SA increased three-fold the costs to implement
a joint venture refinery project with Petroleos de Venezuela SA,
Jeff Fick at Dow Jones Newswires reports.  The report relates
Petrobras said the 230,000 million-barrel-a-day refinery would
require total investments of about US$12 billion, up from previous
forecasts of US$4.06 billion.

"It's important to clarify that the total investments are under
evaluation and will be subject to approval by the executive board
after a technical and economic feasibility study," the report
quoted Petrobras as saying.

According to the report, Petrobras said that the surge in
investment funds required by the project was attributed to the
increased capacity, a rise in equipment prices and the
appreciation of the Brazilian real against the U.S. Dollar.

Petrobras said that site work at the troubled refinery project,
which started last year, is near completion, the report adds.
As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Dow Jones Newswires said that Petrobras said it
will reach a deal with Pdvsa on a refinery joint venture for the
Abreu e Lima refinery under construction in Brazil's Pernambuco
state in September.  The report related that the refinery is
expected to start operations in 2011.  Dow Jones recalled that
PDVSA and Petrobras negotiations on a joint-venture refinery
failed talks as it was unable to reach a deal on investment costs,
sales and oil prices.  According to Dow Jones Newswires, citing
the Estado News Agency, Paulo Roberto Costa, Petrobras' Supply and
Refining director, said there was an impasse in the proposed oil
refinery joint-venture due to PdVSA's attempts to impose
conditions on its participation in the project, and this may lead
to its being excluded.  Mr. Costa, Reuters related, told reporters
that PDVSA's plan was not acceptable due to the pricing mechanism
for the heavy crude that Venezuela would supply to the refinery
and the plan for commercialization of the refined products.

                     About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.  Petrobras has operations in China, India, Japan, and
Singapore.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Workers to File Complaint With ILO
----------------------------------------------------------
Suhelis Tejero Puntes at El Universal reports that “ laid off
workers after the end of the absorption process of outsourcers”
are planning to file a complaint against Petroleos de Venezuela
with the International Labor Organization (ILO) for labor rights
abuses.  The report relates Sinutrapetrol Secretary-General in
Lagunillas Jairo Ollarves said that atleast 600 workers failed to
join Pdvsa's payroll.

According to the report, Mr. Ollarves said that Pdva are reliable
to the unemployed workers' predicament as as the order to absorb
all outsourced workers was not followed.  The measure harmed 72
trade union leaders of the holding and it is one leap ahead in the
company's harassment of trade union representatives, Mr. Ollarves
added.  "Trade unions autonomy is missing in this country.  We
will file a complaint with the ILO to report on how the workers'
rights are violated," the report quoted Mr. Ollarves as saying.

The report notes that Mr. Ollarves said a nationwide demonstration
will be held in September to request the resignation of Rafael
Ramírez, Minister of Energy and Petroleum and Pdvsa president.

                           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'


* VENEZUELA: Repsol YPF May Use Country's Credit as Payment
-----------------------------------------------------------
Repsol YPF SA will be able to use a US$173.5 million credit from
the Venezuelan government as payment to explore and develop an
oilfield, Steven Bodzin at Bloomberg News reports, citing Angel
Rodriguez, head of the legislature’s Energy and Mines Commission.
The report relates that the credit will cover part of US$207
million in fees that the company will have to pay to gain access
to the Barua-Motatan area.

According to the report, Repsol received the credit in 2006 after
the government turned the company’s operating contracts into joint
ventures with Petroleos de Venezuela SA.  The report recalls
foreign companies such as Repsol were left with minority stakes in
the projects.

The report says lawmakers approved the plan to let Repsol and
PDVSA’s joint venture, known as Petroquiriquire, develop the 432
square- kilometer (167 square-mile) area in the western state of
Zulia.

                         *     *     *

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


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


* LATAM: ECLAC Expects Trade Volume to Drop 13% This Year
---------------------------------------------------------
The volume of trade in Latin America and the Caribbean will drop
13% in 2009, surpassing the 10% decline in world trade expected
this year, stated ECLAC in its most recent report.  This confirms
that the sector most affected by the global economic crisis in the
region is trade, which is suffering an unprecedented contraction.

The volume of exports from the region will decrease 11%, the worst
figure in 72 years, while imports will diminish 14%, the steepest
drop in 27 years, according to the report Latin America and the
Caribbean in the World Economy 2008-2009: Crisis and opportunities
for regional cooperation, launched today by ECLAC Executive
Secretary Alicia Barcena at ECLAC headquarters in Santiago.

"Policies to reactivate trade are urgently needed, because the
post-crisis future will continue to reward economies with a
greater focus on exports and advances in terms of competitiveness
and technological innovation," said Barcena.

The decline in trade has been caused by a strong contraction of
world demand, lower prices of some basic commodities, difficulties
in financing for trade and the pro-cyclical performance of intra-
regional trade flows, particularly in South America.

In spite of the strong contraction in trade, the report
underscores that the region has addressed the effects of the
current crisis better than during prior crises, due especially to
the strong macroeconomic scenario that resulted from the favorable
economic cycle in 2003-2007.

ECLAC estimates that after a two to three-year slowdown,
international trade should once again become a source of
opportunities, and the region should be prepared for that.

According to ECLAC, the world crisis has been transmitted to the
real economies of the region through four channels: foreign direct
investment, emigrant remittances, commodity prices and trade.
Services and tourism also suffered the effects of the crisis.

Practically every country in the region has experienced a fall in
trade flows with its main trade partners (United States, the
European Union, Asia and other countries in the region).  Only
China has sustained its demand for commodities, which has allowed
the region to partially counteract the general decline in
international trade.

Commodity-export countries, especially exporters of oil and
minerals, have been the most affected by the deterioration in
terms of trade, which is expected to fall 32.6% this year for
Venezuela, Ecuador (oil), Colombia (oil and coal) and Bolivia
(natural gas).

Mineral and oil exports from the region fell 50.7% during the
first semester of 2009, while the export of manufactured and
agricultural products diminished 23.9% and 17%, respectively.  The
steepest fall was in exports to the European Union (-36.3% in
total) and the United States (-35.3%).

Exports to other countries in the region also experienced a
significant decrease in the first semester of this year (a 33%
decrease in the value of exports with regard to the same period
last year).  This confirms the pro-cyclical behavior that intra-
Latin American exports have traditionally shown.

                      Regional cooperation

The report highlights actions in seven areas that concentrate the
best opportunities for regional integration in a post-crisis
context: investment in infrastructure, encouraging intra-regional
trade, fomenting regional cooperation in innovation and
competitiveness, reducing asymmetries, strengthening social
cohesion, making the most of ties with Asia-Pacific, and
addressing the challenges of the environment and climate change.

With regard to trade, ECLAC suggests creating a programme for
cooperation to stimulate intra-regional trade, coordinate the
participation of countries and multilateral and regional bodies to
make the most of their advantages, and strengthen the mobilization
of financial resources.

ECLAC underscored the importance of diversifying the productive
and export base and incorporating greater value and know-how in
exports of goods and services.  This requires greater coordination
within governments and with the private sector to stimulate
innovation and training human resources.


* 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.


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