TCRLA_Public/091002.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, October 2, 2009, Vol. 10, No. 195

                            Headlines

A R G E N T I N A

ABS TECHNOLOGY: Creditors' Proofs of Debt Due on October 23
AMAN SA: Creditors' Proofs of Debt Due on December 23
COMPANIA ARGENTINA: Creditors' Proofs of Debt Due on December 14
DELTA PETROLEO: Creditors' Proofs of Debt Due on November 11
DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30

GRUPO CAMPOS: Asks for Opening of Preventive Contest
MEGANET SA: Creditors' Proofs of Debt Due on November 4
RADIO EXPRESS: Creditors' Proofs of Debt Due on November 30
SERVYCOB SA: Creditors' Proofs of Debt Due on October 30
TANASIS SRL: Creditors' Proofs of Debt Due on November 20


B O L I V I A

BANCO BISA: Moody's Upgrades Foreign Deposit Rating to 'B3'
BANCO ECONOMICO: Moody's Upgrades Foreign Deposit Rating to 'B3'
BANCO GANADERO: Moody's Upgrades Foreign Deposit Rating to 'B3'
BANCO MERCANTIL: Moody's Upgrades Foreign Deposit Rating to 'B3'
BANCO NACIONAL: Moody's Upgrades Foreign Deposit Rating to 'B3'

BANCO SOLIDARIO: Moody's Upgrades Foreign Deposit Rating to 'B3'
FONDO FINANCIERO: Moody's Upgrades Foreign Deposit Rating to 'B3'
FONDO FINANCIERO PRIVADO: Moody's Ups For. Deposit Rating to 'B3'
GRAVETAL BOLIVIA: Poor Operating Margins Cue Moody's Junk Ratings


B R A Z I L

BANCO DAYCOVAL: Board Approves BRL25.4 Million Dividends Payment
BANCO DO BRASIL: Signs 3-Year Agreement Deal With TIBCO
COMPANHIA ENERGETICA: To Pay Interest on Own Equity
COMPANHIA SIDERURGICA: Establishes BRL1.3BB in Export Credit Lines
FUNDO DE INVESTIMENTO: Moody's Cuts Ratings on Sr. Shares to 'Ba2'

* BRAZIL: Sells US$1.25BB of 2041 Bonds After Ratings Upgrade


C A Y M A N  I S L A N D S

AP REAL: Shareholder to Hear Wind-Up Report on October 12
AP REAL: Creditors' Proofs of Debt Due on October 12
AUSTRALIS LTD: Creditors' Proofs of Debt Due on October 15
CZ320-98A LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12
CZ320-98A LIMITED: Creditors' Proofs of Debt Due on October 12

CZ320-98B LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12
CZ320-98B LIMITED: Creditors' Proofs of Debt Due on October 12
DKR ALPHA: Creditors' Proofs of Debt Due on October 12
DKR COMMODITY: Creditors' Proofs of Debt Due on October 12
DKR FUSION: Creditors' Proofs of Debt Due on October 12

DKR FUSION: Creditors' Proofs of Debt Due on October 12
DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12
DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12
ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15
ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15

EURUS LTD: Creditors' Proofs of Debt Due on October 15
FUSION 2007: Creditors' Proofs of Debt Due on October 15
IRONBOUND ASIA: Creditors' Proofs of Debt Due on October 14
STERLING STAMOS: Creditors' Proofs of Debt Due on October 14
TARTAN CAPITAL: Creditors' Proofs of Debt Due on October 15


C H I L E

* CHILE: Industrial Output Shrinks Less Than Forecast


C O L O M B I A

ECOPETROL SA: ODL to Sell Up to COP500 Billion in Bonds
* COLOMBIA: PDVSA Ready for Electricity Cuts From Country


J A M A I C A

AIR JAMAICA: Government Still Has No Decision for Divestment
CABLE & WIRELESS: LIME Surprised at Sudden Increase in Taxes
DAIRY FARMERS: Owes More than JM$14 Million in Taxes
DIGICEL GROUP: Reaches 10 Million Subscriber Mark
* JAMAICA: Government Expects GDP to Decline by -3% to -4%


P E R U

BANCO DE CREDITO: Moody's Reviews 'Ba2' Long-Term Deposit Ratings


P U E R T O  R I C O

LATIN AMERICAN ROLLER: Bankr. Ct. Won't Hear Insurance Dispute


T U R K S  &  C A I C O S  I S L A N D S

OLINT CORP: Former Owner's Lawyer Seeks Bail


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Develop Offshore Natural Gas W/ PetroSA
PETROLEOS DE VENEZUELA: Optimizes Steam Generation in Refinery
PETROLEOS DE VENEZUELA: Ready for Electricity Cuts From Colombia
* VENEZUELA: Public External Debt Up 81.6% in Five Semesters
* VENEZUELA: Acquires Majority of Lafarge Subsidiary for US$247MM

* VENEZUELA: 8 Energy Deals Seal Africa-South America Alliance


X X X X X X X X

LATAM: Finland Pumps Money Into CARICOM Development Fund


                         - - - - -


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


ABS TECHNOLOGY: Creditors' Proofs of Debt Due on October 23
-----------------------------------------------------------
The court-appointed trustee for Abs Technology & Business 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.


AMAN SA: Creditors' Proofs of Debt Due on December 23
-----------------------------------------------------
Hector Miguel Falvino, the court-appointed trustee for Aman SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 23, 2009.

Mr. Falvino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Hector Miguel Falvino
          Avenida Pueyrredon 468
          Argentina


COMPANIA ARGENTINA: Creditors' Proofs of Debt Due on December 14
----------------------------------------------------------------
Juan Emilio Cavalieri, the court-appointed trustee for Compania
Argentina Integral de Servicios SA's bankruptcy proceedings, will
be verifying creditors' proofs of claim until December 14, 2009.

Mr. Cavalieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

           Juan Emilio Cavalieri
           Tucuman 255
           Argentina


DELTA PETROLEO: Creditors' Proofs of Debt Due on November 11
------------------------------------------------------------
The court-appointed trustee for Delta Petroleo S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 11, 2009.

The trustee will present the validated claims in court as
individual reports on February 10, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

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


DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30
-------------------------------------------------------------
Maria Lilia Orazi, the court-appointed trustee for Domingo Frezzia
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 30, 2009.

Ms. Orazi will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria Lilia Orazi
          Tucuman 1484
          Argentina


GRUPO CAMPOS: Asks for Opening of Preventive Contest
----------------------------------------------------
Grupo Campos Verdes SA asked for the opening of preventive
contest.


MEGANET SA: Creditors' Proofs of Debt Due on November 4
-------------------------------------------------------
The court-appointed trustee for Meganet S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 4, 2009.

The trustee will present the validated claims in court as
individual reports on December 17, 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 3, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 25, 2010.


RADIO EXPRESS: Creditors' Proofs of Debt Due on November 30
-----------------------------------------------------------
The court-appointed trustee for Radio Express S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 30, 2009.


SERVYCOB SA: Creditors' Proofs of Debt Due on October 30
--------------------------------------------------------
The court-appointed trustee for Servycob S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 30, 2009.


TANASIS SRL: Creditors' Proofs of Debt Due on November 20
---------------------------------------------------------
The court-appointed trustee for Tanasis S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 20, 2009.


=============
B O L I V I A
=============


BANCO BISA: Moody's Upgrades Foreign Deposit Rating to 'B3'
-----------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


BANCO ECONOMICO: Moody's Upgrades Foreign Deposit Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


BANCO GANADERO: Moody's Upgrades Foreign Deposit Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


BANCO MERCANTIL: Moody's Upgrades Foreign Deposit Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


BANCO NACIONAL: Moody's Upgrades Foreign Deposit Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


BANCO SOLIDARIO: Moody's Upgrades Foreign Deposit Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


FONDO FINANCIERO: Moody's Upgrades Foreign Deposit Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


FONDO FINANCIERO PRIVADO: Moody's Ups For. Deposit Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
global foreign currency deposit ratings of Banco Mercantil Santa
Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A.,
Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo
Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco
Futuro S.A. The rating action follows a similar action on the
country ceiling for foreign currency deposits.

The short-term global foreign currency deposit ratings of Not
Prime were affirmed.  Moody's Latin America also affirmed the
A1.bo national scale foreign currency deposit ratings of the
aforementioned entities.

At the same time, the rating agency upgraded to B1 from B2 the
long-term global foreign currency debt rating of Banco Nacional de
Bolivia S.A. following a similar action on Bolivia's ceiling for
foreign currency debt.  In addition, Moody's Latin America
upgraded to Aa2.bo from Aa3.bo the national scale foreign currency
debt rating for that entity.

Finally, Moody's Investors Service upgraded to B1 from B3 Bisa
Leasing's global foreign currency issuer rating.  Moody's Latin
America upgraded the respective national scale to Aa2.bo from
Aa3.bo.  In addition, the rating agency assigned foreign currency
debt ratings of B1 and Aa2.bo, respectively, in its global and
national scales, to the entity's outstanding foreign currency debt
issuances.

The outlook on all ratings is stable.

Moody's noted that the above actions did not affect the financial
strength ratings of the rated banks in Bolivia.

These bank rating actions were taken:

Banco Mercantil Santa Cruz S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Solidario S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Banco Nacional de Bolivia S.A.:

-- Global Long Term Foreign Currency Deposit Rating upgraded: B3
    from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

-- Global Long Term Foreign Currency Debt Rating: upgraded to B1
    from B2, with stable outlook

-- National Scale Foreign Currency Debt Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

Banco Bisa S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Economico S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Banco Ganadero S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo affirmed with
    stable outlook

Fondo Financiero Privado Fassil S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Fondo Financiero Privado Eco Futuro S.A.:

-- Global Long Term Foreign Currency Deposit Rating: upgraded to
    B3 from Caa1, with stable outlook

-- Global Short Term Foreign Currency Deposit Rating: Not Prime,
    affirmed

-- National Scale Foreign Currency Deposits: A1.bo, affirmed with
    stable outlook

Bisa Leasing S.A.:

-- Global Long Term Foreign Currency Issuer Rating: upgraded to
    B1 from B3, with stable outlook

-- National Scale Foreign Currency Issuer Rating: upgraded to
    Aa2.bo from Aa3.bo, with stable outlook

-- Global Long Term Foreign Currency Debt Rating: B1, with stable
    outlook.

-- National Scale Foreign Currency Debt Rating: Aa2.bo, with
    stable outlook


GRAVETAL BOLIVIA: Poor Operating Margins Cue Moody's Junk Ratings
-----------------------------------------------------------------
Moody's Latin America downgraded Gravetal's global and Bolivian
national scale ratings to Caa2 and Ba1.bo from Caa1 and Baa1.bo on
the US$50 million in outstanding domestic market senior unsecured
notes.  The downgrade concludes the review for possible downgrade
initiated on April 29, 2009.

Following this action, Moody's also announced that it will
withdraw all of Gravetal's ratings for business reasons.

The downgrade to Caa2 and Ba1.bo on the national scale rating are
underpinned by Gravetal's ongoing deterioration in its operating
margins, lack of free cash flow generation and tight liquidity
position with high refinancing risk over its US$30 million debt
maturities due in November 2009.  Current ratings reflect Moody's
expectations that, despite a successful refinancing on Gravetal's
upcoming debt maturities, its liquidity profile will remain weak
and the company will continue to face margin pressures in its key
markets given current adverse credit market conditions.  Also
considered for the downgrade was the company's evolving business
strategy.

Gravetal's Caa2 local currency senior unsecured rating reflects
its global default and loss expectation, while the Ba1.bo national
scale rating reflects the standing of Gravetal's credit quality
relative to its domestic peers.  Moody's National Scale Ratings
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Bolivia are
designated by the ".bo" suffix.  Issuers or issues rated Ba1.bo
reflect below average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

Gravetal Bolivia S.A. is a soybean processor, established in
Bolivia in 2002.  Gravetal produces soybean oil and soybean meal,
which is exported to the Andean Community markets, mostly to
Venezuela and Colombia.  With an annual capacity of approximately
700 thousand metric tons, Gravetal's total sales reached
US$113 million as of last fiscal year ended in June 30, 2009.

Based in Colombia, Monomeros Colombo Venezolanos S.A, (unrated) is
a chemical company primarily engaged in the production and
commercialization of fertilizers and industrial chemical products.
Monomeros exports roughly 12% of its total production to Latin
America, United States and Asia.  The company is 80% owned by
Pequiven, a fully Venezuelan state-owned company.


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


BANCO DAYCOVAL: Board Approves BRL25.4 Million Dividends Payment
---------------------------------------------------------------
Banco Daycoval SA's board has approved the payment of BRL25.4
million (US$14.3 million) in dividends in the form of interest on
its own capital, Rogerio Jelmayer at Dow Jones Newswires reports,
citing a bank statement.

According to the report, the bank said the total amount represents
a payment of BRL0.12 per share.  The report relates that the
dividends will be paid on October 8 and will be based on
shareholders' positions as of September 30.

Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specializes in financing small and medium-sized companies, backed
by receivables.  It also operates with consignment lending for
payroll deduction and consumer financing.  Since June 2007, the
bank has had 29% of its shares traded at Bovespa on the New
Brazilian Stock Market.  These shares enjoy a tag-along privilege,
giving minority shareholders 100% of the value of the block of
controlling shares in the event of the sale of the institution.

                          *     *     *

As of August 10, 2009, the company continues to carry Standard and
Poor's BB- LT Issuer credit ratings and B Issuer Credit ratings.
The company also continues to carry Fitch ratings BB- LT Issuer
Default ratings and B Currency ST Debt ratings.


BANCO DO BRASIL: Signs 3-Year Agreement Deal With TIBCO
-------------------------------------------------------
TIBCO Software Inc. has signed a three-year agreement with Banco
do Brasil SA.

TIBCO will assist Banco do Brasil with its efforts to build a
software infrastructure that will automate and streamline business
processes; decouple its existing mainframe environment into
functional islands; and ensure the consistent, reliable, and
scalable event-driven distribution of information and real-time
analytics for critical decision making.

"TIBCO proved to Banco do Brasil that our software infrastructure
could address their vision for the back end, but could also be
successfully deployed in the current IBM mainframe environment,"
commented Vivek Ranadive, chief executive officer, TIBCO.  "We
believe this partnership will position Banco do Brasil as an agile
competitor in their market space, providing the bank with the
necessary tools to spur long-term innovation and growth."

                        About Banco do Brasil

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

                           *     *     *

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


COMPANHIA ENERGETICA: To Pay Interest on Own Equity
---------------------------------------------------
Companhia Energetica de Sao Paulo will pay interest on its own
equity on October 9, John Kolodziejski at Dow Jones Newswires
reports, citing a company filing.  The report relates that the
payment of BRL0.1409 (US 8 cents) a share will be made to those
who held ordinary and preferential shares in CESP on August 13.

According to the report, citing a company statement, CESP did not
disclose the total amount of interest.

Companhia Energetica de Sao Paulo is the fourth largest
electricity generation company in Brazil, operating six hydro
power plants in the state of Sao Paulo with an installed capacity
of 7,456 MW and 3,916 MW of assured energy.  The government of the
state of Sao Paulo is CESP's major shareholder with 94.08% of its
voting capital and 35.98% of its  total capital.  In the last
twelve months ended on June 30, 2009, CESP posted Net Revenues of
BRL2,616 million and a Net Loss of BRL1,652 million.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 30, 2009, Moody's upgraded Companhia Energetica de Sao
Paulo's Baseline Credit Assessment to 13 (mapping to Ba3) from 14
(mapping to B1) and affirmed its Ba2 corporate family rating.  The
outlook is stable.  The BCA upgrade reflects the steady
improvement in CESP's credit measures over the last year and a
half.


COMPANHIA SIDERURGICA: Establishes BRL1.3BB in Export Credit Lines
------------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has established export credit
lines totaling BRL1.3 billion (US$736 million) with two Brazilian
banks, John Kolodziejski at Dow Jones Newswires reports, citing a
company filing.

According to the report, the company established BRL1 billion of
export credit notes with Banco do Brasil SA and BRL300 million of
credit notes with Banco Nossa Caixa SA.  The report relates that
the credit notes are for repayment within five years.

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

                           *     *     *

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


FUNDO DE INVESTIMENTO: Moody's Cuts Ratings on Sr. Shares to 'Ba2'
------------------------------------------------------------------
Moody's America Latina Ltda. has downgraded the Senior Shares
issued by Fundo de Investimento em Direitos Creditorios Paulista
-- Veiculos II to Ba2 from Baa3 (Global Scale, Local Currency) and
to Aa2.br from Aaa.br (Brazilian National Scale).  The transaction
remains on review for further possible downgrade.

In addition, Moody's has placed the Senior Shares issued by Fundo
de Investimento em Direitos Creditorios Paulista -- Veiculos,
rated Ba2 (Global Scale, Local Currency) and Aa2.br (Brazilian
National Scale), on review for possible downgrade.

Moody's rating actions are based on Banco Paulista S.A.'s (Banco
Paulista) recently announced exit from the vehicle finance
business.  In addition, the rating actions reflect the performance
of the vehicle loans backing the securitizations and the
likelihood that they will generate sufficient cash flows to pay
down Senior Shares in a stressed scenario.

On September 24, 2009, Banco Paulista, the sponsor of two
securitizations of vehicle loans rated by Moody's, publicly
announced that it is exiting the vehicle finance business.  Banco
Paulista confirmed to Moody's that the strategic disposal of the
vehicle finance business is all encompassing and includes the sale
of all financial and operating assets.  Furthermore, Paulicred
Promotora de Negocios, the vehicle finance entity that performed
origination and servicing for Banco Paulista, has been sold to
Banco Fibra.  Paulicred was not owned by Banco Paulista but it had
similar shareholders.  As a consequence, Banco Paulista will not
be servicing nor originating any vehicle loan in the future.

Banco Paulista will remain the investor of the subordinated shares
of the two securitizations.

Moody's notes that the servicer/originator influences pool
performance in these transactions in a variety of ways, including,
among others (i) the ongoing sale of new assets and the (ii)
servicing of the existing assets.  Moody's believes that in
general, if the servicer/originator retains the subordinated
shares, is a positive factor for transactions as it gives the
servicer/originator the economic incentive to carry out its
ongoing origination and servicing function with prudence so that
losses are minimized, thereby aligning its interest with the
interests of the senior shareholders.  Alternatively, in a
scenario where control of origination and servicing of assets is
passed on to a third party, the servicer/originator and senior
investors do not necessarily share incentives.

                         FIDC Paulista II

FIDC Paulista II is Banco Paulista's second vehicle loan
securitization, which closed in July 2008.  Performance of the
collateral has been below Moody's expectations.  The fund has
accumulated total provisions of BRL 15.2 million in 13 months of
operations as of the end of August 2009.  The bulk of these
provisions (approximately 77%) is for seriously delinquent loans
(180 days past due and above).

As a result, the fund has an overall negative economic
profitability and fund net income was at times not sufficient to
absorb new monthly provisions.  Furthermore, according to the
administrator, no cash has been paid to the subordinated shares,
and the overcollateralization level has remained marginally the
130% trigger level, reflecting

direct impact of the provisioning on the subordinated shares.

Overcollateralization levels showed first signs of improvement in
August 2009, rising modestly to 133.1% from 131.6%.  Moody's
notes, however, that under the transaction documents, the
subordinated shares may be paid any funds in excess of the 130%
trigger level.

The transaction remains on review for possible further downgrade
based on concerns about the possible negative impact of the new
servicer on the transaction's performance.

                          FIDC Paulista I

FIDC Paulista I is Banco Paulista's first securitization
transaction of vehicle loans, which closed in June 2007.  The
senior shares are scheduled to be paid down in June 2010.
Compared to FIDC Paulista II, it has a more seasoned and stable
loan portfolio and overall better transaction performance to date.

FIDC Paulista I has accumulated total provisions of
BRL10.1 million over 26 months of operation to date.  As of August
2009, the overcollateralization was 141%, well above the 118%
transaction trigger.  The fund currently holds approximately
BRL22 million in liquid assets which could potentially be used to
repay Senior Shares.  However, Moody's notes that according to the
transaction documents, the subordinated shares may be paid any
funds in excess of the 120% overcollateralization trigger.

While the transaction has a more seasoned collateral pool and more
stable provisioning levels, the Senior Shares were placed on
review for possible downgrade based on concerns about a possible
negative impact of the servicing transfer on future collateral
performance.

Moody's considered the key sources of credit enhancement --
subordination and excess spread -- compared to losses, which were
stressed to evaluate the impact on the Senior Shares.  Moody's
also analyzed the sufficiency of the discount rate being used to
purchase the portfolio to cover losses.

Moody's models the stressed repayment of the transaction assuming
an early amortization of the transaction.  Moody's has not given
any credit to the financial ability of Banco Paulista to support
the transaction in terms of repurchases of delinquent receivables
or substitutions of delinquent loans.

                           Rating Action

The complete rating action is:

Issuer: FIDC Paulista - Veiculos I

* Senior Shares - 2007-1, Aa2.br (Brazilian National Scale) Placed
  Under Review for Possible Downgrade; previously on May 11, 2007
  Assigned Aa2.br

* Senior Shares - 2007-1, Ba2 (Global Scale, Local Currency)
  Placed Under Review for Possible Downgrade; previously on
  Aug. 30, 2007 Definitive Rating Assigned Ba2

Issuer: FIDC Paulista - Veiculos II - Series 2008-1

* Senior Shares, Downgraded to Aa2.br (Brazilian National Scale)
  and Placed Under Review for Possible Downgrade; previously on
  May 23, 2008 Assigned Aaa.br

* Senior Shares, Downgraded to Ba2 (Global Scale, Local Currency)
  and Placed Under Review for Possible Downgrade; previously on
  Aug. 21, 2008 Definitive Rating Assigned Baa3


* BRAZIL: Sells US$1.25BB of 2041 Bonds After Ratings Upgrade
-------------------------------------------------------------
Brazil sold US$1.25 billion of notes due in 2041, since it was
raised to investment grade by Moody’s Investors Service, Veronica
Espinosa at Bloomberg News reports, citing an unnamed source.  The
report relates the source said that Brazil issued the bonds to
yield 5.8%.  HSBC Holdings Plc and Barclays Plc as arranged the
offering.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Moody's Investors Service has upgraded
Brazil's foreign- and local-currency government bond ratings to
Baa3 from speculative-grade Ba1.  The outlook on the new ratings
is positive.  "The upgrade reflects Moody's recognition that the
country's shock absorption capacity, including the authorities'
policy response capability, points to a material improvement in
Brazil's sovereign credit profile," said Mauro Leos, Moody's
regional credit officer for Latin America.

Bloomberg News says that the 2041 securities are the longest
maturity Brazil has sold in international markets.

According to the report, evidence is mounting that Brazil's
economy is among the first to emerge from the global recession,
helping lure investment to the country’s stocks and bonds.

                           *     *     *

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


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


AP REAL: Shareholder to Hear Wind-Up Report on October 12
---------------------------------------------------------
The shareholder of AP Real Estate will receive, on October 12,
2009, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


AP REAL: Creditors' Proofs of Debt Due on October 12
----------------------------------------------------
The creditors of AP Real Estate are required to file their proofs
of debt by October 12, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


AUSTRALIS LTD: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------
The creditors of Australis Ltd. are required to file their proofs
of debt by October 15, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 24, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Scott Aitken and Connan Hill
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


CZ320-98A LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12
----------------------------------------------------------------
The shareholder of CZ320-98A Limited will receive, on October 12,
2009, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


CZ320-98A LIMITED: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------------
The creditors of CZ320-98A Limited are required to file their
proofs of debt by October 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


CZ320-98B LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12
----------------------------------------------------------------
The shareholder of CZ320-98B Limited will receive, on October 12,
2009, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


CZ320-98B LIMITED: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------------
The creditors of CZ320-98B Limited are required to file their
proofs of debt by October 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Isabel Mason
          Telephone: 345 949-7755
          Facsimile: 345 949-7634


DKR ALPHA: Creditors' Proofs of Debt Due on October 12
------------------------------------------------------
The creditors of DKR Alpha SPC are required to file their proofs
of debt by October 12, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR COMMODITY: Creditors' Proofs of Debt Due on October 12
----------------------------------------------------------
The creditors of DKR Commodity SPC are required to file their
proofs of debt by October 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR FUSION: Creditors' Proofs of Debt Due on October 12
-------------------------------------------------------
The creditors of DKR Fusion Futures Options Ltd. are required to
file their proofs of debt by October 12, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR FUSION: Creditors' Proofs of Debt Due on October 12
-------------------------------------------------------
The creditors of DKR Fusion FX Options Ltd. are required to file
their proofs of debt by October 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------------
The creditors of DKR International Relative Value Fund Ltd. are
required to file their proofs of debt by October 12, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------------
The creditors of DKR International Relative Value Fund Ltd. are
required to file their proofs of debt by October 12, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Richard Finlay
          Telephone: (345) 949-1040
          Facsimile: (345) 949-1048
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------------
The creditors of Elgin Opportunities Feeder Fund are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 19, 2009.

The company's liquidator is:

          Keith Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Lauren Christie
          Telephone: 345-815-2663
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15
----------------------------------------------------------------
The creditors of Elgin Opportunities Fund are required to file
their proofs of debt by October 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 19, 2009.

The company's liquidator is:

          Keith Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          c/o Lauren Christie
          Telephone: 345-815-2663
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


EURUS LTD: Creditors' Proofs of Debt Due on October 15
------------------------------------------------------
The creditors of Eurus Ltd are required to file their proofs of
debt by October 15, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 24, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Scott Aitken and Connan Hill
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


FUSION 2007: Creditors' Proofs of Debt Due on October 15
--------------------------------------------------------
The creditors of Fusion 2007 Ltd. are required to file their
proofs of debt by October 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 24, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Scott Aitken and Connan Hill
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


IRONBOUND ASIA: Creditors' Proofs of Debt Due on October 14
-----------------------------------------------------------
The creditors of Ironbound Asia Overseas Ltd. are required to file
their proofs of debt by October 14, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 24, 2009.

The company's liquidator is:

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


STERLING STAMOS: Creditors' Proofs of Debt Due on October 14
------------------------------------------------------------
The creditors of Sterling Stamos Liquidity (Offshore) Fund, Ltd.
are required to file their proofs of debt by October 14, 2009, to
be included in the company's dividend distribution.

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

The company's liquidator is:

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


TARTAN CAPITAL: Creditors' Proofs of Debt Due on October 15
-----------------------------------------------------------
The creditors of Tartan Capital Limited are required to file their
proofs of debt by October 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 24, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Scott Aitken and Connan Hill
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


=========
C H I L E
=========


* CHILE: Industrial Output Shrinks Less Than Forecast
-----------------------------------------------------
Sebastian Boyd at Bloomberg News reports that Chilean industrial
output and industrial sales both contracted less than economists
expected in August, indicating that the economy has begun to
emerge from its deepest slump in a decade.

Production fell 3.8% in August from a year earlier, the shallowest
12-month decline so far in 2009, while industrial output in the
US$169 billion economy has contracted on an annual basis for 11
straight months as the economy shrank and consumer demand dried
up, the National Statistics Institute said in a report obtained by
the news agency.  The report relates that the pace of industrial
decline has slowed in each of the past four months as spending on
capital goods, machines used in mining and manufacturing has
increased.

According to the report, the central bank said that Chile’s
economy should return to growth by yearend, as quarterly activity
may expand at an annualized rate faster than 6% in the second
half.

The report notes that the country's copper production rose 7.8% in
August from a year earlier, which led to a 27% surge in output of
molybdenum, a metal used in aircraft fuselages and oil lubricants.
The report, citing the statistics institute, relates that
supermarket sales increased 6.7% from last year; while textile
sales rose 27% in August from a year earlier and furniture sales
rose 15%.

“We’re seeing a recovery in internal demand, which will allow
Chile to exit its recession in the short term,” the report quoted
Rodrigo Aravena, an economist at Banchile Inversiones in Santiago,
as saying.


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


ECOPETROL SA: ODL to Sell Up to COP500 Billion in Bonds
-------------------------------------------------------
Oil pipeline operator Oleoducto de Los Llanos Orientales SA will
sell as much as COP500 billion (US$260 million) worth of local
bonds to finance the construction of its pipe and pay back part of
the investment to its owners, Inti Landauro at Dow Jones Newswires
reports.  ODL is 65% owned by Colombian state-controlled oil
company Ecopetrol SA and 35% owned by Canada's Pacific Rubiales
Energy Corp.

According to the report, citing local newspaper La Republica, the
ODL said that it will originally offer COP450 billion worth of
bonds and will sell COP50 billion more if the demand is strong
enough.  The report relates the bonds will pay an inflation rate
plus a spread to be determined Thursday during the auction.

Dow Jones Newswires notes Jorge Cortes, an analyst with investment
bank Corficolombiana SA (CORFICOL.BO), which handles the bond
sale, said that the new bonds will be backed by the revenues ODL
will get from shipping oil for Ecopetrol SA.  ODL ships the oil
extracted in the Rubiales field to the country's oil pipeline
network for export.

ODL, the report says, borrowed US$200 million from local banking
group Grupo Aval SA.  The report relates that ODL company will
close the remaining of the financing with the proceeds of the
bonds and will transfer the extra money to back to its owners.

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

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

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


* COLOMBIA: PDVSA Ready for Electricity Cuts From Country
---------------------------------------------------------
State-owned oil company Petroleos de Venezuela said that it is
ready to face likely electricity cuts from Colombia, El Universal
News reports.  The report relates that PDVSA Vice President
Asdrubal Chavez said that Venezuela "is fully prepared for any
action taken in this regard."

"We see no problem to replace some gas-consuming plants with
liquid fuel consuming plants.  We must adapt to this scenario.  In
any case, we are prepared to face any action the Colombian
government may take," the report quoted Mr. Chavez as saying.

According to the report, the Colombian gas is used in some power
generation plants in the border state of Zulia, northwest
Venezuela.

EL Universal News notes that Hernan Martinez, the Colombia's
Minister of Mines and Energy, said that Bogota will restrict the
sale of gas to Venezuela in order to meet its domestic demand.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.

                           About PDVSA

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

                           *     *     *

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

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


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


AIR JAMAICA: Government Still Has No Decision for Divestment
------------------------------------------------------------
Jamaica will have to wait a while longer to hear who will be the
new owner of Air Jamaica Limited as a decision was still not made
on the airline's sale. RadioJamaica reports, citing Prime Minister
Bruce Golding.

According to the report, Mr. Golding said that the negotiating
partner completed its due diligence on September 12 and Cabinet
will shortly make a decision and advise Parliament.  However, the
report relates, Mr. Golding made it clear that his administration
would not be rushing to divest state assets and there would be no
fire sale.

RadioJamaica notes that Mr. Golding insisted that entities which
are not critical to the Government's core functions will be sold.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica.  A
TCR-LA report on June 10, citing Jamaica Observer, related that
Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have
both expressed an interest in acquiring Air Jamaica.  Radio
Jamaica said the airline has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill.
Moreover, Radio Jamaica said, Air Jamaica currently has over
US$600 million in loans outstanding.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).


CABLE & WIRELESS: LIME Surprised at Sudden Increase in Taxes
------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) said it was very much
surprise with the government's hike in General Consumption Tax
(GCT) on aspects of cell-phone service, RadioJamaica reports.

According to the report, LIME's Regional Vice President Corporate
Communications, Errol Miller, said he did not had the chance to
have a full discussion on the adjustment and the possible impact.
Until then, the company will do as instructed by the government,
Mr. Miller added.  "LIME will simply, as it has always done,
collect the requisite taxes that are due to government at every
point at which it is applied," the report quoted Mr. Miller as
saying.

RadioJamaica relates Finance Minister Audley Shaw announced that
the GCT on phone calls, phone cards and the importation and sale
of instruments will move from 20% to 25%.  The report notes that
the government move is aimed to plug a near $2 billion gap in the
2009/2010 budget.

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.


DAIRY FARMERS: Owes More than JM$14 Million in Taxes
----------------------------------------------------
The Jamaica Dairy Farmers Federation has reportedly been hauled
before the revenue court, after it failed to pay more than JM$14.3
million in outstanding PAYE deductions, Jamaica News reports.  The
report relates that the matter came before the Old Harbour
Resident Magistrate’s court, where the matter was adjourned until
October 23, and Resident Magistrate Simone Wolfe-Reece admonished
the company’s representative to pay up by that time.

According to the report, the company has reportedly owed the
outstanding amounts since 2005.  The report relates a company
representative reportedly told the court that the company is
undergoing a restructuring exercise, and that it is unlikely that
it will be able to come up with the money by October 23.

However, the report notes, the Resident Magistrate emphasized that
the company must pay a substantial sum by that date.

Jamaica News says that company employees are also said to be
disgruntled, as they have reportedly not been paid for the past
three months.

The Jamaica Dairy Farmers Federation sells Century Farm Milk
products.


DIGICEL GROUP: Reaches 10 Million Subscriber Mark
-------------------------------------------------
Digicel Group has reached the 10,000,000 subscriber landmark
across its 32 markets in the region, Central America and the
Pacific, Caribbean360.com reports.

According to the report, at the end of June 2009, the company
recorded 7.2 million subscribers across its 24 markets in the
Caribbean and El Salvador.  The report relates that following the
company's recent launch in Honduras and Panama, 1.4 million more
subscribers came on board, while the six markets in the Pacific
account for a further 1.4 million subscribers.

The company, the report notes, said the numbers translated into an
annual growth rate of 40 per cent over the last two years.

"We are delighted with our progress. Since our launch in Jamaica
in (April) 2001, we have grown to now span 32 markets worldwide
and to serve over ten million customers,' the report quoted Chief
Executive Officer of the Digicel Group, Colm Delves, as saying.

The report says that Digicel Group has set up more than 1,000
retail stores across its markets and invested more than US$3.4
billion.

                       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: Government Expects GDP to Decline by -3% to -4%
----------------------------------------------------------
The Jamaican government is now estimating that Gross Domestic
Product will decline by from -3% to -4% for the 2009/2010 fiscal
year, RadioJamaica reports, citing Finance Minister Audley Shaw.

"The fall out in economic activity continues to emanate primarily
from the major contraction in the mining, transport, storage and
communication sectors.  There was a sharper than originally
anticipated decline in the construction and retail trade, the
report quoted Mr. Shaw as saying.  "The decline in these
industries offset the growth estimated in the agriculture, hotel
and restaurant sectors," Mr. Shaw added.

According to the report, citing the Finance Minister, as the
global recession eases and conditions in the financial markets
improve, the economy should begin seeing some sign of recovery
during the latter part of the 2010/2011 fiscal year.

However, the report points out, Mr. Shaw said that economic growth
will be moderate over the next four years.

                           *     *     *

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


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


BANCO DE CREDITO: Moody's Reviews 'Ba2' Long-Term Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba2 long term foreign currency deposit ratings of
Banco de Credito del Peru and Banco Internacional del Peru --
Interbank, following the same action taken on Peru's sovereign
ceiling for foreign currency deposits.

The banks' ratings for financial strength, local currency and
foreign currency debt were not affected by this action.  The
outlook on all these ratings remains stable.

The last rating action on Banco de Credito del Peru was on
August 20, 2008, when the rating agency upgraded the long term
foreign currency deposit rating to Ba2 from Ba3, following the
same action taken on Peru's sovereign ceiling for foreign currency
deposits.

The last rating action on Banco Internacional del Peru --
Interbank was on August 21, 2008, when the rating agency assigned
a D+ BFSR, Baa3/P-3 long and short-term local currency deposit
ratings and Ba2/NP long and short-term foreign currency deposit
ratings; stable outlook.

These ratings were affected:

Banco de Credito del Peru

  -- Long term foreign currency deposit rating of Ba2, on review
     for possible upgrade

Banco Internacional del Peru -- Interbank

  -- Long term foreign currency deposit rating of Ba2, on review
     for possible upgrade


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


LATIN AMERICAN ROLLER: Bankr. Ct. Won't Hear Insurance Dispute
--------------------------------------------------------------
WestLaw reports that a cause of action that a Chapter 11 debtor
had brought pursuant to Puerto Rico law to recover from its
liability insurer for failing to properly pay on prepetition
claims allegedly covered by a policy was not one over which the
bankruptcy court could exercise "core" jurisdiction, as being in
the nature of one for turnover of insurance proceeds.  The
debtor's right to the proceeds was contested.  Moreover, the cause
of action was based on Puerto Rico law and not any provision of
the Bankruptcy Code, and was one that could and would have been
brought in an appropriate nonfederal forum but for the debtor's
Chapter 11 filing.  While the debtor attempted to characterize the
proceeding as a "turnover" proceeding, it was like any ordinary,
Marathon-type, prepetition breach of contract action.  In re Latin
American Roller Co., --- B.R. ----, 2009 WL 223195, 61 Collier
Bankr. Cas. 2d 545 (Bankr. D. P.R.).

Latin American Roller Co. sought Chapter 11 protection (Bankr. D.
P.R. Case No. 07-06101) on October 18, 2007.  A copy of the
debtor's Chapter 11 petition is available at
http://bankrupt.com/misc/prb07-06101.pdfat no charge.


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT CORP: Former Owner's Lawyer Seeks Bail
--------------------------------------------
The lawyer of David Smith, former boss of Turks and Caicos
Islands-based Overseas Locket International Corporation (OLINT)
Corp. Limited, is seeking bail for his client, Caribbean Net News
reports.  The report relates Mr. Smith's lawyer, Oliver Smith,
went before the Supreme Court in the Turks and Caicos Islands so a
bail will be granted.

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, RadioJamaica said Mr. Smith was put to jail in
the Turks and Caicos Islands, after being arrested on September 28
in the neighboring Caribbean territory. According to the report,
Mr. Smith was arrested together with his pregnant wife, who has
been granted bail.

According to a TCRLA report on June 16, 2009, citing Caribbean Net
News, said Florida resident Christopher Walker sued the several
parties for their involvement in (OLINT)'s operations.  The report
related Mr. Walker, who is claiming that he was defrauded in the
company's “get-rich-quick scheme”, is seeking US$2.4 million in
damages.  According to the report, Mr. Walker's complaint involved
these defendants:

  -- Hallmark Bank & Trust Ltd;
  -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
  -- Overseas Locket International Corporation;
  -- OLINT Principal David Smith;
  -- Wayne Smith, David Smith's brother and an
     employee of OLINT;
  -- Turks and Caicos Islands Premier Michael Misick
  -- The Turks and Caicos Islands Investment
     Agency, which "encourages foreign investment in
     the Turks & Caicos Islands"; and
  -- MasterCard Worldwide and MasterCard International
     LLC, which provide card services to Hallmark Bank.


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


PETROLEOS DE VENEZUELA: To Develop Offshore Natural Gas W/ PetroSA
------------------------------------------------------------------
Daniel Cancel and Steven Bodzin at Bloomberg News report that
Petroleos de Venezuela may work with South Africa state-owned
PetroSA to develop offshore natural gas reserves at the Deltana
Block 1 under an agreement.

According to the report, Eulogio del Pino, PDVSA vice president of
exploration and production, said that PetroSA will also work with
PDVSA to revive output at two declining oil fields in eastern
Venezuela and is studying the possibility of developing an export
terminal for compressed natural gas.  The report relates  Mr. del
Pino said PetroSA and PDVSA will invest about US$400 million over
the next four years to work two mature oil fields and look to
boost output to 30,000 barrels a day from 3,000 barrels a day now.

PDVSA, the report relates, is also interested in becoming a
partner with PetroSA in a storage and blending terminal for crude
oil near Cape Town that would operate as a strategic stop on the
way to the Asian markets.  “We’re interested in using storage
capacity in South Africa -- they have more than 50 million barrels
of capacity along our route to Asia,” the report quoted Mr. del
Pino as saying.  “We also want to blend light crudes there from
Angola and Nigeria with our heavy crude to bring a higher quality
project to the Asian market,” Mr. del Pino added.

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Optimizes Steam Generation in Refinery
--------------------------------------------------------------
After a teamwork that included the efforts of the Maintenance,
Operations and Technical departments, the steam generator system
in the PVAY-5 unit of the D&L Fuels area of the Amuay refinery was
recovered and restarted operations in March this year.

This is a great achievement by Petroleos de Venezuela because the
system was out of service for 15 years and its reactivation
represents an increase in steam generation and therefore an
improvement of the operational reliability of the refinery, which
is vital for a proper operation in most process units.

This was explained by process engineer Jose Pinto, who coordinated
the repair operation and contributed to the start-up of the steam
generator: “This system has a design capacity of 108 Klb/h of
steam at 145 psig (pounds per square inch gauge)”.  “We are
currently working in the recovery of steam generators of units
PVAY-3 and PVAY-4, to continue increasing the reliability of this
service”, he added.

Auxiliary systems are crucial in any refining process. Therefore,
the recovery of these steam generating systems in D&L Fuels
increases the operational reliability of these units as well as
the rest of the units in the Amuay refinery.

Units PS/PV-3/4/5 of the D&L Fuels complex cover approximately 45%
of the crude processing capacity in the Paraguana Refining Center.
These units can process 440,000 barrels of crude per day to obtain
different oil by-products.

                          Great Teamwork

The superintendent of Routine Maintenance of D&L Amuay, attached
to the Maintenance Department, Ober Rivas, explained that “the
repair operations were performed with the participation of 40
people of the Maintenance Department, who completed 3,300 men
hours with no lost-time accidents.”

Once again, PDVSA shows that the new talents developed through
experience can optimize the operational work for the benefit of
the Corporation and all Venezuelans.

                            About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Ready for Electricity Cuts From Colombia
----------------------------------------------------------------
State-owned oil company Petroleos de Venezuela said that it is
ready to face likely electricity cuts from Colombia, El Universal
News reports.  The report relates that PDVSA Vice President
Asdrubal Chavez said that Venezuela "is fully prepared for any
action taken in this regard."

"We see no problem to replace some gas-consuming plants with
liquid fuel consuming plants.  We must adapt to this scenario.  In
any case, we are prepared to face any action the Colombian
government may take," the report quoted Mr. Chavez as saying.

According to the report, the Colombian gas is used in some power
generation plants in the border state of Zulia, northwest
Venezuela.

EL Universal News notes that Hernan Martinez, the Colombia's
Minister of Mines and Energy, said that Bogota will restrict the
sale of gas to Venezuela in order to meet its domestic demand.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.

                           About PDVSA

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

                           *     *     *

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

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


* VENEZUELA: Public External Debt Up 81.6% in Five Semesters
------------------------------------------------------------
Venezuela's public external debt up 81.6% in five semesters
The issue of bonds to curb the rise of the exchange rate in the
unofficial market will widen the debt, Victor Salmeron at El
Universal reports.  The report relates the Ministry of Finance is
determined to stop the rise of the US dollar in the swap market.

As reported in the Troubled Company Reporter-Latin America on
September 30, 2009, Reuters said that Venezuela said it will issue
US$3 billion in dollar-denominated bonds maturing in 2019 and 2024
as the government looks to temper demand for dollars and jump-
start the economy.  The report related that the offer opens on
September 29, 2009, and will close on October 2, with results of
the sale, managed by Citibank and Deutsche Bank, expected as early
as October 6.  According to the report, the 2019 bond issue is for
US$1.5 billion and will carry a 7.75% coupon, while the 2024 issue
will be for the same amount and take an 8.25% coupon.

According to El Universal, citing a data from the Central Bank of
Venezuela, between the end of 2006 and the first half of 2009,
Venezuela's public external debt, including the state-run oil
company Petroleos de Venezuela and the rest of state companies,
climbed to US$48.3 billion (a 81.6% rise) from US$26.6 billion.

EL Univerasal notes that considering the size of the economy,
Venezuela's total debt represents less than 20% of GDP.  However,
the report relates, the problem is the pace at which the debt
burden has been increasing.

                           *     *     *

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


* VENEZUELA: Acquires Majority of Lafarge Subsidiary for US$247MM
-----------------------------------------------------------------
The Venezuela's government through state-run Corporacion
Socialista Cementera has purchased 93.8% of Fabrica Nacional de
Cementos, a unit of French cement maker Lafarge SA, for US$247
million, The Associated Press reports, citing the Caracas Stock
Exchange.

According to the report, the government nationalized Lafarge last
year along with two other cement makers, Mexico's Cemex SAB and
Holcim, based in Zurich, Switzerland.  The report relates that
none had previously been compensated, and both Cemex and Holcim
have filed for international arbitration to recover their assets.

The AP notes Infrastructure Minister Diosdado Cabello said that
the government would pay Lafarge 40% of the agreed-upon purchase
price (US$118.5 million), for its two Venezuelan subsidiaries
within five days.  It would pay the remaining 60% over four years
without interest, Mr. Cabello added.

The AP says it is unclear what led to the change in plans or what
would happen to the second company, Cementos Tachira, following
the deal.

                           *     *     *

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


* VENEZUELA: 8 Energy Deals Seal Africa-South America Alliance
--------------------------------------------------------------
Apart from a series of cooperation agreements in the areas of
mining, science and technology, food and agriculture, during the
2nd Africa-South America (ASA) Summit, Venezuela signed eight new
agreements in the field of energy, the People’s Minister of Energy
and Petroleum and president of Petroleos de Venezuela, S.A.
(PDVSA), Rafael Ramirez, informed at the end of the summit.

Among the agreements signed, noteworthy is the one signed between
South Africa and its national oil company PetroSA, for the
development of mature fields in Venezuela; progress was made
regarding the participation of this company in block 1 of the
Plataforma Deltana, the development of Gas To Liquid technology to
produce diesel from gas and its participation in one block of the
Orinoco Oil Belt.  Similarly, we are evaluating with South Africa
the possibility of expanding its storage capacity because this
country is on the route of Venezuelan shipments to China.  Thus, a
South-South infrastructure is being developed.

Agreements were signed also with Mauritania, for the expansion of
refining capacity and crude production.  Similarly, agreements for
energy cooperation were signed with Cape Verde, Niger and the
Sudan, in order to contribute to the development of these poor
countries, so all nations can expand their ability to meet their
domestic demand and export capabilities.

“Africa and South America concentrate over 34% of the natural
resources in the area of energy, an important amount of the
planet’s mining resources and the development of our countries
have always been conditioned to be a sort of satellite of the
major industrialized economies, both in America and Europe.  The
time has come to see ourselves in the South, face to face, and
start working for the benefit of our peoples. In this sense, a
new, very important bloc has been formed, which will have an
important impact in the construction of a multi-polar world.”

             Political Achievements in ASA Summit

For Mr. Ramirez, one of the main achievements was having
strengthened the level of political relations, which was not
common between Latin American and African nations: “A series of
mechanisms has been established, so this coordination entity can
have a strategic importance and thus create a series of work
committees at ministerial level that must present to heads of
state the different cooperation projects in the fields of health,
education and infrastructure, among others.”

        Bank of the South Will Focus on Non-oil Projects

The Venezuelan minister of Energy and Petroleum specified that oil
projects are more likely to secure their own funding, and
therefore, he believes that the Bank of the South will aim its
efforts at financing Latin American development according to our
characteristics and needs.

“There is a series of agreements in the area of agriculture,
social development, infrastructure.  This is an extraordinary
success as an initiative of our government that has worked very
well for two years,” Mr. Ramirez added.

                       *     *     *

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: Finland Pumps Money Into CARICOM Development Fund
--------------------------------------------------------
Finland has signaled its intention to contribute GBP300,000
(US$436,000) to the CARICOM Development Fund (CDF) in 2009.  The
announcement came from Finland’s Minister of Foreign Affairs His
Excellency Alexander Stubbs during a meeting with Caribbean
Community (CARICOM) Council of Foreign and Community Relations
(COFCOR) in New York.

In making the announcement Minister Stubbs noted that his
Government intended to strengthen its relationship with CARICOM.
The Chief Executive Officer of the CDF, Ambassador Lorne
McDonnough, in welcoming the Government of Finland’s contribution,
noted that the “CDF was a centre piece of the CARICOM Single
Market and Economy (CSME) with the single purpose of promoting
economic cohesion and ameliorating the effects of existing
disparities in a manner which will create opportunities for Member
States.  Ambassador McDonnough emphasized, that the CDF expected
to build a solid reputation with its development partners and
viewed the contribution from the Government of Finland, “as the
commencement of a mutually reinforcing relationship”.

The Minister of Foreign Affairs and Foreign Trade of Jamaica, Dr
the Honorable Ken Baugh, Chairman of COFCOR, thanked the
Government of Finland for the tangible expression of its
commitment to strengthen the relationship with CARICOM and fully
expected that Finland and the CDF would build on this
collaboration in the ensuing years.


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *