TCRLA_Public/090904.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

            Friday, September 4, 2009, Vol. 10, No. 175

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver Defends Fees Amid SEC & Investors Protest
STANFORD INT'L: Owner Faces Lawsuit Over Unpaid Gambling Debts
* ANTIGUA & BARBUDA: Names New Financial Regulatory Head


A R G E N T I N A

ALUAR ALUMINIO: Moody's Assigns 'B2' Rating on New Senior Notes
BANCO COMAFI: Moody's Cuts Global Local Cur. Deposit Rating to Ba3
BANCO CREDICOOP: Moody's Cuts Deposit Rating to Ba2 From Ba1
BANCO DE GALICIA: Moody's Cuts Deposit Rating Downgraded to Ba3
BANCO DE LA CIUDAD: Moody's Cuts Cur. Deposit Rating to Ba2

BANCO DE SANTIAGO: Moody's Cuts Deposit Rating to Ba3 From Ba2
BANCO DEL TUCUMAN: Moody's Cuts Deposit Rating to Ba2 From Ba1
BANCO FINANSUR: Moody's Cuts Deposit Rating to B2 From B1
BANCO HIPOTECARIO: Moody's Cuts Deposit Rating to Ba2 From Ba1
BANCO MACRO: Moody's Cuts Global Local Cur. Deposit Rating to Ba2

BANCO PATAGONIA: Moody's Cuts Deposit Rating to Ba2 From Ba1
BANCO PIANO: Moody's Cuts Global Local Cur. Deposit Rating to Ba3
BANCO REGIONAL: Moody's Cuts Deposit Rating to Ba3 From Ba2
BANCO SUPERVIELLE: Moody's Cuts Deposit Rating to Ba3 From Ba2
INTERVIEW SRL: Trustee Verifying Proofs of Claim Until October 22

LUD NAZAROVA: Proofs of Claim Verification Due on November 20
MEDIGUARDIA SA: Trustee Verifying Proofs of Claim Until Sept. 18
NUEVO BANCO: Moody's Cuts Global Local Cur. Deposit Rating to B1
NUEVO BANCO BISEL: Moody's Cuts Deposit Rating to Ba2 From Ba1
NUEVO BANCO DE LA RIOJA: Moody's Cuts Deposit Rating to Ba3

ORGANIZACION SUINDA: Creditors' Proofs of Debt Due on Nov. 10
SBA SERVICIOS: Proofs of Claim Verification Due on September 30
SEFRAMA SRL: Creditors' Proofs of Debt Due on October 29
SERUCIAL SA: Proofs of Claim Verification Due on September 22
SOUTHERN BUILD: Creditors' Proofs of Debt Due on October 14

TELECOM ARGENTINA: Telcom Italia Can't Vote at Firms' Assembly
YPF SA: May Sell Up to US$78 Million in Bonds


B E R M U D A

BERNARD L.MADOFF: Insurers Reach Partial Accord in Madoff Lawsuit
STEWARDSHIP CREDIT: Creditors & Contributories to Meet on Sept. 25


B R A Z I L

BANCO NACIONAL: Gov't May Capitalize Bank to Fund Oil Exploration
BANCO SANTANDER: Brazil Unit Files IPO for US$200 Million
BRASIL FOODS: To Transfer BRL2.55 Billion Fund to Sadia SA
BRASIL FOODS: To Invest BRL1 Billion in 2010
BR MALLS: S&P Changes Outlook to Stable; Affirms 'BB-' Rating

COMPANHIA SIDERURGICA: Taps Morgan Stanley & Itau for Bond Sale
COSAN SA: Upgraded to “Overweight” at HSBC Holdings Plc
CSN ISLANDS: S&P Assigns Senior Unsecured Debt Rating at 'BB+'
CSN ISLANDS: Moody's Assigns 'Ba1' Rating on US$750 Mil. Notes
ENERGISA SA: Studies Local Share Issue

GOL LINHAS: Slumping Oil Prices May Cut Company Costs
MULTIPLAN EMPREENDIMENTOS: S&P Raises Corp. Credit Rating to 'BB+'
SADIA SA: To Get Additional BRL2.55 Billion From Brasil Foods
SADIA SA: Board Fires CEO; Names Cardoso de Lucena as Replacement
TAM SA: Files Amended 2007 Annual Report

USINAS SIDERURGICAS: Hikes Flat Steel Prices by 10% to 12%
* BRAZIL: Minister Suggests Raising Import Tariffs on US Products


C A Y M A N  I S L A N D S

APHELION GENERAL: Shareholders to Hear Wind-Up Report Today
CITRON INVESTMENTS: Shareholders' Final Meeting Set for Today
COREVEST NEW: Shareholder Receives Wind-Up Report
DMS FIXED: Shareholder Receives Wind-Up Report
DMS FIXED: Shareholder Receives Wind-Up Report

FAYE CAPITAL: Shareholders' Final Meeting Set for Today
J.P. MORGAN: Members Receive Wind-Up Report
KINSALE INVESTMENTS: Shareholders' Final Meeting Set for Today
MPII SPECIAL: Shareholders' Final Meeting Set for Today
TORNESS LIMITED: Members Receive Wind-Up Report

URALSIB PRIVATE: Members Receive Wind-Up Report
VELOS BALKAN: Shareholders to Hear Wind-Up Report on September 4
WESTPEAK EUROPE: Shareholders' Final Meeting Set for Today
WHITNEY JAPAN: Shareholders to Hear Wind-Up Report on September 4
ZEST INVESTMENTS: Shareholders Receive Wind-Up Report

ZEST INVESTMENTS: Shareholders Receive Wind-Up Report


C O L O M B I A

ECOPETROL SA: Offers US$1.5 Billion 2019 Debt Swap


E C U A D O R

TELEAMAZONAS: Ecuador Backs Off Closing Network Over Broadcast
* ECUADOR: Won't Close TV Network on Broadcast Reasons


E L  S A L V A D O R

* EL SALVADOR: Government and ECLAC Sign Cooperation Agreement


J A M A I C A

CABLE & WIRELESS: LIME Teams Up With Claro to Cut Call Rates
DIGICEL GROUP: Pays US$1.2 Million for Broadband License
IBEROSTAR HOTEL: Management in Talks with Union on Job Cuts
JPSCO: Recovers JM$1 Billion in Stolen Electricity in Three Years
SUPER PLUS: Sells Pavillion Plaza Outlet to Hi-Lo Supermarket


M E X I C O

AXTEL SAB: Moody's Affirms Corporate Family Rating at 'Ba2'
CABLEMAS SA: S&P Raises Long-Term Corporate Credit Rating to 'BB+'
COMERCI: Bondholder Deal “Very Positive,” Citigroup Says
* MEXICO: Antitrust Agency Sets Wireless Auction Limits


V E N E Z U E L A

CHRYSLER LLC: Venezuela Slaps Unit With US$6 Million Fine
CITGO PETROLEUM: Stability Threatened by Government Moves
GENERAL MOTORS: To Reopen Venezuela Assembly Plant
PETROLEOS DE VENEZUELA: Oil Unions Complain of Election Delays
PETROLEOS DE VENEZUELA: Obliged to Import Gasoline

PETROLEOS DE VENEZUELA: Government Moves Hurting Citgo Petroleum
PETROLEOS DE VENEZUELA: To Take Control of Powerhouse
PETROLEOS DE VENEZUELA: Petropar Protests Irregularities in Deal
* VENEZUELA: Resumes Talks With Paraguay on Fuel Debt
* VENEZUELA: Tax Agency Slaps Chrysler LLC With US$6MM Payment

* VENEZUELA: Legislators OK Conditions For Local Dollar Bond Sales


                         - - - - -


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


STANFORD INT'L: Receiver Defends Fees Amid SEC & Investors Protest
------------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
defended his request for US$27.5 million in fees after the U.S.
Securities and Exchange Commission said he was using too much of
the estate, Laurel Brubaker Calkins and Andrew M. Harris at
Bloomberg News report.

“The actions required to dismantle the Stanford network would be
absolutely necessary, and costly, whether the remaining assets had
US$1 billion or US$1,000 in net value,” Kevin Sadler, Mr. Janvey's
attorney, said in a note obtained by the news agency.  “Unwinding
of this estate will never occur spontaneously,” Mr. Sadler added.

According to the report, Mr. Janvey has paid out US$31 million in
“operations and wind down costs unrelated to professional fees and
expenses” and worked for six months without repayment.  The report
relates that Mr. Sadler said the SEC approved Mr. Janvey’s plans
from the start, “but after they were completed, the SEC balked at
the inevitable costs.”

Bloomberg News notes that the fee Mr. Janvey requested for his
first 14 weeks of work equals more than a third of the US$81.1
million in cash the estate had on hand at the end of July.  The
report relates that accounting and law firms working with Mr.
Janvey discounted their typical billing rates by 20% out of
concern for how little Mr. Stanford’s investors will recover.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Bloomberg News noted that court-appointed
examiner John J. Little, who is representing investors’ interests,
said that Mr. Janvey is spending so much money to recover so few
Stanford assets that nothing may be left for defrauded customers.

“ At this rate of consumption, simple math suggests the
substantial possibility that the whole of the receivership estate
could end up, not in the hands of the victimized investors, but in
the pockets of the receiver and the firms [Mr. Janvey] has
retained,” the report quoted Mr. Little, with Little Pedersen
Fankauser LLP in Dallas, as saying.

Bloomberg News related that the U.S. Securities and Exchange
Commission objected to Mr. Janvey’s fee request and asked the
judge overseeing the case to bar reimbursement for any of the
receiver’s work on so-called clawback lawsuits against Stanford’s
investors.  According to the report, Mr. Little and the SEC asked
U.S. District Judge David Godbey in Dallas to reduce Mr. Janvey’s
fees by an additional 20%, even though Mr. Janvey said the firms
working with him already have discounted their billings by 20% out
of concerns for how little money Stanford’s investors will get
back.  The report added that Mr. Little and the SEC criticized Mr.
Janvey for using too many high-priced lawyers and accountants and
for not providing sufficiently detailed billing records and
receipts to back up invoices.

Meanwhile, Bloomberg News notes that Mr. Sadler said Mr. Janvey is
obligated to pursue the clawback suits and probably will continue
to seek about US$60 million in interest paid to Stanford clients
on the Antiguan CDs, even if the U.S. Court of Appeals in New
Orleans blocks his attempt to recover the investors’ principal.
U.S. District Judge David Godbey in Dallas has scheduled oral
arguments over Janvey’s fee request for September. 10, the report
relates.

                   About Stanford International

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

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

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

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

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


STANFORD INT'L: Owner Faces Lawsuit Over Unpaid Gambling Debts
--------------------------------------------------------------
Bellagio, a Las Vegas casino owned by MGM Mirage, has filed a
lawsuit in Nevada's Clark County district court accusing Robert
Allen Stanford -- the financier accused of orchestrating a multi-
billion Ponzi scheme -- of running up gaming losses in January
barely a month before he was arrested by U.S. authorities, Andrew
Clark at  guardian.co.uk reports.  The report relates that the
casino said Mr. Stanford has around US$258,480 (GBP160,000) in
unpaid gambling debts.

According to the report, citing the Las Vegas Sun newspaper, Mr.
Stanford signed for 14 gambling markers but when the casino
presented them for payment at a Miami bank on February 19, all of
the markers bounced.  The report relates that the Bellagio's
lawsuit seeks payment of the alleged debt, plus interest
calculated at an annual rate of 18% and recompense for legal
costs.

In an e-mail to The Guardian, Mr. Stanford's Houston-based lawyer,
Dick DeGuerin, said Mr. Stanford had been unable to pay the
Bellagio because of a freeze on his assets imposed by the U.S.
Securities and Exchange Commission.  The report relates that
Mr. DeGuerin said the casino ought to sue the receivers of
Stanford International.

"It's a valid personal debt and should be honored, but the
receiver is interested only in selling all the assets for a
fraction of their worth, and billing US$30 million [so far] for
his efforts," the report quoted Mr. DeGuerin as saying.

Meanwhile, Laurel Brubaker Calkins at Bloomberg News relates that
Mr. Stanford returned to jail after a five-day hospital stay to
undergo heart testing.  “They did find an aneurism in his leg, but
they classified it as an elective surgery,” Dick DeGuerin told the
news agency in a phone interview.  The report relates that Mr.
Stanford underwent a heart catheterization procedure to determine
whether he needed further treatment.

Bloomberg News recalls that Mr. Stanford was rushed to the
hospital with a pulse rate of 300 beats per minute on August 27,
shortly before he was to appear in federal court in Houston.

                   About Stanford International

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

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

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

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

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


* ANTIGUA & BARBUDA: Names New Financial Regulatory Head
--------------------------------------------------------
Antigua and Barbuda has appointed John Benjamin as the new
administrator and chief executive officer of the country's
Financial Services Regulatory Commission, Pascal Fletcher at
Reuters reports.  The report relates that Mr. Benjamin will
replace Leroy King, who faces U.S. charges aiding financier Robert
Allen Stanford in a multi-billion Ponzi scheme.

According to the report, Mr. Benajmin previously worked with
Barclays Bank Plc and the Antigua Commercial Bank and more
recently had been managing director at TCI Bank Ltd of the Turks
and Caicos Islands.  The report says Mr. Benjamin's appointment
will run for a period of six months.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Caribbean360.com said former Stanford Financial
Group Co. Chief Financial Officer, James M. Davis, who pleaded
guilty of helping Mr. Stanford orchestrated a fraud, testified
that a brotherhood ceremony took place involving Mr. King, Mr.
Stanford, and an unnamed FSRC employee to keep the fraud that was
ongoing at the Stanford International Bank Limited under wraps.
"Sometime in 2003, Mr. Stanford performed a 'blood oath'
brotherhood ceremony with [Mr.] King and another employee of the
FSRC.  This brotherhood oath was undertaken in order to extract an
agreement from both [Mr.] King and the other FSRC employee that
they, in exchange for regular cash bribe payments, would ensure
that the Antiguan bank regulators would not 'kill the business' of
the bank," a court document signed by Mr. Davis stated, the report
related.

According to the report, citing court papers, Mr. King received
more than US$200,000 in bribes, including SuperBowl tickets and
flights on the investor's private jets and that the bribe money
was taken by Mr. Davis, on Mr. Stanford's instructions, from a
secret Swiss bank account.  The report noted that the document
stated that Mr. King also forwarded confidential correspondence he
received from the SEC to Mr. Stanford and another bank executive.
Mr. Stanford, the report added, would then help Mr. King draft
misleading responses from his regulatory agency.

Caribbean360.com, citing the plea document, said that Mr. King
also helped mislead regulators of the Eastern Caribbean Central
Bank when they began raising questions about SIBL.

                  About Stanford International

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

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

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

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

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


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


ALUAR ALUMINIO: Moody's Assigns 'B2' Rating on New Senior Notes
---------------------------------------------------------------
Moody's Latin America has assigned a B2 global local currency and
an Aa3.ar Argentina national scale rating to US$50 million in new
senior unsecured local notes due 2014 to be issued by Aluar
Aluminio Argentino S.A.I.C.  At the same time, Moody's affirmed
Aluar's B2 global local currency corporate family rating and its
Aa3.ar Argentina National Scale Rating.  The outlook for all
ratings is stable.

The net proceeds from the notes offering will be used to finance
Aluar's ongoing capital expansion plan.  The new notes will be
unsecured and are pari passu with all of the company's existing
and future senior unsecured indebtedness.

Aluar's B2 and Aa3.ar ratings are supported by its leading market
position as the only aluminum smelter in Argentina and its long-
term volume-based supply contracts, which have helped to sustain
Aluar's operating margins.  Aluar's ratings also consider its
favorable business model -- Aluar serves 100% of Argentina
domestic demand and generates significant foreign currency
earnings through its worldwide exports.  Some 75% of Aluar's total
production is exported.

The ratings also consider Aluar's improved liquidity profile,
following its payment of US$170 million in debt with the proceeds
from a US$241 million capital injection from Aluar's main
shareholder in July 2009.  Moody's notes that, after debt
amortization, the company expects that US$44 million in proceeds
will remain to provide additional financial flexibility to Aluar
in case of a much weaker than expected industry environment.

These key strengths are offset by the nature of Aluar's business,
which is exposed to cyclical aluminum prices, and its limited
geographical diversification in terms of operating assets.  The
company operates a single primary aluminum production facility and
is dependent on a single alumina supplier.  Finally, the ratings
are constrained by the increasing debt levels that Aluar will
require to complete its investment plan.

The ratings incorporate Moody's expectations that weak aluminum
industry conditions, end-user demand and pricing will likely cause
Aluar's margins to remain below their long term average in the
medium term notwithstanding actions taken to reduce costs and
expected aluminum industry production curtailments.

Aluar's B2 global local currency rating reflects its global
default and loss expectation, while the Aa3.ar national scale
rating reflects the standing of Aluar's credit quality relative to
its domestic peers.  Moody's National Scale Ratings are intended
as relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Argentina are designated by
the ".ar" suffix.  Issuers or issues rated Aa.ar demonstrate very
strong creditworthiness relative to other domestic issuers within
the NSR.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The stable outlook is based on Moody's expectation that Aluar will
continue to successfully execute its business strategy, in spite
of continued weak economic fundamentals in Argentina and globally
in 2009-2010.  The weaker macroeconomic environment is likely to
pressure Aluar's revenues and cash flows, but Moody's expect that
the company will benefit from improved working capital management
and the ability to roll over its pre- export financing lines due
to its long-standing banking relationships.

An upgrade in the ratings or outlook could possibly be triggered
by sustainable debt/EBITDA of less than 2.5x (2.9x as of LTM
ending March 31, 2009), EBIT/Interest greater than 6.0x (3.4x as
of LTM ending March 31, 2009) and free cash flow/debt of at least
10% (-1.9% as of LTM ending March 31, 09).

Moody's believes the most significant risk to Aluar's ratings
continues to be a prolonged slowdown in its end-markets, with
sustained aluminum price weakness.  Quantitatively, a downgrade in
the ratings or outlook could be caused by EBIT/interest of below
2.5x, debt/EBITDA above 5.0x or operating cash flow less dividends
to debt of less than 10% (22.5% as of LTM ending March 31, 2009)
for an extended period of time.

Headquartered in Buenos Aires, Argentina, Aluar is the only
primary aluminum producer and the main semi-manufactured aluminum
maker in Argentina.  With total revenues of US$1 billion as of the
last twelve months ending March 31, 2009, 25% of Aluar's
production is sold in the Argentine domestic market and the
remaining 75% is exported worldwide.


BANCO COMAFI: Moody's Cuts Global Local Cur. Deposit Rating to Ba3
------------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO CREDICOOP: Moody's Cuts Deposit Rating to Ba2 From Ba1
------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO DE GALICIA: Moody's Cuts Deposit Rating Downgraded to Ba3
---------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO DE LA CIUDAD: Moody's Cuts Cur. Deposit Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO DE SANTIAGO: Moody's Cuts Deposit Rating to Ba3 From Ba2
--------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO DEL TUCUMAN: Moody's Cuts Deposit Rating to Ba2 From Ba1
--------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO FINANSUR: Moody's Cuts Deposit Rating to B2 From B1
---------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO HIPOTECARIO: Moody's Cuts Deposit Rating to Ba2 From Ba1
--------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO MACRO: Moody's Cuts Global Local Cur. Deposit Rating to Ba2
-----------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO PATAGONIA: Moody's Cuts Deposit Rating to Ba2 From Ba1
------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO PIANO: Moody's Cuts Global Local Cur. Deposit Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO REGIONAL: Moody's Cuts Deposit Rating to Ba3 From Ba2
-----------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


BANCO SUPERVIELLE: Moody's Cuts Deposit Rating to Ba3 From Ba2
--------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


INTERVIEW SRL: Trustee Verifying Proofs of Claim Until October 22
-----------------------------------------------------------------
The court-appointed trustee for Interview S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 22, 2009.


LUD NAZAROVA: Proofs of Claim Verification Due on November 20
-------------------------------------------------------------
Nelida Grunblatt de Nobile, the court-appointed trustee for Lud
Nazarova SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until November 20, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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:

          Nelida Grunblatt de Nobile
          Felipe Vallese 119
          Argentina


MEDIGUARDIA SA: Trustee Verifying Proofs of Claim Until Sept. 18
----------------------------------------------------------------
The court-appointed trustee for Mediguardia S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 18, 2009.

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


NUEVO BANCO: Moody's Cuts Global Local Cur. Deposit Rating to B1
----------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


NUEVO BANCO BISEL: Moody's Cuts Deposit Rating to Ba2 From Ba1
--------------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


NUEVO BANCO DE LA RIOJA: Moody's Cuts Deposit Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service has lowered the global local currency
deposit ratings of sixteen Argentinean banks and the local
currency debt ratings of four banks.  The outlooks on the ratings
were changed to stable, with the exception of those of Banco
Hipotecario S.A. which remain on negative outlook.  These rating
actions conclude the review for possible downgrade initiated on
May 29, 2009.

The banks affected are: Banco de la Ciudad de Buenos Aires, Banco
Comafi S.A, Banco Credicoop Cooperativo Limitado, Banco Finansur
S.A., Banco de Galicia y Buenos Aires S.A, Nuevo Banco Industrial
de Azul S.A., Banco Macro S.A., Nuevo Banco Bisel S.A., Banco del
Tucuman S.A., Banco Patagonia S.A., Banco de Santiago del Estero
S.A., Nuevo Banco de La Rioja S.A., Banco Piano S.A., Banco
Supervielle S.A.  Banco Regional de Cuyo S.A.  and Banco
Hipotecario S.A.

The rating agency also noted that the global foreign currency
deposit and debt ratings, as well as the local and foreign
currency national scale deposit and debt ratings of these banks
were not affected by these actions, and have therefore been
affirmed.

Moody's said that the rating actions derive from its current
global reassessment of the systemic support available to banking
systems in the event of a prolonged financial crisis The actions
reflect Moody's reevaluation of the amount of "uplift" from
government support that may be incorporated in the deposit ratings
of Argentinean banks.

Moody's indicated that the ratings downgrades were therefore not
related to the banks' operating performances and cited the banking
system's relative resilience during the current crisis despite
both externally and internally generated financial shocks.  This
view is based on the banks' continued profitability, adequate
liquidity and capital, and manageable delinquency levels.
Accordingly, Moody's affirmed the stand-alone bank financial
strength ratings of the aforementioned institutions.

    Refined Systemic Support Indicator For Argentina Reflects
            Manageable Risk Of Systemic Banking Losses

Moody's has refined its assessment of systemic support for
Argentinean banks based on a new support indicator that reflects
the capacity and willingness of the government to support the
banking system as a whole in the event of a systemic crisis.
While Moody's continues to believe that most governments are
likely to support their banking systems to avoid a meltdown of the
local payment system in such an event, the agency views the
capacity of a country and its central bank to support the nation's
banks to be more closely aligned with the government's own credit
strength.

The rating agency noted that the ratings of a large number of
banks worldwide are being reevaluated, particularly those that
benefit from several notches of rating uplift due to systemic
support, and are in countries where the gap between the local
currency government bond rating and the local currency deposit
ceiling is wide.  The revised approach to systemic support is
outlined in the special report entitled "Financial Crisis More
Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's said that the new systemic support indicator for Argentina
has been established at B1 replacing the Ba1 local currency
deposit ceiling as the systemic support input for bank ratings.
The B1 support indicator nevertheless reflects two notches of
uplift from its anchor rating, which is the Argentine government's
B3 local currency bond rating.  The two-notch uplift reflects
Moody's view that the modest size of the Argentine banking system
relative to the government's resources and to GDP makes the risk
of crystallization of banking losses on the government's balance
sheet relatively moderate.

Moreover, the Argentine authorities are now more capable of
assisting financial institutions in the case of systemic stress
than they were in the early 2000s, given the small share (13.5%)
of foreign currency liabilities relative to the country's
international reserves.  Contrary to the period during which the
Argentine peso was pegged to the US dollar, the Central Bank has
full monetary authority and as a consequence is now in a position
to use various financial and non-financial tools to manage
potential stress in the country's banking system, said Moody's.

These ratings were affected:

[1] Banco de la Ciudad de Buenos Aires: The BFSR of D was affirmed
    with stable outlook.  The global local currency deposit rating
    downgraded to Ba2 from Ba1; with stable outlook.  The
    Argentinean National Scale local currency deposit rating of
    Aa1.ar was affirmed.

[2] Banco Comafi S.A: The BFSR of D- was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba3 from Ba2; global local currency debt rating lowered to
    Ba3 from Ba2.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa2.ar were affirmed.

[3] Banco Credicoop Cooperativo Limitado: The BFSR of D was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba2 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa1.ar was affirmed.

[4] Banco Finansur S.A.: The BFSR of E+ was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to B2 from B1; global local currency debt rating lowered to B2
    from B1.  Both new ratings were placed on stable outlook.  The
    Argentinean National Scale local currency deposit and debt
    rating of Aa3.ar was affirmed.

[5] Banco de Galicia y Buenos Aires S.A: The BFSR of D- was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to Ba3 from Ba1; with stable
    outlook.  The Argentinean National Scale local currency
    deposit rating of Aa2.ar was affirmed.

[6] Nuevo Banco Industrial de Azul S.A.: The BFSR of E+ was
    affirmed with stable outlook.  The global local currency
    deposit rating downgraded to B1 from Ba3; with stable outlook.
    The Argentinean National Scale local currency deposit rating
    of Aa2.ar was affirmed.

[7] Banco Macro S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; global local currency debt rating lowered to
    Ba2 from Ba1.  Both new ratings were placed on stable outlook.
    The Argentinean National Scale local currency deposit and debt
    ratings of Aa1.ar were affirmed.

[8] Nuevo Banco Bisel S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[9] Banco del Tucuman S.A.: The BFSR of D was affirmed with stable
    outlook.  The global local currency deposit rating downgraded
    to Ba2 from Ba1; with stable outlook.  The Argentinean
    National Scale local currency deposit rating of Aa1.ar was
    affirmed.

[10] Banco Patagonia S.A.: The BFSR of D was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba2 from Ba1; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa1.ar was
     affirmed.

[11] Banco de Santiago del Estero S.A.: The BFSR of D- was
     affirmed with stable outlook.  The global local currency
     deposit rating downgraded to Ba3 from Ba2; with stable
     outlook.  The Argentinean National Scale local currency
     deposit rating of Aa2.ar was affirmed.

[12] Nuevo Banco de La Rioja S.A.: The BFSR of D- was affirmed
     with stable outlook.  The global local currency deposit
     rating downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[13] Banco Piano S.A.: The BFSR of D- was affirmed with stable
     outlook.  The global local currency deposit rating downgraded
     to Ba3 from Ba2; with stable outlook.  The Argentinean
     National Scale local currency deposit rating of Aa2.ar was
     affirmed.

[14] Banco Supervielle S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[15] Banco Regional de Cuyo S.A.: The BFSR of D- was affirmed with
     stable outlook.  The global local currency deposit rating
     downgraded to Ba3 from Ba2; with stable outlook.  The
     Argentinean National Scale local currency deposit rating of
     Aa2.ar was affirmed.

[16] Banco Hipotecario S.A.: The BFSR of D was affirmed with
     negative outlook.  The global local currency deposit rating
     downgraded to Ba2 from Ba1, with negative outlook; and the
     global local currency debt rating lowered to Ba2 from Ba1
     with negative outlook.  The Argentinean National Scale local
     currency deposit and debt ratings of Aa1.ar were placed on
     negative outlook as well.


ORGANIZACION SUINDA: Creditors' Proofs of Debt Due on Nov. 10
-------------------------------------------------------------
The court-appointed trustee for Organizacion Suinda S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 10, 2009.

The trustee will present the validated claims in court as
individual reports on February 5, 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 19, 2010.


SBA SERVICIOS: Proofs of Claim Verification Due on September 30
---------------------------------------------------------------
Hector Vegetti, the court-appointed trustee for SBA Servicios SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 30, 2009.

Mr. Vegetti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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:

          Hector Vegetti
          Montevideo 711
          Argentina


SEFRAMA SRL: Creditors' Proofs of Debt Due on October 29
--------------------------------------------------------
The court-appointed trustee for Seframa 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 1, 2010.


SERUCIAL SA: Proofs of Claim Verification Due on September 22
-------------------------------------------------------------
Miguel Angel Humberto Pizzolo, the court-appointed trustee for
Serucial SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until September 22, 2009.

Mr. Pizzolo 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 28, 2010.


SOUTHERN BUILD: Creditors' Proofs of Debt Due on October 14
-----------------------------------------------------------
The court-appointed trustee for Southern Build S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 14, 2009.

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

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 16, 2010.


TELECOM ARGENTINA: Telcom Italia Can't Vote at Firms' Assembly
--------------------------------------------------------------
An Argentine federal judge suspended Telecom Italia SpA's voting
rights ahead of Telecom Argentina SA shareholder assembly next
week, Shane Romig at Dow Jones Newswires reports, citing local
daily El Cronista.  The report relates the decision follows
Argentina's National Antitrust Commission's ruling that Telecom
Italia must sell its stake in Telecom Argentina SA.

As reported in the Troubled Company Reporter-Latin America on
August 28, 2009, Dow Jones Newswires said that CNDC has given
Telecom Italia one year to divest its stakes in Telecom Argentina
due to a conflict of interest.  CNDC Vice President Humberto
Guarda Mendoza told Dow Jones Newswires on an August 27 interview
that Telecom Italia must present a plan for the sale within 60
days.  According to the report, CNDC said that Spain's Telefonica
SA's minority stake in Telecom Italia creates a conflict between
the two companies' Argentine operations.  The report related that
Telefonica owns Telefonica Argentina, which shares an effective
duopoly over the Argentine telecommunications sector with Telecom.

Dow Jones Newswires noted that the antitrust investigation is
based on Telefonica SA's involvement in a consortium that bought a
24.7% stake in Telecom Italia, which gave Telefonica two seats on
the Telecom Italia's board.  The report said Telecom Italia argued
that Telefonica SA's indirect 10% holding translates into a mere
1.8% stake in the Argentine unit and that its directors are barred
from making decisions in the two markets where the providers
overlap -- Argentina and Brazil.

                        About Telecom Argentina

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

                           *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating


YPF SA: May Sell Up to US$78 Million in Bonds
---------------------------------------------
YPF S.A., a unit of Spain's Repsol YPF SA, may sell up to ARS300
million (US$78 million) in bonds, Drew Benson at Bloomberg News
reports, citing a company statement.

According to the report, YPF SA’s board of directors approved the
sale of ARS100 million worth of bonds and the possibility to
expand the offer to ARS300 million.

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

                           *     *     *

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


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


BERNARD L.MADOFF: Insurers Reach Partial Accord in Madoff Lawsuit
-----------------------------------------------------------------
Bermuda-based insurers Argus Group Holdings Ltd. and Tremont
International Insurance Ltd. reached a partial settlement of a
lawsuit on behalf of policyholders over the companies’ investment
with Bernard Madoff, David Glovin at Bloomberg News reports,
citing court records.

According to the report, the lawsuit claims that the insurers are
liable to policyholders with certain annuities or life insurance
policies for fraud and breach of duty because the insurers
invested with so-called Madoff feeder funds.  The report relates
that the accord said Argus International Life Bermuda Ltd. will
provide low-interest loans to policyholders whose policies may
lapse.  The policies relied on the Madoff investments to pay
premiums.

The settlement, which provides for no cash payments, was reached
due to the “difficulty of establishing jurisdiction over the
Bermuda-based” defendants and of “establishing their liability and
recovering damages,” the plaintiffs said in court papers obtained
by the news agency.

Bloomberg News says that the settling cases are part of a larger
group of Madoff-related investor lawsuits against Tremont Group
Holdings, a hedge-fund firm owned by Massachusetts Mutual Life
Insurance Co.  The settling cases are on behalf of Argus and
Tremont Insurance policyholders whose investment was placed in
various Tremont Group Holdings funds, which in turn invested with
Madoff, the report notes.

About 100 policyholders will benefit from the accord, the report
adds.

                      About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least US$50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


STEWARDSHIP CREDIT: Creditors & Contributories to Meet on Sept. 25
------------------------------------------------------------------
The creditors and contributories of Stewardship Credit Arbitrage
Fund, Ltd. will hold their first meeting on September 25, 2009, at
9:30 a.m. and 10:30 a.m., respectively, to receive the provisional
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's provisional liiquidator is:

          Peter C.B. Mitchell
          PricewaterhouseCoopers Advisory Limited
          Dorchester House
          P.O. Box HM 1171, Hamilton HMEX
          Bermuda


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


BANCO NACIONAL: Gov't May Capitalize Bank to Fund Oil Exploration
-----------------------------------------------------------------
The Brazilian government may pump funds into the state-owned Banco
Nacional de Desenvolvimento Economico e Social SA, to be used to
finance efforts to explore potentially enormous deep sea oil
finds, Alastair Stewart at Dow Jones Newswires reports, citing
Estado newswire.

According to the report, BNDES already has a 7.6% stake in
government oil company Petroleo Brasileiro (Petrobras), and has a
BRL100 billion (US$52.4 billion) funds to help finance
exploration.  However, the report relates that the government is
concerned that suppliers and other companies in the production
chain risk being underfunded.

The report notes that earlier this week, President Luiz Inacio
Lula da Silva sent a plan to Congress that would make Petrobras
the sole operator of new subsalt fields, giving it across-the-
board access to what is one of the largest oil finds in recent
decades.

                          About BNDES

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

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


BANCO SANTANDER: Brazil Unit Files IPO for US$200 Million
---------------------------------------------------------
Banco Santander (Brasil) SA, a unit of Spain's Banco Santander SA,
plans to sell as much as US$200 million of stock in an initial
public offering, Fabio Alves at Bloomberg News reports.  The
report relates that the local unit will use the proceeds to
finance the expansion of its infrastructure and boost its capital
base.

According to the report, the company's offering includes American
depositary shares and stock in Brazil.

The report recalls that Banco Santander on July 31 filed to sell
units representing both ordinary and preferred shares.  The report
relates Chief Executive Officer Alfredo Saenz said that Santander
would offer new shares equivalent to a 15% stake in the Brazilian
unit.  Santander Investment and Credit Suisse Group AG were hired
to manage the share sale, the report adds.

                       About Banco Santander

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                          *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


BRASIL FOODS: To Transfer BRL2.55 Billion Fund to Sadia SA
----------------------------------------------------------
BRF-Brasil Foods SA -- new name for the merged Perdigao SA and
Sadia SA –- will transfer the remaining BRL2.55 billion (US$1.35
billion) fund to its unit, Sadia SA, to pay down debt and
strengthen Sadia SA's capital base, Elzio Barreto at Reuters
reports.  The report relates that the capital injection is part of
a BRL3.5 billion-real plan by Brasil Foods to bolster Sadia.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Dow Jones Newswires said that Brasil Foods
transferred BRL950 million (US$505 million) to its Sadia SA to be
used to increase the unit's capital as part of debt restructuring.
The report related that BRF-Brasil Food raised BRL5.29 billion
from the sale of shares through a primary offer on the Brazilian
Stock Exchange, or BMFBovespa.

According to Rogerio Jelmayer at Dow Jones Newswires, the share
offer was part of the merger agreement announced in May between
Perdigao and Sadia.  The report relates that under the terms of
the accord, Sadia SA will transfer its shares to a company called
HFF Participacoes, then it will migrate its shares to BRF.

A TCRLA report on November 7, 2008, citing Bloomberg News, related
that Sadia SA lost at least BRL545 million (US$254 million) on
wrong-way currency bets.  According to the report, Sadia posted
its first net loss in nine years after a currency slump derailed
bets that Brazil's real would continue a four-year winning streak
against the dollar.  The report said Sadia posted a third-
quarter net loss of BRL777.4 million, after booking BRL1.21
billion in financial expenses, mostly from bad bets on currencies
and other wrong-way investments, from a profit of BRL188.4 million
in the year-earlier quarter.

                        About Sadia S.A.

Headquartered in Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                         *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.

                       About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and thier derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


BRASIL FOODS: To Invest BRL1 Billion in 2010
--------------------------------------------
BRF-Brasil Foods SA is planning to invest BRL1 billion (US$526
million) in its operations in 2010, Rogerio Jelmayer at Dow Jones
Newswires reports, citing Company President Jose Antonio do Prado
Fay.

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and thier derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


BR MALLS: S&P Changes Outlook to Stable; Affirms 'BB-' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on BR Malls Participacoes S.A. to stable from negative.

Standard & Poor's also said that it affirmed its 'BB-' corporate
credit rating and 'brA' national scale rating on the company.

"The revised outlook reflects the positive effects of a recent
445 million Brazilian reais (R$) capital injection," noted
Standard & Poor's credit analyst Piero Parolin.  "It is also based
on S&P's expectation that the company's financial profile will
continue improving in 2010."

The ratings on Brazil-based shopping mall company BR Malls reflect
its aggressive acquisition strategy, which has resulted in a
leveraged financial profile.  The ratings also reflect the
company's significant capital-expenditure program, which includes
eight expansions and five greenfield projects to be delivered
through 2013.

The company faces strong competition when it seeks new shopping
malls to acquire.  Although cash flows from the company's existing
malls are fairly stable and resilient, uncertain economic
conditions do affect results from acquisitions and expansions.
Partially offsetting these risks are BR Malls' leading position in
the Brazilian shopping mall industry, favorable asset
diversification by geography and customers, and track record of
turning weak-performing properties around.  The ratings also take
into account BR Malls' smooth debt amortization schedule and
sustained strong cash position.

The stable outlook reflects the successful capital injection,
which will help finance the company's aggressive expansion program
and reduce requirements of new debt.  It also reflects S&P's
expectation that credit metrics will improve in 2010 with
incremental cash flows.

S&P could revise the outlook to positive if BR Malls is able to
report a consistently positive trend for its credit metrics,
moving toward debt to EBITDA of about 4.5x and funds from
operations to total debt of 25%.  S&P could revise the outlook to
negative or lower the ratings if the company fails to deliver
stronger cash flows through the end of 2009, such as if funds from
operations to total debt is consistently lower than 10% and debt
to EBITDA permanently higher than 6x.


COMPANHIA SIDERURGICA: Taps Morgan Stanley & Itau for Bond Sale
---------------------------------------------------------------
Cia. Siderurgica Nacional SA tapped Morgan Stanley and Banco Itau
to arrange a benchmark dollar bond sale amid growing demand for
Latin American corporate debt, Veronica Navarro Espinosa at
Bloomberg News reports, citing an unnamed source.  The report
relates that the source said CSN will pitch the bond offering to
investors next week, said the person.

According to the report, a benchmark-size sale typically means at
least US$500 million.  The report, citing Fitch ratings, notes
that CSN, which will use proceeds to refinance debt, may raise as
much as $750 million in 10-year notes.  The report says that CSN’s
debt sale is part of a push by Latin America companies to tap
overseas credit markets as borrowing costs decline amid
speculation the global economic recession is easing.

“Over the next few weeks, we’ll see more issuance” from Latin
American companies, the report quoted Eduardo Suarez, an analyst
at RBC Capital Markets in Toronto, as saying.  “There’s appetite
for Brazilian issuers,” Mr. Suarez said.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


COSAN SA: Upgraded to “Overweight” at HSBC Holdings Plc
-------------------------------------------------------
Stephen Kirkland at Bloomberg News reports that Cosan SA Industria
e Comercio was upgraded to “overweight” from “neutral” at HSBC
Holdings Plc on September 2, 2009.  The report relates that HSBC
Holdings also raised its price estimate to US$11 from US$4.50.

“We are adjusting our estimates based on very strong sugar
fundamentals, recovering ethanol prices, and new HSBC foreign
exchange and country risk metrics,” HSBC wrote in a research
report obtained by the news agency.

Headquartered in Brazil, Cosan SA Industria e Comercio --
http://www.cosan.com.br/-- is a Brazil-based company active in
the research and production of sugar, ethanol and derivatives.
The company cultivates harvests and processes sugarcane - the main
raw material used to produce sugar and ethanol.  In addition, it
is engaged in the production of sustained energy from renewable
sources.  It operates 18 production units located in the state of
Sao Paulo.  The Company also operates port terminals.  As of
March 31, 2009, Cosan was the parent company of a number of
controlled entities, such as TEAS - Terminal Exportador de Alcool
de Santos SA, Cosan SA Bioenergia, Radar Propriedades Agricolas SA
and Cosanpar Participacoes SA, among others.   Cosan SA is a
subsidiary of Bermuda-based Cosan Limited.

                          *     *     *

As reported in the Troubled Company July 27, 2009, Fitch Ratings
has assigned 'BB-' local and foreign currency Issuer
Default Ratings and a 'A-(bra)' National Scale Rating to Cosan
S.A. Industria e Comercio and its subsidiary Cosan Combustiveis e
Lubrificantes Ltda.  Fitch has also assigned a 'BB-' rating to
CCL's proposed US$300 million senior unsecured notes due 2014
issued through its wholly owned subsidiary, CCL Finance Ltd.  The
notes will be unconditionally and irrevocably guaranteed by CCL.
The Rating Outlook for Cosan and CCL is Stable.


CSN ISLANDS: S&P Assigns Senior Unsecured Debt Rating at 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
senior unsecured debt rating to CSN Islands XI Corp.'s forthcoming
issuance of senior unsecured guaranteed notes of up to
US$750 million.  Brazil-based steel producer Companhia Siderurgica
Nacional (CSN) (BB+/Positive/--) will irrevocably and
unconditionally guarantee the notes.

The ratings on the notes reflect the guarantee from CSN.  The
ratings on CSN, in turn, reflect exposure to typically volatile
business cycles in the steel industry and the company's
historically aggressive financial practices.  The rating also
reflects the uncertain time frame for a recovery in the steel
industry, given slow demand and depressed prices in both domestic
and international markets.  CSN's strong cash reserves, privileged
cost position and sound operating profile in steel and iron ore,
favorable market shares in Brazil, and strong export capabilities
partially offset these risks.

CSN faced more difficult market conditions in all its business
segments during the first half of 2009.  S&P expects credit
measures to continue weakening through 2009 because of pressures
on the operating margin, but to recover gradually as the company
captures the benefits of cost-cutting initiatives and market
conditions gradually improve.

CSN's supply chain integration and business diversification help
explain the resilience of its margins compared with global and
local peers'.  S&P believes the company is very well positioned to
take advantage of a gradual recovery in the steel and iron ore
markets, and that its robust cash position provides enough
financial flexibility to weather the current difficult conditions
in the industry.

                           Ratings List

                  Companhia Siderurgica Nacional

      Corporate Credit Raing                 BB+/Positive/--

                         Ratings Assigned

                       CSN Islands XI Corp.

  US$750 mil. floating-rate sr. notes due Sept. 30, 2019    BB+


CSN ISLANDS: Moody's Assigns 'Ba1' Rating on US$750 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
rating to the proposed issuance of up to US$750 million in senior
unsecured notes due 2019 by CSN Islands XI Corporation (Cayman
Islands), to be unconditionally and irrevocably guaranteed by
Companhia Siderurgica Nacional.  The rating of the notes is not
constrained by Brazil's foreign currency country ceiling of Baa3,
currently under review for possible upgrade.  The net proceeds
from the proposed issuance will be used to refinance maturing debt
and for general corporate purposes.

Simultaneously, Moody's has assigned corporate family ratings of
Ba1 on the global scale and Aa1.br on the Brazilian national scale
to CSN, with a stable outlook.  All existing ratings were
affirmed.  The outlook for all ratings is stable.

Ratings assigned are:

* Issuer: CSN Islands XI Corporation

  -- Up to US$750 million Senior Unsecured Notes Due 2019
     Guaranteed by CSN: Ba1 Foreign Currency Rating

* Issuer: Companhia Siderurgica Nacional -- CSN

  -- Corporate Family Rating: Ba1 (global scale), Aa1.br
     (Brazilian National Scale)

Ratings affirmed are:

* Issuer: CSN Islands VIII Corporation

  -- US$550 million Senior Unsecured Notes Due 2013 Guaranteed by
     CSN: Ba1 Foreign Currency Rating

* Issuer: CSN Islands IX Corporation

  -- US$400 million Senior Unsecured Notes Due 2015 Guaranteed by
     CSN: Ba1 Foreign Currency Rating

  -- Outlook for all ratings: stable

The rating of the proposed notes and the stable outlook assume
that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assume that these agreements are legally valid, binding
and enforceable.

CSN's Ba1 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products.  Historically, the company has
reported a strong EBITDA margin (as defined by Moody's) in the 40%
range, supported by its solid domestic market position and
globally competitive production costs.  CSN's operational
efficiency and low costs reflect the large scale of its integrated
steel mill, its own captive iron ore mine and its self-sufficiency
in electricity and 75% self-sufficiency in coke.  Also supporting
CSN's high margins are the company's strategic location in the
most industrialized region of Brazil and its proximity to high-
grade iron ore reserves and port terminals, as well as its
efficient logistics.  While Moody's believe that the company is
better-positioned than most of its global peers to face the ups
and downs of the cyclical steel industry from an operational
standpoint, as demonstrated by its EBITDA margin in the low 30%
range during the first half of 2009 under extremely unfavorable
market conditions, CSN's ratings are primarily constrained by its
track record of aggressive shareholder return, low operational
diversity, with the concentration of its steel production at a
single site, and by the event risk from its large capex program to
expand iron ore mining, cement and logistics operations.

Following the sale of a 40% interest in Nacional Minerios S,.A.
-- Namisa, CSN's cash position increased significantly.  While
part of the cash was used in the second quarter of 2009 mostly to
pay BRL1.7 billion dividends and for additional BRL 0.7 billion
legal deposit related to the IPI tax contingency, liquidity
remained strong based on a cash position of BRL 6.1 billion as of
June 30, 2009, comfortably covering short-term adjusted debt of
BRL3.4 billion (including refinanced taxes and pension
liabilities).  Although CSN does not have committed credit
facilities in place, similar to the majority of Brazilian issuers,
CSN's liquidity position is supported by its funding sources with
BNDES (Brazilian Development Bank) and pre-export financing based
on its large amount of unencumbered exports after 2009.  Moody's
believes that CSN will maintain its prudent liquidity management
during the ongoing investment program.  Moody's note that CSN does
not have financial covenants on its debt, which increases
financial flexibility.  Moody's expect CSN's debt maturity profile
to improve following the issuance of the proposed notes.

While the Ba1 global scale rating reflects the default and loss
expectation of CSN on a global basis, the Aa1.br national scale
rating reflects the standing of its credit quality relative to
other domestic issuers.  National Scale Ratings are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the same
country.

The stable outlook reflects Moody's expectation that CSN will
continue to report healthy, although lower, operating margins in
the coming quarters in spite of depressed prices and lowered
demand for steel and iron ore globally, reflecting the high level
of vertical integration of its operations.  While Moody's
anticipate a deterioration in leverage metrics by virtue of
weakened cash flow, Moody's expect CSN will manage to maintain
Consolidated Net Debt to EBITDA below 2.5x (considering a minimum
readily available liquidity cushion of US$1.5 billion) and robust
liquidity position.

CSN's ratings could be upgraded if the company maintains its high
margins relative to the industry during the current global
economic downturn, a strong liquidity position and moderate
leverage during the execution of its large capex program, with Net
Debt (considering a minimum readily available liquidity cushion of
US$1.5 billion) to EBITDA below 1.8x.  Sustainable Cash From
Operations less Dividends to Net Debt of above 25% would also be
necessary for an upgrade.

Conversely, the rating or outlook could be downgraded if CSN's
operating margins and net profits weakened significantly and
dividends remain high, resulting in CFO less Dividends to Net Debt
consistently below 15% or in the case of a substantive
deterioration of its liquidity position, with an inability to
cover short term debt with readily available liquidity and free
cash flow.  Downward pressure could also affect the ratings or
outlook if Consolidated Net Debt (considering a minimum readily
available liquidity cushion of US$1.5 billion) to EBITDA remains
above 2.5x for an extended time period.  A significant increase in
consolidated secured debt or in debt benefiting from claim
priority could negatively affect the rating or outlook of CSN's
senior unsecured debt.

Moody's last rating action on CSN occurred on December 18, 2008,
when Moody's changed the rating outlook for its backed notes to
stable from positive reflecting the negative outlook for the
global steel industry, and affirmed the Ba1 senior unsecured long
term debt ratings of the notes.

Companhia Siderurgica Nacional is a vertically integrated, low-
cost producer of flat-rolled steel, with an annual capacity of
5.6 million tons of crude steel and 5.1 million tons of rolled
products.  CSN also produces and sells iron ore and cement.  In
the twelve months ended on June 30, 2009, CSN recorded
consolidated net revenues of BRL12.3 billion (US$5.9 billion
converted using the average exchange rate).


ENERGISA SA: Studies Local Share Issue
--------------------------------------
Energisa SA said it is studying plans to issue shares, Alastair
Stewart at Dow Jones Newswires reports.

According to the report, the company said that the shares would be
offered in the form of units, share packages formed by both common
and preferred shares, but the operation must first be approved by
the company's board and shareholders.  The report relates Energisa
added that Brazilian stock market regulator CVM ruled the company
does not need to offer the shares publicly or provide a prospectus
for the offer.

Energisa SA, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states (Paraiba, Sergipe, Minas Gerais and Rio de
Janeiro), serving approximately 2.2 million consumers.  In 2008,
Energisa sold 6,614 GWh, equivalent to approximately 1.5% of all
electricity distributed in Brazil.  Energisa is listed on the
Brazilian stock market and is controlled by the Botelho family.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2009, Moody's confirmed the Ba3 local currency corporate
family rating for Energisa S.A. and the Ba3 rating for the
US$250 million unsecured notes units jointly but not severally
issued by Energisa Sergipe - Distribuidora de Energia S.A. and
Energisa Paraiba –- Distribuidora de Energia S.A. due 2013 and
guaranteed by Energisa.  At the same time, Moody's confirmed
Energisa's A3.br corporate family rating on the Brazilian national
scale.


GOL LINHAS: Slumping Oil Prices May Cut Company Costs
-----------------------------------------------------
Heloiza Canassa at Bloomberg News reports that prospects have
emerged that slumping oil prices will help reduce the costs of GOL
Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.

“Investors see oil falling, and that’s a relevant part of the
company’s costs, and see that shares have fallen a lot and buy
them back,” the report quoted Kelly Trentin, an analyst with SLW
Corretora de Valores e Cambio Ltda in Sao Paulo, as saying.

According to the report, oil tumbled as global stocks dropped and
the dollar strengthened against the euro, reducing the appeal of
commodities to investors.  The report relates that Alexander
Kazan, vice president for Latin America equities at Auerbach
Grayson & Co., said that the airline “is leveraged to consumer
demand and it’s a low cost airline that will benefit from growth
of the middle class.”

                         About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$200 million perpetual notes at 'B/RR5';

  -- US$200 million senior notes due 2017 at 'B/RR5'.


MULTIPLAN EMPREENDIMENTOS: S&P Raises Corp. Credit Rating to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Multiplan Empreendimentos
Imobiliários S.A. to 'BB+' from 'BB' and S&P's local-scale long-
term corporate credit rating to 'brAA' from 'brAA-'.  S&P also
raised the rating on Multiplan's Brazilian reais (R$) 100 million
debenture issuance due in 2011 to 'brAA' from 'brAA-'.  The
outlook is table.

The rating action reflects Multiplan's consistent results and
conservative financial profile.  Stable cash flows reflect the
resilience of the shopping mall industry in Brazil, which has
proven strong during the economic slow-down in the country.
Multiplan's financial discipline, evidenced by its sound credit
metrics during the past several quarters, also contributes to the
upgrade.

S&P expects the company's investments in new shopping malls to be
financed mainly with internal cash generation.  S&P does not fully
incorporate the effects of the announced follow-on equity
issuance, but assume that additional liquidity will cover
potential cash shortfalls related to the company's expansion
strategy, either greenfield projects or acquisitions, thus
reducing the requirement for incremental debt leverage.

"The ratings on Multiplan reflect the company's significant
capital requirements to sustain growth plans, greenfield projects,
investments in real estate, and opportunistic acquisitions," said
Standard & Poor's credit analyst Piero Parolin.  It also considers
the risks associated with those projects, with some uncertainties
regarding vacancy levels and resultant profitability.  Multiplan's
favorable position in the shopping mall industry, diversified
client base, strong brand recognition, and stable margins partly
offset the negative factors.  The ratings also consider
Multiplan's prudent financial policy, characterized by strong and
stable cash flows and fair liquidity.

S&P does not expect the economic slowdown in Brazil to affect
Multiplan's performance significantly because S&P understand that
rent delinquency or vacancy will not deteriorate in the short
term.  Multiplan's EBITDA margins reached 59.9% in the 12 months
ended June 30, 2009, improving from 55.3% in the same period of
the previous year as a result of real estate operations retraction
and higher core EBITDA generation (which considers only the mall
operations).

Because it recently raised new debt and cash flows remained
stable, Multiplan reported slightly weaker metrics, with funds
from operations-to-total debt ratio of 60.7% and total debt-to-
EBITDA ratio of 1.5x in June 2009, compared with 65% and 1.2x,
respectively, in June 2008.  Nevertheless, S&P expects
improvements in those metrics from 2010 on, as new projects start
to generate cash flows.

The stable outlook reflects S&P's expectation that Multiplan will
maintain investments in greenfield projects and expansions funded
mainly by internal cash generation, resulting in no significant
increase in debt leverage.  S&P could change the outlook to
negative if the company's growth plans start hurting credit
metrics in the next years, or if cash flow weakens significantly
due to market conditions, resulting in an FFO-to-total debt ratio
consistently in the 40% area or lower, and total debt-to-EBITDA
ratio of more than 3.0x.  A positive change of the outlook would
depend on Multiplan's successfully completing its growth projects
in the medium term, while sustaining stronger cash-flow protection
measures such as a debt-to-EBITDA ratio lower than 1.0x and FFO-
to-total debt ratio higher than 80%, adequate liquidity, and a
smooth debt schedule.


SADIA SA: To Get Additional BRL2.55 Billion From Brasil Foods
-------------------------------------------------------------
BRF-Brasil Foods SA -- new name for the merged Perdigao SA and
Sadia SA –- will transfer the remaining BRL2.55 billion (US$1.35
billion) fund to its unit, Sadia SA, to pay down debt and
strengthen Sadia SA's capital base, Elzio Barreto at Reuters
reports.  The report relates that the capital injection is part of
a BRL3.5 billion-real plan by Brasil Foods to bolster Sadia.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Dow Jones Newswires said that Brasil Foods
transferred BRL950 million (US$505 million) to its Sadia SA to be
used to increase the unit's capital as part of debt restructuring.
The report related that BRF-Brasil Food raised BRL5.29 billion
from the sale of shares through a primary offer on the Brazilian
Stock Exchange, or BMFBovespa.

According to Rogerio Jelmayer at Dow Jones Newswires, the share
offer was part of the merger agreement announced in May between
Perdigao and Sadia.  The report relates that under the terms of
the accord, Sadia SA will transfer its shares to a company called
HFF Participacoes, then it will migrate its shares to BRF.

A TCRLA report on November 7, 2008, citing Bloomberg News, related
that Sadia SA lost at least BRL545 million (US$254 million) on
wrong-way currency bets.  According to the report, Sadia posted
its first net loss in nine years after a currency slump derailed
bets that Brazil's real would continue a four-year winning streak
against the dollar.  The report said Sadia posted a third-
quarter net loss of BRL777.4 million, after booking BRL1.21
billion in financial expenses, mostly from bad bets on currencies
and other wrong-way investments, from a profit of BRL188.4 million
in the year-earlier quarter.

                        About Sadia S.A.

Headquartered in Sao Paulo, Brazil, Sadia S. A. -–
http://www.sadia.com–- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                         *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.

                       About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and thier derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


SADIA SA: Board Fires CEO; Names Cardoso de Lucena as Replacement
-----------------------------------------------------------------
Sadia SA's board of directors fired the company's CEO, Gilberto
Tomazoni,  Rogerio Jelmayer at Dow Jones Newswires reports, citing
a company statement.

According to the report, Mr. Tomazoni, who worked in Sadia SA for
27 years, will be replaced by Jose Julio Cardoso de Lucena.  The
report relates that the company did not reveal the reason for the
replacement.

Headquartered in Sao Paulo, Brazil, Sadia S. A. --
http://www.sadia.com-- is the largest slaughterer and distributor
of poultry and pork products in Brazil, as well as the leading
refrigerated and frozen protein products company.  For the last
twelve months ending on September 30, 2008, Sadia had net revenues
of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion
(USD 748 million) with 46% of revenues derived from exports to
over 100 countries.

                           *     *     *

As of June 8, 2009, the company continues to carry Moody's LT Corp
Rating at B2.  The comapany also continues to carry Standard and
Poor's LT Issuer Credit ratings at B.


TAM SA: Files Amended 2007 Annual Report
----------------------------------------
TAM SA has filed an amended annual report on Form 20-F for the
year ended December 31, 2007 with the U.S. Securities and Exchange
Commission.  The 2007 Amended Annual Report amends the annual
report on Form 20-F for the year ended December 31, 2007 that was
originally filed with the SEC on June 25, 2008 primarily to
restate cash flow statement filed therewith, to eliminate the
effects of a non-cash item relating to a transfer of spare parts
between property, plant and equipment and inventories that was
incorrectly reported on its cash flow statement.

The eliminated non-cash item did not impact the Company's total
"Change in cash and cash equivalents," which remains at
R$153,899,000 under Brazilian GAAP and R$167,031,000 under US
GAAP.  The restatement is limited to the company's cash flow
statement and does not affect any other reported amounts or
disclosures in its consolidated financial statements for the year
ended December 31, 2007.  TAM SA's consolidated net income for the
year ended December 31, 2007 remains unchanged under Brazilian
GAAP and US GAAP.

However, the company nonetheless concluded that there was a
material error that impacted its cash flow statement under
Brazilian Generally Accepted Accounting Practices and United
States Generally Accepted Accounting Practices for 2007.  The
eliminated non-cash item represented R$83,951 thousand under both
Brazilian GAAP and US GAAP.

The company has also included a restated Management's Annual
Report in Internal Control Over Financial Reporting in the 2007
Amended Annual Report relating to a material weakness in
connection with the restatement, and it has included a note (2(s))
to its consolidated financial statements that form part of the
2007 Amended Annual Report that also further discusses the
correction.

In addition to the restatements, TAM SA also enhanced other
disclosures, as indicated in the Explanatory Note to the Amended
2007 Annual Report.

TAM SA  also refers investors to its annual report for the year
ended December 31, 2008 on Form 20-F that was filed with the SEC
on June 30, 2009 (which for the first time contained financial
statements prepared in accordance with international financial
reporting standards as issued by the International Accounting
Standards Board).

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                         *     *     *

As of June 17, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.
The company also continues to carry Moody's B1 LT Corp Family
Rating and Senior Unsecured Debt Ratings.


USINAS SIDERURGICAS: Hikes Flat Steel Prices by 10% to 12%
----------------------------------------------------------
Usinas Siderurgicas do Minas Gerais S.A. raised its flat steel
prices by between 10% and 12% recently, John Kolodziejski at Dow
Jones Newswires reports, citing Estado news.  The report relates
that Estado got its information from Brazil's second-largest
independent steel distributor, Frefer.

According to the report, citing Estado, Usiminas also increased
thick steel plate prices by 10%.  The report notes that owing to
the economic crisis, this product had been sold at a discount of
30%.  The report notes that Frefer added it expected Brazil's
other steelmakers, ArcelorMittal and Gerdau SA to follow suit in
raising prices.

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

                          *     *     *

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


* BRAZIL: Minister Suggests Raising Import Tariffs on US Products
-----------------------------------------------------------------
Andre Soliani Costa and Carlos Caminada at Bloomberg News report
that Brazil’s Agriculture Minister Reinhold Stephanes said the
country should raise import tariffs on some U.S. products to
retaliate against aid to American cotton producers.

According to the report, Mr. Stephanes said Brazil should use
revenue from a tariff increase on U.S. products to fund
agricultural research.  The retaliation measures should seek to
bring benefits to Brazilian farmers, Mr. Stephanes added.  “It’s
not just a political victory we’re seeking,” the report quoted Mr.
Stephanes as saying.  “We’re seeking a pragmatic victory,” Mr.
Stephanes said.

Bloomberg News says that the World Trade Organization allowed
Brazil to impose US$294.7 million of sanctions against U.S. goods
to compensate for subsidies paid to American cotton farmers in a
ruling yesterday.  The report notes that the sanctions are the
second-largest ever permitted by the Geneva-base trade arbitrator.

                           *     *     *

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


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


APHELION GENERAL: Shareholders to Hear Wind-Up Report Today
-----------------------------------------------------------
The shareholders of Aphelion General Partner Inc. will receive
today, September 4, 2009, at 8:45 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CITRON INVESTMENTS: Shareholders' Final Meeting Set for Today
-------------------------------------------------------------
The shareholders of Citron Investments Limited will hold their
final meeting today, September 4, 2009, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


COREVEST NEW: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Corevest New Frontier Partners (Intl.)
Limited received on September 1, 2009, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815 1805
          Facsimile: (345) 949 1986


DMS FIXED: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of DMS Fixed Income Micro RV Master Fund, Ltd.
received on September 1, 2009, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815 1805
          Facsimile: (345) 949 1986


DMS FIXED: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of DMS Fixed Income Micro RV Fund, Ltd. received
on September 1, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815 1805
          Facsimile: (345) 949 1986


FAYE CAPITAL: Shareholders' Final Meeting Set for Today
-------------------------------------------------------
The shareholders of Faye Capital (Cayman) Inc. will hold their
final meeting today, September 4, 2009, at 9:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


J.P. MORGAN: Members Receive Wind-Up Report
-------------------------------------------
The members of J.P. Morgan Tactical Trading Fund Ltd. met on
September 3, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Rose Burke
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


KINSALE INVESTMENTS: Shareholders' Final Meeting Set for Today
--------------------------------------------------------------
The shareholders of Kinsale Investments Limited will hold their
final meeting today, September 4, 2009, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MPII SPECIAL: Shareholders' Final Meeting Set for Today
-------------------------------------------------------
The shareholders of MPII Special Cayman Ltd will hold their final
meeting today, September 4, 2009, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TORNESS LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Torness Limited met on September 3, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          Laura Chisholm
          Telephone: 945-4777
          Facsimile: 945-4799
          c/o PO Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


URALSIB PRIVATE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Uralsib Private Equity Fund Ltd. met on
September 3, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


VELOS BALKAN: Shareholders to Hear Wind-Up Report on September 4
----------------------------------------------------------------
The shareholders of Velos Balkan Fund will receive today,
September 4, 2009, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


WESTPEAK EUROPE: Shareholders' Final Meeting Set for Today
----------------------------------------------------------
The shareholders of Westpeak Europe Market Neutral Fund, Ltd. will
hold their final meeting today, September 4, 2009, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WHITNEY JAPAN: Shareholders to Hear Wind-Up Report on September 4
-----------------------------------------------------------------
The shareholders of Whitney Japan Strategic Fund, Ltd. will
receive today, September 4, 2009, at 9:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ZEST INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Zest Investments V received on September 3,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ellen J. Christian
          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


ZEST INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Zest Investments IV received on September 3,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ellen J. Christian
          Piccadilly Cayman Limited
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman KY1-1006, Cayman Islands
          Telephone: 345 945 9208
          Fax: 345 945 9210


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


ECOPETROL SA: Offers US$1.5 Billion 2019 Debt Swap
--------------------------------------------------
Ecopetrol S.A. disclosed an offer to exchange registered 7.625%
Notes due 2019 for up to U.S.$1,500,000,000 aggregate principal
amount of its 7.625% Notes due 2019, upon the terms and subject to
the conditions described in the prospectus dated September 3,
2009.  The Exchange Offer is being made in order to satisfy
certain of the Company's obligations under the Registration Rights
Agreements referred to in the Prospectus.

                                            New Notes that have
CUSIP Nos. of   ISIN Nos. of                been registered under
Old Notes       New Notes      Old Notes    the Securities Act
279158AA7       US279158AA73   U.S.$1.5BB   U.S$1.5BB
(Rule 144A)     (Rule 144A)
P3661PAA9       USP3661PAA95   7.625% Notes   7.625% Notes
(Reg. S)         (Reg. S)      due 2019       due 2019

Notes must be tendered in minimum denominations of US$1,000 or
integral multiples of U.S.$1,000 in excess thereof.  The exchange
offer commences on September 3, 2009, and expires at noon, New
York City time, on October 2, 2009, unless extended by the
company.  Tenders of Old Notes may be withdrawn at any time prior
to the scheduled expiration date of the Exchange Offer.  The
Company will not receive any proceeds from the Exchange Offer.
The terms of the New Notes to be issued are identical to the Old
Notes, except for the transfer restrictions and registration
rights relating to the Old Notes.  The company will make an
application to list the New Notes on the New York Stock Exchange.

The Bank of New York Mellon is the exchange agent. There is no
letter of transmittal for the Tender Offer.  All tendered Old
Notes and other related documents should be directed to the
exchange agent, by book-entry transfer as detailed under "The
Exchange Offer-Procedures for Tendering Old Notes" in the
Prospectus.

Questions, requests for assistance and requests for copies of the
Prospectus should be addressed to the exchange agent:

   International Corporate Trust
   101 Barclay Street,
   Floor 4 East, New York,
   New York 10286,

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


TELEAMAZONAS: Ecuador Backs Off Closing Network Over Broadcast
--------------------------------------------------------------
The Ecuadorian government is backtracking on threats to close
television network Teleamazonas for airing a taped conversation
between President Rafael Correa and a legislator, The Associated
Press reports.

The report relates that Communications Secretary Fernando Alvarado
said Teleamazonas' broadcast was "irresponsible," but added that
it was a minor infraction meriting a fine at worst.

According to the report, Teleamazonas News Director Carlos Jijon
says the network didn't violate any laws because President Correa
and the assemblyman were discussing public affairs.

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, The Associated Press reports that President
Correa is threatening to close Teleamazonas, for airing a tape of
a conversation between him and a member of the assembly that
drafted a new constitution last year, on grounds that Teleamazonas
violated regulations against taping private conversations.
According to the report, President Correa warned that spying on
the president "is a crime against state security."  Teleamazonas,
the report noted, has been cited three times for broadcast
violations and risks suspension if cited again by the government.

                           *     *     *

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: Won't Close TV Network on Broadcast Reasons
------------------------------------------------------
The Ecuadorian government is backtracking on threats to close
television network Teleamazonas for airing a taped conversation
between President Rafael Correa and a legislator, The Associated
Press reports.

The report relates that Communications Secretary Fernando Alvarado
said Teleamazonas' broadcast was "irresponsible," but added that
it was a minor infraction meriting a fine at worst.

According to the report, Teleamazonas News Director Carlos Jijon
says the network didn't violate any laws because President Correa
and the assemblyman were discussing public affairs.

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, The Associated Press reports that President
Correa is threatening to close Teleamazonas, for airing a tape of
a conversation between him and a member of the assembly that
drafted a new constitution last year, on grounds that Teleamazonas
violated regulations against taping private conversations.
According to the report, President Correa warned that spying on
the president "is a crime against state security."  Teleamazonas,
the report noted, has been cited three times for broadcast
violations and risks suspension if cited again by the government.

                           *     *     *

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-'.


====================
E L  S A L V A D O R
====================


* EL SALVADOR: Government and ECLAC Sign Cooperation Agreement
--------------------------------------------------------------
Mauricio Funes, President of El Salvador, and Alicia Barcena, the
Executive Secretary of the Economic Commission for Latin America
and the Caribbean, signed a cooperation agreement in San Salvador
for institution-building in that country.

ECLAC and the Government of El Salvador agreed to cooperate in
research, training and technical assistance with the aim of
strengthening institutions and designing public policies for
development.

The agreement encompasses several areas; among them, macroeconomic
analysis and prospectives, policies to address the global economic
crisis, statistics systems, climate change and fighting poverty
and inequality.

In her visit to El Salvador, Ms. Barcena also participated in the
conference Public Policies and the Global Crisis, organized by
ECLAC, the European Commission, the Secretariat for Central
American Economic Integration (SIECA) and the Government of El
Salvador.

During the event, representatives and experts from several Latin
American and European nations analyzed macroeconomic policies and
their role in buffering the economies of the region from external
turbulence.  In her presentation, Mr. Barcena stated that the
current world economic crisis marks an end to a model of
development and opens new avenues for debating economic, social
and environmental issues.

Mr. Barcena stressed that the State should once again play a key
role in leading development strategies, and called on countries to
avoid isolation and protectionism, and foment multilateralism and
responsibility.


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


CABLE & WIRELESS: LIME Teams Up With Claro to Cut Call Rates
------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), a unit of Cable &
Wireless plc, will team up with Claro Jamaica to cut the rates for
its mobile customers to call the Claro network, RadioJamaica
reports.  The report relates the company move is an “obvious”
strategy against its competitor Digicel Limited.

According to the report, LIME's postpaid customers will pay JM$7
per minute instead of JM$12, a reduction of about 42%; while
LIME's prepaid customers will pay JM$8 per minute to call Claro
Jamaica down from either JM$10 per minute or JM$12 depending on
their calling plan.  Similarly, the report relates, Claro's
customers now pay $7 per minute to call the LIME network.  The
report notes that Digicel still charges its customers up to
JM$17.70 per minute to call Claro or LIME.

RadioJamaica says LIME and Claro Jamaica have joined forces as the
battle for control of the lucrative mobile phone market heats up.

As reported in the Troubled Company Reporter-Latin America on
July 24, 2009, The Jamaica Gleaner said LIME have struck a deal to
share cell tower sites with Claro Jamaica; with both companies
declaring it "landmark" agreement and a win for the environment.
According to the report, LIME and Claro Jamaica's joint release
said that the long-term contract requires each company to provide
a matching number of cell towers across the island, which will
increase the overall coverage footprint of both mobile providers.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                       About Cable & Wireless

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

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B"short-term foreign and
local issuer credit ratings.


DIGICEL GROUP: Pays US$1.2 Million for Broadband License
--------------------------------------------------------
Digicel Jamaicam, a unit of Digicel Group, unveiled details of its
upcoming Digicel Broadband service which will deliver wireless
broadband internet services at never before seen speeds to the
Jamaican population.

Digicel has secured a license in the 2.5Ghz spectrum for the
deployment of wireless broadband services.  With it, Digicel will
roll out 4G WiMAX services offering true multi megabit per second
personal wireless broadband with speeds significantly faster than
current 3G offerings.

Set to launch in second quarter of 2010, Digicel Broadband will,
on day one, cover 60% of the population with coverage in all 14
parishes -- with further roll out continuing across Jamaica driven
by customer demand. Network roll out commences this month
(September).

Digicel paid US$1.2 million for its license and will invest a
total of US$22.7 million in the first year of the project.
Creating 60 new jobs, Digicel Broadband will have dedicated
technical, customer care and sales and marketing resources.

Mark Linehan, CEO of Digicel Jamaica, said: "We're going to shake
things up. Only eight years ago, Digicel entered the mobile market
in Jamaica and turned it on its head. Today, we have two million
customers connected on Jamaica's Bigger, Better network benefiting
from the best service and the best value available."

He continues: "We want to do to broadband what we did to mobile in
Jamaica. Customers will be able to experience the multiple
benefits of 4G technology in terms of flexibility, affordability,
coverage, bandwidth and security.

"We have had phenomenal demand for our personal WiMAX services in
the Cayman Islands -- and have had huge success with our corporate
fixed WiMAX solution here in Jamaica. Digicel is bringing 4G to
Jamaica and it is going to be fantastic."

                        About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


IBEROSTAR HOTEL: Management in Talks with Union on Job Cuts
-----------------------------------------------------------
The management of the Iberostar Rose Hall Beach Hotel in Montego
Bay, St. James and representatives of the University and Allied
Workers Union held a meeting to discuss the planned shutdown of
one of the properties, RadioJamaica reports.

"We have been contending that the even though the hotel is
closing, the workers shouldn't be made redundant, they can be laid
off or transferred to one of the other properties that Iberostar
will continue to operate.  During the course of the meeting, we
will continue to argue our point and we're hoping that we'll have
an amicable solution at the end day, the report quoted Clifton
Grant, UAWU first Vice President, as saying.  "Currently, the
whole issue of issuing termination letters has been put on hold
pending the outcome of the meeting," Mr. Grant added.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, RadioJamaica said that the 300 workers affected
by Iberostar Rose Hall Beach Hotel's closure will have more
details on the planned closure soon.  The report related that
during a meeting at the Ministry of Labour, the University and
Allied Workers Union (UAWU), which represents the workers and the
hotel's management agreed to resume discussions at the local
level.  According to the report, the Hotel, which was opened in
2007, one of three hotels on the Spanish chain's property in
Montego Bay, was closed on September 1, due to low occupancy.  The
report noted that the union was also told that the last guest will
leave the hotel on August 31 and no further bookings have been
made in preparation for the closure.

                   About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance to
ensure full guest satisfaction.  With a star as its symbol, the
chain has managed to win over customers with its philosophy and
values, and its efficient, professional staff.


JPSCO: Recovers JM$1 Billion in Stolen Electricity in Three Years
-----------------------------------------------------------------
The Jamaica Public Service Company is reporting that it has
recovered more than JM$1 billion in stolen electricity over the
past three years but it still need more effort to reduce the rate
of theft, RadioJamaica reports.  The report relates that the power
company's latest annual report showed an increase in revenues
recovered from electricity theft.

According to the report, in 2006 the figure stood at JM$200
million, it increased to JM$494 million in 2007 and went up to
JM$750 million last year.  The report notes that seventy four
thousand throw-ups were removed during the three years while
45,000 customer accounts were audited.

However, the report says, Despite JPSCO's best efforts the problem
of non-technical losses has become endemic and pervasive with deep
rural and inner city communities as well as well-known businesses
being the main culprits.  The report notes that audits have
detected anomalies with the power supply across all customer and
socio-economic sectors.

RadioJamaica adds that JPSCO said the situation has been
exacerbated by the significant increase in the cost of electricity
in the last three years, coupled with high inflation, unemployment
and generally worsening economic conditions.

                            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.


SUPER PLUS: Sells Pavillion Plaza Outlet to Hi-Lo Supermarket
-------------------------------------------------------------
The Wayne Chen-led SuperPlus supermarket chain sold its recently
closed Pavillion Plaza outlet in Kingston to Hi-Lo Supermarket,
RadioJamaica reports.  The report relates that Mr. Chen confirmed
the transaction but declined to disclose the sale price.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica said that the Super Plus food chain
plans to close five additional stores, increasing the total number
of ceased operations to 13, with the Spanish Town branch as among
those that will be affected in the latest phase of the down
sizing.  "We are closing our Spanish Town location as part of our
restructuring operations.  We have closed the Trafalgar Road New
Kingston branch and the Liguanea Branch and we will also close
four other branches in 30 days making a total of 13 stores closed
after the restructuring is over," the report quoted SuperPlus
Chairman Wayne Chen as saying.  The supermarket chain is further
restructuring its operations in order to reduce its debts, he
added.  According to the report, RadioJamaica said Super Plus
closed its branches in Liguanea, St. Andrew, New Kingston, and
Oasis Centre in Spanish Town, St. Catherine; and its head office
at Beverly Vale has reportedly been sold as the company seeks to
rationalize its operations, closing non- performing stores while
at the same time trimming waste.

                          About Super Plus

Super Plus is one of Jamaica's largest food chains.


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


AXTEL SAB: Moody's Affirms Corporate Family Rating at 'Ba2'
-----------------------------------------------------------
Moody's Investors Service affirmed Axtel, S.A.B. de C.V.'s Ba2
corporate family rating and revised the rating outlook to negative
from stable.  The outlook change was based on business and
competitive challenges that have been placing, and are expected to
continue to place pressure on the company's operating results.
These issues were affected by Moody's action:

  -- US$162.5 million of 11% Senior Unsecured Global Notes due
     2013: Affirmed at Ba2

  -- US$275 million of 7.625% Senior Unsecured Global Notes due
     2017: Affirmed at Ba2

The outlook on the ratings is negative.

During the last 12 months ended in June 2009, Axtel's operating
results weakened mainly due to technology problems associated with
the rollout of WiMax and to the economic downturn, which drove an
increase in subscriber disconnections.  The WiMax issues appear to
be resolved as reflected in the level of gross subscriber
additions in the first half of 2009; in addition, the average
monthly disconnection rate during the second quarter 2009 of 2.2%
declined from its highest point of 2.4% in the first quarter 2009,
which, however, is still high as compared with the average of 1.5%
during 2008.  Nevertheless, operating pressures are likely to
persist, which will challenge the company's ability to sustain
margins and reduce leverage to levels observed in early 2008.
Among the main medium-term pressures are the current high levels
of disconnections and a stronger competitive environment that has
pushed operating expenses up amid a still weak economic
environment.

Overall, Axtel's Ba2 ratings reflect low financial leverage for
its rating category, solid interest coverage credit metrics, and
management's largely prudent financial policies.  Constraining
Axtel's ratings are its small revenue size as well as modest and
volatile cash flow generation.  In addition, Axtel's ratings
reflect the operating challenges arising from strong competition
from incumbent Telmex and Cable TV operators as well as wireless
substitution.  Competitive risk is somewhat mitigated by Axtel's
stronger customer mix, with business customers representing 36% of
lines in service but a high 79% of total revenues, which reduces
the threat from cable voice offerings.

Axtel balances modest cash flow generation and high business risk
derived from being a small telecom operator with low (although
increasing) financial leverage.  The ratings factor in Axtel's
stated leverage tolerance level of 3 times debt to EBITDA, which
is above current ratio of 2.6 times at June 30, 2009, as adjusted
by Moody's for pension liabilities and operating leases.

Because a large portion of Axtel's expansion capex has been
completed, free cash flow generation should improve, strengthening
the company's debt payment capacity.  To the extent FCF
improvement is sustained, Axtel's ratings outlook could be
stabilized.  The WiMax technology should provide the basis for
Axtel's revenue growth as it helps it offer mobility and higher
bandwidth for data services, thus improving its competitiveness
against both fixed line and mobile operators.  However, if
operating improvements are not observed over the next several
months, a rating downgrade could occur.

Axtel's liquidity is currently weak as cash on hand plus short
term investments do not cover debt maturing in the next 12 months.
However, Moody's believes that the company should be successful in
refinancing debt and improving its liquidity position in the
upcoming months.  Axtel's ratings assume that the final legal
decision about fixed-to-mobile interconnection rates, whenever
reached, as well a possible acquisition of wireless spectrum, will
not jeopardize Axtel's liquidity position or debt repayment
capacity.

Factors that could trigger a ratings downgrade include continuous
weak operating results and modest free cash flow generation with
limited prospects of recovery.  Moody's will closely monitor the
company's interest coverage ratio, as measured by EBITDA minus
capex to interest expenses, and debt/EBITDA ratio.  Specifically,
an underperformance of the company's business or a major
acquisition that drive adjusted debt/EBITDA to above 3 times with
limited prospects for a rapid reduction would put negative
pressure on Axtel's ratings.

The ratings are unlikely to be upgraded in the near term because
of the company's small size and challenging operating environment.
However, should the company be able to lower subscriber
disconnections to the point that revenues increase significantly
and operating margins are sustainable, the outlook on its ratings
could be stabilized.

Before the rating actions, last action on Axtel's ratings was on
November 6, 2007, when Moody's upgraded Axtel's ratings to Ba2
from Ba3.

Moody's uses the Global Telecommunications Industry Methodology to
assist in the assessment of Axtel's credit quality.  The
Methodology suggested rating outcome for Axtel is based on Moody's
projected fiscal 2009 and 2010 financial metrics.  All financial
metrics incorporate Moody's standard adjustments.  Application of
this Methodology indicates a rating of Ba2 for Axtel, which
corresponds to the company's current ratings.

Based in Monterrey, Mexico, Axtel is a competitive local telephone
company providing bundled products including voice, data and
Internet services to business and residential users within MexiCo.
Axtel provides telecommunications services using a suite of
technologies including FWA, WiMAX, copper, fiber-optic, point to
multipoint radios and traditional point to point microwave access,
among others.  Axtel is the second-largest fixed line telecom in
Mexico with an 8% revenues market share as of June 2009.  At
present, Axtel serves 39 cities.  In the last twelve months ended
in June 30, 2009, revenues reached US$903 million with a 42.5%
adjusted EBITDA margin.


CABLEMAS SA: S&P Raises Long-Term Corporate Credit Rating to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit and senior unsecured debt ratings on
Cablemás S.A. de C.V. to 'BB+' from 'BB'.  S&P also raised its
long-term national scale corporate credit rating to 'mxA+' from
'mxA'.  The outlook is stable.

The rating action reflects Grupo Televisa S.A.B.'s (BBB+/Stable/
--) increased participation in Cablemas's equity, evidenced by its
additional capital contribution of Mexican pesos (MXN) 557 million
that increased its interest in the capital stock to 58.3% from
54.5%.  The action also reflects Cablemas's consistent operating
performance even under difficult economic conditions, and an
improved business profile.

"We believe that Cablemas represents a strategic asset to Televisa
because the company is the second-largest cable operator in Mexico
(as measured by number of subscribers)," said Standard & Poor's
credit analyst Fabiola Ortiz.  S&P believes that Televisa's
investment in Cablemas is in line with its strategy to enter the
telecom sector in which it is already a shareholder of two Mexican
cable companies -- Cablevision and Television Internacional S.A.
de C.V. (not rated).  Although Cablemas represents a strategic
asset to Televisa, the ratings are not equalized because the
latter does not hold a majority voting share of the cable company.

The rating on Cablemas reflects its important cable-TV subscriber
base, its experienced management team, its high-quality network,
affiliated company PCTV's purchasing power regarding video
signals, and its leading role in the consolidating cable-TV sector
in Mexico.  Offsetting factors include considerable competition in
the pay-TV industry in Mexico and from the telephone incumbent
Telefonos de Mexico SA de CV (BBB+/Stable/--), Mexico's largest
broadband Internet access provider; foreign exchange risks; and
heavier investments necessary to upgrade the network to keep pace
with technology.

In November 2006, Televisa invested $258 million in long-term
notes convertible into 99.99% of the equity of Alvafig, the
holding company of a 49% interest in the voting stock of Cablemas.
In February 2008, Televisa invested an additional $100 million to
increase its interest in Cablemas to 54.5%.  During first-quarter
2009, Alvafig made a capital contribution of MXN557 million to
Cablemas in exchange for convertible limited voting shares,
increasing its interest in the capital stock to 58.3% from 54.5%
and maintaining its 49% of the voting stock in Cablemas.  S&P
believes that Televisa represents a strong shareholder with ample
financial flexibility that will support Cablemas's future growth.

The stable outlook reflects S&P's expectation that Cablemas will
maintain its leading business position and financial profile
despite higher competition.  S&P could lower the rating if market
conditions were to deteriorate significantly, affecting the
company's subscriber base and the average monthly revenue per
user.  A positive action depends on Cablemas's ability to reduce
its debt-to-EBITDA ratio to 1.5x to finance eventual future
acquisitions and/or new services, and on an increase in Televisa's
ownership share.


COMERCI: Bondholder Deal “Very Positive,” Citigroup Says
--------------------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci)'s statement
that local bondholders had approved a proposal to exchange their
bonds for new debt of the Mexican retailer is “very positive,”
Emily Schmall at Bloomberg News reports, citing Citigroup Inc.

According the report, Comerci said that each of the defaulted
bonds can be exchanged for a new seven year bond.  “This news is
very positive, due to the suspension of ongoing litigation and the
positive signal of the company’s willingness to reach an
agreement” with its other creditors, analysts at Citigroup’s
Banamex unit wrote in a note obtained by the news agency.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Bloomberg News said Comerci said local
bondholders approved a proposal to exchange their bonds for new
debt.  Each of the defaulted bonds can be exchanged for a new
seven year bond, the company said in an e-mailed statement
obtained by the news agency.  The report related that the company
said the new debt will be issued in “as short a time as possible.”

According to a TCRLA report on July 22, 2009, citing Bloomberg
News, Comerci is holding restructuring talks with JPMorgan Chase &
Co.  The report related Comerci expects JPMorgan Chase & Co. to
join five other banks in approving a plan to restructure more than
US$1.5 billion of debt.  The report related Barclays Plc, Goldman
Sachs Group Inc., Bank of America Corp.'s Merrill Lynch, Banco
Santander SA and Citigroup Inc. agreed in principle to restructure
the company's peso derivative losses.  Reuters recalled that
Comerci defaulted in October after massive derivatives losses sent
its debt soaring above US$2 billion.  On Oct. 9, 2008, Comerci
filed for protection under Mexico's bankruptcy code Ley de
Concurso Mercantil.

                           About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) --- http://www.comerci.com.mx/--- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


* MEXICO: Antitrust Agency Sets Wireless Auction Limits
-------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Mexico’s antitrust
agency, Federal Competition Commission, set limits on the amount
of wireless airwaves bidders can buy in this year’s auction,
helping to ensure rivals can purchase spectrum to compete with
Carlos Slim’s America Movil SAB.  Bidders can accumulate no more
than 80 megahertz of wireless spectrum in the 800, 1700 and 1900
megahertz frequency bands, the agency said in an e-mailed
statement obtained by the news agency.

According to the report, Grupo Televisa SAB said it’s interested
in taking part in the auction for airwaves suitable for phone
calls and high-speed Internet access.  The report relates America
Movil’s smaller rivals Telefonica SA and NII Holdings Inc. have
also said they may snap up more airwaves.

The agency, the report notes, said that once the recommendations
on bidding limits are adopted, it can begin soliciting bids.  The
report relates that the agency plans to license a total of 120
megahertz of spectrum in the 1700 and 1900 megahertz bands, which
can be used for third-generation, or 3G, wireless networks.


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


CHRYSLER LLC: Venezuela Slaps Unit With US$6 Million Fine
---------------------------------------------------------
Chrysler de Venezuela LLC, a unit of Chrysler Group LLC, was
ordered to pay VEB13.4 million (US$6.2 million) to the tax agency
for charges dating back to 2003 and 2004, Darcy Crowe at Dow Jones
Newswires reports.  The report relates that Chrysler de Venezuela
will have 60 days to make good on the payment.

According to the report, the tax agency said that an audit
detected omissions in income from cars sold abroad and
manufactured in Venezuela in 2004, among other irregularities.

The report notes that the Venezuelan car industry has been
suffering under government imposed import quotas and restrictions
on the purchase of dollars at the official exchange rate of
VEB2.15 bolivars.  The report relates that General Motors
temporarily halted its operations in June, while Mitsubishi Motors
auto assembly plant in Venezuela has also shut down amid extremely
low productivity from its workers.

Dow Jones Newswires, citing the automobile industry chamber, notes
that car sales in Venezuela dropped 51% in the first six months of
the year.

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

                        About Chrysler LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge,
Mopar(R) and Global Electric Motors (GEM) brand vehicles and
products.  With the resources, technology and worldwide
distribution network required to compete on a global scale, the
alliance builds on Chrysler's culture of innovation -- first
established by Walter P. Chrysler in 1925 -- and Fiat's
complementary technology -- from a company whose heritage dates
back to 1899.

Headquartered in Auburn Hills, Michigan, Chrysler Group LLC's
product lineup features some of the world's most recognizable
vehicles, including the Chrysler 300, Jeep Wrangler and Dodge Ram.
Fiat will contribute world-class technology, platforms and
powertrains for small- and medium-sized cars, allowing Chrysler
Group to offer an expanded product line including environmentally
friendly vehicles.

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CITGO PETROLEUM: Stability Threatened by Government Moves
---------------------------------------------------------
Citgo Petroleum Corp.'s financial stability is threatened by
Venezuela's fiscal pressure and payments of the company's debt in
a market with less demand of oil derivatives, El Universal
reports.  The report relates that Petroleos de Venezuela stopped
selling oil to Citgo Petroleum between 2007 and 2008.  Citgo was
then obliged to borrow in order to fund PDVSA, which forced it to
pay higher dividends and began asking the prepayment of some
shipments, the report says.

"Nowadays, Citgo has far more in common with the rest of the US
refineries.  It is not protected by the parent company any more
and it is suffering it.  Its situation this year and next year
will depend on the evolution of that relationship," the report
quoted Alan Boscoe, a refining analyst at PFC Energy in
Washington, as saying.

According to the report, Citgo said it is aware of the situation
and keeps on fighting.  "Citgo is making all the necessary efforts
to successfully confront the great challenges facing the U.S.
refining industry, which is pressured by the sharp global economic
and financial crisis in 2009," the company said in an email
statement to Reuters, the report notes.

El Universal notes that for years, Venezuela has been selling
Citgo's assets, but this information is almost unknown, as the
company has failed to submit their reports to the US Securities
and Exchange Commission (SEC).  The report relates that the
audited financial report confirmed that Citgo has been selling a
good deal of its assets to focus on its three refineries -- Corpus
Christi, Lake Charles and Lemont, with a combined capacity to
refine 749,000 bpd.

Meanwhile, the report says, Citgo's outlook in 2009 also looks
complicated.  "The collapse of refining margins and the sale of
assets will make things worse for the company, whose image has
been marred for political reasons, affecting retails sales, the
report quoted Mr. Boscoe as saying.

The company, the report notes, said it would evaluate the eventual
renewal or extension of a credit line it uses for cash management.
EL Universal says that this underscores the difficulties faced by
the sector due to "credit restrictions, falling margins and
decline in consumption.”  However, the report adds, that the the
sustained rise of oil prices and the eventual rebound in oil
derivatives could reduce the pressure experienced by the company.

                           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'

                       About Citgo Petroleum

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

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

-- Issuer Default Rating at 'BB-';
-- Senior Secured Credit Facility at 'BBB-';
-- Secured Term Loan at 'BBB-';
-- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.


GENERAL MOTORS: To Reopen Venezuela Assembly Plant
--------------------------------------------------
General Motors Co.'s Venezuela affiliate plans to reopen and
restart production at its plant in Carabobo state, which has been
closed for almost three months, because President Hugo Chavez's
government has agreed to sell the company the U.S. dollars it
needs to import car parts, Fabiola Sanchez reports at The
Associated Press reports, citing GM President in Venezuela,
Ronaldo Znidarsis.  "We are working with the government for a plan
to continue reducing what's left," the report quoted Mr. Znidarsis
as saying.

According to the report, Mr. Znidarsis said GM plans restart the
plant next week with 1,700 of the plant's 2,900 employees.  The
report, citing Mr. Znidarsis, relates that the company must
determine how far it can boost production before deciding to bring
all its workers back.  "We are going to begin the operation with a
single work shift.  Before deciding the people's fate, we must
know what level of production we'll have,"  Mr. Znidarsis added.

The AP recalles that GM halted operations at the plant in June,
saying the company had accumulated some US$1.15 billion in debts
to foreign providers.  Mr. Znidarsis told The AP in an interview
that the company is still struggling with what he called
"significant" debts, but he said GM received assurance from the
government that it would receive enough hard currency in coming
months to reduce them.

As reported in the Troubled Company Reporter-Latin America on
June 25, 2009, Inside Costa Rica said that the Venezuela
government said General Motors plant closures in the
country are more due to the company's insolvency than an alleged
delay by the Commission of Administration of Foreign Currency to
deliver dollars.  The report related that General Motors
communique of June 15 indicated that it would close its plants
claiming lack of foreign currency for the purchase of raw
materials abroad and for paying its debts.  However, the report
noted that Vice Minister of Science, Technology and Industry,
Efren Marin explained that it is "an interim situation that is
being solved" and the closing should be seen within the context of
serious economic problems of the United States home base.  The
report related that Mr. Marin, in an interviewed with Ultimas
Noticias daily, insisted that General Motors should tell the truth
since it has received US$1.3 billion dollars since 2008 and is one
of the car manufacturers that has received the largest amount of
foreign currency ever delivered.

                       About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PETROLEOS DE VENEZUELA: Oil Unions Complain of Election Delays
--------------------------------------------------------------
Rachel Jones at The Associated Press reports that Venezuelan oil
workers complained of repeated delays in union elections that
would help them gain greater negotiating power within Petroleos de
Venezuela.  The report relates that some union leaders suspect
that the election, scheduled for Wednesday, was put off for a
fifth time this week because government officials are trying to
boost support for favored candidates while trying to prevent
nonaligned union leaders from gaining power.

"The intention is to end union leadership" and replace it with
complacent government representatives, the report quoted Freddy
Alvarado, one of nine candidates for the presidency of the United
Oil Worker's Federation, as saying.

The report notes that some union leaders said elections officials
cited technical issues in delaying the vote.

According to the report, Mr. Alvarado accused PDVSA managers of
being behind the delays in order to avoid discussing a collective
contract with workers, which could force the company to spend more
of its limited oil income on demands including improved health
care.  The report relates that PDVSA denied the allegations.

                           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'


PETROLEOS DE VENEZUELA: Obliged to Import Gasoline
--------------------------------------------------
Petroleos de Venezuela will import at least six shipments of fuel
to meet the domestic demand after the simultaneous interruption of
gasoline generating units in three of its refineries, El Universal
reports, citing Reuters.

According to the report, between 2008 and 2009, the local refining
system has stopped frequently due to scheduled halts and
incidents, which have reduced crude oil processing and have
impacted exports of byproducts to the United States.

"I estimate that these halts will lead to the importation of some
six shipments of gasoline, components, alkylate, and (the additive
to improve combustion)," Reuters quoted one trader as saying, the
report relates.

EL Universal notes that the catalytic cracker unit ((FCC) of the
Amuay refinery has halted intermittently this month.  However, the
report relates Pdvsa sources did not confirm the report.

Meanwhile, the report says that the neighboring refinery of Cardon
has undergone maintenance turnaround which was scheduled in 2008.
The report relates that union leaders said the FCC of El Palito is
still halted, since maintenance works have also been delayed.

                           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'


PETROLEOS DE VENEZUELA: Government Moves Hurting Citgo Petroleum
----------------------------------------------------------------
Citgo Petroleum Corp.'s financial stability is threatened by
Venezuela's fiscal pressure and payments of the company's debt in
a market with less demand of oil derivatives, El Universal
reports.  The report relates that Petroleos de Venezuela stopped
selling oil to Citgo Petroleum between 2007 and 2008.  Citgo was
then obliged to borrow in order to fund PDVSA, which forced it to
pay higher dividends and began asking the prepayment of some
shipments, the report says.

"Nowadays, Citgo has far more in common with the rest of the US
refineries.  It is not protected by the parent company any more
and it is suffering it.  Its situation this year and next year
will depend on the evolution of that relationship," the report
quoted Alan Boscoe, a refining analyst at PFC Energy in
Washington, as saying.

According to the report, Citgo said it is aware of the situation
and keeps on fighting.  "Citgo is making all the necessary efforts
to successfully confront the great challenges facing the U.S.
refining industry, which is pressured by the sharp global economic
and financial crisis in 2009," the company said in an email
statement to Reuters, the report notes.

El Universal notes that for years, Venezuela has been selling
Citgo's assets, but this information is almost unknown, as the
company has failed to submit their reports to the US Securities
and Exchange Commission (SEC).  The report relates that the
audited financial report confirmed that Citgo has been selling a
good deal of its assets to focus on its three refineries -- Corpus
Christi, Lake Charles and Lemont, with a combined capacity to
refine 749,000 bpd.

Meanwhile, the report says, Citgo's outlook in 2009 also looks
complicated.  "The collapse of refining margins and the sale of
assets will make things worse for the company, whose image has
been marred for political reasons, affecting retails sales, the
report quoted Mr. Boscoe as saying.

The company, the report notes, said it would evaluate the eventual
renewal or extension of a credit line it uses for cash management.
EL Universal says that this underscores the difficulties faced by
the sector due to "credit restrictions, falling margins and
decline in consumption.”  However, the report adds, that the the
sustained rise of oil prices and the eventual rebound in oil
derivatives could reduce the pressure experienced by the company.

                           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'

                       About Citgo Petroleum

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

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

-- Issuer Default Rating at 'BB-';
-- Senior Secured Credit Facility at 'BBB-';
-- Secured Term Loan at 'BBB-';
-- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.

PETROLEOS DE VENEZUELA: To Take Control of Powerhouse
-----------------------------------------------------
To take control of the operations of Termo Barrancas powerhouse,
the transition committee of Repsol and Petroleos de Venezuela,
S.A. (PDVSA), together with several managements of Exploration and
Production, South-Central Division, checked the facilities to
prepare a report on the operational status.

Under Decree 5,330, on reorganization of the domestic electrical
system, a purchase agreement was signed in relation to the plant
which has been operating under the responsibility of Repsol.

Ramon Suarez, Operations Assistant Manager, Exploration and
Production, South-Central Division, said that PDVSA will keep the
operations at the Termo Barrancas gas-driven power plant.  There
are plans to increase the gas output and generate around 400 WVA.

For his part, Luis Mata, Repsol National Planning Manager and a
member of the transition committee, reported that every effort has
been made to speed up the exchange of information and meet the
terms and conditions set forth in the agreement.

According to Aimara Barrueta, Senior Supervisor, Repsol Production
and Maintenance, the plant generates 160 WVA, has been working for
two years and has a payroll of 50 active workers.

Mariano Gonzalez, Repsol Operations Manager, regarded as positive
the visit of the PDVSA workers due to the collaborative spirit.
Mr. Gonzalez also noted that the plant has a good maintenance
level, with the highest safety standards.

Finally, Mr. Suarez said that the Barrancas gas-driven power plant
has a high-tech area in terms of process management.  Therefore,
PDVSA will work hard to keep its commitment to the residents of
Barinas state.

                              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'


PETROLEOS DE VENEZUELA: Petropar Protests Irregularities in Deal
----------------------------------------------------------------
The Paraguayan Comptroller's Office warned against alleged
irregularities in the agreements entered into by state-owned oil
company Petroleos Paraguayos and its Venezuelan counterpart
Petroleos de Venezuela, some days ahead of renewed talks to
refinance the debt owed by the Paraguayan firm, EL Universal News
reports, citing the Paraguayan press.

According to the report, objections emerged from a performance
assessment of FY2008 conducted by the Office of the Comptroller
General in Petropar.  The report relates that reference is made to
three agreements on supply of gasoil reached by both companies
during that period.

The undertakings set "an additional interest rate of 18% (12% plus
6% for administrative arrangements), as opposed to the provisions
set forth in an energy agreement signed by the two countries,
where only 2 percent is established," the report quoted the the
authority as saying.  "Said agreements are illegal as they include
covenants which were not expressly stipulated and even are
inconsistent with the Caracas Agreement on Energy Cooperation,"
they added.

The report adds that the Comptroller's Office also noted that two
out of the three instruments are not dated.

                           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: Resumes Talks With Paraguay on Fuel Debt
-----------------------------------------------------
The governments of Paraguay and Venezuela restarted talks to
settle an account of more than US$250 million owned by Paraguayan
state-run oil company Petropar to Petroleos de Venezuela, EL
Universal reports.

According to the report, the debt threatened to make unfeasible
the administration of Petropar.  The report relates that the firm
imports most of the fuel consumed in Paraguay and subsidizes
diesel prices.

EL Universal notes that Pdvsa's high-ranking officials started in
Asuncion meetings with their colleagues of Petropar in order to
negotiate the debt incurred by the provision of diesel.  Earlier,
the report relates, Paraguay Presidents Fernando Lugo and
President Hugo Chavez met to deal with the financing.

The report says some political opponents warned against the
possibility of Pdvsa claiming the major stake in the Paraguayan
firm.  However, the report relates, both governments denied these
claims.

                           *     *     *

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


* VENEZUELA: Tax Agency Slaps Chrysler LLC With US$6MM Payment
--------------------------------------------------------------
Chrysler de Venezuela LLC, a unit of Chrysler Group LLC, was
ordered to pay VEB13.4 million (US$6.2 million) to the tax agency
for charges dating back to 2003 and 2004, Darcy Crowe at Dow Jones
Newswires reports.  The report relates that Chrysler de Venezuela
will have 60 days to make good on the payment.

According to the report, the tax agency said that an audit
detected omissions in income from cars sold abroad and
manufactured in Venezuela in 2004, among other irregularities.

The report notes that the Venezuelan car industry has been
suffering under government imposed import quotas and restrictions
on the purchase of dollars at the official exchange rate of
VEB2.15 bolivars.  The report relates that General Motors
temporarily halted its operations in June, while Mitsubishi Motors
auto assembly plant in Venezuela has also shut down amid extremely
low productivity from its workers.

Dow Jones Newswires, citing the automobile industry chamber, notes
that car sales in Venezuela dropped 51% in the first six months of
the year.

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

                        About Chrysler LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge,
Mopar(R) and Global Electric Motors (GEM) brand vehicles and
products.  With the resources, technology and worldwide
distribution network required to compete on a global scale, the
alliance builds on Chrysler's culture of innovation -- first
established by Walter P. Chrysler in 1925 -- and Fiat's
complementary technology -- from a company whose heritage dates
back to 1899.

Headquartered in Auburn Hills, Michigan, Chrysler Group LLC's
product lineup features some of the world's most recognizable
vehicles, including the Chrysler 300, Jeep Wrangler and Dodge Ram.
Fiat will contribute world-class technology, platforms and
powertrains for small- and medium-sized cars, allowing Chrysler
Group to offer an expanded product line including environmentally
friendly vehicles.

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


* VENEZUELA: Legislators OK Conditions For Local Dollar Bond Sales
------------------------------------------------------------------
Venezuelan legislators approved the financial conditions for the
issue of as much as US$4.65 billion in dollar-denominated bonds in
the domestic market as part of the overall government's debt
strategy for the year, Darcy Crowe at Dow Jones Newswires reports.
The report relates that the financial conditions, greenlighted by
the National Assembly's Finance Commission, allow the government
to decide if it wants to issue VEB10 billion (US$4.65 billion) in
bonds in U.S. dollars or local currency.

According to the report, earlier this year, financial conditions
approved by the lawmakers had allowed for bond sales only in
bolivars.

The VEB10 billion tranche, the report notes, is part of the
government's debt strategy that allows for debt sales totaling
VEB37 billion (US$17.2 billion).  The report relates that the
dollar-denominated bonds, which could be sold locally, would have
maturities ranging from 2 to 20 years with coupon payments from 6%
to 13%.

Dow Jones Newswires says that the dollar-denominated bonds, which
would be exchangeable for bolivars, sold locally would allow the
government to infuse U.S. currency into the so-called parallel
market and bring down its rate.  The government, the report adds,
said that it will work to reduce the gap between the parallel rate
and the official exchange rate, which stands at VEB2.15 to the
dollar.

                           *     *     *

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



                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, 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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