TCRLA_Public/090911.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 11, 2009, Vol. 10, No. 180

                            Headlines

A R G E N T I N A

ALAMOS DEL SUR: Informative Hearing Set for September 25
CASA CORPORACION: Creditors' Proofs of Debt Due on October 23
DUNGAREES SRL: Creditors' Proofs of Debt Due on October 14
GLOBALFINCAS SA: Creditors' Proofs of Debt Due on October 26
JARDIN COMPUTACION: Asks for Own Bankruptcy

IRSA INVERSIONES: Posts ARS158.6MM Net Income in Year-Ended June
LES FRANCAISES: Creditors' Proofs of Debt Due on October 19
MEAT BROKERS: Creditors' Proofs of Debt Due on October 29


B E R M U D A

AGINCOURT HOLDINGS: Creditors' Proofs of Debt Due on September 30
AGINCOURT HOLDINGS: Members to Receive Wind-Up Report on October 8
ENERGY XXI: Offers Buyback of Sr. Notes at 80 Cents on Dollar
GEMINI SUBMARINE: Members to Receive Wind-Up Report on October 5
GEMINI SUBMARINE: Creditors' Proofs of Debt Due on October 21

NORTHERN NATIONAL: Creditors' Proofs of Debt Due on September 21
NORTHERN NATIONAL: Members to Receive Wind-Up Report on October 7
SP MANAGERS: Creditors' Proofs of Debt Due on September 25
SP MANAGERS: Members to Receive Wind-Up Report on October 12
VALIDUS HOLDINGS: To Employ IPC Staff Through Year-End

VALIDUS HOLDINGS: A.M. Best Affirms "bb+" Sub Debt Rating
XL CAPITAL: May Give Up Additional Reinsurance Business in 2010
XL CAPITAL: A.M. Best Affirms “bb+” Rating on Series C & E Shares


B R A Z I L

BANCO BRADESCO: Snubs Batista Bid for Vale Stake
BANCO NACIONAL: To Provide BRL160 Million Funding to Nossa Caixa


C A Y M A N  I S L A N D S

ALPHAGEN PYXIS: Members Receive Wind-Up Report
ALTEAS HOLDINGS: Members Receive Wind-Up Report
BRENTWOOD (CAYMAN): Members Receive Wind-Up Report
BUNDY LIMITED: Members Receive Wind-Up Report
COAST BROOKLINE: Members to Receive Wind-Up Report Today

COAST HAWKESBURY: Members to Receive Wind-Up Report Today
COAST LONGFELLOW: Members to Receive Wind-Up Report Today
EAGLE PLUS: Members Receive Wind-Up Report
FRONTPOINT JAPAN: Members Receive Wind-Up Report
FRONTPOINT OFFSHORE: Members Receive Wind-Up Report

GENTREE OFFSHORE: Members Receive Wind-Up Report
KAMANI HOLDINGS: Members Receive Wind-Up Report
POD HOLDING: Members to Receive Wind-Up Report Today
SAISEI KAISYU: Members to Receive Wind-Up Report Today
SAISEI KAISYU: Members to Receive Wind-Up Report Today

SIXTINA 31: Members Receive Wind-Up Report
TOPAZ FUND: Members Receive Wind-Up Report
VOLATILITY ALPHA: Members Receive Wind-Up Report
VALIANT HOLDING: Members Receive Wind-Up Report
WAINA HOLDINGS: Members Receive Wind-Up Report

WASATORNET PRIVATE: Members to Receive Wind-Up Report Today


D O M I N I C A N  R E P U B L I C

LA COLONIAL: A.M. Best Removes Firm's Ratings From Negative Review


E C U A D O R

* ECUADOR: Posts US$681 Million Trade Deficit in Jan-July Period


E L  S A L V A D O R

PACIFIC RIM: Says Requirements Cast Doubt on Going Concern


J A M A I C A

CABLE & WIRELESS: Digicel Group Files Complaints Againts Firm
DIGICEL GROUP: Files Complaints Against LIME & Claro With FTC
DIGICEL GROUP: Eyes Expansion Into Other Latin American Countries
JAMAICA PUBLIC SERVICE: Quick Replacement of Old Generators Urged


M E X I C O

AXTEL SAB: Launches Cash Tender Offer for 11% Sr. Notes Due 2013
CEMEX SAB: Eyes September 23 for US$1.8 Billion Share Offer
CORPORACION GEO: Taps Morgan Stanley, Santander to Arrange Bond
CORPORACION GEO: Fitch Assigns 'BB-/RR3' Rating on US$200MM Notes
CORPORACION GEO: Moody's Assigns 'Ba3' Rating on Senior Debt

VITRO SAB: Discloses Restructuring Proposal for Bondholder Group


P U E R T O  R I C O

CARIBE MEDIA: S&P Puts 'B' Corp. Rating on CreditWatch Negative
DORAL FINANCIAL: Possible Losses Prompt Moody's to Junk Rating
FIRSTBANK PUERTO: S&P Downgrades Counterparty Credit Rating to 'B'


V E N E Z U E L A

GENERAL MOTORS: Unit Plant Shutdown Cut Output by 25,000 Vehicles
* VENEZUELA: Aims to Finish Carabobo Round This Year


X X X X X X X X

* LATAM: Together With the Caribbean See Economy Grow 4.1%
* LATAM:  Fitch Lists National Rating Changes for April


                         - - - - -


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


ALAMOS DEL SUR: Informative Hearing Set for September 25
--------------------------------------------------------
Alamos del Sur S.R.L. will hold its informative hearing on
September 25, 2009, at 9:00 a.m.


CASA CORPORACION: Creditors' Proofs of Debt Due on October 23
-------------------------------------------------------------
The court-appointed trustee for C.A.S.A. Corporacion Argentina
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 23, 2009.

The trustee will present the validated claims in court as
individual reports on December 18, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 25, 2010.


DUNGAREES SRL: Creditors' Proofs of Debt Due on October 14
----------------------------------------------------------
The court-appointed trustee for Dungarees 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 30, 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.


GLOBALFINCAS SA: Creditors' Proofs of Debt Due on October 26
------------------------------------------------------------
The court-appointed trustee for Globalfincas S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 26, 2009.

The trustee will present the validated claims in court as
individual reports on December 7, 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 22, 2010.


JARDIN COMPUTACION: Asks for Own Bankruptcy
-------------------------------------------
Jardin Computacion SA asked for its own bankruptcy before the
National Commercial Court of First Instance No. 17 in Buenos
Aires, with the assistance of Clerk No. 34.


IRSA INVERSIONES: Posts ARS158.6MM Net Income in Year-Ended June
----------------------------------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima posted its
results for the fiscal year ended June 30, 2009.

    --  Net income for fiscal 2009 increased to ARS158.6
        million from the ARS54.9 million net income posted
        a year earlier, reflecting the incidence of the
        company's operating income which rose by 16%, from
        ARS254.8 million in fiscal 2008 to ARS295.7 million
        in fiscal 2009.  Other factors influencing the
        company's final results have been the positive impact
        of the investment in Banco Hipotecario S.A. and the
        results arising from the acquisition of Alto Palermo
        notes during the fiscal year.

    --  Regarding the performance of the various segments in
        terms of net sales, Sales and Developments rose by 42%
        to ARS280 million, Offices and Others rose by 45% to
        ARS148 million, Shopping Centers rose by 15% to
        ARS397 million, Hotels rose by 7% to ARS159 million
        and Consumer Finance fell by 19% to ARS236 million.

    --  Thus, total Revenues increased by 13%, up from
        ARS1.084 billion in FY2008 to ARS1.220 billion
        in FY2009.  Operating income rose by 16%, reflecting
        a growth rate higher than that shown by revenues.
        With the consumer finance segment excluded from the
        analysis, the company's revenues grew by 24% whereas
        operating income grew by 55% mainly due to the
        variations in operating income in the sales and
        developments segments, the offices segment
        (45%) and the shopping centers segment (18%).

    --  The Shopping Centers segment continues to perform
        well despite the downturn in the economy.  The sales
        posted by its shopping centers' tenants rose by 11%.
        Occupancy continues to be high: at the end of the
        fiscal year it stood at 98.5%.

    --  Last May the company opened its eleventh shopping
        center after a two-year construction process:
        Dot Baires Shopping, a major undertaking in the
        City of Buenos Aires' Saavedra neighborhood, is one of
        the company's most important projects as well as one
        of the most significant developments in the industry
        in Argentina in recent years.  The property is
        already fully occupied.

    --  Office Rental segment: This segment posted a 45%
        increase compared to revenues for the previous period.
        In the course of the fiscal year the company executed
        title deeds for the sale of more than 19,000 square
        meters of gross leasable area in non-strategic office
        properties at attractive prices that reflect the
        strength of its portfolio, to which it has added the
        office building located at Puerto Madero's Dock IV:
        almost 90% of this building has already been leased.

    --  Sales and Developments segment: the results of this
        segment in this period have been favorably affected by
        the sales of office properties.

    --  Consumer Finance segment: The impact of the financial
        crisis became apparent particularly in the losses
        incurred in this segment as a result of a drop in
        consumption, a rise in systemic delinquency levels
        and an increase in the cost of funding.  However, there
        was an improvement in the operating results for the
        second half of the fiscal year when compared to the
        first thanks to the capitalization made by Alto
        Palermo combined with a relative stabilization in local
        financial markets, a reduction in bad loan charges and
        a decrease in operating expenses.

    --  At the end of the fiscal year, IRSA and Alto Palermo
        had acquired, on a consolidated basis, Alto Palermo
        Series I notes due 2017 for US$44.6 million in nominal
        value and Alto Palermo Series II notes due 2012 for
        US$19.9 million in nominal value.  These acquisitions
        improved the consolidated indebtedness ratios.
        Additionally, in the course of this fiscal year,
        IRSA increased its direct and indirect ownership
        interests in Banco Hipotecario S.A. to 21.34%.  As
        already noted, the impact of these decisions has
        been highly favorable in determining its results for
        this fiscal year.

                         About IRSA

IRSA Inversiones Representaciones SA is an Argentinean company
active in the real estate sector.  The main activity of the
Company is the acquisition of undeveloped land in areas for
future development or sale; as well as the acquisition of offices
and other properties primarily for rental purposes.  The company
owns 11.8% of Banco Hipotecario SA.  On August 2007, the company
bought 50% of the property known as Bank Boston.  Together with
CYRELA SA, a Brazilian real estate developer, the company created
IRSA-CYRELA (CYRSA), engaged in the house development in
Argentina.  The company is also involved in purchasing and
managing shopping centers through its subsidiary, Alto Palermo SA,
which owns 10 shopping centers located in Buenos Aires and other
provinces.  The company is also involved in the purchase and
operation of luxury hotels.

                         *     *     *

As of September 11, 2009, the company continues to Standard and
Poor's B- LT Issuer Credit ratings.  The company also continues to
carry Fitch B LT FC Issuer Default and Senior Unsecured Debt
ratings; and B+ LT LC Issuer Default rating.


LES FRANCAISES: Creditors' Proofs of Debt Due on October 19
-----------------------------------------------------------
The court-appointed trustee for Les Francaises S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until October 19, 2009.

The trustee will present the validated claims in court as
individual reports on November 30, 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 15, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 7, 2010.


MEAT BROKERS: Creditors' Proofs of Debt Due on October 29
---------------------------------------------------------
The court-appointed trustee for Meat Brokers S.A.'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 10, 2010.


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


AGINCOURT HOLDINGS: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------------
The creditors of Agincourt Holdings Limited are required to file
their proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


AGINCOURT HOLDINGS: Members to Receive Wind-Up Report on October 8
------------------------------------------------------------------
The members of Agincourt Holdings Limited will receive on
October 8, 2009, at 2:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Nicholas Hoskins
          Chancery Hall, 52 Reid Street
          Hamilton, Bermuda


ENERGY XXI: Offers Buyback of Sr. Notes at 80 Cents on Dollar
-------------------------------------------------------------
Energy XXI Gulf Coast, Inc. has commenced an exchange offer and
consent solicitation in respect of its 10% Senior Notes due 2013.

The company has commenced an offer to exchange up to US$360
million principal amount outstanding Senior Notes properly
tendered and accepted by the company for its newly issued 16%
Second Lien Junior Secured Notes due 2014, subject to proration
and reduction to US$311 million principal amount of Senior Notes,
depending on the aggregate principal amount of Second Lien Notes
sold in a concurrent private placement.

In conjunction with the exchange offer, the company is also
soliciting consents from holders of the Senior Notes to certain
proposed amendments to the indenture under which the Senior Notes
were issued, which, if effected, would modify certain of the
restrictive covenants in that indenture in order to permit the
issuance of the Second Lien Notes.  A tender of Senior Notes by
any holder in the exchange offer will also constitute a consent by
such holder in favor of the Proposed Amendments.  The adoption of
Proposed Amendments requires the consents of holders of a majority
in principal amount of Senior Notes not held by the company and
its affiliates.

In exchange for each US$1,000 principal amount of Senior Notes
properly tendered and accepted by the Company:

   (i) by 5:00 p.m., New York City time, on September 18,
       2009, participating holders of Senior Notes will
       receive US$800 principal amount of Second Lien Notes,
       subject to proration, and

  (ii) after the Early Tender Date but prior to Midnight,
       New York City time, on October 2, 2009, participating
       holders will receive US$750 principal amount of Second
       Lien Notes, subject to proration.  Tendered Senior Notes
       may be withdrawn prior to 5:00 p.m., New York City time,
       on September 18, 2009, unless extended.

The company has received indications from holders of an aggregate
principal amount of approximately us$345 million of Senior Notes
of their intent to participate in the tender.

The table summarizes the Total Consideration payable in the
exchange offer for Senior Notes validly tendered prior to the
Early Tender Date and not withdrawn and the Exchange Consideration
payable in the exchange offer for Senior Notes validly tendered
after the Early Tender Date and prior to the Expiration Date:


                                                  For each
                                                  US$1,000
                                                  Principal Amount
                                                   of Senior Notes
                                                    Exchanged:
                                                 ----------------

                                             Total
                                          Consider-      Exchange
                                          ation          Consider-
                                          if Tender         ation
                                           Occurs        if Tender
                                           Prior            Occurs
                                           to or on          After
                                 Maximum  the Early     the Early
                     Outstanding Accept-  Tender Date Tender Date
                     Principal   ance     (Principal   (Principal
Senior                Amount     Amount    Amount of        Amount
to be                   (in     (in        Second       of Second
Exchanged    CUSIP #   mil.)     mil.)    Lien Notes) Lien Notes)
------------ ------- ---------  ---------  ----------- -----------
10% Senior
Notes due
2013        29276KAC5 $621.7*   $60.0       $800         $750


* Does not include US$126.0 million aggregate principal amount of
   Senior Notes owned by the Company that will be delivered for
   cancellation concurrently with the closing of the exchange
   offer and US$2.3 million aggregate principal amount of Senior
   Notes owned by the company's affiliates.  Such Senior Notes
   will not be deemed to be outstanding for purposes of
   determining the consents required to approve the Proposed
   Amendments.

The aggregate principal amount of Second Lien Notes that may be
issued pursuant to the exchange offer in exchange for Senior Notes
will be at least US$248.8 million and up to a maximum of US$288.0
million, depending on the aggregate principal amount of Second
Lien Notes and common stock sold in a concurrent private
placement.  Concurrently with the closing of the exchange offer,
the company will sell for cash in a private placement an aggregate
principal amount of Second Lien Notes of at least US$50.0 million
and up to a maximum of US$89.0 million.  The Second Lien Notes
issued in the exchange offer will be designated Series A (the
"Series A Second Lien Notes") and the Second Lien Notes issued in
the private placement will be designated Series B (the "Series B
Second Lien Notes").  The two series initially will bear different
CUSIP numbers but will otherwise have the same terms.  The company
will issue the Second Lien Notes in both the exchange offer and
the private placement with an initial maximum aggregate principal
amount of up to US$338.0 million, as follows:

    * Series A Second Lien Notes issued pursuant to the
      exchange offer, in an aggregate principal amount of at
      least US$248.8 million, and up to (a) US$288.0 million,
      less (b) the excess of the Series B Second Lien Notes
      issued pursuant to the private placement of such notes
      and shares of Energy XXI (Bermuda) Limited's common
      stock over US$50.0 million, and

   * Series B Second Lien Notes issued pursuant to the private
     placement, in an aggregate principal amount of at least
     US$50.0 million and up to US$89.0 million.

The Second Lien Notes will bear interest at the rate of 16% per
annum, consisting of (i) 14% payable in cash and (ii) 2% payable
by either increasing the outstanding principal amount of the
applicable series or by issuing additional Second Lien Notes of
the applicable series, in each case payable on June 15 and
December 15 of each year, beginning on December 15, 2009. The
Second Lien Notes will mature on June 15, 2014.

The obligations under the Second Lien Notes will be guaranteed by
the: (i) a guarantee by Energy XXI USA, Inc., the company's direct
parent, recourse under which is limited to its ownership of 100%
of the Company's outstanding capital stock (the "Direct Parent");
(ii) the full and unconditional guarantee of Energy XXI (Bermuda)
Limited, the Company's ultimate parent (the "Parent"); and (iii)
the full and unconditional guarantee of each of the Company's
subsidiaries (the "Subsidiaries," and together with the Direct
Parent and the Parent, the "Guarantors" and the guarantees of
Second Lien Notes by the Guarantors, collectively, the
"Guarantees").

The Second Lien Notes and the related Guarantees will be
subordinated in right of payment to indebtedness under the
Company's Amended and Restated First Lien Credit Agreement, as
amended, restated, modified or refinanced from time to time (the
"Credit Agreement").  The Second Lien Notes and related Guarantees
by the Subsidiaries and the Direct Parent will be secured on a
second priority lien basis, subject to certain permitted liens, by
the same assets that secure indebtedness on a first priority lien
basis under the Company's Credit Agreement.  If any party becomes
a new guarantor under the Credit Agreement, such party will also
become a Guarantor of the Second Lien Notes.  As a result, the
Second Lien Notes also will be subordinated in priority to the
indebtedness under the company's Credit Agreement to the extent of
the collateral securing such obligations.  Under a proposed
intercreditor agreement, under certain circumstances (including a
bankruptcy or insolvency of the company or any of the
Subsidiaries) payments to holders of Second Lien Notes, but not to
holders of the Senior Notes, may be blocked.

Notwithstanding any other provision of the exchange offer, the
Company's obligation to accept for exchange, and to exchange, any
of the Senior Notes validly tendered is subject to the
satisfaction or waiver of the following conditions, among others,
prior to the settlement date of the exchange offer:

   * there having been validly tendered and not withdrawn
     pursuant to the exchange offer Senior Notes having an
     aggregate principal amount of not less than
     US$311.0 million;

   * the receipt of the Requisite Consents and execution of a
     supplemental indenture providing for the Proposed
     Amendments ;

   * the Company having closed or concurrently closing the sale
     of Series B Second Lien Notes in an aggregate principal
     amount of not less than US$50.0 million in the private
     placement; and

   * the company having obtained an amendment or amendment and
     restatement to, or a waiver under, its existing Amended and
     Restated First Lien Credit Agreement, the effect of which
     is that the consummation of the exchange offer and
     concurrent private placement and the issuance of the Second
     Lien Notes and payments in respect of such notes will not
     be prohibited under such facility (the "Bank Condition").

                          About Energy XXI

Energy XXI Golf Coast, Inc. -- http://www.energyXXI.com-- is a
Houston-based independent energy company engaged in the
acquisition, development, exploration and production of oil and
natural gas reserves in the U.S.  Gulf Coast and the Gulf of
Mexico.  The Company an indirect wholly owned subsidiary of
Hamilton, Bermuda-based Energy XXI (Bermuda) Limited.

                           *     *     *

As reported in the Troubled Company Reporter on September 8, 2009,
Moody's Investors Service affirmed Energy XXI Gulf Coast's Caa3
Corporate Family Rating, downgraded its Probability of Default
Rating to Ca from Caa3, and affirmed the Ca rating on its senior
notes due 2013.  The rating outlook remains negative.  The rating
actions reflect Energy XXI's recently announced bond exchange
offer for its senior unsecured notes due 2013.

At the same time, Standard & Poor's Ratings Services t lowered its
long-term corporate credit rating on Energy XXI (Bermuda) Ltd. to
'CC' from 'B-', and senior notes of Energy XXI Gulf Coast to 'C'
from 'CCC+'.  S&P also placed the ratings on CreditWatch with
negative implications.


GEMINI SUBMARINE: Members to Receive Wind-Up Report on October 5
----------------------------------------------------------------
The members of Gemini Submarine Cable System Limited will receive
on October 5, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ernest A. Morrison
          Cox Hallett Wilkinson
          Milner House, 18 Parliament Street
          Hamilton, Bermuda


GEMINI SUBMARINE: Creditors' Proofs of Debt Due on October 21
-------------------------------------------------------------
The creditors of Gemini Submarine Cable System Limited are
required to file their proofs of debt by October 21, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Ernest A. Morrison
          Cox Hallett Wilkinson
          Milner House, 18 Parliament Street
          Hamilton, Bermuda


NORTHERN NATIONAL: Creditors' Proofs of Debt Due on September 21
----------------------------------------------------------------
The creditors of Northern National Insurance Ltd. are required to
file their proofs of debt by September 21, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 27, 2009.

The company's liquidator is:

          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-La-Ville Road
          Hamilton in Bermuda


NORTHERN NATIONAL: Members to Receive Wind-Up Report on October 7
-----------------------------------------------------------------
The members of Northern National Insurance Ltd. will receive on
October 7, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 27, 2009.

The company's liquidator is:

          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-La-Ville Road
          Hamilton in Bermuda


SP MANAGERS: Creditors' Proofs of Debt Due on September 25
----------------------------------------------------------
The creditors of SP Managers Limited are required to file their
proofs of debt by September 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sep 4, 2009.

The company's liquidator is:

          Ian Pilgrim
          Bamboo Gate, 11 Harbour Road
          Paget PG01, Bermuda


SP MANAGERS: Members to Receive Wind-Up Report on October 12
------------------------------------------------------------
The members of SP Managers Limited will receive on October 12,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Sep 4, 2009.

The company's liquidator is:

          Ian Pilgrim
          Bamboo Gate, 11 Harbour Road
          Paget PG01, Bermuda


VALIDUS HOLDINGS: To Employ IPC Staff Through Year-End
------------------------------------------------------
Validus Holdings, Ltd. has not yet made a long-term decision on
employment of staff who worked for recently acquired IPC Holdings,
Lilla Zuill at Reuters reports, citing Chief Financial Officer
Joseph Consolino.  The report relates that Mr. Consolino said the
company has agreed to keep IPC's staff on its payroll through the
end of the year.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Validus Holdings completed its acquisition of
IPC Holdings, Ltd.  At a Special General Meeting of Shareholders
on September 4, 2009, Validus shareholders approved the issuance
of Validus common shares in connection with the acquisition of IPC
with the support of approximately 87% of the shares voted at the
meeting.  At a separate meeting held the same day, IPC
shareholders adopted the amalgamation agreement with Validus and
approved the resulting amalgamation of IPC with a wholly owned
subsidiary of Validus with the support of approximately 95% of the
shares voted at the meeting.  Pursuant to the amalgamation
agreement, former shareholders of IPC will receive BM$7.50 in cash
and 0.9727 Validus voting common shares for each IPC common share.
Effective as of the close of trading September 4, IPC common
shares will cease trading.

                 About Validus Holdings, Ltd.

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

                           *     *     *

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


VALIDUS HOLDINGS: A.M. Best Affirms "bb+" Sub Debt Rating
---------------------------------------------------------
A.M. Best Co. has removed from under review with negative
implications and affirmed the financial strength ratings of A- and
issuer credit ratings of "a-" of Validus Reinsurance, Ltd.
(Validus) (Bermuda) as well as IPCRe Limited (Bermuda) and IPCRe
Europe Limited (Dublin, Ireland) (collectively known as IPCRe).

A.M. Best also has removed from under review with negative
implications and affirmed the ICR of "bbb-" and the indicative
ratings for securities available under the shelf registration of
"bbb-" on senior debt, "bb+" on subordinated debt and "bb" on the
preferred stock of Validus Holdings, Ltd. (Validus Holdings).  The
outlook assigned to the above ratings is stable.

Concurrently, A.M. Best has withdrawn the ICR of "bbb-" and the
indicative ratings of "bb+" on preferred stock, "bbb" on senior
unsecured debt and "bbb-" on subordinated debt for securities
available under the former shelf registration of IPC Holdings Ltd.
(IPCRe Holdings) as these ratings have been merged out of
existence.

On September 4, 2009, Validus Holdings completed the acquisition
of IPCRe Holdings in exchange for a .9727 common voting share of
Validus Holdings for each IPCRe common share and cash
consideration of $7.50 per share.  This effectively put IPCRe into
run off as all renewal business going forward will be written by
Validus.  Management has indicated its intention to move capital
from IPCRe to Validus commensurate with the movement of risk as
business renews.  A.M. Best will closely monitor this process to
ensure capital is kept at levels that support the current ratings.

The ratings contemplate the prospective benefits that will be
realized through the acquisition due to the larger capital base
and market profile.  However, it will take time to truly gauge
these prospective benefits' impact on the Validus franchise.

Partially offsetting these strengths is Validus' susceptibility to
low frequency, high severity events as a property catastrophe
focused reinsurer and the increased uncertainty over the short
term due to the business that was previously underwritten by
IPCRe. The stable outlook reflects the expectation that operating
performance and risk-adjusted capitalization will continue to
remain supportive of the current rating levels.


XL CAPITAL: May Give Up Additional Reinsurance Business in 2010
---------------------------------------------------------------
Oliver Suess at Bloomberg News reports that may give up more
reinsurance business in next year's renewal of treaties should
rates not be adequate.  "At the reinsurance side of our business
we are perfectly willing to shrink," Chief Executive Officer
Michael McGavick told Bloomberg News in an interview.  "We are not
going to chase the market to foolish pricing.  At the peak, XL was
a US$3 billion reinsurance operation and this year we might end up
with US$1.7 billion to US$2 billion in premiums," Mr. McGavick
added.

According to the report, the company's capital was depleted by
sub-prime losses and ties to troubled bond insurer, Syncora
Holdings Ltd. (formerly known as Security Capital Assurance Ltd.),
which XL co-founded.  The report relates that XL Capital had to
raise more than US$2.8 billion in capital to replenish funds.  Now
it has to fend off a decline in policy sales as customers scale
back purchases amid the recession, the report notes.  "Our
company's troubled times in the past are no longer a topic in
conversations with our clients," the report quoted Mr. McGavick as
saying.  "We are also no longer seen as a takeover target as there
wouldn't be many bidders out there that could afford to pay more
than US$5 billion right now," Mr. McGavick added.

Meanwhile, Mr. McGavick, the report relates, said that the
company, which has received a total of 36 claims tied to Bernard
Madoff's US$65 billion Ponzi scheme, has no reasons to change its
view on expected losses related to that.  XL sells coverage to
clients protecting them against lawsuits.

                          About XL Capital

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

                           *     *     *

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


XL CAPITAL: A.M. Best Affirms “bb+” Rating on Series C & E Shares
-----------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of A and
issuer credit ratings of "a" of XL Capital Group (Bermuda) and its
members.  A.M. Best also has affirmed the ICR of "bbb" and all
debt ratings of the holding company, XL Capital Ltd (Cayman
Islands).

These rating actions reflect the early achievements of XL
Capital's recovery plan following last year's settlement with
Syncora Holdings Ltd., which included de-risking of the investment
portfolio, reduction of corporate expenses, implementation of a
more robust risk management program and retention of key senior
underwriting management.

The group's core operating results remain strong in both primary
and reinsurance segments.  XL Capital's property/casualty combined
ratio for the six months ended June 30, 2009 was 92.6%, reflective
of the group's established market profile and worldwide presence,
while risk-based capitalization remains solid and fully supportive
of the group's rating level.

XL Capital's enhanced risk management program is responsible for
ensuring the efficient identification, assessment and monitoring
of key risks across all facets of the group's operations.  A.M.
Best is encouraged by this program, which should enable the group
to operate more efficiently and detect unfavorable trends earlier.

The debt-to-capital ratio for XL Capital Ltd is expected to remain
in the mid 20% range going forward.  Fixed charge coverage ratios
over the past several years fell below expectations as earnings
were reduced due to capital market volatility and settlement with
Syncora Holdings Ltd.  However, this concern was reduced by the
substantial level of cash held at XL Capital Ltd.  On a going
forward basis, the fixed charge coverage ratio is expected to
stabilize and remain in the 3 times to 5 times range.

A.M. Best anticipates that XL Capital will continue its solid
operating performance, despite a soft pricing market.  As XL
Capital continues to de-risk its investment portfolio, the group
will remain exposed to any volatility in equity markets and credit
spreads on corporate investments.

The FSR of A (Excellent) and ICRs of “a” have been affirmed with a
stable outlook for the following subsidiaries of XL Capital Ltd:

   -- XL Re Ltd

   -- Indian Harbor Insurance Company

   -- Greenwich Insurance Company

   -- XL Insurance Company of New York, Inc.

   -- XL Insurance America, Inc.

   -- XL Select Insurance Company

   -- XL Reinsurance America Inc.

   -- XL Specialty Insurance Company

   -- XL Insurance (Bermuda) Ltd

   -- XL Re Latin America Ltd

   -- XL Insurance Company Limited

   -- XL Re Europe Limited

   -- XL Lloyds Insurance Company

The FSR of A and ICR of “a” have been withdrawn and a category NR-
5 assigned to the FSR and an “nr” assigned to the ICR of XL Europe
Limited, due to the company being merged with two other European
XL Capital Ltd affiliates to improve operational efficiency.
The ICR of “bbb” has been affirmed for XL Capital Ltd with a
stable outlook.

These debt ratings have been affirmed with a stable outlook:

   -- “bbb” on $575 million 10.75% senior unsecured equity
       linked securities (ELKS), due 2011

   -- “bbb” on $600 million 5.25% senior unsecured notes,
      due 2014

   -- “bbb” on $350 million 6.375% senior unsecured bonds,
      due 2024

   -- “bbb” on $325 million 6.3% senior unsecured notes,
      due 2027

   -- “bb+” on $1.0 billion Series E 6.5% non-cumulative
      preference shares, redeemable 2017

   -- “bb+” on $500 million Series C preference shares,
      redeemable 2013

XL Capital Finance (Europe) plc (guaranteed by XL Capital Ltd)—
   -- “bbb” on $600 million 6.5% senior unsecured notes,
      due 2012

These indicative ratings on shelf securities have been affirmed
with a stable outlook:

XL Capital Ltd

   -- “bbb” on senior unsecured
   -- “bbb-” on subordinated
   -- “bb+” on preferred stock

XL Capital Finance (Europe) plc (guaranteed by XL Capital Ltd)—

   -- “bbb” on senior unsecured

XL Capital Trust I, II & III (guaranteed by XL Capital Ltd)—

   -- “bb+” on preferred securities

                         About XL Capital

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

                           *     *     *

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


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


BANCO BRADESCO: Snubs Batista Bid for Vale Stake
------------------------------------------------
Banco Bradesco S.A. rejected a deal with billionaire Eike Batista
that would have put him in a group controlling iron ore producer
Vale, Elzio Barreto at Reuters reports, citing O Estado de S.
Paulo newspaper.  The report relates that the local newspaper said
Mr. Batista planned to buy the bank's Bradespar holding company
and also make an offer for the unit's minority shareholders.  The
takeover bid was expected to total BRL9 billion (US$4.9 billion),
the daily added.

According to the report, citing the newspaper, Mr. Batista's offer
was turned down.  The report recalls that Mr. Batista approached
Bradesco weeks ago with the help of investment banker Andre
Esteves of BTG Investments.  "The bank will study all the
proposals that show up, but there's no interest in selling Vale.
That's one of their best investments," an unnamed executive who
had access to all parties involved told Estado in an interview,
the report relates.

The newspaper, the report notes, said that Bradesco weighed Mr.
Batista's proposal, but it came as the bank and Roger Agnelli,
Vale's chief executive, were under pressure to invest in iron
production facilities in states headed by government allies, such
as Para and Espirito Santo.

Reuters, citing O Estado, says that Mr. Batista failed to garner
government support for his Bradespar-Vale plan because of mixed
views among public officials over the sale of one of his miners,
MMX, to Anglo American, a foreign investor.  The report relates
that the newspaper said another idea that was mulled but failed to
gain traction was creating a consortium of Brazilian companies
that would buy out Bradesco's stake in Bradespar.

                       About Banco Bradesco

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

                           *     *     *

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


BANCO NACIONAL: To Provide BRL160 Million Funding to Nossa Caixa
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA will
provide a BRL160 million (US$87.5 million) funding to Nossa Caixa
Desenvolvimento, James Newman at Business News Americas reports.

According to the report, state development secretary, Geraldo
Alckmin, said that the BNDES line will go to machinery purchase
and other working capital lines at Nossa Caixa Desenvolvimento,
but will be expanded into other SME lending.  The report relates
that in November, the government announced plans to use BRL1
billion of the 5.39 billion-real sale of its 71.25% stake in Nossa
Caixa to start a development agency, which it later launched in
July this year.  "What state governments do with their own state
development Banks could be done by BNDES, so I don't see the point
of having the state-level development banks, especially not for
São Paulo," technical coordinator for consulting firm Tendencias
Consultoria Integrada, Marcio Issao Nakane told Bnamericas in an
interview.

Mr. Alckmin, Bnamericas notes, said that Nossa Caixa
Desenvolvimento currently has reference capital of BRL200 million,
but this should rise to the full BRL1 billion-real mark, and BNDES
should be raising its rate of funding to the state development
bank in coming months.  The report relates that all in all, Nossa
Caixa could receive BRL8.5 billion in funding from BNDES.

                           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.


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


ALPHAGEN PYXIS: Members Receive Wind-Up Report
----------------------------------------------
The members of The Alphagen Pyxis Fund Limited met on
September 10, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ALTEAS HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Alteas Holdings Ltd. met on September 10, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BRENTWOOD (CAYMAN): Members Receive Wind-Up Report
--------------------------------------------------
The members of Brentwood (Cayman) Holdings Ltd. met on
September 10, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BUNDY LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Bundy Limited met on September 10, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COAST BROOKLINE: Members to Receive Wind-Up Report Today
--------------------------------------------------------
The members of Coast Brookline Strategy Investments Ltd. will meet
today, September 11, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


COAST HAWKESBURY: Members to Receive Wind-Up Report Today
---------------------------------------------------------
The members of Coast Hawkesbury Strategy Investments Ltd. will
meet today, September 11, 2009, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


COAST LONGFELLOW: Members to Receive Wind-Up Report Today
---------------------------------------------------------
The members of Coast Longfellow Strategy Investments Ltd. will
meet today, September 11, 2009, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EAGLE PLUS: Members Receive Wind-Up Report
------------------------------------------
The members of Eagle Plus Ltd. met on September 10, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FRONTPOINT JAPAN: Members Receive Wind-Up Report
------------------------------------------------
The members of Frontpoint Japan Equity Market Neutral Fund
Offshore Ltd. met on September 10, 2009, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FRONTPOINT OFFSHORE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Frontpoint Offshore RCL Equity Long/Short Fund,
Ltd. met on September 10, 2009, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GENTREE OFFSHORE: Members Receive Wind-Up Report
------------------------------------------------
The members of Gentree Offshore Inc. met on September 10, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


KAMANI HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Kamani Holdings Limited met on September 10, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


POD HOLDING: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of Pod Holding 2,0 Ltd. will meet today, September 11,
2009, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SAISEI KAISYU: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Saisei Kaisyu Planning 4 Limited will meet today,
September 11, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SAISEI KAISYU: Members to Receive Wind-Up Report Today
------------------------------------------------------
The members of Saisei Kaisyu Planning 3 Limited will meet today,
September 11, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SIXTINA 31: Members Receive Wind-Up Report
------------------------------------------
The members of Sixtina 31 Cambridge Asia Fund Limited met on
September 9, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


TOPAZ FUND: Members Receive Wind-Up Report
------------------------------------------
The members of Topaz Fund met on September 10, 2009, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VOLATILITY ALPHA: Members Receive Wind-Up Report
------------------------------------------------
The members of The Volatility Alpha Enhanced Fund Limited met on
September 9, 2009, and received the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


VALIANT HOLDING: Members Receive Wind-Up Report
-----------------------------------------------
The members of Valiant Holding Co., Ltd. met on September 9, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


WAINA HOLDINGS: Members Receive Wind-Up Report
----------------------------------------------
The members of Waina Holdings Limited met on September 10, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WASATORNET PRIVATE: Members to Receive Wind-Up Report Today
-----------------------------------------------------------
The members of Wasatornet Private Equity Ltd. will meet today,
September 11, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


LA COLONIAL: A.M. Best Removes Firm's Ratings From Negative Review
------------------------------------------------------------------
A.M. Best Co. has removed from under review with negative
implications and affirmed the financial strength rating of B++ and
issuer credit rating of "bbb+" of La Colonial, S. A. Compania de
Seguros (La Colonial) (Dominican Republic).  The outlook assigned
to both ratings is stable.

La Colonial's ratings were placed under review on June 24, 2009
due to continued delays surrounding receipt of critical
information necessary to conclude A.M. Best's rating process.
However, La Colonial has since complied with all requests for
information.

The affirmation of the ratings reflects La Colonial's consistently
profitable operating results, adequate capitalization and
conservative underwriting philosophy.  La Colonial has maintained
consistent operating performance through careful risk selection
with a focus on profitability.  The company's underwriting
discipline and consistent levels of investment income have
resulted in historically favorable earnings, and this has enabled
La Colonial to continue to enhance its risk-adjusted
capitalization.

In recent years, operating results have been augmented by
increased underwriting controls and conservative operating
strategies.  La Colonial's financial strength also is enhanced by
its level of reserves, along with the liquidity of its investments
and comprehensive reinsurance program

Partially offsetting these strengths is La Colonial's limited
financial flexibility, the concentration of its business in the
Dominican Republic and rising reinsurance costs associated with
the increased frequency of catastrophic events.


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


* ECUADOR: Posts US$681 Million Trade Deficit in Jan-July Period
----------------------------------------------------------------
Ecuador posted a trade deficit of US$681 million in the first
seven months of 2009, compared with a surplus of US$2.5 billion a
year earlier, Mercedes Alvaro at Dow Jones Newswires reports,
citing the central bank.

According to the report, the Central Bank said exports fell 40% to
about US$7.1 billion between January and July from US$11.9 billion
a year earlier; while imports fell 17% to about US$7.8 billion in
the first seven months from US$9.4 billion a year earlier.  The
report relates that exports of oil products totaled US$3.3 billion
between January and July, or 46% of the total, while non-petroleum
products reached US$3.8 billion, or 54%.

Dow Jones Newswires notes that during the January-July period,
Ecuador posted an oil trade surplus of US$2.2 billion and a non-
oil trade deficit of US$2.9 billion.

                          *     *     *

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


PACIFIC RIM: Says Requirements Cast Doubt on Going Concern
----------------------------------------------------------
Pacific Rim Mining Corp. (TSX:PMU)(NYSE Amex:PMU) said that for
the three-month period ended July 31, 2009, it recorded a loss for
the period of US$881,000 or US$0.01 per share, compared to a loss
of US$3,269,000 or US$0.03 per share for the three month period
ended July 31, 2008.  The US$2.4 million decrease in net loss for
Q1 2010 compared to Q1 2009 is primarily related to significantly
lower direct exploration and general and administrative expenses
combined with a small gain on the sale of bullion, offset in part
by expenses related to the CAFTA action during Q1 2010 for which
there is no comparable item in Q1 2009.

It had total assets of US$7,147,000 against total debts of
US$1,679,000 as of July 31, 2009.  Cash was at US$627,000 as of
July 31, 2009.

The Company said it will require additional funding to maintain
its ongoing exploration programs and property commitments as well
as for administrative purposes and CAFTA arbitration and
negotiation.  These requirements, among existing conditions and
risks, cast substantial doubt on the validity of the going concern
assumption.

The Company's ability to continue operations and exploration
activities as a going concern is dependent upon its ability to
obtain additional funding.  The Company will need to raise
sufficient funds to pursue ongoing exploration and administration
expenses as well as its costs under its CAFTA arbitration.  While
the Company has been successful in obtaining its required funding
in the past, there is no assurance that sufficient funds will be
available to the Company in the future.  The Company has no
assurance that such financing will be available or be available on
favourable terms.  Factors that could affect the availability of
financing include the progress and results of the El Dorado
project and its permitting application, the resolution of
international arbitration proceedings over the non-issuance of
permits in El Salvador, the state of international debt and equity
markets, investor perceptions and expectations and the global
financial and metals markets. The Company will have to obtain
additional financing through, but not limited to, the issuance of
additional equity.

                         About Pacific Rim

Canada based Pacific Rim Mining Corp. is an environmentally and
socially responsible exploration company focused exclusively on
high grade, environmentally clean gold deposits in the Americas.
Pacific Rim's primary asset and focus of its growth strategy is
the high grade, vein-hosted El Dorado gold project in El Salvador.
The Company owns several similar grassroots gold projects in El
Salvador and is actively seeking additional assets elsewhere in
the Americas that fit its project focus.  Pacific Rim's shares
trade under the symbol PMU on both the Toronto Stock Exchange and
the NYSE Amex.

Pacific Rim's U.S. and Salvadoran subsidiaries are Pac Rim Cayman
LLC, Pacific Rim El Salvador, S.A. de C.V, and Dorado
Exploraciones, S.A. de C.V.

Pac Rim Cayman LLC, a wholly-owned subsidiary of Pacific Rim
Mining Corp. in April 2009 filed international arbitration
proceedings against the Government of El Salvador under the
Central America-Dominican Republic-United States of America Free
Trade Agreement ("CAFTA").  Since 2002 PRES and then later DOREX
have been exploring, discovering and delineating gold deposits in
El Salvador.  The Company's claims under CAFTA are based on
alleged breaches of international and Salvadoran law arising out
of the Government's improper failure to finalize the permitting
process as it is required to do and to respect the Company's and
the Enterprises' legal rights to develop mining activities in El
Salvador.  The Company has retained the Washington, DC-based
international law firm of Crowell & Moring, LLP to represent it in
the arbitration.


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


CABLE & WIRELESS: Digicel Group Files Complaints Againts Firm
-------------------------------------------------------------
Fair Trading Commission is investigating a complaint received on
Monday, September 7, from mobile phone provider Digicel Group
against two of its competitors, Lime (formerly Cable & Wireless
Jamaica), a unit of Cable & Wireless plc, and Claro Jamaica,
RadioJamaica reports.

According to the report, David Miller, Executive Director of the
FTC, says Digicel Group has made several allegations.  "To speak
to anything specific in the complaints (which) contains several
allegations under the Fair Competition Act is not our policy.  Our
technical staff has to review it and then proceed with an
investigation if we think it's necessary (as) there are several
allegations involved and each has to be taken on its own merit and

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, RadioJamaica said Lime will team up with Claro
Jamaica to cut the rates for its mobile customers to call the
Claro network.  The report related that 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 related, 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 said LIME
and Claro Jamaica have joined forces as the battle for control of
the lucrative mobile phone market heats up.

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.

                      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


DIGICEL GROUP: Files Complaints Against LIME & Claro With FTC
-------------------------------------------------------------
Fair Trading Commission is investigating a complaint received on
Monday, September 7, from mobile phone provider Digicel Group
against two of its competitors, Lime (formerly Cable & Wireless
Jamaica), a unit of Cable & Wireless plc, and Claro Jamaica,
RadioJamaica reports.

According to the report, David Miller, Executive Director of the
FTC, says Digicel Group has made several allegations.  "To speak
to anything specific in the complaints (which) contains several
allegations under the Fair Competition Act is not our policy.  Our
technical staff has to review it and then proceed with an
investigation if we think it's necessary (as) there are several
allegations involved and each has to be taken on its own merit and

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, RadioJamaica said Lime will team up with Claro
Jamaica to cut the rates for its mobile customers to call the
Claro network.  The report related that 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 related, 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 said LIME
and Claro Jamaica have joined forces as the battle for control of
the lucrative mobile phone market heats up.

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.

                      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


DIGICEL GROUP: Eyes Expansion Into Other Latin American Countries
-----------------------------------------------------------------
Digicel Group is eyeing expansion into other Latin American
countries, Kejal Vyas at Dow Jones Newswires reports, citing Chief
Executive Colm Delves.  Costa Rica, Bahamas and smaller Pacific
island nations are on the company's radar, Mr. Delves told Dow
Jones Newswires in an intervew.  There may also be opportunities
in Belize and the Dominican Republic, where Digicel would face
stiffer competition, Mr. Delves added.

According to the report, Mr. Delves said the company is counting
on a liberalization of Costa Rica's cellphone market, run by
state-controlled Instituto Costarricense de Electricidad (ICE).
Costa Rica is at the top of Digicel's expansion plans and it is
expected to start offering licenses for private companies next
year, Mr. Delves added.  The report relates Mr.Delves said that
the Bahamas government is also working on privatization and
liberalization plans that could offer Digicel a foothold.

Mr. Delves, the report notes, that there may also be acquisition
targets in the Dominican Republic, though there are no immediate
plans to push into the market.

Dow Jones Newswires, citing Mr. Delves, says that expansion into
other markets may be funded through debt issuance or internally,
depending on the size of the market and when it decides to make
the move.  "If you're talking about some of the smaller markets,
then, yes, we'll most likely be able to fund that internally," Mr.
Delvez said, since the company has around US$700 million available
in cash, the report relates.  However, the report points out that
taking on additional debt isn't the company's priority.  Already
the company has issued senior notes twice this year; in March for
US$425 million and US$160 million in late June, the report adds.

                      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


JAMAICA PUBLIC SERVICE: Quick Replacement of Old Generators Urged
-----------------------------------------------------------------
Jamaica's energy technocrats are urging Jamaica Public Service
Company Limited to speed up the replacement of its existing power-
generating plants, which they contend are outdated and are
contributing to the high cost of energy, Jamaica Gleaner reports.
The report relates the company said that it is the Office of
Utilities Regulation's responsibility for any speeding up of the
phasing out of existing power-generating methodologies and
stepping up energy-efficient generating capacity.

"There are some clunkers in the system, units 1,2,3 and 4 in Old
Harbour and the B6 at Hunts Bay have a poor heat rate and are
wasting fuel, and together account for at least 300 megawatts of
electricity," the report quoted Dr. Audley Darmand, engineering
lecturer at the University of Technology and government adviser on
energy, as saying.

According to the report, Dr. Darmand is more concerned about the
foreign-exchange cost to the country and long-term savings than
any short-term energy price reductions for consumers.  "At some
point, if we bite the bullet, put new units in place and also
bring LNG on stream, while the cost is going to go up for the
consumer, we will begin to have less price increases, but if that
is not done, it might be to the country's sorrow," the report
quoted Mr. Darmand as saying.

The Gleaner notes that JPSCO has not made public any timeline for
changing existing mainly diesel generators at its power plants.
The company, the report notes, contends that there has to be a
parallel plan in tandem with the retirement of the units.

The report adds that JPSCO is not willing to accept blame for the
demise of the country's productive sector, said to be reeling from
high electricity costs set at JM$8.93 per kilowatt hour.

                          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.


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


AXTEL SAB: Launches Cash Tender Offer for 11% Sr. Notes Due 2013
----------------------------------------------------------------
Axtel, S.A.B. de C.V. has commenced a cash tender offer for any
and all of its outstanding 11% Senior Notes due 2013.  In
conjunction with the tender offer, the company commenced a consent
solicitation with respect to certain proposed amendments to the
Indenture governing the Notes.  The current aggregate principal
amount of the Notes outstanding is approximately US$162.5 million.

The tender offer is being made pursuant to the Offer to Purchase
and Consent Solicitation Statement dated September 2, 2009 and
related Consent and Letter of Transmittal which set forth more
fully the terms and conditions of the tender offer and consent
solicitation.  The consent solicitation for the Notes is scheduled
to expire at 5:00 p.m., New York City time, on September 16, 2009
and the tender offer is scheduled to expire at 12:00 midnight, New
York City time, on September 30, 2009, in each case unless
extended or earlier terminated by the Company.  Holders may only
withdraw their consents and tenders before the withdrawal
deadline, which will be the earlier of (i) the Consent Expiration
Date and (ii) the time at which the supplemental indenture is
executed and becomes effective, which is expected to be promptly
following receipt of the requisite consents.

The total consideration for Notes validly tendered and not
withdrawn is 105.75% of the principal amount of such Notes. The
Total Consideration includes a consent payment equal to 3.0% of
the principal amount of Notes validly tendered and not withdrawn
and as to which consents to the proposed amendments are delivered
on or prior to the Consent Expiration Date.  Holders who validly
tender their Notes after the Consent Expiration Date and on or
prior to the Offer Expiration Date will be eligible to receive an
amount, paid in cash, equal to the Total Consideration less the
Consent Payment.  Holders whose Notes are accepted for payment
will also receive accrued and unpaid interest in respect of such
purchased Notes from the last interest payment date to, but not
including, the applicable settlement date.

Holders who tender Notes pursuant to the tender offer are
obligated to deliver their consents to the proposed amendments
which would amend the Indenture to eliminate substantially all of
the restrictive covenants, several affirmative covenants
(including certain reporting obligations) and events of default
contained in the Indenture and to modify the covenant regarding
mergers, consolidations and transfers of the Company's properties
and assets substantially as an entirety.

The consummation of the tender offer and consent solicitation is
subject to the conditions set forth in the Offer to Purchase,
including, among other things, the receipt by the Company of
consents of Note holders representing the majority in aggregate
principal amount of the Notes and the receipt by the Company of
financing in an amount and on terms and conditions satisfactory to
the Company in its sole discretion.

For the six-month period ended on June 30, 2009, the Company
generated revenues and operating income of MXN5,540.5 million
(US$419.7 million) and MXN383.4 million (US$29.0 million),
respectively.

                       About Axel SAB

Axtel is the second-largest, and one of the fastest growing,
fixed-line, integrated telecommunications companies in Mexico,
measured in revenues, EBITDA and lines in service.  The company
offers a wide array of services, including local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 39 cities and long distance telephone
in over 200 cities to more than 828,000 business and residential
customers.  The company provides local, long distance, data,
internet, integrated solutions and value-added communications
services in 39 of the largest metropolitan areas in the country,
including Mexico City, Monterrey, Guadalajara, Puebla, Toluca,
Leon, Queretaro, San Luis Potosi, Saltillo, Aguascalientes, Ciudad
Juarez, Tijuana, Torreon (Laguna Region), Veracruz, Chihuahua,
Celaya, Irapuato, Cd. Victoria, Reynosa, Tampico, Cuernavaca,
Merida, Morelia, Pachuca, Hermosillo, San Juan del Rio, Xalapa,
Durango, Villahermosa, Acapulco, Mexicali, Cancun, Zacatecas,
Matamoros, Nuevo Laredo, Culiacan, Mazatlan, Coatzacoalcos and
Minatitlan.  These 39 cities represent more than 47% of the total
population of Mexico according to Mexico's Instituto Nacional de
Estadistica Geografia e Informatica, INEGI.  The company estimates
that Axtel lines represent approximately 9.3% of the lines in
service of the total addressable market in the 39 cities in which
it provides local services.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 10, 2009, top rating agencies has rated the company:

   -- Moody's Investors Service assigned a Ba2 rating to
      Axtel, S.A.B. de C.V.'s proposed up to US$300 million
      in senior unsecured notes due 2019;
   -- Standard & Poor's Ratings Services said that it affirmed
      its ratings, including the 'BB-' corporate credit rating,
      on Axtel S.A.B de C.V.; and

   -- Fitch Ratings has assigned these ratings for Axtel,
      S.A.B. De C.V.:

         * Local currency Issuer Default Ratings at 'BB';

         * Foreign currency IDR at 'BB';

         * Proposed senior notes due 2019 for up to
           US$300 million at 'BB';


CEMEX SAB: Eyes September 23 for US$1.8 Billion Share Offer
-----------------------------------------------------------
Gabriela Lopez at Reuters reports that CEMEX, S.A.B. de C.V. will
likely hold its US$1.8 billion share offer on September 23.

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, CEMEX SAB commenced a global public offering of
1,200 million of its Ordinary Participation Certificates, directly
or in the form of American Depositary Shares, plus up to an
additional 180 million CPOs, directly or in the form of ADSs, to
cover over-allotments.  Included in the offering are 595 million
CPOs that will be sold on CEMEX’s behalf by three of its
subsidiaries.  Of the 1,200 million CPOs being offered, it is
expected that 900 million CPOs will be offered in the United
States and in other countries outside Mexico and approximately 300
million CPOs will be offered in a concurrent public offering in
Mexico.  The transaction is subject to market and other
conditions.  J.P. Morgan, Citi, Santander Investment, and BBVA
will act as global coordinators for the global offering. J.P.
Morgan, Citi, Santander Investment, BBVA, BNP Paribas, HSBC, and
RBS will act as joint bookrunning managers on the international
offering.  Acciones y Valores Banamex Casa de Bolsa, J.P. Morgan
Casa de Bolsa, Casa de Bolsa BBVA Bancomer, Santander Casa de
Bolsa, and HSBC Casa de Bolsa will act as bookrunning managers for
the Mexican offering.  CEMEX intends to use the net proceeds from
the global offering to pay down debt as required by the financing
agreement recently entered into with its creditors.

                          About CEMEX SAB

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

                           *     *     *

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

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

  -- Local currency IDR at 'B';

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

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

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

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

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

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

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


CORPORACION GEO: Taps Morgan Stanley, Santander to Arrange Bond
---------------------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News reports that
Corporacion Geo SAB tapped Morgan Stanley and Banco Santander SA
to arrange a dollar bond sale as the company seeks to take
advantage of increasing investor demand for Latin American
corporate debt.

According to the report, Hans Christian Schroeder, director of
investor relations, said that Corporacion Geo will begin pitching
the offering to investors September 14.  The report relates that
an unnamed source said the company may sell debt with a maturity
of five years.

Bloomberg News notes that Latin American companies are stepping up
overseas debt sales as rising demand for higher-yielding assets
lowers borrowing costs.  “Investor appetite for corporate bonds is
increasing,” the report quoted Eduardo Suarez, an analyst at RBC
Capital Markets in Toronto, as saying.  “It’s a factor we’ve been
seeing in emerging markets generally,” Mr. Suarez added.

                      About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

As of September 10, 2009, the Company continues to carry Moody's
Ba3 Issuer rating.  The company also continues to carry Standard
and Poor's BB- LT Issuer Credit ratings.


CORPORACION GEO: Fitch Assigns 'BB-/RR3' Rating on US$200MM Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-/RR3' rating to the up to
US$200 million of Corporacion Geo, S.A.B. de C.V. proposed senior
notes due in up to 10 years.  Proceeds from the issuance will be
used to refinance current debt as well as for working capital
needs.

Additionally, Fitch has assigned these ratings:

  -- Local currency Issuer Default Rating at 'B+';
  -- Foreign currency IDR at 'B+'.

Fitch currently rates Geo on the National Scale:

  -- Long term national scale rating 'BBB+(mex)';

  -- Certificados Bursatiles issuances (GEO 05, GEO 05-2, GEO 06,
     GEO 08, GEO 09, GEO 09-2) 'BBB+(mex)'.

The Rating Outlook is Stable.

The ratings reflect Geo's strong market position in the highly
fragmented Mexican homebuilding industry, being one of the largest
homebuilders in Mexico in terms of home units sold; its geographic
and product diversification, significant land reserve using
different acquisition schemes and its adequate financial profile.
Geo's ratings are constrained by its dependency on financing
government-related mortgage funding of low-income homes and high
working capital requirements related to the operation.  The
'BB-/RR3' rating of the proposed notes reflects good recovery
prospects in the range of 50%-70% given default.

The ratings also incorporate an adverse economic environment
characterized by credit restrictions, which could affect Geo's
financial position.  The rating also factors in refinancing risk,
given that short-term debt represents 69% of the total debt.  On a
pro-forma basis short-term debt will decrease close to 43%
considering the proposed senior notes issuance, of which slightly
more than half relates to bridge loans, generally used by Mexican
homebuilders to fund construction projects.

Geo maintains an important market share position within a very
competitive and fragmented sector, being one of the largest
homebuilders in Mexico in terms of number of units sold.  During
2008, the company sold 51,800 homes.  Fitch considers that Geo's
geographic diversification with presence in 50 cities in Mexico,
along with a sales mix at different selling prices, mitigates the
inherent risks associated with operating in a specific region and
commercializing one single type of product.

As of June 30, 2009, the company had an important land reserve
equivalent to 320,371 homes, which represents around 4.5 years in
terms of output.  Land reserves have been built up using different
schemes: own, outsourcing, purchase option, and a joint-venture
with Prudential among other funds.  Fitch believes the
aforementioned provides Geo flexibility by reducing working
capital requirements and freeing cash flow for other uses.

In the next few years, Fitch expects slower revenue growth rates
and operating margin contraction in relation to historical trends
given the company's strategy to increase its sales mix toward
lower-value homes.  Historically, the company has showed ability
to improve its revenue mix by home category, operating
efficiencies between the production-selling cycle, as well as
strict expense control.  From 2003 to 2008 the company showed a
positive performance, increasing the number of homes sold from
29,520 to 51,879, while revenues and operating income registered a
compounded annual growth rate of 17.1% and 18.2%, respectively.
Additionally, EBITDA margin slightly strengthened to 23.6% from
22.6% during the same period.

Fitch expects total debt to EBITDA to be approximately 2.5 times
(x) considering the proposed transaction and the adoption of INIF-
14, starting 2010, which recognizes revenues under the time-of-
sale method rather than Geo's historical use of percentage-of-
completion method.  Interest coverage for 2008 and last-12-months
(LTM) ended June 30, 2009 was 2.7x and 2.6x, respectively, and
total debt to EBITDA for the same period was 2.0x and 2.1x
(including factoring in accounts receivables with recourse and
still recognizing revenue under the time-of-sale method).  Geo's
credit metrics remained relatively stable during the period
between 2003 and the first quarter of 2007 (1Q'07).  Interest
coverage, measured as EBITDA to interest expense, registered
values of around 3.1x and total debt to EBITDA of 1.5x.  Since
3Q'07 these indicators weakened as a result of debt increases in a
higher proportion than the EBITDA growth.

At June 30, 2009, Geo had cash balances of $2.773 million, which
helps mitigate, to some extent, the refinancing risk given the
large portion of short-term debt that the company had.  At the
same date, on-balance-sheet debt was $8.883 million (including
factoring in accounts receivables with recourse), representing a
37% increase from the same period in 2008, reflecting higher
working capital requirements associated with the normal business
operation, acquisition of land reserve, as well as the
homebuilding factory and megaproject investments.  Although at the
second quarter of the present year, the company had an important
portion of its debt classified as short-term (69%), which Fitch
considers high, the proposed issuance of senior notes should
improve its debt maturity profile and gives Geo more financial
flexibility.

Geo is a totally integrated active promoter of urban development
participating in all aspects of promotion, design, construction
and commercialization primarily of affordable entry-level, middle-
income, and to a lesser extent the residential home segments.
Corporacion Geo began operations in 1973 with development,
construction and office promotion as well as industrial and
residential projects.


CORPORACION GEO: Moody's Assigns 'Ba3' Rating on Senior Debt
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global scale foreign
currency rating to Corporacion GEO, S.A.B. de C.V.'s proposed
senior unsecured debt issuance of approximately US$200 million.
Concurrently, Moody's affirmed the company's A3.mx national scale
MTN program rating (Ba3 global scale local currency), as well as
the short-term MX-2 national scale issuer rating (Not Prime global
scale local currency) and long-term A3.mx national scale issuer
rating (Ba3 global scale local currency).  The rating outlook is
stable.

The new notes will have a maturity of 5-10 years, will rank pari
passu with other unsecured debt and will be guaranteed by all of
the company's wholly owned subsidiaries.  In addition, the company
will hedge the interest and a portion of the principal against
foreign exchange risk.  Proceeds from this new issuance will be
used to refinance the firm's sizable short-term debt (currently
over 60% of total debt), and for working capital needs.  GEO is a
homebuilder engaged in the development, construction, marketing
and sale of affordable housing developments in Mexico.

The stable rating outlook is based on Moody's determination that
GEO's sound management team executes strong internal controls,
construction expertise and efficient methods.  Moody's believes
that GEO has strong franchise value, with a well-recognized brand
and a valuable land reserve strategy.  The stable outlook also
reflects Moody's expectation that GEO will at least maintain its
fixed charge coverage ratio and effective leverage, continue to
improve efficiencies in land development and continue to access
the public capital markets.  Furthermore, Moody's also expects
that GEO will continue to focus on targeting its current product
mix, while maintaining high quality construction and its market
leadership.  Furthermore, the stable outlook reflects the terming
out of a substantial amount of GEO's short-term debt via the
proposed US dollar bond issuance.

According to Moody's, these ratings reflect GEO's position as one
of the largest publicly traded homebuilders in Mexico in terms of
housing units sold, as well as its conservative capital structure
and solid profitability and liquidity metrics.  It is a leading
housing developer in Mexico, concentrating on the low- and middle-
income housing sectors (where the strongest demand lies).  The
company has an 8% market share in a very fragmented market.  In
addition, the ratings reflect GEO's efficient controls and
construction expertise, well executed land reserve strategy and
brand recognition.

These positive rating factors are mitigated by GEO's reliance on
the Mexican economic and political environment, the government's
current strong support for housing and the high costs of land and
land development.  Furthermore, the housing development market is
fragmented, and homes are built on a speculative basis.  GEO has
100% of the risk of finding the home buyers, while funding of
homes remains concentrated with INFONAVIT, FOVISSSTE and Sociedad
Hipotecaria Federal.  The company also uses modest levels of total
debt with approximately 64% of its debt being short-term debt,
which can create liquidity and funding problems, however the
proposed emission should bring these levels down significantly and
enhance the overall liquidity profile of the firm.  Moody's notes
that GEO carries cash levels to sufficiently cover its corporate
short-term debt (short-term debt excluding debt tied to its
construction projects).  Finally, GEO's new notes will be held and
must be repaid in U.S. dollars while GEO generates cash in MX
pesos which, despite the partial hedge, creates foreign exchange
risk.

Moody's stated that rating improvements will be based on GEO
maintaining its franchise leadership while improving its solid
credit statistics, which, Moody's believes, will take time.
Rating improvements could result from bringing Total Debt/EBITDA
closer to 1X, Total Debt/Total Assets closer to 11%, fixed charge
coverage closer to 9X (defined as recurring cash EBITDA over cash
interest expense), while at a minimum having EBITDA margins
between 20% to 25%.  Downward rating pressure would result from
substantial missteps in its growth strategy.  For example, GEO not
being able to successfully complete its large development projects
and/or problems with the construction of a fully automated factory
for prefabricated components for home construction.  In addition,
downward rating movements will be predicated upon bringing total
debt to total asset levels closer to 35%, with EBITDA margins
falling below 15% and fixed charge coverage falling consistently
below 5X (defined as recurring cash EBITDA over cash interest
expense).  Increased costs of land and land development would also
result in negative rating pressure, as would an adverse shift in
Mexican governmental housing policy.

These ratings were assigned with a stable outlook:

* Corporacion GEO S.A.B de C.V. -- proposed long-term Ba3 global
  scale foreign currency senior unsecured debt rating

These ratings were affirmed with a stable outlook:

* Corporacion GEO S.A.B de C.V. -- A3.mx national scale MTN
  rating, and Ba3 global scale local currency MTN rating

* Corporacion GEO S.A.B de C.V. -- Long-term A3.mx national scale
  issuer rating, and Ba3 global scale local currency issuer rating

* Corporacion GEO S.A.B de C.V. -- Short-term MX-2 national scale
  issuer rating, and Not Prime global scale local currency issuer
  rating

Moody's last rating action with respect to GEO was on April 17,
2009, when Moody's assigned an A3.mx national scale and Ba3 global
scale local currency rating, to GEO's MXP $2 billion MTN program.

Corporacion GEO is a publicly traded, fully integrated homebuilder
engaged in the development, construction, marketing and sale of
affordable housing developments in Mexico.  The firm reported
total assets of approximately MXN27,288 million and total equity
of approximately MXN11,537 million at June 30, 2009.


VITRO SAB: Discloses Restructuring Proposal for Bondholder Group
----------------------------------------------------------------
Vitro, S.A.B. de C.V., as part of the company's discussions with
its creditors to restructure its debt, presented a restructuring
proposal to the representatives of holders of its three series of
Senior Notes, aggregating US$1,216,000,000 outstanding principal
amount, on August 5, 2009.  The disclosure of the restructuring
proposal by the company is in accordance with an agreement, dated
August 4, 2009, with representatives of holders of the Senior
Notes.

The proposal provided for a restructuring of approximately
US$1,500,000,000 of the company's debt, including the Senior
Notes, in exchange for US$485,000,000 of new unsecured notes and
US$75,000,000 of new senior subordinated notes.  Under the
proposal, the new unsecured notes would have an eight-year term
with cash interest payments increasing from 5% to 7% over the term
of the notes, and the new senior subordinated notes would have a
nine-year term with cash interest payments of 7% or paid in-kind
interest payments of 7%, based upon future levels of liquidity of
the Company.  Approximately US$300,000,000 of the company's
secured debt, off balance sheet securitization facilities, and
certain unsecured debt mostly at the subsidiaries level including
foreign subsidiaries, would not be affected by the proposed
restructuring.

The company is continuing its discussions with holders of the
Senior Notes as well as other creditors to achieve an overall
restructuring of its indebtedness based upon the company's
available debt capacity and competitive industry dynamics.

Vitro SAB has a solid franchise in the markets in which it
operates.  Though the financial restructuring process will
continue for a number a months, Vitro has the financial
wherewithal to continue to provide superior products and will
continue to provide uninterrupted delivery of its goods during
this time.  Vitro SAB expects the result of this financial
restructuring to provide it with increased financial flexibility
and a much improved liquidity profile and balance sheet.

The Company has several key goals for its restructuring,
including:

    * Providing a fair recovery for unsecured creditors in
      light of the Company's available debt capacity and
      competitive industry dynamics

         - Sized based on pro forma 2009 anticipated financial
           performance.

         - All stakeholders must be mindful of the competitive
           dynamics within the industry and recognize that
           the company must emerge with a capital structure
           that provides it with the appropriate
           financial flexibility to effectively compete.

    * Avoiding a contentious and prolonged Concurso
      Mercantil process which would damage the overall value
      of the business and impair the position of all
      stakeholders

       - The financial restructuring must be driven at the
          Vitro S.A.B. level.  Value destruction if opco
          enters insolvency process.

    * Achieving a liquidity and debt service profile that
      allows the Company to withstand potential pricing
      pressures that have historically occurred during high
      capacity / lower demand cycles.

    * Emerging from the restructuring process with a
      viable capital structure that will allow the company
      to manage the current downturn and compete effectively.

The following presentation outlines the restructuring proposal
developed by the company and it's advisors.  The Restructuring
Proposal is intended to summarize certain terms with respect to a
potential consensual restructuring between Vitro S.A.B and its
Impaired Creditors.


Creditors Summary (US$ in millions)
-----------------------------------

Unpaired Creditors                 Impaired Creditors

                     Face Amount                       Face Amount
                     -----------                       -----------
Secured Debt       US$139.2      Vitro SAB Unsecured
                                 Debt                US$56.8
Other Unsecured Debt  $84.6      Derivates            $240.2
Off-balance Sheet
Debt                  $73.8      Vitro SAB Unsecured
                                 Notes due 2012        300.0
                                 8.625% Senor Notes
                                 due 2012              216.0
                                 11.75% Senior Notes
                                 due 2013              700.0
                                 9.125% Senior Notes
                                 due 2017              700.0
                                                       -----
                                 Total                1,216.0
--------------------------      -----------------------------
Total – Unimpaired              Total - Impaired
Creditors           $297.6      Creditors           $1,513.0


The proposal provides a fair recovery for all Impaired Creditors
by offering:

    * Conversion of all Impaired Creditors into:

      -- US$485.0 million of new unsecured notes

         -- Eight-year term

         -- Cash interest rate of 5.0% in years 1 - 2

         -- Cash interest rate of 6.0% in years 3 - 4

         -- Cash interest rate of 7.0% in years 5 - 8

    * US$75.0 million in new senior subordinated notes

      -- Nine-year term

      -- Cash interest rate of 7.0% when balance sheet cash
         exceeds US$75.0 million or paid in-kind interest
         rate of 7.0% when balance sheet cash is less than
         US$75.0 million.

Term Sheet
----------

* New Senior Unsecured Notes

                            Vitro Proposal

   Amount    = US$485.0 mm of New Senior Unsecured Notes
   Tenor     = 8 years
   Amort.    = 8 year bullet
   Currency  = USD
   Pricing   = 5.0% in years 1 and 2
             = 6.0 in years 3 and 4
             = 7.0 in years 5 through 8


   Colateral = None

   Covenants
   Events of
   Default &
   Other
   Terms     = Customary TBD


* New Senior Subordinate Notes

                            Vitro Proposal

   Amount    = US$75.0 mm of New Senior Subordinate Notes
   Tenor     = 9 years
   Amort.    = 9 year bullet
   Currency  = USD
   Pricing   = Cash Interest ratte of 7.0% when balance sheet cash
               exceeds US$75.0 million or PIK rate when balance
               sheet cash is less than $75.0 million
   Colateral = None

   Covenants
   Events of
   Default &
   Other
   Terms     = Customary TBD


                         About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                        *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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


CARIBE MEDIA: S&P Puts 'B' Corp. Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings for San
Juan, Puerto Rico-based directory publisher Caribe Media Inc.,
including the 'B' corporate credit rating, on CreditWatch with
negative implications.

"The CreditWatch listing reflects the near-term refinancing risk
surrounding approximately $134 million of debt outstanding as of
June 30, 2009, which matures Sept. 30, 2009," explained Standard &
Poor's credit analyst Ariel Silverberg.

This debt is currently held at LIM Finance, an indirect subsidiary
of Local Insight Media Holdings L.P., Caribe's direct parent.
There is also $108 million of debt outstanding at LIM Finance II
(also an indirect subsidiary of LIMH), which matures in June 2010.
It is S&P's belief the company would seek to refinance both pieces
of debt at the same time.

LIMH is owned by Welsh, Carson, Anderson & Stowe, Spectrum Equity
Investors, and certain members of management.  LIMH, along with
separate WCAS funds, owns Local Insight Media Holdings Inc., which
owns Local Insight Regatta Holdings Inc. Holdings also owns the
whole business securitization, consisting of ACS Media (the
incumbent yellow page publisher in Alaska), CBD Media (the
incumbent yellow page publisher in Cincinnati), and HYP Media (the
incumbent yellow page publisher in Hawaii).  Given the strategic
relationships between, and common management and ownership of, the
various operating entities, S&P views the rating of each
individual entity based on a global view of the creditworthiness
of all other entities.  S&P expects decisions in support of the
owners' operating and financial strategies will be made with a
view toward the collective group of companies.

The refinancing risk at Caribe affiliate LIM Finance is of
particular concern given S&P's expectation for a potential near-
term breach of the leverage covenant under the WBS of Holdings.
The WBS funds debt service at its intermediate holding company,
LIM Finance, which faces the refinancing event.  The WBS is
collateralized by assets at ACS Media, CBD Media, and HYP Media.
Lower retained collections, primarily from HYP and CBD, is the
primary cause of the lower than expected net securitizable cash
flow, which is used to determine leverage for purposes of the
covenant.  While S&P expects the company to utilize an equity cure
to avoid a breach of the leverage trigger (which S&P expects to be
funded through cash flow from LIRH and/or Caribe), this near-term
event could create challenges for LIMH to obtain external
refinancing at favorable terms.  While the LIM Finance and LIM
Finance II debt are guaranteed by investment funds of owner WCAS,
the guarantee would only likely be utilized in the event LIM
Finance and LIM Finance II cannot attract sufficient external
capital to refinance its maturing debt.

In resolving S&P's CreditWatch listing, S&P will assess the terms
of any new planned financing at LIM Finance and LIM Finance II.
In the event management is unable to obtain external financing and
requires support from owner WCAS, the rating would likely go lower
by at least a notch, given S&P's belief that this would be
indicative of an inability of the LIM companies to attract
sufficient levels of external capital to support its capital
structure.  S&P will also address S&P's expectation for
consolidated operating performance over the intermediate term in
resolving the CreditWatch listing.


DORAL FINANCIAL: Possible Losses Prompt Moody's to Junk Rating
--------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured rating
of Doral Financial Corporation to Caa1 from B2.  Doral Financial
Corporation is the immediate holding company of Doral Bank, Puerto
Rico and is a majority-owned subsidiary of Doral Holdings, LLC.
Doral Bank, Puerto Rico is unrated.  In the same rating action,
the outlook on Doral Financial Corporation was changed to negative
from stable.  Doral Financial Corporation is referred to hereafter
as 'Doral'.

The downgrade and negative outlook reflects Moody's view that the
company's Doral Bank subsidiary is likely to report losses for the
foreseeable future, and that this bank subsidiary may not generate
sufficient income in future periods to utilize its current tax
loss carry-forwards.  If this scenario were to come to pass, Doral
Bank would not benefit from tax offsets that would otherwise serve
to partially reduce the amount by which capital is depleted.
Moody's recognizes that currently the bank subsidiary's regulatory
capital ratios and ratio of tangible common equity to risk-
weighted assets are relatively high.  However, a protracted period
of losses, particularly if the losses were not tax-affected, would
erode the company's capital base, the rating agency added.  This
would put substantial stress on its parent, Caa1-rated Doral
Financial Corporation.

Moody's expectation of continuing losses at Doral is driven in
part by the rating agency's anticipation of increased losses being
incurred on the construction and commercial real estate mortgages,
and the on-going recession in Puerto Rico that is now entering its
fourth year.

Downgrades:

Issuer: Doral Financial Corporation

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
     from B2

Outlook Actions:

Issuer: Doral Financial Corporation

  -- Outlook, Changed To Negative From Stable

Doral Financial Corporation is headquartered in San Juan, Puerto
Rico and reported total assets of $9.8 billion at June 30, 2009.

The last rating action on Doral Financial Corporation was on
March 17, 2009, when Moody's downgraded the company's senior
unsecured rating to B2 from B1 and maintained the stable outlook
on the company.


FIRSTBANK PUERTO: S&P Downgrades Counterparty Credit Rating to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its
counterparty credit rating on FirstBank Puerto Rico to 'B' from
'BB+'.  The outlook is negative.

"The downgrade reflects S&P's heightened concern over ongoing
rapid deterioration in credit quality, weakening capital ratios,
and S&P's expectation for continued net operating losses," said
Standard & Poor's credit analyst Lidia Parfeniuk.  S&P has
factored into its expectations higher losses and the need for
reserve build, which will further contribute to the bank's current
negative loss position.  In S&P's view, the bank's risk-adjusted
capital ratios are only adequate, and remain under considerable
pressure.  Moreover, S&P believes that FirstBank's willingness to
continue lending, even if on a selective basis, to the commercial
real estate sector in recession stricken Puerto Rico vis-à-vis
local peers might increase the need for further reserve build and
potentially higher charge-offs in future.

The negative outlook reflects S&P's belief that the ratings will
remain under pressure in the current environment.  S&P expects
continued credit quality weakness across all portfolios locally
and in the U.S. If the company returns to profitability because of
an improvement in credit quality, then S&P could revise the
outlook to stable; however, S&P views this as unlikely given the
continued general negative outlook for the sector.


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


GENERAL MOTORS: Unit Plant Shutdown Cut Output by 25,000 Vehicles
-----------------------------------------------------------------
General Motors Co.’s Venezuelan unit lost production of 25,000
vehicles because of a three-month plant shutdown caused by
government currency rules, Matthew Walter and Daniel Cancel at
Bloomberg News report, citing General Motors Venezolana CA
President Ronaldo Znidarsis.  “That’s a big loss by any
manufacturer,” Mr. Znidarsis told Bloomberg News in a telephone
interview.

As reported in the Troubled Company Reporter-Latin America on
September 8, 2009, The Associated Press said that General Motors
Co.'s Venezuela affiliate restarted assembling passenger cars on
September 7, after keeping the plant idle for 2 1/2 months.  The
report related that the plant have been closed because President
Hugo Chavez's government has agreed to sell the company the U.S.
dollars it needs to import car parts.  According to the report,
Mr. Znidarsis said GM plans restart the plant with 1,700 of the
plant's 2,900 employees.  The AP recalled 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.

According to Bloomberg News, GM Venezuela built up a US$1.2
billion debt with suppliers, including the parent company’s South
Korean unit, GM Daewoo Auto & Technology Co., and Japan’s Isuzu
Motors Ltd.

Mr. Znidarsis, Bloomberg News relates, said that the GM unit may
need to seek “alternatives” for the 1,000 employees who haven’t
been called back and continue to be paid their salaries,  as
Venezuelan law prohibits Detroit-based GM from laying off workers.
“If we are going to be working for an extended period on one
shift, it’s just impossible to keep 1,000 people on the payroll
without having them work,” the report quoted Mr. Znidarsis as
saying.

Meanwhile, the report notes that Mr. Znidarsis said General Motors
doesn’t have any plans to leave Venezuela.  “We’ve been here for
60 years.  If you look at the Venezuelan automobile industry,
you’re going to see a trend of ups and downs.  GM has learned to
operate in the country,” Mr. Znidarsis added.

                     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)


* VENEZUELA: Aims to Finish Carabobo Round This Year
-----------------------------------------------------
Venezuela may award joint-venture contracts this year to develop
the Carabobo area of the Orinoco Belt, following several delays,
Stephen Bierman and Steven Bodzin at Bloomberg News report, citing
Oil Minister Rafael Ramirez.  “We are expecting to finish the
process by the end of this year,” Mr. Ramirez told the news agency
in an interview.

According to the report, Chevron Corp., China National Petroleum
Corp., Total SA and 16 other companies paid US$2 million each for
the right to bid to become minority partners in three joint
ventures to pump tar -- like crude and refine it into lighter oil
for export.  The report relates that the Carabobo blocks have
combined proved reserves of about 15 billion barrels, or about
half the U.S.’s proven reserves.

Bloomberg News notes that the auction for minority stakes was
announced in October, with the bids originally scheduled to be
reviewed by April 16.  The report relates President Hugo Chavez
said that Venezuela is in “no big hurry” to complete the process.

                         *     *     *

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


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


* LATAM: Together With the Caribbean See Economy Grow 4.1%
----------------------------------------------------------
The Latin America and the Caribbean economy grew an average 4.1%
from 1950-2008, while its average annual inflation rate from 1970-
2008 reached 15.4%.

This is part of the data gathered in the Statistical Booklet
No 37.  "Latin America and the Caribbean: Historical series of
economic statistics, 1950-2008", published by the Economic
Commission for Latin America and the Caribbean (ECLAC).  The
publication provides macroeconomic data from the past six decades
based on countries' records of national accounts, balance of
payments, terms of trade, consumer price index and the price of
commodity exports.

The data contributes to the analysis and comprehension of the
evolution of the region's economy and reflects the profound
changes that often took place during this extensive period of
time.

The statistics reveal the volatility of regional economic growth,
which averaged 5.9% in the seventies and only 1.4% in the
eighties.

There is a prevalence of high inflation in Latin America during
most of the past decades.  Based on countries' Consumer Price
Index (CPI) records, the average annual inflation in the region
during the almost 40 years comprised between 1970 to 2008 is
estimated to be 15.4%.  The highest inflation in the region was
recorded in 1990, with an annual average of 72.8%. The lowest was
in 1981, with an average -27.9%.

Latin America's terms of trade have also been highly volatile.  In
the fifties they diminished 31.2%, while in the seventies they
rose 46.8%, and again dropped 14.2% in the eighties before rising
again in the nineties.


* LATAM:  Fitch Lists National Rating Changes for April
-------------------------------------------------------
This is the comprehensive list of Fitch Ratings' 34 Latin America
national scale rating changes for the month of August, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these national ratings:

BAC BAMER, S.A. (Honduras)

  -- National long-term rating to 'AAA(hnd)' from 'AA+(hnd)';
     Oulook remains Stable.

* (Rating action took place on Aug. 4, 2009.)

Banco de America Central (Nicaragua)

  -- National long-term rating to 'AA+(nic)' from 'AA(nic)';
     Oulook remains Stable.

* (Rating action took place on Aug. 4, 2009.)

Banco de America Central (El Salvador)

  -- National long-term rating to 'AAA(slv)' from 'AA+(slv)';
     Oulook remains Stable.

* (Rating action took place on Aug. 4, 2009.)

Inversiones Financieras Banco de America Central y Subsidiarias
(El Salvador)

  -- National long-term rating to 'AAA(slv)' from 'AA+(slv)';
     Oulook remains Stable.

* (Rating action took place on Aug. 4, 2009.)

Banco Internacional (Chile)

  -- National long-term rating to 'A(chl)' from 'A-(chl)'; Oulook
     revised to Stable from Positive.

  -- Subordinated hybrid capital instruments series A national
     long-term rating to 'A-(chl)' from 'BBB+(chl)';

  -- Subordinated hybrid capital instruments series B national
     long-term rating to 'A-(chl)' from 'BBB+(chl)';

* (Rating action took place on Aug. 5, 2009.)

Banco de Venezuela (Venezuela)

  -- National long-term rating to 'AAA(ven)' from 'AA(ven)';

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

* (Rating action took place on Aug. 19, 2009.)

Empresa de Transporte de Pasajeros Metro S.A. (Metro) (Chile)

  -- Senior unsecured bonds series H (con cargo linea de bonos No.
     515) national long-term rating to 'AA(chl)' from 'AA-(chl)';

  -- Senior unsecured bonds series I (con cargo linea de bonos No.
     515) national long-term rating to 'AA(chl)' from 'AA-(chl)';

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


Aluar Aluminio Argentino S.A. (Aluar) (Argentina)

  -- National long-term rating to 'AA-(arg)' from 'A+(arg)';
     Oulook remains Stable.

  -- ONs Clase 1 series I national long-term rating to 'AA-(arg)'
     from 'A+(arg)';

* (Rating action took place on Aug. 28, 2009.)

Forum Serv. Financieros (Chile)

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

  -- Senior unsecured bonds ser E - (con cargo a linea de bonos
     No. 423) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser F - (con cargo a linea de bonos
     No. 461) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser G - (con cargo a linea de bonos
     No. 461) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser H - (con cargo a linea de bonos
     No. 498) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser I - (con cargo a linea de bonos
     No. 498) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser J - (con cargo a linea de bonos
     No. 513) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser K - (con cargo a linea de bonos
     No. 513) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser L - (con cargo a linea de bonos
     No. 513) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser N - (con cargo a linea de bonos
     No. 535) national long-term rating to 'AA(chl)' from
     'A+(chl)';

  -- Senior unsecured bonds ser O - (con cargo a linea de bonos
     No. 535) national long-term rating to 'AA(chl)' from
     'A+(chl)';

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

Fitch has also downgraded these ratings:

Municipio de Juarez, Chih. (Mexico)

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

* (Rating action took place on Aug. 3, 2009.)

Concesionaria Zonalta, SA de CV Autopista El Altar- Santa Ana
(Mexico)

  -- Toll road securitization ZONALCB 06U national long-term
     rating to 'B-(mex)' from 'A-(mex)'; Outlook remains Negative;

* (Rating action took place on Aug. 3, 2009.)

Almacenadora Accel, S.A. de C.V. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)';
     assigned Outlook Negative;

  -- National short-term rating to 'F2(mex)' from ' F1(mex)';

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

Metrofinanciera METROCB032_033 (F#374) (Mexico)

  -- METROCB032_033 (F#374) construction bridge loan series 2003
     national long-term rating to 'D(mex)' from 'CC(mex)'; removed
     from Rating Watch Negative;

  -- METROCB032_033 (F#374) construction bridge loan series 2003-2
     national long-term rating to 'D(mex)' from 'CC(mex)'; removed
     from Rating Watch Negative;

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

Metrofinanciera MTROCB07U (F#297) (Mexico)

  -- Residential mortgage-backed securitization series MTROCB 07U
     national long-term rating to 'AA-(mex)' from 'AAA(mex)';
     removed from Rating Watch Negative;

* (Rating action took place on Aug. 10, 2009.)

Metrofinanciera MTROCB08U (F#339) (Mexico)

  -- residential mortgage-backed securitization series MTROCB 07U
     national long-term rating to 'AA-(mex)' from 'AAA(mex)';
     removed from Rating Watch Negative;

* (Rating action took place on Aug. 10, 2009.)

Municipio de Toluca, E.M. (Mexico)

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

* (Rating action took place on Aug. 13, 2009.)

Autopista Tenango-Ixtapan de la Sal, SA de CV (ATISA) (Mexico)

  -- Toll road securitization TENANCB 05U national long-term
     rating to 'AA-(mex)' from 'AA+(mex)'; remains on Outlook
     Stable;

* (Rating action took place on Aug. 13, 2009.)

Promotora Casarapa, C.A. (Venezuela)

  -- National long-term rating to 'BB(ven)' from 'BBB(ven)';

* (Rating action took place on Aug. 17, 2009.)

Venequip, S.A. (Venezuela)

  -- National long-term rating to 'BBB(ven)' from 'A-(ven)';
  -- National short-term rating to 'F3(ven)' from 'F2(ven)';

* (Rating action took place on Aug. 17, 2009.)

Estado de Michoacan (Mexico)

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

  -- MICHCB07U series 2007 national long-term rating to 'AA+(mex)'
     from 'AAA(mex)'; assigned Outlook Stable;

  -- Bank Loan Banobras series 2007 national long-term rating to
     'AA(mex)' from 'AA+(mex)'; assigned Outlook Stable;

  -- Bank Loan Banorte series 2007 national long-term rating to
     'AA(mex)' from 'AA+(mex)'; assigned Outlook Stable;

  -- Bank Loan Dexia series 2007 national long-term rating to
     'AA(mex)' from 'AA+(mex)'; assigned Outlook Stable;

* (Rating action took place on Aug. 18, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

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

* (Rating action took place on Aug. 20, 2009.)

Corporacion ILG Internacional, S.A. (Costa Rica)

  -- National long-term rating to 'A-(cri)' from 'A+(cri)';
     Outlook revised to Stable from Negative;

  -- Bonos Serie T national long-term rating to 'A-(cri)' from
     'A+(cri)';

  -- Bonos Serie U national long-term rating to 'A-(cri)' from
     'A+(cri)';

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

Unidas S.A. (Brasil)

  -- National long-term rating to 'BBB(bra)' from 'A-(bra)';
     Assigned Outlook Stable;

  -- Debentures - 1st Issue series Unica national long-term rating
     to 'BBB(bra)' from 'A-(bra)';

* (Removed from Rating Watch on Aug. 27, 2009.)

Corporacion GEO, S.A. de C.V. (Mexico)

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

* (Removed from Rating Watch Negative on Aug. 28, 2009.)

Geo GEOCB04_05 (F#80373) (Mexico)

  -- Trade receivables series 2004 national long-term rating to
     'AA-(mex)' from 'AA(mex)'; assigned Outlook Stable.

  -- Trade receivables series 2005 national long-term rating to
     'AA-(mex)' from 'AA(mex)'; assigned Outlook Stable.

* (Removed from Rating Watch Negative on Aug. 28, 2009.)

Transa Securitizadora - PS 2005-7 (Chile)

  -- PS 2005-7 residential mortgage-backed securitization series
     2005-7 issue detail A national long-term rating to 'A(chl)'
     from 'AA(chl)'; remains on Rating Watch Negative.

  -- PS 2005-7 residential mortgage -backed securitization series
     2005-7 issue detail B national long-term rating to 'BBB(chl)'
     from 'A(chl)'; remains on Rating Watch Negative.

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

Transa Securitizadora - PS 2007-8 (Chile)

  -- PS 2007-8 residential mortgage -backed securitization series
     2007-8 issue detail A national long-term rating to 'BBB(chl)'
     from 'A(chl)'; remains on Rating Watch Negative.

  -- PS 2007-8 residential mortgage -backed securitization series
     2007-8 issue detail B national long-term rating to 'BBB(chl)'
     from 'A(chl)'; remains on Rating Watch Negative.

  -- PS 2007-8 residential mortgage -backed securitization series
     2007-8 issue detail C national long-term rating to 'B(chl)'
     from 'BB(chl)'; remains on Rating Watch Negative.

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

Fitch has made these Outlook and Rating Watch revisions:

Transa Securitizadora - PS 2004-6 (Chile)

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

* (Rating action took place on Aug. 3, 2009.)

Liberty Compania de Seguros Generales S.A. (Chile)

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

* (Rating action took place on Aug. 5, 2009.)

ING Seguros de Vida S.A. (Chile)

  -- National Insurer Financial Strength rating 'AA+(chl)'; placed
     on Rating Watch Negative.

* (Outlook Stable removed on Aug. 5, 2009.)

Ruta de la Araucania Sociedad Concesionaria S.A. (Chile)

  -- Series secured notes A1 national long-term rating 'AA+(chl)';
     assigned Outlook Negative.

  -- Series secured notes A2 national long-term rating 'AA+(chl)';
     assigned Outlook Negative.

* (Removed from Rating Watch Negative on Aug. 7, 2009.)

Su Casita HSCCB04_042 (F#46) (Mexico)

  -- Construction bridge loan series 2004-1 national long-term
     rating 'AAA(mex)'; remove from Rating Watch Negative.

* (Rating action took place on Aug. 20, 2009.)

Estado de Veracruz (Mexico)

  -- National long-term rating 'A(mex)'; placed on Rating Watch
     Negative.

* (Outlook Stable removed on Aug. 28, 2009.)

Fitch has affirmed and withdrawn these ratings:

Promotora de Casas y Edificios, S.A. de C.V. (Mexico)

  -- National long-term rating 'C(mex)';

* (Rating action took place on Aug. 13, 2009.)


                            ***********

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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